Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 21, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'GRANITE CONSTRUCTION INC | ' |
Entity Central Index Key | '0000861459 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 39,152,547 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Current Assets | ' | ' | ' |
Cash and cash equivalents ($29,518, $38,800 and $57,133 related to consolidated construction joint ventures (“CCJVsâ€)) | $167,174 | $229,121 | $212,463 |
Short-term marketable securities | 27,950 | 49,968 | 22,892 |
Receivables, net ($45,483, $38,372 and $47,696 related to CCJVs) | 417,628 | 313,598 | 422,609 |
Costs and estimated earnings in excess of billings ($21,105, $178 and $81 related to CCJVs) | 62,823 | 33,306 | 40,837 |
Inventories | 74,605 | 62,474 | 61,667 |
Real estate held for development and sale | 11,773 | 12,478 | 50,250 |
Deferred income taxes | 55,874 | 55,874 | 36,687 |
Equity in construction joint ventures | 181,259 | 162,673 | 161,063 |
Other current assets | 21,743 | 30,711 | 32,836 |
Total current assets | 1,020,829 | 950,203 | 1,041,304 |
Property and equipment, net ($16,172, $22,216 and $28,194 related to CCJVs) | 424,272 | 436,859 | 458,024 |
Long-term marketable securities | 74,140 | 67,234 | 64,014 |
Investments in affiliates | 34,177 | 32,480 | 31,338 |
Goodwill | 53,799 | 53,799 | 53,799 |
Other noncurrent assets | 75,826 | 76,580 | 78,655 |
Total assets | 1,683,043 | 1,617,155 | 1,727,134 |
Current liabilities | ' | ' | ' |
Current maturities of long-term debt | 21 | 21 | 20 |
Current maturities of non-recourse debt | 1,226 | 1,226 | 2,147 |
Accounts payable ($22,951, $16,937 and $20,075 related to CCJVs) | 205,493 | 160,706 | 198,282 |
Billings in excess of costs and estimated earnings ($23,138, $60,185 and $70,518 related to CCJVs) | 115,809 | 138,375 | 146,343 |
Accrued expenses and other current liabilities ($3,110, $11,299 and $12,816 related to CCJVs) | 221,618 | 197,242 | 219,169 |
Total current liabilities | 544,167 | 497,570 | 565,961 |
Long-term debt | 270,127 | 270,127 | 270,148 |
Long-term non-recourse debt | 5,822 | 6,741 | 7,048 |
Other long-term liabilities | 45,887 | 48,580 | 46,474 |
Deferred income taxes | 9,977 | 7,793 | 7,988 |
Commitments and contingencies | ' | ' | ' |
Equity | ' | ' | ' |
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 39,152,255 shares as of September 30, 2014, 38,917,728 shares as of December 31, 2013 and 38,878,194 shares as of September 30, 2013 | 391 | 389 | 388 |
Additional paid-in capital | 132,396 | 126,449 | 123,681 |
Retained earnings | 648,017 | 655,102 | 689,181 |
Total Granite Construction Incorporated shareholders’ equity | 780,804 | 781,940 | 813,250 |
Non-controlling interests | 26,259 | 4,404 | 16,265 |
Total equity | 807,063 | 786,344 | 829,515 |
Total liabilities and equity | $1,683,043 | $1,617,155 | $1,727,134 |
CONSOLIDATED_BALANCE_SHEETS_Co
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Assets and Liabilities) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Cash and cash equivalents | $167,174 | $229,121 | $212,463 | |||
Property and equipment, net | 424,272 | 436,859 | 458,024 | |||
Accounts payable | 205,493 | 160,706 | 198,282 | |||
Billings in excess of costs and estimated earnings | 115,809 | 138,375 | 146,343 | |||
Accrued expenses and other current liabilities | 221,618 | 197,242 | 219,169 | |||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ' | ' | ' | |||
Cash and cash equivalents | 29,518 | [1] | 38,800 | [1] | 57,133 | [1] |
Receivables, Net | 45,483 | 38,372 | 47,696 | |||
Costs and estimated earnings in excess of billings | 21,105 | [1] | 178 | [1] | 81 | [1] |
Property and equipment, net | 16,172 | 22,216 | 28,194 | |||
Accounts payable | 22,951 | 16,937 | 20,075 | |||
Billings in excess of costs and estimated earnings | 23,138 | [1] | 60,185 | [1] | 70,518 | [1] |
Accrued expenses and other current liabilities | $3,110 | $11,299 | $12,816 | |||
[1] | The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings between periods. |
CONSOLIDATED_BALANCE_SHEETS_Co1
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Equity) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 39,152,255 | 38,917,728 | 38,878,194 |
Common Stock, Shares, Outstanding | 39,152,255 | 38,917,728 | 38,878,194 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | ' | ' | ' | ' |
Construction | $447,097 | $470,567 | $873,357 | $956,287 |
Large Project Construction | 179,446 | 185,997 | 611,110 | 539,268 |
Construction Materials | 93,214 | 83,172 | 200,985 | 173,107 |
Real Estate | 7 | 16 | 29 | 141 |
Total revenue | 719,764 | 739,752 | 1,685,481 | 1,668,803 |
Cost of revenue | ' | ' | ' | ' |
Construction | 398,295 | 419,848 | 790,584 | 868,298 |
Large Project Construction | 173,767 | 188,160 | 538,846 | 497,139 |
Construction Materials | 81,010 | 75,884 | 185,536 | 167,839 |
Real Estate | 0 | 0 | 0 | 14 |
Total cost of revenue | 653,072 | 683,892 | 1,514,966 | 1,533,290 |
Gross profit | 66,692 | 55,860 | 170,515 | 135,513 |
Selling, general and administrative expenses | 47,386 | 45,527 | 147,731 | 149,477 |
Gain on sales of property and equipment | 3,004 | 3,259 | 6,891 | 7,653 |
Operating income (loss) | 22,310 | 13,592 | 29,675 | -6,311 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 451 | 602 | 1,343 | 1,110 |
Interest expense | -2,488 | -3,736 | -10,426 | -11,081 |
Equity in income of affiliates | 1,109 | -2 | 2,310 | 273 |
Other (expense) income, net | -1,196 | 1,022 | 450 | 1,630 |
Total other expense | -2,124 | -2,114 | -6,323 | -8,068 |
Income (loss) before provision for (benefit from) income taxes | 20,186 | 11,478 | 23,352 | -14,379 |
Provision for (benefit from) income taxes | 6,081 | 4,946 | 8,301 | -2,867 |
Net income (loss) | 14,105 | 6,532 | 15,051 | -11,512 |
Amount attributable to non-controlling interests | 1,177 | 6,505 | -6,681 | 3,986 |
Net income (loss) attributable to Granite Construction Incorporated | $15,282 | $13,037 | $8,370 | ($7,526) |
Net income (loss) per share attributable to common shareholders (see Note 12) | ' | ' | ' | ' |
Basic (in dollars per share) | $0.39 | $0.34 | $0.21 | ($0.19) |
Diluted (in dollars per share) | $0.38 | $0.33 | $0.21 | ($0.19) |
Weighted average shares of common stock | ' | ' | ' | ' |
Weighted average common shares outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 |
Weighted average common shares outstanding, diluted | 39,813 | 39,759 | 39,790 | 38,773 |
Dividends per common share (in US$ per share) | $0.13 | $0.13 | $0.39 | $0.39 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income (loss) | $15,051 | ($11,512) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation, depletion and amortization | 49,968 | 54,788 |
Gain on sales of property and equipment | -6,891 | -7,653 |
Stock-based compensation | 8,933 | 10,645 |
Equity in net income from unconsolidated joint ventures | -27,001 | -51,826 |
Changes in assets and liabilities: | ' | ' |
Receivables | -103,913 | -99,856 |
Costs and estimated earnings in excess of billings, net | -44,126 | -16,064 |
Inventories | -12,131 | -1,882 |
Contributions to unconsolidated construction joint ventures | -24,797 | -28,514 |
Distributions from unconsolidated construction joint ventures | 46,991 | 68,033 |
Other assets, net | 7,250 | -4,820 |
Accounts payable | 43,710 | 3,204 |
Accrued expenses and other current liabilities, net | 123 | 20,942 |
Net cash used in operating activities | -46,833 | -64,515 |
Investing Activities | ' | ' |
Purchases of marketable securities | -49,975 | -34,957 |
Maturities of marketable securities | 40,000 | 57,000 |
Proceeds from sale of marketable securities | 25,000 | 5,000 |
Purchases of property and equipment | -37,471 | -30,467 |
Proceeds from sales of property and equipment | 12,257 | 18,431 |
Payment of Kenny post-closing adjustments | 0 | -8,382 |
Other investing activities, net | -1,109 | 1,088 |
Net cash (used in) provided by investing activities | -11,298 | 7,713 |
Financing Activities | ' | ' |
Long-term debt principal repayments | -919 | -10,900 |
Cash dividends paid | -15,229 | -15,150 |
Purchases of common stock | -4,751 | -5,457 |
Contributions from non-controlling partners | 15,842 | 6,007 |
Distributions To Noncontrolling Partners | -686 | -28,015 |
Other financing activities | 1,927 | 790 |
Net cash used in financing activities | -3,816 | -52,725 |
Decrease in cash and cash equivalents | -61,947 | -109,527 |
Cash and cash equivalents at beginning of period | 229,121 | 321,990 |
Cash and cash equivalents at end of period | 167,174 | 212,463 |
Cash paid during the period for: | ' | ' |
Interest | 6,911 | 7,940 |
Income taxes | 2,293 | 2,338 |
Other non-cash activities: | ' | ' |
Performance guarantees | 21,332 | 24,202 |
Non-cash investing and financing activities: | ' | ' |
Restricted stock units issued, net of forfeitures | 6,862 | 13,942 |
Accrued cash dividends | $5,090 | $5,054 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “Company” or “Granite”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted, although we believe the disclosures which are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at September 30, 2014 and 2013 and the results of our operations and cash flows for the periods presented. The December 31, 2013 condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. | |||||||||||||||||
We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements. Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |||||||||||||||||
Certain revisions and reclassifications have been made to historical financial data in our condensed consolidated financial statements as follows: | |||||||||||||||||
• | We have revised our condensed consolidated balance sheet as of September 30, 2013 and our condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2013 to correct errors identified during the preparation of our 2013 Annual Report on Form 10-K. For the quarter ended September 30, 2013, 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. 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 condensed consolidated financial statements for the three and nine months ended September 30, 2013; therefore, these previously issued condensed consolidated financial statements can continue to be relied upon and an amendment of the previously filed Quarterly Report on Form 10-Q is not required. However, for comparability, the Company has revised its condensed consolidated balance sheet as of September 30, 2013 and its condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2013 as presented herein to correct these errors. | ||||||||||||||||
• | 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 in the related balances sheet accounts, we have now presented separately the significant activity. In addition, we reclassified $24.2 million related to performance guarantees for the nine months ended September 30, 2013 out of equity in construction joint ventures and accrued expenses and other current liabilities, net to the non-cash supplemental table of the condensed consolidated statements of cash flows. These changes did not impact total cash used in or provided by operating, investing or financing activities. | ||||||||||||||||
The following tables set forth the impact of the correction of accounting errors and reclassification adjustments on the previously reported condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total current assets | $ | 1,041,672 | $ | (368 | ) | $ | 1,041,304 | ||||||||||
Noncurrent assets | 684,330 | 1,500 | $ | 685,830 | |||||||||||||
Total assets | $ | 1,726,002 | $ | 1,132 | $ | 1,727,134 | |||||||||||
Total current liabilities | $ | 565,522 | $ | 439 | $ | 565,961 | |||||||||||
Noncurrent liabilities | 331,658 | — | 331,658 | ||||||||||||||
Total Granite Construction Incorporated shareholders’ equity | 812,509 | 741 | 813,250 | ||||||||||||||
Non-controlling interests | 16,313 | (48 | ) | 16,265 | |||||||||||||
Total liabilities and equity | $ | 1,726,002 | $ | 1,132 | $ | 1,727,134 | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total revenue | $ | 741,575 | $ | (1,823 | ) | $ | 739,752 | ||||||||||
Total cost of revenue | 687,179 | (3,287 | ) | 683,892 | |||||||||||||
Gross profit | 54,396 | 1,464 | 55,860 | ||||||||||||||
Selling, general and administrative expenses | 47,060 | (1,533 | ) | 45,527 | |||||||||||||
Gain on sale of property and equipment | 3,259 | — | 3,259 | ||||||||||||||
Operating income | 10,595 | 2,997 | 13,592 | ||||||||||||||
Income before provision for income taxes | 8,481 | 2,997 | 11,478 | ||||||||||||||
Provision for income taxes | 4,026 | 920 | 4,946 | ||||||||||||||
Net income | 4,455 | 2,077 | 6,532 | ||||||||||||||
Amount attributable to non-controlling interests | 6,542 | (37 | ) | 6,505 | |||||||||||||
Net income attributable to Granite Construction Incorporated | $ | 10,997 | $ | 2,040 | $ | 13,037 | |||||||||||
Net income per share attributable to common shareholders (see Note 12) | |||||||||||||||||
Basic | $ | 0.28 | $ | 0.06 | $ | 0.34 | |||||||||||
Diluted | $ | 0.28 | $ | 0.05 | $ | 0.33 | |||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total revenue | $ | 1,670,441 | $ | (1,638 | ) | $ | 1,668,803 | ||||||||||
Total cost of revenue | 1,534,791 | (1,501 | ) | 1,533,290 | |||||||||||||
Gross profit | 135,650 | (137 | ) | 135,513 | |||||||||||||
Selling, general and administrative expenses | 150,675 | (1,198 | ) | 149,477 | |||||||||||||
Operating loss | (7,372 | ) | 1,061 | (6,311 | ) | ||||||||||||
Loss before benefit from income taxes | (15,440 | ) | 1,061 | (14,379 | ) | ||||||||||||
Benefit from income taxes | (3,235 | ) | 368 | (2,867 | ) | ||||||||||||
Net loss | (12,205 | ) | 693 | (11,512 | ) | ||||||||||||
Amount attributable to non-controlling interests | 3,938 | 48 | 3,986 | ||||||||||||||
Net loss attributable to Granite Construction Incorporated | $ | (8,267 | ) | $ | 741 | $ | (7,526 | ) | |||||||||
Net loss per share attributable to common shareholders (see Note 12) | |||||||||||||||||
Basic | $ | (0.21 | ) | $ | 0.02 | $ | (0.19 | ) | |||||||||
Diluted | $ | (0.21 | ) | $ | 0.02 | $ | (0.19 | ) | |||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Reclassifications | Revised | ||||||||||||||
Net loss | $ | (12,205 | ) | $ | 693 | $ | — | $ | (11,512 | ) | |||||||
Depreciation, depletion and amortization | 54,788 | — | — | 54,788 | |||||||||||||
Non-cash restructuring, net | (23 | ) | — | 23 | — | ||||||||||||
Gain on sales of property and equipment | (7,653 | ) | — | — | (7,653 | ) | |||||||||||
Stock-based compensation | 10,645 | — | — | 10,645 | |||||||||||||
Equity in net income from unconsolidated joint ventures | — | — | (51,826 | ) | (51,826 | ) | |||||||||||
Receivables | (99,856 | ) | — | — | (99,856 | ) | |||||||||||
Costs and estimated earnings in excess of billings, net | (1,707 | ) | 137 | (14,494 | ) | (16,064 | ) | ||||||||||
Inventories | (1,882 | ) | — | — | (1,882 | ) | |||||||||||
Equity in construction joint ventures | (54,672 | ) | — | 54,672 | — | ||||||||||||
Contributions to unconsolidated construction joint ventures | — | — | (28,514 | ) | (28,514 | ) | |||||||||||
Distributions from unconsolidated construction joint ventures | — | — | 68,033 | 68,033 | |||||||||||||
Other assets, net | (5,165 | ) | 368 | (23 | ) | (4,820 | ) | ||||||||||
Accounts payable | 5,578 | (1,198 | ) | (1,176 | ) | 3,204 | |||||||||||
Accrued expenses and other current liabilities, net | 47,637 | — | (26,695 | ) | 20,942 | ||||||||||||
Net cash used in operating activities | $ | (64,515 | ) | $ | — | $ | — | $ | (64,515 | ) | |||||||
Recent_Pronouncements
Recent Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the threshold for reporting discontinued operations and adds new disclosures. The new guidance defines a discontinued operation as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” For disposals of individually significant components that do not qualify as discontinued operations, an entity must disclose pre-tax earnings of the disposed component. This ASU will be effective for all disposals (or classifications as held for sale) of components of an entity that occur during our year ended December 31, 2015 and interim periods within the year. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This ASU’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. The ASU will be effective commencing with our quarter ending March 31, 2017. We are currently assessing the potential impact of this ASU on our consolidated financial statements. |
Revisions_in_Estimates
Revisions in Estimates | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Change in Accounting Estimate [Abstract] | ' | ||||||||||||||||
Revisions in Estimate | ' | ||||||||||||||||
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 recognize revenue on affirmative claims when we have a signed agreement and recognize revenue associated with unapproved change orders to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. We recognize costs associated with affirmative claims and unapproved change orders 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 until there is sufficient information to determine the estimated profit on the project with a reasonable level of certainty. The gross profit impact from projects that reached initial profit recognition is not included in the tables below. During the three and nine months ended September 30, 2014, the gross profit impact from projects that reached initial profit recognition was $21.4 million and $50.0 million, respectively. During the three and nine months ended September 30, 2013, the gross profit impact from projects that reached initial profit recognition was $13.5 million and $28.8 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 net decreases of $1.0 million and $9.4 million for the three and nine months ended September 30, 2014, respectively. The net changes for the three and nine months ended September 30, 2013 were net increases of $1.5 million and $0.6 million, respectively. The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with upward estimate changes | — | 4 | 2 | 5 | |||||||||||||
Range of increase in gross profit from each project, net | $ | — | $ | 1.3 - 2.7 | $ | 1.1 - 1.2 | $ | 1.1 - 3.0 | |||||||||
Increase on project profitability | $ | — | $ | 7.4 | $ | 2.2 | $ | 11.8 | |||||||||
The increases during the three months ended September 30, 2013 and during the nine months ended September 30, 2014 and 2013 were due to owner-directed scope changes and lower costs than originally anticipated. | |||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with downward estimate changes | 1 | 3 | 5 | 4 | |||||||||||||
Reduction in gross profit from each project, net | $ | 1 | $ | 1.5 - 2.5 | $ | 1.7 - 2.9 | $ | 1.1 - 4.3 | |||||||||
Decrease on project profitability | $ | 1 | $ | 5.9 | $ | 11.6 | $ | 11.2 | |||||||||
The decreases during the three and nine months ended September 30, 2014 and 2013 were due to higher costs than originally anticipated and outstanding claims and change orders. | |||||||||||||||||
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 a net decrease of $8.5 million and a net increase of $25.9 million for the three and nine months ended September 30, 2014, respectively. The net changes for the three and nine months ended September 30, 2013 were a net decrease of $6.8 million and a net increase of $13.6 million, respectively. Amounts attributable to non-controlling interests were $1.8 million of the net decrease and $5.8 million of the net increase for the three and nine months ended September 30, 2014, respectively. Amounts attributable to non-controlling interests were $5.9 million of the net decrease for the three months ended September 30, 2013 and $4.3 million of the net increase for the nine months ended September 30, 2013. The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with upward estimate changes | 2 | 3 | 9 | 6 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.3 - 3.8 | $ | 1.0 - 10.5 | $ | 1.1 - 11.8 | $ | 2.1 - 26.6 | |||||||||
Increase on project profitability | $ | 5.1 | $ | 12.9 | $ | 43 | $ | 47.5 | |||||||||
The increases during the three and nine months ended September 30, 2014 were due to higher productivity than originally anticipated, owner-directed scope changes and settlement of outstanding claims with contract owners. The increases during the three and nine months ended September 30, 2013 were due to production at a higher rate than anticipated and owner-directed scope changes. | |||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with downward estimate changes | 3 | 4 | 3 | 4 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 2.0 - 7.0 | $ | 1.4 - 14.7 | $ | 1.3 - 13.9 | $ | 1.6 - 23.5 | |||||||||
Decrease on project profitability | $ | 13.6 | $ | 19.7 | $ | 17.1 | $ | 33.9 | |||||||||
The decreases during the three and nine months ended September 30, 2014 and 2013 were due to additional costs, lower productivity than originally anticipated and outstanding claims and change orders. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Marketable Securities | ' | ||||||||||||
Marketable Securities | |||||||||||||
All marketable securities were classified as held-to-maturity for the dates presented and the carrying amounts of held-to-maturity securities were as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
U.S. Government and agency obligations | $ | 12,967 | $ | 10,000 | $ | 1,260 | |||||||
Commercial paper | 14,983 | 39,968 | 19,982 | ||||||||||
Municipal bonds | — | — | 1,650 | ||||||||||
Total short-term marketable securities | 27,950 | 49,968 | 22,892 | ||||||||||
U.S. Government and agency obligations | 74,140 | 67,234 | 64,014 | ||||||||||
Total long-term marketable securities | 74,140 | 67,234 | 64,014 | ||||||||||
Total marketable securities | $ | 102,090 | $ | 117,202 | $ | 86,906 | |||||||
Scheduled maturities of held-to-maturity investments were as follows: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | |||||||||||||
Due within one year | $ | 27,950 | |||||||||||
Due in one to five years | 74,140 | ||||||||||||
Total | $ | 102,090 | |||||||||||
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||||||||
Fair value accounting standards describe three levels that may be used to measure fair value: | |||||||||||||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||||
• | Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||||
The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): | |||||||||||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 50,148 | $ | — | $ | — | $ | 50,148 | |||||||||||||||||||
Total assets | $ | 50,148 | $ | — | $ | — | $ | 50,148 | |||||||||||||||||||
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 | |||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||||||
September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
Total assets | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: | |||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||
Cash equivalents | $ | 50,148 | $ | 89,336 | $ | 113,220 | |||||||||||||||||||||
Cash | 117,026 | 139,785 | 99,243 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 167,174 | $ | 229,121 | $ | 212,463 | |||||||||||||||||||||
The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets are as follows: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Held-to-maturity marketable securities1 | Level 1 | $ | 102,090 | $ | 101,711 | $ | 117,202 | $ | 116,915 | $ | 86,906 | $ | 86,594 | ||||||||||||||
Liabilities (including current maturities): | |||||||||||||||||||||||||||
Senior notes payable2 | Level 3 | $ | 200,000 | $ | 225,186 | $ | 200,000 | $ | 225,865 | $ | 200,000 | $ | 226,110 | ||||||||||||||
Credit Agreement loan2 | Level 3 | 70,000 | 70,258 | 70,000 | 69,601 | 70,000 | 70,166 | ||||||||||||||||||||
1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||
2The fair values of the senior notes payable and Credit Agreement (defined in Note 11) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. | |||||||||||||||||||||||||||
The carrying values of receivables, other current assets, and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments. In addition, the fair value of non-recourse debt measured using Level 3 inputs approximates its carrying value due to its relative short-term nature and competitive interest rates. During the three and nine months ended September 30, 2014 and 2013, we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. | |||||||||||||||||||||||||||
In March 2014, we entered into an interest rate swap with a notional amount of $100.0 million which matures in June 2018 to convert the interest rate of our 2019 Notes (defined in Note 11) from a fixed rate of 6.11% to a floating rate of 4.15% plus six-month LIBOR. The interest rate swap is reported at fair value using Level 2 inputs, and gains or losses are recorded in other income (expense), net in our condensed consolidated statement of operations and were losses of $0.6 million and gains of $0.3 million during the three and nine months ended September 30, 2014, respectively. | |||||||||||||||||||||||||||
In March 2014, we entered into two diesel commodity swaps covering May to October, 2014 and 2015 which represented roughly 25% of our forecasted purchase for diesel. In May 2014, we entered into two natural gas commodity swaps covering June to October 2014 and May to October 2015 representing roughly 25% of our forecasted purchase of natural gas. The commodity swaps are reported at fair value using Level 2 inputs, and gains or losses are recorded in other income (expense), net in our condensed consolidated statement of operations and were losses of $0.6 million and $0.7 million during the three and nine months ended September 30, 2014, respectively. |
Receivables_Net
Receivables, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Receivables, Net | ' | ||||||||||||
Receivables, net | |||||||||||||
Receivables, net at September 30, 2014, December 31, 2013 and September 30, 2013 are as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Construction and Large Project Construction contracts: | |||||||||||||
Completed and in progress | $ | 274,203 | $ | 193,538 | $ | 275,182 | |||||||
Retentions | 79,475 | 73,103 | 76,114 | ||||||||||
Total construction contracts | 353,678 | 266,641 | 351,296 | ||||||||||
Construction Material sales | 54,718 | 36,813 | 55,466 | ||||||||||
Other | 9,740 | 12,657 | 18,412 | ||||||||||
Total gross receivables | 418,136 | 316,111 | 425,174 | ||||||||||
Less: allowance for doubtful accounts | 508 | 2,513 | 2,565 | ||||||||||
Total net receivables | $ | 417,628 | $ | 313,598 | $ | 422,609 | |||||||
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, based on the passage of time, achievement of milestones or upon completion of the project and, to the extent not collected, are included in receivables. To the extent the related costs have not been billed, the contract balance is included in costs and estimated earnings in excess of billings on the condensed consolidated balance sheets. Included in other receivables at September 30, 2014, December 31, 2013 and September 30, 2013 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. | |||||||||||||
Financed receivables consisted of long-term notes receivable and retentions receivable. Long-term notes receivable were not material at any of the presented dates. No retention receivable individually exceeded 10% of total net receivables at any of the presented dates. As of September 30, 2014, the majority of the retentions receivable is 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) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Escrow | $ | 26,128 | $ | 25,124 | $ | 23,794 | |||||||
Non-escrow | 53,347 | 47,979 | 52,320 | ||||||||||
Total retention receivables | $ | 79,475 | $ | 73,103 | $ | 76,114 | |||||||
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. | |||||||||||||
As of September 30, 2014, the non-escrow retention receivables aged over 90 days have not materially changed since December 31, 2013. In addition, our allowance for doubtful accounts contained no material provision related to non-escrow retention receivables as we determined there were no significant collectability issues at any of the presented dates. |
Construction_and_Line_Item_Joi
Construction and Line Item Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 ventures, partnerships and a limited liability company of which we are a limited member (“joint ventures”). We also participate in various “line item” joint venture agreements under which each member is responsible for performing certain discrete items of the total scope of contracted work. | |||||||||||||||||
Due to the joint and several nature of the performance obligations under the related owner contracts, if one of the members fails to perform, we and the remaining members would be responsible for performance of the outstanding work. At September 30, 2014, there was approximately $6.1 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.8 billion represented our share and the remaining $4.3 billion represented our members’ share. We are not able to estimate amounts that may be required beyond the remaining cost of the work to be performed. These costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. | |||||||||||||||||
Construction Joint Ventures | |||||||||||||||||
Generally, each construction joint venture is formed to complete a specific contract and is jointly controlled by the venture partners. The associated agreements typically provide that our interests in any profits and assets, and our respective share in any losses and liabilities resulting from the performance of the contracts, are limited to our stated percentage interest in the venture. Under our contractual arrangements, we provide capital to these joint ventures in return for an ownership interest. In addition, partners dedicate resources to the ventures necessary to complete the contracts and are reimbursed for their cost. The operational risks of each construction joint venture are passed along to the joint venture partners. As we absorb our share of these risks, our investment in each venture is exposed to potential losses. | |||||||||||||||||
We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary, or because they are not VIEs and we hold the majority voting interest. | |||||||||||||||||
We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the nine months ended September 30, 2014, 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 consolidated construction joint ventures are included in our condensed consolidated balance sheets as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Cash and cash equivalents1 | $ | 29,518 | $ | 38,800 | $ | 57,133 | |||||||||||
Receivables, net | 45,483 | 38,372 | 47,696 | ||||||||||||||
Costs and estimated earnings in excess of billings1 | 21,105 | 178 | 81 | ||||||||||||||
Other current assets | 1,910 | 4,600 | 3,734 | ||||||||||||||
Total current assets | 98,016 | 81,950 | 108,644 | ||||||||||||||
Property and equipment, net | 16,172 | 22,216 | 28,194 | ||||||||||||||
Total assets2 | $ | 114,188 | $ | 104,166 | $ | 136,838 | |||||||||||
Accounts payable | $ | 22,951 | $ | 16,937 | $ | 20,075 | |||||||||||
Billings in excess of costs and estimated earnings1 | 23,138 | 60,185 | 70,518 | ||||||||||||||
Accrued expenses and other current liabilities | 3,110 | 11,299 | 12,816 | ||||||||||||||
Total liabilities2 | $ | 49,199 | $ | 88,421 | $ | 103,409 | |||||||||||
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 consolidated 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 a majority of the members and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
At September 30, 2014, we were engaged in three active consolidated construction joint venture projects with total contract values ranging from $32.4 million to $364.3 million. Our share of revenue remaining to be recognized on these consolidated joint ventures ranged from $0.1 million to $43.9 million. Our proportionate share of the equity in these joint ventures was between 55.0% and 65.0%. During the three and nine months ended September 30, 2014, total revenue from consolidated construction joint ventures was $23.8 million and $122.0 million, respectively. During the three and nine months ended September 30, 2013, total revenue from consolidated construction joint ventures was $42.4 million and $131.1 million, respectively. Total cash used in consolidated construction joint venture operations was $44.7 million and $10.4 million during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
Unconsolidated Construction Joint Ventures | |||||||||||||||||
We account for our share of construction joint ventures that we are not required to consolidate on a pro rata basis in the condensed consolidated statements of operations and as a single line item on the condensed consolidated balance sheets. As of September 30, 2014, these unconsolidated joint ventures were engaged in eleven active unconsolidated construction joint ventures with total contract values ranging from $72.8 million to $3.1 billion. Our proportionate share of the equity in these unconsolidated joint ventures ranged from 20.0% to 50.0%. As of September 30, 2014, our share of the revenue remaining to be recognized on these unconsolidated joint ventures ranged from $0.3 million to $696.9 million. | |||||||||||||||||
As of September 30, 2014, 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 condensed consolidated financial statements for any of the dates or periods presented. | |||||||||||||||||
Following is summary financial information related to unconsolidated construction joint ventures: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents1 | $ | 286,040 | $ | 385,094 | $ | 412,506 | |||||||||||
Other assets | 538,012 | 523,827 | 439,655 | ||||||||||||||
Less partners’ interest | 530,585 | 612,530 | 557,857 | ||||||||||||||
Granite’s interest | 293,467 | 296,391 | 294,304 | ||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | 141,630 | 155,985 | 127,695 | ||||||||||||||
Billings in excess of costs and estimated earnings1 | 178,781 | 245,341 | 274,052 | ||||||||||||||
Other liabilities | 61,061 | 104,152 | 68,379 | ||||||||||||||
Less partners’ interest | 269,264 | 371,760 | 336,885 | ||||||||||||||
Granite’s interest | 112,208 | 133,718 | 133,241 | ||||||||||||||
Equity in construction joint ventures | $ | 181,259 | $ | 162,673 | $ | 161,063 | |||||||||||
1The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | |||||||||||||||||
Total | $ | 313,945 | $ | 363,523 | $ | 1,055,276 | $ | 848,082 | |||||||||
Less partners’ interest and adjustments1 | 213,068 | 259,655 | 741,451 | 586,016 | |||||||||||||
Granite’s interest | 100,877 | 103,868 | 313,825 | 262,066 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Total | 338,848 | 290,112 | 982,014 | 661,587 | |||||||||||||
Less partners’ interest and adjustments1 | 239,661 | 203,804 | 696,633 | 452,784 | |||||||||||||
Granite’s interest | 99,187 | 86,308 | 285,381 | 208,803 | |||||||||||||
Granite’s interest in gross profit | $ | 1,690 | $ | 17,560 | $ | 28,444 | $ | 53,263 | |||||||||
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. | |||||||||||||||||
During the three and nine months ended September 30, 2014, unconsolidated construction joint venture net loss (net of adjustments) was $25.2 million and net income (net of adjustments) was $75.2 million, respectively, of which our share was net income (net of adjustments) of $1.8 million and $28.1 million, respectively. During the three and nine months ended September 30, 2013, the net income (net of adjustments) of unconsolidated construction joint ventures was $71.1 million and $182.8 million, respectively, of which our share was $21.3 million and $53.2 million, respectively. | |||||||||||||||||
Line Item Joint Ventures | |||||||||||||||||
The revenue for each line item joint venture partner’s discrete items of work is defined in the contract with the project owner and each venture partner bears the profitability risk associated with its own work. There is not a single set of books and records for a line item joint venture. Each partner accounts for its items of work individually as it would for any self-performed contract. We include only our portion of these contracts in our condensed consolidated financial statements. As of September 30, 2014, we had four active line item joint venture construction projects with total contract values ranging from $42.6 million to $86.1 million of which our portion ranged from $28.7 million to $63.8 million. As of September 30, 2014, our share of revenue remaining to be recognized on these line item joint ventures ranged from less than $0.1 million to $27.6 million. |
Real_Estate_Entities_and_Inves
Real Estate Entities and Investments in Affiliates | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 entities are consolidated because they are VIEs and 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 VIE. Based on our assessments during the nine months ended September 30, 2014 and 2013, we determined no change was required for existing real estate entities. | |||||||||||||
Our real estate entities 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. | |||||||||||||
All of 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). | |||||||||||||
To determine if impairment charges should be recognized, the carrying amount of each real estate development project is reviewed on a quarterly basis. Based on our quarterly evaluations of each project’s business plan, we recorded no material impairment charges to our real estate development projects or investments during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||
During 2013, we concluded the majority of our 2010 Enterprise Improvement Plan (“EIP”) which included the impairment and planned orderly divestiture of our real estate investment business consistent with our strategy to focus on our core business. Consequently, during 2013 we recorded impairment charges on certain real estate assets in accordance with our EIP. When real estate assets which we continue to have a financial interest are sold, we may recognize additional restructuring charges or gains; however, we do not expect these charges or gains to be material to our consolidated financial statements. No restructuring charges were recorded during the three and nine months ended September 30, 2014 and an immaterial restructuring gain was recorded during the three and nine months ended September 30, 2013. | |||||||||||||
Consolidated Real Estate Entities | |||||||||||||
As of September 30, 2014, December 31, 2013 and September 30, 2013, real estate held for development and sale associated with consolidated real estate entities included in our condensed consolidated balance sheets was $11.8 million, $12.5 million and $50.3 million, respectively. Non-recourse debt, including current maturities, associated with these entities was $7.0 million, $8.0 million and $9.2 million as of September 30, 2014, December 31, 2013 and September 30, 2013, respectively. All other amounts associated with these entities were insignificant as of the dates presented. Residential real estate held for development and sale in Washington State was $11.6 million as of both September 30, 2014 and December 31, 2013, and was $40.8 million as of September 30, 2013. The remaining balances were in various commercial projects in California and Texas. During 2014, we sold or otherwise disposed of three consolidated real estate entities in connection with our 2010 Enterprise Improvement Plan. The associated gain was not material. | |||||||||||||
Investments in Affiliates | |||||||||||||
We have determined that certain real estate entities 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 condensed consolidated statements of operations and as a single line item on our condensed consolidated balance sheets as investments in affiliates. | |||||||||||||
Our investments in affiliates balance consists of the following: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Equity method investments in real estate affiliates | $ | 24,040 | $ | 21,392 | $ | 20,488 | |||||||
Equity method investments in other affiliates | 10,137 | 11,088 | 10,850 | ||||||||||
Total investments in affiliates | $ | 34,177 | $ | 32,480 | $ | 31,338 | |||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Total assets | $ | 172,220 | $ | 173,988 | $ | 166,601 | |||||||
Net assets | 103,651 | 99,444 | 95,490 | ||||||||||
Granite’s share of net assets | 34,177 | 32,480 | 31,338 | ||||||||||
The equity method investments in real estate included $17.8 million, $14.9 million and $14.0 million in residential real estate in Texas as of September 30, 2014, December 31, 2013 and September 30, 2013, respectively. The remaining balances were in commercial real estate in Texas. Of the $172.2 million in total assets as of September 30, 2014, real estate entities had total assets ranging from $1.9 million to $57.0 million and non-real estate entities had total assets ranging from $0.3 million to $22.5 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. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
Property and Equipment, net | |||||||||||||
Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on our condensed consolidated balance sheets as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, 2013 As Revised | ||||||||||
2014 | 2013 | ||||||||||||
Equipment and vehicles | $ | 771,934 | $ | 765,971 | $ | 756,098 | |||||||
Quarry property | 169,982 | 170,442 | 180,205 | ||||||||||
Land and land improvements | 118,985 | 119,917 | 125,606 | ||||||||||
Buildings and leasehold improvements | 83,813 | 83,494 | 83,743 | ||||||||||
Office furniture and equipment | 70,837 | 70,156 | 69,265 | ||||||||||
Property and equipment | 1,215,551 | 1,209,980 | 1,214,917 | ||||||||||
Less: accumulated depreciation and depletion | 791,279 | 773,121 | 756,893 | ||||||||||
Property and equipment, net | $ | 424,272 | $ | 436,859 | $ | 458,024 | |||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||
Indefinite-lived intangible assets primarily consist of goodwill and use rights. Use rights of $0.4 million are included in other noncurrent assets on our condensed consolidated balance sheets as of September 30, 2014, December 31, 2013 and September 30, 2013. | |||||||||||||
The following table presents the goodwill balance by reporting segment (in thousands): | |||||||||||||
September 30, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Construction | $ | 29,260 | $ | 29,260 | $ | 28,398 | |||||||
Large Project Construction | 22,593 | 22,593 | 23,287 | ||||||||||
Construction Materials | 1,946 | 1,946 | 2,114 | ||||||||||
Total goodwill | $ | 53,799 | $ | 53,799 | $ | 53,799 | |||||||
Amortized Intangible Assets | |||||||||||||
The detail of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets is as follows (in thousands): | |||||||||||||
Accumulated | |||||||||||||
September 30, 2014 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (12,835 | ) | $ | 16,878 | ||||||
Acquired backlog | 7,900 | (7,226 | ) | 674 | |||||||||
Customer lists | 4,398 | (2,711 | ) | 1,687 | |||||||||
Trade name | 4,100 | (755 | ) | 3,345 | |||||||||
Covenants not to compete and other | 2,459 | (2,426 | ) | 33 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (25,953 | ) | $ | 22,617 | ||||||
Accumulated | |||||||||||||
December 31, 2013 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,992 | ) | $ | 17,721 | ||||||
Acquired backlog | 7,900 | (6,835 | ) | 1,065 | |||||||||
Customer lists | 4,398 | (2,491 | ) | 1,907 | |||||||||
Trade name | 4,100 | (432 | ) | 3,668 | |||||||||
Covenants not to compete and other | 2,459 | (2,408 | ) | 51 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (24,158 | ) | $ | 24,412 | ||||||
Accumulated | |||||||||||||
September 30, 2013 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,711 | ) | $ | 18,002 | ||||||
Acquired backlog | 7,900 | (5,147 | ) | 2,753 | |||||||||
Customer lists | 4,398 | (2,418 | ) | 1,980 | |||||||||
Trade name | 4,100 | (324 | ) | 3,776 | |||||||||
Covenants not to compete and other | 2,459 | (2,378 | ) | 81 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (21,978 | ) | $ | 26,592 | ||||||
Amortization expense related to amortized intangible assets for the three and nine months ended September 30, 2014 was $0.6 million and $1.8 million respectively. Amortization expense related to amortized intangible assets for the three and nine months ended September 30, 2013 was $2.2 million and $6.7 million, respectively. Based on the amortized assets balance at September 30, 2014, amortization expense expected to be recorded in the future is as follows: $0.9 million for the remainder of 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. |
Covenants_and_Events_of_Defaul
Covenants and Events of Default | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt and Credit Arrangements | ' |
Covenants and Events of Default | |
Our debt and credit agreements require us to comply with various affirmative, restrictive and financial covenants. Our failure to comply with any of these covenants, or to pay principal, interest or other amounts when due thereunder, would constitute an event of default under the applicable agreements. Under certain circumstances, the occurrence of an event of default under one of our debt or credit agreements (or the acceleration of the maturity of the indebtedness under one of our agreements) may constitute an event of default under one or more of our other debt or credit agreements. Default under our debt and credit agreements could result in (1) us no longer being entitled to borrow under the agreements; (2) termination of the agreements; (3) the requirement that any letters of credit under the agreements be cash collateralized; (4) acceleration of the maturity of outstanding indebtedness under the agreements; and/or (5) foreclosure on any collateral securing the obligations under the agreements. | |
As of September 30, 2014, we were in compliance with the covenants contained in our note purchase agreement governing our senior notes payable (“2019 NPA”) and the credit agreement governing the $215.0 million committed revolving credit facility, with a sublimit for letters of credit of $100.0 million (“Credit Agreement”), as well as 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. |
Weighted_Average_Shares_Outsta
Weighted Average Shares Outstanding and Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Weighted Average Shares Outstanding and Earnings Per Share | |||||||||||||||||
A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying condensed consolidated statements of operations is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Weighted average common stock outstanding | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Total basic weighted average shares outstanding | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Diluted weighted average shares outstanding: | |||||||||||||||||
Weighted average common stock outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Common stock options and restricted stock units1 | 663 | 883 | 717 | — | |||||||||||||
Total weighted average shares outstanding assuming dilution | 39,813 | 39,759 | 39,790 | 38,773 | |||||||||||||
1Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 shares 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 | |||||||||||||||||
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. During the three and nine months ended September 30, 2014 and 2013, there were no participating securities; therefore, net income was not allocated to participating securities. Following is a calculation of basic and diluted EPS (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 As Revised | 2014 | 2013 As Revised | ||||||||||||||
Basic | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) allocated to common shareholders for basic calculation | $ | 15,282 | $ | 13,037 | $ | 8,370 | $ | (7,526 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Net income (loss) per share, basic | $ | 0.39 | $ | 0.34 | $ | 0.21 | $ | (0.19 | ) | ||||||||
Diluted | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) allocated to common shareholders for diluted calculation | $ | 15,282 | $ | 13,037 | $ | 8,370 | $ | (7,526 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, diluted | 39,813 | 39,759 | 39,790 | 38,773 | |||||||||||||
Net income (loss) per share, diluted | $ | 0.38 | $ | 0.33 | $ | 0.21 | $ | (0.19 | ) | ||||||||
Equity
Equity | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Equity | ' | ||||||||||||
Equity | |||||||||||||
The following tables summarize our equity activity for the periods presented (in thousands): | |||||||||||||
Granite Construction Incorporated | Non-controlling Interests | Total Equity | |||||||||||
Balance at December 31, 2013 | $ | 781,940 | $ | 4,404 | $ | 786,344 | |||||||
Purchase of common stock1 | (4,751 | ) | — | (4,751 | ) | ||||||||
Other transactions with shareholders and employees3 | 10,505 | — | 10,505 | ||||||||||
Transactions with non-controlling interests, net | — | 15,174 | 15,174 | ||||||||||
Net income | 8,370 | 6,681 | 15,051 | ||||||||||
Dividends on common stock | (15,260 | ) | — | (15,260 | ) | ||||||||
Balance at September 30, 2014 | $ | 780,804 | $ | 26,259 | $ | 807,063 | |||||||
Balance at December 31, 2012 | $ | 829,953 | $ | 41,905 | $ | 871,858 | |||||||
Purchase of common stock2 | (5,457 | ) | — | (5,457 | ) | ||||||||
Other transactions with shareholders and employees3 | 11,430 | — | 11,430 | ||||||||||
Transactions with non-controlling interests, net | — | (21,654 | ) | (21,654 | ) | ||||||||
Net loss | (7,526 | ) | (3,986 | ) | (11,512 | ) | |||||||
Dividends on common stock | (15,150 | ) | — | (15,150 | ) | ||||||||
Balance at September 30, 2013 As Revised | $ | 813,250 | $ | 16,265 | $ | 829,515 | |||||||
1Represents 123,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
2Represents 181,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
3Amounts are comprised primarily of amortized restricted stock and units. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
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 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 various laws and regulations, the outcomes of which cannot be predicted with certainty. | |
Some of the matters in which we or our joint ventures and 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, debarred or incur other administrative penalties or sanctions, 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/or 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. | |
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, are recorded in our condensed consolidated balance sheets. The aggregate liabilities recorded as of September 30, 2014, December 31, 2013 and September 30, 2013 related to these matters were approximately $9.9 million, $16.3 million and $18.0 million, respectively, and were primarily included in accrued expenses and other current liabilities. The aggregate range of possible loss related to matters considered reasonably possible was zero to approximately $5.0 million as of September 30, 2014. 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 an 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 (collectively 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 the DOJ and the Agencies’ representatives to discuss the government’s criminal investigation of the Grand Avenue Project participants, including Granite Northeast, and to discuss their respective positions on, and potential resolution of, the issues raised in the investigation. In connection with this investigation, Granite Northeast is subject to potential civil, criminal, and/or administrative penalties or sanctions, as well as additional future DBE compliance activities and the costs associated therewith. Granite believes that the incurrence of some form of penalty or sanction is probable, and has therefore recorded what it believes to be the most likely amount of liability it may incur in its condensed consolidated balance sheet as of September 30, 2014. Granite believes that it is reasonably possible that it may incur liability in relation to this matter that is in excess of such accrual. The resolution of the matters under investigation could have direct or indirect consequences that could have a material adverse effect on our financial position, results of operations and/or liquidity. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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, power related facilities, 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, power related facilities, utilities and airport infrastructure. This segment primarily includes bid-build, design-build, construction management/general contractor contracts, and various contract methods relating to public, private partnerships, generally with contract values in excess of $75 million. | |||||||||||||||||||||
The Construction Materials segment mines and processes aggregates and operates plants that produce construction materials for internal use and for sale to third parties. | |||||||||||||||||||||
The Real Estate segment develops, operates, and sells real estate related projects and provides real estate services for the Company’s operations. The Real Estate segment’s current portfolio consists of residential, retail and office site development projects for sale to home and commercial property developers in Washington and California. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2013 Annual Report on Form 10-K. We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses nor 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 for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Construction | Large Project Construction | Construction Materials | Real Estate | Total | |||||||||||||||||
2014 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 447,097 | $ | 179,446 | $ | 146,782 | $ | 7 | $ | 773,332 | |||||||||||
Elimination of intersegment revenue | — | — | (53,568 | ) | — | (53,568 | ) | ||||||||||||||
Revenue from external customers | 447,097 | 179,446 | 93,214 | 7 | 719,764 | ||||||||||||||||
Gross profit | 48,802 | 5,679 | 12,204 | 7 | 66,692 | ||||||||||||||||
Depreciation, depletion and amortization | 4,621 | 4,777 | 5,408 | — | 14,806 | ||||||||||||||||
2013 As Revised | |||||||||||||||||||||
Total revenue from reportable segments | $ | 470,567 | $ | 185,997 | $ | 146,286 | $ | 16 | $ | 802,866 | |||||||||||
Elimination of intersegment revenue | — | — | (63,114 | ) | — | (63,114 | ) | ||||||||||||||
Revenue from external customers | 470,567 | 185,997 | 83,172 | 16 | 739,752 | ||||||||||||||||
Gross profit (loss) | 50,719 | (2,163 | ) | 7,288 | 16 | 55,860 | |||||||||||||||
Depreciation, depletion and amortization | 8,502 | 3,634 | 5,631 | — | 17,767 | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Construction | Large Project Construction | Construction Materials | Real Estate | Total | |||||||||||||||||
2014 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 873,357 | $ | 611,110 | $ | 286,669 | $ | 29 | $ | 1,771,165 | |||||||||||
Elimination of intersegment revenue | — | — | (85,684 | ) | — | (85,684 | ) | ||||||||||||||
Revenue from external customers | 873,357 | 611,110 | 200,985 | 29 | 1,685,481 | ||||||||||||||||
Gross profit | 82,773 | 72,264 | 15,449 | 29 | 170,515 | ||||||||||||||||
Depreciation, depletion and amortization | 12,865 | 12,001 | 16,267 | — | 41,133 | ||||||||||||||||
Segment assets | 150,070 | 247,694 | 310,731 | 11,773 | 720,268 | ||||||||||||||||
2013 As Revised | |||||||||||||||||||||
Total revenue from reportable segments | $ | 956,287 | $ | 539,268 | $ | 282,547 | $ | 141 | $ | 1,778,243 | |||||||||||
Elimination of intersegment revenue | — | — | (109,440 | ) | — | (109,440 | ) | ||||||||||||||
Revenue from external customers | 956,287 | 539,268 | 173,107 | 141 | 1,668,803 | ||||||||||||||||
Gross profit | 87,989 | 42,129 | 5,268 | 127 | 135,513 | ||||||||||||||||
Depreciation, depletion and amortization | 20,194 | 8,792 | 17,087 | — | 46,073 | ||||||||||||||||
Segment assets | 155,440 | 212,644 | 340,172 | 50,250 | 758,506 | ||||||||||||||||
A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 As Revised | 2014 | 2013 As Revised | |||||||||||||||||
Total gross profit from reportable segments | $ | 66,692 | $ | 55,860 | $ | 170,515 | $ | 135,513 | |||||||||||||
Selling, general and administrative expenses | 47,386 | 45,527 | 147,731 | 149,477 | |||||||||||||||||
Gain on sales of property and equipment | 3,004 | 3,259 | 6,891 | 7,653 | |||||||||||||||||
Other expense | (2,124 | ) | (2,114 | ) | (6,323 | ) | (8,068 | ) | |||||||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 20,186 | $ | 11,478 | $ | 23,352 | $ | (14,379 | ) | ||||||||||||
Revisions_in_Estimates_Revisio
Revisions in Estimates Revisions in Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Revisions in Estimates [Abstract] | ' |
Revision in Estimate | ' |
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 recognize revenue on affirmative claims when we have a signed agreement and recognize revenue associated with unapproved change orders to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. We recognize costs associated with affirmative claims and unapproved change orders 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 until there is sufficient information to determine the estimated profit on the project with a reasonable level of certainty. |
Real_Estate_Entities_and_Inves1
Real Estate Entities and Investments in Affiliates Real Estate Entities and Investments in Affiliates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Real Estate Entities and Investments in Affiliates [Abstract] | ' |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | ' |
All of 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). | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
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 venture. Under our contractual arrangements, we provide capital to these joint ventures in return for an ownership interest. In addition, partners dedicate resources to the ventures necessary to complete the contracts and are reimbursed for their cost. The operational risks of each construction joint venture are passed along to the joint venture partners. As we absorb our share of these risks, our investment in each venture is exposed to potential losses. | |
We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary, or because they are not VIEs and we hold the majority voting interest. | |
We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. | |
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 entities are consolidated because they are VIEs and 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 VIE. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
To determine if impairment charges should be recognized, the carrying amount of each real estate development project is reviewed on a quarterly basis. |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||
Schedule of Reclassifications | ' | ||||||||||||||||
The following tables set forth the impact of the correction of accounting errors and reclassification adjustments on the previously reported condensed consolidated balance sheet as of September 30, 2013 and the condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2013 (in thousands): | |||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total current assets | $ | 1,041,672 | $ | (368 | ) | $ | 1,041,304 | ||||||||||
Noncurrent assets | 684,330 | 1,500 | $ | 685,830 | |||||||||||||
Total assets | $ | 1,726,002 | $ | 1,132 | $ | 1,727,134 | |||||||||||
Total current liabilities | $ | 565,522 | $ | 439 | $ | 565,961 | |||||||||||
Noncurrent liabilities | 331,658 | — | 331,658 | ||||||||||||||
Total Granite Construction Incorporated shareholders’ equity | 812,509 | 741 | 813,250 | ||||||||||||||
Non-controlling interests | 16,313 | (48 | ) | 16,265 | |||||||||||||
Total liabilities and equity | $ | 1,726,002 | $ | 1,132 | $ | 1,727,134 | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total revenue | $ | 741,575 | $ | (1,823 | ) | $ | 739,752 | ||||||||||
Total cost of revenue | 687,179 | (3,287 | ) | 683,892 | |||||||||||||
Gross profit | 54,396 | 1,464 | 55,860 | ||||||||||||||
Selling, general and administrative expenses | 47,060 | (1,533 | ) | 45,527 | |||||||||||||
Gain on sale of property and equipment | 3,259 | — | 3,259 | ||||||||||||||
Operating income | 10,595 | 2,997 | 13,592 | ||||||||||||||
Income before provision for income taxes | 8,481 | 2,997 | 11,478 | ||||||||||||||
Provision for income taxes | 4,026 | 920 | 4,946 | ||||||||||||||
Net income | 4,455 | 2,077 | 6,532 | ||||||||||||||
Amount attributable to non-controlling interests | 6,542 | (37 | ) | 6,505 | |||||||||||||
Net income attributable to Granite Construction Incorporated | $ | 10,997 | $ | 2,040 | $ | 13,037 | |||||||||||
Net income per share attributable to common shareholders (see Note 12) | |||||||||||||||||
Basic | $ | 0.28 | $ | 0.06 | $ | 0.34 | |||||||||||
Diluted | $ | 0.28 | $ | 0.05 | $ | 0.33 | |||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Revised | |||||||||||||||
Total revenue | $ | 1,670,441 | $ | (1,638 | ) | $ | 1,668,803 | ||||||||||
Total cost of revenue | 1,534,791 | (1,501 | ) | 1,533,290 | |||||||||||||
Gross profit | 135,650 | (137 | ) | 135,513 | |||||||||||||
Selling, general and administrative expenses | 150,675 | (1,198 | ) | 149,477 | |||||||||||||
Operating loss | (7,372 | ) | 1,061 | (6,311 | ) | ||||||||||||
Loss before benefit from income taxes | (15,440 | ) | 1,061 | (14,379 | ) | ||||||||||||
Benefit from income taxes | (3,235 | ) | 368 | (2,867 | ) | ||||||||||||
Net loss | (12,205 | ) | 693 | (11,512 | ) | ||||||||||||
Amount attributable to non-controlling interests | 3,938 | 48 | 3,986 | ||||||||||||||
Net loss attributable to Granite Construction Incorporated | $ | (8,267 | ) | $ | 741 | $ | (7,526 | ) | |||||||||
Net loss per share attributable to common shareholders (see Note 12) | |||||||||||||||||
Basic | $ | (0.21 | ) | $ | 0.02 | $ | (0.19 | ) | |||||||||
Diluted | $ | (0.21 | ) | $ | 0.02 | $ | (0.19 | ) | |||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||
As Reported | Revisions | Reclassifications | Revised | ||||||||||||||
Net loss | $ | (12,205 | ) | $ | 693 | $ | — | $ | (11,512 | ) | |||||||
Depreciation, depletion and amortization | 54,788 | — | — | 54,788 | |||||||||||||
Non-cash restructuring, net | (23 | ) | — | 23 | — | ||||||||||||
Gain on sales of property and equipment | (7,653 | ) | — | — | (7,653 | ) | |||||||||||
Stock-based compensation | 10,645 | — | — | 10,645 | |||||||||||||
Equity in net income from unconsolidated joint ventures | — | — | (51,826 | ) | (51,826 | ) | |||||||||||
Receivables | (99,856 | ) | — | — | (99,856 | ) | |||||||||||
Costs and estimated earnings in excess of billings, net | (1,707 | ) | 137 | (14,494 | ) | (16,064 | ) | ||||||||||
Inventories | (1,882 | ) | — | — | (1,882 | ) | |||||||||||
Equity in construction joint ventures | (54,672 | ) | — | 54,672 | — | ||||||||||||
Contributions to unconsolidated construction joint ventures | — | — | (28,514 | ) | (28,514 | ) | |||||||||||
Distributions from unconsolidated construction joint ventures | — | — | 68,033 | 68,033 | |||||||||||||
Other assets, net | (5,165 | ) | 368 | (23 | ) | (4,820 | ) | ||||||||||
Accounts payable | 5,578 | (1,198 | ) | (1,176 | ) | 3,204 | |||||||||||
Accrued expenses and other current liabilities, net | 47,637 | — | (26,695 | ) | 20,942 | ||||||||||||
Net cash used in operating activities | $ | (64,515 | ) | $ | — | $ | — | $ | (64,515 | ) | |||||||
Revisions_in_Estimates_Tables
Revisions in Estimates (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Construction [Member] | ' | ||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||||||
The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with upward estimate changes | — | 4 | 2 | 5 | |||||||||||||
Range of increase in gross profit from each project, net | $ | — | $ | 1.3 - 2.7 | $ | 1.1 - 1.2 | $ | 1.1 - 3.0 | |||||||||
Increase on project profitability | $ | — | $ | 7.4 | $ | 2.2 | $ | 11.8 | |||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with downward estimate changes | 1 | 3 | 5 | 4 | |||||||||||||
Reduction in gross profit from each project, net | $ | 1 | $ | 1.5 - 2.5 | $ | 1.7 - 2.9 | $ | 1.1 - 4.3 | |||||||||
Decrease on project profitability | $ | 1 | $ | 5.9 | $ | 11.6 | $ | 11.2 | |||||||||
Large Project Construction [Member] | ' | ||||||||||||||||
Change in Accounting Estimate [Line Items] | ' | ||||||||||||||||
Schedule of Change in Accounting Estimate | ' | ||||||||||||||||
Decreases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with downward estimate changes | 3 | 4 | 3 | 4 | |||||||||||||
Range of reduction in gross profit from each project, net | $ | 2.0 - 7.0 | $ | 1.4 - 14.7 | $ | 1.3 - 13.9 | $ | 1.6 - 23.5 | |||||||||
Decrease on project profitability | $ | 13.6 | $ | 19.7 | $ | 17.1 | $ | 33.9 | |||||||||
The projects are summarized as follows: | |||||||||||||||||
Increases | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Number of projects with upward estimate changes | 2 | 3 | 9 | 6 | |||||||||||||
Range of increase in gross profit from each project, net | $ | 1.3 - 3.8 | $ | 1.0 - 10.5 | $ | 1.1 - 11.8 | $ | 2.1 - 26.6 | |||||||||
Increase on project profitability | $ | 5.1 | $ | 12.9 | $ | 43 | $ | 47.5 | |||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||
Schedule of Marketable Securities | ' | ||||||||||||
All marketable securities were classified as held-to-maturity for the dates presented and the carrying amounts of held-to-maturity securities were as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
U.S. Government and agency obligations | $ | 12,967 | $ | 10,000 | $ | 1,260 | |||||||
Commercial paper | 14,983 | 39,968 | 19,982 | ||||||||||
Municipal bonds | — | — | 1,650 | ||||||||||
Total short-term marketable securities | 27,950 | 49,968 | 22,892 | ||||||||||
U.S. Government and agency obligations | 74,140 | 67,234 | 64,014 | ||||||||||
Total long-term marketable securities | 74,140 | 67,234 | 64,014 | ||||||||||
Total marketable securities | $ | 102,090 | $ | 117,202 | $ | 86,906 | |||||||
Held-to-maturity Securities | ' | ||||||||||||
Scheduled maturities of held-to-maturity investments were as follows: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | |||||||||||||
Due within one year | $ | 27,950 | |||||||||||
Due in one to five years | 74,140 | ||||||||||||
Total | $ | 102,090 | |||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||
The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): | |||||||||||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||||||
September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 50,148 | $ | — | $ | — | $ | 50,148 | |||||||||||||||||||
Total assets | $ | 50,148 | $ | — | $ | — | $ | 50,148 | |||||||||||||||||||
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 | |||||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||||||||||||
September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||
Money market funds | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
Total assets | $ | 113,220 | $ | — | $ | — | $ | 113,220 | |||||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | ||||||||||||||||||||||||||
A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: | |||||||||||||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||||||||||
Cash equivalents | $ | 50,148 | $ | 89,336 | $ | 113,220 | |||||||||||||||||||||
Cash | 117,026 | 139,785 | 99,243 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 167,174 | $ | 229,121 | $ | 212,463 | |||||||||||||||||||||
Fair Value Measurements, Nonrecurring [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 condensed consolidated balance sheets are as follows: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Held-to-maturity marketable securities1 | Level 1 | $ | 102,090 | $ | 101,711 | $ | 117,202 | $ | 116,915 | $ | 86,906 | $ | 86,594 | ||||||||||||||
Liabilities (including current maturities): | |||||||||||||||||||||||||||
Senior notes payable2 | Level 3 | $ | 200,000 | $ | 225,186 | $ | 200,000 | $ | 225,865 | $ | 200,000 | $ | 226,110 | ||||||||||||||
Credit Agreement loan2 | Level 3 | 70,000 | 70,258 | 70,000 | 69,601 | 70,000 | 70,166 | ||||||||||||||||||||
1Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||
2The fair values of the senior notes payable and Credit Agreement (defined in Note 11) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Receivables_Net_Tables
Receivables, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
Receivables, net at September 30, 2014, December 31, 2013 and September 30, 2013 are as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Construction and Large Project Construction contracts: | |||||||||||||
Completed and in progress | $ | 274,203 | $ | 193,538 | $ | 275,182 | |||||||
Retentions | 79,475 | 73,103 | 76,114 | ||||||||||
Total construction contracts | 353,678 | 266,641 | 351,296 | ||||||||||
Construction Material sales | 54,718 | 36,813 | 55,466 | ||||||||||
Other | 9,740 | 12,657 | 18,412 | ||||||||||
Total gross receivables | 418,136 | 316,111 | 425,174 | ||||||||||
Less: allowance for doubtful accounts | 508 | 2,513 | 2,565 | ||||||||||
Total net receivables | $ | 417,628 | $ | 313,598 | $ | 422,609 | |||||||
Schedule Of Escrow and Non Escrow Retention Receivable [Table Text Block] | ' | ||||||||||||
We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Escrow | $ | 26,128 | $ | 25,124 | $ | 23,794 | |||||||
Non-escrow | 53,347 | 47,979 | 52,320 | ||||||||||
Total retention receivables | $ | 79,475 | $ | 73,103 | $ | 76,114 | |||||||
Construction_and_Line_Item_Joi1
Construction and Line Item Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Construction and Line Item Joint Ventures [Abstract] | ' | ||||||||||||||||
Schedule of Consolidated Joint Ventures [Table Text Block] | ' | ||||||||||||||||
The carrying amounts and classification of assets and liabilities of consolidated construction joint ventures are included in our condensed consolidated balance sheets as follows: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Cash and cash equivalents1 | $ | 29,518 | $ | 38,800 | $ | 57,133 | |||||||||||
Receivables, net | 45,483 | 38,372 | 47,696 | ||||||||||||||
Costs and estimated earnings in excess of billings1 | 21,105 | 178 | 81 | ||||||||||||||
Other current assets | 1,910 | 4,600 | 3,734 | ||||||||||||||
Total current assets | 98,016 | 81,950 | 108,644 | ||||||||||||||
Property and equipment, net | 16,172 | 22,216 | 28,194 | ||||||||||||||
Total assets2 | $ | 114,188 | $ | 104,166 | $ | 136,838 | |||||||||||
Accounts payable | $ | 22,951 | $ | 16,937 | $ | 20,075 | |||||||||||
Billings in excess of costs and estimated earnings1 | 23,138 | 60,185 | 70,518 | ||||||||||||||
Accrued expenses and other current liabilities | 3,110 | 11,299 | 12,816 | ||||||||||||||
Total liabilities2 | $ | 49,199 | $ | 88,421 | $ | 103,409 | |||||||||||
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 consolidated 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 a majority of the members and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Schedule of Unconsolidated Joint Ventures [Table Text Block] | ' | ||||||||||||||||
Following is summary financial information related to unconsolidated construction joint ventures: | |||||||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents1 | $ | 286,040 | $ | 385,094 | $ | 412,506 | |||||||||||
Other assets | 538,012 | 523,827 | 439,655 | ||||||||||||||
Less partners’ interest | 530,585 | 612,530 | 557,857 | ||||||||||||||
Granite’s interest | 293,467 | 296,391 | 294,304 | ||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | 141,630 | 155,985 | 127,695 | ||||||||||||||
Billings in excess of costs and estimated earnings1 | 178,781 | 245,341 | 274,052 | ||||||||||||||
Other liabilities | 61,061 | 104,152 | 68,379 | ||||||||||||||
Less partners’ interest | 269,264 | 371,760 | 336,885 | ||||||||||||||
Granite’s interest | 112,208 | 133,718 | 133,241 | ||||||||||||||
Equity in construction joint ventures | $ | 181,259 | $ | 162,673 | $ | 161,063 | |||||||||||
1The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | |||||||||||||||||
Total | $ | 313,945 | $ | 363,523 | $ | 1,055,276 | $ | 848,082 | |||||||||
Less partners’ interest and adjustments1 | 213,068 | 259,655 | 741,451 | 586,016 | |||||||||||||
Granite’s interest | 100,877 | 103,868 | 313,825 | 262,066 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Total | 338,848 | 290,112 | 982,014 | 661,587 | |||||||||||||
Less partners’ interest and adjustments1 | 239,661 | 203,804 | 696,633 | 452,784 | |||||||||||||
Granite’s interest | 99,187 | 86,308 | 285,381 | 208,803 | |||||||||||||
Granite’s interest in gross profit | $ | 1,690 | $ | 17,560 | $ | 28,444 | $ | 53,263 | |||||||||
1Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies. |
Real_Estate_Entities_and_Inves2
Real Estate Entities and Investments in Affiliates (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Real Estate Entities and Investments in Affiliates [Abstract] | ' | ||||||||||||
Schedule of Equity and Cost Method Investments [Table Text Block] | ' | ||||||||||||
Our investments in affiliates balance consists of the following: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Equity method investments in real estate affiliates | $ | 24,040 | $ | 21,392 | $ | 20,488 | |||||||
Equity method investments in other affiliates | 10,137 | 11,088 | 10,850 | ||||||||||
Total investments in affiliates | $ | 34,177 | $ | 32,480 | $ | 31,338 | |||||||
Equity Method Investment Summarized Balance Sheet Location [Table Text Block] | ' | ||||||||||||
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, | ||||||||||
2014 | 2013 | 2013 | |||||||||||
Total assets | $ | 172,220 | $ | 173,988 | $ | 166,601 | |||||||
Net assets | 103,651 | 99,444 | 95,490 | ||||||||||
Granite’s share of net assets | 34,177 | 32,480 | 31,338 | ||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on our condensed consolidated balance sheets as follows: | |||||||||||||
(in thousands) | September 30, | December 31, | September 30, 2013 As Revised | ||||||||||
2014 | 2013 | ||||||||||||
Equipment and vehicles | $ | 771,934 | $ | 765,971 | $ | 756,098 | |||||||
Quarry property | 169,982 | 170,442 | 180,205 | ||||||||||
Land and land improvements | 118,985 | 119,917 | 125,606 | ||||||||||
Buildings and leasehold improvements | 83,813 | 83,494 | 83,743 | ||||||||||
Office furniture and equipment | 70,837 | 70,156 | 69,265 | ||||||||||
Property and equipment | 1,215,551 | 1,209,980 | 1,214,917 | ||||||||||
Less: accumulated depreciation and depletion | 791,279 | 773,121 | 756,893 | ||||||||||
Property and equipment, net | $ | 424,272 | $ | 436,859 | $ | 458,024 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Indefinite-lived Intangible Assets by Segment [Table Text Block] | ' | ||||||||||||
Indefinite-lived Intangible Assets | |||||||||||||
Indefinite-lived intangible assets primarily consist of goodwill and use rights. Use rights of $0.4 million are included in other noncurrent assets on our condensed consolidated balance sheets as of September 30, 2014, December 31, 2013 and September 30, 2013. | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||
The following table presents the goodwill balance by reporting segment (in thousands): | |||||||||||||
September 30, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Construction | $ | 29,260 | $ | 29,260 | $ | 28,398 | |||||||
Large Project Construction | 22,593 | 22,593 | 23,287 | ||||||||||
Construction Materials | 1,946 | 1,946 | 2,114 | ||||||||||
Total goodwill | $ | 53,799 | $ | 53,799 | $ | 53,799 | |||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | ||||||||||||
Amortized Intangible Assets | |||||||||||||
The detail of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets is as follows (in thousands): | |||||||||||||
Accumulated | |||||||||||||
September 30, 2014 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (12,835 | ) | $ | 16,878 | ||||||
Acquired backlog | 7,900 | (7,226 | ) | 674 | |||||||||
Customer lists | 4,398 | (2,711 | ) | 1,687 | |||||||||
Trade name | 4,100 | (755 | ) | 3,345 | |||||||||
Covenants not to compete and other | 2,459 | (2,426 | ) | 33 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (25,953 | ) | $ | 22,617 | ||||||
Accumulated | |||||||||||||
December 31, 2013 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,992 | ) | $ | 17,721 | ||||||
Acquired backlog | 7,900 | (6,835 | ) | 1,065 | |||||||||
Customer lists | 4,398 | (2,491 | ) | 1,907 | |||||||||
Trade name | 4,100 | (432 | ) | 3,668 | |||||||||
Covenants not to compete and other | 2,459 | (2,408 | ) | 51 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (24,158 | ) | $ | 24,412 | ||||||
Accumulated | |||||||||||||
September 30, 2013 | Gross Value | Amortization | Net Book Value | ||||||||||
Permits | $ | 29,713 | $ | (11,711 | ) | $ | 18,002 | ||||||
Acquired backlog | 7,900 | (5,147 | ) | 2,753 | |||||||||
Customer lists | 4,398 | (2,418 | ) | 1,980 | |||||||||
Trade name | 4,100 | (324 | ) | 3,776 | |||||||||
Covenants not to compete and other | 2,459 | (2,378 | ) | 81 | |||||||||
Total amortized intangible assets | $ | 48,570 | $ | (21,978 | ) | $ | 26,592 | ||||||
Weighted_Average_Shares_Outsta1
Weighted Average Shares Outstanding and Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||||||
A reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share in the accompanying condensed consolidated statements of operations is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Weighted average common stock outstanding | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Total basic weighted average shares outstanding | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Diluted weighted average shares outstanding: | |||||||||||||||||
Weighted average common stock outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Common stock options and restricted stock units1 | 663 | 883 | 717 | — | |||||||||||||
Total weighted average shares outstanding assuming dilution | 39,813 | 39,759 | 39,790 | 38,773 | |||||||||||||
1Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 shares have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Following is a calculation of basic and diluted EPS (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 As Revised | 2014 | 2013 As Revised | ||||||||||||||
Basic | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) allocated to common shareholders for basic calculation | $ | 15,282 | $ | 13,037 | $ | 8,370 | $ | (7,526 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 | |||||||||||||
Net income (loss) per share, basic | $ | 0.39 | $ | 0.34 | $ | 0.21 | $ | (0.19 | ) | ||||||||
Diluted | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) allocated to common shareholders for diluted calculation | $ | 15,282 | $ | 13,037 | $ | 8,370 | $ | (7,526 | ) | ||||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding, diluted | 39,813 | 39,759 | 39,790 | 38,773 | |||||||||||||
Net income (loss) per share, diluted | $ | 0.38 | $ | 0.33 | $ | 0.21 | $ | (0.19 | ) | ||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||
The following tables summarize our equity activity for the periods presented (in thousands): | |||||||||||||
Granite Construction Incorporated | Non-controlling Interests | Total Equity | |||||||||||
Balance at December 31, 2013 | $ | 781,940 | $ | 4,404 | $ | 786,344 | |||||||
Purchase of common stock1 | (4,751 | ) | — | (4,751 | ) | ||||||||
Other transactions with shareholders and employees3 | 10,505 | — | 10,505 | ||||||||||
Transactions with non-controlling interests, net | — | 15,174 | 15,174 | ||||||||||
Net income | 8,370 | 6,681 | 15,051 | ||||||||||
Dividends on common stock | (15,260 | ) | — | (15,260 | ) | ||||||||
Balance at September 30, 2014 | $ | 780,804 | $ | 26,259 | $ | 807,063 | |||||||
Balance at December 31, 2012 | $ | 829,953 | $ | 41,905 | $ | 871,858 | |||||||
Purchase of common stock2 | (5,457 | ) | — | (5,457 | ) | ||||||||
Other transactions with shareholders and employees3 | 11,430 | — | 11,430 | ||||||||||
Transactions with non-controlling interests, net | — | (21,654 | ) | (21,654 | ) | ||||||||
Net loss | (7,526 | ) | (3,986 | ) | (11,512 | ) | |||||||
Dividends on common stock | (15,150 | ) | — | (15,150 | ) | ||||||||
Balance at September 30, 2013 As Revised | $ | 813,250 | $ | 16,265 | $ | 829,515 | |||||||
1Represents 123,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
2Represents 181,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||||||||||
3Amounts are comprised primarily of amortized restricted stock and units. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information | ' | ||||||||||||||||||||
Summarized segment information for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||
Construction | Large Project Construction | Construction Materials | Real Estate | Total | |||||||||||||||||
2014 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 447,097 | $ | 179,446 | $ | 146,782 | $ | 7 | $ | 773,332 | |||||||||||
Elimination of intersegment revenue | — | — | (53,568 | ) | — | (53,568 | ) | ||||||||||||||
Revenue from external customers | 447,097 | 179,446 | 93,214 | 7 | 719,764 | ||||||||||||||||
Gross profit | 48,802 | 5,679 | 12,204 | 7 | 66,692 | ||||||||||||||||
Depreciation, depletion and amortization | 4,621 | 4,777 | 5,408 | — | 14,806 | ||||||||||||||||
2013 As Revised | |||||||||||||||||||||
Total revenue from reportable segments | $ | 470,567 | $ | 185,997 | $ | 146,286 | $ | 16 | $ | 802,866 | |||||||||||
Elimination of intersegment revenue | — | — | (63,114 | ) | — | (63,114 | ) | ||||||||||||||
Revenue from external customers | 470,567 | 185,997 | 83,172 | 16 | 739,752 | ||||||||||||||||
Gross profit (loss) | 50,719 | (2,163 | ) | 7,288 | 16 | 55,860 | |||||||||||||||
Depreciation, depletion and amortization | 8,502 | 3,634 | 5,631 | — | 17,767 | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||
Construction | Large Project Construction | Construction Materials | Real Estate | Total | |||||||||||||||||
2014 | |||||||||||||||||||||
Total revenue from reportable segments | $ | 873,357 | $ | 611,110 | $ | 286,669 | $ | 29 | $ | 1,771,165 | |||||||||||
Elimination of intersegment revenue | — | — | (85,684 | ) | — | (85,684 | ) | ||||||||||||||
Revenue from external customers | 873,357 | 611,110 | 200,985 | 29 | 1,685,481 | ||||||||||||||||
Gross profit | 82,773 | 72,264 | 15,449 | 29 | 170,515 | ||||||||||||||||
Depreciation, depletion and amortization | 12,865 | 12,001 | 16,267 | — | 41,133 | ||||||||||||||||
Segment assets | 150,070 | 247,694 | 310,731 | 11,773 | 720,268 | ||||||||||||||||
2013 As Revised | |||||||||||||||||||||
Total revenue from reportable segments | $ | 956,287 | $ | 539,268 | $ | 282,547 | $ | 141 | $ | 1,778,243 | |||||||||||
Elimination of intersegment revenue | — | — | (109,440 | ) | — | (109,440 | ) | ||||||||||||||
Revenue from external customers | 956,287 | 539,268 | 173,107 | 141 | 1,668,803 | ||||||||||||||||
Gross profit | 87,989 | 42,129 | 5,268 | 127 | 135,513 | ||||||||||||||||
Depreciation, depletion and amortization | 20,194 | 8,792 | 17,087 | — | 46,073 | ||||||||||||||||
Segment assets | 155,440 | 212,644 | 340,172 | 50,250 | 758,506 | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||
A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 As Revised | 2014 | 2013 As Revised | |||||||||||||||||
Total gross profit from reportable segments | $ | 66,692 | $ | 55,860 | $ | 170,515 | $ | 135,513 | |||||||||||||
Selling, general and administrative expenses | 47,386 | 45,527 | 147,731 | 149,477 | |||||||||||||||||
Gain on sales of property and equipment | 3,004 | 3,259 | 6,891 | 7,653 | |||||||||||||||||
Other expense | (2,124 | ) | (2,114 | ) | (6,323 | ) | (8,068 | ) | |||||||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 20,186 | $ | 11,478 | $ | 23,352 | $ | (14,379 | ) | ||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation - Narrative (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Non-cash Activity, Increase (Decrease) in Performance Guarantees | $21,332,000 | $24,202,000 |
Derivative, Notional Amount | 100,000,000 | ' |
As Reported | ' | ' |
Total | ' | -64,515,000 |
Reclassifications | ' | ' |
Total | ' | 0 |
Adjusted | ' | ' |
Total | ' | ($64,515,000) |
Notes Payable to Banks [Member] | Institutional Group Two [Member] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.11% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Institutional Group Two [Member] | ' | ' |
Derivative, Variable Interest Rate | 4.15% | ' |
Basis_of_Presentation_Schedule
Basis of Presentation - Schedule of Reclassifications (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Total revenue | $719,764 | $739,752 | $1,685,481 | $1,668,803 | ' |
Gross Profit | 66,692 | 55,860 | 170,515 | 135,513 | ' |
Selling, general and administrative expenses | 47,386 | 45,527 | 147,731 | 149,477 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | 6,891 | 7,653 | ' |
Stock-based compensation | ' | ' | 8,933 | 10,645 | ' |
Operating Income (Loss) | 22,310 | 13,592 | 29,675 | -6,311 | ' |
Income (loss) before provision for (benefit from) income taxes | 20,186 | 11,478 | 23,352 | -14,379 | ' |
Provision for (benefit from) income taxes | 6,081 | 4,946 | 8,301 | -2,867 | ' |
Net income (loss) attributable to Granite Construction Incorporated | 15,282 | 13,037 | 8,370 | -7,526 | ' |
Basic (in dollars per share) | $0.39 | $0.34 | $0.21 | ($0.19) | ' |
Diluted (in dollars per share) | $0.38 | $0.33 | $0.21 | ($0.19) | ' |
Total current assets | 1,020,829 | 1,041,304 | 1,020,829 | 1,041,304 | 950,203 |
Total assets | 1,683,043 | 1,727,134 | 1,683,043 | 1,727,134 | 1,617,155 |
Total current liabilities | 544,167 | 565,961 | 544,167 | 565,961 | 497,570 |
Total Granite Construction Incorporated shareholders’ equity | 780,804 | 813,250 | 780,804 | 813,250 | 781,940 |
Non-controlling interests | 26,259 | 16,265 | 26,259 | 16,265 | 4,404 |
Total liabilities and equity | 1,683,043 | 1,727,134 | 1,683,043 | 1,727,134 | 1,617,155 |
Net income (loss) | 14,105 | 6,532 | 15,051 | -11,512 | ' |
Depreciation, depletion and amortization | ' | ' | 49,968 | 54,788 | ' |
Equity in net income from unconsolidated joint ventures | ' | ' | -27,001 | -51,826 | ' |
Increase (Decrease) in Accounts and Other Receivables | ' | ' | 103,913 | 99,856 | ' |
Costs and estimated earnings in excess of billings, net | ' | ' | 44,126 | 16,064 | ' |
Increase (Decrease) in Inventories | ' | ' | 12,131 | 1,882 | ' |
Contributions to unconsolidated construction joint ventures | ' | ' | 24,797 | 28,514 | ' |
Distributions from unconsolidated construction joint ventures | ' | ' | 46,991 | 68,033 | ' |
Other assets, net | ' | ' | -7,250 | 4,820 | ' |
Accrued expenses and other current liabilities, net | ' | ' | 123 | 20,942 | ' |
Non-cash Activity, Increase (Decrease) in Performance Guarantees | ' | ' | 21,332 | 24,202 | ' |
Accounts payable | ' | ' | 43,710 | 3,204 | ' |
As Reported | ' | ' | ' | ' | ' |
Total revenue | ' | 741,575 | ' | 1,670,441 | ' |
Cost of Revenue | ' | 687,179 | ' | 1,534,791 | ' |
Gross Profit | ' | 54,396 | ' | 135,650 | ' |
Selling, general and administrative expenses | ' | 47,060 | ' | 150,675 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 3,259 | ' | -7,653 | ' |
Stock-based compensation | ' | ' | ' | 10,645 | ' |
Operating Income (Loss) | ' | 10,595 | ' | -7,372 | ' |
Income (loss) before provision for (benefit from) income taxes | ' | 8,481 | ' | -15,440 | ' |
Provision for (benefit from) income taxes | ' | 4,026 | ' | -3,235 | ' |
Income (Loss) Attributable to Noncontrolling Interest | ' | 6,542 | ' | 3,938 | ' |
Net income (loss) attributable to Granite Construction Incorporated | ' | 10,997 | ' | -8,267 | ' |
Basic (in dollars per share) | ' | $0.28 | ' | ($0.21) | ' |
Diluted (in dollars per share) | ' | $0.28 | ' | ($0.21) | ' |
Total current assets | ' | 1,041,672 | ' | 1,041,672 | ' |
Noncurrent assets | ' | 684,330 | ' | 684,330 | ' |
Total assets | ' | 1,726,002 | ' | 1,726,002 | ' |
Total current liabilities | ' | 565,522 | ' | 565,522 | ' |
Noncurrent liabilities | ' | 331,658 | ' | 331,658 | ' |
Total Granite Construction Incorporated shareholders’ equity | ' | 812,509 | ' | 812,509 | ' |
Non-controlling interests | ' | 16,313 | ' | 16,313 | ' |
Total liabilities and equity | ' | 1,726,002 | ' | 1,726,002 | ' |
Net income (loss) | ' | 4,455 | ' | -12,205 | ' |
Depreciation, depletion and amortization | ' | ' | ' | 54,788 | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | ' | -23 | ' |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | 0 | ' |
Increase (Decrease) in Accounts and Other Receivables | ' | ' | ' | -99,856 | ' |
Costs and estimated earnings in excess of billings, net | ' | ' | ' | -1,707 | ' |
Increase (Decrease) in Inventories | ' | ' | ' | -1,882 | ' |
Equity in construction joint ventures | ' | ' | ' | -54,672 | ' |
Contributions to unconsolidated construction joint ventures | ' | ' | ' | 0 | ' |
Distributions from unconsolidated construction joint ventures | ' | ' | ' | 0 | ' |
Other assets, net | ' | ' | ' | -5,165 | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | 5,578 | ' |
Accrued expenses and other current liabilities, net | ' | ' | ' | 47,637 | ' |
Total | ' | ' | ' | -64,515 | ' |
Reclassifications | ' | ' | ' | ' | ' |
Total revenue | ' | -1,823 | ' | -1,638 | ' |
Cost of Revenue | ' | -3,287 | ' | -1,501 | ' |
Gross Profit | ' | 1,464 | ' | -137 | ' |
Selling, general and administrative expenses | ' | -1,533 | ' | -1,198 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 0 | ' | 0 | ' |
Stock-based compensation | ' | ' | ' | 0 | ' |
Operating Income (Loss) | ' | 2,997 | ' | 1,061 | ' |
Income (loss) before provision for (benefit from) income taxes | ' | 2,997 | ' | 1,061 | ' |
Provision for (benefit from) income taxes | ' | 920 | ' | 368 | ' |
Income (Loss) Attributable to Noncontrolling Interest | ' | -37 | ' | 48 | ' |
Net income (loss) attributable to Granite Construction Incorporated | ' | 2,040 | ' | 741 | ' |
Basic (in dollars per share) | ' | $0.06 | ' | $0.02 | ' |
Diluted (in dollars per share) | ' | $0.05 | ' | $0.02 | ' |
Total current assets | ' | -368 | ' | -368 | ' |
Noncurrent assets | ' | 1,500 | ' | 1,500 | ' |
Total assets | ' | 1,132 | ' | 1,132 | ' |
Total current liabilities | ' | 439 | ' | 439 | ' |
Noncurrent liabilities | ' | 0 | ' | 0 | ' |
Total Granite Construction Incorporated shareholders’ equity | ' | 741 | ' | 741 | ' |
Non-controlling interests | ' | -48 | ' | -48 | ' |
Total liabilities and equity | ' | 1,132 | ' | 1,132 | ' |
Net income (loss) | ' | 2,077 | ' | 693 | ' |
Depreciation, depletion and amortization | ' | ' | ' | 0 | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | ' | 0 | ' |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | 0 | ' |
Increase (Decrease) in Accounts and Other Receivables | ' | ' | ' | 0 | ' |
Costs and estimated earnings in excess of billings, net | ' | ' | ' | 137 | ' |
Increase (Decrease) in Inventories | ' | ' | ' | 0 | ' |
Equity in construction joint ventures | ' | ' | ' | 0 | ' |
Contributions to unconsolidated construction joint ventures | ' | ' | ' | 0 | ' |
Distributions from unconsolidated construction joint ventures | ' | ' | ' | 0 | ' |
Other assets, net | ' | ' | ' | 368 | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | -1,198 | ' |
Accrued expenses and other current liabilities, net | ' | ' | ' | 0 | ' |
Total | ' | ' | ' | 0 | ' |
Adjusted | ' | ' | ' | ' | ' |
Total revenue | ' | 739,752 | ' | 1,668,803 | ' |
Cost of Revenue | ' | 683,892 | ' | 1,533,290 | ' |
Gross Profit | ' | 55,860 | ' | 135,513 | ' |
Selling, general and administrative expenses | ' | 45,527 | ' | 149,477 | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 3,259 | ' | -7,653 | ' |
Stock-based compensation | ' | ' | ' | 10,645 | ' |
Operating Income (Loss) | ' | 13,592 | ' | -6,311 | ' |
Income (loss) before provision for (benefit from) income taxes | ' | 11,478 | ' | -14,379 | ' |
Provision for (benefit from) income taxes | ' | 4,946 | ' | -2,867 | ' |
Income (Loss) Attributable to Noncontrolling Interest | ' | 6,505 | ' | 3,986 | ' |
Net income (loss) attributable to Granite Construction Incorporated | ' | 13,037 | ' | -7,526 | ' |
Basic (in dollars per share) | ' | $0.34 | ' | ($0.19) | ' |
Diluted (in dollars per share) | ' | $0.33 | ' | ($0.19) | ' |
Total current assets | ' | 1,041,304 | ' | 1,041,304 | ' |
Noncurrent assets | ' | 685,830 | ' | 685,830 | ' |
Total assets | ' | 1,727,134 | ' | 1,727,134 | ' |
Total current liabilities | ' | 565,961 | ' | 565,961 | ' |
Noncurrent liabilities | ' | 331,658 | ' | 331,658 | ' |
Total Granite Construction Incorporated shareholders’ equity | ' | 813,250 | ' | 813,250 | ' |
Non-controlling interests | ' | 16,265 | ' | 16,265 | ' |
Total liabilities and equity | ' | 1,727,134 | ' | 1,727,134 | ' |
Net income (loss) | ' | 6,532 | ' | -11,512 | ' |
Depreciation, depletion and amortization | ' | ' | ' | 54,788 | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | ' | 0 | ' |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | -51,826 | ' |
Increase (Decrease) in Accounts and Other Receivables | ' | ' | ' | -99,856 | ' |
Costs and estimated earnings in excess of billings, net | ' | ' | ' | -16,064 | ' |
Increase (Decrease) in Inventories | ' | ' | ' | -1,882 | ' |
Equity in construction joint ventures | ' | ' | ' | 0 | ' |
Contributions to unconsolidated construction joint ventures | ' | ' | ' | -28,514 | ' |
Distributions from unconsolidated construction joint ventures | ' | ' | ' | 68,033 | ' |
Other assets, net | ' | ' | ' | -4,820 | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | 3,204 | ' |
Accrued expenses and other current liabilities, net | ' | ' | ' | 20,942 | ' |
Total | ' | ' | ' | -64,515 | ' |
Adjustment for Error Correction, Reclassification [Member] | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | ' | 0 | ' |
Stock-based compensation | ' | ' | ' | 0 | ' |
Net income (loss) | ' | ' | ' | 0 | ' |
Depreciation, depletion and amortization | ' | ' | ' | 0 | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | ' | 23 | ' |
Equity in net income from unconsolidated joint ventures | ' | ' | ' | -51,826 | ' |
Increase (Decrease) in Accounts and Other Receivables | ' | ' | ' | 0 | ' |
Costs and estimated earnings in excess of billings, net | ' | ' | ' | -14,494 | ' |
Increase (Decrease) in Inventories | ' | ' | ' | 0 | ' |
Equity in construction joint ventures | ' | ' | ' | 54,672 | ' |
Contributions to unconsolidated construction joint ventures | ' | ' | ' | -28,514 | ' |
Distributions from unconsolidated construction joint ventures | ' | ' | ' | 68,033 | ' |
Other assets, net | ' | ' | ' | -23 | ' |
Increase (Decrease) in Accounts Payable | ' | ' | ' | -1,176 | ' |
Accrued expenses and other current liabilities, net | ' | ' | ' | -26,695 | ' |
Total | ' | ' | ' | $0 | ' |
Revisions_in_Estimates_Details
Revisions in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Amount Considered Significant to Individual Project Gross Profit | $21,400,000 | $13,500,000 | $50,000,000 | $28,800,000 |
Financial Effect on Future Periods | 0 | ' | 0 | ' |
Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Amount Considered Significant to Individual Project Gross Profit | 1,000,000 | ' | ' | ' |
Increase (Decrease) on Project Profitability | -1,000,000 | 1,500,000 | -9,400,000 | 600,000 |
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Increase (Decrease) on Project Profitability | -8,500,000 | -6,800,000 | 25,900,000 | 13,600,000 |
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 | 1,800,000 | 5,900,000 | 5,800,000 | 4,300,000 |
Upward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 0 | 4 | 2 | 5 |
Range Of Effect On Gross Profit | 0 | ' | ' | ' |
Increase (Decrease) on Project Profitability | 0 | 7,400,000 | 2,200,000 | 11,800,000 |
Upward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ' | -1,300,000 | -1,100,000 | -1,100,000 |
Upward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ' | -2,700,000 | -1,200,000 | -3,000,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 2 | 3 | 9 | 6 |
Increase (Decrease) on Project Profitability | 5,100,000 | 12,900,000 | 43,000,000 | 47,500,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -1,300,000 | -1,000,000 | -1,100,000 | -2,100,000 |
Upward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -3,800,000 | -10,500,000 | -11,800,000 | -26,600,000 |
Downward Estimate Change [Member] | Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 1 | 3 | 5 | 4 |
Range Of Effect On Gross Profit | -1,000,000 | ' | ' | ' |
Increase (Decrease) on Project Profitability | 1,000,000 | 5,900,000 | 11,600,000 | 11,200,000 |
Downward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ' | -1,500,000 | 1,700,000 | 1,100,000 |
Downward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ' | -2,500,000 | 2,900,000 | 4,300,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Number of Projects with Estimate Changes | 3 | 4 | 3 | 4 |
Increase (Decrease) on Project Profitability | -13,600,000 | -19,700,000 | -17,100,000 | -33,900,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | -2,000,000 | 1,400,000 | -1,300,000 | 1,600,000 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Range Of Effect On Gross Profit | ($7,000,000) | $14,700,000 | ($13,900,000) | $23,500,000 |
Marketable_Securities_Carrying
Marketable Securities - Carrying Amounts of Marketable Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Marketable Securities [Line Items] | ' | ' | ' |
Short-term marketable securities | $27,950 | $49,968 | $22,892 |
Long-term marketable securities | 74,140 | 67,234 | 64,014 |
Held-to-Maturity [Member] | ' | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' | ' |
Short-term marketable securities | 27,950 | 49,968 | 22,892 |
Long-term marketable securities | 74,140 | 67,234 | 64,014 |
Total marketable securities | 102,090 | 117,202 | 86,906 |
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member] | ' | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' | ' |
Short-term marketable securities | 12,967 | 10,000 | 1,260 |
Long-term marketable securities | 74,140 | 67,234 | 64,014 |
Commercial paper [Member] | Held-to-Maturity [Member] | ' | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' | ' |
Short-term marketable securities | 14,983 | 39,968 | 19,982 |
Municipal bonds [Member] | Held-to-Maturity [Member] | ' | ' | ' |
Schedule of Marketable Securities [Line Items] | ' | ' | ' |
Short-term marketable securities | $0 | $0 | $1,650 |
Marketable_Securities_Maturiti
Marketable Securities - Maturities of Held to Maturity Investments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Marketable Securities [Abstract] | ' |
Held-to-maturity investments, maturities due within one year | $27,950 |
Held-to-maturity investments, maturities due in one to five years | 74,140 |
Held-to-maturity investments, total maturities due | $102,090 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $70,000 | $70,000 | $70,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Assets, Fair Value Disclosure | 50,148 | 89,336 | 113,220 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Assets, Fair Value Disclosure | 50,148 | 89,336 | 113,220 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash equivalents | 50,148 | 89,336 | 113,220 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Cash equivalents | $50,148 | $89,336 | $113,220 |
Fair_Value_Measurement_Cash_an
Fair Value Measurement - Cash and Cash Equivalents (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash Equivalents, at Carrying Value [Abstract] | ' | ' | ' | ' |
Cash equivalents | $50,148 | $89,336 | $113,220 | ' |
Cash | 117,026 | 139,785 | 99,243 | ' |
Total cash and cash equivalents | $167,174 | $229,121 | $212,463 | $321,990 |
Fair_Value_Measurement_Carryin
Fair Value Measurement - Carrying and Fair Value Amounts (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||||||
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Swap [Member] | Swap [Member] | Commodity Contract [Member] | Commodity Contract [Member] | ||||||||||
Institutional Group Two [Member] | Notes Payable to Banks [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Institutional Group Two [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash equivalents | ' | ' | ' | ' | ' | $50,148,000 | $89,336,000 | $113,220,000 | $0 | $0 | $0 | $50,148,000 | $89,336,000 | $113,220,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative, Notional Amount | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Held-to-maturity Securities, Fair Value Disclosure current and long-term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,711,000 | [1] | 116,915,000 | [1] | 86,594,000 | [1] | ' | ' | ' | ' | ' | ' | ' | |||
Senior Notes | 200,000,000 | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,186,000 | [2] | 225,865,000 | [2] | 226,110,000 | [2] | ' | ' | ' | ' | |||
Line of Credit Facility, Amount Outstanding | 70,000,000 | 70,000,000 | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,258,000 | [2] | 69,601,000 | [2] | 70,166,000 | [2] | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 6.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Derivative, Variable Interest Rate | ' | ' | ' | ' | 4.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net gain (loss) on interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($600,000) | $300,000 | $600,000 | $700,000 | ||||||
[1] | Held-to-maturity marketable securities are periodically assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||||
[2] | The fair values of the senior notes payable and Credit Agreement (defined in Note 11) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Receivables_Net_Details
Receivables, Net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | $418,136 | $316,111 | $425,174 |
Allowance for Accounts, Notes, Loans and Financing Receivable, Current | 508 | 2,513 | 2,565 |
Receivables, net | 417,628 | 313,598 | 422,609 |
Construction Contracts [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 353,678 | 266,641 | 351,296 |
Completed and in Progress [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 274,203 | 193,538 | 275,182 |
Retentions [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 79,475 | 73,103 | 76,114 |
Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 26,128 | 25,124 | 23,794 |
Non Escrow [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 53,347 | 47,979 | 52,320 |
Construction Material Sales [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 54,718 | 36,813 | 55,466 |
Other Business Products and Services [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable, Gross, Current | $9,740 | $12,657 | $18,412 |
Construction_and_Line_Item_Joi2
Construction and Line Item Joint Ventures - Consolidated Construction Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Cash and cash equivalents | $167,174,000 | $212,463,000 | $167,174,000 | $212,463,000 | $229,121,000 | $321,990,000 | |||||
Other current assets | 21,743,000 | 32,836,000 | 21,743,000 | 32,836,000 | 30,711,000 | ' | |||||
Total current assets | 1,020,829,000 | 1,041,304,000 | 1,020,829,000 | 1,041,304,000 | 950,203,000 | ' | |||||
Property and equipment, net | 424,272,000 | 458,024,000 | 424,272,000 | 458,024,000 | 436,859,000 | ' | |||||
Other noncurrent assets | 75,826,000 | 78,655,000 | 75,826,000 | 78,655,000 | 76,580,000 | ' | |||||
Total assets | 1,683,043,000 | 1,727,134,000 | 1,683,043,000 | 1,727,134,000 | 1,617,155,000 | ' | |||||
Accounts payable | 205,493,000 | 198,282,000 | 205,493,000 | 198,282,000 | 160,706,000 | ' | |||||
Billings in excess of costs and estimated earnings | 115,809,000 | 146,343,000 | 115,809,000 | 146,343,000 | 138,375,000 | ' | |||||
Accrued expenses and other current liabilities | 221,618,000 | 219,169,000 | 221,618,000 | 219,169,000 | 197,242,000 | ' | |||||
Total current liabilities | 544,167,000 | 565,961,000 | 544,167,000 | 565,961,000 | 497,570,000 | ' | |||||
Construction | 447,097,000 | 470,567,000 | 873,357,000 | 956,287,000 | ' | ' | |||||
Net cash used in operating activities | ' | ' | -46,833,000 | -64,515,000 | ' | ' | |||||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 6,100,000,000 | ' | 6,100,000,000 | ' | ' | ' | |||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Cash and cash equivalents | 29,518,000 | [1] | 57,133,000 | [1] | 29,518,000 | [1] | 57,133,000 | [1] | 38,800,000 | [1] | ' |
Receivables, Net | 45,483,000 | 47,696,000 | 45,483,000 | 47,696,000 | 38,372,000 | ' | |||||
Costs and estimated earnings in excess of billings | 21,105,000 | [1] | 81,000 | [1] | 21,105,000 | [1] | 81,000 | [1] | 178,000 | [1] | ' |
Other current assets | 1,910,000 | 3,734,000 | 1,910,000 | 3,734,000 | 4,600,000 | ' | |||||
Total current assets | 98,016,000 | 108,644,000 | 98,016,000 | 108,644,000 | 81,950,000 | ' | |||||
Property and equipment, net | 16,172,000 | 28,194,000 | 16,172,000 | 28,194,000 | 22,216,000 | ' | |||||
Total assets | 114,188,000 | [2] | 136,838,000 | [2] | 114,188,000 | [2] | 136,838,000 | [2] | 104,166,000 | [2] | ' |
Accounts payable | 22,951,000 | 20,075,000 | 22,951,000 | 20,075,000 | 16,937,000 | ' | |||||
Billings in excess of costs and estimated earnings | 23,138,000 | [1] | 70,518,000 | [1] | 23,138,000 | [1] | 70,518,000 | [1] | 60,185,000 | [1] | ' |
Accrued expenses and other current liabilities | 3,110,000 | 12,816,000 | 3,110,000 | 12,816,000 | 11,299,000 | ' | |||||
Total liabilities | 49,199,000 | [2] | 103,409,000 | [2] | 49,199,000 | [2] | 103,409,000 | [2] | 88,421,000 | [2] | ' |
Number of Active Joint Venture Projects | 3 | ' | 3 | ' | ' | ' | |||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 11 | ' | 11 | ' | ' | ' | |||||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 4 | ' | 4 | ' | ' | ' | |||||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 1,800,000,000 | ' | 1,800,000,000 | ' | ' | ' | |||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 4,300,000,000 | ' | 4,300,000,000 | ' | ' | ' | |||||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 32,400,000 | ' | 32,400,000 | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | 100,000 | ' | 100,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 55.00% | ' | 55.00% | ' | ' | ' | |||||
Construction | 23,800,000 | 42,400,000 | 122,000,000 | 131,100,000 | ' | ' | |||||
Net cash used in operating activities | ' | ' | 44,700,000 | 10,400,000 | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 72,800,000 | ' | 72,800,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | 20.00% | ' | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 42,600,000 | ' | 42,600,000 | ' | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 300,000 | ' | 300,000 | ' | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 28,700,000 | ' | 28,700,000 | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 364,300,000 | ' | 364,300,000 | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | 43,900,000 | ' | 43,900,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | 65.00% | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 3,100,000,000 | ' | 3,100,000,000 | ' | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | 50.00% | ' | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 86,100,000 | ' | 86,100,000 | ' | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 696,900,000 | ' | 696,900,000 | ' | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | |||||
Construction Contract Value | $63,800,000 | ' | $63,800,000 | ' | ' | ' | |||||
[1] | The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings between periods. | ||||||||||
[2] | The assets and liabilities of each consolidated 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 a majority of the members and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. |
Construction_and_Line_Item_Joi3
Construction and Line Item Joint Ventures - Unconsolidated Construction Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Equity in construction joint ventures | $181,259,000 | $161,063,000 | $181,259,000 | $161,063,000 | $162,673,000 | |||||
Granite Construction [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Revenue | 1,800,000 | 21,300,000 | 28,100,000 | 53,200,000 | ' | |||||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 6,100,000,000 | ' | 6,100,000,000 | ' | ' | |||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 3 | ' | 3 | ' | ' | |||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 11 | ' | 11 | ' | ' | |||||
Unconsolidated Construction Joint Venture Revenue | 313,945,000 | 363,523,000 | 1,055,276,000 | 848,082,000 | ' | |||||
Unconsolidated Construction Joint Venture Cost of Revenue | 338,848,000 | 290,112,000 | 982,014,000 | 661,587,000 | ' | |||||
Unconsolidated Construction Joint Venture Revenue | -25,200,000 | 71,100,000 | 75,200,000 | 182,800,000 | ' | |||||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Number of Active Joint Venture Projects | 4 | ' | 4 | ' | ' | |||||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 1,800,000,000 | ' | 1,800,000,000 | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 293,467,000 | 294,304,000 | 293,467,000 | 294,304,000 | 296,391,000 | |||||
Unconsolidated Construction Joint Venture Liabilities | 112,208,000 | 133,241,000 | 112,208,000 | 133,241,000 | 133,718,000 | |||||
Unconsolidated Construction Joint Venture Revenue | 100,877,000 | 103,868,000 | 313,825,000 | 262,066,000 | ' | |||||
Unconsolidated Construction Joint Venture Cost of Revenue | 99,187,000 | 86,308,000 | 285,381,000 | 208,803,000 | ' | |||||
Unconsolidated Construction Joint Venture Gross Profit Loss | 1,690,000 | 17,560,000 | 28,444,000 | 53,263,000 | ' | |||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 4,300,000,000 | ' | 4,300,000,000 | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 530,585,000 | 557,857,000 | 530,585,000 | 557,857,000 | 612,530,000 | |||||
Unconsolidated Construction Joint Venture Liabilities | 269,264,000 | 336,885,000 | 269,264,000 | 336,885,000 | 371,760,000 | |||||
Unconsolidated Construction Joint Venture Revenue | 213,068,000 | [1] | 259,655,000 | [1] | 741,451,000 | [1] | 586,016,000 | [1] | ' | |
Unconsolidated Construction Joint Venture Cost of Revenue | 239,661,000 | [1] | 203,804,000 | [1] | 696,633,000 | [1] | 452,784,000 | [1] | ' | |
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 32,400,000 | ' | 32,400,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 55.00% | ' | 55.00% | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 72,800,000 | ' | 72,800,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ' | 20.00% | ' | ' | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 42,600,000 | ' | 42,600,000 | ' | ' | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 100,000 | ' | 100,000 | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 300,000 | ' | 300,000 | ' | ' | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 28,700,000 | ' | 28,700,000 | ' | ' | |||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 364,300,000 | ' | 364,300,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ' | 65.00% | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 3,100,000,000 | ' | 3,100,000,000 | ' | ' | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ' | 50.00% | ' | ' | |||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 86,100,000 | ' | 86,100,000 | ' | ' | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 27,600,000 | ' | 27,600,000 | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 696,900,000 | ' | 696,900,000 | ' | ' | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Construction Contract Value | 63,800,000 | ' | 63,800,000 | ' | ' | |||||
Cash and Cash Equivalents [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 286,040,000 | [2] | 412,506,000 | [2] | 286,040,000 | [2] | 412,506,000 | [2] | 385,094,000 | [2] |
Other Assets, Current and Longterm [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Assets | 538,012,000 | 439,655,000 | 538,012,000 | 439,655,000 | 523,827,000 | |||||
Accounts Payable [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | 141,630,000 | 127,695,000 | 141,630,000 | 127,695,000 | 155,985,000 | |||||
Billings in Excess of Costs and Estimated Earnings [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | 178,781,000 | [2] | 274,052,000 | [2] | 178,781,000 | [2] | 274,052,000 | [2] | 245,341,000 | [2] |
Accrued Liabilities [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ' | ' | ' | ' | ' | |||||
Construction Joint Venture [Line Items] | ' | ' | ' | ' | ' | |||||
Unconsolidated Construction Joint Venture Liabilities | $61,061,000 | $68,379,000 | $61,061,000 | $68,379,000 | $104,152,000 | |||||
[1] | Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies. | |||||||||
[2] | The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. |
Real_Estate_Entities_and_Inves3
Real Estate Entities and Investments in Affiliates - Consolidated Real Estate Entities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | ||||
Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | Joint Venture Consolidated [Member] | |||||||
Real Estate Entities [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | WASHINGTON | WASHINGTON | WASHINGTON | |||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential real estate [Member] | Residential real estate [Member] | Residential real estate [Member] | |||||||||||
Real Estate Entities [Member] | Real Estate Entities [Member] | Real Estate Entities [Member] | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Assets | ' | ' | ' | 172,220,000 | 173,988,000 | 166,601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate held for development and sale | 11,773,000 | 12,478,000 | 50,250,000 | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | 12,500,000 | 50,300,000 | 11,600,000 | 11,600,000 | 40,800,000 |
Other current assets | 21,743,000 | 30,711,000 | 32,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 1,020,829,000 | 950,203,000 | 1,041,304,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | 424,272,000 | 436,859,000 | 458,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of non-recourse debt | 1,226,000 | 1,226,000 | 2,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 544,167,000 | 497,570,000 | 565,961,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term non-recourse debt | 5,822,000 | 6,741,000 | 7,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | 45,887,000 | 48,580,000 | 46,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Recourse Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,000,000 | $8,000,000 | $9,200,000 | ' | ' | ' |
Real_Estate_Entities_and_Inves4
Real Estate Entities and Investments in Affiliates - Investments in Affiliates (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | ||||
Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | Other Partners Interest in Partnerships [Member] | Other Partners Interest in Partnerships [Member] | Other Partners Interest in Partnerships [Member] | Other Partners Interest in Partnerships [Member] | Reporting Entitys Interest in Joint Venture [Member] | Reporting Entitys Interest in Joint Venture [Member] | Reporting Entitys Interest in Joint Venture [Member] | Reporting Entitys Interest in Joint Venture [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | ||||||||
Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Other Affiliates [Member] | Other Affiliates [Member] | Other Affiliates [Member] | Equity Method investments in Real Estate Affiliates [Member] | Equity Method investments in Real Estate Affiliates [Member] | Equity Method investments in Real Estate Affiliates [Member] | Minimum [Member] | Maximum [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | Joint Venture Unconsolidated [Member] | Joint Venture Unconsolidated [Member] | |||||||||||
project | project | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Real Estate Entities [Member] | Real Estate Entities [Member] | |||||||||||||||||||||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unconsolidated Construction Joint Venture Revenue | ' | ' | ' | ' | ' | ' | $313,945,000 | $363,523,000 | $1,055,276,000 | $848,082,000 | ' | ' | ' | ' | ' | ' | ' | ' | $213,068,000 | [1] | $259,655,000 | [1] | $741,451,000 | [1] | $586,016,000 | [1] | $100,877,000 | $103,868,000 | $313,825,000 | $262,066,000 | ' | ' |
Investments in affiliates | 34,177,000 | 32,480,000 | 31,338,000 | 34,177,000 | 32,480,000 | 31,338,000 | ' | ' | ' | ' | 10,137,000 | 11,088,000 | 10,850,000 | 24,040,000 | 21,392,000 | 20,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Real Estate Development Projects Range of Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 57,000,000 | ||||
Equity Method Investment, Summarized Financial Information, Assets | ' | ' | ' | 172,220,000 | 173,988,000 | 166,601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity Method Investments Summarized Financial Information Net Assets | ' | ' | ' | 103,651,000 | 99,444,000 | 95,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity Method Investments | ' | ' | 14,000,000 | 17,800,000 | 14,900,000 | ' | ' | ' | ' | ' | 34,177,000 | 32,480,000 | 31,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of projects | ' | ' | ' | ' | ' | ' | 11 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Investments in affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unconsolidated Construction Joint Venture Cost of Revenue | ' | ' | ' | ' | ' | ' | 338,848,000 | 290,112,000 | 982,014,000 | 661,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | 239,661,000 | [1] | 203,804,000 | [1] | 696,633,000 | [1] | 452,784,000 | [1] | 99,187,000 | 86,308,000 | 285,381,000 | 208,803,000 | ' | ' |
Unconsolidated Construction Joint Venture Gross Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,690,000 | $17,560,000 | $28,444,000 | $53,263,000 | ' | ' | ||||
[1] | Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies. |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | $1,215,551 | $1,209,980 | $1,214,917 |
Accumulated depreciation and depletion | 791,279 | 773,121 | 756,893 |
Property and equipment, net | 424,272 | 436,859 | 458,024 |
Equipment and vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 771,934 | 765,971 | 756,098 |
Quarry property [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 169,982 | 170,442 | 180,205 |
Land and land improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 118,985 | 119,917 | 125,606 |
Building and leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | 83,813 | 83,494 | 83,743 |
Office furniture and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment | $70,837 | $70,156 | $69,265 |
Intangible_Assets_Indefinite_L
Intangible Assets - Indefinite Lived Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | $53,799,000 | $53,799,000 | $53,799,000 |
Construction [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 29,260,000 | 29,260,000 | 28,398,000 |
Large Project Construction [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 22,593,000 | 22,593,000 | 23,287,000 |
Construction Materials [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Goodwill | 1,946,000 | 1,946,000 | 2,114,000 |
Other Noncurrent Assets [Member] | Use Rights [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 $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | $48,570,000 | $48,570,000 | $48,570,000 | $48,570,000 | $48,570,000 |
Total amortized intangible assets, Accumulated Amortization | -25,953,000 | -21,978,000 | -25,953,000 | -21,978,000 | -24,158,000 |
Total amortized intangible assets, Net Value | -22,617,000 | -26,592,000 | -22,617,000 | -26,592,000 | -24,412,000 |
Amortization expense | 600,000 | 2,200,000 | 1,800,000 | 6,700,000 | ' |
Future amortization expense, Remainder of Fiscal Year | 900,000 | ' | 900,000 | ' | ' |
Future amortization expense, Year One | 2,100,000 | ' | 2,100,000 | ' | ' |
Future amortization expense, Year Two | 1,800,000 | ' | 1,800,000 | ' | ' |
Future amortization expense, Year Three | 1,700,000 | ' | 1,700,000 | ' | ' |
Future amortization expense, Year Four | 1,700,000 | ' | 1,700,000 | ' | ' |
Future amortization expense, after Year Four | 14,400,000 | ' | 14,400,000 | ' | ' |
Permits [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 29,713,000 | 29,713,000 | 29,713,000 | 29,713,000 | 29,713,000 |
Total amortized intangible assets, Accumulated Amortization | -12,835,000 | -11,711,000 | -12,835,000 | -11,711,000 | -11,992,000 |
Total amortized intangible assets, Net Value | -16,878,000 | -18,002,000 | -16,878,000 | -18,002,000 | -17,721,000 |
Customer Lists [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,398,000 | 4,398,000 | 4,398,000 | 4,398,000 | 4,398,000 |
Total amortized intangible assets, Accumulated Amortization | -2,711,000 | -2,418,000 | -2,711,000 | -2,418,000 | -2,491,000 |
Total amortized intangible assets, Net Value | -1,687,000 | 1,980,000 | -1,687,000 | 1,980,000 | -1,907,000 |
Covenants not to compete [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 2,459,000 | 2,459,000 | 2,459,000 | 2,459,000 | 2,459,000 |
Total amortized intangible assets, Accumulated Amortization | -2,426,000 | -2,378,000 | -2,426,000 | -2,378,000 | -2,408,000 |
Total amortized intangible assets, Net Value | -33,000 | -81,000 | -33,000 | -81,000 | -51,000 |
Order or Production Backlog [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 7,900,000 | 7,900,000 | 7,900,000 | 7,900,000 | 7,900,000 |
Total amortized intangible assets, Accumulated Amortization | -7,226,000 | -5,147,000 | -7,226,000 | -5,147,000 | -6,835,000 |
Total amortized intangible assets, Net Value | 674,000 | 2,753,000 | 674,000 | 2,753,000 | 1,065,000 |
Trade Names [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Total amortized intangible assets, Gross Value | 4,100,000 | 4,100,000 | 4,100,000 | 4,100,000 | 4,100,000 |
Total amortized intangible assets, Accumulated Amortization | -755,000 | -324,000 | -755,000 | -324,000 | -432,000 |
Total amortized intangible assets, Net Value | $3,345,000 | $3,776,000 | $3,345,000 | $3,776,000 | $3,668,000 |
Covenants_and_Events_of_Defaul1
Covenants and Events of Default (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Debt Instrument [Line Items] | ' |
Covenant Compliance | 'We were in compliance with the covenants contained in our senior note agreements and Credit Agreement. |
Line of Credit [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 215 |
Letter of Credit [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 100 |
Weighted_Average_Shares_Outsta2
Weighted Average Shares Outstanding (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ' | ' | ' | ' | |
Weighted average common stock outstanding | 39,150,000 | 38,876,000 | 39,073,000 | 38,773,000 | |
Weighted average common stock outstanding, basic (in shares) | 39,150,000 | 38,876,000 | 39,073,000 | 38,773,000 | |
Effect of dilutive securities: | ' | ' | ' | ' | |
Stock options and restricted units excluded from calculation | 663,000 | 883,000 | 717,000 | 0 | [1] |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' | |
Weighted average common stock outstanding, basic (in shares) | 39,150,000 | 38,876,000 | 39,073,000 | 38,773,000 | |
Effect of dilutive securities: | ' | ' | ' | ' | |
Stock options and restricted units excluded from calculation | 663,000 | 883,000 | 717,000 | 0 | [1] |
Total weighted average shares outstanding assuming dilution (in shares) | 39,813,000 | 39,759,000 | 39,790,000 | 38,773,000 | |
Antidilutive shares excluded from computation of diluted net loss | ' | ' | ' | 863,000 | |
[1] | Due to the net loss for the nine months ended September 30, 2013, restricted stock units and common stock options representing approximately 863,000 shares 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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $15,282 | $13,037 | $8,370 | ($7,526) |
Weighted average common shares outstanding, basic | 39,150 | 38,876 | 39,073 | 38,773 |
Weighted average common shares outstanding, diluted | 39,813 | 39,759 | 39,790 | 38,773 |
Basic (in dollars per share) | $0.39 | $0.34 | $0.21 | ($0.19) |
Diluted (in dollars per share) | $0.38 | $0.33 | $0.21 | ($0.19) |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | $786,344 | $871,858 | ||
Purchase of common stock | ' | ' | -4,751 | [1] | -5,457 | [2] |
Other transactions with shareholders | ' | ' | 10,505 | [3] | 11,430 | [3] |
Transactions with noncontrolling interests, net | ' | ' | 15,174 | -21,654 | ||
Net Income (Loss) Attributable to Parent | 15,282 | 13,037 | 8,370 | -7,526 | ||
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net income (loss) | 14,105 | 6,532 | 15,051 | -11,512 | ||
Dividends on common stock | ' | ' | -15,260 | -15,150 | ||
Stockholders' equity, ending balance | 807,063 | 829,515 | 807,063 | 829,515 | ||
Shares Purchased for Tax Withholding for Share Based Compensation | ' | ' | 123,000 | 181,000 | ||
Granite Construction [Member] | ' | ' | ' | ' | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | 781,940 | 829,953 | ||
Purchase of common stock | ' | ' | -4,751 | [1] | -5,457 | [2] |
Other transactions with shareholders | ' | ' | 10,505 | [3] | 11,430 | [3] |
Transactions with noncontrolling interests, net | ' | ' | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | ' | ' | 8,370 | ' | ||
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net income (loss) | ' | ' | ' | -7,526 | ||
Dividends on common stock | ' | ' | -15,260 | -15,150 | ||
Stockholders' equity, ending balance | 780,804 | 813,250 | 780,804 | 813,250 | ||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ||
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance | ' | ' | 4,404 | 41,905 | ||
Purchase of common stock | ' | ' | 0 | [1] | 0 | [2] |
Other transactions with shareholders | ' | ' | 0 | [3] | 0 | [3] |
Transactions with noncontrolling interests, net | ' | ' | 15,174 | -21,654 | ||
Comprehensive income (loss): | ' | ' | ' | ' | ||
Net income (loss) | ' | ' | 6,681 | -3,986 | ||
Dividends on common stock | ' | ' | 0 | 0 | ||
Stockholders' equity, ending balance | $26,259 | $16,265 | $26,259 | $16,265 | ||
[1] | Represents 123,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||
[2] | Represents 181,000 shares purchased in connection with employee tax withholding for shares/units vested under our Amended and Restated 1999 Equity Incentive Plan. | |||||
[3] | Amounts are comprised primarily of amortized restricted stock and units. |
Legal_Proceedings_Legal_Procee
Legal Proceedings Legal Proceedings (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Loss Contingency Accrual | $9,900,000 | $16,300,000 | $18,000,000 |
Loss Contingency, Range of Possible Loss, Minimum | 0 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | $5,000,000 | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Construction | $447,097,000 | $470,567,000 | $873,357,000 | $956,287,000 | ' |
Total revenue | 719,764,000 | 739,752,000 | 1,685,481,000 | 1,668,803,000 | ' |
Real Estate | 7,000 | 16,000 | 29,000 | 141,000 | ' |
Construction Materials | 93,214,000 | 83,172,000 | 200,985,000 | 173,107,000 | ' |
Large Project Construction | 179,446,000 | 185,997,000 | 611,110,000 | 539,268,000 | ' |
Gross profit | 66,692,000 | 55,860,000 | 170,515,000 | 135,513,000 | ' |
Assets | 1,683,043,000 | 1,727,134,000 | 1,683,043,000 | 1,727,134,000 | 1,617,155,000 |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 66,692,000 | 55,860,000 | 170,515,000 | 135,513,000 | ' |
Selling, general and administrative expenses | 47,386,000 | 45,527,000 | 147,731,000 | 149,477,000 | ' |
Gain on sales of property and equipment | 3,004,000 | 3,259,000 | 6,891,000 | 7,653,000 | ' |
Other income (expense), net | -2,124,000 | -2,114,000 | -6,323,000 | -8,068,000 | ' |
Loss before benefit from income taxes | 20,186,000 | 11,478,000 | 23,352,000 | -14,379,000 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Construction | 447,097,000 | 470,567,000 | 873,357,000 | 956,287,000 | ' |
Large Project Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenue | ' | 185,997,000 | ' | ' | ' |
Large Project Construction | 179,446,000 | ' | 611,110,000 | 539,268,000 | ' |
Construction Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenue | ' | 83,172,000 | ' | ' | ' |
Construction Materials | 93,214,000 | ' | 200,985,000 | 173,107,000 | ' |
Real Estate Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Real Estate | 7,000 | 16,000 | 29,000 | 141,000 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 773,332,000 | 802,866,000 | 1,771,165,000 | 1,778,243,000 | ' |
Elimination of intersegment revenue | 773,332,000 | 802,866,000 | 1,771,165,000 | 1,778,243,000 | ' |
Gross profit | 66,692,000 | 55,860,000 | 170,515,000 | 135,513,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 14,806,000 | 17,767,000 | 41,133,000 | 46,073,000 | ' |
Assets | 720,268,000 | 758,506,000 | 720,268,000 | 758,506,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 66,692,000 | 55,860,000 | 170,515,000 | 135,513,000 | ' |
Operating Segments [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 447,097,000 | 470,567,000 | 873,357,000 | 956,287,000 | ' |
Elimination of intersegment revenue | 447,097,000 | 470,567,000 | 873,357,000 | 956,287,000 | ' |
Gross profit | 48,802,000 | 50,719,000 | 82,773,000 | 87,989,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 4,621,000 | 8,502,000 | 12,865,000 | 20,194,000 | ' |
Assets | 150,070,000 | 155,440,000 | 150,070,000 | 155,440,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 48,802,000 | 50,719,000 | 82,773,000 | 87,989,000 | ' |
Operating Segments [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 179,446,000 | 185,997,000 | 611,110,000 | 539,268,000 | ' |
Elimination of intersegment revenue | 179,446,000 | 185,997,000 | 611,110,000 | 539,268,000 | ' |
Gross profit | 5,679,000 | -2,163,000 | 72,264,000 | 42,129,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 4,777,000 | 3,634,000 | 12,001,000 | 8,792,000 | ' |
Assets | 247,694,000 | 212,644,000 | 247,694,000 | 212,644,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 5,679,000 | -2,163,000 | 72,264,000 | 42,129,000 | ' |
Operating Segments [Member] | Construction Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 146,782,000 | 146,286,000 | 286,669,000 | 282,547,000 | ' |
Elimination of intersegment revenue | 146,782,000 | 146,286,000 | 286,669,000 | 282,547,000 | ' |
Gross profit | 12,204,000 | 7,288,000 | 15,449,000 | 5,268,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 5,408,000 | 5,631,000 | 16,267,000 | 17,087,000 | ' |
Assets | 310,731,000 | 340,172,000 | 310,731,000 | 340,172,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 12,204,000 | 7,288,000 | 15,449,000 | 5,268,000 | ' |
Operating Segments [Member] | Real Estate Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 7,000 | 16,000 | 29,000 | 141,000 | ' |
Elimination of intersegment revenue | 7,000 | 16,000 | 29,000 | 141,000 | ' |
Gross profit | 7,000 | 16,000 | 29,000 | 127,000 | ' |
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | 0 | 0 | ' |
Assets | 11,773,000 | 50,250,000 | 11,773,000 | 50,250,000 | ' |
Reconciliation from Segment Totals to Consolidated [Abstract] | ' | ' | ' | ' | ' |
Gross profit | 7,000 | 16,000 | 29,000 | 127,000 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | -53,568,000 | -63,114,000 | -85,684,000 | -109,440,000 | ' |
Elimination of intersegment revenue | -53,568,000 | -63,114,000 | -85,684,000 | -109,440,000 | ' |
Intersegment Eliminations [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 0 | 0 | 0 | 0 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 0 | 0 | 0 | 0 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Intersegment Eliminations [Member] | Construction Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | -53,568,000 | -63,114,000 | -85,684,000 | -109,440,000 | ' |
Elimination of intersegment revenue | -53,568,000 | -63,114,000 | -85,684,000 | -109,440,000 | ' |
Intersegment Eliminations [Member] | Real Estate Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue from reportable segments | 0 | 0 | 0 | 0 | ' |
Elimination of intersegment revenue | 0 | 0 | 0 | 0 | ' |
Maximum [Member] | Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Contract Value | 75,000,000 | ' | 75,000,000 | ' | ' |
Minimum [Member] | Large Project Construction [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Contract Value | $75,000,000 | ' | $75,000,000 | ' | ' |