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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Aggregate Consideration Paid or Payable and Allocation of Net Assets The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of the their respective acquisition dates, inclusive of any purchase price adjustments as of December 31, 2022 for acquisitions completed in the years shown below (in thousands).
Acquisitions Closed in the Year Ended December 31,
20222021
BlattnerAll Others
Consideration:
Cash paid or payable$21,990 $2,434,877 $328,155 
Value of Quanta common stock issued— 345,422 16,922 
Contingent consideration2,600 125,632 — 
Fair value of total consideration transferred or estimated to be transferred$24,590 $2,905,931 $345,077 
Cash and cash equivalents$101 $171,950 $9,911 
Accounts receivable1,755 411,835 63,033 
Contract assets— 13,622 8,322 
Other current assets72 57,803 6,262 
Property and equipment2,266 179,530 71,736 
Other assets— 191 230 
Identifiable intangible assets13,109 1,425,000 104,143 
Current maturities of long-term debt and short-term debt— (2,304)— 
Accounts payable and accrued liabilities(1,408)(481,047)(29,481)
Contract liabilities(3,530)(227,040)(384)
Deferred tax liabilities, net— — (2,424)
Other long-term liabilities— (7,764)— 
Total identifiable net assets12,365 1,541,776 231,348 
Goodwill12,225 1,364,155 113,729 
Fair value of net assets acquired$24,590 $2,905,931 $345,077 
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 acquisitions completed in 2022 and 2021 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).
Acquisitions Closed in the Year Ended December 31,
20222021
BlattnerAll Others
Estimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in YearsEstimated Fair ValueWeighted Average Amortization Period in Years
Customer relationships$11,565 6.0$1,045,000 7.0$77,563 6.7
Backlog557 0.5130,000 0.76,431 1.2
Trade names850 15.0250,000 15.05,298 14.9
Non-compete agreements137 5.0— N/A5,823 5.0
Patented rights, developed technology, and process certifications— N/A— N/A9,028 3.5
Total intangible assets subject to amortization $13,109 6.4$1,425,000 7.8$104,143 6.4
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the years ended December 31, 2022 and 2021 as of the respective acquisition dates:
 20222021
RateRangeWeighted Average
Discount rates
22%
18% to 26%
18%
Customer attrition rates
20%
8% to 30%
10%
The following table includes the volatility factors, weighted average costs of capital and discount rates used to determine the fair value of contingent consideration liabilities during the years ended December 31, 2022 and 2021:
 20222021
RangeWeighted AverageRangeWeighted Average
Volatility factors
35.0% to 50.0%
42.5%
50%50%
Weighted average cost of capital
14.5% to 17.5%
16.0%
16.5% to 17.0%
16.8%
Discount rates
1.71% to 6.30%
4.5%
0.04% to 2.18%
1.4%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):
 December 31, 2022December 31, 2021
Accounts payable and accrued expenses$5,000 $2,591 
Insurance and other non-current liabilities143,517 140,482 
Total contingent consideration liabilities$148,517 $143,073 
Unaudited Supplemental Pro Forma Results of Operations
The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in 2022, 2021 and 2020, have been provided for illustrative purposes only and may not 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 (in thousands).
 Year Ended December 31,
 202220212020
Revenues$17,083,551 $15,527,934 $14,082,275 
Net income attributable to common stock$489,014 $619,304 $414,742