Revenue Recognition and Related Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Geographic Location and Contract Type

The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands):

	Three Months Ended March 31,
	2024				2023
By contract type:
Fixed price contracts	$	2,672,315	53.1	%	$	1,934,888	43.7	%
Unit-price contracts	1,427,507		28.4		1,497,394		33.8
Cost-plus contracts	931,997		18.5		996,544		22.5
Total revenues	$	5,031,819	100.0	%	$	4,428,826	100.0	%

	Three Months Ended March 31,
	2024				2023
By primary geographic location:
United States	$	4,569,716	90.8	%	$	3,666,365	82.8	%
Canada	229,427		4.6		542,360		12.2
Australia	146,029		2.9		154,677		3.5
Others	86,647		1.7		65,424		1.5
Total revenues	$	5,031,819	100.0	%	$	4,428,826	100.0	%

Contract Assets and Liabilities

Contract assets and liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Contract assets	$	1,274,686	$	1,413,057
Contract liabilities	$	1,443,125	$	1,538,677

Composition of the Allowance for Credit Losses

Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	13,962	$	15,644
Increase in provision for credit losses	271		2,358
Write-offs charged against the allowance net of recoveries of amounts previously written off	(278)		(1,472)
Balance at end of period	$	13,955	$	16,530