v3.25.2
Detail of Certain Accounts
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Detail of Certain Accounts 14. DETAIL OF CERTAIN ACCOUNTS:
Cash and Cash Equivalents
As of June 30, 2025 and December 31, 2024, cash equivalents were $306.2 million and $347.5 million and consisted primarily of money market investments, money market mutual funds and short-term deposits.
Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by
consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):
 June 30, 2025December 31, 2024
Cash and cash equivalents held by domestic joint ventures$38,942 $71,646 
Cash and cash equivalents held by foreign joint ventures10,119 10,088 
Total cash and cash equivalents held by joint ventures49,061 81,734 
Cash and cash equivalents held by captive insurance company20,330 19,445 
Cash and cash equivalents not held by joint ventures or captive insurance company440,069 640,781 
Total cash and cash equivalents$509,460 $741,960 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 June 30, 2025December 31, 2024
Prepaid expenses$451,912 $268,093 
Other current assets195,834 201,245 
Prepaid expenses and other current assets$647,746 $469,338 
As of June 30, 2025 and December 31, 2024, prepaid expenses primarily include prepaid job costs, prepaid insurance expense and prepaid software expense.
Other Intangible Assets
Quanta’s identifiable intangible assets were as follows (in thousands):
June 30, 2025December 31, 2024
Customer relationships$2,636,906 $2,405,606 
Backlog476,860 442,459 
Trade names596,409 569,307 
Non-compete agreements63,023 61,589 
Patented rights, developed technology, process certifications and other35,355 35,317 
Curriculum15,979 15,618 
Other intangible assets subject to amortization
3,824,532 3,529,896 
Accumulated amortization
(1,902,589)(1,672,359)
Other intangible assets subject to amortization, net
1,921,943 1,857,537 
Engineering license3,000 3,000 
Other intangible assets, net
$1,924,943 $1,860,537 
Property and Equipment
Accumulated depreciation related to property and equipment was $2.10 billion and $1.96 billion as of June 30, 2025 and December 31, 2024. In addition, Quanta held property and equipment, net of $186.2 million and $177.9 million in foreign countries, primarily Canada, as of June 30, 2025 and December 31, 2024.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
 June 30, 2025December 31, 2024
Accounts payable, trade$2,344,092 $2,096,125 
Accrued compensation and related expenses648,989 651,893 
Other accrued expenses657,641 974,325 
Accounts payable and accrued expenses$3,650,722 $3,722,343 
As of June 30, 2025, other accrued expenses primarily include the current portion of accrued insurance liabilities as further described in Note 13 and unearned revenues. As of December 31, 2024, other accrued expenses primarily include these same items as well as income and franchise taxes payable and contingent consideration as further described in Note 5.