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Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity EQUITY:
Treasury Stock
General
Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote.
Shares withheld for tax withholding obligations
The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of common shares having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.8 million shares of Quanta common stock during the year ended December 31, 2021, which had a market value of $65.3 million, 0.6 million shares of Quanta common stock during the year ended December 31, 2020, which had a market value of $25.5 million, and 0.5 million shares of Quanta common stock during the year ended December 31, 2019, which had a market value of $17.4 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock.
Notional amounts recorded related to deferred compensation plans
For RSUs and PSUs that vest but the settlement of which is deferred under a deferred compensation plan, Quanta records a notional amount to “Treasury stock” and an offsetting amount to “Additional paid-in capital.” At vesting, only shares withheld for tax liabilities other than income taxes are added to outstanding treasury shares, as the shares of Quanta common stock associated with deferred stock-based awards are not issued until settlement of the award. Upon settlement of the deferred stock-based awards and issuance of the associated Quanta common stock, the original accounting entry is reversed. The net amounts recorded to treasury stock related to the deferred compensation plans were a reduction to treasury stock of $6.8 million, a reduction to treasury stock of $4.4 million and an increase to treasury stock of $3.0 million during the years ended December 31, 2021, 2020 and 2019.
Stock repurchases
During the third quarter of 2018, Quanta’s Board of Directors approved a stock repurchase program that authorized Quanta to purchase up to $500.0 million of its outstanding common stock, which was completed in 2021. In August 2020, Quanta’s Board of Directors approved a stock repurchase program that authorized Quanta to repurchase, from time to time through June 30, 2023, up to an additional $500.0 million in shares of its outstanding common stock, and as of December 31, 2021, $472.8 million remained available under this repurchase program. Quanta repurchased the following shares of common stock in the open market under the stock repurchase programs based on the trade date (in thousands):
Year ended:SharesAmount
December 31, 2021721 $63,988 
December 31, 20206,680 $249,949 
December 31, 2019376 $11,954 
Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements, including restrictions under Quanta’s senior credit facility, and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice.
Quanta’s policy is to record a stock repurchase as of the trade date; however, the payment of cash related to the repurchase is made on the settlement date of the trade. During the years ended December 31, 2021, 2020 and 2019, cash payments related to stock repurchases were $66.7 million, $247.2 million and $20.1 million.
Non-controlling Interests
Quanta holds interests in various entities through both joint venture entities that provide infrastructure-related services under specific customer contracts, either directly or through subcontracting relationships, and other equity investments in partially owned entities that own and operate certain infrastructure assets, including investments entered into through the partnership structure Quanta formed with certain infrastructure investors. Quanta has determined that certain of these joint ventures where Quanta provides the majority of the infrastructure services, which management believes most significantly influences the economic performance of such joint ventures, are VIEs. Management has concluded that Quanta is the primary beneficiary of these joint ventures and has accounted for each on a consolidated basis. The other parties’ equity interests in these joint ventures have been accounted for as “Non-controlling interests” in Quanta’s consolidated balance sheets. Net income attributable to the other participants in the amounts of $6.0 million, $6.4 million and $4.8 million for the years ended December 31, 2021, 2020 and 2019 have been accounted for as a reduction of net income in deriving “Net income attributable to common stock” in Quanta’s consolidated statements of operations.
The carrying amount of the investments in VIEs held by Quanta was $12.9 million and $13.2 million at December 31, 2021 and 2020. The carrying amounts of investments held by the non-controlling interests in these VIEs were $4.6 million and $4.8 million at December 31, 2021 and 2020 and are included in “Non-controlling interests” in the consolidated balance sheets. During the years ended December 31, 2021, 2020 and 2019, net distributions to non-controlling interests were $6.4 million, $5.4 million and $2.5 million. There were no other material changes in equity as a result of transfers to/from the non-controlling interests during the years ended December 31, 2021, 2020 or 2019. See Note 16 for further disclosures related to Quanta’s joint venture arrangements.
Dividends
Quanta declared and paid the following cash dividends and cash dividend equivalents during 2021, 2020 and 2019 (in thousands, except per share amounts):
DeclarationRecordPaymentDividendDividends
DateDateDatePer ShareDeclared
December 1, 2021January 4, 2022January 14, 2022$0.07 $10,363 
August 27, 2021October 1, 2021October 15, 2021$0.06 $8,638 
May 27, 2021July 1, 2021July 15, 2021$0.06 $8,650 
March 25, 2021April 6, 2021April 15, 2021$0.06 $8,429 
December 11, 2020January 4, 2021January 15, 2021$0.06 $8,933 
August 26, 2020October 1, 2020October 15, 2020$0.05 $7,244 
May 28, 2020July 1, 2020July 15, 2020$0.05 $7,182 
March 26, 2020April 6, 2020April 15, 2020$0.05 $7,184 
December 11, 2019January 2, 2020January 16, 2020$0.05 $7,371 
August 28, 2019October 1, 2019October 15, 2019$0.04 $5,564 
May 24, 2019July 1, 2019July 15, 2019$0.04 $6,233 
March 21, 2019April 5, 2019April 19, 2019$0.04 $5,896 
December 6, 2018January 2, 2019January 16, 2019$0.04 $5,838 
A significant majority of the dividends declared were paid on the corresponding payment dates. Holders of RSUs awarded under the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (the 2011 Plan) generally received cash dividend equivalent payments equal to the cash dividend payable on account of the underlying Quanta common stock. Holders of RSUs awarded under the Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan (the 2019 Plan) and holders of unearned and unvested PSUs awarded under the 2011 Plan and the 2019 Plan receive cash dividend equivalent payments only to the extent such RSUs and PSUs become earned and/or vest. Additionally, cash dividend equivalent payments related to certain stock-based awards that have been deferred pursuant to the terms of a deferred compensation plan maintained by Quanta are recorded as liabilities in such plans until the deferred awards are settled.
The declaration, payment and amount of future cash dividends will be at the discretion of Quanta’s Board of Directors after taking into account various factors, including Quanta’s financial condition, results of operations and cash flows from operations; current and anticipated capital requirements and expansion plans; the current and potential impact of market, industry, economic and political conditions; income tax laws then in effect; and the requirements of Delaware law. In addition, as discussed in Note 10, Quanta’s credit agreement restricts the payment of cash dividends unless certain conditions are met.