Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 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 | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Current assets | |||
Cash and cash equivalents ($93,500, $78,132, and $115,933 related to consolidated construction joint ventures (“CCJVs”)) | $ 288,922 | $ 262,273 | $ 144,958 |
Short-term marketable securities | 0 | 27,799 | 41,037 |
Receivables, net ($31,978, $29,564 and $31,656 related to CCJVs) | 596,922 | 547,417 | 564,543 |
Contract assets ($26,075, $25,034 and $17,371 related to CCJVs) | 191,919 | 211,441 | 224,389 |
Inventories | 105,023 | 88,885 | 101,686 |
Equity in construction joint ventures | 183,542 | 193,110 | 220,247 |
Other current assets ($14,392, $13,350 and $11,440 related to CCJVs) | 57,614 | 46,016 | 80,560 |
Total current assets | 1,423,942 | 1,376,941 | 1,377,420 |
Property and equipment, net ($27,256, $31,136 and $31,560 related to CCJVs) | 540,053 | 542,297 | 558,378 |
Long-term marketable securities | 5,896 | 5,000 | 20,000 |
Investments in affiliates | 74,511 | 84,176 | 82,109 |
Goodwill | 248,690 | 264,279 | 264,107 |
Right of use assets | 72,244 | 72,534 | 73,439 |
Deferred income taxes, net | 40,926 | 50,158 | 28,249 |
Other noncurrent assets | 102,392 | 106,703 | 120,915 |
Total assets | 2,508,654 | 2,502,088 | 2,524,617 |
Current liabilities | |||
Current maturities of long-term debt | 8,253 | 8,244 | 48,397 |
Accounts payable ($56,315, $57,795 and $50,338 related to CCJVs) | 358,401 | 400,775 | 302,651 |
Contract liabilities ($69,688, $20,994 and $28,702 related to CCJVs) | 159,818 | 95,737 | 128,443 |
Accrued expenses and other current liabilities ($4,179, $2,415 and $4,311 related to CCJVs) | 363,128 | 337,300 | 360,231 |
Total current liabilities | 889,600 | 842,056 | 839,722 |
Long-term debt | 405,770 | 356,108 | 366,896 |
Long-term lease liabilities | 56,071 | 58,618 | 60,868 |
Deferred income taxes, net | 3,335 | 3,754 | 4,680 |
Other long-term liabilities | 63,118 | 63,136 | 58,268 |
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: 45,651,914 shares as of June 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,838,199 shares as of June 30, 2019 | 458 | 456 | 468 |
Additional paid-in capital | 553,038 | 549,307 | 568,264 |
Accumulated other comprehensive loss | (5,800) | (2,645) | (2,187) |
Retained earnings | 520,025 | 594,353 | 579,920 |
Total Granite Construction Incorporated shareholders’ equity | 1,067,721 | 1,141,471 | 1,146,465 |
Non-controlling interests | 23,039 | 36,945 | 47,718 |
Total equity | 1,090,760 | 1,178,416 | 1,194,183 |
Total liabilities and equity | $ 2,508,654 | $ 2,502,088 | $ 2,524,617 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Cash and cash equivalents | $ 288,922 | $ 262,273 | $ 144,958 |
Receivables, net | 596,922 | 547,417 | 564,543 |
Contract assets | 191,919 | 211,441 | 224,389 |
Other current assets | 57,614 | 46,016 | 80,560 |
Property and equipment, net | 540,053 | 542,297 | 558,378 |
Accounts payable | 358,401 | 400,775 | 302,651 |
Contract liabilities | 159,818 | 95,737 | 128,443 |
Accrued expenses and other current liabilities | $ 363,128 | $ 337,300 | $ 360,231 |
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) | 45,651,914 | 45,503,805 | 46,838,199 |
Common stock, shares outstanding (in shares) | 45,651,914 | 45,503,805 | 46,838,199 |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 93,500 | $ 78,132 | $ 115,933 |
Receivables, net | 31,978 | 29,564 | 31,656 |
Contract assets | 26,075 | 25,034 | 17,371 |
Other current assets | 14,392 | 13,350 | 11,440 |
Property and equipment, net | 27,256 | 31,136 | 31,560 |
Accounts payable | 56,315 | 57,795 | 50,338 |
Contract liabilities | 69,688 | 20,994 | 28,702 |
Accrued expenses and other current liabilities | $ 4,179 | $ 2,415 | $ 4,311 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | ||||
Total revenue | $ 915,771 | $ 866,092 | $ 1,551,698 | $ 1,447,905 |
Cost of revenue | ||||
Total cost of revenue | 827,428 | 819,334 | 1,439,556 | 1,400,009 |
Gross profit | 88,343 | 46,758 | 112,142 | 47,896 |
Selling, general and administrative expenses | 91,682 | 70,998 | 170,063 | 151,153 |
Acquisition and integration expenses | 0 | 9,177 | 0 | 11,025 |
Non-cash impairment charges (See Note 4) | 0 | 0 | 24,413 | 0 |
Gain on sales of property and equipment | (1,190) | (4,935) | (1,813) | (6,835) |
Operating loss | (2,149) | (28,482) | (80,521) | (107,447) |
Other (income) expense | ||||
Interest income | (767) | (1,728) | (2,058) | (4,544) |
Interest expense | 6,549 | 4,158 | 11,543 | 8,172 |
Equity in income of affiliates, net | (2,016) | (2,594) | (2,062) | (3,884) |
Other (income) expense, net | (3,160) | (759) | 2,059 | (2,521) |
Total other expense (income) | 606 | (923) | 9,482 | (2,777) |
Loss before benefit from income taxes | (2,755) | (27,559) | (90,003) | (104,670) |
Benefit from income taxes | (1,782) | (5,913) | (16,492) | (23,263) |
Net loss | (973) | (21,646) | (73,511) | (81,407) |
Amount attributable to non-controlling interests | 4,378 | (2,596) | 11,546 | (5,305) |
Net income (loss) attributable to Granite Construction Incorporated | $ 3,405 | $ (24,242) | $ (61,965) | $ (86,712) |
Net income (loss) per share attributable to common shareholders (See Note 16) | ||||
Basic (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) |
Diluted (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) |
Weighted average shares of common stock | ||||
Basic (in shares) | 45,620 | 46,824 | 45,570 | 46,762 |
Diluted (in shares) | 46,281 | 46,824 | 45,570 | 46,762 |
Transportation [Member] | ||||
Revenue | ||||
Total revenue | $ 535,101 | $ 481,746 | $ 886,002 | $ 783,710 |
Cost of revenue | ||||
Total cost of revenue | 503,904 | 481,247 | 829,436 | 799,559 |
Water [Member] | ||||
Revenue | ||||
Total revenue | 109,724 | 112,070 | 211,381 | 211,152 |
Cost of revenue | ||||
Total cost of revenue | 97,145 | 101,568 | 189,455 | 192,704 |
Specialty [Member] | ||||
Revenue | ||||
Total revenue | 174,914 | 174,629 | 307,953 | 313,753 |
Cost of revenue | ||||
Total cost of revenue | 149,634 | 152,874 | 293,392 | 278,700 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 96,032 | 97,647 | 146,362 | 139,290 |
Cost of revenue | ||||
Total cost of revenue | $ 76,745 | $ 83,645 | $ 127,273 | $ 129,046 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ (973) | $ (21,646) | $ (73,511) | $ (81,407) |
Other comprehensive loss, net of tax: | ||||
Net unrealized gain (loss) on derivatives | 265 | (2,178) | (3,095) | (2,776) |
Less: reclassification for net losses (gains) included in interest expense | 390 | (117) | 440 | (290) |
Net change | 655 | (2,295) | (2,655) | (3,066) |
Foreign currency translation adjustments, net | 83 | 1,179 | (500) | 1,618 |
Other comprehensive income (loss) | 738 | (1,116) | (3,155) | (1,448) |
Comprehensive loss | (235) | (22,762) | (76,666) | (82,855) |
Non-controlling interests in comprehensive income (loss) | 4,378 | (2,596) | 11,546 | (5,305) |
Comprehensive income (loss) attributable to Granite Construction Incorporated | $ 4,143 | $ (25,358) | $ (65,120) | $ (88,160) |
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 income (loss) | 0 | 0 | 0 | (86,712) | (86,712) | 5,305 | (81,407) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (1,448) | 0 | (1,448) | 0 | (1,448) | ||||||||
Purchases of common stock (in shares) | (88,091) | ||||||||||||||
Purchases of common stock | [1] | $ (1) | (3,947) | 0 | 0 | (3,948) | 0 | (3,948) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 251,393 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 2 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (12,175) | (12,175) | 0 | (12,175) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (3,209) | (3,209) | ||||||||
Amortized RSUs and other (in shares) | 9,008 | ||||||||||||||
Amortized RSUs and other | $ 0 | 7,652 | 10 | (107) | 7,555 | (2) | $ 7,553 | ||||||||
Balances (in shares) at Jun. 30, 2019 | 46,838,199 | 46,838,199 | |||||||||||||
Balances at Jun. 30, 2019 | $ 468 | 568,264 | (2,187) | 579,920 | 1,146,465 | 47,718 | $ 1,194,183 | ||||||||
Balances (in shares) at Mar. 31, 2019 | 46,812,366 | ||||||||||||||
Balances at Mar. 31, 2019 | $ 468 | 566,497 | (1,081) | 610,302 | 1,176,186 | 48,333 | 1,224,519 | ||||||||
Net income (loss) | 0 | 0 | 0 | (24,242) | (24,242) | 2,596 | (21,646) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (1,116) | 0 | (1,116) | 0 | (1,116) | ||||||||
Purchases of common stock (in shares) | (1,987) | ||||||||||||||
Purchases of common stock | [1] | $ 0 | (81) | 0 | 0 | (81) | 0 | (81) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 17,443 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (6,089) | (6,089) | 0 | (6,089) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (3,210) | (3,210) | ||||||||
Amortized RSUs and other (in shares) | 10,377 | ||||||||||||||
Amortized RSUs and other | $ 0 | 1,848 | 10 | (51) | 1,807 | (1) | $ 1,806 | ||||||||
Balances (in shares) at Jun. 30, 2019 | 46,838,199 | 46,838,199 | |||||||||||||
Balances at Jun. 30, 2019 | $ 468 | 568,264 | (2,187) | 579,920 | 1,146,465 | 47,718 | $ 1,194,183 | ||||||||
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 income (loss) | 0 | 0 | 0 | (61,965) | (61,965) | (11,546) | (73,511) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (3,155) | (3,155) | 0 | (3,155) | |||||||||
Purchases of common stock (in shares) | (53,921) | ||||||||||||||
Purchases of common stock | [1] | $ 0 | (727) | 0 | 0 | (727) | 0 | (727) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 168,360 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (11,862) | (11,862) | 0 | (11,862) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (2,360) | (2,360) | ||||||||
Amortized RSUs and other (in shares) | 33,670 | ||||||||||||||
Amortized RSUs and other | $ 0 | 4,460 | 0 | (135) | 4,325 | 0 | $ 4,325 | ||||||||
Balances (in shares) at Jun. 30, 2020 | 45,651,914 | 45,651,914 | |||||||||||||
Balances at Jun. 30, 2020 | $ 458 | 553,038 | (5,800) | 520,025 | 1,067,721 | 23,039 | $ 1,090,760 | ||||||||
Balances (in shares) at Mar. 31, 2020 | 45,592,292 | ||||||||||||||
Balances at Mar. 31, 2020 | $ 457 | 551,189 | (6,538) | 522,639 | 1,067,747 | 32,057 | 1,099,804 | ||||||||
Net income (loss) | 0 | 0 | 0 | 3,405 | 3,405 | (4,378) | (973) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | 738 | 0 | 738 | 0 | 738 | ||||||||
Purchases of common stock (in shares) | (4,211) | ||||||||||||||
Purchases of common stock | [1] | $ 0 | (73) | 0 | 0 | (73) | 0 | (73) | |||||||
Restricted Stock Units (“RSUs”) vested (in shares) | 29,305 | ||||||||||||||
Restricted Stock Units (“RSUs”) vested | $ 1 | (1) | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,935) | (5,935) | 0 | (5,935) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (4,640) | (4,640) | ||||||||
Amortized RSUs and other (in shares) | 34,528 | ||||||||||||||
Amortized RSUs and other | $ 0 | 1,923 | 0 | (84) | 1,839 | 0 | $ 1,839 | ||||||||
Balances (in shares) at Jun. 30, 2020 | 45,651,914 | 45,651,914 | |||||||||||||
Balances at Jun. 30, 2020 | $ 458 | $ 553,038 | $ (5,800) | $ 520,025 | $ 1,067,721 | $ 23,039 | $ 1,090,760 | ||||||||
[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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net loss | $ (73,511) | $ (81,407) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 57,269 | 61,747 |
Amortization related to the 2.75% Convertible Notes (See Note 14) | 4,255 | 0 |
Gain on sales of property and equipment, net | (1,813) | (6,835) |
Stock-based compensation | 3,936 | 7,221 |
Equity in net loss from unconsolidated joint ventures | 30,506 | 72,835 |
Net income from affiliates | (2,062) | (3,884) |
Non-cash impairment charges (See Note 4) | 24,413 | 0 |
Other non-cash adjustments | 1,832 | 4,627 |
Changes in assets and liabilities: | ||
Receivables | (35,486) | (79,090) |
Contract assets, net | 83,065 | (20,426) |
Inventories | (16,138) | (12,329) |
Contributions to unconsolidated construction joint ventures and affiliates | (24,223) | (45,500) |
Distributions from unconsolidated construction joint ventures and affiliates | 7,146 | 830 |
Other assets, net | (14,603) | (32,785) |
Accounts payable | (44,103) | 42,477 |
Accrued expenses and other current liabilities, net | 12,000 | (996) |
Net cash provided by (used in) operating activities | 12,483 | (93,515) |
Investing activities | ||
Purchases of marketable securities | (4,996) | 0 |
Proceeds from called marketable securities | 20,000 | 0 |
Maturities of marketable securities | 10,000 | 5,000 |
Purchases of property and equipment | (52,236) | (54,354) |
Proceeds from sales of property and equipment | 7,278 | 7,870 |
Cash paid to purchase businesses, net of cash and restricted cash acquired | 0 | (6,227) |
Other investing activities, net | (1,453) | (215) |
Net cash used in investing activities | (21,407) | (47,926) |
Financing activities | ||
Proceeds from debt | 50,000 | 75,499 |
Debt principal repayments | (4,212) | (43,842) |
Cash dividends paid | (11,842) | (12,152) |
Repurchases of common stock | (728) | (3,948) |
Contributions from non-controlling partners | 5,500 | 0 |
Distributions to non-controlling partners | (7,860) | (3,200) |
Other financing activities, net | 392 | 1,238 |
Net cash provided by financing activities | 31,250 | 13,595 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,326 | (127,846) |
Cash, cash equivalents and restricted cash, beginning of period | 268,108 | 278,629 |
Total cash, cash equivalents and restricted cash, end of period | 290,434 | 150,783 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 8,804 | 9,835 |
Cash paid for operating lease liabilities | 10,601 | 8,811 |
Cash paid during the period for: | ||
Interest | 8,874 | 8,381 |
Income taxes | 937 | 11,463 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 4,834 | 8,541 |
Accrued cash dividends | $ 5,935 | $ 6,089 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Restricted cash | $ 5,835 | $ 5,825 | $ 5,825 |
Restricted cash | $ 1,512 | $ 5,835 | $ 5,825 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2020 2019 December 31, 2019 not Our operations are typically affected more by weather conditions during the first fourth may three six June 30, 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: Six months ended June 30, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 288,922 144,958 Restricted cash 1,512 5,825 Total cash, cash equivalents and restricted cash, end of period 290,434 150,783 Net increase (decrease) in cash, cash equivalents and restricted cash $ 22,326 $ (127,846 ) |
Note 2 - Recently Issued and Ad
Note 2 - Recently Issued and Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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 June 30, 2020, In connection with the adoption of Topic 326 , January 1, 2020: Allowance for Credit Losses: |
Note 3 - Restatement
Note 3 - Restatement | 6 Months Ended |
Jun. 30, 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 six June 30, 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 six June 30, 2019. 10 June 30, 2019 August 6, 2019 not The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive (loss) income as a result of the restatement were due to the changes in net income for the three six June 30, 2019. no six June 30, 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 June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated ASSETS Current assets Cash and cash equivalents $ 144,958 $ — $ — $ 144,958 Short-term marketable securities 41,037 — — 41,037 Receivables, net 551,958 10,567 2,018 564,543 Contract assets 257,650 (30,286 ) (2,975 ) 224,389 Inventories 102,163 — (477 ) 101,686 Equity in construction joint ventures 241,786 (18,401 ) (3,138 ) 220,247 Other current assets 63,056 16,919 585 80,560 Total current assets 1,402,608 (21,201 ) (3,987 ) 1,377,420 Property and equipment, net 557,118 — 1,260 558,378 Long-term marketable securities 20,000 — — 20,000 Investments in affiliates 82,109 — — 82,109 Goodwill 264,107 — — 264,107 Right of use assets 73,439 — — 73,439 Deferred income taxes, net 36,055 (8,580 ) 774 28,249 Other noncurrent assets 122,705 — (1,790 ) 120,915 Total assets $ 2,558,141 $ (29,781 ) $ (3,743 ) $ 2,524,617 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 48,397 $ — $ — $ 48,397 Accounts payable 303,128 — (477 ) 302,651 Contract liabilities 119,289 9,154 — 128,443 Accrued expenses and other current liabilities 339,047 21,184 — 360,231 Total current liabilities 809,861 30,338 (477 ) 839,722 Long-term debt 366,896 — — 366,896 Long-term lease liabilities 60,868 — — 60,868 Deferred income taxes, net 4,680 — — 4,680 Other long-term liabilities 58,268 — — 58,268 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none — — — — Common stock, $ 0.01 150,000,000 46,838,199 468 — — 468 Additional paid-in capital 568,264 — — 568,264 Accumulated other comprehensive (loss) income (3,448 ) — 1,261 (2,187 ) Retained earnings 642,124 (58,719 ) (3,485 ) 579,920 Total Granite Construction Incorporated shareholders’ equity 1,207,408 (58,719 ) (2,224 ) 1,146,465 Non-controlling interests 50,160 (1,400 ) (1,042 ) 47,718 Total equity 1,257,568 (60,119 ) (3,266 ) 1,194,183 Total liabilities and equity $ 2,558,141 $ (29,781 ) $ (3,743 ) $ 2,524,617 Consolidated Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated As Reported Investigation Adjustments Other Adjustments As Restated Revenue Transportation $ 403,978 $ 76,255 $ 1,513 $ 481,746 $ 742,188 $ 48,233 $ (6,711 ) $ 783,710 Water 112,831 (728 ) (33 ) 112,070 212,086 (898 ) (36 ) 211,152 Specialty 175,084 — (455 ) 174,629 315,777 — (2,024 ) 313,753 Materials 97,647 — — 97,647 139,290 — — 139,290 Total revenue 789,540 75,527 1,025 866,092 1,409,341 47,335 (8,771 ) 1,447,905 Cost of revenue Transportation 503,857 (22,610 ) — 481,247 820,817 (16,402 ) (4,856 ) 799,559 Water 101,568 — — 101,568 192,704 — — 192,704 Specialty 152,874 — — 152,874 278,700 — — 278,700 Materials 83,645 — — 83,645 129,046 — — 129,046 Total cost of revenue 841,944 (22,610 ) — 819,334 1,421,267 (16,402 ) (4,856 ) 1,400,009 Gross (loss) profit (52,404 ) 98,137 1,025 46,758 (11,926 ) 63,737 (3,915 ) 47,896 Selling, general and administrative expenses 69,998 — 1,000 70,998 151,153 — — 151,153 Acquisition and integration expenses 9,177 — — 9,177 12,500 — (1,475 ) 11,025 Gain on sales of property and equipment (4,935 ) — — (4,935 ) (6,835 ) — — (6,835 ) Operating loss (126,644 ) 98,137 25 (28,482 ) (168,744 ) 63,737 (2,440 ) (107,447 ) Other (income) expense Interest income (1,728 ) — — (1,728 ) (4,544 ) — — (4,544 ) Interest expense 4,158 — — 4,158 8,172 — — 8,172 Equity in income of affiliates, net (2,594 ) — — (2,594 ) (3,884 ) — — (3,884 ) Other income, net (759 ) — — (759 ) (2,521 ) — — (2,521 ) Total other income (923 ) — — (923 ) (2,777 ) — — (2,777 ) Loss before benefit from income taxes (125,721 ) 98,137 25 (27,559 ) (165,967 ) 63,737 (2,440 ) (104,670 ) Benefit from income taxes (31,760 ) 25,874 (27 ) (5,913 ) (40,925 ) 18,247 (585 ) (23,263 ) Net loss (93,961 ) 72,263 52 (21,646 ) (125,042 ) 45,490 (1,855 ) (81,407 ) Amount attributable to non-controlling interests (3,875 ) 1,341 (62 ) (2,596 ) (7,368 ) 1,400 663 (5,305 ) Net loss attributable to Granite Construction Incorporated $ (97,836 ) $ 73,604 $ (10 ) $ (24,242 ) $ (132,410 ) $ 46,890 $ (1,192 ) $ (86,712 ) Net loss per share attributable to common shareholders Basic $ (2.09 ) $ 1.57 $ (0.00 ) $ (0.52 ) $ (2.83 ) $ 1.00 $ (0.03 ) $ (1.85 ) Diluted $ (2.09 ) $ 1.57 $ (0.00 ) $ (0.52 ) $ (2.83 ) $ 1.00 $ (0.03 ) $ (1.85 ) Weighted average shares of common stock Basic 46,824 46,824 46,824 46,824 46,762 46,762 46,762 46,762 Diluted 46,824 46,824 46,824 46,824 46,762 46,762 46,762 46,762 Consolidated Statement of Cash Flows Six Months Ended June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Operating activities Net loss $ (125,042 ) $ 45,490 $ (1,855 ) $ (81,407 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 61,747 — — 61,747 Gain on sales of property and equipment, net (6,835 ) — — (6,835 ) Deferred income taxes (35,192 ) 35,189 — (3 ) Stock-based compensation 7,221 — — 7,221 Equity in net loss from unconsolidated joint ventures 105,834 (60,073 ) 27,074 72,835 Net income from affiliates (3,884 ) — — (3,884 ) Other non-cash adjustments 4,630 — — 4,630 Changes in assets and liabilities: Receivables (78,081 ) — (1,009 ) (79,090 ) Contract assets, net (23,775 ) (3,687 ) 7,036 (20,426 ) Inventories (12,905 ) — 576 (12,329 ) Contributions to unconsolidated construction joint ventures (45,500 ) — — (45,500 ) Distributions from unconsolidated construction joint ventures 830 — — 830 Other assets, net (15,361 ) (16,919 ) (505 ) (32,785 ) Accounts payable 48,230 — (5,753 ) 42,477 Accrued expenses and other current liabilities, net 24,568 — (25,564 ) (996 ) Net cash used in operating activities $ (93,515 ) $ — $ — $ (93,515 ) |
Note 4 - Impairment Charges
Note 4 - Impairment Charges | 6 Months Ended |
Jun. 30, 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 June 30, 2020 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 six June 30, 2020, six June 30, 2020. June 30, 2020 3 |
Note 5 - Revisions in Estimates
Note 5 - Revisions in Estimates | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 5. Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. Changes in estimates of transaction price and costs to complete may no no not 2019 10 not three six June 30, 2019. three six June 30, 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 was one $5.0 three June 30, 2019 no The projects with decreases from revisions in estimates, which individually had an impact of $5.0 Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated 2020 2019 2020 2019 Number of projects with downward estimate changes 3 4 5 5 Range of reduction in gross profit from each project, net $ 5.8 - 16.1 $ 6.4 - 37.0 $ 7.4 - 19.8 $ 7.7 - 37.0 Decrease to project profitability $ 30.9 $ 58.1 $ 69.8 $ 93.5 Increase to net loss $ 22.9 $ 44.6 $ 51.8 $ 71.8 Increase to net loss per diluted share $ 0.50 $ 0.95 $ 1.14 $ 1.53 Other than one three six June 30, 2020 three six June 30, 2019 |
Note 6 - Disaggregation of Reve
Note 6 - Disaggregation of Revenue | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Transportation Water Specialty Materials Total California $ 159,022 8,215 $ 50,965 $ 52,229 $ 270,431 Federal 1,768 587 23,504 — 25,859 Heavy Civil 187,103 11,173 11,577 — 209,853 Midwest 34,942 152 38,648 — 73,742 Northwest 152,266 2,243 36,787 40,685 231,981 Water and Mineral Services — 87,354 13,433 3,118 103,905 Total $ 535,101 $ 109,724 $ 174,914 $ 96,032 $ 915,771 2019 (As Restated) Transportation Water Specialty Materials Total California $ 138,411 $ 2,634 $ 42,982 $ 50,962 $ 234,989 Federal 50 371 18,523 — 18,944 Heavy Civil 153,760 2,620 — — 156,380 Midwest 28,135 — 39,126 — 67,261 Northwest 161,390 1,349 48,675 40,846 252,260 Water and Mineral Services — 105,096 25,323 5,839 136,258 Total $ 481,746 $ 112,070 $ 174,629 $ 97,647 $ 866,092 Six Months Ended June 30, 2020 Transportation Water Specialty Materials Total California $ 253,954 $ 13,727 $ 95,453 $ 85,496 $ 448,630 Federal 2,166 968 49,995 — 53,129 Heavy Civil 354,529 18,275 15,071 — 387,875 Midwest 59,185 152 50,151 — 109,488 Northwest 216,168 3,900 68,400 55,138 343,606 Water and Mineral Services — 174,359 28,883 5,728 208,970 Total $ 886,002 $ 211,381 $ 307,953 $ 146,362 $ 1,551,698 2019 (As Restated) Transportation Water Specialty Materials Total California $ 207,924 $ 4,000 $ 75,137 $ 74,027 $ 361,088 Federal 77 879 33,725 — 34,681 Heavy Civil 313,502 6,981 — — 320,483 Midwest 46,196 84 73,447 — 119,727 Northwest 216,011 2,580 80,867 55,378 354,836 Water and Mineral Services — 196,628 50,577 9,885 257,090 Total $ 783,710 $ 211,152 $ 313,753 $ 139,290 $ 1,447,905 |
Note 7 - Unearned Revenue
Note 7 - Unearned Revenue | 6 Months Ended |
Jun. 30, 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): June 30, 2020 Transportation Water Specialty Total California $ 636,385 $ 61,151 $ 122,989 $ 820,525 Federal 16,464 861 123,169 140,494 Heavy Civil 1,188,587 34,961 233,069 1,456,617 Midwest 214,016 — 112,298 326,314 Northwest 571,068 330 89,730 661,128 Water and Mineral Services — 130,561 — 130,561 Total $ 2,626,520 $ 227,864 $ 681,255 $ 3,535,639 March 31, 2020 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 June 30, 2019 (As Restated) California $ 590,641 $ 14,382 $ 119,152 $ 724,175 Federal 80 1,350 146,516 147,946 Heavy Civil 1,805,917 14,244 — 1,820,161 Midwest 204,749 110 161,353 366,212 Northwest 374,148 710 93,411 468,269 Water and Mineral Services — 224,720 — 224,720 Total $ 2,975,535 $ 255,516 $ 520,432 $ 3,751,483 |
Note 8 - Contract Assets and Li
Note 8 - Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. Contract Assets and Liabilities During the three six June 30, 2020 December 31, 2019 three six June 30, 2019 December 31, 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 $70.8 million and $114.7 million during the three six June 30, 2020 three six June 30, 2019 As of June 30, 2020 December 31, 2019 June 30, 2019 The components of the contract asset balances as of the respective dates were as follows (in thousands): As Restated June 30, 2020 December 31, 2019 June 30, 2019 Costs in excess of billings and estimated earnings $ 73,745 $ 100,761 $ 128,239 Contract retention 118,174 110,680 96,150 Total contract assets $ 191,919 $ 211,441 $ 224,389 As of June 30, 2020 December 31, 2019 June 30, 2019 no 10% one The components of the contract liability balances as of the respective dates were as follows (in thousands): As Restated June 30, 2020 December 31, 2019 June 30, 2019 Billings in excess of costs and estimated earnings, net of retention $ 148,050 $ 86,736 $ 119,881 Provisions for losses 11,768 9,001 8,562 Total contract liabilities $ 159,818 $ 95,737 $ 128,443 |
Note 9 - Receivables, Net
Note 9 - Receivables, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 9. Receivables, net Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and do not As Restated June 30, 2020 December 31, 2019 June 30, 2019 Contracts completed and in progress: Billed $ 311,550 $ 299,633 $ 313,185 Unbilled 163,815 149,696 163,950 Total contracts completed and in progress 475,365 449,329 477,135 Material sales 58,514 42,936 61,204 Other 65,462 55,526 26,845 Total gross receivables 599,341 547,791 565,184 Less: allowance for credit losses 2,419 374 641 Total net receivables $ 596,922 $ 547,417 $ 564,543 Included in other receivables at June 30, 2020 December 31, 2019 June 30, 2019 No 10% |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 104,704 $ — $ — $ 104,704 Other current assets Commodity swap — 598 — 598 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 106,216 $ 598 $ — $ 106,814 Accrued and other current liabilities Interest rate swap $ — $ 9,058 $ — $ 9,058 Total liabilities $ — $ 9,058 $ — $ 9,058 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 June 30, 2019 Cash equivalents Money market funds $ 17,790 $ — $ — $ 17,790 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 23,615 $ — $ — $ 23,615 Accrued and other current liabilities Interest rate swap $ — $ 4,985 $ — $ 4,985 Total liabilities $ — $ 4,985 $ — $ 4,985 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 June 30, 2020 December 31, 2019 June 30, 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 $ 5,896 $ 5,896 $ 32,799 $ 32,792 $ 61,037 $ 60,887 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 196,946 $ 184,554 $ 193,696 $ 249,895 $ — $ — Credit Agreement - term loan (2) Level 3 135,000 137,116 138,750 139,042 142,500 143,109 Credit Agreement - revolving credit facility (2) Level 3 75,000 76,291 25,000 25,043 220,000 220,597 2019 Notes (2) Level 3 — — — — 40,000 40,571 ( 1 June 30, 2020 December 31, 2019, June 30, 2019. ( 2 2019 June 30, 2020 December 31, 2019. 14 2019 ( 3 June 30, 2020 December 31, 2019, 2.75% 14 As disclosed in Note 4, six June 30, 2020. three June 30, 2020, not three six June 30, 2019, not |
Note 11 - Construction Joint Ve
Note 11 - Construction Joint Ventures | 6 Months Ended |
Jun. 30, 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 six June 30, 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 June 30, 2020 not may Consolidated Construction Joint Ventures (“CCJVs”) At June 30, 2020 seven three six June 30, 2020 three six June 30, 2019 six June 30, 2020 2019 Unconsolidated Construction Joint Ventures As of June 30, 2020 ten June 30, 2020 The following is summary financial information related to unconsolidated construction joint ventures: As Restated (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Assets Cash, cash equivalents and marketable securities $ 213,285 $ 179,049 $ 225,163 Other current assets (1) 948,103 972,840 960,406 Noncurrent assets 185,866 207,584 214,238 Less partners’ interest 908,274 904,565 929,332 Granite’s interest (1),(2) 438,980 454,908 470,475 Liabilities Current liabilities 515,113 581,199 530,654 Less partners’ interest and adjustments (3) 182,035 243,202 200,517 Granite’s interest 333,078 337,997 330,137 Equity in construction joint ventures (4) $ 105,902 $ 116,911 $ 140,338 ( 1 Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets was $82.3 million, $81.9 million and $88.7 million related to performance guarantees as of June 30, 2020 December 31, 2019 June 30, 2019 ( 2 Included in this balance as of June 30, 2020 December 31, 2019 June 30, 2019 June 30, 2020 December 31, 2019 June 30, 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 and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $77.6 million, $76.2 million and $79.9 million, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses, as of June 30, 2020 December 31, 2019 June 30, 2019 Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands) 2020 2019 2020 2019 Revenue Total $ 384,461 $ 436,071 $ 446,491 $ 852,005 Less partners’ interest and adjustments (1) 287,639 334,500 265,967 639,918 Granite’s interest 96,822 101,571 180,524 212,087 Cost of revenue Total 356,755 456,484 585,215 867,969 Less partners’ interest and adjustments (1) 241,560 302,604 374,303 583,031 Granite’s interest 115,195 153,880 210,912 284,938 Granite’s interest in gross loss $ (18,373 ) $ (52,309 ) $ (30,388 ) $ (72,851 ) ( 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. During the three six June 30, 2020 three six June 30, 2019 five four 2020 2019 Line Item Joint Ventures As of June 30, 2020 June 30, 2020, three six June 30, 2020 , three six June 30, 2019 |
Note 12 - Investments in Affili
Note 12 - Investments in Affiliates | 6 Months Ended |
Jun. 30, 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) June 30, 2020 December 31, 2019 June 30, 2019 Foreign $ 45,487 $ 55,335 $ 55,563 Real estate 16,578 17,229 17,781 Asphalt terminal 12,446 11,612 8,765 Total investments in affiliates $ 74,511 $ 84,176 $ 82,109 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Current assets $ 122,608 $ 122,348 $ 138,564 Noncurrent assets 163,790 165,331 182,561 Total assets 286,398 287,679 321,125 Current liabilities 54,044 48,322 70,435 Long-term liabilities (1) 60,714 61,078 70,381 Total liabilities 114,758 109,400 140,816 Net assets 171,640 178,279 180,309 Granite’s share of net assets $ 74,511 $ 84,176 $ 82,109 ( 1 Of the $286.4 million of total affiliate assets as of June 30, 2020 thirteen three June 30, 2020 six June 30, 2020 4 June 30, 2020 December 31, 2019 June 30, 2019 June 30, 2020 |
Note 13 - Property and Equipmen
Note 13 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 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: As Restated (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Equipment and vehicles $ 959,083 $ 947,687 $ 943,456 Quarry property 196,033 188,960 191,972 Land and land improvements 135,707 132,531 135,411 Buildings and leasehold improvements 121,387 122,316 109,356 Office furniture and equipment 69,258 67,991 66,587 Property and equipment 1,481,468 1,459,485 1,446,782 Less: accumulated depreciation and depletion 941,415 917,188 888,404 Property and equipment, net $ 540,053 $ 542,297 $ 558,378 |
Note 14 - Long-term Debt and Cr
Note 14 - Long-term Debt and Credit Arrangements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14. Long-Term Debt and Credit Arrangements (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 2.75% Convertible Notes $ 196,946 $ 193,696 $ — Credit Agreement - term loan 135,000 138,750 142,500 Credit Agreement - revolving credit facility 75,000 25,000 220,000 2019 Notes — — 40,000 Debt issuance costs and other 7,077 6,906 12,793 Total debt 414,023 364,352 415,293 Less current maturities 8,253 8,244 48,397 Total long-term debt $ 405,770 $ 356,108 $ 366,896 The aggregate minimum principal maturities of long-term debt related to balances at June 30, 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 June 30, 2020 December 31, 2019 June 30, 2019 As of June 30, 2020, October 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% June 30, 2020 June 30, 2020 three 2.75% In November 2019, “2.75% May 1 November 1 May 1, 2020 November 1, 2024, As of June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019, On October 29, 2019, 2.75% June 30, 2020 December 31, 2019. On May 4, 2020, 2.75% May 5, 2020 4.06 November 1 st May 1 st 2019 As of June 30, 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 June 30, 2020, not 2019 10 2020 10 February 28, 2021. |
Note 15 - Leases
Note 15 - Leases | 6 Months Ended |
Jun. 30, 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 June 30, 2020 June 30, 2020 December 31, 2019 June 30, 2019 As of June 30, 2020 December 31, 2019 June 30, 2019 no not Lease expense was $5.4 million and $10.6 million during the three six June 30, 2020 three six June 30, 2019, June 30, 2020 December 31, 2019 June 30, 2019 June 30, 2020 December 31, 2019 June 30, 2019 one not The following table summarizes our undiscounted lease liabilities outstanding as of June 30, 2020 Remainder of 2020 $ 11,100 2021 21,099 2022 18,752 2023 12,707 2024 7,415 2025 through 2036 13,600 Total future minimum lease payments 84,673 Less: imputed interest (9,578 ) Total $ 75,095 |
Note 16 - Weighted Average Shar
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. Weighted Average Shares Outstanding and Net Income (Loss) Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator (basic and diluted) Net income (loss) allocated to common shareholders for basic calculation $ 3,405 $ (24,242 ) $ (61,965 ) $ (86,712 ) Denominator Weighted average common shares outstanding, basic 45,620 46,824 45,570 46,762 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) 661 — — — Weighted average common shares outstanding, diluted 46,281 46,824 45,570 46,762 Net income (loss) per share, basic $ 0.07 $ (0.52 ) $ (1.36 ) $ (1.85 ) Net income (loss) per share, diluted $ 0.07 $ (0.52 ) $ (1.36 ) $ (1.85 ) ( 1 six June 30, 2020 three six June 30, 2019 ( 2 three six June 30, 2020 2.75% |
Note 17 - Income Taxes
Note 17 - Income Taxes | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2019 (dollars in thousands) 2020 As Restated 2020 As Restated Benefit from income taxes $ (1,782 ) $ (5,913 ) $ (16,492 ) $ (23,263 ) Effective tax rate 64.7 % 21.5 % 18.3 % 22.2 % Our effective tax rate for the three June 30, 2020 2019 three June 30, 2020 six June 30, 2020 2019 six June 30, 2020 no 4 |
Note 18 - Contingencies - Legal
Note 18 - Contingencies - Legal Proceedings | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 535,101 $ 109,724 $ 174,914 $ 141,858 $ 961,597 Elimination of intersegment revenue — — — (45,826 ) (45,826 ) Revenue from external customers 535,101 109,724 174,914 96,032 915,771 Gross profit 31,197 12,579 25,280 19,287 88,343 Depreciation, depletion and amortization 4,391 9,577 6,737 5,470 26,175 2019 (As Restated) Total revenue from reportable segments $ 481,746 $ 112,070 $ 174,629 $ 153,343 $ 921,788 Elimination of intersegment revenue — — — (55,696 ) (55,696 ) Revenue from external customers 481,746 112,070 174,629 97,647 866,092 Gross profit 499 10,502 21,755 14,002 46,758 Depreciation, depletion and amortization 4,845 10,931 8,401 6,054 30,231 Six Months Ended June 30, Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 886,002 $ 211,381 $ 307,953 $ 206,510 $ 1,611,846 Elimination of intersegment revenue — — — (60,148 ) (60,148 ) Revenue from external customers 886,002 211,381 307,953 146,362 1,551,698 Gross profit 56,566 21,926 14,561 19,089 112,142 Depreciation, depletion and amortization 9,417 19,141 13,120 10,443 52,121 Segment assets 304,312 267,385 123,881 377,909 1,073,487 2019 (As Restated) Total revenue from reportable segments $ 783,710 $ 211,152 $ 313,753 $ 203,899 $ 1,512,514 Elimination of intersegment revenue — — — (64,609 ) (64,609 ) Revenue from external customers 783,710 211,152 313,753 139,290 1,447,905 Gross (loss) profit (15,849 ) 18,448 35,053 10,244 47,896 Depreciation, depletion and amortization 8,485 21,987 14,213 11,633 56,318 Segment assets 329,140 302,143 146,346 379,648 1,157,277 A reconciliation of segment gross profit (loss) to consolidated income (loss) before provision for (benefit from) income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands) 2020 2019 2020 2019 Total gross profit from reportable segments $ 88,343 $ 46,758 $ 112,142 $ 47,896 Selling, general and administrative expenses 91,682 70,998 170,063 151,153 Acquisition and integration expenses — 9,177 — 11,025 Non-cash impairment charges (See Note 4) — — 24,413 — Gain on sales of property and equipment (1,190 ) (4,935 ) (1,813 ) (6,835 ) Total other expense (income) 606 (923 ) 9,482 (2,777 ) Loss before benefit from income taxes $ (2,755 ) $ (27,559 ) $ (90,003 ) $ (104,670 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash: Six months ended June 30, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 288,922 144,958 Restricted cash 1,512 5,825 Total cash, cash equivalents and restricted cash, end of period 290,434 150,783 Net increase (decrease) in cash, cash equivalents and restricted cash $ 22,326 $ (127,846 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Six months ended June 30, 2020 2019 Cash, cash equivalents and restricted cash, beginning of period $ 268,108 $ 278,629 End of the period Cash and cash equivalents 288,922 144,958 Restricted cash 1,512 5,825 Total cash, cash equivalents and restricted cash, end of period 290,434 150,783 Net increase (decrease) in cash, cash equivalents and restricted cash $ 22,326 $ (127,846 ) |
Note 3 - Restatement (Tables)
Note 3 - Restatement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated ASSETS Current assets Cash and cash equivalents $ 144,958 $ — $ — $ 144,958 Short-term marketable securities 41,037 — — 41,037 Receivables, net 551,958 10,567 2,018 564,543 Contract assets 257,650 (30,286 ) (2,975 ) 224,389 Inventories 102,163 — (477 ) 101,686 Equity in construction joint ventures 241,786 (18,401 ) (3,138 ) 220,247 Other current assets 63,056 16,919 585 80,560 Total current assets 1,402,608 (21,201 ) (3,987 ) 1,377,420 Property and equipment, net 557,118 — 1,260 558,378 Long-term marketable securities 20,000 — — 20,000 Investments in affiliates 82,109 — — 82,109 Goodwill 264,107 — — 264,107 Right of use assets 73,439 — — 73,439 Deferred income taxes, net 36,055 (8,580 ) 774 28,249 Other noncurrent assets 122,705 — (1,790 ) 120,915 Total assets $ 2,558,141 $ (29,781 ) $ (3,743 ) $ 2,524,617 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 48,397 $ — $ — $ 48,397 Accounts payable 303,128 — (477 ) 302,651 Contract liabilities 119,289 9,154 — 128,443 Accrued expenses and other current liabilities 339,047 21,184 — 360,231 Total current liabilities 809,861 30,338 (477 ) 839,722 Long-term debt 366,896 — — 366,896 Long-term lease liabilities 60,868 — — 60,868 Deferred income taxes, net 4,680 — — 4,680 Other long-term liabilities 58,268 — — 58,268 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none — — — — Common stock, $ 0.01 150,000,000 46,838,199 468 — — 468 Additional paid-in capital 568,264 — — 568,264 Accumulated other comprehensive (loss) income (3,448 ) — 1,261 (2,187 ) Retained earnings 642,124 (58,719 ) (3,485 ) 579,920 Total Granite Construction Incorporated shareholders’ equity 1,207,408 (58,719 ) (2,224 ) 1,146,465 Non-controlling interests 50,160 (1,400 ) (1,042 ) 47,718 Total equity 1,257,568 (60,119 ) (3,266 ) 1,194,183 Total liabilities and equity $ 2,558,141 $ (29,781 ) $ (3,743 ) $ 2,524,617 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated As Reported Investigation Adjustments Other Adjustments As Restated Revenue Transportation $ 403,978 $ 76,255 $ 1,513 $ 481,746 $ 742,188 $ 48,233 $ (6,711 ) $ 783,710 Water 112,831 (728 ) (33 ) 112,070 212,086 (898 ) (36 ) 211,152 Specialty 175,084 — (455 ) 174,629 315,777 — (2,024 ) 313,753 Materials 97,647 — — 97,647 139,290 — — 139,290 Total revenue 789,540 75,527 1,025 866,092 1,409,341 47,335 (8,771 ) 1,447,905 Cost of revenue Transportation 503,857 (22,610 ) — 481,247 820,817 (16,402 ) (4,856 ) 799,559 Water 101,568 — — 101,568 192,704 — — 192,704 Specialty 152,874 — — 152,874 278,700 — — 278,700 Materials 83,645 — — 83,645 129,046 — — 129,046 Total cost of revenue 841,944 (22,610 ) — 819,334 1,421,267 (16,402 ) (4,856 ) 1,400,009 Gross (loss) profit (52,404 ) 98,137 1,025 46,758 (11,926 ) 63,737 (3,915 ) 47,896 Selling, general and administrative expenses 69,998 — 1,000 70,998 151,153 — — 151,153 Acquisition and integration expenses 9,177 — — 9,177 12,500 — (1,475 ) 11,025 Gain on sales of property and equipment (4,935 ) — — (4,935 ) (6,835 ) — — (6,835 ) Operating loss (126,644 ) 98,137 25 (28,482 ) (168,744 ) 63,737 (2,440 ) (107,447 ) Other (income) expense Interest income (1,728 ) — — (1,728 ) (4,544 ) — — (4,544 ) Interest expense 4,158 — — 4,158 8,172 — — 8,172 Equity in income of affiliates, net (2,594 ) — — (2,594 ) (3,884 ) — — (3,884 ) Other income, net (759 ) — — (759 ) (2,521 ) — — (2,521 ) Total other income (923 ) — — (923 ) (2,777 ) — — (2,777 ) Loss before benefit from income taxes (125,721 ) 98,137 25 (27,559 ) (165,967 ) 63,737 (2,440 ) (104,670 ) Benefit from income taxes (31,760 ) 25,874 (27 ) (5,913 ) (40,925 ) 18,247 (585 ) (23,263 ) Net loss (93,961 ) 72,263 52 (21,646 ) (125,042 ) 45,490 (1,855 ) (81,407 ) Amount attributable to non-controlling interests (3,875 ) 1,341 (62 ) (2,596 ) (7,368 ) 1,400 663 (5,305 ) Net loss attributable to Granite Construction Incorporated $ (97,836 ) $ 73,604 $ (10 ) $ (24,242 ) $ (132,410 ) $ 46,890 $ (1,192 ) $ (86,712 ) Net loss per share attributable to common shareholders Basic $ (2.09 ) $ 1.57 $ (0.00 ) $ (0.52 ) $ (2.83 ) $ 1.00 $ (0.03 ) $ (1.85 ) Diluted $ (2.09 ) $ 1.57 $ (0.00 ) $ (0.52 ) $ (2.83 ) $ 1.00 $ (0.03 ) $ (1.85 ) Weighted average shares of common stock Basic 46,824 46,824 46,824 46,824 46,762 46,762 46,762 46,762 Diluted 46,824 46,824 46,824 46,824 46,762 46,762 46,762 46,762 Six Months Ended June 30, 2019 As Previously Reported Investigation Adjustments Other Adjustments As Restated Operating activities Net loss $ (125,042 ) $ 45,490 $ (1,855 ) $ (81,407 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 61,747 — — 61,747 Gain on sales of property and equipment, net (6,835 ) — — (6,835 ) Deferred income taxes (35,192 ) 35,189 — (3 ) Stock-based compensation 7,221 — — 7,221 Equity in net loss from unconsolidated joint ventures 105,834 (60,073 ) 27,074 72,835 Net income from affiliates (3,884 ) — — (3,884 ) Other non-cash adjustments 4,630 — — 4,630 Changes in assets and liabilities: Receivables (78,081 ) — (1,009 ) (79,090 ) Contract assets, net (23,775 ) (3,687 ) 7,036 (20,426 ) Inventories (12,905 ) — 576 (12,329 ) Contributions to unconsolidated construction joint ventures (45,500 ) — — (45,500 ) Distributions from unconsolidated construction joint ventures 830 — — 830 Other assets, net (15,361 ) (16,919 ) (505 ) (32,785 ) Accounts payable 48,230 — (5,753 ) 42,477 Accrued expenses and other current liabilities, net 24,568 — (25,564 ) (996 ) Net cash used in operating activities $ (93,515 ) $ — $ — $ (93,515 ) |
Note 5 - Revisions in Estimat_2
Note 5 - Revisions in Estimates (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated 2020 2019 2020 2019 Number of projects with downward estimate changes 3 4 5 5 Range of reduction in gross profit from each project, net $ 5.8 - 16.1 $ 6.4 - 37.0 $ 7.4 - 19.8 $ 7.7 - 37.0 Decrease to project profitability $ 30.9 $ 58.1 $ 69.8 $ 93.5 Increase to net loss $ 22.9 $ 44.6 $ 51.8 $ 71.8 Increase to net loss per diluted share $ 0.50 $ 0.95 $ 1.14 $ 1.53 |
Note 6 - Disaggregation of Re_2
Note 6 - Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2020 Transportation Water Specialty Materials Total California $ 159,022 8,215 $ 50,965 $ 52,229 $ 270,431 Federal 1,768 587 23,504 — 25,859 Heavy Civil 187,103 11,173 11,577 — 209,853 Midwest 34,942 152 38,648 — 73,742 Northwest 152,266 2,243 36,787 40,685 231,981 Water and Mineral Services — 87,354 13,433 3,118 103,905 Total $ 535,101 $ 109,724 $ 174,914 $ 96,032 $ 915,771 2019 (As Restated) Transportation Water Specialty Materials Total California $ 138,411 $ 2,634 $ 42,982 $ 50,962 $ 234,989 Federal 50 371 18,523 — 18,944 Heavy Civil 153,760 2,620 — — 156,380 Midwest 28,135 — 39,126 — 67,261 Northwest 161,390 1,349 48,675 40,846 252,260 Water and Mineral Services — 105,096 25,323 5,839 136,258 Total $ 481,746 $ 112,070 $ 174,629 $ 97,647 $ 866,092 2020 Transportation Water Specialty Materials Total California $ 253,954 $ 13,727 $ 95,453 $ 85,496 $ 448,630 Federal 2,166 968 49,995 — 53,129 Heavy Civil 354,529 18,275 15,071 — 387,875 Midwest 59,185 152 50,151 — 109,488 Northwest 216,168 3,900 68,400 55,138 343,606 Water and Mineral Services — 174,359 28,883 5,728 208,970 Total $ 886,002 $ 211,381 $ 307,953 $ 146,362 $ 1,551,698 2019 (As Restated) Transportation Water Specialty Materials Total California $ 207,924 $ 4,000 $ 75,137 $ 74,027 $ 361,088 Federal 77 879 33,725 — 34,681 Heavy Civil 313,502 6,981 — — 320,483 Midwest 46,196 84 73,447 — 119,727 Northwest 216,011 2,580 80,867 55,378 354,836 Water and Mineral Services — 196,628 50,577 9,885 257,090 Total $ 783,710 $ 211,152 $ 313,753 $ 139,290 $ 1,447,905 |
Note 7 - Unearned Revenue (Tabl
Note 7 - Unearned Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | June 30, 2020 Transportation Water Specialty Total California $ 636,385 $ 61,151 $ 122,989 $ 820,525 Federal 16,464 861 123,169 140,494 Heavy Civil 1,188,587 34,961 233,069 1,456,617 Midwest 214,016 — 112,298 326,314 Northwest 571,068 330 89,730 661,128 Water and Mineral Services — 130,561 — 130,561 Total $ 2,626,520 $ 227,864 $ 681,255 $ 3,535,639 March 31, 2020 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 June 30, 2019 (As Restated) California $ 590,641 $ 14,382 $ 119,152 $ 724,175 Federal 80 1,350 146,516 147,946 Heavy Civil 1,805,917 14,244 — 1,820,161 Midwest 204,749 110 161,353 366,212 Northwest 374,148 710 93,411 468,269 Water and Mineral Services — 224,720 — 224,720 Total $ 2,975,535 $ 255,516 $ 520,432 $ 3,751,483 |
Note 8 - Contract Assets and _2
Note 8 - Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | As Restated June 30, 2020 December 31, 2019 June 30, 2019 Costs in excess of billings and estimated earnings $ 73,745 $ 100,761 $ 128,239 Contract retention 118,174 110,680 96,150 Total contract assets $ 191,919 $ 211,441 $ 224,389 As Restated June 30, 2020 December 31, 2019 June 30, 2019 Billings in excess of costs and estimated earnings, net of retention $ 148,050 $ 86,736 $ 119,881 Provisions for losses 11,768 9,001 8,562 Total contract liabilities $ 159,818 $ 95,737 $ 128,443 |
Note 9 - Receivables, Net (Tabl
Note 9 - Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As Restated June 30, 2020 December 31, 2019 June 30, 2019 Contracts completed and in progress: Billed $ 311,550 $ 299,633 $ 313,185 Unbilled 163,815 149,696 163,950 Total contracts completed and in progress 475,365 449,329 477,135 Material sales 58,514 42,936 61,204 Other 65,462 55,526 26,845 Total gross receivables 599,341 547,791 565,184 Less: allowance for credit losses 2,419 374 641 Total net receivables $ 596,922 $ 547,417 $ 564,543 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 104,704 $ — $ — $ 104,704 Other current assets Commodity swap — 598 — 598 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 106,216 $ 598 $ — $ 106,814 Accrued and other current liabilities Interest rate swap $ — $ 9,058 $ — $ 9,058 Total liabilities $ — $ 9,058 $ — $ 9,058 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 June 30, 2019 Cash equivalents Money market funds $ 17,790 $ — $ — $ 17,790 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 23,615 $ — $ — $ 23,615 Accrued and other current liabilities Interest rate swap $ — $ 4,985 $ — $ 4,985 Total liabilities $ — $ 4,985 $ — $ 4,985 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2020 December 31, 2019 June 30, 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 $ 5,896 $ 5,896 $ 32,799 $ 32,792 $ 61,037 $ 60,887 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 196,946 $ 184,554 $ 193,696 $ 249,895 $ — $ — Credit Agreement - term loan (2) Level 3 135,000 137,116 138,750 139,042 142,500 143,109 Credit Agreement - revolving credit facility (2) Level 3 75,000 76,291 25,000 25,043 220,000 220,597 2019 Notes (2) Level 3 — — — — 40,000 40,571 |
Note 11 - Construction Joint _2
Note 11 - Construction Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | As Restated (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Assets Cash, cash equivalents and marketable securities $ 213,285 $ 179,049 $ 225,163 Other current assets (1) 948,103 972,840 960,406 Noncurrent assets 185,866 207,584 214,238 Less partners’ interest 908,274 904,565 929,332 Granite’s interest (1),(2) 438,980 454,908 470,475 Liabilities Current liabilities 515,113 581,199 530,654 Less partners’ interest and adjustments (3) 182,035 243,202 200,517 Granite’s interest 333,078 337,997 330,137 Equity in construction joint ventures (4) $ 105,902 $ 116,911 $ 140,338 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands) 2020 2019 2020 2019 Revenue Total $ 384,461 $ 436,071 $ 446,491 $ 852,005 Less partners’ interest and adjustments (1) 287,639 334,500 265,967 639,918 Granite’s interest 96,822 101,571 180,524 212,087 Cost of revenue Total 356,755 456,484 585,215 867,969 Less partners’ interest and adjustments (1) 241,560 302,604 374,303 583,031 Granite’s interest 115,195 153,880 210,912 284,938 Granite’s interest in gross loss $ (18,373 ) $ (52,309 ) $ (30,388 ) $ (72,851 ) |
Note 12 - Investments in Affi_2
Note 12 - Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Foreign $ 45,487 $ 55,335 $ 55,563 Real estate 16,578 17,229 17,781 Asphalt terminal 12,446 11,612 8,765 Total investments in affiliates $ 74,511 $ 84,176 $ 82,109 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Current assets $ 122,608 $ 122,348 $ 138,564 Noncurrent assets 163,790 165,331 182,561 Total assets 286,398 287,679 321,125 Current liabilities 54,044 48,322 70,435 Long-term liabilities (1) 60,714 61,078 70,381 Total liabilities 114,758 109,400 140,816 Net assets 171,640 178,279 180,309 Granite’s share of net assets $ 74,511 $ 84,176 $ 82,109 |
Note 13 - Property and Equipm_2
Note 13 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As Restated (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 Equipment and vehicles $ 959,083 $ 947,687 $ 943,456 Quarry property 196,033 188,960 191,972 Land and land improvements 135,707 132,531 135,411 Buildings and leasehold improvements 121,387 122,316 109,356 Office furniture and equipment 69,258 67,991 66,587 Property and equipment 1,481,468 1,459,485 1,446,782 Less: accumulated depreciation and depletion 941,415 917,188 888,404 Property and equipment, net $ 540,053 $ 542,297 $ 558,378 |
Note 14 - Long-term Debt and _2
Note 14 - Long-term Debt and Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands) June 30, 2020 December 31, 2019 June 30, 2019 2.75% Convertible Notes $ 196,946 $ 193,696 $ — Credit Agreement - term loan 135,000 138,750 142,500 Credit Agreement - revolving credit facility 75,000 25,000 220,000 2019 Notes — — 40,000 Debt issuance costs and other 7,077 6,906 12,793 Total debt 414,023 364,352 415,293 Less current maturities 8,253 8,244 48,397 Total long-term debt $ 405,770 $ 356,108 $ 366,896 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2020 $ 11,100 2021 21,099 2022 18,752 2023 12,707 2024 7,415 2025 through 2036 13,600 Total future minimum lease payments 84,673 Less: imputed interest (9,578 ) Total $ 75,095 |
Note 16 - Weighted Average Sh_2
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator (basic and diluted) Net income (loss) allocated to common shareholders for basic calculation $ 3,405 $ (24,242 ) $ (61,965 ) $ (86,712 ) Denominator Weighted average common shares outstanding, basic 45,620 46,824 45,570 46,762 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) 661 — — — Weighted average common shares outstanding, diluted 46,281 46,824 45,570 46,762 Net income (loss) per share, basic $ 0.07 $ (0.52 ) $ (1.36 ) $ (1.85 ) Net income (loss) per share, diluted $ 0.07 $ (0.52 ) $ (1.36 ) $ (1.85 ) |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2019 (dollars in thousands) 2020 As Restated 2020 As Restated Benefit from income taxes $ (1,782 ) $ (5,913 ) $ (16,492 ) $ (23,263 ) Effective tax rate 64.7 % 21.5 % 18.3 % 22.2 % |
Note 19 - Business Segment In_2
Note 19 - Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 535,101 $ 109,724 $ 174,914 $ 141,858 $ 961,597 Elimination of intersegment revenue — — — (45,826 ) (45,826 ) Revenue from external customers 535,101 109,724 174,914 96,032 915,771 Gross profit 31,197 12,579 25,280 19,287 88,343 Depreciation, depletion and amortization 4,391 9,577 6,737 5,470 26,175 2019 (As Restated) Total revenue from reportable segments $ 481,746 $ 112,070 $ 174,629 $ 153,343 $ 921,788 Elimination of intersegment revenue — — — (55,696 ) (55,696 ) Revenue from external customers 481,746 112,070 174,629 97,647 866,092 Gross profit 499 10,502 21,755 14,002 46,758 Depreciation, depletion and amortization 4,845 10,931 8,401 6,054 30,231 Transportation Water Specialty Materials Total 2020 Total revenue from reportable segments $ 886,002 $ 211,381 $ 307,953 $ 206,510 $ 1,611,846 Elimination of intersegment revenue — — — (60,148 ) (60,148 ) Revenue from external customers 886,002 211,381 307,953 146,362 1,551,698 Gross profit 56,566 21,926 14,561 19,089 112,142 Depreciation, depletion and amortization 9,417 19,141 13,120 10,443 52,121 Segment assets 304,312 267,385 123,881 377,909 1,073,487 2019 (As Restated) Total revenue from reportable segments $ 783,710 $ 211,152 $ 313,753 $ 203,899 $ 1,512,514 Elimination of intersegment revenue — — — (64,609 ) (64,609 ) Revenue from external customers 783,710 211,152 313,753 139,290 1,447,905 Gross (loss) profit (15,849 ) 18,448 35,053 10,244 47,896 Depreciation, depletion and amortization 8,485 21,987 14,213 11,633 56,318 Segment assets 329,140 302,143 146,346 379,648 1,157,277 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, As Restated As Restated (in thousands) 2020 2019 2020 2019 Total gross profit from reportable segments $ 88,343 $ 46,758 $ 112,142 $ 47,896 Selling, general and administrative expenses 91,682 70,998 170,063 151,153 Acquisition and integration expenses — 9,177 — 11,025 Non-cash impairment charges (See Note 4) — — 24,413 — Gain on sales of property and equipment (1,190 ) (4,935 ) (1,813 ) (6,835 ) Total other expense (income) 606 (923 ) 9,482 (2,777 ) Loss before benefit from income taxes $ (2,755 ) $ (27,559 ) $ (90,003 ) $ (104,670 ) |
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 | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash, cash equivalents and restricted cash, beginning of period | $ 268,108 | $ 278,629 |
Cash and cash equivalents | 288,922 | 144,958 |
Restricted cash | 1,512 | 5,825 |
Total cash, cash equivalents and restricted cash, end of period | 290,434 | 150,783 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 22,326 | $ (127,846) |
Note 2 - Recently Issued and _2
Note 2 - Recently Issued and Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 520,025 | $ 594,353 | $ 579,920 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,800 | |||
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, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | $ 288,922 | $ 144,958 | $ 288,922 | $ 144,958 | $ 262,273 | |||
Short-term marketable securities | 0 | 41,037 | 0 | 41,037 | 27,799 | |||
Receivables, net ($31,978, $29,564 and $31,656 related to CCJVs) | 596,922 | 564,543 | 596,922 | 564,543 | 547,417 | |||
Contract assets ($26,075, $25,034 and $17,371 related to CCJVs) | 191,919 | 224,389 | 191,919 | 224,389 | 211,441 | |||
Inventories | 105,023 | 101,686 | 105,023 | 101,686 | 88,885 | |||
Equity in construction joint ventures | 183,542 | 220,247 | 183,542 | 220,247 | 193,110 | |||
Other current assets ($14,392, $13,350 and $11,440 related to CCJVs) | 57,614 | 80,560 | 57,614 | 80,560 | 46,016 | |||
Total current assets | 1,423,942 | 1,377,420 | 1,423,942 | 1,377,420 | 1,376,941 | |||
Property and equipment, net ($27,256, $31,136 and $31,560 related to CCJVs) | 540,053 | 558,378 | 540,053 | 558,378 | 542,297 | |||
Long-term marketable securities | 5,896 | 20,000 | 5,896 | 20,000 | 5,000 | |||
Investments in affiliates | 74,511 | 82,109 | 74,511 | 82,109 | 84,176 | |||
Goodwill | 248,690 | 264,107 | 248,690 | 264,107 | 264,279 | |||
Right of use assets | 72,244 | 73,439 | 72,244 | 73,439 | 72,534 | |||
Deferred income taxes, net | 40,926 | 28,249 | 40,926 | 28,249 | 50,158 | |||
Other noncurrent assets | 102,392 | 120,915 | 102,392 | 120,915 | 106,703 | |||
Total assets | 2,508,654 | 2,524,617 | 2,508,654 | 2,524,617 | 2,502,088 | |||
Current maturities of long-term debt | 8,253 | 48,397 | 8,253 | 48,397 | 8,244 | |||
Accounts payable ($56,315, $57,795 and $50,338 related to CCJVs) | 358,401 | 302,651 | 358,401 | 302,651 | 400,775 | |||
Contract liabilities ($69,688, $20,994 and $28,702 related to CCJVs) | 159,818 | 128,443 | 159,818 | 128,443 | 95,737 | |||
Accrued expenses and other current liabilities ($4,179, $2,415 and $4,311 related to CCJVs) | 363,128 | 360,231 | 363,128 | 360,231 | 337,300 | |||
Total current liabilities | 889,600 | 839,722 | 889,600 | 839,722 | 842,056 | |||
Long-term debt | 405,770 | 366,896 | 405,770 | 366,896 | 356,108 | |||
Long-term lease liabilities | 56,071 | 60,868 | 56,071 | 60,868 | 58,618 | |||
Deferred income taxes, net | 3,335 | 4,680 | 3,335 | 4,680 | 3,754 | |||
Other long-term liabilities | 63,118 | 58,268 | 63,118 | 58,268 | 63,136 | |||
Commitments and contingencies (Note 18) | ||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | ||||||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,651,914 shares as of June 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,838,199 shares as of June 30, 2019 | 458 | 468 | 458 | 468 | 456 | |||
Additional paid-in capital | 553,038 | 568,264 | 553,038 | 568,264 | 549,307 | |||
Accumulated other comprehensive loss | (5,800) | (2,187) | (5,800) | (2,187) | (2,645) | |||
Retained earnings | 520,025 | 579,920 | 520,025 | 579,920 | 594,353 | |||
Total Granite Construction Incorporated shareholders’ equity | 1,067,721 | 1,146,465 | 1,067,721 | 1,146,465 | 1,141,471 | |||
Non-controlling interests | 23,039 | 47,718 | 23,039 | 47,718 | 36,945 | |||
Total equity | 1,090,760 | 1,194,183 | 1,090,760 | 1,194,183 | $ 1,099,804 | 1,178,416 | $ 1,224,519 | $ 1,289,354 |
Total liabilities and equity | 2,508,654 | 2,524,617 | 2,508,654 | 2,524,617 | $ 2,502,088 | |||
Total revenue | 915,771 | 866,092 | 1,551,698 | 1,447,905 | ||||
Total cost of revenue | 827,428 | 819,334 | 1,439,556 | 1,400,009 | ||||
Gross (loss) profit | 88,343 | 46,758 | 112,142 | 47,896 | ||||
Selling, general and administrative expenses | 91,682 | 70,998 | 170,063 | 151,153 | ||||
Acquisition and integration expenses | 0 | 9,177 | 0 | 11,025 | ||||
Gain on sales of property and equipment | (1,190) | (4,935) | (1,813) | (6,835) | ||||
Operating loss | (2,149) | (28,482) | (80,521) | (107,447) | ||||
Interest income | (767) | (1,728) | (2,058) | (4,544) | ||||
Interest expense | 6,549 | 4,158 | 11,543 | 8,172 | ||||
Equity in income of affiliates, net | (2,016) | (2,594) | (2,062) | (3,884) | ||||
Other (income) expense, net | (3,160) | (759) | 2,059 | (2,521) | ||||
Total other income | 606 | (923) | 9,482 | (2,777) | ||||
Loss before benefit from income taxes | (2,755) | (27,559) | (90,003) | (104,670) | ||||
Benefit from income taxes | (1,782) | (5,913) | (16,492) | (23,263) | ||||
Net income (loss) | (973) | (21,646) | (73,511) | (81,407) | ||||
Amount attributable to non-controlling interests | 4,378 | (2,596) | 11,546 | (5,305) | ||||
Net loss attributable to Granite Construction Incorporated | $ 3,405 | $ (24,242) | $ (61,965) | $ (86,712) | ||||
Basic (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) | ||||
Increase to net loss per diluted share (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) | ||||
Basic (in shares) | 45,620 | 46,824 | 45,570 | 46,762 | ||||
Diluted (in shares) | 46,281 | 46,824 | 45,570 | 46,762 | ||||
Net loss | $ (73,511) | $ (81,407) | ||||||
Depreciation, depletion and amortization | 57,269 | 61,747 | ||||||
Gain on sales of property and equipment, net | (1,813) | (6,835) | ||||||
Deferred income taxes | (3) | |||||||
Stock-based compensation | 3,936 | 7,221 | ||||||
Equity in net loss from unconsolidated joint ventures | 30,506 | 72,835 | ||||||
Net income from affiliates | (3,884) | |||||||
Other non-cash adjustments | 1,832 | 4,627 | ||||||
Receivables | (35,486) | (79,090) | ||||||
Contract assets, net | 83,065 | (20,426) | ||||||
Inventories | (16,138) | (12,329) | ||||||
Contributions to unconsolidated construction joint ventures and affiliates | (24,223) | (45,500) | ||||||
Distributions from unconsolidated construction joint ventures and affiliates | 7,146 | 830 | ||||||
Other assets, net | (14,603) | (32,785) | ||||||
Accounts payable | (44,103) | 42,477 | ||||||
Accrued expenses and other current liabilities, net | 12,000 | (996) | ||||||
Net cash used in operating activities | 12,483 | (93,515) | ||||||
Transportation [Member] | ||||||||
Total revenue | $ 535,101 | $ 481,746 | 886,002 | 783,710 | ||||
Total cost of revenue | 503,904 | 481,247 | 829,436 | 799,559 | ||||
Water [Member] | ||||||||
Total revenue | 109,724 | 112,070 | 211,381 | 211,152 | ||||
Total cost of revenue | 97,145 | 101,568 | 189,455 | 192,704 | ||||
Specialty [Member] | ||||||||
Total revenue | 174,914 | 174,629 | 307,953 | 313,753 | ||||
Total cost of revenue | 149,634 | 152,874 | 293,392 | 278,700 | ||||
Materials [Member] | ||||||||
Total revenue | 96,032 | 97,647 | 146,362 | 139,290 | ||||
Total cost of revenue | $ 76,745 | 83,645 | $ 127,273 | 129,046 | ||||
Previously Reported [Member] | ||||||||
Cash and cash equivalents | 144,958 | 144,958 | ||||||
Short-term marketable securities | 41,037 | 41,037 | ||||||
Receivables, net ($31,978, $29,564 and $31,656 related to CCJVs) | 551,958 | 551,958 | ||||||
Contract assets ($26,075, $25,034 and $17,371 related to CCJVs) | 257,650 | 257,650 | ||||||
Inventories | 102,163 | 102,163 | ||||||
Equity in construction joint ventures | 241,786 | 241,786 | ||||||
Other current assets ($14,392, $13,350 and $11,440 related to CCJVs) | 63,056 | 63,056 | ||||||
Total current assets | 1,402,608 | 1,402,608 | ||||||
Property and equipment, net ($27,256, $31,136 and $31,560 related to CCJVs) | 557,118 | 557,118 | ||||||
Long-term marketable securities | 20,000 | 20,000 | ||||||
Investments in affiliates | 82,109 | 82,109 | ||||||
Goodwill | 264,107 | 264,107 | ||||||
Right of use assets | 73,439 | 73,439 | ||||||
Deferred income taxes, net | 36,055 | 36,055 | ||||||
Other noncurrent assets | 122,705 | 122,705 | ||||||
Total assets | 2,558,141 | 2,558,141 | ||||||
Current maturities of long-term debt | 48,397 | 48,397 | ||||||
Accounts payable ($56,315, $57,795 and $50,338 related to CCJVs) | 303,128 | 303,128 | ||||||
Contract liabilities ($69,688, $20,994 and $28,702 related to CCJVs) | 119,289 | 119,289 | ||||||
Accrued expenses and other current liabilities ($4,179, $2,415 and $4,311 related to CCJVs) | 339,047 | 339,047 | ||||||
Total current liabilities | 809,861 | 809,861 | ||||||
Long-term debt | 366,896 | 366,896 | ||||||
Long-term lease liabilities | 60,868 | 60,868 | ||||||
Deferred income taxes, net | 4,680 | 4,680 | ||||||
Other long-term liabilities | 58,268 | 58,268 | ||||||
Commitments and contingencies (Note 18) | ||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | ||||||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,651,914 shares as of June 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,838,199 shares as of June 30, 2019 | 468 | 468 | ||||||
Additional paid-in capital | 568,264 | 568,264 | ||||||
Accumulated other comprehensive loss | (3,448) | (3,448) | ||||||
Retained earnings | 642,124 | 642,124 | ||||||
Total Granite Construction Incorporated shareholders’ equity | 1,207,408 | 1,207,408 | ||||||
Non-controlling interests | 50,160 | 50,160 | ||||||
Total equity | 1,257,568 | 1,257,568 | ||||||
Total liabilities and equity | 2,558,141 | 2,558,141 | ||||||
Total revenue | 789,540 | 1,409,341 | ||||||
Total cost of revenue | 841,944 | 1,421,267 | ||||||
Gross (loss) profit | (52,404) | (11,926) | ||||||
Selling, general and administrative expenses | 69,998 | 151,153 | ||||||
Acquisition and integration expenses | 9,177 | 12,500 | ||||||
Gain on sales of property and equipment | (4,935) | (6,835) | ||||||
Operating loss | (126,644) | (168,744) | ||||||
Interest income | (1,728) | (4,544) | ||||||
Interest expense | 4,158 | 8,172 | ||||||
Equity in income of affiliates, net | (2,594) | (3,884) | ||||||
Other (income) expense, net | (759) | (2,521) | ||||||
Total other income | (923) | (2,777) | ||||||
Loss before benefit from income taxes | (125,721) | (165,967) | ||||||
Benefit from income taxes | (31,760) | (40,925) | ||||||
Net income (loss) | (93,961) | (125,042) | ||||||
Amount attributable to non-controlling interests | (3,875) | (7,368) | ||||||
Net loss attributable to Granite Construction Incorporated | $ (97,836) | $ (132,410) | ||||||
Basic (in dollars per share) | $ (2.09) | $ (2.83) | ||||||
Increase to net loss per diluted share (in dollars per share) | $ (2.09) | $ (2.83) | ||||||
Basic (in shares) | 46,824 | 46,762 | ||||||
Diluted (in shares) | 46,824 | 46,762 | ||||||
Net loss | $ (125,042) | |||||||
Depreciation, depletion and amortization | 61,747 | |||||||
Gain on sales of property and equipment, net | (6,835) | |||||||
Deferred income taxes | (35,192) | |||||||
Stock-based compensation | 7,221 | |||||||
Equity in net loss from unconsolidated joint ventures | 105,834 | |||||||
Net income from affiliates | (3,884) | |||||||
Other non-cash adjustments | 4,630 | |||||||
Receivables | (78,081) | |||||||
Contract assets, net | (23,775) | |||||||
Inventories | (12,905) | |||||||
Contributions to unconsolidated construction joint ventures and affiliates | (45,500) | |||||||
Distributions from unconsolidated construction joint ventures and affiliates | 830 | |||||||
Other assets, net | (15,361) | |||||||
Accounts payable | 48,230 | |||||||
Accrued expenses and other current liabilities, net | 24,568 | |||||||
Net cash used in operating activities | (93,515) | |||||||
Previously Reported [Member] | Transportation [Member] | ||||||||
Total revenue | $ 403,978 | 742,188 | ||||||
Total cost of revenue | 503,857 | 820,817 | ||||||
Previously Reported [Member] | Water [Member] | ||||||||
Total revenue | 112,831 | 212,086 | ||||||
Total cost of revenue | 101,568 | 192,704 | ||||||
Previously Reported [Member] | Specialty [Member] | ||||||||
Total revenue | 175,084 | 315,777 | ||||||
Total cost of revenue | 152,874 | 278,700 | ||||||
Previously Reported [Member] | Materials [Member] | ||||||||
Total revenue | 97,647 | 139,290 | ||||||
Total cost of revenue | 83,645 | 129,046 | ||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Short-term marketable securities | 0 | 0 | ||||||
Receivables, net ($31,978, $29,564 and $31,656 related to CCJVs) | 10,567 | 10,567 | ||||||
Contract assets ($26,075, $25,034 and $17,371 related to CCJVs) | (30,286) | (30,286) | ||||||
Inventories | 0 | 0 | ||||||
Equity in construction joint ventures | (18,401) | (18,401) | ||||||
Other current assets ($14,392, $13,350 and $11,440 related to CCJVs) | 16,919 | 16,919 | ||||||
Total current assets | (21,201) | (21,201) | ||||||
Property and equipment, net ($27,256, $31,136 and $31,560 related to CCJVs) | 0 | 0 | ||||||
Long-term marketable securities | 0 | 0 | ||||||
Investments in affiliates | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Right of use assets | 0 | 0 | ||||||
Deferred income taxes, net | (8,580) | (8,580) | ||||||
Other noncurrent assets | 0 | 0 | ||||||
Total assets | (29,781) | (29,781) | ||||||
Current maturities of long-term debt | 0 | 0 | ||||||
Accounts payable ($56,315, $57,795 and $50,338 related to CCJVs) | 0 | 0 | ||||||
Contract liabilities ($69,688, $20,994 and $28,702 related to CCJVs) | 9,154 | 9,154 | ||||||
Accrued expenses and other current liabilities ($4,179, $2,415 and $4,311 related to CCJVs) | 21,184 | 21,184 | ||||||
Total current liabilities | 30,338 | 30,338 | ||||||
Long-term debt | 0 | 0 | ||||||
Long-term lease liabilities | 0 | 0 | ||||||
Deferred income taxes, net | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Commitments and contingencies (Note 18) | ||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | ||||||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,651,914 shares as of June 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,838,199 shares as of June 30, 2019 | 0 | 0 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated other comprehensive loss | 0 | 0 | ||||||
Retained earnings | (58,719) | (58,719) | ||||||
Total Granite Construction Incorporated shareholders’ equity | (58,719) | (58,719) | ||||||
Non-controlling interests | (1,400) | (1,400) | ||||||
Total equity | (60,119) | (60,119) | ||||||
Total liabilities and equity | (29,781) | (29,781) | ||||||
Total revenue | 75,527 | 47,335 | ||||||
Total cost of revenue | (22,610) | (16,402) | ||||||
Gross (loss) profit | 98,137 | 63,737 | ||||||
Selling, general and administrative expenses | 0 | 0 | ||||||
Acquisition and integration expenses | 0 | 0 | ||||||
Gain on sales of property and equipment | 0 | 0 | ||||||
Operating loss | 98,137 | 63,737 | ||||||
Interest income | 0 | 0 | ||||||
Interest expense | 0 | 0 | ||||||
Equity in income of affiliates, net | 0 | 0 | ||||||
Other (income) expense, net | 0 | 0 | ||||||
Total other income | 0 | 0 | ||||||
Loss before benefit from income taxes | 98,137 | 63,737 | ||||||
Benefit from income taxes | 25,874 | 18,247 | ||||||
Net income (loss) | 72,263 | 45,490 | ||||||
Amount attributable to non-controlling interests | 1,341 | 1,400 | ||||||
Net loss attributable to Granite Construction Incorporated | $ 73,604 | $ 46,890 | ||||||
Basic (in dollars per share) | $ 1.57 | $ 1 | ||||||
Increase to net loss per diluted share (in dollars per share) | $ 1.57 | $ 1 | ||||||
Basic (in shares) | 46,824 | 46,762 | ||||||
Diluted (in shares) | 46,824 | 46,762 | ||||||
Net loss | $ 45,490 | |||||||
Depreciation, depletion and amortization | 0 | |||||||
Gain on sales of property and equipment, net | 0 | |||||||
Deferred income taxes | 35,189 | |||||||
Stock-based compensation | 0 | |||||||
Equity in net loss from unconsolidated joint ventures | (60,073) | |||||||
Net income from affiliates | 0 | |||||||
Other non-cash adjustments | 0 | |||||||
Receivables | 0 | |||||||
Contract assets, net | (3,687) | |||||||
Inventories | 0 | |||||||
Contributions to unconsolidated construction joint ventures and affiliates | 0 | |||||||
Distributions from unconsolidated construction joint ventures and affiliates | 0 | |||||||
Other assets, net | (16,919) | |||||||
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 | $ 76,255 | 48,233 | ||||||
Total cost of revenue | (16,402) | |||||||
Revision of Prior Period, Adjustment [Member] | Transportation [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||
Total cost of revenue | (22,610) | |||||||
Revision of Prior Period, Adjustment [Member] | Water [Member] | ||||||||
Total revenue | (728) | (898) | ||||||
Total cost of revenue | 0 | 0 | ||||||
Revision of Prior Period, Adjustment [Member] | Specialty [Member] | ||||||||
Total revenue | 0 | 0 | ||||||
Total cost of revenue | 0 | 0 | ||||||
Revision of Prior Period, Adjustment [Member] | Materials [Member] | ||||||||
Total revenue | 0 | 0 | ||||||
Total cost of revenue | 0 | 0 | ||||||
Other Adjustments [Member] | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Short-term marketable securities | 0 | 0 | ||||||
Receivables, net ($31,978, $29,564 and $31,656 related to CCJVs) | 2,018 | 2,018 | ||||||
Contract assets ($26,075, $25,034 and $17,371 related to CCJVs) | (2,975) | (2,975) | ||||||
Inventories | (477) | (477) | ||||||
Equity in construction joint ventures | (3,138) | (3,138) | ||||||
Other current assets ($14,392, $13,350 and $11,440 related to CCJVs) | 585 | 585 | ||||||
Total current assets | (3,987) | (3,987) | ||||||
Property and equipment, net ($27,256, $31,136 and $31,560 related to CCJVs) | 1,260 | 1,260 | ||||||
Long-term marketable securities | 0 | 0 | ||||||
Investments in affiliates | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Right of use assets | 0 | 0 | ||||||
Deferred income taxes, net | 774 | 774 | ||||||
Other noncurrent assets | (1,790) | (1,790) | ||||||
Total assets | (3,743) | (3,743) | ||||||
Current maturities of long-term debt | 0 | 0 | ||||||
Accounts payable ($56,315, $57,795 and $50,338 related to CCJVs) | (477) | (477) | ||||||
Contract liabilities ($69,688, $20,994 and $28,702 related to CCJVs) | 0 | 0 | ||||||
Accrued expenses and other current liabilities ($4,179, $2,415 and $4,311 related to CCJVs) | 0 | 0 | ||||||
Total current liabilities | (477) | (477) | ||||||
Long-term debt | 0 | 0 | ||||||
Long-term lease liabilities | 0 | 0 | ||||||
Deferred income taxes, net | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Commitments and contingencies (Note 18) | ||||||||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | ||||||
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,651,914 shares as of June 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,838,199 shares as of June 30, 2019 | 0 | 0 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated other comprehensive loss | 1,261 | 1,261 | ||||||
Retained earnings | (3,485) | (3,485) | ||||||
Total Granite Construction Incorporated shareholders’ equity | (2,224) | (2,224) | ||||||
Non-controlling interests | (1,042) | (1,042) | ||||||
Total equity | (3,266) | (3,266) | ||||||
Total liabilities and equity | (3,743) | (3,743) | ||||||
Total revenue | 1,025 | (8,771) | ||||||
Total cost of revenue | 0 | (4,856) | ||||||
Gross (loss) profit | 1,025 | (3,915) | ||||||
Selling, general and administrative expenses | 1,000 | 0 | ||||||
Acquisition and integration expenses | 0 | (1,475) | ||||||
Gain on sales of property and equipment | 0 | 0 | ||||||
Operating loss | 25 | (2,440) | ||||||
Interest income | 0 | 0 | ||||||
Interest expense | 0 | 0 | ||||||
Equity in income of affiliates, net | 0 | 0 | ||||||
Other (income) expense, net | 0 | 0 | ||||||
Total other income | 0 | 0 | ||||||
Loss before benefit from income taxes | 25 | (2,440) | ||||||
Benefit from income taxes | (27) | (585) | ||||||
Net income (loss) | 52 | (1,855) | ||||||
Amount attributable to non-controlling interests | (62) | 663 | ||||||
Net loss attributable to Granite Construction Incorporated | $ (10) | $ (1,192) | ||||||
Basic (in dollars per share) | $ 0 | $ (0.03) | ||||||
Increase to net loss per diluted share (in dollars per share) | $ 0 | $ (0.03) | ||||||
Basic (in shares) | 46,824 | 46,762 | ||||||
Diluted (in shares) | 46,824 | 46,762 | ||||||
Net loss | $ (1,855) | |||||||
Depreciation, depletion and amortization | 0 | |||||||
Gain on sales of property and equipment, net | 0 | |||||||
Deferred income taxes | 0 | |||||||
Stock-based compensation | 0 | |||||||
Equity in net loss from unconsolidated joint ventures | 27,074 | |||||||
Net income from affiliates | 0 | |||||||
Other non-cash adjustments | 0 | |||||||
Receivables | (1,009) | |||||||
Contract assets, net | 7,036 | |||||||
Inventories | 576 | |||||||
Contributions to unconsolidated construction joint ventures and affiliates | 0 | |||||||
Distributions from unconsolidated construction joint ventures and affiliates | 0 | |||||||
Other assets, net | (505) | |||||||
Accounts payable | (5,753) | |||||||
Accrued expenses and other current liabilities, net | (25,564) | |||||||
Net cash used in operating activities | 0 | |||||||
Other Adjustments [Member] | Transportation [Member] | ||||||||
Total revenue | $ 1,513 | (6,711) | ||||||
Total cost of revenue | 0 | (4,856) | ||||||
Other Adjustments [Member] | Water [Member] | ||||||||
Total revenue | (33) | (36) | ||||||
Total cost of revenue | 0 | 0 | ||||||
Other Adjustments [Member] | Specialty [Member] | ||||||||
Total revenue | (455) | (2,024) | ||||||
Total cost of revenue | 0 | 0 | ||||||
Other Adjustments [Member] | Materials [Member] | ||||||||
Total revenue | 0 | 0 | ||||||
Total cost of revenue | $ 0 | $ 0 |
Note 3 - Restatement - Effect_2
Note 3 - Restatement - Effects of Restatement (Details) (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 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) | 45,651,914 | 45,503,805 | 46,838,199 |
Common stock, shares outstanding (in shares) | 45,651,914 | 45,503,805 | 46,838,199 |
Note 4 - Impairment Charges (De
Note 4 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Goodwill, Impairment Loss | $ 24,413 | |||
Equity Method Investment, Other than Temporary Impairment | 9,600 | |||
Equity Method Investments | 74,511 | $ 84,176 | $ 82,109 | |
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 | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross Profit, Total | $ 88,343 | $ 46,758 | $ 112,142 | $ 47,896 | ||
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 | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Range of reduction in gross profit from each project, net | $ (88,343) | $ (46,758) | $ (112,142) | $ (47,896) | ||
Decrease to project profitability | 2,755 | 27,559 | 90,003 | 104,670 | ||
Increase to net loss | $ (973) | $ (21,646) | $ (73,511) | $ (81,407) | ||
Increase to net loss per diluted share (in dollars per share) | $ / shares | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||||
Number of projects with downward estimate changes | 3 | 4 | 5 | 5 | ||
Range of reduction in gross profit from each project, net | $ (5,000) | $ (5,000) | ||||
Decrease to project profitability | $ 30,900 | $ 58,100 | $ 69,800 | $ 93,500 | ||
Increase to net loss | $ 22,900 | $ 44,600 | $ 51,800 | $ 71,800 | ||
Increase to net loss per diluted share (in dollars per share) | $ / shares | $ 0.50 | $ 0.95 | $ 1.14 | $ 1.53 | ||
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 | $ 6,400 | $ 7,400 | $ 7,700 | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||||||
Range of reduction in gross profit from each project, net | $ 16,100 | $ 37,000 | $ 19,800 | $ 37,000 |
Note 6 - Disaggregation of Re_3
Note 6 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 915,771 | $ 866,092 | $ 1,551,698 | $ 1,447,905 |
Water and Mineral Services [Member] | ||||
Revenue | 103,905 | 136,258 | 208,970 | 257,090 |
Transportation [Member] | ||||
Revenue | 535,101 | 481,746 | 886,002 | 783,710 |
Transportation [Member] | Water and Mineral Services [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Water [Member] | ||||
Revenue | 109,724 | 112,070 | 211,381 | 211,152 |
Water [Member] | Water and Mineral Services [Member] | ||||
Revenue | 87,354 | 105,096 | 174,359 | 196,628 |
Specialty [Member] | ||||
Revenue | 174,914 | 174,629 | 307,953 | 313,753 |
Specialty [Member] | Water and Mineral Services [Member] | ||||
Revenue | 13,433 | 25,323 | 28,883 | 50,577 |
Materials [Member] | ||||
Revenue | 96,032 | 97,647 | 146,362 | 139,290 |
Materials [Member] | Water and Mineral Services [Member] | ||||
Revenue | 3,118 | 5,839 | 5,728 | 9,885 |
California 1[Member] | ||||
Revenue | 270,431 | 234,989 | 448,630 | 361,088 |
California 1[Member] | Transportation [Member] | ||||
Revenue | 159,022 | 138,411 | 253,954 | 207,924 |
California 1[Member] | Water [Member] | ||||
Revenue | 8,215 | 2,634 | 13,727 | 4,000 |
California 1[Member] | Specialty [Member] | ||||
Revenue | 50,965 | 42,982 | 95,453 | 75,137 |
California 1[Member] | Materials [Member] | ||||
Revenue | 52,229 | 50,962 | 85,496 | 74,027 |
Federal [Member] | ||||
Revenue | 25,859 | 18,944 | 53,129 | 34,681 |
Federal [Member] | Transportation [Member] | ||||
Revenue | 1,768 | 50 | 2,166 | 77 |
Federal [Member] | Water [Member] | ||||
Revenue | 587 | 371 | 968 | 879 |
Federal [Member] | Specialty [Member] | ||||
Revenue | 23,504 | 18,523 | 49,995 | 33,725 |
Federal [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Heavy Civil [Member] | ||||
Revenue | 209,853 | 156,380 | 387,875 | 320,483 |
Heavy Civil [Member] | Transportation [Member] | ||||
Revenue | 187,103 | 153,760 | 354,529 | 313,502 |
Heavy Civil [Member] | Water [Member] | ||||
Revenue | 11,173 | 2,620 | 18,275 | 6,981 |
Heavy Civil [Member] | Specialty [Member] | ||||
Revenue | 11,577 | 0 | 15,071 | 0 |
Heavy Civil [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Midwest [Member] | ||||
Revenue | 73,742 | 67,261 | 109,488 | 119,727 |
Midwest [Member] | Transportation [Member] | ||||
Revenue | 34,942 | 28,135 | 59,185 | 46,196 |
Midwest [Member] | Water [Member] | ||||
Revenue | 152 | 0 | 152 | 84 |
Midwest [Member] | Specialty [Member] | ||||
Revenue | 38,648 | 39,126 | 50,151 | 73,447 |
Midwest [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Northwest [Member] | ||||
Revenue | 231,981 | 252,260 | 343,606 | 354,836 |
Northwest [Member] | Transportation [Member] | ||||
Revenue | 152,266 | 161,390 | 216,168 | 216,011 |
Northwest [Member] | Water [Member] | ||||
Revenue | 2,243 | 1,349 | 3,900 | 2,580 |
Northwest [Member] | Specialty [Member] | ||||
Revenue | 36,787 | 48,675 | 68,400 | 80,867 |
Northwest [Member] | Materials [Member] | ||||
Revenue | $ 40,685 | $ 40,846 | $ 55,138 | $ 55,378 |
Note 7 - Unearned Revenue - Sch
Note 7 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Unearned Revenue | $ 3,535,639 | $ 3,600,028 | $ 3,751,483 |
Water and Mineral Services [Member] | |||
Unearned Revenue | 130,561 | 143,539 | 224,720 |
California 1[Member] | |||
Unearned Revenue | 820,525 | 674,113 | 724,175 |
Federal [Member] | |||
Unearned Revenue | 140,494 | 150,678 | 147,946 |
Heavy Civil [Member] | |||
Unearned Revenue | 1,456,617 | 1,603,014 | 1,820,161 |
Midwest [Member] | |||
Unearned Revenue | 326,314 | 349,483 | 366,212 |
Northwest [Member] | |||
Unearned Revenue | 661,128 | 679,201 | 468,269 |
Transportation [Member] | |||
Unearned Revenue | 2,626,520 | 2,691,091 | 2,975,535 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Transportation [Member] | California 1[Member] | |||
Unearned Revenue | 636,385 | 527,971 | 590,641 |
Transportation [Member] | Federal [Member] | |||
Unearned Revenue | 16,464 | 18,152 | 80 |
Transportation [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 1,188,587 | 1,321,443 | 1,805,917 |
Transportation [Member] | Midwest [Member] | |||
Unearned Revenue | 214,016 | 208,872 | 204,749 |
Transportation [Member] | Northwest [Member] | |||
Unearned Revenue | 571,068 | 614,653 | 374,148 |
Water [Member] | |||
Unearned Revenue | 227,864 | 241,161 | 255,516 |
Water [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 130,561 | 143,539 | 224,720 |
Water [Member] | California 1[Member] | |||
Unearned Revenue | 61,151 | 52,136 | 14,382 |
Water [Member] | Federal [Member] | |||
Unearned Revenue | 861 | 957 | 1,350 |
Water [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 34,961 | 41,511 | 14,244 |
Water [Member] | Midwest [Member] | |||
Unearned Revenue | 0 | 150 | 110 |
Water [Member] | Northwest [Member] | |||
Unearned Revenue | 330 | 2,868 | 710 |
Specialty [Member] | |||
Unearned Revenue | 681,255 | 667,776 | 520,432 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Specialty [Member] | California 1[Member] | |||
Unearned Revenue | 122,989 | 94,006 | 119,152 |
Specialty [Member] | Federal [Member] | |||
Unearned Revenue | 123,169 | 131,569 | 146,516 |
Specialty [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 233,069 | 240,060 | 0 |
Specialty [Member] | Midwest [Member] | |||
Unearned Revenue | 112,298 | 140,461 | 161,353 |
Specialty [Member] | Northwest [Member] | |||
Unearned Revenue | $ 89,730 | $ 61,680 | $ 93,411 |
Note 8 - Contract Assets and _3
Note 8 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 18.2 | $ 17.5 | $ 114 | $ 114.6 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | 60 | 61 | 60 | 61 | $ 71.1 |
Performance Obligations [Member] | |||||
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 70.8 | $ 58.6 | $ 114.7 | $ 97.5 |
Note 8 - Contract Assets and _4
Note 8 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Costs in excess of billings and estimated earnings | $ 73,745 | $ 100,761 | $ 128,239 |
Contract retention | 118,174 | 110,680 | 96,150 |
Total contract assets | 191,919 | 211,441 | 224,389 |
Billings in excess of costs and estimated earnings, net of retention | 148,050 | 86,736 | 119,881 |
Provisions for losses | 11,768 | 9,001 | 8,562 |
Total contract liabilities | $ 159,818 | $ 95,737 | $ 128,443 |
Note 9 - Receivables, Net - Sch
Note 9 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Gross receivables | $ 599,341 | $ 547,791 | $ 565,184 |
Less: allowance for credit losses | 2,419 | 374 | 641 |
Total net receivables | 596,922 | 547,417 | 564,543 |
Completed and in Progress [Member] | |||
Billed | 311,550 | 299,633 | 313,185 |
Unbilled | 163,815 | 149,696 | 163,950 |
Gross receivables | 475,365 | 449,329 | 477,135 |
Material Sales [Member] | |||
Gross receivables | 58,514 | 42,936 | 61,204 |
Other Business Products and Services [Member] | |||
Gross receivables | $ 65,462 | $ 55,526 | $ 26,845 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 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 | $ 33.1 | $ 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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Commodity swap | $ 598 | ||
Total assets | 106,814 | $ 100,531 | $ 23,615 |
Interest rate swap | 9,058 | 4,603 | 4,985 |
Total liabilities | 9,058 | 4,603 | 4,985 |
Fair Value, Inputs, Level 1 [Member] | |||
Commodity swap | 0 | ||
Total assets | 106,216 | 100,531 | 23,615 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Commodity swap | 598 | ||
Total assets | 598 | 0 | 0 |
Interest rate swap | 9,058 | 4,603 | 4,985 |
Total liabilities | 9,058 | 4,603 | 4,985 |
Fair Value, Inputs, Level 3 [Member] | |||
Commodity swap | 0 | ||
Total assets | 0 | 0 | 0 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Money Market Funds [Member] | |||
Cash equivalents | 104,704 | 94,696 | 17,790 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 104,704 | 94,696 | 17,790 |
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 | 1,512 | 5,835 | 5,825 |
Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Other noncurrent assets | 1,512 | 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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | $ 5,896 | $ 32,799 | $ 61,037 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 196,946 | 193,696 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 75,000 | 25,000 | 220,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | 135,000 | 138,750 | 142,500 |
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] | 5,896 | 32,792 | 60,887 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 184,554 | 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] | 76,291 | 25,043 | 220,597 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | 137,116 | 139,042 | 143,109 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | The 2019 Notes [Member] | ||||
Notes | [3] | $ 0 | $ 0 | $ 40,571 |
[1] | All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of June 30, 2020 and December 31, 2019, and included corporate bonds as of June 30, 2019. | |||
[2] | Excluded from the carrying value is $33.1 and $36.3 million debt discount of as of June 30, 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 June 30, 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 | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Contract with Customer, Liability, Total | $ 159,818 | $ 128,443 | $ 159,818 | $ 128,443 | $ 95,737 |
Contract Value of Active Construction Joint Venture Projects | 3,400 | 3,400 | |||
Revenue from Contract with Customer, Including Assessed Tax | 915,771 | 866,092 | 1,551,698 | 1,447,905 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 520,025 | 579,920 | 520,025 | 579,920 | 594,353 |
Net Income (Loss) Attributable to Parent, Total | 3,405 | (24,242) | (61,965) | (86,712) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | (30,506) | (72,835) | |||
Unconsolidated Construction Corporate Joint Venture [Member] | |||||
Contract with Customer, Liability, Total | $ 618,600 | $ 618,600 | |||
Number of Active Joint Venture Projects | 10 | 10 | |||
Contract Value of Active Construction Joint Venture Projects | $ 11,500 | $ 11,500 | |||
Affirmative Claim Recovery Estimate | 80,900 | 114,100 | 80,900 | 114,100 | 116,800 |
Back Charge Claims | 18,000 | 15,100 | 18,000 | 15,100 | 15,900 |
Retained Earnings (Accumulated Deficit), Ending Balance | 77,600 | 79,900 | 77,600 | 79,900 | 76,200 |
Net Income (Loss) Attributable to Parent, Total | 27,500 | (18,900) | (138,500) | (13,700) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 18,700 | 52,500 | 30,500 | 72,800 | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | |||||
Contract with Customer, Liability, Total | 1,200 | 1,200 | |||
Contract Value of Active Construction Joint Venture Projects | $ 12,100 | $ 12,100 | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | |||||
Contract with Customer, Liability, Total | $ 168,200 | $ 168,200 | |||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | $ 3,800,000 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 800 | $ 800 | |||
Guarantor Obligations, Current Carrying Value | 82,300 | 88,700 | 82,300 | 88,700 | $ 81,900 |
Unconsolidated Construction Corporate Joint Venture [Member] | Construction [Member] | |||||
Contract with Customer, Liability, Total | 2,100,000 | 2,100,000 | |||
Co-venturer [Member] | Performance Guarantee [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,300,000 | 1,300,000 | |||
Consolidated Construction Corporate Joint Venture [Member] | |||||
Contract Value of Active Construction Joint Venture Projects | 928,500 | 928,500 | |||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Contract with Customer, Liability, Total | $ 457,500 | $ 457,500 | |||
Number of Active Joint Venture Projects | 7 | 7 | |||
Contract Value of Active Construction Joint Venture Projects | $ 1,600,000 | $ 1,600,000 | |||
Revenue from Contract with Customer, Including Assessed Tax | 86,000 | 76,500 | 140,700 | 139,500 | |
Net Cash Provided by (Used in) Continuing Operations, Total | 19,800 | 5,300 | |||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||||
Contract with Customer, Liability, Total | 100 | 100 | |||
Contract Value of Active Construction Joint Venture Projects | 700 | $ 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 | 188,900 | $ 188,900 | |||
Contract Value of Active Construction Joint Venture Projects | $ 413,800 | $ 413,800 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 65.00% | ||||
Line Item Joint Venture [Member] | |||||
Number of Active Joint Venture Projects | 4 | 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 | $ 133,100 | 133,100 | |||
Contract Value of Active Construction Joint Venture Projects | 182,800 | 182,800 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 18,400 | $ 11,800 | $ 31,200 | $ 12,200 |
Note 11 - Construction Joint _4
Note 11 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Cash, cash equivalents and marketable securities | $ 213,285 | $ 179,049 | $ 225,163 | |
Other current assets | [1] | 948,103 | 972,840 | 960,406 |
Noncurrent assets | 185,866 | 207,584 | 214,238 | |
Current liabilities | 515,113 | 581,199 | 530,654 | |
Equity in construction joint ventures | [2] | 105,902 | 116,911 | 140,338 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 908,274 | 904,565 | 929,332 | |
Unconsolidated construction joint venture liabilities | [3] | 182,035 | 243,202 | 200,517 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 438,980 | 454,908 | 470,475 |
Unconsolidated construction joint venture liabilities | $ 333,078 | $ 337,997 | $ 330,137 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets was $82.3 million, $81.9 million and $88.7 million related to performance guarantees as of June 30, 2020, December 31, 2019 and June 30, 2019, respectively. | |||
[2] | Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $79.2 million, $76.2 million and $58.7 million, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses, as of June 30, 2020, December 31, 2019 and June 30, 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 June 30, 2020, December 31, 2019 and June 30, 2019, was $80.9 million, $116.8 million and $89.4 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $18.0 million, $15.9 million and $12.8 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2020, December 31, 2019 and June 30, 2019, respectively. |
Note 11 - Construction Joint _5
Note 11 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Cost of revenue | $ 827,428 | $ 819,334 | $ 1,439,556 | $ 1,400,009 | |
Collaborative Arrangement [Member] | |||||
Revenue | 96,822 | 101,571 | 180,524 | 212,087 | |
Cost of revenue | 115,195 | 153,880 | 210,912 | 284,938 | |
Granite’s interest in gross loss | (18,373) | (52,309) | (30,388) | (72,851) | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||||
Revenue | 384,461 | 436,071 | 446,491 | 852,005 | |
Cost of revenue | 356,755 | 456,484 | 585,215 | 867,969 | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||||
Revenue | [1] | 287,639 | 334,500 | 265,967 | 639,918 |
Cost of revenue | [1] | $ 241,560 | $ 302,604 | $ 374,303 | $ 583,031 |
[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 | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | |
Assets, Total | $ 2,508,654 | $ 2,502,088 | $ 2,524,617 |
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] | |||
Assets, Total | $ 28,600 | ||
Number of Entities | 3 | ||
Real Estate Entities [Member] | Minimum [Member] | |||
Assets, Total | $ 8,100 | ||
Equity Method Investment, Ownership Percentage | 18.00% | ||
Real Estate Entities [Member] | Maximum [Member] | |||
Assets, Total | $ 35,100 | ||
Equity Method Investment, Ownership Percentage | 47.00% | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Assets, Total | $ 286,398 | 287,679 | 321,125 |
Foreign Affiliates [Member] | Minimum [Member] | |||
Assets, Total | 200 | ||
Foreign Affiliates [Member] | Maximum [Member] | |||
Assets, Total | 72,200 | ||
Real Estate Entities [Member] | |||
Assets, Total | $ 13,200 | $ 13,600 | $ 14,200 |
Note 12 - Investments in Affi_4
Note 12 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Total investments in affiliates | $ 74,511 | $ 84,176 | $ 82,109 |
Foreign Affiliates [Member] | |||
Total investments in affiliates | 45,487 | 55,335 | 55,563 |
Real Estate Entities [Member] | |||
Total investments in affiliates | 16,578 | 17,229 | 17,781 |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 12,446 | $ 11,612 | $ 8,765 |
Note 12 - Investments in Affi_5
Note 12 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Current assets | $ 1,423,942 | $ 1,376,941 | $ 1,377,420 | |
Total assets | 2,508,654 | 2,502,088 | 2,524,617 | |
Current liabilities | 889,600 | 842,056 | 839,722 | |
Granite’s share of net assets | 74,511 | 84,176 | 82,109 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 122,608 | 122,348 | 138,564 | |
Noncurrent assets | 163,790 | 165,331 | 182,561 | |
Total assets | 286,398 | 287,679 | 321,125 | |
Current liabilities | 54,044 | 48,322 | 70,435 | |
Long-term liabilities (1) | [1] | 60,714 | 61,078 | 70,381 |
Total liabilities | 114,758 | 109,400 | 140,816 | |
Net assets | 171,640 | 178,279 | 180,309 | |
Granite’s share of net assets | $ 74,511 | $ 84,176 | $ 82,109 | |
[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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Property and equipment, gross | $ 1,481,468 | $ 1,459,485 | $ 1,446,782 |
Less: accumulated depreciation and depletion | 941,415 | 917,188 | 888,404 |
Property and equipment, net | 540,053 | 542,297 | 558,378 |
Equipment and Vehicles [Member] | |||
Property and equipment, gross | 959,083 | 947,687 | 943,456 |
Mining Properties and Mineral Rights [Member] | |||
Property and equipment, gross | 196,033 | 188,960 | 191,972 |
Land and Land Improvements [Member] | |||
Property and equipment, gross | 135,707 | 132,531 | 135,411 |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 121,387 | 122,316 | 109,356 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 69,258 | $ 67,991 | $ 66,587 |
Note 14 - Long-term Debt and _3
Note 14 - Long-term Debt and Credit Arrangements (Details Textual) - USD ($) $ in Thousands | May 04, 2020 | Jun. 30, 2020 | Mar. 26, 2020 | Mar. 25, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Jul. 29, 2019 | Jun. 30, 2019 | May 31, 2018 |
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 4,200 | ||||||||
Long-Term Debt, Maturity, Year One | 8,500 | ||||||||
Long-Term Debt, Maturity, Year Two | 8,500 | ||||||||
Long-Term Debt, Maturity, Year Three | 192,300 | ||||||||
Long-Term Debt, Maturity, Year Four | 231,100 | ||||||||
Long-Term Debt, Maturity, after Year Four | 7,900 | ||||||||
Long-term Debt, Current Maturities, Total | 8,253 | $ 8,244 | $ 48,397 | ||||||
Long-term Debt, Excluding Current Maturities, Total | 405,770 | 356,108 | 366,896 | ||||||
Additional Paid-in Capital [Member] | Warrants Issued With 2.75% Convertible Notes [Member] | |||||||||
Warrants and Rights Outstanding | 11,200 | 11,200 | |||||||
Hedge Option [Member] | Additional Paid-in Capital [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 | $ 33,100 | $ 36,300 | |||||||
Debt Instrument, Face Amount | $ 230,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||||||
Long-term Debt, Gross | 196,900 | $ 193,700 | |||||||
Debt Instrument, Convertible, Additional Interest Rate | 0.50% | ||||||||
The Credit Agreement [Member] | |||||||||
Letters of Credit Outstanding, Amount | $ 31,200 | ||||||||
Consolidated Leverage Ratio, Actual | 2.27 | ||||||||
Consolidated Leverage Ratio, Covenant Maximum | 3.25 | ||||||||
Consolidated Interest Coverage Ratio, Actual | 7.89 | ||||||||
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 | 2.00% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | ||||||||
The Credit Agreement [Member] | Base Rate [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | ||||||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 168,800 | ||||||||
Long-term Line of Credit, Total | $ 75,000 | ||||||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||
The Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | $ 350,000 | |||||||
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 | $ 127,500 | $ 131,300 | 135,000 | ||||||
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 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Total debt | $ 414,023 | $ 364,352 | $ 415,293 |
Debt issuance costs and other | 7,077 | 6,906 | 12,793 |
Long-term Debt, Current Maturities, Total | 8,253 | 8,244 | 48,397 |
Long-term Debt, Excluding Current Maturities, Total | 405,770 | 356,108 | 366,896 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 196,946 | 193,696 | 0 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 135,000 | 138,750 | 142,500 |
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | 127,500 | 131,300 | 135,000 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Total debt | 75,000 | 25,000 | 220,000 |
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 | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 72,244 | $ 73,439 | $ 72,244 | $ 73,439 | $ 72,534 |
Operating Lease, Liability, Noncurrent | 56,071 | 60,868 | 56,071 | 60,868 | $ 58,618 |
Operating Lease, Expense | $ 5,400 | $ 4,600 | $ 10,600 | $ 8,900 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 4 months 24 days | 6 years 3 months 18 days | 5 years 4 months 24 days | 6 years 3 months 18 days | 5 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | 4.08% | 3.90% | 4.08% | 3.97% |
ROU Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 19,000 | $ 19,000 | $ 19,000 | $ 19,000 | $ 19,000 |
Other Current Liabilities [Member] | |||||
Operating Lease, Liability, Current | 17,000 | 17,000 | 17,000 | 17,000 | 17,000 |
Long-term Lease Liabilities [Member] | |||||
Operating Lease, Liability, Noncurrent | $ 15,600 | $ 15,600 | $ 15,600 | $ 15,600 | $ 15,600 |
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 23 years | 23 years |
Note 15 - Leases - Schedule of
Note 15 - Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Remainder of 2020 | $ 11,100 |
2021 | 21,099 |
2022 | 18,752 |
2023 | 12,707 |
2024 | 7,415 |
2025 through 2036 | 13,600 |
Total future minimum lease payments | 84,673 |
Less: imputed interest | (9,578) |
Total | $ 75,095 |
Note 16 - Weighted Average Sh_3
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Nov. 30, 2019 | |
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | $ 31.47 | ||||
The 2.75% Convertible Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 375,000 | 552,000 | 398,000 |
Note 16 - Weighted Average Sh_4
Note 16 - Weighted Average Shares Outstanding and Net (Loss) Income Per Share - Reconciliation of the Weighted Average Shares Outstanding in Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Net income (loss) allocated to common shareholders for basic calculation | $ 3,405 | $ (24,242) | $ (61,965) | $ (86,712) | |
Weighted average common shares outstanding, basic (in shares) | 45,620 | 46,824 | 45,570 | 46,762 | |
Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) (in shares) | [1],[2] | 661 | 0 | 0 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 46,281 | 46,824 | 45,570 | 46,762 | |
Net income (loss) per share, basic (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) | |
Net income (loss) per share, diluted (in dollars per share) | $ 0.07 | $ (0.52) | $ (1.36) | $ (1.85) | |
[1] | As the average price of our common stock was below $31.47 per share since the issuance date of the 2.75% Convertible Notes, the number of shares used in calculating diluted net loss per share for the three and six months ended June 30, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock. | ||||
[2] | Due to the net loss, RSUs representing approximately 552,000 for the six months ended June 30, 2020, and RSUs representing approximately 375,000 and 398,000 for the three and six months ended June 30, 2019, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 64.70% | 21.50% | 18.30% | 22.20% |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Benefit from income taxes | $ (1,782) | $ (5,913) | $ (16,492) | $ (23,263) |
Effective Income Tax Rate Reconciliation, Percent, Total | 64.70% | 21.50% | 18.30% | 22.20% |
Note 19 - Business Segment In_3
Note 19 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Total revenue | $ 915,771 | $ 866,092 | $ 1,551,698 | $ 1,447,905 | |
Gross (loss) profit | 88,343 | 46,758 | 112,142 | 47,896 | |
Assets, Total | 2,508,654 | 2,524,617 | 2,508,654 | 2,524,617 | $ 2,502,088 |
Transportation [Member] | |||||
Total revenue | 535,101 | 481,746 | 886,002 | 783,710 | |
Gross (loss) profit | 31,197 | 499 | 56,566 | (15,849) | |
Depreciation, depletion and amortization | 4,391 | 4,845 | 9,417 | 8,485 | |
Water [Member] | |||||
Total revenue | 109,724 | 112,070 | 211,381 | 211,152 | |
Gross (loss) profit | 12,579 | 10,502 | 21,926 | 18,448 | |
Depreciation, depletion and amortization | 9,577 | 10,931 | 19,141 | 21,987 | |
Specialty [Member] | |||||
Total revenue | 174,914 | 174,629 | 307,953 | 313,753 | |
Gross (loss) profit | 25,280 | 21,755 | 14,561 | 35,053 | |
Depreciation, depletion and amortization | 6,737 | 8,401 | 13,120 | 14,213 | |
Materials [Member] | |||||
Total revenue | 96,032 | 97,647 | 146,362 | 139,290 | |
Gross (loss) profit | 19,287 | 14,002 | 19,089 | 10,244 | |
Depreciation, depletion and amortization | 5,470 | 6,054 | 10,443 | 11,633 | |
Operating Segments [Member] | |||||
Total revenue | 961,597 | 921,788 | 1,611,846 | 1,512,514 | |
Gross (loss) profit | 88,343 | 46,758 | 112,142 | 47,896 | |
Depreciation, depletion and amortization | 26,175 | 30,231 | 52,121 | 56,318 | |
Assets, Total | 1,073,487 | 1,157,277 | 1,073,487 | 1,157,277 | |
Operating Segments [Member] | Transportation [Member] | |||||
Total revenue | 535,101 | 481,746 | 886,002 | 783,710 | |
Assets, Total | 304,312 | 329,140 | 304,312 | 329,140 | |
Operating Segments [Member] | Water [Member] | |||||
Total revenue | 109,724 | 112,070 | 211,381 | 211,152 | |
Assets, Total | 267,385 | 302,143 | 267,385 | 302,143 | |
Operating Segments [Member] | Specialty [Member] | |||||
Total revenue | 174,914 | 174,629 | 307,953 | 313,753 | |
Assets, Total | 123,881 | 146,346 | 123,881 | 146,346 | |
Operating Segments [Member] | Materials [Member] | |||||
Total revenue | 141,858 | 153,343 | 206,510 | 203,899 | |
Assets, Total | 377,909 | 379,648 | 377,909 | 379,648 | |
Consolidation, Eliminations [Member] | |||||
Total revenue | (45,826) | (55,696) | (60,148) | (64,609) | |
Consolidation, Eliminations [Member] | Transportation [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Water [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Specialty [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Materials [Member] | |||||
Total revenue | $ (45,826) | $ (55,696) | $ (60,148) | $ (64,609) |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gross Profit, Total | $ 88,343 | $ 46,758 | $ 112,142 | $ 47,896 |
Selling, general and administrative expenses | 91,682 | 70,998 | 170,063 | 151,153 |
Acquisition and integration expenses | 0 | 9,177 | 0 | 11,025 |
Goodwill, Impairment Loss | 24,413 | |||
Gain on sales of property and equipment | (1,190) | (4,935) | (1,813) | (6,835) |
Total other expense (income) | 606 | (923) | 9,482 | (2,777) |
Loss before benefit from income taxes | (2,755) | (27,559) | (90,003) | (104,670) |
Operating Segments [Member] | ||||
Gross Profit, Total | $ 88,343 | $ 46,758 | $ 112,142 | $ 47,896 |