Quarterly Financial Data (Unaudited)
|12 Months Ended|
Dec. 31, 2015
|Quarterly Financial Information Disclosure [Abstract]|
|Quarterly Financial Data (Unaudited)||
The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2015 and 2014 (in thousands, except per share information).
During the fourth quarter of 2015, Quanta recorded total asset impairment charges of $58.5 million ($44.6 million net of tax). These impairment charges related to goodwill, intangible assets and property and equipment. Included in these charges was a $39.8 million goodwill impairment and a $12.1 million impairment related to customer relationships, trade names and non-compete agreement intangible assets. These goodwill and intangible impairments primarily resulted from lower forecasted oil and gas services revenues for Quanta’s Gulf of Mexico operations and certain operations in Australia, due to the extended low commodity price environment. Additionally, Quanta recorded a property and equipment impairment of $6.6 million related to certain international renewable energy services operations.
Additionally, during the third quarter of 2015, net income and net income attributable to common stock included an approximately $171 million gain on the sale, net of tax, of Quanta’s fiber optic licensing operations.
During the third and fourth quarters of 2014, Quanta recorded charges of $52.5 million ($32.3 million net of tax) and $49.9 million ($30.3 million net of tax) associated with an electric power infrastructure services project completed in 2012. See Legal Proceedings — Sunrise Powerlink Arbitration in Note 15. During the first quarter of 2014, Quanta recorded a charge of $38.8 million ($25.8 million net of tax) as a result of an arbitration decision related to a contract dispute on a 2010 directional drilling project.
The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.
Reference 1: http://www.xbrl.org/2003/role/presentationRef