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Investments in Affiliates and Other Entities
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliates and Other Entities INVESTMENTS IN AFFILIATES AND OTHER ENTITIES:
Equity Investments
The following table presents Quanta’s equity investments by type (in thousands):
December 31, 2024December 31, 2023
Equity method investments - integral unconsolidated affiliates
$101,460 $96,124 
Equity method investments - non-integral unconsolidated affiliates77,617 28,105 
Non-marketable equity securities62,539 53,868 
Total equity investments$241,616 $178,097 
During the year ended December 31, 2024, Quanta acquired a 20.8% equity interest in a company building a scrap metal recycling steel rebar mill in the United States, which is expected to begin operating in 2025, for a purchase price of $60.0 million. Quanta’s investment is accounted for as an equity method investment and is considered to be a non-integral unconsolidated affiliate.
During the year ended December 31, 2024, Quanta sold a non-integral equity method investment and recognized a $12.6 million gain, $5.0 million of which was attributable to non-controlling interests. Also during the year ended December 31, 2024, Quanta received $35.4 million in cash related to the sale of this investment, $5.0 million of which was distributed to non-controlling interests.
During the three months ended December 31, 2022, Quanta entered into an agreement to sell a non-integral equity method investment. The transaction was subject to certain customary closing conditions that were satisfied in early 2023. As a result, a $25.9 million gain was recognized in the fourth quarter of 2022, $10.4 million of which was attributable to non-controlling interests. During the year ended December 31, 2023, Quanta received $58.5 million in cash related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests.
As of December 31, 2024 and 2023, Quanta had receivables of $133.3 million and $96.4 million from its integral unconsolidated affiliates and payables of $15.4 million and $24.5 million to its integral unconsolidated affiliates. Quanta recognized revenues of $226.2 million, $215.0 million and $154.7 million during the years ended December 31, 2024, 2023 and 2022 from services provided to its integral unconsolidated affiliates, primarily related to services provided to LUMA at cost. In addition, during the years ended December 31, 2024, 2023 and 2022, Quanta recognized costs of services of $411.4 million, $201.3 million and $134.5 million for services provided to Quanta by other integral unconsolidated affiliates.
Total equity in earnings from integral unconsolidated affiliates was $50.5 million, $41.6 million, and $52.5 million for the years ended December 31, 2024, 2023 and 2022. Total equity in earnings from non-integral unconsolidated affiliates was $2.6 million, $1.3 million and $20.3 million for the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, Quanta had $53.2 million of undistributed earnings related to unconsolidated affiliates.
The difference between Quanta’s carrying value and the underlying equity in the net assets of its equity investments is assigned to the assets and liabilities of the investment, giving rise to a basis difference, which was $44.5 million and $31.4 million as of December 31, 2024 and 2023. The amortization of the basis difference is primarily included in “Equity in earnings of integral unconsolidated affiliates” in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, was $4.3 million, $6.2 million and $1.9 million.
During the year ended December 31, 2022, Quanta recorded losses of $91.5 million, within “Other income (expense),
net”, related to the fair value remeasurement of Quanta’s common stock investment in Starry Group Holdings, Inc. (Starry), which was accounted for as an investment in marketable securities.