Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GRANITE CONSTRUCTION INC | ' |
Entity Central Index Key | '0000861459 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 38,878,364 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash and cash equivalents ($57,133, $105,865 and $74,020 related to consolidated construction joint ventures (“CCJVsâ€)) | $212,463 | $321,990 | $287,322 |
Short-term marketable securities | 22,892 | 56,088 | 47,185 |
Receivables, net ($47,696, $43,902 and $31,028 related to CCJVs) | 422,609 | 325,529 | 363,455 |
Costs and estimated earnings in excess of billings | 40,837 | 34,116 | 49,548 |
Inventories | 61,667 | 59,785 | 63,999 |
Real estate held for development and sale | 50,250 | 50,223 | 57,964 |
Deferred income taxes | 36,687 | 36,687 | 38,571 |
Equity in construction joint ventures | 161,063 | 105,805 | 97,890 |
Other current assets | 33,204 | 31,834 | 13,974 |
Total current assets | 1,041,672 | 1,022,057 | 1,019,908 |
Property and equipment, net ($28,194, $41,114 and $6,661 related to CCJVs) | 456,524 | 481,478 | 432,293 |
Long-term marketable securities | 64,014 | 55,342 | 37,802 |
Investments in affiliates | 31,338 | 30,799 | 30,257 |
Goodwill | 53,799 | 55,419 | 9,900 |
Other noncurrent assets | 78,655 | 84,392 | 68,475 |
Total assets | 1,726,002 | 1,729,487 | 1,598,635 |
Current liabilities | ' | ' | ' |
Current maturities of long-term debt | 20 | 8,353 | 8,352 |
Current maturities of non-recourse debt | 2,147 | 10,707 | 16,712 |
Accounts payable ($20,075, $34,536 and $30,975 related to CCJVs) | 199,480 | 202,541 | 209,683 |
Billings in excess of costs and estimated earnings ($70,518, $72,490 and $13,955 related to CCJVs) | 144,706 | 139,692 | 91,348 |
Accrued expenses and other current liabilities ($12,804, $8,312 and $3,495 related to CCJVs) | 219,169 | 169,979 | 167,166 |
Total current liabilities | 565,522 | 531,272 | 493,261 |
Long-term debt | 270,148 | 270,148 | 200,168 |
Long-term non-recourse debt | 7,048 | 922 | 4,375 |
Other long-term liabilities | 46,474 | 47,124 | 47,913 |
Deferred income taxes | 7,988 | 8,163 | 3,644 |
Commitments and contingencies | ' | ' | ' |
Equity | ' | ' | ' |
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 38,878,194 shares as of September 30, 2013, 38,730,665 shares as of December 31, 2012 and 38,706,966 shares as of September 30, 2012 | 388 | 387 | 387 |
Additional paid-in capital | 123,681 | 117,422 | 114,917 |
Retained earnings | 688,440 | 712,144 | 699,277 |
Total Granite Construction Incorporated shareholders’ equity | 812,509 | 829,953 | 814,581 |
Noncontrolling interests | 16,313 | 41,905 | 34,693 |
Total equity | 828,822 | 871,858 | 849,274 |
Total liabilities and equity | $1,726,002 | $1,729,487 | $1,598,635 |
CONSOLIDATED_BALANCE_SHEETS_Co
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Assets and Liabilities) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Cash and cash equivalents | $212,463 | $321,990 | $287,322 | |||
Property and equipment, net | 456,524 | 481,478 | 432,293 | |||
Accounts payable | 199,480 | 202,541 | 209,683 | |||
Billings in excess of costs and estimated earnings | 144,706 | 139,692 | 91,348 | |||
Accrued expenses and other current liabilities | 219,169 | 169,979 | 167,166 | |||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ' | ' | ' | |||
Cash and cash equivalents | 57,133 | [1] | 105,865 | [1] | 74,020 | [1] |
Receivables, Net, Current | 47,696 | 43,902 | 31,028 | |||
Property and equipment, net | 28,194 | 41,114 | 6,661 | |||
Accounts payable | 20,075 | 34,536 | 30,975 | |||
Billings in excess of costs and estimated earnings | 70,518 | [1] | 72,490 | [1] | 13,955 | [1] |
Accrued expenses and other current liabilities | $12,804 | $8,312 | $3,495 | |||
[1] | The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. |
CONSOLIDATED_BALANCE_SHEETS_Co1
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Equity) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 38,878,194 | 38,730,665 | 38,706,966 |
Common Stock, Shares, Outstanding | 38,878,194 | 38,730,665 | 38,706,966 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ' | ' | ' | ' |
Construction | $470,567 | $385,744 | $956,287 | $748,803 |
Large Project Construction | 187,820 | 255,918 | 540,906 | 648,645 |
Construction Materials | 83,172 | 86,782 | 173,107 | 175,754 |
Real Estate | 16 | 38 | 141 | 5,055 |
Total revenue | 741,575 | 728,482 | 1,670,441 | 1,578,257 |
Cost of revenue | ' | ' | ' | ' |
Construction | 420,932 | 352,471 | 868,300 | 688,989 |
Large Project Construction | 190,363 | 198,104 | 498,639 | 540,343 |
Construction Materials | 75,884 | 76,798 | 167,839 | 166,720 |
Real Estate | 0 | 10 | 13 | 4,254 |
Total cost of revenue | 687,179 | 627,383 | 1,534,791 | 1,400,306 |
Gross profit | 54,396 | 101,099 | 135,650 | 177,951 |
Selling, general and administrative expenses | 46,586 | 41,280 | 150,698 | 127,801 |
Loss (gain) on restructuring | 474 | 0 | -23 | -2,527 |
Gain on sales of property and equipment | 3,259 | 1,622 | 7,653 | 6,493 |
Operating income (loss) | 10,595 | 61,441 | -7,372 | 59,170 |
Other (expense) income | ' | ' | ' | ' |
Interest income | 602 | 485 | 1,110 | 2,140 |
Interest expense | -3,736 | -2,561 | -11,081 | -8,570 |
Equity in (loss) income of affiliates | -2 | 1,481 | 273 | 380 |
Other income, net | 1,022 | 2,013 | 1,630 | 3,866 |
Total other (expense) income | -2,114 | 1,418 | -8,068 | -2,184 |
Income (loss) before provision for (benefit from) income taxes | 8,481 | 62,859 | -15,440 | 56,986 |
Provision for (benefit from) income taxes | 4,026 | 17,113 | -3,235 | 15,440 |
Net income (loss) | 4,455 | 45,746 | -12,205 | 41,546 |
Amount attributable to noncontrolling interests | 6,542 | -8,625 | 3,938 | -14,249 |
Net income (loss) attributable to Granite Construction Incorporated | $10,997 | $37,121 | ($8,267) | $27,297 |
Net income (loss) per share attributable to common shareholders (see Notes 13 and 14) | ' | ' | ' | ' |
Net income (loss) per share attributable to common shareholders - Basic (in dollars per share) | $0.28 | $0.96 | ($0.21) | $0.71 |
Net income (loss) per share attributable to common shareholders - Diluted (in dollars per share) | $0.28 | $0.94 | ($0.21) | $0.70 |
Weighted average shares of common stock | ' | ' | ' | ' |
Weighted average shares of common stock - Basic | 38,876 | 38,518 | 38,773 | 38,418 |
Weighted average shares of common stock - Diluted | 39,759 | 39,141 | 38,773 | 39,013 |
Dividends per common share | $0.13 | $0.13 | $0.39 | $0.39 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net (loss) income | ($12,205) | $41,546 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 54,788 | 43,651 |
Non-cash restructuring, net | -23 | -1,782 |
Other non-cash impairment charges | 0 | 3,101 |
Gain on sales of property and equipment | -7,653 | -6,493 |
Stock-based compensation | 10,645 | 8,910 |
Changes in assets and liabilities, net of the effects of a acquisition: | ' | ' |
Receivables | -99,856 | -115,066 |
Costs and estimated earnings in excess of billings, net | -1,707 | -11,342 |
Inventories | -1,882 | -13,024 |
Equity in construction joint ventures, including performance guarantees | -54,672 | 3,139 |
Other assets, net | -5,165 | 18,581 |
Accounts payable | 5,578 | 51,025 |
Accrued expenses and other current liabilities, net, including performance guarantees | 47,637 | -2,083 |
Net cash (used in) provided by operating activities | -64,515 | 20,163 |
Investing activities | ' | ' |
Purchases of marketable securities | -34,957 | -59,936 |
Maturities of marketable securities | 57,000 | 70,100 |
Proceeds from sale of marketable securities | 5,000 | 55,000 |
Additions to property and equipment | -30,467 | -25,971 |
Proceeds from sales of property and equipment | 18,431 | 8,368 |
Payment of Kenny post-closing adjustments | -8,382 | 0 |
Other investing activities, net | 1,088 | 1,165 |
Net cash provided by investing activities | 7,713 | 48,726 |
Financing activities | ' | ' |
Long-term debt principal payments | -10,900 | -11,584 |
Cash dividends paid | -15,150 | -15,078 |
Purchases of common stock | -5,457 | -4,521 |
Distributions to noncontrolling partners | 6,007 | 0 |
Distributions to noncontrolling partners | -28,015 | -8,022 |
Distributions to noncontrolling partners | 790 | 648 |
Net cash used in financing activities | -52,725 | -38,557 |
(Decrease) increase in cash and cash equivalents | -109,527 | 30,332 |
Cash and cash equivalents at beginning of period | 321,990 | 256,990 |
Cash and cash equivalents at end of period | 212,463 | 287,322 |
Cash paid during the period for: | ' | ' |
Interest | 7,940 | 6,948 |
Income taxes | 2,338 | 1,131 |
Non-cash investing and financing activities: | ' | ' |
Restricted stock units issued, net of forfeitures | 13,942 | 11,532 |
Accrued cash dividends | 5,054 | 5,032 |
Debt payments out of escrow from sale of assets | 0 | 1,109 |
Debt extinguishment from joint venture interest transfer | 0 | 9,115 |
Debt payment from refinancing | $0 | $1,150 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “Company” or “Granite”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted, although we believe the disclosures which are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at September 30, 2013 and 2012 and the results of our operations and cash flows for the periods presented. The December 31, 2012 condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. | ||
We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements except for the adoption of the following new accounting standards in the first quarter of 2013: | ||
• | In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities and in January 2013, issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These ASUs require companies to disclose both gross and net information about financial instruments that have been offset on the balance sheet. These ASUs became effective for the quarter ended March 31, 2013 and did not impact our condensed consolidated financial statements. | |
• | In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU gives companies the option to first assess qualitative factors to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If it is determined that it is more likely than not the indefinite-lived intangible asset is impaired, a quantitative impairment test is required. However, if it is concluded otherwise, the quantitative test is not necessary. This ASU became effective for our quarter ended March 31, 2013. No impairment analysis was necessary in relation to our indefinite lived intangible assets during the nine months ended September 30, 2013; therefore, the adoption of this ASU had no impact on our condensed consolidated financial statements. | |
• | In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income in certain circumstances. This ASU was effective commencing with our quarter ended March 31, 2013. For all periods presented other comprehensive loss was not significant; therefore, the adoption of this ASU did not have an impact on our condensed consolidated financial statements. | |
Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. | ||
The Company identified approximately $3.9 million in pre-tax adjustments ($2.4 million after-tax) relating to prior periods of 2013 which have been corrected in the current period. The most significant adjustments related to an alternative depreciation method for fixed assets purchased in connection with the acquisition of Kenny Construction Company (“Kenny”) (see Note 18) and an estimate related to project equipment. These out-of-period corrections, which were not material to the current period or any prior period, primarily resulted in an increase to cost of revenue for the three months ended September 30, 2013. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncement | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires companies with unrecognized tax benefits, or a portion of unrecognized tax benefits, to present these benefits in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward. This ASU will be effective commencing with our quarter ending March 31, 2015 and applied prospectively with early adoption permitted. We do not expect that the adoption of this ASU will have a material impact on our condensed consolidated financial statements. |
Revisions_in_Estimates
Revisions in Estimates | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Change in Accounting Estimate [Abstract] | ' | ||||||||||||||||
Revisions in Estimates | ' | ||||||||||||||||
Revisions in Estimates | |||||||||||||||||
Our profit recognition related to construction contracts is based on estimates of costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. We do not recognize revenue on contract change orders or claims until we have a signed agreement; however, we do recognize costs as incurred and revisions to estimated total costs as soon as the obligation to perform is determined. Approved change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. We use the cumulative catch-up method applicable to construction contract accounting to account for revisions in estimates. Under this method, revisions in estimates are accounted for in their entirety in the period of change. As of September 30, 2013, we had no revisions in estimates that are reasonably certain to impact future periods. However, there can be no assurance that we will not experience further change in circumstances or otherwise be required to further revise our profitability estimates. | |||||||||||||||||
Construction | |||||||||||||||||
The net changes in project profitability from revisions in estimates, both increases and decreases, that individually had an impact of $1.0 million or more on gross profit were net increases of $1.5 million and $0.6 million for the three and nine months ended September 30, 2013. The net changes for the three and nine months ended September 30, 2012 were net decreases of $6.0 million and $9.4 million, respectively. The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with upward estimate changes | 4 | 1 | 5 | 4 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.3 - 2.7 | $ | 1.6 | $ | 1.1 - 3.0 | $ | 1.0 - 3.0 | |||||||||
Increase to project profitability | $ | 7.4 | $ | 1.6 | $ | 11.8 | $ | 7.1 | |||||||||
The increases during the three and nine months ended September 30, 2013 were due to owner directed scope changes and production at a higher rate than anticipated. The increases during the three and nine months ended September 30, 2012 were due to lower than anticipated costs and settlement of outstanding issues with contract owners. | |||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with downward estimate changes | 3 | 4 | 4 | 6 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 1.5 - 2.5 | $ | 1.1 - 3.9 | $ | 1.1 - 4.3 | $ | 1.1 - 6.3 | |||||||||
Decrease to project profitability | $ | 5.9 | $ | 7.6 | $ | 11.2 | $ | 16.5 | |||||||||
The decreases during the three and nine months ended September 30, 2013 and 2012 were due to lower productivity than originally anticipated. | |||||||||||||||||
Large Project Construction | |||||||||||||||||
The net changes in project profitability from revisions in estimates, both increases and decreases, that individually had an impact of $1.0 million or more on gross profit was a net decrease of $6.8 million for the three months ended September 30, 2013 and a net increase of $13.6 million for the nine months ended September 30, 2013, respectively. The net changes for the three and nine months ended September 30, 2012 were net increases of $35.9 million and $48.9 million, respectively. Amounts attributable to noncontrolling interests were $5.9 million of the net decrease for the three months ended September 30, 2013 and $4.3 million of the net increase for the nine months ended September 30, 2013. Amounts attributable to noncontrolling interests were $5.7 million and $6.6 million of the net increases for the three and nine months ended September 30, 2012, respectively. The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with upward estimate changes | 3 | 8 | 6 | 8 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.0 - 10.5 | $ | 1.1 - 12.6 | $ | 2.1 - 26.6 | $ | 1.1 - 16.3 | |||||||||
Increase to project profitability | $ | 12.9 | $ | 35.9 | $ | 47.5 | $ | 54.7 | |||||||||
The increases during the three and nine months ended September 30, 2013 were due to production at a higher rate than anticipated and owner directed scope changes. The increases during the three and nine months ended September 30, 2012 were due to owner directed scope changes and lower than anticipated construction costs. | |||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with downward estimate changes | 4 | — | 4 | 2 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 1.4 - 14.7 | $ | — | $ | 1.6 - 23.5 | $ | 1.7 - 4.1 | |||||||||
Decrease to project profitability | $ | 19.7 | $ | — | $ | 33.9 | $ | 5.8 | |||||||||
The downward estimate changes during the three and nine months ended September 30, 2013 were primarily related to significant increased costs on a highway project in Washington State. This project has been impacted by lower productivity resulting from previously unforeseen design issues, schedule delays, associated job re-sequencing, and costs related to changes in the project scope. Compensation is being sought from both the client and subcontractors for a portion of the additional costs; however, the amount, sources and timing for any future compensation has yet to be finalized. The downward estimate changes during the nine months ended September 30, 2012 were due to lower productivity than anticipated, including with respect to the Washington State project discussed above. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Marketable Securities | ' | ||||||||||||
Marketable Securities | |||||||||||||
All marketable securities were classified as held-to-maturity for the dates presented and the carrying amounts of held-to-maturity securities were as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
U.S. Government and agency obligations | $ | 1,260 | $ | 7,375 | $ | 15,062 | |||||||
Commercial paper | 19,982 | 34,966 | 19,976 | ||||||||||
Municipal bonds | 1,650 | 8,738 | 7,082 | ||||||||||
Corporate bonds | — | 5,009 | 5,065 | ||||||||||
Total short-term marketable securities | 22,892 | 56,088 | 47,185 | ||||||||||
U.S. Government and agency obligations | 64,014 | 55,342 | 36,103 | ||||||||||
Municipal bonds | — | — | 1,699 | ||||||||||
Total long-term marketable securities | 64,014 | 55,342 | 37,802 | ||||||||||
Total marketable securities | $ | 86,906 | $ | 111,430 | $ | 84,987 | |||||||
Scheduled maturities of held-to-maturity investments were as follows (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Due within one year | $ | 22,892 | |||||||||||
Due in one to five years | 64,014 | ||||||||||||
Total | $ | 86,906 | |||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||
Fair value accounting standards describe three levels that may be used to measure fair value: | |||||||||||||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||||
• | Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||||
The following tables summarize assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels: | |||||||||||||||||||||||||||
September 30, 2013 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
Total assets | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
December 31, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 201,542 | $ | — | $ | — | $ | 201,542 | |||||||||||||||||||
Held-to-maturity commercial paper | 5,000 | — | — | 5,000 | |||||||||||||||||||||||
Total assets | $ | 206,542 | $ | — | $ | — | $ | 206,542 | |||||||||||||||||||
September 30, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 185,586 | $ | — | $ | — | $ | 185,586 | |||||||||||||||||||
Held-to-maturity commercial paper | 14,495 | — | — | 14,495 | |||||||||||||||||||||||
Total assets | $ | 200,081 | $ | — | $ | — | $ | 200,081 | |||||||||||||||||||
A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: | |||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||
Cash equivalents | $ | 113,220 | $ | 206,542 | $ | 200,081 | |||||||||||||||||||||
Cash | 99,243 | 115,448 | 87,241 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 212,463 | $ | 321,990 | $ | 287,322 | |||||||||||||||||||||
The carrying values and estimated fair values of our financial instruments that are not required to be measured at fair value in the condensed consolidated balance sheets are as follows: | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Held-to-maturity marketable securities1 | Level 1 | $ | 86,906 | $ | 86,594 | $ | 111,430 | $ | 111,525 | $ | 84,987 | $ | 85,133 | ||||||||||||||
Liabilities (including current maturities): | |||||||||||||||||||||||||||
Senior notes payable2 | Level 3 | $ | 200,000 | $ | 226,110 | $ | 208,333 | $ | 243,118 | $ | 208,333 | $ | 243,219 | ||||||||||||||
Credit Agreement loan2 | Level 3 | 70,000 | 70,166 | 70,000 | 70,444 | — | — | ||||||||||||||||||||
1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||
2The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement” in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. | |||||||||||||||||||||||||||
The carrying values of receivables, other current assets, and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments. In addition, the fair value of non-recourse debt measured using Level 3 inputs approximates its carrying value due to its relative short-term nature and competitive interest rates. During the three and nine months ended September 30, 2013 and 2012, we did not record any significant fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. |
Receivables_Net
Receivables, Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Receivables, Net | ' | ||||||||||||||||
Receivables, net | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Construction contracts: | |||||||||||||||||
Completed and in progress | $ | 275,182 | $ | 195,244 | $ | 228,865 | |||||||||||
Retentions | 76,114 | 93,800 | 68,590 | ||||||||||||||
Total construction contracts | 351,296 | 289,044 | 297,455 | ||||||||||||||
Construction material sales | 55,466 | 26,918 | 59,396 | ||||||||||||||
Other | 18,412 | 12,316 | 9,029 | ||||||||||||||
Total gross receivables | 425,174 | 328,278 | 365,880 | ||||||||||||||
Less: allowance for doubtful accounts | 2,565 | 2,749 | 2,425 | ||||||||||||||
Total net receivables | $ | 422,609 | $ | 325,529 | $ | 363,455 | |||||||||||
Receivables include amounts billed and billable to clients for services provided and/or according to contract terms as of the end of the applicable period and do not bear interest. Certain contracts include provisions that permit us to submit invoices in advance of providing services and, to the extent not collected, they are included in receivables. Other contracts include provisions that permit us to submit invoices based on the passage of time, achievement of milestones or completion of the project. To the extent the related costs have not been billed, the contract balance is included in costs and estimated earnings in excess of billings on the condensed consolidated balance sheets. | |||||||||||||||||
Certain construction contracts include retainage provisions. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the contract by the owners. As of September 30, 2013, substantially all of the retentions receivable are expected to be collected within one year. Included in other receivables at September 30, 2013, December 31, 2012 and September 30, 2012 were items such as notes receivable, fuel tax refunds and income tax refunds. No such receivables individually exceeded 10% of total net receivables at any of these dates. | |||||||||||||||||
Financing receivables consisted of long-term notes receivable and retentions receivable. As of September 30, 2013, December 31, 2012 and September 30, 2012 long-term notes receivable outstanding were $1.5 million, $2.0 million and $1.9 million, respectively, and primarily related to loans made to employees and were included in other noncurrent assets in our condensed consolidated balance sheets. | |||||||||||||||||
We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Escrow | $ | 23,794 | $ | 41,494 | $ | 42,297 | |||||||||||
Non-escrow | 52,320 | 52,306 | 26,293 | ||||||||||||||
Total retention receivables | $ | 76,114 | $ | 93,800 | $ | 68,590 | |||||||||||
The escrow receivables include amounts due to Granite which have been deposited into an escrow account and bear interest. Typically, escrow retention receivables are held until work on a project is complete and has been accepted by the owner who then releases those funds, along with accrued interest, to us. There is minimal risk of not collecting on these amounts. | |||||||||||||||||
Non-escrow retention receivables are amounts that the project owner has contractually withheld that are to be paid upon owner acceptance of contract completion. We evaluate our non-escrow retention receivables for collectibility using certain customer information that includes the following: | |||||||||||||||||
• | Federal - includes federal agencies such as the Bureau of Reclamation, the Army Corp of Engineers, and the Bureau of Indian Affairs. The obligations of these agencies are backed by the federal government. Consequently, there is minimal risk of not collecting the amounts we are entitled to receive. | ||||||||||||||||
• | State - primarily state departments of transportation. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as states have struggled with budget issues. | ||||||||||||||||
• | Local - these customers include local agencies such as cities, counties and other local municipal agencies. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as some local agencies have struggled to deal with budget issues. | ||||||||||||||||
• | Private - includes individuals, developers and corporations. The majority of our collection risk is associated with these customers. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us certain remedies, including, but not limited to, the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. | ||||||||||||||||
The following table summarizes the amount of our non-escrow retention receivables within each category: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Federal | $ | 5,161 | $ | 3,234 | $ | 2,569 | |||||||||||
State | 3,444 | 2,971 | 3,595 | ||||||||||||||
Local | 35,003 | 31,559 | 12,003 | ||||||||||||||
Private | 8,712 | 14,542 | 8,126 | ||||||||||||||
Total | $ | 52,320 | $ | 52,306 | $ | 26,293 | |||||||||||
We regularly review our accounts receivable, including past due amounts, to determine their probability of collection. If it is probable that an amount is uncollectible, it is charged to bad debt expense and a corresponding reserve is established in allowance for doubtful accounts. If it is deemed certain that an amount is uncollectible, the amount is written off. Based on contract terms, non-escrow retention receivables are typically due within 60 days of owner acceptance of contract completion. We consider retention amounts beyond 60 days of owner acceptance of contract completion to be past due. The following tables present the aging of our non-escrow retention receivables (in thousands): | |||||||||||||||||
September 30, 2013 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 4,121 | $ | 237 | $ | 803 | $ | 5,161 | |||||||||
State | 1,685 | 368 | 1,391 | 3,444 | |||||||||||||
Local | 24,845 | 2,924 | 7,234 | 35,003 | |||||||||||||
Private | 5,238 | 968 | 2,506 | 8,712 | |||||||||||||
Total | $ | 35,889 | $ | 4,497 | $ | 11,934 | $ | 52,320 | |||||||||
December 31, 2012 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 3,116 | $ | 72 | $ | 46 | $ | 3,234 | |||||||||
State | 2,148 | 502 | 321 | 2,971 | |||||||||||||
Local | 25,743 | 1,082 | 4,734 | 31,559 | |||||||||||||
Private | 13,310 | 716 | 516 | 14,542 | |||||||||||||
Total | $ | 44,317 | $ | 2,372 | $ | 5,617 | $ | 52,306 | |||||||||
September 30, 2012 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 2,012 | $ | — | $ | 557 | $ | 2,569 | |||||||||
State | 3,177 | 239 | 179 | 3,595 | |||||||||||||
Local | 11,141 | 555 | 307 | 12,003 | |||||||||||||
Private | 7,495 | 321 | 310 | 8,126 | |||||||||||||
Total | $ | 23,825 | $ | 1,115 | $ | 1,353 | $ | 26,293 | |||||||||
Federal, state and local agencies generally require several approvals to release payments, and these approvals often take over 90 days past contractual due dates to obtain. Amounts past due from government agencies primarily result from delays caused by paperwork processing and obtaining proper agency approvals rather than lack of funds, as was the case with the majority of local agencies with past due balances as of September 30, 2013. We generally receive payment within one year of owner acceptance. As of September 30, 2013, December 31, 2012 and September 30, 2012, our allowance for doubtful accounts contained no material provision related to non-escrow retention receivables as we determined there were no significant collectibility issues. |
Construction_and_Line_Item_Joi
Construction and Line Item Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Construction and Line Item Joint Ventures | ' | ||||||||||||||||
Construction and Line Item Joint Ventures | |||||||||||||||||
We participate in various construction joint venture partnerships and a limited liability company of which we are a limited partner or member (“joint ventures”). We also participate in various “line item” joint venture agreements under which each partner is responsible for performing certain discrete items of the total scope of contracted work. | |||||||||||||||||
The agreements with our joint venture partners and limited liability company members (“partners(s)”) for both construction joint ventures and line item joint ventures define each partner's management role and financial responsibility in the project. The amount of exposure is generally limited to our stated ownership interest. Due to the joint and several nature of the obligation under these agreements, if one of the partners fails to perform, we and the remaining partners would be responsible for performance of the outstanding work. Circumstances that could lead to a loss under these agreements beyond our stated ownership interest include the failure of a partner to contribute additional funds to the venture in the event the project incurs a loss or additional costs that we could incur should a partner fail to provide the services and resources that it had committed to provide in the agreement. | |||||||||||||||||
At September 30, 2013, there was approximately $5.0 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.4 billion represented our share and the remaining $3.6 billion represented our partners’ share. We are not able to estimate amounts that may be required beyond the remaining cost of the work to be performed. These costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. | |||||||||||||||||
Construction Joint Ventures | |||||||||||||||||
Generally, each construction joint venture is formed to complete a specific contract and is jointly controlled by the venture partners. The associated agreements typically provide that our interests in any profits and assets, and our respective share in any losses and liabilities resulting from the performance of the contracts, are limited to our stated percentage interest in the project. We have no significant commitments beyond completion of the contracts. Under our contractual arrangements, we provide capital to these joint ventures in return for an ownership interest. In addition, partners dedicate resources to the ventures necessary to complete the contracts and are reimbursed for their cost. The operational risks of each construction joint venture are passed along to the joint venture partners. As we absorb our share of these risks, our investment in each venture is exposed to potential losses. | |||||||||||||||||
We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary, or because they are not VIEs and we hold the majority voting interest. The factors we consider in determining whether we are a VIE’s primary beneficiary include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Based on our initial primary beneficiary analysis for one construction joint venture, we determined that decision making responsibility is shared between the venture partners. Therefore, this joint venture did not have an identifiable primary beneficiary partner and we continue to report the pro rata results. All other joint ventures were assigned one primary beneficiary partner. | |||||||||||||||||
We continually evaluate whether there are changes in the status of the VIE’s or changes to the primary beneficiary designation of the VIE. Based on our assessments during the nine months ended September 30, 2013 and 2012, we determined no change was required for existing construction joint ventures. | |||||||||||||||||
Consolidated Construction Joint Ventures | |||||||||||||||||
The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included in our condensed consolidated financial statements as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Cash and cash equivalents1 | $ | 57,133 | $ | 105,865 | $ | 74,020 | |||||||||||
Receivables, net | 47,696 | 43,902 | 31,028 | ||||||||||||||
Other current assets | 3,815 | 4,008 | 1,351 | ||||||||||||||
Total current assets | 108,644 | 153,775 | 106,399 | ||||||||||||||
Property and equipment, net | 28,194 | 41,114 | 6,661 | ||||||||||||||
Other noncurrent assets | — | 1,700 | — | ||||||||||||||
Total assets2 | $ | 136,838 | $ | 196,589 | $ | 113,060 | |||||||||||
Accounts payable | $ | 20,075 | $ | 34,536 | $ | 30,975 | |||||||||||
Billings in excess of costs and estimated earnings1 | 70,518 | 72,490 | 13,955 | ||||||||||||||
Accrued expenses and other current liabilities | 12,804 | 8,312 | 3,495 | ||||||||||||||
Total liabilities2 | $ | 103,397 | $ | 115,338 | $ | 48,425 | |||||||||||
1The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. | |||||||||||||||||
2The assets and liabilities of each joint venture relate solely to that joint venture. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
At September 30, 2013, we were engaged in four active consolidated construction joint venture projects with total contract values ranging from $0.4 million to $336.9 million. The total revenue remaining to be recognized on these consolidated joint ventures ranged from $0.3 million to $111.0 million. Our proportionate share of the equity in these joint ventures was between 51.0% and 65.0%. During the three and nine months ended September 30, 2013, total revenue from consolidated construction joint ventures was $42.4 million and $131.1 million, respectively. During the three and nine months ended September 30, 2012, total revenue from consolidated construction joint ventures was $77.4 million and $174.0 million, respectively. Total cash used in consolidated construction joint venture operations was $10.4 million and $16.1 million during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Unconsolidated Construction Joint Ventures | |||||||||||||||||
We account for our share of construction joint ventures that we are not required to consolidate on a pro rata basis in the condensed consolidated statements of operations and as a single line item on the condensed consolidated balance sheets. As of September 30, 2013, these unconsolidated joint ventures were engaged in eleven active construction projects with total contract values ranging from $40.0 million to $3.1 billion. Our proportionate share of the equity in these unconsolidated joint ventures ranged from 20.0% to 50.0%. As of September 30, 2013, our share of the revenue remaining to be recognized on these unconsolidated joint ventures ranged from $0.2 million to $691.0 million. | |||||||||||||||||
As of September 30, 2013, one of our unconsolidated construction joint ventures was located in Canada and, therefore, the associated disclosures throughout this footnote include amounts that were translated from Canadian dollars to U.S. dollars using the spot rate in effect as of the reporting date for balance sheet items, and the average rate in effect during the reporting period for the results of operations. The associated foreign currency translation adjustments did not have a material impact on the consolidated financial statements for any of the dates or periods presented. | |||||||||||||||||
Following is summary financial information related to unconsolidated construction joint ventures: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents1 | $ | 412,506 | $ | 244,686 | $ | 304,065 | |||||||||||
Other assets | 439,655 | 301,412 | 273,848 | ||||||||||||||
Less partners’ interest | 557,857 | 342,545 | 353,165 | ||||||||||||||
Granite’s interest | 294,304 | 203,553 | 224,748 | ||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | 127,695 | 114,039 | 94,788 | ||||||||||||||
Billings in excess of costs and estimated earnings1 | 274,052 | 161,268 | 243,578 | ||||||||||||||
Other liabilities | 68,379 | 5,873 | 8,299 | ||||||||||||||
Less partners’ interest | 336,885 | 183,432 | 219,807 | ||||||||||||||
Granite’s interest | 133,241 | 97,748 | 126,858 | ||||||||||||||
Equity in construction joint ventures | $ | 161,063 | $ | 105,805 | $ | 97,890 | |||||||||||
1The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | |||||||||||||||||
Total | $ | 363,523 | $ | 286,308 | $ | 848,082 | $ | 776,235 | |||||||||
Less partners’ interest1 | 259,655 | 181,679 | 586,016 | 497,743 | |||||||||||||
Granite’s interest | 103,868 | 104,629 | 262,066 | 278,492 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Total | 290,112 | 200,688 | 661,587 | 597,689 | |||||||||||||
Less partners’ interest1 | 203,804 | 129,840 | 452,784 | 389,171 | |||||||||||||
Granite’s interest | 86,308 | 70,848 | 208,803 | 208,518 | |||||||||||||
Granite’s interest in gross profit | $ | 17,560 | $ | 33,781 | $ | 53,263 | $ | 69,974 | |||||||||
1Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest, adjusted to reflect our accounting policies. | |||||||||||||||||
Line Item Joint Ventures | |||||||||||||||||
The revenue for each line item joint venture partner’s discrete items of work is defined in the contract with the project owner and each venture partner bears the profitability risk associated with its own work. There is not a single set of books and records for a line item joint venture. Each partner accounts for its items of work individually as it would for any self-performed contract. We include only our portion of these contracts in our condensed consolidated financial statements. As of September 30, 2013, we had five active line item joint venture construction projects with total contract values ranging from $42.2 million to $138.6 million of which our portion ranged from $23.0 million to $60.8 million. As of September 30, 2013, our share of revenue remaining to be recognized on these line item joint ventures ranged from $0.1 million to $23.8 million. |
Real_Estate_Entities_and_Inves
Real Estate Entities and Investments in Affiliates | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Real Estate Entities and Investments in Affiliates | ' | ||||||||||||
Real Estate Entities and Investments in Affiliates | |||||||||||||
The operations of our Real Estate segment are conducted through our wholly owned subsidiary, Granite Land Company (“GLC”). Generally, GLC participates with third-party partners in entities that are formed to accomplish specific real estate development projects. Our real estate affiliates include limited partnerships or limited liability companies of which we are a limited partner or member. The agreements with GLC’s partners in these real estate entities define each partner’s management role and financial responsibility in the project. If one of GLC’s partners is unable to fulfill its management role or make its required financial contribution, GLC may assume full management or financial responsibility for the project. The amount of GLC’s exposure is limited to GLC’s equity investment in the real estate joint venture. | |||||||||||||
Substantially all the assets of these real estate entities in which we are participants through our GLC subsidiary are classified as real estate held for development and sale and are pledged as collateral for the associated debt. All outstanding debt of these entities is non-recourse to Granite. However, there is recourse to our real estate affiliates that incurred the debt (i.e., the limited partnership or limited liability company of which we are a limited partner or member). | |||||||||||||
GLC receives authorization to provide additional financial support for certain of its real estate entities in increments to address changes in business plans. During the nine months ended September 30, 2013, GLC was authorized to increase its financial support to one consolidated real estate entity by $5.9 million to meet existing debt obligations, and during the nine months ended September 30, 2012 there was no increase to its authorized financial support. As of September 30, 2013, $3.0 million of the total authorized investment had yet to be contributed to the consolidated entity. | |||||||||||||
We have determined that certain of these joint ventures are consolidated because they are VIEs and we are the primary beneficiary. The factors we consider in determining whether we are a VIE’s primary beneficiary include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. | |||||||||||||
We continually evaluate whether there are changes in the status of the VIE’s or changes to the primary beneficiary designation of the VIE. Based on our assessments during the nine months ended September 30, 2013 and 2012, we determined no change was required for existing real estate entities. | |||||||||||||
To determine if impairment charges should be recognized, the carrying amount of each consolidated real estate development project is reviewed on a quarterly basis. Based on our quarterly evaluations of each project’s business plan, we recorded no material impairment charges to our real estate development projects or investments during the three and nine months ended September 30, 2013 and 2012. | |||||||||||||
Consolidated Real Estate Entities | |||||||||||||
As of September 30, 2013, December 31, 2012 and September 30, 2012, real estate held for development and sale associated with consolidated real estate entities included in our condensed consolidated balance sheets was $50.3 million, $50.2 million and $58.0 million, respectively. Non-recourse debt, including current maturities, associated with these entities was $9.2 million, $11.6 million and $21.1 million as of September 30, 2013, December 31, 2012 and September 30, 2012, respectively. All other amounts associated with these entities were insignificant for the periods presented. As of September 30, 2013, December 31, 2012 and September 30, 2012, $40.8 million, $40.3 million and $48.1 million, respectively, of the real estate held for development and sale balances were in Washington residential real estate. The remaining balances were primarily in various commercial projects in Texas and California. | |||||||||||||
Investments in Affiliates | |||||||||||||
Our investments in affiliates balance consists of the following: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Equity method investments in real estate affiliates | $ | 20,488 | $ | 19,775 | $ | 18,873 | |||||||
Equity method investments in other affiliates | 10,850 | 11,024 | 11,384 | ||||||||||
Total investments in affiliates | $ | 31,338 | $ | 30,799 | $ | 30,257 | |||||||
We have determined that certain real estate joint ventures are not consolidated because they are VIEs and we are not the primary beneficiary. We have determined that certain non-real estate joint ventures are not consolidated because they are not VIEs and we do not hold the majority voting interest. As such, these entities were accounted for using the equity method. We account for our share of the operating results of these equity method investments in other income in the condensed consolidated statements of operations and as a single line item on our condensed consolidated balance sheets as investments in affiliates. | |||||||||||||
The equity method investments in real estate included $14.0 million, $13.8 million and $12.8 million in residential real estate in Texas as of September 30, 2013, December 31, 2012 and September 30, 2012, respectively. The remaining balances were in commercial real estate in Texas. As of September 30, 2013, these real estate entities had total assets ranging from approximately $1.9 million to $49.7 million. As of each of the periods presented, the most significant non-real estate equity method investment was a 50% interest in a limited liability company which owns and operates an asphalt terminal and operates an emulsion plant in Nevada. | |||||||||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Total assets | $ | 166,601 | $ | 166,112 | $ | 156,992 | |||||||
Net assets | $ | 95,490 | $ | 92,106 | $ | 85,162 | |||||||
Granite’s share of net assets | $ | 31,338 | $ | 30,799 | $ | 30,257 | |||||||
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
Property and Equipment, net | |||||||||||||
Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on our condensed consolidated balance sheets as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Equipment and vehicles | $ | 754,598 | $ | 758,782 | $ | 718,965 | |||||||
Quarry property | 180,205 | 180,567 | 177,814 | ||||||||||
Land and land improvements | 125,606 | 125,961 | 125,842 | ||||||||||
Buildings and leasehold improvements | 83,743 | 83,245 | 80,916 | ||||||||||
Office furniture and equipment | 69,265 | 67,743 | 64,767 | ||||||||||
Property and equipment | 1,213,417 | 1,216,298 | 1,168,304 | ||||||||||
Less: accumulated depreciation and depletion | 756,893 | 734,820 | 736,011 | ||||||||||
Property and equipment, net | $ | 456,524 | $ | 481,478 | $ | 432,293 | |||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Indefinite-lived Intangible Assets: | |||||||||||||
Indefinite-lived intangible assets primarily consist of goodwill and use rights. Use rights of $0.4 million are included in other noncurrent assets on our condensed consolidated balance sheets as of September 30, 2013, December 31, 2012 and September 30, 2012. | |||||||||||||
The following table presents the goodwill balance by reporting segment: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Construction | $ | 28,398 | $ | 29,190 | $ | 6,937 | |||||||
Large Project Construction | 23,287 | 24,115 | 849 | ||||||||||
Construction Materials | 2,114 | 2,114 | 2,114 | ||||||||||
Total goodwill | $ | 53,799 | $ | 55,419 | $ | 9,900 | |||||||
The change in goodwill and in the gross value of amortized intangible assets during each period is due to the acquisition of Kenny. See Note 18 for further details. | |||||||||||||
Amortized Intangible Assets: | |||||||||||||
Following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets: | |||||||||||||
September 30, 2013 | Accumulated | ||||||||||||
(in thousands) | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,711 | ) | $ | 18,002 | ||||||
Customer lists | 4,398 | (2,418 | ) | 1,980 | |||||||||
Covenants not to compete | 1,588 | (1,551 | ) | 37 | |||||||||
Acquired backlog | 7,900 | (5,147 | ) | 2,753 | |||||||||
Trade name | 4,100 | (324 | ) | 3,776 | |||||||||
Other | 871 | (827 | ) | 44 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (21,978 | ) | $ | 26,592 | ||||||
December 31, 2012 | |||||||||||||
(in thousands) | |||||||||||||
Permits | $ | 29,713 | $ | (10,869 | ) | $ | 18,844 | ||||||
Customer lists | 4,698 | (2,170 | ) | 2,528 | |||||||||
Covenants not to compete | 1,588 | (1,546 | ) | 42 | |||||||||
Acquired backlog | 8,400 | — | 8,400 | ||||||||||
Trade name | 4,100 | — | 4,100 | ||||||||||
Other | 871 | (734 | ) | 137 | |||||||||
Total amortized intangible assets | $ | 49,370 | $ | (15,319 | ) | $ | 34,051 | ||||||
September 30, 2012 | |||||||||||||
(in thousands) | |||||||||||||
Permits | $ | 29,713 | $ | (10,588 | ) | $ | 19,125 | ||||||
Customer lists | 2,198 | (2,113 | ) | 85 | |||||||||
Covenants not to compete | 1,588 | (1,541 | ) | 47 | |||||||||
Other | 871 | (696 | ) | 175 | |||||||||
Total amortized intangible assets | $ | 34,370 | $ | (14,938 | ) | $ | 19,432 | ||||||
Amortization expense related to these intangible assets for the three and nine months ended September 30, 2013 was approximately $2.2 million and $6.7 million, respectively, and approximately $1.2 million and $3.3 million for the three and nine months ended September 30, 2012, respectively. Based on the amortized intangible assets balance at September 30, 2013, amortization expense expected to be recorded in the future is as follows: $2.6 million for the remainder of 2013; $2.2 million in 2014; $2.1 million in 2015; $1.8 million in 2016; $1.7 million in 2017; and $16.2 million thereafter. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring | ' |
Restructuring | |
We recorded no significant restructuring amounts during the nine months ended September 30, 2013 and recorded net gains on restructuring of $2.5 million during the nine months ended September 30, 2012. During the fourth quarter of 2013, we expect to conclude our 2010 Enterprise Improvement Plan (“EIP”) and to record at least $30.0 million of restructuring charges, primarily related to previously planned consolidation efforts and assets to be held-for-sale as part of our EIP. The ultimate amount and timing of future restructuring charges is subject to market conditions and our ability to estimate sales values of certain assets at prices acceptable to us and that would result in a sale within a year of the assets being held-for-sale. |
Covenants_and_Events_of_Defaul
Covenants and Events of Default | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Covenants and Events of Default | ' |
Covenants and Events of Default | |
Our debt and credit agreements require us to comply with various affirmative, restrictive and financial covenants. Our failure to comply with any of these covenants, or to pay principal, interest or other amounts when due thereunder, would constitute an event of default under the applicable agreements. Under certain circumstances, the occurrence of an event of default under one of our debt or credit agreements (or the acceleration of the maturity of the indebtedness under one of our agreements) may constitute an event of default under one or more of our other debt or credit agreements. Default under our debt and credit agreements could result in (1) us no longer being entitled to borrow under the agreements, (2) termination of the agreements, (3) the requirement that any letters of credit under the agreements be cash collateralized, (4) acceleration of the maturity of outstanding indebtedness under the agreements and/or (5) foreclosure on any collateral securing the obligations under the agreements. | |
As of September 30, 2013, we were in compliance with the covenants contained in our note purchase agreements governing our senior notes payable, Credit Agreement (as defined under “Credit Agreement” in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) and debt agreements related to our consolidated real estate entities. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements. |
Weighted_Average_Shares_Outsta
Weighted Average Shares Outstanding | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ||||||||||||
Weighted Average Shares Outstanding | ' | ||||||||||||
Weighted Average Shares Outstanding | |||||||||||||
A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying condensed consolidated statements of operations is as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares outstanding: | |||||||||||||
Weighted average common stock outstanding | 38,876 | 38,707 | 38,814 | 38,679 | |||||||||
Less: weighted average unvested restricted stock outstanding | — | 189 | 41 | 261 | |||||||||
Total basic weighted average shares outstanding | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||
Diluted weighted average shares outstanding: | |||||||||||||
Weighted average common stock outstanding, basic | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||
Effect of dilutive securities: | |||||||||||||
Common stock options and restricted stock units1 | 883 | 623 | — | 595 | |||||||||
Total weighted average shares outstanding assuming dilution | 39,759 | 39,141 | 38,773 | 39,013 | |||||||||
1Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
We calculate earnings per share (“EPS”) under the two-class method by allocating earnings to both common shares and unvested restricted stock which are considered participating securities. However, net losses are not allocated to participating securities for purposes of computing EPS under the two-class method. The following is a reconciliation of net income (loss) attributable to Granite and related weighted average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share using the two-class method (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Granite | $ | 10,997 | $ | 37,121 | $ | (8,267 | ) | $ | 27,297 | ||||||||
Less: net income allocated to participating securities | — | 181 | — | 184 | |||||||||||||
Net income (loss) allocated to common shareholders for basic calculation | $ | 10,997 | $ | 36,940 | $ | (8,267 | ) | $ | 27,113 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, basic | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||||||
Net income (loss) per share, basic | $ | 0.28 | $ | 0.96 | $ | (0.21 | ) | $ | 0.71 | ||||||||
Diluted | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Granite | $ | 10,997 | $ | 37,121 | $ | (8,267 | ) | $ | 27,297 | ||||||||
Less: net income allocated to participating securities | — | 178 | — | 181 | |||||||||||||
Net income (loss) allocated to common shareholders for diluted calculation | $ | 10,997 | $ | 36,943 | $ | (8,267 | ) | $ | 27,116 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, diluted | 39,759 | 39,141 | 38,773 | 39,013 | |||||||||||||
Net income (loss) per share, diluted | $ | 0.28 | $ | 0.94 | $ | (0.21 | ) | $ | 0.7 | ||||||||
Equity
Equity | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Equity | ' | ||||||||||||
Equity | |||||||||||||
The following tables summarize our equity activity for the periods presented: | |||||||||||||
(in thousands) | Granite Construction Incorporated | Noncontrolling Interests | Total Equity | ||||||||||
Balance at December 31, 2012 | $ | 829,953 | $ | 41,905 | $ | 871,858 | |||||||
Purchase of common stock1 | (5,457 | ) | — | (5,457 | ) | ||||||||
Other transactions with shareholders3 | 11,430 | — | 11,430 | ||||||||||
Transactions with noncontrolling interests, net4 | — | (21,654 | ) | (21,654 | ) | ||||||||
Net loss | (8,267 | ) | (3,938 | ) | (12,205 | ) | |||||||
Dividends on common stock | (15,150 | ) | — | (15,150 | ) | ||||||||
Balance at September 30, 2013 | $ | 812,509 | $ | 16,313 | $ | 828,822 | |||||||
(in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 799,197 | $ | 28,466 | $ | 827,663 | |||||||
Purchase of common stock2 | (4,521 | ) | — | (4,521 | ) | ||||||||
Other transactions with shareholders3 | 7,690 | — | 7,690 | ||||||||||
Transactions with noncontrolling interests, net4 | — | (8,022 | ) | (8,022 | ) | ||||||||
Net income | 27,297 | 14,249 | 41,546 | ||||||||||
Dividends on common stock | (15,082 | ) | — | (15,082 | ) | ||||||||
Balance at September 30, 2012 | $ | 814,581 | $ | 34,693 | $ | 849,274 | |||||||
1Represents 181,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
2Represents 154,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
3Amounts are comprised primarily of amortized restricted stock and units. | |||||||||||||
4Amounts are primarily distributions to noncontrolling partners, net of contributions. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Legal Proceedings | |
In the ordinary course of business, we and our affiliates are involved in various legal proceedings that are pending against us and our affiliates alleging, among other things, public liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and related laws and regulations. | |
We record liabilities in our condensed consolidated balance sheets representing our estimated liabilities relating to legal proceedings and government inquiries to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable. The aggregate liabilities recorded as of September 30, 2013, December 31, 2012, and September 30, 2012 related to these matters were approximately $18.0 million, $8.6 million and $6.8 million, respectively, and were primarily included in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Some of the matters in which we or our affiliates are involved may involve compensatory, punitive, or other claims or sanctions that if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended or debarred, or payment of our costs could be disallowed. While any one of our pending legal proceedings is subject to early resolution as a result of our ongoing efforts to settle, whether or when any legal proceeding will be resolved through settlement is neither predictable nor guaranteed. Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and cash flows in any particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably estimated, we also disclose certain matters where the loss is considered reasonably possible and is reasonably estimable. Except as noted below, we believe the aggregate range of possible loss related to matters considered reasonably possible was not material as of September 30, 2013. Our view as to such matters could change in future periods. | |
Investigation Related to Grand Avenue Project Disadvantaged Business Enterprise (“DBE”) Issues: On March 6, 2009, the U.S. Department of Transportation, Office of Inspector General served upon our wholly-owned subsidiary, Granite Construction Northeast, Inc. (“Granite Northeast”), a United States District Court, Eastern District of New York Grand Jury subpoena to produce documents. The subpoena sought all documents pertaining to the use of a DBE firm (the “Subcontractor”), and the Subcontractor’s use of a non-DBE subcontractor/consultant, on the Grand Avenue Bus Depot and Central Maintenance Facility for the Borough of Queens Project (the “Grand Avenue Project”), a Granite Northeast project, that began in 2004 and was substantially complete in 2008. The subpoena sought any documents regarding the use of the Subcontractor as a DBE on any other projects and any other documents related to the Subcontractor or to the subcontractor/consultant. Granite Northeast produced the requested documents, together with other requested information. Subsequently, Granite Northeast was informed by the Department of Justice (“DOJ”) that it is a subject of the investigation, along with others. In January 2013 and October 2013, Granite Northeast met with Assistant United States Attorneys from the DOJ, along with other federal and state agencies (the “Agencies”), to discuss the status of the government’s criminal investigation of the Grand Avenue Project participants, including Granite Northeast. In addition to the documents produced in response to the Grand Jury subpoena, Granite Northeast has provided information to the Agencies concerning other DBE entities for which Granite Northeast has historically claimed DBE credit. The Agencies have informed Granite Northeast that they believe that the claimed DBE credit taken for some of those other DBE entities was improper. If the Agencies prevail in this view, Granite Northeast could be subject to civil, criminal, and/or administrative penalties or sanctions. Granite is unable to estimate at this time the entire liability or the most likely amount of liability that it may incur in connection with this matter. Because Granite believes that the incurrence of some form of penalty or sanction is probable, Granite has recorded the low end of the estimated range of potential liabilities in its condensed consolidated balance sheets as of September 30, 2013. Granite believes the likelihood of liability for amounts in excess of this accrual, up to the amount of the DBE subcontract, is reasonably possible. Under certain circumstances the resolution of the matters under investigation could have direct or indirect consequences that could have a material adverse effect on our financial position, results of operations and/or liquidity. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||
Our reportable segments are: Construction, Large Project Construction, Construction Materials and Real Estate. | |||||||||||||||||||||
The Construction segment performs various construction projects with a large portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, electric utilities and other infrastructure projects. These projects are typically bid-build projects completed within two years with a contract value of less than $75 million. | |||||||||||||||||||||
The Large Project Construction segment focuses on large, complex infrastructure projects which typically have longer duration than our Construction segment work. These projects include major highways, mass transit facilities, bridges, tunnels, waterway locks and dams, pipelines, canals, electric utilities and airport infrastructure. This segment primarily includes bid-build, design-build and construction management/general contractor contracts, generally with contract values in excess of $75 million. | |||||||||||||||||||||
The Construction Materials segment mines and processes aggregates and operates plants that produce construction materials for internal use and for sale to third parties. | |||||||||||||||||||||
The Real Estate segment develops, operates, and sells real estate related projects and provides real estate services for the Company’s operations. The Real Estate segment’s current portfolio consists of residential, retail and office site development projects for sale to home and commercial property developers in Washington, California and Texas. In October 2010, we announced our Enterprise Improvement Plan that includes plans to orderly divest of our real estate investment business consistent with our strategy to focus on our core business. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2012 Annual Report on Form 10-K. We evaluate segment performance based on gross profit or loss, and do not include overhead and non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory, equity in construction joint ventures and real estate held for development and sale. | |||||||||||||||||||||
Summarized segment information is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 470,567 | $ | 187,820 | $ | 146,286 | $ | 16 | $ | 804,689 | |||||||||||
Elimination of intersegment revenue | — | — | (63,114 | ) | — | (63,114 | ) | ||||||||||||||
Revenue from external customers | 470,567 | 187,820 | 83,172 | 16 | 741,575 | ||||||||||||||||
Gross profit (loss) | 49,635 | (2,543 | ) | 7,288 | 16 | 54,396 | |||||||||||||||
Depreciation, depletion and amortization | 8,502 | 3,634 | 5,631 | — | 17,767 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 385,744 | $ | 255,918 | $ | 169,350 | $ | 38 | $ | 811,050 | |||||||||||
Elimination of intersegment revenue | — | — | (82,568 | ) | — | (82,568 | ) | ||||||||||||||
Revenue from external customers | 385,744 | 255,918 | 86,782 | 38 | 728,482 | ||||||||||||||||
Gross profit | 33,273 | 57,814 | 9,984 | 28 | 101,099 | ||||||||||||||||
Depreciation, depletion and amortization | 3,160 | 1,102 | 7,498 | — | 11,760 | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 956,287 | $ | 540,906 | $ | 282,547 | $ | 141 | $ | 1,779,881 | |||||||||||
Elimination of intersegment revenue | — | — | (109,440 | ) | — | (109,440 | ) | ||||||||||||||
Revenue from external customers | 956,287 | 540,906 | 173,107 | 141 | 1,670,441 | ||||||||||||||||
Gross profit | 87,987 | 42,267 | 5,268 | 128 | 135,650 | ||||||||||||||||
Depreciation, depletion and amortization | 20,194 | 8,792 | 17,087 | — | 46,073 | ||||||||||||||||
Segment assets | 155,440 | 211,144 | 340,172 | 50,250 | 757,006 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 748,803 | $ | 648,645 | $ | 316,211 | $ | 5,055 | $ | 1,718,714 | |||||||||||
Elimination of intersegment revenue | — | — | (140,457 | ) | — | (140,457 | ) | ||||||||||||||
Revenue from external customers | 748,803 | 648,645 | 175,754 | 5,055 | 1,578,257 | ||||||||||||||||
Gross profit | 59,814 | 108,302 | 9,034 | 801 | 177,951 | ||||||||||||||||
Depreciation, depletion and amortization | 9,973 | 3,279 | 22,055 | — | 35,307 | ||||||||||||||||
Segment assets | 110,402 | 109,114 | 353,756 | 57,964 | 631,236 | ||||||||||||||||
A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Total gross profit from reportable segments | $ | 54,396 | $ | 101,099 | $ | 135,650 | $ | 177,951 | |||||||||||||
Selling, general and administrative expenses | 46,586 | 41,280 | 150,698 | 127,801 | |||||||||||||||||
Loss (gain) on restructuring | 474 | — | (23 | ) | (2,527 | ) | |||||||||||||||
Gain on sales of property and equipment | 3,259 | 1,622 | 7,653 | 6,493 | |||||||||||||||||
Total other (expense) income | (2,114 | ) | 1,418 | (8,068 | ) | (2,184 | ) | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 8,481 | $ | 62,859 | $ | (15,440 | ) | $ | 56,986 | ||||||||||||
Acquisition_Notes
Acquisition (Notes) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Acquisition | ' | |||||||||
Acquisition | ||||||||||
On December 28, 2012, we signed a definitive agreement to acquire 100% of the outstanding shares of Kenny, a national contractor and construction manager based in Northbrook, Illinois for $141.1 million. The acquisition was effective December 31, 2012 and was funded through cash on hand and $70.0 million of proceeds from borrowings under Granite’s existing revolving credit facility. In accordance with the terms of the agreement, we paid post-closing adjustments of $4.6 million and $3.8 million in the second and third quarters of 2013, respectively. Each of these post-closing adjustments is reflected in the purchase price above. The purchase price included $13.0 million held in escrow for indemnification liabilities (as defined by the definitive agreement). All claims are expected to be finalized and released in or before September 2014. | ||||||||||
The acquired business operates under the name Kenny Construction Company as a wholly owned subsidiary of Granite Construction Incorporated. Kenny operates in the tunneling, electrical power, underground and civil businesses. The underground business utilizes cutting-edge trenchless construction technologies and processes. This acquisition expanded our presence in these markets and has enabled us to leverage our capabilities and geographic footprint. We have accounted for this transaction in accordance with ASC Topic 805, Business Combinations (“ASC 805”). | ||||||||||
Purchase Price Allocation | ||||||||||
In accordance with ASC 805, a preliminary allocation of the purchase price was made to the net tangible and identifiable intangible assets based on their estimated fair values as of December 31, 2012. During the nine months ended September 30, 2013, we adjusted the preliminary values assigned to property and equipment by $0.8 million to reflect additional information obtained. We expect to finalize the purchase price allocation during the fourth quarter of 2013. The following table presents the adjusted purchase price allocation (in thousands): | ||||||||||
Cash and cash equivalents | $ | 53,185 | ||||||||
Receivables | 88,725 | |||||||||
Costs and estimated earnings in excess of billings | 444 | |||||||||
Inventories | 731 | |||||||||
Equity in construction joint ventures | 7,803 | |||||||||
Other current assets | 6,039 | |||||||||
Property and equipment, net | 51,909 | |||||||||
Identifiable intangible assets: | ||||||||||
Acquired backlog | 7,900 | |||||||||
Customer list | 2,200 | |||||||||
Trade name | 4,100 | |||||||||
Total identifiable intangible assets | 14,200 | |||||||||
Total identifiable assets acquired | 223,036 | |||||||||
Accounts payable | 43,591 | |||||||||
Billings in excess of costs and estimated earnings | 50,098 | |||||||||
Accrued expenses and other current liabilities | 16,806 | |||||||||
Noncontrolling interests | 15,326 | |||||||||
Net identifiable assets acquired | 97,215 | |||||||||
Goodwill | 43,899 | |||||||||
Purchase price | $ | 141,114 | ||||||||
Intangible assets | ||||||||||
Acquired intangible assets included backlog, customer relationships and trade name. We amortize the fair value of backlog intangible assets based on the associated project’s percent complete, and use the straight-line method over the assets’ estimated useful lives for other intangible assets. The estimated useful lives for backlog and customer relationships range from 1 to 8 years and represent existing contracts and the underlying customer relationships. The estimated useful lives of the trade names are 10 years and represent the fair values of the acquired trade names. The identifiable intangible assets are expected to be deductible for income tax purposes. We recorded amortization expense associated with the acquired intangible assets as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
(in thousands) | 30-Sep-13 | |||||||||
Cost of revenue - Construction | $ | 1,600 | $ | 4,800 | ||||||
Cost of revenue - Large Project Construction | 99 | 347 | ||||||||
Selling, general and administrative expenses | 181 | 544 | ||||||||
Total | $ | 1,880 | $ | 5,691 | ||||||
Goodwill | ||||||||||
Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The factors that contributed to the recognition of goodwill from the acquisition of Kenny include acquiring a workforce with capabilities in the power, tunnel and underground markets, cost savings opportunities and the significant synergies expected to arise. The $43.9 million of goodwill that resulted from this acquisition is included in our Construction and Large Project Construction segments - see Note 10. The goodwill is expected to be deductible for income tax purposes. | ||||||||||
In connection with the acquisition, Kenny became a guarantor of our obligations under the Credit Agreement (as defined under “Credit Agreement” in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) and outstanding senior notes and pledged substantially all of its assets to collateralize such obligations, in each case on substantially the same terms as our other subsidiaries that are guarantors of such obligations. |
Revisions_in_Estimates_Revisio
Revisions in Estimates Revisions in Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Revisions in Estimates [Abstract] | ' |
Revision in Estimate Method [Policy Text Block] | ' |
Our profit recognition related to construction contracts is based on estimates of costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. We do not recognize revenue on contract change orders or claims until we have a signed agreement; however, we do recognize costs as incurred and revisions to estimated total costs as soon as the obligation to perform is determined. Approved change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. We use the cumulative catch-up method applicable to construction contract accounting to account for revisions in estimates. Under this method, revisions in estimates are accounted for in their entirety in the period of change. |
Receivables_Net_Accounts_Recei
Receivables, Net Accounts Receivable Policy (Policies) | 9 Months Ended | |
Sep. 30, 2013 | ||
5. Receivables, Net [Abstract] | ' | |
Retention Receivable Policy [Policy Text Block] | ' | |
Non-escrow retention receivables are amounts that the project owner has contractually withheld that are to be paid upon owner acceptance of contract completion. We evaluate our non-escrow retention receivables for collectibility using certain customer information that includes the following: | ||
• | Federal - includes federal agencies such as the Bureau of Reclamation, the Army Corp of Engineers, and the Bureau of Indian Affairs. The obligations of these agencies are backed by the federal government. Consequently, there is minimal risk of not collecting the amounts we are entitled to receive. | |
• | State - primarily state departments of transportation. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as states have struggled with budget issues. | |
• | Local - these customers include local agencies such as cities, counties and other local municipal agencies. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as some local agencies have struggled to deal with budget issues. | |
• | Private - includes individuals, developers and corporations. The majority of our collection risk is associated with these customers. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us certain remedies, including, but not limited to, the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. | |
Accounts Receivable Collection Policy [Policy Text Block] | ' | |
We regularly review our accounts receivable, including past due amounts, to determine their probability of collection. If it is probable that an amount is uncollectible, it is charged to bad debt expense and a corresponding reserve is established in allowance for doubtful accounts. If it is deemed certain that an amount is uncollectible, the amount is written off. Based on contract terms, non-escrow retention receivables are typically due within 60 days of owner acceptance of contract completion. We consider retention amounts beyond 60 days of owner acceptance of contract completion to be past due. |
Real_Estate_Entities_and_Inves1
Real Estate Entities and Investments in Affiliates Real Estate Entities and Investments in Affiliates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary, or because they are not VIEs and we hold the majority voting interest. The factors we consider in determining whether we are a VIE’s primary beneficiary include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Based on our initial primary beneficiary analysis for one construction joint venture, we determined that decision making responsibility is shared between the venture partners. Therefore, this joint venture did not have an identifiable primary beneficiary partner and we continue to report the pro rata results. All other joint ventures were assigned one primary beneficiary partner. | |
We continually evaluate whether there are changes in the status of the VIE’s or changes to the primary beneficiary designation of the VIE. Based on our assessments during the nine months ended September 30, 2013 and 2012, we determined no change was required for existing construction joint ventures. | |
We have determined that certain of these joint ventures are consolidated because they are VIEs and we are the primary beneficiary. The factors we consider in determining whether we are a VIE’s primary beneficiary include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. | |
We continually evaluate whether there are changes in the status of the VIE’s or changes to the primary beneficiary designation of the VIE. Based on our assessments during the nine months ended September 30, 2013 and 2012, we determined no change was required for existing real estate entities. |
Revisions_in_Estimates_Tables
Revisions in Estimates (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Construction [Member] | ' | ||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||||||
The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with upward estimate changes | 4 | 1 | 5 | 4 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.3 - 2.7 | $ | 1.6 | $ | 1.1 - 3.0 | $ | 1.0 - 3.0 | |||||||||
Increase to project profitability | $ | 7.4 | $ | 1.6 | $ | 11.8 | $ | 7.1 | |||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with downward estimate changes | 3 | 4 | 4 | 6 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 1.5 - 2.5 | $ | 1.1 - 3.9 | $ | 1.1 - 4.3 | $ | 1.1 - 6.3 | |||||||||
Decrease to project profitability | $ | 5.9 | $ | 7.6 | $ | 11.2 | $ | 16.5 | |||||||||
Large Project Construction [Member] | ' | ||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with downward estimate changes | 4 | — | 4 | 2 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 1.4 - 14.7 | $ | — | $ | 1.6 - 23.5 | $ | 1.7 - 4.1 | |||||||||
Decrease to project profitability | $ | 19.7 | $ | — | $ | 33.9 | $ | 5.8 | |||||||||
The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Number of projects with upward estimate changes | 3 | 8 | 6 | 8 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.0 - 10.5 | $ | 1.1 - 12.6 | $ | 2.1 - 26.6 | $ | 1.1 - 16.3 | |||||||||
Increase to project profitability | $ | 12.9 | $ | 35.9 | $ | 47.5 | $ | 54.7 | |||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||
All marketable securities were classified as held-to-maturity for the dates presented and the carrying amounts of held-to-maturity securities were as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
U.S. Government and agency obligations | $ | 1,260 | $ | 7,375 | $ | 15,062 | |||||||
Commercial paper | 19,982 | 34,966 | 19,976 | ||||||||||
Municipal bonds | 1,650 | 8,738 | 7,082 | ||||||||||
Corporate bonds | — | 5,009 | 5,065 | ||||||||||
Total short-term marketable securities | 22,892 | 56,088 | 47,185 | ||||||||||
U.S. Government and agency obligations | 64,014 | 55,342 | 36,103 | ||||||||||
Municipal bonds | — | — | 1,699 | ||||||||||
Total long-term marketable securities | 64,014 | 55,342 | 37,802 | ||||||||||
Total marketable securities | $ | 86,906 | $ | 111,430 | $ | 84,987 | |||||||
Held-to-maturity Securities | ' | ||||||||||||
Scheduled maturities of held-to-maturity investments were as follows (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Due within one year | $ | 22,892 | |||||||||||
Due in one to five years | 64,014 | ||||||||||||
Total | $ | 86,906 | |||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||
The following tables summarize assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels: | |||||||||||||||||||||||||||
September 30, 2013 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
Total assets | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
December 31, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 201,542 | $ | — | $ | — | $ | 201,542 | |||||||||||||||||||
Held-to-maturity commercial paper | 5,000 | — | — | 5,000 | |||||||||||||||||||||||
Total assets | $ | 206,542 | $ | — | $ | — | $ | 206,542 | |||||||||||||||||||
September 30, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 185,586 | $ | — | $ | — | $ | 185,586 | |||||||||||||||||||
Held-to-maturity commercial paper | 14,495 | — | — | 14,495 | |||||||||||||||||||||||
Total assets | $ | 200,081 | $ | — | $ | — | $ | 200,081 | |||||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | ||||||||||||||||||||||||||
A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: | |||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||||||||||||
Cash equivalents | $ | 113,220 | $ | 206,542 | $ | 200,081 | |||||||||||||||||||||
Cash | 99,243 | 115,448 | 87,241 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 212,463 | $ | 321,990 | $ | 287,322 | |||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||||||||
The carrying values and estimated fair values of our financial instruments that are not required to be measured at fair value in the condensed consolidated balance sheets are as follows: | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Held-to-maturity marketable securities1 | Level 1 | $ | 86,906 | $ | 86,594 | $ | 111,430 | $ | 111,525 | $ | 84,987 | $ | 85,133 | ||||||||||||||
Liabilities (including current maturities): | |||||||||||||||||||||||||||
Senior notes payable2 | Level 3 | $ | 200,000 | $ | 226,110 | $ | 208,333 | $ | 243,118 | $ | 208,333 | $ | 243,219 | ||||||||||||||
Credit Agreement loan2 | Level 3 | 70,000 | 70,166 | 70,000 | 70,444 | — | — | ||||||||||||||||||||
1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||
2The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement” in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Receivables_Net_Tables
Receivables, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||
Receivables, net | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Construction contracts: | |||||||||||||||||
Completed and in progress | $ | 275,182 | $ | 195,244 | $ | 228,865 | |||||||||||
Retentions | 76,114 | 93,800 | 68,590 | ||||||||||||||
Total construction contracts | 351,296 | 289,044 | 297,455 | ||||||||||||||
Construction material sales | 55,466 | 26,918 | 59,396 | ||||||||||||||
Other | 18,412 | 12,316 | 9,029 | ||||||||||||||
Total gross receivables | 425,174 | 328,278 | 365,880 | ||||||||||||||
Less: allowance for doubtful accounts | 2,565 | 2,749 | 2,425 | ||||||||||||||
Total net receivables | $ | 422,609 | $ | 325,529 | $ | 363,455 | |||||||||||
Schedule Of Escrow and Non Escrow Retention Receivable [Table Text Block] | ' | ||||||||||||||||
We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Escrow | $ | 23,794 | $ | 41,494 | $ | 42,297 | |||||||||||
Non-escrow | 52,320 | 52,306 | 26,293 | ||||||||||||||
Total retention receivables | $ | 76,114 | $ | 93,800 | $ | 68,590 | |||||||||||
Schedule of Non Escrow Receivables [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the amount of our non-escrow retention receivables within each category: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Federal | $ | 5,161 | $ | 3,234 | $ | 2,569 | |||||||||||
State | 3,444 | 2,971 | 3,595 | ||||||||||||||
Local | 35,003 | 31,559 | 12,003 | ||||||||||||||
Private | 8,712 | 14,542 | 8,126 | ||||||||||||||
Total | $ | 52,320 | $ | 52,306 | $ | 26,293 | |||||||||||
Aging of Financing Receivables [Table Text Block] | ' | ||||||||||||||||
The following tables present the aging of our non-escrow retention receivables (in thousands): | |||||||||||||||||
September 30, 2013 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 4,121 | $ | 237 | $ | 803 | $ | 5,161 | |||||||||
State | 1,685 | 368 | 1,391 | 3,444 | |||||||||||||
Local | 24,845 | 2,924 | 7,234 | 35,003 | |||||||||||||
Private | 5,238 | 968 | 2,506 | 8,712 | |||||||||||||
Total | $ | 35,889 | $ | 4,497 | $ | 11,934 | $ | 52,320 | |||||||||
December 31, 2012 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 3,116 | $ | 72 | $ | 46 | $ | 3,234 | |||||||||
State | 2,148 | 502 | 321 | 2,971 | |||||||||||||
Local | 25,743 | 1,082 | 4,734 | 31,559 | |||||||||||||
Private | 13,310 | 716 | 516 | 14,542 | |||||||||||||
Total | $ | 44,317 | $ | 2,372 | $ | 5,617 | $ | 52,306 | |||||||||
September 30, 2012 | Current | 1 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 2,012 | $ | — | $ | 557 | $ | 2,569 | |||||||||
State | 3,177 | 239 | 179 | 3,595 | |||||||||||||
Local | 11,141 | 555 | 307 | 12,003 | |||||||||||||
Private | 7,495 | 321 | 310 | 8,126 | |||||||||||||
Total | $ | 23,825 | $ | 1,115 | $ | 1,353 | $ | 26,293 | |||||||||
Construction_and_Line_Item_Joi1
Construction and Line Item Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Construction and Line Item Joint Ventures [Abstract] | ' | ||||||||||||||||
Schedule of Consolidated Joint Ventures [Table Text Block] | ' | ||||||||||||||||
The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included in our condensed consolidated financial statements as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Cash and cash equivalents1 | $ | 57,133 | $ | 105,865 | $ | 74,020 | |||||||||||
Receivables, net | 47,696 | 43,902 | 31,028 | ||||||||||||||
Other current assets | 3,815 | 4,008 | 1,351 | ||||||||||||||
Total current assets | 108,644 | 153,775 | 106,399 | ||||||||||||||
Property and equipment, net | 28,194 | 41,114 | 6,661 | ||||||||||||||
Other noncurrent assets | — | 1,700 | — | ||||||||||||||
Total assets2 | $ | 136,838 | $ | 196,589 | $ | 113,060 | |||||||||||
Accounts payable | $ | 20,075 | $ | 34,536 | $ | 30,975 | |||||||||||
Billings in excess of costs and estimated earnings1 | 70,518 | 72,490 | 13,955 | ||||||||||||||
Accrued expenses and other current liabilities | 12,804 | 8,312 | 3,495 | ||||||||||||||
Total liabilities2 | $ | 103,397 | $ | 115,338 | $ | 48,425 | |||||||||||
1The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. | |||||||||||||||||
2The assets and liabilities of each joint venture relate solely to that joint venture. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Schedule of Unconsolidated Joint Ventures [Table Text Block] | ' | ||||||||||||||||
As of September 30, 2013, one of our unconsolidated construction joint ventures was located in Canada and, therefore, the associated disclosures throughout this footnote include amounts that were translated from Canadian dollars to U.S. dollars using the spot rate in effect as of the reporting date for balance sheet items, and the average rate in effect during the reporting period for the results of operations. The associated foreign currency translation adjustments did not have a material impact on the consolidated financial statements for any of the dates or periods presented. | |||||||||||||||||
Following is summary financial information related to unconsolidated construction joint ventures: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2013 | 2012 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents1 | $ | 412,506 | $ | 244,686 | $ | 304,065 | |||||||||||
Other assets | 439,655 | 301,412 | 273,848 | ||||||||||||||
Less partners’ interest | 557,857 | 342,545 | 353,165 | ||||||||||||||
Granite’s interest | 294,304 | 203,553 | 224,748 | ||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | 127,695 | 114,039 | 94,788 | ||||||||||||||
Billings in excess of costs and estimated earnings1 | 274,052 | 161,268 | 243,578 | ||||||||||||||
Other liabilities | 68,379 | 5,873 | 8,299 | ||||||||||||||
Less partners’ interest | 336,885 | 183,432 | 219,807 | ||||||||||||||
Granite’s interest | 133,241 | 97,748 | 126,858 | ||||||||||||||
Equity in construction joint ventures | $ | 161,063 | $ | 105,805 | $ | 97,890 | |||||||||||
1The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | |||||||||||||||||
Total | $ | 363,523 | $ | 286,308 | $ | 848,082 | $ | 776,235 | |||||||||
Less partners’ interest1 | 259,655 | 181,679 | 586,016 | 497,743 | |||||||||||||
Granite’s interest | 103,868 | 104,629 | 262,066 | 278,492 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Total | 290,112 | 200,688 | 661,587 | 597,689 | |||||||||||||
Less partners’ interest1 | 203,804 | 129,840 | 452,784 | 389,171 | |||||||||||||
Granite’s interest | 86,308 | 70,848 | 208,803 | 208,518 | |||||||||||||
Granite’s interest in gross profit | $ | 17,560 | $ | 33,781 | $ | 53,263 | $ | 69,974 | |||||||||
1Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest, adjusted to reflect our accounting policies. |
Real_Estate_Entities_and_Inves2
Real Estate Entities and Investments in Affiliates (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Real Estate Entities and Investments in Affiliates [Abstract] | ' | ||||||||||||
Schedule of Equity and Cost Method Investments [Table Text Block] | ' | ||||||||||||
Our investments in affiliates balance consists of the following: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Equity method investments in real estate affiliates | $ | 20,488 | $ | 19,775 | $ | 18,873 | |||||||
Equity method investments in other affiliates | 10,850 | 11,024 | 11,384 | ||||||||||
Total investments in affiliates | $ | 31,338 | $ | 30,799 | $ | 30,257 | |||||||
Equity Method Investment Summarized Balance Sheet Location [Table Text Block] | ' | ||||||||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Total assets | $ | 166,601 | $ | 166,112 | $ | 156,992 | |||||||
Net assets | $ | 95,490 | $ | 92,106 | $ | 85,162 | |||||||
Granite’s share of net assets | $ | 31,338 | $ | 30,799 | $ | 30,257 | |||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on our condensed consolidated balance sheets as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Equipment and vehicles | $ | 754,598 | $ | 758,782 | $ | 718,965 | |||||||
Quarry property | 180,205 | 180,567 | 177,814 | ||||||||||
Land and land improvements | 125,606 | 125,961 | 125,842 | ||||||||||
Buildings and leasehold improvements | 83,743 | 83,245 | 80,916 | ||||||||||
Office furniture and equipment | 69,265 | 67,743 | 64,767 | ||||||||||
Property and equipment | 1,213,417 | 1,216,298 | 1,168,304 | ||||||||||
Less: accumulated depreciation and depletion | 756,893 | 734,820 | 736,011 | ||||||||||
Property and equipment, net | $ | 456,524 | $ | 481,478 | $ | 432,293 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
The following table presents the goodwill balance by reporting segment: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | |||||||||||
Construction | $ | 28,398 | $ | 29,190 | $ | 6,937 | |||||||
Large Project Construction | 23,287 | 24,115 | 849 | ||||||||||
Construction Materials | 2,114 | 2,114 | 2,114 | ||||||||||
Total goodwill | $ | 53,799 | $ | 55,419 | $ | 9,900 | |||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | ||||||||||||
Amortized Intangible Assets: | |||||||||||||
Following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets: | |||||||||||||
September 30, 2013 | Accumulated | ||||||||||||
(in thousands) | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,711 | ) | $ | 18,002 | ||||||
Customer lists | 4,398 | (2,418 | ) | 1,980 | |||||||||
Covenants not to compete | 1,588 | (1,551 | ) | 37 | |||||||||
Acquired backlog | 7,900 | (5,147 | ) | 2,753 | |||||||||
Trade name | 4,100 | (324 | ) | 3,776 | |||||||||
Other | 871 | (827 | ) | 44 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (21,978 | ) | $ | 26,592 | ||||||
December 31, 2012 | |||||||||||||
(in thousands) | |||||||||||||
Permits | $ | 29,713 | $ | (10,869 | ) | $ | 18,844 | ||||||
Customer lists | 4,698 | (2,170 | ) | 2,528 | |||||||||
Covenants not to compete | 1,588 | (1,546 | ) | 42 | |||||||||
Acquired backlog | 8,400 | — | 8,400 | ||||||||||
Trade name | 4,100 | — | 4,100 | ||||||||||
Other | 871 | (734 | ) | 137 | |||||||||
Total amortized intangible assets | $ | 49,370 | $ | (15,319 | ) | $ | 34,051 | ||||||
September 30, 2012 | |||||||||||||
(in thousands) | |||||||||||||
Permits | $ | 29,713 | $ | (10,588 | ) | $ | 19,125 | ||||||
Customer lists | 2,198 | (2,113 | ) | 85 | |||||||||
Covenants not to compete | 1,588 | (1,541 | ) | 47 | |||||||||
Other | 871 | (696 | ) | 175 | |||||||||
Total amortized intangible assets | $ | 34,370 | $ | (14,938 | ) | $ | 19,432 | ||||||
Weighted_Average_Shares_Outsta1
Weighted Average Shares Outstanding (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||
A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying condensed consolidated statements of operations is as follows: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Weighted average shares outstanding: | |||||||||||||
Weighted average common stock outstanding | 38,876 | 38,707 | 38,814 | 38,679 | |||||||||
Less: weighted average unvested restricted stock outstanding | — | 189 | 41 | 261 | |||||||||
Total basic weighted average shares outstanding | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||
Diluted weighted average shares outstanding: | |||||||||||||
Weighted average common stock outstanding, basic | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||
Effect of dilutive securities: | |||||||||||||
Common stock options and restricted stock units1 | 883 | 623 | — | 595 | |||||||||
Total weighted average shares outstanding assuming dilution | 39,759 | 39,141 | 38,773 | 39,013 | |||||||||
1Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. | |||||||||||||
Earnings_Per_Share_Earnings_pe
Earnings Per Share Earnings per share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | ||||||||||||||||
The following is a reconciliation of net income (loss) attributable to Granite and related weighted average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share using the two-class method (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Granite | $ | 10,997 | $ | 37,121 | $ | (8,267 | ) | $ | 27,297 | ||||||||
Less: net income allocated to participating securities | — | 181 | — | 184 | |||||||||||||
Net income (loss) allocated to common shareholders for basic calculation | $ | 10,997 | $ | 36,940 | $ | (8,267 | ) | $ | 27,113 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, basic | 38,876 | 38,518 | 38,773 | 38,418 | |||||||||||||
Net income (loss) per share, basic | $ | 0.28 | $ | 0.96 | $ | (0.21 | ) | $ | 0.71 | ||||||||
Diluted | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to Granite | $ | 10,997 | $ | 37,121 | $ | (8,267 | ) | $ | 27,297 | ||||||||
Less: net income allocated to participating securities | — | 178 | — | 181 | |||||||||||||
Net income (loss) allocated to common shareholders for diluted calculation | $ | 10,997 | $ | 36,943 | $ | (8,267 | ) | $ | 27,116 | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, diluted | 39,759 | 39,141 | 38,773 | 39,013 | |||||||||||||
Net income (loss) per share, diluted | $ | 0.28 | $ | 0.94 | $ | (0.21 | ) | $ | 0.7 | ||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||
The following tables summarize our equity activity for the periods presented: | |||||||||||||
(in thousands) | Granite Construction Incorporated | Noncontrolling Interests | Total Equity | ||||||||||
Balance at December 31, 2012 | $ | 829,953 | $ | 41,905 | $ | 871,858 | |||||||
Purchase of common stock1 | (5,457 | ) | — | (5,457 | ) | ||||||||
Other transactions with shareholders3 | 11,430 | — | 11,430 | ||||||||||
Transactions with noncontrolling interests, net4 | — | (21,654 | ) | (21,654 | ) | ||||||||
Net loss | (8,267 | ) | (3,938 | ) | (12,205 | ) | |||||||
Dividends on common stock | (15,150 | ) | — | (15,150 | ) | ||||||||
Balance at September 30, 2013 | $ | 812,509 | $ | 16,313 | $ | 828,822 | |||||||
(in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | 799,197 | $ | 28,466 | $ | 827,663 | |||||||
Purchase of common stock2 | (4,521 | ) | — | (4,521 | ) | ||||||||
Other transactions with shareholders3 | 7,690 | — | 7,690 | ||||||||||
Transactions with noncontrolling interests, net4 | — | (8,022 | ) | (8,022 | ) | ||||||||
Net income | 27,297 | 14,249 | 41,546 | ||||||||||
Dividends on common stock | (15,082 | ) | — | (15,082 | ) | ||||||||
Balance at September 30, 2012 | $ | 814,581 | $ | 34,693 | $ | 849,274 | |||||||
1Represents 181,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
2Represents 154,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
3Amounts are comprised primarily of amortized restricted stock and units. | |||||||||||||
4Amounts are primarily distributions to noncontrolling partners, net of contributions. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information | ' | ||||||||||||||||||||
Summarized segment information is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 470,567 | $ | 187,820 | $ | 146,286 | $ | 16 | $ | 804,689 | |||||||||||
Elimination of intersegment revenue | — | — | (63,114 | ) | — | (63,114 | ) | ||||||||||||||
Revenue from external customers | 470,567 | 187,820 | 83,172 | 16 | 741,575 | ||||||||||||||||
Gross profit (loss) | 49,635 | (2,543 | ) | 7,288 | 16 | 54,396 | |||||||||||||||
Depreciation, depletion and amortization | 8,502 | 3,634 | 5,631 | — | 17,767 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 385,744 | $ | 255,918 | $ | 169,350 | $ | 38 | $ | 811,050 | |||||||||||
Elimination of intersegment revenue | — | — | (82,568 | ) | — | (82,568 | ) | ||||||||||||||
Revenue from external customers | 385,744 | 255,918 | 86,782 | 38 | 728,482 | ||||||||||||||||
Gross profit | 33,273 | 57,814 | 9,984 | 28 | 101,099 | ||||||||||||||||
Depreciation, depletion and amortization | 3,160 | 1,102 | 7,498 | — | 11,760 | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 956,287 | $ | 540,906 | $ | 282,547 | $ | 141 | $ | 1,779,881 | |||||||||||
Elimination of intersegment revenue | — | — | (109,440 | ) | — | (109,440 | ) | ||||||||||||||
Revenue from external customers | 956,287 | 540,906 | 173,107 | 141 | 1,670,441 | ||||||||||||||||
Gross profit | 87,987 | 42,267 | 5,268 | 128 | 135,650 | ||||||||||||||||
Depreciation, depletion and amortization | 20,194 | 8,792 | 17,087 | — | 46,073 | ||||||||||||||||
Segment assets | 155,440 | 211,144 | 340,172 | 50,250 | 757,006 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 748,803 | $ | 648,645 | $ | 316,211 | $ | 5,055 | $ | 1,718,714 | |||||||||||
Elimination of intersegment revenue | — | — | (140,457 | ) | — | (140,457 | ) | ||||||||||||||
Revenue from external customers | 748,803 | 648,645 | 175,754 | 5,055 | 1,578,257 | ||||||||||||||||
Gross profit | 59,814 | 108,302 | 9,034 | 801 | 177,951 | ||||||||||||||||
Depreciation, depletion and amortization | 9,973 | 3,279 | 22,055 | — | 35,307 | ||||||||||||||||
Segment assets | 110,402 | 109,114 | 353,756 | 57,964 | 631,236 | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||
A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Total gross profit from reportable segments | $ | 54,396 | $ | 101,099 | $ | 135,650 | $ | 177,951 | |||||||||||||
Selling, general and administrative expenses | 46,586 | 41,280 | 150,698 | 127,801 | |||||||||||||||||
Loss (gain) on restructuring | 474 | — | (23 | ) | (2,527 | ) | |||||||||||||||
Gain on sales of property and equipment | 3,259 | 1,622 | 7,653 | 6,493 | |||||||||||||||||
Total other (expense) income | (2,114 | ) | 1,418 | (8,068 | ) | (2,184 | ) | ||||||||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 8,481 | $ | 62,859 | $ | (15,440 | ) | $ | 56,986 | ||||||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Business Combinations [Abstract] | ' | |||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||
We recorded amortization expense associated with the acquired intangible assets as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
(in thousands) | 30-Sep-13 | |||||||||
Cost of revenue - Construction | $ | 1,600 | $ | 4,800 | ||||||
Cost of revenue - Large Project Construction | 99 | 347 | ||||||||
Selling, general and administrative expenses | 181 | 544 | ||||||||
Total | $ | 1,880 | $ | 5,691 | ||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||||
The following table presents the adjusted purchase price allocation (in thousands): | ||||||||||
Cash and cash equivalents | $ | 53,185 | ||||||||
Receivables | 88,725 | |||||||||
Costs and estimated earnings in excess of billings | 444 | |||||||||
Inventories | 731 | |||||||||
Equity in construction joint ventures | 7,803 | |||||||||
Other current assets | 6,039 | |||||||||
Property and equipment, net | 51,909 | |||||||||
Identifiable intangible assets: | ||||||||||
Acquired backlog | 7,900 | |||||||||
Customer list | 2,200 | |||||||||
Trade name | 4,100 | |||||||||
Total identifiable intangible assets | 14,200 | |||||||||
Total identifiable assets acquired | 223,036 | |||||||||
Accounts payable | 43,591 | |||||||||
Billings in excess of costs and estimated earnings | 50,098 | |||||||||
Accrued expenses and other current liabilities | 16,806 | |||||||||
Noncontrolling interests | 15,326 | |||||||||
Net identifiable assets acquired | 97,215 | |||||||||
Goodwill | 43,899 | |||||||||
Purchase price | $ | 141,114 | ||||||||
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Pre-tax adjustments related to prior periods | $3.90 |
After-tax adjustments related to prior periods | $2.40 |
Revisions_in_Estimates_Details
Revisions in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Financial Effect on Future Periods | $0 | ' | $0 | ' |
Amount Considered Significant on Individual Project Gross Profit | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Increase (Decrease) on Project Profitability | ' | -6,000,000 | ' | -9,400,000 |
Contracts Accounted for under Percentage of Completion [Member] | Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Increase (Decrease) on Project Profitability | -1,500,000 | ' | -600,000 | ' |
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Increase (Decrease) on Project Profitability | 6,800,000 | 35,900,000 | 13,600,000 | 48,900,000 |
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | Noncontrolling Interest [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Increase (Decrease) on Project Profitability | 5,900,000 | 5,700,000 | 4,300,000 | 6,600,000 |
Upward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 4 | 1 | 5 | 4 |
Increase (Decrease) on Project Profitability | 7,400,000 | 1,600,000 | 11,800,000 | 7,100,000 |
Upward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | 1,300,000 | 1,600,000 | 1,100,000 | 1,000,000 |
Upward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | 2,700,000 | 1,600,000 | 3,000,000 | 3,000,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 3 | 8 | 6 | 8 |
Increase (Decrease) on Project Profitability | 12,900,000 | 35,900,000 | 47,500,000 | 54,700,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | 1,000,000 | 1,100,000 | 2,100,000 | 1,100,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | 10,500,000 | 12,600,000 | 26,600,000 | 16,300,000 |
Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 3 | 4 | 4 | 6 |
Increase (Decrease) on Project Profitability | -5,900,000 | -7,600,000 | -11,200,000 | -16,500,000 |
Downward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -1,500,000 | -1,100,000 | -1,100,000 | -1,100,000 |
Downward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -2,500,000 | -3,900,000 | -4,300,000 | -6,300,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 4 | 0 | 4 | 2 |
Increase (Decrease) on Project Profitability | -19,700,000 | 0 | -33,900,000 | -5,800,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -1,400,000 | 0 | -1,600,000 | -1,700,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ($14,700,000) | $0 | ($23,500,000) | ($4,100,000) |
Marketable_Securities_Carrying
Marketable Securities - Carrying Amounts of Marketable Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | $22,892 | $56,088 | $47,185 | |||
Long-term marketable securities | 64,014 | 55,342 | 37,802 | |||
Held-to-Maturity [Member] | ' | ' | ' | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | 22,892 | 56,088 | 47,185 | |||
Long-term marketable securities | 64,014 | 55,342 | 37,802 | |||
Total marketable securities | 86,906 | [1] | 111,430 | [1] | 84,987 | [1] |
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member] | ' | ' | ' | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | 1,260 | 7,375 | 15,062 | |||
Long-term marketable securities | 64,014 | 55,342 | 36,103 | |||
Commercial paper [Member] | Held-to-Maturity [Member] | ' | ' | ' | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | 19,982 | 34,966 | 19,976 | |||
Municipal bonds [Member] | Held-to-Maturity [Member] | ' | ' | ' | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | 1,650 | 8,738 | 7,082 | |||
Long-term marketable securities | 0 | 0 | 1,699 | |||
Corporate bonds [Member] | Held-to-Maturity [Member] | ' | ' | ' | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' | |||
Short-term marketable securities | $0 | $5,009 | $5,065 | |||
[1] | 1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. |
Marketable_Securities_Maturiti
Marketable Securities - Maturities of Held to Maturity Investments (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Marketable Securities [Abstract] | ' |
Held-to-maturity investments, maturities due within one year | $22,892 |
Held-to-maturity investments, maturities due in one to five years | 64,014 |
Held-to-maturity investments, total maturities due | $86,906 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Asset Impairment Charges | $0 | $0 | ' | ' | ||||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Line of Credit Facility, Amount Outstanding | 70,000,000 | [1] | 70,000,000 | [1] | 70,000,000 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure | 113,220,000 | 113,220,000 | 206,542,000 | 200,081,000 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure | 113,220,000 | 113,220,000 | 206,542,000 | 200,081,000 | ||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Senior Notes Payable, Fair Value Disclosure | 226,110,000 | [1] | 226,110,000 | [1] | 243,118,000 | [1] | 243,219,000 | [1] |
Line of Credit Facility, Amount Outstanding | 70,166,000 | [1] | 70,166,000 | [1] | 70,444,000 | [1] | 0 | [1] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | 113,220,000 | 113,220,000 | 201,542,000 | 185,586,000 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | 0 | 0 | 0 | 0 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | 0 | 0 | 0 | 0 | ||||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | 113,220,000 | 113,220,000 | 201,542,000 | 185,586,000 | ||||
Commercial paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | ' | ' | 5,000,000 | 14,495,000 | ||||
Commercial paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | ' | ' | 0 | 0 | ||||
Commercial paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | ' | ' | 0 | 0 | ||||
Commercial paper [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' | ||||
Cash equivalents | ' | ' | $5,000,000 | $14,495,000 | ||||
[1] | 2The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement†in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operationsâ€) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Fair_Value_Measurement_Cash_an
Fair Value Measurement - Cash and Cash Equivalents (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash Equivalents, at Carrying Value [Abstract] | ' | ' | ' | ' |
Cash equivalents | $113,220 | $206,542 | $200,081 | ' |
Cash | 99,243 | 115,448 | 87,241 | ' |
Total cash and cash equivalents | $212,463 | $321,990 | $287,322 | $256,990 |
Fair_Value_Measurement_Carryin
Fair Value Measurement - Carrying and Fair Value Amounts (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Senior Notes | $200,000 | [1] | $208,333 | [1] | $208,333 | [1] |
Line of Credit Facility, Amount Outstanding | 70,000 | [1] | 70,000 | [1] | 0 | [1] |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Held-to-maturity Securities, Fair Value Disclosure current and long-term | 86,594 | [2] | 111,525 | [2] | 85,133 | [2] |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | |||
Notes Payable, Fair Value Disclosure | 226,110 | [1] | 243,118 | [1] | 243,219 | [1] |
Line of Credit Facility, Amount Outstanding | $70,166 | [1] | $70,444 | [1] | $0 | [1] |
[1] | 2The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement†in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operationsâ€) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. | |||||
[2] | 1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | $425,174,000 | $328,278,000 | $365,880,000 |
Allowance for Accounts, Notes, Loans and Financing Receivable, Current | 2,565,000 | 2,749,000 | 2,425,000 |
Receivables, net | 422,609,000 | 325,529,000 | 363,455,000 |
Notes, Loans and Financing Receivable, Net, Noncurrent | 1,500,000 | 2,000,000 | 1,900,000 |
Construction Contracts [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 351,296,000 | 289,044,000 | 297,455,000 |
Completed and in Progress [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 275,182,000 | 195,244,000 | 228,865,000 |
Retentions [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 76,114,000 | 93,800,000 | 68,590,000 |
Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 23,794,000 | 41,494,000 | 42,297,000 |
Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 52,320,000 | 52,306,000 | 26,293,000 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Non-escrow retention receivable - current | 35,889,000 | 44,317,000 | 23,825,000 |
Non-escrow retention receivable - 1 to 90 days past due | 4,497,000 | 2,372,000 | 1,115,000 |
Non-escrow retention receivable - over 90 days past due | 11,934,000 | 5,617,000 | 1,353,000 |
Construction Material Sales [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 55,466,000 | 26,918,000 | 59,396,000 |
Other Business Products and Services [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 18,412,000 | 12,316,000 | 9,029,000 |
Federal [Member] | Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 5,161,000 | 3,234,000 | 2,569,000 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Non-escrow retention receivable - current | 4,121,000 | 3,116,000 | 2,012,000 |
Non-escrow retention receivable - 1 to 90 days past due | 237,000 | 72,000 | 0 |
Non-escrow retention receivable - over 90 days past due | 803,000 | 46,000 | 557,000 |
State [Member] | Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 3,444,000 | 2,971,000 | 3,595,000 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Non-escrow retention receivable - current | 1,685,000 | 2,148,000 | 3,177,000 |
Non-escrow retention receivable - 1 to 90 days past due | 368,000 | 502,000 | 239,000 |
Non-escrow retention receivable - over 90 days past due | 1,391,000 | 321,000 | 179,000 |
Local [Member] | Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 35,003,000 | 31,559,000 | 12,003,000 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Non-escrow retention receivable - current | 24,845,000 | 25,743,000 | 11,141,000 |
Non-escrow retention receivable - 1 to 90 days past due | 2,924,000 | 1,082,000 | 555,000 |
Non-escrow retention receivable - over 90 days past due | 7,234,000 | 4,734,000 | 307,000 |
Private [Member] | Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 8,712,000 | 14,542,000 | 8,126,000 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' |
Non-escrow retention receivable - current | 5,238,000 | 13,310,000 | 7,495,000 |
Non-escrow retention receivable - 1 to 90 days past due | 968,000 | 716,000 | 321,000 |
Non-escrow retention receivable - over 90 days past due | $2,506,000 | $516,000 | $310,000 |
Construction_and_Line_Item_Joi2
Construction and Line Item Joint Ventures - Consolidated Construction Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Cash and cash equivalents | $212,463,000 | $287,322,000 | $212,463,000 | $287,322,000 | $321,990,000 | $256,990,000 | |||||
Other current assets | 33,204,000 | 13,974,000 | 33,204,000 | 13,974,000 | 31,834,000 | ' | |||||
Total current assets | 1,041,672,000 | 1,019,908,000 | 1,041,672,000 | 1,019,908,000 | 1,022,057,000 | ' | |||||
Property and equipment, net | 456,524,000 | 432,293,000 | 456,524,000 | 432,293,000 | 481,478,000 | ' | |||||
Other noncurrent assets | 78,655,000 | 68,475,000 | 78,655,000 | 68,475,000 | 84,392,000 | ' | |||||
Total assets | 1,726,002,000 | 1,598,635,000 | 1,726,002,000 | 1,598,635,000 | 1,729,487,000 | ' | |||||
Accounts payable | 199,480,000 | 209,683,000 | 199,480,000 | 209,683,000 | 202,541,000 | ' | |||||
Billings in excess of costs and estimated earnings | 144,706,000 | 91,348,000 | 144,706,000 | 91,348,000 | 139,692,000 | ' | |||||
Accrued expenses and other current liabilities | 219,169,000 | 167,166,000 | 219,169,000 | 167,166,000 | 169,979,000 | ' | |||||
Total current liabilities | 565,522,000 | 493,261,000 | 565,522,000 | 493,261,000 | 531,272,000 | ' | |||||
Construction | 470,567,000 | 385,744,000 | 956,287,000 | 748,803,000 | ' | ' | |||||
Net Cash Provided by (Used in) Operating Activities | ' | ' | -64,515,000 | 20,163,000 | ' | ' | |||||
Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 5 | ' | 5 | ' | ' | ' | |||||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 5,000,000,000 | ' | 5,000,000,000 | ' | ' | ' | |||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Cash and cash equivalents | 57,133,000 | [1] | 74,020,000 | [1] | 57,133,000 | [1] | 74,020,000 | [1] | 105,865,000 | [1] | ' |
Receivables, Net, Current | 47,696,000 | 31,028,000 | 47,696,000 | 31,028,000 | 43,902,000 | ' | |||||
Other current assets | 3,815,000 | 1,351,000 | 3,815,000 | 1,351,000 | 4,008,000 | ' | |||||
Total current assets | 108,644,000 | 106,399,000 | 108,644,000 | 106,399,000 | 153,775,000 | ' | |||||
Property and equipment, net | 28,194,000 | 6,661,000 | 28,194,000 | 6,661,000 | 41,114,000 | ' | |||||
Other noncurrent assets | 0 | 0 | 0 | 0 | 1,700,000 | ' | |||||
Total assets | 136,838,000 | [2] | 113,060,000 | [2] | 136,838,000 | [2] | 113,060,000 | [2] | 196,589,000 | [2] | ' |
Accounts payable | 20,075,000 | 30,975,000 | 20,075,000 | 30,975,000 | 34,536,000 | ' | |||||
Billings in excess of costs and estimated earnings | 70,518,000 | [1] | 13,955,000 | [1] | 70,518,000 | [1] | 13,955,000 | [1] | 72,490,000 | [1] | ' |
Accrued expenses and other current liabilities | 12,804,000 | 3,495,000 | 12,804,000 | 3,495,000 | 8,312,000 | ' | |||||
Total liabilities | 103,397,000 | [2] | 48,425,000 | [2] | 103,397,000 | [2] | 48,425,000 | [2] | 115,338,000 | [2] | ' |
Number of Active Joint Venture Projects | 4 | ' | 4 | ' | ' | ' | |||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 11 | ' | 11 | ' | ' | ' | |||||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 1,400,000,000 | ' | 1,400,000,000 | ' | ' | ' | |||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 3,600,000,000 | ' | 3,600,000,000 | ' | ' | ' | |||||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 400,000 | ' | 400,000 | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | 300,000 | ' | 300,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 51.00% | ' | 51.00% | ' | ' | ' | |||||
Construction | 42,400,000 | 77,400,000 | 131,100,000 | 174,000,000 | ' | ' | |||||
Net Cash Provided by (Used in) Operating Activities | ' | ' | -10,400,000 | 16,100,000 | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 40,000,000 | ' | 40,000,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | 20.00% | ' | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 42,200,000 | ' | 42,200,000 | ' | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 200,000 | ' | 200,000 | ' | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 23,000,000 | ' | 23,000,000 | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 336,900,000 | ' | 336,900,000 | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | 111,000,000 | ' | 111,000,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | 65.00% | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 3,100,000,000 | ' | 3,100,000,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | 50.00% | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 138,600,000 | ' | 138,600,000 | ' | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 691,000,000 | ' | 691,000,000 | ' | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | $60,800,000 | ' | $60,800,000 | ' | ' | ' | |||||
[1] | The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. | ||||||||||
[2] | The assets and liabilities of each joint venture relate solely to that joint venture. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. |
Construction_and_Line_Item_Joi3
Construction and Line Item Joint Ventures - Unconsolidated Construction Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Equity in construction joint ventures | $161,063,000 | $97,890,000 | $161,063,000 | $97,890,000 | $105,805,000 | |||||
Equity in Construction Joint Ventures Current Assets Excluding Deficit in Equity | 161,063,000 | ' | 161,063,000 | ' | 105,805,000 | |||||
Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 5 | ' | 5 | ' | ' | |||||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 5,000,000,000 | ' | 5,000,000,000 | ' | ' | |||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 4 | ' | 4 | ' | ' | |||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 11 | ' | 11 | ' | ' | |||||
Unconsolidated Construction Joint Venture Revenue | 363,523,000 | 286,308,000 | 848,082,000 | 776,235,000 | ' | |||||
Unconsolidated Construction Joint Venture Cost of Revenue | 290,112,000 | 200,688,000 | 661,587,000 | 597,689,000 | ' | |||||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 294,304,000 | 224,748,000 | 294,304,000 | 224,748,000 | 203,553,000 | |||||
Unconsolidated Construction Joint Venture Liabilities | 133,241,000 | 126,858,000 | 133,241,000 | 126,858,000 | 97,748,000 | |||||
Unconsolidated Construction Joint Venture Revenue | 103,868,000 | 104,629,000 | 262,066,000 | 278,492,000 | ' | |||||
Unconsolidated Construction Joint Venture Cost of Revenue | 86,308,000 | 70,848,000 | 208,803,000 | 208,518,000 | ' | |||||
Unconsolidated Construction Joint Venture Gross Profit Loss | 17,560,000 | 33,781,000 | 53,263,000 | 69,974,000 | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 1,400,000,000 | ' | 1,400,000,000 | ' | ' | |||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 557,857,000 | 353,165,000 | 557,857,000 | 353,165,000 | 342,545,000 | |||||
Unconsolidated Construction Joint Venture Liabilities | 336,885,000 | 219,807,000 | 336,885,000 | 219,807,000 | 183,432,000 | |||||
Unconsolidated Construction Joint Venture Revenue | 259,655,000 | [1] | 181,679,000 | [1] | 586,016,000 | [1] | 497,743,000 | [1] | ' | |
Unconsolidated Construction Joint Venture Cost of Revenue | 203,804,000 | [1] | 129,840,000 | [1] | 452,784,000 | [1] | 389,171,000 | [1] | ' | |
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 3,600,000,000 | ' | 3,600,000,000 | ' | ' | |||||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 400,000 | ' | 400,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 51.00% | ' | 51.00% | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 40,000,000 | ' | 40,000,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | 20.00% | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 42,200,000 | ' | 42,200,000 | ' | ' | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 100,000 | ' | 100,000 | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 200,000 | ' | 200,000 | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 23,000,000 | ' | 23,000,000 | ' | ' | |||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 336,900,000 | ' | 336,900,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | 65.00% | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 3,100,000,000 | ' | 3,100,000,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | 50.00% | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 138,600,000 | ' | 138,600,000 | ' | ' | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 23,800,000 | ' | 23,800,000 | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 691,000,000 | ' | 691,000,000 | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 60,800,000 | ' | 60,800,000 | ' | ' | |||||
Cash and Cash Equivalents [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 412,506,000 | [2] | 304,065,000 | [2] | 412,506,000 | [2] | 304,065,000 | [2] | 244,686,000 | [2] |
Other Assets, Current and Longterm [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 439,655,000 | 273,848,000 | 439,655,000 | 273,848,000 | 301,412,000 | |||||
Accounts Payable [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | 127,695,000 | 94,788,000 | 127,695,000 | 94,788,000 | 114,039,000 | |||||
Billings in Excess of Costs and Estimated Earnings [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | 274,052,000 | [2] | 243,578,000 | [2] | 274,052,000 | [2] | 243,578,000 | [2] | 161,268,000 | [2] |
Accrued Liabilities [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | $68,379,000 | $8,299,000 | $68,379,000 | $8,299,000 | $5,873,000 | |||||
[1] | Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest, adjusted to reflect our accounting policies. | |||||||||
[2] | The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. |
Real_Estate_Entities_and_Inves3
Real Estate Entities and Investments in Affiliates - Consolidated Real Estate Entities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | ||||
Real Estate Entities [Member] | Real Estate Entities [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | WASHINGTON | WASHINGTON | WASHINGTON | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | |||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Financial Support Authorization | ' | ' | ' | 5,900,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized Investment Yet to be Contributed | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate held for development and sale | 50,250,000 | 50,223,000 | 57,964,000 | ' | ' | ' | ' | 50,300,000 | 50,200,000 | 58,000,000 | 40,800,000 | 40,300,000 | 48,100,000 | ' | ' | ' |
Debt, Recourse and Nonrecourse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 11,600,000 | 21,100,000 |
Current maturities of non-recourse debt | 2,147,000 | 10,707,000 | 16,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 565,522,000 | 531,272,000 | 493,261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term non-recourse debt | 7,048,000 | 922,000 | 4,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | $46,474,000 | $47,124,000 | $47,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Entities_and_Inves4
Real Estate Entities and Investments in Affiliates - Investments in Affiliates (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Investments in affiliates | $31,338,000 | $30,799,000 | $30,257,000 |
Joint Venture Unconsolidated [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Assets | 166,601,000 | 166,112,000 | 156,992,000 |
Equity Method Investments Summarized Financial Information Net Assets | 95,490,000 | 92,106,000 | 85,162,000 |
Investments in affiliates | 31,338,000 | 30,799,000 | 30,257,000 |
Joint Venture Unconsolidated [Member] | Other Affiliates [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity Method Investments | 31,338,000 | 30,799,000 | 30,257,000 |
Joint Venture Unconsolidated [Member] | Equity Method Investments in Non Real Estate Affiliate [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity Method Investments | 10,850,000 | 11,024,000 | 11,384,000 |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | Equity Method investments in Real Estate Affiliates [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity Method Investments | 20,488,000 | 19,775,000 | 18,873,000 |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | Residential real estate [Member] | Equity Method investments in Real Estate Affiliates [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity Method Investments | 14,000,000 | 13,800,000 | 12,800,000 |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | Minimum [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Real Estate Development Projects Range of Total Assets | 1,900,000 | ' | ' |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | Maximum [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Real Estate Development Projects Range of Total Assets | $49,700,000 | ' | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | $1,213,417 | $1,216,298 | $1,168,304 |
Accumulated depreciation and depletion | 756,893 | 734,820 | 736,011 |
Property and equipment, net | 456,524 | 481,478 | 432,293 |
Equipment and vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 754,598 | 758,782 | 718,965 |
Quarry property [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 180,205 | 180,567 | 177,814 |
Land and land improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 125,606 | 125,961 | 125,842 |
Building and leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 83,743 | 83,245 | 80,916 |
Office furniture and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | $69,265 | $67,743 | $64,767 |
Intangible_Assets_Indefinite_L
Intangible Assets - Indefinite Lived Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $48,570 | $49,370 | $34,370 |
Goodwill | 53,799 | 55,419 | 9,900 |
Construction [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 28,398 | 29,190 | 6,937 |
Large Project Construction [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 23,287 | 24,115 | 849 |
Construction Materials [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 2,114 | 2,114 | 2,114 |
Use Rights [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $400 | $400 | $400 |
Intangible_Assets_Finite_Lived
Intangible Assets - Finite Lived Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | $48,570,000 | $34,370,000 | $48,570,000 | $34,370,000 | $49,370,000 |
Total amortized intangible assets, Accumulated Amortization | -21,978,000 | -14,938,000 | -21,978,000 | -14,938,000 | -15,319,000 |
Total amortized intangible assets, Net Value | 26,592,000 | 19,432,000 | 26,592,000 | 19,432,000 | 34,051,000 |
Amortization expense | 2,200,000 | 1,200,000 | 6,700,000 | 3,300,000 | ' |
Future amortization expense, Remainder of Fiscal Year | 2,600,000 | ' | 2,600,000 | ' | ' |
Future amortization expense, Year One | 2,200,000 | ' | 2,200,000 | ' | ' |
Future amortization expense, Year Two | 2,100,000 | ' | 2,100,000 | ' | ' |
Future amortization expense, Year Three | 1,800,000 | ' | 1,800,000 | ' | ' |
Future amortization expense, Year Four | 1,700,000 | ' | 1,700,000 | ' | ' |
Future amortization expense, after Year Four | 16,200,000 | ' | 16,200,000 | ' | ' |
Permits [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 29,713,000 | 29,713,000 | 29,713,000 | 29,713,000 | 29,713,000 |
Total amortized intangible assets, Accumulated Amortization | -11,711,000 | -10,588,000 | -11,711,000 | -10,588,000 | -10,869,000 |
Total amortized intangible assets, Net Value | 18,002,000 | 19,125,000 | 18,002,000 | 19,125,000 | 18,844,000 |
Customer Lists [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,398,000 | 2,198,000 | 4,398,000 | 2,198,000 | 4,698,000 |
Total amortized intangible assets, Accumulated Amortization | -2,418,000 | -2,113,000 | -2,418,000 | -2,113,000 | -2,170,000 |
Total amortized intangible assets, Net Value | 1,980,000 | 85,000 | 1,980,000 | 85,000 | 2,528,000 |
Covenants not to compete [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 1,588,000 | 1,588,000 | 1,588,000 | 1,588,000 | 1,588,000 |
Total amortized intangible assets, Accumulated Amortization | -1,551,000 | -1,541,000 | -1,551,000 | -1,541,000 | -1,546,000 |
Total amortized intangible assets, Net Value | 37,000 | 47,000 | 37,000 | 47,000 | 42,000 |
Order or Production Backlog [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 7,900,000 | ' | 7,900,000 | ' | ' |
Total amortized intangible assets, Accumulated Amortization | -5,147,000 | ' | -5,147,000 | ' | 0 |
Total amortized intangible assets, Net Value | 2,753,000 | ' | 2,753,000 | ' | 8,400,000 |
Trade Names [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,100,000 | ' | 4,100,000 | ' | 4,100,000 |
Total amortized intangible assets, Accumulated Amortization | -324,000 | ' | -324,000 | ' | 0 |
Total amortized intangible assets, Net Value | 3,776,000 | ' | 3,776,000 | ' | 4,100,000 |
Other [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 |
Total amortized intangible assets, Accumulated Amortization | -827,000 | -696,000 | -827,000 | -696,000 | -734,000 |
Total amortized intangible assets, Net Value | 44,000 | 175,000 | 44,000 | 175,000 | 137,000 |
Scenario, Previously Reported [Member] | Order or Production Backlog [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | ' | ' | ' | ' | $8,400,000 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Gain on restructuring | ($474,000) | $0 | $23,000 | $2,527,000 |
Minimum [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected restructuring charges | ' | ' | $30,000,000 | ' |
Covenants_and_Events_of_Defaul1
Covenants and Events of Default (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Covenant Compliance | 'We were in compliance with the covenants contained in our senior note agreements and Credit Agreement. |
Weighted_Average_Shares_Outsta2
Weighted Average Shares Outstanding (Details) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | |
Weighted average common stock outstanding | 38,876 | 38,707 | 38,814 | 38,679 | |
Less: weighted average unvested restricted stock outstanding | 0 | 189 | 41 | 261 | |
Weighted Average Number of Shares Outstanding, Basic | 38,876 | 38,518 | 38,773 | 38,418 | |
Effect of dilutive securities: | ' | ' | ' | ' | |
Stock options and restricted units excluded from calculation | 883 | 623 | 0 | [1] | 595 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' | |
Weighted average common stock outstanding, basic | 38,876 | 38,518 | 38,773 | 38,418 | |
Effect of dilutive securities: | ' | ' | ' | ' | |
Stock options and restricted units excluded from calculation | 883 | 623 | 0 | [1] | 595 |
Total weighted average shares outstanding assuming dilution | 39,759 | 39,141 | 38,773 | 39,013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | 863 | ' | |
[1] | 1Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Recovered_Sheet1
Earnings Per Share Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $4,455 | $45,746 | ($12,205) | $41,546 |
Earnings Per Share, Basic, Two Class Method [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to Granite, Earnings per share, Basic | 10,997 | 37,121 | -8,267 | 27,297 |
Participating Securities, Distributed and Undistributed Earnings | 0 | 181 | 0 | 184 |
Net Income (Loss) Available to Common Stockholders, Basic | 10,997 | 36,940 | -8,267 | 27,113 |
Weighted average shares of common stock - Basic | 38,876 | 38,518 | 38,773 | 38,418 |
Earnings (Loss) Per Share, Basic | $0.28 | $0.96 | ($0.21) | $0.71 |
Earnings Per Share, Diluted, Two Class Method [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to Granite, Earnings per share, Diluted | 10,997 | 37,121 | -8,267 | 27,297 |
Undistributed Earnings Allocated to Participating Securities | 0 | 178 | 0 | 181 |
Net Income (Loss) Available to Common Stockholders, Diluted | $10,997 | $36,943 | ($8,267) | $27,116 |
Weighted average shares of common stock - Diluted | 39,759 | 39,141 | 38,773 | 39,013 |
Earnings (Loss) Per Share, Diluted | $0.28 | $0.94 | ($0.21) | $0.70 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | $871,858 | $827,663 | ||
Purchase of common stock | ' | ' | -5,457 | [1] | -4,521 | [2] |
Other transactions with shareholders | ' | ' | 11,430 | [3] | 7,690 | [3] |
Transactions with noncontrolling interests, net | ' | ' | -21,654 | [4] | -8,022 | [4] |
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net (loss) income | 4,455 | 45,746 | -12,205 | 41,546 | ||
Dividends on common stock | ' | ' | -15,150 | -15,082 | ||
Stockholders' equity, ending balance | 828,822 | 849,274 | 828,822 | 849,274 | ||
Shares Purchased for Tax Withholding for Share Based Compensation | ' | ' | 181,000 | 154,000 | ||
Granite Construction [Member] | ' | ' | ' | ' | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | 829,953 | 799,197 | ||
Purchase of common stock | ' | ' | -5,457 | [1] | -4,521 | [2] |
Other transactions with shareholders | ' | ' | 11,430 | [3] | 7,690 | [3] |
Transactions with noncontrolling interests, net | ' | ' | 0 | [4] | 0 | [4] |
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net (loss) income | ' | ' | -8,267 | 27,297 | ||
Dividends on common stock | ' | ' | -15,150 | -15,082 | ||
Stockholders' equity, ending balance | 812,509 | 814,581 | 812,509 | 814,581 | ||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | 41,905 | 28,466 | ||
Purchase of common stock | ' | ' | 0 | [1] | 0 | [2] |
Other transactions with shareholders | ' | ' | 0 | [3] | 0 | [3] |
Transactions with noncontrolling interests, net | ' | ' | -21,654 | [4] | -8,022 | [4] |
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net (loss) income | ' | ' | -3,938 | 14,249 | ||
Dividends on common stock | ' | ' | 0 | 0 | ||
Stockholders' equity, ending balance | $16,313 | $34,693 | $16,313 | $34,693 | ||
[1] | Represents 181,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||
[2] | Represents 154,000 shares purchased in connection with employee tax withholding for shares/units granted under our Amended and Restated 1999 Equity Incentive Plan. | |||||
[3] | Amounts are comprised primarily of amortized restricted stock and units. | |||||
[4] | 4Amounts are primarily distributions to noncontrolling partners, net of contributions. |
Legal_Proceedings_Legal_Procee
Legal Proceedings Legal Proceedings (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Estimated liability related to legal proceedings and government inquiries | $18 | $8.60 | $6.80 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | $804,689,000 | $811,050,000 | $1,779,881,000 | $1,718,714,000 | ' |
Elimination of intersegment revenue | -63,114,000 | -82,568,000 | -109,440,000 | -140,457,000 | ' |
Revenue from external customers | 741,575,000 | 728,482,000 | 1,670,441,000 | 1,578,257,000 | ' |
Gross profit | 54,396,000 | 101,099,000 | 135,650,000 | 177,951,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 17,767,000 | 11,760,000 | 46,073,000 | 35,307,000 | ' |
Assets | 1,726,002,000 | 1,598,635,000 | 1,726,002,000 | 1,598,635,000 | 1,729,487,000 |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 54,396,000 | 101,099,000 | 135,650,000 | 177,951,000 | ' |
Selling, general and administrative expenses | 46,586,000 | 41,280,000 | 150,698,000 | 127,801,000 | ' |
Loss (gain) on restructuring | 474,000 | 0 | -23,000 | -2,527,000 | ' |
Gain on sales of property and equipment | 3,259,000 | 1,622,000 | 7,653,000 | 6,493,000 | ' |
Other income (expense), net | -2,114,000 | 1,418,000 | -8,068,000 | -2,184,000 | ' |
Income (loss) before benefit from income taxes | 8,481,000 | 62,859,000 | -15,440,000 | 56,986,000 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Typical Contract Value | ' | ' | 75,000,000 | ' | ' |
Revenue from reportable segments | 470,567,000 | 385,744,000 | 956,287,000 | 748,803,000 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Revenue from external customers | 470,567,000 | 385,744,000 | 956,287,000 | 748,803,000 | ' |
Gross profit | 49,635,000 | 33,273,000 | 87,987,000 | 59,814,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 8,502,000 | 3,160,000 | 20,194,000 | 9,973,000 | ' |
Assets | 155,440,000 | 110,402,000 | 155,440,000 | 110,402,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 49,635,000 | 33,273,000 | 87,987,000 | 59,814,000 | ' |
Large Project Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Typical Contract Value | ' | ' | 75,000,000 | ' | ' |
Revenue from reportable segments | 187,820,000 | 255,918,000 | 540,906,000 | 648,645,000 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Revenue from external customers | 187,820,000 | 255,918,000 | 540,906,000 | 648,645,000 | ' |
Gross profit | -2,543,000 | 57,814,000 | 42,267,000 | 108,302,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 3,634,000 | 1,102,000 | 8,792,000 | 3,279,000 | ' |
Assets | 211,144,000 | 109,114,000 | 211,144,000 | 109,114,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | -2,543,000 | 57,814,000 | 42,267,000 | 108,302,000 | ' |
Construction Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 146,286,000 | 169,350,000 | 282,547,000 | 316,211,000 | ' |
Elimination of intersegment revenue | -63,114,000 | -82,568,000 | -109,440,000 | -140,457,000 | ' |
Revenue from external customers | 83,172,000 | 86,782,000 | 173,107,000 | 175,754,000 | ' |
Gross profit | 7,288,000 | 9,984,000 | 5,268,000 | 9,034,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 5,631,000 | 7,498,000 | 17,087,000 | 22,055,000 | ' |
Assets | 340,172,000 | 353,756,000 | 340,172,000 | 353,756,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 7,288,000 | 9,984,000 | 5,268,000 | 9,034,000 | ' |
Real Estate Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 16,000 | 38,000 | 141,000 | 5,055,000 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Revenue from external customers | 16,000 | 38,000 | 141,000 | 5,055,000 | ' |
Gross profit | 16,000 | 28,000 | 128,000 | 801,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 | 0 | ' |
Assets | 50,250,000 | 57,964,000 | 50,250,000 | 57,964,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 16,000 | 28,000 | 128,000 | 801,000 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | $757,006,000 | $631,236,000 | $757,006,000 | $631,236,000 | ' |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Kenny [Member] | Kenny [Member] | Kenny [Member] | Notes Payable to Banks [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase price | ' | ' | $141,114,000 | ' |
Proceeds from Lines of Credit | ' | ' | ' | 70,000,000 |
Post closing adjustments paid | 3,800,000 | 4,600,000 | ' | ' |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $13,000,000 | ' | ' | ' |
Acquisition_Preliminary_Purcha
Acquisition Preliminary Purchase Price Allocation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
Kenny [Member] | Trade Names [Member] | Order or Production Backlog [Member] | Customer Lists [Member] | Property, Plant and Equipment, Other Types [Member] | ||||
Kenny [Member] | Kenny [Member] | Kenny [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | $800,000 |
Cash and cash equivalents | ' | ' | ' | 53,185,000 | ' | ' | ' | ' |
Receivables | ' | ' | ' | 88,725,000 | ' | ' | ' | ' |
Costs and estimated earnings in excess of billings | ' | ' | ' | 444,000 | ' | ' | ' | ' |
Inventories | ' | ' | ' | 731,000 | ' | ' | ' | ' |
Equity in construction joint ventures | ' | ' | ' | 7,803,000 | ' | ' | ' | ' |
Other current assets | ' | ' | ' | 6,039,000 | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | 51,909,000 | ' | ' | ' | ' |
Total identifiable intangible assets | ' | ' | ' | 14,200,000 | 4,100,000 | 7,900,000 | 2,200,000 | ' |
Total identifiable assets acquired | ' | ' | ' | 223,036,000 | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | 43,591,000 | ' | ' | ' | ' |
Billings in excess of costs and estimated earnings | ' | ' | ' | 50,098,000 | ' | ' | ' | ' |
Accrued expenses and other current liabilities | ' | ' | ' | 16,806,000 | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | ' | 15,326,000 | ' | ' | ' | ' |
Net identifiable assets acquired | ' | ' | ' | 97,215,000 | ' | ' | ' | ' |
Goodwill | 53,799,000 | 55,419,000 | 9,900,000 | 43,899,000 | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $141,114,000 | ' | ' | ' | ' |
Acquisition_Acquired_Intangibl
Acquisition Acquired Intangibles Amortiation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $2,200 | $1,200 | $6,700 | $3,300 |
Kenny [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 1,880 | ' | 5,691 | ' |
Cost of Revenue | Large Project Construction [Member] | Kenny [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 99 | ' | 347 | ' |
Cost of Revenue | Construction [Member] | Kenny [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 1,600 | ' | 4,800 | ' |
Selling, General and Administrative Expenses | Kenny [Member] | ' | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $181 | ' | $544 | ' |