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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Aggregate Consideration Paid or Payable and Allocation of Net Assets The following table summarizes the estimated fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of their
respective acquisition dates, as of December 31, 2024 for acquisitions completed in the year ended December 31, 2024 and 2023 (in thousands):
Year Ended December 31,
20242023
CEIAll Others
Consideration:
Cash paid or payable$1,654,967 $540,064 $780,773 
Value of Quanta common stock issued216,264 74,797 158,922 
Contingent consideration163,999 24,266 — 
Fair value of total consideration transferred or estimated to be transferred$2,035,230 $639,127 $939,695 
Cash and cash equivalents$414,705 $31,403 $123,891 
Accounts receivable339,254 73,390 92,817 
Contract assets92,160 8,995 17,200 
Inventories— 46,345 74,872 
Prepaid expenses and other current assets23,233 12,455 5,830 
Property and equipment32,207 92,214 200,738 
Operating lease right-of-use assets28,906 25,429 16,264 
Other assets35,713 617 4,553 
Other intangible assets669,000 211,042 192,915 
Current portion of operating lease liabilities(10,665)(4,907)(3,080)
Accounts payable and accrued expenses(315,435)(75,800)(88,227)
Contract liabilities(222,538)(28,434)(102,752)
Operating lease liabilities, net of current portion(19,449)(20,522)(13,790)
Deferred income taxes(9,385)(48,646)(21,489)
Insurance and other non-current liabilities(10,300)(9,744)(2,682)
Total identifiable net assets1,047,406 313,837 497,060 
Goodwill987,824 325,290 442,635 
Fair value of net assets acquired$2,035,230 $639,127 $939,695 
Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization The following table summarizes the estimated fair values of identifiable intangible
assets for the acquisitions completed in 2024 and 2023 as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).
Year Ended December 31,
20242023
CEIAll Others
Estimated Fair ValueAmortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$404,000 8.0$163,355 7.1$109,680 5.0
Backlog90,000 3.021,425 2.853,764 2.0
Trade names175,000 15.020,542 14.922,497 15.0
Non-compete agreements— N/A3,444 5.06,974 5.0
Patented rights, developed technology, process certifications and other— N/A2,276 15.0— N/A
Total intangible assets subject to amortization $669,000 9.2$211,042 7.4$192,915 5.3
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationships intangible assets for businesses acquired during the year ended December 31, 2024 and 2023 as of the respective acquisition dates:
Year Ended December 31,
 20242023
RangeWeighted AverageRangeWeighted Average
Discount rates
15% to 24%
15%
14% to 19%
17%
Customer attrition rates
10% to 25%
11%
10% to 30%
19%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities The aggregate fair value of outstanding contingent consideration liabilities for acquisitions completed prior to December 31, 2024 and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 December 31, 2024December 31, 2023
Accounts payable and accrued expenses$152,030 $— 
Insurance and other non-current liabilities192,954 157,073 
Total contingent consideration liabilities$344,984 $157,073 
Unaudited Supplemental Pro Forma Results of Operations
The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2024, 2023 and 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).
 Year Ended December 31,
 202420232022
Revenues$24,867,769 $23,403,024 $17,702,495 
Net income attributable to common stock (1)
$527,522 $638,973 $486,342 
(1)    The pro forma combined results of operations for the years ended December 31, 2024 include one-time acquisition-related expenses of $453.8 million ($335.8 million net of tax) for pre-acquisition transaction costs incurred by CEI, primarily related to the vesting and increase in value of stock appreciation rights as a result of the acquisition.