XML 40 R22.htm IDEA: XBRL DOCUMENT v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity EQUITY:
Treasury Stock
General
Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote.
Shares withheld for tax withholding obligations
The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of shares of common stock having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.6 million shares of Quanta common stock during the year ended December 31, 2024, which had a market value of $155.5 million, 0.7 million shares of Quanta common stock during the year ended December 31, 2023, which had a market value of $119.1 million, and 0.7 million shares of Quanta common stock during the year ended December 31, 2022, which had a market value of $82.9 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock.
Stock repurchases
On May 23, 2023, Quanta’s Board of Directors approved a stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. As of December 31, 2024,
$499.7 million remained available under this repurchase program. Quanta repurchased the following shares of common stock in the open market under its stock repurchase programs (in thousands):
Year ended:SharesAmount
December 31, 2024— $— 
December 31, 20232 $350 
December 31, 20221,061 $127,747 
Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the year ended December 31, 2024, there were no cash payments related to stock repurchases. During the years ended December 31, 2023 and 2022 cash payments related to stock repurchases were $0.4 million and $127.8 million. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice.
Dividends
Quanta declared and paid the following cash dividends and cash dividend equivalents during 2024, 2023 and 2022 (in thousands, except per share amounts):
DeclarationRecordPaymentDividendDividends
DateDateDatePer ShareDeclared
November 20, 2024January 2, 2025January 13, 2025$0.10 $15,074 
August 28, 2024October 1, 2024October 11, 2024$0.09 $13,532 
May 23, 2024July 1, 2024July 12, 2024$0.09 $13,521 
March 28, 2024April 9, 2024April 17, 2024$0.09 $13,477 
December 5, 2023January 2, 2024January 12, 2024$0.09 $13,412 
August 30, 2023October 2, 2023October 13, 2023$0.08 $12,430 
May 23, 2023July 3, 2023July 14, 2023$0.08 $11,893 
March 29, 2023April 10, 2023April 18, 2023$0.08 $12,100 
December 13, 2022January 3, 2023January 13, 2023$0.08 $11,756 
August 31, 2022October 3, 2022October 14, 2022$0.07 $10,322 
May 27, 2022July 1, 2022July 15, 2022$0.07 $10,283 
March 31, 2022April 11, 2022April 18, 2022$0.07 $10,459 
December 1, 2021January 4, 2022January 14, 2022$0.07 $10,363 
A significant majority of the dividends declared were paid on the corresponding payment dates, which are generally within two months of the declaration date. Holders of certain stock awards generally received cash dividend equivalent payments equal to the cash dividends payable on account of the underlying Quanta common stock. Holders of other stock awards receive cash dividend equivalent payments only to the extent such awards become earned and/or vest. Additionally, cash dividend equivalent payments related to certain stock-based awards that have been deferred pursuant to the terms of Quanta’s deferred compensation plan are recorded as liabilities in such plans until the deferred awards are settled.