Quanta's remaining performance obligations, as described above, are a component of Quanta's backlog calculation, which also includes estimated orders under master service agreements (MSAs), including estimated renewals, and non-fixed price contracts expected to be completed within one year.

PDF . Since mid-2014, Quanta has repurchased approximately $2.2 billion, or approximately 40%, of our then outstanding diluted shares, utilizing several separate stock repurchase authorizations. Quanta believes this non-GAAP measure enables it to more effectively forecast its future results and better identify future operating trends that may not otherwise be apparent. We will also make available to any stockholder, without charge, copies of our Annual Report on Form 10-K as filed with the SEC. ­Quanta Services 2018 Annual Report. The amount includes $85.3 million of tax benefits associated with the re-measurement of U.S. deferred tax assets and liabilities, partially offset by an estimated $15.2 million transition tax on earnings of certain foreign subsidiaries.See the table on the following page.Total liquidity includes Quanta's cash and cash equivalents and availability under Quanta's senior secured credit facility.Quanta completed four acquisitions during 2018 and three acquisitions during 2017. We can manage a project from beginning to end, no matter how big or small. As to certain of the items below, (i) non-cash stock-based compensation expense may vary due to acquisition activity, changes in the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted; (ii) amortization of intangible assets is impacted by Quanta's acquisition activity, and therefore can vary from period to period (iii) acquisition and integration costs vary period to period depending on the level of Quanta's ongoing acquisition activity; (iv) asset impairment charges and severance and restructuring costs can vary from period to period depending on economic and other factors; (v) changes in fair value of contingent consideration liabilities vary from period to period depending on the forecasted performance of certain acquired businesses; (vi) items related to the Tax Act vary from period to period based on changes to our provisional analysis within the one-year measurement period and as more information, including proposed regulations, becomes available; (vii) income tax contingency releases vary period to period depending on the level of reserves for uncertain tax positions and the expiration dates under various federal and state tax statute of limitations periods; and (viii) income tax items related to entity restructuring and recapitalization efforts can vary period to period depending on operational realignments, economic factors, acquisition activity and as more information, including proposed regulations related to the Tax Act, becomes available. Since mid-2014, Quanta has repurchased approximately $2.2 billion, or approximately 40%, of our then outstanding diluted shares, utilizing several separate stock repurchase authorizations. Although Quanta completed its accounting for the effect of the Tax Act within the prescribed one-year measurement period ended on December 22, 2018, it expects further regulations to be issued that could have a material impact on its effective tax rate in future periods.
Quanta Services provides end-to-end solutions across the various industries we serve. These actions demonstrate our continued confidence in the stability of Quanta’s base business, long-term growth prospects, solid financial position and commitment to enhancing stockholder value.

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