Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Revenue Disaggregated by Geographic Location and Contract Type
The following tables present Quanta’s revenue disaggregated by geographic location, as determined by the job location, and contract type (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
By primary geographic location:
United States $ 2,892,446  86.2  % $ 2,629,606  87.1  % $ 7,669,360  84.7  % $ 7,105,568  85.7  %
Canada 382,072  11.4  % 320,576  10.6  % 1,123,077  12.4  % 917,621  11.1  %
Australia 52,804  1.6  % 49,537  1.6  % 170,719  1.9  % 156,664  1.9  %
Others 25,956  0.8  % 20,442  0.7  % 93,519  1.0  % 110,634  1.3  %
Total revenues $ 3,353,278  100.0  % $ 3,020,161  100.0  % $ 9,056,675  100.0  % $ 8,290,487  100.0  %

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
By contract type:
Unit-price contracts $ 1,399,358  41.8  % $ 1,141,102  37.7  % $ 3,593,644  39.7  % $ 3,034,169  36.6  %
Cost-plus contracts 825,622  24.6  % 702,392  23.3  % 2,247,879  24.8  % 1,958,404  23.6  %
Fixed price contracts 1,128,298  33.6  % 1,176,667  39.0  % 3,215,152  35.5  % 3,297,914  39.8  %
Total revenues $ 3,353,278  100.0  % $ 3,020,161  100.0  % $ 9,056,675  100.0  % $ 8,290,487  100.0  %
Contract Assets and Liabilities
Contract assets and liabilities, recorded as current assets and liabilities, respectively, consisted of the following (in thousands):
September 30, 2021 December 31, 2020
Contract assets $ 760,279  $ 453,832 
Contract liabilities $ 501,142  $ 528,864 
Composition of the Allowance for Credit Losses
Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):
  Three Months Ended Nine Months Ended
September 30, September 30,
  2021 2020 2021 2020
Balance at beginning of period $ 39,713  $ 14,948  $ 16,546  $ 9,398 
Cumulative effect of adoption of new credit loss standard —  —  —  5,067 
Provision for credit losses 249  1,566  24,169  2,910 
Direct write-offs charged against the allowance (253) (110) (1,006) (971)
Balance at end of period $ 39,709  $ 16,404  $ 39,709  $ 16,404 
Cash and Cash Equivalents
Amounts related to Quanta’s cash and cash equivalents based on geographic location of the bank accounts were as follows (in thousands):
  September 30, 2021 December 31, 2020
Cash and cash equivalents held in domestic bank accounts $ 1,664,990  $ 156,122 
Cash and cash equivalents held in foreign bank accounts 31,220  28,498 
Total cash and cash equivalents $ 1,696,210  $ 184,620 
Amounts related to cash and cash equivalents held by joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):
  September 30, 2021 December 31, 2020
Cash and cash equivalents held by domestic joint ventures $ 13,377  $ 7,714 
Cash and cash equivalents held by foreign joint ventures 4,568  3,973 
Total cash and cash equivalents held by joint ventures 17,945  11,687 
Cash and cash equivalents held by captive insurance company 132,916  85,014 
Cash and cash equivalents not held by joint ventures or captive insurance company 1,545,349  87,919 
Total cash and cash equivalents $ 1,696,210  $ 184,620 
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
  September 30, 2021 December 31, 2020
Accounts payable, trade $ 956,873  $ 798,023 
Accrued compensation and related expenses 497,451  378,002 
Other accrued expenses 306,465  333,769 
Accounts payable and accrued expenses $ 1,760,789  $ 1,509,794