Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PWR | ||
Entity Registrant Name | QUANTA SERVICES INC | ||
Entity Central Index Key | 1,050,915 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 145,133,163 | ||
Entity Public Float | $ 3.3 | ||
Series F Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1 | ||
Series G Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1 | ||
Exchangeable Shares Associated with Series F Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,500,000 | ||
Exchangeable Shares Associated with Series G Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 449,929 | ||
Exchangeable Shares Not Associated with Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,144,620 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 112,183 | $ 128,771 |
Accounts receivable, net of allowances of $2,752 and $5,226 | 1,500,115 | 1,621,133 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 473,308 | 317,745 |
Inventories | 88,548 | 75,285 |
Prepaid expenses and other current assets | 114,591 | 134,585 |
Total current assets | 2,288,745 | 2,277,519 |
Property and equipment, net of accumulated depreciation of $862,825 and $755,272 | 1,174,094 | 1,101,959 |
Other assets, net | 101,028 | 76,333 |
Other intangible assets, net of accumulated amortization of $297,313 and $264,674 | 187,023 | 205,074 |
Goodwill | 1,603,169 | 1,552,658 |
Total assets | 5,354,059 | 5,213,543 |
Current Liabilities: | ||
Current maturities of long-term debt and short-term debt | 7,563 | 7,067 |
Accounts payable and accrued expenses | 922,819 | 782,134 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 274,846 | 399,230 |
Current liabilities of discontinued operations | 15,313 | |
Total current liabilities | 1,205,228 | 1,203,744 |
Long-term debt and notes payable, net of current maturities | 353,562 | 475,364 |
Deferred income taxes | 192,834 | 186,491 |
Insurance and other non-current liabilities | 259,733 | 260,129 |
Total liabilities | 2,011,357 | 2,125,728 |
Commitments and Contingencies | ||
Equity: | ||
Common stock, value | 1 | 2 |
Additional paid-in capital | 1,749,306 | 3,497,740 |
Retained earnings | 1,876,081 | 1,677,698 |
Accumulated other comprehensive loss | (271,673) | (294,689) |
Treasury stock, 0 and 74,991,343 common shares | (14,288) | (1,795,257) |
Total stockholders' equity | 3,339,427 | 3,085,494 |
Non-controlling interests | 3,275 | 2,321 |
Total equity | 3,342,702 | 3,087,815 |
Total liabilities and equity | 5,354,059 | 5,213,543 |
Exchangeable Shares [Member] | ||
Equity: | ||
Common stock, value | ||
Series F Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock, value | ||
Series G Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances on accounts receivable, current | $ 2,752 | $ 5,226 |
Accumulated depreciation on property and equipment | 862,825 | 755,272 |
Accumulated amortization on other intangible assets | $ 297,313 | $ 264,674 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 144,710,773 | 227,898,509 |
Common stock, shares outstanding | 144,710,773 | 152,907,166 |
Treasury stock, common shares | 0 | 74,991,343 |
Exchangeable Shares [Member] | ||
Exchangeable Shares, par value | ||
Common stock, shares issued | 6,515,453 | 6,876,042 |
Common stock, shares outstanding | 6,515,453 | 6,876,042 |
Series F Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 1 | 1 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Series G Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 1 | 1 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues | $ 7,651,319 | $ 7,572,436 | $ 7,747,229 |
Cost of services (including depreciation) | 6,637,519 | 6,648,771 | 6,578,435 |
Gross profit | 1,013,800 | 923,665 | 1,168,794 |
Selling, general and administrative expenses | 653,338 | 592,863 | 705,477 |
Amortization of intangible assets | 31,685 | 34,848 | 34,257 |
Asset impairment charges | 7,964 | 58,451 | |
Operating income | 320,813 | 237,503 | 429,060 |
Interest expense | (14,887) | (8,024) | (4,765) |
Interest income | 2,423 | 1,493 | 3,736 |
Equity in losses of unconsolidated affiliates | (979) | (466) | (332) |
Other income (expense), net | 316 | (1,831) | (1,100) |
Income from continuing operations before income taxes | 307,686 | 228,675 | 426,599 |
Provision for income taxes | 107,246 | 97,472 | 139,007 |
Net income from continuing operations | 200,440 | 131,203 | 287,592 |
Net income (loss) from discontinued operations | (342) | 190,621 | 27,490 |
Net income | 200,098 | 321,824 | 315,082 |
Less: Net income attributable to non-controlling interests | 1,715 | 10,917 | 18,368 |
Net income attributable to common stock | 198,383 | 310,907 | 296,714 |
Amounts attributable to common stock: | |||
Net income from continuing operations | 198,725 | 120,286 | 269,224 |
Net income (loss) from discontinued operations | (342) | 190,621 | 27,490 |
Net income attributable to common stock | $ 198,383 | $ 310,907 | $ 296,714 |
Earnings per share attributable to common stock - basic and diluted: | |||
Continuing operations | $ 1.26 | $ 0.62 | $ 1.22 |
Discontinued operations | 0.97 | 0.13 | |
Net income attributable to common stock | $ 1.26 | $ 1.59 | $ 1.35 |
Shares used in computing earnings per share: | |||
Weighted average basic shares outstanding | 157,287 | 195,113 | 219,668 |
Weighted average diluted shares outstanding | 157,288 | 195,120 | 219,690 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 200,098 | $ 321,824 | $ 315,082 |
Other comprehensive income (loss), net of tax provision: | |||
Foreign currency translation adjustment, net of tax of $0, $0 and $0 | 23,137 | (171,458) | (84,505) |
Other, net of tax of $46, $(28) and $486 | (121) | 59 | (1,549) |
Other comprehensive income (loss) | 23,016 | (171,399) | (86,054) |
Comprehensive income | 223,114 | 150,425 | 229,028 |
Less: Comprehensive income attributable to non-controlling interests | 1,715 | 10,917 | 18,368 |
Total comprehensive income attributable to Quanta stockholders | $ 221,399 | $ 139,508 | $ 210,660 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Other comprehensive income other tax | $ 46 | $ (28) | $ 486 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities of Continuing Operations: | |||
Net income | $ 200,098 | $ 321,824 | $ 315,082 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations - | |||
(Income) loss from discontinued operations | 342 | (190,621) | (27,490) |
Depreciation | 170,240 | 162,845 | 141,106 |
Amortization of intangible assets | 31,685 | 34,848 | 34,257 |
Asset impairment charges | 7,964 | 58,451 | |
Equity in losses of unconsolidated affiliates | 979 | 466 | 332 |
Amortization of debt issuance costs | 1,356 | 1,251 | 1,094 |
Gain on sale of property and equipment | (734) | (2,773) | (1,803) |
Foreign currency loss | 880 | 2,490 | 1,244 |
Provision for (recovery of) doubtful accounts | (543) | 224 | 1,411 |
Provision for contract receivable | 102,460 | ||
Non-cash portion of arbitration expense | 10,518 | ||
Deferred income tax provision (benefit) | (15,695) | (19,403) | 22,906 |
Non-cash stock-based compensation | 42,843 | 36,939 | 37,449 |
Tax impact of stock-based equity awards | (671) | (669) | (1,563) |
Changes in operating assets and liabilities, net of non-cash transactions | (57,568) | 212,311 | (389,261) |
Net cash provided by operating activities of continuing operations | 381,176 | 618,183 | 247,742 |
Cash Flows from Investing Activities of Continuing Operations: | |||
Proceeds from sale of property and equipment | 21,975 | 26,178 | 14,448 |
Additions of property and equipment | (212,555) | (209,968) | (247,216) |
Cash paid for acquisitions, net of cash acquired | (68,788) | (112,914) | (262,218) |
Investments in and return of equity from unconsolidated affiliates | (10,309) | (6,074) | (3,127) |
Cash received from (paid for) other investments, net | 4,752 | (4,338) | 6,214 |
Cash withdrawn from (deposited to) restricted cash | (1,119) | 214 | 3,565 |
Cash paid for intangible assets | (211) | (252) | |
Net cash used in investing activities of continuing operations | (266,044) | (307,113) | (488,586) |
Cash Flows from Financing Activities of Continuing Operations: | |||
Borrowings under credit facility | 2,744,453 | 3,349,385 | 938,047 |
Payments under credit facility | (2,860,673) | (2,935,752) | (866,224) |
Borrowings of other long-term debt | 394 | ||
Payments on other long-term debt | (6,959) | (2,683) | (30,448) |
Borrowings of short-term debt | 2,754 | 4,872 | 5,056 |
Payments on short-term debt | (4,711) | (5,170) | |
Debt issuance and amendment costs | (3,795) | ||
Contributions from non-controlling interests | 2,313 | ||
Distributions to non-controlling interests | (761) | (21,228) | (14,432) |
Tax impact of stock-based equity awards | 671 | 669 | 1,563 |
Exercise of stock options | 401 | 372 | 1,179 |
Repurchase of common stock, including accelerated stock repurchases | (1,606,361) | (93,482) | |
Net cash used in financing activities of continuing operations | (124,825) | (1,217,378) | (58,347) |
Discontinued operations: | |||
Net cash provided by (used in) operating activities | (1,035) | 22,342 | 63,082 |
Net cash provided by provided by (used in) investing activities | (6,080) | 825,376 | (54,280) |
Net cash provided by (used in) discontinued operations | (7,115) | 847,718 | 8,802 |
Effect of foreign exchange rate changes on cash and cash equivalents | 220 | (3,154) | (7,873) |
Net decrease in cash and cash equivalents | (16,588) | (61,744) | (298,262) |
Cash and cash equivalents, beginning of year | 128,771 | 190,515 | 488,777 |
Cash and cash equivalents, end of year | $ 112,183 | $ 128,771 | $ 190,515 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Exchangeable Shares [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total Stockholders' Equity [Member] | Non-controlling Interests [Member] |
Balance at Dec. 31, 2013 | $ 4,241,319 | $ 2 | $ 3,416,585 | $ 1,070,077 | $ (37,236) | $ (215,240) | $ 4,234,188 | $ 7,131 | |||
Balance, Shares at Dec. 31, 2013 | 3,500,000 | 1 | 212,942,767 | ||||||||
Other comprehensive income (loss) | (86,054) | (86,054) | (86,054) | ||||||||
Acquisitions | 134,538 | 134,538 | 134,538 | ||||||||
Acquisitions, shares | 3,825,971 | 1 | 686,382 | ||||||||
Restricted stock and restricted stock unit activity | 26,690 | 39,030 | (12,340) | 26,690 | |||||||
Restricted stock activity, shares | 95,475 | ||||||||||
Stock options exercised | 1,179 | 1,179 | 1,179 | ||||||||
Stock options exercised, shares | 91,444 | ||||||||||
Exchange of exchangeable shares | 0 | ||||||||||
Income tax impact of long-term incentive plans | 700 | 700 | 700 | ||||||||
Common stock repurchases | (93,482) | (93,482) | (93,482) | ||||||||
Common stock/Settlement of accelerated stock repurchases, shares | (2,996,278) | ||||||||||
Vests in deferred compensation plan | 874 | (874) | |||||||||
Distributions to non-controlling interests | (14,432) | (14,432) | |||||||||
Net income | 315,082 | 296,714 | 296,714 | 18,368 | |||||||
Balance at Dec. 31, 2014 | 4,525,540 | $ 2 | 3,592,906 | 1,366,791 | (123,290) | (321,936) | 4,514,473 | 11,067 | |||
Balance, Shares at Dec. 31, 2014 | 7,325,971 | 1 | 1 | 210,819,790 | |||||||
Other comprehensive income (loss) | (171,399) | (171,399) | (171,399) | ||||||||
Acquisitions | 9,379 | 10,127 | 10,127 | (748) | |||||||
Acquisitions, shares | 461,037 | ||||||||||
Restricted stock and restricted stock unit activity | 26,941 | 37,309 | (10,368) | 26,941 | |||||||
Restricted stock activity, shares | 395,427 | ||||||||||
Stock options exercised | 431 | 431 | 431 | ||||||||
Stock options exercised, shares | 32,390 | ||||||||||
Exchange of exchangeable shares | (449,929) | 449,929 | |||||||||
Income tax impact of long-term incentive plans | 375 | 375 | 375 | ||||||||
Common stock repurchases | (1,456,361) | (1,456,361) | (1,456,361) | ||||||||
Common stock/Settlement of accelerated stock repurchases, shares | (59,251,407) | ||||||||||
Accelerated stock repurchases not yet settled | (150,000) | (150,000) | (150,000) | ||||||||
Vests in deferred compensation plan | 6,592 | (6,592) | |||||||||
Contributions from non-controlling interests | 2,313 | 2,313 | |||||||||
Distributions to non-controlling interests | (21,228) | (21,228) | |||||||||
Net income | 321,824 | 310,907 | 310,907 | 10,917 | |||||||
Balance at Dec. 31, 2015 | 3,087,815 | $ 2 | 3,497,740 | 1,677,698 | (294,689) | (1,795,257) | 3,085,494 | 2,321 | |||
Balance, Shares at Dec. 31, 2015 | 6,876,042 | 1 | 1 | 152,907,166 | |||||||
Other comprehensive income (loss) | 23,016 | 23,016 | 23,016 | ||||||||
Acquisitions | 1,508 | 1,508 | 1,508 | ||||||||
Acquisitions, shares | 70,840 | ||||||||||
Restricted stock and restricted stock unit activity | 34,505 | 42,843 | (8,338) | 34,505 | |||||||
Restricted stock activity, shares | 760,395 | ||||||||||
Stock options exercised | 425 | 425 | 425 | ||||||||
Stock options exercised, shares | 25,423 | ||||||||||
Exchange of exchangeable shares | (360,589) | 360,589 | |||||||||
Income tax impact of long-term incentive plans | (3,904) | (3,904) | (3,904) | ||||||||
Settlement of accelerated stock repurchases | 150,000 | (150,000) | |||||||||
Common stock/Settlement of accelerated stock repurchases, shares | (9,413,640) | ||||||||||
Vests in deferred compensation plan | 6,822 | (6,822) | |||||||||
Retirement of treasury stock | $ (1) | (1,946,128) | 1,946,129 | ||||||||
Distributions to non-controlling interests | (761) | (761) | |||||||||
Net income | 200,098 | 198,383 | 198,383 | 1,715 | |||||||
Balance at Dec. 31, 2016 | $ 3,342,702 | $ 1 | $ 1,749,306 | $ 1,876,081 | $ (271,673) | $ (14,288) | $ 3,339,427 | $ 3,275 | |||
Balance, Shares at Dec. 31, 2016 | 6,515,453 | 1 | 1 | 144,710,773 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | 1. BUSINESS AND ORGANIZATION: Quanta Services, Inc. (Quanta) is a leading provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and select other international markets. Quanta reports its results under two reportable segments: (1) Electric Power Infrastructure Services and (2) Oil and Gas Infrastructure Services. Electric Power Infrastructure Services Segment The Electric Power Infrastructure Services segment provides comprehensive network solutions to customers in the electric power industry. Services performed by the Electric Power Infrastructure Services segment generally include the design, installation, upgrade, repair and maintenance of electric power transmission and distribution infrastructure and substation facilities along with other engineering and technical services. This segment also provides emergency restoration services, including the repair of infrastructure damaged by inclement weather, the energized installation, maintenance and upgrade of electric power infrastructure utilizing unique bare hand and hot stick methods and Quanta’s proprietary robotic arm technologies, and the installation of “smart grid” technologies on electric power networks. In addition, this segment designs, installs and maintains renewable energy generation facilities, consisting of solar, wind and certain types of natural gas generation facilities, and related switchyards and transmission infrastructure. To a lesser extent, this segment provides services such as the construction of electric power generation facilities, the design, installation, maintenance and repair of commercial and industrial wiring, the installation of traffic networks and cable and control systems for light rail lines and ancillary telecommunication infrastructure services. Oil and Gas Infrastructure Services Segment The Oil and Gas Infrastructure Services segment provides comprehensive network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products. Services performed by the Oil and Gas Infrastructure Services segment generally include the design, installation, repair and maintenance of pipeline transmission and distribution systems, gathering systems, production systems, storage systems and compressor and pump stations, as well as related trenching, directional boring and mechanized welding services. In addition, this segment’s services include pipeline protection, integrity testing, rehabilitation and replacement, and fabrication of pipeline support systems and related structures and facilities. We also serve the offshore and inland water energy markets, primarily providing services to oil and gas exploration platforms, including mechanical installation (or “hook-ups”), pre-commissioning Acquisitions During 2016, Quanta completed five acquisitions. The results of four of the acquired companies are generally included in Quanta’s Electric Power Infrastructure Services segment. These companies included an electrical infrastructure services company located in Australia, a utility contracting company located in Canada, a full service medium- and high-voltage powerline contracting company located in the United States and a telecommunications company located in Canada. Quanta also acquired a pipeline service contractor located in the United States, the results of which are generally included in Quanta’s Oil and Gas Infrastructure Services segment. As these transactions were effective during 2016, the results have been included in Quanta’s consolidated financial statements beginning on the respective dates of acquisition. These acquisitions should enable Quanta to further enhance its service offerings in the United States, Australia and Canada. During 2015, Quanta acquired 11 companies. The results of eight of the acquired companies are generally included in Quanta’s Electric Power Infrastructure Services segment. These companies include a foundation services company located in the United States, an electrical contracting company located in the United States, an electrical engineering company located in Australia, a powerline construction company located in the United States, an engineering company located in Canada, an engineering, procurement and construction services company based in the United States, an underground construction contracting company located in Canada, and a supplier and material procurement specialist for the power and utility industry in Canada. The results of the remaining three acquired companies are generally included in Quanta’s Oil and Gas Infrastructure Services segment. These companies include a company that services above-ground storage tanks in the United States, an underground utility distribution contractor that provides services to gas and electric utilities in Canada, and a company that specializes in the engineering, procurement, construction, and commissioning of compression and surface facilities for the high pressure gas industry in Australia. During 2014, Quanta completed nine acquisitions, which enabled Quanta to further enhance its electric power and oil and gas infrastructure service offerings in the United States and Canada and expand its capabilities in Australia to include electric power infrastructure service offerings. These acquisitions included four electric power infrastructure services companies located in Canada; two oil and gas infrastructure services businesses located in Canada; an electric power infrastructure services company located in Australia; a U.S. based general engineering and construction company specializing in hydrant fueling, waterfront and utility construction for the U.S. Department of Defense the results of which are generally included in Quanta’s Oil and Gas Infrastructure Services segment; and a geotechnical and geological engineering services company based in the United States the results of which are generally included in Quanta’s Electric Power Infrastructure Services segment. Disposition — Fiber Optic Licensing Operations On April 29, 2015, Quanta entered into a stock purchase agreement with Crown Castle International Corp. (Crown Castle) pursuant to which Quanta agreed to sell its fiber optic licensing operations. The purchase agreement contained customary representations and warranties, covenants and indemnities. On August 4, 2015, Quanta completed the sale for a purchase price of approximately $1 billion in cash, resulting in after-tax |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation The consolidated financial statements of Quanta include the accounts of Quanta Services, Inc. and its wholly owned subsidiaries, which are also referred to as its operating units. The consolidated financial statements also include the accounts of certain of Quanta’s investments in joint ventures, which are either consolidated or proportionately consolidated, as discussed in the following summary of significant accounting policies. Investments in affiliated entities in which Quanta does not have a controlling financial interest, but over which Quanta has significant influence, usually because Quanta holds a voting interest of between 20% and 50%, are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, references to Quanta include Quanta Services, Inc. and its consolidated subsidiaries. Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses recognized during the periods presented. Quanta reviews all significant estimates affecting its consolidated financial statements on a recurring basis and records the effect of any necessary adjustments prior to their publication. Judgments and estimates are based on Quanta’s beliefs and assumptions derived from information available at the time such judgments and estimates are made. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements. Estimates are primarily used in Quanta’s assessment of the allowance for doubtful accounts, valuation of inventory, useful lives of assets, fair value assumptions in analyzing goodwill, other intangibles and long-lived asset impairments, equity and other investments, loan receivables, purchase price allocations, liabilities for self-insured and other claims and guarantees, multiemployer pension plan withdrawal liabilities, revenue recognition for construction contracts inclusive of contractual change orders and claims, share-based compensation, operating results of reportable segments, as well as the provision for income taxes and the calculation of uncertain tax positions. Cash and Cash Equivalents Quanta had cash and cash equivalents of $112.2 million and $128.8 million as of December 31, 2016 and 2015. Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Quanta considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents, which are carried at fair value. At December 31, 2016 and 2015, cash equivalents were $8.8 million and $1.4 million and consisted primarily of money market investments and money market mutual funds and are discussed further in Fair Value Measurements Current and Long-Term Accounts and Notes Receivable and Allowance for Doubtful Accounts Quanta provides an allowance for doubtful accounts when collection of an account or note receivable is considered doubtful, and receivables are written off against the allowance when deemed uncollectible. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates regarding, among other factors, the customer’s access to capital, the customer’s willingness or ability to pay, general economic and market conditions, the ongoing relationship with the customer and uncertainties related to the resolution of disputed matters. Quanta considers accounts receivable delinquent after 30 days but does not generally include delinquent accounts in its analysis of the allowance for doubtful accounts unless the accounts receivable have been outstanding for at least 90 days. In addition to balances that have been outstanding for 90 days or more, Quanta also includes accounts receivable balances that relate to customers in bankruptcy or with other known difficulties in its analysis of the allowance for doubtful accounts. Material changes in Quanta’s customers’ business or cash flows, which may be impacted by negative economic and market conditions, could affect Quanta’s ability to collect amounts due from them. As of December 31, 2016 and 2015, Quanta had allowances for doubtful accounts on current receivables of approximately $2.8 million and $5.2 million. Long-term accounts receivable are included within other assets. Should customers experience financial difficulties or file for bankruptcy, or should anticipated recoveries relating to receivables in existing bankruptcies or other workout situations fail to materialize, Quanta could experience reduced cash flows and losses in excess of current allowances provided. The balances billed but not paid by customers pursuant to retainage provisions in certain contracts are generally due upon completion of the contracts and acceptance by the customer. Based on Quanta’s experience with similar contracts in recent years, the majority of the retainage balances at each balance sheet date are expected to be collected within the next twelve months. Current retainage balances as of December 31, 2016 and 2015 were approximately $231.0 million and $250.1 million and were included in accounts receivable. Retainage balances with settlement dates beyond the next twelve months were included in other assets, net, and as of December 31, 2016 and 2015 were $5.2 million and $4.5 million. Within accounts receivable, Quanta recognizes unbilled receivables in circumstances such as when revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a later date; costs have been incurred but are yet to be billed under cost-reimbursement type contracts; or amounts arise from routine lags in billing (for example, work completed one month but not billed until the next month). These balances do not include revenues accrued for work performed under fixed-price contracts as these amounts are recorded as costs and estimated earnings in excess of billings on uncompleted contracts. At December 31, 2016 and 2015, the balances of unbilled receivables included in accounts receivable were approximately $206.8 million and $233.6 million. Inventories Inventories consist primarily of parts and supplies held for use in the ordinary course of business, which are valued by Quanta at the lower of cost or market as determined by using either the first-in, first-out Property and Equipment Property and equipment are stated at cost, and depreciation is computed using the straight-line method, net of estimated salvage values, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Depreciation expense related to property and equipment was approximately $170.2 million, $162.8 million and $141.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. Accrued capital expenditures were $12.7 million and $5.8 million as of December 31, 2016 and 2015. The impact of these items has been excluded from Quanta’s capital expenditures on its consolidated statements of cash flows due to their non-cash Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated over the adjusted remaining useful lives of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses. Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be realizable. Quanta also recorded asset impairments primarily related to certain international renewable energy services operations of $8.0 million in 2016 and $6.6 million in 2015. The 2016 impairment was primarily due to a pending disposition of certain international renewable energy services operations, and the 2015 impairment was based on the estimated future undiscounted cash flows for the asset group as compared to their carrying value. When an evaluation is required, the estimated future undiscounted cash flows associated with the asset group are compared to the asset group’s carrying amount to determine if an impairment of such asset group is necessary. The effect of any impairment involves expensing the difference between the fair value of such asset group and its carrying value in the period incurred. Other Assets, Net Other assets, net consists primarily of long-term receivables, debt issuance costs, equity and other investments, refundable security deposits for leased properties and insurance claims in excess of deductibles that are due from Quanta’s insurers. Debt Issuance Costs Capitalized debt issuance costs related to Quanta’s credit facility and any other debt outstanding at a given balance sheet date are included in other assets, net and are amortized into interest expense on a straight-line basis over the terms of the respective agreements giving rise to the debt issuance costs, which Quanta believes approximates the effective interest rate method. During 2015, Quanta incurred $3.8 million of debt issuance costs related to the amendment and restatement of its credit agreement and recorded a nominal charge to interest expense for the write-off Goodwill and Other Intangibles Quanta has recorded goodwill in connection with its historical acquisitions of companies. Upon acquisition, these companies were either combined into one of Quanta’s existing operating units or managed on a stand-alone basis as an individual operating unit. Goodwill recorded in connection with these acquisitions is subject to an annual assessment for impairment, which Quanta performs at the operating unit level for each operating unit that carries a balance of goodwill. Each of Quanta’s operating units is organized into one of two internal divisions: the Electric Power Infrastructure Services Division and the Oil and Gas Infrastructure Services Division. As most of the companies acquired by Quanta provide multiple types of services for multiple types of customers, these divisional designations are based on the predominant type of work performed by each operating unit at the point in time the divisional designation is made. Goodwill is required to be measured for impairment at the reporting unit level, which represents the operating segment level or one level below the operating segment level for which discrete financial information is available. Quanta has determined that its individual operating units represent its reporting units for the purpose of assessing goodwill impairments. Quanta has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step Quanta’s goodwill impairment assessment is performed at year-end, two-step Quanta determines the fair value of its reporting units using a weighted combination of the discounted cash flow, market multiple and market capitalization valuation approaches, with heavier weighting on the discounted cash flow method, as in management’s opinion, this method currently results in the most accurate calculation of a reporting unit’s fair value. Determining the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions include, among others, revenue growth rates, operating margins, discount rates, weighted average costs of capital and future market conditions. Quanta believes the estimates and assumptions used in its impairment assessments are reasonable and based on available market information, but variations in any of the assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Under the discounted cash flow method, Quanta determines fair value based on the estimated future cash flows of each reporting unit, discounted to present value using risk-adjusted industry discount rates, which reflect the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Cash flow projections are derived from budgeted amounts and operating forecasts (typically a one-year Under the market multiple and market capitalization approaches, Quanta determines the estimated fair value of each of its reporting units by applying transaction multiples to each reporting unit’s projected EBITDA and then averaging that estimate with similar historical calculations using either a one, two or three year average. For the market capitalization approach, Quanta adds a reasonable control premium, which is estimated as the premium that would be received in a sale of the reporting unit in an orderly transaction between market participants. The projected cash flows and estimated levels of EBITDA by reporting unit were used to determine fair value under the three approaches discussed herein. The following table presents the significant estimates used by management in determining the fair values of Quanta’s reporting units at December 31, 2016, 2015 and 2014: 2016 2015 2014 Years of cash flows before terminal value 5 5 5 Discount rates 12.5% to 14.5% 12.0% to 16.0% 12.0% to 14.0% EBITDA multiples 5.5 to 7.0 5.0 to 6.5 5.0 to 6.0 Weighting of three approaches: Discounted cash flows 70% 70% 70% Market multiple 15% 15% 15% Market capitalization 15% 15% 15% For recently acquired reporting units, a step one impairment test may indicate an implied fair value that is substantially similar to the reporting unit’s carrying value. Such similarities in value are generally an indication that management’s estimates of future cash flows associated with the recently acquired reporting unit remain relatively consistent with the assumptions that were used to derive its initial fair value. During the fourth quarter of 2016, a two-step As discussed generally above, when evaluating the 2016 step one impairment test results, management considered many factors in determining whether or not an impairment of goodwill for any reporting unit was reasonably likely to occur in future periods, including future market conditions and the economic environment in which Quanta’s reporting units were operating. Additionally, management considered the sensitivity of its fair value estimates to changes in certain valuation assumptions. After taking into account a 10% decrease in the fair value of each of Quanta’s reporting units, two reporting units within Quanta’s Oil and Gas Infrastructure Division had fair values below their respective carrying values. Quanta recorded asset impairment charges for these reporting units in 2015. The fair values determined in 2016 for these reporting units were consistent with the fair values determined in 2015, accordingly the fair values approximate the current carrying values. Circumstances such as market declines, unfavorable economic conditions, the loss of a major customer or other factors could increase the risk of impairment of goodwill in future periods. If an operating unit experiences prolonged periods of declining revenues, operating margins or both, it may be at risk of failing step one of the goodwill impairment test. Certain operating units have experienced declines over the short-term due to challenging macroeconomic conditions in certain geographic areas and low oil and natural gas prices, which have negatively impacted customer spending and resulted in project cancellations and delays. Additionally, customer capital spending has been constrained as a result of an increasingly complex regulatory and permitting environment. Certain operating units within Quanta’s Oil and Gas Infrastructure Services Division that primarily operate within the midstream and smaller-scale transmission market have continued to be negatively impacted by these factors. Goodwill and intangible assets associated with the operating units within Quanta’s Oil and Gas Infrastructure Services Division that have been significantly impacted by the factors mentioned above were approximately $68.0 million and $11.9 million at December 31, 2016. Quanta monitors these conditions and others to determine if it is necessary to perform step one of the fair-value based impairment test for one or more operating units prior to the annual impairment assessment. No interim impairment charges were recorded during 2016. Although Quanta is not aware of circumstances that would lead to a goodwill impairment at a reporting unit currently, circumstances such as a continued market decline, the loss of a major customer or other factors could impact the valuation of goodwill in the future. The goodwill analysis performed for each reporting unit was based on estimates and comparisons obtained from the electric power and oil and gas industries. Quanta assigned a higher weighting to the discounted cash flow approach in all periods to reflect increased expectations of market value being determined from a “held and used” model. As stated previously, cash flows are derived from budgeted amounts and operating forecasts that have been evaluated by management. In connection with the 2016 assessment, reporting unit growth rates during the cash flow projection period varied from negative 2% to positive 24%. Quanta’s intangible assets include customer relationships, backlog, trade names, non-compete value-in-use Quanta amortizes intangible assets based upon the estimated consumption of the economic benefits of each intangible asset, or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For instance, a significant change in business climate or a loss of a significant customer, among other things, may trigger the need for interim impairment testing of intangible assets. An impairment loss would be recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. During the fourth quarter of 2015, management concluded that goodwill was impaired at two reporting units in Quanta’s Oil and Gas Infrastructure Services Division. Accordingly, Quanta recorded a $39.8 million non-cash non-compete Investments in Affiliates and Other Entities In the normal course of business, Quanta enters into various types of investment arrangements, each having unique terms and conditions. These investments may include equity interests held by Quanta in business entities, including general or limited partnerships, contractual joint ventures, or other forms of equity or profit participation. These investments may also include Quanta’s participation in different financing structures such as the extension of loans to project specific entities, the acquisition of convertible notes issued by project specific entities, or other strategic financing arrangements. Quanta determines whether such investments involve a variable interest entity (VIE) based on the characteristics of the subject entity. If the entity is determined to be a VIE, then management determines if Quanta is the primary beneficiary of the entity and whether or not consolidation of the VIE is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, in either case that could potentially be significant to the VIE. When Quanta is deemed to be the primary beneficiary, the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a non-controlling Investments in entities of which Quanta is not the primary beneficiary, but over which Quanta has the ability to exercise significant influence, are accounted for using the equity method of accounting. Quanta’s share of net income or losses from unconsolidated equity investments is included in equity in earnings (losses) of unconsolidated affiliates in the consolidated statements of operations when applicable. Equity investments are reviewed for impairment by assessing whether any decline in the fair value of the investment below the carrying value is other than temporary. In making this determination, factors such as the ability to recover the carrying amount of the investment and the inability of the investee to sustain an earnings capacity are evaluated in determining whether a loss in value should be recognized. Any impairment losses related to investments would be recognized in other expense. Equity method investments are carried at original cost and are included in other assets, net in the consolidated balance sheet and are adjusted for Quanta’s proportionate share of the investees’ income, losses and distributions. Revenue Recognition Through its Electric Power Infrastructure Services and Oil and Gas Infrastructure Services segments, Quanta designs, installs and maintains networks for customers in the electric power and oil and gas industries. These services may be provided pursuant to master service agreements, repair and maintenance contracts and fixed price and non-fixed Revenues from fixed price contracts are recognized using the percentage-of-completion Actual revenues and project costs can vary, sometimes substantially, from previous estimates due to changes in a variety of factors including unforeseen circumstances not included in Quanta’s cost estimates or covered by its contracts for which it cannot obtain adequate compensation, including concealed or unknown environmental conditions; changes in the cost of equipment, commodities, materials or labor; unanticipated costs or claims due to customer-caused delays, customer failure to provide required materials or equipment, errors in engineering, specifications or designs, project modifications, or contract termination and Quanta’s inability to obtain reimbursement for such costs or recover on such claims; weather conditions; and quality issues requiring rework or replacement. These factors, along with other risks inherent in performing fixed price contracts may cause actual revenues and gross profits for a project to differ from previous estimates and could result in reduced profitability or losses on projects. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined. These factors are routinely evaluated on a project by project basis throughout the project term, and the impact of corresponding revisions in management’s estimates of contract value, contract cost and contract profit are recorded as necessary in the period in which the revisions are determined. Provisions for losses on uncompleted contracts are made in the period in which such losses are determined to be probable and the amount can be reasonably estimated. During 2016 and 2015, Quanta experienced performance issues on a power plant project in Alaska that resulted in an increase of the estimated total costs necessary to complete the project. During the construction and commissioning phases, the project experienced third party engineering deficiencies that changed Quanta’s planned scope of work and performance failures by other contractors operating onsite. These issues resulted in higher than expected production costs associated with quality deficiencies and a related impact on production sequencing. Additionally, late in the second quarter of 2016, Quanta experienced a claimed force majeure event that further disrupted project timing and provided the customer and its insurance providers with a notice of the event in order to seek schedule relief and cost recovery. During the years ended December 31, 2016 and 2015, Quanta recognized project losses of $54.8 million and $44.9 million. Quanta is in the process of developing potential claims for damages that may have resulted from the third party engineering and other contractor performance issues; however, no revenues or cost recovery has been reflected in Quanta’s estimate of total project losses at December 31, 2016. This project had a contract value of $202 million at December 31, 2016 and was substantially completed during the fourth quarter of 2016. As this project continues through the close out phase, it is possible that additional performance issues or other unforeseen circumstances could occur and result in the recognition of additional losses on this project; however, such amounts cannot currently be estimated. Overall, Quanta’s operating results for the year ended December 31, 2016 were impacted by less than 5% as a result of aggregate changes in contract estimates related to projects that were in progress at December 31, 2015. Included in the operating results for the year ended December 31, 2016 were losses from the project described above, offset by the aggregate positive impact of numerous individually immaterial changes in project profitability generally due to better than expected performance for projects that were ongoing at December 31, 2015. Quanta’s operating results for the year ended December 31, 2015 and 2014 were impacted by numerous individually immaterial changes in contract estimates related to projects that were in progress at December 31, 2014 and 2013; however, the aggregate impact was less than 5%. The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized for fixed price contracts. Quanta may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. Quanta determines the probability that such costs will be recovered based upon evidence such as past practices with the customer, specific discussions or preliminary negotiations with the customer or verbal approvals. Quanta treats items as costs of contract performance in the period incurred if it is not probable that the costs will be recovered or will recognize revenue if it is probable that the contract price will be adjusted and can be reliably estimated. As of December 31, 2016 and 2015, Quanta had recognized revenues of approximately $137.8 million and $137.2 million related to change orders and/or claims that had been included as contract price adjustments on certain contracts which were in the process of being negotiated in the normal course of business. These aggregate contract price adjustments represent management’s best estimate of additional contract revenues which have been earned and which management believes are probable of collection. The amounts ultimately realized by Quanta upon final acceptance by its customers could be higher or lower than such estimated amounts; however, such amounts cannot currently be estimated. Income Taxes Quanta follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax bases of assets, and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. Quanta regularly evaluates valuation allowances established for deferred tax assets for which future realization is uncertain. The estimation of required valuation allowances includes estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Quanta considers projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income differs from these estimates, Quanta may not realize deferred tax assets to the extent estimated. Quanta records reserves for income taxes related to certain tax positions in those instances where Quanta considers it more likely than not that additional taxes may be due in excess of amounts reflected on income tax returns filed. When recording reserves for expected tax consequences of uncertain positions, Quanta assumes that taxing authorities have full knowledge of the position and all relevant facts. Quanta continually reviews exposure to additional tax obligations, and as further information is known or events occur, changes in tax reserves may be recorded. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, such amounts have been accrued and included in the provision for income taxes. As of December 31, 2016, the total amount of unrecognized tax benefits relating to uncertain tax positions was $35.2 million, a decrease from December 31, 2015 of $19.3 million. This decrease in unrecognized tax benefits resulted primarily from a $23.4 million decrease due to expiration of certain federal and state statute of limitations, partially offset by a $4.2 million increase due to tax positions to be taken for 2016. Although the IRS completed its examination related to tax years 2010, 2011 and 2012 during 2016, certain subsidiaries remain under examination by various U.S. state, Canadian and other foreign tax authorities for multiple periods. Quanta believes it is reasonably possible that within the next 12 months unrecognized tax benefits may decrease by up to $12.3 million as a result of settlement of these examinations or as a result of the expiration of certain statute of limitations periods. U.S. federal and state and foreign income tax laws and regulations are voluminous and are often ambiguous. As such, Quanta is required to make many subjective assumptions and judgments regarding its tax positions that could materially affect amounts recognized in its future consolidated balance sheets and statements of operations and comprehensive income. Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the period, and diluted earnings per share is computed using the weighted average number of common shares outstanding during the period adjusted for all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalents would be antidilutive. Self-Insurance Quanta is insured for employer’s liability, workers’ compensation, auto liability and general liability claims. Under these programs, the deductible for employer’s liability is $1.0 million per occurrence, the deductible for workers’ compensation is $5.0 million per occurrence, and the deductibles for auto liability and general liability are $10.0 million per occurrence. Quanta is generally self-insured for all claims that do not exceed the amount of the applicable deductible. Quanta also has employee health care benefit plans for most employees not subject to collective bargaining agreements, of which the primary plan is subject to a deductible of $0.4 million per claimant per year. Losses under all of these insurance programs are accrued based upon Quanta’s estimate of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the extent of damage, the determination of Quanta’s liability in proportion to other parties and the number of incidents not reported. The accruals are based upon known facts and historical trends, and management believes such accruals are adequate. Collective Bargaining Agreements Some of Quanta’s operating units are parties to various |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. NEW ACCOUNTING PRONOUNCEMENTS: Adoption of New Accounting Pronouncements In February 2015, the FASB issued an update which amends consolidation guidance, including amending the guidance related to determining whether an entity is a variable interest entity (VIE). The guidance may be applied using a modified retrospective approach whereby the entity records a cumulative effect of adoption at the beginning of the fiscal year of initial application. A reporting entity may also apply the amendments on a full retrospective basis. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In April 2015, the FASB issued an update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts and premiums. The update is required to be adopted retroactively for all periods presented. In August 2015, the FASB issued another update that states that the Securities Exchange Commission (SEC) staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit line-of-credit In April 2015, the FASB issued an update that provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In September 2015, the FASB issued an update that requires an acquiring company to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which such adjustments are determined. An acquiring company must record any effect on earnings from changes in depreciation or amortization or other income effects, calculated as if the accounting had been completed at the acquisition date. The acquiring company must also present separately on the face of the income statement or disclose in the notes the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The update is required to be adopted prospectively to adjustments that occur after the effective date with earlier application permitted for financial statements that have not yet been issued. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In August 2014, the FASB issued guidance to address the diversity in practice in determining when there is substantial doubt about an entity’s ability to continue as a going concern and when and how an entity must disclose certain relevant conditions and events. This update requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued). If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions or events. This guidance will impact the disclosure and presentation of any substantial doubt by Quanta about its ability to continue as a going concern, if such substantial doubt were to exist. Quanta adopted this guidance on December 31, 2016, and the adoption of the update did not have a significant impact on its consolidated financial statements or related disclosures but would have an impact if such a substantial doubt were to exist in the future. In January 2017, the FASB issued an update that amended SEC guidance within the Accounting Standards Codification that related to disclosing the impact that recently issued accounting standards will have on a registrant’s financial statements when such standards are adopted in future periods. Quanta has followed the guidance in this amendment within this note to the consolidated financial statements. Accounting Standards Not Yet Adopted In May 2014, the FASB issued an update that supersedes most current revenue recognition guidance, as well as some cost recognition guidance. The update requires that the recognition of revenue related to the transfer of goods or services to customers reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB affirmed its proposal to defer the effective date until fiscal years beginning on or after December 15, 2017. The guidance can be applied on a full retrospective or modified retrospective basis whereby the entity records a cumulative effect of initially applying this update at the date of initial application. Quanta is currently evaluating the potential impact of this update on its consolidated financial statements, as well as the impact of its selected transition method as Quanta continues through the implementation process. In addition, Quanta continues to monitor activity related to the new standard as well as working with various non-authoritative groups regarding industry clarifications and interpretations, which may impact Quanta’s considerations and conclusions. Significant areas of ongoing consideration include the impact of termination for convenience provisions on the duration of contracts and accounting for mobilization-related costs and uninstalled materials. While Quanta is still evaluating the requirements of this update, it currently does not expect the update to materially affect its results of operations, financial position or cash flows. This preliminary conclusion is based on Quanta’s belief that it will generally continue to recognize revenues from long-term service contracts over time as services are performed and the underlying obligation to the customer is fulfilled. Quanta has identified and is in the process of implementing changes to its processes and internal controls to meet the reporting and disclosure requirements of this update and will adopt this update effective January 1, 2018. In July 2015, the FASB issued an update that requires inventory to be measured at the lower of either cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference will be recognized as a loss in earnings in the period in which it occurs. The update is required to be adopted prospectively and is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the update is not anticipated to have a significant impact on Quanta’s consolidated financial statements or related disclosures. In January 2016, the FASB issued an update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments to provide users of financial statements with more decision-useful information. The new standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. Quanta is evaluating the impact of the new standard on its consolidated financial statements and will adopt the new standard by January 1, 2018. In February 2016, the FASB issued an update that requires companies to recognize on the balance sheet the contractual right to use assets and liabilities corresponding to the rights and obligations created by lease contracts. The new standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. While Quanta continues to evaluate the effect of the standard on its consolidated financial statements, it is anticipated that the adoption of the standard will materially impact its statement of financial position. In March 2016, the FASB issued an update that will amend the accounting for share-based payments in several key areas, including the treatment and cash flow presentation of tax effects related to the settlement of share-based payments and the accounting for forfeitures of share-based awards. The new guidance will require companies with share-based payments to record all tax effects related thereto at settlement (or expiration) through income tax expense on the statement of operations rather than through additional paid-in In June 2016, the FASB issued an update that will change the way companies measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update will require companies to use an “expected loss” model for instruments measured at amortized cost and to record allowances for available-for-sale In August 2016, the FASB issued an update intended to standardize the classification of certain transactions on the statement of cash flows. These transactions include contingent consideration payments made after a business combination, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investments. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted, and requires application using a retrospective transition method. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. In October 2016, the FASB issued an update that will require a reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax In October 2016, the FASB issued an update that will amend the consolidation guidance related to how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the VIE held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of a VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. Since Quanta has already adopted a related update, it will be required to apply the amendments in this update retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in the prior update were initially applied. Quanta will adopt this guidance on January 1, 2017, and the adoption of the update is not anticipated to have a significant impact on its consolidated financial statements or related disclosures. In November 2016, the FASB issued an update intended to standardize the classification of restricted cash and cash equivalents transactions on the statement of cash flows. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted. The retrospective transition method will be required for this new guidance. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. In January 2017, the FASB issued an update intended to clarify the definition of a business to assist entities with evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The new definition requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or group is not a business. The update will require that to be considered a business, a set of assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Additionally, the update will remove the evaluation of whether a market participant could replace missing elements in order to consider the set of assets and activities a business, will provide more stringent criteria for sets without outputs and will narrow the definition of output. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted for certain transactions. The prospective transition method will be required for this new guidance. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. Also in January 2017, the FASB issued an update intended to simplify the subsequent measurement of goodwill by eliminating the second step in the current two-step two-step |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 4. DISCONTINUED OPERATIONS: On August 4, 2015, Quanta completed the sale of its fiber optic licensing operations to Crown Castle for an aggregate purchase price of approximately $1 billion in cash, resulting in estimated after-tax pre-tax Quanta has presented the results of operations, financial position, cash flows and disclosures related to its fiber optic licensing operations as discontinued operations in the accompanying consolidated financial statements. The results were included in Quanta’s Fiber Optic Licensing and Other segment prior to the second quarter of 2015. The following represents a reconciliation of the major classes of line items constituting income from discontinued operations primarily related to Quanta’s fiber optic licensing operations to the consolidated statements of operations (in thousands): Year Ended December 31, 2016 2015 2014 Major classes of line items constituting pretax income from discontinued operations: Revenues $ — $ 59,998 $ 104,021 Expenses: Cost of services (including depreciation) — 24,748 39,295 Selling, general and administrative expenses (980 ) 12,047 16,561 Amortization of intangible assets — 963 1,650 Other income (expense) items that are not major — 10 3 Net income before taxes of discontinued operations related to fiber optic licensing operations related to major classes of income before taxes 980 22,250 46,518 Pretax gain on the disposal of the fiber optic licensing operations — 271,833 — Total pretax gain on fiber optic licensing operations 980 294,083 46,518 Provision for income taxes related to fiber optic licensing operations 667 103,462 18,401 Net income from discontinued operations related to fiber optic licensing operations 313 190,621 28,117 Net loss from discontinued operations related to telecommunication operations (655 ) — (627 ) Net income (loss) from discontinued operations as presented in the consolidated statements of operations $ (342 ) $ 190,621 $ 27,490 There were no assets or liabilities associated with fiber optic licensing operations at December 31, 2016 and no assets or non-current December 31, Carrying amounts of major classes of current liabilities of discontinued operations related to fiber optic licensing operations: Current liabilities: Accounts payable and accrued expenses $ 15,313 Total current liabilities of discontinued operations as presented in the consolidated balance sheets $ 15,313 Additionally, on December 3, 2012, Quanta sold substantially all of its domestic telecommunications infrastructure services operations and related subsidiaries. During the years ended December 31, 2016 and 2014, legal fees of $1.0 million were recorded related to an ongoing legal matter associated with these discontinued operations. See Legal Proceedings Lorenzo Benton v. Telecom Network Specialists, Inc., et al. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 5. ACQUISITIONS: 2016 Acquisitions During 2016, Quanta completed five acquisitions. The results of four of the acquired companies are generally included in Quanta’s Electric Power Infrastructure Services segment. These companies included an electrical infrastructure services company located in Australia, a utility contracting company located in Canada, a full service medium- and high-voltage powerline contracting company located in the United States and a telecommunications company located in Canada. Quanta also acquired a pipeline service contractor located in the United States, the results of which are generally included in Quanta’s Oil and Gas Infrastructure Services segment. The aggregate consideration for these acquisitions consisted of approximately $75.9 million paid or payable in cash, subject to certain adjustments, 70,840 shares of Quanta common stock valued at approximately $1.5 million as of the settlement date of the applicable acquisition, and contingent consideration payments of up to $39.5 million, which will be paid if certain financial targets are achieved. Based on the estimated fair value of this contingent consideration, Quanta recorded an $18.7 million liability. As these transactions were effective during 2016, the results have been included in Quanta’s consolidated financial statements beginning on the respective dates of acquisition. These acquisitions should enable Quanta to further enhance its service offerings in the United States, Australia and Canada. Quanta is in the process of finalizing its assessments of the fair values of the acquired assets and assumed liabilities related to businesses acquired during 2016, and further adjustments to the purchase price allocations may occur. Quanta expects to complete the purchase accounting process as soon as practicable but no later than one year from the respective acquisition dates with possible updates primarily related to certain tax estimates. The aggregate purchase consideration of these businesses was preliminarily allocated to acquired assets and assumed liabilities, which resulted in a preliminary allocation of approximately $39.4 million of net tangible assets, $45.2 million of goodwill and $11.5 million of other intangible assets. 2015 Acquisitions During 2015, Quanta acquired 11 companies. The results of eight of the acquired companies are generally included in Quanta’s Electric Power Infrastructure Services segment. These companies include a foundation services company located in the United States, an electrical contracting company located in the United States, an electrical engineering company located in Australia, a powerline construction company located in the United States, an engineering company located in Canada, an engineering, procurement and construction services company based in the United States, an underground construction contracting company located in Canada, and a supplier and material procurement specialist for the power and utility industry in Canada. The results of the remaining three acquired companies are generally included in Quanta’s Oil and Gas Infrastructure Services segment. These companies include a company that services above-ground storage tanks in the United States, an underground utility distribution contractor that provides services to gas and electric utilities in Canada, and a company that specializes in the engineering, procurement, construction, and commissioning of compression and surface facilities for the high pressure gas industry in Australia. The aggregate consideration for these acquisitions consisted of approximately $110.6 million paid or payable in cash, subject to net working capital adjustments, 461,037 shares of Quanta common stock valued at approximately $10.1 million as of the settlement dates of the applicable acquisitions, and $1.0 million in contingent consideration. As these transactions were effective during 2015, the results have been included in Quanta’s consolidated financial statements beginning on the respective dates of acquisition. These acquisitions should enable Quanta to further enhance its electric power and oil and gas infrastructure service offerings in the United States, Canada and Australia. 2014 Acquisitions During 2014, Quanta completed nine acquisitions, which enabled Quanta to further enhance its electric power and oil and gas infrastructure service offerings in the United States and Canada and expand its capabilities in Australia to include electric power infrastructure service offerings. These acquisitions included four electric power infrastructure services companies located in Canada; two oil and gas infrastructure services businesses located in Canada; an electric power infrastructure services company located in Australia; a U.S. based general engineering and construction company specializing in hydrant fueling, waterfront and utility construction for the U.S. Department of Defense that is generally included in Quanta’s Oil and Gas Infrastructure Services segment; and a geotechnical and geological engineering services company based in the United States that is generally included in Quanta’s Electric Power Infrastructure Services segment. The aggregate consideration paid for these acquisitions consisted of approximately $279.5 million in cash, 686,382 shares of Quanta common stock and 3,825,971 exchangeable shares of Canadian subsidiaries of Quanta that are exchangeable on a one-for-one Exchangeable Shares and Series F and Series G Preferred Stock 2016, 2015 and 2014 Acquisitions The following table summarizes the aggregate consideration paid or payable as of December 31, 2016 for the 2016 and 2015 acquisitions and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective acquisition dates, inclusive of any purchase price allocation adjustments. This allocation requires a significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared (in thousands). 2016 2015 Consideration: Value of Quanta common stock issued $ 1,508 $ 10,127 Cash paid or payable 75,941 110,578 Contingent consideration 18,683 1,001 Fair value of total consideration transferred or estimated to be transferred $ 96,132 $ 121,706 Current assets $ 24,233 $ 35,188 Property and equipment 44,863 44,140 Other assets 2,553 4 Identifiable intangible assets 11,467 24,987 Current liabilities (12,477 ) (24,568 ) Deferred tax liabilities, net (14,367 ) (5,056 ) Other long-term liabilities (5,326 ) (5,606 ) Non-controlling — 747 Total identifiable net assets 50,946 69,836 Goodwill 45,186 51,870 $ 96,132 $ 121,706 The fair value of current assets acquired in 2016 included accounts receivable with a fair value of $14.4 million. The fair value of current assets acquired in 2015 included accounts receivable with a fair value of $20.6 million. Goodwill represents the excess of the purchase price over the net amount of the fair values assigned to assets acquired and liabilities assumed. The 2016, 2015 and 2014 acquisitions strategically expanded Quanta’s Canadian, Australian and domestic electric power and oil and gas service offerings, which Quanta believes contributes to the recognition of the goodwill. In connection with the 2016 acquisitions, goodwill of $24.2 million was recorded for the businesses acquired that were included within Quanta’s Electric Power Infrastructure Services Division and $21.0 million was recorded for the business acquired that was included within Quanta’s Oil and Gas Infrastructure Services Division on the dates of acquisition, inclusive of purchase price allocation adjustments. In connection with the 2015 acquisitions, goodwill of $31.5 million was recorded for the acquired businesses that were included within Quanta’s Electric Power Infrastructure Services Division and $20.4 million was recorded for acquired businesses that were included within Quanta’s Oil and Gas Infrastructure Services Division on the dates of acquisition, inclusive of purchase price allocation adjustments. In connection with the 2014 acquisitions, goodwill of $72.3 million was recorded for acquired businesses that were included within Quanta’s Electric Power Infrastructure Services Division and $94.1 million was recorded for the acquired business that was included within Quanta’s Oil and Gas Infrastructure Services Division on the dates of acquisition, inclusive of purchase price allocation adjustments. Goodwill of approximately $2.0 million related to the 2016 acquisitions is expected to be deductible for income tax purposes, and goodwill of approximately $34.0 million related to the 2015 acquisitions is expected to be deductible for income tax purposes. The following table summarizes the estimated fair values of identifiable intangible assets for the 2016 acquisitions 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). Estimated Weighted Average Customer relationships $ 5,645 3.8 Backlog 2,085 2.1 Trade names 3,255 15.0 Non-compete 482 5.0 Total intangible assets subject to amortization acquired in 2016 acquisitions $ 11,467 6.7 The unaudited supplemental pro forma results of operations have been provided for illustrative purposes only and do not purport to 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. Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Revenues $ 7,677,293 $ 7,770,744 $ 8,476,584 Gross profit $ 1,017,506 $ 956,925 $ 1,248,827 Selling, general and administrative expenses $ 656,109 $ 612,979 $ 745,321 Amortization of intangible assets $ 32,204 $ 39,947 $ 47,777 Net income from continuing operations $ 200,675 $ 136,608 $ 303,772 Net income from continuing operations attributable to common stock $ 198,960 $ 125,691 $ 285,404 Earnings per share from continuing operations attributable to common stock — basic and diluted $ 1.26 $ 0.64 $ 1.28 The pro forma combined results of operations for the years ended December 31, 2016 and 2015 have been prepared by adjusting the historical results of Quanta to include the historical results of the 2016 acquisitions as if they occurred January 1, 2015. The pro forma combined results of operations for the year ended December 31, 2015 have also been prepared by adjusting the historical results of Quanta to include the historical results of the 2015 acquisitions as if they occurred January 1, 2014. The pro forma combined results of operations for the year ended December 31, 2014 have been prepared by adjusting the historical results of Quanta to include the historical results of the 2015 acquisitions as if they occurred January 1, 2014 and the historical results of the 2014 acquisitions as if it occurred January 1, 2013. These pro forma combined historical results were also adjusted for the following: a reduction of interest expense as a result of the repayment of outstanding indebtedness of the acquired businesses, a reduction of interest income as a result of the cash consideration paid net of cash received, an increase in amortization expense due to the incremental intangible assets recorded related to the 2016, 2015 and 2014 acquisitions, an increase or decrease in depreciation expense within cost of services related to the net impact of adjusting acquired property and equipment to the acquisition date fair value and conforming depreciable lives with Quanta’s accounting policies, an increase in the number of outstanding shares of Quanta common stock and exchangeable shares and certain reclassifications to conform the acquired companies’ presentation to Quanta’s accounting policies. The pro forma results of operations do not include any adjustments to eliminate the impact of acquisition related costs or any cost savings or other synergies that resulted or may result from the 2016, 2015 and 2014 acquisitions. As noted above, the pro forma results of operations do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future. Revenues of approximately $68.5 million and a loss before taxes of approximately $5.6 million, which included $0.3 million of acquisition costs, were included in Quanta’s consolidated results of operations for the year ended December 31, 2016 related to the five acquisitions in 2016 following their respective dates of acquisition. Revenues of approximately $104.6 million and income before income taxes of approximately $0.3 million, which included $3.6 million of acquisition costs, were included in Quanta’s consolidated results of operations for the year ended December 31, 2015 related to the 11 acquisitions in 2015 following their respective dates of acquisition. Additionally, revenues of approximately $314.1 million and income before income taxes of approximately $3.4 million, which included $11.6 million of acquisition costs, were included in Quanta’s consolidated results of operations for the year ended December 31, 2014 related to the nine acquisitions in 2014 following their respective dates of acquisition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. GOODWILL AND OTHER INTANGIBLE ASSETS: A summary of changes in Quanta’s goodwill is as follows (in thousands): Electric Power Oil and Gas Total Goodwill balance at December 31, 2014 $ 1,223,224 $ 373,471 $ 1,596,695 Goodwill acquired during 2015 31,224 20,636 51,860 Purchase price allocation adjustments 750 (8,867 ) (8,117 ) Goodwill impaired during 2015 — (39,826 ) (39,826 ) Foreign currency translation adjustments (28,953 ) (19,001 ) (47,954 ) Balance at December 31, 2015: Goodwill 1,226,245 366,306 1,592,551 Accumulated impairment — (39,893 ) (39,893 ) Goodwill, net 1,226,245 326,413 1,552,658 Goodwill acquired during 2016 24,168 21,018 45,186 Purchase price allocation adjustments 229 (214 ) 15 Foreign currency translation adjustments 3,337 1,973 5,310 Balance at December 31, 2016: Goodwill 1,253,979 388,923 1,642,902 Accumulated impairment — (39,733 ) (39,733 ) Goodwill, net $ 1,253,979 $ 349,190 $ 1,603,169 The purchase price allocation adjustments recorded in the year ended December 31, 2016 primarily represent changes in deferred tax liability estimates and would have had no impact on the consolidated financial statements in prior periods had these adjustments been booked at the respective acquisition dates. The purchase price allocation adjustments recorded in the year ended December 31, 2015 resulted primarily from net working capital adjustments and changes in tax estimates. The goodwill impairment in the year ended December 31, 2015 primarily resulted from lower levels of expected activity in the U.S. Gulf of Mexico and, to a lesser extent, due to the extended low commodity price environment with respect to certain directional drilling operations in Australia. The two reporting units impacted are in Quanta’s Oil and Gas Infrastructure Services Division. Also, as described in Note 2, Quanta’s operating units are organized into one of Quanta’s two internal divisions and, accordingly, the goodwill associated with the operating units has been aggregated on a divisional basis in the table above. These divisions are closely aligned with Quanta’s reportable segments and operating units are assigned to a division based on the predominant type of work performed. From time to time, operating units may be reorganized between divisions as business environments evolve. Quanta’s intangible assets subject to amortization and the remaining weighted average amortization periods related to such assets were as follows (in thousands except for weighted average amortization periods, which are in years): As of December 31, 2016 As of December 31, 2015 As of Intangible Assets Accumulated Amortization Intangible Assets, Net Intangible Assets Accumulated Amortization Intangible Assets, Net Remaining Customer relationships $ 244,329 $ (110,640 ) $ 133,689 $ 236,731 $ (90,840 ) $ 145,891 8.7 Backlog 133,592 (132,441 ) 1,151 130,818 (126,954 ) 3,864 1.3 Trade names 54,723 (12,855 ) 41,868 51,192 (9,525 ) 41,667 17.7 Non-compete 29,212 (25,546 ) 3,666 28,560 (23,507 ) 5,053 3.1 Patented rights and developed technology 22,480 (15,831 ) 6,649 22,447 (13,848 ) 8,599 4.2 Total intangible assets subject to amortization $ 484,336 $ (297,313 ) $ 187,023 $ 469,748 $ (264,674 ) $ 205,074 10.4 Amortization expense for intangible assets was $31.7 million, $34.8 million and $34.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. Additionally, during the year ended December 31, 2015, Quanta recorded an impairment charge of $12.1 million related to customer relationships, trade names and non-compete The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2016 is set forth below (in thousands): For the Fiscal Year Ending December 31, 2017 $ 25,574 2018 24,265 2019 22,227 2020 20,948 2021 18,620 Thereafter 75,389 Total $ 187,023 |
Per Share Information
Per Share Information | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Per Share Information | 7. PER SHARE INFORMATION: Basic earnings per share is computed using the weighted average number of common shares outstanding during the period, and diluted earnings per share is computed using the weighted average number of common shares outstanding during the period adjusted for all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalents would be antidilutive. The amounts used to compute the basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 are illustrated below (in thousands): Year Ended December 31, 2016 2015 2014 Amounts attributable to common stock: Net income from continuing operations $ 198,725 $ 120,286 $ 269,224 Net income (loss) from discontinued operations (342 ) 190,621 27,490 Net income attributable to common stock $ 198,383 $ 310,907 $ 296,714 Weighted average shares: Weighted average shares outstanding for basic earnings per share 157,287 195,113 219,668 Effect of dilutive stock options 1 7 22 Weighted average shares outstanding for diluted earnings per share 157,288 195,120 219,690 For purposes of calculating diluted earnings per share, there were no adjustments required to derive Quanta’s net income attributable to common stock. Outstanding exchangeable shares that were issued pursuant to certain of Quanta’s historical acquisitions (as further discussed in Note 11), which are exchangeable on a one-for-one |
Detail of Certain Balance Sheet
Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Detail of Certain Balance Sheet Accounts | 8. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS: Activity in Quanta’s current and long-term allowance for doubtful accounts consisted of the following (in thousands): December 31, 2016 2015 Balance at beginning of year $ 5,226 $ 6,174 Charged to bad debt expense (recoveries of bad debt expense) (543 ) 224 Deductions for uncollectible receivables written off, net of recoveries (1,931 ) (1,172 ) Balance at end of year $ 2,752 $ 5,226 Contracts in progress were as follows (in thousands): December 31, 2016 2015 Costs incurred on contracts in progress $ 6,687,484 $ 5,725,078 Estimated earnings, net of estimated losses 766,560 756,974 7,454,044 6,482,052 Less — Billings to date (7,255,582 ) (6,563,537 ) $ 198,462 $ (81,485 ) Costs and estimated earnings in excess of billings on uncompleted contracts $ 473,308 $ 317,745 Less — Billings in excess of costs and estimated earnings on uncompleted contracts (274,846 ) (399,230 ) $ 198,462 $ (81,485 ) Property and equipment consisted of the following (in thousands): Estimated Useful Lives in Years December 31, 2016 2015 Land N/A $ 45,919 $ 41,428 Buildings and leasehold improvements 5-30 137,515 116,697 Operating equipment and vehicles 5-25 1,634,850 1,517,630 Office equipment, furniture and fixtures and information technology systems 3-10 145,174 137,670 Construction work in progress N/A 73,461 43,806 2,036,919 1,857,231 Less — Accumulated depreciation and amortization (862,825 ) (755,272 ) Property and equipment, net $ 1,174,094 $ 1,101,959 Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2016 2015 Accounts payable, trade $ 529,608 $ 452,295 Accrued compensation and related expenses 194,056 159,045 Accrued insurance, current portion 60,880 61,327 Deferred revenues, current portion 15,512 8,010 Income and franchise taxes payable 40,765 3,923 Other accrued expenses 81,998 97,534 $ 922,819 $ 782,134 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations | 9. DEBT OBLIGATIONS: Quanta’s long-term debt obligations consisted of the following (in thousands): December 31, 2016 2015 Borrowings under credit facility $ 351,341 $ 466,850 Other long-term debt, interest rates ranging from 3.4% to 4.3% 3,305 5,401 Capital leases, interest rates ranging from 2.5% to 6.2% 3,744 5,351 Total long-term debt obligations 358,390 477,602 Less — Current maturities of long-term debt 4,828 2,238 Total long-term debt obligations, net of current maturities $ 353,562 $ 475,364 Quanta’s current maturities of long-term debt and short-term debt consisted of the following (in thousands): December 31, 2016 2015 Short-term debt $ 2,735 $ 4,829 Current maturities of long-term debt 4,828 2,238 Current maturities of long-term debt and short-term debt $ 7,563 $ 7,067 Credit Facility On December 18, 2015, Quanta entered into an amended and restated credit agreement with various lenders that provides for a $1.81 billion senior secured revolving credit facility maturing on December 18, 2020. The entire amount available under the facility may be used by Quanta for revolving loans and letters of credit in U.S. dollars and certain alternative currencies. Up to $600.0 million of the facility may be used by certain subsidiaries of Quanta for revolving loans and letters of credit in certain alternative currencies. Up to $100.0 million of the facility may be used for swing line loans in U.S. dollars, up to $50.0 million of the facility may be used for swing line loans in Canadian dollars and up to $30.0 million of the facility may be used for swing line loans in Australian dollars. In addition, subject to the conditions specified in the credit agreement, Quanta has the option to increase the revolving commitments by up to $400.0 million from time to time upon receipt of additional commitments from new or existing lenders. Borrowings under the credit agreement are to be used to refinance existing indebtedness and for working capital, capital expenditures and other general corporate purposes. As of December 31, 2016, Quanta had approximately $305.6 million of outstanding letters of credit and bank guarantees, $210.8 million of which were denominated in U.S. dollars and $94.8 million of which were denominated in currencies other than the U.S. dollar, primarily in Australian or Canadian dollars. Quanta also had $351.3 million of outstanding revolving loans under the credit facility, $210.0 million of which were denominated in U.S. dollars and $141.3 million of which were denominated in Canadian dollars. The remaining $1.15 billion was available for revolving loans or new letters of credit or bank guarantees. Information on borrowings under Quanta’s credit facility and the applicable interest rates during the years ended December 31, 2016, 2015 and 2014 is as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Maximum amount outstanding during the period $ 518,607 $ 606,753 $ 130,856 Average daily amount outstanding under the credit facility $ 458,908 $ 258,815 $ 29,814 Weighted-average interest rate 2.1 % 1.8 % 2.7 % Under the current credit agreement, amounts borrowed in U.S. dollars bear interest, at Quanta’s option, at a rate equal to either (i) the Eurocurrency Rate (as defined in the credit agreement) plus 1.125% to 2.125%, as determined based on Quanta’s Consolidated Leverage Ratio (as described below), or (ii) the Base Rate (as described below) plus 0.125% to 1.125%, as determined based on Quanta’s Consolidated Leverage Ratio. Amounts borrowed as revolving loans under the credit agreement in any currency other than U.S. dollars bear interest at a rate equal to the Eurocurrency Rate plus 1.125% to 2.125%, as determined based on Quanta’s Consolidated Leverage Ratio. Standby letters of credit issued under the credit agreement are subject to a letter of credit fee of 1.125% to 2.125%, based on Quanta’s Consolidated Leverage Ratio, and Performance Letters of Credit (as defined in the credit agreement) issued under the credit agreement in support of certain contractual obligations are subject to a letter of credit fee of 0.675% to 1.275%, based on Quanta’s Consolidated Leverage Ratio. Quanta is also subject to a commitment fee of 0.20% to 0.40%, based on its Consolidated Leverage Ratio, on any unused availability under the credit agreement. The Consolidated Leverage Ratio is the ratio of Quanta’s Consolidated Funded Indebtedness to Consolidated EBITDA (as those terms are defined in the credit agreement). For purposes of calculating Quanta’s Consolidated Leverage Ratio, Consolidated Funded Indebtedness is reduced by available cash and Cash Equivalents (as defined in the credit agreement) in excess of $25.0 million. The Base Rate equals the highest of (i) the Federal Funds Rate (as defined in the credit agreement) plus 0.5%, (ii) the prime rate publicly announced by Bank of America, N.A. and (iii) the Eurocurrency Rate plus 1.00%. Subject to certain exceptions, the credit agreement is secured by substantially all the assets of Quanta and Quanta’s wholly owned U.S. subsidiaries and by a pledge of all of the capital stock of Quanta’s wholly owned U.S. subsidiaries and 65% of the capital stock of direct foreign subsidiaries of Quanta’s wholly owned U.S. subsidiaries. Quanta’s wholly owned U.S. subsidiaries also guarantee the repayment of all amounts due under the credit agreement. Subject to certain conditions, all collateral will automatically be released from the liens at any time Quanta maintains an Investment Grade Rating (defined in the credit agreement as two of the following three conditions being met: (i) a corporate credit rating that is BBB- BBB- The credit agreement contains certain covenants, including a maximum Consolidated Leverage Ratio and a minimum Consolidated Interest Coverage Ratio (as defined in the credit agreement). The credit agreement also limits certain acquisitions, mergers and consolidations, indebtedness, asset sales and prepayments of indebtedness and, subject to certain exceptions, prohibits liens on Quanta’s assets. The credit agreement allows cash payments for dividends and stock repurchases subject to compliance with the following requirements (after giving effect to the dividend or stock repurchase): (i) no default or event of default under the credit agreement; (ii) continued compliance with the financial covenants in the credit agreement; and (iii) at least $100.0 million of availability under the credit agreement and/or cash and cash equivalents on hand. As of December 31, 2016, Quanta was in compliance with all of the covenants in the credit agreement. The credit agreement provides for customary events of default and contains cross-default provisions with Quanta’s underwriting, continuing indemnity and security agreement with its sureties and all of Quanta’s other debt instruments exceeding $100.0 million in borrowings or availability. If an Event of Default (as defined in the credit agreement) occurs and is continuing, on the terms and subject to the conditions set forth in the credit agreement, the lenders may declare all amounts outstanding and accrued and unpaid interest immediately due and payable, require that Quanta provide cash collateral for all outstanding letter of credit obligations, terminate the commitments under the credit agreement, and foreclose on the collateral. Prior to the amendment and restatement of Quanta’s credit agreement on December 18, 2015 and after April 1, 2014, amounts borrowed bore interest at the same rates as above, and Quanta was subject to the same commitment fees as above. Prior to April 1, 2014, amounts borrowed in U.S. dollars bore interest, at Quanta’s option, at a rate equal to either (i) the Eurocurrency Rate plus 1.25%, or (ii) the Base Rate plus 0.25%, and amounts borrowed as revolving loans in any currency other than U.S. dollars bore interest at a rate equal to the Eurocurrency Rate plus 1.25%. Prior to April 1, 2014, standby letters of credit issued under the credit agreement were also subject to a letter of credit fee of 1.25%, Performance Letters of Credit issued in support of certain contractual obligations were subject to a letter of credit fee of 0.75%, and Quanta was also subject to a commitment fee of 0.20% on any unused availability under the credit agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES: The components of income (loss) from continuing operations before income taxes were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Income (loss) from continuing operations before income taxes: Domestic $ 349,959 $ 244,955 $ 263,357 Foreign (42,273 ) (16,280 ) 163,242 Total $ 307,686 $ 228,675 $ 426,599 The components of the provision for income taxes for continuing operations were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 106,316 $ 85,830 $ 67,430 State 11,549 9,783 8,693 Foreign 5,076 21,262 39,978 Total current tax provision 122,941 116,875 116,101 Deferred: Federal (264 ) (5,247 ) 11,507 State (923 ) 917 2,232 Foreign (14,508 ) (15,073 ) 9,167 Total deferred tax provision (benefit) (15,695 ) (19,403 ) 22,906 Total provision for income taxes from continuing operations $ 107,246 $ 97,472 $ 139,007 The actual income tax provision differed from the income tax provision computed by applying the U.S. federal statutory corporate rate to income from continuing operations before provision for income taxes as follows (in thousands): Year Ended December 31, 2016 2015 2014 Provision at the statutory rate $ 107,690 $ 80,036 $ 149,697 Increases (decreases) resulting from — State taxes 6,479 7,241 7,890 Foreign taxes 1,860 1,239 (13,059 ) Contingency reserves, net (13,540 ) 4,438 (650 ) Production activity deduction (8,586 ) (6,871 ) (6,033 ) Employee per diems, meals and entertainment 8,764 8,727 9,817 Taxes on unincorporated joint ventures (656 ) (3,838 ) (6,429 ) Asset impairments 1,909 7,047 — Other 3,326 (547 ) (2,226 ) Total provision for income taxes from continuing operations $ 107,246 $ 97,472 $ 139,007 Deferred income taxes result from temporary differences in the recognition of income and expenses for financial reporting purposes and tax purposes. The tax effects of these temporary differences, representing deferred tax assets and liabilities, result principally from the following (in thousands): December 31, 2016 2015 Deferred income tax liabilities: Property and equipment $ (214,902 ) $ (189,793 ) Goodwill (83,097 ) (69,059 ) Other intangibles (33,566 ) (36,565 ) Other book/tax accounting method differences (41,241 ) (61,095 ) Total deferred income tax liabilities (372,806 ) (356,512 ) Deferred income tax assets: Accruals and reserves 21,681 25,070 Accrued insurance 79,630 75,591 Stock and incentive compensation and pension withdrawal liabilities 58,744 52,009 Net operating loss carryforwards 37,362 27,255 Other 7,546 10,894 Subtotal 204,963 190,819 Valuation allowance (14,991 ) (16,141 ) Total deferred income tax assets 189,972 174,678 Total net deferred income tax liabilities $ (182,834 ) $ (181,834 ) The net deferred income tax assets and liabilities were comprised of the following (in thousands): December 31, 2016 2015 Deferred income taxes: Assets $ 10,000 $ 4,657 Liabilities (192,834 ) (186,491 ) Total net deferred income tax liabilities $ (182,834 ) $ (181,834 ) The valuation allowance for deferred income tax assets at December 31, 2016, 2015 and 2014 was $15.0 million, $16.1 million and $13.0 million, respectively. These valuation allowances relate to foreign net operating loss carryforwards, state net operating loss carryforwards and foreign tax credit carryforwards. The net change in the total valuation allowance for each of the years ended December 31, 2016, 2015 and 2014 was a decrease of $1.1 million, an increase of $3.1 million and a decrease of $0.3 million, respectively. The valuation allowance was established primarily as a result of uncertainty in Quanta’s outlook as to future taxable income in particular tax jurisdictions. Quanta believes it is more likely than not that it will realize the benefit of its deferred tax assets net of existing valuation allowances. At December 31, 2016, Quanta had state and foreign net operating loss carryforwards, the tax effect of which was approximately $40.2 million. These carryforwards will expire as follows: 2017, $0.7 million; 2018, $0.4 million; 2019, $0.8 million; 2020, $0.5 million; 2021, $0.5 million and $37.3 million thereafter. A valuation allowance of $12.6 million has been recorded against certain foreign and state net operating loss carryforwards. Through December 31, 2016, Quanta has not provided U.S. income taxes on approximately $298.8 million of unremitted foreign earnings. If Quanta was to repatriate cash that is indefinitely reinvested outside the U.S., it could be subject to additional U.S income and foreign withholding taxes. Because of the number and variability of assumptions required, it is not practicable to determine the amount of any additional U.S. tax liability that may result if Quanta decides to no longer indefinitely reinvest foreign earnings outside the U.S. If Quanta’s intentions or U.S. tax laws change in the future, there may be a significant negative impact on the provision for income taxes and cash flows as a result of recording an incremental tax liability in the period such change occurs. A reconciliation of unrecognized tax benefit balances is as follows (in thousands): December 31, 2016 2015 2014 Balance at beginning of year $ 54,541 $ 50,668 $ 48,306 Additions based on tax positions related to the current year 4,227 5,340 9,133 Additions for tax positions of prior years 2,048 292 2,438 Reductions for tax positions of prior years (1,948 ) (132 ) — Reductions for audit settlements (180 ) (1,345 ) — Reductions resulting from a lapse of the applicable statute of limitations periods (23,448 ) (282 ) (9,209 ) Balance at end of year $ 35,240 $ 54,541 $ 50,668 For the year ended December 31, 2016, the $23.4 million reduction was primarily due to the expiration of certain federal and state statute of limitations periods for the 2010 through 2012 tax years. For the year ended December 31, 2015, the $0.3 million reduction was primarily due to the expiration of certain federal and state statute of limitations periods for the 2004 tax year. For the year ended December 31, 2014, the $9.2 million reduction was primarily due to the expiration of certain federal and state statute of limitations periods for the 2010 tax year. The balances of unrecognized tax benefits, the amount of related interest and penalties and what Quanta believes to be the range of reasonably possible changes in the next 12 months are as follows (in thousands): December 31, 2016 2015 2014 Unrecognized tax benefits $ 35,240 $ 54,541 $ 50,668 Portion that, if recognized, would reduce tax expense and effective tax rate 33,128 48,312 42,952 Accrued interest on unrecognized tax benefits 5,539 8,750 6,304 Accrued penalties on unrecognized tax benefits 650 673 697 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months $ 0 to $12,332 $ 0 to $27,485 $ 0 to $10,221 Portion that, if recognized, would reduce tax expense and effective tax rate $ 0 to $10,983 $ 0 to $24,009 $ 0 to $8,484 Quanta classifies interest and penalties within the provision for income taxes. Quanta recognized interest income of $3.2 million, interest expense of $2.4 million and interest expense of $0.5 million in the provision for income taxes for the years ended December 31, 2016, 2015 and 2014, respectively. Although the IRS completed its examination related to tax years 2010, 2011 and 2012 during 2016, certain subsidiaries remain under examination by various U.S. state, Canadian and other foreign tax authorities for multiple periods. Quanta’s Canadian subsidiaries remain open to examination by the Canada Revenue Agency for tax years 2010 through 2014 as these statute of limitations periods have not yet expired. Quanta does not consider any state in which it does business to be a major tax jurisdiction. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | 11. EQUITY: Exchangeable Shares and Series F and Series G Preferred Stock In connection with certain Canadian acquisitions, the former owners of the acquired companies received exchangeable shares of certain Canadian subsidiaries of Quanta, which may be exchanged at the option of the holders for Quanta common stock on a one-for-one The holders of exchangeable shares associated with the Preferred Stock have rights equivalent to Quanta common stockholders with respect to voting, dividends and other economic rights. The holders of exchangeable shares not associated with the Preferred Stock have rights equivalent to Quanta common stockholders with respect to dividends and other economic rights but do not have voting rights. During 2016, 2015 and 2014, 0.4 million, 0.4 million and no exchangeable shares were exchanged for Quanta common stock. As of December 31, 2016, both shares of the Preferred Stock remained outstanding and 6.5 million exchangeable shares remained outstanding, of which 3.9 million were associated with the Preferred Stock. Treasury Stock Retirement of Treasury Stock Effective December 1, 2016, Quanta retired 84.8 million shares of treasury stock. These retired shares were restored to the status of authorized and unissued shares as permitted by Delaware law. The retired stock had a carrying value of approximately $1.95 billion. In accordance with Quanta’s policy, Quanta recorded the formal retirement of treasury stock by deducting the par value from common stock and the excess of cost over par value from additional paid-in Shares withheld for tax withholding obligations Under the stock incentive plans described in Note 12, the tax withholding obligations of employees upon vesting of restricted stock and RSUs settled in common stock are typically satisfied by Quanta making such tax payments and withholding the number of vested shares having a value on the date of vesting equal to the tax withholding obligation. For the settlement of these employee tax liabilities, Quanta withheld 0.4 million shares of Quanta common stock during the year ended December 31, 2016, with a total market value of $8.3 million, 0.4 million shares of Quanta common stock during the year ended December 31, 2015 with a total market value of $10.4 million, and 0.4 million shares of Quanta common stock during the year ended December 31, 2014 with a total market value of $12.3 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Notional amounts recorded related to deferred compensation plans Additionally, Quanta records an amount to treasury stock with an offsetting amount to additional paid in capital for RSUs that vest and are deferred under Quanta’s deferred compensation plans, which are further described in Note 13, but no shares were recorded as treasury stock shares since the Quanta common stock had not yet been issued. Distributions of Quanta common stock from the deferred compensation plans are recorded as a reversal of the original entry between treasury stock and additional paid-in Stock repurchases During the third quarter of 2015, Quanta’s board of directors approved a stock repurchase program authorizing Quanta to purchase, from time to time through February 28, 2017, up to $1.25 billion of its outstanding common stock (the 2015 Repurchase Program). Repurchases under the 2015 Repurchase Program can be made in open market or privately negotiated transactions, including pursuant to an accelerated share repurchase arrangement, an issuer repurchase plan or otherwise, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. The 2015 Repurchase Program does not obligate Quanta to acquire any specific amount of common stock and may be modified or terminated by Quanta’s board of directors at any time at its sole discretion and without notice. During 2015, Quanta repurchased 19.2 million shares of its common stock at a cost of $449.9 million in the open market under the 2015 Repurchase Program. Also during the third quarter of 2015, Quanta entered into an accelerated share repurchase arrangement (the ASR) to repurchase $750.0 million of its common stock under the 2015 Repurchase Program. Under the terms of the ASR, Quanta paid $750.0 million to JPMorgan Chase Bank, National Association, London Branch (JPMorgan) and initially received 25.7 million shares of its common stock. The fair market value of these 25.7 million shares at the time of delivery was approximately $600.0 million, and the repurchased shares and the related cost to acquire them were accounted for as an adjustment to the balance of treasury stock during the quarter ended September 30, 2015, reducing the weighted-average number of basic and diluted common shares used to calculate Quanta’s earnings per share. The $150.0 million remaining under the ASR was recorded as an adjustment to additional paid-in During the fourth quarter of 2013, Quanta’s board of directors approved a stock repurchase program authorizing Quanta to purchase, from time to time through December 31, 2016, up to $500.0 million of its outstanding common stock. During the year ended December 31, 2015, Quanta repurchased 14.3 million shares of its common stock at a cost of $406.5 million in the open market and completed this program. Other Under Delaware corporate law, treasury stock is not counted for quorum purposes or entitled to vote. Non-controlling Quanta holds investments in several joint ventures that provide infrastructure services under specific customer contracts. Quanta has determined that certain of these joint ventures are VIEs, with Quanta providing the majority of the infrastructure services to the joint venture, which management believes most significantly influences the economic performance of the joint venture. Management has concluded that Quanta is the primary beneficiary of each of the joint ventures determined to be VIEs and has accounted for each on a consolidated basis. The other parties’ equity interests in these joint ventures have been accounted for as non-controlling non-controlling The carrying value of the investments held by Quanta in all of its VIEs was approximately $3.3 million and $2.3 million at December 31, 2016 and 2015. The carrying value of investments held by the non-controlling non-controlling non-controlling |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | 12. EQUITY-BASED COMPENSATION: Stock Incentive Plans On May 19, 2011, Quanta’s stockholders approved the 2011 Omnibus Equity Incentive Plan (the 2011 Plan). The 2011 Plan provides for the award of non-qualified Additionally, pursuant to the Quanta Services, Inc. 2007 Stock Incentive Plan (the 2007 Plan), which was adopted on May 24, 2007, Quanta may award restricted stock, incentive stock options and non-qualified The 2011 Plan, the 2007 Plan and the RSU Plan, together with certain plans assumed by Quanta in acquisitions, are referred to as the Plans. The Plans are administered by the Compensation Committee of the Board of Directors of Quanta. The Compensation Committee has, subject to applicable regulation and the terms of the Plans, the authority to grant awards under the Plans, to construe and interpret the Plans and to make all other determinations and take any and all actions necessary or advisable for the administration of the Plans. The Board also delegated to the Equity Grant Committee, a committee of the Board consisting of one or more directors, the authority to grant limited awards to eligible persons who are not executive officers or non-employee Restricted Stock and RSUs to be Settled in Common Stock During the years ended December 31, 2016, 2015 and 2014, Quanta granted 1.8 million, 1.3 million and 1.4 million shares of RSUs to be settled in common stock under the Plans with weighted average grant date fair values of $22.22, $27.64 and $35.08 per share, respectively. The grant date fair value for awards of restricted stock and RSUs to be settled in common stock is based on the market value of Quanta common stock on the date of grant. Restricted stock and RSU awards to be settled in common stock are subject to forfeiture, restrictions on transfer and certain other conditions until vesting, which generally occurs in equal installments over a two-year During the years ended December 31, 2016, 2015 and 2014, vesting activity consisted of 1.4 million, 1.3 million and 1.1 million shares of restricted stock and RSUs settled in common stock with an approximate fair value at the time of vesting of $28.9 million, $35.9 million and $37.5 million, respectively. A summary of the activity for restricted stock and RSUs to be settled in common stock for the year ended December 31, 2016 is as follows (shares in thousands): Shares Weighted Average Grant Date Fair Value (Per share) Unvested at January 1, 2016 2,377 $ 30.36 Granted 1,846 $ 22.22 Vested (1,369 ) $ 29.58 Forfeited (143 ) $ 25.93 Unvested at December 31, 2016 2,711 $ 25.45 During the years ended December 31, 2016, 2015 and 2014, Quanta recognized $39.6 million, $33.3 million and $35.0 million of non-cash non-employees. Performance Units to be Settled in Common Stock Performance units awarded pursuant to the 2011 Plan provide for the issuance of shares of common stock upon vesting. These performance units cliff-vest at the end of a three-year performance period based on achievement of three-year company financial performance targets and strategic initiatives established by the Compensation Committee. The final amount of earned and vested performance units can range from 0% to 200% of the initial amount awarded based on the level of achievement of performance goals, as determined by Quanta’s Compensation Committee. During the years ended December 31, 2016, 2015 and 2014, Quanta granted 0.3 million, 0.2 million and 0.1 million of performance units to be settled in common stock under the 2011 Plan with a weighted average grant date fair value of $22.86, $28.16 and $35.20 per share. The grant date fair value for awards of performance units to be settled in common stock is based on the market value of Quanta common stock on the date of grant applied to the total number of performance units that Quanta anticipates will become earned and vest. This fair value is expensed ratably over the vesting term and is adjusted for fair value changes so that the expense recognized for each award is equivalent to the fair value of the final number of earned and vested performance units. During the years ended December 31, 2016, 2015 and 2014, Quanta recognized $3.2 million, $3.6 million and $2.4 million in compensation expense associated with performance units to be settled in common stock. During the years ended December 31, 2016, 2015 and 2014, no performance units vested, and no shares of common stock were issued in connection with performance units. RSUs to be Settled in Cash Certain RSUs granted by Quanta under the Plans are settled solely in cash. These cash-settled RSUs are intended to provide plan participants with cash performance incentives that are substantially equivalent to the risks and rewards of equity ownership in Quanta, typically vest in equal installments over a two-year non-employee Compensation expense related to RSUs to be settled in cash was $7.0 million, $4.0 million and $3.9 million for the years ended December 31, 2016, 2015 and 2014. Such expense is recorded in selling, general and administrative expenses. RSUs that are anticipated to be settled in cash are not included in the calculation of earnings per share, and the estimated earned value of such RSUs is classified as a liability. Quanta paid $4.6 million, $4.2 million and $3.1 million to settle liabilities related to cash-settled RSUs in the years ended December 31, 2016, 2015 and 2014, respectively. Accrued liabilities for the estimated earned value of outstanding RSUs to be settled in cash were $5.1 million and $2.7 million at December 31, 2016 and 2015. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS: Unions’ Multiemployer Pension Plans Quanta contributes to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements with various unions that represent certain of Quanta’s employees. Quanta’s multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” Collective Bargaining Agreements The Pension Protection Act of 2006 (PPA) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans that are classified as “endangered,” “seriously endangered” or “critical” status based on multiple factors (including, for example, the plan’s funded percentage, cash flow position and whether it is projected to experience a minimum funding deficiency). Plans in these classifications must adopt measures to improve their funded status through a funding improvement or rehabilitation plan, as applicable, which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which Quanta contributes or may contribute in the future are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if any, that Quanta may be obligated to contribute to these plans in the future cannot be estimated due to uncertainty of the future levels of work that require the specific use of union employees covered by these plans, as well as the future contribution levels and possible surcharges on contributions applicable to these plans. The following table summarizes plan information relating to Quanta’s participation in multiemployer defined benefit pension plans, including company contributions for the last three years, the status under the PPA of the plans and whether the plans are subject to a funding improvement or rehabilitation plan or contribution surcharges. The most recent PPA zone status available in 2016 and 2015 relates to the plan’s fiscal year-end Fund Employee PPA Zone Subject Contributions (in thousands) Surcharge Expiration Date 2016 2015 2016 2015 2014 National Electrical Benefit Fund 53-0181657-001 Green Green No $ 22,912 $ 21,200 $ 20,758 No Varies through Pipeline Industry Pension Fund 73-6146433-001 Green Green No 6,954 6,087 6,280 No June 2017 Central Pension Fund of the IUOE & Participating Employers 36-6052390-001 Green Green No 5,668 5,677 7,847 No Varies through Laborers Pension Trust Fund for Northern California 94-6277608-001 Yellow Yellow Yes 3,805 2,603 1,357 Yes June 2019 Eighth District Electrical Pension Fund 84-6100393-001 Green Green No 3,089 2,544 2,192 No Varies through Alaska Electrical Pension Plan 92-6005171-001 Green Green No 2,701 639 68 No Varies through IBEW Local 456 Pension Plan 22-6238995-001 Green Yellow No 2,298 886 810 No Varies through Plumbers and Pipefitters National Pension Fund 52-6152779-001 Yellow Yellow Yes 1,666 850 197 No June 2017 OE Pension Trust Fund 94-6090764-001 Red Red Yes 1,508 1,264 991 Yes Varies through Laborers National Pension Fund 75-1280827-001 Green Green No 1,358 7,671 4,227 No Varies through Operating Engineers Local 324 Pension Fund 38-1900637-001 Red Red Yes 1,291 1,231 1,086 Yes Varies through Alaska Laborers —Employers Retirement Fund 91-6028298-001 Yellow Yellow Yes 1,216 181 — No January 2017 Local 697 IBEW and Electrical Industry Pension Fund 51-6133048-001 Green Yellow No 1,207 1,066 200 Yes May 2018 Fund Employee PPA Zone Subject Contributions (in thousands) Surcharge Expiration Date 2016 2015 2016 2015 2014 Laborers District Council of W PA Pension Fund 25-6135576-001 Red Red Yes 876 21 — Yes June 2017 Midwest Operating Engineers Pension Trust Fund 36-6140097-001 Yellow Yellow Yes 793 3,294 497 Yes Varies through Alaska Teamster Employer Pension Plan 92-6003463-024 Red Red Yes 659 513 516 Yes January 2017 Joint Pension Local Union 164 IBEW 22-6031199-001 Yellow Yellow Yes 33 513 1,816 No May 2017 Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan 36-3020872-001 Green Yellow No — 300 1,307 No N/A All other plans 27,201 20,475 21,055 Total $ 85,235 $ 77,015 $ 71,204 Quanta’s contributions to the following individually significant plans were five percent or more of the total contributions to these plans for the periods indicated based on the Forms 5500 for these plans for the years ended December 31, 2015 and 2014. Forms 5500 were not yet available for these plans for the year ended December 31, 2016. Pension Fund Plan Years in which of Total Plan Pipeline Industry Pension Fund 2015 and 2014 Eighth District Electrical Pension Fund 2015 and 2014 Laborers National Pension Fund 2015 and 2014 Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan 2015 and 2014 Local 697 IBEW and Electrical Industry Pension Fund 2015 Local Union No. 9 IBEW and Outside Contractors Pension Fund 2015 Alaska Plumbing and Pipefitting Industry Pension Fund 2015 Teamsters National Pipe Line Pension Plan 2015 Joint Pension Local Union 164 IBEW 2014 In addition to the contributions made to multiemployer defined benefit pension plans noted above, Quanta also contributed to multiemployer defined contribution or other benefit plans on behalf of certain union employees. Contributions to union multiemployer defined contribution or other benefit plans by Quanta were approximately $139.3 million, $147.1 million and $129.0 million for the years ended December 31, 2016, 2015 and 2014. Total contributions made to all of these multiemployer plans for the years ended December 31, 2016, 2015 and 2014 correspond to the number of union employees employed at any given time and the plans in which they participate and varies depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with such projects. Quanta 401(k) Plan Quanta maintains a 401(k) plan pursuant to which employees who are not provided retirement benefits through a collective bargaining agreement may make contributions through a payroll deduction. Quanta makes matching cash contributions of 100% of each employee’s contribution up to 3% of that employee’s salary and 50% of each employee’s contribution between 3% and 6% of such employee’s salary, up to the maximum amount permitted by law. Contributions to the 401(k) plan by Quanta were approximately $21.9 million, $17.7 million and $13.9 million for the years ended December 31, 2016, 2015 and 2014, respectively. Deferred Compensation Plans Quanta maintains nonqualified deferred compensation plans pursuant to which non-employee Quanta made contributions to the deferred compensation plans of approximately $1.0 million, $1.0 million and $0.3 million during the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, $19.1 million and $11.7 million were included in other long-term liabilities and $17.9 million and $11.3 million were included in other long-term assets related to obligations under these plans and related company-owned life insurance policies. Individuals participating in these plans receive distributions of their respective balances based on predetermined payout schedules or other events and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS: Certain of Quanta’s operating units have entered into related party lease arrangements for operational facilities, typically with prior owners of certain acquired businesses. These lease agreements generally have terms of up to approximately five years and include renewal options. Related party lease expense for the years ended December 31, 2016, 2015 and 2014 was approximately $8.7 million, $10.6 million and $8.5 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES: Investments in Affiliates and Other Entities As described in Note 11, Quanta holds investments in certain joint ventures with third parties for the purpose of providing infrastructure services under certain customer contracts. Losses incurred by these joint ventures are generally shared ratably based on the percentage ownership of the joint venture members. However, each member of the joint venture typically is jointly and severally liable for all of the obligations of the joint venture under the contract with the customer, and therefore can be liable for full performance of the contract with the customer. In circumstances where Quanta’s participation in a joint venture qualifies as a general partnership, the joint venture partners are jointly and severally liable for all of the obligations of the joint venture, including obligations owed to the customer or any other person or entity. Quanta is not aware of circumstances that would lead to future claims against it for material amounts in connection with these joint and several liabilities. In the joint venture arrangements entered into by Quanta, typically each joint venturer indemnifies the other party for any liabilities incurred in excess of the liabilities such other party is obligated to bear under the respective joint venture agreement. It is possible, however, that Quanta could be required to pay or perform obligations in excess of its share if the other joint venturer failed or refused to pay or perform its share of the obligations. Quanta is not aware of circumstances that would lead to future claims against it for material amounts that would not be indemnified. During 2014, a limited partnership in which Quanta is a partner was selected for an engineering, procurement and construction (EPC) electric transmission project to construct approximately 500 kilometers of transmission line and two 500 kV substations. Quanta will provide turnkey EPC services for the entire project. As of December 31, 2016, Quanta had made aggregate contributions to this unconsolidated affiliate of $13.5 million and had received $2.9 million as a return of capital. Also as of December 31, 2016, Quanta had outstanding additional capital commitments associated with investments in an unconsolidated affiliate related to this project as follows (in thousands): Capital Commitments Year Ending December 31: 2017 (1) $ 33,771 2018 — 2019 23,567 Total capital commitments associated with investments in an unconsolidated affiliate related to an EPC electrical transmission project $ 57,338 (1) A return of capital from unconsolidated affiliates of approximately $42.1 million is anticipated in August 2017 and is not included in these amounts. Additionally, as of December 31, 2016, Quanta had outstanding capital commitments associated with investments in unconsolidated affiliates related to planned oil and gas infrastructure projects of approximately $20.5 million, $0.3 million of which is expected to be paid in the first quarter of 2017. The remaining $20.2 million of these capital commitments is anticipated to be paid by May 31, 2022. Leases Quanta leases certain land, buildings and equipment under non-cancelable Operating Leases Year Ending December 31: 2017 $ 99,677 2018 67,034 2019 44,216 2020 25,444 2021 13,761 Thereafter 16,331 Total minimum lease payments $ 266,463 Rent expense related to operating leases was approximately $242.3 million, $208.5 million and $161.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. Quanta has guaranteed the residual value on certain of its equipment operating leases. Quanta has agreed to pay any difference between this residual value and the fair market value of the underlying asset at the date of termination of the leases. At December 31, 2016, the maximum guaranteed residual value was approximately $556.5 million. Quanta believes that no significant payments will be made as a result of the difference between the fair market value of the leased equipment and the guaranteed residual value. However, there can be no assurance that significant payments will not be required in the future. Committed Expenditures Quanta has capital commitments for the expansion of its vehicle fleet in order to accommodate manufacturer lead times on certain types of vehicles. As of December 31, 2016, Quanta issued approximately $22.4 million of production orders with expected delivery dates in 2017. Although Quanta has committed to purchase these vehicles at the time of their delivery, Quanta anticipates that these orders will be assigned to third party leasing companies and made available to Quanta under certain of its master equipment lease agreements, thereby releasing Quanta from its capital commitments. Legal Proceedings Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, employment-related damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a material loss is at least reasonably possible. Except as otherwise stated below, none of these proceedings, separately or in the aggregate, are expected to have a material adverse effect on Quanta’s consolidated financial position, results of operations or cash flows. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success. Management’s judgment may prove materially inaccurate, and such judgment is made subject to the known uncertainties of litigation. Lorenzo Benton v. Telecom Network Specialists, Inc., et al. Additionally, in November 2007, TNS filed cross complaints for indemnity and breach of contract against the staffing agencies, which employed many of the individuals in question. In December 2012, the trial court heard cross-motions for summary judgment filed by TNS and the staffing agencies pertaining to TNS’s demand for indemnity. The court denied TNS’s motion and granted the motions filed by the staffing agencies. TNS appealed the court’s ruling, and in April 2015, the California Appellate Court reversed the trial court’s decision, vacated its award of attorneys’ fees, and instructed the trial court to reconsider its earlier ruling on TNS’s indemnity claims. In February 2017, the court denied a new motion for summary judgment filed by the staffing companies and stated that the staffing companies were liable to TNS for any damages owed to the class members that the staffing companies employed. Based on review and analysis of the trial court’s rulings, Quanta does not believe, at this time, that it is probable this matter will result in a material loss. However, the final amount of liability, if any, payable in connection with this matter remains the subject of pending litigation and will ultimately depend on various factors, including the outcome of Quanta’s appeal of the trial court’s ruling and the solvency of the staffing agencies. Quanta believes the range of reasonably possible loss upon final resolution of this matter is up to $23 million. SEC Notice Sunrise Powerlink Arbitration 117-mile For additional information regarding other pending legal proceedings, see Collective Bargaining Agreements Concentrations of Credit Risk Quanta is subject to concentrations of credit risk related primarily to its cash and cash equivalents and its net receivable position with customers, which includes amounts related to billed and unbilled accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts net of advanced billings with the same customer. Substantially all of Quanta’s cash and cash equivalents are managed by what it believes to be high credit quality financial institutions. In accordance with Quanta’s investment policies, these institutions are authorized to invest cash and cash equivalents in a diversified portfolio of what Quanta believes to be high quality investments, which consist primarily of interest-bearing demand deposits, money market investments, money market mutual funds and investment grade commercial paper with original maturities of three months or less. Although Quanta does not currently believe the principal amount of these investments is subject to any material risk of loss, changes in economic conditions could impact the interest income Quanta receives from these investments. In addition, Quanta grants credit under normal payment terms, generally without collateral, to its customers, which include electric power and oil and gas companies, governmental entities, general contractors, and builders, owners and managers of commercial and industrial properties located primarily in the United States, Canada and Australia. Consequently, Quanta is subject to potential credit risk related to changes in business and economic factors throughout the United States, Canada and Australia, which may be heightened as a result of uncertain economic and financial market conditions that have existed in recent years. However, Quanta generally has certain statutory lien rights with respect to services provided. Historically, some of Quanta’s customers have experienced significant financial difficulties, and others may experience financial difficulties in the future. These difficulties expose Quanta to increased risk related to collectability of billed and unbilled receivables and costs and estimated earnings in excess of billings on uncompleted contracts for services Quanta has performed. At December 31, 2016 and 2015, one customer within Quanta’s Electric Power Infrastructure Services segment accounted for approximately 16% and 12% of Quanta’s consolidated net receivable position. At December 31, 2016 and 2015, the net receivable position for this customer was $277.3 million and $195.2 million, which included $175.9 million and $83.9 million of costs and estimated earnings in excess of billings on uncompleted contracts. These balances were associated with invoicing challenges and billing delays on two related electric transmission projects located in remote regions of northeastern Canada that resulted from extensive quality assurance documentation and administrative requirements. Quanta continues to work collaboratively with the customer to improve these processes. The net receivable position also includes change orders and claims that were in the process of being negotiated in the normal course of business. No other customers represented 10% or more of Quanta’s consolidated net receivable position as of December 31, 2016 or 2015. No customers represented 10% or more of Quanta’s revenues for the years ended December 31, 2016, 2015 and 2014. Self-Insurance As discussed in Note 2, Quanta is insured for employer’s liability, workers’ compensation, auto liability, general liability and group health claims. As of December 31, 2016 and 2015, the gross amount accrued for insurance claims totaled $218.2 million and $209.0 million, with $162.0 million and $153.5 million considered to be long-term and included in other non-current Letters of Credit Certain of Quanta’s vendors require letters of credit to ensure reimbursement for amounts they are disbursing on its behalf, such as to beneficiaries under its self-funded insurance programs. In addition, from time to time, certain customers require Quanta to post letters of credit to ensure payment to its subcontractors and vendors and to guarantee performance under its contracts. Such letters of credit are generally issued by a bank or similar financial institution, typically pursuant to Quanta’s credit facility. Each letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit if the holder demonstrates that Quanta has failed to perform specified actions. If this were to occur, Quanta would be required to reimburse the issuer of the letter of credit. Depending on the circumstances of such a reimbursement, Quanta may also be required to record a charge to earnings for the reimbursement. Quanta does not believe that it is likely that any material claims will be made under a letter of credit in the foreseeable future. As of December 31, 2016, Quanta had $305.6 million in outstanding letters of credit and bank guarantees under its credit facility to secure its casualty insurance program and various contractual commitments. These are irrevocable stand-by one-year Performance Bonds and Parent Guarantees In certain circumstances, Quanta is required to provide performance bonds in connection with its contractual commitments. Quanta has indemnified its sureties for any expenses paid out under these performance bonds. These performance bonds expire at various times ranging from mechanical completion of the related projects to a period extending beyond contract completion in certain circumstances, and as such a determination of maximum potential amounts outstanding requires the use of certain estimates and assumptions. Such amounts can also fluctuate from period to period based upon the mix and level of Quanta’s bonded operating activity. As of December 31, 2016, the total amount of the outstanding performance bonds was estimated to be approximately $3.4 billion. Quanta’s estimated maximum exposure as it relates to the value of the performance bonds outstanding is lowered on each bonded project as the cost to complete is reduced, and each of its commitments under the performance bonds generally extinguishes concurrently with the expiration of its related contractual obligation. The estimated cost to complete these bonded projects was approximately $1.2 billion as of December 31, 2016. Additionally, from time to time, Quanta guarantees the obligations of its wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease obligations and, in some states, obligations in connection with obtaining contractors’ licenses. Quanta is not aware of any material obligations for performance or payment asserted against it under any of these guarantees. Employment Agreements Quanta has various employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change in control of Quanta, and Quanta may be obligated to pay certain amounts to such employees upon the occurrence of any of the defined change in control events. Collective Bargaining Agreements Some of Quanta’s operating units are parties to various collective bargaining agreements with unions that represent certain of their employees. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to those in the expiring agreements. From time to time, Quanta is a party to grievance actions based on claims arising out of the collective bargaining agreements. The agreements require the operating units to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension plans and employee benefit trusts. Quanta’s multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” The PPA also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans that are classified as “endangered,” “seriously endangered” or “critical” status based on multiple factors (including, for example, the plan’s funded percentage, cash flow position and whether it is projected to experience a minimum funding deficiency). Plans in these classifications must adopt measures to improve their funded status through a funding improvement or rehabilitation plan, as applicable, which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which Quanta contributes or may contribute in the future are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if any, that Quanta may be obligated to contribute to these plans in the future cannot be estimated due to uncertainty of the future levels of work that require the specific use of union employees covered by these plans, as well as the future contribution levels and possible surcharges on contributions applicable to these plans. Quanta may be subject to additional liabilities imposed by law as a result of its participation in multiemployer defined benefit pension plans. For example, the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, imposes certain liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. These liabilities include an allocable share of the unfunded vested benefits in the plan for all plan participants, not merely the benefits payable to a contributing employer’s own retirees. As a result, participating employers may bear a higher proportion of liability for unfunded vested benefits if other participating employers cease to contribute or withdraw, with the reallocation of liability being more acute in cases when a withdrawn employer is insolvent or otherwise fails to pay its withdrawal liability. Other than as described below, Quanta is not aware of any material amounts of withdrawal liability that have been incurred as a result of a withdrawal by any of Quanta’s operating units from any multiemployer defined benefit pension plans. 2011 Central States Plan Withdrawal Liability In connection with the partial withdrawal in 2011, Quanta recorded a withdrawal liability of approximately $32.6 million in the fourth quarter of 2011 based on estimates received from the Central States Plan. The Central States Plan subsequently asserted that the withdrawal of the PLCA members, and thus Quanta’s partial withdrawal, was not effective in 2011. The PLCA and Quanta believed at that time that a legally effective withdrawal had occurred during the fourth quarter of 2011, and this issue was litigated in the federal district court for the Northern District of Illinois, Eastern Division. In September 2013, the district court ruled in favor of the Central States Plan, and that decision was appealed by the PLCA. In July 2014, the Central States Plan provided Quanta with a Notice and Demand claiming partial withdrawal liability in the amount of $39.6 million and requiring Quanta to make payments on this assessment while the dispute is ongoing. In September 2015, the United States Court of Appeals for the Seventh Circuit ruled in favor of the PLCA and reversed the district court’s previous ruling which had been in favor of the Central States Plan. Based on the outcome of the appeal, in January 2016, the Central States Plan issued a revised Notice and Demand claiming a partial withdrawal liability in the amount of $32.9 million. Separately, in December 2013, the Central States Plan filed lawsuits against two of Quanta’s other subsidiaries in connection with their withdrawal in 2012. In the first lawsuit, the Central States Plan alleged that the subsidiary elected to participate in the Central States Plan pursuant to the collective bargaining agreement under which it participated. Quanta argued that no such election was made and that any payments made to the Central States Plan were made in error. In July 2014, the parties reached an agreement to settle the lawsuit, and the court dismissed the case with prejudice. In the second lawsuit, the Central States Plan alleged that contributions made by the Quanta subsidiary to a new industry fund created after Quanta withdrew from the Central States Plan should have been made to the Central States Plan. This arguably would have extended the withdrawal date for this subsidiary to at least the end of 2013. Quanta disputed these allegations on the basis that it properly paid contributions to the new industry fund based on the terms of the collective bargaining agreement under which it participated and asserted that it terminated its obligation to contribute to the Central States Plan by the end of 2012. The parties both moved for summary judgment, and in March 2015, the court entered judgment in favor of Quanta. The Central States Plan filed a notice of appeal in April 2015, and in December 2015, the Central States Plan agreed to dismiss the appeal with prejudice. The ultimate liability associated with the complete withdrawal of Quanta’s subsidiaries from the Central States Plan will depend on various factors, including interpretations of the terms of the collective bargaining agreements under which the subsidiaries participated and whether exemptions from withdrawal liability applicable to construction industry employers will be available. In March 2014, the Central States Plan provided revised estimates indicating that the total withdrawal liability based on certain withdrawal scenarios from 2011 through 2014 could range between $40.1 million and $55.4 million, which Quanta believes to be the range of reasonably possible loss for this matter. Additionally, based on those estimates and allowing for the exclusion of amounts believed by management to have been improperly included in such estimate, Quanta recorded an adjustment to cost of services during the three months ended March 31, 2014 to increase the recognized withdrawal liability to an amount within the range communicated to Quanta by the Central States Plan. Given the unknown nature of some of the factors mentioned above, the final withdrawal liability cannot yet be determined with certainty. Accordingly, it is reasonably possible that the amount owed upon final resolution of these matters could be materially higher than the expense Quanta had recognized through December 31, 2016. Although Quanta disputes the total liability owed to the Central States Plan, it continues to make monthly payments according to the terms of the January 2016 Notice and Demand while the parties determine the final withdrawal liability. As of December 31, 2016, Quanta had made payments totaling $17.5 million toward the withdrawal liability assessment. 2013 Central States Plan Withdrawal Liability. The final amount of withdrawal liability payable in connection with this matter remains the subject of a pending arbitration proceeding and will ultimately depend on various factors, including the outcome of the PLCA litigation described above. However, the acquired company’s withdrawal from the Central States Plan is not expected to have a material impact on Quanta’s financial condition, results of operations or cash flows. Indemnities Quanta generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject Quanta to indemnity claims and liabilities and related litigation. Additionally, in connection with certain acquisitions and dispositions, Quanta has indemnified various parties against specified liabilities that those parties might incur in the future. The indemnities under acquisition or disposition agreements are usually contingent upon the other party incurring liabilities that reach specified thresholds. As of December 31, 2016, except as otherwise set forth above in Legal Proceedings In the normal course of Quanta’s acquisition transactions, Quanta obtains rights to indemnification from the sellers or former owners of acquired companies for certain risks, liabilities and obligations arising from their prior operations, such as performance, operational, safety, workforce or tax issues, some of which Quanta may not have discovered during due diligence. However, the indemnities may not cover all of Quanta’s exposure for such pre-acquisition pre-acquisition non-U.S. pre-acquisition |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 16. SEGMENT INFORMATION: Quanta presents its operations under two reportable segments: (1) Electric Power Infrastructure Services and (2) Oil and Gas Infrastructure Services. This structure is generally based on the broad end-user Quanta’s segment results are derived from the types of services provided across its operating units in each of the end user markets described above. Quanta’s entrepreneurial business model allows each of its operating units to serve the same or similar customers and to provide a range of services across end user markets. Quanta’s operating units are organized into one of two internal divisions, namely, the Electric Power Infrastructure Services Division and the Oil and Gas Infrastructure Services Division. These internal divisions are closely aligned with the reportable segments described above based on their operating units’ predominant type of work. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating unit for the purpose of evaluating segment performance in support of Quanta’s market strategies. These classifications of Quanta’s operating unit revenues by type of work for segment reporting purposes can at times require judgment on the part of management. Quanta’s operating units may perform joint infrastructure service projects for customers in multiple industries, deliver multiple types of network services under a single customer contract or provide service across industries. For example, Quanta performs joint trenching projects to install distribution lines for electric power and natural gas customers. In addition, Quanta’s integrated operations and common administrative support at each of its operating units require that certain allocations of shared and indirect costs, such as facility costs and indirect operating expenses, including depreciation and general and administrative costs, be made to determine operating segment profitability. Corporate costs, such as payroll and benefits, employee travel expenses, facility costs, professional fees, acquisition costs and amortization related to intangible assets are not allocated. Summarized financial information for Quanta’s reportable segments is presented in the following table (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Electric Power Infrastructure $ 4,850,495 $ 4,937,289 $ 5,302,671 Oil and Gas Infrastructure 2,800,824 2,635,147 2,444,558 Consolidated $ 7,651,319 $ 7,572,436 $ 7,747,229 Operating income (loss): Electric Power Infrastructure $ 395,745 $ 362,328 $ 462,985 Oil and Gas Infrastructure 149,502 142,929 162,797 Corporate and non-allocated (224,434 ) (267,754 ) (196,722 ) Consolidated $ 320,813 $ 237,503 $ 429,060 Depreciation: Electric Power Infrastructure $ 91,269 $ 89,150 $ 76,214 Oil and Gas Infrastructure 67,374 65,315 57,414 Corporate and non-allocated 11,597 8,380 7,478 Consolidated $ 170,240 $ 162,845 $ 141,106 Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets, which are held at the operating unit level, include operating machinery, equipment and vehicles, as well as office equipment, buildings and leasehold improvements, and are used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is allocated each quarter among Quanta’s reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated revenues. Foreign Operations During 2016, 2015, and 2014, Quanta derived $1.59 billion, $1.54 billion and $1.89 billion, respectively, of its revenues from foreign operations. Of Quanta’s foreign revenues, approximately 75%, 85% and 82% was earned in Canada during the years ended December 31, 2016, 2015 and 2014, respectively. In addition, Quanta held property and equipment of $320.7 million and $317.6 million in foreign countries, primarily Canada, as of December 31, 2016 and 2015. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 17. SUPPLEMENTAL CASH FLOW INFORMATION: The net effect of changes in operating assets and liabilities, net of non-cash Year Ended December 31, 2016 2015 2014 Accounts and notes receivable $ 144,877 $ 150,470 $ (239,159 ) Costs and estimated earnings in excess of billings on uncompleted contracts (152,702 ) (49,358 ) (73,443 ) Inventories (9,905 ) (33,524 ) (4,025 ) Prepaid expenses and other current assets 25,133 5,899 (35,493 ) Accounts payable and accrued expenses and other non-current 73,452 (2,486 ) (60,829 ) Billings in excess of costs and estimated earnings on uncompleted contracts (124,680 ) 153,017 28,596 Other, net (13,743 ) (11,707 ) (4,908 ) Net change in operating assets and liabilities, net of non-cash $ (57,568 ) $ 212,311 $ (389,261 ) Additional supplemental cash flow information is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Cash (paid) received during the period for — Interest paid related to continuing operations $ (12,828 ) $ (7,087 ) $ (3,533 ) Income taxes paid related to continuing operations $ (121,662 ) $ (130,921 ) $ (223,901 ) Income taxes paid related to discontinued operations $ (7,260 ) $ (144,076 ) $ (5,286 ) Income tax refunds related to continuing operations $ 7,548 $ 23,788 $ 7,376 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 18. QUARTERLY FINANCIAL DATA (UNAUDITED): The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2016 and 2015 (in thousands, except per share information). For the Three Months Ended March 31, June 30, September 30, December 31, 2016: Revenues $ 1,713,737 $ 1,792,430 $ 2,042,186 $ 2,102,966 Gross profit 203,313 200,217 302,582 307,688 Net income 20,859 16,729 74,152 88,358 Net income attributable to common stock 20,496 16,562 73,742 87,583 Net income from continuing operations attributable to common stock 20,496 16,562 73,137 88,530 Earnings per share from continuing operations attributable to common stock — basic and diluted $ 0.13 $ 0.11 $ 0.47 $ 0.57 2015: Revenues $ 1,861,386 $ 1,872,340 $ 1,939,438 $ 1,899,272 Gross profit 237,906 227,505 235,215 223,039 Net income (loss) 58,185 49,565 218,956 (4,882 ) Net income (loss) attributable to common stock 53,484 46,109 216,388 (5,074 ) Net income (loss) from continuing operations attributable to common stock 47,689 32,007 43,176 (2,586 ) Earnings (loss) per share from continuing operations attributable to common stock — basic and diluted $ 0.22 $ 0.15 $ 0.23 $ (0.02 ) During the fourth quarters of 2016 and 2015, Quanta recorded total asset impairment charges of $8.0 million ($7.1 million net of tax) and $58.5 million ($44.6 million net of tax). Quanta recorded asset impairments primarily related to certain international renewable energy services operations of $8.0 million in 2016 and $6.6 million in 2015. The 2016 impairment was primarily due to a pending disposition of certain international renewable energy services operations, and the 2015 impairment was based on the estimated future undiscounted cash flows for the asset group as compared to their carrying value. Also included in the asset impairment charges recorded in the fourth quarter of 2015 were a $39.8 million goodwill impairment and a $12.1 million impairment related to customer relationships, trade names and non-compete Additionally, during the third quarter of 2015, net income and net income attributable to common stock included an approximate $171 million gain on the sale, net of tax, of Quanta’s fiber optic licensing operations. The sum of the individual quarterly earnings per share amounts may not equal year-to-date |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of Quanta include the accounts of Quanta Services, Inc. and its wholly owned subsidiaries, which are also referred to as its operating units. The consolidated financial statements also include the accounts of certain of Quanta’s investments in joint ventures, which are either consolidated or proportionately consolidated, as discussed in the following summary of significant accounting policies. Investments in affiliated entities in which Quanta does not have a controlling financial interest, but over which Quanta has significant influence, usually because Quanta holds a voting interest of between 20% and 50%, are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, references to Quanta include Quanta Services, Inc. and its consolidated subsidiaries. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with US GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses recognized during the periods presented. Quanta reviews all significant estimates affecting its consolidated financial statements on a recurring basis and records the effect of any necessary adjustments prior to their publication. Judgments and estimates are based on Quanta’s beliefs and assumptions derived from information available at the time such judgments and estimates are made. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements. Estimates are primarily used in Quanta’s assessment of the allowance for doubtful accounts, valuation of inventory, useful lives of assets, fair value assumptions in analyzing goodwill, other intangibles and long-lived asset impairments, equity and other investments, loan receivables, purchase price allocations, liabilities for self-insured and other claims and guarantees, multiemployer pension plan withdrawal liabilities, revenue recognition for construction contracts inclusive of contractual change orders and claims, share-based compensation, operating results of reportable segments, as well as the provision for income taxes and the calculation of uncertain tax positions. |
Cash and Cash Equivalents | Cash and Cash Equivalents Quanta had cash and cash equivalents of $112.2 million and $128.8 million as of December 31, 2016 and 2015. Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Quanta considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents, which are carried at fair value. At December 31, 2016 and 2015, cash equivalents were $8.8 million and $1.4 million and consisted primarily of money market investments and money market mutual funds and are discussed further in Fair Value Measurements |
Current and Long-Term Accounts and Notes Receivable and Allowance for Doubtful Accounts | Current and Long-Term Accounts and Notes Receivable and Allowance for Doubtful Accounts Quanta provides an allowance for doubtful accounts when collection of an account or note receivable is considered doubtful, and receivables are written off against the allowance when deemed uncollectible. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates regarding, among other factors, the customer’s access to capital, the customer’s willingness or ability to pay, general economic and market conditions, the ongoing relationship with the customer and uncertainties related to the resolution of disputed matters. Quanta considers accounts receivable delinquent after 30 days but does not generally include delinquent accounts in its analysis of the allowance for doubtful accounts unless the accounts receivable have been outstanding for at least 90 days. In addition to balances that have been outstanding for 90 days or more, Quanta also includes accounts receivable balances that relate to customers in bankruptcy or with other known difficulties in its analysis of the allowance for doubtful accounts. Material changes in Quanta’s customers’ business or cash flows, which may be impacted by negative economic and market conditions, could affect Quanta’s ability to collect amounts due from them. As of December 31, 2016 and 2015, Quanta had allowances for doubtful accounts on current receivables of approximately $2.8 million and $5.2 million. Long-term accounts receivable are included within other assets. Should customers experience financial difficulties or file for bankruptcy, or should anticipated recoveries relating to receivables in existing bankruptcies or other workout situations fail to materialize, Quanta could experience reduced cash flows and losses in excess of current allowances provided. The balances billed but not paid by customers pursuant to retainage provisions in certain contracts are generally due upon completion of the contracts and acceptance by the customer. Based on Quanta’s experience with similar contracts in recent years, the majority of the retainage balances at each balance sheet date are expected to be collected within the next twelve months. Current retainage balances as of December 31, 2016 and 2015 were approximately $231.0 million and $250.1 million and were included in accounts receivable. Retainage balances with settlement dates beyond the next twelve months were included in other assets, net, and as of December 31, 2016 and 2015 were $5.2 million and $4.5 million. Within accounts receivable, Quanta recognizes unbilled receivables in circumstances such as when revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a later date; costs have been incurred but are yet to be billed under cost-reimbursement type contracts; or amounts arise from routine lags in billing (for example, work completed one month but not billed until the next month). These balances do not include revenues accrued for work performed under fixed-price contracts as these amounts are recorded as costs and estimated earnings in excess of billings on uncompleted contracts. At December 31, 2016 and 2015, the balances of unbilled receivables included in accounts receivable were approximately $206.8 million and $233.6 million. |
Inventories | Inventories Inventories consist primarily of parts and supplies held for use in the ordinary course of business, which are valued by Quanta at the lower of cost or market as determined by using either the first-in, first-out |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, and depreciation is computed using the straight-line method, net of estimated salvage values, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Depreciation expense related to property and equipment was approximately $170.2 million, $162.8 million and $141.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. Accrued capital expenditures were $12.7 million and $5.8 million as of December 31, 2016 and 2015. The impact of these items has been excluded from Quanta’s capital expenditures on its consolidated statements of cash flows due to their non-cash Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated over the adjusted remaining useful lives of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses. Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be realizable. Quanta also recorded asset impairments primarily related to certain international renewable energy services operations of $8.0 million in 2016 and $6.6 million in 2015. The 2016 impairment was primarily due to a pending disposition of certain international renewable energy services operations, and the 2015 impairment was based on the estimated future undiscounted cash flows for the asset group as compared to their carrying value. When an evaluation is required, the estimated future undiscounted cash flows associated with the asset group are compared to the asset group’s carrying amount to determine if an impairment of such asset group is necessary. The effect of any impairment involves expensing the difference between the fair value of such asset group and its carrying value in the period incurred. |
Other Assets, Net | Other Assets, Net Other assets, net consists primarily of long-term receivables, debt issuance costs, equity and other investments, refundable security deposits for leased properties and insurance claims in excess of deductibles that are due from Quanta’s insurers. |
Debt Issuance Costs | Debt Issuance Costs Capitalized debt issuance costs related to Quanta’s credit facility and any other debt outstanding at a given balance sheet date are included in other assets, net and are amortized into interest expense on a straight-line basis over the terms of the respective agreements giving rise to the debt issuance costs, which Quanta believes approximates the effective interest rate method. During 2015, Quanta incurred $3.8 million of debt issuance costs related to the amendment and restatement of its credit agreement and recorded a nominal charge to interest expense for the write-off |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Quanta has recorded goodwill in connection with its historical acquisitions of companies. Upon acquisition, these companies were either combined into one of Quanta’s existing operating units or managed on a stand-alone basis as an individual operating unit. Goodwill recorded in connection with these acquisitions is subject to an annual assessment for impairment, which Quanta performs at the operating unit level for each operating unit that carries a balance of goodwill. Each of Quanta’s operating units is organized into one of two internal divisions: the Electric Power Infrastructure Services Division and the Oil and Gas Infrastructure Services Division. As most of the companies acquired by Quanta provide multiple types of services for multiple types of customers, these divisional designations are based on the predominant type of work performed by each operating unit at the point in time the divisional designation is made. Goodwill is required to be measured for impairment at the reporting unit level, which represents the operating segment level or one level below the operating segment level for which discrete financial information is available. Quanta has determined that its individual operating units represent its reporting units for the purpose of assessing goodwill impairments. Quanta has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step Quanta’s goodwill impairment assessment is performed at year-end, two-step Quanta determines the fair value of its reporting units using a weighted combination of the discounted cash flow, market multiple and market capitalization valuation approaches, with heavier weighting on the discounted cash flow method, as in management’s opinion, this method currently results in the most accurate calculation of a reporting unit’s fair value. Determining the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions include, among others, revenue growth rates, operating margins, discount rates, weighted average costs of capital and future market conditions. Quanta believes the estimates and assumptions used in its impairment assessments are reasonable and based on available market information, but variations in any of the assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Under the discounted cash flow method, Quanta determines fair value based on the estimated future cash flows of each reporting unit, discounted to present value using risk-adjusted industry discount rates, which reflect the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Cash flow projections are derived from budgeted amounts and operating forecasts (typically a one-year Under the market multiple and market capitalization approaches, Quanta determines the estimated fair value of each of its reporting units by applying transaction multiples to each reporting unit’s projected EBITDA and then averaging that estimate with similar historical calculations using either a one, two or three year average. For the market capitalization approach, Quanta adds a reasonable control premium, which is estimated as the premium that would be received in a sale of the reporting unit in an orderly transaction between market participants. The projected cash flows and estimated levels of EBITDA by reporting unit were used to determine fair value under the three approaches discussed herein. The following table presents the significant estimates used by management in determining the fair values of Quanta’s reporting units at December 31, 2016, 2015 and 2014: 2016 2015 2014 Years of cash flows before terminal value 5 5 5 Discount rates 12.5% to 14.5% 12.0% to 16.0% 12.0% to 14.0% EBITDA multiples 5.5 to 7.0 5.0 to 6.5 5.0 to 6.0 Weighting of three approaches: Discounted cash flows 70% 70% 70% Market multiple 15% 15% 15% Market capitalization 15% 15% 15% For recently acquired reporting units, a step one impairment test may indicate an implied fair value that is substantially similar to the reporting unit’s carrying value. Such similarities in value are generally an indication that management’s estimates of future cash flows associated with the recently acquired reporting unit remain relatively consistent with the assumptions that were used to derive its initial fair value. During the fourth quarter of 2016, a two-step As discussed generally above, when evaluating the 2016 step one impairment test results, management considered many factors in determining whether or not an impairment of goodwill for any reporting unit was reasonably likely to occur in future periods, including future market conditions and the economic environment in which Quanta’s reporting units were operating. Additionally, management considered the sensitivity of its fair value estimates to changes in certain valuation assumptions. After taking into account a 10% decrease in the fair value of each of Quanta’s reporting units, two reporting units within Quanta’s Oil and Gas Infrastructure Division had fair values below their respective carrying values. Quanta recorded asset impairment charges for these reporting units in 2015. The fair values determined in 2016 for these reporting units were consistent with the fair values determined in 2015, accordingly the fair values approximate the current carrying values. Circumstances such as market declines, unfavorable economic conditions, the loss of a major customer or other factors could increase the risk of impairment of goodwill in future periods. If an operating unit experiences prolonged periods of declining revenues, operating margins or both, it may be at risk of failing step one of the goodwill impairment test. Certain operating units have experienced declines over the short-term due to challenging macroeconomic conditions in certain geographic areas and low oil and natural gas prices, which have negatively impacted customer spending and resulted in project cancellations and delays. Additionally, customer capital spending has been constrained as a result of an increasingly complex regulatory and permitting environment. Certain operating units within Quanta’s Oil and Gas Infrastructure Services Division that primarily operate within the midstream and smaller-scale transmission market have continued to be negatively impacted by these factors. Goodwill and intangible assets associated with the operating units within Quanta’s Oil and Gas Infrastructure Services Division that have been significantly impacted by the factors mentioned above were approximately $68.0 million and $11.9 million at December 31, 2016. Quanta monitors these conditions and others to determine if it is necessary to perform step one of the fair-value based impairment test for one or more operating units prior to the annual impairment assessment. No interim impairment charges were recorded during 2016. Although Quanta is not aware of circumstances that would lead to a goodwill impairment at a reporting unit currently, circumstances such as a continued market decline, the loss of a major customer or other factors could impact the valuation of goodwill in the future. The goodwill analysis performed for each reporting unit was based on estimates and comparisons obtained from the electric power and oil and gas industries. Quanta assigned a higher weighting to the discounted cash flow approach in all periods to reflect increased expectations of market value being determined from a “held and used” model. As stated previously, cash flows are derived from budgeted amounts and operating forecasts that have been evaluated by management. In connection with the 2016 assessment, reporting unit growth rates during the cash flow projection period varied from negative 2% to positive 24%. Quanta’s intangible assets include customer relationships, backlog, trade names, non-compete value-in-use Quanta amortizes intangible assets based upon the estimated consumption of the economic benefits of each intangible asset, or on a straight-line basis if the pattern of economic benefits consumption cannot otherwise be reliably estimated. Intangible assets subject to amortization are reviewed for impairment and are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For instance, a significant change in business climate or a loss of a significant customer, among other things, may trigger the need for interim impairment testing of intangible assets. An impairment loss would be recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. During the fourth quarter of 2015, management concluded that goodwill was impaired at two reporting units in Quanta’s Oil and Gas Infrastructure Services Division. Accordingly, Quanta recorded a $39.8 million non-cash non-compete |
Investments in Affiliates and Other Entities | Investments in Affiliates and Other Entities In the normal course of business, Quanta enters into various types of investment arrangements, each having unique terms and conditions. These investments may include equity interests held by Quanta in business entities, including general or limited partnerships, contractual joint ventures, or other forms of equity or profit participation. These investments may also include Quanta’s participation in different financing structures such as the extension of loans to project specific entities, the acquisition of convertible notes issued by project specific entities, or other strategic financing arrangements. Quanta determines whether such investments involve a variable interest entity (VIE) based on the characteristics of the subject entity. If the entity is determined to be a VIE, then management determines if Quanta is the primary beneficiary of the entity and whether or not consolidation of the VIE is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, in either case that could potentially be significant to the VIE. When Quanta is deemed to be the primary beneficiary, the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a non-controlling Investments in entities of which Quanta is not the primary beneficiary, but over which Quanta has the ability to exercise significant influence, are accounted for using the equity method of accounting. Quanta’s share of net income or losses from unconsolidated equity investments is included in equity in earnings (losses) of unconsolidated affiliates in the consolidated statements of operations when applicable. Equity investments are reviewed for impairment by assessing whether any decline in the fair value of the investment below the carrying value is other than temporary. In making this determination, factors such as the ability to recover the carrying amount of the investment and the inability of the investee to sustain an earnings capacity are evaluated in determining whether a loss in value should be recognized. Any impairment losses related to investments would be recognized in other expense. Equity method investments are carried at original cost and are included in other assets, net in the consolidated balance sheet and are adjusted for Quanta’s proportionate share of the investees’ income, losses and distributions. |
Revenue Recognition | Revenue Recognition Through its Electric Power Infrastructure Services and Oil and Gas Infrastructure Services segments, Quanta designs, installs and maintains networks for customers in the electric power and oil and gas industries. These services may be provided pursuant to master service agreements, repair and maintenance contracts and fixed price and non-fixed Revenues from fixed price contracts are recognized using the percentage-of-completion Actual revenues and project costs can vary, sometimes substantially, from previous estimates due to changes in a variety of factors including unforeseen circumstances not included in Quanta’s cost estimates or covered by its contracts for which it cannot obtain adequate compensation, including concealed or unknown environmental conditions; changes in the cost of equipment, commodities, materials or labor; unanticipated costs or claims due to customer-caused delays, customer failure to provide required materials or equipment, errors in engineering, specifications or designs, project modifications, or contract termination and Quanta’s inability to obtain reimbursement for such costs or recover on such claims; weather conditions; and quality issues requiring rework or replacement. These factors, along with other risks inherent in performing fixed price contracts may cause actual revenues and gross profits for a project to differ from previous estimates and could result in reduced profitability or losses on projects. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined. These factors are routinely evaluated on a project by project basis throughout the project term, and the impact of corresponding revisions in management’s estimates of contract value, contract cost and contract profit are recorded as necessary in the period in which the revisions are determined. Provisions for losses on uncompleted contracts are made in the period in which such losses are determined to be probable and the amount can be reasonably estimated. During 2016 and 2015, Quanta experienced performance issues on a power plant project in Alaska that resulted in an increase of the estimated total costs necessary to complete the project. During the construction and commissioning phases, the project experienced third party engineering deficiencies that changed Quanta’s planned scope of work and performance failures by other contractors operating onsite. These issues resulted in higher than expected production costs associated with quality deficiencies and a related impact on production sequencing. Additionally, late in the second quarter of 2016, Quanta experienced a claimed force majeure event that further disrupted project timing and provided the customer and its insurance providers with a notice of the event in order to seek schedule relief and cost recovery. During the years ended December 31, 2016 and 2015, Quanta recognized project losses of $54.8 million and $44.9 million. Quanta is in the process of developing potential claims for damages that may have resulted from the third party engineering and other contractor performance issues; however, no revenues or cost recovery has been reflected in Quanta’s estimate of total project losses at December 31, 2016. This project had a contract value of $202 million at December 31, 2016 and was substantially completed during the fourth quarter of 2016. As this project continues through the close out phase, it is possible that additional performance issues or other unforeseen circumstances could occur and result in the recognition of additional losses on this project; however, such amounts cannot currently be estimated. Overall, Quanta’s operating results for the year ended December 31, 2016 were impacted by less than 5% as a result of aggregate changes in contract estimates related to projects that were in progress at December 31, 2015. Included in the operating results for the year ended December 31, 2016 were losses from the project described above, offset by the aggregate positive impact of numerous individually immaterial changes in project profitability generally due to better than expected performance for projects that were ongoing at December 31, 2015. Quanta’s operating results for the year ended December 31, 2015 and 2014 were impacted by numerous individually immaterial changes in contract estimates related to projects that were in progress at December 31, 2014 and 2013; however, the aggregate impact was less than 5%. The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized for fixed price contracts. Quanta may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. Quanta determines the probability that such costs will be recovered based upon evidence such as past practices with the customer, specific discussions or preliminary negotiations with the customer or verbal approvals. Quanta treats items as costs of contract performance in the period incurred if it is not probable that the costs will be recovered or will recognize revenue if it is probable that the contract price will be adjusted and can be reliably estimated. As of December 31, 2016 and 2015, Quanta had recognized revenues of approximately $137.8 million and $137.2 million related to change orders and/or claims that had been included as contract price adjustments on certain contracts which were in the process of being negotiated in the normal course of business. These aggregate contract price adjustments represent management’s best estimate of additional contract revenues which have been earned and which management believes are probable of collection. The amounts ultimately realized by Quanta upon final acceptance by its customers could be higher or lower than such estimated amounts; however, such amounts cannot currently be estimated. |
Income Taxes | Income Taxes Quanta follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax bases of assets, and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. Quanta regularly evaluates valuation allowances established for deferred tax assets for which future realization is uncertain. The estimation of required valuation allowances includes estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Quanta considers projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income differs from these estimates, Quanta may not realize deferred tax assets to the extent estimated. Quanta records reserves for income taxes related to certain tax positions in those instances where Quanta considers it more likely than not that additional taxes may be due in excess of amounts reflected on income tax returns filed. When recording reserves for expected tax consequences of uncertain positions, Quanta assumes that taxing authorities have full knowledge of the position and all relevant facts. Quanta continually reviews exposure to additional tax obligations, and as further information is known or events occur, changes in tax reserves may be recorded. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, such amounts have been accrued and included in the provision for income taxes. As of December 31, 2016, the total amount of unrecognized tax benefits relating to uncertain tax positions was $35.2 million, a decrease from December 31, 2015 of $19.3 million. This decrease in unrecognized tax benefits resulted primarily from a $23.4 million decrease due to expiration of certain federal and state statute of limitations, partially offset by a $4.2 million increase due to tax positions to be taken for 2016. Although the IRS completed its examination related to tax years 2010, 2011 and 2012 during 2016, certain subsidiaries remain under examination by various U.S. state, Canadian and other foreign tax authorities for multiple periods. Quanta believes it is reasonably possible that within the next 12 months unrecognized tax benefits may decrease by up to $12.3 million as a result of settlement of these examinations or as a result of the expiration of certain statute of limitations periods. U.S. federal and state and foreign income tax laws and regulations are voluminous and are often ambiguous. As such, Quanta is required to make many subjective assumptions and judgments regarding its tax positions that could materially affect amounts recognized in its future consolidated balance sheets and statements of operations and comprehensive income. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed using the weighted average number of common shares outstanding during the period, and diluted earnings per share is computed using the weighted average number of common shares outstanding during the period adjusted for all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalents would be antidilutive. |
Self-Insurance | Self-Insurance Quanta is insured for employer’s liability, workers’ compensation, auto liability and general liability claims. Under these programs, the deductible for employer’s liability is $1.0 million per occurrence, the deductible for workers’ compensation is $5.0 million per occurrence, and the deductibles for auto liability and general liability are $10.0 million per occurrence. Quanta is generally self-insured for all claims that do not exceed the amount of the applicable deductible. Quanta also has employee health care benefit plans for most employees not subject to collective bargaining agreements, of which the primary plan is subject to a deductible of $0.4 million per claimant per year. Losses under all of these insurance programs are accrued based upon Quanta’s estimate of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the extent of damage, the determination of Quanta’s liability in proportion to other parties and the number of incidents not reported. The accruals are based upon known facts and historical trends, and management believes such accruals are adequate. |
Collective Bargaining Agreements | Collective Bargaining Agreements Some of Quanta’s operating units are parties to various collective bargaining agreements with unions that represent certain of their employees. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to those in the expiring agreements. The agreements require the operating units to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension plans and employee benefit trusts. Quanta’s multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” |
Stock-Based Compensation | Stock-Based Compensation Quanta recognizes compensation expense for restricted stock, restricted stock units (RSUs) and performance units to be settled in common stock based on the fair value of the awards at the date of grant, net of estimated forfeitures. The fair value of restricted stock awards, RSUs and performance units to be settled in common stock is determined based on the number of shares, RSUs or performance units granted and the closing price of Quanta’s common stock on the date of grant. An estimate of future forfeitures is required in determining the period expense. Quanta uses historical data to estimate the forfeiture rate; however, these estimates are subject to change and may impact the value that will ultimately be recognized as compensation expense. The resulting compensation expense from time-based RSU and performance unit awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, while compensation expense from performance-based RSU awards is recognized using the graded vesting method over the requisite service period. The cash flows resulting from the tax deductions in excess of the compensation expense recognized for restricted stock, RSUs and performance units to be settled in common stock and stock options (excess tax benefit) are classified as financing cash flows. Compensation expense associated with liability based awards, such as RSUs that are expected to or may settle in cash, is recognized based on a remeasurement of the fair value of the award at the end of each reporting period. Upon settlement, the holders receive for each RSU an amount in cash equal to the fair market value on the settlement date of one share of Quanta common stock, as specified in the applicable award agreement. For additional information on Quanta’s restricted stock, RSUs, and performance unit awards, see Note 12. |
Functional Currency and Translation of Financial Statements | Functional Currency and Translation of Financial Statements The U.S. dollar is the functional currency for the majority of Quanta’s operations, which are primarily located within the United States. The functional currency for Quanta’s foreign operations, which are primarily located in Canada and Australia, is typically the currency of the country in which the foreign operating unit is located. Generally, the currency in which the operating unit transacts the majority of its activities, including billings, financing, payroll and other expenditures, would be considered the functional currency. The treatment of foreign currency translation gains or losses is dependent upon management’s determination of the functional currency of each operating unit. In preparing the consolidated financial statements, Quanta translates the financial statements of its foreign operating units from their functional currency into U.S. dollars. Statements of operations, comprehensive income and cash flows are translated at average monthly rates, while balance sheets are translated at month-end |
Derivatives | Derivatives From time to time, Quanta enters into forward currency contracts that qualify as derivatives in order to hedge the risks associated with fluctuations in foreign currency exchange rates related to certain forecasted foreign currency denominated transactions. Quanta does not enter into derivative transactions for speculative purposes; however, for accounting purposes, certain transactions may not meet the criteria for cash flow hedge accounting. For a hedge to qualify for cash flow hedge accounting treatment, a hedge must be documented at the inception of the contract, with the objective and strategy stated, along with an explicit description of the methodology used to assess hedge effectiveness. The dates (or periods) for the expected forecasted events and the nature of the exposure involved (including quantitative measures of the size of the exposure) must also be documented. At the inception of the hedge and on an ongoing basis, the hedge must be deemed to be “highly effective” at minimizing the risk of the identified exposure. Effectiveness measures relate the gains or losses of the derivative to changes in the cash flows associated with the hedged item, and the forecasted transaction must be probable of occurring. For forward contracts that qualify as cash flow hedges, Quanta accounts for the change in fair value of the forward contracts directly in equity as part of accumulated other comprehensive income (loss). Any ineffective portion of cash flow hedges is recognized in earnings in the period in which ineffectiveness occurs. For instance, if a forward contract is discontinued as a cash flow hedge because it is probable that the original forecasted transaction will not occur by the end of the originally specified time period, the related amounts in accumulated other comprehensive income (loss) would be reclassified to other income (expense) in the consolidated statement of operations in the period such determination is made. When a forecasted transaction occurs, the portion of the accumulated gain or loss applicable to the forecasted transaction is reclassified from equity to earnings. Changes in fair value related to transactions that do not meet the criteria for cash flow hedge accounting are recorded in the consolidated statements of operations and are included in other income (expense). |
Comprehensive Income | Comprehensive Income Components of comprehensive income include all changes in equity during a period except those resulting from changes in Quanta’s capital related accounts. Quanta records other comprehensive income (loss) for foreign currency translation adjustments related to its foreign operations and for other revenues, expenses, gains and losses that are included in comprehensive income but excluded from net income. |
Litigation Costs and Reserves | Litigation Costs and Reserves Quanta records reserves when the likelihood of incurring a loss is probable and the amount of loss can be reasonably estimated. Costs incurred for litigation are expensed as incurred. Further details are presented in Note 15. |
Fair Value Measurements | Fair Value Measurements The carrying values of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term nature of these instruments. The carrying value of variable rate debt also approximates fair value. For disclosure purposes, qualifying assets and liabilities are categorized into three broad levels based on the priority of the inputs used to determine their fair values. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). All of Quanta’s cash equivalents were categorized as Level 1 assets at December 31, 2016 and 2015, as all values were based on unadjusted quoted prices for identical assets in an active market that Quanta has the ability to access. In connection with Quanta’s acquisitions, identifiable intangible assets acquired typically include goodwill, backlog, customer relationships, trade names, covenants not-to-compete, Quanta also uses fair value measurements in connection with the valuation of its investments in private company equity interests and financing instruments. These valuations require significant management judgment due to the absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets. Typically, the initial costs of these investments are considered to represent fair market value, as such amounts are negotiated between willing market participants. On a quarterly basis, Quanta performs an evaluation of its investments to determine if an other-than-temporary decline in the value of each investment has occurred and whether the recorded amount of each investment will be realizable. If an other-than-temporary decline in the value of an investment occurs, a fair value analysis would be performed to determine the degree to which the investment was impaired and a corresponding charge to earnings would be recorded during the period. These types of fair market value assessments are similar to other nonrecurring fair value measures used by Quanta, which include the use of significant judgment and available relevant market data. Such market data may include observations of the valuation of comparable companies, risk adjusted discount rates and an evaluation of the expected performance of the underlying portfolio asset, including historical and projected levels of profitability or cash flows. In addition, a variety of additional factors may be reviewed by management, including, but not limited to, contemporaneous financing and sales transactions with third parties, changes in market outlook and the third-party financing environment. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements In February 2015, the FASB issued an update which amends consolidation guidance, including amending the guidance related to determining whether an entity is a variable interest entity (VIE). The guidance may be applied using a modified retrospective approach whereby the entity records a cumulative effect of adoption at the beginning of the fiscal year of initial application. A reporting entity may also apply the amendments on a full retrospective basis. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In April 2015, the FASB issued an update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts and premiums. The update is required to be adopted retroactively for all periods presented. In August 2015, the FASB issued another update that states that the Securities Exchange Commission (SEC) staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit line-of-credit In April 2015, the FASB issued an update that provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In September 2015, the FASB issued an update that requires an acquiring company to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which such adjustments are determined. An acquiring company must record any effect on earnings from changes in depreciation or amortization or other income effects, calculated as if the accounting had been completed at the acquisition date. The acquiring company must also present separately on the face of the income statement or disclose in the notes the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The update is required to be adopted prospectively to adjustments that occur after the effective date with earlier application permitted for financial statements that have not yet been issued. Quanta adopted this guidance effective January 1, 2016, and the adoption of the update did not have a significant impact on Quanta’s consolidated financial statements or related disclosures. In August 2014, the FASB issued guidance to address the diversity in practice in determining when there is substantial doubt about an entity’s ability to continue as a going concern and when and how an entity must disclose certain relevant conditions and events. This update requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued). If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions or events. This guidance will impact the disclosure and presentation of any substantial doubt by Quanta about its ability to continue as a going concern, if such substantial doubt were to exist. Quanta adopted this guidance on December 31, 2016, and the adoption of the update did not have a significant impact on its consolidated financial statements or related disclosures but would have an impact if such a substantial doubt were to exist in the future. In January 2017, the FASB issued an update that amended SEC guidance within the Accounting Standards Codification that related to disclosing the impact that recently issued accounting standards will have on a registrant’s financial statements when such standards are adopted in future periods. Quanta has followed the guidance in this amendment within this note to the consolidated financial statements. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted In May 2014, the FASB issued an update that supersedes most current revenue recognition guidance, as well as some cost recognition guidance. The update requires that the recognition of revenue related to the transfer of goods or services to customers reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenues and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB affirmed its proposal to defer the effective date until fiscal years beginning on or after December 15, 2017. The guidance can be applied on a full retrospective or modified retrospective basis whereby the entity records a cumulative effect of initially applying this update at the date of initial application. Quanta is currently evaluating the potential impact of this update on its consolidated financial statements, as well as the impact of its selected transition method as Quanta continues through the implementation process. In addition, Quanta continues to monitor activity related to the new standard as well as working with various non-authoritative groups regarding industry clarifications and interpretations, which may impact Quanta’s considerations and conclusions. Significant areas of ongoing consideration include the impact of termination for convenience provisions on the duration of contracts and accounting for mobilization-related costs and uninstalled materials. While Quanta is still evaluating the requirements of this update, it currently does not expect the update to materially affect its results of operations, financial position or cash flows. This preliminary conclusion is based on Quanta’s belief that it will generally continue to recognize revenues from long-term service contracts over time as services are performed and the underlying obligation to the customer is fulfilled. Quanta has identified and is in the process of implementing changes to its processes and internal controls to meet the reporting and disclosure requirements of this update and will adopt this update effective January 1, 2018. In July 2015, the FASB issued an update that requires inventory to be measured at the lower of either cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference will be recognized as a loss in earnings in the period in which it occurs. The update is required to be adopted prospectively and is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the update is not anticipated to have a significant impact on Quanta’s consolidated financial statements or related disclosures. In January 2016, the FASB issued an update that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments to provide users of financial statements with more decision-useful information. The new standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. Quanta is evaluating the impact of the new standard on its consolidated financial statements and will adopt the new standard by January 1, 2018. In February 2016, the FASB issued an update that requires companies to recognize on the balance sheet the contractual right to use assets and liabilities corresponding to the rights and obligations created by lease contracts. The new standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements of fiscal years or interim periods that have not been previously issued. While Quanta continues to evaluate the effect of the standard on its consolidated financial statements, it is anticipated that the adoption of the standard will materially impact its statement of financial position. In March 2016, the FASB issued an update that will amend the accounting for share-based payments in several key areas, including the treatment and cash flow presentation of tax effects related to the settlement of share-based payments and the accounting for forfeitures of share-based awards. The new guidance will require companies with share-based payments to record all tax effects related thereto at settlement (or expiration) through income tax expense on the statement of operations rather than through additional paid-in In June 2016, the FASB issued an update that will change the way companies measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update will require companies to use an “expected loss” model for instruments measured at amortized cost and to record allowances for available-for-sale In August 2016, the FASB issued an update intended to standardize the classification of certain transactions on the statement of cash flows. These transactions include contingent consideration payments made after a business combination, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investments. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted, and requires application using a retrospective transition method. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. In October 2016, the FASB issued an update that will require a reporting entity to recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax In October 2016, the FASB issued an update that will amend the consolidation guidance related to how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the VIE held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of a VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. Since Quanta has already adopted a related update, it will be required to apply the amendments in this update retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in the prior update were initially applied. Quanta will adopt this guidance on January 1, 2017, and the adoption of the update is not anticipated to have a significant impact on its consolidated financial statements or related disclosures. In November 2016, the FASB issued an update intended to standardize the classification of restricted cash and cash equivalents transactions on the statement of cash flows. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted. The retrospective transition method will be required for this new guidance. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. In January 2017, the FASB issued an update intended to clarify the definition of a business to assist entities with evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The new definition requires that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or group is not a business. The update will require that to be considered a business, a set of assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. Additionally, the update will remove the evaluation of whether a market participant could replace missing elements in order to consider the set of assets and activities a business, will provide more stringent criteria for sets without outputs and will narrow the definition of output. The new standard is effective for interim and annual reporting periods beginning after December 15, 2017, although early adoption is permitted for certain transactions. The prospective transition method will be required for this new guidance. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and will adopt this guidance by January 1, 2018. Also in January 2017, the FASB issued an update intended to simplify the subsequent measurement of goodwill by eliminating the second step in the current two-step two-step |
Repurchase of Common Stock | During the third quarter of 2015, Quanta’s board of directors approved a stock repurchase program authorizing Quanta to purchase, from time to time through February 28, 2017, up to $1.25 billion of its outstanding common stock (the 2015 Repurchase Program). Repurchases under the 2015 Repurchase Program can be made in open market or privately negotiated transactions, including pursuant to an accelerated share repurchase arrangement, an issuer repurchase plan or otherwise, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. The 2015 Repurchase Program does not obligate Quanta to acquire any specific amount of common stock and may be modified or terminated by Quanta’s board of directors at any time at its sole discretion and without notice. During 2015, Quanta repurchased 19.2 million shares of its common stock at a cost of $449.9 million in the open market under the 2015 Repurchase Program. Also during the third quarter of 2015, Quanta entered into an accelerated share repurchase arrangement (the ASR) to repurchase $750.0 million of its common stock under the 2015 Repurchase Program. Under the terms of the ASR, Quanta paid $750.0 million to JPMorgan Chase Bank, National Association, London Branch (JPMorgan) and initially received 25.7 million shares of its common stock. The fair market value of these 25.7 million shares at the time of delivery was approximately $600.0 million, and the repurchased shares and the related cost to acquire them were accounted for as an adjustment to the balance of treasury stock during the quarter ended September 30, 2015, reducing the weighted-average number of basic and diluted common shares used to calculate Quanta’s earnings per share. The $150.0 million remaining under the ASR was recorded as an adjustment to additional paid-in During the fourth quarter of 2013, Quanta’s board of directors approved a stock repurchase program authorizing Quanta to purchase, from time to time through December 31, 2016, up to $500.0 million of its outstanding common stock. During the year ended December 31, 2015, Quanta repurchased 14.3 million shares of its common stock at a cost of $406.5 million in the open market and completed this program. |
Segment Reporting | Quanta presents its operations under two reportable segments: (1) Electric Power Infrastructure Services and (2) Oil and Gas Infrastructure Services. This structure is generally based on the broad end-user Quanta’s segment results are derived from the types of services provided across its operating units in each of the end user markets described above. Quanta’s entrepreneurial business model allows each of its operating units to serve the same or similar customers and to provide a range of services across end user markets. Quanta’s operating units are organized into one of two internal divisions, namely, the Electric Power Infrastructure Services Division and the Oil and Gas Infrastructure Services Division. These internal divisions are closely aligned with the reportable segments described above based on their operating units’ predominant type of work. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating unit for the purpose of evaluating segment performance in support of Quanta’s market strategies. These classifications of Quanta’s operating unit revenues by type of work for segment reporting purposes can at times require judgment on the part of management. Quanta’s operating units may perform joint infrastructure service projects for customers in multiple industries, deliver multiple types of network services under a single customer contract or provide service across industries. For example, Quanta performs joint trenching projects to install distribution lines for electric power and natural gas customers. In addition, Quanta’s integrated operations and common administrative support at each of its operating units require that certain allocations of shared and indirect costs, such as facility costs and indirect operating expenses, including depreciation and general and administrative costs, be made to determine operating segment profitability. Corporate costs, such as payroll and benefits, employee travel expenses, facility costs, professional fees, acquisition costs and amortization related to intangible assets are not allocated. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Estimates Used by Management in Determining Fair Values of Company's Reporting Units | The following table presents the significant estimates used by management in determining the fair values of Quanta’s reporting units at December 31, 2016, 2015 and 2014: 2016 2015 2014 Years of cash flows before terminal value 5 5 5 Discount rates 12.5% to 14.5% 12.0% to 16.0% 12.0% to 14.0% EBITDA multiples 5.5 to 7.0 5.0 to 6.5 5.0 to 6.0 Weighting of three approaches: Discounted cash flows 70% 70% 70% Market multiple 15% 15% 15% Market capitalization 15% 15% 15% |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Financial Information for Discontinued Operations | The following represents a reconciliation of the major classes of line items constituting income from discontinued operations primarily related to Quanta’s fiber optic licensing operations to the consolidated statements of operations (in thousands): Year Ended December 31, 2016 2015 2014 Major classes of line items constituting pretax income from discontinued operations: Revenues $ — $ 59,998 $ 104,021 Expenses: Cost of services (including depreciation) — 24,748 39,295 Selling, general and administrative expenses (980 ) 12,047 16,561 Amortization of intangible assets — 963 1,650 Other income (expense) items that are not major — 10 3 Net income before taxes of discontinued operations related to fiber optic licensing operations related to major classes of income before taxes 980 22,250 46,518 Pretax gain on the disposal of the fiber optic licensing operations — 271,833 — Total pretax gain on fiber optic licensing operations 980 294,083 46,518 Provision for income taxes related to fiber optic licensing operations 667 103,462 18,401 Net income from discontinued operations related to fiber optic licensing operations 313 190,621 28,117 Net loss from discontinued operations related to telecommunication operations (655 ) — (627 ) Net income (loss) from discontinued operations as presented in the consolidated statements of operations $ (342 ) $ 190,621 $ 27,490 There were no assets or liabilities associated with fiber optic licensing operations at December 31, 2016 and no assets or non-current December 31, Carrying amounts of major classes of current liabilities of discontinued operations related to fiber optic licensing operations: Current liabilities: Accounts payable and accrued expenses $ 15,313 Total current liabilities of discontinued operations as presented in the consolidated balance sheets $ 15,313 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition Purchase Price Allocation Assets Acquired and Liabilities Assumed | This allocation requires a significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared (in thousands). 2016 2015 Consideration: Value of Quanta common stock issued $ 1,508 $ 10,127 Cash paid or payable 75,941 110,578 Contingent consideration 18,683 1,001 Fair value of total consideration transferred or estimated to be transferred $ 96,132 $ 121,706 Current assets $ 24,233 $ 35,188 Property and equipment 44,863 44,140 Other assets 2,553 4 Identifiable intangible assets 11,467 24,987 Current liabilities (12,477 ) (24,568 ) Deferred tax liabilities, net (14,367 ) (5,056 ) Other long-term liabilities (5,326 ) (5,606 ) Non-controlling — 747 Total identifiable net assets 50,946 69,836 Goodwill 45,186 51,870 $ 96,132 $ 121,706 |
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 2016 acquisitions 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). Estimated Weighted Average Customer relationships $ 5,645 3.8 Backlog 2,085 2.1 Trade names 3,255 15.0 Non-compete 482 5.0 Total intangible assets subject to amortization acquired in 2016 acquisitions $ 11,467 6.7 |
Unaudited Supplemental Pro Forma Results of Operations | Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Revenues $ 7,677,293 $ 7,770,744 $ 8,476,584 Gross profit $ 1,017,506 $ 956,925 $ 1,248,827 Selling, general and administrative expenses $ 656,109 $ 612,979 $ 745,321 Amortization of intangible assets $ 32,204 $ 39,947 $ 47,777 Net income from continuing operations $ 200,675 $ 136,608 $ 303,772 Net income from continuing operations attributable to common stock $ 198,960 $ 125,691 $ 285,404 Earnings per share from continuing operations attributable to common stock — basic and diluted $ 1.26 $ 0.64 $ 1.28 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Quanta's Goodwill | A summary of changes in Quanta’s goodwill is as follows (in thousands): Electric Power Oil and Gas Total Goodwill balance at December 31, 2014 $ 1,223,224 $ 373,471 $ 1,596,695 Goodwill acquired during 2015 31,224 20,636 51,860 Purchase price allocation adjustments 750 (8,867 ) (8,117 ) Goodwill impaired during 2015 — (39,826 ) (39,826 ) Foreign currency translation adjustments (28,953 ) (19,001 ) (47,954 ) Balance at December 31, 2015: Goodwill 1,226,245 366,306 1,592,551 Accumulated impairment — (39,893 ) (39,893 ) Goodwill, net 1,226,245 326,413 1,552,658 Goodwill acquired during 2016 24,168 21,018 45,186 Purchase price allocation adjustments 229 (214 ) 15 Foreign currency translation adjustments 3,337 1,973 5,310 Balance at December 31, 2016: Goodwill 1,253,979 388,923 1,642,902 Accumulated impairment — (39,733 ) (39,733 ) Goodwill, net $ 1,253,979 $ 349,190 $ 1,603,169 |
Other Intangible Assets | Quanta’s intangible assets subject to amortization and the remaining weighted average amortization periods related to such assets were as follows (in thousands except for weighted average amortization periods, which are in years): As of December 31, 2016 As of December 31, 2015 As of Intangible Assets Accumulated Amortization Intangible Assets, Net Intangible Assets Accumulated Amortization Intangible Assets, Net Remaining Customer relationships $ 244,329 $ (110,640 ) $ 133,689 $ 236,731 $ (90,840 ) $ 145,891 8.7 Backlog 133,592 (132,441 ) 1,151 130,818 (126,954 ) 3,864 1.3 Trade names 54,723 (12,855 ) 41,868 51,192 (9,525 ) 41,667 17.7 Non-compete 29,212 (25,546 ) 3,666 28,560 (23,507 ) 5,053 3.1 Patented rights and developed technology 22,480 (15,831 ) 6,649 22,447 (13,848 ) 8,599 4.2 Total intangible assets subject to amortization $ 484,336 $ (297,313 ) $ 187,023 $ 469,748 $ (264,674 ) $ 205,074 10.4 |
Estimated Future Aggregate Amortization Expense of Intangible Assets | The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2016 is set forth below (in thousands): For the Fiscal Year Ending December 31, 2017 $ 25,574 2018 24,265 2019 22,227 2020 20,948 2021 18,620 Thereafter 75,389 Total $ 187,023 |
Per Share Information (Tables)
Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | The amounts used to compute the basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 are illustrated below (in thousands): Year Ended December 31, 2016 2015 2014 Amounts attributable to common stock: Net income from continuing operations $ 198,725 $ 120,286 $ 269,224 Net income (loss) from discontinued operations (342 ) 190,621 27,490 Net income attributable to common stock $ 198,383 $ 310,907 $ 296,714 Weighted average shares: Weighted average shares outstanding for basic earnings per share 157,287 195,113 219,668 Effect of dilutive stock options 1 7 22 Weighted average shares outstanding for diluted earnings per share 157,288 195,120 219,690 |
Detail of Certain Balance She33
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Current and Long-Term Allowance for Doubtful Accounts | Activity in Quanta’s current and long-term allowance for doubtful accounts consisted of the following (in thousands): December 31, 2016 2015 Balance at beginning of year $ 5,226 $ 6,174 Charged to bad debt expense (recoveries of bad debt expense) (543 ) 224 Deductions for uncollectible receivables written off, net of recoveries (1,931 ) (1,172 ) Balance at end of year $ 2,752 $ 5,226 |
Contracts in Progress | Contracts in progress were as follows (in thousands): December 31, 2016 2015 Costs incurred on contracts in progress $ 6,687,484 $ 5,725,078 Estimated earnings, net of estimated losses 766,560 756,974 7,454,044 6,482,052 Less — Billings to date (7,255,582 ) (6,563,537 ) $ 198,462 $ (81,485 ) Costs and estimated earnings in excess of billings on uncompleted contracts $ 473,308 $ 317,745 Less — Billings in excess of costs and estimated earnings on uncompleted contracts (274,846 ) (399,230 ) $ 198,462 $ (81,485 ) |
Property and Equipment | Property and equipment consisted of the following (in thousands): Estimated Useful Lives in Years December 31, 2016 2015 Land N/A $ 45,919 $ 41,428 Buildings and leasehold improvements 5-30 137,515 116,697 Operating equipment and vehicles 5-25 1,634,850 1,517,630 Office equipment, furniture and fixtures and information technology systems 3-10 145,174 137,670 Construction work in progress N/A 73,461 43,806 2,036,919 1,857,231 Less — Accumulated depreciation and amortization (862,825 ) (755,272 ) Property and equipment, net $ 1,174,094 $ 1,101,959 |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2016 2015 Accounts payable, trade $ 529,608 $ 452,295 Accrued compensation and related expenses 194,056 159,045 Accrued insurance, current portion 60,880 61,327 Deferred revenues, current portion 15,512 8,010 Income and franchise taxes payable 40,765 3,923 Other accrued expenses 81,998 97,534 $ 922,819 $ 782,134 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt Obligations | Quanta’s long-term debt obligations consisted of the following (in thousands): December 31, 2016 2015 Borrowings under credit facility $ 351,341 $ 466,850 Other long-term debt, interest rates ranging from 3.4% to 4.3% 3,305 5,401 Capital leases, interest rates ranging from 2.5% to 6.2% 3,744 5,351 Total long-term debt obligations 358,390 477,602 Less — Current maturities of long-term debt 4,828 2,238 Total long-term debt obligations, net of current maturities $ 353,562 $ 475,364 |
Current Maturities of Long-Term Debt and Short-Term Debt | Quanta’s current maturities of long-term debt and short-term debt consisted of the following (in thousands): December 31, 2016 2015 Short-term debt $ 2,735 $ 4,829 Current maturities of long-term debt 4,828 2,238 Current maturities of long-term debt and short-term debt $ 7,563 $ 7,067 |
Information on Borrowings under Current and Prior Credit Facility and Applicable Interest Rates | Information on borrowings under Quanta’s credit facility and the applicable interest rates during the years ended December 31, 2016, 2015 and 2014 is as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Maximum amount outstanding during the period $ 518,607 $ 606,753 $ 130,856 Average daily amount outstanding under the credit facility $ 458,908 $ 258,815 $ 29,814 Weighted-average interest rate 2.1 % 1.8 % 2.7 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | The components of income (loss) from continuing operations before income taxes were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Income (loss) from continuing operations before income taxes: Domestic $ 349,959 $ 244,955 $ 263,357 Foreign (42,273 ) (16,280 ) 163,242 Total $ 307,686 $ 228,675 $ 426,599 |
Provision for Income Taxes | The components of the provision for income taxes for continuing operations were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 106,316 $ 85,830 $ 67,430 State 11,549 9,783 8,693 Foreign 5,076 21,262 39,978 Total current tax provision 122,941 116,875 116,101 Deferred: Federal (264 ) (5,247 ) 11,507 State (923 ) 917 2,232 Foreign (14,508 ) (15,073 ) 9,167 Total deferred tax provision (benefit) (15,695 ) (19,403 ) 22,906 Total provision for income taxes from continuing operations $ 107,246 $ 97,472 $ 139,007 |
Effective Income Tax Rate Reconciliation | The actual income tax provision differed from the income tax provision computed by applying the U.S. federal statutory corporate rate to income from continuing operations before provision for income taxes as follows (in thousands): Year Ended December 31, 2016 2015 2014 Provision at the statutory rate $ 107,690 $ 80,036 $ 149,697 Increases (decreases) resulting from — State taxes 6,479 7,241 7,890 Foreign taxes 1,860 1,239 (13,059 ) Contingency reserves, net (13,540 ) 4,438 (650 ) Production activity deduction (8,586 ) (6,871 ) (6,033 ) Employee per diems, meals and entertainment 8,764 8,727 9,817 Taxes on unincorporated joint ventures (656 ) (3,838 ) (6,429 ) Asset impairments 1,909 7,047 — Other 3,326 (547 ) (2,226 ) Total provision for income taxes from continuing operations $ 107,246 $ 97,472 $ 139,007 |
Deferred Tax Assets and Liabilities | Deferred income taxes result from temporary differences in the recognition of income and expenses for financial reporting purposes and tax purposes. The tax effects of these temporary differences, representing deferred tax assets and liabilities, result principally from the following (in thousands): December 31, 2016 2015 Deferred income tax liabilities: Property and equipment $ (214,902 ) $ (189,793 ) Goodwill (83,097 ) (69,059 ) Other intangibles (33,566 ) (36,565 ) Other book/tax accounting method differences (41,241 ) (61,095 ) Total deferred income tax liabilities (372,806 ) (356,512 ) Deferred income tax assets: Accruals and reserves 21,681 25,070 Accrued insurance 79,630 75,591 Stock and incentive compensation and pension withdrawal liabilities 58,744 52,009 Net operating loss carryforwards 37,362 27,255 Other 7,546 10,894 Subtotal 204,963 190,819 Valuation allowance (14,991 ) (16,141 ) Total deferred income tax assets 189,972 174,678 Total net deferred income tax liabilities $ (182,834 ) $ (181,834 ) |
Net Deferred Income Tax Assets and Liabilities | The net deferred income tax assets and liabilities were comprised of the following (in thousands): December 31, 2016 2015 Deferred income taxes: Assets $ 10,000 $ 4,657 Liabilities (192,834 ) (186,491 ) Total net deferred income tax liabilities $ (182,834 ) $ (181,834 ) |
Reconciliation of Unrecognized Tax Benefit | A reconciliation of unrecognized tax benefit balances is as follows (in thousands): December 31, 2016 2015 2014 Balance at beginning of year $ 54,541 $ 50,668 $ 48,306 Additions based on tax positions related to the current year 4,227 5,340 9,133 Additions for tax positions of prior years 2,048 292 2,438 Reductions for tax positions of prior years (1,948 ) (132 ) — Reductions for audit settlements (180 ) (1,345 ) — Reductions resulting from a lapse of the applicable statute of limitations periods (23,448 ) (282 ) (9,209 ) Balance at end of year $ 35,240 $ 54,541 $ 50,668 |
Balances of Unrecognized Tax Benefits | The balances of unrecognized tax benefits, the amount of related interest and penalties and what Quanta believes to be the range of reasonably possible changes in the next 12 months are as follows (in thousands): December 31, 2016 2015 2014 Unrecognized tax benefits $ 35,240 $ 54,541 $ 50,668 Portion that, if recognized, would reduce tax expense and effective tax rate 33,128 48,312 42,952 Accrued interest on unrecognized tax benefits 5,539 8,750 6,304 Accrued penalties on unrecognized tax benefits 650 673 697 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months $ 0 to $12,332 $ 0 to $27,485 $ 0 to $10,221 Portion that, if recognized, would reduce tax expense and effective tax rate $ 0 to $10,983 $ 0 to $24,009 $ 0 to $8,484 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock and RSU to be Settled in Common Stock Activity | A summary of the activity for restricted stock and RSUs to be settled in common stock for the year ended December 31, 2016 is as follows (shares in thousands): Shares Weighted Average Grant Date Fair Value (Per share) Unvested at January 1, 2016 2,377 $ 30.36 Granted 1,846 $ 22.22 Vested (1,369 ) $ 29.58 Forfeited (143 ) $ 25.93 Unvested at December 31, 2016 2,711 $ 25.45 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Plan Information Relating to Participation in Multiemployer Pension Plans | Information has been presented separately for individually significant plans and in the aggregate for all other plans. Fund Employee PPA Zone Subject Contributions (in thousands) Surcharge Expiration Date 2016 2015 2016 2015 2014 National Electrical Benefit Fund 53-0181657-001 Green Green No $ 22,912 $ 21,200 $ 20,758 No Varies through Pipeline Industry Pension Fund 73-6146433-001 Green Green No 6,954 6,087 6,280 No June 2017 Central Pension Fund of the IUOE & Participating Employers 36-6052390-001 Green Green No 5,668 5,677 7,847 No Varies through Laborers Pension Trust Fund for Northern California 94-6277608-001 Yellow Yellow Yes 3,805 2,603 1,357 Yes June 2019 Eighth District Electrical Pension Fund 84-6100393-001 Green Green No 3,089 2,544 2,192 No Varies through Alaska Electrical Pension Plan 92-6005171-001 Green Green No 2,701 639 68 No Varies through IBEW Local 456 Pension Plan 22-6238995-001 Green Yellow No 2,298 886 810 No Varies through Plumbers and Pipefitters National Pension Fund 52-6152779-001 Yellow Yellow Yes 1,666 850 197 No June 2017 OE Pension Trust Fund 94-6090764-001 Red Red Yes 1,508 1,264 991 Yes Varies through Laborers National Pension Fund 75-1280827-001 Green Green No 1,358 7,671 4,227 No Varies through Operating Engineers Local 324 Pension Fund 38-1900637-001 Red Red Yes 1,291 1,231 1,086 Yes Varies through Alaska Laborers —Employers Retirement Fund 91-6028298-001 Yellow Yellow Yes 1,216 181 — No January 2017 Local 697 IBEW and Electrical Industry Pension Fund 51-6133048-001 Green Yellow No 1,207 1,066 200 Yes May 2018 Fund Employee PPA Zone Subject Contributions (in thousands) Surcharge Expiration Date 2016 2015 2016 2015 2014 Laborers District Council of W PA Pension Fund 25-6135576-001 Red Red Yes 876 21 — Yes June 2017 Midwest Operating Engineers Pension Trust Fund 36-6140097-001 Yellow Yellow Yes 793 3,294 497 Yes Varies through Alaska Teamster Employer Pension Plan 92-6003463-024 Red Red Yes 659 513 516 Yes January 2017 Joint Pension Local Union 164 IBEW 22-6031199-001 Yellow Yellow Yes 33 513 1,816 No May 2017 Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan 36-3020872-001 Green Yellow No — 300 1,307 No N/A All other plans 27,201 20,475 21,055 Total $ 85,235 $ 77,015 $ 71,204 Quanta’s contributions to the following individually significant plans were five percent or more of the total contributions to these plans for the periods indicated based on the Forms 5500 for these plans for the years ended December 31, 2015 and 2014. Forms 5500 were not yet available for these plans for the year ended December 31, 2016. Pension Fund Plan Years in which of Total Plan Pipeline Industry Pension Fund 2015 and 2014 Eighth District Electrical Pension Fund 2015 and 2014 Laborers National Pension Fund 2015 and 2014 Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan 2015 and 2014 Local 697 IBEW and Electrical Industry Pension Fund 2015 Local Union No. 9 IBEW and Outside Contractors Pension Fund 2015 Alaska Plumbing and Pipefitting Industry Pension Fund 2015 Teamsters National Pipe Line Pension Plan 2015 Joint Pension Local Union 164 IBEW 2014 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Capital Commitments Associated with Investments in Unconsolidated Affiliates | As of December 31, 2016, Quanta had made aggregate contributions to this unconsolidated affiliate of $13.5 million and had received $2.9 million as a return of capital. Also as of December 31, 2016, Quanta had outstanding additional capital commitments associated with investments in an unconsolidated affiliate related to this project as follows (in thousands): Capital Commitments Year Ending December 31: 2017 (1) $ 33,771 2018 — 2019 23,567 Total capital commitments associated with investments in an unconsolidated affiliate related to an EPC electrical transmission project $ 57,338 (1) A return of capital from unconsolidated affiliates of approximately $42.1 million is anticipated in August 2017 and is not included in these amounts. |
Minimum Lease Payments | The following schedule shows the future minimum lease payments under these leases as of December 31, 2016 (in thousands): Operating Leases Year Ending December 31: 2017 $ 99,677 2018 67,034 2019 44,216 2020 25,444 2021 13,761 Thereafter 16,331 Total minimum lease payments $ 266,463 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summarized Financial Information | Summarized financial information for Quanta’s reportable segments is presented in the following table (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Electric Power Infrastructure $ 4,850,495 $ 4,937,289 $ 5,302,671 Oil and Gas Infrastructure 2,800,824 2,635,147 2,444,558 Consolidated $ 7,651,319 $ 7,572,436 $ 7,747,229 Operating income (loss): Electric Power Infrastructure $ 395,745 $ 362,328 $ 462,985 Oil and Gas Infrastructure 149,502 142,929 162,797 Corporate and non-allocated (224,434 ) (267,754 ) (196,722 ) Consolidated $ 320,813 $ 237,503 $ 429,060 Depreciation: Electric Power Infrastructure $ 91,269 $ 89,150 $ 76,214 Oil and Gas Infrastructure 67,374 65,315 57,414 Corporate and non-allocated 11,597 8,380 7,478 Consolidated $ 170,240 $ 162,845 $ 141,106 |
Supplemental Cash Flow Inform40
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Effect of Changes in Operating Assets and Liabilities, Net Of Non-Cash Transactions, On Cash Flows From Operating Activities of Continuing Operations | The net effect of changes in operating assets and liabilities, net of non-cash Year Ended December 31, 2016 2015 2014 Accounts and notes receivable $ 144,877 $ 150,470 $ (239,159 ) Costs and estimated earnings in excess of billings on uncompleted contracts (152,702 ) (49,358 ) (73,443 ) Inventories (9,905 ) (33,524 ) (4,025 ) Prepaid expenses and other current assets 25,133 5,899 (35,493 ) Accounts payable and accrued expenses and other non-current 73,452 (2,486 ) (60,829 ) Billings in excess of costs and estimated earnings on uncompleted contracts (124,680 ) 153,017 28,596 Other, net (13,743 ) (11,707 ) (4,908 ) Net change in operating assets and liabilities, net of non-cash $ (57,568 ) $ 212,311 $ (389,261 ) |
Schedule of Additional Supplemental Cash Flow Information | Additional supplemental cash flow information is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Cash (paid) received during the period for — Interest paid related to continuing operations $ (12,828 ) $ (7,087 ) $ (3,533 ) Income taxes paid related to continuing operations $ (121,662 ) $ (130,921 ) $ (223,901 ) Income taxes paid related to discontinued operations $ (7,260 ) $ (144,076 ) $ (5,286 ) Income tax refunds related to continuing operations $ 7,548 $ 23,788 $ 7,376 |
Quarterly Financial Data (Una41
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Operating Results by Quarter | The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2016 and 2015 (in thousands, except per share information). For the Three Months Ended March 31, June 30, September 30, December 31, 2016: Revenues $ 1,713,737 $ 1,792,430 $ 2,042,186 $ 2,102,966 Gross profit 203,313 200,217 302,582 307,688 Net income 20,859 16,729 74,152 88,358 Net income attributable to common stock 20,496 16,562 73,742 87,583 Net income from continuing operations attributable to common stock 20,496 16,562 73,137 88,530 Earnings per share from continuing operations attributable to common stock — basic and diluted $ 0.13 $ 0.11 $ 0.47 $ 0.57 2015: Revenues $ 1,861,386 $ 1,872,340 $ 1,939,438 $ 1,899,272 Gross profit 237,906 227,505 235,215 223,039 Net income (loss) 58,185 49,565 218,956 (4,882 ) Net income (loss) attributable to common stock 53,484 46,109 216,388 (5,074 ) Net income (loss) from continuing operations attributable to common stock 47,689 32,007 43,176 (2,586 ) Earnings (loss) per share from continuing operations attributable to common stock — basic and diluted $ 0.22 $ 0.15 $ 0.23 $ (0.02 ) |
Business and Organization - Add
Business and Organization - Additional Information (Detail) $ in Millions | Aug. 04, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016SegmentAcquisition | Dec. 31, 2015Entity | Dec. 31, 2014Entity |
Organization And Description Of Business [Line Items] | |||||
Number of reportable segments | Segment | 2 | ||||
Acquisitions 2014 [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 9 | ||||
Acquisitions 2014 [Member] | Electric Power Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2014 [Member] | Electric Power Infrastructure Services Business [Member] | Australia [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2014 [Member] | Electric Power Infrastructure Services Business [Member] | Canada [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 4 | ||||
Acquisitions 2014 [Member] | Oil and Gas Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2014 [Member] | Oil and Gas Infrastructure Services Business [Member] | Canada [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 2 | ||||
Acquisitions 2015 [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 11 | ||||
Acquisitions 2015 [Member] | Electric Power Infrastructure Services Business [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 8 | ||||
Acquisitions 2015 [Member] | Electric Power Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 4 | ||||
Acquisitions 2015 [Member] | Electric Power Infrastructure Services Business [Member] | Australia [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2015 [Member] | Electric Power Infrastructure Services Business [Member] | Canada [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 3 | ||||
Acquisitions 2015 [Member] | Oil and Gas Infrastructure Services Business [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 3 | ||||
Acquisitions 2015 [Member] | Oil and Gas Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2015 [Member] | Oil and Gas Infrastructure Services Business [Member] | Australia [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2015 [Member] | Oil and Gas Infrastructure Services Business [Member] | Canada [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | 1 | ||||
Acquisitions 2016 [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 5 | ||||
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 4 | ||||
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 1 | ||||
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | Australia [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 1 | ||||
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | Canada [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 2 | ||||
Acquisitions 2016 [Member] | Oil and Gas Infrastructure Services Business [Member] | United States [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Number of business acquisitions | Acquisition | 1 | ||||
Fiber Optic Licensing Division [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Sales price of fiber optic licensing operations | $ | $ 1,000 | ||||
Net cash proceeds from sale of fiber optic licensing operations | $ | $ 848 | ||||
Gain on sale, Net of tax | $ | $ 171 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Principles of Consolidation) - Additional Information (Detail) | Dec. 31, 2016 |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Equity method investment ownership | 20.00% |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Equity method investment ownership | 50.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Cash and Cash Equivalents) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 112,183 | $ 128,771 | $ 190,515 | $ 488,777 |
Cash equivalents | 8,800 | 1,400 | ||
Investments in Joint Ventures [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 11,500 | 24,900 | ||
Domestic Joint Ventures [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 10,000 | 11,900 | ||
Domestic Bank Accounts [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 19,500 | 16,100 | ||
Foreign Bank Accounts [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 92,700 | $ 112,700 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Current and Long-Term Accounts and Notes Receivable and Allowance for Doubtful Accounts) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Number of days after accounts receivable are treated as delinquent | 30 days | 30 days |
Number of days related to outstanding accounts receivable for analysis of the allowance for doubtful accounts | At least 90 days | |
Allowances for doubtful accounts on current receivable | $ 2,752 | $ 5,226 |
Current retainage balances | 231,000 | 250,100 |
Non-current retainage balances | 5,200 | 4,500 |
Unbilled receivables | $ 206,800 | $ 233,600 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Property and Equipment) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense related to property and equipment | $ 170,240 | $ 162,845 | $ 141,106 |
Accrued capital expenditures | 12,700 | 5,800 | |
Asset impairments | $ 8,000 | $ 6,600 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Debt Issuance Costs) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Issuance Costs, Net [Abstract] | |||
Debt issuance costs related to amendment | $ 3,795 | ||
Capitalized debt issuance costs | $ 11,400 | 11,400 | |
Accumulated amortization of debt issuance costs | 6,000 | 4,800 | |
Amortization expense related to capitalized debt issuance costs | $ 1,356 | $ 1,251 | $ 1,094 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Goodwill and Other Intangibles) - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2016USD ($)Reporting_UnitDivisions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Goodwill And Intangible Assets [Line Items] | ||||
Number of internal divisions | Divisions | 2 | |||
Decrease in fair value of reporting units considered for impairment calculation | 10.00% | |||
Number of reporting units with fair values that approximated carrying values | Reporting_Unit | 2 | |||
Non-cash charge for impairment of goodwill | $ 39,800,000 | $ 0 | ||
Goodwill | 1,552,658,000 | 1,603,169,000 | $ 1,552,658,000 | $ 1,596,695,000 |
Intangible assets | 205,074,000 | $ 187,023,000 | 205,074,000 | |
Intangible asset impairment charges | $ 12,100,000 | $ 12,100,000 | ||
Number of reporting units impacted impairment charge | Reporting_Unit | 2 | |||
Minimum [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Reporting units growth rates | (2.00%) | |||
Maximum [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Reporting units growth rates | 24.00% | |||
Oil and Gas Infrastructure Division, Operating Units that have been Negatively Impacted by Various Factors [Member] | ||||
Goodwill And Intangible Assets [Line Items] | ||||
Goodwill | $ 68,000,000 | |||
Intangible assets | $ 11,900,000 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Significant Estimates Used by Management in Determining Fair Values of Company's Reporting Units (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill Impairment Testing Assumptions [Line Items] | |||
Years of cash flows before terminal value | 5 years | 5 years | 5 years |
Weighting of three approaches: | |||
Discounted cash flows | 70.00% | 70.00% | 70.00% |
Market multiple | 15.00% | 15.00% | 15.00% |
Market capitalization | 15.00% | 15.00% | 15.00% |
Minimum [Member] | |||
Goodwill Impairment Testing Assumptions [Line Items] | |||
Discount rates | 12.50% | 12.00% | 12.00% |
EBITDA multiples | 5.5 | 5 | 5 |
Maximum [Member] | |||
Goodwill Impairment Testing Assumptions [Line Items] | |||
Discount rates | 14.50% | 16.00% | 14.00% |
EBITDA multiples | 7 | 6.5 | 6 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Revenue Recognition) - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue Recognition [Line Items] | |||||||||||
Revenues | $ 2,102,966,000 | $ 2,042,186,000 | $ 1,792,430,000 | $ 1,713,737,000 | $ 1,899,272,000 | $ 1,939,438,000 | $ 1,872,340,000 | $ 1,861,386,000 | $ 7,651,319,000 | $ 7,572,436,000 | $ 7,747,229,000 |
Change orders and/or claims | 137,800,000 | $ 137,200,000 | $ 137,800,000 | $ 137,200,000 | |||||||
Maximum [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Percent change in contract estimates impact on operating results is less than this percentage | 5.00% | 5.00% | 5.00% | ||||||||
Alaska Power Plant Construction Project [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Losses on Contracts | $ 54,800,000 | $ 44,900,000 | |||||||||
Contract value of project | $ 202,000,000 | 202,000,000 | |||||||||
Revenue Recognized For Losses Member | Alaska Power Plant Construction Project [Member] | |||||||||||
Revenue Recognition [Line Items] | |||||||||||
Revenues | $ 0 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Income Taxes) - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ||||
Total amount of unrecognized tax benefits relating to uncertain tax positions | $ 35,240,000 | $ 54,541,000 | $ 50,668,000 | $ 48,306,000 |
Amount of unrecognized tax benefits change from year end relating to uncertain tax positions | (19,300,000) | |||
Unrecognized tax benefits decrease resulting from current period tax positions | 23,400,000 | |||
Unrecognized tax benefits increase resulting from settlements with taxing authorities | 4,200,000 | |||
Maximum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | $ 12,332,000 | $ 27,485,000 | $ 10,221,000 | |
Tax Year 2010 [Member] | Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income tax examination, year completed | 2,010 | |||
Tax Year 2011 [Member] | Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income tax examination, year completed | 2,011 | |||
Tax Year 2012 [Member] | Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Income tax examination, year completed | 2,012 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Self-Insurance) - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Employer's liability claims subject to deductible per occurrence | $ 1,000,000 |
Worker's compensation claims per occurrence | 5,000,000 |
Auto liability insurance claims deductible | 10,000,000 |
General liability insurance claims deductible | 10,000,000 |
Employee health care benefit plans subject to deductible per claimant | $ 400,000 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Stock-Based Compensation) - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016shares | |
Restricted Stock Units to be Settled in Cash [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of common stock shares that may be received by RSU holder | 1 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) | Aug. 04, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current liabilities of discontinued operations | $ 15,313,000 | ||||
Fiber Optic Licensing Division [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price of fiber optic licensing operations | $ 1,000,000,000 | ||||
Net cash proceeds from sale of fiber optic licensing operations | $ 848,000,000 | ||||
Gain on disposal of discontinued operations before taxes | $ 272,000,000 | 271,833,000 | |||
Tax amount from gain loss of disposal of discontinued operations | 101,000,000 | ||||
Gain on sale, Net of tax | $ 171,000,000 | ||||
Assets of fiber optic licensing operations | $ 0 | 0 | |||
Current liabilities of discontinued operations | 0 | ||||
Non-current liabilities of discontinued operations | 0 | $ 0 | |||
Telecommunications [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Legal fees | 1,000,000 | $ 1,000,000 | |||
Legal fees, net of tax impact | $ 700,000 | $ 600,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Information for Fiber Optic Licensing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations, Disposed of by Sale | ||||
Net income (loss) from discontinued operations as presented in the consolidated statements of operations | $ (342) | $ 190,621 | $ 27,490 | |
Fiber Optic Licensing Division [Member] | ||||
Discontinued Operations, Disposed of by Sale | ||||
Revenues | 59,998 | 104,021 | ||
Cost of services (including depreciation) | 24,748 | 39,295 | ||
Selling, general and administrative expenses | (980) | 12,047 | 16,561 | |
Amortization of intangible assets | 963 | 1,650 | ||
Other income (expense) items that are not major | 10 | 3 | ||
Net income before taxes of discontinued operations related to fiber optic licensing operations related to major classes of income before taxes | 980 | 22,250 | 46,518 | |
Pretax gain on the disposal of the fiber optic licensing operations | $ 272,000 | 271,833 | ||
Total pretax gain on fiber optic licensing operations | 980 | 294,083 | 46,518 | |
Provision for income taxes related to fiber optic licensing operations | 667 | 103,462 | 18,401 | |
Net income (loss) from discontinued operations as presented in the consolidated statements of operations | 313 | $ 190,621 | 28,117 | |
Telecommunications [Member] | ||||
Discontinued Operations, Disposed of by Sale | ||||
Net income (loss) from discontinued operations as presented in the consolidated statements of operations | $ (655) | $ (627) |
Discontinued Operations - Recon
Discontinued Operations - Reconciliation of Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations to the Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Current liabilities: | |
Accounts payable and accrued expenses | $ 15,313 |
Total current liabilities of discontinued operations as presented in the consolidated balance sheets | $ 15,313 |
Acquisitions (2016 Acquisitions
Acquisitions (2016 Acquisitions) - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Acquisitionshares | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||
Goodwill acquired | $ 45,186 | $ 51,860 |
Acquisitions 2016 [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 5 | |
Cash paid or payable | $ 75,900 | |
Contingent consideration | $ 18,700 | |
Number of shares granted for acquired companies | shares | 70,840 | |
Value of Quanta common stock and exchangeable shares issued | $ 1,500 | |
Net tangible assets acquired | 39,400 | |
Goodwill acquired | 45,200 | |
Other intangible assets acquired | 11,500 | |
Acquisitions 2016 [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ 39,500 | |
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 4 | |
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | Australia [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 1 | |
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | United States [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 1 | |
Acquisitions 2016 [Member] | Electric Power Infrastructure Services Business [Member] | Canada [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 2 | |
Acquisitions 2016 [Member] | Oil and Gas Infrastructure Services Business [Member] | United States [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquisitions | Acquisition | 1 |
Acquisitions (2015 Acquisitions
Acquisitions (2015 Acquisitions) - Additional Information (Detail) - Acquisitions 2015 [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)Entityshares | |
Business Acquisition [Line Items] | |
Cash paid or payable | $ | $ 110.6 |
Number of shares granted for acquired companies | shares | 461,037 |
Value of Quanta common stock and exchangeable shares issued | $ | $ 10.1 |
Contingent consideration | $ | $ 1 |
Number of business acquisitions | 11 |
Electric Power Infrastructure Services Business [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 8 |
Electric Power Infrastructure Services Business [Member] | United States [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 4 |
Electric Power Infrastructure Services Business [Member] | Australia [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Electric Power Infrastructure Services Business [Member] | Canada [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 3 |
Oil and Gas Infrastructure Services Business [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 3 |
Oil and Gas Infrastructure Services Business [Member] | United States [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Oil and Gas Infrastructure Services Business [Member] | Australia [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Oil and Gas Infrastructure Services Business [Member] | Canada [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Acquisitions (2014 Acquisitions
Acquisitions (2014 Acquisitions) - Additional Information (Detail) - Acquisitions 2014 [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($)Entityshares | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 9 |
Cash paid or payable | $ | $ 279.5 |
Value of Quanta common stock and exchangeable shares issued | $ | $ 134.5 |
Common Stock [Member] | |
Business Acquisition [Line Items] | |
Number of shares granted for acquired companies | shares | 686,382 |
Canadian Subsidiaries [Member] | Exchangeable Shares [Member] | |
Business Acquisition [Line Items] | |
Number of shares granted for acquired companies | shares | 3,825,971 |
Series G Preferred Stock [Member] | |
Business Acquisition [Line Items] | |
Number of shares granted for acquired companies | shares | 1 |
Series G Preferred Stock [Member] | Canadian Subsidiaries [Member] | Exchangeable Shares [Member] | |
Business Acquisition [Line Items] | |
Number of shares granted for acquired companies | shares | 899,858 |
Electric Power Infrastructure Services Business [Member] | United States [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Electric Power Infrastructure Services Business [Member] | Australia [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Electric Power Infrastructure Services Business [Member] | Canada [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 4 |
Oil and Gas Infrastructure Services Business [Member] | United States [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 1 |
Oil and Gas Infrastructure Services Business [Member] | Canada [Member] | |
Business Acquisition [Line Items] | |
Number of business acquisitions | 2 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition Purchase Price Allocation Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 45,186 | $ 51,860 |
All Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Value of Quanta common stock issued | 1,508 | 10,127 |
Cash paid or payable | 75,941 | 110,578 |
Contingent consideration | 18,683 | 1,001 |
Fair value of total consideration transferred or estimated to be transferred | 96,132 | 121,706 |
Current assets | 24,233 | 35,188 |
Property and equipment | 44,863 | 44,140 |
Other assets | 2,553 | 4 |
Identifiable intangible assets | 11,467 | 24,987 |
Current liabilities | (12,477) | (24,568) |
Deferred tax liabilities, net | (14,367) | (5,056) |
Other long-term liabilities | (5,326) | (5,606) |
Non-controlling interests | 747 | |
Total identifiable net assets | 50,946 | 69,836 |
Goodwill | 45,186 | 51,870 |
Fair value of total consideration transferred | $ 96,132 | $ 121,706 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Fair value of accounts receivable acquired | $ 14,400 | $ 20,600 | |
Goodwill acquired | 45,186 | 51,860 | |
Income (loss) from continuing operations before income taxes | 307,686 | 228,675 | $ 426,599 |
Electric Power Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 24,168 | 31,224 | |
Oil and Gas Infrastructure Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 21,018 | 20,636 | |
Acquisitions 2016 [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 45,200 | ||
Goodwill expected to be deductible for income tax | 2,000 | ||
Revenues | 68,500 | ||
Income (loss) from continuing operations before income taxes | (5,600) | ||
Acquisition costs | 300 | ||
Acquisitions 2016 [Member] | Electric Power Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 24,200 | ||
Acquisitions 2016 [Member] | Oil and Gas Infrastructure Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 21,000 | ||
Acquisitions 2015 [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill expected to be deductible for income tax | 34,000 | ||
Revenues | 104,600 | ||
Income (loss) from continuing operations before income taxes | 300 | ||
Acquisition costs | 3,600 | ||
Acquisitions 2015 [Member] | Electric Power Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 31,500 | ||
Acquisitions 2015 [Member] | Oil and Gas Infrastructure Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 20,400 | ||
Acquisitions 2014 [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 314,100 | ||
Income (loss) from continuing operations before income taxes | 3,400 | ||
Acquisition costs | 11,600 | ||
Acquisitions 2014 [Member] | Electric Power Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | 72,300 | ||
Acquisitions 2014 [Member] | Oil and Gas Infrastructure Division [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 94,100 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization (Detail) - Acquisitions [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value at Acquisition Date | $ 11,467 |
Weighted Average Amortization Period at Acquisition Date in Years | 6 years 8 months 12 days |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value at Acquisition Date | $ 5,645 |
Weighted Average Amortization Period at Acquisition Date in Years | 3 years 9 months 18 days |
Backlog [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value at Acquisition Date | $ 2,085 |
Weighted Average Amortization Period at Acquisition Date in Years | 2 years 1 month 6 days |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value at Acquisition Date | $ 3,255 |
Weighted Average Amortization Period at Acquisition Date in Years | 15 years |
Non-compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value at Acquisition Date | $ 482 |
Weighted Average Amortization Period at Acquisition Date in Years | 5 years |
Acquisitions - Unaudited Supple
Acquisitions - Unaudited Supplemental Pro Forma Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Revenues | $ 7,677,293 | $ 7,770,744 | $ 8,476,584 |
Gross profit | 1,017,506 | 956,925 | 1,248,827 |
Selling, general and administrative expenses | 656,109 | 612,979 | 745,321 |
Amortization of intangible assets | 32,204 | 39,947 | 47,777 |
Net income from continuing operations | 200,675 | 136,608 | 303,772 |
Net income from continuing operations attributable to common stock | $ 198,960 | $ 125,691 | $ 285,404 |
Earnings per share from continuing operations attributable to common stock - basic and diluted | $ 1.26 | $ 0.64 | $ 1.28 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets - Summary of Changes in Quanta's Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 1,552,658 | $ 1,596,695 |
Goodwill acquired | 45,186 | 51,860 |
Purchase price allocation adjustments | 15 | (8,117) |
Goodwill impaired | (39,826) | |
Foreign currency translation adjustments | 5,310 | (47,954) |
Goodwill gross, ending balance | 1,642,902 | 1,592,551 |
Accumulated impairment | (39,733) | (39,893) |
Goodwill, ending balance | 1,603,169 | 1,552,658 |
Electric Power Division [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 1,226,245 | 1,223,224 |
Goodwill acquired | 24,168 | 31,224 |
Purchase price allocation adjustments | 229 | 750 |
Foreign currency translation adjustments | 3,337 | (28,953) |
Goodwill gross, ending balance | 1,253,979 | 1,226,245 |
Goodwill, ending balance | 1,253,979 | 1,226,245 |
Oil and Gas Infrastructure Division [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 326,413 | 373,471 |
Goodwill acquired | 21,018 | 20,636 |
Purchase price allocation adjustments | (214) | (8,867) |
Goodwill impaired | (39,826) | |
Foreign currency translation adjustments | 1,973 | (19,001) |
Goodwill gross, ending balance | 388,923 | 366,306 |
Accumulated impairment | (39,733) | (39,893) |
Goodwill, ending balance | $ 349,190 | $ 326,413 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 484,336 | $ 469,748 |
Accumulated Amortization | (297,313) | (264,674) |
Intangible Assets, Net | $ 187,023 | 205,074 |
Remaining Weighted Average Amortization Period in Years | 10 years 4 months 24 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 244,329 | 236,731 |
Accumulated Amortization | (110,640) | (90,840) |
Intangible Assets, Net | $ 133,689 | 145,891 |
Remaining Weighted Average Amortization Period in Years | 8 years 8 months 12 days | |
Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 133,592 | 130,818 |
Accumulated Amortization | (132,441) | (126,954) |
Intangible Assets, Net | $ 1,151 | 3,864 |
Remaining Weighted Average Amortization Period in Years | 1 year 3 months 18 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 54,723 | 51,192 |
Accumulated Amortization | (12,855) | (9,525) |
Intangible Assets, Net | $ 41,868 | 41,667 |
Remaining Weighted Average Amortization Period in Years | 17 years 8 months 12 days | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 29,212 | 28,560 |
Accumulated Amortization | (25,546) | (23,507) |
Intangible Assets, Net | $ 3,666 | 5,053 |
Remaining Weighted Average Amortization Period in Years | 3 years 1 month 6 days | |
Patented Rights and Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization | $ 22,480 | 22,447 |
Accumulated Amortization | (15,831) | (13,848) |
Intangible Assets, Net | $ 6,649 | $ 8,599 |
Remaining Weighted Average Amortization Period in Years | 4 years 2 months 12 days |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization of intangible assets | $ 31,685 | $ 34,848 | $ 34,257 | |
Intangible asset impairment charges | $ 12,100 | $ 12,100 | ||
Number of reporting units impacted impairment charge | Reporting_Unit | 2 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Estimated Future Aggregate Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 25,574 | |
2,018 | 24,265 | |
2,019 | 22,227 | |
2,020 | 20,948 | |
2,021 | 18,620 | |
Thereafter | 75,389 | |
Intangible Assets, Net | $ 187,023 | $ 205,074 |
Per Share Information - Basic a
Per Share Information - Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amounts attributable to common stock: | |||||||||||
Net income from continuing operations | $ 88,530 | $ 73,137 | $ 16,562 | $ 20,496 | $ (2,586) | $ 43,176 | $ 32,007 | $ 47,689 | $ 198,725 | $ 120,286 | $ 269,224 |
Net income (loss) from discontinued operations | (342) | 190,621 | 27,490 | ||||||||
Net income attributable to common stock | $ 87,583 | $ 73,742 | $ 16,562 | $ 20,496 | $ (5,074) | $ 216,388 | $ 46,109 | $ 53,484 | $ 198,383 | $ 310,907 | $ 296,714 |
Weighted average shares: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 157,287 | 195,113 | 219,668 | ||||||||
Effect of dilutive stock options | 1 | 7 | 22 | ||||||||
Weighted average shares outstanding for diluted earnings per share | 157,288 | 195,120 | 219,690 |
Detail of Certain Balance She69
Detail of Certain Balance Sheet Accounts - Current and Long-Term Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance Sheet Related Disclosures [Abstract] | |||
Balance at beginning of year | $ 5,226 | $ 6,174 | |
Charged to bad debt expense (recoveries of bad debt expense) | (543) | 224 | $ 1,411 |
Deductions for uncollectible receivables written off, net of recoveries | (1,931) | (1,172) | |
Balance at end of year | $ 2,752 | $ 5,226 | $ 6,174 |
Detail of Certain Balance She70
Detail of Certain Balance Sheet Accounts - Contracts in Progress (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Costs incurred on contracts in progress | $ 6,687,484 | $ 5,725,078 |
Estimated earnings, net of estimated losses | 766,560 | 756,974 |
Cost and estimated earnings, total | 7,454,044 | 6,482,052 |
Less - Billings to date | (7,255,582) | (6,563,537) |
Cost and estimated earnings, Net | 198,462 | (81,485) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 473,308 | 317,745 |
Less - Billings in excess of costs and estimated earnings on uncompleted contracts | (274,846) | (399,230) |
Cost and estimated earnings, Net | $ 198,462 | $ (81,485) |
Detail of Certain Balance She71
Detail of Certain Balance Sheet Accounts - Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 45,919 | $ 41,428 |
Buildings and leasehold improvements | 137,515 | 116,697 |
Operating equipment and vehicles | 1,634,850 | 1,517,630 |
Office equipment, furniture and fixtures and information technology systems | 145,174 | 137,670 |
Construction work in progress | 73,461 | 43,806 |
Property and equipment, Gross | 2,036,919 | 1,857,231 |
Less - Accumulated depreciation and amortization | (862,825) | (755,272) |
Property and equipment, net | $ 1,174,094 | $ 1,101,959 |
Minimum [Member] | Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 5 years | |
Minimum [Member] | Operating Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 5 years | |
Minimum [Member] | Office Equipment, Furniture and Fixtures and Information Technology Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 3 years | |
Maximum [Member] | Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 30 years | |
Maximum [Member] | Operating Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 25 years | |
Maximum [Member] | Office Equipment, Furniture and Fixtures and Information Technology Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment of Estimated Useful Lives in Years | 10 years |
Detail of Certain Balance She72
Detail of Certain Balance Sheet Accounts - Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable, trade | $ 529,608 | $ 452,295 |
Accrued compensation and related expenses | 194,056 | 159,045 |
Accrued insurance, current portion | 60,880 | 61,327 |
Deferred revenues, current portion | 15,512 | 8,010 |
Income and franchise taxes payable | 40,765 | 3,923 |
Other accrued expenses | 81,998 | 97,534 |
Accounts payable and accrued expenses, Total | $ 922,819 | $ 782,134 |
Debt Obligations - Long-term De
Debt Obligations - Long-term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Borrowings under credit facility | $ 351,341 | $ 466,850 |
Other long-term debt, interest rates ranging from 3.4% to 4.3% | 3,305 | 5,401 |
Capital leases, interest rates ranging from 2.5% to 6.2% | 3,744 | 5,351 |
Total long-term debt obligations | 358,390 | 477,602 |
Total long-term debt obligations | 358,390 | 477,602 |
Less - Current maturities of long-term debt | 4,828 | 2,238 |
Total long-term debt obligations, net of current maturities | $ 353,562 | $ 475,364 |
Debt Obligations - Long-term 74
Debt Obligations - Long-term Debt Obligations (Parenthetical) (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Minimum [Member] | Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Capital leases and Other long-term debt interest rates | 3.40% | 3.40% |
Minimum [Member] | Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Capital leases and Other long-term debt interest rates | 2.50% | 2.50% |
Maximum [Member] | Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Capital leases and Other long-term debt interest rates | 4.30% | 4.30% |
Maximum [Member] | Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Capital leases and Other long-term debt interest rates | 6.20% | 6.20% |
Debt Obligations - Current Matu
Debt Obligations - Current Maturities of Long-Term Debt and Short-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Abstract] | ||
Short-term debt | $ 2,735 | $ 4,829 |
Current maturities of long-term debt | 4,828 | 2,238 |
Current maturities of long-term debt and short-term debt | $ 7,563 | $ 7,067 |
Debt Obligations (Credit Facili
Debt Obligations (Credit Facility - Amended and Restated Credit Agreement) - Additional Information (Detail) - Current Credit Agreement [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Senior secured revolving credit facility | $ 1,810,000,000 |
Maturity date of senior secured revolving credit facility | Dec. 18, 2020 |
Option to increase revolving commitments under the credit agreement | $ 400,000,000 |
Revolving Loans and Letter of Credit in Alternative Currencies [Member] | |
Line of Credit Facility [Line Items] | |
Senior secured revolving credit facility | 600,000,000 |
U S Dollar [Member] | Swing Lines Loan [Member] | |
Line of Credit Facility [Line Items] | |
Senior secured revolving credit facility | 100,000,000 |
Canadian Dollars [Member] | Swing Lines Loan [Member] | |
Line of Credit Facility [Line Items] | |
Senior secured revolving credit facility | 50,000,000 |
Australian Dollars [Member] | Swing Lines Loan [Member] | |
Line of Credit Facility [Line Items] | |
Senior secured revolving credit facility | $ 30,000,000 |
Debt Obligations (Credit Faci77
Debt Obligations (Credit Facility - Current Borrowings) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Letters of credit and bank guarantees under the credit facility | $ 305,600 | |
Amount borrowed under the credit facility | 351,341 | $ 466,850 |
Credit facility available for revolving loans or issuing new letters of credit | 1,150,000 | |
Letters Of Credit and Bank Guarantees [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit and bank guarantees under the credit facility | 305,600 | |
Letters Of Credit and Bank Guarantees [Member] | U S Dollar [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit and bank guarantees under the credit facility | 210,800 | |
Letters Of Credit and Bank Guarantees [Member] | Primarily Canadian and Australian dollars [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit and bank guarantees under the credit facility | 94,800 | |
Borrowings Under Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount borrowed under the credit facility | 351,300 | |
Borrowings Under Credit Facility [Member] | U S Dollar [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount borrowed under the credit facility | 210,000 | |
Borrowings Under Credit Facility [Member] | Canadian Dollars [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount borrowed under the credit facility | $ 141,300 |
Debt Obligations - Information
Debt Obligations - Information on Borrowings under Current and Prior Credit Facility and Applicable Interest Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Abstract] | |||
Maximum amount outstanding during the period | $ 518,607 | $ 606,753 | $ 130,856 |
Average daily amount outstanding under the credit facility | $ 458,908 | $ 258,815 | $ 29,814 |
Weighted-average interest rate | 2.10% | 1.80% | 2.70% |
Debt Obligations (Credit Faci79
Debt Obligations (Credit Facility - Terms under the Amended and Restated Credit Agreement) - Additional Information (Detail) - Current Credit Agreement [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Reduction in Quanta's maximum funded debt and maximum senior debt by all cash and cash equivalents in excess of amount | $ 25,000,000 |
Percentage of capital stock of direct foreign subsidiaries required to secure credit agreement | 65.00% |
Amount of availability under the credit agreement and/or cash and cash equivalents on hand that must be present to allow for cash payments of dividends and stock repurchases | $ 100,000,000 |
Cross default provisions with debt instruments exceeding this amount | $ 100,000,000 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Commitment fee | 0.20% |
Minimum [Member] | Standby Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.125% |
Minimum [Member] | Performance Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 0.675% |
Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Commitment fee | 0.40% |
Maximum [Member] | Standby Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 2.125% |
Maximum [Member] | Performance Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.275% |
Excess of Eurocurrency Rate Applicable to Domestic Borrowings Only [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.125% |
Excess of Eurocurrency Rate Applicable to Domestic Borrowings Only [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 2.125% |
Excess of Base Rate Domestic Borrowings Only [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 0.125% |
Excess of Base Rate Domestic Borrowings Only [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.125% |
Excess of Euro Currency Rate of Credit Agreement for Foreign Borrowings [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.125% |
Excess of Euro Currency Rate of Credit Agreement for Foreign Borrowings [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 2.125% |
Excess of Federal Funds Rate [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 0.50% |
Excess of Euro Currency Rate [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.00% |
Debt Obligations (Credit Faci80
Debt Obligations (Credit Facility - prior to 4/1/14 information - Additional Information (Detail) - Prior to 4/1/14 [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |
Commitment fee | 0.20% |
Excess of Eurocurrency Rate Applicable to Domestic Borrowings Only [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.25% |
Excess of Base Rate Domestic Borrowings Only [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 0.25% |
Excess of Euro Currency Rate of Credit Agreement for Foreign Borrowings [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.25% |
Standby Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 1.25% |
Performance Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument Basis Spread On Variable Rate | 0.75% |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (loss) from continuing operations before income taxes: | |||
Domestic | $ 349,959 | $ 244,955 | $ 263,357 |
Foreign | (42,273) | (16,280) | 163,242 |
Income from continuing operations before income taxes | $ 307,686 | $ 228,675 | $ 426,599 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 106,316 | $ 85,830 | $ 67,430 |
State | 11,549 | 9,783 | 8,693 |
Foreign | 5,076 | 21,262 | 39,978 |
Total current tax provision | 122,941 | 116,875 | 116,101 |
Deferred: | |||
Federal | (264) | (5,247) | 11,507 |
State | (923) | 917 | 2,232 |
Foreign | (14,508) | (15,073) | 9,167 |
Total deferred tax provision (benefit) | (15,695) | (19,403) | 22,906 |
Total provision for income taxes from continuing operations | $ 107,246 | $ 97,472 | $ 139,007 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Provision at the statutory rate | $ 107,690 | $ 80,036 | $ 149,697 |
Increases (decreases) resulting from - | |||
State taxes | 6,479 | 7,241 | 7,890 |
Foreign taxes | 1,860 | 1,239 | (13,059) |
Contingency reserves, net | (13,540) | 4,438 | (650) |
Production activity deduction | (8,586) | (6,871) | (6,033) |
Employee per diems, meals and entertainment | 8,764 | 8,727 | 9,817 |
Taxes on unincorporated joint ventures | (656) | (3,838) | (6,429) |
Asset impairments | 1,909 | 7,047 | |
Other | 3,326 | (547) | (2,226) |
Total provision for income taxes from continuing operations | $ 107,246 | $ 97,472 | $ 139,007 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax liabilities: | |||
Property and equipment | $ (214,902) | $ (189,793) | |
Goodwill | (83,097) | (69,059) | |
Other intangibles | (33,566) | (36,565) | |
Other book/tax accounting method differences | (41,241) | (61,095) | |
Total deferred income tax liabilities | (372,806) | (356,512) | |
Deferred income tax assets: | |||
Accruals and reserves | 21,681 | 25,070 | |
Accrued insurance | 79,630 | 75,591 | |
Stock and incentive compensation and pension withdrawal liabilities | 58,744 | 52,009 | |
Net operating loss carryforwards | 37,362 | 27,255 | |
Other | 7,546 | 10,894 | |
Subtotal | 204,963 | 190,819 | |
Valuation allowance | (14,991) | (16,141) | $ (13,000) |
Total deferred income tax assets | 189,972 | 174,678 | |
Total net deferred income tax liabilities | $ (182,834) | $ (181,834) |
Income Taxes - Net Deferred Inc
Income Taxes - Net Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income taxes: | ||
Assets | $ 10,000 | $ 4,657 |
Liabilities | (192,834) | (186,491) |
Total net deferred income tax liabilities | $ (182,834) | $ (181,834) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
Valuation allowance for deferred income tax assets | $ 14,991 | $ 16,141 | $ 13,000 |
Change in total valuation allowance | (1,100) | 3,100 | (300) |
Tax effect of state and foreign net operating loss carryforwards | 37,362 | 27,255 | |
2,017 | 700 | ||
2,018 | 400 | ||
2,019 | 800 | ||
2,020 | 500 | ||
2,021 | 500 | ||
Thereafter | 37,300 | ||
Valuation allowance foreign and state net operating loss carryforwards | 12,600 | ||
Not provided U.S. income taxes of unremitted foreign earnings | 298,800 | ||
Reduction due to expiration of certain federal and state statutes of limitations | 23,448 | 282 | 9,209 |
Interest and penalties expense (income) in the provision for income taxes | (3,200) | $ 2,400 | $ 500 |
Gross Amount Before Balance Sheet Presentation Netting [Member] | |||
Income Taxes [Line Items] | |||
Tax effect of state and foreign net operating loss carryforwards | $ 40,200 | ||
Tax Year 2010 [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year completed | 2,010 | ||
Tax Year 2011 [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year completed | 2,011 | ||
Tax Year 2012 [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year completed | 2,012 | ||
Earliest Tax Year [Member] | Canada Revenue Agency [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2,010 | ||
Latest Tax Year [Member] | Canada Revenue Agency [Member] | |||
Income Taxes [Line Items] | |||
Open tax year | 2,014 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 54,541 | $ 50,668 | $ 48,306 |
Additions based on tax positions related to the current year | 4,227 | 5,340 | 9,133 |
Additions for tax positions of prior years | 2,048 | 292 | 2,438 |
Reductions for tax positions of prior years | (1,948) | (132) | |
Reductions for audit settlements | (180) | (1,345) | |
Reductions resulting from a lapse of the applicable statute of limitations periods | (23,448) | (282) | (9,209) |
Balance at end of year | $ 35,240 | $ 54,541 | $ 50,668 |
Income Taxes - Balances of Unre
Income Taxes - Balances of Unrecognized Tax Benefits (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized tax benefits | $ 35,240,000 | $ 54,541,000 | $ 50,668,000 | $ 48,306,000 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 33,128,000 | 48,312,000 | 42,952,000 | |
Accrued interest on unrecognized tax benefits | 5,539,000 | 8,750,000 | 6,304,000 | |
Accrued penalties on unrecognized tax benefits | 650,000 | 673,000 | 697,000 | |
Portion that, if recognized, would reduce tax expense and effective tax rate lower bound | 0 | 0 | 0 | |
Portion that, if recognized, would reduce tax expense and effective tax rate upper bound | 10,983,000 | 24,009,000 | 8,484,000 | |
Minimum [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 0 | 0 | 0 | |
Maximum [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | $ 12,332,000 | $ 27,485,000 | $ 10,221,000 |
Equity (Exchangeable Shares and
Equity (Exchangeable Shares and Series F and Series G Preferred Stock) - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Minimum number of shares that can be exchanged by exchangeable shareholders unless the number of remaining exchangeable shares registered in the name of the holder is less | 50,000 | ||
Number of shares of Common stock received for each exchangeable share | 1 | ||
Common stock, shares outstanding | 144,710,773 | 152,907,166 | |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Exchangeable shares exchanged for common stock | 360,589 | 449,929 | 0 |
Series F Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Number of preferred Stock issued to voting trust | 1 | 1 | |
Series G Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Number of preferred Stock issued to voting trust | 1 | 1 | |
Exchangeable Shares [Member] | |||
Class of Stock [Line Items] | |||
Exchangeable shares exchanged for common stock | (360,589) | (449,929) | |
Common stock, shares outstanding | 6,515,453 | 6,876,042 | |
Series F- and Series G- Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Exchangeable stock shares outstanding | 3,900,000 |
Equity (Treasury Stock) - Addit
Equity (Treasury Stock) - Additional Information (Detail) - USD ($) | Dec. 01, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2013 |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Retirement of treasury stock, shares | 84,800,000 | ||||||||
Value of treasury stock acquired, cost method | $ 1,456,361,000 | $ 93,482,000 | |||||||
Treasury stock related to deferred compensation plans | $ 6,600,000 | $ 6,800,000 | 6,600,000 | 900,000 | $ 6,800,000 | ||||
Treasury stock, value | $ 1,795,257,000 | $ 14,288,000 | 1,795,257,000 | $ 14,288,000 | |||||
Payments for repurchase of common stock | 1,606,361,000 | 93,482,000 | |||||||
Accelerated stock repurchases settled at a later date | 150,000,000 | ||||||||
2015 Repurchase Program [Member] | Maximum [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Aggregate authorized amount of common stock to be repurchased | $ 1,250,000,000 | $ 1,250,000,000 | |||||||
2015 Repurchase Program Open Market Purchases [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Treasury stock acquired | 19,200,000 | ||||||||
Value of treasury stock acquired, cost method | $ 449,900,000 | ||||||||
Accelerated Share Repurchase Agreement [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Treasury stock acquired | 25,700,000 | 9,400,000 | |||||||
Value of treasury stock acquired, cost method | $ 600,000,000 | ||||||||
Aggregate authorized amount of common stock to be repurchased | 750,000,000 | $ 750,000,000 | |||||||
Payments for repurchase of common stock | 750,000,000 | ||||||||
Accelerated stock repurchases settled at a later date | $ 150,000,000 | ||||||||
2015 Repurchase Plan Open Market Purchases And Accelerated Share Repurchase Agreement [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Treasury stock acquired | 54,300,000 | ||||||||
Value of treasury stock acquired, cost method | $ 1,200,000,000 | ||||||||
Treasury stock remaining authorized repurchase amount | $ 50,100,000 | $ 50,100,000 | |||||||
2013 Repurchase Program [Member] | Maximum [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Aggregate authorized amount of common stock to be repurchased | $ 500,000,000 | ||||||||
2013 Repurchase Program Open Market Repurchases [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Treasury stock acquired | 14,300,000 | ||||||||
Value of treasury stock acquired, cost method | $ 406,500,000 | ||||||||
Additional Paid-in Capital [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Retirement of treasury stock | (1,946,128,000) | ||||||||
Accelerated stock repurchases settled at a later date | 150,000,000 | ||||||||
Treasury Stock [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Retirement of treasury stock | $ 1,946,129,000 | ||||||||
Value of treasury stock acquired, cost method | $ 1,456,361,000 | $ 93,482,000 | |||||||
Common Stock Withheld for Settlement of Employee Tax Liabilities [Member] | Treasury Stock [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Treasury stock acquired | 400,000 | 400,000 | 400,000 | ||||||
Value of treasury stock acquired, cost method | $ 8,300,000 | $ 10,400,000 | $ 12,300,000 |
Equity (Non-controlling Interes
Equity (Non-controlling Interests) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||
Income attributable to the other joint venture members | $ 1,700 | $ 10,900 | $ 18,400 |
Carrying value of the investments held by Quanta in variable interest entities | 3,300 | 2,300 | |
Non-controlling interests | 3,275 | 2,321 | |
Distributions to non-controlling interests | $ 761 | 21,228 | $ 14,432 |
Contributions received from a joint venture partner | 2,313 | ||
Corporate Joint Venture [Member] | |||
Noncontrolling Interest [Line Items] | |||
Contributions received from a joint venture partner | $ 2,300 |
Equity-Based Compensation (Stoc
Equity-Based Compensation (Stock Incentive Plans) - Additional Information (Detail) | Dec. 31, 2016shares |
2011 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock that may be issued | 11,750,000 |
2007 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate number of shares of common stock that may be issued | 4,000,000 |
Equity-Based Compensation (Rest
Equity-Based Compensation (Restricted Stock and RSUs to be Settled in Common Stock) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-cash stock compensation expense | $ 42,843 | $ 36,939 | $ 37,449 |
Restricted Stock and Restricted Stock Units to be Settled in Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards vested | 1.4 | 1.3 | 1.1 |
Fair value of restricted stock, vested | $ 28,900 | $ 35,900 | $ 37,500 |
Non-cash stock compensation expense | $ 39,600 | $ 33,300 | $ 35,000 |
Restricted Stock and Restricted Stock Units to be Settled in Common Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period for restricted stock and restricted stock units | 3 years | ||
Restricted Stock and Restricted Stock Units to be Settled in Common Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period for restricted stock and restricted stock units | 2 years | ||
Restricted Stock Units to be Settled in Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, shares | 1.8 | 1.3 | 1.4 |
Granted, weighted average grant date fair value, per share | $ 22.22 | $ 27.64 | $ 35.08 |
Unrecognized compensation cost, related to unvested restricted stock, total | $ 29,800 | ||
Expected weighted average period to recognize compensation cost on restricted stock and RSUs to be settled in stock (in years) | 1 year 6 months 7 days |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Restricted Stock and RSU to be Settled in Common Stock Activity (Detail) - Restricted Stock and RSUs to be Settled in Common Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at January 1, 2016, shares | shares | 2,377 |
Granted, shares | shares | 1,846 |
Vested, shares | shares | (1,369) |
Forfeited, shares | shares | (143) |
Unvested at December 31, 2016, shares | shares | 2,711 |
Unvested, Weighted Average Grant Date Fair Value (Per share), Beginning of Period | $ / shares | $ 30.36 |
Granted, Weighted Average Grant Date Fair Value (Per share) | $ / shares | 22.22 |
Vested, Weighted Average Grant Date Fair Value (Per share) | $ / shares | 29.58 |
Forfeited, Weighted Average Grant Date Fair Value (Per share) | $ / shares | 25.93 |
Unvested, Weighted Average Grant Date Fair Value (Per share), End of Period | $ / shares | $ 25.45 |
Equity-Based Compensation (Perf
Equity-Based Compensation (Performance Units to be Settled in Common Stock) - Additional Information (Detail) - Performance Units [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Required performance period | 3 years | ||
Performance units vesting conditions | These performance units cliff-vest at the end of a three-year performance period based on achievement of three-year company financial performance targets and strategic initiatives established by the Compensation Committee. | ||
Performance units granted | 300,000 | 200,000 | 100,000 |
Granted, weighted average grant date fair value, per share | $ 22.86 | $ 28.16 | $ 35.20 |
Compensation costs | $ 3.2 | $ 3.6 | $ 2.4 |
Performance units vested | 0 | 0 | 0 |
Number of common shares issued in connection with performance units | 0 | 0 | 0 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance units performance percentage | 0.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance units performance percentage | 200.00% |
Equity-Based Compensation (RSUs
Equity-Based Compensation (RSUs to be Settled in Cash) - Additional Information (Detail) - Restricted Stock Units to be Settled in Cash [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock shares that may be received by RSU holder | 1 | ||
Compensation expense related to Restricted Stock Units to be settled in cash | $ 7 | $ 4 | $ 3.9 |
Payments to settle liabilities under compensation plan | 4.6 | 4.2 | $ 3.1 |
Accrued liabilities under Compensation Plan | $ 5.1 | $ 2.7 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period for restricted stock and restricted stock units | 2 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period for restricted stock and restricted stock units | 3 years |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Line Items] | |||
Multiemployer defined contribution and other benefit plan contributions other than MEP DBP | $ 139.3 | $ 147.1 | $ 129 |
Contributions to the deferred compensation plans | 1 | 1 | 0.3 |
Deferred compensation obligations included in other long-term liabilities | 19.1 | 11.7 | |
Deferred compensation obligations included in other long-term assets | $ 17.9 | 11.3 | |
401K Plan [Member] | |||
Employee Benefit Plans [Line Items] | |||
Percentage of contribution by employer of each employee's contribution up to 3% | 100.00% | ||
Percentage of contribution by employer of each employee who contributes between three and six percent | 50.00% | ||
Percentage of employee contribution, lower range | 3.00% | ||
Percentage of employee contribution, high range | 6.00% | ||
Contributions to Quanta 401(k) Plan | $ 21.9 | $ 17.7 | $ 13.9 |
Red Zone [Member] | |||
Employee Benefit Plans [Line Items] | |||
Percentage Funded in this Zone | Less than 65 % | ||
Yellow Zone [Member] | |||
Employee Benefit Plans [Line Items] | |||
Percentage Funded in this Zone | Less than 80 % | ||
Green Zone [Member] | |||
Employee Benefit Plans [Line Items] | |||
Percentage Funded in this Zone | at least 80 % |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Plan Information Relating to Participation in Multiemployer Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | |||
Contributions | $ 85,235 | $ 77,015 | $ 71,204 |
National Electrical Benefit Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 53-0181657-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 22,912 | $ 21,200 | 20,758 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through March 2020 | ||
Pipeline Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 73-6146433-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 6,954 | $ 6,087 | 6,280 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | June 2,017 | ||
Pipeline Industry Pension Fund [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Pipeline Industry Pension Fund [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,014 | ||
Central Pension Fund of the IUOE & Participating Employers [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 36-6052390-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 5,668 | $ 5,677 | 7,847 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through June 2017 | ||
Laborers Pension Trust Fund for Northern California [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 94-6277608-001 | ||
PPA Zone Status | Yellow | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 3,805 | $ 2,603 | 1,357 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | June 2,019 | ||
Eighth District Electrical Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 84-6100393-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 3,089 | $ 2,544 | 2,192 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through November 2018 | ||
Eighth District Electrical Pension Fund [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Eighth District Electrical Pension Fund [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,014 | ||
Alaska Electrical Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 92-6005171-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 2,701 | $ 639 | 68 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through March 2017 | ||
IBEW Local 456 Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 22-6238995-001 | ||
PPA Zone Status | Green | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 2,298 | $ 886 | 810 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through December 2017 | ||
Plumbers and Pipefitters National Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 52-6152779-001 | ||
PPA Zone Status | Yellow | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 1,666 | $ 850 | 197 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | June 2,017 | ||
OE Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 94-6090764-001 | ||
PPA Zone Status | Red | Red | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 1,508 | $ 1,264 | 991 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | Varies through June 2020 | ||
Laborers National Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 75-1280827-001 | ||
PPA Zone Status | Green | Green | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 1,358 | $ 7,671 | 4,227 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Varies through June 2017 | ||
Laborers National Pension Fund [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Laborers National Pension Fund [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,014 | ||
Operating Engineers Local 324 Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 38-1900637-001 | ||
PPA Zone Status | Red | Red | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 1,291 | $ 1,231 | 1,086 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | Varies through April 2018 | ||
Alaska Laborers -Employers Retirement Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 91-6028298-001 | ||
PPA Zone Status | Yellow | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 1,216 | $ 181 | |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | January 2,017 | ||
Local 697 IBEW and Electrical Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 51-6133048-001 | ||
PPA Zone Status | Green | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 1,207 | $ 1,066 | 200 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | May 2,018 | ||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Laborers District Council of W PA Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 25-6135576-001 | ||
PPA Zone Status | Red | Red | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 876 | $ 21 | |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | June 2,017 | ||
Midwest Operating Engineers Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 36-6140097-001 | ||
PPA Zone Status | Yellow | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 793 | $ 3,294 | 497 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | Varies through June 2017 | ||
Alaska Teamster Employer Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 92-6003463-024 | ||
PPA Zone Status | Red | Red | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 659 | $ 513 | 516 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreement | January 2,017 | ||
Joint Pension Local Union 164 IBEW [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 22-6031199-001 | ||
PPA Zone Status | Yellow | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | Implemented | ||
Contributions | $ 33 | $ 513 | 1,816 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | May 2,017 | ||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,014 | ||
Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 36-3020872-001 | ||
PPA Zone Status | Green | Yellow | |
Subject to Financial Improvement/ Rehabilitation Plan | No | ||
Contributions | $ 300 | 1,307 | |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | N/A | ||
Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Michigan Upper Peninsula Intrl Brotherhood of Elec Workers Pension Plan [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,014 | ||
All Other Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 27,201 | $ 20,475 | $ 21,055 |
Local Union No. 9 IBEW and Outside Contractors Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Alaska Plumbing and Pipefitting Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 | ||
Teamsters National Pipe Line Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Plan years in which Quanta contributions were five percent or more of total plan contributions | 2,015 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |||
Lease agreement terms | 5 years | ||
Related party lease expenses | $ 8.7 | $ 10.6 | $ 8.5 |
Commitments and Contingencie100
Commitments and Contingencies (Investments in Affiliates and Other Entities) - Additional Information (Detail) $ in Millions | 27 Months Ended | ||
Dec. 31, 2016USD ($)km | May 31, 2022USD ($) | Mar. 31, 2017USD ($) | |
Other Commitments, Planned Oil and Gas Infrastructure Projects [Member] | |||
Other Commitments [Line Items] | |||
Outstanding capital commitment | $ 20.5 | ||
Scenario Forecast [Member] | Other Commitments, Planned Oil and Gas Infrastructure Projects [Member] | |||
Other Commitments [Line Items] | |||
Outstanding capital commitment | $ 20.2 | $ 0.3 | |
Alberta Power Line [Member] | |||
Other Commitments [Line Items] | |||
Length of electrical transmission line to be constructed under contract | km | 500 | ||
Aggregate contributions to this unconsolidated affiliate | $ 13.5 | ||
Proceeds from return of capital | $ 2.9 |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Capital Commitments Associated with Investments in Unconsolidated Affiliates (Detail) - Corporate Joint Venture [Member] - Other Commitments, Engineering, Procurement and Construction Electric Transmission Project [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Other Commitments [Line Items] | |
Capital commitments, 2017 | $ 33,771 |
Capital commitments, 2018 | 0 |
Capital commitments, 2019 | 23,567 |
Total capital commitments associated with investments in an unconsolidated affiliate related to an EPC electrical transmission project | $ 57,338 |
Commitments and Contingencie102
Commitments and Contingencies - Outstanding Capital Commitments Associated with Investments in Unconsolidated Affiliates (Parenthetical) (Detail) $ in Millions | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Other Commitments, Engineering, Procurement and Construction Electric Transmission Project [Member] | Corporate Joint Venture [Member] | Scenario Forecast [Member] | |
Other Commitments [Line Items] | |
Return of capital from unconsolidated affiliates anticipated for 2017 | $ 42.1 |
Commitments and Contingencie103
Commitments and Contingencies - Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 99,677 |
2,018 | 67,034 |
2,019 | 44,216 |
2,020 | 25,444 |
2,021 | 13,761 |
Thereafter | 16,331 |
Total minimum lease payments | $ 266,463 |
Commitments and Contingencie104
Commitments and Contingencies (Leases) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rent expense related to operating leases | $ 242.3 | $ 208.5 | $ 161.5 |
Maximum guaranteed residual value | $ 556.5 |
Commitments and Contingencie105
Commitments and Contingencies (Committed Expenditures) - Additional Information (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Vehicle Fleet Committed Capital [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Estimated committed capital in next fiscal year | $ 22.4 |
Commitments and Contingencie106
Commitments and Contingencies (Legal Proceedings) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Apr. 21, 2010mi | |
Maximum [Member] | Lorenzo Benton v Telecom Network Specialists Inc [Member] | |||
Loss Contingencies [Line Items] | |||
Reasonable possible loss | $ 23,000,000 | ||
Sunrise Powerlink Project [Member] | |||
Loss Contingencies [Line Items] | |||
Length of electrical transmission line to be constructed under contract | mi | 117 | ||
Proceeds from customers | $ 65,000,000 |
Commitments and Contingencie107
Commitments and Contingencies (Concentrations of Credit Risk) - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014Customer | |
Concentration Risk [Line Items] | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 473,308 | $ 317,745 | |
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Net position balance | $ 277,300 | $ 195,200 | |
Net Receivable Position [Member] | Customer Concentration Risk [Member] | Quanta's Electric Power Infrastructure Services Segment [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers representing ten percent or more of concentration risk | Customer | 1 | 1 | |
Concentration risk percentage | 16.00% | 12.00% | |
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 175,900 | $ 83,900 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers representing ten percent or more of concentration risk | Customer | 0 | 0 | 0 |
Commitments and Contingencie108
Commitments and Contingencies (Self-Insurance) - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitment And Contingencies [Line Items] | ||
Insurance and other non-current liabilities | $ 259,733 | $ 260,129 |
Insurance Claims [Member] | ||
Commitment And Contingencies [Line Items] | ||
Gross amount accrued for insurance claims | 218,200 | 209,000 |
Insurance and other non-current liabilities | 162,000 | 153,500 |
Related insurance recoveries/receivables | 8,700 | 8,600 |
Related insurance recoveries/receivables included in prepaid expenses and other current assets | 400 | 600 |
Related insurance recoveries/receivables included in other assets net | $ 8,300 | $ 8,000 |
Commitments and Contingencie109
Commitments and Contingencies (Letters of Credit) - Additional Information (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit and bank guarantees under the credit facility | $ 305.6 |
Commitments and Contingencie110
Commitments and Contingencies (Performance Bonds and Parent Guarantees) - Additional Information (Detail) $ in Billions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Total amount of outstanding performance bonds | $ 3.4 |
Estimated cost to complete bonded projects | $ 1.2 |
Commitments and Contingencie111
Commitments and Contingencies (Collective Bargaining Agreements) - Additional Information (Detail) - Withdrawal from Multiemployer Defined Benefit Plan [Member] - Central States Plan [Member] - USD ($) $ in Millions | Mar. 13, 2013 | Dec. 31, 2016 | Dec. 31, 2016 | Jan. 31, 2016 | Jul. 31, 2014 | Oct. 09, 2013 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | |||||||
Amount of withdrawal liability | $ 32.9 | $ 39.6 | $ 32.6 | ||||
Payment of withdrawal liability assessment amount | $ 17.5 | ||||||
Acquired Company [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Amount of withdrawal liability | $ 4.8 | $ 4.8 | |||||
Payment of withdrawal liability assessment amount | $ 3.5 | ||||||
Multiemployer plan withdrawal obligation, amount suggested by Plan which is different than amount recorded by company | $ 6.9 | ||||||
Minimum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Amount of withdrawal liability | 40.1 | 40.1 | |||||
Maximum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Amount of withdrawal liability | $ 55.4 | $ 55.4 |
Commitments and Contingencie112
Commitments and Contingencies (Indemnities) - Additional Information (Detail) - Indemnification Agreement [Member] $ in Millions | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | |
Pre-acquisition non-U.S.tax obligations and indemnification asset amount recorded | $ 11.4 |
Pre-acquisition non-U.S.tax obligations and indemnification liability amount recorded | $ 11.4 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | Segment | 2 | ||||||||||
Revenues | $ 2,102,966 | $ 2,042,186 | $ 1,792,430 | $ 1,713,737 | $ 1,899,272 | $ 1,939,438 | $ 1,872,340 | $ 1,861,386 | $ 7,651,319 | $ 7,572,436 | $ 7,747,229 |
Property and equipment | 1,174,094 | 1,101,959 | 1,174,094 | 1,101,959 | |||||||
Foreign Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,590,000 | 1,540,000 | $ 1,890,000 | ||||||||
Property and equipment | $ 320,700 | $ 317,600 | $ 320,700 | $ 317,600 | |||||||
Foreign Operations [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of foreign revenues | 75.00% | 85.00% | 82.00% |
Segment Information - Summarize
Segment Information - Summarized Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 2,102,966 | $ 2,042,186 | $ 1,792,430 | $ 1,713,737 | $ 1,899,272 | $ 1,939,438 | $ 1,872,340 | $ 1,861,386 | $ 7,651,319 | $ 7,572,436 | $ 7,747,229 |
Operating income (loss) | 320,813 | 237,503 | 429,060 | ||||||||
Depreciation | 170,240 | 162,845 | 141,106 | ||||||||
Electric Power Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,850,495 | 4,937,289 | 5,302,671 | ||||||||
Operating income (loss) | 395,745 | 362,328 | 462,985 | ||||||||
Depreciation | 91,269 | 89,150 | 76,214 | ||||||||
Oil and Gas Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,800,824 | 2,635,147 | 2,444,558 | ||||||||
Operating income (loss) | 149,502 | 142,929 | 162,797 | ||||||||
Depreciation | 67,374 | 65,315 | 57,414 | ||||||||
Corporate and Non-Allocated Costs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (224,434) | (267,754) | (196,722) | ||||||||
Depreciation | $ 11,597 | $ 8,380 | $ 7,478 |
Supplemental Cash Flow Infor115
Supplemental Cash Flow Information - Schedule of Effect of Changes in Operating Assets and Liabilities, Net of Non-Cash Transactions, on Cash Flows from Operating Activities of Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts and notes receivable | $ 144,877 | $ 150,470 | $ (239,159) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (152,702) | (49,358) | (73,443) |
Inventories | (9,905) | (33,524) | (4,025) |
Prepaid expenses and other current assets | 25,133 | 5,899 | (35,493) |
Accounts payable and accrued expenses and other non-current liabilities | 73,452 | (2,486) | (60,829) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (124,680) | 153,017 | 28,596 |
Other, net | (13,743) | (11,707) | (4,908) |
Net change in operating assets and liabilities, net of non-cash transactions | $ (57,568) | $ 212,311 | $ (389,261) |
Supplemental Cash Flow Infor116
Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash (paid) received during the period for - | |||
Interest paid related to continuing operations | $ (12,828) | $ (7,087) | $ (3,533) |
Income tax refunds related to continuing operations | 7,548 | 23,788 | 7,376 |
Continuing Operations [Member] | |||
Cash (paid) received during the period for - | |||
Income taxes paid | (121,662) | (130,921) | (223,901) |
Discontinued Operations [Member] | |||
Cash (paid) received during the period for - | |||
Income taxes paid | $ (7,260) | $ (144,076) | $ (5,286) |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) - Consolidated Operating Results by Quarter (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 2,102,966 | $ 2,042,186 | $ 1,792,430 | $ 1,713,737 | $ 1,899,272 | $ 1,939,438 | $ 1,872,340 | $ 1,861,386 | $ 7,651,319 | $ 7,572,436 | $ 7,747,229 |
Gross profit | 307,688 | 302,582 | 200,217 | 203,313 | 223,039 | 235,215 | 227,505 | 237,906 | 1,013,800 | 923,665 | 1,168,794 |
Net income (loss) | 88,358 | 74,152 | 16,729 | 20,859 | (4,882) | 218,956 | 49,565 | 58,185 | 200,098 | 321,824 | 315,082 |
Net income (loss) attributable to common stock | 87,583 | 73,742 | 16,562 | 20,496 | (5,074) | 216,388 | 46,109 | 53,484 | 198,383 | 310,907 | 296,714 |
Net income (loss) from continuing operations attributable to common stock | $ 88,530 | $ 73,137 | $ 16,562 | $ 20,496 | $ (2,586) | $ 43,176 | $ 32,007 | $ 47,689 | $ 198,725 | $ 120,286 | $ 269,224 |
Earnings (loss) per share from continuing operations attributable to common stock - basic and diluted | $ 0.57 | $ 0.47 | $ 0.11 | $ 0.13 | $ (0.02) | $ 0.23 | $ 0.15 | $ 0.22 | $ 1.26 | $ 0.62 | $ 1.22 |
Quarterly Financial Data (Un118
Quarterly Financial Data (Unaudited) - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Line Items] | |||||
Asset impairment charges | $ 8,000,000 | $ 58,500,000 | $ 7,964,000 | $ 58,451,000 | |
Asset impairment charges, net of tax | 7,100,000 | 44,600,000 | |||
Goodwill impairment | 39,800,000 | $ 0 | |||
Intangible asset impairment charges | 12,100,000 | $ 12,100,000 | |||
Certain International Renewable Energy Services [Member] | |||||
Quarterly Financial Data [Line Items] | |||||
Asset impairment charges | $ 8,000,000 | $ 6,600,000 | |||
Fiber Optic Licensing Division [Member] | |||||
Quarterly Financial Data [Line Items] | |||||
Gain on sale, Net of tax | $ 171,000,000 |