Document_And_Entity_Informatio
Document And Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 |
Document And Entity [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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 38,919,160 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents ($38,800 and $105,865 related to consolidated construction joint ventures (“CCJVâ€)) | $229,121 | $321,990 |
Short-term marketable securities | 49,968 | 56,088 |
Receivables, net ($38,372 and $43,902 related to CCJVs) | 313,598 | 325,529 |
Costs and estimated earnings in excess of billings | 33,306 | 34,116 |
Inventories | 62,474 | 59,785 |
Real estate held for development and sale | 12,478 | 50,223 |
Deferred income taxes | 55,874 | 36,687 |
Equity in construction joint ventures | 162,673 | 105,805 |
Other current assets | 30,711 | 31,834 |
Total current assets | 950,203 | 1,022,057 |
Property and equipment, net ($22,216 and $41,114 related to CCJVs) | 436,859 | 481,478 |
Long-term marketable securities | 67,234 | 55,342 |
Investments in affiliates | 32,480 | 30,799 |
Goodwill | 53,799 | 55,419 |
Other noncurrent assets | 76,580 | 84,392 |
Total assets | 1,617,155 | 1,729,487 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 21 | 8,353 |
Current maturities of non-recourse debt | 1,226 | 10,707 |
Accounts payable ($16,937 and $34,536 related to CCJVs) | 160,706 | 202,541 |
Billings in excess of costs and estimated earnings ($60,185 and $72,490 related to CCJVs) | 138,375 | 139,692 |
Accrued expenses and other current liabilities ($11,299 and $8,312 related to CCJVs) | 197,242 | 169,979 |
Total current liabilities | 497,570 | 531,272 |
Long-term debt | 270,127 | 270,148 |
Long-term non-recourse debt | 6,741 | 922 |
Other long-term liabilities | 48,580 | 47,124 |
Deferred income taxes | 7,793 | 8,163 |
Commitments and contingencies | ' | ' |
Equity | ' | ' |
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 38,917,728 shares as of December 31, 2013 and 38,730,665 shares as of December 31, 2012 | 389 | 387 |
Additional paid-in capital | 126,449 | 117,422 |
Retained earnings | 655,102 | 712,144 |
Total Granite Construction Incorporated shareholders’ equity | 781,940 | 829,953 |
Non-controlling interests | 4,404 | 41,905 |
Total equity | 786,344 | 871,858 |
Total liabilities and equity | $1,617,155 | $1,729,487 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEET (PARENTHETICALS - Assets and Liabilities) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $229,121 | $321,990 | ||
Other noncurrent assets | 76,580 | 84,392 | ||
Accounts payable | 160,706 | 202,541 | ||
Billings in excess of cost | 138,375 | 139,692 | ||
Accrued expenses and other current liabilities | 197,242 | 169,979 | ||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ' | ' | ||
Cash and cash equivalents | 38,800 | [1] | 105,865 | [1] |
Receivables, net | 38,372 | 43,902 | ||
Accounts payable | 16,937 | 34,536 | ||
Billings in excess of cost | 60,185 | [1] | 72,490 | [1] |
Accrued expenses and other current liabilities | $11,299 | $8,312 | ||
[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 SHEET (PARENTHETICALS) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 38,917,728 | 38,730,665 |
Common Stock, Shares, Outstanding | 38,917,728 | 38,730,665 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' |
Construction | $1,251,197,000 | $984,106,000 | $1,043,614,000 |
Large Project Construction | 777,811,000 | 863,217,000 | 725,043,000 |
Construction Materials | 237,752,000 | 230,642,000 | 220,583,000 |
Real Estate | 141,000 | 5,072,000 | 20,291,000 |
Total revenue | 2,266,901,000 | 2,083,037,000 | 2,009,531,000 |
Cost of revenue | ' | ' | ' |
Construction | 1,144,823,000 | 906,143,000 | 919,108,000 |
Large Project Construction | 706,003,000 | 714,799,000 | 620,935,000 |
Construction Materials | 230,799,000 | 223,070,000 | 203,942,000 |
Real Estate | 13,000 | 4,266,000 | 17,583,000 |
Total cost of revenue | 2,081,638,000 | 1,848,278,000 | 1,761,568,000 |
Gross profit | 185,263,000 | 234,759,000 | 247,963,000 |
Selling, general and administrative expenses | 199,946,000 | 185,099,000 | 162,302,000 |
Operating (loss) income | -54,692,000 | 80,835,000 | 99,269,000 |
Other (expense) income | ' | ' | ' |
Interest income | 1,785,000 | 2,626,000 | 2,878,000 |
Interest expense | -14,386,000 | -10,603,000 | -10,362,000 |
Equity in income of affiliates | 1,304,000 | 1,988,000 | 2,193,000 |
Other income (expense), net | 1,960,000 | 6,183,000 | -4,545,000 |
Total other (expense) income | -9,337,000 | 194,000 | -9,836,000 |
(Loss) income before (benefit from) provision for income taxes | -64,029,000 | 81,029,000 | 89,433,000 |
(Benefit from) provision for income taxes | -19,263,000 | 21,109,000 | 23,348,000 |
Net (loss) income | -44,766,000 | 59,920,000 | 66,085,000 |
Amount attributable to non-controlling interests | 8,343,000 | -14,637,000 | -14,924,000 |
Net (loss) income attributable to Granite Construction Incorporated | ($36,423,000) | $45,283,000 | $51,161,000 |
Net income (loss) per share attributable to common shareholders (see Note 16) | ' | ' | ' |
Basic (in dollars per share) | ($0.94) | $1.17 | $1.32 |
Diluted (in dollars per share) | ($0.94) | $1.15 | $1.31 |
Weighted average shares of common stock | ' | ' | ' |
Weighted average common stock outstanding, basic (in shares) | 38,803 | 38,447 | 38,117 |
Weighted average common stock outstanding, diluted (in shares) | 38,803 | 39,076 | 38,473 |
Dividends per common share (in dollars per share) | $0.52 | $0.52 | $0.52 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Total Granite Shareholders' Equity [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $795,635 | $761,031 | $387 | $104,232 | $656,412 | $34,604 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | ' | 38,745,542 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | 66,085 | 51,161 | 0 | 0 | 51,161 | 14,924 |
Stock units vested | 0 | 0 | 1 | -1 | 0 | 0 |
Stock units vested (in shares) | ' | ' | 80,245 | ' | ' | ' |
Amortized restricted stock | 12,155 | 12,155 | 0 | 12,155 | 0 | 0 |
Purchase of common stock | -4,029 | -4,029 | -1 | -4,028 | 0 | 0 |
Purchase of common stock (in shares) | ' | ' | -143,527 | ' | ' | ' |
Cash dividends on common stock | -20,107 | -20,107 | 0 | 0 | -20,107 | 0 |
Net tax on stock-based compensation | -1,360 | -1,360 | 0 | -1,360 | 0 | 0 |
Transactions with noncontrolling interests, net | -21,062 | 0 | 0 | 0 | 0 | -21,062 |
Stock options exercised and other | 346 | 346 | 0 | 516 | -170 | 0 |
Stock options exercised and other (in shares) | ' | ' | 511 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 827,663 | 799,197 | 387 | 111,514 | 687,296 | 28,466 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | ' | 38,682,771 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | 59,920 | 45,283 | 0 | 0 | 45,283 | 14,637 |
Stock units vested | 1 | 1 | 2 | -1 | 0 | 0 |
Stock units vested (in shares) | ' | ' | 191,285 | ' | ' | ' |
Amortized restricted stock | 11,475 | 11,475 | 0 | 11,475 | 0 | 0 |
Purchase of common stock | -4,854 | -4,854 | -2 | -4,852 | 0 | 0 |
Purchase of common stock (in shares) | ' | ' | -161,080 | ' | ' | ' |
Cash dividends on common stock | -20,117 | -20,117 | 0 | 0 | -20,117 | 0 |
Net tax on stock-based compensation | -1,573 | -1,573 | 0 | -1,573 | 0 | 0 |
Noncontrolling interest from acquisition | 14,788 | 0 | 0 | 0 | 0 | 14,788 |
Transactions with noncontrolling interests, net | -15,986 | 0 | 0 | 0 | 0 | -15,986 |
Stock options exercised and other | 541 | 541 | 0 | 859 | -318 | 0 |
Stock options exercised and other (in shares) | ' | ' | 17,689 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 871,858 | 829,953 | 387 | 117,422 | 712,144 | 41,905 |
Ending Balance (in shares) at Dec. 31, 2012 | 38,730,665 | ' | 38,730,665 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net (loss) income | -44,766 | -36,423 | 0 | 0 | -36,423 | -8,343 |
Stock units vested | 0 | 0 | 4 | -4 | 0 | 0 |
Stock units vested (in shares) | ' | ' | 359,941 | ' | ' | ' |
Amortized restricted stock | 13,443 | 13,443 | 0 | 13,443 | 0 | 0 |
Purchase of common stock | -5,902 | -5,902 | -2 | -5,900 | 0 | 0 |
Purchase of common stock (in shares) | ' | ' | -197,313 | ' | ' | ' |
Cash dividends on common stock | -20,210 | -20,210 | 0 | 0 | -20,210 | 0 |
Net tax on stock-based compensation | 419 | 419 | 0 | 419 | 0 | 0 |
Transactions with noncontrolling interests, net | -29,158 | 0 | 0 | 0 | 0 | -29,158 |
Stock options exercised and other | 660 | 660 | 0 | 1,069 | -409 | 0 |
Stock options exercised and other (in shares) | ' | ' | 24,435 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $786,344 | $781,940 | $389 | $126,449 | $655,102 | $4,404 |
Ending Balance (in shares) at Dec. 31, 2013 | 38,917,728 | ' | 38,917,728 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net (loss) income | ($44,766) | $59,920 | $66,085 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Non-cash restructuring and impairment charges, net | 44,734 | 145 | 6,745 |
Depreciation, depletion and amortization | 72,899 | 56,101 | 60,546 |
Gain on sales of property and equipment | -12,130 | -27,447 | -15,789 |
Change in deferred income tax | -19,557 | 6,013 | 8,566 |
Stock-based compensation | 13,443 | 11,475 | 12,155 |
Equity in net income from unconsolidated joint ventures | -72,764 | -101,747 | -67,845 |
Changes in assets and liabilities, net of the effects of acquisition in 2012: | ' | ' | ' |
Receivables | 12,236 | 9,415 | -2,258 |
Costs and estimated earnings in excess of billings, net | -507 | 2,780 | -56,524 |
Inventories | -2,689 | -8,079 | 43 |
Contributions to unconsolidated construction joint ventures | -40,758 | -4,986 | -800 |
Distributions from unconsolidated construction joint ventures | 110,347 | 92,474 | 35,598 |
Other assets, net | 3,961 | 8,898 | -3,715 |
Accounts payable | -34,048 | -9,472 | 28,960 |
Accrued expenses and other current liabilities, net | -25,021 | -3,700 | 20,578 |
Net cash provided by operating activities | 5,380 | 91,790 | 92,345 |
Investing activities | ' | ' | ' |
Purchases of marketable securities | -74,924 | -124,596 | -155,122 |
Maturities of marketable securities | 63,650 | 90,100 | 110,875 |
Proceeds from sale of marketable securities | 5,000 | 75,000 | 33,268 |
Purchases of property and equipment | -43,682 | -37,622 | -45,035 |
Proceeds from sales of property and equipment | 25,759 | 34,392 | 27,959 |
Acquisition of Kenny, net of cash acquired | -8,382 | -79,640 | 0 |
Other investing activities, net | 931 | -188 | 327 |
Net cash used in investing activities | -31,648 | -42,554 | -27,728 |
Financing activities | ' | ' | ' |
Proceeds from long-term debt | 0 | 70,495 | 2,122 |
Long-term debt principal payments | -12,148 | -11,751 | -16,907 |
Cash dividends paid | -20,210 | -20,117 | -20,117 |
Purchase of common stock | -5,896 | -4,854 | -4,029 |
Proceeds from Contributions from Affiliates | 5,117 | 107 | 519 |
Distributions to non-controlling partners | -34,600 | -16,093 | -21,581 |
Other financing activities, net | 1,136 | -2,023 | 344 |
Net cash (used in) provided by financing activities | -66,601 | 15,764 | -59,649 |
(Decrease) increase in cash and cash equivalents | -92,869 | 65,000 | 4,968 |
Cash and cash equivalents at beginning of year | 321,990 | 256,990 | 252,022 |
Cash and cash equivalents at end of year | 229,121 | 321,990 | 256,990 |
Cash paid during the period for: | ' | ' | ' |
Interest | 14,622 | 11,484 | 16,239 |
Income taxes | 4,119 | 24,616 | 24,783 |
Performance guarantees | -23,765 | 6,528 | -4,941 |
Non-cash investing and financing activities: | ' | ' | ' |
Restricted stock/units issued, net of forfeitures (See Note 14) | 13,775 | 14,175 | 6,874 |
Accrued cash dividends | 5,059 | 5,035 | 5,028 |
Debt payments out of escrow from sale of assets | 0 | 1,109 | 14,447 |
Debt extinguishment from joint venture interest assignment | 0 | 18,612 | 0 |
Debt payment from refinance | $0 | $1,150 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Pronouncements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Description of Business: Granite Construction Incorporated is a heavy civil contractor and a construction materials producer. We are engaged in the construction of roads, highways, mass transit facilities, airport infrastructure, bridges, trenchless and underground utilities, electrical utilities, tunnels, dams and canals. We have offices in Alaska, Arizona, California, Colorado, Florida, Illinois, Nevada, New York, Texas, Utah and Washington. Unless otherwise indicated, the terms “we,” “us,” “our,” “Company” and “Granite” refer to Granite Construction Incorporated and its consolidated subsidiaries. | ||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and majority owned subsidiaries. All material inter-company transactions and accounts have been eliminated. We use the equity method of accounting for affiliated companies where we have the ability to exercise significant influence, but not control. Additionally, we participate in joint ventures and a limited liability company (“joint ventures” or “ventures”) with other construction companies and various real estate ventures. We have consolidated these ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) 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. | ||||||||||||
Where we have determined we are not the primary beneficiary of a venture but do exercise significant influence, we account for our share of the operations of jointly controlled construction joint ventures on a pro rata basis in the consolidated statements of operations and as a single line item in the consolidated balance sheets, and we account for real estate ventures under the equity method of accounting, as a single line item in both the consolidated statements of operations and in the consolidated balance sheets. | ||||||||||||
If we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. | ||||||||||||
Revenue Recognition - Construction Contracts: Revenue and earnings on construction contracts, including construction joint ventures, are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs. For the majority of our contracts, revenue in an amount equal to cost incurred is recognized prior to contracts reaching at least 25% completion, thus deferring the related profit. Based on historical experience, it is our judgment that until a project reaches at least 25% completion, there may be insufficient information to determine the estimated profit other than to be reasonably certain that a contract will not incur a loss. In the case of large, complex projects we may defer profit recognition beyond the point of 25% completion based on an evaluation of specific project risks. The factors considered in this evaluation include the stage of design completion, the stage of construction completion, status of outstanding purchase orders and subcontracts, certainty of quantities of labor and materials, certainty of schedule and the relationship with the owner. In the case of construction management, time and materials and cost plus arrangements, we are able to estimate profit as services are performed based on contractual rates and estimable volumes. Therefore, we recognize profit for these types of contracts on an input basis, as services are performed. | ||||||||||||
Revenue from affirmative contract claims is recognized when we have a signed agreement and payment is assured. Revenue from contract change orders, which occur in most large projects, is recognized when the owner has agreed to the change order in writing. | ||||||||||||
Provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue. All contract costs, including those associated with claims and change orders, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract cost consists of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). Pre-contract costs are expensed as incurred. | ||||||||||||
The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach, and we believe our experience allows us to create materially reliable estimates generally upon incurring approximately 25% of expected costs. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: | ||||||||||||
• | the completeness and accuracy of the original bid; | |||||||||||
• | costs associated with scope changes; | |||||||||||
• | costs of labor and/or materials; | |||||||||||
• | extended overhead due to owner, weather and other delays; | |||||||||||
• | subcontractor performance issues; | |||||||||||
• | changes in productivity expectations; | |||||||||||
• | site conditions that differ from those assumed in the original bid (to the extent contract remedies are unavailable); | |||||||||||
• | continuing changes from original design on design/build projects; | |||||||||||
• | the availability and skill level of workers in the geographic location of the project; | |||||||||||
• | a change in the availability and proximity of equipment and materials; and | |||||||||||
• | our ability to recover on unresolved contract modifications and claims. | |||||||||||
The foregoing factors as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit between periods. Significant changes in cost estimates, particularly in our larger, more complex projects have had, and can in future periods have, a significant effect on our profitability. | ||||||||||||
Revenue Recognition - Materials: Revenue from the sale of materials is recognized when delivery occurs and risk of ownership passes to the customer. | ||||||||||||
Revenue Recognition - Real Estate: Revenue from the sale of real estate is recognized when title passes to the new owner, receipt of funds is reasonably assured and we do not have substantial continuing obligations on the property. If the criteria for recognition of a sale are not met, we account for the continuing operations of the property by applying the deposit, finance, installment or cost recovery methods, as appropriate. We use estimates and forecasts to determine total costs at completion of the development project to calculate cost of revenue related to sales transactions. | ||||||||||||
Balance Sheet Classifications: Amounts receivable and payable under construction contracts (principally retentions) that may extend beyond one year are included in current assets and liabilities. Additionally, the cost of property purchased for development and sale is included in current assets. A one-year time period is used as the basis for classifying all other current assets and liabilities. | ||||||||||||
Cash and Cash Equivalents: Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents on our consolidated balance sheets as of December 31, 2013 and 2012, was $38.8 million and $105.9 million, respectively, related to our consolidated joint ventures. Our access to joint venture cash may be limited by the provisions of the venture agreements. | ||||||||||||
Costs and Estimated Earnings in Excess of Billings: Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under contracts. These amounts become billable according to the contract terms, which usually consider the passage of time, achievement of milestones or completion of the project. Generally, such unbilled amounts will be billed and collected over the next twelve months. Based on our historical experience, we generally consider the collection risk related to these amounts to be low. When events or conditions indicate that the amounts outstanding may become uncollectible, an allowance is estimated and recorded. | ||||||||||||
Marketable Securities: We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. Realized gains and losses are included in other income (expense), net. The cost of securities sold or called is based on the specific identification method. | ||||||||||||
Financial Instruments: The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. | ||||||||||||
Derivative Instruments: We are exposed to various commodity price risks, including, but not limited to, diesel fuel, natural gas, propane, steel, cement and liquid asphalt arising from transactions that are entered into in the normal course of business. At times we manage this risk through supply agreements or we pre-purchase commodities to secure pricing and use financial contracts to further manage price risk. All derivative instruments are recorded on the balance sheet at fair value. We do not enter into derivative instruments for speculative or trading purposes. As of December 31, 2013 and 2012, we had no significant outstanding derivative instruments. | ||||||||||||
Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs 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. | ||||||||||||
We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. | ||||||||||||
Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. | ||||||||||||
Our receivables are from customers concentrated in the United States, and we have no material receivables from foreign operations as of December 31, 2013. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. | ||||||||||||
A significant portion of our labor force is subject to collective bargaining agreements. | ||||||||||||
Inventories: Inventories consist primarily of quarry products valued at the lower of average cost or market. We write down the inventories based on estimated quantities of materials on hand in excess of estimated foreseeable use. | ||||||||||||
Property and Equipment: Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from three to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, Property, Plant, and Equipment, we write it down to fair value, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the balance sheet and the resulting gains or losses, if any, are reflected in operating income (loss) for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are charged to operations as incurred. | ||||||||||||
Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from 3 to 7 years. During the years ended December 31, 2013, 2012 and 2011, we capitalized $2.5 million, $10.9 million and $14.0 million, respectively, of internal-use software development and related hardware costs. | ||||||||||||
Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment whenever events or changes in circumstances indicate the net book value of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their net book values to the future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset exceeds its fair value. We group plant equipment assets at a regional level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets are determined to no longer contribute to the vertically integrated asset group, it is assessed for impairment independently. | ||||||||||||
Amortizable intangible assets include covenants not to compete, acquired backlog, permits, trade names and customer lists which are being amortized on a straight-line basis over terms from one to thirty years. | ||||||||||||
Real Estate Held for Development and Sale: Real estate held for development and sale is stated at cost, unless the carrying value is determined not to be recoverable, in which case it is written down to fair value. The carrying amount of each consolidated real estate development project is reviewed on a quarterly basis in accordance with ASC Topic 360, Property, Plant, and Equipment, and each real estate development project accounted for under the equity method of accounting is reviewed in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. The review of each consolidated project includes an evaluation to determine if events or changes in circumstances indicate that a consolidated project’s carrying amount may not be recoverable. If events or changes in circumstances indicate that a consolidated project’s carrying amount may not be recoverable, the future undiscounted cash flows are estimated and compared to the project’s carrying amount. In the event that the project’s estimated future undiscounted cash flows or investment’s fair value are not sufficient to recover the carrying amounts, it is written down to its estimated fair value. The projects accounted for under the equity method are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. | ||||||||||||
Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: | ||||||||||||
• | significant decreases in the market price of the asset; | |||||||||||
• | significant adverse changes in legal factors or the business climate; | |||||||||||
• | significant changes to the development or business plans of a project; | |||||||||||
• | accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and | |||||||||||
• | current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. | |||||||||||
Future undiscounted cash flows and fair value assessments are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. | ||||||||||||
Capitalized Interest: Interest, to the extent it is incurred in connection with the construction of certain self-constructed assets and real estate development projects, is capitalized and recorded as part of the asset to which it relates. Capitalized interest on self-constructed assets is amortized over their estimated useful lives and is expensed on real estate projects as they are sold. | ||||||||||||
Goodwill: As of December 31, 2013, we had five reporting units in which goodwill was recorded as follows: | ||||||||||||
• | California Group Construction | |||||||||||
• | Kenny Group Construction | |||||||||||
• | Kenny Group Large Project Construction | |||||||||||
• | Northwest Group Construction | |||||||||||
• | Northwest Group Construction Materials | |||||||||||
The most significant goodwill balances reside in the reporting units associated with the Kenny Group. | ||||||||||||
We perform impairment tests annually as of December 31 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: | ||||||||||||
• | a significant adverse change in legal factors or in the business climate; | |||||||||||
• | an adverse action or assessment by a regulator; | |||||||||||
• | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | |||||||||||
• | the testing for recoverability of a significant asset group within the segment. | |||||||||||
In performing step one of the goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2013 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2014-2016 operating plan developed internally by management adjusted for market participant based assumptions. Our discount rate assumptions are based on an assessment of equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate our results against our current market capitalization. | ||||||||||||
After calculating the estimated fair value, we compare the resulting fair value to the net book value of the reporting unit, including goodwill. If the net book value of a reporting unit exceeds its fair value, we measure and record the amount of the impairment loss by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. | ||||||||||||
The results of our annual goodwill impairment tests indicated that the estimated fair values of our reporting units exceeded their net book values (i.e., cushion) by at least 50% for three of the five reporting units. The Northwest Construction Materials and Kenny Large Project Construction reporting units had goodwill balances of $1.9 million and $22.4 million, respectively, as of December 31, 2013 and fair value of equity exceeded the net book value by 48% and 42%, respectively. | ||||||||||||
The Northwest Construction Materials business is susceptible to state and local spending as well as private spending on residential and commercial construction. While the current cushion is sufficient, any significant margin degradation caused by low volumes or increased production costs could have a significant impact to this reporting unit’s estimated fair value. The Kenny Large Project Construction business is susceptible to fluctuations in results depending on awarded work given the size and frequency of awards. While we believe the current cushion is adequate to absorb these fluctuations, a significant decline in job win rates could have a significant impact to this reporting unit’s estimated fair value. | ||||||||||||
Billings in Excess of Costs and Estimated Earnings: Billings in excess of costs and estimated earnings is comprised of cash collected from customers and billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. | ||||||||||||
Asset Retirement and Reclamation Obligations: We account for the costs related to legal obligations to reclaim aggregate mining sites and other facilities by recording our estimated reclamation liability when incurred, capitalizing the estimated liability as part of the related asset’s carrying amount and allocating it to expense over the asset’s useful life. | ||||||||||||
Warranties: Many of our construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from six months to one year after our customer accepts the contract. Because of the nature of our projects, including contract owner inspections of the work both during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties and, therefore, do not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which we have accrued an estimate of warranty cost. The warranty cost is estimated based on our experience with the type of work and any known risks relative to the project and was not material during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Accrued Insurance Costs: We carry insurance policies to cover various risks, primarily general liability, automobile liability and workers compensation, under which we are liable to reimburse the insurance company for a portion of each claim paid. The amounts for which we are liable for general liability and workers compensation generally range from the first $0.5 million to $1.0 million per occurrence. We accrue for the estimated ultimate liability for incurred losses, both reported and unreported, using actuarial methods based on historic trends modified, if necessary, by recent events. Changes in our loss assumptions caused by changes in actual experience would affect our assessment of the ultimate liability and could have an effect on our operating results and financial position up to $1.0 million per occurrence. | ||||||||||||
Performance Guarantees: Agreements with our joint venture partners and limited liability company members (“partner(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 operational exposure is generally limited to our stated ownership interest. However, due to the joint and several nature of the performance obligations under the related owner contracts, if one of the partners fails to perform, we and the remaining partners would be responsible for performance of the outstanding work (i.e., performance guarantee). We estimate our liability for performance guarantees and include them in accrued expenses and other current liabilities (see Note 10) with a corresponding asset in equity in construction joint ventures on the consolidated balance sheets. We reassess our liability when and if changes in circumstances occur. The liability and corresponding asset are removed from the consolidated balance sheets upon customer acceptance of the project. | ||||||||||||
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 December 31, 2013, there was $4.4 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts, of which $1.2 billion represented our share and the remaining $3.2 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. | ||||||||||||
Contingencies: We are currently involved in various claims and legal proceedings. Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated. If a potential loss is considered probable but only a range of loss can be determined, the low-end of the range is recorded. These accruals represent management’s best estimate of probable loss. Disclosure also is provided when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Significant judgment is required in both the determination of probability of loss and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to claims and litigation and may revise our estimates. | ||||||||||||
Stock-Based Compensation: We measure and recognize compensation expense, net of estimated forfeitures, over the requisite vesting periods for all stock-based payment awards made. Stock-based compensation is included in selling, general and administrative expenses on our consolidated statements of operations. | ||||||||||||
Restructuring and Impairment Charges (Gains): Pursuant to an approved plan, we record severance costs when an employee has been notified, unless the employee provides future service, in which case severance costs are expensed ratably over the future service period. Other restructuring costs are recognized when the liability is incurred. Costs associated with terminating a lease contract are recorded at the contract termination date, in accordance with contract terms, or on the cease-use date, net of estimated sublease income, if applicable. In determining the amount related to termination of a lease, various assumptions are used including the time period over which facilities will be vacant, expected sublease term and sublease rates. These assumptions may be adjusted upon the occurrence of future events. Asset impairment analyses resulting from restructuring events are performed in accordance with ASC subtopic 360-10, Property, Plant and Equipment. See the Property and Equipment, Long-lived Assets and Real Estate Held for Development and Sale accounting policies above for further information on asset impairment charges. During the years ended December 31, 2013 and 2011, we recorded net restructuring and impairment charges of $52.1 million and $2.2 million, respectively, and during the year ended December 31, 2012, we recorded a net restructuring gain of $3.7 million (see Note 11). | ||||||||||||
Income Taxes: Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities on the consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | ||||||||||||
We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in other income (expense) in the consolidated statements of operations. | ||||||||||||
Computation of Earnings Per Share: Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, awards that accrue cash dividends (whether paid or unpaid) and those dividends that do not need to be returned to the entity if the employee forfeits the award are considered participating securities. Our unvested restricted stock issued under the Amended and Restated 1999 Equity Incentive Plan carries nonforfeitable dividend rights and are considered participating securities. | ||||||||||||
In applying the two-class method, earnings are allocated to both common shares and the participating securities, except when in a net loss position. Diluted earnings per share is computed by giving effect to all potential dilutive shares that were outstanding during the period. | ||||||||||||
Reclassifications: Certain reclassifications have been made to historical financial data on our consolidated statements of cash flows to conform to our current year presentation. Historically, cash flows used in or provided by unconsolidated construction joint ventures were presented as one line item within operating cash flows. To improve transparency about the activity in the related balance sheet accounts, we have now presented separately the significant activity for the periods presented. In addition to the above, we reclassified $6.5 million and $4.9 million related to performance guarantees for the years ended December 31, 2012 and 2011, respectively, out of the Equity in construction joint ventures and accrued expenses and other current liabilities, net to the non-cash supplemental table of the consolidated statement of cash flows. There was no impact to total cash used in or provided by operating, investing or financing activities. The following table summarizes these changes (in thousands): | ||||||||||||
As Reported | Reclassifications | Adjusted | ||||||||||
Year Ended December 31, | 2012 | |||||||||||
Equity in net income from unconsolidated joint ventures | $ | — | $ | (101,747 | ) | $ | (101,747 | ) | ||||
Equity in construction joint ventures | 2,446 | (2,446 | ) | — | ||||||||
Contributions to unconsolidated construction joint ventures | — | (4,986 | ) | (4,986 | ) | |||||||
Distributions from unconsolidated construction joint ventures | — | 92,474 | 92,474 | |||||||||
Accrued expenses and other current liabilities, net | (20,405 | ) | 16,705 | (3,700 | ) | |||||||
Total | $ | (17,959 | ) | $ | — | $ | (17,959 | ) | ||||
As Reported | Reclassifications | Adjusted | ||||||||||
Years Ended December 31, | 2011 | |||||||||||
Equity in net income from unconsolidated joint ventures | $ | — | $ | (67,845 | ) | $ | (67,845 | ) | ||||
Equity in construction joint ventures | (26,313 | ) | 26,313 | — | ||||||||
Contributions to unconsolidated construction joint ventures | — | (800 | ) | (800 | ) | |||||||
Distributions from unconsolidated construction joint ventures | — | 35,598 | 35,598 | |||||||||
Accrued expenses and other current liabilities, net | 13,844 | 6,734 | 20,578 | |||||||||
Total | $ | (12,469 | ) | $ | — | $ | (12,469 | ) | ||||
Recently Issued and Adopted Accounting Pronouncements: | ||||||||||||
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 were effective for our quarter ended March 31, 2013 and did not impact our 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 was effective for our quarter ended March 31, 2013 and did not impact our 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 for our quarter ended March 31, 2013. For all periods presented other comprehensive income (loss) was not significant; therefore, the adoption of this ASU did not have an impact on our consolidated financial statements. | ||||||||||||
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. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. |
Revisions_in_Estimates
Revisions in Estimates | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Change in Accounting Estimate [Abstract] | ' | ||||||||||||
Revision 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 affirmative 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 affirmative 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. There can be no assurance that we will not experience further changes in circumstances or otherwise be required to further revise our profitability estimates. | |||||||||||||
For the majority of our contracts, revenue in an amount equal to cost incurred is recognized prior to contracts reaching at least 25% completion, thus deferring the related profit. It is our judgment until a project reaches at least 25% completion, there is insufficient information to determine the estimated profit on the project with a reasonable level of certainty. The initial gross profit impact from projects exceeding the 25% threshold is not included in the tables below. During the years ended December 31, 2013, 2012, and 2011, the initial gross profit impact from projects exceeding the threshold was $9.1 million, $16.4 million, and $55.4 million, respectively. | |||||||||||||
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 a net decrease of $1.7 million, a net decrease of $18.1 million and a net increase of $6.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. The projects are summarized as follows (dollars in millions): | |||||||||||||
Increases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with upward estimate changes | 6 | 6 | 7 | ||||||||||
Range of increase in gross profit from each project, net | $ | 1.1 - 3.7 | $ | 1.0 - 1.7 | $ | 1.0 - 3.5 | |||||||
Increase on project profitability | $ | 16.1 | $ | 8.1 | $ | 13.6 | |||||||
The increases during the year ended December 31, 2013 were due to owner-directed scope changes and production at a higher rate than anticipated. The 2012 increases were due to lower than anticipated costs and settlement of outstanding issues with contract owners, and the 2011 increases were due to settlement of outstanding cost issues, owner-directed scope changes and resolution of project uncertainties. | |||||||||||||
Decreases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with downward estimate changes | 5 | 9 | 4 | ||||||||||
Range of reduction in gross profit from each project, net | $ | 1.2 - 7.4 | $ | 1.0 - 6.6 | $ | 1.4 - 2.6 | |||||||
Decrease on project profitability | $ | 17.8 | $ | 26.2 | $ | 7.4 | |||||||
The decreases during the year ended December 31, 2013 were due to lower productivity than originally anticipated. Three of the projects that had downward estimate changes were complete or substantially complete at December 31, 2013. The other two projects were 85.2% and 86.2% complete and, when aggregated, constituted 2.0% of Construction contract backlog as of December 31, 2013. The decreases during the years ended December 31, 2012 and 2011 were due to lower productivity than anticipated and unanticipated rework costs. | |||||||||||||
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 were net increases of $25.5 million, $64.6 million and $8.9 million. Amounts attributable to non-controlling interests were $5.6 million, $3.1 million and $2.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. The projects are summarized as follows (dollars in millions): | |||||||||||||
Increases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with upward estimate changes | 7 | 10 | 9 | ||||||||||
Range of increase in gross profit from each project, net | $ | 2.6 - 41.3 | $ | 1.1 - 24.5 | $ | 1.1 - 6.9 | |||||||
Increase on project profitability | $ | 77.5 | $ | 92 | $ | 28.3 | |||||||
The increases during the year ended December 31, 2013 were due to settlement of outstanding issues with a contract owner and owner-directed scope changes. The increases during the year ended December 31, 2012 were due to owner-directed scope changes and lower than anticipated construction costs. The increases during the year ended December 31, 2011 were due to the settlement of outstanding issues with a contract owner, owner-directed scope changes, lower than anticipated construction costs and the resolution of a project claim. | |||||||||||||
Decreases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with downward estimate changes | 5 | 1 | 5 | ||||||||||
Range of reduction in gross profit from each project, net | $ | 1.9 - 26.8 | $ | 27.4 | $ | 1.2 - 5.1 | |||||||
Decrease on project profitability | $ | 52 | $ | 27.4 | $ | 19.4 | |||||||
The decreases during the years ended December 31, 2013 and 2012 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 of any future compensation have yet to be finalized. Additionally, the decrease during 2013 was due to unanticipated production costs. The decreases during the year ended December 31, 2011 were due to increased costs to resolve project uncertainties, additional costs for design work and lower productivity than anticipated. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||
Dec. 31, 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): | |||||||||
December 31, | 2013 | 2012 | |||||||
U.S. Government and agency obligations | $ | 10,000 | $ | 7,375 | |||||
Commercial paper | 39,968 | 34,966 | |||||||
Municipal bonds | — | 8,738 | |||||||
Corporate bonds | — | 5,009 | |||||||
Total short-term marketable securities | 49,968 | 56,088 | |||||||
U.S. Government and agency obligations | 67,234 | 55,342 | |||||||
Total long-term marketable securities | 67,234 | 55,342 | |||||||
Total marketable securities | $ | 117,202 | $ | 111,430 | |||||
Scheduled maturities of held-to-maturity investments were as follows (in thousands): | |||||||||
December 31, 2013 | |||||||||
Due within one year | $ | 49,968 | |||||||
Due in one to five years | 67,234 | ||||||||
Total | $ | 117,202 | |||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
The following tables summarize assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): | |||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Cash equivalents | |||||||||||||||||||
Money market funds | $ | 89,336 | $ | — | $ | — | $ | 89,336 | |||||||||||
Total assets | $ | 89,336 | $ | — | $ | — | $ | 89,336 | |||||||||||
December 31, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||
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 | |||||||||||
A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows (in thousands): | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
Cash equivalents | $ | 89,336 | $ | 206,542 | |||||||||||||||
Cash | 139,785 | 115,448 | |||||||||||||||||
Total cash and cash equivalents | $ | 229,121 | $ | 321,990 | |||||||||||||||
The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the consolidated balance sheets are as follows (in thousands): | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||
Assets: | |||||||||||||||||||
Held-to-maturity marketable securities | Level 1 | $ | 117,202 | $ | 116,915 | $ | 111,430 | $ | 111,525 | ||||||||||
Liabilities (including current maturities): | |||||||||||||||||||
Senior notes payable1 | Level 3 | $ | 200,000 | $ | 225,865 | $ | 208,333 | $ | 243,118 | ||||||||||
Credit Agreement loan1 | Level 3 | 70,000 | 69,601 | 70,000 | 70,444 | ||||||||||||||
1The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement” in Note 12) 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. | |||||||||||||||||||
We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. As of December 31, 2013, the nonfinancial assets and liabilities included our asset retirement and reclamation obligations, assets and liabilities that were adjusted to fair value in connection with our 2010 Enterprise Improvement Plan (“EIP”) and a non-performing quarry asset separate from our EIP. As of December 31, 2012, the nonfinancial assets and liabilities included our asset retirement and reclamation obligations and our cost method investment in preferred stock of a corporation that designs and manufactures power generation equipment. | |||||||||||||||||||
Fair value for these nonfinancial assets and liabilities was measured using Level 3 inputs. Asset retirement and reclamation obligations were initially measured using internal discounted cash flow calculations based upon our estimates of future retirement costs - see Note 8 for details of the asset retirement balances and Note 1 for further discussion on fair value measurements. Fair values of the assets related to our EIP as well as the non-performing quarry site were determined based on a variety of factors that are further described in Note 1 under the Property and Equipment, Long-lived Assets and Real Estate Held for Development and Sale sections. Fair value of the cost method investment was estimated using the expected future cash flows attributable to the asset and on other assumptions that market participants would use in determining fair value, such as liquidation preferences, market discount rates, transaction prices for other comparable assets, and other market data. | |||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, fair value adjustments to our nonfinancial assets and liabilities were related to our asset retirement and reclamation obligations, restructuring charges associated with our EIP and non-cash impairment charges separate from our EIP, and are detailed as follows: | |||||||||||||||||||
• | Asset retirement obligations adjustments were $2.3 million, $2.8 million and $0.9 million, respectively. See Note 8 for further information. | ||||||||||||||||||
• | Restructuring charges associated with our EIP were $49.0 million during the year ended December 31, 2013, of which $31.1 million, including $3.9 million attributable to non-controlling interests, related to real estate assets, $14.7 million related to non-performing quarry sites and $3.2 million related to lease termination charges. During the years ended December 31, 2012 and 2011, we recorded a $3.7 million restructuring gain and a $2.2 million restructuring charge, respectively, both primarily related to real estate assets. See Note 11 for further information. | ||||||||||||||||||
• | Non-cash impairment charges were $3.2 million during both 2013 and 2012 and were $0.0 million during 2011. During 2013, the non-cash impairment charges were primarily associated with a nonperforming quarry site (see Note 11), and during 2012 and 2011 were primarily related to the write-off of our cost method investment in the preferred stock of a corporation that designs and manufactures power generation equipment (see Note 7). |
Receivables
Receivables | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Receivables, Net | ' | ||||||||||||||||
Receivables, net (in thousands) | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Construction contracts: | |||||||||||||||||
Completed and in progress | $ | 193,538 | $ | 195,244 | |||||||||||||
Retentions | 73,103 | 93,800 | |||||||||||||||
Total construction contracts | 266,641 | 289,044 | |||||||||||||||
Construction material sales | 36,813 | 26,918 | |||||||||||||||
Other | 12,657 | 12,316 | |||||||||||||||
Total gross receivables | 316,111 | 328,278 | |||||||||||||||
Less: allowance for doubtful accounts | 2,513 | 2,749 | |||||||||||||||
Total net receivables | $ | 313,598 | $ | 325,529 | |||||||||||||
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. Included in other receivables at December 31, 2013 and 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. 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 consolidated balance sheets. | |||||||||||||||||
Revenue earned by Construction and Large Project Construction from federal, state and local government agencies was $1.7 billion (74.4% of our total revenue) in 2013, $1.7 billion (80.6% of our total revenue) in 2012 and $1.7 billion (83.8% of our total revenue) in 2011. During the years ended December 31, 2013, 2012, and 2011, our largest volume customer was the California Department of Transportation (“Caltrans”). Revenue recognized from contracts with Caltrans represented $265.8 million (11.7% of our total revenue) in 2013, of which $239.9 million (19.2% of segment revenue) was in our Construction segment and $25.9 million (less than 0.1% of segment revenue) was in our Large Project Construction segment. Revenue from Caltrans represented $272.9 million (13.1% of total revenue) in 2012, of which $268.9 million (27.3% of segment revenue) was in our Construction segment and $4.1 million (0.5% of segment revenue) was in the Large Project Construction segment. Revenue from Caltrans represented $264.9 million (13.2% of total revenue) in 2011, of which $241.1 million (23.1% of segment revenue) was in the Construction segment and $23.8 million (3.3% of segment revenue) was in the Large Project Construction segment. | |||||||||||||||||
Financing receivables consist of long-term notes receivable and retentions receivable. As of December 31, 2013 and 2012, long-term notes receivable outstanding were $1.3 million and $2.0 million, respectively. The balance primarily related to loans made to employees and was included in other noncurrent assets in our 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 December 31, 2013, the majority of the retentions receivable are expected to be collected within one year. | |||||||||||||||||
We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows (in thousands): | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Escrow | $ | 25,124 | $ | 41,494 | |||||||||||||
Non-escrow | 47,979 | 52,306 | |||||||||||||||
Total retention receivables | $ | 73,103 | $ | 93,800 | |||||||||||||
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 small; 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): | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Federal | $ | 2,878 | $ | 3,234 | |||||||||||||
State | 5,579 | 2,971 | |||||||||||||||
Local | 31,122 | 31,559 | |||||||||||||||
Private | 8,400 | 14,542 | |||||||||||||||
Total | $ | 47,979 | $ | 52,306 | |||||||||||||
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): | |||||||||||||||||
December 31, 2013 | Current | 0 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 2,843 | $ | 13 | $ | 22 | $ | 2,878 | |||||||||
State | 4,919 | 326 | 334 | 5,579 | |||||||||||||
Local | 24,705 | 1,024 | 5,393 | 31,122 | |||||||||||||
Private | 6,817 | 287 | 1,296 | 8,400 | |||||||||||||
Total | $ | 39,284 | $ | 1,650 | $ | 7,045 | $ | 47,979 | |||||||||
December 31, 2012 | |||||||||||||||||
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 | |||||||||
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, which was the case with the majority of local agencies with past due balances as of December 31, 2013. We generally receive payment within one year of owner acceptance. As of December 31, 2013, 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 | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Construction and Line Item Joint Ventures [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. | |||||||||||||
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 VIEs and we are the primary beneficiary or because they are not VIEs and we hold the majority voting interest. | |||||||||||||
Based on our initial primary beneficiary analysis for one construction joint venture, we determined that decision making responsibility is shared equally between the venture partners. Therefore, this joint venture did not have an identifiable primary beneficiary 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 years ended December 31, 2013, 2012 and 2011, 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 consolidated balance sheets as follows (in thousands): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Cash and cash equivalents1 | $ | 38,800 | $ | 105,865 | |||||||||
Receivables, net | 38,372 | 43,902 | |||||||||||
Other current assets | 4,778 | 4,008 | |||||||||||
Total current assets | 81,950 | 153,775 | |||||||||||
Property and equipment, net | 22,216 | 41,114 | |||||||||||
Noncurrent assets | — | 1,700 | |||||||||||
Total assets2 | $ | 104,166 | $ | 196,589 | |||||||||
Accounts payable | $ | 16,937 | $ | 34,536 | |||||||||
Billings in excess of costs and estimated earnings1 | 60,185 | 72,490 | |||||||||||
Accrued expenses and other current liabilities | 11,299 | 8,312 | |||||||||||
Total liabilities2 | $ | 88,421 | $ | 115,338 | |||||||||
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 December 31, 2013, we were engaged in four active consolidated construction joint venture projects with total contract values ranging from $0.4 million to $337.0 million. The total revenue remaining to be recognized on these consolidated joint ventures ranged from $0.1 million to $66.9 million. Our proportionate share of the equity in these joint ventures was between 51.0% and 65.0%. During the years ended December 31, 2013, 2012 and 2011, total revenue from consolidated construction joint ventures was $170.0 million, $222.3 million and $233.0 million, respectively. Total cash provided by consolidated construction joint venture operations was $10.9 million, $25.2 million and $21.6 million during the years ended December 31, 2013, 2012 and 2011 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 consolidated statements of operations and as a single line item on the consolidated balance sheets. As of December 31, 2013, these unconsolidated joint ventures were engaged in eleven active construction joint ventures 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 December 31, 2013, revenue remaining to be recognized on these unconsolidated joint ventures ranged from $0.7 million to $624.8 million. | |||||||||||||
As of December 31, 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): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash and cash equivalents1 | $ | 385,094 | $ | 244,686 | |||||||||
Other assets | 523,827 | 301,412 | |||||||||||
Less partners’ interest | 612,530 | 342,545 | |||||||||||
Granite’s interest | 296,391 | 203,553 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable | 155,985 | 114,039 | |||||||||||
Billings in excess of costs and estimated earnings1 | 245,341 | 161,268 | |||||||||||
Other liabilities | 104,152 | 5,873 | |||||||||||
Less partners’ interest | 371,760 | 183,432 | |||||||||||
Granite’s interest | 133,718 | 97,748 | |||||||||||
Equity in construction joint ventures | $ | 162,673 | $ | 105,805 | |||||||||
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. | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Revenue: | |||||||||||||
Total | $ | 1,391,190 | $ | 1,042,209 | $ | 938,867 | |||||||
Less partners’ interest1 | 982,734 | 665,782 | 623,090 | ||||||||||
Granite’s interest | 408,456 | 376,427 | 315,777 | ||||||||||
Cost of revenue: | |||||||||||||
Total | 1,107,533 | 785,079 | 765,446 | ||||||||||
Less partners’ interest1 | 772,670 | 511,840 | 519,340 | ||||||||||
Granite’s interest | 334,863 | 273,239 | 246,106 | ||||||||||
Granite’s interest in gross profit | $ | 73,593 | $ | 103,188 | $ | 69,671 | |||||||
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 consolidated financial statements. As of December 31, 2013, we had four active line item joint venture construction projects with total contract values ranging from $42.6 million to $84.2 million of which our portions ranged from $23.6 million to $61.9 million. As of December 31, 2013, our share of revenue remaining to be recognized on these line item joint ventures ranged from $0.6 million to $17.7 million. |
Real_Estate_Entities_and_Inves
Real Estate Entities and Investments in Affiliates | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Real Estate Entities and Investments in Affiliates [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. | ||||||||||
We have determined that certain of these joint ventures are consolidated because they are VIEs, of which we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIEs. Based on our assessments during the years ended December 31, 2013, 2012 and 2011, we determined no change was required for existing real estate ventures. | ||||||||||
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. The amount of GLC’s exposure is limited to GLC’s equity investment in the real estate joint venture. However, if one of GLC’s partners is unable to fulfill its management role or make its required financial contribution, GLC may assume, at its option, full management and/or financial responsibility for the project. | ||||||||||
Substantially all the assets of these real estate entities in which we are a participant 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 year ended December 31, 2013, GLC was authorized to increase its financial support to one consolidated real estate entity by $5.9 million to meet existing debt obligations. As of December 31, 2013, $2.5 million of the total authorized investment had yet to be contributed to the consolidated entity. During the year ended December 31, 2012, no authorization was provided and GLC did not increase its financial support to any real estate entity. | ||||||||||
During the fourth quarter of 2013, management approved the plan to sell or otherwise dispose of all of the remaining consolidated real estate investments that were included in the EIP. As a result, during the year ended December 31, 2013, we recorded restructuring charges of $31.1 million, of which $3.9 million was attributable to non-controlling interests, which consisted of non-cash impairment charges on consolidated real estate assets. During the years ended December 31, 2012 and 2011, we recorded no significant restructuring charges related to our real estate development projects or investments. See Note 11. During the year ended December 31, 2013, we recorded amounts associated with the sale or other disposition of one project in Texas and during the year ended December 31, 2012, we recorded amounts associated with the sale or other disposition of one project in California, one project in Oregon, and one project in Washington. These dispositions did not have a significant impact on our consolidated statements of operations. | ||||||||||
Other than described in Note 11, an evaluation of the entitlement status, market conditions, existing offers to purchase, cost of construction, debt load, development schedule, status of joint venture partners and other factors specific to the remainder of our real estate projects resulted in no significant impairment charges during the year ended December 31, 2013. Our quarterly evaluations of each project’s business plan yielded no significant impairment charges during the years ended December 31, 2012 and 2011. | ||||||||||
Consolidated Real Estate Entities | ||||||||||
As of December 31, 2013 and 2012, real estate held for development and sale associated with consolidated real estate entities included in our consolidated balance sheets was $12.5 million and $50.2 million, respectively. Non-recourse debt, including current maturities, associated with these entities was $8.0 million and $11.6 million as of December 31, 2013 and 2012, respectively. All other amounts associated with these entities were insignificant for the periods presented. As of December 31, 2013 and 2012, $12.5 million and $40.3 million, respectively, of the real estate held for development and sale balances were in Washington State residential real estate. The remaining balances were primarily in various commercial projects in California. | ||||||||||
Investments in Affiliates | ||||||||||
Our investments in affiliates balance consists of the following (in thousands): | ||||||||||
December 31, | 2013 | 2012 | ||||||||
Equity method investments in real estate affiliates | $ | 21,392 | $ | 19,775 | ||||||
Equity method investments in other affiliates | 11,088 | 11,024 | ||||||||
Total investments in affiliates | $ | 32,480 | $ | 30,799 | ||||||
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 are 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 consolidated statements of operations and as a single line item on our consolidated balance sheets as investments in affiliates. | ||||||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): | ||||||||||
December 31, | 2013 | 2012 | ||||||||
Current assets | $ | 25,807 | $ | 85,354 | ||||||
Long-term assets | 148,181 | 80,758 | ||||||||
Total assets | 173,988 | 166,112 | ||||||||
Current liabilities | 6,000 | 8,262 | ||||||||
Long-term liabilities | 68,544 | 65,744 | ||||||||
Total Liabilities | 74,544 | 74,006 | ||||||||
Net assets | $ | 99,444 | $ | 92,106 | ||||||
Granite’s share of net assets | $ | 32,480 | $ | 30,799 | ||||||
The equity method investments in real estate included $14.9 million and $13.8 million in residential real estate in Texas as of December 31, 2013 and 2012, respectively. The remaining balances were in commercial real estate in Texas. Of the $174.0 million in total assets as of December 31, 2013, real estate entities had total assets ranging from $4.4 million to $53.3 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. | ||||||||||
During the year ended December 31, 2012, it was determined that the carrying amount of our cost method investment in a power generation equipment manufacturer exceeded its fair value, which required us to recognize a non-cash impairment charge of $2.8 million that was included in other income (expense), net on the consolidated statement of operations. | ||||||||||
The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||
Revenue | $ | 42,563 | $ | 52,342 | $ | 48,983 | ||||
Gross profit | 3,487 | 13,254 | 10,654 | |||||||
Income (loss) before taxes | (686 | ) | 1,318 | (399 | ) | |||||
Net (loss) income | (686 | ) | 1,318 | (399 | ) | |||||
Granite’s interest in affiliates’ net income | 1,304 | 1,988 | 2,193 | |||||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment and Asset Retirement Obligation [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 consolidated balance sheets as follows (in thousands): | |||||||||
December 31, | 2013 | 2012 | |||||||
Equipment and vehicles | $ | 765,971 | $ | 758,782 | |||||
Quarry property | 170,442 | 180,567 | |||||||
Land and land improvements | 119,917 | 125,961 | |||||||
Buildings and leasehold improvements | 83,494 | 83,245 | |||||||
Office furniture and equipment | 70,156 | 67,743 | |||||||
Property and equipment | 1,209,980 | 1,216,298 | |||||||
Less: accumulated depreciation and depletion | 773,121 | 734,820 | |||||||
Property and equipment, net | $ | 436,859 | $ | 481,478 | |||||
Depreciation and depletion expense included in our consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 was $62.7 million, $51.8 million and $56.0 million, respectively. We capitalized interest costs of $0.9 million, $2.3 million and $7.4 million in 2013, 2012 and 2011, respectively, related to certain self-constructed assets, of which $0.6 million, $2.1 million and $6.3 million, respectively, were included in real estate held for development and sale and $0.3 million, $0.2 million and $1.1 million, respectively, were included in property and equipment on our consolidated balance sheets. | |||||||||
During the year ended December 31, 2013, we recorded non-cash impairment charges of $17.8 million, all of which related to non-performing quarry sites. Of this amount, $14.7 million were restructuring charges in connection with our EIP. Refer to Note 11 for details. During the year ended December 31, 2012, we recorded an $18.0 million gain on the sale of property and equipment from the sale of an underutilized quarry. The non-EIP charge during 2013 and the sale during 2012 were related to our process of continually optimizing our assets separate from the EIP. | |||||||||
We have recorded liabilities associated with our legally required obligations to reclaim owned and leased quarry property and related facilities. As of December 31, 2013 and 2012, $9.8 million and $6.6 million, respectively, of our asset retirement obligations are included in accrued expenses and other current liabilities and $19.3 million and $20.0 million, respectively, are included in other long-term liabilities on our consolidated balance sheets. | |||||||||
The following is a reconciliation of these asset retirement obligations (in thousands): | |||||||||
Years Ended December 31, | 2013 | 2012 | |||||||
Beginning balance | $ | 26,576 | $ | 23,208 | |||||
Revisions to estimates | 2,265 | 2,810 | |||||||
Liabilities incurred | 83 | 154 | |||||||
Liabilities settled | (976 | ) | (885 | ) | |||||
Accretion | 1,190 | 1,289 | |||||||
Ending balance | $ | 29,138 | $ | 26,576 | |||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
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 consolidated balance sheets as of December 31, 2013 and December 31, 2012. | |||||||||||||
The following table presents the goodwill balance by reportable segment (in thousands): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Construction | $ | 29,260 | $ | 29,190 | |||||||||
Large Project Construction | 22,593 | 24,115 | |||||||||||
Construction Materials | 1,946 | 2,114 | |||||||||||
Total goodwill | $ | 53,799 | $ | 55,419 | |||||||||
The change in goodwill and in the gross value of amortized intangible assets between periods is due to the acquisition of Kenny Construction Company (“Kenny”). See Note 21 for further details. | |||||||||||||
Amortized Intangible Assets: | |||||||||||||
Following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on our consolidated balance sheets (in thousands): | |||||||||||||
Accumulated | |||||||||||||
December 31, 2013 | Gross Value | Amortization | Net Value | ||||||||||
Permits | $ | 29,713 | $ | (11,992 | ) | $ | 17,721 | ||||||
Customer lists | 4,398 | (2,491 | ) | 1,907 | |||||||||
Covenants not to compete | 1,588 | (1,552 | ) | 36 | |||||||||
Acquired backlog | 7,900 | (6,835 | ) | 1,065 | |||||||||
Trade name | 4,100 | (432 | ) | 3,668 | |||||||||
Other | 871 | (856 | ) | 15 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (24,158 | ) | $ | 24,412 | ||||||
December 31, 2012 | |||||||||||||
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 | ||||||
Amortization expense related to amortized intangible assets for the years ended December 31, 2013, 2012 and 2011 was $8.8 million, $3.7 million and $2.0 million, respectively. Based on the amortized intangible assets balance at December 31, 2013, amortization expense expected to be recorded in the future is as follows: $2.7 million in 2014; $2.1 million in 2015; $1.8 million in 2016; $1.7 million in 2017; $1.7 million in 2018; and $14.4 million thereafter. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||
Accrued Expenses and Other Current Liabilities (in thousands): | |||||||
December 31, | 2013 | 2012 | |||||
Payroll and related employee benefits | $ | 34,676 | $ | 42,364 | |||
Accrued insurance | 49,073 | 39,868 | |||||
Performance guarantees | 54,488 | 30,727 | |||||
Loss job reserves | 12,130 | 11,605 | |||||
Other | 46,875 | 45,415 | |||||
Total | $ | 197,242 | $ | 169,979 | |||
Restructuring
Restructuring | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||
Restructuring | ' | |||||||||
Restructuring and Impairment Charges (Gains), Net | ||||||||||
The following table presents the components of restructuring and impairment charges (gains), net during the respective periods (in thousands): | ||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | |||||||
Impairment losses (gains) associated with our real estate investments, net | $ | 31,090 | $ | (3,093 | ) | $ | 1,452 | |||
Severance costs | — | — | 471 | |||||||
Impairment charges on assets | 14,651 | — | 226 | |||||||
Lease termination costs (gains), net of estimated sublease income | 3,234 | (635 | ) | 32 | ||||||
Total restructuring charges (gains) | 48,975 | (3,728 | ) | 2,181 | ||||||
Other impairment charges | 3,164 | — | — | |||||||
Total restructuring and impairment charges (gains), net | $ | 52,139 | $ | (3,728 | ) | $ | 2,181 | |||
In October 2010, we announced our EIP to reduce our cost structure, enhance operating efficiencies and strengthen our business to achieve long-term profitable growth. The majority of restructuring charges associated with the EIP was recorded in 2010 and amounted to $109.3 million, including amounts attributable to non-controlling interests of $20.0 million. Of the $109.3 million, $86.3 million and $10.3 million was related to our Real Estate and Construction Materials segments, respectively. In 2011, development activities were curtailed for the majority of our real estate development projects as divestiture efforts increased and we recorded $1.5 million associated with the sale or other disposition of three separate projects located in California related to our Real Estate segment. During 2012, we recorded a restructuring gain of $3.1 million associated with the sale or other disposition of one project in California, one project in Oregon, and one project in Washington. | ||||||||||
During the fourth quarter of 2013, management approved a plan to sell or otherwise dispose of all of the remaining consolidated real estate investments, as well as certain assets in our Construction Materials segment. These actions were taken pursuant to the EIP, and resulted in restructuring charges of $49.0 million in the fourth quarter of 2013, including amounts attributable to non-controlling interests of $3.9 million. These restructuring charges consisted of the non-cash impairment of certain assets and the accrual of lease termination costs. The carrying values of the impaired assets were adjusted to their expected fair values which was estimated by a variety of factors including, but not limited to, comparative market data, historical sales prices, broker quotes and third-party valuations. | ||||||||||
The restructuring charges associated with the Real Estate segment resulted in $31.1 million of non-cash impairment charges related to all of the remaining consolidated real estate assets, including amounts attributable to non-controlling interests of $3.9 million. The impaired assets consisted primarily of residential and retail development projects which had a carrying value of $44.6 million prior to the impairment. | ||||||||||
The restructuring charges associated with the Construction Materials segment resulted in $14.7 million of non-cash impairment charges related to non-performing quarry sites which had an aggregate carrying value of $17.1 million prior to the impairment. Separate from these quarry sites, but in connection with the impairment of these assets, we recorded lease termination charges of $3.2 million. | ||||||||||
We concluded the majority of our 2010 EIP during 2013. As the impaired assets are sold, we may recognize additional restructuring charges or gains; however, we do not expect these charges or gains to be material. | ||||||||||
Restructuring liabilities were $4.6 million and $1.5 million as of December 31, 2013 and 2012, respectively. The change in the restructuring liabilities balance since December 31, 2012 was primarily due to additional accrual of lease termination costs. | ||||||||||
Separate from the EIP but related to our process of continually optimizing our assets, we identified a quarry asset that no longer had strategic value to our vertically integrated business. Therefore, during the fourth quarter of 2013, management approved a plan to sell or otherwise dispose of this asset. We determined that the asset's carrying value of $4.2 million was not recoverable, and therefore recorded a $3.2 million non-cash impairment charge within the Construction Materials segment. |
LongTerm_Debt_and_Credit_Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Long-Term Debt and Credit Arrangements | ' | ||||||
Long-Term Debt and Credit Arrangements (in thousands): | |||||||
December 31, | 2013 | 2012 | |||||
Senior notes payable | $ | 200,000 | $ | 208,333 | |||
Credit Agreement loan | 70,000 | 70,000 | |||||
Mortgages payable | 7,967 | 11,629 | |||||
Other notes payable | 148 | 168 | |||||
Total debt | 278,115 | 290,130 | |||||
Less current maturities | 1,247 | 19,060 | |||||
Total long-term debt | $ | 276,868 | $ | 271,070 | |||
The aggregate minimum principal maturities of long-term debt for each of the five years following December 31, 2013 are as follows: 2014 - $1.2 million; 2015 - $41.2 million; 2016 - $115.5 million; 2017 - $40.0 million; 2018 - $40.0 million; and $40.0 million thereafter. | |||||||
Senior Notes Payable | |||||||
As of December 31, 2013, senior notes payable in the amount of $200.0 million were due to a group of institutional holders in five equal annual installments beginning in 2015 and bear interest at 6.11% per annum (“2019 Notes”). | |||||||
Our obligations under the note purchase agreement governing the 2019 Notes (the “2019 NPA”) are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the Credit Agreement by liens on substantially all of the assets of the Company and subsidiaries that are guarantors or borrowers under the Credit Agreement. The 2019 NPA provides for the release of liens and re-pledge of collateral on substantially the same terms and conditions as those set forth in the Credit Agreement described below. | |||||||
Credit Agreement | |||||||
We have a $215.0 million committed revolving credit facility, with a sublimit for letters of credit of $100.0 million (the “Credit Agreement”), which expires on October 11, 2016, of which $134.9 million was available at December 31, 2013. At December 31, 2013 and 2012, there was a revolving loan of $70.0 million outstanding under the Credit Agreement related to financing the Kenny acquisition, the balance of which is included in long-term debt on our consolidated balance sheets. In addition, as of December 31, 2013 there were standby letters of credit totaling $10.1 million. The letters of credit will expire between August 2014 and October 2014. | |||||||
Borrowings under the Credit Agreement bear interest at LIBOR or a base rate (at our option), plus an applicable margin based on certain financial ratios calculated quarterly. LIBOR varies based on the applicable loan term, market conditions and other external factors. The applicable margin was 2.50% for loans bearing interest based on LIBOR and 1.50% for loans bearing interest at the base rate at December 31, 2013. Accordingly, the effective interest rate was between 2.75% and 4.75% at December 31, 2013. Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the Credit Agreement’s maturity date. Borrowings at a LIBOR rate have a term no less than one month and no greater than one year. Typically, at the end of such term, such borrowings may be paid off or rolled over at our discretion into either a borrowing at the base rate or a borrowing at a LIBOR rate with similar terms, not to exceed the maturity date of the Credit Agreement. On a periodic basis, we assess the timing of payment depending on facts and circumstances that exist at the time of our assessment. Our obligations under the Credit Agreement are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the obligations under the 2019 Notes (defined above) by first priority liens (subject only to other liens permitted under the Credit Agreement) on substantially all of the assets of the Company and our subsidiaries that are guarantors or borrowers under the Credit Agreement. | |||||||
The Credit Agreement provides for the release of the liens securing the obligations, at our option and expense, after September 30, 2013, so long as certain conditions as defined by the terms in the Credit Agreement are satisfied (“Collateral Release Period”). If, subsequently, our Consolidated Fixed Charge Coverage Ratio is less than 1.25 or our Consolidated Leverage Ratio is greater than 2.50, then we will be required to promptly re-pledge substantially all of the assets of the Company and our subsidiaries that are guarantors or borrowers under the Credit Agreement. We have not exercised this option as of December 31, 2013. | |||||||
Real Estate Mortgages | |||||||
A significant portion of our real estate held for development and sale is subject to mortgage indebtedness. All of this indebtedness is non-recourse to Granite, but is recourse to the real estate entities that incurred the indebtedness. The terms of this indebtedness are typically renegotiated to reflect the evolving nature of the real estate projects as they progress through acquisition, entitlement and development. Modification of these terms may include changes in loan-to-value ratios requiring the real estate entities to pay down portions of the debt. As of December 31, 2013, the principal amount of debt of our real estate entities secured by mortgages was $7.9 million, of which $1.2 million was included in current liabilities and $6.7 million was included in long-term liabilities on our consolidated balance sheet. | |||||||
Covenants and Events of Default | |||||||
Our debt and credit agreements require us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. 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. | |||||||
The most significant financial covenants under the terms of our Credit Agreement and 2019 NPA require the maintenance of a minimum Consolidated Tangible Net Worth, a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. | |||||||
On March 3, 2014, Granite executed amendments to the Credit Agreement and 2019 NPA, which terms include, among other things, (i) a revised minimum Consolidated Tangible Net Worth of $600.0 million; and (ii) a revised maximum Consolidated Leverage Ratio of 3.75. The maximum Consolidated Leverage Ratio decreases to 3.50 beginning with our quarter ending June 30, 2014, to 3.25 beginning with quarter ending September 30, 2014 and to 3.00 thereafter. As of December 31, 2013, our Consolidated Tangible Net Worth was $729.1 million and the Consolidated Leverage Ratio was 2.74. The Credit Agreement amendment permanently waived the Company’s requirement to comply with such financial covenants for the quarter ended December 31, 2013. | |||||||
As of December 31, 2013, we were in compliance with all covenants contained in the Credit Agreement and 2019 NPA and the 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. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Compensation and Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Profit Sharing and 401(k) Plan: The Profit Sharing and 401(k) Plan (the “401(k) Plan”) is a defined contribution plan covering all employees except employees covered by collective bargaining agreements and employees of our consolidated construction joint ventures. Each employees’ combined before-tax and Roth 401(k) after- tax contributions cannot exceed 50% of their eligible pay or the IRS annual contribution limit of $17,500. Our 401(k) matching contributions can be up to 6% of an employee’s gross pay and are available at the discretion of the Board of Directors. | ||||||||||||||||
Profit sharing contributions from the Company may be made to the 401(k) Plan in an amount determined by the Board of Directors. During the year ended December 31, 2013, eligible Kenny employees that had at least 1,000 hours of service as of March 1, 2013 and were actively employed on March 28, 2013 received a one-time profit sharing contribution of approximately $0.1 million each, which was equivalent to the Company match during the period they were unable to contribute to the Plan. We made no profit sharing contributions during the years ended December 31, 2012 and 2011. Our 401(k) matching contributions to the 401(k) Plan for the years ended December 31, 2013, 2012 and 2011 were $4.1 million, $2.8 million and $0.3 million, respectively. | ||||||||||||||||
Effective June 1, 2012, the Granite Construction Employee Stock Ownership Plan (the “ESOP”) was merged into the 401(k) Plan. Under the combined Plans, employees may elect to diversify their prior ESOP holdings at any such time and such amounts are available for distribution following the employee’s termination of service (or earlier, if so provided under the terms of the combined Plan). | ||||||||||||||||
Non-Qualified Deferred Compensation Plan: We offer a Non-Qualified Deferred Compensation Plan (“NQDC Plan”) to a select group of our highly compensated employees. The NQDC Plan provides participants the opportunity to defer payment of certain compensation as defined in the NQDC Plan. In October 2008, a Rabbi Trust was established to fund our NQDC Plan obligation and was fully funded as of December 31, 2013. The assets held by the Rabbi Trust at December 31, 2013 are substantially in the form of company owned life insurance and are included in other noncurrent assets on the consolidated balance sheet. As of December 31, 2013, there were 49 active participants in the NQDC Plan. NQDC Plan obligations were $23.6 million and $24.1 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||
Multi-employer Pension Plans: Three of our wholly-owned subsidiaries, Granite Construction Company, Granite Construction Northeast, Inc., and Kenny Construction Company also contribute to various multi-employer pension plans on behalf of union employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||
• | Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||
• | If we chose to stop participating in some of the multi-employer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||
The following table presents our participation in these plans (dollars in thousands): | ||||||||||||||||
Pension Plan Employer Identification Number | Pension Protection Act (“PPA”) Certified Zone Status1 | FIP / RP Status Pending / Implemented2 | Contributions | Surcharge Imposed | Expiration Date of Collection Bargaining Agreement3 | |||||||||||
Pension Trust Fund | 2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||
Locals 302 and 612 Operating Engineers-Employers Retirement Fund | 91-6028571 | Green | Green | No | $ | 3,260 | $ | 2,368 | $ | 2,386 | No | 5/31/15 | ||||
Operating Engineers Pension Trust Fund | 95-6032478 | Red | Red | Yes | 2,768 | 2,285 | 2,099 | No | 6/30/16 | |||||||
Pension Trust Fund for Operating Engineers Pension Plan | 94-6090764 | Orange | Orange | Yes | 8,193 | 8,030 | 7,296 | No | 6/30/16 | |||||||
Laborers Pension Trust Fund for Northern California | 94-6277608 | Yellow | Yellow | Yes | 2,500 | 2,320 | 1,950 | No | 6/30/15 | |||||||
All other funds (60) | 10,444 | 7,720 | 8,238 | |||||||||||||
Total Contributions: | $ | 27,165 | $ | 22,723 | $ | 21,969 | ||||||||||
1The most recent PPA zone status available in 2013 and 2012 is for the plan’s year-end during 2012 and 2011, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | ||||||||||||||||
2The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | ||||||||||||||||
3Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Pension trust funds with a range of expiration dates have various collective bargaining agreements. | ||||||||||||||||
We currently have no intention of withdrawing from any of the multi-employer pension plans in which we participate. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Stock-based Compensation: The 2012 Equity Incentive Plan provides for the issuance of restricted stock, restricted stock units (“RSUs”) and stock options to eligible employees and to members of our Board of Directors. Beginning in 2011, the Company issued RSUs to eligible employees in lieu of restricted stock. As of December 31, 2013, a total of 2,472,133 shares of our common stock have been reserved for issuance of which 1,632,933 remained available as of December 31, 2013. | ||||||||||||||||
Restricted Stock Units and Restricted Stock: As noted above, RSUs and restricted stock can be issued to eligible employees and members of our Board of Directors. RSUs and restricted stock are issued for services to be rendered and may not be sold, transferred or pledged for such a period as determined by our Compensation Committee. RSU and restricted stock compensation cost is measured at our common stock’s fair value based on the market price at the date of grant. We recognize compensation cost only for RSUs and restricted stock that will ultimately vest. We estimate the number of shares that will ultimately vest at each grant date based on our historical experience and adjust compensation cost based on changes in those estimates over time. | ||||||||||||||||
RSU and restricted stock compensation cost is recognized ratably over the shorter of the vesting period (generally three years) or the period from grant date to the first maturity date after the holder reaches age 62 and has completed certain specified years of service, when all restricted stock becomes fully vested. Vesting of restricted stock is not subject to any market or performance conditions and vesting provisions are at the discretion of the Compensation Committee. An employee may not sell or otherwise transfer unvested stock and, in the event employment is terminated prior to the end of the vesting period, any unvested units or stock are surrendered to us. We have no obligation to purchase restricted stock units or restricted stock. | ||||||||||||||||
A summary of the changes in our RSUs during the years ended December 31, 2013, 2012 and 2011 is as follows (shares in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
RSUs | Weighted-Average Grant-Date Fair Value per RSU | RSUs | Weighted-Average Grant-Date Fair Value per RSU | RSUs | Weighted-Average Grant-Date Fair Value per RSU | |||||||||||
Outstanding, beginning balance | 665 | $ | 27.74 | 346 | $ | 25.64 | 144 | $ | 23.54 | |||||||
Granted | 506 | 31.12 | 533 | 28.99 | 271 | 26.94 | ||||||||||
Vested | (337 | ) | 28.52 | (175 | ) | 26.87 | (64 | ) | 26.44 | |||||||
Forfeited | (65 | ) | 29.97 | (39 | ) | 27.95 | (5 | ) | 25.94 | |||||||
Outstanding, ending balance | 769 | $ | 29.49 | 665 | $ | 27.74 | 346 | $ | 25.64 | |||||||
Compensation cost related to RSUs was $13.0 million ($9.1 million net of effective tax rate), $7.6 million ($5.6 million net of effective tax rate), and $3.0 million ($2.2 million net of effective tax rate) for the years ended December 31, 2013, 2012 and 2011, respectively. The grant date fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $9.6 million, $4.7 million and $1.7 million, respectively. As of December 31, 2013, there was $13.7 million of unrecognized compensation cost related to RSUs which will be recognized over a remaining weighted-average period of 1.0 year. | ||||||||||||||||
As of December 31, 2013, there was no restricted stock outstanding as all outstanding shares had either been forfeited or vested. As of December 31, 2012 and 2011 there was 174,000 and 472,000, respectively, shares of restricted stock outstanding. Compensation cost related to restricted stock was $0.5 million ($0.3 million net of effective tax rate), $3.8 million ($2.8 million net of effective tax rate) and $9.1 million ($6.7 million net of effective tax rate) for the years ended December 31, 2013, 2012 and 2011, respectively. The grant date fair value of restricted stock vested during the years ended December 31, 2013, 2012 and 2011 was $5.1 million, $12.2 million and $14.4 million, respectively. | ||||||||||||||||
Stock Options: In 2013, no stock options were granted. As of December 31, 2013, there were 24,178 stock options outstanding. | ||||||||||||||||
Employee Stock Ownership Plan: Effective June 1, 2012 the ESOP was merged into the 401(k) Plan. As of December 31, 2013, the 401(k) Plan owned 2,021,019 shares of our common stock. Dividends on shares held by the 401(k) Plan are charged to retained earnings and all shares held by the 401(k) Plan are treated as outstanding in computing our earnings per share. | ||||||||||||||||
Employee Stock Purchase Plan: Our Employee Stock Purchase Plan (“ESPP”) allows qualifying employees to purchase shares of our common stock through payroll deductions of up to 15% of their compensation, subject to Internal Revenue Code limitations, at a price of 95% of the fair market value as of the end of each of the six-month offering periods. During the years ended December 31, 2013, 2012 and 2011, proceeds from the ESPP were $0.7 million, $0.5 million and $0.3 million for 23,557, 21,446 and 13,027 shares, respectively. The offering periods commence on May 15 and November 15 of each year, except for the first offering period, which commenced on January 15, 2011. | ||||||||||||||||
Share Purchase Program: In 2007, our Board of Directors authorized us to purchase up to $200.0 million of our common stock at management’s discretion. At December 31, 2013, $64.1 million remained available under this authorization. We did not purchase shares under the share purchase program in any of the periods presented. The specific timing and amount of any future purchases will vary based on market conditions, securities law limitations and other factors. Purchases under the share purchase program may be commenced, suspended or discontinued at any time and from time to time without prior notice. |
Weighted_Average_Shares_Outsta
Weighted Average Shares Outstanding | 12 Months Ended | |||||||||
Dec. 31, 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 consolidated statements of operations is as follows (in thousands): | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||
Weighted average shares outstanding: | ||||||||||
Weighted average common stock outstanding | 38,803 | 38,689 | 38,677 | |||||||
Less: weighted average unvested restricted stock outstanding | — | 242 | 560 | |||||||
Total basic weighted average shares outstanding | 38,803 | 38,447 | 38,117 | |||||||
Diluted weighted average shares outstanding: | ||||||||||
Weighted average common stock outstanding, basic | 38,803 | 38,447 | 38,117 | |||||||
Effect of dilutive securities: | ||||||||||
Common stock options and restricted stock units1 | — | 629 | 356 | |||||||
Total weighted average shares outstanding assuming dilution | 38,803 | 39,076 | 38,473 | |||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 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): | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Basic | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income attributable to Granite | $ | (36,423 | ) | $ | 45,283 | $ | 51,161 | ||||||
Less: net income allocated to participating securities | — | 283 | 738 | ||||||||||
Net (loss) income allocated to common shareholders for basic calculation | $ | (36,423 | ) | $ | 45,000 | $ | 50,423 | ||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, basic | 38,803 | 38,447 | 38,117 | ||||||||||
Net (loss) income per share, basic | $ | (0.94 | ) | $ | 1.17 | $ | 1.32 | ||||||
Diluted | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income attributable to Granite | $ | (36,423 | ) | $ | 45,283 | $ | 51,161 | ||||||
Less: net income allocated to participating securities | — | 279 | 732 | ||||||||||
Net (loss) income allocated to common shareholders for diluted calculation | $ | (36,423 | ) | $ | 45,004 | $ | 50,429 | ||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, diluted | 38,803 | 39,076 | 38,473 | ||||||||||
Net (loss) income per share, diluted | $ | (0.94 | ) | $ | 1.15 | $ | 1.31 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Following is a summary of the (benefit from) provision for income taxes (in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Federal: | ||||||||||||||||
Current | $ | (1,298 | ) | $ | 10,410 | $ | 11,136 | |||||||||
Deferred | (18,606 | ) | 9,518 | 7,914 | ||||||||||||
Total federal | (19,904 | ) | 19,928 | 19,050 | ||||||||||||
State: | ||||||||||||||||
Current | 1,592 | 4,689 | 2,952 | |||||||||||||
Deferred | (951 | ) | (3,508 | ) | 1,346 | |||||||||||
Total state | 641 | 1,181 | 4,298 | |||||||||||||
Total (benefit from) provision for income taxes | $ | (19,263 | ) | $ | 21,109 | $ | 23,348 | |||||||||
Following is a reconciliation of our (benefit from) provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Federal statutory tax | $ | (22,411 | ) | 35 | % | $ | 28,360 | 35 | % | $ | 31,301 | 35 | % | |||
State taxes, net of federal tax benefit | 101 | (0.2 | ) | 5,299 | 6.5 | 3,497 | 3.9 | |||||||||
Valuation allowance release | — | — | (5,803 | ) | (7.2 | ) | — | — | ||||||||
Percentage depletion deduction | (787 | ) | 1.2 | (1,422 | ) | (1.8 | ) | (1,254 | ) | (1.4 | ) | |||||
Domestic production deduction | (27 | ) | 0.1 | (1,367 | ) | (1.7 | ) | (1,604 | ) | (1.8 | ) | |||||
Non-controlling interests | 2,920 | (4.6 | ) | (5,124 | ) | (6.3 | ) | (5,223 | ) | (5.8 | ) | |||||
Settlements and effective settlements of audit issues | — | — | — | — | (2,348 | ) | (2.6 | ) | ||||||||
Nondeductible expenses | 2,384 | (3.7 | ) | 1,918 | 2.4 | 1,000 | 1.1 | |||||||||
Other | (1,443 | ) | 2.3 | (752 | ) | (0.8 | ) | (2,021 | ) | (2.3 | ) | |||||
Total | $ | (19,263 | ) | 30.1 | % | $ | 21,109 | 26.1 | % | $ | 23,348 | 26.1 | % | |||
Our effective tax rate increased to 30.1% in 2013 from 26.1% in 2012. The most significant change was due to the effect of non-controlling interest as a percentage of net (loss) income, as non-controlling interests are not subject to income taxes on a standalone basis. Additionally, included in the tax rate for the year ended December 31, 2012, is the release of a state valuation allowance. Our tax rate is affected by discrete items that may occur in any given year, but are not consistent from year to year. | ||||||||||||||||
Following is a summary of the deferred tax assets and liabilities (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Receivables | $ | 2,870 | $ | 2,876 | ||||||||||||
Inventory | 4,637 | 5,611 | ||||||||||||||
Insurance | 10,813 | 10,476 | ||||||||||||||
Deferred compensation | 13,372 | 14,055 | ||||||||||||||
Other accrued liabilities | 6,739 | 7,184 | ||||||||||||||
Contract income recognition | 11,503 | 4,171 | ||||||||||||||
Impairments on real estate investments | 14,313 | 5,002 | ||||||||||||||
Accrued compensation | 7,206 | 6,064 | ||||||||||||||
Other | 420 | 416 | ||||||||||||||
Net operating loss carryforward | 4,439 | 8,359 | ||||||||||||||
Valuation allowance | (3,731 | ) | (5,242 | ) | ||||||||||||
Total deferred tax assets | 72,581 | 58,972 | ||||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Property and equipment | 24,500 | 30,448 | ||||||||||||||
Total deferred tax liabilities | 24,500 | 30,448 | ||||||||||||||
Net deferred tax assets | $ | 48,081 | $ | 28,524 | ||||||||||||
The above amounts are reflected in the accompanying consolidated balance sheets as follows (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Current deferred tax assets, net | $ | 55,874 | $ | 36,687 | ||||||||||||
Long-term deferred tax liabilities, net | 7,793 | 8,163 | ||||||||||||||
Net deferred tax assets | $ | 48,081 | $ | 28,524 | ||||||||||||
The deferred tax asset for other accrued liabilities relates to various items including accrued compensation, accrued rent and accrued reclamation costs, which are realizable in future periods. Our deferred tax asset for net operating loss carryforward relates to state and local net operating loss carryforwards which expire between 2026 and 2029. We have provided a valuation allowance on the net deferred tax assets for certain state and local jurisdictions because we do not believe their realizability is more likely than not. | ||||||||||||||||
The following is a summary of the change in valuation allowance (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 5,242 | $ | 10,668 | $ | 13,111 | ||||||||||
Deductions | (1,511 | ) | (5,426 | ) | (2,443 | ) | ||||||||||
Ending balance | $ | 3,731 | $ | 5,242 | $ | 10,668 | ||||||||||
Uncertain tax positions: We file income tax returns in the U.S. and various state and local jurisdictions. We are currently under examination by various state taxing authorities for various tax years. We do not anticipate that any of these audits will result in a material change in our financial position. We are no longer subject to U.S. federal examinations by tax authorities for years before 2008. With few exceptions, as of December 31, 2013, we are no longer subject to state examinations by taxing authorities for years before 2008. | ||||||||||||||||
We had approximately $2.2 million and $2.3 million of total gross unrecognized tax benefits as of December 31, 2013 and 2012, respectively. There were approximately $1.3 million and $0.8 million of unrecognized tax benefits that would affect the effective tax rate in any future period at December 31, 2013 and 2012, respectively. We believe that it is reasonably possible that approximately $0.6 million of our currently remaining unrecognized tax benefits, each of which are individually insignificant, may be recognized by the end of 2014 as a result of a lapse of statute limitations. | ||||||||||||||||
The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities on the consolidated balance sheets: | ||||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 2,315 | $ | 2,339 | $ | 5,650 | ||||||||||
Gross increases – current period tax positions | 363 | 1,017 | 1,726 | |||||||||||||
Gross decreases – current period tax positions | (638 | ) | (800 | ) | (1,420 | ) | ||||||||||
Gross increases – prior period tax positions | 508 | 4 | 1,485 | |||||||||||||
Gross decreases – prior period tax positions | (2 | ) | (245 | ) | (1,467 | ) | ||||||||||
Settlements with taxing authorities/lapse of statute of limitations | (315 | ) | — | (3,635 | ) | |||||||||||
Ending balance | $ | 2,231 | $ | 2,315 | $ | 2,339 | ||||||||||
We record interest related on uncertain tax positions as interest expense in our consolidated statements of operations. During the years ended December 31, 2013, 2012 and 2011, we recognized approximately $0.1 million of interest expense, $0.1 million of interest expense and $0.1 million of interest income, respectively. Approximately $1.0 million and $0.9 million of accrued interest were included in our uncertain tax position liability on our consolidated balance sheets at December 31, 2013 and 2012, respectively. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies Disclosure | ' | |||
Commitments, Contingencies and Guarantees | ||||
Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily of quarry property, in effect at December 31, 2013 were (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 8,231 | ||
2015 | 6,893 | |||
2016 | 5,866 | |||
2017 | 4,419 | |||
2018 | 2,711 | |||
Later years (through 2099) | 10,149 | |||
Total | $ | 38,269 | ||
Operating lease rental expense was $11.4 million, $9.8 million and $9.0 million in 2013, 2012 and 2011, respectively. | ||||
Performance Guarantees | ||||
As discussed in Note 6, we participate in various joint ventures. We also participate in various line item joint ventures under which each partner is responsible for performing certain discrete items of the total scope of contracted work. | ||||
The agreements with our partners for both construction joint ventures and line item joint ventures define each partners’ 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 December 31, 2013, there was $4.4 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.2 billion represents our share and the remaining $3.2 billion represents 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 proceeds from our partners’ corporate and/or other guarantees. See Note 10 for disclosure of the amounts recorded in our consolidated balance sheets. | ||||
Surety Bonds | ||||
We are generally required to provide various types of surety bonds that provide an additional measure of security under certain public and private sector contracts. At December 31, 2013, $1.8 billion of our contract backlog was bonded. Performance bonds do not have stated expiration dates; rather, we are generally released from the bonds after the owner accepts the work performed under contract. The ability to maintain bonding capacity to support our current and future level of contracting requires that we maintain cash and working capital balances satisfactory to our sureties. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 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 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 December 31, 2013 and 2012 related to these matters were approximately $16.3 million and $8.6 million, respectively, and were primarily included in accrued expenses and other current liabilities on our 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 of our pending legal proceedings may be 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 December 31, 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 also 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, and that the DOJ believes that Granite Northeast’s claim of DBE credit for the Subcontractor was improper. In addition to the documents produced in response to the Grand Jury subpoena, Granite Northeast has provided requested information to the DOJ, along with other federal and state agencies (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. Granite Northeast has met several times since January 2013 with Assistant United States Attorneys and the Agencies’ representatives, to discuss the status of the government’s criminal investigation of the Grand Avenue Project participants, including Granite Northeast, and for Granite Northeast and the Agencies to discuss their respective positions on, and potential resolution of, the issues raised in the investigation. Granite Northeast could be subject to civil, criminal, and/or administrative penalties or sanctions as a result of this investigation. Granite believes that the incurrence of some form of penalty or sanction is probable, and has therefore recorded the most likely amount of liability it may incur in its consolidated balance sheets as of December 31, 2013. Granite believes the likelihood of liability for amounts in excess of this accrual, up to the amount of the subcontract for the DBE Subcontractor, may be possible. 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 a 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. During 2013 and in connection with our EIP, we recorded $14.7 million in restructuring charges and, separate from the EIP, recorded $3.2 million in non-cash impairment charges, all of which were to the Construction Materials segment. The restructuring and impairment charges consisted of non-cash impairment charges to non-performing quarry sites which had an aggregate carrying value of $21.3 million prior to the impairment. Separate from these quarry sites, we recorded lease termination charges of $3.2 million. See Note 11 for details. | |||||||||||||||||||||
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 connection with our EIP, we recorded restructuring charges of $31.1 million, including amounts attributable to non-controlling interests of $3.9 million, during 2013. See Note 11 for details. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses 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 (in thousands): | |||||||||||||||||||||
Years Ended December 31, | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 1,251,197 | $ | 777,811 | $ | 372,141 | $ | 141 | $ | 2,401,290 | |||||||||||
Elimination of intersegment revenue | — | — | (134,389 | ) | — | (134,389 | ) | ||||||||||||||
Revenue from external customers | 1,251,197 | 777,811 | 237,752 | 141 | 2,266,901 | ||||||||||||||||
Gross profit | 106,374 | 71,808 | 6,953 | 128 | 185,263 | ||||||||||||||||
Depreciation, depletion and amortization | 26,228 | 11,679 | 22,945 | — | 60,852 | ||||||||||||||||
Segment assets | 148,459 | 222,584 | 313,578 | 12,478 | 697,099 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 984,106 | $ | 863,217 | $ | 410,033 | $ | 5,072 | $ | 2,262,428 | |||||||||||
Elimination of intersegment revenue | — | — | (179,391 | ) | — | (179,391 | ) | ||||||||||||||
Revenue from external customers | 984,106 | 863,217 | 230,642 | 5,072 | 2,083,037 | ||||||||||||||||
Gross profit | 77,963 | 148,418 | 7,572 | 806 | 234,759 | ||||||||||||||||
Depreciation, depletion and amortization | 13,225 | 4,527 | 28,490 | — | 46,242 | ||||||||||||||||
Segment assets | 163,287 | 173,142 | 347,869 | 50,223 | 734,521 | ||||||||||||||||
2011 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 1,043,614 | $ | 725,043 | $ | 415,618 | $ | 20,291 | $ | 2,204,566 | |||||||||||
Elimination of intersegment revenue | — | — | (195,035 | ) | — | (195,035 | ) | ||||||||||||||
Revenue from external customers | 1,043,614 | 725,043 | 220,583 | 20,291 | 2,009,531 | ||||||||||||||||
Gross profit | 124,506 | 104,108 | 16,641 | 2,708 | 247,963 | ||||||||||||||||
Depreciation, depletion and amortization | 14,747 | 4,547 | 28,672 | 189 | 48,155 | ||||||||||||||||
Segment assets | 111,780 | 110,441 | 352,619 | 75,050 | 649,890 | ||||||||||||||||
A reconciliation of segment gross profit to consolidated (loss) income before (benefit from) provision for income taxes is as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Total gross profit from reportable segments | $ | 185,263 | $ | 234,759 | $ | 247,963 | |||||||||||||||
Selling, general and administrative expenses | 199,946 | 185,099 | 162,302 | ||||||||||||||||||
Restructuring and impairment charges (gains), net | 52,139 | (3,728 | ) | 2,181 | |||||||||||||||||
Gain on sales of property and equipment | 12,130 | 27,447 | 15,789 | ||||||||||||||||||
Other (expense) income, net | (9,337 | ) | 194 | (9,836 | ) | ||||||||||||||||
(Loss) income before (benefit from) provision for income taxes | $ | (64,029 | ) | $ | 81,029 | $ | 89,433 | ||||||||||||||
A reconciliation of segment assets to consolidated total assets is as follows (in thousands): | |||||||||||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Total assets for reportable segments | $ | 697,099 | $ | 734,521 | $ | 649,890 | |||||||||||||||
Assets not allocated to segments: | |||||||||||||||||||||
Cash and cash equivalents | 229,121 | 321,990 | 256,990 | ||||||||||||||||||
Short-term and long-term marketable securities | 117,202 | 111,430 | 149,658 | ||||||||||||||||||
Receivables, net | 313,598 | 325,529 | 251,838 | ||||||||||||||||||
Deferred income taxes | 55,874 | 36,687 | 38,571 | ||||||||||||||||||
Other current assets | 65,674 | 67,726 | 76,074 | ||||||||||||||||||
Property and equipment, net | 54,330 | 50,857 | 46,180 | ||||||||||||||||||
Other noncurrent assets | 84,257 | 80,747 | 78,598 | ||||||||||||||||||
Consolidated total assets | $ | 1,617,155 | $ | 1,729,487 | $ | 1,547,799 | |||||||||||||||
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisitions | ' | ||||||
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 - see Note 12 for further discussion of the borrowings. In accordance with the terms of the agreement, we paid post-closing adjustments of $8.4 million during 2013. These post-closing adjustments are 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 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 year ended December 31, 2013, we adjusted the preliminary values assigned to certain assets and liabilities to reflect additional information obtained by $0.4 million. The following table presents the final 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 relationships | 2,200 | ||||||
Trade name | 4,100 | ||||||
Total amount allocated to identifiable intangible assets | 14,200 | ||||||
Accounts payable | 43,591 | ||||||
Billings in excess of costs and estimated earnings | 50,098 | ||||||
Accrued expenses and other current liabilities | 16,806 | ||||||
Non-controlling interests | 15,326 | ||||||
Total identifiable net assets acquired | 97,215 | ||||||
Goodwill | 43,899 | ||||||
Total 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 life of the trade names is 10 years. 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 (in thousands): | |||||||
Year Ended December 31, | 2013 | ||||||
Cost of revenue - Construction | $ | 6,400 | |||||
Cost of revenue - Large Project Construction | 435 | ||||||
Selling, general and administrative expenses | 725 | ||||||
Total | $ | 7,560 | |||||
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 9. 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 in Note 12) 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. | |||||||
Pro Forma Financial Information (unaudited) | |||||||
The financial information in the table below summarizes the combined results of operations of Granite and Kenny, on a pro forma basis, as though the companies had been combined as of the beginning of 2011 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2011. | |||||||
Years Ended December 31, | 2012 | 2011 | |||||
Revenue | $ | 2,388,790 | $ | 2,289,043 | |||
Net income including non-controlling interests | 82,914 | $ | 78,344 | ||||
Net income attributable to Granite | 58,225 | $ | 55,993 | ||||
Basic net income per share | 1.5 | $ | 1.46 | ||||
Diluted net income per share | 1.48 | $ | 1.45 | ||||
These amounts have been calculated after applying Granite’s accounting policies and adjusting the results of Kenny to reflect the additional depreciation and amortization that would have been recorded assuming the fair value adjustments to property and equipment and intangible assets had been applied starting on January 1, 2011. The income tax expense related to Kenny for the years ended December 31, 2012 and 2011 was minimal due to its status as an S Corporation for income tax purposes. For purposes of this proforma financial information, the statutory tax rate of 39% was adjusted for estimated permanent items to arrive at 36%. | |||||||
In 2013, Granite incurred $3.1 million of integration-related costs and in 2012 incurred $4.4 million of acquisition-related costs. These expenses are included in selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2012. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Quarterly Financial Data | ' | ||||||||||||
Quarterly Financial Data | |||||||||||||
The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012. This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. | |||||||||||||
We have revised our quarterly statements of operations for the second and third quarters of 2013 for errors identified subsequent to the filing of those Quarterly Reports on Form 10-Q. See detailed explanations of the adjustments in the footnotes below the following table. The Company assessed the materiality of the errors individually and in the aggregate on the prior interim periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletin No. 99 and, based on an analysis of quantitative and qualitative factors, determined that the errors were not material to the Company’s interim consolidated financial statements for each of the second and third quarters of 2013; therefore, these previously issued consolidated financial statements can continue to be relied upon and an amendment of the previously filed Quarterly Reports on Form 10-Q is not required. However, for comparability, these revised amounts will be reflected in the 2014 Quarterly Reports on Form 10-Q that will contain such financial information. | |||||||||||||
QUARTERLY FINANCIAL DATA | |||||||||||||
(unaudited - dollars in thousands, except per share data) | |||||||||||||
2013 Quarters Ended | December 31, | September 30,2 | June 30,3 | March 31, | |||||||||
Revenue | $ | 598,099 | $ | 739,750 | $ | 550,348 | $ | 378,704 | |||||
Gross profit | 49,751 | 55,858 | 49,596 | 30,058 | |||||||||
As a percent of revenue | 8.3 | % | 7.6 | % | 9 | % | 7.9 | % | |||||
Net (loss) income1 | $ | (33,255 | ) | $ | 6,533 | $ | 1,782 | $ | (19,826 | ) | |||
As a percent of revenue | (5.6 | )% | 0.9 | % | 0.3 | % | -5.2 | % | |||||
Net (loss) income attributable to Granite | $ | (28,898 | ) | $ | 13,038 | $ | 1,419 | $ | (21,982 | ) | |||
As a percent of revenue | (4.8 | )% | 1.8 | % | 0.3 | % | -5.8 | % | |||||
Net (loss) income per share attributable to | |||||||||||||
common shareholders: | |||||||||||||
Basic | $ | (0.74 | ) | $ | 0.34 | $ | 0.04 | $ | (0.57 | ) | |||
Diluted | $ | (0.74 | ) | $ | 0.34 | $ | 0.04 | $ | (0.57 | ) | |||
1Included in our net loss for the quarter ended December 31, 2013 were restructuring charges of $49.0 million related to the non-cash impairment of certain real estate development projects within the Real Estate segment and certain non-performing quarry sites within the Construction Materials segment. Also included in the 2013 fourth quarter was a $3.2 million non-cash impairment charge related to our process of continually optimizing our assets separate from the EIP. | |||||||||||||
2Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | |||||||||||||
3Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. | |||||||||||||
2012 Quarters Ended | December 31, | September 30, | June 30, | March 31, | |||||||||
Revenue | $ | 504,781 | $ | 728,482 | $ | 539,615 | $ | 310,160 | |||||
Gross profit | 56,808 | 101,099 | 51,916 | 24,936 | |||||||||
As a percent of revenue | 11.3 | % | 13.9 | % | 9.6 | % | 8 | % | |||||
Net income (loss)1 | $ | 18,374 | $ | 45,746 | $ | 4,487 | $ | (8,687 | ) | ||||
As a percent of revenue | 3.6 | % | 6.3 | % | 0.8 | % | -2.8 | % | |||||
Net income (loss) attributable to Granite | $ | 17,987 | $ | 37,121 | $ | 1,949 | $ | (11,773 | ) | ||||
As a percent of revenue | 3.6 | % | 5.1 | % | 0.4 | % | -3.8 | % | |||||
Net income (loss) per share attributable to | |||||||||||||
common shareholders: | |||||||||||||
Basic | $ | 0.46 | $ | 0.96 | $ | 0.05 | $ | (0.31 | ) | ||||
Diluted | $ | 0.46 | $ | 0.94 | $ | 0.05 | $ | (0.31 | ) | ||||
1Included in our net income for the quarter ended December 31, 2012 was an $18.0 million gain from the sale of an underutilized quarry related to our process of continually optimizing our assets separate from the EIP. In addition, net income for the quarter ended December 31, 2012 included a $5.8 million tax benefit from the release of a state valuation allowance and $4.4 million of Kenny related acquisition costs. | |||||||||||||
Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||
Description | Balance at Beginning of Year | Charged to Expenses or Other Accounts, Net | Deductions and Adjustments1 | Balance at End of Year | |||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||
Allowance for doubtful accounts | 2,749 | 944 | (1,180 | ) | 2,513 | ||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||
Allowance for doubtful accounts | 2,880 | 135 | (266 | ) | 2,749 | ||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||
Allowance for doubtful accounts | 3,297 | — | (417 | ) | 2,880 | ||||
1 Deductions and adjustments for the allowances primarily relate to accounts written off. |
Summary_of_Significant_Account1
Summary of Significant Accounting Pronouncements (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation: The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and majority owned subsidiaries. All material inter-company transactions and accounts have been eliminated. We use the equity method of accounting for affiliated companies where we have the ability to exercise significant influence, but not control. Additionally, we participate in joint ventures and a limited liability company (“joint ventures” or “ventures”) with other construction companies and various real estate ventures. We have consolidated these ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) 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. | ||
Where we have determined we are not the primary beneficiary of a venture but do exercise significant influence, we account for our share of the operations of jointly controlled construction joint ventures on a pro rata basis in the consolidated statements of operations and as a single line item in the consolidated balance sheets, and we account for real estate ventures under the equity method of accounting, as a single line item in both the consolidated statements of operations and in the consolidated balance sheets. | ||
If we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. | ||
We have determined that certain of these joint ventures are consolidated because they are VIEs and we are the primary beneficiary or because they are not VIEs and we hold the majority voting interest. | ||
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. | ||
We have determined that certain of these joint ventures are consolidated because they are VIEs, of which we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIEs. | ||
Use of Estimates in the Preparation of Financial Statements | ' | |
Use of Estimates in the Preparation of Financial Statements: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. | ||
Revenue Recognition - Construction Contracts | ' | |
Revenue Recognition - Construction Contracts: Revenue and earnings on construction contracts, including construction joint ventures, are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs. For the majority of our contracts, revenue in an amount equal to cost incurred is recognized prior to contracts reaching at least 25% completion, thus deferring the related profit. Based on historical experience, it is our judgment that until a project reaches at least 25% completion, there may be insufficient information to determine the estimated profit other than to be reasonably certain that a contract will not incur a loss. In the case of large, complex projects we may defer profit recognition beyond the point of 25% completion based on an evaluation of specific project risks. The factors considered in this evaluation include the stage of design completion, the stage of construction completion, status of outstanding purchase orders and subcontracts, certainty of quantities of labor and materials, certainty of schedule and the relationship with the owner. In the case of construction management, time and materials and cost plus arrangements, we are able to estimate profit as services are performed based on contractual rates and estimable volumes. Therefore, we recognize profit for these types of contracts on an input basis, as services are performed. | ||
Revenue from affirmative contract claims is recognized when we have a signed agreement and payment is assured. Revenue from contract change orders, which occur in most large projects, is recognized when the owner has agreed to the change order in writing. | ||
Provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue. All contract costs, including those associated with claims and change orders, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract cost consists of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). Pre-contract costs are expensed as incurred. | ||
The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach, and we believe our experience allows us to create materially reliable estimates generally upon incurring approximately 25% of expected costs. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: | ||
• | the completeness and accuracy of the original bid; | |
• | costs associated with scope changes; | |
• | costs of labor and/or materials; | |
• | extended overhead due to owner, weather and other delays; | |
• | subcontractor performance issues; | |
• | changes in productivity expectations; | |
• | site conditions that differ from those assumed in the original bid (to the extent contract remedies are unavailable); | |
• | continuing changes from original design on design/build projects; | |
• | the availability and skill level of workers in the geographic location of the project; | |
• | a change in the availability and proximity of equipment and materials; and | |
• | our ability to recover on unresolved contract modifications and claims. | |
The foregoing factors as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit between periods. Significant changes in cost estimates, particularly in our larger, more complex projects have had, and can in future periods have, a significant effect on our profitability. | ||
Revenue Recognition - Materials | ' | |
Revenue Recognition - Materials: Revenue from the sale of materials is recognized when delivery occurs and risk of ownership passes to the customer. | ||
Revenue Recognition - Real Estate | ' | |
Revenue Recognition - Real Estate: Revenue from the sale of real estate is recognized when title passes to the new owner, receipt of funds is reasonably assured and we do not have substantial continuing obligations on the property. If the criteria for recognition of a sale are not met, we account for the continuing operations of the property by applying the deposit, finance, installment or cost recovery methods, as appropriate. We use estimates and forecasts to determine total costs at completion of the development project to calculate cost of revenue related to sales transactions. | ||
Balance Sheet Classification | ' | |
Balance Sheet Classifications: Amounts receivable and payable under construction contracts (principally retentions) that may extend beyond one year are included in current assets and liabilities. Additionally, the cost of property purchased for development and sale is included in current assets. A one-year time period is used as the basis for classifying all other current assets and liabilities. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents: Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents on our consolidated balance sheets as of December 31, 2013 and 2012, was $38.8 million and $105.9 million, respectively, related to our consolidated joint ventures. Our access to joint venture cash may be limited by the provisions of the venture agreements. | ||
Costs and Estimated Earnings in Excess of Billings | ' | |
Costs and Estimated Earnings in Excess of Billings: Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under contracts. These amounts become billable according to the contract terms, which usually consider the passage of time, achievement of milestones or completion of the project. Generally, such unbilled amounts will be billed and collected over the next twelve months. Based on our historical experience, we generally consider the collection risk related to these amounts to be low. When events or conditions indicate that the amounts outstanding may become uncollectible, an allowance is estimated and recorded. | ||
Marketable Securities | ' | |
Marketable Securities: We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. Realized gains and losses are included in other income (expense), net. The cost of securities sold or called is based on the specific identification method. | ||
Financial Instrument, Derivative Instruments, and Fair Value of Financial Assets and Liabilities | ' | |
Financial Instruments: The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. | ||
Derivative Instruments: We are exposed to various commodity price risks, including, but not limited to, diesel fuel, natural gas, propane, steel, cement and liquid asphalt arising from transactions that are entered into in the normal course of business. At times we manage this risk through supply agreements or we pre-purchase commodities to secure pricing and use financial contracts to further manage price risk. All derivative instruments are recorded on the balance sheet at fair value. We do not enter into derivative instruments for speculative or trading purposes. As of December 31, 2013 and 2012, we had no significant outstanding derivative instruments. | ||
Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs 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. | ||
We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. | ||
Concentrations Of Credit Risk And Other Risks | ' | |
Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. | ||
Our receivables are from customers concentrated in the United States, and we have no material receivables from foreign operations as of December 31, 2013. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. | ||
A significant portion of our labor force is subject to collective bargaining agreements. | ||
Inventories | ' | |
Inventories: Inventories consist primarily of quarry products valued at the lower of average cost or market. We write down the inventories based on estimated quantities of materials on hand in excess of estimated foreseeable use. | ||
Property and Equipment | ' | |
Property and Equipment: Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from three to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, Property, Plant, and Equipment, we write it down to fair value, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the balance sheet and the resulting gains or losses, if any, are reflected in operating income (loss) for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are charged to operations as incurred. | ||
Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from 3 to 7 years. | ||
Long-lived Assets | ' | |
Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment whenever events or changes in circumstances indicate the net book value of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their net book values to the future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset exceeds its fair value. We group plant equipment assets at a regional level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets are determined to no longer contribute to the vertically integrated asset group, it is assessed for impairment independently. | ||
Amortizable intangible assets include covenants not to compete, acquired backlog, permits, trade names and customer lists which are being amortized on a straight-line basis over terms from one to thirty years. | ||
Real Estate Held for Development and Sale, Policy [Policy Text Block] | ' | |
Real Estate Held for Development and Sale: Real estate held for development and sale is stated at cost, unless the carrying value is determined not to be recoverable, in which case it is written down to fair value. The carrying amount of each consolidated real estate development project is reviewed on a quarterly basis in accordance with ASC Topic 360, Property, Plant, and Equipment, and each real estate development project accounted for under the equity method of accounting is reviewed in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. The review of each consolidated project includes an evaluation to determine if events or changes in circumstances indicate that a consolidated project’s carrying amount may not be recoverable. If events or changes in circumstances indicate that a consolidated project’s carrying amount may not be recoverable, the future undiscounted cash flows are estimated and compared to the project’s carrying amount. In the event that the project’s estimated future undiscounted cash flows or investment’s fair value are not sufficient to recover the carrying amounts, it is written down to its estimated fair value. The projects accounted for under the equity method are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. | ||
Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: | ||
• | significant decreases in the market price of the asset; | |
• | significant adverse changes in legal factors or the business climate; | |
• | significant changes to the development or business plans of a project; | |
• | accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and | |
• | current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. | |
Future undiscounted cash flows and fair value assessments are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. | ||
Substantially all the assets of these real estate entities in which we are a participant 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. | ||
Capitalized Interest | ' | |
Capitalized Interest: Interest, to the extent it is incurred in connection with the construction of certain self-constructed assets and real estate development projects, is capitalized and recorded as part of the asset to which it relates. Capitalized interest on self-constructed assets is amortized over their estimated useful lives and is expensed on real estate projects as they are sold. | ||
Goodwill | ' | |
Goodwill: As of December 31, 2013, we had five reporting units in which goodwill was recorded as follows: | ||
• | California Group Construction | |
• | Kenny Group Construction | |
• | Kenny Group Large Project Construction | |
• | Northwest Group Construction | |
• | Northwest Group Construction Materials | |
The most significant goodwill balances reside in the reporting units associated with the Kenny Group. | ||
We perform impairment tests annually as of December 31 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: | ||
• | a significant adverse change in legal factors or in the business climate; | |
• | an adverse action or assessment by a regulator; | |
• | a more likely than not expectation that a segment or a significant portion thereof will be sold; or | |
• | the testing for recoverability of a significant asset group within the segment. | |
In performing step one of the goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2013 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2014-2016 operating plan developed internally by management adjusted for market participant based assumptions. Our discount rate assumptions are based on an assessment of equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate our results against our current market capitalization. | ||
After calculating the estimated fair value, we compare the resulting fair value to the net book value of the reporting unit, including goodwill. If the net book value of a reporting unit exceeds its fair value, we measure and record the amount of the impairment loss by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. | ||
The results of our annual goodwill impairment tests indicated that the estimated fair values of our reporting units exceeded their net book values (i.e., cushion) by at least 50% for three of the five reporting units. The Northwest Construction Materials and Kenny Large Project Construction reporting units had goodwill balances of $1.9 million and $22.4 million, respectively, as of December 31, 2013 and fair value of equity exceeded the net book value by 48% and 42%, respectively. | ||
Reclamation Costs | ' | |
clamation Obligations: We account for the costs related to legal obligations to reclaim aggregate mining sites and other facilities by recording our estimated reclamation liability when incurred, capitalizing the estimated liability as part of the related asset’s carrying amount and allocating it to expense over the asset’s useful life. | ||
Wa | ||
Guarantees, Indemnifications and Warranties | ' | |
rranties: Many of our construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from six months to one year after our customer accepts the contract. Because of the nature of our projects, including contract owner inspections of the work both during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties and, therefore, do not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which we have accrued an estimate of warranty cost. The warranty cost is estimated based on our experience with the type of work and any known risks relative to the project and was not material during the years ended December 31, 2013, 2012 and 2011. | ||
rformance Guarantees: Agreements with our joint venture partners and limited liability company members (“partner(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 operational exposure is generally limited to our stated ownership interest. However, due to the joint and several nature of the performance obligations under the related owner contracts, if one of the partners fails to perform, we and the remaining partners would be responsible for performance of the outstanding work (i.e., performance guarantee). We estimate our liability for performance guarantees and include them in accrued expenses and other current liabilities (see Note 10) with a corresponding asset in equity in construction joint ventures on the consolidated balance sheets. We reassess our liability when and if changes in circumstances occur. The liability and corresponding asset are removed from the consolidated balance sheets upon customer acceptance of the project. | ||
C | ||
Accrued Insurance Costs | ' | |
crued Insurance Costs: We carry insurance policies to cover various risks, primarily general liability, automobile liability and workers compensation, under which we are liable to reimburse the insurance company for a portion of each claim paid. The amounts for which we are liable for general liability and workers compensation generally range from the first $0.5 million to $1.0 million per occurrence. We accrue for the estimated ultimate liability for incurred losses, both reported and unreported, using actuarial methods based on historic trends modified, if necessary, by recent events. Changes in our loss assumptions caused by changes in actual experience would affect our assessment of the ultimate liability and could have an effect on our operating results and financial position up to $1.0 million per occurrence. | ||
P | ||
Contingencies | ' | |
ntingencies: We are currently involved in various claims and legal proceedings. Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated. If a potential loss is considered probable but only a range of loss can be determined, the low-end of the range is recorded. These accruals represent management’s best estimate of probable loss. Disclosure also is provided when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Significant judgment is required in both the determination of probability of loss and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to claims and litigation and may revise our estimates. | ||
S | ||
Stock-based Compensation | ' | |
ock-Based Compensation: We measure and recognize compensation expense, net of estimated forfeitures, over the requisite vesting periods for all stock-based payment awards made. Stock-based compensation is included in selling, general and administrative expenses on our consolidated statements of operations. | ||
R | ||
Restructuring and Impairment Charges (Gains) | ' | |
structuring and Impairment Charges (Gains): Pursuant to an approved plan, we record severance costs when an employee has been notified, unless the employee provides future service, in which case severance costs are expensed ratably over the future service period. Other restructuring costs are recognized when the liability is incurred. Costs associated with terminating a lease contract are recorded at the contract termination date, in accordance with contract terms, or on the cease-use date, net of estimated sublease income, if applicable. In determining the amount related to termination of a lease, various assumptions are used including the time period over which facilities will be vacant, expected sublease term and sublease rates. These assumptions may be adjusted upon the occurrence of future events. Asset impairment analyses resulting from restructuring events are performed in accordance with ASC subtopic 360-10, Property, Plant and Equipment. See the Property and Equipment, Long-lived Assets and Real Estate Held for Development and Sale accounting policies above for further information on asset impairment charges. Du | ||
Income Taxes | ' | |
Income Taxes: Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities on the consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | ||
We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in other income (expense) in the consolidated statements of operations. | ||
Computation of Earnings Per Share | ' | |
Computation of Earnings Per Share: Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, awards that accrue cash dividends (whether paid or unpaid) and those dividends that do not need to be returned to the entity if the employee forfeits the award are considered participating securities. Our unvested restricted stock issued under the Amended and Restated 1999 Equity Incentive Plan carries nonforfeitable dividend rights and are considered participating securities. | ||
In applying the two-class method, earnings are allocated to both common shares and the participating securities, except when in a net loss position. Diluted earnings per share is computed by giving effect to all potential dilutive shares that were outstanding during the period. | ||
Reclassifications | ' | |
Reclassifications: Certain reclassifications have been made to historical financial data on our consolidated statements of cash flows to conform to our current year presentation. Historically, cash flows used in or provided by unconsolidated construction joint ventures were presented as one line item within operating cash flows. To improve transparency about the activity in the related balance sheet accounts, we have now presented separately the significant activity for the periods presented. | ||
Recently Issued and Adopted Accounting Pronouncements | ' | |
Recently Issued and Adopted Accounting Pronouncements: | ||
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 were effective for our quarter ended March 31, 2013 and did not impact our 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 was effective for our quarter ended March 31, 2013 and did not impact our 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 for our quarter ended March 31, 2013. For all periods presented other comprehensive income (loss) was not significant; therefore, the adoption of this ASU did not have an impact on our consolidated financial statements. | ||
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. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. | ||
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 affirmative 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 affirmative 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. | ||
Retention Receivable Policy | ' | |
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 small; 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Reclassifications | ' | |||||||||||
The following table summarizes these changes (in thousands): | ||||||||||||
As Reported | Reclassifications | Adjusted | ||||||||||
Year Ended December 31, | 2012 | |||||||||||
Equity in net income from unconsolidated joint ventures | $ | — | $ | (101,747 | ) | $ | (101,747 | ) | ||||
Equity in construction joint ventures | 2,446 | (2,446 | ) | — | ||||||||
Contributions to unconsolidated construction joint ventures | — | (4,986 | ) | (4,986 | ) | |||||||
Distributions from unconsolidated construction joint ventures | — | 92,474 | 92,474 | |||||||||
Accrued expenses and other current liabilities, net | (20,405 | ) | 16,705 | (3,700 | ) | |||||||
Total | $ | (17,959 | ) | $ | — | $ | (17,959 | ) | ||||
As Reported | Reclassifications | Adjusted | ||||||||||
Years Ended December 31, | 2011 | |||||||||||
Equity in net income from unconsolidated joint ventures | $ | — | $ | (67,845 | ) | $ | (67,845 | ) | ||||
Equity in construction joint ventures | (26,313 | ) | 26,313 | — | ||||||||
Contributions to unconsolidated construction joint ventures | — | (800 | ) | (800 | ) | |||||||
Distributions from unconsolidated construction joint ventures | — | 35,598 | 35,598 | |||||||||
Accrued expenses and other current liabilities, net | 13,844 | 6,734 | 20,578 | |||||||||
Total | $ | (12,469 | ) | $ | — | $ | (12,469 | ) | ||||
Revisions_in_Estimates_Tables
Revisions in Estimates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Construction [Member] | ' | ||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||
Decreases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with downward estimate changes | 5 | 9 | 4 | ||||||||||
Range of reduction in gross profit from each project, net | $ | 1.2 - 7.4 | $ | 1.0 - 6.6 | $ | 1.4 - 2.6 | |||||||
Decrease on project profitability | $ | 17.8 | $ | 26.2 | $ | 7.4 | |||||||
Increases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with upward estimate changes | 6 | 6 | 7 | ||||||||||
Range of increase in gross profit from each project, net | $ | 1.1 - 3.7 | $ | 1.0 - 1.7 | $ | 1.0 - 3.5 | |||||||
Increase on project profitability | $ | 16.1 | $ | 8.1 | $ | 13.6 | |||||||
Large Project Construction [Member] | ' | ||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||
Decreases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with downward estimate changes | 5 | 1 | 5 | ||||||||||
Range of reduction in gross profit from each project, net | $ | 1.9 - 26.8 | $ | 27.4 | $ | 1.2 - 5.1 | |||||||
Decrease on project profitability | $ | 52 | $ | 27.4 | $ | 19.4 | |||||||
Increases | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Number of projects with upward estimate changes | 7 | 10 | 9 | ||||||||||
Range of increase in gross profit from each project, net | $ | 2.6 - 41.3 | $ | 1.1 - 24.5 | $ | 1.1 - 6.9 | |||||||
Increase on project profitability | $ | 77.5 | $ | 92 | $ | 28.3 | |||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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): | |||||||||
December 31, | 2013 | 2012 | |||||||
U.S. Government and agency obligations | $ | 10,000 | $ | 7,375 | |||||
Commercial paper | 39,968 | 34,966 | |||||||
Municipal bonds | — | 8,738 | |||||||
Corporate bonds | — | 5,009 | |||||||
Total short-term marketable securities | 49,968 | 56,088 | |||||||
U.S. Government and agency obligations | 67,234 | 55,342 | |||||||
Total long-term marketable securities | 67,234 | 55,342 | |||||||
Total marketable securities | $ | 117,202 | $ | 111,430 | |||||
Held-to-maturity Securities | ' | ||||||||
Scheduled maturities of held-to-maturity investments were as follows (in thousands): | |||||||||
December 31, 2013 | |||||||||
Due within one year | $ | 49,968 | |||||||
Due in one to five years | 67,234 | ||||||||
Total | $ | 117,202 | |||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): | |||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Cash equivalents | |||||||||||||||||||
Money market funds | $ | 89,336 | $ | — | $ | — | $ | 89,336 | |||||||||||
Total assets | $ | 89,336 | $ | — | $ | — | $ | 89,336 | |||||||||||
December 31, 2012 | Fair Value Measurement at Reporting Date Using | ||||||||||||||||||
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 | |||||||||||
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): | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
Cash equivalents | $ | 89,336 | $ | 206,542 | |||||||||||||||
Cash | 139,785 | 115,448 | |||||||||||||||||
Total cash and cash equivalents | $ | 229,121 | $ | 321,990 | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||
The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the consolidated balance sheets are as follows (in thousands): | |||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||
Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||
Assets: | |||||||||||||||||||
Held-to-maturity marketable securities | Level 1 | $ | 117,202 | $ | 116,915 | $ | 111,430 | $ | 111,525 | ||||||||||
Liabilities (including current maturities): | |||||||||||||||||||
Senior notes payable1 | Level 3 | $ | 200,000 | $ | 225,865 | $ | 208,333 | $ | 243,118 | ||||||||||
Credit Agreement loan1 | Level 3 | 70,000 | 69,601 | 70,000 | 70,444 | ||||||||||||||
1The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement” in Note 12) 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) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||||||||||
Receivables, net (in thousands) | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Construction contracts: | |||||||||||||||||
Completed and in progress | $ | 193,538 | $ | 195,244 | |||||||||||||
Retentions | 73,103 | 93,800 | |||||||||||||||
Total construction contracts | 266,641 | 289,044 | |||||||||||||||
Construction material sales | 36,813 | 26,918 | |||||||||||||||
Other | 12,657 | 12,316 | |||||||||||||||
Total gross receivables | 316,111 | 328,278 | |||||||||||||||
Less: allowance for doubtful accounts | 2,513 | 2,749 | |||||||||||||||
Total net receivables | $ | 313,598 | $ | 325,529 | |||||||||||||
Schedule Of Escrow and Non Escrow Retention Receivable | ' | ||||||||||||||||
We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows (in thousands): | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Escrow | $ | 25,124 | $ | 41,494 | |||||||||||||
Non-escrow | 47,979 | 52,306 | |||||||||||||||
Total retention receivables | $ | 73,103 | $ | 93,800 | |||||||||||||
Schedule of Non Escrow Receivables | ' | ||||||||||||||||
The following table summarizes the amount of our non-escrow retention receivables within each category (in thousands): | |||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||
Federal | $ | 2,878 | $ | 3,234 | |||||||||||||
State | 5,579 | 2,971 | |||||||||||||||
Local | 31,122 | 31,559 | |||||||||||||||
Private | 8,400 | 14,542 | |||||||||||||||
Total | $ | 47,979 | $ | 52,306 | |||||||||||||
Aging of Financing Receivables | ' | ||||||||||||||||
The following tables present the aging of our non-escrow retention receivables (in thousands): | |||||||||||||||||
December 31, 2013 | Current | 0 - 90 Days | Over 90 Days | Total | |||||||||||||
Past Due | Past Due | ||||||||||||||||
Federal | $ | 2,843 | $ | 13 | $ | 22 | $ | 2,878 | |||||||||
State | 4,919 | 326 | 334 | 5,579 | |||||||||||||
Local | 24,705 | 1,024 | 5,393 | 31,122 | |||||||||||||
Private | 6,817 | 287 | 1,296 | 8,400 | |||||||||||||
Total | $ | 39,284 | $ | 1,650 | $ | 7,045 | $ | 47,979 | |||||||||
December 31, 2012 | |||||||||||||||||
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 | |||||||||
Construction_and_Line_Item_Joi1
Construction and Line Item Joint Ventures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Construction and Line Item Joint Ventures [Abstract] | ' | ||||||||||||
Schedule of Consolidated Joint Ventures | ' | ||||||||||||
The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included in our consolidated balance sheets as follows (in thousands): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Cash and cash equivalents1 | $ | 38,800 | $ | 105,865 | |||||||||
Receivables, net | 38,372 | 43,902 | |||||||||||
Other current assets | 4,778 | 4,008 | |||||||||||
Total current assets | 81,950 | 153,775 | |||||||||||
Property and equipment, net | 22,216 | 41,114 | |||||||||||
Noncurrent assets | — | 1,700 | |||||||||||
Total assets2 | $ | 104,166 | $ | 196,589 | |||||||||
Accounts payable | $ | 16,937 | $ | 34,536 | |||||||||
Billings in excess of costs and estimated earnings1 | 60,185 | 72,490 | |||||||||||
Accrued expenses and other current liabilities | 11,299 | 8,312 | |||||||||||
Total liabilities2 | $ | 88,421 | $ | 115,338 | |||||||||
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 | ' | ||||||||||||
Following is summary financial information related to unconsolidated construction joint ventures (in thousands): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash and cash equivalents1 | $ | 385,094 | $ | 244,686 | |||||||||
Other assets | 523,827 | 301,412 | |||||||||||
Less partners’ interest | 612,530 | 342,545 | |||||||||||
Granite’s interest | 296,391 | 203,553 | |||||||||||
Liabilities: | |||||||||||||
Accounts payable | 155,985 | 114,039 | |||||||||||
Billings in excess of costs and estimated earnings1 | 245,341 | 161,268 | |||||||||||
Other liabilities | 104,152 | 5,873 | |||||||||||
Less partners’ interest | 371,760 | 183,432 | |||||||||||
Granite’s interest | 133,718 | 97,748 | |||||||||||
Equity in construction joint ventures | $ | 162,673 | $ | 105,805 | |||||||||
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. | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Revenue: | |||||||||||||
Total | $ | 1,391,190 | $ | 1,042,209 | $ | 938,867 | |||||||
Less partners’ interest1 | 982,734 | 665,782 | 623,090 | ||||||||||
Granite’s interest | 408,456 | 376,427 | 315,777 | ||||||||||
Cost of revenue: | |||||||||||||
Total | 1,107,533 | 785,079 | 765,446 | ||||||||||
Less partners’ interest1 | 772,670 | 511,840 | 519,340 | ||||||||||
Granite’s interest | 334,863 | 273,239 | 246,106 | ||||||||||
Granite’s interest in gross profit | $ | 73,593 | $ | 103,188 | $ | 69,671 | |||||||
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_Inves1
Real Estate Entities and Investments in Affiliates (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Real Estate Entities and Investments in Affiliates [Abstract] | ' | |||||||||
Investments in Affiliates | ' | |||||||||
Our investments in affiliates balance consists of the following (in thousands): | ||||||||||
December 31, | 2013 | 2012 | ||||||||
Equity method investments in real estate affiliates | $ | 21,392 | $ | 19,775 | ||||||
Equity method investments in other affiliates | 11,088 | 11,024 | ||||||||
Total investments in affiliates | $ | 32,480 | $ | 30,799 | ||||||
Equity Method Investment Summarized Balance Sheet Information | ' | |||||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): | ||||||||||
December 31, | 2013 | 2012 | ||||||||
Current assets | $ | 25,807 | $ | 85,354 | ||||||
Long-term assets | 148,181 | 80,758 | ||||||||
Total assets | 173,988 | 166,112 | ||||||||
Current liabilities | 6,000 | 8,262 | ||||||||
Long-term liabilities | 68,544 | 65,744 | ||||||||
Total Liabilities | 74,544 | 74,006 | ||||||||
Net assets | $ | 99,444 | $ | 92,106 | ||||||
Granite’s share of net assets | $ | 32,480 | $ | 30,799 | ||||||
Equity Method Investment Summarized Income Statement Information | ' | |||||||||
The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||
Revenue | $ | 42,563 | $ | 52,342 | $ | 48,983 | ||||
Gross profit | 3,487 | 13,254 | 10,654 | |||||||
Income (loss) before taxes | (686 | ) | 1,318 | (399 | ) | |||||
Net (loss) income | (686 | ) | 1,318 | (399 | ) | |||||
Granite’s interest in affiliates’ net income | 1,304 | 1,988 | 2,193 | |||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment and Asset Retirement Obligation [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 consolidated balance sheets as follows (in thousands): | |||||||||
December 31, | 2013 | 2012 | |||||||
Equipment and vehicles | $ | 765,971 | $ | 758,782 | |||||
Quarry property | 170,442 | 180,567 | |||||||
Land and land improvements | 119,917 | 125,961 | |||||||
Buildings and leasehold improvements | 83,494 | 83,245 | |||||||
Office furniture and equipment | 70,156 | 67,743 | |||||||
Property and equipment | 1,209,980 | 1,216,298 | |||||||
Less: accumulated depreciation and depletion | 773,121 | 734,820 | |||||||
Property and equipment, net | $ | 436,859 | $ | 481,478 | |||||
Change in Asset Retirement Obligation | ' | ||||||||
The following is a reconciliation of these asset retirement obligations (in thousands): | |||||||||
Years Ended December 31, | 2013 | 2012 | |||||||
Beginning balance | $ | 26,576 | $ | 23,208 | |||||
Revisions to estimates | 2,265 | 2,810 | |||||||
Liabilities incurred | 83 | 154 | |||||||
Liabilities settled | (976 | ) | (885 | ) | |||||
Accretion | 1,190 | 1,289 | |||||||
Ending balance | $ | 29,138 | $ | 26,576 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||||||
The following table presents the goodwill balance by reportable segment (in thousands): | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
Construction | $ | 29,260 | $ | 29,190 | |||||||||
Large Project Construction | 22,593 | 24,115 | |||||||||||
Construction Materials | 1,946 | 2,114 | |||||||||||
Total goodwill | $ | 53,799 | $ | 55,419 | |||||||||
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 consolidated balance sheets (in thousands): | |||||||||||||
Accumulated | |||||||||||||
December 31, 2013 | Gross Value | Amortization | Net Value | ||||||||||
Permits | $ | 29,713 | $ | (11,992 | ) | $ | 17,721 | ||||||
Customer lists | 4,398 | (2,491 | ) | 1,907 | |||||||||
Covenants not to compete | 1,588 | (1,552 | ) | 36 | |||||||||
Acquired backlog | 7,900 | (6,835 | ) | 1,065 | |||||||||
Trade name | 4,100 | (432 | ) | 3,668 | |||||||||
Other | 871 | (856 | ) | 15 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (24,158 | ) | $ | 24,412 | ||||||
December 31, 2012 | |||||||||||||
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 | ||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||
Accrued Expenses and Other Current Liabilities (in thousands): | |||||||
December 31, | 2013 | 2012 | |||||
Payroll and related employee benefits | $ | 34,676 | $ | 42,364 | |||
Accrued insurance | 49,073 | 39,868 | |||||
Performance guarantees | 54,488 | 30,727 | |||||
Loss job reserves | 12,130 | 11,605 | |||||
Other | 46,875 | 45,415 | |||||
Total | $ | 197,242 | $ | 169,979 | |||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||
The following table presents the components of restructuring and impairment charges (gains), net during the respective periods (in thousands): | ||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | |||||||
Impairment losses (gains) associated with our real estate investments, net | $ | 31,090 | $ | (3,093 | ) | $ | 1,452 | |||
Severance costs | — | — | 471 | |||||||
Impairment charges on assets | 14,651 | — | 226 | |||||||
Lease termination costs (gains), net of estimated sublease income | 3,234 | (635 | ) | 32 | ||||||
Total restructuring charges (gains) | 48,975 | (3,728 | ) | 2,181 | ||||||
Other impairment charges | 3,164 | — | — | |||||||
Total restructuring and impairment charges (gains), net | $ | 52,139 | $ | (3,728 | ) | $ | 2,181 | |||
LongTerm_Debt_and_Credit_Arran1
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of Long-term Debt Instruments | ' | ||||||
Long-Term Debt and Credit Arrangements (in thousands): | |||||||
December 31, | 2013 | 2012 | |||||
Senior notes payable | $ | 200,000 | $ | 208,333 | |||
Credit Agreement loan | 70,000 | 70,000 | |||||
Mortgages payable | 7,967 | 11,629 | |||||
Other notes payable | 148 | 168 | |||||
Total debt | 278,115 | 290,130 | |||||
Less current maturities | 1,247 | 19,060 | |||||
Total long-term debt | $ | 276,868 | $ | 271,070 | |||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Multiemployer Plans | ' | |||||||||||||||
The following table presents our participation in these plans (dollars in thousands): | ||||||||||||||||
Pension Plan Employer Identification Number | Pension Protection Act (“PPA”) Certified Zone Status1 | FIP / RP Status Pending / Implemented2 | Contributions | Surcharge Imposed | Expiration Date of Collection Bargaining Agreement3 | |||||||||||
Pension Trust Fund | 2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||
Locals 302 and 612 Operating Engineers-Employers Retirement Fund | 91-6028571 | Green | Green | No | $ | 3,260 | $ | 2,368 | $ | 2,386 | No | 5/31/15 | ||||
Operating Engineers Pension Trust Fund | 95-6032478 | Red | Red | Yes | 2,768 | 2,285 | 2,099 | No | 6/30/16 | |||||||
Pension Trust Fund for Operating Engineers Pension Plan | 94-6090764 | Orange | Orange | Yes | 8,193 | 8,030 | 7,296 | No | 6/30/16 | |||||||
Laborers Pension Trust Fund for Northern California | 94-6277608 | Yellow | Yellow | Yes | 2,500 | 2,320 | 1,950 | No | 6/30/15 | |||||||
All other funds (60) | 10,444 | 7,720 | 8,238 | |||||||||||||
Total Contributions: | $ | 27,165 | $ | 22,723 | $ | 21,969 | ||||||||||
1The most recent PPA zone status available in 2013 and 2012 is for the plan’s year-end during 2012 and 2011, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | ||||||||||||||||
2The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | ||||||||||||||||
3Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Pension trust funds with a range of expiration dates have various collective bargaining agreements. |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||||
A summary of the changes in our RSUs during the years ended December 31, 2013, 2012 and 2011 is as follows (shares in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
RSUs | Weighted-Average Grant-Date Fair Value per RSU | RSUs | Weighted-Average Grant-Date Fair Value per RSU | RSUs | Weighted-Average Grant-Date Fair Value per RSU | |||||||||||
Outstanding, beginning balance | 665 | $ | 27.74 | 346 | $ | 25.64 | 144 | $ | 23.54 | |||||||
Granted | 506 | 31.12 | 533 | 28.99 | 271 | 26.94 | ||||||||||
Vested | (337 | ) | 28.52 | (175 | ) | 26.87 | (64 | ) | 26.44 | |||||||
Forfeited | (65 | ) | 29.97 | (39 | ) | 27.95 | (5 | ) | 25.94 | |||||||
Outstanding, ending balance | 769 | $ | 29.49 | 665 | $ | 27.74 | 346 | $ | 25.64 | |||||||
Weighted_Average_Shares_Outsta1
Weighted Average Shares Outstanding (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | |||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||
A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying consolidated statements of operations is as follows (in thousands): | ||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||
Weighted average shares outstanding: | ||||||||||
Weighted average common stock outstanding | 38,803 | 38,689 | 38,677 | |||||||
Less: weighted average unvested restricted stock outstanding | — | 242 | 560 | |||||||
Total basic weighted average shares outstanding | 38,803 | 38,447 | 38,117 | |||||||
Diluted weighted average shares outstanding: | ||||||||||
Weighted average common stock outstanding, basic | 38,803 | 38,447 | 38,117 | |||||||
Effect of dilutive securities: | ||||||||||
Common stock options and restricted stock units1 | — | 629 | 356 | |||||||
Total weighted average shares outstanding assuming dilution | 38,803 | 39,076 | 38,473 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share Reconciliation | ' | ||||||||||||
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): | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Basic | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income attributable to Granite | $ | (36,423 | ) | $ | 45,283 | $ | 51,161 | ||||||
Less: net income allocated to participating securities | — | 283 | 738 | ||||||||||
Net (loss) income allocated to common shareholders for basic calculation | $ | (36,423 | ) | $ | 45,000 | $ | 50,423 | ||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, basic | 38,803 | 38,447 | 38,117 | ||||||||||
Net (loss) income per share, basic | $ | (0.94 | ) | $ | 1.17 | $ | 1.32 | ||||||
Diluted | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income attributable to Granite | $ | (36,423 | ) | $ | 45,283 | $ | 51,161 | ||||||
Less: net income allocated to participating securities | — | 279 | 732 | ||||||||||
Net (loss) income allocated to common shareholders for diluted calculation | $ | (36,423 | ) | $ | 45,004 | $ | 50,429 | ||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, diluted | 38,803 | 39,076 | 38,473 | ||||||||||
Net (loss) income per share, diluted | $ | (0.94 | ) | $ | 1.15 | $ | 1.31 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||
Following is a summary of the (benefit from) provision for income taxes (in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Federal: | ||||||||||||||||
Current | $ | (1,298 | ) | $ | 10,410 | $ | 11,136 | |||||||||
Deferred | (18,606 | ) | 9,518 | 7,914 | ||||||||||||
Total federal | (19,904 | ) | 19,928 | 19,050 | ||||||||||||
State: | ||||||||||||||||
Current | 1,592 | 4,689 | 2,952 | |||||||||||||
Deferred | (951 | ) | (3,508 | ) | 1,346 | |||||||||||
Total state | 641 | 1,181 | 4,298 | |||||||||||||
Total (benefit from) provision for income taxes | $ | (19,263 | ) | $ | 21,109 | $ | 23,348 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||
Following is a reconciliation of our (benefit from) provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): | ||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||
Federal statutory tax | $ | (22,411 | ) | 35 | % | $ | 28,360 | 35 | % | $ | 31,301 | 35 | % | |||
State taxes, net of federal tax benefit | 101 | (0.2 | ) | 5,299 | 6.5 | 3,497 | 3.9 | |||||||||
Valuation allowance release | — | — | (5,803 | ) | (7.2 | ) | — | — | ||||||||
Percentage depletion deduction | (787 | ) | 1.2 | (1,422 | ) | (1.8 | ) | (1,254 | ) | (1.4 | ) | |||||
Domestic production deduction | (27 | ) | 0.1 | (1,367 | ) | (1.7 | ) | (1,604 | ) | (1.8 | ) | |||||
Non-controlling interests | 2,920 | (4.6 | ) | (5,124 | ) | (6.3 | ) | (5,223 | ) | (5.8 | ) | |||||
Settlements and effective settlements of audit issues | — | — | — | — | (2,348 | ) | (2.6 | ) | ||||||||
Nondeductible expenses | 2,384 | (3.7 | ) | 1,918 | 2.4 | 1,000 | 1.1 | |||||||||
Other | (1,443 | ) | 2.3 | (752 | ) | (0.8 | ) | (2,021 | ) | (2.3 | ) | |||||
Total | $ | (19,263 | ) | 30.1 | % | $ | 21,109 | 26.1 | % | $ | 23,348 | 26.1 | % | |||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||||
The above amounts are reflected in the accompanying consolidated balance sheets as follows (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Current deferred tax assets, net | $ | 55,874 | $ | 36,687 | ||||||||||||
Long-term deferred tax liabilities, net | 7,793 | 8,163 | ||||||||||||||
Net deferred tax assets | $ | 48,081 | $ | 28,524 | ||||||||||||
Following is a summary of the deferred tax assets and liabilities (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Deferred tax assets: | ||||||||||||||||
Receivables | $ | 2,870 | $ | 2,876 | ||||||||||||
Inventory | 4,637 | 5,611 | ||||||||||||||
Insurance | 10,813 | 10,476 | ||||||||||||||
Deferred compensation | 13,372 | 14,055 | ||||||||||||||
Other accrued liabilities | 6,739 | 7,184 | ||||||||||||||
Contract income recognition | 11,503 | 4,171 | ||||||||||||||
Impairments on real estate investments | 14,313 | 5,002 | ||||||||||||||
Accrued compensation | 7,206 | 6,064 | ||||||||||||||
Other | 420 | 416 | ||||||||||||||
Net operating loss carryforward | 4,439 | 8,359 | ||||||||||||||
Valuation allowance | (3,731 | ) | (5,242 | ) | ||||||||||||
Total deferred tax assets | 72,581 | 58,972 | ||||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Property and equipment | 24,500 | 30,448 | ||||||||||||||
Total deferred tax liabilities | 24,500 | 30,448 | ||||||||||||||
Net deferred tax assets | $ | 48,081 | $ | 28,524 | ||||||||||||
Summary of Valuation Allowance | ' | |||||||||||||||
The following is a summary of the change in valuation allowance (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 5,242 | $ | 10,668 | $ | 13,111 | ||||||||||
Deductions | (1,511 | ) | (5,426 | ) | (2,443 | ) | ||||||||||
Ending balance | $ | 3,731 | $ | 5,242 | $ | 10,668 | ||||||||||
Summary of Income Tax Contingencies | ' | |||||||||||||||
The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities on the consolidated balance sheets: | ||||||||||||||||
December 31, | 2013 | 2012 | 2011 | |||||||||||||
Beginning balance | $ | 2,315 | $ | 2,339 | $ | 5,650 | ||||||||||
Gross increases – current period tax positions | 363 | 1,017 | 1,726 | |||||||||||||
Gross decreases – current period tax positions | (638 | ) | (800 | ) | (1,420 | ) | ||||||||||
Gross increases – prior period tax positions | 508 | 4 | 1,485 | |||||||||||||
Gross decreases – prior period tax positions | (2 | ) | (245 | ) | (1,467 | ) | ||||||||||
Settlements with taxing authorities/lapse of statute of limitations | (315 | ) | — | (3,635 | ) | |||||||||||
Ending balance | $ | 2,231 | $ | 2,315 | $ | 2,339 | ||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily of quarry property, in effect at December 31, 2013 were (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 8,231 | ||
2015 | 6,893 | |||
2016 | 5,866 | |||
2017 | 4,419 | |||
2018 | 2,711 | |||
Later years (through 2099) | 10,149 | |||
Total | $ | 38,269 | ||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information | ' | ||||||||||||||||||||
Summarized segment information is as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | Construction | Large Project Construction | Construction Materials | Real Estate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 1,251,197 | $ | 777,811 | $ | 372,141 | $ | 141 | $ | 2,401,290 | |||||||||||
Elimination of intersegment revenue | — | — | (134,389 | ) | — | (134,389 | ) | ||||||||||||||
Revenue from external customers | 1,251,197 | 777,811 | 237,752 | 141 | 2,266,901 | ||||||||||||||||
Gross profit | 106,374 | 71,808 | 6,953 | 128 | 185,263 | ||||||||||||||||
Depreciation, depletion and amortization | 26,228 | 11,679 | 22,945 | — | 60,852 | ||||||||||||||||
Segment assets | 148,459 | 222,584 | 313,578 | 12,478 | 697,099 | ||||||||||||||||
2012 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 984,106 | $ | 863,217 | $ | 410,033 | $ | 5,072 | $ | 2,262,428 | |||||||||||
Elimination of intersegment revenue | — | — | (179,391 | ) | — | (179,391 | ) | ||||||||||||||
Revenue from external customers | 984,106 | 863,217 | 230,642 | 5,072 | 2,083,037 | ||||||||||||||||
Gross profit | 77,963 | 148,418 | 7,572 | 806 | 234,759 | ||||||||||||||||
Depreciation, depletion and amortization | 13,225 | 4,527 | 28,490 | — | 46,242 | ||||||||||||||||
Segment assets | 163,287 | 173,142 | 347,869 | 50,223 | 734,521 | ||||||||||||||||
2011 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 1,043,614 | $ | 725,043 | $ | 415,618 | $ | 20,291 | $ | 2,204,566 | |||||||||||
Elimination of intersegment revenue | — | — | (195,035 | ) | — | (195,035 | ) | ||||||||||||||
Revenue from external customers | 1,043,614 | 725,043 | 220,583 | 20,291 | 2,009,531 | ||||||||||||||||
Gross profit | 124,506 | 104,108 | 16,641 | 2,708 | 247,963 | ||||||||||||||||
Depreciation, depletion and amortization | 14,747 | 4,547 | 28,672 | 189 | 48,155 | ||||||||||||||||
Segment assets | 111,780 | 110,441 | 352,619 | 75,050 | 649,890 | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||
A reconciliation of segment gross profit to consolidated (loss) income before (benefit from) provision for income taxes is as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Total gross profit from reportable segments | $ | 185,263 | $ | 234,759 | $ | 247,963 | |||||||||||||||
Selling, general and administrative expenses | 199,946 | 185,099 | 162,302 | ||||||||||||||||||
Restructuring and impairment charges (gains), net | 52,139 | (3,728 | ) | 2,181 | |||||||||||||||||
Gain on sales of property and equipment | 12,130 | 27,447 | 15,789 | ||||||||||||||||||
Other (expense) income, net | (9,337 | ) | 194 | (9,836 | ) | ||||||||||||||||
(Loss) income before (benefit from) provision for income taxes | $ | (64,029 | ) | $ | 81,029 | $ | 89,433 | ||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||||||
A reconciliation of segment assets to consolidated total assets is as follows (in thousands): | |||||||||||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Total assets for reportable segments | $ | 697,099 | $ | 734,521 | $ | 649,890 | |||||||||||||||
Assets not allocated to segments: | |||||||||||||||||||||
Cash and cash equivalents | 229,121 | 321,990 | 256,990 | ||||||||||||||||||
Short-term and long-term marketable securities | 117,202 | 111,430 | 149,658 | ||||||||||||||||||
Receivables, net | 313,598 | 325,529 | 251,838 | ||||||||||||||||||
Deferred income taxes | 55,874 | 36,687 | 38,571 | ||||||||||||||||||
Other current assets | 65,674 | 67,726 | 76,074 | ||||||||||||||||||
Property and equipment, net | 54,330 | 50,857 | 46,180 | ||||||||||||||||||
Other noncurrent assets | 84,257 | 80,747 | 78,598 | ||||||||||||||||||
Consolidated total assets | $ | 1,617,155 | $ | 1,729,487 | $ | 1,547,799 | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Schedule of Purchase Price Allocation | ' | ||||||
The following table presents the final 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 relationships | 2,200 | ||||||
Trade name | 4,100 | ||||||
Total amount allocated to identifiable intangible assets | 14,200 | ||||||
Accounts payable | 43,591 | ||||||
Billings in excess of costs and estimated earnings | 50,098 | ||||||
Accrued expenses and other current liabilities | 16,806 | ||||||
Non-controlling interests | 15,326 | ||||||
Total identifiable net assets acquired | 97,215 | ||||||
Goodwill | 43,899 | ||||||
Total purchase price | $ | 141,114 | |||||
Business Acquisition, Pro Forma Information | ' | ||||||
The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2011. | |||||||
Years Ended December 31, | 2012 | 2011 | |||||
Revenue | $ | 2,388,790 | $ | 2,289,043 | |||
Net income including non-controlling interests | 82,914 | $ | 78,344 | ||||
Net income attributable to Granite | 58,225 | $ | 55,993 | ||||
Basic net income per share | 1.5 | $ | 1.46 | ||||
Diluted net income per share | 1.48 | $ | 1.45 | ||||
Amortization Expense Associated with Acquired Intangible Assets | ' | ||||||
We recorded amortization expense associated with the acquired intangible assets as follows (in thousands): | |||||||
Year Ended December 31, | 2013 | ||||||
Cost of revenue - Construction | $ | 6,400 | |||||
Cost of revenue - Large Project Construction | 435 | ||||||
Selling, general and administrative expenses | 725 | ||||||
Total | $ | 7,560 | |||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Data | ' | ||||||||||||
The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012. This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. | |||||||||||||
We have revised our quarterly statements of operations for the second and third quarters of 2013 for errors identified subsequent to the filing of those Quarterly Reports on Form 10-Q. See detailed explanations of the adjustments in the footnotes below the following table. The Company assessed the materiality of the errors individually and in the aggregate on the prior interim periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletin No. 99 and, based on an analysis of quantitative and qualitative factors, determined that the errors were not material to the Company’s interim consolidated financial statements for each of the second and third quarters of 2013; therefore, these previously issued consolidated financial statements can continue to be relied upon and an amendment of the previously filed Quarterly Reports on Form 10-Q is not required. However, for comparability, these revised amounts will be reflected in the 2014 Quarterly Reports on Form 10-Q that will contain such financial information. | |||||||||||||
QUARTERLY FINANCIAL DATA | |||||||||||||
(unaudited - dollars in thousands, except per share data) | |||||||||||||
2013 Quarters Ended | December 31, | September 30,2 | June 30,3 | March 31, | |||||||||
Revenue | $ | 598,099 | $ | 739,750 | $ | 550,348 | $ | 378,704 | |||||
Gross profit | 49,751 | 55,858 | 49,596 | 30,058 | |||||||||
As a percent of revenue | 8.3 | % | 7.6 | % | 9 | % | 7.9 | % | |||||
Net (loss) income1 | $ | (33,255 | ) | $ | 6,533 | $ | 1,782 | $ | (19,826 | ) | |||
As a percent of revenue | (5.6 | )% | 0.9 | % | 0.3 | % | -5.2 | % | |||||
Net (loss) income attributable to Granite | $ | (28,898 | ) | $ | 13,038 | $ | 1,419 | $ | (21,982 | ) | |||
As a percent of revenue | (4.8 | )% | 1.8 | % | 0.3 | % | -5.8 | % | |||||
Net (loss) income per share attributable to | |||||||||||||
common shareholders: | |||||||||||||
Basic | $ | (0.74 | ) | $ | 0.34 | $ | 0.04 | $ | (0.57 | ) | |||
Diluted | $ | (0.74 | ) | $ | 0.34 | $ | 0.04 | $ | (0.57 | ) | |||
1Included in our net loss for the quarter ended December 31, 2013 were restructuring charges of $49.0 million related to the non-cash impairment of certain real estate development projects within the Real Estate segment and certain non-performing quarry sites within the Construction Materials segment. Also included in the 2013 fourth quarter was a $3.2 million non-cash impairment charge related to our process of continually optimizing our assets separate from the EIP. | |||||||||||||
2Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | |||||||||||||
3Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. | |||||||||||||
2012 Quarters Ended | December 31, | September 30, | June 30, | March 31, | |||||||||
Revenue | $ | 504,781 | $ | 728,482 | $ | 539,615 | $ | 310,160 | |||||
Gross profit | 56,808 | 101,099 | 51,916 | 24,936 | |||||||||
As a percent of revenue | 11.3 | % | 13.9 | % | 9.6 | % | 8 | % | |||||
Net income (loss)1 | $ | 18,374 | $ | 45,746 | $ | 4,487 | $ | (8,687 | ) | ||||
As a percent of revenue | 3.6 | % | 6.3 | % | 0.8 | % | -2.8 | % | |||||
Net income (loss) attributable to Granite | $ | 17,987 | $ | 37,121 | $ | 1,949 | $ | (11,773 | ) | ||||
As a percent of revenue | 3.6 | % | 5.1 | % | 0.4 | % | -3.8 | % | |||||
Net income (loss) per share attributable to | |||||||||||||
common shareholders: | |||||||||||||
Basic | $ | 0.46 | $ | 0.96 | $ | 0.05 | $ | (0.31 | ) | ||||
Diluted | $ | 0.46 | $ | 0.94 | $ | 0.05 | $ | (0.31 | ) | ||||
1Included in our net income for the quarter ended December 31, 2012 was an $18.0 million gain from the sale of an underutilized quarry related to our process of continually optimizing our assets separate from the EIP. In addition, net income for the quarter ended December 31, 2012 included a $5.8 million tax benefit from the release of a state valuation allowance and $4.4 million of Kenny related acquisition costs. |
Summary_of_Significant_Account3
Summary of Significant Accounting Pronouncements (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Revenue Recognition, Percentage of Completion, Recognition Threshold | 25.00% | ' | ' | ' | ||
Goodwill | $53,799,000 | $55,419,000 | ' | ' | ||
Cash and cash equivalents | 229,121,000 | 321,990,000 | 256,990,000 | 252,022,000 | ||
Capitalized Computer Software, Additions | 2,500,000 | 10,900,000 | 14,000,000 | ' | ||
Change in Loss Assumptions, Potential Effect on Operating Results and Financial Position | 1,000,000 | ' | ' | ' | ||
Minimum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Workers' Compensation Liability | 500,000 | ' | ' | ' | ||
Maximum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Workers' Compensation Liability | 1,000,000 | ' | ' | ' | ||
Software Development [Member] | Minimum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '3 years | ' | ' | ' | ||
Software Development [Member] | Maximum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Property, Plant and Equipment, Useful Life | '7 years | ' | ' | ' | ||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 38,800,000 | [1] | 105,865,000 | [1] | ' | ' |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | Minimum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Contract Value of Active Construction Joint Venture Projects | 400,000 | ' | ' | ' | ||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | Maximum [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Contract Value of Active Construction Joint Venture Projects | 337,000,000 | ' | ' | ' | ||
Northwest Construction Materials [Member] | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Goodwill | 1,900,000 | ' | ' | ' | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 48.00% | ' | ' | ' | ||
Kenny | ' | ' | ' | ' | ||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||
Goodwill | $22,400,000 | ' | ' | ' | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 42.00% | ' | ' | ' | ||
[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. |
Summary_of_Significant_Account4
Summary of Significant Accounting Pronouncements - Reclassifications (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-cash Activity, Increase (Decrease) in Performance Guarantees | $23,765 | ($6,528) | $4,941 |
Equity in net income from unconsolidated joint ventures | -72,764 | -101,747 | -67,845 |
Increase (Decrease) in Equity in Construction Joint Venture | ' | 0 | 0 |
Equity in construction joint ventures | -40,758 | -4,986 | -800 |
Distributions from unconsolidated construction joint ventures | 110,347 | 92,474 | 35,598 |
Accrued expenses and other current liabilities, net | -25,021 | -3,700 | 20,578 |
Increase (Decrease) in Equity in Construction Joint Venture Including Accrued Expenses and Other Current Liabilities | ' | -17,959 | -12,469 |
Scenario, Previously Reported [Member] | ' | ' | ' |
Equity in net income from unconsolidated joint ventures | ' | 0 | 0 |
Increase (Decrease) in Equity in Construction Joint Venture | ' | 2,446 | -26,313 |
Equity in construction joint ventures | ' | 0 | 0 |
Distributions from unconsolidated construction joint ventures | ' | 0 | 0 |
Accrued expenses and other current liabilities, net | ' | -20,405 | 13,844 |
Increase (Decrease) in Equity in Construction Joint Venture Including Accrued Expenses and Other Current Liabilities | ' | -17,959 | -12,469 |
Scenario, Adjustment [Member] | ' | ' | ' |
Non-cash Activity, Increase (Decrease) in Performance Guarantees | ' | -6,500 | -4,900 |
Equity in net income from unconsolidated joint ventures | ' | -101,747 | -67,845 |
Increase (Decrease) in Equity in Construction Joint Venture | ' | -2,446 | 26,313 |
Equity in construction joint ventures | ' | -4,986 | -800 |
Distributions from unconsolidated construction joint ventures | ' | 92,474 | 35,598 |
Accrued expenses and other current liabilities, net | ' | 16,705 | 6,734 |
Increase (Decrease) in Equity in Construction Joint Venture Including Accrued Expenses and Other Current Liabilities | ' | $0 | $0 |
Revisions_in_Estimates_Details
Revisions in Estimates (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue Recognition, Percentage of Completion, Recognition Threshold | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ||
Initial gross profit impact from projects exceeding threshold | $49,751,000 | $55,858,000 | [1] | $49,596,000 | [2] | $30,058,000 | $56,808,000 | $101,099,000 | $51,916,000 | $24,936,000 | $185,263,000 | $234,759,000 | $247,963,000 |
Financial Effect on Future Periods | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||
Amount Considered Significant on Individual Project Gross Profit | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ||
Construction Contract Backlog, Percent | 2.00% | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ||
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 18,100,000 | 6,200,000 | ||
Construction [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Contract Value | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ||
Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Contract Value | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ||
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | 64,600,000 | 8,900,000 | ||
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 | ' | ' | ' | ' | ' | ' | ' | ' | -5,600,000 | 3,100,000 | 2,800,000 | ||
Upward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Initial gross profit impact from projects exceeding threshold | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | 16,400,000 | 55,400,000 | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | 8,100,000 | 13,600,000 | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 6 | 7 | ||
Upward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,000,000 | 1,000,000 | ||
Upward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 1,700,000 | 3,500,000 | ||
Upward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | 77,500,000 | 92,000,000 | 28,300,000 | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 10 | 9 | ||
Upward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 1,000,000 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | 24,500,000 | 6,900,000 | ||
Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | -17,800,000 | -26,200,000 | -7,400,000 | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 9 | 4 | ||
Downward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -1,000,000 | -1,400,000 | ||
Downward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | -6,900,000 | -6,600,000 | -2,600,000 | ||
Downward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) on Project Profitability | ' | ' | ' | ' | ' | ' | ' | ' | -52,000,000 | -27,400,000 | -19,400,000 | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 1 | 5 | ||
Downward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | -27,400,000 | -1,200,000 | ||
Downward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Range Of Effect On Gross Profit | ' | ' | ' | ' | ' | ' | ' | ' | ($23,500,000) | ($27,400,000) | ($5,100,000) | ||
Not, Complete or Substantially Complete [Member] | Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||
Complete or Substantially Complete [Member] | Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Projects with Estimate Changes | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ||
Contract 1, that was not complete or substantially complete [Member] | Not, Complete or Substantially Complete [Member] | Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percent Complete | 85.20% | ' | ' | ' | ' | ' | ' | ' | 85.20% | ' | ' | ||
Contract 2, that was not complete or substantially complete [Member] | Not, Complete or Substantially Complete [Member] | Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percent Complete | 86.20% | ' | ' | ' | ' | ' | ' | ' | 86.20% | ' | ' | ||
[1] | Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | ||||||||||||
[2] | Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. |
Marketable_Securities_Carrying
Marketable Securities - Carrying Amounts of Marketable Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | $49,968 | $56,088 |
Long-term marketable securities | 67,234 | 55,342 |
Held-to-Maturity [Member] | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | 49,968 | 56,088 |
Long-term marketable securities | 67,234 | 55,342 |
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member] | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | 10,000 | 7,375 |
Long-term marketable securities | 67,234 | 55,342 |
Commercial paper [Member] | Held-to-Maturity [Member] | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | 39,968 | 34,966 |
Municipal bonds [Member] | Held-to-Maturity [Member] | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | 0 | 8,738 |
Corporate bonds [Member] | Held-to-Maturity [Member] | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' |
Short-term marketable securities | $0 | $5,009 |
Marketable_Securities_Maturiti
Marketable Securities - Maturities of Held to Maturity Investments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Marketable Securities [Abstract] | ' |
Due within one year | $49,968 |
Due in one to five years | 67,234 |
Total | $117,202 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Total | $89,336 | [1] | $206,542 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Total | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Total | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Total | 89,336 | 206,542 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | 89,336 | 201,542 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | 0 | 0 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | 0 | 0 | ||
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | 89,336 | 201,542 | ||
Commercial paper [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | ' | 5,000 | ||
Commercial paper [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | ' | 0 | ||
Commercial paper [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | ' | 0 | ||
Commercial paper [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Money market funds | ' | $5,000 | ||
[1] | The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement†in Note 12) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement Fair Value Measurement - Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Money market funds | $89,336 | $206,542 | ' | ' |
Cash | 139,785 | 115,448 | ' | ' |
Total cash and cash equivalents | $229,121 | $321,990 | $256,990 | $252,022 |
Fair_Value_Measurement_Carryin
Fair Value Measurement - Carrying and Fair Value Amounts (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Debt, Recourse and Nonrecourse | $278,115 | $290,130 | ||
Fair Value, Inputs, Level 3 [Member] | Carrying Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Credit Agreement Loan | 70,000 | 70,000 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Credit Agreement Loan | 69,601 | [1] | 70,444 | [1] |
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | Carrying Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior notes payable | 200,000 | 208,333 | ||
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior notes payable | 225,865 | [1] | 243,118 | [1] |
Held-to-Maturity [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity marketable securities | 117,202 | 111,430 | ||
Held-to-Maturity [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity marketable securities | $116,915 | $111,525 | ||
[1] | The fair values of the senior notes payable and Credit Agreement (as defined under “Credit Agreement†in Note 12) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement Fair Value Measurement - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Contract Termination [Member] | Contract Termination [Member] | Noncontrolling Interest [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Noncontrolling Interest [Member] | Real Estate Segment [Member] | ||||||||||
Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Joint Venture Unconsolidated [Member] | ||||||||||||||||||
Enterprise Improvement Plan [Member] | Real Estate Entities [Member] | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Revision of Estimate | ' | $2,265 | $2,810 | ($900) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charge (gain) | ' | ' | ' | ' | 48,975 | -3,728 | 2,181 | 109,300 | -3,093 | 1,452 | -635 | 32 | 20,000 | ' | ' | ' | 0 | 226 | 86,300 | 31,090 | 3,900 | ' |
Non-cash impairment charges | $3,200 | $3,164 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,800 | $3,200 | $3,200 | ' | ' | ' | ' | ' | $3,200 |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | $316,111,000 | ' | ' | ' | $328,278,000 | ' | ' | ' | $316,111,000 | $328,278,000 | ' | ||
Allowance for Accounts, Notes, Loans and Financing Receivable, Current | 2,513,000 | ' | ' | ' | 2,749,000 | ' | ' | ' | 2,513,000 | 2,749,000 | ' | ||
Receivables, net | 313,598,000 | ' | ' | ' | 325,529,000 | ' | ' | ' | 313,598,000 | 325,529,000 | ' | ||
Revenue, Net | 598,099,000 | 739,750,000 | [1] | 550,348,000 | [2] | 378,704,000 | 504,781,000 | 728,482,000 | 539,615,000 | 310,160,000 | 2,266,901,000 | 2,083,037,000 | 2,009,531,000 |
Notes Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | 1,300,000 | ' | ' | ' | 2,000,000 | ' | ' | ' | 1,300,000 | 2,000,000 | ' | ||
Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,251,197,000 | 984,106,000 | 1,043,614,000 | ||
Large Project Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 777,811,000 | 863,217,000 | 725,043,000 | ||
Construction Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 266,641,000 | ' | ' | ' | 289,044,000 | ' | ' | ' | 266,641,000 | 289,044,000 | ' | ||
Completed and in Progress [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 193,538,000 | ' | ' | ' | 195,244,000 | ' | ' | ' | 193,538,000 | 195,244,000 | ' | ||
Retentions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 73,103,000 | ' | ' | ' | 93,800,000 | ' | ' | ' | 73,103,000 | 93,800,000 | ' | ||
Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 25,124,000 | ' | ' | ' | 41,494,000 | ' | ' | ' | 25,124,000 | 41,494,000 | ' | ||
Non Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 47,979,000 | ' | ' | ' | 52,306,000 | ' | ' | ' | 47,979,000 | 52,306,000 | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-escrow retention receivable - current | 39,284,000 | ' | ' | ' | 44,317,000 | ' | ' | ' | 39,284,000 | 44,317,000 | ' | ||
Non-escrow retention receivable - 0 to 90 days past due | 1,650,000 | ' | ' | ' | 2,372,000 | ' | ' | ' | 1,650,000 | 2,372,000 | ' | ||
Non-escrow retention receivable - over 90 days past due | 7,045,000 | ' | ' | ' | 5,617,000 | ' | ' | ' | 7,045,000 | 5,617,000 | ' | ||
Construction Material Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 36,813,000 | ' | ' | ' | 26,918,000 | ' | ' | ' | 36,813,000 | 26,918,000 | ' | ||
Other Business Products and Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 12,657,000 | ' | ' | ' | 12,316,000 | ' | ' | ' | 12,657,000 | 12,316,000 | ' | ||
Government [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage Of Revenue Attributable to Counterparty by Industry | ' | ' | ' | ' | ' | ' | ' | ' | 74.40% | 80.60% | 83.80% | ||
Government [Member] | Construction And Large Project Contruction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total revenue from reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | 1,700,000,000 | 1,700,000,000 | ||
Federal [Member] | Non Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 2,878,000 | ' | ' | ' | 3,234,000 | ' | ' | ' | 2,878,000 | 3,234,000 | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-escrow retention receivable - current | 2,843,000 | ' | ' | ' | 3,116,000 | ' | ' | ' | 2,843,000 | 3,116,000 | ' | ||
Non-escrow retention receivable - 0 to 90 days past due | 13,000 | ' | ' | ' | 72,000 | ' | ' | ' | 13,000 | 72,000 | ' | ||
Non-escrow retention receivable - over 90 days past due | 22,000 | ' | ' | ' | 46,000 | ' | ' | ' | 22,000 | 46,000 | ' | ||
State [Member] | Non Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 5,579,000 | ' | ' | ' | 2,971,000 | ' | ' | ' | 5,579,000 | 2,971,000 | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-escrow retention receivable - current | 4,919,000 | ' | ' | ' | 2,148,000 | ' | ' | ' | 4,919,000 | 2,148,000 | ' | ||
Non-escrow retention receivable - 0 to 90 days past due | 326,000 | ' | ' | ' | 502,000 | ' | ' | ' | 326,000 | 502,000 | ' | ||
Non-escrow retention receivable - over 90 days past due | 334,000 | ' | ' | ' | 321,000 | ' | ' | ' | 334,000 | 321,000 | ' | ||
California Department of Transportation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 265,800,000 | 272,900,000 | 264,900,000 | ||
Percentage Of Revenue Attributable to Counterparty by Industry | ' | ' | ' | ' | ' | ' | ' | ' | 11.70% | 13.10% | 13.20% | ||
California Department of Transportation [Member] | Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 239,900,000 | 268,900,000 | 241,100,000 | ||
Percentage Of Revenue Attributable to Counterparty by Industry | ' | ' | ' | ' | ' | ' | ' | ' | 19.20% | 27.30% | 23.10% | ||
California Department of Transportation [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 25,900,000 | 4,100,000 | 23,800,000 | ||
Percentage Of Revenue Attributable to Counterparty by Industry | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.50% | 3.30% | ||
Local [Member] | Non Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 31,122,000 | ' | ' | ' | 31,559,000 | ' | ' | ' | 31,122,000 | 31,559,000 | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-escrow retention receivable - current | 24,705,000 | ' | ' | ' | 25,743,000 | ' | ' | ' | 24,705,000 | 25,743,000 | ' | ||
Non-escrow retention receivable - 0 to 90 days past due | 1,024,000 | ' | ' | ' | 1,082,000 | ' | ' | ' | 1,024,000 | 1,082,000 | ' | ||
Non-escrow retention receivable - over 90 days past due | 5,393,000 | ' | ' | ' | 4,734,000 | ' | ' | ' | 5,393,000 | 4,734,000 | ' | ||
Private [Member] | Non Escrow [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 8,400,000 | ' | ' | ' | 14,542,000 | ' | ' | ' | 8,400,000 | 14,542,000 | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-escrow retention receivable - current | 6,817,000 | ' | ' | ' | 13,310,000 | ' | ' | ' | 6,817,000 | 13,310,000 | ' | ||
Non-escrow retention receivable - 0 to 90 days past due | 287,000 | ' | ' | ' | 716,000 | ' | ' | ' | 287,000 | 716,000 | ' | ||
Non-escrow retention receivable - over 90 days past due | $1,296,000 | ' | ' | ' | $516,000 | ' | ' | ' | $1,296,000 | $516,000 | ' | ||
[1] | Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | ||||||||||||
[2] | Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. |
Construction_and_Line_Item_Joi2
Construction and Line Item Joint Ventures - Consolidated Construction Joint Ventures (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | $229,121,000 | $321,990,000 | $256,990,000 | $252,022,000 | ||
Other current assets | 30,711,000 | 31,834,000 | ' | ' | ||
Total current assets | 950,203,000 | 1,022,057,000 | ' | ' | ||
Property and equipment, net | 436,859,000 | 481,478,000 | ' | ' | ||
Total assets | 1,617,155,000 | 1,729,487,000 | 1,547,799,000 | ' | ||
Accounts payable | 160,706,000 | 202,541,000 | ' | ' | ||
Billings in excess of costs and estimated earnings ($60,185 and $72,490 related to CCJVs) | 138,375,000 | 139,692,000 | ' | ' | ||
Accrued expenses and other current liabilities | 197,242,000 | 169,979,000 | ' | ' | ||
Total current liabilities | 497,570,000 | 531,272,000 | ' | ' | ||
Contracts Revenue | 1,251,197,000 | 984,106,000 | 1,043,614,000 | ' | ||
Net Cash Provided by (Used in) Operating Activities | 5,380,000 | 91,790,000 | 92,345,000 | ' | ||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 4,400,000,000 | ' | ' | ' | ||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 38,800,000 | [1] | 105,865,000 | [1] | ' | ' |
Receivables, net | 38,372,000 | 43,902,000 | ' | ' | ||
Other current assets | 4,778,000 | 4,008,000 | ' | ' | ||
Total current assets | 81,950,000 | 153,775,000 | ' | ' | ||
Property and equipment, net | 22,216,000 | 41,114,000 | ' | ' | ||
Noncurrent assets | 0 | 1,700,000 | ' | ' | ||
Total assets | 104,166,000 | [2] | 196,589,000 | [2] | ' | ' |
Accounts payable | 16,937,000 | 34,536,000 | ' | ' | ||
Billings in excess of costs and estimated earnings ($60,185 and $72,490 related to CCJVs) | 60,185,000 | [1] | 72,490,000 | [1] | ' | ' |
Accrued expenses and other current liabilities | 11,299,000 | 8,312,000 | ' | ' | ||
Total liabilities | 88,421,000 | [2] | 115,338,000 | ' | ' | |
Number of active construction joint venture projects | 4 | ' | ' | ' | ||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Number of active construction joint venture projects | 11 | ' | ' | ' | ||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Number of active construction joint venture projects | 4 | ' | ' | ' | ||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 1,200,000,000 | ' | ' | ' | ||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 3,200,000,000 | ' | ' | ' | ||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 400,000 | ' | ' | ' | ||
Deferred Revenue | 100,000 | ' | ' | ' | ||
Contracts Revenue | 170,000,000 | 222,300,000 | 233,000,000 | ' | ||
Net Cash Provided by (Used in) Operating Activities | 10,900,000 | 25,200,000 | 21,600,000 | ' | ||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 40,000,000 | ' | ' | ' | ||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 42,600,000 | ' | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 51.00% | ' | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 23,600,000 | ' | ' | ' | ||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 337,000,000 | ' | ' | ' | ||
Deferred Revenue | 66,900,000 | ' | ' | ' | ||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 3,100,000,000 | ' | ' | ' | ||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | 84,200,000 | ' | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ||
Total Construction Contract Value | $61,900,000 | ' | ' | ' | ||
[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 $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
project | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Equity in Construction Joint Ventures Current Assets Excluding Deficit in Equity | $162,673,000 | $105,805,000 | ' | ||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 4,400,000,000 | ' | ' | ||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Number of active construction joint venture projects | 4 | ' | ' | ||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Number of active construction joint venture projects | 11 | ' | ' | ||
Cash and cash equivalents | 385,094,000 | [1] | 244,686,000 | [1] | ' |
Other assets | 523,827,000 | 301,412,000 | ' | ||
Accounts payable | 155,985,000 | 114,039,000 | ' | ||
Billings in excess of costs and estimated earnings | 245,341,000 | [1] | 161,268,000 | [1] | ' |
Other liabilities | 104,152,000 | 5,873,000 | ' | ||
Revenue | 1,391,190,000 | 1,042,209,000 | 938,867,000 | ||
Cost of revenue | 1,107,533,000 | 785,079,000 | 765,446,000 | ||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Number of active construction joint venture projects | 4 | ' | ' | ||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 1,200,000,000 | ' | ' | ||
Interest in assets | 296,391,000 | 203,553,000 | ' | ||
Interest in liabilities | 133,718,000 | 97,748,000 | ' | ||
Revenue | 408,456,000 | 376,427,000 | 315,777,000 | ||
Cost of revenue | 334,863,000 | 273,239,000 | 246,106,000 | ||
Granite's interest in gross profit | 73,593,000 | 103,188,000 | 69,671,000 | ||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 3,200,000,000 | ' | ' | ||
Interest in assets | 612,530,000 | 342,545,000 | ' | ||
Interest in liabilities | 371,760,000 | 183,432,000 | ' | ||
Revenue | 982,734,000 | [2] | 665,782,000 | 623,090,000 | |
Cost of revenue | 772,670,000 | [2] | 511,840,000 | 519,340,000 | |
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 400,000 | ' | ' | ||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 40,000,000 | ' | ' | ||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 42,600,000 | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 51.00% | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | ' | ||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | 700,000 | ' | ' | ||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 23,600,000 | ' | ' | ||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | 600,000 | ' | ' | ||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 337,000,000 | ' | ' | ||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 3,100,000,000 | ' | ' | ||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 84,200,000 | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | ' | ||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | 624,800,000 | ' | ' | ||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ||
Construction Joint Venture [Line Items] | ' | ' | ' | ||
Total Construction Contract Value | 61,900,000 | ' | ' | ||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | $17,700,000 | ' | ' | ||
[1] | 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. | ||||
[2] | 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. |
Real_Estate_Entities_and_Inves2
Real Estate Entities and Investments in Affiliates - Consolidated Real Estate Entities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Real estate held for development and sale | $12,478,000 | $50,223,000 | ' | ' |
Other current assets | 30,711,000 | 31,834,000 | ' | ' |
Total current assets | 950,203,000 | 1,022,057,000 | ' | ' |
Property and equipment, net ($22,216 and $41,114 related to CCJVs) | 436,859,000 | 481,478,000 | ' | ' |
Other noncurrent assets | 76,580,000 | 84,392,000 | ' | ' |
Debt, Recourse and Nonrecourse, Current Maturities | 1,226,000 | 10,707,000 | ' | ' |
Current maturities of non-recourse debt | 1,226,000 | 10,707,000 | ' | ' |
Total current liabilities | 497,570,000 | 531,272,000 | ' | ' |
Long-term non-recourse debt | 6,741,000 | 922,000 | ' | ' |
Other long-term liabilities | 48,580,000 | 47,124,000 | ' | ' |
Debt, Recourse and Nonrecourse | 278,115,000 | 290,130,000 | ' | ' |
Real Estate Segment [Member] | Real Estate Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Increase in Financial Support Authorization | 5,900,000 | 0 | ' | ' |
Authorized Investment Yet To Be Contributed | 2,500,000 | ' | ' | ' |
Real Estate Segment [Member] | Joint Venture Consolidated [Member] | Real Estate Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Real estate held for development and sale | 12,500,000 | 50,200,000 | ' | ' |
Non-Recourse Debt | 8,000,000 | 11,600,000 | ' | ' |
Real Estate Segment [Member] | Joint Venture Consolidated [Member] | WASHINGTON | Residential real estate [Member] | Real Estate Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Real estate held for development and sale | 12,500,000 | 40,300,000 | ' | ' |
Enterprise Improvement Plan [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | 48,975,000 | -3,728,000 | 2,181,000 | 109,300,000 |
Enterprise Improvement Plan [Member] | Real Estate Segment [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | ' | ' | ' | 86,300,000 |
Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | ' | -3,093,000 | 1,452,000 | ' |
Real estate held for development and sale | 44,600,000 | ' | ' | ' |
Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | Real Estate Segment [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | 31,090,000 | ' | ' | ' |
Noncontrolling Interest [Member] | Enterprise Improvement Plan [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | ' | ' | ' | 20,000,000 |
Noncontrolling Interest [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | Real Estate Segment [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | $3,900,000 | ' | ' | ' |
Real_Estate_Entities_and_Inves3
Real Estate Entities and Investments in Affiliates - Investments in Affiliates (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Investments in affiliates | $32,480,000 | $30,799,000 | ' |
Granite’s interest in affiliates’ net income | 1,304,000 | 1,988,000 | 2,193,000 |
Joint Venture Unconsolidated [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Investments in affiliates | 32,480,000 | 30,799,000 | ' |
Joint Venture Unconsolidated [Member] | Other Affiliates [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity method investments | 32,480,000 | 30,799,000 | ' |
Investments in affiliates | 11,088,000 | 11,024,000 | ' |
Current assets | 25,807,000 | 85,354,000 | ' |
Long-term assets | 148,181,000 | 80,758,000 | ' |
Total Assets | 173,988,000 | 166,112,000 | ' |
Current liabilities | 6,000,000 | 8,262,000 | ' |
Long-term liabilities | 68,544,000 | 65,744,000 | ' |
Total liabilities | 74,544,000 | 74,006,000 | ' |
Net assets | 99,444,000 | 92,106,000 | ' |
Revenue | 42,563,000 | 52,342,000 | 48,983,000 |
Gross profit | 3,487,000 | 13,254,000 | 10,654,000 |
(Loss) income before taxes | -686,000 | 1,318,000 | -399,000 |
Net (loss) income | -686,000 | 1,318,000 | -399,000 |
Granite’s interest in affiliates’ net income | 1,304,000 | 1,988,000 | 2,193,000 |
Joint Venture Unconsolidated [Member] | Equity Method investments in Real Estate Affiliates [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Investments in affiliates | 21,392,000 | 19,775,000 | ' |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Impairment of Real Estate | ' | 2,800,000 | ' |
Real Estate Segment [Member] | Joint Venture Unconsolidated [Member] | TEXAS | Residential real estate [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' |
Equity method investments | 14,900,000 | 13,800,000 | ' |
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] | ' | ' | ' |
Total Assets | 4,400,000 | ' | ' |
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] | ' | ' | ' |
Total Assets | $53,300,000 | ' | ' |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Held for Development and Sale [Member] | Real Estate Held for Development and Sale [Member] | Real Estate Held for Development and Sale [Member] | Property, Plant And Equipment Net [Member] | Property, Plant And Equipment Net [Member] | Property, Plant And Equipment Net [Member] | Equipment and vehicles [Member] | Equipment and vehicles [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Land and land improvements [Member] | Land and land improvements [Member] | Building and leasehold improvements [Member] | Building and leasehold improvements [Member] | Office furniture and equipment [Member] | Office furniture and equipment [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | ||||||
Quarry property [Member] | Quarry property [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | |||||||||||||||||||||||||||
Quarry property [Member] | Quarry property [Member] | |||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | $1,209,980,000 | $1,216,298,000 | $1,209,980,000 | $1,216,298,000 | ' | ' | ' | ' | ' | ' | ' | $765,971,000 | $758,782,000 | $170,442,000 | $170,442,000 | $180,567,000 | $119,917,000 | $125,961,000 | $83,494,000 | $83,245,000 | $70,156,000 | $67,743,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: accumulated depreciation and depletion | 773,121,000 | 734,820,000 | 773,121,000 | 734,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | 436,859,000 | 481,478,000 | 436,859,000 | 481,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and Depletion | ' | ' | 62,700,000 | 51,800,000 | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs, Capitalized During Period | ' | ' | 900,000 | 2,300,000 | 7,400,000 | 600,000 | 2,100,000 | 6,300,000 | 300,000 | 200,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | 3,200,000 | ' | 3,164,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 3,200,000 | ' | ' |
Restructuring and impairment charges (gains), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,975,000 | ($3,728,000) | $2,181,000 | $109,300,000 | ' | ' | $0 | $226,000 |
Property_and_Equipment_Net_Ass
Property and Equipment, Net - Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligations included in accrued expenses and other current liabilities | $9,800,000 | $6,600,000 | ' |
Asset retirement obligations included in other long-term liabilities | 19,300,000 | 20,000,000 | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' |
Beginning balance | 26,576,000 | 23,208,000 | ' |
Asset Retirement Obligation, Revision of Estimate | 2,265,000 | 2,810,000 | -900,000 |
Liabilities incurred | 83,000 | 154,000 | ' |
Liabilities settled | -976,000 | -885,000 | ' |
Accretion | 1,190,000 | 1,289,000 | ' |
Ending balance | $29,138,000 | $26,576,000 | $23,208,000 |
Intangible_Assets_Indefinite_L
Intangible Assets - Indefinite Lived Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Goodwill | $53,799,000 | $55,419,000 |
Use rights and other [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Use rights | ' | 400,000 |
Construction [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Goodwill | 29,260,000 | 29,190,000 |
Large Project Construction [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Goodwill | 22,593,000 | 24,115,000 |
Construction Materials [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Goodwill | 1,946,000 | 2,114,000 |
Other Noncurrent Assets [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Use rights | $400,000 | ' |
Intangible_Assets_Finite_Lived
Intangible Assets - Finite Lived Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | $48,570,000 | $49,370,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -24,158,000 | -15,319,000 | ' |
Total amortized intangible assets, Net Value | 24,412,000 | 34,051,000 | ' |
Amortization expense | 8,800,000 | 3,700,000 | 2,000,000 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' |
Future amortization expense, 2012 | 2,700,000 | ' | ' |
Future amortization expense, 2013 | 2,100,000 | ' | ' |
Future amortization expense, 2014 | 1,800,000 | ' | ' |
Future amortization expense, 2015 | 1,700,000 | ' | ' |
Future amortization expense, 2016 | 1,700,000 | ' | ' |
Future amortization expense, thereafter | 14,400,000 | ' | ' |
Permits [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 29,713,000 | 29,713,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -11,992,000 | -10,869,000 | ' |
Total amortized intangible assets, Net Value | 17,721,000 | 18,844,000 | ' |
Customer lists [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,398,000 | 4,698,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -2,491,000 | -2,170,000 | ' |
Total amortized intangible assets, Net Value | 1,907,000 | 2,528,000 | ' |
Covenants not to compete [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 1,588,000 | 1,588,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -1,552,000 | -1,546,000 | ' |
Total amortized intangible assets, Net Value | 36,000 | 42,000 | ' |
Order or Production Backlog [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 7,900,000 | 8,400,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -6,835,000 | 0 | ' |
Total amortized intangible assets, Net Value | 1,065,000 | 8,400,000 | ' |
Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,100,000 | 4,100,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -432,000 | 0 | ' |
Total amortized intangible assets, Net Value | 3,668,000 | 4,100,000 | ' |
Other [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Total amortized intangible assets, Gross Value | 871,000 | 871,000 | ' |
Total amortized intangible assets, Accumulated Depreciation | -856,000 | -734,000 | ' |
Total amortized intangible assets, Net Value | $15,000 | $137,000 | ' |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Payroll and related employee benefits | $34,676 | $42,364 |
Accrued insurance | 49,073 | 39,868 |
Performance guarantees | 54,488 | 30,727 |
Loss job reserves | 12,130 | 11,605 |
Other | 46,875 | 45,415 |
Total | $197,242 | $169,979 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | |
Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Noncontrolling Interest [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Construction Materials [Member] | Construction Materials [Member] | Construction Materials [Member] | |||||
Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Workforce Reduction Severance [Member] | Workforce Reduction Severance [Member] | Workforce Reduction Severance [Member] | Contract Termination [Member] | Contract Termination [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Noncontrolling Interest [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | ||||||||||
Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | Contract Termination [Member] | Quarry property [Member] | |||||||||||||||||||||||
Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring (gain) charges | ' | ' | ' | ' | ' | ' | ' | $48,975,000 | ($3,728,000) | $2,181,000 | $109,300,000 | ($3,093,000) | $1,452,000 | ' | $0 | $0 | $471,000 | ($635,000) | $32,000 | $0 | $226,000 | ' | $20,000,000 | $86,300,000 | $31,090,000 | $3,900,000 | $10,300,000 | $3,234,000 | $14,651,000 |
Real estate held for development and sale | 12,478,000 | 12,478,000 | 50,223,000 | ' | ' | 4,200,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | 44,600,000 | ' | ' | ' | ' | ' | ' | ' | 17,100,000 | ' | ' | ' | ' | ' | ' | 21,300,000 |
Restructuring liabilities | 4,600,000 | 4,600,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | 3,200,000 | 3,164,000 | 0 | 0 | 17,800,000 | 3,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring, Settlement and Impairment Provisions | ' | $52,139,000 | ($3,728,000) | $2,181,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_and_Credit_Arran2
Long-Term Debt and Credit Arrangements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Total debt | $278,115,000 | $290,130,000 |
Less: current maturities | 1,247,000 | 19,060,000 |
Total long-term debt (noncurrent) | 276,868,000 | 271,070,000 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in 2012 | 1,200,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in 2013 | 41,200,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in 2014 | 115,500,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in 2015 | 40,000,000 | ' |
Long-term Debt, Maturities, Repayments of Principal in 2016 | 40,000,000 | ' |
Long-term Debt, Maturities, Repayments of Principal thereafter | 40,000,000 | ' |
Letters of Credit Outstanding, Amount | 10,100,000 | ' |
Covenant Compliance | 'We were in compliance with the covenants contained in our senior note agreements and Credit Agreement. | ' |
Institutional Groups One and Two (As Amended March 2014) [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Consolidated Leverage Ratio, Covenant | 3.75 | ' |
Consolidated Leverage Ratio, Maximum, Quarter Ending June 30, 2014 | 3.5 | ' |
Consolidated Leverage Ratio, Maximum, Quarter Ending September 30, 2014 | 3.25 | ' |
Consolidated Leverage Ratio, Maximum, After Quarter Ending September 30, 2014 | 3 | ' |
Senior notes payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 200,000,000 | 208,333,000 |
Proceeds from Lines of Credit | 70,000,000 | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Line of Credit Facility, Amount Outstanding | 70,000,000 | 70,000,000 |
Senior notes payable [Member] | Institutional Group Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 200,000,000 | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.11% | ' |
Mortgages payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 7,967,000 | 11,629,000 |
Mortgages payable [Member] | Real Estate Entities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 7,900,000 | ' |
Less: current maturities | 1,200,000 | ' |
Total long-term debt (noncurrent) | 6,700,000 | ' |
Other notes payables [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 148,000 | 168,000 |
Line of Credit [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 215,000,000 | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 134,900,000 | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ' |
Debt Instrument, Basis Spread on Variable Rate, LIBOR Loans | 1.50% | ' |
Consolidated Fixed Charge Coverage Ratio, Minimum, Collateral Release Period | 1.25 | ' |
Consolidated Leverage Ratio, Maximum, Collateral Release Period | 2.5 | ' |
Line of Credit [Member] | Minimum [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 2.75% | ' |
Line of Credit [Member] | Maximum [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 4.75% | ' |
Line of Credit [Member] | Institutional Groups One and Two (As Amended March 2014) [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Consolidated Tangible Net Worth, Actual | 729,100,000 | ' |
Consolidated Tangible Net Worth, Covenant | 600,000,000 | ' |
Adjusted Consolidated Leverage Ratio, Actual | 2.74 | ' |
Letter of Credit [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100,000,000 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
participant | |||
Employee Benefits Plans [Line Items] | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Dollar Amount | $17,500 | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount, Per Eligible Participant | 100,000 | ' | ' |
Defined Contribution Plan, Cost Recognized | 4,100,000 | 2,800,000 | 300,000 |
Number of Participants in Non Qualifed Deferred Compensation Plan | 49 | ' | ' |
Deferred Compensation Liability, Current and Noncurrent | 23,600,000 | 24,100,000 | ' |
Multiemployer Plan, Period Contributions | 27,165,000 | 22,723,000 | 21,969,000 |
Multiemployer Plans, Maximum Percent Funded Status for Red Zone | 65.00% | ' | ' |
Multiemployer Plans, Maxium Percent Funded Status for Yellow and Orange Zone and Minimum Percent for Green Zone | 80.00% | ' | ' |
Locals 302 and 612 Operating Engineers Employers Retirement Fund [Member] | ' | ' | ' |
Employee Benefits Plans [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 3,260,000 | 2,368,000 | 2,386,000 |
Operating Engineers Pension Trust Fund [Member] | ' | ' | ' |
Employee Benefits Plans [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 2,768,000 | 2,285,000 | 2,099,000 |
Pension Trust Fund for Operating Engineers Pension Plan [Member] | ' | ' | ' |
Employee Benefits Plans [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 8,193,000 | 8,030,000 | 7,296,000 |
Laborers Pension Trust Fund for Northern California [Member] [Member] | ' | ' | ' |
Employee Benefits Plans [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | 2,500,000 | 2,320,000 | 1,950,000 |
All Other Pension Trust Funds [Member] | ' | ' | ' |
Employee Benefits Plans [Line Items] | ' | ' | ' |
Multiemployer Plan, Period Contributions | $10,444,000 | $7,720,000 | $8,238,000 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 862,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,472,133 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,632,933 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 24,178 | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 2,021,019 | ' | ' |
Employee Stock Purchase Plan, Maximum Payroll Deduction | 15.00% | ' | ' |
Employee Stock Purchase Plan, Percent of Total Share Value | 95.00% | ' | ' |
Proceeds from ESPP | $0.70 | $0.50 | $0.30 |
Shares from ESPP | 23,557 | 21,446 | 13,027 |
Stock Repurchase Program, Authorized Amount | 200 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 64.1 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 13 | 7.6 | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding, beginning balance (in shares) | 665,000 | 346,000 | 144,000 |
Outstanding, beginning balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $27.74 | $25.64 | $23.54 |
Granted (in shares) | 506,000 | 533,000 | 271,000 |
Granted, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $31.12 | $28.99 | $26.94 |
Vested (in shares) | -337,000 | -175,000 | -64,000 |
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $28.52 | $26.87 | $26.44 |
Forfeited (in shares) | -65,000 | -39,000 | -5,000 |
Forfeited, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $29.97 | $27.95 | $25.94 |
Outstanding, ending balance (in shares) | 769,000 | 665,000 | 346,000 |
Outstanding, ending balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $29.49 | $27.74 | $25.64 |
Allocated Share-based Compensation Expense, Net of Tax | 9.1 | 5.6 | 2.2 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 13.7 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value | 9.6 | 4.7 | 1.7 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 0.5 | 3.8 | 9.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding, beginning balance (in shares) | 174,000 | 472,000 | ' |
Outstanding, ending balance (in shares) | 0 | 174,000 | 472,000 |
Allocated Share-based Compensation Expense, Net of Tax | 0.3 | 2.8 | 6.7 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $5.10 | $12.20 | $14.40 |
Weighted_Average_Shares_Outsta2
Weighted Average Shares Outstanding (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | |||
Weighted average common stock outstanding | 38,803,000 | 38,689,000 | 38,677,000 | |||
Less: weighted average unvested restricted stock outstanding | 0 | 242,000 | 560,000 | |||
Weighted average common stock outstanding, basic | 38,803,000 | 38,447,000 | 38,117,000 | |||
Effect of dilutive securities: | ' | ' | ' | |||
Common stock options and restricted stock units | 0 | [1] | 629,000 | [1] | 356,000 | [1] |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | |||
Weighted average common stock outstanding, basic | 38,803,000 | 38,447,000 | 38,117,000 | |||
Effect of dilutive securities: | ' | ' | ' | |||
Common stock options and restricted stock units | 0 | [1] | 629,000 | [1] | 356,000 | [1] |
Total weighted average shares outstanding assuming dilution | 38,803,000 | 39,076,000 | 38,473,000 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 862,000 | |||
[1] | Due to the net loss for the year ended December 31, 2013, restricted stock units and common stock options representing approximately 862,000 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_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings Per Share, Basic, Two Class Method [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) attributable to Granite, Earnings per share, Basic | ($28,898) | $13,038 | [1] | $1,419 | [2] | ($21,982) | $17,987 | $37,121 | $1,949 | ($11,773) | ($36,423) | $45,283 | $51,161 |
Less: net income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 283 | 738 | ||
Net income (loss) allocated to common shareholders for basic calculation | ' | ' | ' | ' | ' | ' | ' | ' | -36,423 | 45,000 | 50,423 | ||
Weighted average common stock outstanding, basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 38,803 | 38,447 | 38,117 | ||
Net income (loss) per share, basic (in dollars per share) | ($0.74) | $0.34 | [1] | $0.04 | [2] | ($0.57) | $0.46 | $0.96 | $0.05 | ($0.31) | ($0.94) | $1.17 | $1.32 |
Earnings Per Share, Diluted, Two Class Method [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income (loss) attributable to Grainte, Earnings per share, Diluted | -28,898 | 13,038 | [1] | 1,419 | [2] | -21,982 | 17,987 | 37,121 | 1,949 | -11,773 | -36,423 | 45,283 | 51,161 |
Less: net income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 279 | 732 | ||
Net income (loss) allocated to common shareholders for diluted calculation | ' | ' | ' | ' | ' | ' | ' | ' | ($36,423) | $45,004 | $50,429 | ||
Weighted average common shares outstanding, diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 38,803 | 39,076 | 38,473 | ||
Net income (loss) per share, diluted (in dollars per share) | ($0.74) | $0.34 | [1] | $0.04 | [2] | ($0.57) | $0.46 | $0.94 | $0.05 | ($0.31) | ($0.94) | $1.15 | $1.31 |
[1] | Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | ||||||||||||
[2] | Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal: | ' | ' | ' |
Current | ($1,298,000) | $10,410,000 | $11,136,000 |
Deferred | -18,606,000 | 9,518,000 | 7,914,000 |
Total federal | -19,904,000 | 19,928,000 | 19,050,000 |
State: | ' | ' | ' |
Current | 1,592,000 | 4,689,000 | 2,952,000 |
Deferred | -951,000 | -3,508,000 | 1,346,000 |
Total state | 641,000 | 1,181,000 | 4,298,000 |
Total provision for (benefit from) income taxes | -19,263,000 | 21,109,000 | 23,348,000 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Federal statutory tax | -22,411,000 | 28,360,000 | 31,301,000 |
State taxes, net of federal tax benefit | 101,000 | 5,299,000 | 3,497,000 |
Percentage depletion deduction | -787,000 | -1,422,000 | -1,254,000 |
Domestic production deduction | -27,000 | -1,367,000 | -1,604,000 |
Noncontrolling interests | 2,920,000 | -5,124,000 | -5,223,000 |
Settlements and effective settlements of audit issues | 0 | 0 | -2,348,000 |
Other | -1,443,000 | -752,000 | -2,021,000 |
Total provision for (benefit from) income taxes | -19,263,000 | 21,109,000 | 23,348,000 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
Federal statutory tax, Percent | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit, Percent | -0.20% | 6.50% | 3.90% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.00% | -7.20% | 0.00% |
Percentage depletion deduction, Percent | 1.20% | -1.80% | -1.40% |
Domestic production deduction, Percent | 0.10% | -1.70% | -1.80% |
Noncontrolling interests, Percent | -4.60% | -6.30% | -5.80% |
Settlements and effective settlements of audit issues, Percent | 0.00% | 0.00% | -2.60% |
Other, Percent | 2.30% | -0.80% | -2.30% |
Total, Percent | 30.10% | 26.10% | 26.10% |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0 | -5,803,000 | 0 |
Income Tax Reconciliation, Nondeductible Expense | 2,384,000 | 1,918,000 | 1,000,000 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense | -3.70% | 2.40% | 1.10% |
Deferred tax assets: | ' | ' | ' |
Receivables | 2,870,000 | 2,876,000 | ' |
Inventory | 4,637,000 | 5,611,000 | ' |
Insurance | 10,813,000 | 10,476,000 | ' |
Deferred compensation | 13,372,000 | 14,055,000 | ' |
Other accrued liabilities | 6,739,000 | 7,184,000 | ' |
Contract income recognition | 11,503,000 | 4,171,000 | ' |
Impairments on real estate investments | 14,313,000 | 5,002,000 | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 7,206,000 | 6,064,000 | ' |
Other | 420,000 | 416,000 | ' |
Net operating loss carryforward | 4,439,000 | 8,359,000 | ' |
Valuation allowance | -3,731,000 | -5,242,000 | -10,668,000 |
Total deferred tax assets | 72,581,000 | 58,972,000 | ' |
Deferred tax liabilities: | ' | ' | ' |
Property and equipment | 24,500,000 | 30,448,000 | ' |
Total deferred tax liabilities | 24,500,000 | 30,448,000 | ' |
Net deferred tax assets | 48,081,000 | 28,524,000 | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' | ' |
Current deferred tax assets, net | 55,874,000 | 36,687,000 | ' |
Long-term deferred tax liabilities, net | 7,793,000 | 8,163,000 | ' |
Net deferred tax assets | 48,081,000 | 28,524,000 | ' |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ' | ' | ' |
Beginning balance | 5,242,000 | 10,668,000 | 13,111,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | -1,511,000 | -5,426,000 | -2,443,000 |
Ending balance | 3,731,000 | 5,242,000 | 10,668,000 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | 2,300,000 | ' | ' |
Ending balance | 2,200,000 | 2,300,000 | ' |
Unrecognized Tax Benefits | 2,200,000 | 2,300,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,300,000 | 800,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 100,000 | -100,000 | 100,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,000,000 | 900,000 | ' |
Unrecognized Tax Benefits, Possible Reduction Resulting from Lapse of Applicable Statute of Limitations | 600,000 | ' | ' |
Other Long Term Liabilities [Member] | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | 2,315,000 | 2,339,000 | 5,650,000 |
Gross increases – current period tax positions | 363,000 | 1,017,000 | 1,726,000 |
Gross decreases – current period tax positions | -638,000 | -800,000 | -1,420,000 |
Gross increases – prior period tax positions | 508,000 | 4,000 | 1,485,000 |
Gross decreases – prior period tax positions | -2,000 | -245,000 | -1,467,000 |
Settlements with taxing authorities/lapse of statute of limitations | -315,000 | 0 | -3,635,000 |
Ending balance | 2,231,000 | 2,315,000 | 2,339,000 |
Unrecognized Tax Benefits | $2,231,000 | $2,315,000 | $2,339,000 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | $8,231,000 | ' | ' |
2015 | 6,893,000 | ' | ' |
2016 | 5,866,000 | ' | ' |
2017 | 4,419,000 | ' | ' |
2018 | 2,711,000 | ' | ' |
Later years | 10,149,000 | ' | ' |
Total | 38,269,000 | ' | ' |
Operating Leases, Rent Expense | 11,400,000 | 9,800,000 | 9,000,000 |
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Contract Value of Active Construction Joint Venture Projects | 4,400,000,000 | ' | ' |
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Contract Value of Active Construction Joint Venture Projects | 1,200,000,000 | ' | ' |
Other Partners Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Contract Value of Active Construction Joint Venture Projects | 3,200,000,000 | ' | ' |
Surety Bond [Member] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Other Commitment | $1,800,000,000 | ' | ' |
Legal_Proceedings_Legal_Procee
Legal Proceedings Legal Proceedings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Estimated accruals for legal proceedings and inquiries | $16.30 | $8.60 |
Business_Segment_Information_B
Business Segment Information Business Segment Information - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||
Large Project Construction [Member] | Construction [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Construction Materials [Member] | Real Estate Segment [Member] | Contract Termination [Member] | Contract Termination [Member] | Contract Termination [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | ||||||||||
Construction Materials [Member] | Real Estate Segment [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | ||||||||||||||||||||||
Construction Materials [Member] | Real Estate Segment [Member] | |||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Contract Value | ' | ' | ' | ' | $75,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and impairment charges (gains), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,975,000 | -3,728,000 | 2,181,000 | 109,300,000 | 10,300,000 | 86,300,000 | -635,000 | 32,000 | 3,234,000 | -3,093,000 | 1,452,000 | ' | 31,090,000 | 0 | 226,000 | ' | 14,651,000 | 20,000,000 | 3,900,000 |
Asset Impairment Charges | 3,200,000 | 3,164,000 | 0 | 0 | ' | ' | 17,800,000 | 3,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate held for development and sale | $12,478,000 | $12,478,000 | $50,223,000 | ' | ' | ' | ' | $4,200,000 | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44,600,000 | ' | ' | ' | $17,100,000 | $21,300,000 | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Construction [Member] | Construction [Member] | Construction [Member] | Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Construction Materials [Member] | Construction Materials [Member] | Construction Materials [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Operating Segments [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Segment Reconciling Items [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | Quarry property [Member] | |||||||||||||||
Maximum [Member] | Minimum [Member] | Construction [Member] | Construction [Member] | Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Construction Materials [Member] | Construction Materials [Member] | Construction Materials [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Construction [Member] | Construction [Member] | Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Large Project Construction [Member] | Construction Materials [Member] | Construction Materials [Member] | Construction Materials [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Construction Materials [Member] | Real Estate Segment [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | |||||||||||||||||||||||||||||||||||||||||
Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction Materials [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Contract Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate held for development and sale | 12,478,000 | ' | ' | ' | 50,223,000 | ' | ' | ' | 12,478,000 | 50,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | 17,100,000 | 21,300,000 | ||
Revenue from external customers | 598,099,000 | 739,750,000 | [1] | 550,348,000 | [2] | 378,704,000 | 504,781,000 | 728,482,000 | 539,615,000 | 310,160,000 | 2,266,901,000 | 2,083,037,000 | 2,009,531,000 | ' | 1,251,197,000 | 984,106,000 | 1,043,614,000 | ' | 777,811,000 | 863,217,000 | 725,043,000 | ' | 237,752,000 | 230,642,000 | 220,583,000 | 141,000 | 5,072,000 | 20,291,000 | 2,401,290,000 | 2,262,428,000 | 2,204,566,000 | 1,251,197,000 | 984,106,000 | 1,043,614,000 | 777,811,000 | 863,217,000 | 725,043,000 | 372,141,000 | 410,033,000 | 415,618,000 | 141,000 | 5,072,000 | 20,291,000 | -134,389,000 | -179,391,000 | -195,035,000 | 0 | 0 | 0 | 0 | 0 | 0 | -134,389,000 | -179,391,000 | -195,035,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | 49,751,000 | 55,858,000 | [1] | 49,596,000 | [2] | 30,058,000 | 56,808,000 | 101,099,000 | 51,916,000 | 24,936,000 | 185,263,000 | 234,759,000 | 247,963,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,263,000 | 234,759,000 | 247,963,000 | 106,374,000 | 77,963,000 | 124,506,000 | 71,808,000 | 148,418,000 | 104,108,000 | 6,953,000 | 7,572,000 | 16,641,000 | 128,000 | 806,000 | 2,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,852,000 | 46,242,000 | 48,155,000 | 26,228,000 | 13,225,000 | 14,747,000 | 11,679,000 | 4,527,000 | 4,547,000 | 22,945,000 | 28,490,000 | 28,672,000 | 0 | 0 | 189,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment assets | 1,617,155,000 | ' | ' | ' | 1,729,487,000 | ' | ' | ' | 1,617,155,000 | 1,729,487,000 | 1,547,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 697,099,000 | 734,521,000 | 649,890,000 | 148,459,000 | 163,287,000 | 111,780,000 | 222,584,000 | 173,142,000 | 110,441,000 | 313,578,000 | 347,869,000 | 352,619,000 | 12,478,000 | 50,223,000 | 75,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gross profit | 49,751,000 | 55,858,000 | [1] | 49,596,000 | [2] | 30,058,000 | 56,808,000 | 101,099,000 | 51,916,000 | 24,936,000 | 185,263,000 | 234,759,000 | 247,963,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,263,000 | 234,759,000 | 247,963,000 | 106,374,000 | 77,963,000 | 124,506,000 | 71,808,000 | 148,418,000 | 104,108,000 | 6,953,000 | 7,572,000 | 16,641,000 | 128,000 | 806,000 | 2,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,946,000 | 185,099,000 | 162,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring and impairment charges (gains), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,139,000 | -3,728,000 | 2,181,000 | 48,975,000 | -3,728,000 | 2,181,000 | 109,300,000 | 10,300,000 | 86,300,000 | ' | ' | 0 | 226,000 | ' | 14,651,000 | ||
Gain on sales of property and equipment | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,130,000 | 27,447,000 | 15,789,000 | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ||
Other (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -9,337,000 | 194,000 | -9,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,337,000 | 194,000 | -9,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income (loss) before provision for (benefit from) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -64,029,000 | 81,029,000 | 89,433,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | 229,121,000 | ' | ' | ' | 321,990,000 | ' | ' | ' | 229,121,000 | 321,990,000 | 256,990,000 | 252,022,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229,121,000 | 321,990,000 | 256,990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Held-to-maturity marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,202,000 | 111,430,000 | 149,658,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Receivables, net | 313,598,000 | ' | ' | ' | 325,529,000 | ' | ' | ' | 313,598,000 | 325,529,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 313,598,000 | 325,529,000 | 251,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred income taxes | 55,874,000 | ' | ' | ' | 36,687,000 | ' | ' | ' | 55,874,000 | 36,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,874,000 | 36,687,000 | 38,571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other current assets | 30,711,000 | ' | ' | ' | 31,834,000 | ' | ' | ' | 30,711,000 | 31,834,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,674,000 | 67,726,000 | 76,074,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property and equipment, net | 436,859,000 | ' | ' | ' | 481,478,000 | ' | ' | ' | 436,859,000 | 481,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,330,000 | 50,857,000 | 46,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other noncurrent assets | $76,580,000 | ' | ' | ' | $84,392,000 | ' | ' | ' | $76,580,000 | $84,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,257,000 | $80,747,000 | $78,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Kenny | Kenny | Kenny | Notes Payable to Banks [Member] | Trade Names [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
Kenny | Order or Production Backlog [Member] | Customer Relationships [Member] | Order or Production Backlog [Member] | Customer Relationships [Member] | ||||||||
Kenny | Kenny | Kenny | Kenny | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares of Kenny acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | $141,114,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowing under existing credit facility | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' |
Post-closing adjustments expected to be paid | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' |
Adjustment to preliminary values assigned to certain assets and liabilities | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives for acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | '10 years | '1 year | '1 year | '8 years | '8 years |
Goodwill | 53,799,000 | 55,419,000 | ' | ' | 43,899,000 | ' | ' | ' | ' | ' | ' | ' |
Gross amout due under contracts | ' | ' | ' | ' | 88,725,000 | ' | ' | ' | ' | ' | ' | ' |
Federal statutory tax rate, percent | 35.00% | 35.00% | 35.00% | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate, percent | 30.10% | 26.10% | 26.10% | ' | 36.00% | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Integration Related Costs | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | 4,400,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | ' | ' | ' | ' | $13,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Preliminary_Purch
Acquisitions - Preliminary Purchase Price Allocation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Identifiable intangible assets: | $48,570 | $49,370 |
Goodwill | 53,799 | 55,419 |
Kenny | ' | ' |
Business Acquisition [Line Items] | ' | ' |
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 | ' |
Customer relationships | 2,200 | ' |
Total amount allocated to identifiable intangible assets | 14,200 | ' |
Accounts payable | 43,591 | ' |
Billings in excess of costs and estimated earnings | 50,098 | ' |
Accrued expenses and other current liabilities | 16,806 | ' |
Non-controlling interests | 15,326 | ' |
Total identifiable net assets acquired | 97,215 | ' |
Goodwill | 43,899 | ' |
Total purchase price | $141,114 | ' |
Acquisitions_Amortization_Expe
Acquisitions - Amortization Expense of Acquired Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $8,800 | $3,700 | $2,000 |
Kenny | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 7,560 | ' | ' |
Cost of Revenue - Construction | Kenny | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 6,400 | ' | ' |
Cost of Revenue - Large Project Construction | Kenny | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 435 | ' | ' |
Selling, General and Administrative Expenses | Kenny | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $725 | ' | ' |
Acquisitions_Proforma_Financia
Acquisitions - Pro-forma Financial Information (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' |
Revenue | $2,388,790 | $2,289,043 |
Net income including non-controlling interests | 82,914 | 78,344 |
Net income attributable to Granite | $58,225 | $55,993 |
Basic net income per share (in dollars per share) | $1.50 | $1.46 |
Diluted net income per share (in dollars per share) | $1.48 | $1.45 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |||||||||
Kenny | Kenny | State [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Enterprise Improvement Plan [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Over-accrual of Pre-bid Costs [Member] | Revision in Equipment Related Costs [Member] | Revision in Equipment Related Costs [Member] | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue, Net | $598,099,000 | $739,750,000 | [1] | $550,348,000 | [2] | $378,704,000 | $504,781,000 | $728,482,000 | $539,615,000 | $310,160,000 | $2,266,901,000 | $2,083,037,000 | $2,009,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gross profit | 49,751,000 | 55,858,000 | [1] | 49,596,000 | [2] | 30,058,000 | 56,808,000 | 101,099,000 | 51,916,000 | 24,936,000 | 185,263,000 | 234,759,000 | 247,963,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Gross profit as a percent of revenue | 8.30% | 7.60% | [1] | 9.00% | [2] | 7.90% | 11.30% | 13.90% | 9.60% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net (loss) income | 33,255,000 | [3] | -6,533,000 | [1],[3] | -1,782,000 | [2],[3] | 19,826,000 | [3] | -18,374,000 | [4] | -45,746,000 | [4] | -4,487,000 | [4] | 8,687,000 | [4] | 44,766,000 | -59,920,000 | -66,085,000 | ' | ' | ' | ' | ' | ' | ' | -2,100,000 | 1,400,000 | -4,500,000 | -3,200,000 | ' | ' | ' |
Net income (loss) as a percent of revenue | -5.60% | 0.90% | [1] | 0.30% | [2] | -5.20% | 3.60% | 6.30% | 0.80% | -2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) attributable to Granite | -28,898,000 | 13,038,000 | [1] | 1,419,000 | [2] | -21,982,000 | 17,987,000 | 37,121,000 | 1,949,000 | -11,773,000 | -36,423,000 | 45,283,000 | 51,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) attributable to Granite as a percent of revenue | -4.80% | 1.80% | [1] | 0.30% | [2] | -5.80% | 3.60% | 5.10% | 0.40% | -3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net (loss) income per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (in dollars per share) | ($0.74) | $0.34 | [1] | $0.04 | [2] | ($0.57) | $0.46 | $0.96 | $0.05 | ($0.31) | ($0.94) | $1.17 | $1.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Diluted (in dollars per share) | ($0.74) | $0.34 | [1] | $0.04 | [2] | ($0.57) | $0.46 | $0.94 | $0.05 | ($0.31) | ($0.94) | $1.15 | $1.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Restructuring and impairment charges (gains), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,975,000 | -3,728,000 | 2,181,000 | 109,300,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Asset Impairment Charges | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | 3,164,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
(Loss) income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 64,029,000 | -81,029,000 | -89,433,000 | ' | ' | ' | ' | ' | ' | ' | -3,000,000 | 1,900,000 | ' | ' | ' | ' | ' | ||||||||
Effect of adjustments in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,600,000 | 1,700,000 | ||||||||
Gain on sales of property and equipment | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Tax benefit from release of state valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -5,803,000 | 0 | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | $4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Net income for the quarter ended September 30 is approximately $2.1 million ($3.0 million pre-tax) higher than the amount previously reported in our Quarterly Report Form 10-Q for the quarterly period ended September 30, 2013 of $4.5 million. The pre-tax adjustments were primarily related to (i) an over-accrual of pre-bid costs which affected selling, general and administrative expenses and accrued and other current liabilities in the amount of $1.4 million and (ii) a revision in equipment-related costs, which affected cost of revenue and property and equipment in the amount of $1.6 million. | ||||||||||||||||||||||||||||||||
[2] | Net income for the quarter ended June 30 is approximately $1.4 million ($1.9 million pre-tax) lower than the amounts previously reported in our Form 10-Q for the quarter period ended June 30, 2013 of $3.2 million. The pre-tax adjustments were primarily related to equipment-related costs of $1.7 million. | ||||||||||||||||||||||||||||||||
[3] | Included in our net loss for the quarter ended December 31, 2013 were restructuring charges of $49.0 million related to the non-cash impairment of certain real estate development projects within the Real Estate segment and certain non-performing quarry sites within the Construction Materials segment. Also included in the 2013 fourth quarter was a $3.2 million non-cash impairment charge related to our process of continually optimizing our assets separate from the EIP. | ||||||||||||||||||||||||||||||||
[4] | Included in our net income for the quarter ended December 31, 2012 was an $18.0 million gain from the sale of an underutilized quarry related to our process of continually optimizing our assets separate from the EIP. In addition, net income for the quarter ended December 31, 2012 included a $5.8 million tax benefit from the release of a state valuation allowance and $4.4 million of Kenny related acquisition costs. |
Schedule_of_Valuation_and_Qual1
Schedule of Valuation and Qualifying Accounts (Details) (Allowance for doubtful accounts [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $2,749 | $2,880 | $3,297 | |||
Charged to Expenses or Other Accounts, Net | 944 | 135 | 0 | |||
Deductions and Adjustments | -1,180 | [1] | -266 | [1] | -417 | [1] |
Balance at End of Year | $2,513 | $2,749 | $2,880 | |||
[1] | Deductions and adjustments for the allowances primarily relate to accounts written off. |