Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill

The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands):


	Electric Power Segment		Renewable Energy Segment		Underground and Infrastructure Segment		Total


Balance at December 31, 2022 (1)	$	1,396,141	$	1,518,149	$	672,455	$	3,586,745
Goodwill related to acquisition completed in 2023	189,777		263,854		—		453,631
Purchase price allocation adjustments	338		—		—		338
Foreign currency translation adjustments	1,243		2,185		1,763		5,191


Balance at December 31, 2023 (1)	1,587,499		1,784,188		674,218		4,045,905
Goodwill related to the acquisitions completed in 2024	691,428		434,693		186,993		1,313,114
Purchase price allocation adjustments	(7,333)		(3,663)		—		(10,996)
Goodwill written off due to sale of business (1)	—		—		(6,147)		(6,147)
Foreign currency translation adjustments	(4,742)		(8,983)		(11,708)		(25,433)


Balance at December 31, 2024 (1)	$	2,266,852	$	2,206,235	$	843,356	$	5,316,443

(1) Included in the Underground and Infrastructure segment for the years ended December 31, 2024, 2023, and 2022 was accumulated impairment of $49.9 million, $96.1 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off due to the sale of a business.

In connection with the 2024, 2023 and 2022 annual goodwill assessments, management performed a qualitative impairment assessment of Quanta’s reporting units, which indicated that it was more likely than not that the fair value of its reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required, and no goodwill impairment was recognized in 2024, 2023 or 2022.

Other Intangible Assets

Quanta’s identifiable intangible assets and the remaining weighted average amortization periods related to its intangible assets subject to amortization were as follows (in thousands except for weighted average amortization periods, which are in years):


	As of December 31, 2024							As of December 31, 2023
	Remaining Weighted Average Amortization Period in Years	Intangible Assets		Accumulated Amortization		Intangible Assets, Net		Intangible Assets		Accumulated Amortization		Intangible Assets, Net
Customer relationships	5.1	$	2,405,606	$	(1,105,099)	$	1,300,507	$	1,852,249	$	(842,184)	$	1,010,065
Backlog	1.6	442,459		(358,596)		83,863		336,149		(297,868)		38,281
Trade names	12.9	569,307		(113,970)		455,337		378,428		(87,572)		290,856
Non-compete agreements	4.5	61,589		(51,453)		10,136		59,464		(48,687)		10,777
Patented rights, developed technology, process certifications and other	12.6	35,317		(32,763)		2,554		32,985		(29,605)		3,380
Curriculum	3.8	15,618		(10,478)		5,140		14,794		(8,741)		6,053
Total intangible assets subject to amortization	6.8	3,529,896		(1,672,359)		1,857,537		2,674,069		(1,314,657)		1,359,412
Engineering license		3,000		—		3,000		3,000		—		3,000
Total intangible assets		$	3,532,896	$	(1,672,359)	$	1,860,537	$	2,677,069	$	(1,314,657)	$	1,362,412

Amortization expense for intangible assets was $383.0 million, $289.0 million and $354.0 million for the years ended December 31, 2024, 2023 and 2022.

The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2024 is set forth below (in thousands):


Year Ending December 31:
2025	$	404,888
2026	346,348
2027	315,629
2028	249,447
2029	112,581
Thereafter	428,644
Total	$	1,857,537