Document And Entity Information
Document And Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity [Abstract] | |||
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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 39,413,511 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.4 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents ($46,210 and $61,276 related to consolidated construction joint ventures (“CCJV”)) | $ 252,836 | $ 255,961 |
Short-term marketable securities | 25,043 | 25,504 |
Receivables, net ($44,452 and $36,781 related to CCJVs) | 340,822 | 310,934 |
Costs and estimated earnings in excess of billings | 59,070 | 36,411 |
Inventories | 55,553 | 68,920 |
Real estate held for development and sale | 500 | 11,609 |
Equity in construction joint ventures | 224,689 | 184,575 |
Other current assets ($5,037 and $1,746 related to CCJVs) | 26,709 | 23,033 |
Total current assets | 985,222 | 916,947 |
Property and equipment, net ($5,378 and $11,969 related to CCJVs) | 385,129 | 409,653 |
Long-term marketable securities | 80,652 | 76,563 |
Investments in affiliates | 33,182 | 32,361 |
Goodwill | 53,799 | 53,799 |
Deferred income taxes, net | 4,329 | 32,785 |
Other noncurrent assets | 85,547 | 77,940 |
Total assets | 1,627,860 | 1,600,048 |
Current liabilities | ||
Current maturities of long-term debt | 15,024 | 21 |
Current maturities of non-recourse debt | 0 | 1,226 |
Accounts payable ($12,494 and $18,009 related to CCJVs) | 157,571 | 151,935 |
Billings in excess of costs and estimated earnings ($14,281 and $32,830 related to CCJVs) | 92,515 | 108,992 |
Accrued expenses and other current liabilities ($965 and $2,714 related to CCJVs) | 200,935 | 200,652 |
Total current liabilities | 466,045 | 462,826 |
Long-term debt | 245,081 | 270,105 |
Long-term non-recourse debt | 0 | 5,516 |
Other long-term liabilities | $ 46,613 | $ 44,495 |
Commitments and contingencies | ||
Equity | ||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | $ 0 | |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding 39,412,877 shares as of December 31, 2015 and 39,186,386 shares as of December 31, 2014 | $ 394 | 392 |
Additional paid-in capital | 139,412 | 134,177 |
Retained earnings | 699,431 | 659,816 |
Total Granite Construction Incorporated shareholders’ equity | 839,237 | 794,385 |
Non-controlling interests | 30,884 | 22,721 |
Total equity | 870,121 | 817,106 |
Total liabilities and equity | $ 1,627,860 | $ 1,600,048 |
CONSOLIDATED BALANCE SHEETS CON
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEET (PARENTHETICALS - Assets and Liabilities) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and cash equivalents | $ 252,836 | $ 255,961 | $ 229,121 | $ 321,990 | |
Property and equipment, net | 385,129 | 409,653 | |||
Accounts payable | 157,571 | 151,935 | |||
Billings in excess of costs and estimated earnings | 92,515 | 108,992 | |||
Accrued expenses and other current liabilities | 200,935 | 200,652 | |||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||||
Cash and cash equivalents | [1] | 46,210 | 61,276 | ||
Receivables, net | 45,734 | 36,781 | |||
Costs in Excess of Billings | 4,863 | 1,746 | |||
Property and equipment, net | 5,378 | 11,969 | |||
Accounts payable | 11,909 | 18,009 | |||
Billings in excess of costs and estimated earnings | [1] | 15,768 | 32,830 | ||
Accrued expenses and other current liabilities | $ 1,171 | $ 2,714 | |||
[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 SHEET (PARENTHETICALS) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 39,412,877 | 39,186,386 |
Common Stock, Shares, Outstanding | 39,412,877 | 39,186,386 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||
Construction | $ 1,262,675 | $ 1,186,445 | $ 1,251,197 |
Large Project Construction | 812,720 | 825,044 | 777,811 |
Construction Materials | 295,634 | 263,781 | 237,893 |
Total revenue | 2,371,029 | 2,275,270 | 2,266,901 |
Cost of revenue | |||
Construction | 1,072,485 | 1,071,408 | 1,148,905 |
Large Project Construction | 732,708 | 717,382 | 710,354 |
Construction Materials | 262,478 | 244,233 | 230,465 |
Total cost of revenue | 2,067,671 | 2,033,023 | 2,089,724 |
Gross profit | 303,358 | 242,247 | 177,177 |
Selling, general and administrative expenses | 207,339 | 195,762 | 191,860 |
Restructuring and impairment (gains) charges, net | (6,003) | (2,643) | 52,139 |
Gain on sales of property and equipment | (8,286) | (15,972) | (12,130) |
Operating income (loss) | 110,308 | 65,100 | (54,692) |
Other expense (income) | |||
Interest income | (2,135) | (1,872) | (1,785) |
Interest expense | 14,257 | 14,159 | 14,386 |
Equity in income of affiliates | (3,210) | (901) | (1,304) |
Other income, net | (2,031) | (1,883) | (1,960) |
Total other expense | 6,881 | 9,503 | 9,337 |
Income (loss) before provision for (benefit from) income taxes | 103,427 | 55,597 | (64,029) |
Provision for (benefit from) income taxes | 35,179 | 19,721 | (19,263) |
Net income (loss) | 68,248 | 35,876 | (44,766) |
Amount attributable to non-controlling interests | (7,763) | (10,530) | 8,343 |
Net income (loss) attributable to Granite Construction Incorporated | $ 60,485 | $ 25,346 | $ (36,423) |
Net income (loss) per share attributable to common shareholders (see Note 16) | |||
Basic (in dollars per share) | $ 1.54 | $ 0.65 | $ (0.94) |
Diluted (in dollars per share) | $ 1.52 | $ 0.64 | $ (0.94) |
Weighted average shares of common stock | |||
Weighted average common stock outstanding, basic (in shares) | 39,337 | 39,096 | 38,803 |
Weighted average common stock outstanding, diluted (in shares) | 39,868 | 39,795 | 38,803 |
Dividends per common share (in dollars per share) | $ 0.52 | $ 0.52 | $ 0.52 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Noncontrolling Interests [Member] | Total Granite Shareholders' Equity [Member] | Retained Earnings [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] |
Beginning Balance at Dec. 31, 2012 | $ 871,858 | $ 41,905 | $ 829,953 | $ 712,144 | $ 117,422 | $ 387 |
Beginning Balance (in shares) at Dec. 31, 2012 | 38,730,665 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (44,766) | (8,343) | (36,423) | (36,423) | 0 | $ 0 |
Stock units vested | 0 | 0 | 0 | 0 | (4) | $ 4 |
Stock units vested (in shares) | 359,941 | |||||
Amortized restricted stock units | 13,443 | 0 | 13,443 | 0 | 13,443 | $ 0 |
Purchase of common stock | (5,902) | 0 | (5,902) | 0 | (5,900) | $ (2) |
Purchase of common stock (in shares) | (197,313) | |||||
Cash dividends on common stock | (20,210) | 0 | (20,210) | (20,210) | 0 | $ 0 |
Net tax on stock-based compensation | 419 | 0 | 419 | 0 | 419 | 0 |
Transactions with noncontrolling interests, net | (29,158) | (29,158) | 0 | 0 | 0 | 0 |
Stock options exercised and other | 660 | 0 | 660 | (409) | 1,069 | $ 0 |
Stock options exercised and other (in shares) | 24,435 | |||||
Ending Balance at Dec. 31, 2013 | 786,344 | 4,404 | 781,940 | 655,102 | 126,449 | $ 389 |
Ending Balance (in shares) at Dec. 31, 2013 | 38,917,728 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 35,876 | 10,530 | 25,346 | 25,346 | 0 | $ 0 |
Stock units vested | 4 | 0 | 4 | 0 | 0 | $ 4 |
Stock units vested (in shares) | 378,027 | |||||
Amortized restricted stock units | 11,160 | 0 | 11,160 | 0 | 11,160 | $ 0 |
Purchase of common stock | (5,187) | 0 | (5,187) | 0 | (5,186) | $ (1) |
Purchase of common stock (in shares) | (135,028) | |||||
Cash dividends on common stock | (20,354) | 0 | (20,354) | (20,354) | 0 | $ 0 |
Net tax on stock-based compensation | 1,080 | 0 | 1,080 | 0 | 1,080 | 0 |
Noncontrolling interest from acquisition | 0 | |||||
Transactions with noncontrolling interests, net | 7,787 | 7,787 | 0 | 0 | 0 | |
Stock options exercised and other | 396 | 0 | 396 | (278) | 674 | $ 0 |
Stock options exercised and other (in shares) | 25,659 | |||||
Ending Balance at Dec. 31, 2014 | $ 817,106 | 22,721 | 794,385 | 659,816 | 134,177 | $ 392 |
Ending Balance (in shares) at Dec. 31, 2014 | 39,186,386 | 39,186,386 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | $ 68,248 | 7,763 | 60,485 | 0 | $ 0 | |
Stock units vested | 3 | 0 | 3 | 0 | 0 | $ 3 |
Stock units vested (in shares) | 317,524 | |||||
Amortized restricted stock units | 8,763 | 0 | 8,763 | 0 | 8,763 | $ 0 |
Purchase of common stock | (3,856) | 0 | (3,856) | 0 | (3,855) | $ (1) |
Purchase of common stock (in shares) | (114,969) | |||||
Cash dividends on common stock | (20,476) | 0 | (20,476) | (20,476) | 0 | $ 0 |
Net tax on stock-based compensation | 155 | 0 | 155 | 0 | 155 | 0 |
Transactions with noncontrolling interests, net | 400 | 400 | 0 | 0 | 0 | 0 |
Stock options exercised and other | (222) | 0 | (222) | (394) | 172 | $ 0 |
Stock options exercised and other (in shares) | 23,936 | |||||
Ending Balance at Dec. 31, 2015 | $ 870,121 | $ 30,884 | $ 839,237 | $ 699,431 | $ 139,412 | $ 394 |
Ending Balance (in shares) at Dec. 31, 2015 | 39,412,877 | 39,412,877 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income (loss) | $ 68,248 | $ 35,876 | $ (44,766) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Non-cash restructuring and impairment (gains) charges, net | (1,044) | (2,643) | 44,734 |
Depreciation, depletion and amortization | 64,309 | 68,252 | 72,899 |
Gain on sales of property and equipment | 8,286 | 15,972 | 12,130 |
Change in deferred income taxes | 28,258 | 14,907 | (19,557) |
Stock-based compensation | 8,763 | 11,160 | 13,443 |
Equity in net income from unconsolidated joint ventures | (43,374) | (49,168) | (72,764) |
Changes in assets and liabilities: | |||
Receivables | (32,877) | 3,549 | 12,236 |
Costs and estimated earnings in excess of billings, net | (22,374) | (13,856) | (507) |
Inventories | 13,367 | (6,446) | (2,689) |
Contributions to unconsolidated construction joint ventures | (69,313) | (37,097) | (40,758) |
Distributions from unconsolidated construction joint ventures | 53,367 | 67,255 | 110,347 |
Other assets, net | (4,288) | 4,618 | 3,961 |
Accounts payable | 8,363 | (12,669) | (34,048) |
Accrued expenses and other current liabilities, net | 3,859 | (24,624) | (25,021) |
Net cash provided by operating activities | 66,978 | 43,142 | 5,380 |
Investing activities | |||
Purchases of marketable securities | (104,971) | (64,975) | (74,924) |
Maturities of marketable securities | 29,260 | 45,000 | 63,650 |
Proceeds from sale of marketable securities | 75,000 | 35,000 | 5,000 |
Purchases of property and equipment | (44,179) | (43,428) | (43,682) |
Proceeds from sales of property and equipment | 13,148 | 28,614 | 25,759 |
Final consideration for Kenny acquisition | 0 | 0 | (8,382) |
Other investing activities, net | 1,035 | 569 | 931 |
Net cash used in investing activities | (30,707) | 780 | (31,648) |
Financing activities | |||
Proceeds from long-term debt | 30,000 | 0 | 0 |
Debt principal payments | (46,763) | (1,226) | (12,148) |
Cash dividends paid | (20,445) | (20,319) | (20,210) |
Purchase of common stock | (3,777) | (5,124) | (5,896) |
Contributions from non-controlling partners | 7,462 | 15,835 | 5,117 |
Distributions to non-controlling partners | (6,992) | (8,066) | (34,600) |
Other financing activities, net | 1,119 | 1,818 | 1,136 |
Net cash used in financing activities | (39,396) | (17,082) | (66,601) |
(Decrease) increase in cash and cash equivalents | (3,125) | 26,840 | (92,869) |
Cash and cash equivalents at beginning of year | 255,961 | 229,121 | 321,990 |
Cash and cash equivalents at end of year | 252,836 | 255,961 | 229,121 |
Cash paid during the period for: | |||
Interest | 14,601 | 14,666 | 14,622 |
Income taxes | 4,298 | 2,326 | 4,119 |
Other non-cash activities: | |||
Performance guarantees | (10,306) | 21,332 | (23,765) |
Non-cash investing and financing activities: | |||
Restricted stock units issued, net of forfeitures (See Note 14) | 6,220 | 6,514 | 13,775 |
Accrued cash dividends | 5,124 | 5,094 | 5,059 |
Accrued equipment purchases | $ 2,891 | $ (3,704) | $ 1,525 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business : Granite Construction Incorporated is one of the largest diversified heavy civil contractors and construction materials producers in the United States, engaged in the construction and improvement of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, trenchless and underground utilities, power-related facilities, utilities, tunnels, dams and other infrastructure-related projects. We have permanent offices located in Alaska, Arizona, California, Florida, Illinois, Nevada, New York, Texas, Utah and Washington. Unless otherwise indicated, the terms “we,” “us,” “our,” “Company” and “Granite” refer to Granite Construction Incorporated and its consolidated subsidiaries. Principles of Consolidation : The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and majority owned subsidiaries. All material inter-company transactions and accounts have been eliminated. We use the equity method of accounting for affiliated companies where we have the ability to exercise significant influence, but not control. Additionally, we participate in various joint ventures, partnerships and a limited liability company of which we are a member (“joint ventures” or “ventures”). We have consolidated these ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Where we have determined we are not the primary beneficiary of a venture but do exercise significant influence, we account for our share of the operations of jointly controlled construction joint ventures on a pro rata basis in the consolidated statements of operations and as a single line item on the consolidated balance sheets, and we account for non-construction ventures under the equity method of accounting, as a single line item in both the consolidated statements of operations and on the consolidated balance sheets. If we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. Use of Estimates in the Preparation of Financial Statements : The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. Revenue Recognition - Construction Contracts: Revenue and earnings on construction contracts, including construction joint ventures, are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs. Revenue in an amount equal to cost incurred is recognized until there is sufficient information to determine the estimated profit on the project with a reasonable level of certainty. The factors considered in this evaluation include the stage of design completion, the stage of construction completion, the status of outstanding subcontracts or buyouts, certainty of quantities of labor and materials, certainty of schedule and the relationship with the owner. Revenue from unapproved change orders is recognized to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. Unresolved contract modifications and claims (“affirmative 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 and back charges to vendors, designers, and subcontractors. Claim revenue is 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. Back charges are recognized as a reduction to cost when the estimated recovery is probable and the amount can be reasonably estimated. Prior to these changes in accounting policy, we recognized revenue from affirmative claims with customers and non-customers when the claims were settled, generally when a legally binding agreement was signed. We believe these changes in accounting policy are preferable as they more accurately reflect the timing and amount of revenue earned on our projects, as well as providing better comparability to our industry peers. Except for contractual back charges, claims against non-customers continue to be recognized when the claims are settled. Customer claim settlements resulting in increases to revenue during the year ended December 31, 2015 and 2014 were $3.8 million and $26.6 million , respectively. Back charge claim settlements resulting in an increase to gross profit during the year ended December 31, 2014 were $7.9 million . There were no material back charge claim settlements during the year ended December 31, 2015. Recognizing claim and back charge 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 affirmative claims was an increase in revenue of $48.5 million for the year ended December 31, 2015. The effect of adopting the new accounting policy for back charge claims was an increase in gross profit of $7.0 million for the year ended December 31, 2015. Provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue. All contract costs, including those associated with affirmative claims and change orders, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination. Pre-contract costs are expensed as incurred. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach, and we believe our experience allows us to create materially reliable estimates. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with scope changes; • costs of labor and/or materials; • extended overhead and other costs due to owner, weather and other delays; • subcontractor performance issues; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid (to the extent contract remedies are unavailable); • changes from original design on design-build projects; • the availability and skill level of workers in the geographic location of the project; • a change in the availability and proximity of equipment and materials; • our ability to fully and promptly recover on claims and back charges for additional contract costs; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit between periods. Significant changes in cost estimates, particularly in our larger, more complex projects have had, and can in future periods have, a significant effect on our profitability. Revenue Recognition - Materials: Revenue from the sale of materials is recognized when delivery occurs and risk of ownership passes to the customer. Balance Sheet Classifications: Prepaid expenses and amounts receivable and payable under construction contracts (principally retentions) that may exist over the duration of the contract and could extend beyond one year are included in current assets and liabilities. Additionally, the cost of property purchased for development and sale is included in current assets. A one-year time period is used as the basis for classifying all other current assets and liabilities. Cash and Cash Equivalents : Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents on the consolidated balance sheets as of December 31, 2015 and 2014 , was $46.2 million and $61.3 million , respectively, related to our consolidated joint ventures. Our access to joint venture cash may be limited by the provisions of the venture agreements. Costs and Estimated Earnings in Excess of Billings: Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under contracts. These amounts become billable according to the contract terms, which usually consider the passage of time, achievement of milestones or completion of the project. Generally, such unbilled amounts will be billed and collected over the next twelve months. Based on our historical experience, we generally consider the collection risk related to these amounts to be low. When events or conditions indicate that the amounts outstanding may become uncollectible, an allowance is estimated and recorded. Marketable Securities : We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. The cost of securities sold or called is based on the specific identification method. Financial Instruments : The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. Derivative Instruments: All derivative instruments are reported on the balance sheet at fair value. To receive hedge accounting treatment, derivative instruments that are designated as cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The effective portion of the gain or loss on cash flow hedges is reported as a component of accumulated other comprehensive income and subsequently reclassified to income when the hedged transaction affects earnings. Adjustments to fair value on derivative instruments that do not qualify for hedge accounting treatment are reported through income. As of December 31, 2015, we had an interest rate swap designed to convert the interest rate on our senior notes payable from a fixed rate to a variable rate, which does not qualify for hedge accounting treatment. We do not enter into derivative instruments for speculative or trading purposes. As further discussed in Note 4, in January 2016, we entered into an interest rate swap designed to convert the interest rate on borrowings under the Credit Agreement (defined in Note 12) from a variable to a fixed rate, which will be designated as a cash flow hedge. Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. Our receivables are from customers concentrated in the United States, and we have no material receivables from foreign operations as of December 31, 2015. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. Inventories: Inventories consist primarily of quarry products valued at the lower of average cost or market. We write down the inventories based on estimated quantities of materials on hand in excess of approximately one year. At December 31, 2015, inventory also included materials specifically related to a project in our Kenny Large Project Construction operating group and was valued at cost. Real Estate Held for Development and Sale: Each real estate development project accounted for under the equity method of accounting is reviewed in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. These projects are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: • significant decreases in the market price of the asset; • significant adverse changes in legal factors or the business climate; • significant changes to the development or business plans of a project; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. Future undiscounted cash flows and fair value assessments are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. Property and Equipment : Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from three to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, Property, Plant, and Equipment, we write it down to fair value, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the balance sheet and the resulting gains or losses, if any, are reflected in operating income (loss) for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are charged to operations as incurred. Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from three to five years. During the years ended December 31, 2015 , 2014 and 2013 , we capitalized $2.3 million , $4.1 million and $2.5 million , respectively, of internal-use software development and related hardware costs. Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment whenever events or changes in circumstances indicate the net book value of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their net book values to the future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset exceeds its fair value. We group plant equipment assets at a regional level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets are determined to no longer contribute to the vertically integrated asset group, it is assessed for impairment independently. Amortizable intangible assets include covenants not to compete, acquired backlog, permits, trade names and customer lists which are being amortized on a straight-line basis over terms from one to thirty years. Capitalized Interest: Interest, to the extent it is incurred in connection with the construction of certain self-constructed assets and real estate development projects, is capitalized and recorded as part of the asset to which it relates. Capitalized interest on self-constructed assets is amortized over their estimated useful lives and is expensed on real estate projects as they are sold. Goodwill: As of December 31, 2015 , we had five reporting units in which goodwill was recorded as follows: • Kenny Group Construction • Kenny Group Large Project Construction • Northwest Group Construction • Northwest Group Construction Materials • California Construction The most significant goodwill balances reside in the reporting units associated with the Kenny Group. We perform impairment tests annually as of November 1 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • a more likely than not expectation that a segment or a significant portion thereof will be sold; or • the testing for recoverability of a significant asset group within the segment. In performing step one of the goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2015 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2016-2018 operating plan developed internally by management adjusted for market participant based assumptions. Our discount rate assumptions are based on an assessment of equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate our results against our current market capitalization. After calculating the estimated fair value, we compare the resulting fair value to the net book value of the reporting unit, including goodwill. If the net book value of a reporting unit exceeds its fair value, we measure and record the amount of the impairment loss by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The results of our annual goodwill impairment tests, performed in accordance with ASC 350, indicated that the estimated fair values of our reporting units exceeded their net book values (i.e., cushion) by at least 50% for the reporting units with goodwill. Out of the five reporting units with goodwill, the Kenny Large Project Construction business is most susceptible to fluctuations in results depending on awarded work given the large size and limited frequency of awards. While we believe the current cushion for the reporting unit is adequate to absorb these fluctuations, a material decline in job win rates could have a material impact to this reporting unit’s estimated fair value. Billings in Excess of Costs and Estimated Earnings: Billings in excess of costs and estimated earnings is comprised of cash collected from customers and billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. Asset Retirement and Reclamation Obligations: We account for the costs related to legal obligations to reclaim aggregate mining sites and other facilities by recording our estimated reclamation liability when incurred, capitalizing the estimated liability as part of the related asset’s carrying amount and allocating it to expense over the asset’s useful life. Warranties: Many of our construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from six months to one year after our customer accepts the contract. Because of the nature of our projects, including contract owner inspections of the work both during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties and, therefore, do not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which we have accrued an estimate of warranty cost. The warranty cost is estimated based on our experience with the type of work and any known risks relative to the project and was not material during the years ended December 31, 2015 , 2014 and 2013 . Accrued Insurance Costs: We carry insurance policies to cover various risks, primarily general liability, automobile liability and workers compensation, under which we are liable to reimburse the insurance company for a portion of each claim paid. The amounts for which we are liable for general liability and workers compensation generally range from the first $0.5 million to $1.0 million per occurrence. We accrue for the estimated ultimate liability for incurred losses, both reported and unreported, using actuarial methods based on historic trends modified, if necessary, by recent events. Changes in our loss assumptions caused by changes in actual experience would affect our assessment of the ultimate liability and could have an effect on our operating results and financial position up to $1.0 million per occurrence. Performance Guarantees: Agreements with our joint venture partners and limited liability company members (“partner(s)”) for both construction joint ventures and line item joint ventures define each partner’s management role and financial responsibility in the project. The amount of operational exposure is generally limited to our stated ownership interest. However, due to the joint and several nature of the performance obligations under the related owner contracts, if one of the partners fails to perform, we and the remaining partners would be responsible for performance of the outstanding work (i.e., performance guarantee). We estimate our liability for performance guarantees using estimated partner bond rates and include them in accrued expenses and other current liabilities (see Note 10) with a corresponding asset in equity in construction joint ventures on the consolidated balance sheets. We reassess our liability when and if changes in circumstances occur. The liability and corresponding asset are removed from the consolidated balance sheets upon customer acceptance of the project. Circumstances that could lead to a loss under these agreements beyond our stated ownership interest include the failure of a partner to contribute additional funds to the venture in the event the project incurs a loss or additional costs that we could incur should a partner fail to provide the services and resources that it had committed to provide in the agreement. Contingencies: We are currently involved in various claims and legal proceedings. Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated. If a potential loss is considered probable but only a range of loss can be determined, the low-end of the range is recorded. These accruals represent management’s best estimate of probable loss. Disclosure also is provided when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Significant judgment is required in both the determination of probability of loss and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to claims and litigation and may revise our estimates. Stock-Based Compensation: We measure and recognize compensation expense, net of estimated forfeitures, over the requisite vesting periods for all stock-based payment awards made. Stock-based compensation is included in selling, general and administrative expenses on our consolidated statements of operations. Restructuring and Impairment (Gains) Charges: Pursuant to an approved plan, we record severance costs when an employee has been notified, unless the employee provides future service, in which case severance costs are expensed ratably over the future service period. Other restructuring costs are recognized when the liability is incurred. Costs associated with terminating a lease contract are recorded at the contract termination date, in accordance with contract terms, or on the cease-use date, net of estimated sublease income, if applicable. In determining the amount related to termination of a lease, various assumptions are used including the time period over which facilities will be vacant, expected sublease term and sublease rates. These assumptions may be adjusted upon the occurrence of future events. Asset impairment analyses resulting from restructuring events are performed in accordance with ASC subtopic 360-10, Property, Plant and Equipment . See the Property and Equipment and Long-lived Assets accounting policies above for further information on asset impairment charges. During the years ended December 31, 2015 and 2014 , we recorded net restructuring and impairment gains of $6.0 million , including amounts attributable to non-controlling interests of $3.3 million , and $2.6 million , respectively, and during the year ended December 31, 2013 , we recorded net restructuring and impairment charges of $52.1 million (see Note 11). During 2013, we concluded the majority of our 2010 Enterprise Improvemen |
Revisions in Estimates
Revisions in Estimates | 12 Months Ended |
Dec. 31, 2015 | |
Change in Accounting Estimate [Abstract] | |
Revision in Estimates | Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. When we experience significant changes in our estimates of costs to complete, we undergo 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 revisions in estimates for the current period. In our review of these changes for the years ended December 31, 2015 , 2014 and 2013 , we did not identify any material 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 further changes in circumstances or otherwise be required to further revise our cost 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 years ended December 31, 2015 , 2014 , and 2013 , the gross profit impact from projects reaching initial profit recognition was $25.8 million , $74.7 million , and $9.1 million , respectively. Included within the revisions in estimates for the year ended December 31, 2015, is an increase in revenue of $9.7 million due to our change in accounting policy for affirmative claims for which there was no material associated cost during the year ended December 31, 2015. The remaining $38.8 million of the affirmative claims resulted from claim events during the year ended December 31, 2015 that also resulted in revisions to estimated total contract costs. Construction The net changes in project profitability from revisions in estimates, both increases and decreases, that individually had an impact of $1.0 million or more on gross profit was a net increase of $19.9 million and net decreases of $7.3 million and $1.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The projects are summarized as follows (dollars in millions): Increases Years Ended December 31, 2015 2014 2013 Number of projects with upward estimate changes 14 7 6 Range of increase in gross profit from each project, net $ 1.1 - 6.6 $ 1.0 - 1.8 $ 1.1 - 3.7 Increase on project profitability $ 30.7 $ 9.2 $ 16.1 The increases during the year ended December 31, 2015 were due to settlements of outstanding issues with contract owners, lower costs than anticipated, owner directed scope changes, and estimated cost recovery from claims. The 2014 increases were due to owner-directed scope changes and lower costs than anticipated, and the 2013 increases were due to owner-directed scope changes and production at a higher rate than anticipated. Decreases Years Ended December 31, 2015 2014 2013 Number of projects with downward estimate changes 5 6 5 Range of reduction in gross profit from each project, net $ 1.0 - 3.3 $ 1.6 - 4.1 $ 1.2 - 7.4 Decrease on project profitability $ 10.8 $ 16.5 $ 17.8 The decreases during the year ended December 31, 2015 were due to additional costs and lower productivity than originally anticipated. Four of the five projects that had downward estimate changes were complete or substantially complete at December 31, 2015 . The fifth project was 81.7% complete and constituted 0.9% of Construction contract backlog as of December 31, 2015 . The 2014 decreases were due to higher costs than originally anticipated and outstanding claims and change orders, and the 2013 decreases were due to lower productivity than originally anticipated. Large Project Construction The net changes in project profitability from revisions in estimates, both increases and decreases, that individually had an impact of $1.0 million or more on gross profit were net increases of $7.6 million , $46.9 million and $25.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amounts attributable to non-controlling interests were $3.0 million , $9.5 million and $5.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The projects are summarized as follows (dollars in millions): Increases Years Ended December 31, 2015 2014 2013 Number of projects with upward estimate changes 7 12 7 Range of increase in gross profit from each project, net $ 1.5 - 6.7 $ 1.0 - 15.2 $ 2.6 - 41.3 Increase on project profitability $ 27.9 $ 66.8 $ 77.5 The increases during the year ended December 31, 2015 were due to owner-directed scope changes and lower costs than anticipated, as well as estimated cost recovery from claims. The increases during the year ended December 31, 2014 were due to higher productivity than originally anticipated, owner-directed scope changes and the settlement of outstanding claims with contract owners. The increases during the year ended December 31, 2013 were due to the settlement of outstanding issues with a contract owner and owner-directed scope changes. Decreases Years Ended December 31, 2015 2014 2013 Number of projects with downward estimate changes 6 3 5 Range of reduction in gross profit from each project, net $ 1.0 - 5.5 $ 1.1 - 16.8 $ 1.9 - 26.8 Decrease on project profitability $ 20.3 $ 19.9 $ 52.0 The decreases during the years ended December 31, 2015 , 2014 and 2013 were primarily due to additional costs and lower productivity than originally anticipated. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 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): December 31, 2015 2014 U.S. Government and agency obligations $ 15,051 $ 10,511 Commercial paper 9,992 14,993 Total short-term marketable securities 25,043 25,504 U.S. Government and agency obligations 80,652 76,563 Total long-term marketable securities 80,652 76,563 Total marketable securities $ 105,695 $ 102,067 Scheduled maturities of held-to-maturity investments were as follows (in thousands): December 31, 2015 Due within one year $ 25,043 Due in one to five years 80,652 Total $ 105,695 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2015 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 62,024 $ — $ — $ 62,024 Total assets $ 62,024 $ — $ — $ 62,024 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 A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows (in thousands): December 31, 2015 2014 Cash equivalents $ 62,024 $ 60,618 Cash 190,812 195,343 Total cash and cash equivalents $ 252,836 $ 255,961 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 consolidated statements of operations. During the years ended December 31, 2015 and 2014 , we recorded net losses of $0.4 million and $2.0 million , respectively. The fair value of the commodity swaps are recorded in accrued expenses and other current liabilities on the consolidated balance sheets and was $1.7 million as of December 31, 2014 . In March 2014, we entered into an interest rate swap with a notional amount of $100.0 million which matures in June 2018 designed to convert the interest rate of our 2019 Notes (defined in Note 12) from a fixed rate of 6.11% to a variable rate of 4.15% plus six-month LIBOR. The interest rate swap is reported at fair value using Level 2 inputs on the consolidated balance sheets, and gains or losses, including net periodic settlement amounts, are recorded in other expense (income), net in our consolidated statements of operations. During the years ended December 31, 2015 and 2014 , we recorded net gains of $1.5 million and $1.4 million , respectively. The associated balance is recorded in other current assets on the consolidated balance sheets and was $0.6 million and $0.3 million as of December 31, 2015 , and 2014 , respectively. In January 2016, we entered into an interest rate swap designated as a cash flow hedge with an effective date of April 2016 and an initial notional amount of $98.8 million which matures in October 2020. The interest rate swap is designed to convert the interest rate on the term loan described in Note 12 from a variable rate of interest of LIBOR plus an applicable margin to a fixed rate of 1.47% plus the same applicable margin. Beginning in the first quarter of 2016, the interest rate swap will be reported at fair value on the consolidated balance sheets using Level 2 inputs and gains or losses on the effective portion will initially be reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified to interest expense when the interest expense on the variable rate debt is recognized. The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the consolidated balance sheets are as follows (in thousands): December 31, 2015 2014 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 105,695 $ 105,336 $ 102,067 $ 101,808 Liabilities (including current maturities): Senior notes payable 1 Level 3 $ 160,000 $ 165,731 $ 200,000 $ 220,226 Credit Agreement loan 1 Level 3 100,000 99,375 70,000 70,153 1 The fair values of the senior notes payable and Credit Agreement (defined in Note 12) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. The carrying values of receivables, other current assets, and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments. In addition, the fair value of non-recourse debt measured using Level 3 inputs approximates its carrying value due to its relative short-term nature and competitive interest rates. We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. As of December 31, 2015 and 2014 , the nonfinancial assets and liabilities included our asset retirement and reclamation obligations, as well as assets and corresponding liabilities associated with performance guarantees. Fair value for the asset retirement and reclamation obligations were measured using Level 3 inputs and those associated with performance guarantees were measured using Level 2 inputs. Asset retirement and reclamation obligations were initially measured using internal discounted cash flow calculations based upon our estimates of future retirement costs - see Note 8 for details of the asset retirement balances and Note 1 for further discussion on fair value measurements. Performance guarantees were measured using estimated partner bond rates - see Note 10 for the liability balances and Note 1 for further discussion on performance guarantees. During the years ended December 31, 2015 , 2014 and 2013 , fair value adjustments to our nonfinancial assets and liabilities were related to our asset retirement and reclamation obligations, restructuring gains and charges associated with our EIP and non-cash impairment gains and charges separate from our EIP, and are detailed as follows: • Asset retirement obligations adjustments were $0.2 million , $3.0 million and $2.3 million , respectively. See Note 8 for further information. • Restructuring gains associated with our EIP were $6.0 million and $1.3 million , during the years ended December 31, 2015 and 2014, respectively, primarily associated with the sale of a previously impaired consolidated real estate asset and the release of lease obligations. During the year ended December 31, 2013, we recorded restructuring charges of $49.0 million . See Note 11 for further information. • Non-cash impairment gains were $1.3 million during 2014 and non-cash impairment charges were $3.2 million during 2013 . During 2014 and 2013, the non-cash impairment gains and charges were associated with the write-down and subsequent sale of a nonperforming quarry site (see Note 11). |
Receivables, net
Receivables, net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables, Net | Receivables, net (in thousands) December 31, 2015 2014 Construction contracts: Completed and in progress $ 206,756 $ 191,094 Retentions 91,670 84,760 Total construction contracts 298,426 275,854 Construction material sales 28,727 28,549 Other 14,033 6,822 Total gross receivables 341,186 311,225 Less: allowance for doubtful accounts 364 291 Total net receivables $ 340,822 $ 310,934 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, billings i n excess of costs and estimated earnings or in equity in construction joint ventures on the consolidated balance sheets. As of December 31, 2015, claim recovery estimates were included in these balances and combined were approximately $48.5 million . Ultimate settlement with the customer is dependent on the claims resolution process and could extend beyond one year or the operating cycle. Included in other receivables at December 31, 2015 and 2014 were items such as notes receivable, fuel tax refunds, receivables from vendors and income tax refunds. No such receivables individually exceeded 10% of total net receivables at any of these dates. Revenue earned by Construction and Large Project Construction from federal, state and local government agencies was $1.7 billion in each 2015 , 2014 and 2013 , which represented 82.8% , 84.8% and 83.1% of our Construction and Large Project Construction revenue in each of the respective years. During the year ended December 31, 2015 , our largest volume customer, including both prime and subcontractor arrangements, was the New York State Department of Transportation (“ NYSDOT ”). Revenue recognized from contracts with NYSDOT during 2015 represented $199.0 million ( 8.4% of our total revenue) all of which was in our Large Project Construction segment ( 24.5% of segment revenue). During the years ended December 31, 2014 and 2013, our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”). Revenue from Caltrans was $195.4 million ( 8.6% of total revenue) in 2014 , of which $178.7 million ( 15.1% of segment revenue) was in our Construction segment and $16.8 million ( 2.0% of segment revenue) was in the Large Project Construction segment. Revenue from Caltrans totaled $265.8 million ( 11.7% of total revenue) in 2013 , of which $239.9 million ( 19.2% of segment revenue) was in the Construction segment and $25.9 million ( 3.3% of segment revenue) was in the Large Project Construction segment. Financing receivables consisted of retentions receivable and were included in receivables, net on the consolidated balance sheets as of December 31, 2015 and 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 December 31, 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): December 31, 2015 2014 Escrow $ 21,958 $ 28,692 Non-escrow 69,712 56,068 Total retention receivables $ 91,670 $ 84,760 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 December 31, 2015 , the non-escrow retention receivables were evaluated for collectibility using certain customer information that includes the following: • Federal - includes federal agencies such as the Bureau of Reclamation, the Army Corp of Engineers, and the Bureau of Indian Affairs. The obligations of these agencies are backed by the federal government. Consequently, there is minimal risk of not collecting the amounts we are entitled to receive. • State - primarily state departments of transportation. The risk of not collecting on these accounts is small; however, we have experienced occasional delays in payment as states have struggled with budget issues. • Local - these customers include local agencies such as cities, counties and other local municipal agencies. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as some local agencies have struggled to deal with budget issues. • Private - includes individuals, developers and corporations. The majority of our collection risk is associated with these customers. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us certain remedies, including, but not limited to, the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We regularly review our accounts receivable, including past due amounts, to determine their probability of collection. If it is probable that an amount is uncollectible, it is charged to bad debt expense and a corresponding reserve is established in allowance for doubtful accounts. If it is deemed certain that an amount is uncollectible, the amount is written off. Based on contract terms, non-escrow retention receivables are typically due within 60 days of owner acceptance of contract completion. We consider retention amounts beyond 60 days of owner acceptance of contract completion to be past due. There were no material non-escrow retention receivables aged over 90 days as of December 31, 2015 , and there was $8.6 million as of December 31, 2014 , which was collected in 2015. In addition, our allowance for doubtful accounts contained no material provision related to non-escrow retention receivables as we determined there were no significant collectability issues at any of the presented dates. |
Construction and Line Item Join
Construction and Line Item Joint Ventures | 12 Months Ended |
Dec. 31, 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 December 31, 2015 , there was approximately $5.1 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.6 billion represented our share and the remaining $3.5 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. See Note 10 for disclosure of the amounts recorded on the consolidated balance sheets and Note 1 for additional discussion. 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 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 years ended December 31, 2015 , 2014 and 2013 , 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 consolidated balance sheets as follows (in thousands): December 31, 2015 2014 Cash and cash equivalents 1 $ 46,210 $ 61,276 Receivables, net 45,734 36,781 Other current assets 4,863 1,746 Total current assets 96,807 99,803 Property and equipment, net 5,378 11,969 Total assets 2 $ 102,185 $ 111,772 Accounts payable $ 11,909 $ 18,009 Billings in excess of costs and estimated earnings 1 15,768 32,830 Accrued expenses and other current liabilities 1,171 2,714 Total liabilities 2 $ 28,848 $ 53,553 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 December 31, 2015 , we were engaged in five active consolidated construction joint venture projects with total contract values ranging from $1.5 million to $293.8 million . Our share of revenue remaining to be recognized on these consolidated joint ventures ranged from $0.1 million to $117.2 million . Our proportionate share of the equity in these joint ventures was between 50.0% and 65.0% . During the years ended December 31, 2015 , 2014 and 2013 , total revenue from consolidated construction joint ventures was $54.4 million , $155.1 million and $170.0 million , respectively. During the year ended December 31, 2015 , consolidated construction joint ventures used $16.4 million of operating cash flows, and during the years ended December 31, 2014 and 2013 operating cash flows provided by such ventures were $22.5 million and $10.9 million , respectively. Unconsolidated Construction Joint Ventures We account for our share of construction joint ventures that we are not required to consolidate on a pro rata basis in the consolidated statements of operations and as a single line item on the consolidated balance sheets. As of December 31, 2015 , these unconsolidated joint ventures were engaged in eleven active projects with total contract values ranging from $73.7 million to $3.5 billion . Our proportionate share of the equity in these unconsolidated joint ventures ranged from 20.0% to 50.0% . As of December 31, 2015 , our share of the revenue remaining to be recognized on these unconsolidated joint ventures ranged from $1.0 million to $614.0 million . As of December 31, 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 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): December 31, 2015 2014 Assets: Cash and cash equivalents 1 $ 439,871 $ 264,263 Other assets 859,749 573,898 Less partners’ interest 881,183 546,907 Granite’s interest 418,437 291,254 Liabilities: Accounts payable 218,790 146,198 Billings in excess of costs and estimated earnings 1 341,609 156,604 Other liabilities 89,901 55,289 Less partners’ interest 447,926 251,412 Granite’s interest 202,374 106,679 Equity in construction joint ventures 2 $ 216,063 $ 184,575 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 December 31, 2015, this balance included $8.6 million of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the consolidated balance sheets. Years Ended December 31, 2015 2014 2013 Revenue: Total $ 1,924,544 $ 1,501,894 $ 1,391,190 Less partners’ interest and adjustments 1 1,341,334 1,048,514 982,734 Granite’s interest 583,210 453,380 408,456 Cost of revenue: Total 1,819,257 1,386,577 1,107,533 Less partners’ interest and adjustments 1 1,279,954 984,062 772,670 Granite’s interest 539,303 402,515 334,863 Granite’s interest in gross profit $ 43,907 $ 50,865 $ 73,593 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 years ended December 31, 2015, 2014 and 2013, unconsolidated construction joint venture net income was $105.6 million , $116.8 million and $283.2 million , respectively, of which our share was $43.4 million , $49.2 million and $72.8 million , respectively. These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes. 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 consolidated financial statements. As of December 31, 2015 , we had four active line item joint venture construction projects with total contract values ranging from $42.5 million to $87.3 million of which our portion ranged from $28.6 million to $64.8 million . As of December 31, 2015 , our share of revenue remaining to be recognized on these line item joint ventures ranged from $1.3 million to $37.6 million . |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates, Balance [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 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. The real estate entities were formed to accomplish specific real estate development projects that our wholly-owned subsidiary, GLC, participates in with third-party partners. The non-real estate entity was a 50% interest in a limited liability company which owns and operates an asphalt terminal and operates an emulsion plant in Nevada. We have determined that the real estate entities are not consolidated because although they are VIEs, we are not the primary beneficiary. We have determined that the non-real estate entity is not consolidated because it is not a VIE, and we do not hold the majority voting interest. As such, this entity is accounted for using the equity method. We account for our share of the operating results of the equity method investments in other income in the consolidated statements of operations and as a single line item on the consolidated balance sheets as investments in affiliates . Our investments in affiliates balance consists of the following (in thousands): December 31, 2015 2014 Equity method investments in real estate affiliates $ 24,103 $ 22,623 Equity method investments in other affiliates 9,079 9,738 Total investments in affiliates $ 33,182 $ 32,361 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): December 31, 2015 2014 Current assets $ 26,790 $ 28,891 Long-term assets 148,687 141,283 Total assets 175,477 170,174 Current liabilities 25,840 5,827 Long-term liabilities 1 45,267 66,708 Total Liabilities 71,107 72,535 Net assets $ 104,370 $ 97,639 Granite’s share of net assets $ 33,182 $ 32,361 1 The balance primarily relates to debt associated with our real estate investments. See Note 12 for further discussion. The equity method investments in real estate affiliates included $18.5 million and $16.5 million in residential real estate in Texas as of December 31, 2015 and 2014 , respectively. The remaining balances were in commercial real estate in Texas. Of the $175.5 million in total assets as of December 31, 2015 , real estate entities had total assets ranging from $1.7 million to $61.4 million and the non-real estate entity had total assets of $23.7 million . The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2015 2014 2013 Revenue $ 47,457 $ 46,597 $ 42,563 Gross profit 19,117 10,315 3,487 Income (loss) before taxes 8,446 3,647 (686 ) Net income (loss) 8,446 3,647 (686 ) Granite’s interest in affiliates’ net income 3,210 901 1,304 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment and Asset Retirement Obligation [Abstract] | |
Property and Equipment, Net | Property and Equipment, net Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on the consolidated balance sheets as follows (in thousands): December 31, 2015 2014 Equipment and vehicles $ 731,224 $ 767,313 Quarry property 178,357 172,081 Land and land improvements 110,294 110,235 Buildings and leasehold improvements 82,871 82,655 Office furniture and equipment 60,821 70,820 Property and equipment 1,163,567 1,203,104 Less: accumulated depreciation and depletion 778,438 793,451 Property and equipment, net $ 385,129 $ 409,653 Depreciation and depletion expense primarily included in cost of revenue in our consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 was $61.0 million , $64.9 million and $62.7 million , respectively. We capitalized interest costs of $0.4 million , $0.7 million and $0.9 million in 2015 , 2014 and 2013 , respectively, related to certain self-constructed assets, of which $0.4 million , $0.4 million and $0.6 million , respectively, were included in investments in affiliates and the remaining amounts were included in property and equipment on the consolidated balance sheets. During the year ended December 31, 2014, we recorded an impairment gain of $1.3 million which was related to the sale of non-performing quarry assets. Refer to Note 11 for details. We have recorded liabilities associated with our legally required obligations to reclaim owned and leased quarry property and related facilities. As of December 31, 2015 and 2014 , $2.0 million and $6.5 million , respectively, of our asset retirement obligations are included in accrued expenses and other current liabilities and $24.6 million and $20.9 million , respectively, are included in other long-term liabilities on the consolidated balance sheets. The following is a reconciliation of these asset retirement obligations (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 27,441 $ 29,138 Revisions to estimates 213 2,969 Liabilities settled (2,114 ) (5,678 ) Accretion 1,018 1,012 Ending balance $ 26,558 $ 27,441 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 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 the consolidated balance sheets as of December 31, 2015 and 2014 . The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2015 2014 Construction $ 29,260 $ 29,260 Large Project Construction 22,593 22,593 Construction Materials 1,946 1,946 Total goodwill $ 53,799 $ 53,799 Amortized Intangible Assets The following is the breakdown of our amortized intangible assets that are included in other noncurrent assets on the consolidated balance sheets (in thousands): Accumulated December 31, 2015 Gross Value Amortization Net Value Permits $ 29,713 $ (14,239 ) $ 15,474 Acquired backlog 7,900 (7,594 ) 306 Customer lists 4,398 (3,078 ) 1,320 Trade name 4,100 (1,295 ) 2,805 Covenants not to compete and other 2,459 (2,430 ) 29 Total amortized intangible assets $ 48,570 $ (28,636 ) $ 19,934 December 31, 2014 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 Amortization expense related to amortized intangible assets for the years ended December 31, 2015 , 2014 and 2013 was $2.2 million , $2.3 million and $8.8 million , respectively, and was primarily included in selling, general and administrative expenses in our consolidated statements of operations. Based on the amortized intangible assets balance at December 31, 2015 , amortization expense expected to be recorded in the future is as follows: $2.0 million in 2016; $1.8 million in 2017; $1.7 million in 2018; $1.7 million in 2019; $1.6 million in 2020; and $11.1 million thereafter. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | Accrued Expenses and Other Current Liabilities (in thousands) : December 31, 2015 2014 Payroll and related employee benefits $ 56,860 $ 36,888 Accrued insurance 41,154 44,585 Performance guarantees (see Note 17) 65,514 75,820 Other 37,407 43,359 Total $ 200,935 $ 200,652 The increase in the payroll and related employee benefits balance as of December 31, 2015 compared to 2014 is primarily due to an increase in the accrual for incentive compensation related to the increase in net income. Other includes dividends payable, accrued legal reserves, warranty reserves, reclamation reserves, remediation reserves and other miscellaneous accruals, none of which are greater than 5% of total current liabilities. |
Restructuring and Impairment (G
Restructuring and Impairment (Gains) Charges, Net | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net Restructuring and Impairment (Gains) Charges, Net | Restructuring and Impairment (Gains) Charges, Net The following table presents the components of restructuring and impairment (gains) charges, net during the respective periods (in thousands): Years ended December 31, 2015 2014 2013 Impairment (gains) losses associated with our real estate investments, net $ (4,959 ) $ — $ 31,090 Impairment (gains) charges on assets (1,044 ) — 14,651 Lease termination (gains) costs, net of estimated sublease income — (1,283 ) 3,234 Total restructuring (gains) charges (6,003 ) (1,283 ) 48,975 Other impairment (gains) charges — (1,360 ) 3,164 Total restructuring and impairment (gains) charges, net $ (6,003 ) $ (2,643 ) $ 52,139 In 2010, we announced our EIP, which included actions to reduce our cost structure, enhance operating efficiencies and strengthen our business to achieve long-term profitable growth. The majority of restructuring charges associated with the EIP were recorded in 2010. During 2013 and pursuant to the EIP, management approved a plan to sell or otherwise dispose of all of the remaining consolidated real estate investments in our real estate investment business, as well as certain assets in our Construction Materials segment. These actions resulted in restructuring charges of $49.0 million in 2013, including amounts attributable to non-controlling interests of $3.9 million . The carrying values of the impaired assets were adjusted to their expected fair values, which were estimated by a variety of factors including, but not limited to, comparative market data, historical sales prices, broker quotes and third-party valuations. Restructuring charges in 2013 associated with our real estate investment business included $31.1 million of non-cash impairment charges related to all of the remaining consolidated real estate assets, including amounts attributable to non-controlling interests of $3.9 million . The impaired assets consisted primarily of our consolidated residential and retail development projects which had a carrying value of $44.6 million prior to the impairment. During 2015, we recorded a restructuring gain of $5.0 million , which includes the amounts attributable to non-controlling interests of $3.3 million , from the sale of the previously impaired consolidated real estate assets. Restructuring charges in 2013 associated with the Company’s Construction Materials segment resulted in $14.7 million of non-cash impairment charges related to non-performing quarry assets which had an aggregate carrying value of $17.1 million prior to the impairment. In connection with the impairment of these quarry assets, we recorded lease termination charges of $3.2 million . In 2014, we recorded a $1.3 million restructuring gain resulting from our release from lease obligations. During 2015, we recorded a $1.0 million restructuring gain from the sale of a previously impaired quarry asset. We concluded the majority of our 2010 EIP during 2013. As the impaired assets are sold, we may recognize additional restructuring charges or gains; however, we do not expect these charges or gains to be material. Separate from the EIP but related to our process of continually optimizing our assets, we identified a quarry asset within our Construction Materials segment that no longer had strategic value to our vertically integrated business. Therefore, during 2013, management approved a plan to sell or otherwise dispose of this asset. We determined that the asset’s carrying value was not recoverable and recorded a $3.2 million non-cash impairment charge in 2013. In 2014, this asset was sold, resulting in a $1.3 million restructuring impairment gain. |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | Long-Term Debt and Credit Arrangements (in thousands): December 31, 2015 2014 Senior notes payable $ 160,000 $ 200,000 Credit Agreement loan 100,000 70,000 Mortgages payable — 6,742 Other notes payable 105 126 Total debt 260,105 276,868 Less current maturities 15,024 1,247 Total long-term debt $ 245,081 $ 275,621 The aggregate minimum principal maturities of long-term debt for each of the five years following December 31, 2015 , after considering our intent and ability to pay $30.0 million of the 2016 installment of the 2019 Notes (defined below) using another source of financing as disclosed below, are as follows: 2016 - $15.0 million ; 2017 - $45.0 million ; 2018 - $46.3 million ; 2019 - $50.0 million ; and 2020 - $103.8 million . Senior Notes Payable As of December 31, 2015 , senior notes payable in the amount of $160.0 million are due to a group of institutional holders in four remaining equal installments from 2016 through 2019 and bear interest at 6.11% per annum (“2019 Notes”). Of the $40.0 million due for the 2016 installment of the 2019 Notes, $30.0 million is included in long-term debt on the consolidated balance sheets as of December 31, 2015 as we have the ability and intent to pay this installment using borrowings under the Credit Agreement (defined below) or by obtaining other sources of financing. In March 2014, we entered into an interest rate swap designed to convert the interest rate from a fixed rate of 6.11% to a floating rate of 4.15% plus six-month LIBOR (see Note 4 for details). Our obligations under the note purchase agreement governing the 2019 Notes (the “2019 NPA”) are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the Credit Agreement discussed below by liens on substantially all of the assets of the Company and subsidiaries that are guarantors or borrowers under the amended and restated credit facility. The 2019 NPA provides for the release of liens and re-pledge of collateral on substantially the same terms and conditions as those set forth in the amended and restated credit facility. Credit Agreement Granite entered into the Second Amended and Restated Credit Agreement dated October 28, 2015 (the “Credit Agreement”). The Credit Agreement provides for, among other things, (i) an increase in the total committed 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 ( $70.0 million of which was drawn on October 28, 2015 and $30.0 million of which was drawn on December 12, 2015), and (ii) a revised maturity date of October 28, 2020 (the “Maturity Date”). There was no change in the aggregate sublimit for letters of credit of $100.0 million nor was there any significant change to the affirmative, restrictive or financial covenant terms. Of the $100.0 million term loan, 1.25% of the principal balance is due in eleven quarterly installments beginning in March 2016, 2.50% of the principal balance is due in eight quarterly installments beginning in December 2018 and the remaining balance is due on the Maturity Date. As of December 31, 2015, $95.0 million of the $100.0 million term loan was included in long-term debt and the remaining $5.0 million was included in current maturities of long-term debt on the consolidated balance sheets. As of December 31, 2015, the total stated amount of all issued and outstanding letters of credit was $19.1 million . The total unused availability under the Credit Agreement was $181.0 million . The letters of credit will expire between March 2016 and December 2019 . Borrowings under the Credit Agreement bear interest at LIBOR or a base rate (at our option), plus an applicable margin based on certain financial ratios calculated quarterly. LIBOR varies based on the applicable loan term, market conditions and other external factors. The applicable margin was 1.75% for loans bearing interest based on LIBOR and 0.75% for loans bearing interest at the base rate at December 31, 2015 . Accordingly, the effective interest rate using three-month LIBOR and base rate was 2.36% and 4.25% , respectively, at December 31, 2015 and we elected to use LIBOR. In January 2016, we entered into an interest rate swap to convert the interest rate on borrowings under the Credit Agreement from a variable rate interest of LIBOR plus an applicable margin to a fixed rate of 1.47% plus the same applicable margin (see Note 4 for details). Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the Maturity Date. Borrowings bearing interest at a LIBOR rate have a term no less than one month and no greater than six months (or such longer period not to exceed 12 months if approved by all lenders). At the end of each term, such borrowings can be paid or continued at our discretion as either a borrowing at the base rate or a borrowing at a LIBOR rate with similar terms. Our obligations under the Credit Agreement are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the obligations under the 2019 Notes (defined above) by first priority liens (subject only to other permitted liens) on substantially all of the assets of the Company and our subsidiaries that are guarantors or borrowers under the Credit Agreement. The Credit Agreement provides for the release of the liens securing the obligations at our option and expense, so long as certain conditions as defined by the terms in the Credit Agreement are satisfied (“Collateral Release Period”). However, if subsequent to exercising the option, our Consolidated Fixed Charge Coverage Ratio is less than 1.25 or our Consolidated Leverage Ratio is greater than 2.50 , then we would be required to promptly re-pledge substantially all of the assets of the Company and our subsidiaries that are guarantors or borrowers under the Credit Agreement. As of December 31, 2015 , the conditions for the exercise of our right under Credit Agreement to have liens released were not satisfied. Real Estate Indebtedness Our unconsolidated real estate held for development and sale is subject to mortgage indebtedness. This indebtedness is non-recourse to Granite, but is recourse to the real estate entity. The terms of this indebtedness are typically renegotiated to reflect the evolving nature of the real estate project as it progresses through acquisition, entitlement and development. Modification of these terms may include changes in loan-to-value ratios requiring the real estate entity to repay portions of the debt. The debt associated with our unconsolidated real estate ventures is disclosed in Note 7. Covenants and Events of Default Our debt and credit agreements require us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with any of these covenants, or to pay principal, interest or other amounts when due thereunder, would constitute an event of default under the applicable agreements. Under certain circumstances, the occurrence of an event of default under one of our debt or credit agreements (or the acceleration of the maturity of the indebtedness under one of our agreements) may constitute an event of default under one or more of our other debt or credit agreements. Default under our debt and credit agreements could result in (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. The most significant financial covenants under the terms of our amended and restated credit facility and 2019 NPA require the maintenance of a minimum Consolidated Tangible Net Worth, a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of December 31, 2015 and pursuant to the definitions in the agreements, our Consolidated Tangible Net Worth was $822.8 million , which exceeded the minimum of $659.6 million , our Consolidated Leverage Ratio was 1.83 which did not exceed the maximum of 3.00 and our Consolidated Interest Coverage Ratio was 10.05 which exceeded the minimum of 4.00 . As of December 31, 2015 , we were in compliance with all covenants contained in the Credit Agreement and 2019 NPA, as amended, and the debt agreements related to our consolidated real estate entity. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans | Employee Benefit Plans Profit Sharing and 401(k) Plan : The Profit Sharing and 401(k) Plan (the “401(k) Plan”) is a defined contribution plan covering all employees except employees covered by collective bargaining agreements and employees of our consolidated construction joint ventures. Each employee’s combined before-tax and Roth 401(k) after- tax contributions cannot exceed 50% of their eligible pay or the 2015 IRS annual contribution limit of $18,000 . Our 401(k) matching contributions can be up to 6% of an employee’s gross pay and are available at the discretion of the Board of Directors. Profit sharing contributions from the Company may be made to the 401(k) Plan in an amount determined by the Board of Directors. We made no profit sharing contributions during the years ended December 31, 2015 , 2014 and 2013 . Our 401(k) matching contributions to the 401(k) Plan for the years ended December 31, 2015 , 2014 and 2013 were $5.4 million , $5.0 million and $4.1 million , respectively. During the year ended December 31, 2013, eligible Kenny employees that had at least 1,000 hours of service as of March 1, 2013 and were actively employed on March 28, 2013 received a one-time profit sharing contribution of approximately $0.1 million in total, which was equivalent to the Company match during the period they were unable to contribute to the Plan. Non-Qualified Deferred Compensation Plan : We offer a Non-Qualified Deferred Compensation Plan (“NQDC Plan”) to a select group of our highly compensated employees. The NQDC Plan provides participants the opportunity to defer payment of certain compensation as defined in the NQDC Plan. In October 2008, a Rabbi Trust was established to fund our NQDC Plan obligation and was fully funded as of December 31, 2015 . The assets held by the Rabbi Trust at December 31, 2015 and 2014 are substantially in the form of Company-owned life insurance and are included in other noncurrent assets on the consolidated balance sheets. As of December 31, 2015 , there were 52 active participants in the NQDC Plan. NQDC Plan obligations were $19.7 million and $21.7 million as of December 31, 2015 and 2014 , respectively. Multi-employer Pension Plans : Four of our wholly-owned subsidiaries, Granite Construction Company, Granite Construction Northeast, Inc., Granite Industrial, Inc., and Kenny Construction Company contribute to various multi-employer pension plans on behalf of union employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we chose to stop participating in some of the multi-employer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The following table presents our participation in these plans (dollars in thousands): Pension Plan Employer Identification Number Pension Protection Act (“PPA”) Certified Zone Status 1 FIP / RP Status Pending / Implemented 2 Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement 3 Pension Trust Fund 2015 2014 2015 2014 2013 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91-6028571 Green Green No $ 3,000 $ 3,043 $ 3,260 No 02/28/2016 Operating Engineers Pension Trust Fund 95-6032478 Red Red Yes 3,647 3,001 2,768 No 6/30/2016 Pension Trust Fund for Operating Engineers Pension Plan 94-6090764 Red Red Yes 9,070 9,590 8,193 No 6/15/2016 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Yes 2,403 2,682 2,500 No 6/30/2019 Laborers Pension Fund 36-2514514 Green Green No 1,919 2,230 1,608 No 5/31/2017 All other funds (34 as of December 31, 2015) 8,520 8,876 8,836 Total Contributions: $ 28,559 $ 29,422 $ 27,165 1 The most recent PPA zone status available in 2015 and 2014 is for the plan’s year-end during 2014 and 2013 , respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. 2 The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. 3 Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Pension trust funds with a range of expiration dates have various collective bargaining agreements. We currently have no intention of withdrawing from any of the multi-employer pension plans in which we participate that would result in a significant withdrawal liability. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | Shareholders’ Equity Stock-based Compensation: The 2012 Equity Incentive Plan provides for the issuance of restricted stock, restricted stock units (“RSUs”) and stock options to eligible employees and to members of our Board of Directors. A total of 2,020,983 shares of our common stock have been reserved for issuance of which 1,527,295 remained available as of December 31, 2015 . Stock Options: In 2015 and 2014 , no stock options were granted. As of December 31, 2015 , there were 11,379 stock options outstanding all of which were fully vested as of June 30, 2013. Restricted Stock Units and Restricted Stock: RSUs and restricted stock are issued for services to be rendered and may not be sold, transferred or pledged for such a period as determined by our Compensation Committee. RSU and restricted stock compensation cost is measured at our common stock’s fair value based on the market price at the date of grant. We recognize compensation cost only for RSUs and restricted stock that we estimate will ultimately vest. We estimate the number of shares that will ultimately vest at each grant date based on our historical experience and adjust compensation cost based on changes in those estimates over time. RSU and restricted stock compensation cost is recognized ratably over the shorter of the vesting period (generally three years) or the period from grant date to the first maturity date after the holder reaches age 62 and has completed certain specified years of service, when all restricted stock becomes fully vested. Vesting of restricted stock is not subject to any market or performance conditions and vesting provisions are at the discretion of the Compensation Committee. An employee may not sell or otherwise transfer unvested units or stock and, in the event employment is terminated prior to the end of the vesting period, any unvested units or stock are surrendered to us. We have no obligation to purchase these restricted stock units or restricted stock that are surrendered to us. As of December 31, 2015 and 2014 there was no restricted stock outstanding as all outstanding shares had either been forfeited or vested. Compensation cost related to restricted stock was $0.5 million ( $0.3 million net of effective tax rate) for the year ended December 31, 2013. The grant date fair value of restricted stock vested during the year ended December 31, 2013 was $5.1 million . A summary of the changes in our RSUs during the years ended December 31, 2015 , 2014 and 2013 is as follows (shares in thousands): Years Ended December 31, 2015 2014 2013 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 565 $ 31.38 769 $ 29.49 665 $ 27.74 Granted 228 33.40 212 37.94 506 31.12 Vested (300 ) 31.50 (365 ) 30.15 (337 ) 28.52 Forfeited (42 ) 33.38 (51 ) 31.97 (65 ) 29.97 Outstanding, ending balance 451 $ 32.73 565 $ 31.38 769 $ 29.49 Compensation cost related to RSUs was $8.8 million ( $5.8 million net of effective tax rate), $11.2 million ( $7.2 million net of effective tax rate), and $13.0 million ( $9.1 million net of effective tax rate) for the years ended December 31, 2015 , 2014 and 2013 , respectively. The grant date fair value of RSUs vested during the years ended December 31, 2015 , 2014 and 2013 was $10.3 million , $11.7 million and $9.6 million , respectively. As of December 31, 2015 , there was $6.5 million of unrecognized compensation cost related to RSUs which will be recognized over a remaining weighted-average period of 1.2 years. 401(k) Plan: As of December 31, 2015 , the 401(k) Plan owned 1,909,311 shares of our common stock. Dividends on shares held by the 401(k) Plan are charged to retained earnings and all shares held by the 401(k) Plan are treated as outstanding in computing our earnings per share. Employee Stock Purchase Plan: Our ESPP allows qualifying employees to purchase shares of our common stock through payroll deductions of up to 15% of their compensation, subject to Internal Revenue Code limitations, at a price of 95% of the fair market value as of the end of each of the six-month offering periods, which commence on May 15 and November 15 of each year. During the years ended December 31, 2015 , 2014 and 2013 , proceeds from the ESPP were $0.8 million , $0.7 million and $0.7 million for 22,567 , 21,433 and 23,557 shares, respectively. Share Purchase Program: On October 24, 2007, we announced that our Board of Directors authorized us to purchase up to $200.0 million of our common stock at management’s discretion. At December 31, 2015 , $64.1 million remained available under this authorization. We did not purchase shares under the share purchase program in any of the periods presented. The specific timing and amount of any future purchases will vary based on market conditions, securities law limitations and other factors. Purchases under the share purchase program may be commenced, suspended or discontinued at any time and from time to time without prior notice. |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Weighted Average Shares Outstanding and Net Income (Loss) Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share (in thousands except per share amounts): Years Ended December 31, 2015 2014 2013 Numerator (basic and diluted): Net income (loss) allocated to common shareholders for basic calculation $ 60,485 $ 25,346 $ (36,423 ) Denominator: Weighted average common shares outstanding, basic 39,337 39,096 38,803 Dilutive effect of stock options and restricted stock units 1 531 699 — Weighted average common shares outstanding, diluted 39,868 39,795 38,803 Net income (loss) per share, basic $ 1.54 $ 0.65 $ (0.94 ) Net income (loss) per share, diluted $ 1.52 $ 0.64 $ (0.94 ) 1 Due to the net loss for the year ended December 31, 2013, restricted stock units and common stock options representing approximately 862,000 have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Following is a summary of the provision for (benefit from) income taxes (in thousands): Years Ended December 31, 2015 2014 2013 Federal: Current $ 4,810 $ 2,529 $ (1,298 ) Deferred 25,955 11,142 (18,606 ) Total federal 30,765 13,671 (19,904 ) State: Current 1,914 1,897 1,592 Deferred 2,500 4,153 (951 ) Total state 4,414 6,050 641 Total provision for (benefit from) income taxes $ 35,179 $ 19,721 $ (19,263 ) Following is a reconciliation of our provision for (benefit from) income taxes from the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2015 2014 2013 Federal statutory tax $ 35,165 34.0 % $ 19,459 35.0 % $ (22,411 ) 35.0 % State taxes, net of federal tax benefit 3,769 3.6 5,420 9.7 101 (0.2 ) Percentage depletion deduction (1,444 ) (1.4 ) (1,217 ) (2.2 ) (787 ) 1.2 Domestic production deduction (306 ) (0.3 ) (2 ) — (27 ) 0.1 Non-controlling interests (2,639 ) (2.6 ) (3,686 ) (6.6 ) 2,920 (4.6 ) Nondeductible expenses 219 0.2 275 0.5 2,384 (3.7 ) Other 415 0.5 (528 ) (0.9 ) (1,443 ) 2.3 Total $ 35,179 34.0 % $ 19,721 35.5 % $ (19,263 ) 30.1 % Following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2015 2014 Long-term deferred tax assets: Receivables $ 332 $ 306 Inventory 2,710 3,579 Insurance 10,427 11,534 Deferred compensation 11,139 12,479 Other accrued liabilities 3,405 4,801 Contract income recognition — 5,592 Impairments on real estate investments 485 11,329 Accrued compensation 12,639 7,524 Other 2,925 2,107 Net operating loss carryforwards 648 8,665 Valuation allowance (641 ) (1,185 ) Total long-term deferred tax assets 44,069 66,731 Long-term deferred tax liabilities: Property and equipment 30,285 33,946 Contract income recognition 9,455 — Total long-term deferred tax liabilities 39,740 33,946 Net long-term deferred tax assets $ 4,329 $ 32,785 As of December 31, 2015, our deferred tax asset for net operating loss carryforwards relates to state and local net operating loss carryforwards which expire beginning in 2026. We have provided a valuation allowance on the net deferred tax assets for certain state and local jurisdictions because we do not believe it is more likely than not that they will be realized. The following is a summary of the change in valuation allowance (in thousands): December 31, 2015 2014 2013 Beginning balance $ 1,185 $ 3,731 $ 5,242 Deductions, net (544 ) (2,546 ) (1,511 ) Ending balance $ 641 $ 1,185 $ 3,731 The deductions to the valuation allowance are related to the revaluation of our net deferred tax asset related to various state and local jurisdictions during the year ended December 31, 2015 . Additions to the valuation allowance are immaterial for the year ended December 31, 2015 . Uncertain tax positions: We file income tax returns in the U.S. and various state and local jurisdictions. We are currently under examination by various state taxing authorities for various tax years. We do not anticipate that any of these audits will result in a material change in our financial position. We are no longer subject to U.S. federal examinations by tax authorities for years before 2011. With few exceptions, as of December 31, 2015 , we are no longer subject to state examinations by taxing authorities for years before 2010. We had approximately $1.6 million and $0.9 million of total gross unrecognized tax benefits as of December 31, 2015 and 2014 , respectively. There were approximately $1.3 million and $0.5 million of unrecognized tax benefits that would affect the effective tax rate in any future period at December 31, 2015 and 2014 , respectively. We do not anticipate a significant increase or decrease in our unrecognized tax benefits that will impact our effective tax rate in 2016 . The following is a tabular reconciliation of unrecognized tax benefits (in thousands), the balance of which is included in other long-term liabilities on the consolidated balance sheets: December 31, 2015 2014 2013 Beginning balance $ 887 $ 2,231 $ 2,315 Gross increases – current period tax positions 1,006 — 363 Gross decreases – current period tax positions (156 ) (282 ) (638 ) Gross increases – prior period tax positions — — 508 Gross decreases – prior period tax positions — (2 ) (2 ) Settlements with taxing authorities/lapse of statute of limitations (159 ) (1,060 ) (315 ) Ending balance $ 1,578 $ 887 $ 2,231 We record interest on uncertain tax positions as interest expense in our consolidated statements of operations. During the years ended December 31, 2015 , 2014 and 2013 , we recognized approximately $0.1 million of interest income, $0.9 million of interest income and $0.1 million of interest expense, respectively. Approximately $0.1 million and $0.2 million of accrued interest were included in our uncertain tax position liability in our consolidated balance sheets at December 31, 2015 and 2014 , respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments, Contingencies and Guarantees Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily quarry property, in effect at December 31, 2015 were (in thousands): Years Ending December 31, 2016 $ 11,141 2017 7,277 2018 5,883 2019 3,590 2020 2,735 Later years (through 2040) 11,431 Total $ 42,057 Operating lease rental expense was $11.3 million , $10.6 million and $11.4 million in 2015 , 2014 and 2013 , respectively. Performance Guarantees We participate in various joint ventures and line item joint ventures under which each partner is responsible for performing certain discrete items of the total scope of contracted work. See Note 1, Note 6 and Note 10 for further details. Surety Bonds We are generally required to provide various types of surety bonds that provide an additional measure of security under certain public and private sector contracts. At December 31, 2015 , $2.7 billion of our contract backlog was bonded. Performance bonds do not have stated expiration dates; rather, we are generally released from the bonds after the owner accepts the work performed under contract. The ability to maintain bonding capacity to support our current and future level of contracting requires that we maintain cash and working capital balances satisfactory to our sureties. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 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 on the consolidated balance sheets. The aggregate liabilities recorded as of December 31, 2015 and 2014 related to these matters were approximately $5.2 million and $9.7 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 immaterial as of December 31, 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 was a subject of an investigation, along with others, and that the DOJ believed 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 provided the requested information to the DOJ, along with other federal and state agencies (collectively the “Agencies”), concerning other DBE entities for which Granite Northeast historically claimed DBE credit. The matter was settled with the Agencies on November 24, 2015. Granite, Granite Northeast and the DOJ entered into a Non-Prosecution Agreement where Granite Northeast agreed to make payments totaling $8.25 million . A total of $3.5 million was paid in 2015 ( $2.5 million to the DOJ, and $1.0 million to the Metropolitan Transportation Authority (“MTA”)). A final payment totaling $4.75 million will be made to the DOJ in 2016 (none to MTA in 2016) is included in accrued and other current liabilities on our consolidated balance sheets as of December 31, 2015. The Non-Prosecution Agreement contains certain ongoing compliance requirements for Granite and failure to comply with these terms could lead to civil or criminal remedies. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 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, 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 (see Note 1). We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses or 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): Years Ended December 31, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 1,262,675 $ 812,720 $ 432,284 $ 2,507,679 Elimination of intersegment revenue — — (136,650 ) (136,650 ) Revenue from external customers 1,262,675 812,720 295,634 2,371,029 Gross profit 190,190 80,012 33,156 303,358 Depreciation, depletion and amortization 20,117 10,343 22,389 52,849 Segment assets 139,399 274,975 288,900 703,274 2014 Total revenue from reportable segments $ 1,186,445 $ 825,044 $ 385,392 $ 2,396,881 Elimination of intersegment revenue — — (121,611 ) (121,611 ) Revenue from external customers 1,186,445 825,044 263,781 2,275,270 Gross profit 115,037 107,662 19,548 242,247 Depreciation, depletion and amortization 19,141 16,197 21,976 57,314 Segment assets 149,018 248,464 307,229 704,711 2013 Total revenue from reportable segments $ 1,251,197 $ 777,811 $ 372,282 $ 2,401,290 Elimination of intersegment revenue — — (134,389 ) (134,389 ) Revenue from external customers 1,251,197 777,811 237,893 2,266,901 Gross profit 102,292 67,457 7,428 177,177 Depreciation, depletion and amortization 26,228 11,679 22,945 60,852 Segment assets 148,459 222,584 326,056 697,099 A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows (in thousands): Years Ended December 31, 2015 2014 2013 Total gross profit from reportable segments $ 303,358 $ 242,247 $ 177,177 Selling, general and administrative expenses 207,339 195,762 191,860 Restructuring and impairment (gains) charges, net (6,003 ) (2,643 ) 52,139 Gain on sales of property and equipment (8,286 ) (15,972 ) (12,130 ) Other expense, net 6,881 9,503 9,337 Income (loss) before provision for (benefit from) income taxes $ 103,427 $ 55,597 $ (64,029 ) A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2015 2014 2013 Total assets for reportable segments $ 703,274 $ 704,711 $ 697,099 Assets not allocated to segments: Cash and cash equivalents 252,836 255,961 229,121 Short-term and long-term marketable securities 105,695 102,067 117,202 Receivables, net 340,822 310,934 313,598 Deferred income taxes 4,329 32,785 48,081 Other current assets 85,779 60,615 65,674 Property and equipment, net 36,721 45,188 54,330 Other noncurrent assets 98,404 87,787 84,257 Consolidated total assets $ 1,627,860 $ 1,600,048 $ 1,609,362 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2015 and 2014 . This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2015 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 630,162 $ 751,376 $ 569,242 $ 420,249 Gross profit 1 102,008 96,253 65,045 40,052 As a percent of revenue 16.2 % 12.8 % 11.4 % 9.5 % Net income (loss) 3 $ 35,139 $ 32,180 $ 9,539 $ (8,610 ) As a percent of revenue 5.6 % 4.3 % 1.7 % (2.0 )% Net income (loss) attributable to Granite $ 28,673 $ 30,759 $ 9,613 $ (8,560 ) As a percent of revenue 4.6 % 4.1 % 1.7 % (2.0 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.73 $ 0.78 $ 0.24 $ (0.22 ) Diluted $ 0.72 $ 0.77 $ 0.24 $ (0.22 ) 2014 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 589,789 $ 719,764 $ 585,870 $ 379,847 Gross profit 2 73,726 66,292 80,729 21,499 As a percent of revenue 12.5 % 9.3 % 14.1 % 5.6 % Net income (loss) 3 $ 20,825 $ 14,105 $ 22,207 $ (21,261 ) As a percent of revenue 3.5 % 2.0 % 3.8 % (5.6 )% Net income (loss) attributable to Granite $ 16,976 $ 15,282 $ 13,641 $ (20,553 ) As a percent of revenue 2.9 % 2.1 % 2.3 % (5.4 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.43 $ 0.39 $ 0.35 $ (0.53 ) Diluted $ 0.43 $ 0.38 $ 0.34 $ (0.53 ) 1 Gross profit is approximately $ 4.6 million , $ 0.8 million and $ 0.1 million lower than the amounts previously reported in our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, June 30 and March 31 2015 of $100.9 million , $65.8 million and $40.1 million , respectively, due to net reclassifications from selling, general and administration expenses to cost of revenue primarily related to (i) incentive compensation and (ii) sales personnel payroll and related expenses. See Note 1 of “Notes to the Consolidated Financial Statements” and “Gross Profit” and “Selling, General and Administrative Expenses” under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information. 2 Gross profit is approximately $6.1 million lower than the amount previously reported in our Annual Report on Form 10-K for the quarterly period ended December 31, 2014 of $79.8 million due to the reclassifications referred to 1 above. Gross profit is approximately $ 0.4 million and $ 1.7 million lower, and is approximately $ 0.1 million higher than the amounts previously reported in our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, June 30 and March 31 2014 of $66.7 million , $82.4 million and $21.4 million , respectively, due to the reclassifications referred to 1 above. 3 During the fourth quarter of 2015, we recorded $1.0 million of restructuring gains resulting from the sale of previously impaired non-performing quarry sites and a restructuring gain of $5.0 million , which includes the amounts attributable to non-controlling interests of $3.3 million , associated with the sale of a previously impaired consolidated real estate investment. In the fourth quarter of 2014, we were released from the lease obligation related to the lease termination in 2013 and recorded a $1.3 million restructuring gain. Also, in the fourth quarter of 2014, we sold an asset which we had previously impaired resulting in a $1.3 million impairment gain. |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Description Balance at Beginning of Year Charged to Expenses or Other Accounts, Net Deductions and Adjustments 1 Balance at End of Year Year Ended December 31, 2015 Allowance for doubtful accounts $ 291 $ 547 $ (474 ) $ 364 Year Ended December 31, 2014 Allowance for doubtful accounts $ 2,513 $ 97 $ (2,319 ) $ 291 Year Ended December 31, 2013 Allowance for doubtful accounts $ 2,749 $ 944 $ (1,180 ) $ 2,513 1 Deductions and adjustments for the allowances primarily relate to accounts written off. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation : The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and majority owned subsidiaries. All material inter-company transactions and accounts have been eliminated. We use the equity method of accounting for affiliated companies where we have the ability to exercise significant influence, but not control. Additionally, we participate in various joint ventures, partnerships and a limited liability company of which we are a member (“joint ventures” or “ventures”). We have consolidated these ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Where we have determined we are not the primary beneficiary of a venture but do exercise significant influence, we account for our share of the operations of jointly controlled construction joint ventures on a pro rata basis in the consolidated statements of operations and as a single line item on the consolidated balance sheets, and we account for non-construction ventures under the equity method of accounting, as a single line item in both the consolidated statements of operations and on the consolidated balance sheets. If we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements : The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. |
Revenue Recognition - Construction Contracts | Revenue Recognition - Construction Contracts: Revenue and earnings on construction contracts, including construction joint ventures, are recognized under the percentage of completion method using the ratio of costs incurred to estimated total costs. Revenue in an amount equal to cost incurred is recognized until there is sufficient information to determine the estimated profit on the project with a reasonable level of certainty. The factors considered in this evaluation include the stage of design completion, the stage of construction completion, the status of outstanding subcontracts or buyouts, certainty of quantities of labor and materials, certainty of schedule and the relationship with the owner. Revenue from unapproved change orders is recognized to the extent the related costs have been incurred, the amount can be reliably estimated and recovery is probable. Unresolved contract modifications and claims (“affirmative 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 and back charges to vendors, designers, and subcontractors. Claim revenue is 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. Back charges are recognized as a reduction to cost when the estimated recovery is probable and the amount can be reasonably estimated. Prior to these changes in accounting policy, we recognized revenue from affirmative claims with customers and non-customers when the claims were settled, generally when a legally binding agreement was signed. We believe these changes in accounting policy are preferable as they more accurately reflect the timing and amount of revenue earned on our projects, as well as providing better comparability to our industry peers. Except for contractual back charges, claims against non-customers continue to be recognized when the claims are settled. Customer claim settlements resulting in increases to revenue during the year ended December 31, 2015 and 2014 were $3.8 million and $26.6 million , respectively. Back charge claim settlements resulting in an increase to gross profit during the year ended December 31, 2014 were $7.9 million . There were no material back charge claim settlements during the year ended December 31, 2015. Recognizing claim and back charge 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 affirmative claims was an increase in revenue of $48.5 million for the year ended December 31, 2015. The effect of adopting the new accounting policy for back charge claims was an increase in gross profit of $7.0 million for the year ended December 31, 2015. Provisions are recognized in the consolidated statements of operations for the full amount of estimated losses on uncompleted contracts whenever evidence indicates that the estimated total cost of a contract exceeds its estimated total revenue. All contract costs, including those associated with affirmative claims and change orders, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination. Pre-contract costs are expensed as incurred. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach, and we believe our experience allows us to create materially reliable estimates. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with scope changes; • costs of labor and/or materials; • extended overhead and other costs due to owner, weather and other delays; • subcontractor performance issues; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid (to the extent contract remedies are unavailable); • changes from original design on design-build projects; • the availability and skill level of workers in the geographic location of the project; • a change in the availability and proximity of equipment and materials; • our ability to fully and promptly recover on claims and back charges for additional contract costs; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit between periods. Significant changes in cost estimates, particularly in our larger, more complex projects have had, and can in future periods have, a significant effect on our profitability. |
Revenue Recognition - Materials | Revenue Recognition - Materials: Revenue from the sale of materials is recognized when delivery occurs and risk of ownership passes to the customer. |
Balance Sheet Classification | Balance Sheet Classifications: Prepaid expenses and amounts receivable and payable under construction contracts (principally retentions) that may exist over the duration of the contract and could extend beyond one year are included in current assets and liabilities. Additionally, the cost of property purchased for development and sale is included in current assets. A one-year time period is used as the basis for classifying all other current assets and liabilities. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents on the consolidated balance sheets as of December 31, 2015 and 2014 , was $46.2 million and $61.3 million , respectively, related to our consolidated joint ventures. Our access to joint venture cash may be limited by the provisions of the venture agreements. |
Costs and Estimated Earnings in Excess of Billings | Costs and Estimated Earnings in Excess of Billings: Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under contracts. These amounts become billable according to the contract terms, which usually consider the passage of time, achievement of milestones or completion of the project. Generally, such unbilled amounts will be billed and collected over the next twelve months. Based on our historical experience, we generally consider the collection risk related to these amounts to be low. When events or conditions indicate that the amounts outstanding may become uncollectible, an allowance is estimated and recorded. |
Marketable Securities | Marketable Securities : We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. The cost of securities sold or called is based on the specific identification method. |
Financial Instruments Disclosure [Text Block] | Financial Instruments : The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments: All derivative instruments are reported on the balance sheet at fair value. To receive hedge accounting treatment, derivative instruments that are designated as cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The effective portion of the gain or loss on cash flow hedges is reported as a component of accumulated other comprehensive income and subsequently reclassified to income when the hedged transaction affects earnings. Adjustments to fair value on derivative instruments that do not qualify for hedge accounting treatment are reported through income. As of December 31, 2015, we had an interest rate swap designed to convert the interest rate on our senior notes payable from a fixed rate to a variable rate, which does not qualify for hedge accounting treatment. We do not enter into derivative instruments for speculative or trading purposes. |
Financial Instrument, Derivative Instruments, and Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. |
Concentrations Of Credit Risk And Other Risks | Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. Our receivables are from customers concentrated in the United States, and we have no material receivables from foreign operations as of December 31, 2015. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. |
Inventories | Inventories: Inventories consist primarily of quarry products valued at the lower of average cost or market. We write down the inventories based on estimated quantities of materials on hand in excess of approximately one year. At December 31, 2015, inventory also included materials specifically related to a project in our Kenny Large Project Construction operating group and was valued at cost. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Development and Sale: Each real estate development project accounted for under the equity method of accounting is reviewed in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures. These projects are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: • significant decreases in the market price of the asset; • significant adverse changes in legal factors or the business climate; • significant changes to the development or business plans of a project; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. Future undiscounted cash flows and fair value assessments are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. |
Property and Equipment | Property and Equipment : Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from three to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, Property, Plant, and Equipment, we write it down to fair value, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the balance sheet and the resulting gains or losses, if any, are reflected in operating income (loss) for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are charged to operations as incurred. Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from three to five years. During the years ended December 31, 2015 , 2014 and 2013 , we capitalized $2.3 million , $4.1 million and $2.5 million , respectively, of internal-use software development and related hardware costs. |
Long-lived Assets | Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment whenever events or changes in circumstances indicate the net book value of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their net book values to the future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset exceeds its fair value. We group plant equipment assets at a regional level, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets are determined to no longer contribute to the vertically integrated asset group, it is assessed for impairment independently. Amortizable intangible assets include covenants not to compete, acquired backlog, permits, trade names and customer lists which are being amortized on a straight-line basis over terms from one to thirty years. |
Capitalized Interest | Capitalized Interest: Interest, to the extent it is incurred in connection with the construction of certain self-constructed assets and real estate development projects, is capitalized and recorded as part of the asset to which it relates. Capitalized interest on self-constructed assets is amortized over their estimated useful lives and is expensed on real estate projects as they are sold. |
Goodwill | Goodwill: As of December 31, 2015 , we had five reporting units in which goodwill was recorded as follows: • Kenny Group Construction • Kenny Group Large Project Construction • Northwest Group Construction • Northwest Group Construction Materials • California Construction The most significant goodwill balances reside in the reporting units associated with the Kenny Group. We perform impairment tests annually as of November 1 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • a more likely than not expectation that a segment or a significant portion thereof will be sold; or • the testing for recoverability of a significant asset group within the segment. In performing step one of the goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2015 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2016-2018 operating plan developed internally by management adjusted for market participant based assumptions. Our discount rate assumptions are based on an assessment of equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate our results against our current market capitalization. After calculating the estimated fair value, we compare the resulting fair value to the net book value of the reporting unit, including goodwill. If the net book value of a reporting unit exceeds its fair value, we measure and record the amount of the impairment loss by comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The results of our annual goodwill impairment tests, performed in accordance with ASC 350, indicated that the estimated fair values of our reporting units exceeded their net book values (i.e., cushion) by at least 50% for the reporting units with goodwill. Out of the five reporting units with goodwill, the Kenny Large Project Construction business is most susceptible to fluctuations in results depending on awarded work given the large size and limited frequency of awards. While we believe the current cushion for the reporting unit is adequate to absorb these fluctuations, a material decline in job win rates could have a material impact to this reporting unit’s estimated fair value. |
Billings in Excess of Costs and Estimated Earnings [Policy Text Block] | Billings in Excess of Costs and Estimated Earnings: Billings in excess of costs and estimated earnings is comprised of cash collected from customers and billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. |
Reclamation Costs | Asset Retirement and Reclamation Obligations: We account for the costs related to legal obligations to reclaim aggregate mining sites and other facilities by recording our estimated reclamation liability when incurred, capitalizing the estimated liability as part of the related asset’s carrying amount and allocating it to expense over the asset’s useful life. |
Performance Guarantees and Warranties | Warranties: Many of our construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from six months to one year after our customer accepts the contract. Because of the nature of our projects, including contract owner inspections of the work both during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties and, therefore, do not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which we have accrued an estimate of warranty cost. The warranty cost is estimated based on our experience with the type of work and any known risks relative to the project and was not material during the years ended December 31, 2015 , 2014 and 2013 . Performance Guarantees: Agreements with our joint venture partners and limited liability company members (“partner(s)”) for both construction joint ventures and line item joint ventures define each partner’s management role and financial responsibility in the project. The amount of operational exposure is generally limited to our stated ownership interest. However, due to the joint and several nature of the performance obligations under the related owner contracts, if one of the partners fails to perform, we and the remaining partners would be responsible for performance of the outstanding work (i.e., performance guarantee). We estimate our liability for performance guarantees using estimated partner bond rates and include them in accrued expenses and other current liabilities (see Note 10) with a corresponding asset in equity in construction joint ventures on the consolidated balance sheets. We reassess our liability when and if changes in circumstances occur. The liability and corresponding asset are removed from the consolidated balance sheets upon customer acceptance of the project. Circumstances that could lead to a loss under these agreements beyond our stated ownership interest include the failure of a partner to contribute additional funds to the venture in the event the project incurs a loss or additional costs that we could incur should a partner fail to provide the services and resources that it had committed to provide in the agreement. |
Accrued Insurance Costs | Accrued Insurance Costs: We carry insurance policies to cover various risks, primarily general liability, automobile liability and workers compensation, under which we are liable to reimburse the insurance company for a portion of each claim paid. The amounts for which we are liable for general liability and workers compensation generally range from the first $0.5 million to $1.0 million per occurrence. We accrue for the estimated ultimate liability for incurred losses, both reported and unreported, using actuarial methods based on historic trends modified, if necessary, by recent events. Changes in our loss assumptions caused by changes in actual experience would affect our assessment of the ultimate liability and could have an effect on our operating results and financial position up to $1.0 million per occurrence. |
Contingencies | Contingencies: We are currently involved in various claims and legal proceedings. Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated. If a potential loss is considered probable but only a range of loss can be determined, the low-end of the range is recorded. These accruals represent management’s best estimate of probable loss. Disclosure also is provided when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Significant judgment is required in both the determination of probability of loss and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to claims and litigation and may revise our estimates. |
Stock-based Compensation | Stock-Based Compensation: We measure and recognize compensation expense, net of estimated forfeitures, over the requisite vesting periods for all stock-based payment awards made. Stock-based compensation is included in selling, general and administrative expenses on our consolidated statements of operations. |
Restructuring and Impairment Charges (Gains) | Restructuring and Impairment (Gains) Charges: Pursuant to an approved plan, we record severance costs when an employee has been notified, unless the employee provides future service, in which case severance costs are expensed ratably over the future service period. Other restructuring costs are recognized when the liability is incurred. Costs associated with terminating a lease contract are recorded at the contract termination date, in accordance with contract terms, or on the cease-use date, net of estimated sublease income, if applicable. In determining the amount related to termination of a lease, various assumptions are used including the time period over which facilities will be vacant, expected sublease term and sublease rates. These assumptions may be adjusted upon the occurrence of future events. Asset impairment analyses resulting from restructuring events are performed in accordance with ASC subtopic 360-10, Property, Plant and Equipment . See the Property and Equipment and Long-lived Assets accounting policies above for further information on asset impairment charges. During the years ended December 31, 2015 and 2014 , we recorded net restructuring and impairment gains of $6.0 million , including amounts attributable to non-controlling interests of $3.3 million , and $2.6 million , respectively, and during the year ended December 31, 2013 , we recorded net restructuring and impairment charges of $52.1 million (see Note 11). During 2013, we concluded the majority of our 2010 Enterprise Improvement Plan (“EIP”) which included the impairment and planned orderly divestiture of our real estate investment business consistent with our strategy to focus on our core business. Consequently, during 2013 we recorded impairment charges on certain real estate assets in accordance with our EIP. When real estate assets which we continue to have a financial interest are sold, we may recognize additional restructuring charges or gains; however, we do not expect these charges or gains to be material to our consolidated financial statements. |
Income Taxes | Income Taxes : Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities on the consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in other expense (income) in the consolidated statements of operations. |
Computation of Earnings Per Share | Computation of Earnings 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. Potential common shares include stock options and restricted stock units, under the 2012 Equity Incentive Plan. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements: In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which provides guidance for revenue recognition. This ASU’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. 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 amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest 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 and in August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU No. 2015-03 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. ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These ASUs will be effective commencing with our quarter ending March 31, 2016. We do not expect the adoption of these ASUs 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. 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 November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the current requirements for an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in the consolidated balance sheets. To simplify the presentation of deferred income taxes, the ASU requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheets. We elected to early adopt the ASU retrospectively in 2015, which resulted in reclassifications of $53.2 million and $20.4 million from current deferred tax assets and long-term deferred tax liabilities, respectively, to noncurrent deferred tax assets, net as of December 31, 2014. |
Retention Receivable Policy | The escrow receivables include amounts due to Granite which have been deposited into an escrow account and bear interest. Typically, escrow retention receivables are held until work on a project is complete and has been accepted by the owner who then releases those funds, along with accrued interest, to us. There is minimal risk of not collecting on these amounts. As of December 31, 2015 , the non-escrow retention receivables were evaluated for collectibility using certain customer information that includes the following: • Federal - includes federal agencies such as the Bureau of Reclamation, the Army Corp of Engineers, and the Bureau of Indian Affairs. The obligations of these agencies are backed by the federal government. Consequently, there is minimal risk of not collecting the amounts we are entitled to receive. • State - primarily state departments of transportation. The risk of not collecting on these accounts is small; however, we have experienced occasional delays in payment as states have struggled with budget issues. • Local - these customers include local agencies such as cities, counties and other local municipal agencies. The risk of not collecting on these accounts is low; however, we have experienced occasional delays in payment as some local agencies have struggled to deal with budget issues. • Private - includes individuals, developers and corporations. The majority of our collection risk is associated with these customers. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us certain remedies, including, but not limited to, the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We regularly review our accounts receivable, including past due amounts, to determine their probability of collection. If it is probable that an amount is uncollectible, it is charged to bad debt expense and a corresponding reserve is established in allowance for doubtful accounts. If it is deemed certain that an amount is uncollectible, the amount is written off. Based on contract terms, non-escrow retention receivables are typically due within 60 days of owner acceptance of contract completion. We consider retention amounts beyond 60 days of owner acceptance of contract completion to be past due. There were no material non-escrow retention receivables aged over 90 days as of December 31, 2015 , and there was $8.6 million as of December 31, 2014 , which was collected in 2015. In addition, our allowance for doubtful accounts contained no material provision related to non-escrow retention receivables as we determined there were no significant collectability issues at any of the presented dates. |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Construction [Member] | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate | Decreases Years Ended December 31, 2015 2014 2013 Number of projects with downward estimate changes 5 6 5 Range of reduction in gross profit from each project, net $ 1.0 - 3.3 $ 1.6 - 4.1 $ 1.2 - 7.4 Decrease on project profitability $ 10.8 $ 16.5 $ 17.8 Increases Years Ended December 31, 2015 2014 2013 Number of projects with upward estimate changes 14 7 6 Range of increase in gross profit from each project, net $ 1.1 - 6.6 $ 1.0 - 1.8 $ 1.1 - 3.7 Increase on project profitability $ 30.7 $ 9.2 $ 16.1 |
Large Project Construction [Member] | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate | Decreases Years Ended December 31, 2015 2014 2013 Number of projects with downward estimate changes 6 3 5 Range of reduction in gross profit from each project, net $ 1.0 - 5.5 $ 1.1 - 16.8 $ 1.9 - 26.8 Decrease on project profitability $ 20.3 $ 19.9 $ 52.0 Increases Years Ended December 31, 2015 2014 2013 Number of projects with upward estimate changes 7 12 7 Range of increase in gross profit from each project, net $ 1.5 - 6.7 $ 1.0 - 15.2 $ 2.6 - 41.3 Increase on project profitability $ 27.9 $ 66.8 $ 77.5 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2015 2014 U.S. Government and agency obligations $ 15,051 $ 10,511 Commercial paper 9,992 14,993 Total short-term marketable securities 25,043 25,504 U.S. Government and agency obligations 80,652 76,563 Total long-term marketable securities 80,652 76,563 Total marketable securities $ 105,695 $ 102,067 |
Held-to-maturity Securities | Scheduled maturities of held-to-maturity investments were as follows (in thousands): December 31, 2015 Due within one year $ 25,043 Due in one to five years 80,652 Total $ 105,695 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2015 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 62,024 $ — $ — $ 62,024 Total assets $ 62,024 $ — $ — $ 62,024 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 |
Schedule of Cash and Cash Equivalents [Table Text Block] | A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows (in thousands): December 31, 2015 2014 Cash equivalents $ 62,024 $ 60,618 Cash 190,812 195,343 Total cash and cash equivalents $ 252,836 $ 255,961 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the consolidated balance sheets are as follows (in thousands): December 31, 2015 2014 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 105,695 $ 105,336 $ 102,067 $ 101,808 Liabilities (including current maturities): Senior notes payable 1 Level 3 $ 160,000 $ 165,731 $ 200,000 $ 220,226 Credit Agreement loan 1 Level 3 100,000 99,375 70,000 70,153 1 The fair values of the senior notes payable and Credit Agreement (defined in Note 12) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables, net (in thousands) December 31, 2015 2014 Construction contracts: Completed and in progress $ 206,756 $ 191,094 Retentions 91,670 84,760 Total construction contracts 298,426 275,854 Construction material sales 28,727 28,549 Other 14,033 6,822 Total gross receivables 341,186 311,225 Less: allowance for doubtful accounts 364 291 Total net receivables $ 340,822 $ 310,934 |
Schedule Of Escrow and Non Escrow Retention Receivable | We segregate our retention receivables into two categories: escrow and non-escrow. The balances in each category were as follows (in thousands): December 31, 2015 2014 Escrow $ 21,958 $ 28,692 Non-escrow 69,712 56,068 Total retention receivables $ 91,670 $ 84,760 |
Construction and Line Item Jo34
Construction and Line Item Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Construction and Line Item Joint Ventures [Abstract] | |
Schedule of Consolidated Joint Ventures | The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included on the consolidated balance sheets as follows (in thousands): December 31, 2015 2014 Cash and cash equivalents 1 $ 46,210 $ 61,276 Receivables, net 45,734 36,781 Other current assets 4,863 1,746 Total current assets 96,807 99,803 Property and equipment, net 5,378 11,969 Total assets 2 $ 102,185 $ 111,772 Accounts payable $ 11,909 $ 18,009 Billings in excess of costs and estimated earnings 1 15,768 32,830 Accrued expenses and other current liabilities 1,171 2,714 Total liabilities 2 $ 28,848 $ 53,553 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 | The following is summary financial information related to unconsolidated construction joint ventures (in thousands): December 31, 2015 2014 Assets: Cash and cash equivalents 1 $ 439,871 $ 264,263 Other assets 859,749 573,898 Less partners’ interest 881,183 546,907 Granite’s interest 418,437 291,254 Liabilities: Accounts payable 218,790 146,198 Billings in excess of costs and estimated earnings 1 341,609 156,604 Other liabilities 89,901 55,289 Less partners’ interest 447,926 251,412 Granite’s interest 202,374 106,679 Equity in construction joint ventures 2 $ 216,063 $ 184,575 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 December 31, 2015, this balance included $8.6 million of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the consolidated balance sheets. Years Ended December 31, 2015 2014 2013 Revenue: Total $ 1,924,544 $ 1,501,894 $ 1,391,190 Less partners’ interest and adjustments 1 1,341,334 1,048,514 982,734 Granite’s interest 583,210 453,380 408,456 Cost of revenue: Total 1,819,257 1,386,577 1,107,533 Less partners’ interest and adjustments 1 1,279,954 984,062 772,670 Granite’s interest 539,303 402,515 334,863 Granite’s interest in gross profit $ 43,907 $ 50,865 $ 73,593 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) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in and Advances to Affiliates, Balance [Abstract] | |
Investments in Affiliates | Our investments in affiliates balance consists of the following (in thousands): December 31, 2015 2014 Equity method investments in real estate affiliates $ 24,103 $ 22,623 Equity method investments in other affiliates 9,079 9,738 Total investments in affiliates $ 33,182 $ 32,361 |
Equity Method Investment Summarized Balance Sheet Information | The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): December 31, 2015 2014 Current assets $ 26,790 $ 28,891 Long-term assets 148,687 141,283 Total assets 175,477 170,174 Current liabilities 25,840 5,827 Long-term liabilities 1 45,267 66,708 Total Liabilities 71,107 72,535 Net assets $ 104,370 $ 97,639 Granite’s share of net assets $ 33,182 $ 32,361 |
Equity Method Investment Summarized Income Statement Information | The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2015 2014 2013 Revenue $ 47,457 $ 46,597 $ 42,563 Gross profit 19,117 10,315 3,487 Income (loss) before taxes 8,446 3,647 (686 ) Net income (loss) 8,446 3,647 (686 ) Granite’s interest in affiliates’ net income 3,210 901 1,304 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment and Asset Retirement Obligation [Abstract] | |
Property and Equipment | Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net on the consolidated balance sheets as follows (in thousands): December 31, 2015 2014 Equipment and vehicles $ 731,224 $ 767,313 Quarry property 178,357 172,081 Land and land improvements 110,294 110,235 Buildings and leasehold improvements 82,871 82,655 Office furniture and equipment 60,821 70,820 Property and equipment 1,163,567 1,203,104 Less: accumulated depreciation and depletion 778,438 793,451 Property and equipment, net $ 385,129 $ 409,653 |
Change in Asset Retirement Obligation | The following is a reconciliation of these asset retirement obligations (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 27,441 $ 29,138 Revisions to estimates 213 2,969 Liabilities settled (2,114 ) (5,678 ) Accretion 1,018 1,012 Ending balance $ 26,558 $ 27,441 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2015 2014 Construction $ 29,260 $ 29,260 Large Project Construction 22,593 22,593 Construction Materials 1,946 1,946 Total goodwill $ 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 the consolidated balance sheets (in thousands): Accumulated December 31, 2015 Gross Value Amortization Net Value Permits $ 29,713 $ (14,239 ) $ 15,474 Acquired backlog 7,900 (7,594 ) 306 Customer lists 4,398 (3,078 ) 1,320 Trade name 4,100 (1,295 ) 2,805 Covenants not to compete and other 2,459 (2,430 ) 29 Total amortized intangible assets $ 48,570 $ (28,636 ) $ 19,934 December 31, 2014 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 |
Accrued Expenses and Other Cu38
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses and Other Current Liabilities (in thousands) : December 31, 2015 2014 Payroll and related employee benefits $ 56,860 $ 36,888 Accrued insurance 41,154 44,585 Performance guarantees (see Note 17) 65,514 75,820 Other 37,407 43,359 Total $ 200,935 $ 200,652 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following table presents the components of restructuring and impairment (gains) charges, net during the respective periods (in thousands): Years ended December 31, 2015 2014 2013 Impairment (gains) losses associated with our real estate investments, net $ (4,959 ) $ — $ 31,090 Impairment (gains) charges on assets (1,044 ) — 14,651 Lease termination (gains) costs, net of estimated sublease income — (1,283 ) 3,234 Total restructuring (gains) charges (6,003 ) (1,283 ) 48,975 Other impairment (gains) charges — (1,360 ) 3,164 Total restructuring and impairment (gains) charges, net $ (6,003 ) $ (2,643 ) $ 52,139 |
Long-Term Debt and Credit Arr40
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-Term Debt and Credit Arrangements (in thousands): December 31, 2015 2014 Senior notes payable $ 160,000 $ 200,000 Credit Agreement loan 100,000 70,000 Mortgages payable — 6,742 Other notes payable 105 126 Total debt 260,105 276,868 Less current maturities 15,024 1,247 Total long-term debt $ 245,081 $ 275,621 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Plans | The following table presents our participation in these plans (dollars in thousands): Pension Plan Employer Identification Number Pension Protection Act (“PPA”) Certified Zone Status 1 FIP / RP Status Pending / Implemented 2 Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement 3 Pension Trust Fund 2015 2014 2015 2014 2013 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91-6028571 Green Green No $ 3,000 $ 3,043 $ 3,260 No 02/28/2016 Operating Engineers Pension Trust Fund 95-6032478 Red Red Yes 3,647 3,001 2,768 No 6/30/2016 Pension Trust Fund for Operating Engineers Pension Plan 94-6090764 Red Red Yes 9,070 9,590 8,193 No 6/15/2016 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Yes 2,403 2,682 2,500 No 6/30/2019 Laborers Pension Fund 36-2514514 Green Green No 1,919 2,230 1,608 No 5/31/2017 All other funds (34 as of December 31, 2015) 8,520 8,876 8,836 Total Contributions: $ 28,559 $ 29,422 $ 27,165 1 The most recent PPA zone status available in 2015 and 2014 is for the plan’s year-end during 2014 and 2013 , respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the orange zone are less than 80 percent funded and have an Accumulated Funding Deficiency in the current year or projected into the next six years, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. 2 The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. 3 Lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Pension trust funds with a range of expiration dates have various collective bargaining agreements. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the changes in our RSUs during the years ended December 31, 2015 , 2014 and 2013 is as follows (shares in thousands): Years Ended December 31, 2015 2014 2013 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 565 $ 31.38 769 $ 29.49 665 $ 27.74 Granted 228 33.40 212 37.94 506 31.12 Vested (300 ) 31.50 (365 ) 30.15 (337 ) 28.52 Forfeited (42 ) 33.38 (51 ) 31.97 (65 ) 29.97 Outstanding, ending balance 451 $ 32.73 565 $ 31.38 769 $ 29.49 |
Weighted Average Shares Outst43
Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 (loss) per share as well as the calculation of basic and diluted net income (loss) per share (in thousands except per share amounts): Years Ended December 31, 2015 2014 2013 Numerator (basic and diluted): Net income (loss) allocated to common shareholders for basic calculation $ 60,485 $ 25,346 $ (36,423 ) Denominator: Weighted average common shares outstanding, basic 39,337 39,096 38,803 Dilutive effect of stock options and restricted stock units 1 531 699 — Weighted average common shares outstanding, diluted 39,868 39,795 38,803 Net income (loss) per share, basic $ 1.54 $ 0.65 $ (0.94 ) Net income (loss) per share, diluted $ 1.52 $ 0.64 $ (0.94 ) 1 Due to the net loss for the year ended December 31, 2013, restricted stock units and common stock options representing approximately 862,000 have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Following is a summary of the provision for (benefit from) income taxes (in thousands): Years Ended December 31, 2015 2014 2013 Federal: Current $ 4,810 $ 2,529 $ (1,298 ) Deferred 25,955 11,142 (18,606 ) Total federal 30,765 13,671 (19,904 ) State: Current 1,914 1,897 1,592 Deferred 2,500 4,153 (951 ) Total state 4,414 6,050 641 Total provision for (benefit from) income taxes $ 35,179 $ 19,721 $ (19,263 ) |
Schedule of Effective Income Tax Rate Reconciliation | Following is a reconciliation of our provision for (benefit from) income taxes from the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2015 2014 2013 Federal statutory tax $ 35,165 34.0 % $ 19,459 35.0 % $ (22,411 ) 35.0 % State taxes, net of federal tax benefit 3,769 3.6 5,420 9.7 101 (0.2 ) Percentage depletion deduction (1,444 ) (1.4 ) (1,217 ) (2.2 ) (787 ) 1.2 Domestic production deduction (306 ) (0.3 ) (2 ) — (27 ) 0.1 Non-controlling interests (2,639 ) (2.6 ) (3,686 ) (6.6 ) 2,920 (4.6 ) Nondeductible expenses 219 0.2 275 0.5 2,384 (3.7 ) Other 415 0.5 (528 ) (0.9 ) (1,443 ) 2.3 Total $ 35,179 34.0 % $ 19,721 35.5 % $ (19,263 ) 30.1 % |
Schedule of Deferred Tax Assets and Liabilities | Following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2015 2014 Long-term deferred tax assets: Receivables $ 332 $ 306 Inventory 2,710 3,579 Insurance 10,427 11,534 Deferred compensation 11,139 12,479 Other accrued liabilities 3,405 4,801 Contract income recognition — 5,592 Impairments on real estate investments 485 11,329 Accrued compensation 12,639 7,524 Other 2,925 2,107 Net operating loss carryforwards 648 8,665 Valuation allowance (641 ) (1,185 ) Total long-term deferred tax assets 44,069 66,731 Long-term deferred tax liabilities: Property and equipment 30,285 33,946 Contract income recognition 9,455 — Total long-term deferred tax liabilities 39,740 33,946 Net long-term deferred tax assets $ 4,329 $ 32,785 |
Summary of Valuation Allowance | ur deferred tax asset for net operating loss carryforwards relates to state and l |
Summary of Income Tax Contingencies | The following is a tabular reconciliation of unrecognized tax benefits (in thousands), the balance of which is included in other long-term liabilities on the consolidated balance sheets: December 31, 2015 2014 2013 Beginning balance $ 887 $ 2,231 $ 2,315 Gross increases – current period tax positions 1,006 — 363 Gross decreases – current period tax positions (156 ) (282 ) (638 ) Gross increases – prior period tax positions — — 508 Gross decreases – prior period tax positions — (2 ) (2 ) Settlements with taxing authorities/lapse of statute of limitations (159 ) (1,060 ) (315 ) Ending balance $ 1,578 $ 887 $ 2,231 |
Commitments, Contingencies an45
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily quarry property, in effect at December 31, 2015 were (in thousands): Years Ending December 31, 2016 $ 11,141 2017 7,277 2018 5,883 2019 3,590 2020 2,735 Later years (through 2040) 11,431 Total $ 42,057 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Years Ended December 31, Construction Large Project Construction Construction Materials Total 2015 Total revenue from reportable segments $ 1,262,675 $ 812,720 $ 432,284 $ 2,507,679 Elimination of intersegment revenue — — (136,650 ) (136,650 ) Revenue from external customers 1,262,675 812,720 295,634 2,371,029 Gross profit 190,190 80,012 33,156 303,358 Depreciation, depletion and amortization 20,117 10,343 22,389 52,849 Segment assets 139,399 274,975 288,900 703,274 2014 Total revenue from reportable segments $ 1,186,445 $ 825,044 $ 385,392 $ 2,396,881 Elimination of intersegment revenue — — (121,611 ) (121,611 ) Revenue from external customers 1,186,445 825,044 263,781 2,275,270 Gross profit 115,037 107,662 19,548 242,247 Depreciation, depletion and amortization 19,141 16,197 21,976 57,314 Segment assets 149,018 248,464 307,229 704,711 2013 Total revenue from reportable segments $ 1,251,197 $ 777,811 $ 372,282 $ 2,401,290 Elimination of intersegment revenue — — (134,389 ) (134,389 ) Revenue from external customers 1,251,197 777,811 237,893 2,266,901 Gross profit 102,292 67,457 7,428 177,177 Depreciation, depletion and amortization 26,228 11,679 22,945 60,852 Segment assets 148,459 222,584 326,056 697,099 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows (in thousands): Years Ended December 31, 2015 2014 2013 Total gross profit from reportable segments $ 303,358 $ 242,247 $ 177,177 Selling, general and administrative expenses 207,339 195,762 191,860 Restructuring and impairment (gains) charges, net (6,003 ) (2,643 ) 52,139 Gain on sales of property and equipment (8,286 ) (15,972 ) (12,130 ) Other expense, net 6,881 9,503 9,337 Income (loss) before provision for (benefit from) income taxes $ 103,427 $ 55,597 $ (64,029 ) |
Reconciliation of Assets from Segment to Consolidated | A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2015 2014 2013 Total assets for reportable segments $ 703,274 $ 704,711 $ 697,099 Assets not allocated to segments: Cash and cash equivalents 252,836 255,961 229,121 Short-term and long-term marketable securities 105,695 102,067 117,202 Receivables, net 340,822 310,934 313,598 Deferred income taxes 4,329 32,785 48,081 Other current assets 85,779 60,615 65,674 Property and equipment, net 36,721 45,188 54,330 Other noncurrent assets 98,404 87,787 84,257 Consolidated total assets $ 1,627,860 $ 1,600,048 $ 1,609,362 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2015 and 2014 . This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2015 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 630,162 $ 751,376 $ 569,242 $ 420,249 Gross profit 1 102,008 96,253 65,045 40,052 As a percent of revenue 16.2 % 12.8 % 11.4 % 9.5 % Net income (loss) 3 $ 35,139 $ 32,180 $ 9,539 $ (8,610 ) As a percent of revenue 5.6 % 4.3 % 1.7 % (2.0 )% Net income (loss) attributable to Granite $ 28,673 $ 30,759 $ 9,613 $ (8,560 ) As a percent of revenue 4.6 % 4.1 % 1.7 % (2.0 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.73 $ 0.78 $ 0.24 $ (0.22 ) Diluted $ 0.72 $ 0.77 $ 0.24 $ (0.22 ) 2014 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 589,789 $ 719,764 $ 585,870 $ 379,847 Gross profit 2 73,726 66,292 80,729 21,499 As a percent of revenue 12.5 % 9.3 % 14.1 % 5.6 % Net income (loss) 3 $ 20,825 $ 14,105 $ 22,207 $ (21,261 ) As a percent of revenue 3.5 % 2.0 % 3.8 % (5.6 )% Net income (loss) attributable to Granite $ 16,976 $ 15,282 $ 13,641 $ (20,553 ) As a percent of revenue 2.9 % 2.1 % 2.3 % (5.4 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.43 $ 0.39 $ 0.35 $ (0.53 ) Diluted $ 0.43 $ 0.38 $ 0.34 $ (0.53 ) 1 Gross profit is approximately $ 4.6 million , $ 0.8 million and $ 0.1 million lower than the amounts previously reported in our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, June 30 and March 31 2015 of $100.9 million , $65.8 million and $40.1 million , respectively, due to net reclassifications from selling, general and administration expenses to cost of revenue primarily related to (i) incentive compensation and (ii) sales personnel payroll and related expenses. See Note 1 of “Notes to the Consolidated Financial Statements” and “Gross Profit” and “Selling, General and Administrative Expenses” under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information. 2 Gross profit is approximately $6.1 million lower than the amount previously reported in our Annual Report on Form 10-K for the quarterly period ended December 31, 2014 of $79.8 million due to the reclassifications referred to 1 above. Gross profit is approximately $ 0.4 million and $ 1.7 million lower, and is approximately $ 0.1 million higher than the amounts previously reported in our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, June 30 and March 31 2014 of $66.7 million , $82.4 million and $21.4 million , respectively, due to the reclassifications referred to 1 above. 3 During the fourth quarter of 2015, we recorded $1.0 million of restructuring gains resulting from the sale of previously impaired non-performing quarry sites and a restructuring gain of $5.0 million , which includes the amounts attributable to non-controlling interests of $3.3 million , associated with the sale of a previously impaired consolidated real estate investment. In the fourth quarter of 2014, we were released from the lease obligation related to the lease termination in 2013 and recorded a $1.3 million restructuring gain. Also, in the fourth quarter of 2014, we sold an asset which we had previously impaired resulting in a $1.3 million impairment gain. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Significant Accounting Policies [Line Items] | |||||
Restructuring and impairment (gains) charges, net | $ (6,003,000) | $ (2,643,000) | $ 52,139,000 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | 48,500,000 | ||||
Real estate held for development and sale | 500,000 | 11,609,000 | |||
Goodwill | 53,799,000 | 53,799,000 | |||
Cash and cash equivalents | 252,836,000 | 255,961,000 | 229,121,000 | $ 321,990,000 | |
Capitalized Computer Software, Additions | 2,300,000 | 4,100,000 | 2,500,000 | ||
Change in Loss Assumptions, Potential Effect on Operating Results and Financial Position | 1,000,000 | ||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Current deferred tax assets | 53,200,000 | ||||
Long-term deferred tax liabilities | 20,400,000 | ||||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Workers' Compensation Liability | 500,000 | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Workers' Compensation Liability | $ 1,000,000 | ||||
Software Development [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Software Development [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | [1] | $ 46,210,000 | 61,276,000 | ||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Contract Value of Active Construction Joint Venture Projects | 1,500,000 | ||||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Contract Value of Active Construction Joint Venture Projects | 293,800,000 | ||||
Unconsolidated Construction Joint Venture [Member] | Reporting Entitys Interest in Joint Venture [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Contract Value of Active Construction Joint Venture Projects | 1,600,000,000 | ||||
Unconsolidated Construction Joint Venture [Member] | Other Partners Interest in Joint Venture [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Contract Value of Active Construction Joint Venture Projects | 3,500,000,000 | ||||
Enterprise Improvement Plan [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restructuring and impairment (gains) charges, net | (6,003,000) | (1,283,000) | 48,975,000 | ||
Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restructuring and impairment (gains) charges, net | (4,959,000) | 0 | 31,090,000 | ||
Noncontrolling Interest [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restructuring and impairment (gains) charges, net | 3,300,000 | 3,900,000 | |||
Customer [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Litigation Settlement, Amount | 3,800,000 | 26,600,000 | |||
Non-customer [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | 7,000,000 | ||||
Litigation Settlement, Amount | $ 0 | 7,900,000 | |||
To Align With Other Selling Costs [Member] | Selling, General and Administrative Expenses [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Prior period reclassification adjustment | 1,200,000 | 800,000 | |||
To Align With Associated Salaries And Related Benefits [Member] | Selling, General and Administrative Expenses [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Prior period reclassification adjustment | $ (9,300,000) | $ (8,900,000) | |||
[1] | The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents as well as billings in excess of costs and estimated earnings and costs in excess of billings and estimated earnings between periods. |
Revisions in Estimates (Details
Revisions in Estimates (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)project | Dec. 31, 2014USD ($)project | Dec. 31, 2013USD ($)project | |
Change in Accounting Estimate [Line Items] | |||||||||||
Initial gross profit impact from projects exceeding threshold | $ 102,008,000 | $ 96,253,000 | $ 65,045,000 | $ 40,052,000 | $ 73,726,000 | $ 66,292,000 | $ 80,729,000 | $ 21,499,000 | $ 303,358,000 | $ 242,247,000 | $ 177,177,000 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | 48,500,000 | ||||||||||
Financial Effect on Future Periods | 0 | 0 | |||||||||
Amount Considered Significant on Individual Project Gross Profit | $ 1,000,000 | 1,000,000 | |||||||||
Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | $ (19,900,000) | (7,300,000) | (1,700,000) | ||||||||
Construction Contract Backlog, Percent | 0.90% | 0.90% | |||||||||
Construction [Member] | Maximum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Total Contract Value | $ 75,000,000 | $ 75,000,000 | |||||||||
Large Project Construction [Member] | Minimum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Total Contract Value | $ 75,000,000 | 75,000,000 | |||||||||
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | (7,600,000) | (46,900,000) | (25,500,000) | ||||||||
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction [Member] | Noncontrolling Interest [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | (3,000,000) | (9,500,000) | 5,600,000 | ||||||||
Upward Estimate Change [Member] | Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Initial gross profit impact from projects exceeding threshold | 25,800,000 | 74,700,000 | 9,100,000 | ||||||||
Increase (Decrease) on Project Profitability | $ (30,700,000) | $ (9,200,000) | $ (16,100,000) | ||||||||
Number of Projects with Estimate Changes | project | 14 | 7 | 6 | ||||||||
Upward Estimate Change [Member] | Construction [Member] | Minimum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | $ (1,100,000) | $ (1,000,000) | $ (1,100,000) | ||||||||
Upward Estimate Change [Member] | Construction [Member] | Maximum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | (6,500,000) | (1,800,000) | (3,700,000) | ||||||||
Upward Estimate Change [Member] | Large Project Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | $ (27,900,000) | $ (66,800,000) | $ (77,500,000) | ||||||||
Number of Projects with Estimate Changes | project | 7 | 12 | 7 | ||||||||
Upward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | $ (1,500,000) | $ (1,000,000) | $ (2,600,000) | ||||||||
Upward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | (6,700,000) | (15,200,000) | (41,300,000) | ||||||||
Downward Estimate Change [Member] | Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | $ 10,800,000 | $ 16,500,000 | $ 17,800,000 | ||||||||
Number of Projects with Estimate Changes | project | 5 | 6 | 5 | ||||||||
Downward Estimate Change [Member] | Construction [Member] | Minimum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | $ 1,200,000 | $ 1,600,000 | $ 1,200,000 | ||||||||
Downward Estimate Change [Member] | Construction [Member] | Maximum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | 3,300,000 | 4,100,000 | 7,400,000 | ||||||||
Downward Estimate Change [Member] | Large Project Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Increase (Decrease) on Project Profitability | $ 20,300,000 | $ 19,900,000 | $ 52,000,000 | ||||||||
Number of Projects with Estimate Changes | project | 6 | 3 | 5 | ||||||||
Downward Estimate Change [Member] | Large Project Construction [Member] | Minimum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | $ 1,000,000 | $ 1,100,000 | $ 1,900,000 | ||||||||
Downward Estimate Change [Member] | Large Project Construction [Member] | Maximum [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Range Of Effect On Gross Profit | $ 5,500,000 | $ 16,800,000 | $ 26,800,000 | ||||||||
Complete or Substantially Complete [Member] | Downward Estimate Change [Member] | Construction [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Number of Projects with Estimate Changes | project | 4 | ||||||||||
Construction Project In Progress, Percent Complete | 81.70% | 81.70% | |||||||||
No Material Associated Cost [Member] | Customer [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | $ 9,700,000 | ||||||||||
Revisions to Estimated Total Contract Costs [Member] | Customer [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | $ 38,800,000 |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | $ 25,043 | $ 25,504 |
Long-term marketable securities | 80,652 | 76,563 |
Level 1 [Member] | Held-to-Maturity [Member] | Reported Value Measurement [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Total marketable securities | 105,695 | 102,067 |
Held-to-Maturity [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | 25,043 | 25,504 |
Long-term marketable securities | 80,652 | 76,563 |
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | 15,051 | 10,511 |
Long-term marketable securities | 80,652 | 76,563 |
Commercial paper [Member] | Held-to-Maturity [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | $ 9,992 | $ 14,993 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Marketable Securities [Abstract] | |
Due within one year | $ 25,043 |
Due in one to five years | 80,652 |
Total | $ 105,695 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current Fiscal Year End Date | --12-31 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total | $ 62,024 | $ 60,618 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 62,024 | 60,618 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total | 62,024 | 60,618 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 62,024 | 60,618 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Money market funds | $ 0 | $ 0 |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value Measurement - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ||||
Money market funds | $ 62,024 | $ 60,618 | ||
Cash | 190,812 | 195,343 | ||
Total cash and cash equivalents | $ 252,836 | $ 255,961 | $ 229,121 | $ 321,990 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | Held-to-Maturity [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity marketable securities, fair value | $ 105,336 | $ 101,808 | |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit Agreement Loan, fair value | [1] | 99,375 | 70,153 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes payable, fair value | [1] | 165,731 | 220,226 |
Reported Value Measurement [Member] | Level 1 [Member] | Held-to-Maturity [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity marketable securities, carrying value | 105,695 | 102,067 | |
Reported Value Measurement [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Credit Agreement Loan, carrying value | 100,000 | 70,000 | |
Reported Value Measurement [Member] | Level 3 [Member] | Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes payable, carrying value | $ 160,000 | $ 200,000 | |
[1] | The fair values of the senior notes payable and Credit Agreement (defined in Note 12) loan are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. |
Fair Value Measurement Fair V55
Fair Value Measurement Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Revisions to estimates | $ 213 | $ 2,969 | $ 2,300 | |||
Restructuring and impairment (gains) charges, net | (6,003) | (2,643) | 52,139 | |||
Asset Impairment Charges | $ 1,300 | (1,300) | ||||
Non-cash impairment charges | (1,360) | 3,164 | ||||
Initial notional amount | 100,000 | 100,000 | ||||
Derivative Asset | 600 | $ 300 | 600 | 300 | ||
Derivative Liability | 1,700 | 1,700 | ||||
Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | (1,500) | (1,400) | ||||
Commodity Contract [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | 400 | 2,000 | ||||
Interest Rate Swap [Member] | Subsequent Event [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Initial notional amount | $ 98,800 | |||||
Fixed rate on interest rate swap (plus applicable margin) | 1.47% | |||||
Enterprise Improvement Plan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restructuring charge (gain) | $ (6,003) | (1,283) | 48,975 | |||
Contract Termination [Member] | Enterprise Improvement Plan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restructuring charge (gain) | $ 1,000 | $ (1,300) | $ (1,283) | $ 3,234 | ||
Notes Payable to Banks [Member] | Institutional Group Two [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.11% | 6.11% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Institutional Group Two [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Variable Interest Rate | 4.15% | 4.15% |
Receivables, Net (Details)
Receivables, Net (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Revenue | $ 48,500,000 | ||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | $ 341,186,000 | $ 311,225,000 | 341,186,000 | $ 311,225,000 | |||||||
Allowance for Accounts Notes Loans and Financing Receivable Current | 364,000 | 291,000 | 364,000 | 291,000 | |||||||
Receivables, net | 340,822,000 | 310,934,000 | 340,822,000 | 310,934,000 | |||||||
Revenue, Net | 630,162,000 | $ 751,376,000 | $ 569,242,000 | $ 420,249,000 | 589,789,000 | $ 719,764,000 | $ 585,870,000 | $ 379,847,000 | 2,371,029,000 | 2,275,270,000 | $ 2,266,901,000 |
Construction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | 1,262,675,000 | 1,186,445,000 | 1,251,197,000 | ||||||||
Large Project Construction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | 812,720,000 | 825,044,000 | $ 777,811,000 | ||||||||
Construction Contracts [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 298,426,000 | 275,854,000 | 298,426,000 | 275,854,000 | |||||||
Completed and in Progress [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 206,756,000 | 191,094,000 | 206,756,000 | 191,094,000 | |||||||
Retentions [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 91,670,000 | 84,760,000 | 91,670,000 | 84,760,000 | |||||||
Escrow [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 21,958,000 | 28,692,000 | 21,958,000 | 28,692,000 | |||||||
Non Escrow [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 69,712,000 | 56,068,000 | 69,712,000 | 56,068,000 | |||||||
Non-escrow retention receivables | 0 | 8,600,000 | 0 | 8,600,000 | |||||||
Construction Material Sales [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | 28,727,000 | 28,549,000 | 28,727,000 | 28,549,000 | |||||||
Other Business Products and Services [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | $ 14,033,000 | $ 6,822,000 | $ 14,033,000 | $ 6,822,000 | |||||||
Government [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Percentage Of Revenue Attributable to Counterparty | 82.80% | 84.80% | 83.10% | ||||||||
Government [Member] | Construction And Large Project Contruction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total revenue from reportable segments | $ 1,700,000,000 | ||||||||||
New York State Department of Transportation [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 199,000,000 | ||||||||||
Percentage Of Revenue Attributable to Counterparty | 8.40% | ||||||||||
New York State Department of Transportation [Member] | Large Project Construction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Percentage Of Revenue Attributable to Counterparty | 24.50% | ||||||||||
California Department of Transportation [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 195,400,000 | $ 265,800,000 | |||||||||
Percentage Of Revenue Attributable to Counterparty | 8.60% | 11.70% | |||||||||
California Department of Transportation [Member] | Construction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 178,700,000 | $ 239,900,000 | |||||||||
Percentage Of Revenue Attributable to Counterparty | 15.10% | 19.20% | |||||||||
California Department of Transportation [Member] | Large Project Construction [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 16,800,000 | $ 25,900,000 | |||||||||
Percentage Of Revenue Attributable to Counterparty | 2.00% | 3.30% |
Construction and Line Item Jo57
Construction and Line Item Joint Ventures - Consolidated Construction Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | ||
Construction Joint Venture [Line Items] | |||||
Cash and cash equivalents | $ 252,836 | $ 255,961 | $ 229,121 | $ 321,990 | |
Other current assets | 26,709 | 23,033 | |||
Total current assets | 985,222 | 916,947 | |||
Property and equipment, net | 385,129 | 409,653 | |||
Total assets | 1,627,860 | 1,600,048 | 1,609,362 | ||
Accounts payable | 157,571 | 151,935 | |||
Billings in excess of costs and estimated earnings | 92,515 | 108,992 | |||
Accrued expenses and other current liabilities | 200,935 | 200,652 | |||
Contracts Revenue | 1,262,675 | 1,186,445 | 1,251,197 | ||
Net Cash Provided by (Used in) Operating Activities | 66,978 | 43,142 | 5,380 | ||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Cash and cash equivalents | [1] | 46,210 | 61,276 | ||
Receivables, net | 45,734 | 36,781 | |||
Costs in Excess of Billings | 4,863 | 1,746 | |||
Total current assets | 96,807 | 99,803 | |||
Property and equipment, net | 5,378 | 11,969 | |||
Total assets | [2] | 102,185 | 111,772 | ||
Accounts payable | 11,909 | 18,009 | |||
Billings in excess of costs and estimated earnings | [1] | 15,768 | 32,830 | ||
Accrued expenses and other current liabilities | 1,171 | 2,714 | |||
Total liabilities | [2] | $ 28,848 | 53,553 | ||
Number of active construction joint venture projects | 5 | ||||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Number of active construction joint venture projects | 11 | ||||
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Number of active construction joint venture projects | 4 | ||||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | $ 1,600,000 | ||||
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 3,500,000 | ||||
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 1,500 | ||||
Contracts Revenue | 54,400 | 155,100 | 170,000 | ||
Net Cash Provided by (Used in) Operating Activities | (16,400) | $ 22,500 | $ 10,900 | ||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 73,700 | ||||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 42,500 | ||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | $ 100 | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | ||||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | $ 28,600 | ||||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 293,800 | ||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 3,500,000 | ||||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | 87,300 | ||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | $ 117,200 | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | ||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | ||||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | |||||
Construction Joint Venture [Line Items] | |||||
Total Construction Contract Value | $ 64,800 | ||||
[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 Jo58
Construction and Line Item Joint Ventures - Unconsolidated Construction Joint Ventures (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Construction Joint Venture [Line Items] | ||||
Deficit in unconsolidatedconstruction joint venture | $ (8,600) | |||
Equity in Construction Joint Ventures Current Assets Excluding Deficit in Equity | [1] | 216,063 | $ 184,575 | |
Partnership Interest [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 5,100,000 | |||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Number of active construction joint venture projects | 5 | |||
Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Unconsolidated Construction Joint Venture Net Income | $ 105,600 | 116,800 | $ 283,200 | |
Number of active construction joint venture projects | 11 | |||
Cash and cash equivalents | [2] | $ 439,871 | 264,263 | |
Other assets | 859,749 | 573,898 | ||
Accounts payable | 218,790 | 146,198 | ||
Billings in excess of costs and estimated earnings | [2] | 341,609 | 156,604 | |
Other liabilities | 89,901 | 55,289 | ||
Revenue | 1,924,544 | 1,501,894 | 1,391,190 | |
Cost of revenue | $ 1,819,257 | 1,386,577 | 1,107,533 | |
Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Number of active construction joint venture projects | 4 | |||
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | $ 1,600,000 | |||
Interest in assets | 418,437 | 291,254 | ||
Interest in liabilities | 202,374 | 106,679 | ||
Revenue | 583,210 | 453,380 | 408,456 | |
Cost of revenue | 539,303 | 402,515 | 334,863 | |
Granite's interest in gross profit | 43,907 | 50,865 | 73,593 | |
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 3,500,000 | |||
Interest in assets | 881,183 | 546,907 | ||
Interest in liabilities | 447,926 | 251,412 | ||
Revenue | [2] | 1,341,334 | 1,048,514 | 982,734 |
Cost of revenue | [2] | 1,279,954 | 984,062 | 772,670 |
Parent Company [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Unconsolidated Construction Joint Venture Net Income | 43,400 | $ 49,200 | $ 72,800 | |
Minimum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 1,500 | |||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 73,700 | |||
Minimum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | $ 42,500 | |||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | |||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | |||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | $ 1,000 | |||
Minimum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 28,600 | |||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | 1,300 | |||
Maximum [Member] | Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 293,800 | |||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 3,500,000 | |||
Maximum [Member] | Joint Venture Unconsolidated [Member] | Line Item Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | $ 87,300 | |||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | |||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Proportionate Share of the Consolidated and Unconsolidated Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | |||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | $ 614,000 | |||
Maximum [Member] | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture [Member] | ||||
Construction Joint Venture [Line Items] | ||||
Total Construction Contract Value | 64,800 | |||
Revenue Per Project Remaining to be Recognized on Unconsolidated and Line Item Construction Joint Ventures | $ 37,600 | |||
[1] | 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. | |||
[2] | 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. |
Investments in Affiliates - Con
Investments in Affiliates - Consolidated Real Estate Entities (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Equity Method Investment, Summarized Financial Information, Assets | $ 23,700 | |
Texas [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Residential real estate [Member] | Real Estate Entities [Member] | ||
Equity Method Investments | 18,500 | $ 16,500 |
Other Affiliates [Member] | ||
Equity Method Investments | 33,182 | 32,361 |
Equity Method Investment, Summarized Financial Information, Assets | 175,477 | $ 170,174 |
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,700 | |
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | ||
Equity Method Investment, Summarized Financial Information, Assets | $ 61,400 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Investments in affiliates | $ 33,182 | $ 32,361 |
Joint Venture Unconsolidated [Member] | ||
Investment [Line Items] | ||
Investments in affiliates | 33,182 | 32,361 |
Equity Method investments in Real Estate Affiliates [Member] | Joint Venture Unconsolidated [Member] | ||
Investment [Line Items] | ||
Investments in affiliates | 24,103 | 22,623 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | ||
Investment [Line Items] | ||
Investments in affiliates | $ 9,079 | $ 9,738 |
Investments in Affiliates Equit
Investments in Affiliates Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 26,790 | $ 28,891 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 148,687 | 141,283 | |
Total assets | 175,477 | 170,174 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 25,840 | 5,827 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | [1] | 45,267 | 66,708 |
Equity Method Investment, Summarized Financial Information, Liabilities | 71,107 | 72,535 | |
Net assets | 104,370 | 97,639 | |
Granite’s share of net assets | 33,182 | 32,361 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Total assets | 23,700 | ||
Real Estate Entities [Member] | Residential Real Estate [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Texas [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Granite’s share of net assets | $ 18,500 | $ 16,500 | |
[1] | The balance primarily relates to debt associated with our real estate investments. See Note 12 for further discussion. |
Investments in Affiliates Equ62
Investments in Affiliates Equity Method Investment Summarized Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Granite’s interest in affiliates’ net income | $ 3,210 | $ 901 | $ 1,304 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Revenue | 47,457 | 46,597 | 42,563 |
Gross profit | 19,117 | 10,315 | 3,487 |
Income (loss) before taxes | 8,446 | 3,647 | (686) |
Net income (loss) | 8,446 | 3,647 | (686) |
Granite’s interest in affiliates’ net income | $ 3,210 | $ 901 | $ 1,304 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | $ 1,163,567 | $ 1,163,567 | $ 1,203,104 | |
Less: accumulated depreciation and depletion | 778,438 | 778,438 | 793,451 | |
Property and equipment, net | 385,129 | 385,129 | 409,653 | |
Depreciation and Depletion | 61,000 | 64,900 | $ 62,700 | |
Interest Costs, Capitalized During Period | 400 | 700 | 900 | |
Gain on sales of property and equipment | 8,286 | 15,972 | 12,130 | |
Asset Impairment Charges | (1,300) | 1,300 | ||
Real Estate Held for Development and Sale [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Interest Costs, Capitalized During Period | 400 | 400 | $ 600 | |
Equipment and vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | 82,871 | 82,871 | 82,655 | |
Quarry property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | 178,357 | 178,357 | 172,081 | |
Land and land improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | 731,224 | 731,224 | 767,313 | |
Building and leasehold improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | 110,294 | 110,294 | 110,235 | |
Office furniture and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | $ 60,821 | $ 60,821 | $ 70,820 |
Property and Equipment, Net - A
Property and Equipment, Net - Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations included in accrued expenses and other current liabilities | $ 2,000 | $ 6,500 | |
Asset retirement obligations included in other long-term liabilities | 24,600 | 20,900 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance | 27,441 | 29,138 | |
Revisions to estimates | 213 | 2,969 | $ 2,300 |
Liabilities settled | (2,114) | (5,678) | |
Accretion | 1,018 | 1,012 | |
Ending balance | $ 26,558 | $ 27,441 | $ 29,138 |
Intangible Assets - Indefinite
Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Goodwill | $ 53,799 | $ 53,799 |
Use rights and other [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Use rights | 400 | |
Construction [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Goodwill | 29,260 | 29,260 |
Large Project Construction [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Goodwill | 22,593 | 22,593 |
Construction Materials [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Goodwill | 1,946 | $ 1,946 |
Other Noncurrent Assets [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Use rights | $ 400 |
Intangible Assets - Finite Live
Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | $ 48,570 | $ 48,570 | |
Total amortized intangible assets, Accumulated Depreciation | (28,636) | (26,454) | |
Total amortized intangible assets, Net Value | 19,934 | 22,116 | |
Amortization expense | 2,200 | 2,300 | $ 8,800 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
Future amortization expense, 2016 | 2,000 | ||
Future amortization expense, 2017 | 1,800 | ||
Future amortization expense, 2018 | 1,700 | ||
Future amortization expense, 2019 | 1,700 | ||
Future amortization expense, 2020 | 1,600 | ||
Future amortization expense, thereafter | 11,100 | ||
Permits [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | 29,713 | 29,713 | |
Total amortized intangible assets, Accumulated Depreciation | (14,239) | (13,115) | |
Total amortized intangible assets, Net Value | 15,474 | 16,598 | |
Customer lists [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | 4,398 | 4,398 | |
Total amortized intangible assets, Accumulated Depreciation | (3,078) | (2,785) | |
Total amortized intangible assets, Net Value | 1,320 | 1,613 | |
Covenants not to compete [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | 2,459 | 2,459 | |
Total amortized intangible assets, Accumulated Depreciation | (2,430) | (2,428) | |
Total amortized intangible assets, Net Value | 29 | 31 | |
Order or Production Backlog [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | 7,900 | 7,900 | |
Total amortized intangible assets, Accumulated Depreciation | (7,594) | (7,263) | |
Total amortized intangible assets, Net Value | 306 | 637 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Total amortized intangible assets, Gross Value | 4,100 | 4,100 | |
Total amortized intangible assets, Accumulated Depreciation | (1,295) | (863) | |
Total amortized intangible assets, Net Value | $ 2,805 | $ 3,237 |
Accrued Expenses and Other Cu67
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related employee benefits | $ 56,860 | $ 36,888 |
Accrued insurance | 41,154 | 44,585 |
Performance guarantees | 65,514 | 75,820 |
Other | 37,407 | 43,359 |
Total | $ 200,935 | $ 200,652 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Charges [Abstract] | |||||
Other impairment (gains) charges | $ (1,360) | $ 3,164 | |||
Total restructuring and impairment (gains) charges, net | $ (6,003) | (2,643) | 52,139 | ||
Real estate held for development and sale | $ 500 | $ 11,609 | 500 | 11,609 | |
Asset Impairment Charges | (1,300) | 1,300 | |||
Restructuring Type, Real Estate Asset Impairment [Member] | |||||
Restructuring Charges [Abstract] | |||||
Other impairment (gains) charges | 0 | ||||
Enterprise Improvement Plan [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | (6,003) | (1,283) | 48,975 | ||
Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | (4,959) | 0 | 31,090 | ||
Other impairment (gains) charges | 31,100 | ||||
Real Estate Held for Development and Sale | 44,600 | ||||
Enterprise Improvement Plan [Member] | Contract Termination [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | $ 1,000 | $ (1,300) | (1,283) | 3,234 | |
Enterprise Improvement Plan [Member] | Quarry property [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | $ 0 | 14,651 | |||
Real Estate Held for Development and Sale | 17,100 | ||||
Noncontrolling Interest [Member] | Enterprise Improvement Plan [Member] | Restructuring Type, Real Estate Asset Impairment [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | 3,300 | $ 3,900 | |||
Construction Materials [Member] | Enterprise Improvement Plan [Member] | Contract Termination [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | 0 | ||||
Construction Materials [Member] | Enterprise Improvement Plan [Member] | Quarry property [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | |||||
Restructuring Charges [Abstract] | |||||
Restructuring and impairment (gains) charges, net | $ (1,044) |
Long-Term Debt and Credit Arr69
Long-Term Debt and Credit Arrangements (Details) $ in Thousands | Dec. 12, 2015USD ($) | Oct. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Total debt | $ 260,105 | $ 276,868 | ||||
Less: current maturities | 15,024 | 1,247 | ||||
Total long-term debt | 245,081 | 275,621 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Long-term Debt, Maturities, Repayments of Principal in 2016 | 15,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in 2017 | 45,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in 2018 | 46,300 | |||||
Long-term Debt, Maturities, Repayments of Principal in 2019 | 50,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in 2020 | 103,800 | |||||
Long-term debt | 245,081 | 270,105 | ||||
Current maturities of long-term debt | 15,024 | 21 | ||||
Proceeds from long-term debt | 30,000 | 0 | $ 0 | |||
Letters of Credit Outstanding, Amount | $ 19,100 | |||||
Covenant Compliance | We were in compliance with the covenants contained in our senior note agreements and Credit Agreement. | |||||
Consolidated Interest Coverage Ratio, Actual | 10.05 | |||||
Consolidated Interest Coverage Ratio, Covenant | 4 | |||||
Institutional Groups One and Two (As Amended March 2014) [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Consolidated Leverage Ratio, Maximum, After Quarter Ending September 30, 2014 | 3 | |||||
Senior notes payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 100,000 | 70,000 | ||||
Senior notes payable [Member] | Institutional Group Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 160,000 | |||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.11% | |||||
Senior notes payable [Member] | Institutional Group Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Derivative, Variable Interest Rate | 4.15% | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 160,000 | 200,000 | ||||
Senior Notes [Member] | 2019 Notes [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Debt, Current | 40,000 | |||||
Long-term debt | 30,000 | |||||
Mortgages payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 0 | 6,742 | ||||
Other notes payables [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 105 | $ 126 | ||||
Line of Credit [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | 200,000 | $ 215,000 | |||
Proceeds from long-term debt | $ 30,000 | $ 70,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 181,000 | |||||
Debt Instrument, Basis Spread on Variable Rate, LIBOR Loans | 1.75% | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
Consolidated Fixed Charge Coverage Ratio, Minimum, Collateral Release Period | 1.25 | |||||
Consolidated Leverage Ratio, Maximum, Collateral Release Period | 2.50 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of Credit Facility, Interest Rate at Period End | 2.36% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of Credit Facility, Interest Rate at Period End | 4.25% | |||||
Line of Credit [Member] | Institutional Groups One and Two (As Amended March 2014) [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Consolidated Tangible Net Worth, Actual | $ 822,800 | |||||
Consolidated Tangible Net Worth, Covenant | $ 659,600 | |||||
Adjusted Consolidated Leverage Ratio, Actual | 1.83 | |||||
Letter of Credit [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||
Term Loan [Member] | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||
Long-term debt | 95,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||
Long-term Debt, Percentage Of Loan To Be Paid In Eleven Installments, Beginning March 2016 | 1.25% | |||||
Long-term Debt, Percentage Of Loan To Be Paid In Eight Installments, Beginning In December 2018 | 2.50% | |||||
Current maturities of long-term debt | $ 5,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)participant | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Employee Benefits Plans [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Dollar Amount | $ 18,000 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $ 5,400,000 | $ 5,000,000 | $ 4,100,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 100,000 | ||
Number of Participants in Non Qualifed Deferred Compensation Plan | participant | 52 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 19,700,000 | 21,700,000 | |
Multiemployer Plan, Period Contributions | $ 28,559,000 | 29,422,000 | 27,165,000 |
Multiemployer Plans, Maximum Percent Funded Status for Red Zone | 65.00% | ||
Multiemployer Plans, Maximum Percent Funded Status for Yellow Zone and Minmum Percent for Green Zone | 80.00% | ||
Locals 302 and 612 Operating Engineers Employers Retirement Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 3,000,000 | 3,043,000 | 3,260,000 |
Operating Engineers Pension Trust Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 3,647,000 | 3,001,000 | 2,768,000 |
Pension Trust Fund for Operating Engineers Pension Plan [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 9,070,000 | 9,590,000 | 8,193,000 |
Laborers Pension Trust Fund for Northern California [Member] [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 2,403,000 | 2,682,000 | 2,500,000 |
Laborers Pension Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | 1,919,000 | 2,230,000 | 1,608,000 |
All Other Pension Trust Funds [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 8,520,000 | $ 8,876,000 | $ 8,836,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,020,983 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,527,295 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 11,379 | ||
Profit Sharing and 401(k) Plan (the “401(k) Plan”), Shares in 401(k) Plan | 1,909,311 | ||
Employee Stock Purchase Plan, Maximum Payroll Deduction | 15.00% | ||
Employee Stock Purchase Plan, Percent of Total Share Value | 95.00% | ||
Proceeds from ESPP | $ 0.8 | $ 0.7 | $ 0.7 |
Shares from ESPP | 22,567 | 21,433 | 23,557 |
Stock Repurchase Program, Authorized Amount | $ 200 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 64.1 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 8.8 | $ 11.2 | $ 13 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 565,000 | 769,000 | 665,000 |
Outstanding, beginning balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 31.38 | $ 29.49 | $ 27.74 |
Granted (in shares) | 228,000 | 212,000 | 506,000 |
Granted, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 33.40 | $ 37.94 | $ 31.12 |
Vested (in shares) | (300,000) | (365,000) | (337,000) |
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 31.50 | $ 30.15 | $ 28.52 |
Forfeited (in shares) | (42,000) | (51,000) | (65,000) |
Forfeited, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 33.38 | $ 31.97 | $ 29.97 |
Outstanding, ending balance (in shares) | 451,000 | 565,000 | 769,000 |
Outstanding, ending balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 32.73 | $ 31.38 | $ 29.49 |
Allocated Share-based Compensation Expense, Net of Tax | $ 5.8 | $ 7.2 | $ 9.1 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value | $ 10.3 | $ 11.7 | 9.6 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 0.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, ending balance (in shares) | 0 | ||
Allocated Share-based Compensation Expense, Net of Tax | 0.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 5.1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 28,673 | $ 30,759 | $ 9,613 | $ (8,560) | $ 16,976 | $ 15,282 | $ 13,641 | $ (20,553) | $ 60,485 | $ 25,346 | $ (36,423) |
Weighted average common stock outstanding, basic (in shares) | 39,337,000 | 39,096,000 | 38,803,000 | ||||||||
Dilutive effect of stock options and restricted stock units1 | 531,000 | 699,000 | 0 | ||||||||
Weighted average common stock outstanding, diluted (in shares) | 39,868,000 | 39,795,000 | 38,803,000 | ||||||||
Basic (in dollars per share) | $ 0.73 | $ 0.78 | $ 0.24 | $ (0.22) | $ 0.43 | $ 0.39 | $ 0.35 | $ (0.53) | $ 1.54 | $ 0.65 | $ (0.94) |
Diluted (in dollars per share) | $ 0.72 | $ 0.77 | $ 0.24 | $ (0.22) | $ 0.43 | $ 0.38 | $ 0.34 | $ (0.53) | $ 1.52 | $ 0.64 | $ (0.94) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 862,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal: | |||||
Current | $ 4,810 | $ 2,529 | $ (1,298) | ||
Deferred | 25,955 | 11,142 | (18,606) | ||
Total federal | 30,765 | 13,671 | (19,904) | ||
State: | |||||
Current | 1,914 | 1,897 | 1,592 | ||
Deferred | 2,500 | 4,153 | (951) | ||
Total state | 4,414 | 6,050 | 641 | ||
Total provision for (benefit from) income taxes | 35,179 | 19,721 | (19,263) | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||
Federal statutory tax | 35,165 | 19,459 | (22,411) | ||
State taxes, net of federal tax benefit | 3,769 | 5,420 | 101 | ||
Percentage depletion deduction | (1,444) | (1,217) | (787) | ||
Domestic production deduction | (306) | (2) | (27) | ||
Noncontrolling interests | (2,639) | (3,686) | 2,920 | ||
Nondeductible expenses | 219 | 275 | 2,384 | ||
Other | 415 | (528) | (1,443) | ||
Total provision for (benefit from) income taxes | $ 35,179 | $ 19,721 | $ (19,263) | ||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||
Federal statutory tax, Percent | 34.00% | 35.00% | 35.00% | ||
State taxes, net of federal tax benefit, Percent | 3.60% | 9.70% | (0.20%) | ||
Percentage depletion deduction, Percent | (1.40%) | (2.20%) | 1.20% | ||
Domestic production deduction, Percent | (0.30%) | 0.00% | 0.10% | ||
Non-controlling interests, Percent | (2.60%) | (6.60%) | (4.60%) | ||
Nondeductible expenses, Percent | 0.20% | 0.50% | (3.70%) | ||
Other, Percent | 0.50% | (0.90%) | 2.30% | ||
Total, Percent | 34.00% | 35.50% | 30.10% | ||
Deferred tax assets: | |||||
Receivables | $ 332 | $ 306 | |||
Inventory | 2,710 | 3,579 | |||
Insurance | 10,427 | 11,534 | |||
Deferred compensation | 11,139 | 12,479 | |||
Other accrued liabilities | 3,405 | 4,801 | |||
Contract income recognition | 0 | 5,592 | |||
Impairments on real estate investments | 485 | 11,329 | |||
Accrued compensation | 12,639 | 7,524 | |||
Other | 2,925 | 2,107 | |||
Net operating loss carryforward | 648 | 8,665 | |||
Valuation allowance | $ 1,185 | $ 3,731 | $ 5,242 | 641 | 1,185 |
Total deferred tax assets | 44,069 | 66,731 | |||
Deferred tax liabilities: | |||||
Property and equipment | 30,285 | 33,946 | |||
Contract income recognition | 9,455 | 0 | |||
Total long-term deferred tax liabilities | 39,740 | 33,946 | |||
Net long-term deferred tax assets | 4,329 | 32,785 | |||
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||||
Beginning balance | 1,185 | 3,731 | 5,242 | ||
Deductions, net | (544) | (2,546) | (1,511) | ||
Ending balance | 641 | 1,185 | 3,731 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Beginning balance | 900 | ||||
Ending balance | 1,600 | 900 | |||
Unrecognized Tax Benefits | 900 | 900 | 1,600 | 900 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,300 | 500 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (100) | 900 | (100) | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 100 | 200 | |||
Other Long Term Liabilities [Member] | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Beginning balance | 887 | 2,231 | 2,315 | ||
Gross increases – current period tax positions | 1,006 | 0 | 363 | ||
Gross decreases – current period tax positions | (156) | (282) | (638) | ||
Gross increases – prior period tax positions | 0 | 0 | 508 | ||
Gross decreases – prior period tax positions | 0 | (2) | (2) | ||
Settlements with taxing authorities/lapse of statute of limitations | (159) | (1,060) | (315) | ||
Ending balance | 1,578 | 887 | 2,231 | ||
Unrecognized Tax Benefits | $ 887 | $ 2,231 | $ 2,315 | $ 1,578 | $ 887 |
Commitments, Contingencies an74
Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 11,141 | ||
2,017 | 7,277 | ||
2,018 | 5,883 | ||
2,019 | 3,590 | ||
2,020 | 2,735 | ||
Later years (through 2035) | 11,431 | ||
Total | 42,057 | ||
Operating Leases, Rent Expense | 11,300 | $ 10,600 | $ 11,400 |
Surety Bond [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Other Commitment | $ 2,700,000 |
Legal Proceedings Legal Proceed
Legal Proceedings Legal Proceedings (Details) - USD ($) $ in Thousands | Nov. 24, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||
Estimated accruals for legal proceedings and inquiries | $ 5,200 | $ 9,700 | |
Grand Avenue Project Disadvantaged Business Enterprise (DBE) [Member] | Settled Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Total payments agreed to be paid to plaintiff | $ 8,250 | ||
Payments made during period | 3,500 | ||
Grand Avenue Project Disadvantaged Business Enterprise (DBE) [Member] | Settled Litigation [Member] | Department Of Justice (DOJ) [Member] | |||
Loss Contingencies [Line Items] | |||
Payments made during period | 2,500 | ||
Future payments to be made to plaintiff | 4,750 | ||
Grand Avenue Project Disadvantaged Business Enterprise (DBE) [Member] | Settled Litigation [Member] | Metropolitan Transportation Authority (MTA) [Member] | |||
Loss Contingencies [Line Items] | |||
Payments made during period | $ 1,000 |
Business Segment Information Bu
Business Segment Information Business Segment Information - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Other impairment (gains) charges | $ (1,360) | $ 3,164 | |
Real estate held for development and sale | $ 11,609 | $ 500 | |
Minimum [Member] | Large Project Construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Contract Value | 75,000 | ||
Maximum [Member] | Construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Contract Value | $ 75,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | $ 630,162 | $ 751,376 | $ 569,242 | $ 420,249 | $ 589,789 | $ 719,764 | $ 585,870 | $ 379,847 | $ 2,371,029 | $ 2,275,270 | $ 2,266,901 | |
Gross profit | 102,008 | 96,253 | 65,045 | 40,052 | 73,726 | 66,292 | 80,729 | 21,499 | 303,358 | 242,247 | 177,177 | |
Segment assets | 1,627,860 | 1,600,048 | 1,627,860 | 1,600,048 | 1,609,362 | |||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Gross profit | 102,008 | $ 96,253 | $ 65,045 | $ 40,052 | 73,726 | $ 66,292 | $ 80,729 | $ 21,499 | 303,358 | 242,247 | 177,177 | |
Selling, general and administrative expenses | 207,339 | 195,762 | 191,860 | |||||||||
Total restructuring and impairment (gains) charges, net | (6,003) | (2,643) | 52,139 | |||||||||
Gain on sales of property and equipment | (8,286) | (15,972) | (12,130) | |||||||||
Other expense (income), net | 6,881 | 9,503 | 9,337 | |||||||||
Income (loss) before provision for (benefit from) income taxes | 103,427 | 55,597 | (64,029) | |||||||||
Cash and cash equivalents | 252,836 | 255,961 | 252,836 | 255,961 | 229,121 | $ 321,990 | ||||||
Receivables, net | 340,822 | 310,934 | 340,822 | 310,934 | ||||||||
Other current assets | 26,709 | 23,033 | 26,709 | 23,033 | ||||||||
Property and equipment, net | 385,129 | 409,653 | 385,129 | 409,653 | ||||||||
Other noncurrent assets | 85,547 | 77,940 | 85,547 | 77,940 | ||||||||
Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 1,262,675 | 1,186,445 | 1,251,197 | |||||||||
Large Project Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 812,720 | 825,044 | 777,811 | |||||||||
Construction Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 295,634 | 263,781 | 237,893 | |||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,507,679 | 2,396,881 | 2,401,290 | |||||||||
Gross profit | 303,358 | 242,247 | 177,177 | |||||||||
Depreciation, depletion and amortization | 52,849 | 57,314 | 60,852 | |||||||||
Segment assets | 703,274 | 704,711 | 703,274 | 704,711 | 697,099 | |||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Gross profit | 303,358 | 242,247 | 177,177 | |||||||||
Operating Segments [Member] | Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 1,262,675 | 1,186,445 | 1,251,197 | |||||||||
Gross profit | 190,190 | 115,037 | 102,292 | |||||||||
Depreciation, depletion and amortization | 20,117 | 19,141 | 26,228 | |||||||||
Segment assets | 139,399 | 149,018 | 139,399 | 149,018 | 148,459 | |||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Gross profit | 190,190 | 115,037 | 102,292 | |||||||||
Operating Segments [Member] | Large Project Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 812,720 | 825,044 | 777,811 | |||||||||
Gross profit | 80,012 | 107,662 | 67,457 | |||||||||
Depreciation, depletion and amortization | 10,343 | 16,197 | 11,679 | |||||||||
Segment assets | 274,975 | 248,464 | 274,975 | 248,464 | 222,584 | |||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Gross profit | 80,012 | 107,662 | 67,457 | |||||||||
Operating Segments [Member] | Construction Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 432,284 | 385,392 | 372,282 | |||||||||
Gross profit | 33,156 | 19,548 | 7,428 | |||||||||
Depreciation, depletion and amortization | 22,389 | 21,976 | 22,945 | |||||||||
Segment assets | 288,900 | 307,229 | 288,900 | 307,229 | 326,056 | |||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Gross profit | 33,156 | 19,548 | 7,428 | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | (136,650) | (121,611) | (134,389) | |||||||||
Intersegment Eliminations [Member] | Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 0 | 0 | 0 | |||||||||
Intersegment Eliminations [Member] | Large Project Construction [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | 0 | 0 | 0 | |||||||||
Intersegment Eliminations [Member] | Construction Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue from external customers | (136,650) | (121,611) | (134,389) | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Cash and cash equivalents | 255,961 | 255,961 | 229,121 | |||||||||
Short-term and long-term marketable securities | 102,067 | 102,067 | 117,202 | |||||||||
Receivables, net | 310,934 | 310,934 | 313,598 | |||||||||
Deferred income taxes | 4,329 | 32,785 | 4,329 | 32,785 | ||||||||
Other current assets | 85,779 | 60,615 | 85,779 | 60,615 | 65,674 | |||||||
Property and equipment, net | 36,721 | 45,188 | 36,721 | 45,188 | 54,330 | |||||||
Other noncurrent assets | $ 98,404 | $ 87,787 | 98,404 | 87,787 | 84,257 | |||||||
Enterprise Improvement Plan [Member] | ||||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Restructuring and impairment (gains) charges, net | (6,003) | (1,283) | 48,975 | |||||||||
Quarry property [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Enterprise Improvement Plan [Member] | ||||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Restructuring and impairment (gains) charges, net | $ 0 | $ 14,651 | ||||||||||
Quarry property [Member] | Restructuring Type, Non-performing Quarry Sites [Member] | Enterprise Improvement Plan [Member] | Construction Materials [Member] | ||||||||||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||||||||||
Restructuring and impairment (gains) charges, net | $ (1,044) |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue, Net | $ 630,162 | $ 751,376 | $ 569,242 | $ 420,249 | $ 589,789 | $ 719,764 | $ 585,870 | $ 379,847 | $ 2,371,029 | $ 2,275,270 | $ 2,266,901 |
Gross profit | $ 102,008 | $ 96,253 | $ 65,045 | $ 40,052 | $ 73,726 | $ 66,292 | $ 80,729 | $ 21,499 | 303,358 | 242,247 | 177,177 |
Gross profit as a percent of revenue | 16.20% | 12.80% | 11.40% | 9.50% | 12.50% | 9.30% | 14.10% | 5.60% | |||
Net (loss) income | $ 35,139 | $ 32,180 | $ 9,539 | $ (8,610) | $ 20,825 | $ 14,105 | $ 22,207 | $ (21,261) | 68,248 | 35,876 | (44,766) |
Net income (loss) as a percent of revenue | 5.60% | 4.30% | 1.70% | (2.00%) | 3.50% | 2.00% | 3.80% | (5.60%) | |||
Net income (loss) attributable to Granite | $ 28,673 | $ 30,759 | $ 9,613 | $ (8,560) | $ 16,976 | $ 15,282 | $ 13,641 | $ (20,553) | $ 60,485 | $ 25,346 | $ (36,423) |
Net income (loss) attributable to Granite as a percent of revenue | 4.60% | 4.10% | 1.70% | (2.00%) | 2.90% | 2.10% | 2.30% | (5.40%) | |||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Basic (in dollars per share) | $ 0.73 | $ 0.78 | $ 0.24 | $ (0.22) | $ 0.43 | $ 0.39 | $ 0.35 | $ (0.53) | $ 1.54 | $ 0.65 | $ (0.94) |
Diluted (in dollars per share) | $ 0.72 | $ 0.77 | $ 0.24 | $ (0.22) | $ 0.43 | $ 0.38 | $ 0.34 | $ (0.53) | $ 1.52 | $ 0.64 | $ (0.94) |
Other impairment (gains) charges | $ (1,360) | $ 3,164 | |||||||||
(Loss) income before (benefit from) provision for income taxes | $ (103,427) | (55,597) | 64,029 | ||||||||
Asset impairment gains | $ 1,300 | (1,300) | |||||||||
Noncontrolling Interest [Member] | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Net (loss) income | 7,763 | 10,530 | (8,343) | ||||||||
Enterprise Improvement Plan [Member] | |||||||||||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Restructuring and impairment (gains) charges, net | (6,003) | (1,283) | 48,975 | ||||||||
Contract Termination [Member] | Enterprise Improvement Plan [Member] | |||||||||||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Restructuring and impairment (gains) charges, net | 1,000 | $ (1,300) | (1,283) | 3,234 | |||||||
Restructuring Type, Real Estate Asset Impairment [Member] | |||||||||||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Other impairment (gains) charges | 0 | ||||||||||
Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | |||||||||||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Restructuring and impairment (gains) charges, net | (4,959) | $ 0 | 31,090 | ||||||||
Other impairment (gains) charges | 31,100 | ||||||||||
Restructuring Type, Real Estate Asset Impairment [Member] | Enterprise Improvement Plan [Member] | Noncontrolling Interest [Member] | |||||||||||
Net (loss) income per share attributable to common shareholders: | |||||||||||
Restructuring and impairment (gains) charges, net | $ 3,300 | $ 3,900 | |||||||||
Reclassification Adjustment [Member] | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Gross profit | $ 4,600 | $ 800 | $ 100 | ||||||||
Reclassificaiton adjustment [Member] | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Gross profit | 6,100 | $ 400 | $ 1,700 | $ (100) | |||||||
Previously reported [Member] | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Gross profit | $ 79,800 | $ 100,900 | $ 65,800 | $ 40,100 | $ 66,700 | $ 82,400 | $ 21,400 |
Schedule of Valuation and Qua79
Schedule of Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 291 | $ 2,513 | $ 2,749 | |
Charged to Expenses or Other Accounts, Net | 547 | 97 | 944 | |
Deductions and Adjustments | [1] | (474) | (2,319) | (1,180) |
Balance at End of Year | $ 364 | $ 291 | $ 2,513 | |
[1] | Deductions and adjustments for the allowances primarily relate to accounts written off. |