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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Aggregate Consideration Paid or Payable and Allocation of Net Assets The following table summarizes the estimated fair value of total consideration transferred or estimated to be transferred and the fair value of
assets acquired and liabilities assumed as of their respective acquisition dates, as of December 31, 2023 for acquisitions completed in the year ended December 31, 2023 and 2022 (in thousands).
Year Ended December 31,
20232022
Consideration:
Cash paid or payable$782,351 $22,328 
Value of Quanta common stock issued158,922 — 
Contingent consideration6,850 2,600 
Fair value of total consideration transferred or estimated to be transferred$948,123 $24,928 
Cash and cash equivalents$123,891 $101 
Accounts receivable92,799 1,755 
Contract assets17,200 — 
Inventories74,872 — 
Prepaid expenses and other current assets5,830 72 
Property and equipment200,988 2,266 
Operating lease assets16,264 — 
Other assets4,553 — 
Identifiable intangible assets191,115 13,109 
Accounts payable and accrued liabilities(89,227)(1,408)
Contract liabilities(102,752)(3,530)
Operating lease liabilities, current(3,080)— 
Deferred tax liabilities, net(21,489)— 
Operating lease liabilities, non-current(13,790)— 
Other long-term liabilities(2,682)— 
Total identifiable net assets494,492 12,365 
Goodwill453,631 12,563 
Fair value of net assets acquired$948,123 $24,928 
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 2023 and 2022 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).
Year Ended December 31,
20232022
Estimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$108,780 4.9$11,565 6.0
Backlog53,064 2.0557 0.5
Trade names22,297 15.0850 15.0
Non-compete agreements6,974 5.0137 5.0
Total intangible assets subject to amortization $191,115 5.3$13,109 6.4
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the year ended December 31, 2023 and 2022 as of the respective acquisition dates:
Year Ended December 31,
 20232022
RangeWeighted Average
Rate
Discount rates
14% to 19%
17%22%
Customer attrition rates
10% to 30%
19%20%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 December 31, 2023December 31, 2022
Accounts payable and accrued expenses$— $5,000 
Insurance and other non-current liabilities157,073 143,517 
Total contingent consideration liabilities$157,073 $148,517 
Unaudited Supplemental Pro Forma Results of Operations
The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2023, 2022 and 2021, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).
 Year Ended December 31,
 202320222021
Revenues$20,995,116 $17,702,495 $15,527,934 
Net income attributable to common stock$738,620 $486,342 $619,304