Granite Construction (GVA) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Entity Information [Line Items]
Entity Registrant Name	GRANITE CONSTRUCTION INC
Entity Central Index Key	861,459
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,818,340

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Current Assets
Cash and cash equivalents ($60,406, $73,115 and $46,993 related to consolidated construction joint ventures (“CCJVs”))	$ 169,501	$ 189,326	$ 198,298
Short-term marketable securities	67,824	64,884	43,001
Receivables, net ($55,215, $52,613 and $51,431 related to CCJVs)	351,091	419,345	307,483
Costs and estimated earnings in excess of billings ($2,965, $5,046 and $356 related to CCJVs)	90,112	73,102	76,972
Inventories	58,781	55,245	59,444
Equity in construction joint ventures	235,683	247,182	240,480
Other current assets ($7,047, $7,500 and $4,829 related to CCJVs)	54,542	39,908	37,100
Total current assets	1,027,534	1,088,992	962,778
Property and equipment, net ($26,161, $20,500 and $12,925 related to CCJVs)	412,490	406,650	398,750
Long-term marketable securities	59,989	62,895	72,653
Investments in affiliates	36,410	35,668	34,619
Goodwill	53,799	53,799	53,799
Deferred Tax Assets, Net	0	0	5,119
Other noncurrent assets	87,997	85,449	84,512
Total assets	1,678,219	1,733,453	1,612,230
Current liabilities
Current maturities of long-term debt	14,796	14,796	14,795
Accounts payable ($19,386, $26,419 and $16,309 related to CCJVs)	170,006	199,029	139,215
Billings in excess of costs and estimated earnings ($34,467, $33,704 and $23,538 related to CCJVs)	91,527	97,522	89,188
Accrued expenses and other current liabilities ($1,426, $1,544 and $1,442 related to CCJVs)	224,850	218,587	226,276
Total current liabilities	501,179	529,934	469,474
Long-term debt	228,306	229,498	243,099
Deferred income taxes, net	5,609	5,441	0
Other long-term liabilities	47,066	45,989	43,913
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 39,815,232 shares as of March 31, 2017, 39,621,140 shares as of December 31, 2016 and 39,563,620 shares as of March 31, 2016	398	396	396
Additional paid-in capital	152,805	150,337	144,916
Accumulated other comprehensive loss	(257)	(371)	(1,569)
Retained earnings	706,571	735,626	683,784
Total Granite Construction Incorporated shareholders’ equity	859,517	885,988	827,527
Non-controlling interests	36,542	36,603	28,217
Total equity	896,059	922,591	855,744
Total liabilities and equity	$ 1,678,219	$ 1,733,453	$ 1,612,230

CONSOLIDATED BALANCE SHEETS Con

CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Assets and Liabilities) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Cash and cash equivalents	$ 169,501	$ 189,326	$ 198,298
Other Assets, Current	54,542	39,908	37,100
Costs and estimated earnings in excess of billings	90,112	73,102	76,972
Property and equipment, net	412,490	406,650	398,750
Accounts payable	170,006	199,029	139,215
Billings in excess of costs and estimated earnings	91,527	97,522	89,188
Accrued expenses and other current liabilities	224,850	218,587	226,276
Consolidated Construction Joint Venture | Joint Venture Consolidated
Cash and cash equivalents	60,406	73,115	46,993
Receivables, Net	55,215	52,613	51,431
Other Assets, Current	7,047	7,500	4,829
Costs and estimated earnings in excess of billings	2,965	5,046	356
Property and equipment, net	26,161	20,500	12,925
Accounts payable	19,386	26,419	16,309
Billings in excess of costs and estimated earnings	34,467	33,704	23,538
Accrued expenses and other current liabilities	$ 1,426	$ 1,544	$ 1,442

CONSOLIDATED BALANCE SHEETS Co4

CONSOLIDATED BALANCE SHEETS Consolidated Balance Sheets Parenthetical (Equity) - $ / shares	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	3,000,000	3,000,000	3,000,000
Preferred Stock, Shares Outstanding	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	150,000,000	150,000,000	150,000,000
Common Stock, Shares, Issued	39,815,232	39,621,140	39,563,620
Common Stock, Shares, Outstanding	39,815,232	39,621,140	39,563,620

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
Construction	$ 226,849	$ 209,487
Large Project Construction	207,033	195,449
Construction Materials	34,518	34,516
Total revenue	468,400	439,452
Cost of revenue
Construction	198,900	182,554
Large Project Construction	204,478	181,944
Construction Materials	39,896	35,709
Total cost of revenue	443,274	400,207
Gross profit	25,126	39,245
Selling, general and administrative expenses	61,837	56,133
Gain on sales of property and equipment	(270)	(600)
Operating loss	(36,441)	(16,288)
Other (income) expense
Interest income	(1,051)	(836)
Interest expense	2,743	3,049
Equity in income of affiliates	(916)	(1,442)
Other income, net	(870)	(1,372)
Total other income	(94)	(601)
Loss before benefit from income taxes	(36,347)	(15,687)
Benefit from income taxes	(12,496)	(5,924)
Net loss	(23,851)	(9,763)
Amount attributable to non-controlling interests	61	(678)
Net loss attributable to Granite Construction Incorporated	$ (23,790)	$ (10,441)
Net loss per share attributable to common shareholders (see Note 11)
Basic (in dollars per share)	$ (0.60)	$ (0.26)
Diluted (in dollars per share)	$ (0.60)	$ (0.26)
Weighted average shares of common stock
Weighted average common shares outstanding, basic	39,649	39,433
Weighted average common shares outstanding, diluted	39,649	39,433
Dividends per common share (in US$ per share)	$ 0.13	$ 0.13

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (23,851)	$ (9,763)
Other comprehensive income (loss), net of tax:
Net unrealized loss on derivatives	52	(891)
Less: reclassification for net losses included in interest expense	69	0
Net change	121	(891)
Foreign currency translation adjustments, net	(7)	822
Other comprehensive income (loss)	114	(69)
Comprehensive loss	(23,737)	(9,832)
Non-controlling interests in comprehensive loss	61	(678)
Comprehensive loss attributable to Granite	$ (23,676)	$ (10,510)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net loss	$ (23,851)	$ (9,763)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	14,649	13,736
Gain on sales of property and equipment	(270)	(600)
Stock-based compensation	8,913	5,985
Equity in net income from unconsolidated joint ventures	(1,456)	(8,538)
Changes in assets and liabilities:
Receivables	68,272	33,358
Costs and estimated earnings in excess of billings, net	(25,581)	(21,793)
Inventories	(3,536)	(3,891)
Contributions to unconsolidated construction joint ventures	(813)	(2,715)
Distributions from unconsolidated construction joint ventures	16,179	4,512
Other assets, net	(18,465)	(12,448)
Accounts payable	(28,161)	(22,081)
Accrued expenses and other current liabilities, net	7,456	13,804
Net cash provided by (used in) operating activities	13,336	(10,434)
Investing Activities
Purchases of marketable securities	(29,910)	(19,948)
Maturities of marketable securities	30,000	5,000
Proceeds from called marketable securities	0	5,000
Purchases of property and equipment ($6,207 and $8,066 related to CCJVs)	(21,372)	(24,565)
Proceeds from sales of property and equipment	1,060	772
Other investing activities, net	67	(274)
Net cash used in investing activities	(20,155)	(34,015)
Financing Activities
Long-term debt principal repayments	(1,250)	(1,250)
Cash dividends paid	(5,151)	(5,124)
Repurchases of common stock	(6,448)	(4,459)
Other financing activities, net	(157)	744
Net cash used in financing activities	(13,006)	(10,089)
Decrease in cash and cash equivalents	(19,825)	(54,538)
Cash and cash equivalents at beginning of period	189,326	252,836
Cash and cash equivalents at end of period	169,501	198,298
Cash paid during the period for:
Interest	1,242	558
Income taxes	1,897	6,138
Other non-cash operating activities:
Performance guarantees	0	11,870
Non-cash investing and financing activities:
Restricted stock units issued, net of forfeitures	11,109	20,164
Accrued cash dividends	5,176	5,143
Accrued equipment purchases	749	(3,725)
Consolidated Construction Joint Venture | Joint Venture Consolidated
Investing Activities
Purchases of property and equipment ($6,207 and $8,066 related to CCJVs)	6,207	8,066
Financing Activities
Cash and cash equivalents at beginning of period	73,115
Cash and cash equivalents at end of period	$ 60,406	$ 46,993

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “the Company” or “Granite”) and are unaudited, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at March 31, 2017 and 2016 and the results of our operations and cash flows for the periods presented. The December 31, 2016 condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoption of Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships during the three months ended March 31, 2017 . ASU No. 2016-01 eliminated the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the consolidated balance sheet, which related to our marketable securities and debt (see Note 5). ASU No. 2016-05 had no impact on our condensed consolidated financial statements.

Recent Pronouncements

Recent Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification ( “ASC”) Topic 606, Revenue from Contracts with Customers , and subsequently issued several related ASUs (“Topic 606”), which provide guidance for recognizing revenue from contracts with customers. The core principle of Topic 606 is that revenue will be recognized when promised goods or services are transferred to customers in an amount that reflects consideration for which entitlement is expected in exchange for those goods or services. Topic 606 will be effective commencing with our quarter ending March 31, 2018. We currently anticipate adopting Topic 606 using the modified retrospective transition approach that may result in a cumulative adjustment to beginning retained earnings as of January 1, 2018, which we will elect to only apply to contracts with customers that are not substantially complete as of January 1, 2018. Although we are in the process of assessing the financial impact of Topic 606 on our consolidated financial statements and related footnotes, we do not expect Topic 606 to have a material impact on our Construction Materials segment’s revenue. While we continue to assess the impact to both our Large Project Construction and Construction segments, our Large Project Construction segment is more likely to be impacted than our Construction segment in the following areas: • Multiple performance obligations - In accordance with Topic 606, construction contracts with customers, including those related to contract modifications, will be reviewed to determine if there are multiple performance obligations. If separate performance obligations are identified, the timing of revenue recognition could be impacted. Based on our assessment to-date on currently active construction contracts with customers, we have identified a few construction contracts that will have multiple performance obligations. • Mobilization costs - Mobilization costs generally consist of costs to mobilize equipment and labor to a job site. Mobilization costs are currently recorded as job costs as they are incurred. Topic 606 requires mobilization costs to be capitalized as an asset on the consolidated balance sheets and amortized to contract cost over the expected duration of the contract. In addition to the above, we are expecting to have certain reclassifications in the consolidated balance sheets as well as significant additional disclosures related to revenue. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (b) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The ASU will be effective commencing with our quarter ending March 31, 2019. We are currently assessing the potential impact of this ASU on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which is intended to help companies evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses by providing a more robust framework to use in determining when a set of assets and activities is a business. This ASU will be effective commencing with our quarter ending March 31, 2018. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU will be effective commencing with our quarter ending March 31, 2020. We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements.

Revisions in Estimates

Revisions in Estimates	3 Months Ended
	Mar. 31, 2017
Change in Accounting Estimate [Abstract]
Revisions in Estimate	Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. 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. 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 revise our cost estimates in the future. In our review of these changes for the three months ended March 31, 2016 , we did not identify any material amounts that should have been recorded in a prior period. In our review of these changes for the three months ended March 31, 2017 , we identified and corrected amounts that should have been recorded during the three months ended September 30, 2016. This correction resulted in a $4.9 million decrease to Large Project Construction revenue and gross profit and a $1.6 million increase in net loss attributable to Granite Construction Incorporated. We have assessed the impact of this correction to the financial statements of prior periods’ and to the financial statements for the three months ended March 31, 2017 , and have concluded that the amounts were not material and are not expected to be material to the financial statements for the year ending December 31, 2017. In the normal course of business, we have revisions in estimated costs associated with unresolved affirmative claims and back charges. The estimated or actual recovery related to these estimated costs may be recorded in future periods, which can cause fluctuations in the gross profit impact from revisions in estimates. Revisions in estimates for the three months ended March 31, 2017 included a net increase in revenue of $1.8 million related to the estimated cost recovery of customer affirmative claims, which included increases of $2.7 million that were also affected by an increase in estimated contract costs in excess of the estimated recovery during the three months ended March 31, 2017 . Estimated contract costs in excess of estimated cost recovery were recorded in prior periods for the offsetting decrease of $0.9 million . Revisions in estimates for the three months ended March 31, 2016 included increases in revenue of $2.8 million related to the estimated cost recovery of customer affirmative claims, which included increases of $1.1 million that were also affected by an increase in estimated contract costs in excess of the estimated recovery during the three months ended March 31, 2016 . The remaining $1.7 million had estimated contract costs in excess of estimated cost recovery that were recorded in prior periods. Revisions in estimates for the three months ended March 31, 2017 included a reduction of cost of revenue of $0.3 million related to the estimated recovery of back charges all of which had estimated contract costs in excess of estimated cost recovery recorded in prior periods. There was no estimated recovery of back charges during the three months ended March 31, 2016 . The impact to gross profit from significant revisions in estimates related to estimated and actual customer affirmative claims and recovery of back charges as well as the associated estimated contract costs are included in the tables below. Construction The change in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $1.0 million or more on gross profit during the three months ended March 31, 2016 was a net increase of $1.7 million for one project due to the settlement of an outstanding claim. There were no changes in project profitability from revisions in estimates, which individually had an impact of $1.0 million or more on gross profit during the three months ended March 31, 2017 . Large Project Construction The changes in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $1.0 million or more on gross profit were net decreases of $13.0 million and $2.8 million for the three months ended March 31, 2017 and 2016 , respectively. The amounts attributable to non-controlling interests were $1.6 million of the net decrease for the three months ended March 31, 2017 and there were no amounts attributable to non-controlling interests during the three months ended March 31, 2016 . The projects are summarized as follows: Increases Three Months Ended March 31, (dollars in millions) 2017 2016 Number of projects with upward estimate changes — 2 Range of increase in gross profit from each project, net $ — $ 1.0 - 1.4 Increase on project profitability $ — $ 2.4 The increases during the three months ended March 31, 2016 were due to owner-directed scope changes. Decreases Three Months Ended March 31, (dollars in millions) 2017 2016 Number of projects with downward estimate changes 5 2 Range of reduction in gross profit from each project, net $ 1.3 - 4.7 $ 2.1 - 3.1 Decrease on project profitability $ 13.0 $ 5.2 The decreases during the three months ended March 31, 2017 were due to higher costs than originally anticipated as well as additional design, weather and owner-related costs, net of estimated and actual recovery from customer affirmative claims. The decreases during the three months ended March 31, 2016 were due to lower productivity and higher costs than originally anticipated.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2017
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) March 31, December 31, March 31, U.S. Government and agency obligations $ 12,908 $ 10,002 $ 23,024 Commercial paper 54,916 54,882 19,977 Total short-term marketable securities 67,824 64,884 43,001 U.S. Government and agency obligations 59,989 62,895 72,653 Total long-term marketable securities 59,989 62,895 72,653 Total marketable securities $ 127,813 $ 127,779 $ 115,654 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) March 31, Due within one year $ 67,824 Due in one to five years 59,989 Total $ 127,813

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels: Fair Value Measurement at Reporting Date Using March 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 28,091 $ — $ — $ 28,091 Total assets $ 28,091 $ — $ — $ 28,091 December 31, 2016 Cash equivalents Money market funds $ 10,057 $ — $ — $ 10,057 Total assets $ 10,057 $ — $ — $ 10,057 March 31, 2016 Cash equivalents Money market funds $ 46,094 $ — $ — $ 46,094 Total assets $ 46,094 $ — $ — $ 46,094 A reconciliation of cash equivalents to consolidated cash and cash equivalents is as follows: (in thousands) March 31, December 31, March 31, Cash equivalents $ 28,091 $ 10,057 $ 46,094 Cash 141,410 179,269 152,204 Total cash and cash equivalents $ 169,501 $ 189,326 $ 198,298 Interest Rate Swaps As of March 31, 2017 , December 31, 2016 and March 31, 2016 , the fair value of the cash flow hedge that we entered into in January 2016 was $1.0 million , $0.8 million and $1.5 million , respectively, and was included in other current assets in the condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 and in accrued expenses and other current liabilities as of March 31, 2016 . During the three months ended March 31, 2017 and 2016 , the unrealized gains and losses, net of taxes, on the effective portion were gains of $0.1 million and losses of $0.9 million , respectively, and were reported as a component of accumulated other comprehensive loss. During the three months ended March 31, 2017 and 2016 , there was no ineffective portion. The interest expense reclassified from accumulated other comprehensive loss during the three months ended March 31, 2017 was $0.1 million . We estimate $0.1 million to be reclassified from accumulated other comprehensive loss into pre-tax earnings within the next twelve months. As of March 31, 2016 , the fair value of the interest rate swap that was terminated in December 2016 was $1.9 million and was included in other current assets on the condensed consolidated balance sheets. During the three months ended March 31, 2016 , we recorded net gains of $1.3 million that were included in other income, net on our condensed consolidated statements of operations. Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: March 31, 2017 December 31, 2016 March 31, 2016 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 127,813 $ 127,448 $ 127,779 $ 127,365 $ 115,654 $ 115,692 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 120,000 $ 125,930 $ 120,000 $ 124,654 $ 160,000 $ 169,744 Credit Agreement term loan 1 Level 3 93,750 92,986 95,000 93,991 98,750 99,316 Credit Agreement - revolving credit facility 1 Level 3 30,000 29,520 30,000 29,452 — — 1 See Note 10 for definitions of 2019 Notes and Credit Agreement. During the three months ended March 31, 2017 and 2016 , we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis.

Receivables, Net

Receivables, Net	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Receivables, Net	Receivables, net (in thousands) March 31, December 31, March 31, Construction contracts: Completed and in progress $ 227,314 $ 288,160 $ 178,974 Retentions 82,692 84,878 93,495 Total construction contracts 310,006 373,038 272,469 Construction Material sales 25,582 29,357 23,392 Other 15,977 17,523 11,940 Total gross receivables 351,565 419,918 307,801 Less: allowance for doubtful accounts 474 573 318 Total net receivables $ 351,091 $ 419,345 $ 307,483 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 are not contractually billable or have not been earned, such as claim recovery estimates, the associated revenue is included in costs and estimated earnings in excess of billings or billings i n excess of costs and estimated earnings in the condensed consolidated balance sheets. As of March 31, 2017 , December 31, 2016 and March 31, 2016 , the aggregate claim recovery estimates included in these balances were approximately $12.5 million , $12.3 million and $12.4 million , respectively. Included in other receivables at March 31, 2017 , December 31, 2016 and March 31, 2016 were items such as estimated recovery from back charge claims, 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. As of March 31, 2017 , December 31, 2016 and March 31, 2016 the estimated recovery from back charge claims included in other receivables was $0.3 million , $0.3 million and $7.0 million , respectively. 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. As of March 31, 2017 , December 31, 2016 and March 31, 2016 , no retention receivable individually exceeded 10% of total net receivables at any of the presented dates, the majority of the retentions receivable are expected to be collected within one year and there were no retentions receivables determined to be uncollectible.

Construction Joint Ventures

Construction Joint Ventures	3 Months Ended
	Mar. 31, 2017
Construction and Line Item Joint Ventures [Abstract]
Construction and Line Item Joint Ventures	Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”), and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three months ended March 31, 2017 , we determined no change to the primary beneficiary was required for existing construction joint ventures. At March 31, 2017 , there was approximately $4.6 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.4 billion represented our share and the remaining $3.2 billion represented our partners’ share. We are not able to estimate amounts that may be required beyond the remaining cost of the work to be performed. These costs could be offset by billings to the customer or by proceeds from our partners’ and/or other guarantees. Consolidated Construction Joint Ventures (“CCJVs”) At March 31, 2017 , we were engaged in five active CCJV projects with total contract values ranging from $48.2 million to $292.4 million . Our share of revenue remaining to be recognized on these CCJVs ranged from $3.2 million to $157.8 million . Our proportionate share of the equity in these joint ventures was between 50.0% and 65.0% . During the three months ended March 31, 2017 and 2016 , total revenue from CCJVs was $35.5 million and $22.2 million , respectively. During the three months ended March 31, 2017 and 2016, CCJVs used $6.5 million and provided $3.8 million of operating cash flows, respectively. Unconsolidated Construction Joint Ventures As of March 31, 2017 , we were engaged in ten active unconsolidated joint venture projects with total contract values ranging from $78.8 million to $3.6 billion . Our proportionate share of the equity in these unconsolidated construction joint ventures ranged from 20.0% to 50.0% . As of March 31, 2017 , our share of the revenue remaining to be recognized on these unconsolidated construction joint ventures ranged from $0.7 million to $475.7 million . As of March 31, 2017 , December 31, 2016 and March 31, 2016 , 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 following is summary financial information related to unconsolidated construction joint ventures: (in thousands) March 31, December 31, March 31, Assets: Cash, cash equivalents and marketable securities $ 399,445 $ 537,991 $ 408,393 Other current assets 1 703,498 644,809 710,747 Noncurrent assets 205,517 207,240 224,178 Less partners’ interest 876,118 935,615 904,600 Granite’s interest 1,2 432,342 454,425 438,718 Liabilities: Current liabilities 660,537 696,215 658,486 Less partners’ interest and adjustments 3 447,502 472,324 455,403 Granite’s interest 213,035 223,891 203,083 Equity in construction joint ventures 4 $ 219,307 $ 230,534 $ 235,635 1 Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of March 31, 2017 , December 31, 2016 and March 31, 2016 was $83.1 million , $83.1 million and $77.4 million , respectively, related to performance guarantees. 2 Included in this balance as of March 31, 2017 , December 31, 2016 and March 31, 2016 was $69.7 million , $65.4 million and $43.7 million , respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $7.9 million and $5.6 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2017 and December 31, 2016, respectively. There was no estimated recovery of back charge claims as of March 31, 2016 . 3 Partners’ interest and adjustments includes amounts to reconcile total liabilities as reported by our partners to Granite’s interest adjusted to reflect our accounting policies. 4 As of March 31, 2017 , December 31, 2016 and March 31, 2016 this balance included $16.4 million , $16.6 million and $4.8 million , respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Three Months Ended March 31, (in thousands) 2017 2016 Revenue: Total 1 $ 451,321 $ 494,167 Less partners’ interest and adjustments 1,2 323,830 347,908 Granite’s interest 127,491 146,259 Cost of revenue: Total 442,990 461,497 Less partners’ interest and adjustments 1 316,995 324,041 Granite’s interest 125,995 137,456 Granite’s interest in gross profit $ 1,496 $ 8,803 1 While Granite’s interest in revenue, cost of revenue and gross profit were correctly stated, Total revenue and revenue for partners’ interest and adjustments for the three months ended March 31, 2016 were misstated in our Quarterly Report for the quarter ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments as reported was (in thousands): $288,044 and $141,785 , respectively, for the three months ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments should have been (in thousands): $494,167 and $347,908 , respectively, for the three months ended March 31, 2016 and are reflected in the table. The misstatements did not have any impact on the consolidated financial statements in any period. We assessed the materiality of the errors in accordance with the SEC’s Staff Accounting Bulletin 99 and concluded that the errors were not material to either of these previously issued financial statements. Accordingly, we will revise our previously issued financial statements prospectively to correct these errors. 2 Partners’ interest and adjustments 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 and estimates. During the three months ended March 31, 2017 and 2016 , unconsolidated construction joint venture net income was $8.6 million and $33.7 million , respectively, of which our share was $1.5 million and $8.5 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 As of March 31, 2017 , we had two active line item joint venture construction projects with total contract values of $66.2 million and $75.8 million of which our portion was $44.7 million and $28.7 million , respectively. As of March 31, 2017 , our share of revenue remaining to be recognized on these line item joint ventures was $10.6 million and $1.1 million , respectively. During the three months ended March 31, 2017 and 2016 , our portion of revenue from line item joint ventures was $8.0 million and $4.4 million , respectively.

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Affiliates	Investments in Affiliates Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in real estate entities and a non-real estate entity. Our investments in affiliates balance consists of the following: (in thousands) March 31, December 31, March 31, Equity method investments in real estate affiliates $ 26,883 $ 25,911 $ 25,320 Equity method investment in other affiliate 9,527 9,757 9,299 Total investments in affiliates $ 36,410 $ 35,668 $ 34,619 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, December 31, March 31, Total assets $ 150,637 $ 155,506 $ 177,072 Net assets 93,675 99,804 103,940 Granite’s share of net assets 36,410 35,668 34,619 The equity method investments in real estate affiliates included $21.8 million , $20.8 million and $19.7 million in residential real estate in Texas as of March 31, 2017 , December 31, 2016 and March 31, 2016 , respectively. The remaining balances were in commercial real estate in Texas. Of the $150.6 million in total assets as of March 31, 2017 , real estate entities had total assets ranging from less than $0.1 million to $63.6 million and the non-real estate entity had total assets of $21.4 million .

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, net Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) March 31, December 31, March 31, Equipment and vehicles $ 768,995 $ 756,602 $ 750,987 Quarry property 175,418 174,839 179,987 Land and land improvements 112,028 110,999 110,450 Buildings and leasehold improvements 83,727 82,762 83,053 Office furniture and equipment 56,457 56,381 62,458 Property and equipment 1,196,625 1,181,583 1,186,935 Less: accumulated depreciation and depletion 784,135 774,933 788,185 Property and equipment, net $ 412,490 $ 406,650 $ 398,750

Covenants and Events of Default

Covenants and Events of Default	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Credit Arrangements	Debt 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. As of March 31, 2017 , we had a $293.8 million credit facility, of which $200.0 million was a revolving credit facility and $93.8 million was a term loan that matures on October 28, 2020 (the “Maturity Date”) and has a sublimit for letters of credit of $100.0 million (the “Credit Agreement”). As of March 31, 2017 , $5.0 million of the $93.8 million term loan was included in current maturities of long-term debt and the remaining $88.8 million was included in long-term debt on the condensed consolidated balance sheets. As of December 31, 2016, $95.0 million of the term loan was outstanding with $5.0 million included in current maturities of long-term debt and the remaining $90.0 million included in long-term debt on the condensed consolidated balance sheets. As of March 31, 2017 and December 31, 2016, $30.0 million had been drawn from the Credit Agreement to service the 2016 installment of the 2019 Notes (defined below). As of March 31, 2017 , December 31, 2016 and March 31, 2016, senior notes payable in the amount of $120.0 million , $120.0 million and $160.0 million , respectively, were due to a group of institutional holders and had an interest rate of 6.11% per annum (“2019 Notes”). As of March 31, 2017 , three equal annual installments from 2017 through 2019 are remaining. As of March 31, 2017 , December 31, 2016 and March 31, 2016, $110.0 million , $110.0 million and $150.0 million , respectively, of the outstanding balances were included in long-term debt on the condensed consolidated balance sheets. Of the $40.0 million due for the 2017 installment, $30.0 million is included in long-term debt on the condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 as we have the ability and intent to pay these installments using borrowings under the Credit Agreement or by obtaining other sources of financing. The remaining $10.0 million of the 2017 installment was included in current maturities of long-term debt as of March 31, 2017 and December 31, 2016. Of the $40.0 million due for the 2016 installment, $30.0 million was included in long-term debt on the condensed consolidated balance sheets as of March 31, 2016 as we had the ability and intent to pay these installments using borrowings under the Credit Agreement. The remaining $10.0 million of the 2016 installment was included in current maturities of long-term debt as of March 31, 2016. As of March 31, 2017 , we were in compliance with all covenants contained in the Credit Agreement and related to the note purchase agreement governing our 2019 Notes. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements.

Weighted Average Shares Outstan

Weighted Average Shares Outstanding and Net Incomer (Loss) Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Weighted Average Shares Outstanding and Net Loss Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, (in thousands, except per share amounts) 2017 2016 Numerator (basic and diluted): Net loss allocated to common shareholders for basic calculation $ (23,790 ) $ (10,441 ) Denominator: Weighted average common shares outstanding, basic 39,649 39,433 Dilutive effect of common stock options and restricted stock units 1 — — Weighted average common shares outstanding, diluted 39,649 39,433 Net loss per share, basic $ (0.60 ) $ (0.26 ) Net loss per share, diluted $ (0.60 ) $ (0.26 ) 1 Due to the net loss for the three months ended March 31, 2017 and 2016, restricted stock units and common stock options representing approximately 673,000 and 544,000 , respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Equity	Equity The following tables summarize our equity activity for the periods presented (in thousands): Granite Construction Incorporated Non-controlling Interests Total Equity Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Purchases of common stock 1 (6,448 ) — (6,448 ) Other transactions with shareholders and employees 2 8,943 — 8,943 Net loss (23,790 ) (61 ) (23,851 ) Dividends on common stock (5,176 ) — (5,176 ) Balance at March 31, 2017 $ 859,517 $ 36,542 $ 896,059 Balance at December 31, 2015 $ 839,237 $ 30,884 $ 870,121 Purchases of common stock 3 (4,459 ) — (4,459 ) Other transactions with shareholders and employees 2 5,892 — 5,892 Transactions with non-controlling interests, net 2,441 (3,345 ) (904 ) Net (loss) income (10,441 ) 678 (9,763 ) Dividends on common stock (5,143 ) — (5,143 ) Balance at March 31, 2016 $ 827,527 $ 28,217 $ 855,744 1 Represents 131,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. 2 Amounts are comprised primarily of amortized restricted stock units. 3 Represents 101,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings In the ordinary course of business, we or our joint ventures and affiliates are involved in various legal proceedings alleging, among other things, public liability issues, breach of contract or tortious conduct in connection with the performance of services and/or materials provided. We are also subject to government inquiries and reporting requirements seeking information concerning our compliance with government construction contracting requirements and various laws and regulations. The outcomes of such proceedings and government inquiries cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may include 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 or suspended, we could be debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to settle, whether or when any legal proceeding will be resolved through settlement is neither predictable nor guaranteed. Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably estimated, we also disclose certain matters where the loss is considered reasonably possible and is reasonably estimable. Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in our condensed consolidated balance sheets. The aggregate liabilities recorded as of March 31, 2017 , December 31, 2016 and March 31, 2016 related to these matters were approximately $1.0 million , $4.3 million and $5.4 million , respectively, and were primarily included in accrued expenses and other current liabilities. As of March 31, 2017 , we had outstanding matters related to contractually agreed-upon liquidated damages that had a range of possible loss that, while considered reasonably possible, had a low end that was immaterial. The outcome of these matters could have a material adverse effect on our financial position, results of operations and / or cash flows in the future. The aggregate range of possible loss related to reasonably possible amounts in excess of accrued losses recorded for probable loss contingencies, was immaterial as of March 31, 2017 .

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information Summarized segment information is as follows (in thousands): Three Months Ended March 31, Construction Large Project Construction Construction Materials Total 2017 Total revenue from reportable segments $ 226,849 $ 207,033 $ 48,622 $ 482,504 Elimination of intersegment revenue — — (14,104 ) (14,104 ) Revenue from external customers 226,849 207,033 34,518 468,400 Gross profit (loss) 27,949 2,555 (5,378 ) 25,126 Depreciation, depletion and amortization 4,994 1,886 5,198 12,078 Segment assets 149,882 306,804 289,895 746,581 2016 Total revenue from reportable segments $ 209,487 $ 195,449 $ 48,931 $ 453,867 Elimination of intersegment revenue — — (14,415 ) (14,415 ) Revenue from external customers 209,487 195,449 34,516 439,452 Gross profit (loss) 26,933 13,505 (1,193 ) 39,245 Depreciation, depletion and amortization 4,525 1,469 5,337 11,331 Segment assets 141,354 297,489 295,627 734,470 A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, (in thousands) 2017 2016 Total gross profit from reportable segments $ 25,126 $ 39,245 Selling, general and administrative expenses 61,837 56,133 Gain on sales of property and equipment (270 ) (600 ) Total other income (94 ) (601 ) Loss before benefit from income taxes $ (36,347 ) $ (15,687 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revision in Estimates	Our profit recognition related to construction contracts is based on estimates of costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. 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. 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 revise our cost estimates in the future.
Construction Joint Ventures	We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”), and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE.

Revisions in Estimates (Tables)

Revisions in Estimates (Tables)	3 Months Ended
	Mar. 31, 2017
Large Project Construction [Member]
Change in Accounting Estimate [Line Items]
Schedule of Change in Accounting Estimate	Decreases Three Months Ended March 31, (dollars in millions) 2017 2016 Number of projects with downward estimate changes 5 2 Range of reduction in gross profit from each project, net $ 1.3 - 4.7 $ 2.1 - 3.1 Decrease on project profitability $ 13.0 $ 5.2 The projects are summarized as follows: Increases Three Months Ended March 31, (dollars in millions) 2017 2016 Number of projects with upward estimate changes — 2 Range of increase in gross profit from each project, net $ — $ 1.0 - 1.4 Increase on project profitability $ — $ 2.4

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2017
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) March 31, December 31, March 31, U.S. Government and agency obligations $ 12,908 $ 10,002 $ 23,024 Commercial paper 54,916 54,882 19,977 Total short-term marketable securities 67,824 64,884 43,001 U.S. Government and agency obligations 59,989 62,895 72,653 Total long-term marketable securities 59,989 62,895 72,653 Total marketable securities $ 127,813 $ 127,779 $ 115,654
Held-to-maturity Securities	Scheduled maturities of held-to-maturity investments were as follows: (in thousands) March 31, Due within one year $ 67,824 Due in one to five years 59,989 Total $ 127,813

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels: Fair Value Measurement at Reporting Date Using March 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 28,091 $ — $ — $ 28,091 Total assets $ 28,091 $ — $ — $ 28,091 December 31, 2016 Cash equivalents Money market funds $ 10,057 $ — $ — $ 10,057 Total assets $ 10,057 $ — $ — $ 10,057 March 31, 2016 Cash equivalents Money market funds $ 46,094 $ — $ — $ 46,094 Total assets $ 46,094 $ — $ — $ 46,094
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) March 31, December 31, March 31, Cash equivalents $ 28,091 $ 10,057 $ 46,094 Cash 141,410 179,269 152,204 Total cash and cash equivalents $ 169,501 $ 189,326 $ 198,298
Fair Value Measurements, Nonrecurring [Table Text Block]	The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: March 31, 2017 December 31, 2016 March 31, 2016 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 127,813 $ 127,448 $ 127,779 $ 127,365 $ 115,654 $ 115,692 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 120,000 $ 125,930 $ 120,000 $ 124,654 $ 160,000 $ 169,744 Credit Agreement term loan 1 Level 3 93,750 92,986 95,000 93,991 98,750 99,316 Credit Agreement - revolving credit facility 1 Level 3 30,000 29,520 30,000 29,452 — —

Receivables, Net (Tables)

Receivables, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands) March 31, December 31, March 31, Construction contracts: Completed and in progress $ 227,314 $ 288,160 $ 178,974 Retentions 82,692 84,878 93,495 Total construction contracts 310,006 373,038 272,469 Construction Material sales 25,582 29,357 23,392 Other 15,977 17,523 11,940 Total gross receivables 351,565 419,918 307,801 Less: allowance for doubtful accounts 474 573 318 Total net receivables $ 351,091 $ 419,345 $ 307,483

Construction Joint Ventures (Ta

Construction Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2017
Construction and Line Item Joint Ventures [Abstract]
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block]	The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) March 31, December 31, March 31, Assets: Cash, cash equivalents and marketable securities $ 399,445 $ 537,991 $ 408,393 Other current assets 1 703,498 644,809 710,747 Noncurrent assets 205,517 207,240 224,178 Less partners’ interest 876,118 935,615 904,600 Granite’s interest 1,2 432,342 454,425 438,718 Liabilities: Current liabilities 660,537 696,215 658,486 Less partners’ interest and adjustments 3 447,502 472,324 455,403 Granite’s interest 213,035 223,891 203,083 Equity in construction joint ventures 4 $ 219,307 $ 230,534 $ 235,635 1 Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of March 31, 2017 , December 31, 2016 and March 31, 2016 was $83.1 million , $83.1 million and $77.4 million , respectively, related to performance guarantees. 2 Included in this balance as of March 31, 2017 , December 31, 2016 and March 31, 2016 was $69.7 million , $65.4 million and $43.7 million , respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $7.9 million and $5.6 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2017 and December 31, 2016, respectively. There was no estimated recovery of back charge claims as of March 31, 2016 . 3 Partners’ interest and adjustments includes amounts to reconcile total liabilities as reported by our partners to Granite’s interest adjusted to reflect our accounting policies. 4 As of March 31, 2017 , December 31, 2016 and March 31, 2016 this balance included $16.4 million , $16.6 million and $4.8 million , respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block]	Three Months Ended March 31, (in thousands) 2017 2016 Revenue: Total 1 $ 451,321 $ 494,167 Less partners’ interest and adjustments 1,2 323,830 347,908 Granite’s interest 127,491 146,259 Cost of revenue: Total 442,990 461,497 Less partners’ interest and adjustments 1 316,995 324,041 Granite’s interest 125,995 137,456 Granite’s interest in gross profit $ 1,496 $ 8,803 1 While Granite’s interest in revenue, cost of revenue and gross profit were correctly stated, Total revenue and revenue for partners’ interest and adjustments for the three months ended March 31, 2016 were misstated in our Quarterly Report for the quarter ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments as reported was (in thousands): $288,044 and $141,785 , respectively, for the three months ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments should have been (in thousands): $494,167 and $347,908 , respectively, for the three months ended March 31, 2016 and are reflected in the table. The misstatements did not have any impact on the consolidated financial statements in any period. We assessed the materiality of the errors in accordance with the SEC’s Staff Accounting Bulletin 99 and concluded that the errors were not material to either of these previously issued financial statements. Accordingly, we will revise our previously issued financial statements prospectively to correct these errors. 2 Partners’ interest and adjustments 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 and estimates.

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates [Table Text Block]	investments in affiliates balance consists of the following: (in thousands) March 31, December 31, March 31, Equity method investments in real estate affiliates $ 26,883 $ 25,911 $ 25,320 Equity method investment in other affiliate 9,527 9,757 9,299 Total investments in affiliates $ 36,410 $ 35,668 $ 34,619
Equity Method Investment Summarized Balance Sheet Location [Table Text Block]	The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, December 31, March 31, Total assets $ 150,637 $ 155,506 $ 177,072 Net assets 93,675 99,804 103,940 Granite’s share of net assets 36,410 35,668 34,619

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) March 31, December 31, March 31, Equipment and vehicles $ 768,995 $ 756,602 $ 750,987 Quarry property 175,418 174,839 179,987 Land and land improvements 112,028 110,999 110,450 Buildings and leasehold improvements 83,727 82,762 83,053 Office furniture and equipment 56,457 56,381 62,458 Property and equipment 1,196,625 1,181,583 1,186,935 Less: accumulated depreciation and depletion 784,135 774,933 788,185 Property and equipment, net $ 412,490 $ 406,650 $ 398,750

Weighted Average Shares Outst30

Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, (in thousands, except per share amounts) 2017 2016 Numerator (basic and diluted): Net loss allocated to common shareholders for basic calculation $ (23,790 ) $ (10,441 ) Denominator: Weighted average common shares outstanding, basic 39,649 39,433 Dilutive effect of common stock options and restricted stock units 1 — — Weighted average common shares outstanding, diluted 39,649 39,433 Net loss per share, basic $ (0.60 ) $ (0.26 ) Net loss per share, diluted $ (0.60 ) $ (0.26 ) 1 Due to the net loss for the three months ended March 31, 2017 and 2016, restricted stock units and common stock options representing approximately 673,000 and 544,000 , respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following tables summarize our equity activity for the periods presented (in thousands): Granite Construction Incorporated Non-controlling Interests Total Equity Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Purchases of common stock 1 (6,448 ) — (6,448 ) Other transactions with shareholders and employees 2 8,943 — 8,943 Net loss (23,790 ) (61 ) (23,851 ) Dividends on common stock (5,176 ) — (5,176 ) Balance at March 31, 2017 $ 859,517 $ 36,542 $ 896,059 Balance at December 31, 2015 $ 839,237 $ 30,884 $ 870,121 Purchases of common stock 3 (4,459 ) — (4,459 ) Other transactions with shareholders and employees 2 5,892 — 5,892 Transactions with non-controlling interests, net 2,441 (3,345 ) (904 ) Net (loss) income (10,441 ) 678 (9,763 ) Dividends on common stock (5,143 ) — (5,143 ) Balance at March 31, 2016 $ 827,527 $ 28,217 $ 855,744 1 Represents 131,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. 2 Amounts are comprised primarily of amortized restricted stock units. 3 Represents 101,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Summarized segment information is as follows (in thousands): Three Months Ended March 31, Construction Large Project Construction Construction Materials Total 2017 Total revenue from reportable segments $ 226,849 $ 207,033 $ 48,622 $ 482,504 Elimination of intersegment revenue — — (14,104 ) (14,104 ) Revenue from external customers 226,849 207,033 34,518 468,400 Gross profit (loss) 27,949 2,555 (5,378 ) 25,126 Depreciation, depletion and amortization 4,994 1,886 5,198 12,078 Segment assets 149,882 306,804 289,895 746,581 2016 Total revenue from reportable segments $ 209,487 $ 195,449 $ 48,931 $ 453,867 Elimination of intersegment revenue — — (14,415 ) (14,415 ) Revenue from external customers 209,487 195,449 34,516 439,452 Gross profit (loss) 26,933 13,505 (1,193 ) 39,245 Depreciation, depletion and amortization 4,525 1,469 5,337 11,331 Segment assets 141,354 297,489 295,627 734,470
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, (in thousands) 2017 2016 Total gross profit from reportable segments $ 25,126 $ 39,245 Selling, general and administrative expenses 61,837 56,133 Gain on sales of property and equipment (270 ) (600 ) Total other income (94 ) (601 ) Loss before benefit from income taxes $ (36,347 ) $ (15,687 )

Revisions in Estimates (Details

Revisions in Estimates (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)project	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)project
Change in Accounting Estimates
Impact From Affirmative Claim Recovery Estimate	$ 1.8		$ 2.8
Impact From Estimated Recovery of Backcharge Claims	(0.3)		0
Construction Segment
Change in Accounting Estimates
Change in Accounting Estimate Amount Considered Significant to Individual Project Gross Profit	1		1
Downward Estimate Changes | Construction Segment | Minimum
Change in Accounting Estimates
Range Of Effect On Gross Profit	0		0
Downward Estimate Changes | Construction Segment | Maximum
Change in Accounting Estimates
Range Of Effect On Gross Profit	$ 0		$ 0
Downward Estimate Changes | Large Project Construction Segment
Change in Accounting Estimates
Number of Projects with Estimate Changes | project	5		2
Increase (Decrease) on Project Profitability	$ (13)		$ (5.2)
Downward Estimate Changes | Large Project Construction Segment | Minimum
Change in Accounting Estimates
Range Of Effect On Gross Profit	(1.3)		(2.1)
Downward Estimate Changes | Large Project Construction Segment | Maximum
Change in Accounting Estimates
Range Of Effect On Gross Profit	(4.7)		$ (3.1)
Upward Estimate Changes | Construction Segment
Change in Accounting Estimates
Number of Projects with Estimate Changes | project			1
Upward Estimate Changes | Construction Segment | Minimum
Change in Accounting Estimates
Range Of Effect On Gross Profit	0		$ 1.7
Upward Estimate Changes | Construction Segment | Maximum
Change in Accounting Estimates
Range Of Effect On Gross Profit	$ 0		$ 1.7
Upward Estimate Changes | Large Project Construction Segment
Change in Accounting Estimates
Number of Projects with Estimate Changes | project	0		2
Increase (Decrease) on Project Profitability	$ 0		$ 2.4
Upward Estimate Changes | Large Project Construction Segment | Minimum
Change in Accounting Estimates
Range Of Effect On Gross Profit	0		1
Upward Estimate Changes | Large Project Construction Segment | Maximum
Change in Accounting Estimates
Range Of Effect On Gross Profit	0		1.4
Net Upward Estimate Changes | Construction Segment
Change in Accounting Estimates
Increase (Decrease) on Project Profitability			1.7
Net Upward Estimate Changes | Large Project Construction Segment
Change in Accounting Estimates
Increase (Decrease) on Project Profitability	(13)		(2.8)
Contracts Accounted for under Percentage of Completion [Member] | Large Project Construction Segment | Noncontrolling Interest [Member]
Change in Accounting Estimates
Increase (Decrease) on Project Profitability	(1.6)		0
Estimated costs recorded in prior period
Change in Accounting Estimates
Impact From Affirmative Claim Recovery Estimate	(0.9)		1.7
Revisions to estimated total contract costs
Change in Accounting Estimates
Impact From Affirmative Claim Recovery Estimate	$ 2.7		$ 1.1
Sales Revenue, Net
Change in Accounting Estimates
Misstatement in prior period filing		$ 4.9
Gross Profit
Change in Accounting Estimates
Misstatement in prior period filing		$ 1.6

Marketable Securities - Carryin

Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Schedule of Marketable Securities [Line Items]
Short-term marketable securities	$ 67,824	$ 64,884	$ 43,001
Long-term marketable securities	59,989	62,895	72,653
Held-to-Maturity [Member]
Schedule of Marketable Securities [Line Items]
Short-term marketable securities	67,824	64,884	43,001
Long-term marketable securities	59,989	62,895	72,653
Total marketable securities	127,813	127,779	115,654
U.S. Government and agency obligations [Member] | Held-to-Maturity [Member]
Schedule of Marketable Securities [Line Items]
Short-term marketable securities	12,908	10,002	23,024
Long-term marketable securities	59,989	62,895	72,653
Commercial paper | Held-to-Maturity [Member]
Schedule of Marketable Securities [Line Items]
Short-term marketable securities	$ 54,916	$ 54,882	$ 19,977

Marketable Securities - Maturit

Marketable Securities - Maturities of Held to Maturity Investments (Details) $ in Thousands	Mar. 31, 2017USD ($)
Marketable Securities [Abstract]
Held-to-maturity investments, maturities due within one year	$ 67,824
Held-to-maturity investments, maturities due in one to five years	59,989
Held-to-maturity investments, total maturities due	$ 127,813

Fair Value Measurement Cash and

Fair Value Measurement Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Assets, Fair Value Disclosure
Total Assets, Fair Value	$ 28,091	$ 10,057	$ 46,094
Level 1
Assets, Fair Value Disclosure
Total Assets, Fair Value	28,091	10,057	46,094
Level 2
Assets, Fair Value Disclosure
Total Assets, Fair Value	0	0	0
Level 3
Assets, Fair Value Disclosure
Total Assets, Fair Value	0	0	0
Money Market Funds
Assets, Fair Value Disclosure
Cash equivalents	28,091	10,057	46,094
Money Market Funds | Level 1
Assets, Fair Value Disclosure
Cash equivalents	28,091	10,057	46,094
Money Market Funds | Level 2
Assets, Fair Value Disclosure
Cash equivalents	0	0	0
Money Market Funds | Level 3
Assets, Fair Value Disclosure
Cash equivalents	$ 0	$ 0	$ 0

Fair Value Measurement - Cash a

Fair Value Measurement - Cash and Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash Equivalents, at Carrying Value [Abstract]
Cash equivalents	$ 28,091	$ 10,057	$ 46,094
Cash	141,410	179,269	152,204
Total cash and cash equivalents	$ 169,501	$ 189,326	$ 198,298	$ 252,836

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Revolving Credit Facility [Member]
Balance Sheet Grouping
Revolving credit agreement		$ 30,000	$ 30,000
Level 1 | Other Assets, Liabilites, Fair Value
Balance Sheet Grouping
Held-to-maturity marketable securities		127,448	127,365	$ 115,692
Level 1 | Other Assets Liabilities, Carrying Value
Balance Sheet Grouping
Held-to-maturity marketable securities		127,813	127,779	115,654
Level 3 | Other Assets, Liabilites, Fair Value
Balance Sheet Grouping
Senior notes payable	[1]	125,930	124,654	169,744
Credit Agreement loan	[1]	92,986	93,991	99,316
Level 3 | Other Assets, Liabilites, Fair Value | Revolving Credit Facility [Member]
Balance Sheet Grouping
Revolving credit agreement	[1]	29,520	29,452	0
Level 3 | Other Assets Liabilities, Carrying Value
Balance Sheet Grouping
Senior notes payable	[1]	120,000	120,000	160,000
Credit Agreement loan	[1]	93,750	95,000	98,750
Level 3 | Other Assets Liabilities, Carrying Value | Revolving Credit Facility [Member]
Balance Sheet Grouping
Revolving credit agreement	[1]	$ 30,000	$ 30,000	$ 0
[1]	1See Note 10 for definitions of 2019 Notes and Credit Agreement.

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Balance Sheet Grouping
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 100
Net unrealized gain (loss) on cash flow hedge	52	$ (891)
Less: reclassification for net losses included in interest expense	69	0
Swap [Member]
Balance Sheet Grouping
Derivative, (Gain) Loss on Derivative, Net		(1,300)
Designated as Hedging Instrument [Member] | Level 2
Balance Sheet Grouping
Derivative Asset	$ 1,000		$ 800
Derivative Liability		1,500
Not Designated as Hedging Instrument [Member] | Level 2
Balance Sheet Grouping
Derivative Asset		$ 1,900

Receivables, Net (Details)

Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Affirmative Claim Recovery Estimate	$ 12,500	$ 12,300	$ 12,400
Total Gross Receivables	351,565	419,918	307,801
Allowance for Accounts, Notes, Loans and Financing Receivable, Current	474	573	318
Receivables, net	351,091	419,345	307,483
Back charges claims	300	300	7,000
Construction Contract [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Gross Receivables	310,006	373,038	272,469
Completed and in Progress [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Gross Receivables	227,314	288,160	178,974
Retentions [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Gross Receivables	82,692	84,878	93,495
Construction Material Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Gross Receivables	25,582	29,357	23,392
Other Business Products and Services [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Gross Receivables	$ 15,977	$ 17,523	$ 11,940

Construction Joint Ventures (De

Construction Joint Ventures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Construction Joint Venture
Line Item Revenue	$ 226,849	$ 209,487
Net cash provided (used in) operating activities	13,336	(10,434)
Unconsolidated Construction Joint Venture
Construction Joint Venture
Performance Guarantees	83,100	77,400	$ 83,100
Partnership Interest [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures	$ 4,600,000
Joint Venture Consolidated | Consolidated Construction Joint Venture
Construction Joint Venture
Number of Active Joint Venture Projects	5
Line Item Revenue	$ 35,500	22,200
Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Number of Active Joint Venture Projects	10
Joint Venture Unconsolidated | Line Item Joint Venture
Construction Joint Venture
Number of Active Joint Venture Projects	2
Line Item Revenue	$ 8,000	4,400
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures	1,400,000
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures	3,200,000
Minimum | Joint Venture Consolidated | Consolidated Construction Joint Venture
Construction Joint Venture
Construction Contract Value	48,200
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures	$ 3,200
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly	50.00%
Net cash provided (used in) operating activities	$ (6,500)	$ (3,800)
Minimum | Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Construction Contract Value	$ 78,800
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly	20.00%
Minimum | Joint Venture Unconsolidated | Line Item Joint Venture
Construction Joint Venture
Construction Contract Value	$ 66,200
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures	10,600
Minimum | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures	700
Minimum | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture
Construction Joint Venture
Construction Contract Value	44,700
Maximum | Joint Venture Consolidated | Consolidated Construction Joint Venture
Construction Joint Venture
Construction Contract Value	292,400
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures	$ 157,800
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly	65.00%
Maximum | Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Construction Contract Value	$ 3,600,000
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly	50.00%
Maximum | Joint Venture Unconsolidated | Line Item Joint Venture
Construction Joint Venture
Construction Contract Value	$ 75,800
Revenue Per Project Remaining to be Recognized on Line Item Construction Joint Ventures	1,100
Maximum | Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures	475,700
Maximum | Reporting Entitys Interest in Joint Venture [Member] | Line Item Joint Venture
Construction Joint Venture
Construction Contract Value	$ 28,700

Construction Joint Ventures - S

Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Construction Joint Venture
Affirmative Claim Recovery Estimate		$ 12,500	$ 12,300	$ 12,400
Unconsolidated Joint Venture Back charges claims		7,900	5,600	0
Deficit in unconsolidatedconstruction joint venture		16,400	16,600	4,800
Equity in Construction Joint Ventures Current Assets Excluding Deficit in Equity	[1]	219,307	230,534	235,635
Unconsolidated Construction Joint Venture
Construction Joint Venture
Performance Guarantees		83,100	83,100	77,400
Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets		205,517	207,240	224,178
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Affirmative Claim Recovery Estimate		69,700	65,400	43,700
Unconsolidated Construction Joint Venture Assets	[2],[3]	432,342	454,425	438,718
Unconsolidated Construction Joint Venture Liabilities		213,035	223,891	203,083
Other Partners Interest in Partnerships [Member] | Unconsolidated Construction Joint Venture
Construction Joint Venture
Unconsolidated Construction Joint Venture Assets		876,118	935,615	904,600
Unconsolidated Construction Joint Venture Liabilities	[4]	447,502	472,324	455,403
Cash and Cash Equivalents [Member] | Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Unconsolidated Construction Joint Venture Assets		399,445	537,991	408,393
Other Assets, Current and Longterm [Member] | Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Unconsolidated Construction Joint Venture Assets	[2]	703,498	644,809	710,747
Accounts Payable [Member] | Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Construction Joint Venture
Unconsolidated Construction Joint Venture Liabilities		$ 660,537	$ 696,215	$ 658,486
[1]	As of March 31, 2017, December 31, 2016 and March 31, 2016 this balance included $16.4 million, $16.6 million and $4.8 million, respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
[2]	Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of March 31, 2017, December 31, 2016 and March 31, 2016 was $83.1 million, $83.1 million and $77.4 million, respectively, related to performance guarantees.
[3]	Included in this balance as of March 31, 2017, December 31, 2016 and March 31, 2016 was $69.7 million, $65.4 million and $43.7 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $7.9 million and $5.6 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2017 and December 31, 2016, respectively. There was no estimated recovery of back charge claims as of March 31, 2016.
[4]	Partners’ interest and adjustments includes amounts to reconcile total liabilities as reported by our partners to Granite’s interest adjusted to reflect our accounting policies.

Construction Joint Ventures -43

Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Variable Interest Entity [Line Items]
Total Unconsolidated JV and Partner's Interest in Revenue As reported			$ 141,785
Total Unconsolidated JV Revenue As reported			288,044
Joint Venture Unconsolidated | Unconsolidated Construction Joint Venture
Variable Interest Entity [Line Items]
Unconsolidated Construction Joint Venture Revenue	[1]	$ 451,321	494,167
Unconsolidated Construction Joint Venture Cost of Revenue		442,990	461,497
Unconsolidated Construction Joint Venture Net Income		8,600	33,700
Parent Company [Member] | Unconsolidated Construction Joint Venture
Variable Interest Entity [Line Items]
Unconsolidated Construction Joint Venture Net Income		1,500	8,500
Other Partners Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Variable Interest Entity [Line Items]
Unconsolidated Construction Joint Venture Revenue	[1],[2]	323,830	347,908
Unconsolidated Construction Joint Venture Cost of Revenue	[2]	316,995	324,041
Reporting Entitys Interest in Joint Venture [Member] | Unconsolidated Construction Joint Venture
Variable Interest Entity [Line Items]
Unconsolidated Construction Joint Venture Revenue		127,491	146,259
Unconsolidated Construction Joint Venture Cost of Revenue		125,995	137,456
Unconsolidated Construction Joint Venture Gross Profit Loss		$ 1,496	$ 8,803
[1]	While Granite’s interest in revenue, cost of revenue and gross profit were correctly stated, Total revenue and revenue for partners’ interest and adjustments for the three months ended March 31, 2016 were misstated in our Quarterly Report for the quarter ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments as reported was (in thousands): $288,044 and $141,785, respectively, for the three months ended March 31, 2016. Total revenue and revenue for partner’s interest and adjustments should have been (in thousands): $494,167 and $347,908, respectively, for the three months ended March 31, 2016 and are reflected in the table. The misstatements did not have any impact on the consolidated financial statements in any period. We assessed the materiality of the errors in accordance with the SEC’s Staff Accounting Bulletin 99 and concluded that the errors were not material to either of these previously issued financial statements. Accordingly, we will revise our previously issued financial statements prospectively to correct these errors.
[2]	Partners’ interest and adjustments 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 and estimates.

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Investments in affiliates	$ 36,410	$ 35,668	$ 34,619
Joint Venture Unconsolidated
Investments in and Advances to Affiliates [Line Items]
Investments in affiliates	36,410	35,668	34,619
Equity Method Investment, Summarized Financial Information, Assets	150,637	155,506	177,072
Equity Method Investments Summarized Financial Information Net Assets	93,675	99,804	103,940
Equity Method Investments	21,800	20,800	19,700
Joint Venture Unconsolidated | Other Affiliates [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in affiliates	9,527	9,757	9,299
Equity Method Investments	36,410	35,668	34,619
Joint Venture Unconsolidated | Equity Method investments in Real Estate Affiliates [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in affiliates	26,883	$ 25,911	$ 25,320
Joint Venture Unconsolidated | Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in affiliates	21,400
Joint Venture Unconsolidated | Maximum | Real Estate Entities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Investments in and Advances to Affiliates [Line Items]
Real Estate Development Projects Range of Total Assets	$ 63,600

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,196,625	$ 1,181,583	$ 1,186,935
Accumulated depreciation and depletion	784,135	774,933	788,185
Property and equipment, net	412,490	406,650	398,750
Equipment and vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	768,995	756,602	750,987
Quarry property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	175,418	174,839	179,987
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	112,028	110,999	110,450
Building and leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	83,727	82,762	83,053
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 56,457	$ 56,381	$ 62,458

Covenants and Events of Defau46

Covenants and Events of Default (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 14,796	$ 14,796	$ 14,795
Long-term Debt, Excluding Current Maturities	$ 228,306	229,498	243,099
Letters of Credit Outstanding, Amount		30,000
Covenant Compliance	As of March 31, 2017, we were in compliance with the covenants contained in our note purchase agreement governing our 2019 Notes and Credit Agreement. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements.
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit agreement	$ 30,000	30,000
Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	93,800
Long term portion of term loan	88,800
Long-term Line of Credit		95,000
Short term portion of term loan	5,000
Senior Notes [Member] | 2019 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 120,000	120,000	160,000
Debt Instrument, Interest Rate, Stated Percentage	6.11%
Long-term Debt, Excluding Current Maturities	$ 110,000	110,000	150,000
Scheduled current period payments	40,000	40,000	40,000
Senior Notes [Member] | 2019 Notes [Member] | Long-term Debt
Debt Instrument [Line Items]
Scheduled current period payments	30,000	30,000	30,000
Senior Notes [Member] | 2019 Notes [Member] | Current Maturities of Long-term Debt
Debt Instrument [Line Items]
Scheduled current period payments	10,000	10,000	$ 10,000
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	293,800
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	200,000
Term Loan [Member]
Debt Instrument [Line Items]
Current maturities of long-term debt		5,000
Long-term Debt, Excluding Current Maturities		$ 90,000
Term Loan Sublimit for Letters of Credit [Member] [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000

Weighted Average Shares Outst47

Weighted Average Shares Outstanding and Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Weighted Avg Shares Outstanding and Earnings Per Share [Line Items]
Net loss allocated to common shareholders for basic calculation		$ (23,790)	$ (10,441)
Weighted average common shares outstanding, basic		39,649	39,433
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	[1]	0	0
Weighted average common shares outstanding, diluted		39,649	39,433
Basic (in dollars per share)		$ (0.60)	$ (0.26)
Diluted (in dollars per share)		$ (0.60)	$ (0.26)
Antidilutive shares		673	544
[1]	Due to the net loss for the three months ended March 31, 2017 and 2016, restricted stock units and common stock options representing approximately 673,000 and 544,000, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.

Equity (Details)

Equity (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017		Mar. 31, 2016
Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		$ 922,591		$ 870,121
Purchase of common stock		(6,448)	[1]	(4,459)	[2]
Other transactions with shareholders	[3]	8,943		5,892
Transactions with noncontrolling interests, net				904
Net loss attributable to Granite Construction Incorporated		(23,790)		(10,441)
Net Income (Loss) Attributable to Noncontrolling Interest		(61)		678
Net loss		(23,851)		(9,763)
Dividends on common stock		(5,176)		(5,143)
Stockholders' equity, ending balance		$ 896,059		$ 855,744
Shares Purchased for Tax Withholding for Share Based Compensation		131,000		101,000
Granite Construction [Member]
Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		$ 885,988		$ 839,237
Purchase of common stock		(6,448)	[1]	(4,459)	[2]
Other transactions with shareholders	[3]	8,943		5,892
Transactions with noncontrolling interests, net				(2,441)
Net loss attributable to Granite Construction Incorporated		(23,790)		(10,441)
Dividends on common stock		(5,176)		(5,143)
Stockholders' equity, ending balance		859,517		827,527
Noncontrolling Interest [Member]
Stockholders' Equity [Roll Forward]
Stockholders' equity, beginning balance		36,603		30,884
Purchase of common stock		0	[1]	0	[2]
Other transactions with shareholders	[3]	0		0
Transactions with noncontrolling interests, net				(3,345)
Net Income (Loss) Attributable to Noncontrolling Interest		(61)		678
Dividends on common stock		0		0
Stockholders' equity, ending balance		$ 36,542		$ 28,217
[1]	Represents 131,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.
[2]	Represents 101,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan.
[3]	Amounts are comprised primarily of amortized restricted stock units.

Legal Proceedings Legal Proceed

Legal Proceedings Legal Proceedings (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 1	$ 4.3	$ 5.4

Business Segment Information (D

Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Construction	$ 226,849	$ 209,487
Large Project Construction	207,033	195,449
Construction Materials	34,518	34,516
Total revenue	468,400	439,452
Gross profit (loss)	(25,126)	(39,245)
Assets	1,678,219	1,612,230	$ 1,733,453
Reconciliation from Segment Totals to Consolidated [Abstract]
Gross profit (loss)	(25,126)	(39,245)
Selling, general and administrative expenses	61,837	56,133
Gain on sales of property and equipment	(270)	(600)
Other income (expense), net	(94)	(601)
Loss before benefit from income taxes	(36,347)	(15,687)
Construction [Member]
Segment Reporting Information [Line Items]
Construction	226,849	209,487
Large Project Construction [Member]
Segment Reporting Information [Line Items]
Large Project Construction	207,033	195,449
Construction Materials [Member]
Segment Reporting Information [Line Items]
Construction Materials	34,518	34,516
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue from reportable segments	482,504	453,867
Gross profit (loss)	(25,126)	(39,245)
Depreciation, Depletion and Amortization, Nonproduction	12,078	11,331
Assets	746,581	734,470
Reconciliation from Segment Totals to Consolidated [Abstract]
Gross profit (loss)	(25,126)	(39,245)
Operating Segments [Member] | Construction [Member]
Segment Reporting Information [Line Items]
Revenue from reportable segments	226,849	209,487
Gross profit (loss)	(27,949)	(26,933)
Depreciation, Depletion and Amortization, Nonproduction	4,994	4,525
Assets	149,882	141,354
Reconciliation from Segment Totals to Consolidated [Abstract]
Gross profit (loss)	(27,949)	(26,933)
Operating Segments [Member] | Large Project Construction [Member]
Segment Reporting Information [Line Items]
Revenue from reportable segments	207,033	195,449
Gross profit (loss)	(2,555)	(13,505)
Depreciation, Depletion and Amortization, Nonproduction	1,886	1,469
Assets	306,804	297,489
Reconciliation from Segment Totals to Consolidated [Abstract]
Gross profit (loss)	(2,555)	(13,505)
Operating Segments [Member] | Construction Materials [Member]
Segment Reporting Information [Line Items]
Revenue from reportable segments	48,622	48,931
Gross profit (loss)	5,378	1,193
Depreciation, Depletion and Amortization, Nonproduction	5,198	5,337
Assets	289,895	295,627
Reconciliation from Segment Totals to Consolidated [Abstract]
Gross profit (loss)	5,378	1,193
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Elimination of Intersegment Revenue	(14,104)	(14,415)
Intersegment Eliminations [Member] | Construction [Member]
Segment Reporting Information [Line Items]
Elimination of Intersegment Revenue	0	0
Intersegment Eliminations [Member] | Large Project Construction [Member]
Segment Reporting Information [Line Items]
Elimination of Intersegment Revenue	0	0
Intersegment Eliminations [Member] | Construction Materials [Member]
Segment Reporting Information [Line Items]
Elimination of Intersegment Revenue	$ (14,104)	$ (14,415)