Detail of Certain Accounts

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DETAIL OF CERTAIN ACCOUNTS:

Cash and Cash Equivalents

As of December 31, 2024 and 2023, cash equivalents were $347.5 million and $610.8 million and consisted primarily of money market investments, money market mutual funds and short-term deposits.

Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):


	December 31,
	2024		2023
Cash and cash equivalents held by domestic joint ventures	$	71,646	$	41,427
Cash and cash equivalents held by foreign joint ventures	10,088		10,968
Total cash and cash equivalents held by joint ventures	81,734		52,395
Cash and cash equivalents held by captive insurance company	19,445		19,088
Cash and cash equivalents not held by joint ventures or captive insurance company	640,781		1,218,765
Total cash and cash equivalents	$	741,960	$	1,290,248

Property and Equipment

Property and equipment consisted of the following (in thousands):


	Estimated Useful	December 31,
	Lives in Years	2024		2023
Land	N/A	$	134,590	$	102,839
Buildings and leasehold improvements	5-30	514,888		456,004
Operating machinery, equipment and vehicles	1-25	3,347,871		3,069,882
Office equipment, furniture and fixtures and information technology systems	3-10	298,878		290,687
Construction work in progress	N/A	125,676		73,018
Finance lease assets and lease financing transactions	5-20	239,806		165,923
Property and equipment, gross		4,661,709		4,158,353
Less — Accumulated depreciation and amortization		(1,961,432)		(1,821,410)
Property and equipment, net of accumulated depreciation		$	2,700,277	$	2,336,943

Depreciation expense related to property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets and was $359.4 million, $324.8 million and $290.6 million for the years ended December 31, 2024, 2023 and 2022. In addition, Quanta held property and equipment, net of $177.9 million and $245.7 million in foreign countries, primarily Canada, as of December 31, 2024 and 2023.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):


	December 31,
	2024		2023
Accounts payable, trade	$	2,096,125	$	2,027,588
Accrued compensation and related expenses	651,893		526,221
Other accrued expenses	974,325		507,433
Accounts payable and accrued expenses	$	3,722,343	$	3,061,242

Other accrued expenses primarily include the current portion of accrued insurance liabilities, income and franchise taxes payable and unearned revenues as of December 31, 2023. Other accrued expenses as of December 31, 2024 primarily includes these items, as well as the current portion of contingent consideration as further described in Note 6.