v3.24.3
Revenue Recognition and Related Balance Sheet Accounts (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Disaggregated by Geographic Location and Contract Type The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
By contract type:
Fixed price contracts$3,725,174 57.4 %$2,718,921 48.4 %$9,489,949 55.4 %$6,950,697 46.0 %
Unit-price contracts1,769,369 27.2 1,803,764 32.1 4,830,577 28.2 4,998,787 33.1 
Cost-plus contracts998,624 15.4 1,098,137 19.5 2,798,847 16.4 3,148,774 20.9 
Total revenues$6,493,167 100.0 %$5,620,822 100.0 %$17,119,373 100.0 %$15,098,258 100.0 %
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
By primary geographic location:
United States$5,871,453 90.4 %$4,816,825 85.8 %$15,573,776 91.1 %$12,766,092 84.6 %
Canada329,066 5.1 574,536 10.2 778,578 4.5 1,640,154 10.9 
Australia195,815 3.0 148,499 2.6 503,095 2.9 459,901 3.0 
Others96,833 1.5 80,962 1.4 263,924 1.5 232,111 1.5 
Total revenues$6,493,167 100.0 %$5,620,822 100.0 %$17,119,373 100.0 %$15,098,258 100.0 %
Contract Assets and Liabilities
Contract assets and liabilities consisted of the following (in thousands):
September 30, 2024December 31, 2023
Contract assets$1,328,833 $1,413,057 
Contract liabilities$1,875,388 $1,538,677 
Composition of the Allowance for Credit Losses
Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Balance at beginning of period$13,955 $13,908 $13,962 $15,644 
Increase in provision for credit losses1,588 181 1,859 5,428 
Write-offs charged against the allowance net of recoveries of amounts previously written off(1,962)(146)(2,240)(7,129)
Balance at end of period$13,581 $13,943 $13,581 $13,943