| Summary of Changes in Quanta's Goodwill |
The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Electric Segment | | Underground and Infrastructure Segment | | Total | | | | | | | | | | | | | | | Balance at December 31, 2023 (1) | | $ | 3,371,687 | | | $ | 674,218 | | | $ | 4,045,905 | | | Goodwill related to acquisition completed in 2024 | | 1,126,121 | | | 186,993 | | | 1,313,114 | | | Purchase price allocation adjustments | | (10,996) | | | — | | | (10,996) | | Goodwill written off due to sale of business (1) | | — | | | (6,147) | | | (6,147) | | | Foreign currency translation adjustments | | (13,725) | | | (11,708) | | | (25,433) | | | | | | | | | | | | | | | | Balance at December 31, 2024 (1) | | 4,473,087 | | 843,356 | | 5,316,443 | | Goodwill related to the acquisitions completed in 2025 | | 645,725 | | | 1,332,171 | | | 1,977,896 | | | Purchase price allocation adjustments | | 5,933 | | | 364 | | | 6,297 | | | Foreign currency translation adjustments | | 8,951 | | | 7,641 | | | 16,592 | | | | | | | | | | | | | | | | Balance at December 31, 2025 (1) | | $ | 5,133,696 | | | $ | 2,183,532 | | | $ | 7,317,228 | |
(1) Included in the Underground and Infrastructure segment for the years ended December 31, 2025, 2024, and 2023 was accumulated impairment of $50.7 million, $49.9 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off related to the Underground and Infrastructure segment due to the sale of a business.
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| 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, 2025 | | As of December 31, 2024 | | | Remaining Weighted Average Amortization Period in Years | | Intangible Assets | | Accumulated Amortization | | Intangible Assets, Net | | Intangible Assets | | Accumulated Amortization | | Intangible Assets, Net | | Customer relationships | | 5.7 | | $ | 3,523,939 | | | $ | (1,464,107) | | | $ | 2,059,832 | | | $ | 2,405,606 | | | $ | (1,105,099) | | | $ | 1,300,507 | | | Backlog | | 1.6 | | 618,911 | | | (454,847) | | | 164,064 | | | 442,459 | | | (358,596) | | | 83,863 | | | Trade names | | 12.9 | | 794,379 | | | (156,085) | | | 638,294 | | | 569,307 | | | (113,970) | | | 455,337 | | | Non-compete agreements | | 4.5 | | 91,781 | | | (57,513) | | | 34,268 | | | 61,589 | | | (51,453) | | | 10,136 | | | Patented rights, developed technology, process certifications and other | | 12.5 | | 35,413 | | | (33,140) | | | 2,273 | | | 35,317 | | | (32,763) | | | 2,554 | | | Curriculum | | 3.2 | | 16,691 | | | (12,234) | | | 4,457 | | | 15,618 | | | (10,478) | | | 5,140 | | | Total intangible assets subject to amortization | | 7.1 | | 5,081,114 | | | (2,177,926) | | | 2,903,188 | | | 3,529,896 | | | (1,672,359) | | | 1,857,537 | | | Engineering license | | | | 3,000 | | | — | | | 3,000 | | | 3,000 | | | — | | | 3,000 | | | Other intangible assets, net | | | | $ | 5,084,114 | | | $ | (2,177,926) | | | $ | 2,906,188 | | | $ | 3,532,896 | | | $ | (1,672,359) | | | $ | 1,860,537 | |
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