Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 22, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Entity Central Index Key | 861,459 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 39,382,715 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Current Assets | |||
Cash and cash equivalents ($41,052, $61,276 and $29,518 related to consolidated construction joint ventures (“CCJVs”) | $ 221,785 | $ 255,961 | $ 167,174 |
Short-term marketable securities | 17,607 | 25,504 | 27,950 |
Receivables, net ($36,527, $36,781 and $45,483 related to CCJVs) | 456,688 | 310,934 | 417,628 |
Costs and estimated earnings in excess of billings ($365, $129 and $21,105 related to CCJVs) | 56,971 | 36,411 | 62,823 |
Inventories | 60,289 | 68,920 | 74,605 |
Real estate held for development and sale | 11,609 | 11,609 | 11,773 |
Deferred income taxes | 39,272 | 53,231 | 55,874 |
Equity in construction joint ventures | 219,652 | 184,575 | 181,259 |
Other current assets | 18,863 | 23,033 | 21,743 |
Total current assets | 1,102,736 | 970,178 | 1,020,829 |
Property and equipment, net ($6,068, $11,969 and $16,172 related to CCJVs) | 385,036 | 409,653 | 424,272 |
Long-term marketable securities | 70,646 | 76,563 | 74,140 |
Investments in affiliates | 33,077 | 32,361 | 34,177 |
Goodwill | 53,799 | 53,799 | 53,799 |
Other noncurrent assets | 73,412 | 77,940 | 75,826 |
Total assets | 1,718,706 | 1,620,494 | 1,683,043 |
Current liabilities | |||
Current maturities of long-term debt | 22 | 21 | 21 |
Current maturities of non-recourse debt | 5,822 | 1,226 | 1,226 |
Accounts payable ($10,438, $18,009 and $22,951 related to CCJVs) | 196,885 | 151,935 | 205,493 |
Billings in excess of costs and estimated earnings ($13,794, $32,830 and $23,138 related to CCJVs) | 122,409 | 108,992 | 115,809 |
Accrued expenses and other current liabilities ($1,148, $2,714 and $3,110 related to CCJVs) | 224,101 | 200,652 | 221,618 |
Total current liabilities | 549,239 | 462,826 | 544,167 |
Long-term debt | 270,105 | 270,105 | 270,127 |
Long-term non-recourse debt | 0 | 5,516 | 5,822 |
Other long-term liabilities | 41,211 | 44,495 | 45,887 |
Deferred income taxes | $ 21,646 | $ 20,446 | $ 9,977 |
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 39,380,053 shares as of September 30, 2015, 39,186,386 shares as of December 31, 2014 and 39,152,255 shares as of September 30, 2014 | 394 | 392 | 391 |
Additional paid-in capital | 137,974 | 134,177 | 132,396 |
Retained earnings | 675,927 | 659,816 | 648,017 |
Total Granite Construction Incorporated shareholders’ equity | 814,295 | 794,385 | 780,804 |
Non-controlling interests | 22,210 | 22,721 | 26,259 |
Total equity | 836,505 | 817,106 | 807,063 |
Total liabilities and equity | $ 1,718,706 | $ 1,620,494 | $ 1,683,043 |
CONSOLIDATED BALANCE SHEETS Con
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Assets and Liabilities) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Cash and cash equivalents | $ 221,785 | $ 255,961 | $ 167,174 | $ 229,121 | |
Property and equipment, net | 385,036 | 409,653 | 424,272 | ||
Accounts payable | 196,885 | 151,935 | 205,493 | ||
Billings in excess of costs and estimated earnings | 122,409 | 108,992 | 115,809 | ||
Accrued expenses and other current liabilities | 224,101 | 200,652 | 221,618 | ||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||||
Cash and cash equivalents | [1] | 41,052 | 61,276 | 29,518 | |
Receivables, Net | 36,527 | 36,781 | 45,483 | ||
Cost and estimated earnings in excess of billings | [1] | 365 | 129 | 21,105 | |
Property and equipment, net | 6,068 | 11,969 | 16,172 | ||
Accounts payable | 10,438 | 18,009 | 22,951 | ||
Billings in excess of costs and estimated earnings | [1] | 13,794 | 32,830 | 23,138 | |
Accrued expenses and other current liabilities | $ 1,148 | $ 2,714 | $ 3,110 | ||
[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 and costs in excess of billings and estimated earnings between periods. |
CONSOLIDATED BALANCE SHEETS Co4
CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Equity) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
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 | 39,380,053 | 39,186,386 | 39,152,255 |
Common Stock, Shares, Outstanding | 39,380,053 | 39,186,386 | 39,152,255 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Construction | $ 427,018 | $ 447,097 | $ 921,143 | $ 873,357 |
Large Project Construction | 217,084 | 179,446 | 590,282 | 611,110 |
Construction Materials | 107,274 | 93,221 | 229,442 | 201,014 |
Total revenue | 751,376 | 719,764 | 1,740,867 | 1,685,481 |
Cost of revenue | ||||
Construction | 362,720 | 398,295 | 795,108 | 790,584 |
Large Project Construction | 194,512 | 173,767 | 535,166 | 538,846 |
Construction Materials | 93,246 | 81,010 | 203,818 | 185,536 |
Total cost of revenue | 650,478 | 653,072 | 1,534,092 | 1,514,966 |
Gross profit | 100,898 | 66,692 | 206,775 | 170,515 |
Selling, general and administrative expenses | 50,077 | 47,386 | 151,374 | 147,731 |
Gain on sales of property and equipment | (804) | (3,004) | (2,090) | (6,891) |
Operating income | 51,625 | 22,310 | 57,491 | 29,675 |
Other (income) expense | ||||
Interest income | (591) | (451) | (1,561) | (1,343) |
Interest expense | 3,485 | 2,488 | 10,966 | 10,426 |
Equity in income of affiliates | (1,155) | (1,109) | (1,762) | (2,310) |
Other expense (income), net | 27 | 1,196 | (1,409) | (450) |
Total other expense | 1,766 | 2,124 | 6,234 | 6,323 |
Income before provision for income taxes | 49,859 | 20,186 | 51,257 | 23,352 |
Provision for income taxes | 17,679 | 6,081 | 18,148 | 8,301 |
Net income | 32,180 | 14,105 | 33,109 | 15,051 |
Amount attributable to non-controlling interests | (1,421) | 1,177 | (1,297) | (6,681) |
Net income attributable to Granite Construction Incorporated | $ 30,759 | $ 15,282 | $ 31,812 | $ 8,370 |
Net income per share attributable to common shareholders (see Note 12) | ||||
Basic (in dollars per share) | $ 0.78 | $ 0.39 | $ 0.81 | $ 0.21 |
Diluted (in dollars per share) | $ 0.77 | $ 0.38 | $ 0.80 | $ 0.21 |
Weighted average shares of common stock | ||||
Weighted average common shares outstanding, basic | 39,378 | 39,150 | 39,317 | 39,073 |
Weighted average common shares outstanding, diluted | 39,897 | 39,813 | 39,863 | 39,790 |
Dividends per common share (in US$ per share) | $ 0.13 | $ 0.13 | $ 0.39 | $ 0.39 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 33,109 | $ 15,051 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 48,517 | 49,968 |
Gain on sales of property and equipment | (2,090) | (6,891) |
Change in deferred income taxes | 14,967 | 1,795 |
Stock-based compensation | 6,962 | 8,933 |
Equity in net income from unconsolidated joint ventures | (29,465) | (27,001) |
Changes in assets and liabilities: | ||
Receivables | (148,791) | (103,913) |
Costs and estimated earnings in excess of billings, net | 3,621 | (44,126) |
Inventories | 8,631 | (12,131) |
Contributions to unconsolidated construction joint ventures | (55,394) | (24,797) |
Distributions from unconsolidated construction joint ventures | 41,558 | 46,991 |
Other assets, net | 5,719 | 5,455 |
Accounts payable | 48,034 | 43,710 |
Accrued expenses and other current liabilities, net | 16,493 | 123 |
Net cash used in operating activities | (8,129) | (46,833) |
Investing Activities | ||
Purchases of marketable securities | (54,961) | (49,975) |
Maturities of marketable securities | 26,700 | 40,000 |
Proceeds from called marketable securities | 45,000 | 25,000 |
Purchases of property and equipment | (26,144) | (37,471) |
Proceeds from sales of property and equipment | 3,439 | 12,257 |
Other investing activities, net | 598 | (1,109) |
Net cash used in investing activities | (5,368) | (11,298) |
Financing Activities | ||
Cash dividends paid | (15,326) | (15,229) |
Purchases of common stock | (3,325) | (4,751) |
(Distributions to) contributions from non-controlling partners, net | (1,740) | 15,156 |
Other financing activities, net | (288) | 1,008 |
Net cash used in financing activities | (20,679) | (3,816) |
Decrease in cash and cash equivalents | (34,176) | (61,947) |
Cash and cash equivalents at beginning of period | 255,961 | 229,121 |
Cash and cash equivalents at end of period | 221,785 | 167,174 |
Cash paid during the period for: | ||
Interest | 7,787 | 6,911 |
Income taxes | 450 | 2,293 |
Other non-cash operating activities: | ||
Performance guarantees | (10,700) | 21,332 |
Non-cash investing and financing activities: | ||
Restricted stock units issued, net of forfeitures | 5,924 | 6,862 |
Accrued cash dividends | 5,119 | 5,090 |
Accrued equipment purchases | $ 3,245 | $ (671) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 . 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, 2015 and 2014 and the results of our operations and cash flows for the periods presented. The December 31, 2014 condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. 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, 2015 are not necessarily indicative of the results to be expected for the full year. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except as follows: |
Accounting Changes [Text Block] | Change in Accounting Policy for Affirmative Claims Unresolved contract modifications and claims to recover additional costs to which the Company believes it is entitled under the terms of the customers’ contracts are pending or have been submitted on certain projects. The owners or their authorized representatives and/or other third parties may be in partial or full agreement with the modifications or claims, or may have rejected or disagree entirely or partially as to such entitlement. Effective January 1, 2015, we changed our accounting policy for recognizing revenue associated with affirmative claims with customers. Revenue is now recognized to the extent of costs incurred when it is probable that a claim settlement with a customer will result in additional revenue and the amount can be reasonably estimated. Prior to this change in accounting policy, we recognized revenue from affirmative claims with customers when the claims were settled, generally when a legally binding agreement was signed. We believe this change in accounting policy is preferable as it more accurately reflects the timing and amount of revenue earned on our projects, as well as providing better comparability to our industry peers. Recognizing claim recoveries requires significant judgments and estimates. During the first quarter of 2015, we implemented new and refined internal controls and processes to enable the reasonable estimation of claims. Given that these internal controls and processes were not fully implemented until the first quarter of 2015, and we do not believe that it is possible to objectively distinguish information about claims estimates in prior periods from information that subsequently became available, it is impractical to independently and objectively substantiate judgments and estimates that would have been made with respect to claims in prior periods. Therefore, it is not possible to reasonably determine the estimated amounts of and prior reporting periods in which past claims would have met the criteria for recognition under our new accounting policy. Accordingly, we have adopted this accounting policy change prospectively beginning on January 1, 2015. The effect of adopting the new accounting policy for customer claims was an increase in revenue and gross profit of $35.0 million and $44.7 million for the three and nine months ended September 30, 2015 , respectively. During the nine months ended September 30, 2014 customer claim settlements had a gross profit impact of $23.2 million . There were no customer claim settlements during the three months ended September 30, 2014 . Recognition of estimated recovery for affirmative claims increases costs and estimated earnings in excess of billings and may remain outstanding for more than twelve months. Gross profit associated with claims against non-customers, such as vendors, designers or subcontractors, continues to be recognized when the claims are settled. During the three and nine months ended September 30, 2015 and three months ended September 30, 2014 , there were no claim settlements with non-customers. During the nine months ended September 30, 2014 , gross profit from claim settlements with non-customers was $7.9 million . The potential increase or decrease to gross profit from recoveries for contract modifications and claims may be material in future periods when claims, or a portion of such claims, against customers become probable and estimable, estimates are revised or when claims against other third parties are settled. In addition, the Company may incur additional costs when pursuing such potential recoveries or as a result of settlement. |
Recent Pronouncements
Recent Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, which deferred the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date. Therefore, the ASU will be effective commencing with our quarter ending March 31, 2018. We are currently assessing the potential impact of this ASU on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which provides guidance for consolidation of certain legal entities. The guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The ASU will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance on accounting for fees paid by a customer in a cloud computing arrangement. A cloud computing arrangement that contains a software license will be accounted for consistently with the acquisition of other software licenses. If no software license is present in the contract, the entity should account for the arrangement as a service contract. The ASU will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . Topic 330, Inventory , requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments to ASU No. 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU will be effective commencing with our quarter ending March 31, 2017. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements which permits debt issuance costs for line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjust previously issued financial statements. The ASU will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. |
Revisions in Estimates
Revisions in Estimates | 9 Months Ended |
Sep. 30, 2015 | |
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 associated with unapproved change orders and, effective in the first quarter of 2015, affirmative claims against customers to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. Prior to 2015, we recognized revenue on affirmative claims against customers when we had a signed agreement. See Note 1 for further discussion. We recognize revisions to estimated total costs as soon as the obligation to perform is determined. When we experience significant changes in our estimates of costs to complete, we undertake a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as a revision in estimates for the current period. In our review of these changes for the three and nine months ended September 30, 2015 and 2014 , we did not identify any amounts that should have been recorded in a prior period. 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 future changes in circumstances or otherwise be required to revise our profitability estimates. Revenue in an amount equal to cost incurred is recognized if there is not 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 considered to be a change in estimate for purposes of the tables below and is therefore excluded. During the three and nine months ended September 30, 2015 , the gross profit impact from projects that reached initial profit recognition was $8.3 million and $21.6 million , respectively. 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. Construction The net changes in project profitability from revisions in estimates, both increases and decreases that individually had an impact of $1.0 million or more on gross profit were net increases of $3.7 million and $9.4 million for the three and nine months ended September 30, 2015 , respectively. The net changes for the three and nine months ended September 30, 2014 were net decreases of $1.0 million and $9.3 million , respectively. The projects are summarized as follows: Increases Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Number of projects with upward estimate changes 1 — 7 2 Range of increase in gross profit from each project, net $ 5.1 $ — $ 1.0 - 5.0 $ 1.1 - 1.2 Increase to project profitability $ 5.1 $ — $ 15.3 $ 2.3 The increases during the three and nine months ended September 30, 2015 were due to settlements of outstanding issues with contract owners and lower costs than anticipated, as well as estimated cost recovery from claims during the nine months. The increases during the nine months ended September 30, 2014 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) 2015 2014 2015 2014 Number of projects with downward estimate changes 1 1 3 5 Range of reduction in gross profit from each project, net $ 1.4 $ 1.0 $ 1.5 - 2.3 $ 1.7 - 2.9 Decrease to project profitability $ 1.4 $ 1.0 $ 5.9 $ 11.6 The decreases during the three and nine months ended September 30, 2015 and 2014 were due to additional costs and lower productivity than originally anticipated. Large Project Construction The net changes in project profitability from revisions in estimates, both increases and decreases that individually had an impact of $1.0 million or more on gross profit were net increases of $5.1 million and $1.8 million for the three and nine months ended September 30, 2015 , respectively. The net changes for the three and nine months ended September 30, 2014 were a net decrease of $8.5 million and a net increase of $25.9 million , respectively. Amounts attributable to non-controlling interests were $1.4 million and $0.3 million of the net increases for the three and nine months ended September 30, 2015 , respectively, and 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. The projects are summarized as follows: Increases Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Number of projects with upward estimate changes 4 2 7 9 Range of increase in gross profit from each project, net $ 1.0 - 3.9 $ 1.3 - 3.8 $ 1.5 - 5.1 $ 1.1 - 11.8 Increase to project profitability $ 9.4 $ 5.1 $ 19.9 $ 43.0 The increases during the three and nine months ended September 30, 2015 were due to settlements of outstanding issues with contract owners and owner-directed scope changes, as well as estimated cost recovery from claims during the nine months. 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 settlements of outstanding issues with contract owners. Decreases Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Number of projects with downward estimate changes 2 3 5 3 Range of reduction in gross profit from each project, net $ 1.8 - 2.6 $ 2.0 - 7.0 $ 2.6 - 4.6 $ 1.3 - 13.9 Decrease to project profitability $ 4.3 $ 13.6 $ 18.1 $ 17.1 The decreases during the three and nine months ended September 30, 2015 and 2014 were due to additional costs and lower productivity than originally anticipated. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) September 30, December 31, September 30, U.S. Government and agency obligations $ 7,625 $ 10,511 $ 12,967 Commercial paper 9,982 14,993 14,983 Total short-term marketable securities 17,607 25,504 27,950 U.S. Government and agency obligations 70,646 76,563 74,140 Total long-term marketable securities 70,646 76,563 74,140 Total marketable securities $ 88,253 $ 102,067 $ 102,090 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) September 30, Due within one year $ 17,607 Due in one to five years 70,646 Total $ 88,253 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 50,006 $ — $ — $ 50,006 Total assets $ 50,006 $ — $ — $ 50,006 Fair Value Measurement at Reporting Date Using December 31, 2014 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 60,618 $ — $ — $ 60,618 Total assets $ 60,618 $ — $ — $ 60,618 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 A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: (in thousands) September 30, December 31, September 30, Cash equivalents $ 50,006 $ 60,618 $ 50,148 Cash 171,779 195,343 117,026 Total cash and cash equivalents $ 221,785 $ 255,961 $ 167,174 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, including net periodic settlement amounts, are recorded in other (income) expense, net in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2015 , we recorded net gains of $1.2 million and $2.5 million , respectively, and during the three and nine months ended September 30, 2014 , we recorded net losses of $0.6 million and a net gain of $0.3 million , respectively. The fair value of the interest rate swap is recorded in other current assets on the condensed consolidated balance sheets and was $2.1 million , $0.3 million and less than $0.1 million as of September 30, 2015 , December 31, 2014 and September 30, 2014 , respectively. In March 2014, we entered into two diesel commodity swaps covering the periods from May 2014 to October 2014 and from May 2015 to October 2015 which represented roughly 25% of our forecasted purchases for diesel during these periods. In May 2014, we entered into two natural gas commodity swaps covering the periods from June 2014 to October 2014 and from May 2015 to October 2015 representing roughly 25% of our forecasted purchases of natural gas during these periods. The commodity swaps are reported at fair value using Level 2 inputs, and gains or losses, including net periodic settlement amounts, are recorded in other (income) expense, net in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2015, we recorded losses of $0.4 million , and during the three and nine months ended September 30, 2014, we recorded losses of $0.6 million and $0.7 million , respectively. The fair values of the commodity swaps are recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheets and were $0.7 million , $1.7 million and $0.5 million as of September 30, 2015 , December 31, 2014 and September 30, 2014 , respectively. 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, 2015 December 31, 2014 September 30, 2014 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 88,253 $ 88,313 $ 102,067 $ 101,808 $ 102,090 $ 101,711 Liabilities (including current maturities): Senior notes payable 1 Level 3 $ 200,000 $ 212,919 $ 200,000 $ 220,226 $ 200,000 $ 225,186 Credit Agreement loan 1 Level 3 70,000 69,753 70,000 70,153 70,000 70,258 1 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. 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, 2015 and 2014 , we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Receivables, Net | Receivables, net Receivables, net at September 30, 2015 , December 31, 2014 and September 30, 2014 are as follows: (in thousands) September 30, December 31, September 30, Construction contracts: Completed and in progress $ 300,188 $ 191,094 $ 274,203 Retentions 82,344 84,760 79,475 Total construction contracts 382,532 275,854 353,678 Construction Material sales 68,449 28,549 54,718 Other 5,979 6,822 9,740 Total gross receivables 456,960 311,225 418,136 Less: allowance for doubtful accounts 272 291 508 Total net receivables $ 456,688 $ 310,934 $ 417,628 Receivables include amounts billed and billable to clients for services provided as of the end of the applicable period and do not bear interest. To the extent costs have not been billed or are not contractually billable, such as claim recovery estimates, 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, 2015 , December 31, 2014 and September 30, 2014 were items such as notes receivable, fuel tax refunds and income tax refunds. No such receivables individually exceeded 10% of total net receivables at any of these dates. Financing receivables consisted of retentions receivable and were included in receivables, net on the condensed consolidated balance sheets as of September 30, 2015 , December 31, 2014 and September 30, 2014 . Certain construction contracts include retainage provisions. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work or products by the owners. No retention receivable individually exceeded 10% of total net receivables at any of the presented dates. As of September 30, 2015 , the majority of the retentions receivable are expected to be collected within one year. We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows: (in thousands) September 30, December 31, September 30, Escrow $ 21,590 $ 28,692 $ 26,128 Non-escrow 60,754 56,068 53,347 Total retention receivables $ 82,344 $ 84,760 $ 79,475 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, 2015 , the non-escrow retention receivables aged over 90 days decreased to $0.1 million from $8.6 million at December 31, 2014 . As of both dates, our allowance for doubtful accounts contained no material provision related to non-escrow retention receivables as we determined there were no significant collectability issues. |
Construction and Line Item Join
Construction and Line Item Joint Ventures | 9 Months Ended |
Sep. 30, 2015 | |
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 any of the members fail to perform, we and the other members would be responsible for performance of the outstanding work. At September 30, 2015 , there was approximately $5.6 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.7 billion represented our share and the remaining $3.9 billion represented the other 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 the other members and/or other guarantors. Construction Joint Ventures Generally, each construction joint venture is formed to complete a specific contract and is jointly controlled by the venture members. 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, members 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 members. As we absorb our share of these risks, our investment in each venture is exposed to potential gains and 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. 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 three months ended September 30, 2015 , we determined no change was required for existing construction joint ventures. Consolidated Construction Joint Ventures The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included on the condensed consolidated balance sheets as follows: (in thousands) September 30, December 31, September 30, Cash and cash equivalents 1 $ 41,052 $ 61,276 $ 29,518 Receivables, net 36,527 36,781 45,483 Costs and estimated earnings in excess of billings 1 365 129 21,105 Other current assets 2,020 1,617 1,910 Total current assets 79,964 99,803 98,016 Property and equipment, net 6,068 11,969 16,172 Total assets 2 $ 86,032 $ 111,772 $ 114,188 Accounts payable $ 10,438 $ 18,009 $ 22,951 Billings in excess of costs and estimated earnings 1 13,794 32,830 23,138 Accrued expenses and other current liabilities 1,148 2,714 3,110 Total liabilities 2 $ 25,380 $ 53,553 $ 49,199 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 and costs in excess of billings 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. At September 30, 2015 , we were engaged in three active consolidated construction joint venture projects with total contract values ranging from $0.6 million to $293.8 million . Our share of revenue remaining to be recognized on these consolidated joint ventures ranged from $0.2 million to $119.7 million . Our proportionate share of the equity in these joint ventures was between 50.0% and 65.0% . During the three and nine months ended September 30, 2015 , total revenue from consolidated construction joint ventures was $14.0 million and $39.0 million , respectively. 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. Total operating cash flows used in consolidated construction joint ventures were $16.8 million and $44.7 million during the nine months ended September 30, 2015 and 2014 , 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, 2015 , these unconsolidated joint ventures were engaged in eleven active projects with total contract values ranging from $73.6 million to $3.4 billion . Our proportionate share of the equity in these unconsolidated joint ventures ranged from 20.0% to 50.0% . As of September 30, 2015 , our share of the revenue remaining to be recognized on these unconsolidated joint ventures ranged from $3.2 million to $632.2 million . As of September 30, 2015 , 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. The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) September 30, December 31, September 30, Assets: Cash and cash equivalents 1 $ 460,668 $ 264,263 $ 286,040 Other assets 818,609 573,898 538,012 Less partners’ interest 875,629 546,907 530,585 Granite’s interest 403,648 291,254 293,467 Liabilities: Accounts payable 228,695 146,198 141,630 Billings in excess of costs and estimated earnings 1 321,103 156,604 178,781 Other liabilities 88,905 55,289 61,061 Less partners’ interest 441,627 251,412 269,264 Granite’s interest 197,076 106,679 112,208 Equity in construction joint ventures 2 $ 206,572 $ 184,575 $ 181,259 1 The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings and costs in excess of billings and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. 2 As of September 30, 2015 , this balance included $13.1 million of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Revenue: Total $ 530,215 $ 313,945 $ 1,439,766 $ 1,055,276 Less partners’ interest and adjustments 1 382,465 213,068 1,018,565 741,451 Granite’s interest 147,750 100,877 421,201 313,825 Cost of revenue: Total 424,492 338,848 1,270,793 982,014 Less partners’ interest and adjustments 1 287,784 239,661 879,653 696,633 Granite’s interest 136,708 99,187 391,140 285,381 Granite’s interest in gross profit $ 11,042 $ 1,690 $ 30,061 $ 28,444 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. During the three and nine months ended September 30, 2015 , unconsolidated construction joint venture net income was $19.5 million and $86.9 million , respectively, of which our share was $11.1 million and $29.7 million , respectively. During the three and nine months ended September 30, 2014 , unconsolidated construction joint venture net loss was $25.2 million and net income was $75.2 million , respectively, of which our share was net income of $1.8 million and $28.1 million , respectively. These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures. Line Item Joint Ventures The revenue for each line item joint venture member’s discrete items of work is defined in the contract with the project owner and each venture member 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 member 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, 2015 , we had five active line item joint venture construction projects with total contract values ranging from $42.4 million to $87.1 million of which our portion ranged from $28.5 million to $64.6 million . As of September 30, 2015 , our share of revenue remaining to be recognized on these line item joint ventures ranged from $1.3 million to $39.8 million . |
Investments in Affiliates
Investments in Affiliates | 9 Months Ended |
Sep. 30, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Affiliates | Investments in Affiliates Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in real estate entities and a non-real estate entity. Our share of the operating results of the equity method investments is included in other expense (income) in the condensed consolidated statements of operations and as a single line item on the 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, Equity method investments in real estate affiliates $ 24,093 $ 22,623 $ 24,040 Equity method investment in other affiliate 8,984 9,738 10,137 Total investments in affiliates $ 33,077 $ 32,361 $ 34,177 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, Total assets $ 179,949 $ 170,174 $ 172,220 Net assets 106,239 97,639 103,651 Granite’s share of net assets 33,077 32,361 34,177 The equity method investments in real estate included $18.4 million , $16.5 million and $17.8 million in residential real estate in Texas as of September 30, 2015 , December 31, 2014 and September 30, 2014 , respectively. The remaining balances were in commercial real estate in Texas. Of the $179.9 million in total assets as of September 30, 2015 , real estate entities had total assets ranging from $1.7 million to $69.6 million and the non-real estate entity had total assets of $19.2 million . |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2015 | |
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, Equipment and vehicles $ 762,121 $ 767,313 $ 771,934 Quarry property 171,924 172,081 169,982 Land and land improvements 111,058 110,235 118,985 Buildings and leasehold improvements 82,651 82,655 83,813 Office furniture and equipment 71,259 70,820 70,837 Property and equipment 1,199,013 1,203,104 1,215,551 Less: accumulated depreciation and depletion 813,977 793,451 791,279 Property and equipment, net $ 385,036 $ 409,653 $ 424,272 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 , December 31, 2014 and September 30, 2014 . The following table presents the goodwill balance by reportable segment: (in thousands) September 30, December 31, September 30, Construction $ 29,260 $ 29,260 $ 29,260 Large Project Construction 22,593 22,593 22,593 Construction Materials 1,946 1,946 1,946 Total goodwill $ 53,799 $ 53,799 $ 53,799 The results of operations and cash flows of our business are susceptible to fluctuations due to a variety of factors, including the size, frequency and profitability of contract awards. The Kenny Group Large Project Construction reporting unit is particularly susceptible to these fluctuations given its historically narrow end-market focus. A substantial decline in the actual and projected award rate may impact projected cash flows of any of our reporting units which could cause book value to exceed calculated fair value, resulting in the impairment of all or some portion of goodwill. Amortized Intangible Assets The following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets (in thousands): September 30, 2015 Gross Value Accumulated Amortization Net Book Value Permits $ 29,713 $ (13,958 ) $ 15,755 Acquired backlog 7,900 (7,513 ) 387 Customer lists 4,398 (3,004 ) 1,394 Trade name 4,100 (1,187 ) 2,913 Covenants not to compete and other 2,459 (2,429 ) 30 Total amortized intangible assets $ 48,570 $ (28,091 ) $ 20,479 December 31, 2014 Gross Value Accumulated Amortization Net Book Value Permits $ 29,713 $ (13,115 ) $ 16,598 Acquired backlog 7,900 (7,263 ) 637 Customer lists 4,398 (2,785 ) 1,613 Trade name 4,100 (863 ) 3,237 Covenants not to compete and other 2,459 (2,428 ) 31 Total amortized intangible assets $ 48,570 $ (26,454 ) $ 22,116 September 30, 2014 Gross Value Accumulated 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 Amortization expense related to amortized intangible assets for the three and nine months ended September 30, 2015 was $0.5 million and $1.6 million , respectively. 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. Based on the amortized intangible assets balance at September 30, 2015 , amortization expense expected to be recorded in the future is as follows: $0.5 million for the remainder of 2015; $2.0 million in 2016; $1.8 million in 2017; $1.7 million in 2018; $1.7 million in 2019; and $12.7 million thereafter. |
Covenants and Events of Default
Covenants and Events of Default | 9 Months Ended |
Sep. 30, 2015 | |
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 (i) us no longer being entitled to borrow under the agreements; (ii) termination of the agreements; (iii) the requirement that any letters of credit under the agreements be cash collateralized; (iv) acceleration of the maturity of outstanding indebtedness under the agreements; and/or (v) foreclosure on any collateral securing the obligations under the agreements. As of September 30, 2015 , senior notes payable in the amount of $200.0 million were due to a group of institutional holders in five equal annual installments beginning in 2015 and bear interest at 6.11% per annum (“2019 Notes”). As of September 30, 2015 , we were in compliance with the covenants contained in our note purchase agreement governing our 2019 Notes and the credit agreement governing the $215.0 million committed revolving credit facility, with a sublimit for letters of credit of $100.0 million , as well as the debt agreements related to our consolidated real estate entity. Granite entered into the Second Amended and Restated Credit Agreement dated October 28, 2015 (see Note 16). We have the ability and intent to draw on this amended and restated credit facility to pay the $40.0 million principal amount due on the 2019 Notes in the fourth quarter of 2015. 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 Outstan
Weighted Average Shares Outstanding and Net Incomer (Loss) Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Weighted Average Shares Outstanding and Net Income Per Share Basic net income per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares include stock options and restricted stock units. The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator (basic and diluted): Net income allocated to common shareholders for basic calculation $ 30,759 $ 15,282 $ 31,812 $ 8,370 Denominator: Weighted average common shares outstanding, basic 39,378 39,150 39,317 39,073 Dilutive effect of stock options and restricted stock units 519 663 546 717 Weighted average common shares outstanding, diluted 39,897 39,813 39,863 39,790 Net income per share, basic $ 0.78 $ 0.39 $ 0.81 $ 0.21 Net income per share, diluted $ 0.77 $ 0.38 $ 0.80 $ 0.21 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 $ 794,385 $ 22,721 $ 817,106 Purchases of common stock 1 (3,366 ) — (3,366 ) Other transactions with shareholders and employees 2 6,816 — 6,816 Transactions with non-controlling interests, net — (1,808 ) (1,808 ) Net income 31,812 1,297 33,109 Dividends on common stock (15,352 ) — (15,352 ) Balance at September 30, 2015 $ 814,295 $ 22,210 $ 836,505 Balance at December 31, 2013 $ 781,940 $ 4,404 $ 786,344 Purchases of common stock 3 (4,751 ) — (4,751 ) Other transactions with shareholders and employees 2 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 1 Represents 103,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. 2 Amounts are comprised primarily of amortized restricted stock units. 3 Represents 123,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 , December 31, 2014 and September 30, 2014 related to these matters were approximately $9.2 million , $9.7 million and $9.9 million , respectively, and were primarily included in accrued expenses and other current liabilities. The aggregate range of possible loss related to (i) matters considered reasonably possible, and (ii) reasonably possible amounts in excess of accrued losses recorded for probable loss contingencies, was zero to $0.3 million as of September 30, 2015 . 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, 2015 . Granite and Granite Northeast expect to resolve issues that have been raised in the investigation by the DOJ and Agencies as soon as practicable. Such resolution of the matters under investigation could have additional 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, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Our reportable segments are: Construction, Large Project Construction and Construction Materials. 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, and construction management/general contractor contracts, together with 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. In addition, the Construction Materials segment includes real estate investment activity that was not material for any of the periods presented. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2014 Annual Report on Form 10-K, except as disclosed in Note 1. We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses and non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures. Summarized segment information is as follows (in thousands): Three Months Ended September 30, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 427,018 $ 217,084 $ 165,771 $ 809,873 Elimination of intersegment revenue — — (58,497 ) (58,497 ) Revenue from external customers 427,018 217,084 107,274 751,376 Gross profit 64,298 22,572 14,028 100,898 Depreciation, depletion and amortization 5,194 3,308 5,799 14,301 2014 Total revenue from reportable segments $ 447,097 $ 179,446 $ 146,789 $ 773,332 Elimination of intersegment revenue — — (53,568 ) (53,568 ) Revenue from external customers 447,097 179,446 93,221 719,764 Gross profit 48,802 5,679 12,211 66,692 Depreciation, depletion and amortization 4,621 4,777 5,408 14,806 Nine Months Ended September 30, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 921,143 $ 590,282 $ 332,920 $ 1,844,345 Elimination of intersegment revenue — — (103,478 ) (103,478 ) Revenue from external customers 921,143 590,282 229,442 1,740,867 Gross profit 126,035 55,116 25,624 206,775 Depreciation, depletion and amortization 14,752 8,311 16,806 39,869 Segment assets 140,493 271,878 300,739 713,110 2014 Total revenue from reportable segments $ 873,357 $ 611,110 $ 286,698 $ 1,771,165 Elimination of intersegment revenue — — (85,684 ) (85,684 ) Revenue from external customers 873,357 611,110 201,014 1,685,481 Gross profit 82,773 72,264 15,478 170,515 Depreciation, depletion and amortization 12,865 12,001 16,267 41,133 Segment assets 150,070 247,694 322,504 720,268 A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Total gross profit from reportable segments $ 100,898 $ 66,692 $ 206,775 $ 170,515 Selling, general and administrative expenses 50,077 47,386 151,374 147,731 Gain on sales of property and equipment (804 ) (3,004 ) (2,090 ) (6,891 ) Other expense 1,766 2,124 6,234 6,323 Income before provision for income taxes $ 49,859 $ 20,186 $ 51,257 $ 23,352 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Granite entered into the Second Amended and Restated Credit Agreement dated October 28, 2015. The amended and restated credit facility provides for, among other things, (i) an increase to the committed revolving credit facility amount to $300.0 million from $215.0 million , of which $200.0 million is a revolving credit facility and $100.0 million is a term loan; and (ii) a revised maturity date of October 28, 2020. There were no material changes to the sublimit letters of credit nor were there significant changes to the affirmative, restrictive or financial covenant terms. We have the ability and intent to draw on this amended and restated credit facility to pay the $40.0 million principal amount due on our 2019 Notes in the fourth quarter of 2015. In connection with entering into the Second Amended and Restated Credit Agreement, we paid $1.9 million in closing fees that will be amortized over the life of the amended and restated credit facility along with fees from the original credit facility. Prior to amortization, the majority of the closing fees will be included in other noncurrent assets on our condensed consolidated balance sheet as of December 31, 2015. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revision 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 associated with unapproved change orders and, effective in the first quarter of 2015, affirmative claims against customers to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. Prior to 2015, we recognized revenue on affirmative claims against customers when we had a signed agreement. See Note 1 for further discussion. We recognize revisions to estimated total costs as soon as the obligation to perform is determined. When we experience significant changes in our estimates of costs to complete, we undertake a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as a revision in estimates for the current period. In our review of these changes for the three and nine months ended September 30, 2015 and 2014 , we did not identify any amounts that should have been recorded in a prior period. 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 future changes in circumstances or otherwise be required to revise our profitability estimates. Revenue in an amount equal to cost incurred is recognized if there is not 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 considered to be a change in estimate for purposes of the tables below and is therefore excluded. |
Construction Joint Ventures | Generally, each construction joint venture is formed to complete a specific contract and is jointly controlled by the venture members. 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, members 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 members. As we absorb our share of these risks, our investment in each venture is exposed to potential gains and 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. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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) 2015 2014 2015 2014 Number of projects with upward estimate changes 1 — 7 2 Range of increase in gross profit from each project, net $ 5.1 $ — $ 1.0 - 5.0 $ 1.1 - 1.2 Increase to project profitability $ 5.1 $ — $ 15.3 $ 2.3 Decreases Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Number of projects with downward estimate changes 1 1 3 5 Range of reduction in gross profit from each project, net $ 1.4 $ 1.0 $ 1.5 - 2.3 $ 1.7 - 2.9 Decrease to project profitability $ 1.4 $ 1.0 $ 5.9 $ 11.6 |
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) 2015 2014 2015 2014 Number of projects with downward estimate changes 2 3 5 3 Range of reduction in gross profit from each project, net $ 1.8 - 2.6 $ 2.0 - 7.0 $ 2.6 - 4.6 $ 1.3 - 13.9 Decrease to project profitability $ 4.3 $ 13.6 $ 18.1 $ 17.1 The projects are summarized as follows: Increases Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2015 2014 2015 2014 Number of projects with upward estimate changes 4 2 7 9 Range of increase in gross profit from each project, net $ 1.0 - 3.9 $ 1.3 - 3.8 $ 1.5 - 5.1 $ 1.1 - 11.8 Increase to project profitability $ 9.4 $ 5.1 $ 19.9 $ 43.0 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities | All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) September 30, December 31, September 30, U.S. Government and agency obligations $ 7,625 $ 10,511 $ 12,967 Commercial paper 9,982 14,993 14,983 Total short-term marketable securities 17,607 25,504 27,950 U.S. Government and agency obligations 70,646 76,563 74,140 Total long-term marketable securities 70,646 76,563 74,140 Total marketable securities $ 88,253 $ 102,067 $ 102,090 |
Held-to-maturity Securities | Scheduled maturities of held-to-maturity investments were as follows: (in thousands) September 30, Due within one year $ 17,607 Due in one to five years 70,646 Total $ 88,253 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 50,006 $ — $ — $ 50,006 Total assets $ 50,006 $ — $ — $ 50,006 Fair Value Measurement at Reporting Date Using December 31, 2014 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 60,618 $ — $ — $ 60,618 Total assets $ 60,618 $ — $ — $ 60,618 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 |
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, Cash equivalents $ 50,006 $ 60,618 $ 50,148 Cash 171,779 195,343 117,026 Total cash and cash equivalents $ 221,785 $ 255,961 $ 167,174 |
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, 2015 December 31, 2014 September 30, 2014 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 88,253 $ 88,313 $ 102,067 $ 101,808 $ 102,090 $ 101,711 Liabilities (including current maturities): Senior notes payable 1 Level 3 $ 200,000 $ 212,919 $ 200,000 $ 220,226 $ 200,000 $ 225,186 Credit Agreement loan 1 Level 3 70,000 69,753 70,000 70,153 70,000 70,258 1 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 (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Receivables, net at September 30, 2015 , December 31, 2014 and September 30, 2014 are as follows: (in thousands) September 30, December 31, September 30, Construction contracts: Completed and in progress $ 300,188 $ 191,094 $ 274,203 Retentions 82,344 84,760 79,475 Total construction contracts 382,532 275,854 353,678 Construction Material sales 68,449 28,549 54,718 Other 5,979 6,822 9,740 Total gross receivables 456,960 311,225 418,136 Less: allowance for doubtful accounts 272 291 508 Total net receivables $ 456,688 $ 310,934 $ 417,628 |
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, Escrow $ 21,590 $ 28,692 $ 26,128 Non-escrow 60,754 56,068 53,347 Total retention receivables $ 82,344 $ 84,760 $ 79,475 |
Construction and Line Item Jo28
Construction and Line Item Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Construction and Line Item Joint Ventures [Abstract] | |
Schedule of Consolidated Joint Ventures [Table Text Block] | The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included on the condensed consolidated balance sheets as follows: (in thousands) September 30, December 31, September 30, Cash and cash equivalents 1 $ 41,052 $ 61,276 $ 29,518 Receivables, net 36,527 36,781 45,483 Costs and estimated earnings in excess of billings 1 365 129 21,105 Other current assets 2,020 1,617 1,910 Total current assets 79,964 99,803 98,016 Property and equipment, net 6,068 11,969 16,172 Total assets 2 $ 86,032 $ 111,772 $ 114,188 Accounts payable $ 10,438 $ 18,009 $ 22,951 Billings in excess of costs and estimated earnings 1 13,794 32,830 23,138 Accrued expenses and other current liabilities 1,148 2,714 3,110 Total liabilities 2 $ 25,380 $ 53,553 $ 49,199 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 and costs in excess of billings 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. |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) September 30, December 31, September 30, Assets: Cash and cash equivalents 1 $ 460,668 $ 264,263 $ 286,040 Other assets 818,609 573,898 538,012 Less partners’ interest 875,629 546,907 530,585 Granite’s interest 403,648 291,254 293,467 Liabilities: Accounts payable 228,695 146,198 141,630 Billings in excess of costs and estimated earnings 1 321,103 156,604 178,781 Other liabilities 88,905 55,289 61,061 Less partners’ interest 441,627 251,412 269,264 Granite’s interest 197,076 106,679 112,208 Equity in construction joint ventures 2 $ 206,572 $ 184,575 $ 181,259 1 The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings and costs in excess of billings and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. 2 As of September 30, 2015 , this balance included $13.1 million of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet. |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Revenue: Total $ 530,215 $ 313,945 $ 1,439,766 $ 1,055,276 Less partners’ interest and adjustments 1 382,465 213,068 1,018,565 741,451 Granite’s interest 147,750 100,877 421,201 313,825 Cost of revenue: Total 424,492 338,848 1,270,793 982,014 Less partners’ interest and adjustments 1 287,784 239,661 879,653 696,633 Granite’s interest 136,708 99,187 391,140 285,381 Granite’s interest in gross profit $ 11,042 $ 1,690 $ 30,061 $ 28,444 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. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in and Advances to Affiliates [Table Text Block] | Our investments in affiliates balance consists of the following: (in thousands) September 30, December 31, September 30, Equity method investments in real estate affiliates $ 24,093 $ 22,623 $ 24,040 Equity method investment in other affiliate 8,984 9,738 10,137 Total investments in affiliates $ 33,077 $ 32,361 $ 34,177 |
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, Total assets $ 179,949 $ 170,174 $ 172,220 Net assets 106,239 97,639 103,651 Granite’s share of net assets 33,077 32,361 34,177 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, Equipment and vehicles $ 762,121 $ 767,313 $ 771,934 Quarry property 171,924 172,081 169,982 Land and land improvements 111,058 110,235 118,985 Buildings and leasehold improvements 82,651 82,655 83,813 Office furniture and equipment 71,259 70,820 70,837 Property and equipment 1,199,013 1,203,104 1,215,551 Less: accumulated depreciation and depletion 813,977 793,451 791,279 Property and equipment, net $ 385,036 $ 409,653 $ 424,272 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | The following table presents the goodwill balance by reportable segment: (in thousands) September 30, December 31, September 30, Construction $ 29,260 $ 29,260 $ 29,260 Large Project Construction 22,593 22,593 22,593 Construction Materials 1,946 1,946 1,946 Total goodwill $ 53,799 $ 53,799 $ 53,799 |
Schedule of Finite-Lived Intangible Assets by Major Class | Amortized Intangible Assets The following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on our condensed consolidated balance sheets (in thousands): September 30, 2015 Gross Value Accumulated Amortization Net Book Value Permits $ 29,713 $ (13,958 ) $ 15,755 Acquired backlog 7,900 (7,513 ) 387 Customer lists 4,398 (3,004 ) 1,394 Trade name 4,100 (1,187 ) 2,913 Covenants not to compete and other 2,459 (2,429 ) 30 Total amortized intangible assets $ 48,570 $ (28,091 ) $ 20,479 December 31, 2014 Gross Value Accumulated Amortization Net Book Value Permits $ 29,713 $ (13,115 ) $ 16,598 Acquired backlog 7,900 (7,263 ) 637 Customer lists 4,398 (2,785 ) 1,613 Trade name 4,100 (863 ) 3,237 Covenants not to compete and other 2,459 (2,428 ) 31 Total amortized intangible assets $ 48,570 $ (26,454 ) $ 22,116 September 30, 2014 Gross Value Accumulated 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 |
Weighted Average Shares Outst32
Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator (basic and diluted): Net income allocated to common shareholders for basic calculation $ 30,759 $ 15,282 $ 31,812 $ 8,370 Denominator: Weighted average common shares outstanding, basic 39,378 39,150 39,317 39,073 Dilutive effect of stock options and restricted stock units 519 663 546 717 Weighted average common shares outstanding, diluted 39,897 39,813 39,863 39,790 Net income per share, basic $ 0.78 $ 0.39 $ 0.81 $ 0.21 Net income per share, diluted $ 0.77 $ 0.38 $ 0.80 $ 0.21 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 $ 794,385 $ 22,721 $ 817,106 Purchases of common stock 1 (3,366 ) — (3,366 ) Other transactions with shareholders and employees 2 6,816 — 6,816 Transactions with non-controlling interests, net — (1,808 ) (1,808 ) Net income 31,812 1,297 33,109 Dividends on common stock (15,352 ) — (15,352 ) Balance at September 30, 2015 $ 814,295 $ 22,210 $ 836,505 Balance at December 31, 2013 $ 781,940 $ 4,404 $ 786,344 Purchases of common stock 3 (4,751 ) — (4,751 ) Other transactions with shareholders and employees 2 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 1 Represents 103,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. 2 Amounts are comprised primarily of amortized restricted stock units. 3 Represents 123,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Three Months Ended September 30, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 427,018 $ 217,084 $ 165,771 $ 809,873 Elimination of intersegment revenue — — (58,497 ) (58,497 ) Revenue from external customers 427,018 217,084 107,274 751,376 Gross profit 64,298 22,572 14,028 100,898 Depreciation, depletion and amortization 5,194 3,308 5,799 14,301 2014 Total revenue from reportable segments $ 447,097 $ 179,446 $ 146,789 $ 773,332 Elimination of intersegment revenue — — (53,568 ) (53,568 ) Revenue from external customers 447,097 179,446 93,221 719,764 Gross profit 48,802 5,679 12,211 66,692 Depreciation, depletion and amortization 4,621 4,777 5,408 14,806 Nine Months Ended September 30, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 921,143 $ 590,282 $ 332,920 $ 1,844,345 Elimination of intersegment revenue — — (103,478 ) (103,478 ) Revenue from external customers 921,143 590,282 229,442 1,740,867 Gross profit 126,035 55,116 25,624 206,775 Depreciation, depletion and amortization 14,752 8,311 16,806 39,869 Segment assets 140,493 271,878 300,739 713,110 2014 Total revenue from reportable segments $ 873,357 $ 611,110 $ 286,698 $ 1,771,165 Elimination of intersegment revenue — — (85,684 ) (85,684 ) Revenue from external customers 873,357 611,110 201,014 1,685,481 Gross profit 82,773 72,264 15,478 170,515 Depreciation, depletion and amortization 12,865 12,001 16,267 41,133 Segment assets 150,070 247,694 322,504 720,268 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Total gross profit from reportable segments $ 100,898 $ 66,692 $ 206,775 $ 170,515 Selling, general and administrative expenses 50,077 47,386 151,374 147,731 Gain on sales of property and equipment (804 ) (3,004 ) (2,090 ) (6,891 ) Other expense 1,766 2,124 6,234 6,323 Income before provision for income taxes $ 49,859 $ 20,186 $ 51,257 $ 23,352 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | $ 35,000,000 | $ 0 | $ 44,700,000 | $ 23,200,000 |
Non-customer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Litigation Settlement, Amount | $ 0 | $ 0 | $ 0 | $ 7,900,000 |
Revisions in Estimates (Details
Revisions in Estimates (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)project | Sep. 30, 2014USD ($)project | Sep. 30, 2015USD ($)project | Sep. 30, 2014USD ($)project | |
Change in Accounting Estimate [Line Items] | ||||
Amount Considered Significant to Individual Project Gross Profit | $ 8.3 | $ 21.4 | $ 21.6 | $ 50 |
Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Amount Considered Significant to Individual Project Gross Profit | 1 | |||
Increase (Decrease) on Project Profitability | (3.7) | 1 | (9.4) | 9.3 |
Large Project Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Amount Considered Significant to Individual Project Gross Profit | 1 | |||
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Increase (Decrease) on Project Profitability | (5.1) | 8.5 | (1.8) | (25.9) |
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 | $ 1.4 | $ (1.8) | $ 0.3 | $ (5.8) |
Upward Estimate Change [Member] | Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Number of Projects with Estimate Changes | project | 1 | 0 | 7 | 2 |
Increase (Decrease) on Project Profitability | $ (5.1) | $ 0 | $ (15.3) | $ (2.3) |
Upward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | (5.1) | 0 | (1) | (1.1) |
Upward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | $ (5.1) | $ 0 | $ (5) | $ (1.2) |
Upward Estimate Change [Member] | Large Project Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Number of Projects with Estimate Changes | project | 4 | 2 | 7 | 9 |
Increase (Decrease) on Project Profitability | $ (9.4) | $ (5.1) | $ (19.9) | $ (43) |
Upward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | (1) | (1.3) | (1.5) | (1.1) |
Upward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | $ (3.9) | $ (3.8) | $ (5.1) | $ (11.8) |
Downward Estimate Change [Member] | Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Number of Projects with Estimate Changes | project | 1 | 1 | 3 | 5 |
Increase (Decrease) on Project Profitability | $ 1.4 | $ 1 | $ 5.9 | $ 11.6 |
Downward Estimate Change [Member] | Construction [Member] | Minimum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | 1.4 | 1 | 1.5 | 1.7 |
Downward Estimate Change [Member] | Construction [Member] | Maximum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | $ 1.4 | $ 1 | $ 2.3 | $ 2.9 |
Downward Estimate Change [Member] | Large Project Construction [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Number of Projects with Estimate Changes | project | 2 | 3 | 5 | 3 |
Increase (Decrease) on Project Profitability | $ 4.3 | $ 13.6 | $ 18.1 | $ 17.1 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | 1.8 | 2 | 2.6 | 1.3 |
Downward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Range Of Effect On Gross Profit | $ 2.6 | $ 7 | $ 4.6 | $ 13.9 |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 17,607 | $ 25,504 | $ 27,950 |
Long-term marketable securities | 70,646 | 76,563 | 74,140 |
Held-to-Maturity [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 17,607 | 25,504 | 27,950 |
Long-term marketable securities | 70,646 | 76,563 | 74,140 |
Total marketable securities | 88,253 | 102,067 | 102,090 |
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 7,625 | 10,511 | 12,967 |
Long-term marketable securities | 70,646 | 76,563 | 74,140 |
Commercial paper [Member] | Held-to-Maturity [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 9,982 | $ 14,993 | $ 14,983 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Marketable Securities [Abstract] | |
Held-to-maturity investments, maturities due within one year | $ 17,607 |
Held-to-maturity investments, maturities due in one to five years | 70,646 |
Held-to-maturity investments, total maturities due | $ 88,253 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 50,006 | $ 60,618 | $ 50,148 |
Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 50,006 | 60,618 | 50,148 |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Money Market Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents | 50,006 | 60,618 | 50,148 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents | 50,006 | 60,618 | 50,148 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Cash a
Fair Value Measurement - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Cash Equivalents, at Carrying Value [Abstract] | ||||
Cash equivalents | $ 50,006 | $ 60,618 | $ 50,148 | |
Cash | 171,779 | 195,343 | 117,026 | |
Total cash and cash equivalents | $ 221,785 | $ 255,961 | $ 167,174 | $ 229,121 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity marketable securities | $ 88,253 | $ 102,067 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior notes payable | [1] | 200,000 | 200,000 | $ 200,000 |
Credit Agreement loan | [1] | 70,000 | 70,000 | 70,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity marketable securities | 88,313 | 101,711 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior notes payable | [1] | 212,919 | 220,226 | 225,186 |
Credit Agreement loan | [1] | $ 69,753 | $ 70,153 | $ 70,258 |
[1] | 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. |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | May. 31, 2014swap | Mar. 31, 2014swap | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, Notional Amount | $ 100 | $ 100 | |||||
Derivative Asset | 2.1 | $ 0.1 | 2.1 | $ 0.1 | $ 0.3 | ||
Derivative Liability | 0.7 | 0.5 | 0.7 | 0.5 | $ 1.7 | ||
Swap [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, (Gain) Loss on Derivative, Net | (1.2) | 0.6 | (2.5) | (0.3) | |||
Commodity Contract [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, (Gain) Loss on Derivative, Net | $ 0.4 | $ 0.6 | $ 0.4 | $ 0.7 | |||
Institutional Group Two [Member] | Notes Payable to Banks [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.11% | 6.11% | |||||
Institutional Group Two [Member] | Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, Variable Interest Rate | 4.15% | 4.15% | |||||
Fair Value, Inputs, Level 2 [Member] | Commodity Contract, Diesel [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, Number of Instruments Held | swap | 2 | ||||||
Derivative, Percent of Forecasted Purchases of Commodities | 25.00% | ||||||
Fair Value, Inputs, Level 2 [Member] | Commodity Contract, Natural Gas [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Derivative, Number of Instruments Held | swap | 2 | ||||||
Derivative, Percent of Forecasted Purchases of Commodities | 25.00% |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | $ 456,960 | $ 311,225 | $ 418,136 |
Allowance for Accounts, Notes, Loans and Financing Receivable, Current | 272 | 291 | 508 |
Receivables, net | 456,688 | 310,934 | 417,628 |
Construction Contracts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 382,532 | 275,854 | 353,678 |
Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 300,188 | 191,094 | 274,203 |
Retentions [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 82,344 | 84,760 | 79,475 |
Escrow [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 21,590 | 28,692 | 26,128 |
Non Escrow [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 60,754 | 56,068 | 53,347 |
Construction Material Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 68,449 | 28,549 | 54,718 |
Other Business Products and Services [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Current | 5,979 | 6,822 | $ 9,740 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Non Escrow [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 100 | $ 8,600 |
Construction and Line Item Jo44
Construction and Line Item Joint Ventures - Consolidated Construction Joint Ventures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Construction Joint Venture [Line Items] | |||||||
Cash and cash equivalents | $ 221,785 | $ 167,174 | $ 221,785 | $ 167,174 | $ 255,961 | $ 229,121 | |
Other current assets | 18,863 | 21,743 | 18,863 | 21,743 | 23,033 | ||
Total current assets | 1,102,736 | 1,020,829 | 1,102,736 | 1,020,829 | 970,178 | ||
Property and equipment, net | 385,036 | 424,272 | 385,036 | 424,272 | 409,653 | ||
Other noncurrent assets | 73,412 | 75,826 | 73,412 | 75,826 | 77,940 | ||
Total assets | 1,718,706 | 1,683,043 | 1,718,706 | 1,683,043 | 1,620,494 | ||
Accounts payable | 196,885 | 205,493 | 196,885 | 205,493 | 151,935 | ||
Billings in excess of costs and estimated earnings | 122,409 | 115,809 | 122,409 | 115,809 | 108,992 | ||
Accrued expenses and other current liabilities | 224,101 | 221,618 | 224,101 | 221,618 | 200,652 | ||
Total current liabilities | 549,239 | 544,167 | 549,239 | 544,167 | 462,826 | ||
Construction | 427,018 | 447,097 | 921,143 | 873,357 | |||
Net cash used in operating activities | (8,129) | (46,833) | |||||
Granite Construction [Member] | Unconsolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Unconsolidated Construction Joint Venture Net Income | 11,100 | 1,800 | 29,700 | 28,100 | |||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 5,600,000 | 5,600,000 | |||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Cash and cash equivalents | [1] | 41,052 | 29,518 | 41,052 | 29,518 | 61,276 | |
Receivables, Net | 36,527 | 45,483 | 36,527 | 45,483 | 36,781 | ||
Cost and estimated earnings in excess of billings | [1] | 365 | 21,105 | 365 | 21,105 | 129 | |
Other current assets | 2,020 | 1,910 | 2,020 | 1,910 | 1,617 | ||
Total current assets | 79,964 | 98,016 | 79,964 | 98,016 | 99,803 | ||
Property and equipment, net | 6,068 | 16,172 | 6,068 | 16,172 | 11,969 | ||
Total assets | [2] | 86,032 | 114,188 | 86,032 | 114,188 | 111,772 | |
Accounts payable | 10,438 | 22,951 | 10,438 | 22,951 | 18,009 | ||
Billings in excess of costs and estimated earnings | [1] | 13,794 | 23,138 | 13,794 | 23,138 | 32,830 | |
Accrued expenses and other current liabilities | 1,148 | 3,110 | 1,148 | 3,110 | 2,714 | ||
Total liabilities | [2] | $ 25,380 | 49,199 | $ 25,380 | 49,199 | $ 53,553 | |
Number of Active Joint Venture Projects | 3 | 3 | |||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Unconsolidated Construction Joint Venture Net Income | $ 19,500 | 25,200 | $ 86,900 | 75,200 | |||
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 | 5 | 5 | |||||
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 | $ 1,700,000 | $ 1,700,000 | |||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 3,900,000 | 3,900,000 | |||||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Construction Contract Value | 600 | 600 | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | $ 200 | $ 200 | |||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | |||||
Construction | $ 14,000 | $ 23,800 | $ 39,000 | 122,000 | |||
Net cash used in operating activities | 16,800 | $ 44,700 | |||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Construction Contract Value | $ 73,600 | $ 73,600 | |||||
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 | $ 42,400 | $ 42,400 | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 1,300 | 1,300 | |||||
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 | 3,200 | 3,200 | |||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Construction Contract Value | 28,500 | 28,500 | |||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Construction Contract Value | 293,800 | 293,800 | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | $ 119,700 | $ 119,700 | |||||
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 | $ 3,400,000 | $ 3,400,000 | |||||
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 | $ 87,100 | $ 87,100 | |||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 39,800 | 39,800 | |||||
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 | 632,200 | 632,200 | |||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | |||||||
Construction Joint Venture [Line Items] | |||||||
Construction Contract Value | $ 64,600 | $ 64,600 | |||||
[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 and costs in excess of billings 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 Jo45
Construction and Line Item Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Construction Joint Venture [Line Items] | ||||||
Deficit in unconsolidatedconstruction joint venture | $ 13,100 | $ 13,100 | ||||
Equity in Construction Joint Ventures Current Assets Excluding Deficit in Equity | [1] | 206,572 | $ 181,259 | 206,572 | $ 181,259 | $ 184,575 |
Granite Construction [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Unconsolidated Construction Joint Venture Revenue | 11,100 | 1,800 | 29,700 | 28,100 | ||
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 5,600,000 | $ 5,600,000 | ||||
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 | $ 530,215 | 313,945 | $ 1,439,766 | 1,055,276 | ||
Unconsolidated Construction Joint Venture Cost of Revenue | 424,492 | 338,848 | 1,270,793 | 982,014 | ||
Unconsolidated Construction Joint Venture Revenue | $ 19,500 | 25,200 | $ 86,900 | 75,200 | ||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Number of Active Joint Venture Projects | 5 | 5 | ||||
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 | $ 1,700,000 | $ 1,700,000 | ||||
Unconsolidated Construction Joint Venture Assets | 403,648 | 293,467 | 403,648 | 293,467 | 291,254 | |
Unconsolidated Construction Joint Venture Liabilities | 197,076 | 112,208 | 197,076 | 112,208 | 106,679 | |
Unconsolidated Construction Joint Venture Revenue | 147,750 | 100,877 | 421,201 | 313,825 | ||
Unconsolidated Construction Joint Venture Cost of Revenue | 136,708 | 99,187 | 391,140 | 285,381 | ||
Unconsolidated Construction Joint Venture Gross Profit Loss | 11,042 | 1,690 | 30,061 | 28,444 | ||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 3,900,000 | 3,900,000 | ||||
Unconsolidated Construction Joint Venture Assets | 875,629 | 530,585 | 875,629 | 530,585 | 546,907 | |
Unconsolidated Construction Joint Venture Liabilities | 441,627 | 269,264 | 441,627 | 269,264 | 251,412 | |
Unconsolidated Construction Joint Venture Revenue | 382,465 | 213,068 | 1,018,565 | 741,451 | ||
Unconsolidated Construction Joint Venture Cost of Revenue | 287,784 | 239,661 | 879,653 | 696,633 | ||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Construction Contract Value | $ 600 | $ 600 | ||||
Proportionate Share of the Consolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | ||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Construction Contract Value | $ 73,600 | $ 73,600 | ||||
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 | $ 42,400 | $ 42,400 | ||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 1,300 | 1,300 | ||||
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 | 3,200 | 3,200 | ||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Construction Contract Value | 28,500 | 28,500 | ||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Construction Contract Value | $ 293,800 | $ 293,800 | ||||
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 | $ 3,400,000 | $ 3,400,000 | ||||
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 | $ 87,100 | $ 87,100 | ||||
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures | 39,800 | 39,800 | ||||
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 | 632,200 | 632,200 | ||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Construction Contract Value | 64,600 | 64,600 | ||||
Cash and Cash Equivalents [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Unconsolidated Construction Joint Venture Assets | [2] | 460,668 | 286,040 | 460,668 | 286,040 | 264,263 |
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 | 818,609 | 538,012 | 818,609 | 538,012 | 573,898 | |
Accounts Payable [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Unconsolidated Construction Joint Venture Liabilities | 228,695 | 141,630 | 228,695 | 141,630 | 146,198 | |
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 | [2] | 321,103 | 178,781 | 321,103 | 178,781 | 156,604 |
Accrued Liabilities [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||||
Construction Joint Venture [Line Items] | ||||||
Unconsolidated Construction Joint Venture Liabilities | $ 88,905 | $ 61,061 | $ 88,905 | $ 61,061 | $ 55,289 | |
[1] | As of September 30, 2015, this balance included $13.1 million of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet. | |||||
[2] | The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings and costs in excess of billings and estimated earnings between periods. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite until distributed. |
Construction and Line Item Jo46
Construction and Line Item Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Variable Interest Entity [Line Items] | ||||
Deficit in unconsolidatedconstruction joint venture | $ 13,100 | $ 13,100 | ||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | 530,215 | $ 313,945 | 1,439,766 | $ 1,055,276 |
Unconsolidated Construction Joint Venture Cost of Revenue | 424,492 | 338,848 | 1,270,793 | 982,014 |
Other Partners Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | 382,465 | 213,068 | 1,018,565 | 741,451 |
Unconsolidated Construction Joint Venture Cost of Revenue | 287,784 | 239,661 | 879,653 | 696,633 |
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | 147,750 | 100,877 | 421,201 | 313,825 |
Unconsolidated Construction Joint Venture Cost of Revenue | 136,708 | 99,187 | 391,140 | 285,381 |
Unconsolidated Construction Joint Venture Gross Profit Loss | $ 11,042 | $ 1,690 | $ 30,061 | $ 28,444 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in affiliates | $ 33,077 | $ 34,177 | $ 33,077 | $ 34,177 | $ 32,361 |
Joint Venture Unconsolidated [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in affiliates | 33,077 | 34,177 | 33,077 | 34,177 | 32,361 |
Equity Method Investment, Summarized Financial Information, Assets | 179,949 | 172,220 | 179,949 | 172,220 | 170,174 |
Equity Method Investments Summarized Financial Information Net Assets | 106,239 | 103,651 | 106,239 | 103,651 | 97,639 |
Equity Method Investments | 18,400 | 17,800 | 18,400 | 17,800 | 16,500 |
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | $ 530,215 | 313,945 | $ 1,439,766 | 1,055,276 | |
Number of projects | 11 | 11 | |||
Unconsolidated Construction Joint Venture Cost of Revenue | $ 424,492 | 338,848 | $ 1,270,793 | 982,014 | |
Joint Venture Unconsolidated [Member] | Other Affiliates [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in affiliates | 8,984 | 10,137 | 8,984 | 10,137 | 9,738 |
Equity Method Investments | 33,077 | 34,177 | 33,077 | 34,177 | 32,361 |
Joint Venture Unconsolidated [Member] | Equity Method investments in Real Estate Affiliates [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in affiliates | 24,093 | 24,040 | 24,093 | 24,040 | $ 22,623 |
Joint Venture Unconsolidated [Member] | Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in affiliates | 19,200 | 19,200 | |||
Joint Venture Unconsolidated [Member] | Minimum [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Real Estate Development Projects Range of Total Assets | 1,700 | 1,700 | |||
Joint Venture Unconsolidated [Member] | Maximum [Member] | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Real Estate Development Projects Range of Total Assets | 69,600 | 69,600 | |||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | 382,465 | 213,068 | 1,018,565 | 741,451 | |
Unconsolidated Construction Joint Venture Cost of Revenue | 287,784 | 239,661 | 879,653 | 696,633 | |
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | 147,750 | 100,877 | 421,201 | 313,825 | |
Unconsolidated Construction Joint Venture Cost of Revenue | 136,708 | 99,187 | 391,140 | 285,381 | |
Unconsolidated Construction Joint Venture Gross Profit Loss | $ 11,042 | $ 1,690 | $ 30,061 | $ 28,444 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 1,199,013 | $ 1,203,104 | $ 1,215,551 |
Accumulated depreciation and depletion | 813,977 | 793,451 | 791,279 |
Property and equipment, net | 385,036 | 409,653 | 424,272 |
Equipment and vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 762,121 | 767,313 | 771,934 |
Quarry property [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 171,924 | 172,081 | 169,982 |
Land and land improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 111,058 | 110,235 | 118,985 |
Building and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 82,651 | 82,655 | 83,813 |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 71,259 | $ 70,820 | $ 70,837 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Goodwill | $ 53,799 | $ 53,799 | $ 53,799 |
Construction [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Goodwill | 29,260 | 29,260 | 29,260 |
Large Project Construction [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Goodwill | 22,593 | 22,593 | 22,593 |
Construction Materials [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Goodwill | 1,946 | 1,946 | 1,946 |
Other Noncurrent Assets [Member] | Use Rights [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Use rights. | $ 400 | $ 400 | $ 400 |
Intangible Assets - Finite Live
Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | $ 48,570 | $ 48,570 | $ 48,570 | $ 48,570 | $ 48,570 |
Total amortized intangible assets, Accumulated Amortization | (28,091) | (25,953) | (28,091) | (25,953) | (26,454) |
Total amortized intangible assets, Net Value | 20,479 | 22,617 | 20,479 | 22,617 | 22,116 |
Amortization expense | 500 | 600 | 1,600 | 1,800 | |
Future amortization expense, Remainder of Fiscal Year | 500 | 500 | |||
Future amortization expense, Year One | 2,000 | 2,000 | |||
Future amortization expense, Year Two | 1,800 | 1,800 | |||
Future amortization expense, Year Three | 1,700 | 1,700 | |||
Future amortization expense, Year Four | 1,700 | 1,700 | |||
Future amortization expense, after Year Four | 12,700 | 12,700 | |||
Permits [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | 29,713 | 29,713 | 29,713 | 29,713 | 29,713 |
Total amortized intangible assets, Accumulated Amortization | (13,958) | (12,835) | (13,958) | (12,835) | (13,115) |
Total amortized intangible assets, Net Value | 15,755 | 16,878 | 15,755 | 16,878 | 16,598 |
Order or Production Backlog [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | 7,900 | 7,900 | 7,900 | 7,900 | 7,900 |
Total amortized intangible assets, Accumulated Amortization | (7,513) | (7,226) | (7,513) | (7,226) | (7,263) |
Total amortized intangible assets, Net Value | 387 | 674 | 387 | 674 | 637 |
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | 4,398 | 4,398 | 4,398 | 4,398 | 4,398 |
Total amortized intangible assets, Accumulated Amortization | (3,004) | (2,711) | (3,004) | (2,711) | (2,785) |
Total amortized intangible assets, Net Value | 1,394 | 1,687 | 1,394 | 1,687 | 1,613 |
Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | 4,100 | 4,100 | 4,100 | 4,100 | 4,100 |
Total amortized intangible assets, Accumulated Amortization | (1,187) | (755) | (1,187) | (755) | (863) |
Total amortized intangible assets, Net Value | 2,913 | 3,345 | 2,913 | 3,345 | 3,237 |
Covenants not to compete [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortized intangible assets, Gross Value | 2,459 | 2,459 | 2,459 | 2,459 | 2,459 |
Total amortized intangible assets, Accumulated Amortization | (2,429) | (2,426) | (2,429) | (2,426) | (2,428) |
Total amortized intangible assets, Net Value | $ 30 | $ 33 | $ 30 | $ 33 | $ 31 |
Covenants and Events of Defau51
Covenants and Events of Default (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |
Covenant Compliance | We were in compliance with the covenants contained in our note purchase agreement governing our 2019 Notes (the “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 entity. |
Senior Notes [Member] | 2019 Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 200,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.11% |
Debt, Current | $ 40,000,000 |
Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 215,000,000 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net Loss Attributable to Parent | $ 30,759 | $ 15,282 | $ 31,812 | $ 8,370 |
Weighted average common shares outstanding, basic | 39,378 | 39,150 | 39,317 | 39,073 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 519 | 663 | 546 | 717 |
Weighted average common shares outstanding, diluted | 39,897 | 39,813 | 39,863 | 39,790 |
Basic (in dollars per share) | $ 0.78 | $ 0.39 | $ 0.81 | $ 0.21 |
Diluted (in dollars per share) | $ 0.77 | $ 0.38 | $ 0.80 | $ 0.21 |
Equity (Details)
Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Stockholders' Equity [Roll Forward] | |||||||
Stockholders' equity, beginning balance | $ 817,106 | $ 786,344 | |||||
Purchase of common stock | (3,366) | [1] | (4,751) | [2] | |||
Other transactions with shareholders | [3] | 6,816 | 10,505 | ||||
Transactions with noncontrolling interests, net | (1,808) | 15,174 | |||||
Net Loss Attributable to Parent | $ 30,759 | $ 15,282 | 31,812 | 8,370 | |||
Comprehensive income (loss): | |||||||
Net income | 32,180 | 14,105 | 33,109 | 15,051 | |||
Dividends on common stock | (15,352) | (15,260) | |||||
Stockholders' equity, ending balance | 836,505 | 807,063 | $ 836,505 | $ 807,063 | |||
Shares Purchased for Tax Withholding for Share Based Compensation | 103,000 | 123,000 | |||||
Granite Construction [Member] | |||||||
Stockholders' Equity [Roll Forward] | |||||||
Stockholders' equity, beginning balance | $ 794,385 | $ 781,940 | |||||
Purchase of common stock | (3,366) | [1] | (4,751) | [2] | |||
Other transactions with shareholders | [3] | 6,816 | 10,505 | ||||
Transactions with noncontrolling interests, net | 0 | 0 | |||||
Net Loss Attributable to Parent | 31,812 | ||||||
Comprehensive income (loss): | |||||||
Net income | 8,370 | ||||||
Dividends on common stock | (15,352) | (15,260) | |||||
Stockholders' equity, ending balance | 814,295 | 780,804 | 814,295 | 780,804 | |||
Noncontrolling Interest [Member] | |||||||
Stockholders' Equity [Roll Forward] | |||||||
Stockholders' equity, beginning balance | 22,721 | 4,404 | |||||
Purchase of common stock | 0 | [1] | 0 | [2] | |||
Other transactions with shareholders | [3] | 0 | 0 | ||||
Transactions with noncontrolling interests, net | (1,808) | 15,174 | |||||
Comprehensive income (loss): | |||||||
Net income | 1,297 | 6,681 | |||||
Dividends on common stock | 0 | 0 | |||||
Stockholders' equity, ending balance | $ 22,210 | $ 26,259 | $ 22,210 | $ 26,259 | |||
[1] | Represents 103,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. | ||||||
[2] | Represents 123,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our Amended and Restated 1999 Equity Incentive Plan. | ||||||
[3] | Amounts are comprised primarily of amortized restricted stock units. |
Legal Proceedings Legal Proceed
Legal Proceedings Legal Proceedings (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | $ 0 | ||
Loss Contingency, Range of Possible Loss, Maximum | 300,000 | ||
Loss Contingency Accrual | $ 9,200,000 | $ 9,700,000 | $ 9,900,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||
Contract Amount, Threshold to Determine Segment | $ 75,000 | ||||
Segment Reporting Information [Line Items] | |||||
Construction | $ 427,018 | $ 447,097 | 921,143 | $ 873,357 | |
Total revenue | 751,376 | 719,764 | 1,740,867 | 1,685,481 | |
Construction Materials | 107,274 | 93,221 | 229,442 | 201,014 | |
Large Project Construction | 217,084 | 179,446 | 590,282 | 611,110 | |
Gross profit | 100,898 | 66,692 | 206,775 | 170,515 | |
Assets | 1,718,706 | 1,683,043 | 1,718,706 | 1,683,043 | $ 1,620,494 |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||
Gross profit | 100,898 | 66,692 | 206,775 | 170,515 | |
Selling, general and administrative expenses | 50,077 | 47,386 | 151,374 | 147,731 | |
Gain on sales of property and equipment | 804 | 3,004 | 2,090 | 6,891 | |
Other income (expense), net | 1,766 | 2,124 | 6,234 | 6,323 | |
Loss before benefit from income taxes | 49,859 | 20,186 | $ 51,257 | 23,352 | |
Construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Construction Project, Term, Maximum | 2 years | ||||
Construction | 427,018 | 447,097 | $ 921,143 | 873,357 | |
Large Project Construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Large Project Construction | 217,084 | 179,446 | 590,282 | 611,110 | |
Construction Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Construction Materials | 107,274 | 93,221 | 229,442 | 201,014 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from reportable segments | 809,873 | 773,332 | 1,844,345 | 1,771,165 | |
Elimination of intersegment revenue | 809,873 | 773,332 | 1,844,345 | 1,771,165 | |
Gross profit | 100,898 | 66,692 | 206,775 | 170,515 | |
Depreciation, Depletion and Amortization, Nonproduction | 14,301 | 14,806 | 39,869 | 41,133 | |
Assets | 713,110 | 720,268 | 713,110 | 720,268 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||
Gross profit | 100,898 | 66,692 | 206,775 | 170,515 | |
Operating Segments [Member] | Construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from reportable segments | 427,018 | 447,097 | 921,143 | 873,357 | |
Elimination of intersegment revenue | 427,018 | 447,097 | 921,143 | 873,357 | |
Gross profit | 64,298 | 48,802 | 126,035 | 82,773 | |
Depreciation, Depletion and Amortization, Nonproduction | 5,194 | 4,621 | 14,752 | 12,865 | |
Assets | 140,493 | 150,070 | 140,493 | 150,070 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||
Gross profit | 64,298 | 48,802 | 126,035 | 82,773 | |
Operating Segments [Member] | Large Project Construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from reportable segments | 217,084 | 179,446 | 590,282 | 611,110 | |
Elimination of intersegment revenue | 217,084 | 179,446 | 590,282 | 611,110 | |
Gross profit | 22,572 | 5,679 | 55,116 | 72,264 | |
Depreciation, Depletion and Amortization, Nonproduction | 3,308 | 4,777 | 8,311 | 12,001 | |
Assets | 271,878 | 247,694 | 271,878 | 247,694 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||
Gross profit | 22,572 | 5,679 | 55,116 | 72,264 | |
Operating Segments [Member] | Construction Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from reportable segments | 165,771 | 146,789 | 332,920 | 286,698 | |
Elimination of intersegment revenue | 165,771 | 146,789 | 332,920 | 286,698 | |
Gross profit | 14,028 | 12,211 | 25,624 | 15,478 | |
Depreciation, Depletion and Amortization, Nonproduction | 5,799 | 5,408 | 16,806 | 16,267 | |
Assets | 300,739 | 322,504 | 300,739 | 322,504 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | |||||
Gross profit | 14,028 | 12,211 | 25,624 | 15,478 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from reportable segments | (58,497) | (53,568) | (103,478) | (85,684) | |
Elimination of intersegment revenue | (58,497) | (53,568) | (103,478) | (85,684) | |
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 | (58,497) | (53,568) | (103,478) | (85,684) | |
Elimination of intersegment revenue | $ (58,497) | $ (53,568) | $ (103,478) | $ (85,684) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Oct. 28, 2015 | Sep. 30, 2015 |
Line of Credit [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215,000,000 | |
Line of Credit [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |
Debt Instrument, Fee Amount | $ 1,900,000 | |
Letter of Credit [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |
2019 Notes [Member] | Senior Notes [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | 200,000,000 | |
Debt, Current | $ 40,000,000 |