Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Aggregate Consideration Paid or Payable and Allocation of Net Assets

	2019			2018
Consideration:
Cash paid or payable	$	399,275		$	108,307
Value of Quanta common stock issued	1,791			22,882
Contingent consideration	—			16,471
Fair value of total consideration transferred or estimated to be transferred	$	401,066		$	147,660
Accounts receivable	$	112,142		$	18,405
Contract assets	11,869			1,905
Other current assets	14,290			8,484
Property and equipment	60,133			23,674
Other assets	149			576
Identifiable intangible assets	192,786			52,364
Contract liabilities	(11,856		)	(175		)
Other current liabilities	(73,948		)	(11,205		)
Deferred tax liabilities, net	(6,398		)	(4,208		)
Other long-term liabilities	(5,345		)	—
Total identifiable net assets	293,822			89,820
Goodwill	110,383			57,840
Fair value of net assets acquired	404,205			147,660
Bargain purchase gain	(3,139		)	—
Fair value of total consideration transferred or estimated to be transferred	$	401,066		$	147,660

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 2019 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).

	Estimated		Weighted Average
	Fair Value		Amortization Period in Years
Customer relationships	$	167,262	7.9
Backlog	8,278		1.0
Trade names	11,752		15.0
Non-compete agreements	3,712		4.3
Curriculum	1,782		10.0
Total intangible assets subject to amortization related to acquisitions completed in 2019	$	192,786	8.0

Unaudited Supplemental Pro Forma Results of Operations

Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts):

	Year Ended December 31,
	2019		2018		2017
Revenues	$	12,574,771	$	11,894,866	$	9,848,386
Gross profit	$	1,699,924	$	1,635,777	$	1,356,515
Selling, general and administrative expenses	$	989,555	$	913,392	$	842,996
Amortization of intangible assets	$	78,320	$	79,454	$	49,918
Net income	$	437,399	$	332,973	$	333,386
Net income attributable to common stock	$	432,628	$	330,312	$	330,139
Earnings per share:
Basic	$	2.97	$	2.16	$	2.08
Diluted	$	2.93	$	2.14	$	2.07