Granite Construction (GVA) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-12911
Entity Registrant Name	GRANITE CONSTRUCTION INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0239383
Entity Address, Address Line One	585 W. Beach Street
Entity Address, City or Town	Watsonville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95076
City Area Code	831
Local Phone Number	724-1011
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	GVA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,920,177
Entity Central Index Key	0000861459
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents ($85,816 and $102,547 related to consolidated construction joint ventures (“CCJVs”))	$ 214,446	$ 293,991
Short-term marketable securities	24,981	39,374
Receivables, net ($65,446 and $39,281 related to CCJVs)	636,797	463,987
Contract assets ($72,912 and $80,306 related to CCJVs)	288,349	241,916
Inventories	92,151	86,809
Equity in construction joint ventures	188,093	183,808
Other current assets ($2,947 and $5,694 related to CCJVs)	46,376	37,411
Total current assets	1,491,193	1,347,296
Property and equipment, net ($7,772 and $7,834 related to CCJVs)	564,077	509,210
Long-term marketable securities	11,575	26,569
Investments in affiliates	86,611	80,725
Goodwill	78,603	73,703
Right of use assets	53,509	49,079
Deferred income taxes, net	31,304	22,208
Other noncurrent assets	59,706	59,143
Total assets	2,376,578	2,167,933
Current liabilities
Current maturities of long-term debt	1,466	1,447
Accounts payable ($52,443 and $57,534 related to CCJVs)	382,458	334,392
Contract liabilities ($50,162 and $62,675 related to CCJVs)	173,288	173,286
Accrued expenses and other current liabilities ($7,336 and $8,451 related to CCJVs)	310,022	288,469
Total current liabilities	867,234	797,594
Long-term debt	458,692	286,934
Long-term lease liabilities	38,397	32,170
Deferred income taxes, net	4,571	1,891
Other long-term liabilities	66,234	64,199
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,918,798 shares as of June 30, 2023 and 43,743,907 shares as of December 31, 2022	439	437
Additional paid-in capital	470,511	470,407
Accumulated other comprehensive income	795	788
Retained earnings	429,797	481,384
Total Granite Construction Incorporated shareholders’ equity	901,542	953,016
Non-controlling interests	39,908	32,129
Total equity	941,450	985,145
Total liabilities and equity	$ 2,376,578	$ 2,167,933

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents ($85,816 and $102,547 related to consolidated construction joint ventures (“CCJVs”))	$ 214,446	$ 293,991
Receivables, net ($65,446 and $39,281 related to CCJVs)	636,797	463,987
Contract assets ($72,912 and $80,306 related to CCJVs)	288,349	241,916
Other current assets ($2,947 and $5,694 related to CCJVs)	46,376	37,411
Property and equipment, net ($7,772 and $7,834 related to CCJVs)	564,077	509,210
Accounts payable ($52,443 and $57,534 related to CCJVs)	382,458	334,392
Contract liabilities ($50,162 and $62,675 related to CCJVs)	173,288	173,286
Accrued expenses and other current liabilities ($7,336 and $8,451 related to CCJVs)	$ 310,022	$ 288,469
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	3,000,000	3,000,000
Preferred stock, outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	150,000,000	150,000,000
Common stock, issued (shares)	43,918,798	43,743,907
Common stock, outstanding (shares)	43,918,798	43,743,907
Consolidated Construction Corporate Joint Venture
Cash and cash equivalents ($85,816 and $102,547 related to consolidated construction joint ventures (“CCJVs”))	$ 85,816	$ 102,547
Receivables, net ($65,446 and $39,281 related to CCJVs)	65,446	39,281
Contract assets ($72,912 and $80,306 related to CCJVs)	72,912	80,306
Other current assets ($2,947 and $5,694 related to CCJVs)	2,947	5,694
Property and equipment, net ($7,772 and $7,834 related to CCJVs)	7,772	7,834
Accounts payable ($52,443 and $57,534 related to CCJVs)	52,443	57,534
Contract liabilities ($50,162 and $62,675 related to CCJVs)	50,162	62,675
Accrued expenses and other current liabilities ($7,336 and $8,451 related to CCJVs)	$ 7,336	$ 8,451

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Total revenue	$ 898,552	$ 849,247	$ 1,458,620	$ 1,503,133
Cost of revenue
Total cost of revenue	795,466	751,681	1,323,175	1,345,475
Gross profit	103,086	97,566	135,445	157,658
Selling, general and administrative expenses	64,563	60,121	137,685	130,241
Other costs, net	13,607	16,612	18,130	22,891
Gain on sales of property and equipment, net	(3,944)	(8,915)	(5,981)	(9,513)
Operating income (loss)	28,860	29,748	(14,389)	14,039
Other (income) expense
Loss on debt extinguishment	51,052	0	51,052	0
Interest income	(3,232)	(782)	(6,994)	(1,352)
Interest expense	4,131	3,899	7,022	7,484
Net income from affiliates	(7,044)	(4,876)	(12,231)	(6,165)
Other (income) expense, net	(1,225)	3,261	(3,175)	4,569
Total other expense, net	43,682	1,502	35,674	4,536
Income (loss) before income taxes	(14,822)	28,246	(50,063)	9,503
Provision for (benefit from) income taxes	9,024	8,668	(445)	15,020
Net income (loss)	(23,846)	19,578	(49,618)	(5,517)
Amount attributable to non-controlling interests	6,846	(897)	9,595	(2,535)
Net income (loss) attributable to Granite Construction Incorporated	$ (17,000)	$ 18,681	$ (40,023)	$ (8,052)
Net income (loss) per share attributable to common shareholders
Net loss per share, basic (USD per share)	$ (0.39)	$ 0.42	$ (0.91)	$ (0.18)
Net loss per share, diluted (USD per share)	$ (0.39)	$ 0.39	$ (0.91)	$ (0.18)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)	43,892,000	44,534,000	43,829,000	45,128,000
Weighted average shares outstanding, diluted (shares)	43,892,000	52,295,000	43,829,000	45,128,000
Construction
Revenue
Total revenue	$ 749,413	$ 713,221	$ 1,252,829	$ 1,291,487
Cost of revenue
Total cost of revenue	670,259	632,969	1,136,970	1,152,756
Materials
Revenue
Total revenue	149,139	136,026	205,791	211,646
Cost of revenue
Total cost of revenue	$ 125,207	$ 118,712	$ 186,205	$ 192,719

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (23,846)	$ 19,578	$ (49,618)	$ (5,517)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on cash flow hedges, net of tax	(366)	(377)	(558)	2,059
Less: reclassification for net gains included in interest expense, net of tax	112	1,282	112	3,042
Net change	(254)	905	(446)	5,101
Foreign currency translation adjustments, net	396	(90)	453	646
Other comprehensive income, net of tax	142	815	7	5,747
Comprehensive income (loss), net of tax	(23,704)	20,393	(49,611)	230
Non-controlling interests in comprehensive (income) loss, net of tax	6,846	(897)	9,595	(2,535)
Comprehensive income (loss) attributable to Granite Construction Incorporated, net of tax	$ (16,858)	$ 19,496	$ (40,016)	$ (2,305)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands		Total	Common Stock		Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Granite Shareholders’ Equity	Non-controlling Interests	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjustment Additional Paid-In Capital	Cumulative Effect, Period of Adoption, Adjustment Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment Total Granite Shareholders’ Equity	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted Balance Common Stock	Cumulative Effect, Period of Adoption, Adjusted Balance Additional Paid-In Capital	Cumulative Effect, Period of Adoption, Adjusted Balance Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption, Adjusted Balance Retained Earnings	Cumulative Effect, Period of Adoption, Adjusted Balance Total Granite Shareholders’ Equity	Cumulative Effect, Period of Adoption, Adjusted Balance Non-controlling Interests
Beginning balances (in shares) at Dec. 31, 2021			45,840,260												45,840,260
Beginning balances at Dec. 31, 2021		$ 995,563	$ 458		$ 559,752	$ (3,359)	$ 410,831	$ 967,682	$ 27,881	$ (16,418)	$ (26,961)	$ 10,543	$ (16,418)	$ 979,145	$ 458	$ 532,791	$ (3,359)	$ 421,374	$ 951,264	$ 27,881
Net income (loss)		(5,517)					(8,052)	(8,052)	2,535
Other comprehensive income		$ 5,747				5,747		5,747
Repurchases of common stock (shares)		(1,931,568)	(1,991,586)	[1]
Repurchase of common stock	[1]	$ (70,376)	$ (19)		(70,357)			(70,376)
Restricted stock units ("RSUs") vested (shares)			220,766
Restricted stock units (“RSUs”) vested		0	$ 2		(2)
Dividends on common stock		(11,587)			144		(11,731)	(11,587)
Transactions with non-controlling interests		2,900							2,900
Stock-based compensation expense and other (in shares)			9,029
Stock-based compensation expense and other		4,659			4,583		76	4,659
Ending balances (in shares) at Jun. 30, 2022			44,078,469
Ending balances at Jun. 30, 2022		904,971	$ 441		467,159	2,388	401,667	871,655	33,316
Beginning balances (in shares) at Mar. 31, 2022			45,364,137
Beginning balances at Mar. 31, 2022		941,889	$ 454		515,262	1,573	388,756	906,045	35,844
Net income (loss)		19,578					18,681	18,681	897
Other comprehensive income		$ 815				815		815
Repurchases of common stock (shares)		(1,320,568)	(1,325,706)	[2]
Repurchase of common stock	[2]	$ (50,164)	$ (13)		(50,151)			(50,164)
Restricted stock units ("RSUs") vested (shares)			30,596
Dividends on common stock		(5,771)			75		(5,846)	(5,771)
Transactions with non-controlling interests		(3,425)							(3,425)
Stock-based compensation expense and other (in shares)			9,442
Stock-based compensation expense and other		2,049			1,973		76	2,049
Ending balances (in shares) at Jun. 30, 2022			44,078,469
Ending balances at Jun. 30, 2022		$ 904,971	$ 441		467,159	2,388	401,667	871,655	33,316
Beginning balances (in shares) at Dec. 31, 2022		43,743,907	43,743,907
Beginning balances at Dec. 31, 2022		$ 985,145	$ 437		470,407	788	481,384	953,016	32,129
Net income (loss)		(49,618)					(40,023)	(40,023)	(9,595)
Other comprehensive income		7				7		7
Repurchases of common stock (shares)	[1]		(93,602)
Repurchase of common stock	[1]	(3,767)	$ (1)		(3,766)			(3,767)
Restricted stock units ("RSUs") vested (shares)			261,362
Restricted stock units (“RSUs”) vested		0	$ 3		(3)
Dividends on common stock		(11,414)			150		(11,564)	(11,414)
Capped call transactions		(39,379)			(39,379)			(39,379)
Redemption of warrants		(13,201)			(13,201)			(13,201)
Loss on debt extinguishment (in shares)			1,390,500
Loss on debt extinguishment		49,335	$ 14		49,321			49,335
Exercise of bond hedge (in shares)			(1,390,516)
Exercise of bond hedge			$ (14)		14
Transactions with non-controlling interests		17,374							17,374
Stock-based compensation expense and other (in shares)			7,147
Stock-based compensation expense and other		$ 6,968			6,968			6,968
Ending balances (in shares) at Jun. 30, 2023		43,918,798	43,918,798
Ending balances at Jun. 30, 2023		$ 941,450	$ 439		470,511	795	429,797	901,542	39,908
Beginning balances (in shares) at Mar. 31, 2023			43,880,224
Beginning balances at Mar. 31, 2023		972,411	$ 439		471,782	653	452,583	925,457	46,954
Net income (loss)		(23,846)					(17,000)	(17,000)	(6,846)
Other comprehensive income		142				142		142
Repurchases of common stock (shares)	[2]		(6,342)
Repurchase of common stock	[2]	(244)	$ (1)		(243)			(244)
Restricted stock units ("RSUs") vested (shares)			37,394
Restricted stock units (“RSUs”) vested		0	$ 1		(1)
Dividends on common stock		(5,710)			76		(5,786)	(5,710)
Capped call transactions		(39,379)			(39,379)			(39,379)
Redemption of warrants		(13,201)			(13,201)			(13,201)
Loss on debt extinguishment (in shares)			1,390,500
Loss on debt extinguishment		49,335	$ 14		49,321			49,335
Exercise of bond hedge (in shares)			(1,390,516)
Exercise of bond hedge		0	$ (14)		14
Transactions with non-controlling interests		(200)							(200)
Stock-based compensation expense and other (in shares)			7,538
Stock-based compensation expense and other		$ 2,142			2,142			2,142
Ending balances (in shares) at Jun. 30, 2023		43,918,798	43,918,798
Ending balances at Jun. 30, 2023		$ 941,450	$ 439		$ 470,511	$ 795	$ 429,797	$ 901,542	$ 39,908
[1]This amount represents employee tax withholding for restricted stock units ("RSUs") vested under our equity incentive plans in 2022 and 2023 and stock repurchased in 2022 under the Board approved repurchase plan. During the six months ended June 30, 2023 and 2022, there were 93,602 shares and 60,018 shares, respectively, withheld related to employee taxes for RSUs. During the six months ended June 30, 2022, we also repurchased 1,931,568 shares under the share repurchase program.[2]This amount represents employee tax withholding for restricted stock units ("RSUs") vested under our equity incentive plans in 2022 and 2023 and stock repurchased in 2022 under the Board approved repurchase plan. During the three months ended June 30, 2023 and 2022, there were 6,342 shares and 5,138 shares, respectively, withheld related to employee taxes for RSUs. During the three months ended June 30, 2022, we also repurchased 1,320,568 shares under the share repurchase program.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (USD per share)	$ 0.13	$ 0.13	$ 0.13	$ 0.13
Withheld related to employee taxes for RSUs (in shares)	6,342	5,138	93,602	60,018
Repurchases of common stock (shares)		1,320,568		1,931,568

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income (loss)	$ (49,618)	$ (5,517)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization	41,528	32,328
Amortization related to long-term debt	988	1,423
Loss on debt extinguishment	51,052	0
Gain on sale of business	0	(6,234)
Gain on sales of property and equipment, net	(5,981)	(9,513)
Deferred income taxes	0	2,545
Stock-based compensation	6,702	4,376
Equity in net loss from unconsolidated joint ventures	4,005	17,228
Net income from affiliates	(12,231)	(6,165)
Other non-cash adjustments	(7)	(84)
Changes in assets and liabilities:
Receivables	(171,469)	(69,114)
Contract assets, net	(46,469)	(71,282)
Inventories	(3,439)	(18,618)
Contributions to unconsolidated construction joint ventures	(14,710)	(33,563)
Distributions from unconsolidated construction joint ventures and affiliates	6,246	6,522
Other assets, net	(6,464)	22,053
Accounts payable	51,552	17,983
Accrual for expected resolution of SEC investigation	0	12,000
Accrued expenses and other liabilities, net	29,367	354
Net cash used in operating activities	(118,948)	(103,278)
Investing activities
Purchases of marketable securities	0	(49,968)
Maturities of marketable securities	30,000	0
Purchases of property and equipment	(79,689)	(73,216)
Proceeds from sales of property and equipment	10,564	15,289
Proceeds from company owned life insurance	1,545	0
Proceeds from the sale of business	0	142,571
Acquisition of business	(26,933)	0
Issuance of notes receivable	0	(4,560)
Collection of notes receivable	135	201
Net cash provided by (used in) investing activities	(64,378)	30,317
Financing activities
Proceeds from long-term debt	55,000	50,000
Debt principal repayments	(249,589)	(124,660)
Capped call transactions	(53,035)	0
Redemption of warrants	(13,201)	0
Proceeds from issuance of 3.75% Convertible Notes	373,750	0
Debt issuance costs	(9,806)	0
Cash dividends paid	(11,391)	(11,857)
Repurchases of common stock	(3,766)	(70,374)
Contributions from non-controlling partners	22,400	6,327
Distributions to non-controlling partners	(6,850)	(6,700)
Other financing activities, net	269	209
Net cash provided by (used in) financing activities	103,781	(157,055)
Net decrease in cash, cash equivalents and restricted cash	(79,545)	(230,016)
Cash, cash equivalents and $0 and $1,512 in restricted cash at beginning of period	293,991	413,655
Cash, cash equivalents and $0 in restricted cash at end of period	214,446	183,639
Supplementary Information
Right of use assets obtained in exchange for lease obligations	19,558	8,167
Operating lease liabilities	11,351	11,667
Interest	5,531	6,786
Income taxes	4,851	1,553
Other non-cash operating activities:
Performance guarantees	(6,513)	(4,678)
Deferred taxes related to capped call transactions	13,656	0
Non-cash investing and financing activities:
RSUs issued, net of forfeitures	10,981	7,688
Dividends declared but not paid	5,709	5,730
Contributions from non-controlling partners	1,822	3,274
Accrued equipment purchases	$ (4,330)	$ (5,149)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted cash	$ 0	$ 0	$ 1,512
Payments of Debt Issuance Costs	$ (9,806)
The 3.75% Convertible Notes | Convertible Debt
Interest rate	3.75%

General

General	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Basis of Presentation: The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” the “Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”). 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 June 30, 2023 and the results of our operations and cash flows for the periods presented. The December 31, 2022 condensed consolidated balance sheet data included herein was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Acquisition : On April 24, 2023, we completed the purchase of Coast Mountain Resources (2020) Ltd. (“CMR”) for approximately $26.9 million in cash, subject to certain adjustments. CMR is a construction aggregate producer based in British Columbia, Canada operating on Malahat First Nation land. CMR results are reported in the Materials segment. This acquisition did not have a material impact on our financial statements. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , the total purchase price and assumed liabilities were allocated based on their estimated fair values as of April 24, 2023. The tangible assets acquired and liabilities assumed were approximately $29.2 million and $7.1 million, respectively, resulting in acquired goodwill of $4.8 million. The tangible assets balance consists primarily of equipment, vehicles and the right-to-mine which are reported in Property and equipment, net. The estimated allocation is subject to revision during the measurement period, which may result in adjustments to the values presented herein. We expect to finalize these amounts within 12 months from the acquisition date. Seasonality: Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.

Recently Issued and Adopted Acc

Recently Issued and Adopted Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting PronouncementsWe closely monitor all Accounting Standards Updates issued by the FASB and other authoritative guidance. There are currently no recently issued accounting pronouncements that are expected to have a material impact on our financial statements. No new accounting pronouncements were adopted in the six months ended June 30, 2023 that had a material impact on our financial statements.

Restatement and Recast

Restatement and Recast	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement and Recast	Restatement and Recast Restatement and Recast Background As disclosed in our Annual Report, we identified errors during the preparation of the Annual Report related to deferred taxes and the calculation of income tax expense of $12.3 million in connection with the sale of Inliner, which was completed in the first quarter of 2022 and was classified within discontinued operations in our condensed consolidated financial statements during the first and second quarters of 2022 and in Other costs, net and Provision for income taxes during the third quarter of 2022. As a result, our previously issued unaudited quarterly financial information for each interim period within the nine months ended September 30, 2022 require restatement. The restated financial information also includes adjustments to correct other immaterial errors in the first three quarters of 2022, including certain errors (primarily in revenue and cost of revenue, as well as the associated tax impact) that had previously been adjusted for as out of period corrections in the periods identified. During the fourth quarter of 2021, we concluded that the assets and liabilities of our former Water and Mineral Services operating group (“WMS”) met the criteria for classification as held for sale and the results of operations were presented as discontinued operations. This included: our trenchless and pipe rehabilitation services business (“Inliner”); our water supply, treatment, delivery and maintenance business (“Water Resources”); and our mineral exploration drilling business (“Mineral Services”). During the first quarter of 2022, we completed the sale of Inliner. In September 2022, we announced our decision to retain the Water Resources and Mineral Services businesses that were previously classified as held for sale and reported in discontinued operations. In connection with the reclassification of the WMS businesses from discontinued operations to continuing operations, the condensed consolidated statement of operations for the three and six months ended June 30, 2022, as previously reported, have been recast to include Inliner through the date of sale, as well as the ongoing operations of Water Resources and Mineral Services in continuing operations. Description of Restatement and Recast Tables We have presented below a reconciliation from the previously reported to the restated and recast amounts for the three and six months ended June 30, 2022. The amounts labeled “As Previously Reported” were derived from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed on July 28, 2022. The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive income (loss) as a result of the restatement were due to the changes in net loss for the three and six months ended June 30, 2022. In addition, there was no impact to net cash provided by (used in) investing and financing activities for the six months ended June 30, 2022 as a result of the restatement or recast. The effects of the prior-period errors and the discontinued operations reclassification impacts on our condensed consolidated financial statements are as follows (in thousands, except per share data): CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations As Restated and Recast Revenue Construction $ 632,260 $ (1,893) $ 630,367 $ 82,854 $ 713,221 Materials 136,026 — 136,026 — 136,026 Total revenue 768,286 (1,893) 766,393 82,854 849,247 Cost of revenue Construction 571,094 (6,018) 565,076 67,893 632,969 Materials 118,712 — 118,712 — 118,712 Total cost of revenue 689,806 (6,018) 683,788 67,893 751,681 Gross profit 78,480 4,125 82,605 14,961 97,566 Selling, general and administrative expenses 53,162 — 53,162 6,959 60,121 Other costs, net 20,177 — 20,177 (3,565) 16,612 Gain on sales of property and equipment, net (385) — (385) (8,530) (8,915) Operating income 5,526 4,125 9,651 20,097 29,748 Other (income) expense Interest income (782) — (782) — (782) Interest expense 3,896 — 3,896 3 3,899 Equity in income (loss) of affiliates (541) — (541) (4,335) (4,876) Other income, net 3,357 — 3,357 (96) 3,261 Total other expense, net 5,930 — 5,930 (4,428) 1,502 Income (loss) from continuing operations before income taxes (404) 4,125 3,721 24,525 28,246 Provision for income taxes on continuing operations 2,549 959 3,508 5,160 8,668 Net income (loss) from continuing operations (2,953) 3,166 213 19,365 19,578 Net income (loss) from discontinued operations 19,521 (156) 19,365 (19,365) — Net income 16,568 3,010 19,578 — 19,578 Amount attributable to non-controlling interests 583 (1,480) (897) — (897) Net income (loss) attributable to Granite Construction Incorporated from continuing operations (2,370) 1,686 (684) 19,365 18,681 Net income attributable to Granite Construction Incorporated from discontinued operations 19,521 (156) 19,365 (19,365) — Net income attributable to Granite Construction Incorporated $ 17,151 $ 1,530 $ 18,681 $ — $ 18,681 Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.05) $ 0.03 $ (0.02) $ 0.44 $ 0.42 Basic discontinued operations per share 0.44 (0.01) 0.43 (0.43) — Basic earnings per share $ 0.39 $ 0.02 $ 0.41 $ 0.01 $ 0.42 Diluted continuing operations per share $ (0.05) $ 0.03 $ (0.02) $ 0.41 $ 0.39 Diluted discontinued operations per share 0.44 (0.01) 0.43 (0.43) — Diluted earnings per share $ 0.39 $ 0.02 $ 0.41 $ (0.02) $ 0.39 Weighted average shares outstanding: Basic 44,534 — 44,534 — 44,534 Diluted 44,534 — 44,534 — 52,295 Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations As Restated and Recast Revenue Construction $ 1,107,195 $ — $ 1,107,195 $ 184,292 $ 1,291,487 Materials 208,677 — 208,677 2,969 211,646 Total revenue 1,315,872 — 1,315,872 187,261 1,503,133 Cost of revenue Construction 997,837 — 997,837 154,919 1,152,756 Materials 189,780 — 189,780 2,939 192,719 Total cost of revenue 1,187,617 — 1,187,617 157,858 1,345,475 Gross profit 128,255 — 128,255 29,403 157,658 Selling, general and administrative expenses 111,663 — 111,663 18,578 130,241 Other costs, net 28,391 — 28,391 (5,500) 22,891 Gain on sales of property and equipment, net (717) — (717) (8,796) (9,513) Operating income (11,082) — (11,082) 25,121 14,039 Other (income) expense Interest income (1,405) — (1,405) 53 (1,352) Interest expense 7,471 — 7,471 13 7,484 Equity in income (loss) of affiliates (235) — (235) (5,930) (6,165) Other income, net 4,739 — 4,739 (170) 4,569 Total other expense, net 10,570 — 10,570 (6,034) 4,536 Income (loss) from continuing operations before income taxes (21,652) — (21,652) 31,155 9,503 Provision for (benefit from) income taxes on continuing operations (2,782) — (2,782) 17,802 15,020 Net income (loss) from continuing operations (18,870) — (18,870) 13,353 (5,517) Net income from discontinued operations 25,617 (12,264) 13,353 (13,353) — Net income (loss) 6,747 (12,264) (5,517) — (5,517) Amount attributable to non-controlling interests (2,535) — (2,535) — (2,535) Net (loss) attributable to Granite Construction Incorporated from continuing operations (21,405) — (21,405) 13,353 (8,052) Net income attributable to Granite Construction Incorporated from discontinued operations 25,617 (12,264) 13,353 (13,353) — Net income (loss) attributable to Granite Construction Incorporated $ 4,212 $ (12,264) $ (8,052) $ — $ (8,052) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.47) $ — $ (0.47) $ 0.29 $ (0.18) Basic discontinued operations per share 0.57 (0.27) 0.30 (0.30) — Basic earnings (loss) per share $ 0.10 $ (0.27) $ (0.17) $ (0.01) $ (0.18) Diluted continuing operations per share $ (0.47) $ — $ (0.47) $ 0.29 $ (0.18) Diluted discontinued operations per share 0.57 (0.27) 0.30 (0.30) — Diluted earnings (loss) per share $ 0.10 $ (0.27) $ (0.17) $ (0.01) $ (0.18) Weighted average shares outstanding: Basic 45,128 — 45,128 — 45,128 Diluted 45,128 — 45,128 — 45,128 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Operating activities Net income (loss) $ 6,747 $ (12,264) $ (5,517) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 32,328 — 32,328 Amortization related to long-term debt 1,423 — 1,423 Gain on sale of business (6,234) — (6,234) Gain on sales of property and equipment, net (9,513) — (9,513) Deferred income taxes 2,545 — 2,545 Stock-based compensation 4,376 — 4,376 Equity in net loss from unconsolidated joint ventures 17,228 — 17,228 Net loss from affiliates (6,165) — (6,165) Other non-cash adjustments (84) — (84) Changes in assets and liabilities: Receivables (69,114) — (69,114) Contract assets, net (71,282) — (71,282) Inventories (18,618) — (18,618) Contributions to unconsolidated construction joint ventures (33,563) — (33,563) Distributions from unconsolidated construction joint ventures and affiliates 6,522 — 6,522 Other assets, net 15,627 6,426 22,053 Accounts payable 17,983 — 17,983 Accrual for expected resolution of SEC investigation 12,000 — 12,000 Accrued expenses and other liabilities, net (5,484) 5,838 354 Net cash used in operating activities $ (103,278) $ — $ (103,278)

Revisions in Estimates

Revisions in Estimates	6 Months Ended
	Jun. 30, 2023
Quarterly Financial Information Disclosure [Abstract]
Revisions in Estimates	Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of transaction price and 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. Changes in estimates of transaction price and costs to complete may result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. In addition, the estimated or actual recovery related to estimated costs associated with unresolved affirmative claims and back charges may be recorded in future periods or may be at values below the associated cost, which can cause fluctuations in the gross profit impact from revisions in estimates. When we experience significant revisions in our estimates, 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. For revisions in estimates, generally we use the cumulative catch-up method for changes to the transaction price that are part of a single performance obligation. 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 estimates in the future. In our review of these changes for the three and six months ended June 30, 2023 and 2022, we did not identify any material amounts that should have been recorded in a prior period. During the six months ended June 30, 2023, there was one project with an increase from revisions in estimates which had an impact to gross profit of $6.9 million and a reduction of net loss of $5.2 million, with $2.7 million of that amount attributable to non-controlling interests. The revision decreased the net loss per diluted share by $0.06. The increase was due to decreases in estimated costs from mitigated risks. There were no increases to revisions which individually had an impact of $5.0 million or more on gross profit during the three months ended June 30, 2023 or during the three and six months ended June 30, 2022. The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, As Restated 2023 2022 2023 2022 Number of projects with downward estimate changes 1 3 2 5 Range of reduction in gross profit from each project, net $ 20.7 $ 5.9 - 7.6 $ 5.9 - 32.1 $ 5.6 - 10.6 Decrease to project profitability, net $ 20.7 $ 19.5 $ 38.0 $ 35.6 Decrease to net income/increase to net loss $ 15.8 $ 14.9 $ 29.0 $ 27.3 Amounts attributable to non-controlling interests $ 10.4 $ 3.0 $ 16.0 $ 3.0 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 5.4 $ 11.9 $ 13.0 $ 24.2 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.12 $ 0.23 $ 0.30 $ 0.54 The decreases during the three and six months ended June 30, 2023 were due to additional costs related to changes in project duration and increased labor and materials costs. The decreases during the three and six months ended June 30, 2022 were due to additional costs related to extended project duration, increased labor and materials costs, and disputed work being performed where there were ongoing legal claims.

Disaggregation of Revenue

Disaggregation of Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	.  Disaggregation of Revenue We disaggregate our revenue based on our reportable segments (see Note 18) and operating groups as these are the formats that are regularly reviewed by management. Our reportable segments are: Construction and Materials. In alphabetical order, our operating groups are: California, Central and Mountain. The following tables present our disaggregated revenue by operating group (in thousands): Three Months Ended June 30, 2023 Construction Materials Total California $ 232,902 $ 77,216 $ 310,118 Central 200,486 12,338 212,824 Mountain 316,025 59,585 375,610 Total $ 749,413 $ 149,139 $ 898,552 2022 (As Restated and Recast) Construction Materials Total California $ 197,435 $ 71,572 $ 269,007 Central 211,605 13,901 225,506 Mountain 304,181 50,553 354,734 Total $ 713,221 $ 136,026 $ 849,247 Six Months Ended June 30, 2023 Construction Materials Total California $ 381,849 $ 107,354 $ 489,203 Central 371,488 23,894 395,382 Mountain 499,492 74,543 574,035 Total $ 1,252,829 $ 205,791 $ 1,458,620 2022 (As Recast) Construction Materials Total California $ 343,744 $ 117,259 $ 461,003 Central 431,499 24,263 455,762 Mountain 516,244 70,124 586,368 Total $ 1,291,487 $ 211,646 $ 1,503,133

Note 6 - Unearned Revenue

Note 6 - Unearned Revenue	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Unearned Revenue	.  Unearned Revenue The following table presents our unearned revenue as of the respective periods: (in thousands) June 30, 2023 December 31, 2022 California $ 1,266,122 $ 945,971 Central 1,336,341 1,444,983 Mountain 790,043 486,524 Total $ 3,392,506 $ 2,877,478 All unearned revenue is in the Construction segment. Approximately $2.3 billion of the June 30, 2023 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter.

Contract Assets and Liabilities

Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	Contract Assets and LiabilitiesAs a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $45.5 million and $89.7 million during the three and six months ended June 30, 2023 and $79.4 million and $114.6 million during the three and six months ended June 30, 2022, respectively. The changes in contract transaction price for the three and six months ended June 30, 2023 and 2022 were from items such as executed or estimated change orders and unresolved contract modifications and claims. As of June 30, 2023 and December 31, 2022, the aggregate claim recovery estimates included in contract asset and liability balances were $70.3 million and $75.8 million, respectively. The components of the contract asset balances as of the respective dates were as follows: (in thousands) June 30, 2023 December 31, 2022 Costs in excess of billings and estimated earnings $ 127,848 $ 80,357 Contract retention 160,501 161,559 Total contract assets $ 288,349 $ 241,916 As of June 30, 2023 and December 31, 2022, contract retention receivable from Brightline Trains Florida LLC represented 10.0% and 11.7%, respectively, of total contract assets. No other contract retention receivable individually exceeded 10% of total contract assets at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year. As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $48.1 million and $171.1 million during the three and six months ended June 30, 2023, respectively, and $44.1 million and $210.7 million during the three and six months ended June 30, 2022, respectively, that was included in the contract liability balances at December 31, 2022 and 2021, respectively. The components of the contract liability balances as of the respective dates were as follows: (in thousands) June 30, 2023 December 31, 2022 Billings in excess of costs and estimated earnings, net of retention $ 153,181 $ 152,294 Provisions for losses 20,107 20,992 Total contract liabilities $ 173,288 $ 173,286

Receivables, net

Receivables, net	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Receivables, net	Receivables, net Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not bear interest. The following table presents major categories of receivables: (in thousands) June 30, 2023 December 31, 2022 Contracts completed and in progress: Billed $ 279,044 $ 220,809 Unbilled 200,418 120,348 Total contracts completed and in progress 479,462 341,157 Materials sales 84,919 52,182 Other 73,523 71,790 Total gross receivables 637,904 465,129 Less: allowance for credit losses 1,107 1,142 Total net receivables $ 636,797 $ 463,987 Included in other receivables at June 30, 2023 and December 31, 2022 were items such as estimated recovery from back charge claims, notes receivable, fuel tax refunds and income tax refunds. Other receivables at June 30, 2023 and December 31, 2022 also included $24.9 million of working capital contributions in the form of a loan to a partner in one of our unconsolidated joint ventures that bears interest at prime plus 3.0% per annum. None of our customers had a receivable balance in excess of 10% of our total net receivables as of June 30, 2023 or December 31, 2022.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	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 (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 51,489 $ — $ — $ 51,489 Total assets $ 51,489 $ — $ — $ 51,489 Accrued and other current liabilities Diesel collars $ — $ 991 $ — $ 991 Commodity swaps — 479 — 479 Total liabilities $ — $ 1,470 $ — $ 1,470 December 31, 2022 Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swaps — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927 Commodity Derivatives As of June 30, 2023 and December 31, 2022, we held commodity swaps for crude oil designated as cash flow hedges with a total outstanding notional amount of $8.0 million and $7.0 million, respectively, all maturing by October 31, 2023. The realized and unrealized losses associated with commodity swaps for the three and six months ended June 30, 2023 were immaterial. The financial statement impact for the three and six months ended June 30, 2022 was a realized gain of $2.4 million and $2.8 million, respectively. In addition, for the three months ended June 30, 2022, the commodity swaps had an unrealized loss of $0.5 million, and for the six months ended June 30, 2022, the commodity swaps had an unrealized gain of $2.8 million. In the first and second quarters of 2023, we entered into collar contracts to reduce our price exposure on diesel consumption. The collars were not designated as hedges and will be treated as a mark-to-market derivative instruments through the December 2024 maturity dates. The financial statement impact for the six months ended June 30, 2023 was an unrealized loss of $1.0 million. The unrealized loss for the three months ended June 30, 2023 was immaterial. The realized loss for the three and six months ended June 30, 2023 was immaterial. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2023 December 31, 2022 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 36,556 $ 35,458 $ 65,943 $ 64,584 Liabilities (including current maturities): 3.75% Convertible Notes (2) Level 2 $ 373,750 $ 403,002 $ — $ — 2.75% Convertible Notes (2) Level 2 $ 31,338 $ 41,841 $ 230,000 $ 281,365 Credit Agreement - revolver (2) Level 3 $ 55,000 $ 54,344 $ 50,000 $ 49,536 (1) All marketable securities as of June 30, 2023 and December 31, 2022 were classified as held-to-maturity and consisted of U.S. Government and agency obligations and corporate commercial paper maturing in two months to three years. (2) The fair values of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes") and the 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. The fair value of the Fourth Amended and Restated Credit Agreement (the "Credit Agreement") is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement. During the six months ended June 30, 2023 and 2022, we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis.

Construction Joint Ventures

Construction Joint Ventures	6 Months Ended
	Jun. 30, 2023
Guarantees and Product Warranties [Abstract]
Construction 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 and six months ended June 30, 2023, we determined no change was required for existing joint ventures. Due to the joint and several nature of the performance obligations under the related owner contracts, if any of our partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At June 30, 2023, there was $202.4 million of remaining contract value on unconsolidated and line item construction joint venture contracts of which $96.4 million represented our share and the remaining $106.0 million represented our partners’ share. We are not able to estimate amounts that may be required beyond the current remaining forecasted cost of the work to be performed. These forecasted costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. See Note 13 for disclosure of the performance guarantee amounts recorded in the condensed consolidated balance sheets. Consolidated Construction Joint Ventures (“CCJVs”) At June 30, 2023, we were engaged in eleven active CCJV projects with total contract values ranging from $17.7 million to $430.8 million for a combined total of $1.8 billion of which our share was $1.0 billion. As of June 30, 2023, our share of revenue remaining to be recognized on these CCJVs was $204.4 million and ranged from $0.5 million to $84.8 million by project. Our proportionate share of the equity in these joint ventures was between 50.0% and 70.0%. During the three and six months ended June 30, 2023 and 2022, total revenue from CCJVs was $70.8 million, $132.1 million, $122.7 million and $227.0 million, respectively. During the six months ended June 30, 2023 and 2022, CCJVs used $48.3 million and $13.4 million of operating cash flows, respectively. Unconsolidated Construction Joint Ventures As of June 30, 2023, we were engaged in seven active unconsolidated joint venture projects with total contract values ranging from $5.8 million to $3.8 billion for a combined total of $7.9 billion of which our share was $2.3 billion. Our proportionate share of the equity in these unconsolidated construction joint ventures ranged from 23.0% to 50.0%. As of June 30, 2023, our share of the revenue remaining to be recognized on these unconsolidated construction joint ventures was $58.6 million and ranged from $1.6 million to $34.3 million by project. The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2023 December 31, 2022 Assets Cash, cash equivalents and marketable securities $ 110,275 $ 130,635 Other current assets (1) 694,959 681,221 Noncurrent assets 60,534 76,204 Less partners’ interest 593,218 604,741 Granite’s interest (1),(2) $ 272,550 $ 283,319 Liabilities Current liabilities $ 209,643 $ 244,411 Less partners’ interest and adjustments (3) 111,104 130,911 Granite’s interest $ 98,539 $ 113,500 Equity in construction joint ventures (4) $ 174,011 $ 169,819 (1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 was $58.2 million and $64.7 million, respectively, related to performance guarantees (see Note 13). (2) Included in this balance as of June 30, 2023 and December 31, 2022 was $98.1 million and $104.3 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $2.6 million and $2.7 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2023 and December 31, 2022, respectively. (3) Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. (4) Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $14.1 million and $14.0 million as of June 30, 2023 and December 31, 2022, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses. Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Revenue Total $ 25,211 $ 91,564 $ 63,385 $ 252,703 Less partners’ interest and adjustments (1) 15,691 68,374 39,020 179,858 Granite’s interest $ 9,520 $ 23,190 $ 24,365 $ 72,845 Cost of revenue Total $ 40,564 $ 93,162 $ 84,935 $ 251,083 Less partners’ interest and adjustments (1) 25,912 56,897 56,316 161,549 Granite’s interest 14,652 36,265 28,619 89,534 Granite’s interest in gross loss $ (5,132) $ (13,075) $ (4,254) $ (16,689) Net Income (Loss) Total $ (14,574) $ (2,871) $ (20,228) $ 296 Less partners’ interest and adjustments (1) (9,658) 10,730 (16,223) 17,524 Granite’s interest in net loss (2) $ (4,916) $ (13,601) $ (4,005) $ (17,228) (1) Partners’ interest and adjustments includes 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 primarily related to contract forecast and/or actual differences. (2) These joint venture net loss 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.

Investments in Affiliates

Investments in Affiliates	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2023 December 31, 2022 Foreign $ 64,698 $ 58,579 Real estate 7,460 8,517 Asphalt terminal 14,453 13,629 Total investments in affiliates $ 86,611 $ 80,725 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2023 December 31, 2022 Current assets $ 201,508 $ 194,210 Noncurrent assets 175,336 172,560 Total assets 376,844 366,770 Current liabilities 97,837 106,780 Long-term liabilities (1) 59,950 59,356 Total liabilities 157,787 166,136 Net assets 219,057 200,634 Granite’s share of net assets $ 86,611 $ 80,725 (1) This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. Of the $376.8 million of total affiliate assets as of June 30, 2023, we had investments in two real estate entities with total assets of $67.0 million, our foreign affiliates had total assets of $276.9 million and the asphalt terminal entity had total assets of $32.9 million. As of June 30, 2023 and December 31, 2022, all of the investments in real estate affiliates were in residential real estate in Texas. As of June 30, 2023, our percent ownership in the real estate entities ranged from 10% to 25%. We have direct and indirect investments in our foreign affiliates, and our percent ownership in foreign affiliates ranged from 25% to 50% as of June 30, 2023.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows: (in thousands) June 30, 2023 December 31, 2022 Equipment and vehicles $ 1,051,771 $ 994,602 Quarry property 232,117 219,843 Land and land improvements 108,288 105,733 Buildings and leasehold improvements 105,780 103,658 Office furniture and equipment 86,768 82,465 Property and equipment 1,584,724 1,506,301 Less: accumulated depreciation and depletion 1,020,647 997,091 Property and equipment, net $ 564,077 $ 509,210

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities (in thousands) June 30, 2023 December 31, 2022 Accrued insurance $ 86,882 $ 78,427 Deficits in unconsolidated construction joint ventures 14,082 13,989 Payroll and related employee benefits 79,567 80,910 Performance guarantees 58,190 64,703 Short-term lease liabilities 17,483 18,662 Other 53,818 31,778 Total $ 310,022 $ 288,469 The decrease in performance guarantees in the current year is due to receiving customer acceptance on two unconsolidated construction joint ventures during the six months ended June 30, 2023. Other includes dividends payable, warranty reserves, asset retirement obligations, remediation reserves, legal accruals and other miscellaneous accruals, none of which were greater than 5% of total current liabilities at any of the presented dates.

Long-term Debt and Credit Arran

Long-term Debt and Credit Arrangements	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt and Credit Arrangements	Long-Term Debt and Credit Arrangements (in thousands) June 30, 2023 December 31, 2022 3.75% Convertible Notes $ 373,750 $ — 2.75% Convertible Notes 31,338 230,000 Credit Agreement - revolver 55,000 50,000 Other, net of debt issuance costs 70 8,381 Total debt $ 460,158 $ 288,381 Less current maturities 1,466 1,447 Total long-term debt $ 458,692 $ 286,934 3.75% Convertible Notes On May 11, 2023, we issued $373.8 million aggregate principal amount of our 3.75% Convertible Notes. The 3.75% Convertible Notes bear interest at a rate of 3.75% per annum payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023 and mature on May 15, 2028, unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding November 15, 2027, the 3.75% Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 3.75% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate applicable to the 3.75% Convertible Notes is 21.6807 shares of Granite common stock per $1,000 principal amount of the 3.75% Convertible Notes, which is equivalent to an initial conversion price of approximately $46.12 per share of Granite common stock, subject to adjustment if certain events occur. Upon conversion, we will pay or deliver, as the case may be, cash, shares of Granite common stock or a combination of cash and shares of Granite common stock, at our election. In addition, upon the occurrence of a “fundamental change” as defined in the indenture governing the 3.75% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 3.75% Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 3.75% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If certain corporate events that constitute a “make-whole fundamental change” as set forth in the indenture governing the 3.75% Convertible Notes occur prior to the maturity date of the 3.75% Convertible Notes or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.75% Convertible Notes in connection with such event or notice of redemption. We will not be able to redeem the 3.75% Convertible Notes prior to May 20, 2026. On or after May 20, 2026, we have the option to redeem for cash all or any portion of the 3.75% Convertible Notes if the last reported sale price of our common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 3.75% Convertible Notes to be redeemed, plus any accrued but unpaid interest to, but excluding, the redemption date. In addition, as described in the indenture governing the 3.75% Convertible Notes, certain events of default including, but not limited to, bankruptcy, insolvency or reorganization, may result in the 3.75% Convertible Notes becoming due and payable immediately. The net proceeds from the sale of the 3.75% Convertible Notes were approximately $364.4 million, after deducting the initial purchasers’ discount. We used approximately $53.0 million of the net proceeds from the offering to pay the cost of the Capped Call Transactions (as described below). In addition, we used approximately $198.8 million of the net proceeds and issued 1,390,500 shares of Granite common stock in exchange for approximately $198.7 million aggregate principal amount of our 2.75% Convertible Notes concurrent with the offering in separate and individually negotiated transactions. We also received 1,390,516 shares from bond option counterparties for the exercise of our bond hedge, corresponding to the portion of the 2.75% Convertible Notes that were exchanged, and used approximately $13.2 million of the net proceeds to pay the cost of terminating the portion of the existing warrant transactions that correspond to the 2.75% Convertible Notes exchanged. Capped Call Transactions In May 2023, we entered into capped call transactions (the "Capped Call Transactions") in connection with the offering of the 3.75% Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to Granite’s common stock upon conversion of the 3.75% Convertible Notes and/or offset any cash payments Granite is required to make in excess of the principal amount of converted 3.75% Convertible Notes, as the case may be. If, however, the market price per share of Granite’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions will initially be $79.83 per share, which represents a premium of 125% over the last reported sale price of Granite’s common stock of $35.48 per share on the New York Stock Exchange on May 8, 2023, and is subject to certain adjustments under the terms of the Capped Call Transactions. 2.75% Convertible Notes The 2.75% Convertible Notes were issued in November 2019 in an aggregate principal amount of $230.0 million, with an interest rate of 2.75% and a maturity date of November 1, 2024, unless earlier converted, redeemed or repurchased. The 2.75% Convertible Notes are convertible at the option of the holders prior to the close of business on the business day before May 1, 2024 only during certain periods and upon the occurrence of certain events. After May 1, 2024, the 2.75% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate applicable to the 2.75% Convertible Notes is 31.7776 shares of Granite common stock per $1,000 principal amount of 2.75% Convertible Notes, which is equivalent to a conversion price of approximately $31.47 per share of Granite common stock. Upon conversion, we will pay or deliver, as the case may be, cash, shares of Granite common stock or a combination of cash and shares of Granite common stock, at our election. In addition, upon the occurrence of a “make-whole fundamental change” as defined in the indenture governing the 2.75% Convertible Notes prior to the maturity date of the 2.75% Convertible Notes or if the Company delivers a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2.75% Convertible Notes in connection with such a make-whole fundamental change or notice of redemption. We have the option to redeem for cash all or any portion of the 2.75% Convertible Notes if the last reported sale price of our common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 2.75% Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a “fundamental change” as defined in the indenture governing the 2.75% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 2.75% Convertible Notes at a price equal to 100% of the principal amount of the 2.75% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, as described in the indenture governing the 2.75% Convertible Notes, certain events of default including, but not limited to, bankruptcy, insolvency or reorganization, may result in the 2.75% Convertible Notes becoming due and payable immediately. At June 30, 2023, $31.3 million remained outstanding of our 2.75% Convertible Notes. Credit Agreement In June 2022, we entered into the Credit Agreement which matures on June 2, 2027. The Credit Agreement is a $350.0 million senior secured, five-year revolving facility (the “Revolver”), including an accordion feature allowing us to increase borrowings up to the greater of (a) $200.0 million and (b) 100% of twelve-month trailing consolidated EBITDA, subject to lender approval. The Credit Agreement includes a $150.0 million sublimit for letters of credit ($75.0 million for financial letters of credit) and a $20.0 million sublimit for swingline loans. In May 2023, we entered into Amendment No. 1 to the Credit Agreement (the "Amendment"). The Amendment amended the Credit Agreement to, among other things, permit the Company to exchange its 2.75% Convertible Notes for cash and shares of its common stock and to clarify that (i) the issuance of the 3.75% Convertible Notes was permitted under the terms of the Credit Agreement and (ii) that a Swap Contract (as defined in the Credit Agreement) does not include any Permitted Call Spread Transaction (as defined in the Credit Agreement). As of June 30, 2023, the total unused availability under the Credit Agreement was $275.9 million, resulting from $19.1 million in issued and outstanding letters of credit and $55.0 million drawn under the revolver. The letters of credit had expiration dates between July 2023 and December 2026. As of June 30, 2023, the applicable rate was 1.50% for loans under the Credit Agreement bearing interest based on the Secured Overnight Financing Rate ("SOFR") and 0.50% for loans bearing interest at the base rate. Accordingly, the effective interest rates at June 30, 2023 for SOFR and base rate loans were 6.70% and 8.75%, respectively. The Credit Agreement contains certain affirmative and restrictive covenants, and customary events of default. The financial covenants include a maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) and a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement). As of June 30, 2023, we were in compliance with the covenants in the Credit Agreement. Debt Issuance Costs During the three and six months ended June 30, 2023, we recorded $2.1 million and $2.4 million, respectively, of amortization related to debt issuance costs. This included $1.7 million of accelerated amortization of debt issuance costs associated with the 2.75% Convertible Notes that were repaid and are included in the loss on debt extinguishment. We also capitalized $9.8 million in third party offering costs related to the issuance of the 3.75% Convertible Notes. These debt issuance costs will be amortized over the expected life of the 3.75% Convertible Notes. During the three and six months ended June 30, 2022, we recorded $0.4 million, and $0.7 million, respectively, of amortization related to debt issuance costs.

Weighted Average Shares Outstan

Weighted Average Shares Outstanding and Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding and Net Loss Per Share	Weighted Average Shares Outstanding and Net Income (Loss) Per Share The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share: Three Months Ended Six Months Ended As Restated As Restated (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator (basic and diluted) Net income (loss) attributable to common shareholders $ (17,000) $ 18,681 $ (40,023) $ (8,052) Add: Interest expense related to Convertible Notes — 1,468 — — Net income (loss) attributable to common shareholders for diluted earnings per share $ (17,000) $ 20,149 $ (40,023) $ (8,052) Denominator Weighted average common shares outstanding, basic 43,892 44,534 43,829 45,128 Add: Dilutive effect of RSUs — 452 — — Add: Dilutive effect of Convertible Notes — 7,309 — — Weighted average common shares outstanding, diluted 43,892 52,295 43,829 45,128 Net income (loss) per share, basic $ (0.39) $ 0.42 $ (0.91) $ (0.18) Net income (loss) per share, diluted $ (0.39) $ 0.39 $ (0.91) $ (0.18)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the provision for (benefit from) income taxes for the respective periods: Three Months Ended Six Months Ended As Restated and Recast As Restated and Recast (dollars in thousands) 2023 2022 2023 2022 Provision for (benefit from) income taxes $ 9,024 $ 8,668 $ (445) $ 15,020 Effective tax rate (60.9 %) 30.7 % 0.9 % 158.1 %

Contingencies - Legal Proceedin

Contingencies - Legal Proceedings	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies - Legal Proceedings	Contingencies - Legal Proceedings 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 the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse 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, disclosure is required when a material loss is probable but not reasonably estimable, a material loss is reasonably possible but not probable, or when it is reasonably possible that the amount of a loss will exceed the amount recorded. The total liabilities for legal proceedings are recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheet (see Note 13). The total range of possible loss related to (i) matters considered reasonably possible, and (ii) reasonably possible amounts in excess of accrued losses recorded for probable loss contingencies, including those related to liquidated damages, could have a material impact on our consolidated financial statements if they become probable and the reasonably estimable amount is determined. Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1 of our Annual Report. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which often cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed. Salesforce Tower Matter Our wholly-owned subsidiary, Layne Christensen Company ("Layne"), was a subcontractor on the foundation for the Salesforce Tower office building in San Francisco in 2013 and 2014. Certain anomalies were discovered in March 2014 in the foundation’s structural concrete, which were remediated by the general contractor during 2015. Layne assigned any insurance claims it may have had under the project’s builder’s risk insurance policy to the general contractor. During 2014, the project owner and the general contractor submitted a claim to the project’s builder’s risk insurers to cover the cost of remedial work and related damages. The claim was denied by the builder’s risk insurers. The project owner and the general contractor subsequently filed a legal proceeding against the insurers seeking coverage under the builder’s risk insurance policy, which proceeding was then transferred by agreement to arbitration. On July 20, 2021, we were informed of an arbitration award denying insurance coverage for claims related to the remedial measures undertaken by the general contractor of the Salesforce Tower and related damages. On February 3, 2022, a lawsuit titled Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company (“Layne”) , was filed in the Superior Court of the State of California, County of San Francisco, seeking damages of approximately $70 million for costs incurred by Steadfast on behalf of CHDJV to cure Layne’s allegedly defective work on the foundation of the Salesforce Tower. On February 4, 2022, CHDJV submitted an arbitration demand with the American Arbitration Association against Granite Construction Incorporated seeking to recover approximately $30 million for costs incurred by CHDJV to cure Layne’s allegedly defective work on the foundation of the Salesforce Tower. CHDJV subsequently dismissed Granite and added Layne as a respondent to the arbitration. On May 6, 2022, CHDJV consolidated its claims with those of Steadfast and joined as a plaintiff in the Steadfast lawsuit, and on May 16, 2022, the arbitration was stayed. Both Layne and CHDJV have moved for summary adjudication on potentially dispositive issues. The parties have agreed to attend a mediation on August 4, 2023, and, as a result, the hearing for the summary adjudication motions has been postponed to September 13, 2023. Layne opposes the motions filed against it and believes it has multiple defenses and counterclaims to the plaintiffs' claims. Layne intends to vigorously defend against plaintiffs' claims and prosecute its counterclaims, but we cannot provide assurance that Layne will be successful in these efforts. As of June 30, 2023, we have determined that a loss related to this matter is probable, have estimated a range of loss and recorded a liability based on the low end of the range, as there were no facts and circumstances to support a different point in the range. In the second quarter of 2023, we recorded a pre-tax charge of $12.0 million, net of estimated insurance recovery, which is reflected in other costs on the condensed consolidated statements of operations for the three and six months ended June 30, 2023.

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”), regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer and our Chief Operating Officer. Our reportable segments are: Construction and Materials. Summarized segment information is as follows (in thousands): Three months ended June 30, Construction Materials Total 2023 Total revenue from reportable segments $ 749,413 $ 206,832 $ 956,245 Elimination of intersegment revenue — (57,693) (57,693) Revenue from external customers $ 749,413 $ 149,139 $ 898,552 Gross profit $ 79,154 $ 23,932 $ 103,086 Depreciation, depletion and amortization $ 10,238 $ 7,090 $ 17,328 2022 (As Restated and Recast) Total revenue from reportable segments $ 713,221 $ 180,444 $ 893,665 Elimination of intersegment revenue — (44,418) (44,418) Revenue from external customers $ 713,221 $ 136,026 $ 849,247 Gross profit $ 80,252 $ 17,314 $ 97,566 Depreciation, depletion and amortization $ 5,595 $ 6,804 $ 12,399 Six Months Ended June 30, Construction Materials Total 2023 Total revenue from reportable segments $ 1,252,829 $ 278,752 $ 1,531,581 Elimination of intersegment revenue — (72,961) (72,961) Revenue from external customers $ 1,252,829 $ 205,791 $ 1,458,620 Gross profit $ 115,859 $ 19,586 $ 135,445 Depreciation, depletion and amortization $ 19,993 $ 13,213 $ 33,206 Segment assets as of period end $ 443,112 $ 414,858 $ 857,970 2022 (As Recast) Total revenue from reportable segments $ 1,291,487 $ 272,967 $ 1,564,454 Elimination of intersegment revenue — (61,321) (61,321) Revenue from external customers $ 1,291,487 $ 211,646 $ 1,503,133 Gross profit $ 138,731 $ 18,927 $ 157,658 Depreciation, depletion and amortization $ 13,389 $ 13,137 $ 26,526 Segment assets as of period end $ 369,160 $ 357,922 $ 727,082 A reconciliation of segment gross profit to consolidated income (loss) before income taxes is as follows (in thousands): Three Months Ended Six Months Ended As Restated and Recast As Recast (in thousands) 2023 2022 2023 2022 Total gross profit from reportable segments $ 103,086 $ 97,566 $ 135,445 $ 157,658 Selling, general and administrative expenses 64,563 60,121 137,685 130,241 Other costs, net 13,607 16,612 18,130 22,891 Gain on sales of property and equipment (3,944) (8,915) (5,981) (9,513) Total other (income) expense, net 43,682 1,502 35,674 4,536 Income (loss) before income taxes $ (14,822) $ 28,246 $ (50,063) $ 9,503

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,000)	$ 18,681	$ (40,023)	$ (8,052)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restatement and Recast (Tables)

Restatement and Recast (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations As Restated and Recast Revenue Construction $ 632,260 $ (1,893) $ 630,367 $ 82,854 $ 713,221 Materials 136,026 — 136,026 — 136,026 Total revenue 768,286 (1,893) 766,393 82,854 849,247 Cost of revenue Construction 571,094 (6,018) 565,076 67,893 632,969 Materials 118,712 — 118,712 — 118,712 Total cost of revenue 689,806 (6,018) 683,788 67,893 751,681 Gross profit 78,480 4,125 82,605 14,961 97,566 Selling, general and administrative expenses 53,162 — 53,162 6,959 60,121 Other costs, net 20,177 — 20,177 (3,565) 16,612 Gain on sales of property and equipment, net (385) — (385) (8,530) (8,915) Operating income 5,526 4,125 9,651 20,097 29,748 Other (income) expense Interest income (782) — (782) — (782) Interest expense 3,896 — 3,896 3 3,899 Equity in income (loss) of affiliates (541) — (541) (4,335) (4,876) Other income, net 3,357 — 3,357 (96) 3,261 Total other expense, net 5,930 — 5,930 (4,428) 1,502 Income (loss) from continuing operations before income taxes (404) 4,125 3,721 24,525 28,246 Provision for income taxes on continuing operations 2,549 959 3,508 5,160 8,668 Net income (loss) from continuing operations (2,953) 3,166 213 19,365 19,578 Net income (loss) from discontinued operations 19,521 (156) 19,365 (19,365) — Net income 16,568 3,010 19,578 — 19,578 Amount attributable to non-controlling interests 583 (1,480) (897) — (897) Net income (loss) attributable to Granite Construction Incorporated from continuing operations (2,370) 1,686 (684) 19,365 18,681 Net income attributable to Granite Construction Incorporated from discontinued operations 19,521 (156) 19,365 (19,365) — Net income attributable to Granite Construction Incorporated $ 17,151 $ 1,530 $ 18,681 $ — $ 18,681 Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.05) $ 0.03 $ (0.02) $ 0.44 $ 0.42 Basic discontinued operations per share 0.44 (0.01) 0.43 (0.43) — Basic earnings per share $ 0.39 $ 0.02 $ 0.41 $ 0.01 $ 0.42 Diluted continuing operations per share $ (0.05) $ 0.03 $ (0.02) $ 0.41 $ 0.39 Diluted discontinued operations per share 0.44 (0.01) 0.43 (0.43) — Diluted earnings per share $ 0.39 $ 0.02 $ 0.41 $ (0.02) $ 0.39 Weighted average shares outstanding: Basic 44,534 — 44,534 — 44,534 Diluted 44,534 — 44,534 — 52,295 Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations As Restated and Recast Revenue Construction $ 1,107,195 $ — $ 1,107,195 $ 184,292 $ 1,291,487 Materials 208,677 — 208,677 2,969 211,646 Total revenue 1,315,872 — 1,315,872 187,261 1,503,133 Cost of revenue Construction 997,837 — 997,837 154,919 1,152,756 Materials 189,780 — 189,780 2,939 192,719 Total cost of revenue 1,187,617 — 1,187,617 157,858 1,345,475 Gross profit 128,255 — 128,255 29,403 157,658 Selling, general and administrative expenses 111,663 — 111,663 18,578 130,241 Other costs, net 28,391 — 28,391 (5,500) 22,891 Gain on sales of property and equipment, net (717) — (717) (8,796) (9,513) Operating income (11,082) — (11,082) 25,121 14,039 Other (income) expense Interest income (1,405) — (1,405) 53 (1,352) Interest expense 7,471 — 7,471 13 7,484 Equity in income (loss) of affiliates (235) — (235) (5,930) (6,165) Other income, net 4,739 — 4,739 (170) 4,569 Total other expense, net 10,570 — 10,570 (6,034) 4,536 Income (loss) from continuing operations before income taxes (21,652) — (21,652) 31,155 9,503 Provision for (benefit from) income taxes on continuing operations (2,782) — (2,782) 17,802 15,020 Net income (loss) from continuing operations (18,870) — (18,870) 13,353 (5,517) Net income from discontinued operations 25,617 (12,264) 13,353 (13,353) — Net income (loss) 6,747 (12,264) (5,517) — (5,517) Amount attributable to non-controlling interests (2,535) — (2,535) — (2,535) Net (loss) attributable to Granite Construction Incorporated from continuing operations (21,405) — (21,405) 13,353 (8,052) Net income attributable to Granite Construction Incorporated from discontinued operations 25,617 (12,264) 13,353 (13,353) — Net income (loss) attributable to Granite Construction Incorporated $ 4,212 $ (12,264) $ (8,052) $ — $ (8,052) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.47) $ — $ (0.47) $ 0.29 $ (0.18) Basic discontinued operations per share 0.57 (0.27) 0.30 (0.30) — Basic earnings (loss) per share $ 0.10 $ (0.27) $ (0.17) $ (0.01) $ (0.18) Diluted continuing operations per share $ (0.47) $ — $ (0.47) $ 0.29 $ (0.18) Diluted discontinued operations per share 0.57 (0.27) 0.30 (0.30) — Diluted earnings (loss) per share $ 0.10 $ (0.27) $ (0.17) $ (0.01) $ (0.18) Weighted average shares outstanding: Basic 45,128 — 45,128 — 45,128 Diluted 45,128 — 45,128 — 45,128 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Operating activities Net income (loss) $ 6,747 $ (12,264) $ (5,517) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 32,328 — 32,328 Amortization related to long-term debt 1,423 — 1,423 Gain on sale of business (6,234) — (6,234) Gain on sales of property and equipment, net (9,513) — (9,513) Deferred income taxes 2,545 — 2,545 Stock-based compensation 4,376 — 4,376 Equity in net loss from unconsolidated joint ventures 17,228 — 17,228 Net loss from affiliates (6,165) — (6,165) Other non-cash adjustments (84) — (84) Changes in assets and liabilities: Receivables (69,114) — (69,114) Contract assets, net (71,282) — (71,282) Inventories (18,618) — (18,618) Contributions to unconsolidated construction joint ventures (33,563) — (33,563) Distributions from unconsolidated construction joint ventures and affiliates 6,522 — 6,522 Other assets, net 15,627 6,426 22,053 Accounts payable 17,983 — 17,983 Accrual for expected resolution of SEC investigation 12,000 — 12,000 Accrued expenses and other liabilities, net (5,484) 5,838 354 Net cash used in operating activities $ (103,278) $ — $ (103,278)

Revisions in Estimates (Tables)

Revisions in Estimates (Tables)	6 Months Ended
	Jun. 30, 2023
Quarterly Financial Information Disclosure [Abstract]
Schedule of Change in Accounting Estimates	The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, As Restated 2023 2022 2023 2022 Number of projects with downward estimate changes 1 3 2 5 Range of reduction in gross profit from each project, net $ 20.7 $ 5.9 - 7.6 $ 5.9 - 32.1 $ 5.6 - 10.6 Decrease to project profitability, net $ 20.7 $ 19.5 $ 38.0 $ 35.6 Decrease to net income/increase to net loss $ 15.8 $ 14.9 $ 29.0 $ 27.3 Amounts attributable to non-controlling interests $ 10.4 $ 3.0 $ 16.0 $ 3.0 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 5.4 $ 11.9 $ 13.0 $ 24.2 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.12 $ 0.23 $ 0.30 $ 0.54

Disaggregation of Revenue (Tabl

Disaggregation of Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended June 30, 2023 Construction Materials Total California $ 232,902 $ 77,216 $ 310,118 Central 200,486 12,338 212,824 Mountain 316,025 59,585 375,610 Total $ 749,413 $ 149,139 $ 898,552 2022 (As Restated and Recast) Construction Materials Total California $ 197,435 $ 71,572 $ 269,007 Central 211,605 13,901 225,506 Mountain 304,181 50,553 354,734 Total $ 713,221 $ 136,026 $ 849,247 Six Months Ended June 30, 2023 Construction Materials Total California $ 381,849 $ 107,354 $ 489,203 Central 371,488 23,894 395,382 Mountain 499,492 74,543 574,035 Total $ 1,252,829 $ 205,791 $ 1,458,620 2022 (As Recast) Construction Materials Total California $ 343,744 $ 117,259 $ 461,003 Central 431,499 24,263 455,762 Mountain 516,244 70,124 586,368 Total $ 1,291,487 $ 211,646 $ 1,503,133

Unearned Revenue (Tables)

Unearned Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Schedule Of Unearned Revenue	(in thousands) June 30, 2023 December 31, 2022 California $ 1,266,122 $ 945,971 Central 1,336,341 1,444,983 Mountain 790,043 486,524 Total $ 3,392,506 $ 2,877,478

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Components of Contract Asset and Liability Balances	(in thousands) June 30, 2023 December 31, 2022 Costs in excess of billings and estimated earnings $ 127,848 $ 80,357 Contract retention 160,501 161,559 Total contract assets $ 288,349 $ 241,916 (in thousands) June 30, 2023 December 31, 2022 Billings in excess of costs and estimated earnings, net of retention $ 153,181 $ 152,294 Provisions for losses 20,107 20,992 Total contract liabilities $ 173,288 $ 173,286

Receivables, net (Tables)

Receivables, net (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Major Categories of Receivables	(in thousands) June 30, 2023 December 31, 2022 Contracts completed and in progress: Billed $ 279,044 $ 220,809 Unbilled 200,418 120,348 Total contracts completed and in progress 479,462 341,157 Materials sales 84,919 52,182 Other 73,523 71,790 Total gross receivables 637,904 465,129 Less: allowance for credit losses 1,107 1,142 Total net receivables $ 636,797 $ 463,987

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 51,489 $ — $ — $ 51,489 Total assets $ 51,489 $ — $ — $ 51,489 Accrued and other current liabilities Diesel collars $ — $ 991 $ — $ 991 Commodity swaps — 479 — 479 Total liabilities $ — $ 1,470 $ — $ 1,470 December 31, 2022 Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swaps — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927
Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Recorded at Fair Value	The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2023 December 31, 2022 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 36,556 $ 35,458 $ 65,943 $ 64,584 Liabilities (including current maturities): 3.75% Convertible Notes (2) Level 2 $ 373,750 $ 403,002 $ — $ — 2.75% Convertible Notes (2) Level 2 $ 31,338 $ 41,841 $ 230,000 $ 281,365 Credit Agreement - revolver (2) Level 3 $ 55,000 $ 54,344 $ 50,000 $ 49,536

Construction Joint Ventures (Ta

Construction Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2023
Guarantees and Product Warranties [Abstract]
Schedule of Unconsolidated Joint Ventures Assets and Liabilities	(in thousands) June 30, 2023 December 31, 2022 Assets Cash, cash equivalents and marketable securities $ 110,275 $ 130,635 Other current assets (1) 694,959 681,221 Noncurrent assets 60,534 76,204 Less partners’ interest 593,218 604,741 Granite’s interest (1),(2) $ 272,550 $ 283,319 Liabilities Current liabilities $ 209,643 $ 244,411 Less partners’ interest and adjustments (3) 111,104 130,911 Granite’s interest $ 98,539 $ 113,500 Equity in construction joint ventures (4) $ 174,011 $ 169,819
Schedule of Unconsolidated Joint Ventures Revenue and Costs	Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Revenue Total $ 25,211 $ 91,564 $ 63,385 $ 252,703 Less partners’ interest and adjustments (1) 15,691 68,374 39,020 179,858 Granite’s interest $ 9,520 $ 23,190 $ 24,365 $ 72,845 Cost of revenue Total $ 40,564 $ 93,162 $ 84,935 $ 251,083 Less partners’ interest and adjustments (1) 25,912 56,897 56,316 161,549 Granite’s interest 14,652 36,265 28,619 89,534 Granite’s interest in gross loss $ (5,132) $ (13,075) $ (4,254) $ (16,689) Net Income (Loss) Total $ (14,574) $ (2,871) $ (20,228) $ 296 Less partners’ interest and adjustments (1) (9,658) 10,730 (16,223) 17,524 Granite’s interest in net loss (2) $ (4,916) $ (13,601) $ (4,005) $ (17,228)

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2023 December 31, 2022 Foreign $ 64,698 $ 58,579 Real estate 7,460 8,517 Asphalt terminal 14,453 13,629 Total investments in affiliates $ 86,611 $ 80,725
Equity Method Investment Summarized Balance Financial Information	The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2023 December 31, 2022 Current assets $ 201,508 $ 194,210 Noncurrent assets 175,336 172,560 Total assets 376,844 366,770 Current liabilities 97,837 106,780 Long-term liabilities (1) 59,950 59,356 Total liabilities 157,787 166,136 Net assets 219,057 200,634 Granite’s share of net assets $ 86,611 $ 80,725 (1) This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments.

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	(in thousands) June 30, 2023 December 31, 2022 Equipment and vehicles $ 1,051,771 $ 994,602 Quarry property 232,117 219,843 Land and land improvements 108,288 105,733 Buildings and leasehold improvements 105,780 103,658 Office furniture and equipment 86,768 82,465 Property and equipment 1,584,724 1,506,301 Less: accumulated depreciation and depletion 1,020,647 997,091 Property and equipment, net $ 564,077 $ 509,210

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Liabilities	(in thousands) June 30, 2023 December 31, 2022 Accrued insurance $ 86,882 $ 78,427 Deficits in unconsolidated construction joint ventures 14,082 13,989 Payroll and related employee benefits 79,567 80,910 Performance guarantees 58,190 64,703 Short-term lease liabilities 17,483 18,662 Other 53,818 31,778 Total $ 310,022 $ 288,469

Long-term Debt and Credit Arr_2

Long-term Debt and Credit Arrangements (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	(in thousands) June 30, 2023 December 31, 2022 3.75% Convertible Notes $ 373,750 $ — 2.75% Convertible Notes 31,338 230,000 Credit Agreement - revolver 55,000 50,000 Other, net of debt issuance costs 70 8,381 Total debt $ 460,158 $ 288,381 Less current maturities 1,466 1,447 Total long-term debt $ 458,692 $ 286,934

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding and Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Six Months Ended As Restated As Restated (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator (basic and diluted) Net income (loss) attributable to common shareholders $ (17,000) $ 18,681 $ (40,023) $ (8,052) Add: Interest expense related to Convertible Notes — 1,468 — — Net income (loss) attributable to common shareholders for diluted earnings per share $ (17,000) $ 20,149 $ (40,023) $ (8,052) Denominator Weighted average common shares outstanding, basic 43,892 44,534 43,829 45,128 Add: Dilutive effect of RSUs — 452 — — Add: Dilutive effect of Convertible Notes — 7,309 — — Weighted average common shares outstanding, diluted 43,892 52,295 43,829 45,128 Net income (loss) per share, basic $ (0.39) $ 0.42 $ (0.91) $ (0.18) Net income (loss) per share, diluted $ (0.39) $ 0.39 $ (0.91) $ (0.18)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended Six Months Ended As Restated and Recast As Restated and Recast (dollars in thousands) 2023 2022 2023 2022 Provision for (benefit from) income taxes $ 9,024 $ 8,668 $ (445) $ 15,020 Effective tax rate (60.9 %) 30.7 % 0.9 % 158.1 %

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three months ended June 30, Construction Materials Total 2023 Total revenue from reportable segments $ 749,413 $ 206,832 $ 956,245 Elimination of intersegment revenue — (57,693) (57,693) Revenue from external customers $ 749,413 $ 149,139 $ 898,552 Gross profit $ 79,154 $ 23,932 $ 103,086 Depreciation, depletion and amortization $ 10,238 $ 7,090 $ 17,328 2022 (As Restated and Recast) Total revenue from reportable segments $ 713,221 $ 180,444 $ 893,665 Elimination of intersegment revenue — (44,418) (44,418) Revenue from external customers $ 713,221 $ 136,026 $ 849,247 Gross profit $ 80,252 $ 17,314 $ 97,566 Depreciation, depletion and amortization $ 5,595 $ 6,804 $ 12,399 Six Months Ended June 30, Construction Materials Total 2023 Total revenue from reportable segments $ 1,252,829 $ 278,752 $ 1,531,581 Elimination of intersegment revenue — (72,961) (72,961) Revenue from external customers $ 1,252,829 $ 205,791 $ 1,458,620 Gross profit $ 115,859 $ 19,586 $ 135,445 Depreciation, depletion and amortization $ 19,993 $ 13,213 $ 33,206 Segment assets as of period end $ 443,112 $ 414,858 $ 857,970 2022 (As Recast) Total revenue from reportable segments $ 1,291,487 $ 272,967 $ 1,564,454 Elimination of intersegment revenue — (61,321) (61,321) Revenue from external customers $ 1,291,487 $ 211,646 $ 1,503,133 Gross profit $ 138,731 $ 18,927 $ 157,658 Depreciation, depletion and amortization $ 13,389 $ 13,137 $ 26,526 Segment assets as of period end $ 369,160 $ 357,922 $ 727,082
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Three Months Ended Six Months Ended As Restated and Recast As Recast (in thousands) 2023 2022 2023 2022 Total gross profit from reportable segments $ 103,086 $ 97,566 $ 135,445 $ 157,658 Selling, general and administrative expenses 64,563 60,121 137,685 130,241 Other costs, net 13,607 16,612 18,130 22,891 Gain on sales of property and equipment (3,944) (8,915) (5,981) (9,513) Total other (income) expense, net 43,682 1,502 35,674 4,536 Income (loss) before income taxes $ (14,822) $ 28,246 $ (50,063) $ 9,503

General (Details)

General (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 24, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Acquisition of business		$ 26,933	$ 0
Goodwill		$ 78,603		$ 73,703
CMR
Business Acquisition [Line Items]
Acquisition of business	$ 26,900
Tangible assets acquired	29,200
Liabilities assumed	7,100
Goodwill	$ 4,800

Restatement and Recast (Details

Restatement and Recast (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Inliner
Income tax expense	$ 12.3

Restatement and Recast - Schedu

Restatement and Recast - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Total revenue	$ 898,552	$ 849,247	$ 1,458,620	$ 1,503,133
Cost of revenue
Total cost of revenue	795,466	751,681	1,323,175	1,345,475
Gross profit	103,086	97,566	135,445	157,658
Selling, general and administrative expenses	64,563	60,121	137,685	130,241
Other costs, net	13,607	16,612	18,130	22,891
Gain on sales of property and equipment, net	(3,944)	(8,915)	(5,981)	(9,513)
Operating income (loss)	28,860	29,748	(14,389)	14,039
Other (income) expense
Interest income	(3,232)	(782)	(6,994)	(1,352)
Interest expense	4,131	3,899	7,022	7,484
Net income from affiliates	(7,044)	(4,876)	(12,231)	(6,165)
Other income, net	(1,225)	3,261	(3,175)	4,569
Total other expense, net	43,682	1,502	35,674	4,536
Income (loss) before income taxes	(14,822)	28,246	(50,063)	9,503
Provision for income taxes on continuing operations	9,024	8,668	(445)	15,020
Net income (loss) from continuing operations		19,578		(5,517)
Net income (loss) from discontinued operations		0		0
Net income (loss)	(23,846)	19,578	(49,618)	(5,517)
Amount attributable to non-controlling interests	6,846	(897)	9,595	(2,535)
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		18,681		(8,052)
Net income attributable to Granite Construction Incorporated from discontinued operations		0		0
Net income (loss) attributable to Granite Construction Incorporated	$ (17,000)	$ 18,681	$ (40,023)	$ (8,052)
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share (USD per share)		$ 0.42		$ (0.18)
Basic discontinued operations per share (USD per share)		0		0
Basic earnings per share (USD per share)	$ (0.39)	0.42	$ (0.91)	(0.18)
Diluted continuing operations per share (USD per share)		0.39		(0.18)
Diluted discontinued operations per share (USD per share)		0		0
Diluted earnings per share (USD per share)	$ (0.39)	$ 0.39	$ (0.91)	$ (0.18)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)	43,892,000	44,534,000	43,829,000	45,128,000
Weighted average shares outstanding, diluted (shares)	43,892,000	52,295,000	43,829,000	45,128,000
Operating activities
Net income (loss)	$ (23,846)	$ 19,578	$ (49,618)	$ (5,517)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization			41,528	32,328
Amortization related to long-term debt			988	1,423
Gain on sale of business			0	(6,234)
Deferred income taxes			0	2,545
Stock-based compensation			6,702	4,376
Equity in net loss from unconsolidated joint ventures			4,005	17,228
Other non-cash adjustments			(7)	(84)
Changes in assets and liabilities:
Receivables			(171,469)	(69,114)
Contract assets, net			(46,469)	(71,282)
Inventories			(3,439)	(18,618)
Contributions to unconsolidated construction joint ventures			(14,710)	(33,563)
Distributions from unconsolidated construction joint ventures and affiliates			6,246	6,522
Other assets, net			(6,464)	22,053
Accounts payable			51,552	17,983
Accrual for expected resolution of SEC investigation			0	12,000
Accrued expenses and other liabilities, net			29,367	354
Net cash used in operating activities			(118,948)	(103,278)
As Previously Reported
Revenue
Total revenue		768,286		1,315,872
Cost of revenue
Total cost of revenue		689,806		1,187,617
Gross profit		78,480		128,255
Selling, general and administrative expenses		53,162		111,663
Other costs, net		20,177		28,391
Gain on sales of property and equipment, net		(385)		(717)
Operating income (loss)		5,526		(11,082)
Other (income) expense
Interest income		(782)		(1,405)
Interest expense		3,896		7,471
Net income from affiliates		(541)		(235)
Other income, net		3,357		4,739
Total other expense, net		5,930		10,570
Income (loss) before income taxes		(404)		(21,652)
Provision for income taxes on continuing operations		2,549		(2,782)
Net income (loss) from continuing operations		(2,953)		(18,870)
Net income (loss) from discontinued operations		19,521		25,617
Net income (loss)		16,568		6,747
Amount attributable to non-controlling interests		583		(2,535)
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		(2,370)		(21,405)
Net income attributable to Granite Construction Incorporated from discontinued operations		19,521		25,617
Net income (loss) attributable to Granite Construction Incorporated		$ 17,151		$ 4,212
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share (USD per share)		$ (0.05)		$ (0.47)
Basic discontinued operations per share (USD per share)		0.44		0.57
Basic earnings per share (USD per share)		0.39		0.10
Diluted continuing operations per share (USD per share)		(0.05)		(0.47)
Diluted discontinued operations per share (USD per share)		0.44		0.57
Diluted earnings per share (USD per share)		$ 0.39		$ 0.10
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)		44,534,000		45,128,000
Weighted average shares outstanding, diluted (shares)		44,534,000		45,128,000
Operating activities
Net income (loss)		$ 16,568		$ 6,747
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization				32,328
Amortization related to long-term debt				1,423
Gain on sale of business				(6,234)
Gain on sales of property and equipment, net				(9,513)
Deferred income taxes				2,545
Stock-based compensation				4,376
Equity in net loss from unconsolidated joint ventures				17,228
Net loss from affiliates				(6,165)
Other non-cash adjustments				(84)
Changes in assets and liabilities:
Receivables				(69,114)
Contract assets, net				(71,282)
Inventories				(18,618)
Contributions to unconsolidated construction joint ventures				(33,563)
Distributions from unconsolidated construction joint ventures and affiliates				6,522
Other assets, net				15,627
Accounts payable				17,983
Accrual for expected resolution of SEC investigation				12,000
Accrued expenses and other liabilities, net				(5,484)
Net cash used in operating activities				(103,278)
Restatement Impacts
Revenue
Total revenue		(1,893)		0
Cost of revenue
Total cost of revenue		(6,018)		0
Gross profit		4,125		0
Selling, general and administrative expenses		0		0
Other costs, net		0		0
Gain on sales of property and equipment, net		0		0
Operating income (loss)		4,125		0
Other (income) expense
Interest income		0		0
Interest expense		0		0
Net income from affiliates		0		0
Other income, net		0		0
Total other expense, net		0		0
Income (loss) before income taxes		4,125		0
Provision for income taxes on continuing operations		959		0
Net income (loss) from continuing operations		3,166		0
Net income (loss) from discontinued operations		(156)		(12,264)
Net income (loss)		3,010		(12,264)
Amount attributable to non-controlling interests		(1,480)		0
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		1,686		0
Net income attributable to Granite Construction Incorporated from discontinued operations		(156)		(12,264)
Net income (loss) attributable to Granite Construction Incorporated		$ 1,530		$ (12,264)
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share (USD per share)		$ 0.03		$ 0
Basic discontinued operations per share (USD per share)		(0.01)		(0.27)
Basic earnings per share (USD per share)		0.02		(0.27)
Diluted continuing operations per share (USD per share)		0.03		0
Diluted discontinued operations per share (USD per share)		(0.01)		(0.27)
Diluted earnings per share (USD per share)		$ 0.02		$ (0.27)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)		0		0
Weighted average shares outstanding, diluted (shares)		0		0
Operating activities
Net income (loss)		$ 3,010		$ (12,264)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization				0
Amortization related to long-term debt				0
Gain on sale of business				0
Gain on sales of property and equipment, net				0
Deferred income taxes				0
Stock-based compensation				0
Equity in net loss from unconsolidated joint ventures				0
Net loss from affiliates				0
Other non-cash adjustments				0
Changes in assets and liabilities:
Receivables				0
Contract assets, net				0
Inventories				0
Contributions to unconsolidated construction joint ventures				0
Distributions from unconsolidated construction joint ventures and affiliates				0
Other assets, net				6,426
Accounts payable				0
Accrual for expected resolution of SEC investigation				0
Accrued expenses and other liabilities, net				5,838
Net cash used in operating activities				0
Restatement Impacts | Discontinued Operations, Disposed of by Sale
Revenue
Total revenue		82,854		187,261
Cost of revenue
Total cost of revenue		67,893		157,858
Gross profit		14,961		29,403
Selling, general and administrative expenses		6,959		18,578
Other costs, net		(3,565)		(5,500)
Gain on sales of property and equipment, net		(8,530)		(8,796)
Operating income (loss)		20,097		25,121
Other (income) expense
Interest income		0		53
Interest expense		3		13
Net income from affiliates		(4,335)		(5,930)
Other income, net		(96)		(170)
Total other expense, net		(4,428)		(6,034)
Income (loss) before income taxes		24,525		31,155
Provision for income taxes on continuing operations		5,160		17,802
Net income (loss) from continuing operations		19,365		13,353
Net income (loss) from discontinued operations		(19,365)		(13,353)
Net income (loss)		0		0
Amount attributable to non-controlling interests		0		0
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		19,365		13,353
Net income attributable to Granite Construction Incorporated from discontinued operations		(19,365)		(13,353)
Net income (loss) attributable to Granite Construction Incorporated		$ 0		$ 0
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share (USD per share)		$ 0.44		$ 0.29
Basic discontinued operations per share (USD per share)		(0.43)		(0.30)
Basic earnings per share (USD per share)		0.01		(0.01)
Diluted continuing operations per share (USD per share)		0.41		0.29
Diluted discontinued operations per share (USD per share)		(0.43)		(0.30)
Diluted earnings per share (USD per share)		$ (0.02)		$ (0.01)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)		0		0
Weighted average shares outstanding, diluted (shares)		0		0
Operating activities
Net income (loss)		$ 0		$ 0
As Restated
Revenue
Total revenue		766,393		1,315,872
Cost of revenue
Total cost of revenue		683,788		1,187,617
Gross profit		82,605		128,255
Selling, general and administrative expenses		53,162		111,663
Other costs, net		20,177		28,391
Gain on sales of property and equipment, net		(385)		(717)
Operating income (loss)		9,651		(11,082)
Other (income) expense
Interest income		(782)		(1,405)
Interest expense		3,896		7,471
Net income from affiliates		(541)		(235)
Other income, net		3,357		4,739
Total other expense, net		5,930		10,570
Income (loss) before income taxes		3,721		(21,652)
Provision for income taxes on continuing operations		3,508		(2,782)
Net income (loss) from continuing operations		213		(18,870)
Net income (loss) from discontinued operations		19,365		13,353
Net income (loss)		19,578		(5,517)
Amount attributable to non-controlling interests		(897)		(2,535)
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		(684)		(21,405)
Net income attributable to Granite Construction Incorporated from discontinued operations		19,365		13,353
Net income (loss) attributable to Granite Construction Incorporated		$ 18,681		$ (8,052)
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share (USD per share)		$ (0.02)		$ (0.47)
Basic discontinued operations per share (USD per share)		0.43		0.30
Basic earnings per share (USD per share)		0.41		(0.17)
Diluted continuing operations per share (USD per share)		(0.02)		(0.47)
Diluted discontinued operations per share (USD per share)		0.43		0.30
Diluted earnings per share (USD per share)		$ 0.41		$ (0.17)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)		44,534,000		45,128,000
Weighted average shares outstanding, diluted (shares)		44,534,000		45,128,000
Operating activities
Net income (loss)		$ 19,578		$ (5,517)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization				32,328
Amortization related to long-term debt				1,423
Gain on sale of business				(6,234)
Gain on sales of property and equipment, net				(9,513)
Deferred income taxes				2,545
Stock-based compensation				4,376
Equity in net loss from unconsolidated joint ventures				17,228
Net loss from affiliates				(6,165)
Other non-cash adjustments				(84)
Changes in assets and liabilities:
Receivables				(69,114)
Contract assets, net				(71,282)
Inventories				(18,618)
Contributions to unconsolidated construction joint ventures				(33,563)
Distributions from unconsolidated construction joint ventures and affiliates				6,522
Other assets, net				22,053
Accounts payable				17,983
Accrual for expected resolution of SEC investigation				12,000
Accrued expenses and other liabilities, net				354
Net cash used in operating activities				(103,278)
Construction
Revenue
Total revenue	749,413	713,221	1,252,829	1,291,487
Cost of revenue
Total cost of revenue	670,259	632,969	1,136,970	1,152,756
Construction | As Previously Reported
Revenue
Total revenue		632,260		1,107,195
Cost of revenue
Total cost of revenue		571,094		997,837
Construction | Restatement Impacts
Revenue
Total revenue		(1,893)		0
Cost of revenue
Total cost of revenue		(6,018)		0
Construction | Restatement Impacts | Discontinued Operations, Disposed of by Sale
Revenue
Total revenue		82,854		184,292
Cost of revenue
Total cost of revenue		67,893		154,919
Construction | As Restated
Revenue
Total revenue		630,367		1,107,195
Cost of revenue
Total cost of revenue		565,076		997,837
Materials
Revenue
Total revenue	149,139	136,026	205,791	211,646
Cost of revenue
Total cost of revenue	$ 125,207	118,712	$ 186,205	192,719
Materials | As Previously Reported
Revenue
Total revenue		136,026		208,677
Cost of revenue
Total cost of revenue		118,712		189,780
Materials | Restatement Impacts
Revenue
Total revenue		0		0
Cost of revenue
Total cost of revenue		0		0
Materials | Restatement Impacts | Discontinued Operations, Disposed of by Sale
Revenue
Total revenue		0		2,969
Cost of revenue
Total cost of revenue		0		2,939
Materials | As Restated
Revenue
Total revenue		136,026		208,677
Cost of revenue
Total cost of revenue		$ 118,712		$ 189,780

Revisions in Estimates (Details

Revisions in Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Change in Accounting Estimate [Line Items]
Gross profit	$ 103,086	$ 97,566	$ 135,445	$ 157,658
Net loss per share, diluted (USD per share)	$ (0.39)	$ 0.39	$ (0.91)	$ (0.18)
Revisions in Estimates, Increase
Change in Accounting Estimate [Line Items]
Gross profit			$ 6,900
Revisions in Estimates, Decrease
Change in Accounting Estimate [Line Items]
Gross profit			5,200
Amounts attributable to non-controlling interests			$ 2,700
Net loss per share, diluted (USD per share)			$ 0.06

Revisions in Estimates - Summar

Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) project $ / shares	Jun. 30, 2022 USD ($) project $ / shares	Jun. 30, 2023 USD ($) project $ / shares	Jun. 30, 2022 USD ($) project $ / shares
Change in Accounting Estimate [Line Items]
Range of reduction in gross profit from each project, net	$ 103,086	$ 97,566	$ 135,445	$ 157,658
Decrease to project profitability, net	(14,822)	28,246	(50,063)	9,503
Decrease to net income/increase to net loss	(23,846)	19,578	(49,618)	(5,517)
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated	$ (17,000)	$ 18,681	$ (40,023)	$ (8,052)
Net loss per share, diluted (USD per share) | $ / shares	$ (0.39)	$ 0.39	$ (0.91)	$ (0.18)
Minimum
Change in Accounting Estimate [Line Items]
Range of reduction in gross profit from each project, net		$ 5,900	$ 5,900	$ 5,600
Maximum
Change in Accounting Estimate [Line Items]
Range of reduction in gross profit from each project, net		$ 7,600	$ 32,100	$ 10,600
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges
Change in Accounting Estimate [Line Items]
Number of projects with downward estimate changes | project	1	3	2	5
Range of reduction in gross profit from each project, net	$ 20,700
Decrease to project profitability, net	20,700	$ 19,500	$ 38,000	$ 35,600
Decrease to net income/increase to net loss	15,800	14,900	29,000	27,300
Amounts attributable to non-controlling interests	10,400	3,000	16,000	3,000
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated	$ 5,400	$ 11,900	$ 13,000	$ 24,200
Net loss per share, diluted (USD per share) | $ / shares	$ 0.12	$ 0.23	$ 0.30	$ 0.54

Disaggregation of Revenue - Sch

Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 898,552,000	$ 849,247,000	$ 1,458,620,000	$ 1,503,133,000
Construction
Disaggregation of Revenue [Line Items]
Revenue	749,413,000	713,221,000	1,252,829,000	1,291,487,000
Materials
Disaggregation of Revenue [Line Items]
Revenue	149,139,000	136,026,000	205,791,000	211,646,000
California
Disaggregation of Revenue [Line Items]
Revenue	310,118,000	269,007,000	489,203,000	461,003,000
California | Construction
Disaggregation of Revenue [Line Items]
Revenue	232,902,000	197,435,000	381,849,000	343,744,000
California | Materials
Disaggregation of Revenue [Line Items]
Revenue	77,216,000	71,572,000	107,354,000	117,259,000
Central
Disaggregation of Revenue [Line Items]
Revenue	212,824,000	225,506,000	395,382,000	455,762,000
Central | Construction
Disaggregation of Revenue [Line Items]
Revenue	200,486,000	211,605,000	371,488,000	431,499,000
Central | Materials
Disaggregation of Revenue [Line Items]
Revenue	12,338,000	13,901,000	23,894,000	24,263,000
Mountain
Disaggregation of Revenue [Line Items]
Revenue	375,610,000	354,734,000	574,035,000	586,368,000
Mountain | Construction
Disaggregation of Revenue [Line Items]
Revenue	316,025,000	304,181,000	499,492,000	516,244,000
Mountain | Materials
Disaggregation of Revenue [Line Items]
Revenue	$ 59,585,000	$ 50,553,000	$ 74,543,000	$ 70,124,000

Unearned Revenue (Details)

Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,392,506	$ 2,877,478
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,300,000
Expected timing of satisfaction	12 months

Unearned Revenue - Schedule of

Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 3,392,506	$ 2,877,478
California
Disaggregation of Revenue [Line Items]
Remaining performance obligation	1,266,122	945,971
Central
Disaggregation of Revenue [Line Items]
Remaining performance obligation	1,336,341	1,444,983
Mountain
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 790,043	$ 486,524

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Product Information [Line Items]
Claim recovery estimates	$ 70.3		$ 70.3		$ 75.8
Revenue recognized	48.1	$ 44.1	$ 171.1	$ 210.7
Customer Concentration Risk | Accounts Receivable | Brightline Trains Florida LLC
Product Information [Line Items]
Concentration risk			10%		11.70%
Performance Obligations
Product Information [Line Items]
Revenue adjustment	$ 45.5	$ 79.4	$ 89.7	$ 114.6

Contract Assets and Liabiliti_4

Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs in excess of billings and estimated earnings	$ 127,848	$ 80,357
Contract retention	160,501	161,559
Total contract assets	288,349	241,916
Billings in excess of costs and estimated earnings, net of retention	153,181	152,294
Provisions for losses	20,107	20,992
Total contract liabilities	$ 173,288	$ 173,286

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital contributions	$ 24.9	$ 24.9
Percentage of receivables	10%	10%
Loan to Partner in Joint Ventures | Prime Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable interest rate	3%	3%

Receivables, net - Schedule of

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 637,904	$ 465,129
Less: allowance for credit losses	1,107	1,142
Total net receivables	636,797	463,987
Contracts completed and in progress:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed	279,044	220,809
Unbilled	200,418	120,348
Receivables	479,462	341,157
Materials sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	84,919	52,182
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 73,523	$ 71,790

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
2.75% Convertible Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate		2.75%		2.75%
Commodity swaps
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (loss)	$ 0	$ (500,000)	$ 0	$ 2,800,000
Realized gain (loss)		$ 2,400,000		$ 2,800,000
Commodity swaps | Designated as Hedging Instrument
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notional amount	8,000,000		8,000,000		$ 7,000,000
Collar contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (loss)	0		(1,000,000)
Realized gain (loss)	$ 0		$ 0

Fair Value Measurement - Cash a

Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 51,489	$ 99,927
Total liabilities	1,470
Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	991
Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		121
Accrued and other current liabilities	479
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	51,489	99,806
Total liabilities	0
Level 1 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	0
Level 1 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		0
Accrued and other current liabilities	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	121
Total liabilities	1,470
Level 2 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	991
Level 2 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		121
Accrued and other current liabilities	479
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0
Level 3 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	0
Level 3 | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		0
Accrued and other current liabilities	0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	51,489	99,806
Money Market Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	51,489	99,806
Money Market Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money Market Funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate		3.75%
2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate			2.75%
Carrying Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity marketable securities	$ 36,556	$ 65,943
Carrying Value | Level 2 | 3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	373,750	0
Carrying Value | Level 2 | 2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	31,338	230,000
Carrying Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement - revolver	55,000	50,000
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity marketable securities	35,458	64,584
Fair Value | Level 2 | 3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	403,002	0
Fair Value | Level 2 | 2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	41,841	281,365
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement - revolver	$ 54,344	$ 49,536

Construction Joint Ventures (De

Construction Joint Ventures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Contract value	$ 2,300,000		$ 2,300,000
Contract liabilities	173,288		173,288		$ 173,286
Total revenue	898,552	$ 849,247	1,458,620	$ 1,503,133
Accumulated deficit	(429,797)		(429,797)		(481,384)
Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	58,600		58,600
Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract value	1,000,000		1,000,000
Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract value	7,900,000		7,900,000
Customer affirmative claims	98,100		98,100		104,300
Back charge claims	2,600		2,600		2,700
Accumulated deficit	14,100		14,100		14,000
Minimum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	$ 1,600		$ 1,600
Ownership in joint venture	23%		23%
Minimum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract value	$ 5,800		$ 5,800
Maximum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	$ 34,300		$ 34,300
Ownership in joint venture	50%		50%
Maximum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract value	$ 3,800,000		$ 3,800,000
Variable Interest Entity, Primary Beneficiary | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Total revenue	$ 70,800	$ 122,700	132,100	227,000
Operating cash flows			$ (48,300)	$ (13,400)
Variable Interest Entity, Primary Beneficiary | Minimum | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Share in equity of joint venture			50%
Variable Interest Entity, Primary Beneficiary | Maximum | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Share in equity of joint venture			70%
Unconsolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary
Guarantor Obligations [Line Items]
Number of projects | project	7,000,000		7,000,000
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary
Guarantor Obligations [Line Items]
Number of projects | project	11		11
Contract value	$ 1,800,000		$ 1,800,000
Contract liabilities	204,400		204,400
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Minimum
Guarantor Obligations [Line Items]
Contract value	17,700		17,700
Contract liabilities	500		500
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Maximum
Guarantor Obligations [Line Items]
Contract value	430,800		430,800
Contract liabilities	84,800		84,800
Performance Guarantee | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Performance guarantees	58,200		58,200		$ 64,700
Performance Guarantee | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Remaining contract value	96,400		96,400
Performance Guarantee | Co-venturer
Guarantor Obligations [Line Items]
Remaining contract value	106,000		106,000
Unconsolidated Construction Corporate Joint Venture | Performance Guarantee
Guarantor Obligations [Line Items]
Remaining contract value	$ 202,400		$ 202,400

Construction Joint Ventures - U

Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Cash, cash equivalents and marketable securities	$ 110,275	$ 130,635
Other current assets	694,959	681,221
Noncurrent assets	60,534	76,204
Current liabilities	209,643	244,411
Equity in construction joint ventures	174,011	169,819
Other Partners Interest in Partnerships
Guarantor Obligations [Line Items]
Unconsolidated construction joint venture assets	593,218	604,741
Unconsolidated construction joint venture liabilities	111,104	130,911
Reporting Entitys Interest in Joint Venture
Guarantor Obligations [Line Items]
Unconsolidated construction joint venture assets	272,550	283,319
Unconsolidated construction joint venture liabilities	$ 98,539	$ 113,500

Construction Joint Ventures - S

Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Guarantor Obligations [Line Items]
Cost of revenue	$ 795,466	$ 751,681	$ 1,323,175	$ 1,345,475
Decrease to net income/increase to net loss	(23,846)	19,578	(49,618)	(5,517)
Granite’s interest in net income (loss)			(4,005)	(17,228)
Collaborative Arrangement
Guarantor Obligations [Line Items]
Revenue	9,520	23,190	24,365	72,845
Cost of revenue	14,652	36,265	28,619	89,534
Granite’s interest in gross loss	(5,132)	(13,075)	(4,254)	(16,689)
Granite’s interest in net income (loss)	(4,916)	(13,601)	(4,005)	(17,228)
Collaborative Arrangement | Corporate Joint Venture
Guarantor Obligations [Line Items]
Revenue	25,211	91,564	63,385	252,703
Cost of revenue	40,564	93,162	84,935	251,083
Decrease to net income/increase to net loss	(14,574)	(2,871)	(20,228)	296
Collaborative Arrangement | Co-venturer | Other Partners Interest in Partnerships
Guarantor Obligations [Line Items]
Revenue	15,691	68,374	39,020	179,858
Cost of revenue	25,912	56,897	56,316	161,549
Decrease to net income/increase to net loss	$ (9,658)	$ 10,730	$ (16,223)	$ 17,524

Investments in Affiliates (Deta

Investments in Affiliates (Details) $ in Thousands	Jun. 30, 2023 USD ($) entity	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Assets	$ 2,376,578	$ 2,167,933
Real estate | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	10%
Real estate | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	25%
Foreign | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	25%
Foreign | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	50%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Assets	$ 376,844	$ 366,770
Real estate
Schedule of Equity Method Investments [Line Items]
Assets	$ 67,000
Number of real estate entities | entity	2
Foreign
Schedule of Equity Method Investments [Line Items]
Assets	$ 276,900
Asphalt terminal
Schedule of Equity Method Investments [Line Items]
Assets	$ 32,900

Investments in Affiliates - Equ

Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 86,611	$ 80,725
Foreign
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	64,698	58,579
Real estate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	7,460	8,517
Asphalt terminal
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 14,453	$ 13,629

Investments in Affiliates - Sum

Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,491,193	$ 1,347,296
Total assets	2,376,578	2,167,933
Current liabilities	867,234	797,594
Granite’s share of net assets	86,611	80,725
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	201,508	194,210
Noncurrent assets	175,336	172,560
Total assets	376,844	366,770
Current liabilities	97,837	106,780
Long-term liabilities	59,950	59,356
Total liabilities	157,787	166,136
Net assets	$ 219,057	$ 200,634

Property and Equipment, net - P

Property and Equipment, net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,584,724	$ 1,506,301
Less: accumulated depreciation and depletion	1,020,647	997,091
Property and equipment, net	564,077	509,210
Equipment and vehicles
Property, Plant and Equipment [Line Items]
Property and equipment	1,051,771	994,602
Quarry property
Property, Plant and Equipment [Line Items]
Property and equipment	232,117	219,843
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment	108,288	105,733
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	105,780	103,658
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 86,768	$ 82,465

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued insurance	$ 86,882	$ 78,427
Deficits in unconsolidated construction joint ventures	14,082	13,989
Payroll and related employee benefits	79,567	80,910
Performance guarantees	58,190	64,703
Short-term lease liabilities	17,483	18,662
Other	53,818	31,778
Total Accrued Expenses and Other Current Liabilities	$ 310,022	$ 288,469

Long-term Debt and Credit Arr_3

Long-term Debt and Credit Arrangements (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended
	May 11, 2023 USD ($) $ / shares shares	May 31, 2023 $ / shares	Jun. 30, 2022 USD ($)	Nov. 30, 2019 USD ($) $ / shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	May 08, 2023 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Capped call transactions							$ 53,035	$ 0
Redemption of warrants							13,201	0
Long-Term Debt					$ 460,158		460,158			$ 288,381
Amount drawn under revolver							55,000	50,000
Debt issuance costs							$ 9,806	$ 0
Common Stock
Debt Instrument [Line Items]
Loss on debt extinguishment (in shares) | shares					1,390,500		1,390,500
Exercise of bond hedge (in shares) | shares					1,390,516		1,390,516
Common Stock
Debt Instrument [Line Items]
Price per share (in dollars per share) | $ / shares									$ 35.48
Capped Call Transaction, Price Per Share
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		125%
Price per share (in dollars per share) | $ / shares		$ 79.83
The 3.75% Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate					3.75%		3.75%
Principal amount	$ 373,800
Conversion ratio	0.0216807
Conversion price (USD per share) | $ / shares	$ 46.12
Debt instrument, redemption price, percentage	100%
Debt instrument, convertible, threshold percentage of stock price trigger	130%
Debt proceeds	$ 364,400
2.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate			2.75%			2.75%		2.75%
Principal amount				$ 230,000
Conversion ratio				0.0317776
Conversion price (USD per share) | $ / shares				$ 31.47
Debt instrument, redemption price, percentage				100%
Debt instrument, convertible, threshold percentage of stock price trigger				130%
Amortization of debt issuance costs					$ 2,100	$ 400	$ 2,400	$ 700
Accelerated amortization of debt issuance costs					$ 1,700
2.75% Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate				2.75%	2.75%		2.75%
Termination fees	$ 198,800
Loss on debt extinguishment (in shares) | shares	1,390,500
Extinguishment of debt	$ 198,700
Redemption of warrants	13,200
Long-Term Debt					$ 31,338		$ 31,338			230,000
The Credit Agreement
Debt Instrument [Line Items]
Line of credit borrowing capacity			$ 200,000			200,000		200,000
Sublimit for letters of credit			150,000			150,000		150,000
Outstanding letters of credit					$ 19,100		$ 19,100
The Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate							1.50%
Effective interest rate					6.70%		6.70%
The Credit Agreement | Base Rate
Debt Instrument [Line Items]
Variable interest rate							0.50%
Effective interest rate					8.75%		8.75%
The Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Long-Term Debt					$ 55,000		$ 55,000			$ 50,000
Line of credit borrowing capacity			$ 350,000			$ 350,000		$ 350,000
Debt term			5 years
Percent of EBITDA			100%			100%		100%
Line of credit remaining borrowing capacity					$ 275,900		275,900
Amount drawn under revolver							$ 55,000
The Credit Agreement | Financial Standby Letter of Credit
Debt Instrument [Line Items]
Line of credit borrowing capacity			$ 75,000			$ 75,000		$ 75,000
The Credit Agreement | Swingline Loans
Debt Instrument [Line Items]
Sublimit for swingline loans			$ 20,000			$ 20,000		$ 20,000
Capped Call Transaction
Debt Instrument [Line Items]
Capped call transactions	$ 53,000

Long-term Debt and Credit Arr_4

Long-term Debt and Credit Arrangements - Schedule of Long-term Debt and Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Nov. 30, 2019
Debt Instrument [Line Items]
Total debt	$ 460,158	$ 288,381
Other, net of debt issuance costs	70	8,381
Less current maturities	1,466	1,447
Total long-term debt	458,692	$ 286,934
3.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate		3.75%
2.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate			2.75%
The Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	55,000	$ 50,000
Convertible Debt | 3.75% Convertible Notes
Debt Instrument [Line Items]
Total debt	373,750	0
Convertible Debt | 2.75% Convertible Notes
Debt Instrument [Line Items]
Total debt	$ 31,338	$ 230,000
Interest rate	2.75%			2.75%
Convertible Debt | The 3.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate	3.75%

Weighted Average Shares Outst_3

Weighted Average Shares Outstanding and Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Nov. 30, 2019
2.75% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate			2.75%
2.75% Convertible Notes | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate	2.75%	2.75%		2.75%
The 3.75% Convertible Notes | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate	3.75%	3.75%
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	586	584	493
Convertible Debt Securities | 2.75% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,095	10,095	7,309

Weighted Average Shares Outst_4

Weighted Average Shares Outstanding and Net Loss Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator (basic and diluted)
Net income (loss) attributable to common shareholders	$ (17,000)	$ 18,681	$ (40,023)	$ (8,052)
Add: Interest expense related to 2.75% Convertible Notes	0	1,468	0	0
Net income (loss) attributable to common shareholders for diluted earnings per share	$ (17,000)	$ 20,149	$ (40,023)	$ (8,052)
Denominator
Weighted average common shares outstanding, basic (in shares)	43,892,000	44,534,000	43,829,000	45,128,000
Dilutive effect of RSUs (in shares)	0	452,000	0	0
Dilutive effect of 2.75% Convertible Notes (in shares)	0	7,309,000	0	0
Weighted average common shares outstanding, diluted (in shares)	43,892,000	52,295,000	43,829,000	45,128,000
Net loss per share, basic (USD per share)	$ (0.39)	$ 0.42	$ (0.91)	$ (0.18)
Net loss per share, diluted (USD per share)	$ (0.39)	$ 0.39	$ (0.91)	$ (0.18)

Income Taxes - Schedule of (Ben

Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Nov. 30, 2019
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ 9,024	$ 8,668	$ (445)	$ 15,020
Effective tax rate	(60.90%)	30.70%	0.90%	158.10%
Extinguishment of debt	$ 49,335		$ 49,335
2.75% Convertible Notes
Income Tax Contingency [Line Items]
Interest rate		2.75%		2.75%
2.75% Convertible Notes | Convertible Debt
Income Tax Contingency [Line Items]
Extinguishment of debt	$ 49,300
Interest rate	2.75%		2.75%		2.75%

Contingencies - Legal Proceed_2

Contingencies - Legal Proceedings (Details) - USD ($) $ in Millions			3 Months Ended
	Feb. 04, 2022	Feb. 03, 2022	Jun. 30, 2023
Loss Contingencies [Line Items]
Settlement expensed			$ 12
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company | Steadfast
Loss Contingencies [Line Items]
Damages sought		$ 70
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company | CHDJV
Loss Contingencies [Line Items]
Damages sought	$ 30

Reportable Segment Informatio_2

Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 898,552	$ 849,247	$ 1,458,620	$ 1,503,133
Gross profit	103,086	97,566	135,445	157,658
Assets	2,376,578		2,376,578		$ 2,167,933
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	956,245	893,665	1,531,581	1,564,454
Gross profit	103,086	97,566	135,445	157,658
Depreciation, depletion and amortization	17,328	12,399	33,206	26,526
Assets	857,970	727,082	857,970	727,082
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	(57,693)	(44,418)	(72,961)	(61,321)
Construction
Segment Reporting Information [Line Items]
Total revenue	749,413	713,221	1,252,829	1,291,487
Construction | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	749,413	713,221	1,252,829	1,291,487
Gross profit	79,154	80,252	115,859	138,731
Depreciation, depletion and amortization	10,238	5,595	19,993	13,389
Assets	443,112	369,160	443,112	369,160
Construction | Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Materials
Segment Reporting Information [Line Items]
Total revenue	149,139	136,026	205,791	211,646
Materials | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	206,832	180,444	278,752	272,967
Gross profit	23,932	17,314	19,586	18,927
Depreciation, depletion and amortization	7,090	6,804	13,213	13,137
Assets	414,858	357,922	414,858	357,922
Materials | Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	$ (57,693)	$ (44,418)	$ (72,961)	$ (61,321)

Reportable Segment Informatio_3

Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Gross profit	$ 103,086	$ 97,566	$ 135,445	$ 157,658
Selling, general and administrative expenses	64,563	60,121	137,685	130,241
Other costs, net	13,607	16,612	18,130	22,891
Gain on sales of property and equipment	(3,944)	(8,915)	(5,981)	(9,513)
Total other (income) expense, net	43,682	1,502	35,674	4,536
Income (loss) from continuing operations before income taxes	$ (14,822)	$ 28,246	$ (50,063)	$ 9,503