Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Accounting Policies [Abstract] |
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| Revenue Disaggregated by Geographic Location and Contract Type |
The following tables present Quanta’s revenue disaggregated by geographic location and contract type for the three months ended March 31, 2019 and 2018 (in thousands):
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Three Months Ended March 31, |
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2019 |
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2018 |
By primary geographic location: |
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United States |
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$ |
2,200,615 |
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78.4 |
% |
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$ |
1,712,427 |
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70.8 |
% |
Canada |
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485,430 |
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17.3 |
% |
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538,358 |
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22.3 |
% |
Australia |
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41,324 |
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1.5 |
% |
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119,457 |
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4.9 |
% |
Latin America and Other |
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79,890 |
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2.8 |
% |
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47,334 |
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2.0 |
% |
Total revenues |
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$ |
2,807,259 |
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100.0 |
% |
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$ |
2,417,576 |
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100.0 |
% |
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Three Months Ended March 31, |
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2019 |
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2018 |
By contract type: |
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Unit-price contracts |
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$ |
895,044 |
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31.9 |
% |
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$ |
613,438 |
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25.3 |
% |
Fixed price contracts |
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953,860 |
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34.0 |
% |
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1,225,089 |
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50.7 |
% |
Cost-plus contracts |
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958,355 |
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34.1 |
% |
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579,049 |
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24.0 |
% |
Total revenues |
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$ |
2,807,259 |
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100.0 |
% |
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$ |
2,417,576 |
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|
100.0 |
% |
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| Contract Assets and Liabilities |
Contract assets and liabilities consisted of the following (in thousands):
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March 31, 2019 |
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December 31, 2018 |
Contract assets |
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$ |
573,248 |
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$ |
576,891 |
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Contract liabilities |
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$ |
403,372 |
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$ |
425,961 |
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| 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):
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March 31, 2019 |
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December 31, 2018 |
Cash and cash equivalents held in domestic bank accounts |
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$ |
57,706 |
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$ |
62,495 |
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Cash and cash equivalents held in foreign bank accounts |
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27,717 |
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16,192 |
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Total cash and cash equivalents |
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$ |
85,423 |
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$ |
78,687 |
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March 31, 2019 |
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December 31, 2018 |
Cash and cash equivalents held by domestic joint ventures |
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$ |
12,337 |
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$ |
8,544 |
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Cash and cash equivalents held by foreign joint ventures |
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11 |
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441 |
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Total cash and cash equivalents held by joint ventures |
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12,348 |
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8,985 |
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Cash and cash equivalents not held by joint ventures |
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73,075 |
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69,702 |
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Total cash and cash equivalents |
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$ |
85,423 |
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$ |
78,687 |
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| Significant Estimates Used by Management in Determining Fair Values of Intangible Assets |
The following table presents the significant estimates used by management in determining the fair values of customer relationships associated with acquisitions in the three months ended March 31, 2019 and year ended December 31, 2018:
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2019 |
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2018 |
Discount rates |
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21% |
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20% to 27% |
Customer attrition rates |
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27% |
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20% to 33% |
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