Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Feb. 22, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000861459 | |
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12911 | |
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, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,676,827 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets | |||
Cash and cash equivalents ($101,698, $78,132, and $131,481 related to consolidated construction joint ventures (“CCJVs”)) | $ 242,604 | $ 262,273 | $ 200,263 |
Short-term marketable securities | 5,000 | 27,799 | 36,049 |
Receivables, net ($28,320, $29,564 and $24,990 related to CCJVs) | 477,718 | 547,417 | 380,985 |
Contract assets ($17,584, $25,034 and $9,354 related to CCJVs) | 226,518 | 211,441 | 213,023 |
Inventories | 98,765 | 88,885 | 96,862 |
Equity in construction joint ventures | 190,458 | 193,110 | 219,908 |
Other current assets ($16,078, $13,350 and $11,795 related to CCJVs) | 60,001 | 46,016 | 62,755 |
Total current assets | 1,301,064 | 1,376,941 | 1,209,845 |
Property and equipment, net ($30,047, $31,136 and $35,377 related to CCJVs) | 534,958 | 542,297 | 552,504 |
Long-term marketable securities | 0 | 5,000 | 30,000 |
Investments in affiliates | 73,249 | 84,176 | 81,034 |
Goodwill | 248,339 | 264,279 | 259,695 |
Right of use assets | 72,945 | 72,534 | 71,480 |
Deferred income taxes, net | 51,675 | 50,158 | 30,488 |
Other noncurrent assets | 102,145 | 106,703 | 123,557 |
Total assets | 2,384,375 | 2,502,088 | 2,358,603 |
Current liabilities | |||
Current maturities of long-term debt | 8,253 | 8,244 | 47,281 |
Accounts payable ($58,475, $57,795 and $37,853 related to CCJVs) | 312,105 | 400,775 | 216,150 |
Contract liabilities ($47,509, $20,994 and $46,804 related to CCJVs) | 133,811 | 95,737 | 104,260 |
Accrued expenses and other current liabilities ($2,458, $2,415 and $3,577 related to CCJVs) | 355,393 | 337,300 | 308,086 |
Total current liabilities | 809,562 | 842,056 | 675,777 |
Long-term debt | 355,911 | 356,108 | 333,290 |
Long-term lease liabilities | 57,985 | 58,618 | 60,237 |
Deferred income taxes, net | 3,318 | 3,754 | 4,913 |
Other long-term liabilities | 57,795 | 63,136 | 59,867 |
Commitments and contingencies (Note 18) | |||
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,592,292 shares as of March 31, 2020, 45,503,805 shares as of December 31, 2019 and 46,812,366 shares as of March 31, 2019 | 457 | 456 | 468 |
Additional paid-in capital | 551,189 | 549,307 | 566,497 |
Accumulated other comprehensive loss | (6,538) | (2,645) | (1,081) |
Retained earnings | 522,639 | 594,353 | 610,302 |
Total Granite Construction Incorporated shareholders’ equity | 1,067,747 | 1,141,471 | 1,176,186 |
Non-controlling interests | 32,057 | 36,945 | 48,333 |
Total equity | 1,099,804 | 1,178,416 | 1,224,519 |
Total liabilities and equity | $ 2,384,375 | $ 2,502,088 | $ 2,358,603 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash and cash equivalents | $ 242,604 | $ 262,273 | $ 200,263 |
Receivables, net | 477,718 | 547,417 | 380,985 |
Contract assets | 226,518 | 211,441 | 213,023 |
Other current assets | 60,001 | 46,016 | 62,755 |
Property and equipment, net | 534,958 | 542,297 | 552,504 |
Accounts payable | 312,105 | 400,775 | 216,150 |
Contract liabilities | 133,811 | 95,737 | 104,260 |
Accrued expenses and other current liabilities | $ 355,393 | $ 337,300 | $ 308,086 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 45,592,292 | 45,503,805 | 46,812,366 |
Common stock, shares outstanding (in shares) | 45,592,292 | 45,503,805 | 46,812,366 |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 101,698 | $ 78,132 | $ 131,481 |
Receivables, net | 28,320 | 29,564 | 24,990 |
Contract assets | 17,584 | 25,034 | 9,354 |
Other current assets | 16,078 | 13,350 | 11,795 |
Property and equipment, net | 30,047 | 31,136 | 35,377 |
Accounts payable | 58,475 | 57,795 | 37,853 |
Contract liabilities | 47,509 | 20,994 | 46,804 |
Accrued expenses and other current liabilities | $ 2,458 | $ 2,415 | $ 3,577 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue | |||
Total revenue | $ 635,927 | $ 581,813 | |
Cost of revenue | |||
Total cost of revenue | 612,128 | 580,675 | |
Gross profit | 23,799 | 1,138 | |
Selling, general and administrative expenses | 78,381 | 80,155 | |
Acquisition and integration expenses | 0 | 1,848 | |
Non-cash impairment charges (See Note 4) | 24,413 | 0 | |
Gain on sales of property and equipment | (623) | (1,900) | |
Operating loss | (78,372) | (78,965) | |
Other (income) expense | |||
Interest income | (1,291) | (2,816) | |
Interest expense | 4,994 | 4,014 | |
Equity in income of affiliates, net | (46) | (1,290) | |
Other expense (income), net | 5,219 | (1,762) | |
Total other expense (income) | 8,876 | (1,854) | |
Loss before benefit from income taxes | (87,248) | (77,111) | |
Benefit from income taxes | (14,710) | (17,350) | |
Net loss | (72,538) | (59,761) | $ (59,761) |
Amount attributable to non-controlling interests | 7,168 | (2,709) | |
Net loss attributable to Granite Construction Incorporated | $ (65,370) | $ (62,470) | |
Net loss per share attributable to common shareholders (See Note 16) | |||
Basic (in dollars per share) | $ (1.44) | $ (1.34) | |
Diluted (in dollars per share) | $ (1.44) | $ (1.34) | |
Weighted average shares of common stock | |||
Basic (in shares) | 45,520 | 46,699 | |
Diluted (in shares) | 45,520 | 46,699 | |
Transportation [Member] | |||
Revenue | |||
Total revenue | $ 350,901 | $ 301,964 | |
Cost of revenue | |||
Total cost of revenue | 325,532 | 318,312 | |
Water [Member] | |||
Revenue | |||
Total revenue | 101,657 | 99,082 | |
Cost of revenue | |||
Total cost of revenue | 92,310 | 91,136 | |
Specialty [Member] | |||
Revenue | |||
Total revenue | 133,039 | 139,124 | |
Cost of revenue | |||
Total cost of revenue | 143,758 | 125,826 | |
Materials [Member] | |||
Revenue | |||
Total revenue | 50,330 | 41,643 | |
Cost of revenue | |||
Total cost of revenue | $ 50,528 | $ 45,401 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (72,538) | $ (59,761) |
Other comprehensive loss, net of tax: | ||
Net unrealized loss on derivatives | (3,360) | (598) |
Less: reclassification for net losses included in interest expense | 50 | (173) |
Net change | (3,310) | (771) |
Foreign currency translation adjustments, net | (583) | 439 |
Other comprehensive loss | (3,893) | (332) |
Comprehensive loss | (76,431) | (60,093) |
Non-controlling interests in comprehensive loss | 7,168 | (2,709) |
Comprehensive loss attributable to Granite Construction Incorporated | $ (69,263) | $ (62,802) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balances (in shares) at Dec. 31, 2018 | 46,665,889 | ||||||||||||||
Balances at Dec. 31, 2018 | $ 0 | $ 0 | $ 0 | $ (539) | $ (539) | $ 0 | $ (539) | $ 467 | $ 564,559 | $ (749) | $ 679,453 | $ 1,243,730 | $ 45,624 | $ 1,289,354 | |
Net loss | 0 | 0 | 0 | (62,470) | (62,470) | 2,709 | (59,761) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (332) | (332) | 0 | (332) | |||||||||
Purchases of common stock (in shares) | (86,104) | ||||||||||||||
Purchases of common stock (1) | [1] | $ (1) | (3,866) | 0 | 0 | (3,867) | 0 | (3,867) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 233,950 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 2 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||
Dividends on common stock ($0.13 per share) | $ 0 | 0 | 0 | (6,086) | (6,086) | 0 | (6,086) | ||||||||
Amortized RSUs and other (in shares) | (1,369) | ||||||||||||||
Amortized RSUs and other | $ 0 | 5,804 | 0 | (56) | 5,748 | 0 | $ 5,748 | ||||||||
Purchases of common stock (in shares) | 86,104 | ||||||||||||||
Balances (in shares) at Mar. 31, 2019 | 46,812,366 | 46,812,366 | |||||||||||||
Balances at Mar. 31, 2019 | $ 468 | 566,497 | (1,081) | 610,302 | 1,176,186 | 48,333 | $ 1,224,519 | ||||||||
Balances (in shares) at Dec. 31, 2018 | 46,665,889 | ||||||||||||||
Balances at Dec. 31, 2018 | 0 | 0 | 0 | (539) | (539) | 0 | (539) | $ 467 | 564,559 | (749) | 679,453 | 1,243,730 | 45,624 | 1,289,354 | |
Net loss | (59,761) | ||||||||||||||
Other comprehensive (loss) income | $ (332) | ||||||||||||||
Balances (in shares) at Dec. 31, 2019 | 45,503,805 | 45,503,805 | |||||||||||||
Balances at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (366) | $ (366) | $ 0 | $ (366) | $ 456 | 549,307 | (2,645) | 594,353 | 1,141,471 | 36,945 | $ 1,178,416 | |
Net loss | 0 | 0 | 0 | (65,370) | (65,370) | (7,168) | (72,538) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (3,893) | 0 | (3,893) | 0 | (3,893) | ||||||||
Purchases of common stock (in shares) | (49,710) | ||||||||||||||
Purchases of common stock (1) | [1] | $ 0 | (653) | 0 | 0 | (653) | 0 | (653) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 139,055 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 1 | (1) | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,927) | (5,927) | 0 | (5,927) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 2,280 | 2,280 | ||||||||
Amortized RSUs and other (in shares) | (858) | ||||||||||||||
Amortized RSUs and other | $ 0 | 2,536 | 0 | (51) | 2,485 | 0 | $ 2,485 | ||||||||
Purchases of common stock (in shares) | 49,710 | ||||||||||||||
Balances (in shares) at Mar. 31, 2020 | 45,592,292 | 45,592,292 | |||||||||||||
Balances at Mar. 31, 2020 | $ 457 | $ 551,189 | $ (6,538) | $ 522,639 | $ 1,067,747 | $ 32,057 | $ 1,099,804 | ||||||||
[1] | Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends (in dollars per share) | $ 0.13 | $ 0.13 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (72,538) | $ (59,761) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 28,447 | 29,055 |
Amortization related to the 2.75% Convertible Notes (Note 14) | 2,463 | 0 |
Gain on sales of property and equipment, net | (623) | (1,900) |
Stock-based compensation | 2,398 | 5,748 |
Equity in net loss from unconsolidated joint ventures | 11,816 | 20,384 |
Net income from affiliates | (46) | (1,290) |
Non-cash impairment charges (See Note 4) | 24,413 | 0 |
Changes in assets and liabilities: | ||
Receivables | 71,040 | 103,484 |
Contract assets, net | 22,997 | (33,345) |
Inventories | (9,880) | (8,238) |
Contributions to unconsolidated construction joint ventures | (13,767) | (26,933) |
Distributions from unconsolidated construction joint ventures and affiliates | 2,939 | 330 |
Other assets, net | (12,138) | (11,648) |
Accounts payable | (87,979) | (40,588) |
Accrued expenses and other current liabilities, net | 10,333 | (11,662) |
Net cash used in operating activities | (20,125) | (36,364) |
Investing activities | ||
Proceeds from called marketable securities | 20,000 | 0 |
Maturities of marketable securities | 5,000 | 0 |
Purchases of property and equipment | (21,435) | (28,744) |
Proceeds from sales of property and equipment | 3,865 | 4,687 |
Other investing activities, net | (1,528) | (286) |
Net cash provided by (used in) investing activities | 5,902 | (24,343) |
Financing activities | ||
Proceeds from debt | 0 | 20,000 |
Debt principal repayments | (2,105) | (21,902) |
Cash dividends paid | (5,915) | (6,067) |
Repurchases of common stock | (653) | (3,867) |
Other financing activities, net | 2,273 | 2 |
Net cash used in financing activities | (6,400) | (11,834) |
Net decrease in cash, cash equivalents and restricted cash | (20,623) | (72,541) |
Cash, cash equivalents and restricted cash, beginning of period | 268,108 | 278,629 |
Total cash, cash equivalents and restricted cash, end of period | 247,485 | 206,088 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 4,123 | 2,739 |
Cash paid for operating lease liabilities | 5,035 | 4,270 |
Cash paid during the period for: | ||
Interest | 2,170 | 3,478 |
Income taxes | 812 | 253 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 4,726 | 7,459 |
Accrued cash dividends | $ 5,927 | $ 6,086 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Restricted cash | $ 5,835 | $ 5,825 | $ 5,825 |
Restricted cash | $ 4,881 | $ 5,835 | $ 5,825 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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 December 31, 2019 March 31, 2020 2019 December 31, 2019 not Our operations are typically affected more by weather conditions during the first fourth may three March 31, 2020 not We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoption during the three March 31, 2020 No. 2018 13, Fair Value Measurement (Topic 820 No. 2019 12 , Income Taxes (Topic 740 January 1, 2020, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 No. 2019 05, Credit Losses (Topic 326 , 2 . Cash, Cash Equivalents and Restricted Cash: Three months ended March 31, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 242,604 200,263 Restricted cash 4,881 5,825 Total cash, cash equivalents and restricted cash, end of period 247,485 206,088 Net decrease in cash, cash equivalents and restricted cash $ (20,623 ) $ (72,541 ) |
Note 2 - Recently Issued and Ad
Note 2 - Recently Issued and Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued and Adopted Accounting Pronouncements In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 March 31, 2022, 2020 06 In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 31, 2020 December 31, 2022 2021. not 14 In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 May 2019 No. 2019 05, Credit Losses (Topic 326 326” 326 326 January 1, 2020, 326 not March 31, 2020, In connection with the adoption of Topic 326 , January 1, 2020: Allowance for Credit Losses: |
Note 3 - Restatement
Note 3 - Restatement | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 3. Restatement Background As disclosed in our 2019 10 February 2020, December 31, 2018, December 31, 2018 2017 first three December 31, 2019 December 31, 2018 10 December 31, 2019 not three March 31, 2019 Description of Restatement Tables We have presented below a reconciliation from the previously reported to the restated values as of and for the three March 31, 2019. 10 March 31, 2019 April 26, 2019 not The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive loss as a result of the restatement were due to the changes in net loss for the three March 31, 2019. no three March 31, 2019 The effects of the prior-period misstatements on our consolidated financial statements are as follows (in thousands, except per share data): Consolidated Balance Sheet March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated ASSETS Current assets Cash and cash equivalents $ 200,263 $ — $ — $ 200,263 Short-term marketable securities 36,049 — — 36,049 Receivables, net 368,215 10,566 2,204 380,985 Contract assets 260,250 (45,011 ) (2,216 ) 213,023 Inventories 96,862 — — 96,862 Equity in construction joint ventures 300,489 (74,557 ) (6,024 ) 219,908 Other current assets 54,590 7,606 559 62,755 Total current assets 1,316,718 (101,396 ) (5,477 ) 1,209,845 Property and equipment, net 552,504 — — 552,504 Long-term marketable securities 30,000 — — 30,000 Investments in affiliates 81,034 — — 81,034 Goodwill 259,695 — — 259,695 Right of use assets 71,480 — — 71,480 Deferred income taxes, net — 26,608 3,880 30,488 Other noncurrent assets 128,349 — (4,792 ) 123,557 Total assets $ 2,439,780 $ (74,788 ) $ (6,389 ) $ 2,358,603 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 47,281 $ — $ — $ 47,281 Accounts payable 216,966 — (816 ) 216,150 Contract liabilities 90,752 14,561 (1,053 ) 104,260 Accrued expenses and other current liabilities 265,102 43,035 (51 ) 308,086 Total current liabilities 620,101 57,596 (1,920 ) 675,777 Long-term debt 333,290 — — 333,290 Long-term lease liabilities 60,237 — — 60,237 Deferred income taxes, net — — 4,913 4,913 Other long-term liabilities 64,219 — (4,352 ) 59,867 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none — — — — Common stock, $ 0.01 150,000,000 46,812,366 468 — — 468 Additional paid-in capital 566,497 — — 566,497 Accumulated other comprehensive loss (626 ) — (455 ) (1,081 ) Retained earnings 746,100 (132,325 ) (3,473 ) 610,302 Total Granite Construction Incorporated shareholders’ equity 1,312,439 (132,325 ) (3,928 ) 1,176,186 Non-controlling interests 49,494 (59 ) (1,102 ) 48,333 Total equity 1,361,933 (132,384 ) (5,030 ) 1,224,519 Total liabilities and equity $ 2,439,780 $ (74,788 ) $ (6,389 ) $ 2,358,603 Consolidated Statement of Operations Three Months Ended March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Revenue Transportation $ 338,210 $ (28,022 ) $ (8,224 ) $ 301,964 Water 99,255 (170 ) (3 ) 99,082 Specialty 140,693 — (1,569 ) 139,124 Materials 41,643 — — 41,643 Total revenue 619,801 (28,192 ) (9,796 ) 581,813 Cost of revenue Transportation 316,960 6,208 (4,856 ) 318,312 Water 91,136 — — 91,136 Specialty 125,826 — — 125,826 Materials 45,401 — — 45,401 Total cost of revenue 579,323 6,208 (4,856 ) 580,675 Gross profit (loss) 40,478 (34,400 ) (4,940 ) 1,138 Selling, general and administrative expenses 81,155 — (1,000 ) 80,155 Acquisition and integration expenses 3,323 — (1,475 ) 1,848 Gain on sales of property and equipment (1,900 ) — — (1,900 ) Operating loss (42,100 ) (34,400 ) (2,465 ) (78,965 ) Other (income) expense Interest income (2,816 ) — — (2,816 ) Interest expense 4,014 — — 4,014 Equity in income of affiliates, net (1,290 ) — — (1,290 ) Other income, net (1,762 ) — — (1,762 ) Total other income (1,854 ) — — (1,854 ) Loss before benefit from income taxes (40,246 ) (34,400 ) (2,465 ) (77,111 ) Benefit from income taxes (9,165 ) (7,627 ) (558 ) (17,350 ) Net loss (31,081 ) (26,773 ) (1,907 ) (59,761 ) Amount attributable to non-controlling interests (3,493 ) 59 725 (2,709 ) Net loss attributable to Granite Construction Incorporated $ (34,574 ) $ (26,714 ) $ (1,182 ) $ (62,470 ) Net loss per share attributable to common shareholders Basic $ (0.74 ) $ (0.57 ) $ (0.03 ) $ (1.34 ) Diluted $ (0.74 ) $ (0.57 ) $ (0.03 ) $ (1.34 ) Weighted average shares of common stock Basic 46,699 46,699 46,699 46,699 Diluted 46,699 46,699 46,699 46,699 Consolidated Statement of Cash Flows Three Months Ended March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Operating activities Net loss $ (31,081 ) $ (26,773 ) $ (1,907 ) $ (59,761 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 28,846 — 209 29,055 Gain on sales of property and equipment, net (1,900 ) — — (1,900 ) Stock-based compensation 5,748 — — 5,748 Equity in net loss from unconsolidated joint ventures (455 ) 17,879 2,960 20,384 Net income in affiliates — — (1,290 ) (1,290 ) Changes in assets and liabilities: Receivables 105,086 — (1,602 ) 103,484 Contract assets, net (55,550 ) 16,479 5,726 (33,345 ) Inventories (8,238 ) — — (8,238 ) Contributions to unconsolidated construction joint ventures (26,933 ) — — (26,933 ) Distributions from unconsolidated construction joint ventures 330 — — 330 Other assets, net (4,189 ) (7,585 ) 126 (11,648 ) Accounts payable (34,110 ) — (6,478 ) (40,588 ) Accrued expenses and other current liabilities, net (13,918 ) — 2,256 (11,662 ) Net cash used in operating activities $ (36,364 ) $ — $ — $ (36,364 ) |
Note 4 - Impairment Charges
Note 4 - Impairment Charges | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 4. Goodwill We performed an interim goodwill impairment test on the March 31, 2020 three March 31, 2020, 19 three March 31, 2020 no 15%. not no Consistent with our annual impairment test, we calculated the estimated fair values of the Water and Mineral Services Group Materials and Water and Mineral Services Group Specialty reporting units using the discounted cash flows and market multiple methods. Judgments inherent in these methods included the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our discounted cash flow model were based on five Future developments that we are unable to anticipate may 3 Subsequent Goodwill Impairment Charges We performed a second September 30, 2020 three September 30, 2020. three September 30, 2020. 15%; no not no 2020 December 31, 2020 no Investment in Affiliates During the three March 31, 2020, three March 31, 2020. March 31, 2020 3 |
Note 5 - Revisions in Estimates
Note 5 - Revisions in Estimates | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 5. 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 no no not 2019 10 not three March 31, 2019. three March 31, 2020, not In the normal course of business, we have revisions in estimates, including estimated costs some of which are associated with unresolved affirmative claims and back charges. The estimated or actual recovery related to these estimated costs may may There were no The projects with decreases from revisions in estimates, which individually had an impact of $5.0 As Restated Three Months Ended March 31, 2020 2019 Number of projects with downward estimate changes 2 2 Range of reduction in gross profit from each project, net $ 5.8 - 22.7 $ 17.3 - 20.8 Decrease to project profitability $ 28.5 $ 38.1 Increase to net loss $ 21.6 $ 29.4 Increase to net loss per diluted share $ 0.47 $ 0.63 Decreases during the three March 31, 2020 2019 three March 31, 2020 three March 31, 2020 2019 |
Note 6 - Disaggregation of Reve
Note 6 - Disaggregation of Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 6. Disaggregation of Revenue The following tables present our disaggregated revenue (in thousands): Three months ended March 31, 2020 Transportation Water Specialty Materials Total California $ 94,932 5,512 $ 44,488 $ 33,267 $ 178,199 Federal 398 381 26,491 — 27,270 Heavy Civil 167,426 7,102 3,494 — 178,022 Midwest 24,243 — 11,503 — 35,746 Northwest 63,902 1,657 31,613 14,453 111,625 Water and Mineral Services — 87,005 15,450 2,610 105,065 Total $ 350,901 $ 101,657 $ 133,039 $ 50,330 $ 635,927 2019 (As Restated) California $ 69,513 $ 1,366 $ 32,155 $ 23,065 $ 126,099 Federal 27 508 15,202 — 15,737 Heavy Civil 159,742 4,361 — — 164,103 Midwest 18,061 84 34,321 — 52,466 Northwest 54,621 1,231 32,192 14,532 102,576 Water and Mineral Services — 91,532 25,254 4,046 120,832 Total $ 301,964 $ 99,082 $ 139,124 $ 41,643 $ 581,813 |
Note 7 - Unearned Revenue
Note 7 - Unearned Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 7. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): March 31, 2020 Transportation Water Specialty Total California $ 527,971 $ 52,136 $ 94,006 $ 674,113 Federal 18,152 957 131,569 150,678 Heavy Civil 1,321,443 41,511 240,060 1,603,014 Midwest 208,872 150 140,461 349,483 Northwest 614,653 2,868 61,680 679,201 Water and Mineral Services — 143,539 — 143,539 Total $ 2,691,091 $ 241,161 $ 667,776 $ 3,600,028 December 31, 2019 Transportation Water Specialty Total California $ 525,641 $ 19,950 $ 100,019 $ 645,610 Federal 14,139 1,041 153,563 168,743 Heavy Civil 1,480,367 47,046 243,329 1,770,742 Midwest 230,889 152 135,680 366,721 Northwest 547,020 4,545 61,706 613,271 Water and Mineral Services — 152,141 — 152,141 Total $ 2,798,056 $ 224,875 $ 694,297 $ 3,717,228 March 31, 2019 (As Restated) Transportation Water Specialty Total California $ 402,112 $ 7,314 $ 69,068 $ 478,494 Federal 126 1,717 134,605 136,448 Heavy Civil 1,423,909 16,827 — 1,440,736 Midwest 128,867 143 183,598 312,608 Northwest 361,661 1,759 71,878 435,298 Water and Mineral Services — 193,915 — 193,915 Total $ 2,316,675 $ 221,675 $ 459,149 $ 2,997,499 |
Note 8 - Contract Assets and Li
Note 8 - Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. Contract Assets and Liabilities During the three March 31, 2020 2019 December 31, 2019 2018 As 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 $43.9 million and $38.9 million during the three March 31, 2020 2019 As of March 31, 2020 December 31, 2019 March 31, 2019 The components of the contract asset balances as of the respective dates were as follows (in thousands): As Restated March 31, 2020 December 31, 2019 March 31, 2019 Costs in excess of billings and estimated earnings $ 114,378 $ 100,761 $ 137,689 Contract retention 112,140 110,680 75,334 Total contract assets $ 226,518 $ 211,441 $ 213,023 As of March 31, 2020 December 31, 2019 March 31, 2019 no 10% one The components of the contract liability balances as of the respective dates were as follows (in thousands): As Restated March 31, 2020 December 31, 2019 March 31, 2019 Billings in excess of costs and estimated earnings, net of retention $ 127,560 $ 86,736 $ 91,885 Provisions for losses 6,251 9,001 12,375 Total contract liabilities $ 133,811 $ 95,737 $ 104,260 |
Note 9 - Receivables, Net
Note 9 - Receivables, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 9. 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 do not As Restated March 31, 2020 December 31, 2019 March 31, 2019 Contracts completed and in progress: Billed $ 250,683 $ 299,633 $ 200,092 Unbilled 141,514 149,696 112,892 Total contracts completed and in progress 392,197 449,329 312,984 Material sales 34,268 42,936 29,948 Other 52,645 55,526 38,380 Total gross receivables 479,110 547,791 381,312 Less: allowance for credit losses 1,392 374 327 Total net receivables $ 477,718 $ 547,417 $ 380,985 Included in other receivables at March 31, 2020 December 31, 2019 March 31, 2019 No 10% |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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 March 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 58,693 $ — $ — $ 58,693 Other noncurrent assets Restricted cash 4,881 — — 4,881 Total assets $ 63,574 $ — $ — $ 63,574 Accrued and other current liabilities Interest rate swap $ — $ 8,890 $ — $ 8,890 Total liabilities $ — $ 8,890 $ — $ 8,890 December 31, 2019 Cash equivalents Money market funds $ 94,696 $ — $ — $ 94,696 Other noncurrent assets Restricted cash 5,835 — — 5,835 Total assets $ 100,531 $ — $ — $ 100,531 Accrued and other current liabilities Interest rate swap $ — $ 4,603 $ — $ 4,603 Total liabilities $ — $ 4,603 $ — $ 4,603 March 31, 2019 Cash equivalents Money market funds $ 36,159 $ — $ — $ 36,159 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 41,984 $ — $ — $ 41,984 Accrued and other current liabilities Interest rate swap $ — $ 2,530 $ — $ 2,530 Total liabilities $ — $ 2,530 $ — $ 2,530 Interest Rate Swaps In connection with the Third Amended and Restated Credit Agreement (as discussed further in Note 14 two May 2018. two May 2023. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not March 31, 2020 December 31, 2019 March 31, 2019 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 5,000 $ 5,006 $ 32,799 $ 32,792 $ 66,049 $ 65,556 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 195,295 $ 176,094 $ 193,696 $ 249,895 $ — $ — Credit Agreement - term loan (2) Level 3 136,875 137,194 138,750 139,042 144,375 145,206 Credit Agreement - revolving credit facility (2) Level 3 25,000 25,061 25,000 25,043 197,000 197,406 2019 Notes (2) Level 3 — — — — 40,000 41,207 ( 1 March 31, 2020 December 31, 2019, March 31, 2019. ( 2 2019 March 31, 2020 December 31, 2019. 14 2019 ( 3 March 31, 2020 December 31, 2019, 2.75% 14 As disclosed in Note 4, three March 31, 2020. three March 31, 2020, not three March 31, 2019, not |
Note 11 - Construction Joint Ve
Note 11 - Construction Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 11. 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 March 31, 2020 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the 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 March 31, 2020 not may Consolidated Construction Joint Ventures (“CCJVs”) At March 31, 2020 seven three March 31, 2020 2019 three March 31, 2020 2019 Unconsolidated Construction Joint Ventures As of March 31, 2020 nine March 31, 2020 The following is summary financial information related to unconsolidated construction joint ventures: As Restated (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Assets Cash, cash equivalents and marketable securities $ 144,472 $ 179,049 $ 281,355 Other current assets (1) 821,399 972,840 847,789 Noncurrent assets 203,520 207,584 215,129 Less partners’ interest 785,876 904,565 885,901 Granite’s interest (1),(2) 383,515 454,908 458,372 Liabilities 0 Current liabilities 555,380 581,199 533,325 Less partners’ interest and adjustments (3) 289,165 243,202 249,206 Granite’s interest 266,215 337,997 284,119 Equity in construction joint ventures (4) $ 117,300 $ 116,911 $ 174,253 ( 1 March 31, 2020 December 31, 2019 March 31, 2019 ( 2 March 31, 2020 December 31, 2019 March 31, 2019 March 31, 2020 December 31, 2019 March 31, 2019 ( 3 ( 4 March 31, 2020 December 31, 2019 March 31, 2019 Three Months Ended March 31, As Restated (in thousands) 2020 2019 Revenue Total $ 62,030 $ 415,934 Less partners’ interest and adjustments (1) (21,672 ) 305,418 Granite’s interest 83,702 110,516 Cost of revenue Total 228,460 411,485 Less partners’ interest and adjustments (1) 132,743 280,427 Granite’s interest 95,717 131,058 Granite’s interest in gross loss $ (12,015 ) $ (20,542 ) ( 1 During the three March 31, 2020 2019 five four 2020 2019, Line Item Joint Ventures As of March 31, 2020, March 31, 2020, three March 31, 2020 , three March 31, 2019, |
Note 12 - Investments in Affili
Note 12 - Investments in Affiliates | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 12. Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Foreign $ 45,598 $ 55,335 $ 56,082 Real estate 16,651 17,229 16,433 Asphalt terminal 11,000 11,612 8,519 Total investments in affiliates $ 73,249 $ 84,176 $ 81,034 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Current assets $ 112,426 $ 122,348 $ 137,041 Noncurrent assets 163,452 165,331 179,377 Total assets 275,878 287,679 316,418 Current liabilities 45,617 48,322 65,848 Long-term liabilities (1) 57,182 61,078 75,949 Total liabilities 102,799 109,400 141,797 Net assets 173,079 178,279 174,621 Granite’s share of net assets $ 73,249 $ 84,176 $ 81,034 ( 1 Of the $275.9 million of total affiliate assets as of March 31, 2020 thirteen three March 31, 2020 three March 31, 2020 4 March 31, 2020 December 31, 2019 March 31, 2019 March 31, 2020 |
Note 13 - Property and Equipmen
Note 13 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 13. 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 and were as follows: (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Equipment and vehicles $ 942,116 $ 947,687 $ 915,748 Quarry property 188,380 188,960 191,805 Land and land improvements 134,147 132,531 140,078 Buildings and leasehold improvements 124,784 122,316 108,587 Office furniture and equipment 68,327 67,991 66,176 Property and equipment 1,457,754 1,459,485 1,422,394 Less: accumulated depreciation and depletion 922,796 917,188 869,890 Property and equipment, net $ 534,958 $ 542,297 $ 552,504 |
Note 14 - Long-term Debt and Cr
Note 14 - Long-term Debt and Credit Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14. Long-Term Debt and Credit Arrangements (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 2.75% Convertible Notes $ 195,295 $ 193,696 $ — Credit Agreement - term loan 136,875 138,750 144,375 Credit Agreement - revolving credit facility 25,000 25,000 197,000 2019 Notes — — 40,000 Debt issuance costs and other 6,994 6,906 (804 ) Total debt 364,164 364,352 380,571 Less current maturities 8,253 8,244 47,281 Total long-term debt $ 355,911 $ 356,108 $ 333,290 The aggregate minimum principal maturities of long-term debt related to balances at March 31, 2020 2.75% 2020; 2021; 2022; 2023; 2024; 2025 Credit Agreement On March 26, 2020, No.3 2020. On June 19, 2020 November 12, 2020, No. 4 No. 5, On February 19, 2021, No. 6 may We refer to Third Amended and Restated Credit Agreement dated May 31, 2018 The Credit Agreement consists of a term loan and a revolving credit facility. The term loan requires that Granite repay 1.25% of the original $150.0 million principal balance each quarter until the maturity date, at which point the remaining balance is due. As of each March 31, 2020 December 31, 2019 March 31, 2019, $ As of March 31, 2020 June 2020 December 2023. Borrowings under the Credit Agreement bear interest at LIBOR, subject to a 75 basis point floor, or a base rate (at our option), plus an applicable margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement) calculated quarterly. LIBOR varies based on the applicable loan term, market conditions and other external factors. The applicable margin was 3.00% for loans bearing interest based on LIBOR and 2.00% for loans bearing interest at the base rate at March 31, 2020. March 31, 2020 three 2.75% In November 2019, “2.75% May 1 November 1 May 1, 2020 November 1, 2024, As of March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 On October 29, 2019, 2.75% March 31, 2020 December 31, 2019. 2019 As of March 31, 2019, December 2019 ( “2019 July 29, 2019, Covenants and Events of Default Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with these covenants would constitute an event of default under the Credit Agreement. Additionally, our failure to pay principal, interest or other amounts when due or within the relevant grace period on our 2.75% 2.75% no 2.75% The most significant financial covenants under the terms of our Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of March 31, 2020, not 2019 10 2020 10 February 28, 2021. |
Note 15 - Leases
Note 15 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 15. Leases We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of March 31, 2020 23 y March 31, 2020 December 31, 2019 March 31, 2019 As of March 31, 2020 December 31, 2019 March 31, 2019 no not Lease expense was $5.2 million and $4.3 million during the three March 31, 2020 2019 March 31, 2020 December 31, 2019 March 31, 2019 March 31, 2020 December 31, 2019 March 31, 2019 one not The following table summarizes our undiscounted lease liabilities outstanding as of March 31, 2020 Remainder of 2020 $ 15,568 2021 19,643 2022 17,502 2023 12,001 2024 7,138 2025 through 2036 13,510 Total future minimum lease payments 85,362 Less: imputed interest (9,435 ) Total $ 75,927 |
Note 16 - Weighted Average Shar
Note 16 - Weighted Average Shares Outstanding and Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Weighted Average Shares Outstanding and Net Loss Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, As Restated (in thousands, except per share amounts) 2020 2019 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (65,370 ) $ (62,470 ) Denominator Weighted average common shares outstanding, basic 45,520 46,699 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) — — Weighted average common shares outstanding, diluted 45,520 46,699 Net loss per share, basic $ (1.44 ) $ (1.34 ) Net loss per share, diluted $ (1.44 ) $ (1.34 ) ( 1 three March 31, 2020 2019, ( 2 three March 31, 2020 2.75% |
Note 17 - Income Taxes
Note 17 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. Income Taxes The following table presents the benefit from income taxes for the respective periods: Three Months Ended March 31, As Restated (dollars in thousands) 2020 2019 Benefit from income taxes $ (14,710 ) $ (17,350 ) Effective tax rate 16.9 % 22.5 % Our effective tax rate for the three March 31, 2020 2019 first 2020 no 4 |
Note 18 - Contingencies - Legal
Note 18 - Contingencies - Legal Proceedings | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 18. Contingencies - 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 cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may not may Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not not 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. The aggregate liabilities recorded as of March 31, 2020 2019 On August 13, 2019, February 20, 2020 April 30, 2018 October 24, 2019, 10 20 1934 10b 5 May 20, 2020, January 21, 2021, On October 23, 2019, June 2018 1933 August 10, 2020, September 16, 2020, On May 6, 2020, 1934 April 30, 2018 October 24, 2019. As of March 31, 2020, no not not In connection with our disclosure of the Audit Committee’s independent Investigation, we voluntarily contacted the San Francisco office of the SEC Division of Enforcement regarding the Investigation. The SEC has issued us subpoenas for documents in connection with the independent Investigation. We have produced documents to the SEC regarding the accounting issues identified during the independent Investigation and will continue to cooperate with the SEC in its investigation. |
Note 19 - Business Segment Info
Note 19 - Business Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Business Segment Information Summarized segment information is as follows (in thousands): Three Months Ended March 31, Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 350,901 $ 101,657 $ 133,039 $ 64,652 $ 650,249 Elimination of intersegment revenue — — — (14,322 ) (14,322 ) Revenue from external customers 350,901 101,657 133,039 50,330 635,927 Gross profit (loss) 25,369 9,347 (10,719 ) (198 ) 23,799 Depreciation, depletion and amortization 5,026 9,564 6,383 4,973 25,946 Segment assets 304,376 275,447 128,471 366,559 1,074,853 2019 (As Restated) Total revenue from reportable segments $ 301,964 $ 99,082 $ 139,124 $ 50,556 $ 590,726 Elimination of intersegment revenue — — — (8,913 ) (8,913 ) Revenue from external customers 301,964 99,082 139,124 41,643 581,813 Gross (loss) profit (16,348 ) 7,946 13,298 (3,758 ) 1,138 Depreciation, depletion and amortization 3,640 11,056 5,812 5,579 26,087 Segment assets 326,995 303,671 152,307 375,136 1,158,109 A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, As Restated (in thousands) 2020 2019 Total gross profit from reportable segments $ 23,799 $ 1,138 Selling, general and administrative expenses 78,381 80,155 Acquisition and integration expenses — 1,848 Non-cash impairment charges (See Note 4) 24,413 — Gain on sales of property and equipment (623 ) (1,900 ) Total other expense (income) 8,876 (1,854 ) Loss before benefit from income taxes $ (87,248 ) $ (77,111 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash: Three months ended March 31, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 242,604 200,263 Restricted cash 4,881 5,825 Total cash, cash equivalents and restricted cash, end of period 247,485 206,088 Net decrease in cash, cash equivalents and restricted cash $ (20,623 ) $ (72,541 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Three months ended March 31, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 242,604 200,263 Restricted cash 4,881 5,825 Total cash, cash equivalents and restricted cash, end of period 247,485 206,088 Net decrease in cash, cash equivalents and restricted cash $ (20,623 ) $ (72,541 ) |
Note 3 - Restatement (Tables)
Note 3 - Restatement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated ASSETS Current assets Cash and cash equivalents $ 200,263 $ — $ — $ 200,263 Short-term marketable securities 36,049 — — 36,049 Receivables, net 368,215 10,566 2,204 380,985 Contract assets 260,250 (45,011 ) (2,216 ) 213,023 Inventories 96,862 — — 96,862 Equity in construction joint ventures 300,489 (74,557 ) (6,024 ) 219,908 Other current assets 54,590 7,606 559 62,755 Total current assets 1,316,718 (101,396 ) (5,477 ) 1,209,845 Property and equipment, net 552,504 — — 552,504 Long-term marketable securities 30,000 — — 30,000 Investments in affiliates 81,034 — — 81,034 Goodwill 259,695 — — 259,695 Right of use assets 71,480 — — 71,480 Deferred income taxes, net — 26,608 3,880 30,488 Other noncurrent assets 128,349 — (4,792 ) 123,557 Total assets $ 2,439,780 $ (74,788 ) $ (6,389 ) $ 2,358,603 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 47,281 $ — $ — $ 47,281 Accounts payable 216,966 — (816 ) 216,150 Contract liabilities 90,752 14,561 (1,053 ) 104,260 Accrued expenses and other current liabilities 265,102 43,035 (51 ) 308,086 Total current liabilities 620,101 57,596 (1,920 ) 675,777 Long-term debt 333,290 — — 333,290 Long-term lease liabilities 60,237 — — 60,237 Deferred income taxes, net — — 4,913 4,913 Other long-term liabilities 64,219 — (4,352 ) 59,867 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none — — — — Common stock, $ 0.01 150,000,000 46,812,366 468 — — 468 Additional paid-in capital 566,497 — — 566,497 Accumulated other comprehensive loss (626 ) — (455 ) (1,081 ) Retained earnings 746,100 (132,325 ) (3,473 ) 610,302 Total Granite Construction Incorporated shareholders’ equity 1,312,439 (132,325 ) (3,928 ) 1,176,186 Non-controlling interests 49,494 (59 ) (1,102 ) 48,333 Total equity 1,361,933 (132,384 ) (5,030 ) 1,224,519 Total liabilities and equity $ 2,439,780 $ (74,788 ) $ (6,389 ) $ 2,358,603 Three Months Ended March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Revenue Transportation $ 338,210 $ (28,022 ) $ (8,224 ) $ 301,964 Water 99,255 (170 ) (3 ) 99,082 Specialty 140,693 — (1,569 ) 139,124 Materials 41,643 — — 41,643 Total revenue 619,801 (28,192 ) (9,796 ) 581,813 Cost of revenue Transportation 316,960 6,208 (4,856 ) 318,312 Water 91,136 — — 91,136 Specialty 125,826 — — 125,826 Materials 45,401 — — 45,401 Total cost of revenue 579,323 6,208 (4,856 ) 580,675 Gross profit (loss) 40,478 (34,400 ) (4,940 ) 1,138 Selling, general and administrative expenses 81,155 — (1,000 ) 80,155 Acquisition and integration expenses 3,323 — (1,475 ) 1,848 Gain on sales of property and equipment (1,900 ) — — (1,900 ) Operating loss (42,100 ) (34,400 ) (2,465 ) (78,965 ) Other (income) expense Interest income (2,816 ) — — (2,816 ) Interest expense 4,014 — — 4,014 Equity in income of affiliates, net (1,290 ) — — (1,290 ) Other income, net (1,762 ) — — (1,762 ) Total other income (1,854 ) — — (1,854 ) Loss before benefit from income taxes (40,246 ) (34,400 ) (2,465 ) (77,111 ) Benefit from income taxes (9,165 ) (7,627 ) (558 ) (17,350 ) Net loss (31,081 ) (26,773 ) (1,907 ) (59,761 ) Amount attributable to non-controlling interests (3,493 ) 59 725 (2,709 ) Net loss attributable to Granite Construction Incorporated $ (34,574 ) $ (26,714 ) $ (1,182 ) $ (62,470 ) Net loss per share attributable to common shareholders Basic $ (0.74 ) $ (0.57 ) $ (0.03 ) $ (1.34 ) Diluted $ (0.74 ) $ (0.57 ) $ (0.03 ) $ (1.34 ) Weighted average shares of common stock Basic 46,699 46,699 46,699 46,699 Diluted 46,699 46,699 46,699 46,699 Three Months Ended March 31, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Operating activities Net loss $ (31,081 ) $ (26,773 ) $ (1,907 ) $ (59,761 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 28,846 — 209 29,055 Gain on sales of property and equipment, net (1,900 ) — — (1,900 ) Stock-based compensation 5,748 — — 5,748 Equity in net loss from unconsolidated joint ventures (455 ) 17,879 2,960 20,384 Net income in affiliates — — (1,290 ) (1,290 ) Changes in assets and liabilities: Receivables 105,086 — (1,602 ) 103,484 Contract assets, net (55,550 ) 16,479 5,726 (33,345 ) Inventories (8,238 ) — — (8,238 ) Contributions to unconsolidated construction joint ventures (26,933 ) — — (26,933 ) Distributions from unconsolidated construction joint ventures 330 — — 330 Other assets, net (4,189 ) (7,585 ) 126 (11,648 ) Accounts payable (34,110 ) — (6,478 ) (40,588 ) Accrued expenses and other current liabilities, net (13,918 ) — 2,256 (11,662 ) Net cash used in operating activities $ (36,364 ) $ — $ — $ (36,364 ) |
Note 5 - Revisions in Estimat_2
Note 5 - Revisions in Estimates (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | As Restated Three Months Ended March 31, 2020 2019 Number of projects with downward estimate changes 2 2 Range of reduction in gross profit from each project, net $ 5.8 - 22.7 $ 17.3 - 20.8 Decrease to project profitability $ 28.5 $ 38.1 Increase to net loss $ 21.6 $ 29.4 Increase to net loss per diluted share $ 0.47 $ 0.63 |
Note 6 - Disaggregation of Re_2
Note 6 - Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2020 Transportation Water Specialty Materials Total California $ 94,932 5,512 $ 44,488 $ 33,267 $ 178,199 Federal 398 381 26,491 — 27,270 Heavy Civil 167,426 7,102 3,494 — 178,022 Midwest 24,243 — 11,503 — 35,746 Northwest 63,902 1,657 31,613 14,453 111,625 Water and Mineral Services — 87,005 15,450 2,610 105,065 Total $ 350,901 $ 101,657 $ 133,039 $ 50,330 $ 635,927 2019 (As Restated) California $ 69,513 $ 1,366 $ 32,155 $ 23,065 $ 126,099 Federal 27 508 15,202 — 15,737 Heavy Civil 159,742 4,361 — — 164,103 Midwest 18,061 84 34,321 — 52,466 Northwest 54,621 1,231 32,192 14,532 102,576 Water and Mineral Services — 91,532 25,254 4,046 120,832 Total $ 301,964 $ 99,082 $ 139,124 $ 41,643 $ 581,813 |
Note 7 - Unearned Revenue (Tabl
Note 7 - Unearned Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | March 31, 2020 Transportation Water Specialty Total California $ 527,971 $ 52,136 $ 94,006 $ 674,113 Federal 18,152 957 131,569 150,678 Heavy Civil 1,321,443 41,511 240,060 1,603,014 Midwest 208,872 150 140,461 349,483 Northwest 614,653 2,868 61,680 679,201 Water and Mineral Services — 143,539 — 143,539 Total $ 2,691,091 $ 241,161 $ 667,776 $ 3,600,028 December 31, 2019 Transportation Water Specialty Total California $ 525,641 $ 19,950 $ 100,019 $ 645,610 Federal 14,139 1,041 153,563 168,743 Heavy Civil 1,480,367 47,046 243,329 1,770,742 Midwest 230,889 152 135,680 366,721 Northwest 547,020 4,545 61,706 613,271 Water and Mineral Services — 152,141 — 152,141 Total $ 2,798,056 $ 224,875 $ 694,297 $ 3,717,228 March 31, 2019 (As Restated) Transportation Water Specialty Total California $ 402,112 $ 7,314 $ 69,068 $ 478,494 Federal 126 1,717 134,605 136,448 Heavy Civil 1,423,909 16,827 — 1,440,736 Midwest 128,867 143 183,598 312,608 Northwest 361,661 1,759 71,878 435,298 Water and Mineral Services — 193,915 — 193,915 Total $ 2,316,675 $ 221,675 $ 459,149 $ 2,997,499 |
Note 8 - Contract Assets and _2
Note 8 - Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | As Restated March 31, 2020 December 31, 2019 March 31, 2019 Costs in excess of billings and estimated earnings $ 114,378 $ 100,761 $ 137,689 Contract retention 112,140 110,680 75,334 Total contract assets $ 226,518 $ 211,441 $ 213,023 As Restated March 31, 2020 December 31, 2019 March 31, 2019 Billings in excess of costs and estimated earnings, net of retention $ 127,560 $ 86,736 $ 91,885 Provisions for losses 6,251 9,001 12,375 Total contract liabilities $ 133,811 $ 95,737 $ 104,260 |
Note 9 - Receivables, Net (Tabl
Note 9 - Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As Restated March 31, 2020 December 31, 2019 March 31, 2019 Contracts completed and in progress: Billed $ 250,683 $ 299,633 $ 200,092 Unbilled 141,514 149,696 112,892 Total contracts completed and in progress 392,197 449,329 312,984 Material sales 34,268 42,936 29,948 Other 52,645 55,526 38,380 Total gross receivables 479,110 547,791 381,312 Less: allowance for credit losses 1,392 374 327 Total net receivables $ 477,718 $ 547,417 $ 380,985 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using March 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 58,693 $ — $ — $ 58,693 Other noncurrent assets Restricted cash 4,881 — — 4,881 Total assets $ 63,574 $ — $ — $ 63,574 Accrued and other current liabilities Interest rate swap $ — $ 8,890 $ — $ 8,890 Total liabilities $ — $ 8,890 $ — $ 8,890 December 31, 2019 Cash equivalents Money market funds $ 94,696 $ — $ — $ 94,696 Other noncurrent assets Restricted cash 5,835 — — 5,835 Total assets $ 100,531 $ — $ — $ 100,531 Accrued and other current liabilities Interest rate swap $ — $ 4,603 $ — $ 4,603 Total liabilities $ — $ 4,603 $ — $ 4,603 March 31, 2019 Cash equivalents Money market funds $ 36,159 $ — $ — $ 36,159 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 41,984 $ — $ — $ 41,984 Accrued and other current liabilities Interest rate swap $ — $ 2,530 $ — $ 2,530 Total liabilities $ — $ 2,530 $ — $ 2,530 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 December 31, 2019 March 31, 2019 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 5,000 $ 5,006 $ 32,799 $ 32,792 $ 66,049 $ 65,556 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 195,295 $ 176,094 $ 193,696 $ 249,895 $ — $ — Credit Agreement - term loan (2) Level 3 136,875 137,194 138,750 139,042 144,375 145,206 Credit Agreement - revolving credit facility (2) Level 3 25,000 25,061 25,000 25,043 197,000 197,406 2019 Notes (2) Level 3 — — — — 40,000 41,207 |
Note 11 - Construction Joint _2
Note 11 - Construction Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | As Restated (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Assets Cash, cash equivalents and marketable securities $ 144,472 $ 179,049 $ 281,355 Other current assets (1) 821,399 972,840 847,789 Noncurrent assets 203,520 207,584 215,129 Less partners’ interest 785,876 904,565 885,901 Granite’s interest (1),(2) 383,515 454,908 458,372 Liabilities 0 Current liabilities 555,380 581,199 533,325 Less partners’ interest and adjustments (3) 289,165 243,202 249,206 Granite’s interest 266,215 337,997 284,119 Equity in construction joint ventures (4) $ 117,300 $ 116,911 $ 174,253 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended March 31, As Restated (in thousands) 2020 2019 Revenue Total $ 62,030 $ 415,934 Less partners’ interest and adjustments (1) (21,672 ) 305,418 Granite’s interest 83,702 110,516 Cost of revenue Total 228,460 411,485 Less partners’ interest and adjustments (1) 132,743 280,427 Granite’s interest 95,717 131,058 Granite’s interest in gross loss $ (12,015 ) $ (20,542 ) |
Note 12 - Investments in Affi_2
Note 12 - Investments in Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Foreign $ 45,598 $ 55,335 $ 56,082 Real estate 16,651 17,229 16,433 Asphalt terminal 11,000 11,612 8,519 Total investments in affiliates $ 73,249 $ 84,176 $ 81,034 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Current assets $ 112,426 $ 122,348 $ 137,041 Noncurrent assets 163,452 165,331 179,377 Total assets 275,878 287,679 316,418 Current liabilities 45,617 48,322 65,848 Long-term liabilities (1) 57,182 61,078 75,949 Total liabilities 102,799 109,400 141,797 Net assets 173,079 178,279 174,621 Granite’s share of net assets $ 73,249 $ 84,176 $ 81,034 |
Note 13 - Property and Equipm_2
Note 13 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Equipment and vehicles $ 942,116 $ 947,687 $ 915,748 Quarry property 188,380 188,960 191,805 Land and land improvements 134,147 132,531 140,078 Buildings and leasehold improvements 124,784 122,316 108,587 Office furniture and equipment 68,327 67,991 66,176 Property and equipment 1,457,754 1,459,485 1,422,394 Less: accumulated depreciation and depletion 922,796 917,188 869,890 Property and equipment, net $ 534,958 $ 542,297 $ 552,504 |
Note 14 - Long-term Debt and _2
Note 14 - Long-term Debt and Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands) March 31, 2020 December 31, 2019 March 31, 2019 2.75% Convertible Notes $ 195,295 $ 193,696 $ — Credit Agreement - term loan 136,875 138,750 144,375 Credit Agreement - revolving credit facility 25,000 25,000 197,000 2019 Notes — — 40,000 Debt issuance costs and other 6,994 6,906 (804 ) Total debt 364,164 364,352 380,571 Less current maturities 8,253 8,244 47,281 Total long-term debt $ 355,911 $ 356,108 $ 333,290 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2020 $ 15,568 2021 19,643 2022 17,502 2023 12,001 2024 7,138 2025 through 2036 13,510 Total future minimum lease payments 85,362 Less: imputed interest (9,435 ) Total $ 75,927 |
Note 16 - Weighted Average Sh_2
Note 16 - Weighted Average Shares Outstanding and Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, As Restated (in thousands, except per share amounts) 2020 2019 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (65,370 ) $ (62,470 ) Denominator Weighted average common shares outstanding, basic 45,520 46,699 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) — — Weighted average common shares outstanding, diluted 45,520 46,699 Net loss per share, basic $ (1.44 ) $ (1.34 ) Net loss per share, diluted $ (1.44 ) $ (1.34 ) |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, As Restated (dollars in thousands) 2020 2019 Benefit from income taxes $ (14,710 ) $ (17,350 ) Effective tax rate 16.9 % 22.5 % |
Note 19 - Business Segment In_2
Note 19 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 350,901 $ 101,657 $ 133,039 $ 64,652 $ 650,249 Elimination of intersegment revenue — — — (14,322 ) (14,322 ) Revenue from external customers 350,901 101,657 133,039 50,330 635,927 Gross profit (loss) 25,369 9,347 (10,719 ) (198 ) 23,799 Depreciation, depletion and amortization 5,026 9,564 6,383 4,973 25,946 Segment assets 304,376 275,447 128,471 366,559 1,074,853 2019 (As Restated) Total revenue from reportable segments $ 301,964 $ 99,082 $ 139,124 $ 50,556 $ 590,726 Elimination of intersegment revenue — — — (8,913 ) (8,913 ) Revenue from external customers 301,964 99,082 139,124 41,643 581,813 Gross (loss) profit (16,348 ) 7,946 13,298 (3,758 ) 1,138 Depreciation, depletion and amortization 3,640 11,056 5,812 5,579 26,087 Segment assets 326,995 303,671 152,307 375,136 1,158,109 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, As Restated (in thousands) 2020 2019 Total gross profit from reportable segments $ 23,799 $ 1,138 Selling, general and administrative expenses 78,381 80,155 Acquisition and integration expenses — 1,848 Non-cash impairment charges (See Note 4) 24,413 — Gain on sales of property and equipment (623 ) (1,900 ) Total other expense (income) 8,876 (1,854 ) Loss before benefit from income taxes $ (87,248 ) $ (77,111 ) |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash, cash equivalents and restricted cash, beginning of period | $ 268,108 | $ 278,629 |
Cash and cash equivalents | 242,604 | 200,263 |
Restricted cash | 4,881 | 5,825 |
Total cash, cash equivalents and restricted cash, end of period | 247,485 | 206,088 |
Net decrease in cash, cash equivalents and restricted cash | $ (20,623) | $ (72,541) |
Note 2 - Recently Issued and _2
Note 2 - Recently Issued and Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 522,639 | $ 594,353 | $ 610,302 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 900 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (500) |
Note 3 - Restatement - Effects
Note 3 - Restatement - Effects of Restatement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | $ 242,604 | $ 200,263 | $ 262,273 | |
Short-term marketable securities | 5,000 | 36,049 | 27,799 | |
Receivables, net ($28,320, $29,564 and $24,990 related to CCJVs) | 477,718 | 380,985 | 547,417 | |
Contract assets ($17,584, $25,034 and $9,354 related to CCJVs) | 226,518 | 213,023 | 211,441 | |
Inventories | 98,765 | 96,862 | 88,885 | |
Equity in construction joint ventures | 190,458 | 219,908 | 193,110 | |
Other current assets ($16,078, $13,350 and $11,795 related to CCJVs) | 60,001 | 62,755 | 46,016 | |
Total current assets | 1,301,064 | 1,209,845 | 1,376,941 | |
Property and equipment, net ($30,047, $31,136 and $35,377 related to CCJVs) | 534,958 | 552,504 | 542,297 | |
Long-term marketable securities | 0 | 30,000 | 5,000 | |
Investments in affiliates | 73,249 | 81,034 | 84,176 | |
Goodwill | 248,339 | 259,695 | 264,279 | |
Right of use assets | 72,945 | 71,480 | 72,534 | |
Deferred income taxes, net | 51,675 | 30,488 | 50,158 | |
Other noncurrent assets | 102,145 | 123,557 | 106,703 | |
Total assets | 2,384,375 | 2,358,603 | 2,502,088 | |
Current maturities of long-term debt | 8,253 | 47,281 | 8,244 | |
Accounts payable ($58,475, $57,795 and $37,853 related to CCJVs) | 312,105 | 216,150 | 400,775 | |
Contract liabilities ($47,509, $20,994 and $46,804 related to CCJVs) | 133,811 | 104,260 | 95,737 | |
Accrued expenses and other current liabilities ($2,458, $2,415 and $3,577 related to CCJVs) | 355,393 | 308,086 | 337,300 | |
Total current liabilities | 809,562 | 675,777 | 842,056 | |
Long-term debt | 355,911 | 333,290 | 356,108 | |
Long-term lease liabilities | 57,985 | 60,237 | 58,618 | |
Deferred income taxes, net | 3,318 | 4,913 | 3,754 | |
Other long-term liabilities | 57,795 | 59,867 | 63,136 | |
Commitments and contingencies (Note 18) | ||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | |||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,592,292 shares as of March 31, 2020, 45,503,805 shares as of December 31, 2019 and 46,812,366 shares as of March 31, 2019 | 457 | 468 | 456 | |
Additional paid-in capital | 551,189 | 566,497 | 549,307 | |
Accumulated other comprehensive loss | (6,538) | (1,081) | (2,645) | |
Retained earnings | 522,639 | 610,302 | 594,353 | |
Total Granite Construction Incorporated shareholders’ equity | 1,067,747 | 1,176,186 | 1,141,471 | |
Non-controlling interests | 32,057 | 48,333 | 36,945 | |
Total equity | 1,099,804 | 1,224,519 | 1,178,416 | $ 1,289,354 |
Total liabilities and equity | 2,384,375 | 2,358,603 | 2,502,088 | |
Total revenue | 635,927 | 581,813 | ||
Total cost of revenue | 612,128 | 580,675 | ||
Gross profit (loss) | 23,799 | 1,138 | ||
Selling, general and administrative expenses | 78,381 | 80,155 | ||
Acquisition and integration expenses | 0 | 1,848 | ||
Gain on sales of property and equipment | (623) | (1,900) | ||
Operating loss | (78,372) | (78,965) | ||
Interest income | (1,291) | (2,816) | ||
Interest expense | 4,994 | 4,014 | ||
Equity in income of affiliates, net | (46) | (1,290) | ||
Other expense (income), net | 5,219 | (1,762) | ||
Total other income | 8,876 | (1,854) | ||
Loss before benefit from income taxes | (87,248) | (77,111) | ||
Benefit from income taxes | (14,710) | (17,350) | ||
Net loss | (72,538) | (59,761) | $ (59,761) | |
Amount attributable to non-controlling interests | 7,168 | (2,709) | ||
Net loss attributable to Granite Construction Incorporated | $ (65,370) | $ (62,470) | ||
Basic (in dollars per share) | $ (1.44) | $ (1.34) | ||
Diluted (in dollars per share) | $ (1.44) | $ (1.34) | ||
Basic (in shares) | 45,520 | 46,699 | ||
Diluted (in shares) | 45,520 | 46,699 | ||
Net loss | $ (72,538) | $ (59,761) | ||
Depreciation, depletion and amortization | 28,447 | 29,055 | ||
Gain on sales of property and equipment, net | (623) | (1,900) | ||
Stock-based compensation | 2,398 | 5,748 | ||
Equity in net loss from unconsolidated joint ventures | 11,816 | 20,384 | ||
Net income from affiliates | (46) | (1,290) | ||
Receivables | 71,040 | 103,484 | ||
Contract assets, net | 22,997 | (33,345) | ||
Inventories | (9,880) | (8,238) | ||
Contributions to unconsolidated construction joint ventures | (13,767) | (26,933) | ||
Distributions from unconsolidated construction joint ventures and affiliates | 2,939 | 330 | ||
Other assets, net | (12,138) | (11,648) | ||
Accounts payable | (87,979) | (40,588) | ||
Accrued expenses and other current liabilities, net | 10,333 | (11,662) | ||
Net cash used in operating activities | (20,125) | (36,364) | ||
Transportation [Member] | ||||
Total revenue | 350,901 | 301,964 | ||
Total cost of revenue | 325,532 | 318,312 | ||
Water [Member] | ||||
Total revenue | 101,657 | 99,082 | ||
Total cost of revenue | 92,310 | 91,136 | ||
Specialty [Member] | ||||
Total revenue | 133,039 | 139,124 | ||
Total cost of revenue | 143,758 | 125,826 | ||
Materials [Member] | ||||
Total revenue | 50,330 | 41,643 | ||
Total cost of revenue | $ 50,528 | 45,401 | ||
Previously Reported [Member] | ||||
Cash and cash equivalents | 200,263 | |||
Short-term marketable securities | 36,049 | |||
Receivables, net ($28,320, $29,564 and $24,990 related to CCJVs) | 368,215 | |||
Contract assets ($17,584, $25,034 and $9,354 related to CCJVs) | 260,250 | |||
Inventories | 96,862 | |||
Equity in construction joint ventures | 300,489 | |||
Other current assets ($16,078, $13,350 and $11,795 related to CCJVs) | 54,590 | |||
Total current assets | 1,316,718 | |||
Property and equipment, net ($30,047, $31,136 and $35,377 related to CCJVs) | 552,504 | |||
Long-term marketable securities | 30,000 | |||
Investments in affiliates | 81,034 | |||
Goodwill | 259,695 | |||
Right of use assets | 71,480 | |||
Deferred income taxes, net | 0 | |||
Other noncurrent assets | 128,349 | |||
Total assets | 2,439,780 | |||
Current maturities of long-term debt | 47,281 | |||
Accounts payable ($58,475, $57,795 and $37,853 related to CCJVs) | 216,966 | |||
Contract liabilities ($47,509, $20,994 and $46,804 related to CCJVs) | 90,752 | |||
Accrued expenses and other current liabilities ($2,458, $2,415 and $3,577 related to CCJVs) | 265,102 | |||
Total current liabilities | 620,101 | |||
Long-term debt | 333,290 | |||
Long-term lease liabilities | 60,237 | |||
Deferred income taxes, net | 0 | |||
Other long-term liabilities | 64,219 | |||
Commitments and contingencies (Note 18) | ||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | |||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,592,292 shares as of March 31, 2020, 45,503,805 shares as of December 31, 2019 and 46,812,366 shares as of March 31, 2019 | 468 | |||
Additional paid-in capital | 566,497 | |||
Accumulated other comprehensive loss | (626) | |||
Retained earnings | 746,100 | |||
Total Granite Construction Incorporated shareholders’ equity | 1,312,439 | |||
Non-controlling interests | 49,494 | |||
Total equity | 1,361,933 | |||
Total liabilities and equity | 2,439,780 | |||
Total revenue | 619,801 | |||
Total cost of revenue | 579,323 | |||
Gross profit (loss) | 40,478 | |||
Selling, general and administrative expenses | 81,155 | |||
Acquisition and integration expenses | 3,323 | |||
Gain on sales of property and equipment | (1,900) | |||
Operating loss | (42,100) | |||
Interest income | (2,816) | |||
Interest expense | 4,014 | |||
Equity in income of affiliates, net | (1,290) | |||
Other expense (income), net | (1,762) | |||
Total other income | (1,854) | |||
Loss before benefit from income taxes | (40,246) | |||
Benefit from income taxes | (9,165) | |||
Net loss | (31,081) | |||
Amount attributable to non-controlling interests | (3,493) | |||
Net loss attributable to Granite Construction Incorporated | $ (34,574) | |||
Basic (in dollars per share) | $ (0.74) | |||
Diluted (in dollars per share) | $ (0.74) | |||
Basic (in shares) | 46,699 | |||
Diluted (in shares) | 46,699 | |||
Net loss | $ (31,081) | |||
Depreciation, depletion and amortization | 28,846 | |||
Gain on sales of property and equipment, net | (1,900) | |||
Stock-based compensation | 5,748 | |||
Equity in net loss from unconsolidated joint ventures | (455) | |||
Net income from affiliates | 0 | |||
Receivables | 105,086 | |||
Contract assets, net | (55,550) | |||
Inventories | (8,238) | |||
Contributions to unconsolidated construction joint ventures | (26,933) | |||
Distributions from unconsolidated construction joint ventures and affiliates | 330 | |||
Other assets, net | (4,189) | |||
Accounts payable | (34,110) | |||
Accrued expenses and other current liabilities, net | (13,918) | |||
Net cash used in operating activities | (36,364) | |||
Previously Reported [Member] | Transportation [Member] | ||||
Total revenue | 338,210 | |||
Total cost of revenue | 316,960 | |||
Previously Reported [Member] | Water [Member] | ||||
Total revenue | 99,255 | |||
Total cost of revenue | 91,136 | |||
Previously Reported [Member] | Specialty [Member] | ||||
Total revenue | 140,693 | |||
Total cost of revenue | 125,826 | |||
Previously Reported [Member] | Materials [Member] | ||||
Total revenue | 41,643 | |||
Total cost of revenue | 45,401 | |||
Revision of Prior Period, Adjustment [Member] | ||||
Cash and cash equivalents | 0 | |||
Short-term marketable securities | 0 | |||
Receivables, net ($28,320, $29,564 and $24,990 related to CCJVs) | 10,566 | |||
Contract assets ($17,584, $25,034 and $9,354 related to CCJVs) | (45,011) | |||
Inventories | 0 | |||
Equity in construction joint ventures | (74,557) | |||
Other current assets ($16,078, $13,350 and $11,795 related to CCJVs) | 7,606 | |||
Total current assets | (101,396) | |||
Property and equipment, net ($30,047, $31,136 and $35,377 related to CCJVs) | 0 | |||
Long-term marketable securities | 0 | |||
Investments in affiliates | 0 | |||
Goodwill | 0 | |||
Right of use assets | 0 | |||
Deferred income taxes, net | 26,608 | |||
Other noncurrent assets | 0 | |||
Total assets | (74,788) | |||
Current maturities of long-term debt | 0 | |||
Accounts payable ($58,475, $57,795 and $37,853 related to CCJVs) | 0 | |||
Contract liabilities ($47,509, $20,994 and $46,804 related to CCJVs) | 14,561 | |||
Accrued expenses and other current liabilities ($2,458, $2,415 and $3,577 related to CCJVs) | 43,035 | |||
Total current liabilities | 57,596 | |||
Long-term debt | 0 | |||
Long-term lease liabilities | 0 | |||
Deferred income taxes, net | 0 | |||
Other long-term liabilities | 0 | |||
Commitments and contingencies (Note 18) | ||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | |||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,592,292 shares as of March 31, 2020, 45,503,805 shares as of December 31, 2019 and 46,812,366 shares as of March 31, 2019 | 0 | |||
Additional paid-in capital | 0 | |||
Accumulated other comprehensive loss | 0 | |||
Retained earnings | (132,325) | |||
Total Granite Construction Incorporated shareholders’ equity | (132,325) | |||
Non-controlling interests | (59) | |||
Total equity | (132,384) | |||
Total liabilities and equity | (74,788) | |||
Total revenue | (28,192) | |||
Total cost of revenue | 6,208 | |||
Gross profit (loss) | (34,400) | |||
Selling, general and administrative expenses | 0 | |||
Acquisition and integration expenses | 0 | |||
Gain on sales of property and equipment | 0 | |||
Operating loss | (34,400) | |||
Interest income | 0 | |||
Interest expense | 0 | |||
Equity in income of affiliates, net | 0 | |||
Other expense (income), net | 0 | |||
Total other income | 0 | |||
Loss before benefit from income taxes | (34,400) | |||
Benefit from income taxes | (7,627) | |||
Net loss | (26,773) | |||
Amount attributable to non-controlling interests | 59 | |||
Net loss attributable to Granite Construction Incorporated | $ (26,714) | |||
Basic (in dollars per share) | $ (0.57) | |||
Diluted (in dollars per share) | $ (0.57) | |||
Basic (in shares) | 46,699 | |||
Diluted (in shares) | 46,699 | |||
Net loss | $ (26,773) | |||
Depreciation, depletion and amortization | 0 | |||
Gain on sales of property and equipment, net | 0 | |||
Stock-based compensation | 0 | |||
Equity in net loss from unconsolidated joint ventures | 17,879 | |||
Net income from affiliates | 0 | |||
Receivables | 0 | |||
Contract assets, net | 16,479 | |||
Inventories | 0 | |||
Contributions to unconsolidated construction joint ventures | 0 | |||
Distributions from unconsolidated construction joint ventures and affiliates | 0 | |||
Other assets, net | (7,585) | |||
Accounts payable | 0 | |||
Accrued expenses and other current liabilities, net | 0 | |||
Net cash used in operating activities | 0 | |||
Revision of Prior Period, Adjustment [Member] | Transportation [Member] | ||||
Total revenue | (28,022) | |||
Revision of Prior Period, Adjustment [Member] | Transportation [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Total cost of revenue | 6,208 | |||
Revision of Prior Period, Adjustment [Member] | Water [Member] | ||||
Total revenue | (170) | |||
Total cost of revenue | 0 | |||
Revision of Prior Period, Adjustment [Member] | Specialty [Member] | ||||
Total revenue | 0 | |||
Total cost of revenue | 0 | |||
Revision of Prior Period, Adjustment [Member] | Materials [Member] | ||||
Total revenue | 0 | |||
Total cost of revenue | 0 | |||
Other Adjustments [Member] | ||||
Cash and cash equivalents | 0 | |||
Short-term marketable securities | 0 | |||
Receivables, net ($28,320, $29,564 and $24,990 related to CCJVs) | 2,204 | |||
Contract assets ($17,584, $25,034 and $9,354 related to CCJVs) | (2,216) | |||
Inventories | 0 | |||
Equity in construction joint ventures | (6,024) | |||
Other current assets ($16,078, $13,350 and $11,795 related to CCJVs) | 559 | |||
Total current assets | (5,477) | |||
Property and equipment, net ($30,047, $31,136 and $35,377 related to CCJVs) | 0 | |||
Long-term marketable securities | 0 | |||
Investments in affiliates | 0 | |||
Goodwill | 0 | |||
Right of use assets | 0 | |||
Deferred income taxes, net | 3,880 | |||
Other noncurrent assets | (4,792) | |||
Total assets | (6,389) | |||
Current maturities of long-term debt | 0 | |||
Accounts payable ($58,475, $57,795 and $37,853 related to CCJVs) | (816) | |||
Contract liabilities ($47,509, $20,994 and $46,804 related to CCJVs) | (1,053) | |||
Accrued expenses and other current liabilities ($2,458, $2,415 and $3,577 related to CCJVs) | (51) | |||
Total current liabilities | (1,920) | |||
Long-term debt | 0 | |||
Long-term lease liabilities | 0 | |||
Deferred income taxes, net | 4,913 | |||
Other long-term liabilities | (4,352) | |||
Commitments and contingencies (Note 18) | ||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | |||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,592,292 shares as of March 31, 2020, 45,503,805 shares as of December 31, 2019 and 46,812,366 shares as of March 31, 2019 | 0 | |||
Additional paid-in capital | 0 | |||
Accumulated other comprehensive loss | (455) | |||
Retained earnings | (3,473) | |||
Total Granite Construction Incorporated shareholders’ equity | (3,928) | |||
Non-controlling interests | (1,102) | |||
Total equity | (5,030) | |||
Total liabilities and equity | (6,389) | |||
Total revenue | (9,796) | |||
Total cost of revenue | (4,856) | |||
Gross profit (loss) | (4,940) | |||
Selling, general and administrative expenses | (1,000) | |||
Acquisition and integration expenses | (1,475) | |||
Gain on sales of property and equipment | 0 | |||
Operating loss | (2,465) | |||
Interest income | 0 | |||
Interest expense | 0 | |||
Equity in income of affiliates, net | 0 | |||
Other expense (income), net | 0 | |||
Total other income | 0 | |||
Loss before benefit from income taxes | (2,465) | |||
Benefit from income taxes | (558) | |||
Net loss | (1,907) | |||
Amount attributable to non-controlling interests | 725 | |||
Net loss attributable to Granite Construction Incorporated | $ (1,182) | |||
Basic (in dollars per share) | $ (0.03) | |||
Diluted (in dollars per share) | $ (0.03) | |||
Basic (in shares) | 46,699 | |||
Diluted (in shares) | 46,699 | |||
Net loss | $ (1,907) | |||
Depreciation, depletion and amortization | 209 | |||
Gain on sales of property and equipment, net | 0 | |||
Stock-based compensation | 0 | |||
Equity in net loss from unconsolidated joint ventures | 2,960 | |||
Net income from affiliates | (1,290) | |||
Receivables | (1,602) | |||
Contract assets, net | 5,726 | |||
Inventories | 0 | |||
Contributions to unconsolidated construction joint ventures | 0 | |||
Distributions from unconsolidated construction joint ventures and affiliates | 0 | |||
Other assets, net | 126 | |||
Accounts payable | (6,478) | |||
Accrued expenses and other current liabilities, net | 2,256 | |||
Net cash used in operating activities | 0 | |||
Other Adjustments [Member] | Transportation [Member] | ||||
Total revenue | (8,224) | |||
Total cost of revenue | (4,856) | |||
Other Adjustments [Member] | Water [Member] | ||||
Total revenue | (3) | |||
Total cost of revenue | 0 | |||
Other Adjustments [Member] | Specialty [Member] | ||||
Total revenue | (1,569) | |||
Total cost of revenue | 0 | |||
Other Adjustments [Member] | Materials [Member] | ||||
Total revenue | 0 | |||
Total cost of revenue | $ 0 |
Note 3 - Restatement - Effect_2
Note 3 - Restatement - Effects of Restatement (Details) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 45,592,292 | 45,503,805 | 46,812,366 |
Common stock, shares outstanding (in shares) | 45,592,292 | 45,503,805 | 46,812,366 |
Note 4 - Impairment Charges (De
Note 4 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill, Impairment Loss | $ 24,413 | $ 0 | ||
Equity Method Investment, Other than Temporary Impairment | 9,600 | |||
Equity Method Investments | 73,249 | $ 81,034 | $ 84,176 | |
Water and Mineral Services Group Materials [Member] | ||||
Goodwill, Impairment Loss | 14,800 | |||
Water and Mineral Services Group Materials [Member] | Subsequent Event [Member] | ||||
Goodwill, Impairment Loss | $ 14,400 | |||
Water and Minerals Services Group Specialty [Member] | ||||
Goodwill, Impairment Loss | $ 0 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 15.00% | |||
Water and Mineral Services Group Water [Member] | Subsequent Event [Member] | ||||
Goodwill, Impairment Loss | 117,900 | |||
Midwest Group Specialty [Member] | Subsequent Event [Member] | ||||
Goodwill, Impairment Loss | $ 0 | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 15.00% |
Note 5 - Revisions in Estimat_3
Note 5 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross Profit, Total | $ 23,799 | $ 1,138 | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||
Gross Profit, Total | $ 5,000 | $ 5,000 |
Note 5 - Revisions in Estimat_4
Note 5 - Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Range of reduction in gross profit from each project, net | $ (23,799) | $ (1,138) | ||
Decrease to project profitability | 87,248 | 77,111 | ||
Net loss | $ (72,538) | $ (59,761) | $ (59,761) | |
Diluted (in dollars per share) | $ / shares | $ (1.44) | $ (1.34) | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||
Number of projects with downward estimate changes | 2 | 2 | ||
Range of reduction in gross profit from each project, net | $ (5,000) | $ (5,000) | ||
Decrease to project profitability | $ 28,500 | $ 38,100 | ||
Net loss | $ 21,600 | $ 29,400 | ||
Diluted (in dollars per share) | $ / shares | $ 0.47 | $ 0.63 | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||||
Range of reduction in gross profit from each project, net | $ 5,800 | $ 17,300 | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||||
Range of reduction in gross profit from each project, net | $ 22,700 | $ 20,800 |
Note 6 - Disaggregation of Re_3
Note 6 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 635,927 | $ 581,813 |
Water and Mineral Services [Member] | ||
Revenue | 105,065 | 120,832 |
Transportation [Member] | ||
Revenue | 350,901 | 301,964 |
Transportation [Member] | Water and Mineral Services [Member] | ||
Revenue | 0 | 0 |
Water [Member] | ||
Revenue | 101,657 | 99,082 |
Water [Member] | Water and Mineral Services [Member] | ||
Revenue | 87,005 | 91,532 |
Specialty [Member] | ||
Revenue | 133,039 | 139,124 |
Specialty [Member] | Water and Mineral Services [Member] | ||
Revenue | 15,450 | 25,254 |
Materials [Member] | ||
Revenue | 50,330 | 41,643 |
Materials [Member] | Water and Mineral Services [Member] | ||
Revenue | 2,610 | 4,046 |
California 1[Member] | ||
Revenue | 178,199 | 126,099 |
California 1[Member] | Transportation [Member] | ||
Revenue | 94,932 | 69,513 |
California 1[Member] | Water [Member] | ||
Revenue | 5,512 | 1,366 |
California 1[Member] | Specialty [Member] | ||
Revenue | 44,488 | 32,155 |
California 1[Member] | Materials [Member] | ||
Revenue | 33,267 | 23,065 |
Federal [Member] | ||
Revenue | 27,270 | 15,737 |
Federal [Member] | Transportation [Member] | ||
Revenue | 398 | 27 |
Federal [Member] | Water [Member] | ||
Revenue | 381 | 508 |
Federal [Member] | Specialty [Member] | ||
Revenue | 26,491 | 15,202 |
Federal [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Heavy Civil [Member] | ||
Revenue | 178,022 | 164,103 |
Heavy Civil [Member] | Transportation [Member] | ||
Revenue | 167,426 | 159,742 |
Heavy Civil [Member] | Water [Member] | ||
Revenue | 7,102 | 4,361 |
Heavy Civil [Member] | Specialty [Member] | ||
Revenue | 3,494 | 0 |
Heavy Civil [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Midwest [Member] | ||
Revenue | 35,746 | 52,466 |
Midwest [Member] | Transportation [Member] | ||
Revenue | 24,243 | 18,061 |
Midwest [Member] | Water [Member] | ||
Revenue | 0 | 84 |
Midwest [Member] | Specialty [Member] | ||
Revenue | 11,503 | 34,321 |
Midwest [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Northwest [Member] | ||
Revenue | 111,625 | 102,576 |
Northwest [Member] | Transportation [Member] | ||
Revenue | 63,902 | 54,621 |
Northwest [Member] | Water [Member] | ||
Revenue | 1,657 | 1,231 |
Northwest [Member] | Specialty [Member] | ||
Revenue | 31,613 | 32,192 |
Northwest [Member] | Materials [Member] | ||
Revenue | $ 14,453 | $ 14,532 |
Note 7 - Unearned Revenue - Sch
Note 7 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Unearned Revenue | $ 3,600,028 | $ 3,717,228 | $ 2,997,499 |
Water and Mineral Services [Member] | |||
Unearned Revenue | 143,539 | 152,141 | 193,915 |
California 1[Member] | |||
Unearned Revenue | 674,113 | 645,610 | 478,494 |
Federal [Member] | |||
Unearned Revenue | 150,678 | 168,743 | 136,448 |
Heavy Civil [Member] | |||
Unearned Revenue | 1,603,014 | 1,770,742 | 1,440,736 |
Midwest [Member] | |||
Unearned Revenue | 349,483 | 366,721 | 312,608 |
Northwest [Member] | |||
Unearned Revenue | 679,201 | 613,271 | 435,298 |
Transportation [Member] | |||
Unearned Revenue | 2,691,091 | 2,798,056 | 2,316,675 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Transportation [Member] | California 1[Member] | |||
Unearned Revenue | 527,971 | 525,641 | 402,112 |
Transportation [Member] | Federal [Member] | |||
Unearned Revenue | 18,152 | 14,139 | 126 |
Transportation [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 1,321,443 | 1,480,367 | 1,423,909 |
Transportation [Member] | Midwest [Member] | |||
Unearned Revenue | 208,872 | 230,889 | 128,867 |
Transportation [Member] | Northwest [Member] | |||
Unearned Revenue | 614,653 | 547,020 | 361,661 |
Water [Member] | |||
Unearned Revenue | 241,161 | 224,875 | 221,675 |
Water [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 143,539 | 152,141 | 193,915 |
Water [Member] | California 1[Member] | |||
Unearned Revenue | 52,136 | 19,950 | 7,314 |
Water [Member] | Federal [Member] | |||
Unearned Revenue | 957 | 1,041 | 1,717 |
Water [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 41,511 | 47,046 | 16,827 |
Water [Member] | Midwest [Member] | |||
Unearned Revenue | 150 | 152 | 143 |
Water [Member] | Northwest [Member] | |||
Unearned Revenue | 2,868 | 4,545 | 1,759 |
Specialty [Member] | |||
Unearned Revenue | 667,776 | 694,297 | 459,149 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Specialty [Member] | California 1[Member] | |||
Unearned Revenue | 94,006 | 100,019 | 69,068 |
Specialty [Member] | Federal [Member] | |||
Unearned Revenue | 131,569 | 153,563 | 134,605 |
Specialty [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 240,060 | 243,329 | 0 |
Specialty [Member] | Midwest [Member] | |||
Unearned Revenue | 140,461 | 135,680 | 183,598 |
Specialty [Member] | Northwest [Member] | |||
Unearned Revenue | $ 61,680 | $ 61,706 | $ 71,878 |
Note 8 - Contract Assets and _3
Note 8 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 13 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 25, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Liability, Revenue Recognized | $ 95.8 | $ 97.1 | |||
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | 76.5 | $ 71.1 | $ 42.8 | ||
Performance Obligations [Member] | |||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 43.9 | $ 38.9 |
Note 8 - Contract Assets and _4
Note 8 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Costs in excess of billings and estimated earnings | $ 114,378 | $ 100,761 | $ 137,689 |
Contract retention | 112,140 | 110,680 | 75,334 |
Total contract assets | 226,518 | 211,441 | 213,023 |
Billings in excess of costs and estimated earnings, net of retention | 127,560 | 86,736 | 91,885 |
Provisions for losses | 6,251 | 9,001 | 12,375 |
Total contract liabilities | $ 133,811 | $ 95,737 | $ 104,260 |
Note 9 - Receivables, Net - Sch
Note 9 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Gross receivables | $ 479,110 | $ 547,791 | $ 381,312 |
Less: allowance for credit losses | 1,392 | 374 | 327 |
Total net receivables | 477,718 | 547,417 | 380,985 |
Completed and in Progress [Member] | |||
Billed | 250,683 | 299,633 | 200,092 |
Unbilled | 141,514 | 149,696 | 112,892 |
Gross receivables | 392,197 | 449,329 | 312,984 |
Material Sales [Member] | |||
Gross receivables | 34,268 | 42,936 | 29,948 |
Other Business Products and Services [Member] | |||
Gross receivables | $ 52,645 | $ 55,526 | $ 38,380 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | |
Derivative Liability, Notional Amount | $ 150 | ||
The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 34.7 | $ 36.3 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.76% |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Total assets | $ 63,574 | $ 100,531 | $ 41,984 |
Interest rate swap | 8,890 | 4,603 | 2,530 |
Total liabilities | 8,890 | 4,603 | 2,530 |
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 63,574 | 100,531 | 41,984 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 8,890 | 4,603 | 2,530 |
Total liabilities | 8,890 | 4,603 | 2,530 |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Money Market Funds [Member] | |||
Cash equivalents | 58,693 | 94,696 | 36,159 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 58,693 | 94,696 | 36,159 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | 0 | 0 | 0 |
Restricted Cash [Member] | |||
Other noncurrent assets | 4,881 | 5,835 | 5,825 |
Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Other noncurrent assets | 4,881 | 5,835 | 5,825 |
Restricted Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Other noncurrent assets | 0 | 0 | 0 |
Restricted Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Other noncurrent assets | $ 0 | $ 0 | $ 0 |
Note 10 - Fair Value Measurem_5
Note 10 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | $ 5,000 | $ 32,799 | $ 66,049 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 195,295 | 193,696 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 25,000 | 25,000 | 197,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | 136,875 | 138,750 | 144,375 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | The 2019 Notes [Member] | ||||
Notes | [3] | 0 | 0 | 40,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | 5,006 | 32,792 | 65,556 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 176,094 | 249,895 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 25,061 | 25,043 | 197,406 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | 137,194 | 139,042 | 145,206 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | The 2019 Notes [Member] | ||||
Notes | [3] | $ 0 | $ 0 | $ 41,207 |
[1] | All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of March 31, 2020 and December 31, 2019, and included corporate bonds as of March 31, 2019. | |||
[2] | Excluded from the carrying value is $34.7 million and $36.3 million of debt discount as of March 31, 2020 and December 31, 2019, respectively, related to the 2.75% Convertible Notes (see Note 14). | |||
[3] | The fair values of the 2019 Notes, Credit Agreement term loan and revolving credit facility are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market as of March 31, 2020 and December 31, 2019. See Note 14 for definitions of, and more information about, the 2019 Notes, Credit Agreement and 2.75% Convertible Notes. |
Note 11 - Construction Joint _3
Note 11 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Contract with Customer, Liability, Total | $ 133,811 | $ 104,260 | $ 95,737 |
Contract Value of Active Construction Joint Venture Projects | 3,300,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 635,927 | 581,813 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 522,639 | 610,302 | 594,353 |
Net Income (Loss) Attributable to Parent, Total | (65,370) | (62,470) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | (11,816) | (20,384) | |
Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract with Customer, Liability, Total | $ 671,400 | ||
Number of Active Joint Venture Projects | 9 | ||
Contract Value of Active Construction Joint Venture Projects | $ 11,400,000 | ||
Affirmative Claim Recovery Estimate | 117,100 | 96,200 | 116,800 |
Back Charge Claims | 18,200 | 17,900 | 15,900 |
Retained Earnings (Accumulated Deficit), Ending Balance | 73,200 | 45,700 | $ 76,200 |
Net Income (Loss) Attributable to Parent, Total | (166,000) | 5,200 | |
Unconsolidated Construction Joint Venture Net Income (Loss) | (11,800) | (20,300) | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | |||
Contract with Customer, Liability, Total | 1,200 | ||
Contract Value of Active Construction Joint Venture Projects | $ 11,600 | ||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | |||
Contract with Customer, Liability, Total | $ 192,200 | ||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 822,400 | ||
Guarantor Obligations, Current Carrying Value | 81,900 | 88,200 | |
Unconsolidated Construction Corporate Joint Venture [Member] | Construction [Member] | |||
Contract with Customer, Liability, Total | 2,300,000 | ||
Co-venturer [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,500,000 | ||
Consolidated Construction Corporate Joint Venture [Member] | |||
Contract Value of Active Construction Joint Venture Projects | 919,700 | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Contract with Customer, Liability, Total | $ 499,200 | ||
Number of Active Joint Venture Projects | 7 | ||
Contract Value of Active Construction Joint Venture Projects | $ 1,600,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 54,700 | 63,000 | |
Net Cash Provided by (Used in) Continuing Operations, Total | 17,100 | 3,100 | |
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||
Contract with Customer, Liability, Total | 200 | ||
Contract Value of Active Construction Joint Venture Projects | $ 700 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member] | |||
Contract with Customer, Liability, Total | $ 203,200 | ||
Contract Value of Active Construction Joint Venture Projects | $ 410,500 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 65.00% | ||
Line Item Joint Venture [Member] | |||
Number of Active Joint Venture Projects | 4 | ||
Unconsolidated Construction Joint Venture Net Income (Loss) | $ 327,800 | ||
Line Item Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Contract with Customer, Liability, Total | 151,000 | ||
Contract Value of Active Construction Joint Venture Projects | 181,900 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 12,800 | $ 400 |
Note 11 - Construction Joint _4
Note 11 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Cash, cash equivalents and marketable securities | $ 144,472 | $ 179,049 | $ 281,355 | |
Other current assets | [1] | 821,399 | 972,840 | 847,789 |
Noncurrent assets | 203,520 | 207,584 | 215,129 | |
Current liabilities | 555,380 | 581,199 | 533,325 | |
Equity in construction joint ventures | [2] | 117,300 | 116,911 | 174,253 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 785,876 | 904,565 | 885,901 | |
Unconsolidated construction joint venture liabilities | [3] | 289,165 | 243,202 | 249,206 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 383,515 | 454,908 | 458,372 |
Unconsolidated construction joint venture liabilities | $ 266,215 | $ 337,997 | $ 284,119 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets was $81.9 million related to performance guarantees as of both March 31, 2020 and December 31, 2019 and $88.2 million as of March 31, 2019. | |||
[2] | Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $ 73.2 million, $ 76.2 million and $ 45.7 million, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses, as of March 31, 2020, December 31, 2019 and March 31, 2019. | |||
[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 as of March 31, 2020, December 31, 2019 and March 31, 2019 was $117.1 million, $116.8 million and $96.2 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $18.2 million, $15.9 million and $17.9 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2020, December 31, 2019 and March 31, 2019, respectively. |
Note 11 - Construction Joint _5
Note 11 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Cost of revenue | $ 612,128 | $ 580,675 | |
Collaborative Arrangement [Member] | |||
Revenue | 83,702 | 110,516 | |
Cost of revenue | 95,717 | 131,058 | |
Granite’s interest in gross loss | (12,015) | (20,542) | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||
Revenue | 62,030 | 415,934 | |
Cost of revenue | 228,460 | 411,485 | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||
Revenue | [1] | (21,672) | 305,418 |
Cost of revenue | [1] | $ 132,743 | $ 280,427 |
[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 differences. |
Note 12 - Investments in Affi_3
Note 12 - Investments in Affiliates (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Assets, Total | $ 2,384,375 | $ 2,502,088 | $ 2,358,603 |
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | ||
Foreign Affiliates [Member] | |||
Number of Entities | 13 | ||
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | ||
Foreign Affiliates [Member] | Minimum [Member] | |||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Foreign Affiliates [Member] | Maximum [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Real Estate Entities [Member] | |||
Number of Entities | 3 | ||
Real Estate Entities [Member] | Minimum [Member] | |||
Equity Method Investment, Ownership Percentage | 18.00% | ||
Real Estate Entities [Member] | Maximum [Member] | |||
Equity Method Investment, Ownership Percentage | 47.00% | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Assets, Total | $ 275,878 | 287,679 | 316,418 |
Foreign Affiliates [Member] | Minimum [Member] | |||
Assets, Total | 200 | ||
Foreign Affiliates [Member] | Maximum [Member] | |||
Assets, Total | 62,500 | ||
Real Estate Entities [Member] | |||
Assets, Total | 13,300 | $ 13,600 | $ 13,100 |
Real Estate Entities [Member] | Minimum [Member] | |||
Assets, Total | 8,200 | ||
Real Estate Entities [Member] | Maximum [Member] | |||
Assets, Total | 33,600 | ||
Asphalt Terminal Entity [Member] | |||
Assets, Total | $ 25,900 |
Note 12 - Investments in Affi_4
Note 12 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Total investments in affiliates | $ 73,249 | $ 84,176 | $ 81,034 |
Foreign Affiliates [Member] | |||
Total investments in affiliates | 45,598 | 55,335 | 56,082 |
Real Estate Entities [Member] | |||
Total investments in affiliates | 16,651 | 17,229 | 16,433 |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 11,000 | $ 11,612 | $ 8,519 |
Note 12 - Investments in Affi_5
Note 12 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Current assets | $ 1,301,064 | $ 1,376,941 | $ 1,209,845 | |
Total assets | 2,384,375 | 2,502,088 | 2,358,603 | |
Current liabilities | 809,562 | 842,056 | 675,777 | |
Granite’s share of net assets | 73,249 | 84,176 | 81,034 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 112,426 | 122,348 | 137,041 | |
Noncurrent assets | 163,452 | 165,331 | 179,377 | |
Total assets | 275,878 | 287,679 | 316,418 | |
Current liabilities | 45,617 | 48,322 | 65,848 | |
Long-term liabilities (1) | [1] | 57,182 | 61,078 | 75,949 |
Total liabilities | 102,799 | 109,400 | 141,797 | |
Net assets | 173,079 | 178,279 | 174,621 | |
Granite’s share of net assets | $ 73,249 | $ 84,176 | $ 81,034 | |
[1] | The balance primarily related to local bank debt for equipment purchases and working capital in our foreign affiliates and debt associated with our real estate investments. |
Note 13 - Property and Equipm_3
Note 13 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Property and equipment, gross | $ 1,457,754 | $ 1,459,485 | $ 1,422,394 |
Less: accumulated depreciation and depletion | 922,796 | 917,188 | 869,890 |
Property and equipment, net | 534,958 | 542,297 | 552,504 |
Equipment and Vehicles [Member] | |||
Property and equipment, gross | 942,116 | 947,687 | 915,748 |
Mining Properties and Mineral Rights [Member] | |||
Property and equipment, gross | 188,380 | 188,960 | 191,805 |
Land and Land Improvements [Member] | |||
Property and equipment, gross | 134,147 | 132,531 | 140,078 |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 124,784 | 122,316 | 108,587 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 68,327 | $ 67,991 | $ 66,176 |
Note 14 - Long-term Debt and _3
Note 14 - Long-term Debt and Credit Arrangements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2020 | Mar. 26, 2020 | Mar. 25, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Jul. 29, 2019 | Mar. 31, 2019 | May 31, 2018 | |
Long-Term Debt, Maturity, Year One | $ 6,300 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,500 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 8,500 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 142,300 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 231,100 | |||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 7,900 | |||||||
Long-term Debt, Current Maturities, Total | 8,253 | $ 8,244 | $ 47,281 | |||||
Long-term Debt, Excluding Current Maturities, Total | 355,911 | 356,108 | 333,290 | |||||
Additional Paid-in Capital [Member] | Warrants Issued With 2.75% Convertible Notes [Member] | ||||||||
Warrants and Rights Outstanding | 11,200 | 11,200 | ||||||
Additional Paid-in Capital [Member] | Hedge Option [Member] | ||||||||
Derivative Liability, Total | $ 27,900 | 27,900 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.76% | |||||||
The 2.75% Convertible Notes [Member] | ||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 34,700 | $ 36,300 | ||||||
Debt Instrument, Face Amount | $ 230,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | ||||||
Long-term Debt, Gross | 195,300 | $ 193,700 | ||||||
The Credit Agreement [Member] | ||||||||
Letters of Credit Outstanding, Amount | $ 31,200 | |||||||
Consolidated Leverage Ratio, Actual | 1.97 | |||||||
Consolidated Leverage Ratio, Covenant Maximum | 3.25 | |||||||
Consolidated Interest Coverage Ratio, Actual | 9.02 | |||||||
Debt Instrument, Covenant, Minimum Consolidated Interest Coverage Ratio | 4 | |||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.45% | |||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
The Credit Agreement [Member] | Base Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | |||||||
The Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | $ 350,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 218,800 | |||||||
Long-term Line of Credit, Total | 25,000 | |||||||
The Credit Agreement [Member] | Term Loan [Member] | ||||||||
Debt Instrument, Periodic Payment, Principal Balance Percentage | 1.25% | |||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 | |||||
Long-term Debt, Excluding Current Maturities, Total | $ 129,400 | $ 131,300 | 136,900 | |||||
The 2019 Notes [Member] | Senior Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 40,000 | $ 40,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.11% |
Note 14 - Long-term Debt and _4
Note 14 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Total debt | $ 364,164 | $ 364,352 | $ 380,571 |
Debt issuance costs and other | 6,994 | 6,906 | (804) |
Long-term Debt, Current Maturities, Total | 8,253 | 8,244 | 47,281 |
Long-term Debt, Excluding Current Maturities, Total | 355,911 | 356,108 | 333,290 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 195,295 | 193,696 | 0 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 136,875 | 138,750 | 144,375 |
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | 129,400 | 131,300 | 136,900 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Total debt | 25,000 | 25,000 | 197,000 |
Senior Notes [Member] | The 2019 Notes [Member] | |||
Total debt | $ 0 | $ 0 | $ 40,000 |
Note 14 - Long-term Debt and _5
Note 14 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) (Parentheticals) | Dec. 31, 2019 | Nov. 30, 2019 |
The 2.75% Convertible Notes [Member] | ||
Interest rate | 2.75% | 2.75% |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 72,945 | $ 71,480 | $ 72,534 |
Operating Lease, Liability, Noncurrent | 57,985 | 60,237 | $ 58,618 |
Operating Lease, Expense | $ 5,200 | $ 4,300 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 7 months 6 days | 6 years 7 months 6 days | 5 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.94% | 4.13% | 3.97% |
ROU Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 17,900 | $ 17,900 | $ 17,900 |
Other Current Liabilities [Member] | |||
Operating Lease, Liability, Current | 17,000 | 17,000 | 17,000 |
Long-term Lease Liabilities [Member] | |||
Operating Lease, Liability, Noncurrent | $ 14,300 | $ 14,300 | $ 14,300 |
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 23 years |
Note 15 - Leases - Schedule of
Note 15 - Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Remainder of 2020 | $ 15,568 |
2021 | 19,643 |
2022 | 17,502 |
2023 | 12,001 |
2024 | 7,138 |
2025 through 2036 | 13,510 |
Total future minimum lease payments | 85,362 |
Less: imputed interest | (9,435) |
Total | $ 75,927 |
Note 16 - Weighted Average Sh_3
Note 16 - Weighted Average Shares Outstanding and Net Loss Per Share (Details Textual) - $ / shares | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Nov. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 443,000 | 422,000 | ||
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | |||
The 2.75% Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% |
Note 16 - Weighted Average Sh_4
Note 16 - Weighted Average Shares Outstanding and Net Loss Per Share - Reconciliation of the Weighted Average Shares Outstanding in Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net loss attributable to Granite Construction Incorporated | $ (65,370) | $ (62,470) | |
Weighted average common shares outstanding, basic (in shares) | 45,520 | 46,699 | |
Dilutive effect of RSUs and convertible notes (in shares) | [1],[2] | 0 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 45,520 | 46,699 | |
Net loss per share, basic (in dollars per share) | $ (1.44) | $ (1.34) | |
Net loss per share, diluted (in dollars per share) | $ (1.44) | $ (1.34) | |
[1] | As the average price of our common stock since the issuance date of the 2.75% Convertible Notes was below $31.47 per share, the number of shares used in calculating diluted net loss per share for the three months ended March 31, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock. | ||
[2] | Due to the net loss for the three months ended March 31, 2020 and 2019, RSUs representing approximately 443,000 and 422,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 16.90% | 22.50% |
Discrete Income Tax Expense (Benefit) | $ 0 |
Note 17 - Income Taxes - Schedu
Note 17 - Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Benefit from income taxes | $ (14,710) | $ (17,350) |
Effective tax rate | 16.90% | 22.50% |
Note 19 - Business Segment In_3
Note 19 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Total revenue | $ 635,927 | $ 581,813 | |
Gross profit (loss) | 23,799 | 1,138 | |
Segment assets | 2,384,375 | 2,358,603 | $ 2,502,088 |
Transportation [Member] | |||
Total revenue | 350,901 | 301,964 | |
Gross profit (loss) | 25,369 | (16,348) | |
Depreciation, depletion and amortization | 5,026 | 3,640 | |
Water [Member] | |||
Total revenue | 101,657 | 99,082 | |
Gross profit (loss) | 9,347 | 7,946 | |
Depreciation, depletion and amortization | 9,564 | 11,056 | |
Specialty [Member] | |||
Total revenue | 133,039 | 139,124 | |
Gross profit (loss) | (10,719) | 13,298 | |
Depreciation, depletion and amortization | 6,383 | 5,812 | |
Materials [Member] | |||
Total revenue | 50,330 | 41,643 | |
Gross profit (loss) | (198) | (3,758) | |
Depreciation, depletion and amortization | 4,973 | 5,579 | |
Operating Segments [Member] | |||
Total revenue | 650,249 | 590,726 | |
Gross profit (loss) | 23,799 | 1,138 | |
Depreciation, depletion and amortization | 25,946 | 26,087 | |
Segment assets | 1,074,853 | 1,158,109 | |
Operating Segments [Member] | Transportation [Member] | |||
Total revenue | 350,901 | 301,964 | |
Segment assets | 304,376 | 326,995 | |
Operating Segments [Member] | Water [Member] | |||
Total revenue | 101,657 | 99,082 | |
Segment assets | 275,447 | 303,671 | |
Operating Segments [Member] | Specialty [Member] | |||
Total revenue | 133,039 | 139,124 | |
Segment assets | 128,471 | 152,307 | |
Operating Segments [Member] | Materials [Member] | |||
Total revenue | 64,652 | 50,556 | |
Segment assets | 366,559 | 375,136 | |
Consolidation, Eliminations [Member] | |||
Total revenue | (14,322) | (8,913) | |
Consolidation, Eliminations [Member] | Transportation [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Water [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Specialty [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Materials [Member] | |||
Total revenue | $ (14,322) | $ (8,913) |
Note 19 - Business Segment In_4
Note 19 - Business Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total gross profit from reportable segments | $ 23,799 | $ 1,138 |
Selling, general and administrative expenses | 78,381 | 80,155 |
Acquisition and integration expenses | 0 | 1,848 |
Non-cash impairment charges (See Note 4) | 24,413 | 0 |
Gain on sales of property and equipment | (623) | (1,900) |
Total other income | 8,876 | (1,854) |
Loss before benefit from income taxes | (87,248) | (77,111) |
Operating Segments [Member] | ||
Total gross profit from reportable segments | $ 23,799 | $ 1,138 |