v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS:
Goodwill
The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands):
Electric Power
Segment		Renewable Energy Segment
Underground and Infrastructure
Segment
Total
Balance at December 31, 2022 (1)
$1,396,141 $1,518,149 $672,455 $3,586,745 
Goodwill related to acquisition completed in 2023189,777 263,854 — 453,631 
Purchase price allocation adjustments338 — — 338 
Foreign currency translation adjustments1,243 2,185 1,763 5,191 
Balance at December 31, 2023 (1)
1,587,4991,784,188674,2184,045,905
Goodwill related to the acquisitions completed in 2024691,428 434,693 186,993 1,313,114 
Purchase price allocation adjustments(7,333)(3,663)— (10,996)
Goodwill written off due to sale of business (1)
— — (6,147)(6,147)
Foreign currency translation adjustments(4,742)(8,983)(11,708)(25,433)
Balance at December 31, 2024 (1)
$2,266,852 $2,206,235 $843,356 $5,316,443 
(1)    Included in the Underground and Infrastructure segment for the years ended December 31, 2024, 2023, and 2022 was accumulated impairment of $49.9 million, $96.1 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off due to the sale of a business.
In connection with the 2024, 2023 and 2022 annual goodwill assessments, management performed a qualitative impairment assessment of Quanta’s reporting units, which indicated that it was more likely than not that the fair value of its reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required, and no goodwill impairment was recognized in 2024, 2023 or 2022.
Other Intangible Assets
Quanta’s identifiable 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 December 31, 2024As of December 31, 2023
Remaining Weighted Average Amortization Period in YearsIntangible
Assets		Accumulated
Amortization		Intangible
Assets, Net		Intangible
Assets		Accumulated
Amortization		Intangible
Assets, Net
Customer relationships5.1$2,405,606 $(1,105,099)$1,300,507 $1,852,249 $(842,184)$1,010,065 
Backlog1.6442,459 (358,596)83,863 336,149 (297,868)38,281 
Trade names12.9569,307 (113,970)455,337 378,428 (87,572)290,856 
Non-compete agreements4.561,589 (51,453)10,136 59,464 (48,687)10,777 
Patented rights, developed technology, process certifications and other12.635,317 (32,763)2,554 32,985 (29,605)3,380 
Curriculum3.815,618 (10,478)5,140 14,794 (8,741)6,053 
Total intangible assets subject to amortization6.83,529,896 (1,672,359)1,857,537 2,674,069 (1,314,657)1,359,412 
Engineering license3,000 — 3,000 3,000 — 3,000 
Total intangible assets$3,532,896 $(1,672,359)$1,860,537 $2,677,069 $(1,314,657)$1,362,412 
Amortization expense for intangible assets was $383.0 million, $289.0 million and $354.0 million for the years ended December 31, 2024, 2023 and 2022.
The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2024 is set forth below (in thousands):
Year Ending December 31: 
2025$404,888 
2026346,348 
2027315,629 
2028249,447 
2029112,581 
Thereafter428,644 
Total$1,857,537