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Debt Obligations | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt Obligations | 8. DEBT OBLIGATIONS: Quanta’s long-term debt obligations consisted of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024
4.75% Senior Notes due August 2027 |  | $ | 600,000 |  |  | $ | 600,000 |
4.30% Senior Notes due August 2028 |  | 500,000 |  |  | — |
2.90% Senior Notes due October 2030 |  | 1,000,000 |  |  | 1,000,000 |
4.50% Senior Notes due January 2031 |  | 500,000 |  |  | — |
2.35% Senior Notes due January 2032 |  | 500,000 |  |  | 500,000 |
5.25% Senior Notes due August 2034 |  | 650,000 |  |  | 650,000 |
5.10% Senior Notes due August 2035 |  | 500,000 |  |  | — |
3.05% Senior Notes due October 2041 |  | 500,000 |  |  | 500,000 |
Borrowings under senior credit facility (including Term Loan) |  | 684,432 |  |  | 735,445 |
Lease financing transactions |  | 188,756 |  |  | 155,549 |
Other long-term debt |  | 3,039 |  |  | 4,939 |
Finance leases |  | 46,059 |  |  | 47,993 |
Unamortized discount and financing costs |  | (42,683) |  |  | (31,490) |
Total long-term debt obligations |  | 5,629,603 |  |  | 4,162,436 |
Less — Current maturities of long-term debt |  | 97,351 |  |  | 62,680 |
Total long-term debt obligations, net of current maturities |  | $ | 5,532,252 |  |  | $ | 4,099,756 |
Senior Notes In August 2025, Quanta issued $1.50 billion aggregate principal amount of senior notes consisting of $500.0 million aggregate principal amount of 4.30% senior notes due August 2028 (the 2028 notes), $500.0 million aggregate principal amount of 4.50% senior notes due January 2031 (the 2031 notes) and $500.0 million aggregate principal amount of 5.10% senior notes due August 2035 (the 2035 notes). The cumulative proceeds from the public offering of the 2028 notes, 2031 notes and 2035 notes were $1.48 billion, net of the original issue discount, underwriting discounts and deferred financing costs, and were used to repay indebtedness, including certain commercial paper borrowings and revolving loans under Quanta’s senior credit facility that were utilized primarily to acquire Dynamic Systems. The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):
Title of the Notes |  | Interest Amount |  | Payment Dates |  | Commencement Date
4.75% Senior Notes due August 2027 |  | $ | 14,250 |  |  | February 9 and August 9 |  | February 9, 2025
4.30% Senior Notes due August 2028 |  | $ | 10,750 |  |  | February 9 and August 9 |  | February 9, 2026
2.90% Senior Notes due October 2030 |  | $ | 14,500 |  |  | April 1 and October 1 |  | April 1, 2021
4.50% Senior Notes due January 2031 |  | $ | 11,250 |  |  | January 15 and July 15 |  | January 15, 2026
2.35% Senior Notes due January 2032 |  | $ | 5,875 |  |  | January 15 and July 15 |  | July 15, 2022
5.25% Senior Notes due August 2034 |  | $ | 17,063 |  |  | February 9 and August 9 |  | February 9, 2025
5.10% Senior Notes due August 2035 |  | $ | 12,750 |  |  | February 9 and August 9 |  | February 9, 2026
3.05% Senior Notes due October 2041 |  | $ | 7,625 |  |  | April 1 and October 1 |  | April 1, 2022
The fair value of Quanta’s senior notes was $4.52 billion as of September 30, 2025, compared to a carrying value of $4.71 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $42.2 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities. Senior Credit Facility As of September 30, 2025, the credit agreement for Quanta’s senior credit facility provided for a $750.0 million term loan facility and aggregate revolving commitments of $2.80 billion. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Maximum amount outstanding |  | $ | 1,444,375 |  |  | $ | 1,262,736 |  |  | $ | 1,444,375 |  |  | $ | 1,262,736 |
Average daily amount outstanding |  | $ | 735,573 |  |  | $ | 978,939 |  |  | $ | 717,016 |  |  | $ | 897,753 |
Weighted-average interest rate |  | 5.77 | % |  | 6.71 | % |  | 5.71 | % |  | 6.75 | %
As of September 30, 2025, Quanta was in compliance with all of the financial covenants under the credit agreement. Term Loan. As of September 30, 2025, Quanta had $684.4 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate. The maturity date for the term loan facility is October 8, 2026. Revolving Loans. As of September 30, 2025, Quanta had no outstanding revolving loans under the senior credit facility. During the three months ended September 30, 2025, Quanta extended the maturity date for revolving loans under the credit agreement for its senior credit facility from July 31, 2029 to July 31, 2030. Letters of Credit. As of September 30, 2025, Quanta had $65.6 million of letters of credit issued under the senior credit facility, which were primarily denominated in U.S. dollars. Additionally, available commitments for revolving loans under the senior credit facility must be maintained in order to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available borrowing capacity under the senior credit facility. As of September 30, 2025, $2.73 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program. Commercial Paper Program As of September 30, 2025, Quanta had no outstanding unsecured notes under its commercial paper program. Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Maximum amount outstanding |  | $ | 1,500,000 |  |  | $ | 1,415,000 |  |  | $ | 1,500,000 |  |  | $ | 1,415,000 |
Average daily amount outstanding |  | $ | 657,000 |  |  | $ | 456,212 |  |  | $ | 475,880 |  |  | $ | 325,171 |
Weighted-average interest rate |  | 4.64 | % |  | 5.15 | % |  | 4.75 | % |  | 5.50 | %
Subsequent to September 30, 2025, Quanta increased the maximum aggregate amount of its existing unsecured commercial paper program to $2.80 billion of notes outstanding at any time. Such increase will be effective November 7, 2025. Prior to the increase, the maximum aggregate amount of the program was $1.50 billion. Additional Letters of Credit As of September 30, 2025, Quanta had $726.3 million of letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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