Summary of Changes in Quanta's Goodwill |
A summary of changes in Quanta’s goodwill is as follows (in thousands): | | | | | | | | | | | | | | | | Electric Power Infrastructure Services Division | | Pipeline and Industrial Infrastructure Services Division | | Total | Balance at December 31, 2016: | | | | | | | Goodwill | | $ | 1,253,979 |
| | $ | 388,923 |
| | $ | 1,642,902 |
| Accumulated impairment | | — |
| | (39,733 | ) | | (39,733 | ) | | | 1,253,979 |
| | 349,190 |
| | 1,603,169 |
| | | | | | | | Goodwill related to acquisitions completed in 2017 | | 5,866 |
| | 296,542 |
| | 302,408 |
| Purchase price allocation adjustments | | (619 | ) | | (659 | ) | | (1,278 | ) | Goodwill impaired during 2017 | | — |
| | (57,011 | ) | | (57,011 | ) | Foreign currency translation adjustments | | 13,301 |
| | 8,011 |
| | 21,312 |
| | | | | | | | Balance at December 31, 2017: | | | | | | | Goodwill | | 1,272,527 |
| | 693,905 |
| | 1,966,432 |
| Accumulated impairment | | — |
| | (97,832 | ) | | (97,832 | ) | | | 1,272,527 |
| | 596,073 |
| | 1,868,600 |
| | | | | | | | Goodwill related to acquisitions completed in 2018 | | 56,337 |
| | — |
| | 56,337 |
| Purchase price allocation adjustments | | 51 |
| | — |
| | 51 |
| Foreign currency translation adjustments | | (15,837 | ) | | (9,272 | ) | | (25,109 | ) | | | | | | | | Balance at December 31, 2018: | | | | | | | Goodwill | | 1,313,078 | | 683,284 | | 1,996,362 | Accumulated impairment | | — |
| | (96,483 | ) | | (96,483 | ) | | | 1,313,078 | | 586,801 | | 1,899,879 | | | | | | | | Goodwill related to acquisitions completed in 2019 | | 43,183 |
| | 67,200 |
| | 110,383 |
| Purchase price allocation adjustments | | 1,503 |
| | — |
| | 1,503 |
| Foreign currency translation adjustments | | 7,399 |
| | 3,511 |
| | 10,910 |
| | | | | | | | Balance at December 31, 2019: | | | | | | | Goodwill | | 1,365,163 |
| | 753,938 |
| | 2,119,101 |
| Accumulated impairment | | — |
| | (96,426 | ) | | (96,426 | ) | | | $ | 1,365,163 |
| | $ | 657,512 |
| | $ | 2,022,675 |
|
|
Other Intangible Assets |
Quanta’s intangible assets and the remaining weighted average amortization periods related to its intangible assets subject to amortization were as follows (in thousands except for weighted average amortization periods, which are in years): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | As of | | As of | | December 31, | | | December 31, 2019 | | December 31, 2018 | | 2019 | | | Intangible Assets | | Accumulated Amortization | | Intangible Assets, Net | | Intangible Assets | | Accumulated Amortization | | Intangible Assets, Net | | Remaining Weighted Average Amortization Period in Years | Customer relationships | | $ | 532,808 |
| | $ | (213,915 | ) | | $ | 318,893 |
| | $ | 359,967 |
| | $ | (165,715 | ) | | $ | 194,252 |
| | 6.5 | Backlog | | 144,704 |
| | (141,580 | ) | | 3,124 |
| | 135,578 |
| | (134,592 | ) | | 986 |
| | 2.8 | Trade names | | 93,396 |
| | (26,145 | ) | | 67,251 |
| | 81,058 |
| | (21,559 | ) | | 59,499 |
| | 14.6 | Non-compete agreements | | 43,281 |
| | (32,868 | ) | | 10,413 |
| | 40,728 |
| | (30,168 | ) | | 10,560 |
| | 3.1 | Patented rights and developed technology | | 22,719 |
| | (20,682 | ) | | 2,037 |
| | 22,482 |
| | (19,175 | ) | | 3,307 |
| | 2.2 | Curriculum | | 11,712 |
| | (2,696 | ) | | 9,016 |
| | 9,448 |
| | (872 | ) | | 8,576 |
| | 8.3 | Total intangible assets subject to amortization | | 848,620 |
| | (437,886 | ) | | 410,734 |
| | 649,261 |
| | (372,081 | ) | | 277,180 |
| | 7.7 | Engineering license | | 3,000 |
| | — |
| | 3,000 |
| | 3,000 |
| | — |
| | 3,000 |
| | | Total intangible assets | | $ | 851,620 |
| | $ | (437,886 | ) | | $ | 413,734 |
| | $ | 652,261 |
| | $ | (372,081 | ) | | $ | 280,180 |
| | |
|