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Debt Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Obligations
7. DEBT OBLIGATIONS:
Quanta’s long-term debt obligations consisted of the following (in thousands):
March 31, 2026December 31, 2025
4.75% Senior Notes due August 2027
$600,000 $600,000 
4.30% Senior Notes due August 2028
500,000 500,000 
2.90% Senior Notes due October 2030
1,000,000 1,000,000 
4.50% Senior Notes due January 2031
500,000 500,000 
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
500,000 500,000 
3.05% Senior Notes due October 2041
500,000 500,000 
Borrowings under senior credit facility (including Term Loan)684,279 675,000 
Borrowings under commercial paper program252,000 316,000 
Lease financing transactions207,377 198,847 
Other long-term debt2,424 2,761 
Finance leases34,269 93,055 
Unamortized discount and financing costs(38,735)(40,757)
Total long-term debt obligations5,891,614 5,994,906 
Less — Current maturities of long-term debt689,694 763,898 
Total long-term debt obligations, net of current maturities$5,201,920 $5,231,008 
Senior Notes
The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):
Title of the NotesInterest AmountPayment DatesCommencement Date
4.75% Senior Notes due August 2027
$14,250 February 9 and August 9February 9, 2025
4.30% Senior Notes due August 2028
$10,750 February 9 and August 9February 9, 2026
2.90% Senior Notes due October 2030
$14,500 April 1 and October 1April 1, 2021
4.50% Senior Notes due January 2031
$11,250 January 15 and July 15January 15, 2026
2.35% Senior Notes due January 2032
$5,875 January 15 and July 15July 15, 2022
5.25% Senior Notes due August 2034
$17,063 February 9 and August 9February 9, 2025
5.10% Senior Notes due August 2035
$12,750 February 9 and August 9February 9, 2026
3.05% Senior Notes due October 2041
$7,625 April 1 and October 1April 1, 2022
The fair value of Quanta’s senior notes was $4.48 billion as of March 31, 2026, compared to a carrying value of $4.71 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $38.4 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 March 31, 2026, the credit agreement for Quanta’s senior credit facility provided for a term loan facility with a maturity date of October 8, 2026, and aggregate revolving commitments of $2.80 billion, with a maturity date of July 31, 2030. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):
Three Months Ended
March 31,
20262025
Maximum amount outstanding$719,483 $741,565 
Average daily amount outstanding$671,267 $720,535 
Weighted-average interest rate4.97 %5.73 %
As of March 31, 2026, Quanta was in compliance with all of the financial covenants under the credit agreement.
Term Loan. As of March 31, 2026, Quanta had $656.3 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.
Revolving Loans. As of March 31, 2026, Quanta had $28.0 million of outstanding revolving loans under the senior credit facility, all of which were denominated in Canadian dollars. Available commitments for revolving loans under Quanta’s senior credit facility must be maintained to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available capacity under its senior credit facility.
Letters of Credit. As of March 31, 2026, Quanta had $65.8 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 March 31, 2026, $2.45 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 March 31, 2026, Quanta had $252.0 million of outstanding unsecured notes under its commercial paper program with a weighted average maturity of one day.
Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
Three Months Ended
March 31,
20262025
Maximum amount outstanding$788,500 $564,429 
Average daily amount outstanding $462,847 $174,142 
Weighted-average interest rate3.94 %4.72 %
Additional Letters of Credit
As of March 31, 2026, Quanta had $738.4 million of letters of credit issued outside of its senior credit facility, which were primarily denominated in U.S. dollars.