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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of income before income taxes were as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Income before income taxes:
Domestic			$	1,052,185					$	823,691					$	532,051
Foreign			159,845						146,265						171,835
Total			$	1,212,030					$	969,956					$	703,886

Provision for Income Taxes

The components of the provision for income taxes were as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Current:
Federal			$	185,357					$	132,727					$	97,673
State			55,691						42,783						29,439
Foreign			52,024						39,941						23,078
Total current tax provision			293,072						215,451						150,190
Deferred:
Federal			34,498						16,055						29,657
State			14,556						(556)						4,225
Foreign			(57,379)						(11,683)						8,171
Total deferred tax (benefit) provision			(8,325)						3,816						42,053
Total provision for income taxes			$	284,747					$	219,267					$	192,243

Effective Income Tax Rate Reconciliation

The actual income tax provision differed from the income tax provision computed by applying the U.S. federal statutory corporate rate to income before provision for income taxes as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Provision at the statutory rate			$	254,526					$	203,691					$	147,816
Increases (decreases) resulting from:
State taxes			51,575						41,920						28,320
Employee per diems, meals and entertainment			31,768						27,039						6,086
Tax contingency reserves, net			15,046						6,882						7,939
Valuation allowance on deferred tax assets			4,868						(20,177)						23,366
Company-owned life insurance			(2,430)						(2,262)						2,917
Foreign taxes			(2,861)						2,927						(638)
Entity restructuring efforts			(10,195)						—						—
Taxes on certain equity method investments and non-controlling interests			(14,007)						(9,519)						(12,886)
Stock-based compensation			(55,068)						(35,007)						(24,066)
Other			11,525						3,773						13,389
Total provision for income taxes			$	284,747					$	219,267					$	192,243

Deferred Tax Assets and Liabilities and Net Deferred Income Tax Assets and Liabilities

The tax effects of these temporary differences, representing deferred tax assets and liabilities, result principally from the following (in thousands):

			December 31,
			2024						2023
Deferred income tax liabilities:
Property and equipment			$	(370,703)					$	(350,204)
Goodwill			(212,724)						(167,275)
Leased assets			(135,361)						(106,325)
Retainage			(14,059)						(16,590)
Other			(13,502)						(2,318)
Total deferred income tax liabilities			(746,349)						(642,712)
Deferred income tax assets:
Net operating loss carryforwards			179,276						62,523
Lease liabilities			129,623						103,308
Stock and incentive compensation			78,396						62,590
Accruals and reserves			64,449						69,081
Tax credits			14,644						28,802
Deferred tax benefits on unrecognized tax positions			7,726						6,327
Equity method investments and non-controlling interests			6,751						8,357
Other intangible assets			3,118						100,478
Other			14,777						—
Subtotal			498,760						441,466
Valuation allowance			(42,576)						(40,013)
Total deferred income tax assets			456,184						401,453
Total net deferred income tax liabilities			$	(290,165)					$	(241,259)

The net deferred income tax assets and liabilities comprised the following in the accompanying consolidated balance sheets (in thousands):

			December 31,
			2024						2023
Deferred income taxes:
Assets			$	63,103					$	12,745
Liabilities			(353,268)						(254,004)
Total net deferred income tax liabilities			$	(290,165)					$	(241,259)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefit balances is as follows (in thousands):

			December 31,
			2024						2023						2022
Balance at beginning of year			$	45,136					$	41,639					$	37,737
Additions based on tax positions related to the current year			19,155						10,304						11,699
Additions for tax positions of prior years from business combinations			12,461						—						—
Additions for tax positions of prior years			2,924						—						230
Reductions for tax positions of prior years			—						—						(407)
Reductions for audit settlements			—						—						(2,207)
Reductions resulting from a lapse of the applicable statute of limitations periods			(5,558)						(6,807)						(5,413)
Balance at end of year			$	74,118					$	45,136					$	41,639

Schedule of Unrecognized Tax Benefits, Amounts Related to Interest and Penalties, and Range of Reasonably Possible Changes in the Next 12 Months

The balances of unrecognized tax benefits, the amount of related interest and penalties and what Quanta believes to be the range of reasonably possible changes in the next 12 months are as follows (in thousands):

			December 31, 2024
Unrecognized tax benefits			$	74,118
Portion that, if recognized, would reduce tax expense and effective tax rate			$	70,378
Accrued interest on unrecognized tax benefits			$	7,837
Accrued penalties on unrecognized tax benefits			$	1,085
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months			$0 to $14,000
Portion that, if recognized, would reduce tax expense and effective tax rate			$0 to $12,929

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