Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000861459 | |
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,791,712 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets | |||
Cash and cash equivalents | $ 452,928 | $ 436,136 | $ 242,604 |
Short-term marketable securities | 0 | 0 | 5,000 |
Receivables, net | 475,160 | 540,812 | 477,718 |
Contract assets | 185,220 | 164,939 | 226,518 |
Inventories | 86,611 | 82,362 | 98,765 |
Equity in construction joint ventures | 186,536 | 188,798 | 190,458 |
Other current assets | 64,286 | 42,199 | 60,001 |
Total current assets | 1,450,741 | 1,455,246 | 1,301,064 |
Property and equipment, net | 528,173 | 527,016 | 534,958 |
Long-term marketable securities | 11,300 | 5,200 | 0 |
Investments in affiliates | 75,159 | 75,287 | 73,249 |
Goodwill | 116,807 | 116,777 | 248,339 |
Right of use assets | 57,050 | 62,256 | 72,945 |
Deferred income taxes, net | 41,361 | 41,839 | 51,675 |
Other noncurrent assets | 93,093 | 96,375 | 102,145 |
Total assets | 2,373,684 | 2,379,996 | 2,384,375 |
Current liabilities | |||
Current maturities of long-term debt | 8,700 | 8,278 | 8,253 |
Accounts payable | 306,834 | 359,160 | 312,105 |
Contract liabilities | 160,149 | 171,321 | 133,811 |
Accrued expenses and other current liabilities | 524,452 | 404,497 | 355,393 |
Total current liabilities | 1,000,135 | 943,256 | 809,562 |
Long-term debt | 331,647 | 330,522 | 355,911 |
Long-term lease liabilities | 41,707 | 46,769 | 57,985 |
Deferred income taxes, net | 3,167 | 3,155 | 3,318 |
Other long-term liabilities | 65,833 | 64,684 | 57,795 |
Commitments and contingencies (see Note 16) | |||
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: 45,791,712 shares as of March 31, 2021, 45,668,541 shares as of December 31, 2020 and 45,592,292 shares as of March 31, 2020 | 458 | 457 | 457 |
Additional paid-in capital | 554,186 | 555,407 | 551,189 |
Accumulated other comprehensive loss | (3,714) | (5,035) | (6,538) |
Retained earnings | 352,610 | 424,835 | 522,639 |
Total Granite Construction Incorporated shareholders’ equity | 903,540 | 975,664 | 1,067,747 |
Non-controlling interests | 27,655 | 15,946 | 32,057 |
Total equity | 931,195 | 991,610 | 1,099,804 |
Total liabilities and equity | $ 2,373,684 | $ 2,379,996 | $ 2,384,375 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash and cash equivalents | $ 452,928 | $ 436,136 | $ 242,604 |
Receivables, net | 475,160 | 540,812 | 477,718 |
Contract assets | 185,220 | 164,939 | 226,518 |
Other current assets | 64,286 | 42,199 | 60,001 |
Property and equipment, net | 528,173 | 527,016 | 534,958 |
Accounts payable | 306,834 | 359,160 | 312,105 |
Contract liabilities | 160,149 | 171,321 | 133,811 |
Accrued expenses and other current liabilities | $ 524,452 | $ 404,497 | $ 355,393 |
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) | 45,791,712 | 45,668,541 | 45,592,292 |
Common stock, shares outstanding (in shares) | 45,791,712 | 45,668,541 | 45,592,292 |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 110,486 | $ 74,819 | $ 101,698 |
Receivables, net | 32,539 | 56,147 | 28,320 |
Contract assets | 37,683 | 33,838 | 17,584 |
Other current assets | 12,298 | 13,252 | 16,078 |
Property and equipment, net | 22,457 | 23,704 | 30,047 |
Accounts payable | 52,217 | 53,033 | 58,475 |
Contract liabilities | 70,968 | 79,777 | 47,509 |
Accrued expenses and other current liabilities | $ 4,640 | $ 4,410 | $ 2,458 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Total revenue | $ 669,913 | $ 635,927 |
Cost of revenue | ||
Total cost of revenue | 606,595 | 612,128 |
Gross profit | 63,318 | 23,799 |
Selling, general and administrative expenses | 75,728 | 73,216 |
Non-cash impairment charges (see Note 3) | 0 | 24,413 |
Other costs (see Note 3) | 75,835 | 5,165 |
Gain on sales of property and equipment | (2,554) | (623) |
Operating loss | (85,691) | (78,372) |
Other (income) expense | ||
Interest income | (256) | (1,291) |
Interest expense | 5,381 | 4,994 |
Equity in income of affiliates, net | (1,808) | (46) |
Other (income) expense, net | (1,230) | 5,219 |
Total other expense | 2,087 | 8,876 |
Loss before benefit from income taxes | (87,778) | (87,248) |
Benefit from income taxes | (22,455) | (14,710) |
Net loss | (65,323) | (72,538) |
Amount attributable to non-controlling interests | (872) | 7,168 |
Net loss attributable to Granite Construction Incorporated | $ (66,195) | $ (65,370) |
Net loss per share attributable to common shareholders (see Note 14) | ||
Basic (in dollars per share) | $ (1.45) | $ (1.44) |
Diluted (in dollars per share) | $ (1.45) | $ (1.44) |
Weighted average shares of common stock | ||
Basic (in shares) | 45,697 | 45,520 |
Diluted (in shares) | 45,697 | 45,520 |
Transportation [Member] | ||
Revenue | ||
Total revenue | $ 351,029 | $ 350,901 |
Cost of revenue | ||
Total cost of revenue | 315,163 | 325,532 |
Water [Member] | ||
Revenue | ||
Total revenue | 99,753 | 101,657 |
Cost of revenue | ||
Total cost of revenue | 91,187 | 92,310 |
Specialty [Member] | ||
Revenue | ||
Total revenue | 155,674 | 133,039 |
Cost of revenue | ||
Total cost of revenue | 138,349 | 143,758 |
Materials [Member] | ||
Revenue | ||
Total revenue | 63,457 | 50,330 |
Cost of revenue | ||
Total cost of revenue | $ 61,896 | $ 50,528 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (65,323) | $ (72,538) |
Other comprehensive income (loss), net of tax: | ||
Net unrealized gain (loss) on derivatives | 934 | (3,360) |
Less: reclassification for net gains included in interest expense | 610 | 50 |
Net change | 1,544 | (3,310) |
Foreign currency translation adjustments, net | (225) | (583) |
Other comprehensive income (loss) | 1,319 | (3,893) |
Comprehensive loss | (64,004) | (76,431) |
Non-controlling interests in comprehensive (loss) income | (872) | 7,168 |
Comprehensive loss attributable to Granite Construction Incorporated | $ (64,876) | $ (69,263) |
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) (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2019 | 45,503,805 | ||||||||||||||
Balances (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2019 | $ 456 | $ 549,307 | $ (2,645) | $ 594,353 | $ 1,141,471 | $ 36,945 | $ 1,178,416 | ||||||||
Balances at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (366) | $ (366) | $ 0 | $ (366) | ||||||||
Net loss | 0 | 0 | 0 | (65,370) | (65,370) | (7,168) | (72,538) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | (3,893) | 0 | (3,893) | 0 | (3,893) | ||||||||
Purchases of common stock (1) (in shares) | [1] | (49,710) | |||||||||||||
Dividends on common stock ($0.13 per share) | $ 0 | 0 | 0 | (5,927) | (5,927) | 0 | (5,927) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 2,280 | 2,280 | ||||||||
Amortized RSUs and other (in shares) | (858) | ||||||||||||||
Amortized RSUs and other | $ 0 | 2,536 | 0 | (51) | 2,485 | 0 | 2,485 | ||||||||
Purchases of common stock (1) (in shares) | [1] | (49,710) | |||||||||||||
Purchases of common stock (1) | [1] | $ 0 | (653) | 0 | 0 | (653) | 0 | (653) | |||||||
RSUs vested (in shares) | 139,055 | ||||||||||||||
RSUs vested | $ 1 | (1) | 0 | 0 | 0 | 0 | $ 0 | ||||||||
Balances (in shares) at Mar. 31, 2020 | 45,592,292 | 45,592,292 | |||||||||||||
Balances at Mar. 31, 2020 | $ 457 | 551,189 | (6,538) | 522,639 | 1,067,747 | 32,057 | $ 1,099,804 | ||||||||
Balances (in shares) at Dec. 31, 2020 | 45,668,541 | 45,668,541 | |||||||||||||
Balances at Dec. 31, 2020 | $ 457 | 555,407 | (5,035) | 424,835 | 975,664 | 15,946 | $ 991,610 | ||||||||
Net loss | 0 | 0 | 0 | (66,195) | (66,195) | 872 | (65,323) | ||||||||
Other comprehensive (loss) income | $ 0 | 0 | 1,319 | 0 | 1,319 | 0 | 1,319 | ||||||||
Purchases of common stock (1) (in shares) | [1] | (57,618) | |||||||||||||
Purchases of common stock (1) | [1] | $ (1) | (2,298) | 0 | 0 | (2,299) | 0 | (2,299) | |||||||
Restricted stock units (“RSUs”) vested (in shares) | 181,575 | ||||||||||||||
Restricted stock units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,953) | (5,953) | 0 | (5,953) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 10,837 | 10,837 | ||||||||
Amortized RSUs and other (in shares) | (786) | ||||||||||||||
Amortized RSUs and other | $ 0 | 1,079 | 2 | (77) | 1,004 | 0 | $ 1,004 | ||||||||
Purchases of common stock (1) (in shares) | [1] | (57,618) | |||||||||||||
Balances (in shares) at Mar. 31, 2021 | 45,791,712 | 45,791,712 | |||||||||||||
Balances at Mar. 31, 2021 | $ 458 | $ 554,186 | $ (3,714) | $ 352,610 | $ 903,540 | $ 27,655 | $ 931,195 | ||||||||
[1] | Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends (in dollars per share) | $ 0.13 | $ 0.13 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net loss | $ (65,323) | $ (72,538) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 24,581 | 28,447 |
Amortization related to the 2.75% Convertible Notes | 2,314 | 2,463 |
Gain on sales of property and equipment, net | (2,554) | (623) |
Stock-based compensation | 1,065 | 2,398 |
Equity in net (income) loss from unconsolidated joint ventures | (418) | 11,816 |
Non-cash impairment charges (see Note 3) | 0 | 24,413 |
Changes in assets and liabilities: | ||
Accrual for legal settlement (see Note 16) | 129,000 | 0 |
Insurance receivable for legal settlement (see Note 16) | (63,000) | 0 |
Receivables | 123,274 | 71,040 |
Contract assets, net | (33,528) | 22,997 |
Inventories | (4,249) | (9,880) |
Contributions to unconsolidated construction joint ventures | (22,180) | (13,767) |
Distributions from unconsolidated construction joint ventures and affiliates | 1,684 | 2,939 |
Other assets, net | (22,926) | (12,184) |
Accounts payable | (49,399) | (87,979) |
Accrued expenses and other current liabilities, net | 19,746 | 10,333 |
Net cash provided by (used in) operating activities | 38,087 | (20,125) |
Investing activities | ||
(Purchases) maturities of marketable securities | (5,000) | 5,000 |
Proceeds from called marketable securities | 0 | 20,000 |
Purchases of property and equipment | (18,777) | (21,435) |
Proceeds from sales of property and equipment | 3,004 | 3,865 |
Other investing activities, net | 4,470 | (1,528) |
Net cash (used in) provided by investing activities | (16,303) | 5,902 |
Financing activities | ||
Debt principal repayments | (2,150) | (2,105) |
Cash dividends paid | (5,937) | (5,915) |
Repurchases of common stock | (2,299) | (653) |
Contributions from non-controlling partners | 8,361 | 3,750 |
Distributions to non-controlling partners | (2,902) | (1,470) |
Other financing activities, net | (65) | (7) |
Net cash used in financing activities | (4,992) | (6,400) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 16,792 | (20,623) |
Cash, cash equivalents and $1,512 and $5,835 in restricted cash at beginning of period | 437,648 | 268,108 |
Cash, cash equivalents and $1,512 and $4,881 in restricted cash at end of period | 454,440 | 247,485 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 603 | 4,123 |
Cash paid for operating lease liabilities | 5,457 | 5,035 |
Cash paid during the period for: | ||
Interest | 2,544 | 2,170 |
Income taxes | 148 | 812 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | (133) | 4,726 |
Dividends declared but not paid | 5,953 | 5,927 |
Contributions from non-controlling partners | 5,379 | 0 |
Accrued equipment purchases | $ 2,443 | $ 692 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Restricted cash | $ 1,512 | $ 4,881 | $ 5,835 |
Restricted cash | $ 1,512 | $ 1,512 | $ 4,881 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 March 31, 2021 2020 December 31, 2020 not We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements. Our operations are typically affected more by weather conditions during the first fourth may three March 31, 2021 not Reclassifications: 2020 1.5 . no Cash, Cash Equivalents and Restricted Cash: Three months ended March 31, 2021 2020 Cash, cash equivalents and restricted cash, beginning of period $ 437,648 $ 268,108 End of the period Cash and cash equivalents 452,928 242,604 Restricted cash 1,512 4,881 Total cash, cash equivalents and restricted cash, end of period 454,440 247,485 Net increase (decrease) in cash, cash equivalents and restricted cash $ 16,792 $ (20,623 ) |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued 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 January 2021, 2021 01, Reference Rate Reform (Topic 848 2020 04 March 31, 2020 December 31, 2022 2021 2022. not |
Note 3 - Impairment Charges and
Note 3 - Impairment Charges and Other Costs | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 3. Goodwill We perform our goodwill impairment tests annually as of November 1 no three March 31, 2021 We performed an interim goodwill impairment test on the March 31, 2020 three March 31, 2020, 19 three March 31, 2020 no 15%. not no Consistent with our annual impairment test, we calculated the estimated fair values of the Water and Mineral Services Group Materials and Water and Mineral Services Group Specialty reporting units using the discounted cash flows and market multiple methods. Judgments inherent in these methods included the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our discounted cash flow model were based on five Future developments that we are unable to anticipate may 3 Investment in Affiliates Investment in affiliates are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. There were no three March 31, 2021. During the three March 31, 2020, three March 31, 2020 3 Other Costs Other costs included on the condensed consolidated statements of operations primarily consisted of $66.0 million in net settlement charges for the three March 31, 2021 16. three March 31, 2021 2020, |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 4. 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 2020 10 not three March 31, 2020. three March 31, 2021, not In the normal course of business, we have revisions in estimates, including estimated costs some of which are associated with unresolved affirmative claims and back charges. The estimated or actual recovery related to these estimated costs may may There were no The projects with decreases from revisions in estimates, which individually had an impact of $5.0 Three Months Ended March 31, 2021 2020 Number of projects with downward estimate changes 1 2 Amount/range of reduction in gross profit from each project, net $ 5.3 $ 5.8 - 22.7 Decrease to project profitability 5.3 28.5 Increase to net loss 4.1 21.6 Increase to net loss per diluted share 0.09 0.47 The decrease during the three March 31, 2021 three March 31, 2020 |
Note 5 - Disaggregation of Reve
Note 5 - Disaggregation of Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 5. Disaggregation of Revenue The following tables present our disaggregated revenue (in thousands): Three months ended March 31, 2021 Transportation Water Specialty Materials Total California $ 111,370 $ 10,999 $ 45,698 $ 41,956 $ 210,023 Federal 1,854 130 22,086 — 24,070 Heavy Civil 151,743 7,342 22,014 — 181,099 Midwest 16,955 — 20,332 — 37,287 Northwest 69,107 1,434 25,907 17,405 113,853 Water and Mineral Services — 79,848 19,637 4,096 103,581 Total $ 351,029 $ 99,753 $ 155,674 $ 63,457 $ 669,913 2020 Transportation Water Specialty Materials Total California $ 94,932 $ 5,512 $ 44,488 $ 33,267 $ 178,199 Federal 398 381 26,491 — 27,270 Heavy Civil 167,426 7,102 3,494 — 178,022 Midwest 24,243 — 11,503 — 35,746 Northwest 63,902 1,657 31,613 14,453 111,625 Water and Mineral Services — 87,005 15,450 2,610 105,065 Total $ 350,901 $ 101,657 $ 133,039 $ 50,330 $ 635,927 |
Note 6 - Unearned Revenue
Note 6 - Unearned Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 6. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): March 31, 2021 Transportation Water Specialty Total California $ 627,002 $ 27,754 $ 154,694 $ 809,450 Federal 10,028 100 122,256 132,384 Heavy Civil 774,123 6,791 193,933 974,847 Midwest 135,655 — 350,063 485,718 Northwest 518,040 1,423 249,690 769,153 Water and Mineral Services — 154,185 — 154,185 Total $ 2,064,848 $ 190,253 $ 1,070,636 $ 3,325,737 December 31, 2020 Transportation Water Specialty Total California $ 618,429 $ 38,716 $ 141,786 $ 798,931 Federal 11,895 227 77,886 90,008 Heavy Civil 913,430 14,605 216,487 1,144,522 Midwest 138,246 — 90,221 228,467 Northwest 487,682 2,462 58,756 548,900 Water and Mineral Services — 119,124 — 119,124 Total $ 2,169,682 $ 175,134 $ 585,136 $ 2,929,952 March 31, 2020 Transportation Water Specialty Total California $ 527,971 $ 52,136 $ 94,006 $ 674,113 Federal 18,152 957 131,569 150,678 Heavy Civil 1,321,443 41,511 240,060 1,603,014 Midwest 208,872 150 140,461 349,483 Northwest 614,653 2,868 61,680 679,201 Water and Mineral Services — 143,539 — 143,539 Total $ 2,691,091 $ 241,161 $ 667,776 $ 3,600,028 |
Note 7 - Contract Assets and Li
Note 7 - Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. Contract Assets and Liabilities As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $146.4 million and $95.8 million during the three March 31, 2021 2020, December 31, 2020 2019, As a result of changes in contract transaction price from items such as executed or estimated change orders and resolution of contract modifications and claims, we recognized revenue of $72.1 million and $43.9 million during the three March 31, 2021 2020, As of March 31, 2021 December 31, 2020 March 31, 2020 The components of the contract asset balances as of the respective dates were as follows: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Costs in excess of billings and estimated earnings $ 59,055 $ 39,300 $ 114,378 Contract retention 126,165 125,639 112,140 Total contract assets $ 185,220 $ 164,939 $ 226,518 As of March 31, 2021 December 31, 2020 March 31, 2020 no 10% one The components of the contract liability balances as of the respective dates were as follows: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Billings in excess of costs and estimated earnings, net of retention $ 132,830 $ 143,623 $ 127,560 Provisions for losses 27,319 27,698 6,251 Total contract liabilities $ 160,149 $ 171,321 $ 133,811 |
Note 8 - Receivables, Net
Note 8 - Receivables, Net | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 8. 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 (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Contracts completed and in progress: Billed $ 190,775 $ 293,376 $ 250,683 Unbilled 136,565 148,159 141,514 Total contracts completed and in progress 327,340 441,535 392,197 Material sales 38,407 49,991 34,268 Other 111,904 52,736 52,645 Total gross receivables 477,651 544,262 479,110 Less: allowance for credit losses 2,491 3,450 1,392 Total net receivables $ 475,160 $ 540,812 $ 477,718 Included in other receivables at March 31, 2021 December 31, 2020 March 31, 2020 16, no 10% |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 42,488 $ — $ — $ 42,488 Other current assets Commodity swap — 1,106 — 1,106 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 44,000 $ 1,106 $ — $ 45,106 Accrued and other current liabilities Interest rate swap $ — $ 6,535 $ — $ 6,535 Total liabilities $ — $ 6,535 $ — $ 6,535 December 31, 2020 Cash equivalents Money market funds $ 70,483 $ — $ — $ 70,483 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 71,995 $ — $ — $ 71,995 Accrued and other current liabilities Interest rate swap $ — $ 7,606 $ — $ 7,606 Total liabilities $ — $ 7,606 $ — $ 7,606 March 31, 2020 Cash equivalents Money market funds $ 58,693 $ — $ — $ 58,693 Other noncurrent assets Restricted cash 4,881 — — 4,881 Total assets $ 63,574 $ — $ — $ 63,574 Accrued and other current liabilities Interest rate swap $ — $ 8,890 $ — $ 8,890 Total liabilities $ — $ 8,890 $ — $ 8,890 Interest Rate Swaps In connection with the Third Amended and Restated Credit Agreement we entered into two May 2018. two May 2023. Commodity Swap Granite entered into two January March 2021 March 2021 October 2021 one November 2020 March 2021 September 2021 three March 31, 2021 , Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not March 31, 2021 December 31, 2020 March 31, 2020 (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 $ 11,300 $ 11,258 $ 5,200 $ 5,200 $ 5,000 $ 5,006 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 202,018 $ 324,013 $ 200,303 $ 248,400 $ 195,295 $ 176,094 Credit Agreement - term loan (2) Level 3 129,375 130,645 131,250 133,030 136,875 137,194 Credit Agreement - revolving credit facility (2) Level 3 — — — — 25,000 25,061 ( 1 March 31, 2021, December 31, 2020 March 31, 2020. ( 2 2.75% March 31, 2021 December 31, 2020 March 31, 2020. 13 2.75% ( 3 March 31, 2021 December 31, 2020 March 31, 2020, 2.75% 13 During the three March 31, 2021, not 3, three March 31, 2020. |
Note 10 - Construction Joint Ve
Note 10 - Construction Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 10. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three March 31, 2021 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At March 31, 2021 not may Consolidated Construction Joint Ventures (“CCJVs”) At March 31, 2021 nine three March 31, 2021 2020, three March 31, 2021 2020 Unconsolidated Construction Joint Ventures As of March 31, 2021 ten March 31, 2021 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Assets Cash, cash equivalents and marketable securities $ 161,574 $ 181,889 $ 144,472 Other current assets (1) 768,127 767,803 821,399 Noncurrent assets 150,273 164,022 203,520 Less partners’ interest 719,634 751,125 785,876 Granite’s interest (1),(2) 360,340 362,589 383,515 Liabilities Current liabilities 470,667 482,562 555,380 Less partners’ interest and adjustments (3) 241,250 226,308 289,165 Granite’s interest 229,417 256,254 266,215 Equity in construction joint ventures (4) $ 130,923 $ 106,335 $ 117,300 ( 1 March 31, 2021 December 31, 2020 March 31, 2020 ( 2 March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 December 31, 2020 March 31, 2020 ( 3 ( 4 March 31, 2021 December 31, 2020 March 31, 2020 Three Months Ended March 31, (in thousands) 2021 2020 Revenue Total $ 232,042 $ 62,030 Less partners’ interest and adjustments (1) 152,320 (21,672 ) Granite’s interest 79,722 83,702 Cost of revenue Total 248,070 228,460 Less partners’ interest and adjustments (1) 168,734 132,743 Granite’s interest 79,336 95,717 Granite’s interest in gross profit (loss) $ 386 $ (12,015 ) ( 1 During the three March 31, 2021 2020, three five 2021 2020, Line Item Joint Ventures As of March 31, 2021 four March 31, 2021 three March 31, 2021 2020 |
Note 11 - Investments in Affili
Note 11 - Investments in Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 11. Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Foreign $ 47,399 $ 47,650 $ 45,598 Real estate 13,105 12,777 16,651 Asphalt terminal 14,655 14,860 11,000 Total investments in affiliates $ 75,159 $ 75,287 $ 73,249 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Current assets $ 136,672 $ 133,882 $ 112,426 Noncurrent assets 161,416 164,620 163,452 Total assets 298,088 298,502 275,878 Current liabilities 55,971 52,583 45,617 Long-term liabilities (1) 59,718 66,108 57,182 Total liabilities 115,689 118,691 102,799 Net assets 182,399 179,811 173,079 Granite’s share of net assets $ 75,159 $ 75,287 $ 73,249 ( 1 Of the $298.1 million of total affiliate assets as of March 31, 2021 thirteen March 31, 2021 three March 31, 2020, 3 March 31, 2021 December 31, 2020 March 31, 2020 March 31, 2021 |
Note 12 - Property and Equipmen
Note 12 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 12. Property and Equipment, net Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Equipment and vehicles $ 967,636 $ 950,416 $ 942,116 Quarry property 202,620 206,073 188,380 Land and land improvements 134,837 135,639 134,147 Buildings and leasehold improvements 125,944 124,578 124,784 Office furniture and equipment 75,208 73,512 68,327 Property and equipment 1,506,245 1,490,218 1,457,754 Less: accumulated depreciation and depletion 978,072 963,202 922,796 Property and equipment, net $ 528,173 $ 527,016 $ 534,958 |
Note 13 - Long-term Debt and Cr
Note 13 - Long-term Debt and Credit Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 13. Long-Term Debt and Credit Arrangements (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 2.75% $ 202,018 $ 200,303 $ 195,295 Credit Agreement - term loan 129,375 131,250 136,875 Credit Agreement - revolving credit facility — — 25,000 Debt issuance costs and other 8,954 7,247 6,994 Total debt 340,347 338,800 364,164 Less current maturities 8,700 8,278 8,253 Total long-term debt $ 331,647 $ 330,522 $ 355,911 As of each March 31, 2021 December 31, 2020 March 31, 2020 May 31, 2018 ( As of March 31, 2021 June 2021 December 2024 The applicable margin was 3.00% for loans under the Credit Agreement bearing interest based on LIBOR and 2.00% for loans bearing interest at the base rate at March 31, 2021 March 31, 2021 three As of March 31, 2021 not As of March 31, 2021 December 31, 2020 March 31, 2020 2.75% 2024 “2.75% March 31, 2021 December 31, 2020 March 31, 2020, During the three March 31, 2021 2020, |
Note 14 - Weighted Average Shar
Note 14 - Weighted Average Shares Outstanding and Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. Weighted Average Shares Outstanding and Net Loss Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (66,195 ) $ (65,370 ) Denominator Weighted average common shares outstanding, basic 45,697 45,520 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) — — Weighted average common shares outstanding, diluted 45,697 45,520 Net loss per share, basic $ (1.45 ) $ (1.44 ) Net loss per share, diluted $ (1.45 ) $ (1.44 ) ( 1 three March 31, 2021 2020, ( 2 three March 31, 2021 2.75% three March 31, 2020 $31.47 2.75% |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The following table presents the benefit from income taxes for the respective periods: Three Months Ended March 31, (dollars in thousands) 2021 2020 Benefit from income taxes $ (22,455 ) $ (14,710 ) Effective tax rate 25.6 % 16.9 % Our effective tax rate for the three March 31, 2021 2020 first 2020 no 3 first 2021 16 |
Note 16 - Contingencies - Legal
Note 16 - Contingencies - Legal Proceedings | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 16. Contingencies - Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may not may Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not not Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. The aggregate liabilities recorded as of March 31, 2021 March 31, 2020 On August 13, 2019, February 20, 2020 April 30, 2018 October 24, 2019, 10 20 1934 10b 5 Police Retirement System of St. Louis v. Granite Construction Incorporated, et. al. May 20, 2020, January 21, 2021, On October 23, 2019, Nasseri v. Granite Construction Incorporated, et. al. June 2018 1933 August 10, 2020, September 16, 2020, April 9, 2021, On April 29, 2021, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. Nasseri v. Granite Construction Incorporated, et al. Under the Settlement Agreement, the Company will pay or cause to be paid a total of $129 million in cash, $63 million of which it expects to be paid through insurance proceeds. The payment will be paid to a settlement fund that will be used to pay all settlement fees and expenses, attorneys’ fees and expenses, and cash payments to members of the settlement class. The settlement class has agreed to release us, the other defendants named in the lawsuits and certain of their respective related parties from any and all claims, rights, causes of action, liabilities, actions, suits, damages or demands of any kind whatsoever, that relate in any way to the purchase, acquisition, holding, sale or disposition of our common stock during the period between February 17, 2017 October 24, 2019 Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. 1933, 1934, Nasseri v. Granite Construction Incorporated, et al. no On April 30, 2021, no As a result of entering into the Settlement Agreement, we recorded a pre-tax charge of approximately $66 million in the quarter ended March 31, 2021. On May 6, 2020, 1934 April 30, 2018 October 24, 2019. As of March 31, 2021, $66 not not not In connection with our disclosure of the Audit/Compliance Committee’s independent investigation of prior-period reporting for the Heavy Civil operating group and the extent to which those matters affected the effectiveness of the Company’s internal control over financial reporting (the “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 accounting issues identified in the Investigation. We have produced documents to the SEC and will continue to cooperate with the SEC in its investigation. |
Note 17 - Business Segment Info
Note 17 - Business Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. Business Segment Information Summarized segment information is as follows (in thousands): Three months ended March 31, Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 351,029 $ 99,753 $ 155,674 $ 79,149 $ 685,605 Elimination of intersegment revenue — — — (15,692 ) (15,692 ) Revenue from external customers 351,029 99,753 155,674 63,457 669,913 Gross profit 35,866 8,566 17,325 1,561 63,318 Depreciation, depletion and amortization 4,512 7,280 4,577 5,634 22,003 Segment assets 297,663 130,185 106,534 362,354 896,736 2020 Total revenue from reportable segments $ 350,901 $ 101,657 $ 133,039 $ 64,652 $ 650,249 Elimination of intersegment revenue — — — (14,322 ) (14,322 ) Revenue from external customers 350,901 101,657 133,039 50,330 635,927 Gross profit (loss) 25,369 9,347 (10,719 ) (198 ) 23,799 Depreciation, depletion and amortization 5,026 9,564 6,383 4,973 25,946 Segment assets 304,376 275,447 128,471 366,559 1,074,853 A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, (in thousands) 2021 2020 Total gross profit from reportable segments $ 63,318 $ 23,799 Selling, general and administrative expenses 75,728 73,216 Non-cash impairment charges (see Note 3) — 24,413 Gain on sales of property and equipment (2,554 ) (623 ) Other costs (see Note 3) 75,835 5,165 Total other expense 2,087 8,876 Loss before benefit from income taxes $ (87,778 ) $ (87,248 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Three months ended March 31, 2021 2020 Cash, cash equivalents and restricted cash, beginning of period $ 437,648 $ 268,108 End of the period Cash and cash equivalents 452,928 242,604 Restricted cash 1,512 4,881 Total cash, cash equivalents and restricted cash, end of period 454,440 247,485 Net increase (decrease) in cash, cash equivalents and restricted cash $ 16,792 $ (20,623 ) |
Note 4 - Revisions in Estimat_2
Note 4 - Revisions in Estimates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended March 31, 2021 2020 Number of projects with downward estimate changes 1 2 Amount/range of reduction in gross profit from each project, net $ 5.3 $ 5.8 - 22.7 Decrease to project profitability 5.3 28.5 Increase to net loss 4.1 21.6 Increase to net loss per diluted share 0.09 0.47 |
Note 5 - Disaggregation of Re_2
Note 5 - Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 Transportation Water Specialty Materials Total California $ 111,370 $ 10,999 $ 45,698 $ 41,956 $ 210,023 Federal 1,854 130 22,086 — 24,070 Heavy Civil 151,743 7,342 22,014 — 181,099 Midwest 16,955 — 20,332 — 37,287 Northwest 69,107 1,434 25,907 17,405 113,853 Water and Mineral Services — 79,848 19,637 4,096 103,581 Total $ 351,029 $ 99,753 $ 155,674 $ 63,457 $ 669,913 2020 Transportation Water Specialty Materials Total California $ 94,932 $ 5,512 $ 44,488 $ 33,267 $ 178,199 Federal 398 381 26,491 — 27,270 Heavy Civil 167,426 7,102 3,494 — 178,022 Midwest 24,243 — 11,503 — 35,746 Northwest 63,902 1,657 31,613 14,453 111,625 Water and Mineral Services — 87,005 15,450 2,610 105,065 Total $ 350,901 $ 101,657 $ 133,039 $ 50,330 $ 635,927 |
Note 6 - Unearned Revenue (Tabl
Note 6 - Unearned Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | March 31, 2021 Transportation Water Specialty Total California $ 627,002 $ 27,754 $ 154,694 $ 809,450 Federal 10,028 100 122,256 132,384 Heavy Civil 774,123 6,791 193,933 974,847 Midwest 135,655 — 350,063 485,718 Northwest 518,040 1,423 249,690 769,153 Water and Mineral Services — 154,185 — 154,185 Total $ 2,064,848 $ 190,253 $ 1,070,636 $ 3,325,737 December 31, 2020 Transportation Water Specialty Total California $ 618,429 $ 38,716 $ 141,786 $ 798,931 Federal 11,895 227 77,886 90,008 Heavy Civil 913,430 14,605 216,487 1,144,522 Midwest 138,246 — 90,221 228,467 Northwest 487,682 2,462 58,756 548,900 Water and Mineral Services — 119,124 — 119,124 Total $ 2,169,682 $ 175,134 $ 585,136 $ 2,929,952 March 31, 2020 Transportation Water Specialty Total California $ 527,971 $ 52,136 $ 94,006 $ 674,113 Federal 18,152 957 131,569 150,678 Heavy Civil 1,321,443 41,511 240,060 1,603,014 Midwest 208,872 150 140,461 349,483 Northwest 614,653 2,868 61,680 679,201 Water and Mineral Services — 143,539 — 143,539 Total $ 2,691,091 $ 241,161 $ 667,776 $ 3,600,028 |
Note 7 - Contract Assets and _2
Note 7 - Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Costs in excess of billings and estimated earnings $ 59,055 $ 39,300 $ 114,378 Contract retention 126,165 125,639 112,140 Total contract assets $ 185,220 $ 164,939 $ 226,518 (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Billings in excess of costs and estimated earnings, net of retention $ 132,830 $ 143,623 $ 127,560 Provisions for losses 27,319 27,698 6,251 Total contract liabilities $ 160,149 $ 171,321 $ 133,811 |
Note 8 - Receivables, Net (Tabl
Note 8 - Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Contracts completed and in progress: Billed $ 190,775 $ 293,376 $ 250,683 Unbilled 136,565 148,159 141,514 Total contracts completed and in progress 327,340 441,535 392,197 Material sales 38,407 49,991 34,268 Other 111,904 52,736 52,645 Total gross receivables 477,651 544,262 479,110 Less: allowance for credit losses 2,491 3,450 1,392 Total net receivables $ 475,160 $ 540,812 $ 477,718 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 42,488 $ — $ — $ 42,488 Other current assets Commodity swap — 1,106 — 1,106 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 44,000 $ 1,106 $ — $ 45,106 Accrued and other current liabilities Interest rate swap $ — $ 6,535 $ — $ 6,535 Total liabilities $ — $ 6,535 $ — $ 6,535 December 31, 2020 Cash equivalents Money market funds $ 70,483 $ — $ — $ 70,483 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 71,995 $ — $ — $ 71,995 Accrued and other current liabilities Interest rate swap $ — $ 7,606 $ — $ 7,606 Total liabilities $ — $ 7,606 $ — $ 7,606 March 31, 2020 Cash equivalents Money market funds $ 58,693 $ — $ — $ 58,693 Other noncurrent assets Restricted cash 4,881 — — 4,881 Total assets $ 63,574 $ — $ — $ 63,574 Accrued and other current liabilities Interest rate swap $ — $ 8,890 $ — $ 8,890 Total liabilities $ — $ 8,890 $ — $ 8,890 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 December 31, 2020 March 31, 2020 (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 $ 11,300 $ 11,258 $ 5,200 $ 5,200 $ 5,000 $ 5,006 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 202,018 $ 324,013 $ 200,303 $ 248,400 $ 195,295 $ 176,094 Credit Agreement - term loan (2) Level 3 129,375 130,645 131,250 133,030 136,875 137,194 Credit Agreement - revolving credit facility (2) Level 3 — — — — 25,000 25,061 |
Note 10 - Construction Joint _2
Note 10 - Construction Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Assets Cash, cash equivalents and marketable securities $ 161,574 $ 181,889 $ 144,472 Other current assets (1) 768,127 767,803 821,399 Noncurrent assets 150,273 164,022 203,520 Less partners’ interest 719,634 751,125 785,876 Granite’s interest (1),(2) 360,340 362,589 383,515 Liabilities Current liabilities 470,667 482,562 555,380 Less partners’ interest and adjustments (3) 241,250 226,308 289,165 Granite’s interest 229,417 256,254 266,215 Equity in construction joint ventures (4) $ 130,923 $ 106,335 $ 117,300 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended March 31, (in thousands) 2021 2020 Revenue Total $ 232,042 $ 62,030 Less partners’ interest and adjustments (1) 152,320 (21,672 ) Granite’s interest 79,722 83,702 Cost of revenue Total 248,070 228,460 Less partners’ interest and adjustments (1) 168,734 132,743 Granite’s interest 79,336 95,717 Granite’s interest in gross profit (loss) $ 386 $ (12,015 ) |
Note 11 - Investments in Affi_2
Note 11 - Investments in Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Foreign $ 47,399 $ 47,650 $ 45,598 Real estate 13,105 12,777 16,651 Asphalt terminal 14,655 14,860 11,000 Total investments in affiliates $ 75,159 $ 75,287 $ 73,249 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Current assets $ 136,672 $ 133,882 $ 112,426 Noncurrent assets 161,416 164,620 163,452 Total assets 298,088 298,502 275,878 Current liabilities 55,971 52,583 45,617 Long-term liabilities (1) 59,718 66,108 57,182 Total liabilities 115,689 118,691 102,799 Net assets 182,399 179,811 173,079 Granite’s share of net assets $ 75,159 $ 75,287 $ 73,249 |
Note 12 - Property and Equipm_2
Note 12 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Equipment and vehicles $ 967,636 $ 950,416 $ 942,116 Quarry property 202,620 206,073 188,380 Land and land improvements 134,837 135,639 134,147 Buildings and leasehold improvements 125,944 124,578 124,784 Office furniture and equipment 75,208 73,512 68,327 Property and equipment 1,506,245 1,490,218 1,457,754 Less: accumulated depreciation and depletion 978,072 963,202 922,796 Property and equipment, net $ 528,173 $ 527,016 $ 534,958 |
Note 13 - Long-term Debt and _2
Note 13 - Long-term Debt and Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 2.75% $ 202,018 $ 200,303 $ 195,295 Credit Agreement - term loan 129,375 131,250 136,875 Credit Agreement - revolving credit facility — — 25,000 Debt issuance costs and other 8,954 7,247 6,994 Total debt 340,347 338,800 364,164 Less current maturities 8,700 8,278 8,253 Total long-term debt $ 331,647 $ 330,522 $ 355,911 |
Note 14 - Weighted Average Sh_2
Note 14 - Weighted Average Shares Outstanding and Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (66,195 ) $ (65,370 ) Denominator Weighted average common shares outstanding, basic 45,697 45,520 Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) — — Weighted average common shares outstanding, diluted 45,697 45,520 Net loss per share, basic $ (1.45 ) $ (1.44 ) Net loss per share, diluted $ (1.45 ) $ (1.44 ) |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, (dollars in thousands) 2021 2020 Benefit from income taxes $ (22,455 ) $ (14,710 ) Effective tax rate 25.6 % 16.9 % |
Note 17 - Business Segment In_2
Note 17 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 351,029 $ 99,753 $ 155,674 $ 79,149 $ 685,605 Elimination of intersegment revenue — — — (15,692 ) (15,692 ) Revenue from external customers 351,029 99,753 155,674 63,457 669,913 Gross profit 35,866 8,566 17,325 1,561 63,318 Depreciation, depletion and amortization 4,512 7,280 4,577 5,634 22,003 Segment assets 297,663 130,185 106,534 362,354 896,736 2020 Total revenue from reportable segments $ 350,901 $ 101,657 $ 133,039 $ 64,652 $ 650,249 Elimination of intersegment revenue — — — (14,322 ) (14,322 ) Revenue from external customers 350,901 101,657 133,039 50,330 635,927 Gross profit (loss) 25,369 9,347 (10,719 ) (198 ) 23,799 Depreciation, depletion and amortization 5,026 9,564 6,383 4,973 25,946 Segment assets 304,376 275,447 128,471 366,559 1,074,853 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, (in thousands) 2021 2020 Total gross profit from reportable segments $ 63,318 $ 23,799 Selling, general and administrative expenses 75,728 73,216 Non-cash impairment charges (see Note 3) — 24,413 Gain on sales of property and equipment (2,554 ) (623 ) Other costs (see Note 3) 75,835 5,165 Total other expense 2,087 8,876 Loss before benefit from income taxes $ (87,778 ) $ (87,248 ) |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Proceeds from Noncontrolling Interests | $ 8,361 | $ 3,750 | |
Distributions To Non-controlling Partners Net | $ 2,902 | $ 1,470 | |
Revision of Prior Period, Adjustment [Member] | |||
Proceeds from Noncontrolling Interests | $ 3,800 | ||
Distributions To Non-controlling Partners Net | $ 1,500 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash, cash equivalents and $1,512 and $5,835 in restricted cash at beginning of period | $ 437,648 | $ 268,108 |
Cash and cash equivalents | 452,928 | 242,604 |
Restricted cash | 1,512 | 4,881 |
Cash, cash equivalents and $1,512 and $4,881 in restricted cash at end of period | 454,440 | 247,485 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 16,792 | $ (20,623) |
Note 3 - Impairment Charges a_2
Note 3 - Impairment Charges and Other Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | |
Goodwill, Impairment Loss | $ 0 | $ 24,413 | |
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | ||
Nonoperating Income (Expense) [Member] | |||
Litigation Settlement, Expense | 66,000 | ||
Legal, Accounting and Investigation Fees | $ 7,300 | 5,200 | |
Water and Mineral Services Group Materials [Member] | |||
Goodwill, Impairment Loss | 14,800 | ||
Water and Minerals Services Group Specialty [Member] | |||
Goodwill, Impairment Loss | $ 0 |
Note 4 - Revisions in Estimat_3
Note 4 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gross Profit, Total | $ 63,318 | $ 23,799 |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||
Gross Profit, Total | $ 5,300 |
Note 4 - Revisions in Estimat_4
Note 4 - Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | |
Gross Profit, Total | $ 63,318 | $ 23,799 |
Diluted (in dollars per share) | $ / shares | $ (1.45) | $ (1.44) |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||
Number of projects with downward estimate changes | 1 | 2 |
Gross Profit, Total | $ 5,300 | |
Increase to net loss | $ 4,100 | $ 21,600 |
Diluted (in dollars per share) | $ / shares | $ 0.09 | $ 0.47 |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||
Gross Profit, Total | $ 5,800 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||
Gross Profit, Total | $ 22,700 |
Note 5 - Disaggregation of Re_3
Note 5 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 669,913 | $ 635,927 |
Water and Mineral Services [Member] | ||
Revenue | 103,581 | 105,065 |
Transportation [Member] | ||
Revenue | 351,029 | 350,901 |
Transportation [Member] | Water and Mineral Services [Member] | ||
Revenue | 0 | 0 |
Water [Member] | ||
Revenue | 99,753 | 101,657 |
Water [Member] | Water and Mineral Services [Member] | ||
Revenue | 79,848 | 87,005 |
Specialty [Member] | ||
Revenue | 155,674 | 133,039 |
Specialty [Member] | Water and Mineral Services [Member] | ||
Revenue | 19,637 | 15,450 |
Materials [Member] | ||
Revenue | 63,457 | 50,330 |
Materials [Member] | Water and Mineral Services [Member] | ||
Revenue | 4,096 | 2,610 |
California 1[Member] | ||
Revenue | 210,023 | 178,199 |
California 1[Member] | Transportation [Member] | ||
Revenue | 111,370 | 94,932 |
California 1[Member] | Water [Member] | ||
Revenue | 10,999 | 5,512 |
California 1[Member] | Specialty [Member] | ||
Revenue | 45,698 | 44,488 |
California 1[Member] | Materials [Member] | ||
Revenue | 41,956 | 33,267 |
Federal [Member] | ||
Revenue | 24,070 | 27,270 |
Federal [Member] | Transportation [Member] | ||
Revenue | 1,854 | 398 |
Federal [Member] | Water [Member] | ||
Revenue | 130 | 381 |
Federal [Member] | Specialty [Member] | ||
Revenue | 22,086 | 26,491 |
Federal [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Heavy Civil [Member] | ||
Revenue | 181,099 | 178,022 |
Heavy Civil [Member] | Transportation [Member] | ||
Revenue | 151,743 | 167,426 |
Heavy Civil [Member] | Water [Member] | ||
Revenue | 7,342 | 7,102 |
Heavy Civil [Member] | Specialty [Member] | ||
Revenue | 22,014 | 3,494 |
Heavy Civil [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Midwest [Member] | ||
Revenue | 37,287 | 35,746 |
Midwest [Member] | Transportation [Member] | ||
Revenue | 16,955 | 24,243 |
Midwest [Member] | Water [Member] | ||
Revenue | 0 | 0 |
Midwest [Member] | Specialty [Member] | ||
Revenue | 20,332 | 11,503 |
Midwest [Member] | Materials [Member] | ||
Revenue | 0 | 0 |
Northwest [Member] | ||
Revenue | 113,853 | 111,625 |
Northwest [Member] | Transportation [Member] | ||
Revenue | 69,107 | 63,902 |
Northwest [Member] | Water [Member] | ||
Revenue | 1,434 | 1,657 |
Northwest [Member] | Specialty [Member] | ||
Revenue | 25,907 | 31,613 |
Northwest [Member] | Materials [Member] | ||
Revenue | $ 17,405 | $ 14,453 |
Note 6 - Unearned Revenue - Sch
Note 6 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Unearned Revenue | $ 3,325,737 | $ 2,929,952 | $ 3,600,028 |
Water and Mineral Services [Member] | |||
Unearned Revenue | 154,185 | 119,124 | 143,539 |
California 1[Member] | |||
Unearned Revenue | 809,450 | 798,931 | 674,113 |
Federal [Member] | |||
Unearned Revenue | 132,384 | 90,008 | 150,678 |
Heavy Civil [Member] | |||
Unearned Revenue | 974,847 | 1,144,522 | 1,603,014 |
Midwest [Member] | |||
Unearned Revenue | 485,718 | 228,467 | 349,483 |
Northwest [Member] | |||
Unearned Revenue | 769,153 | 548,900 | 679,201 |
Transportation [Member] | |||
Unearned Revenue | 2,064,848 | 2,169,682 | 2,691,091 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Transportation [Member] | California 1[Member] | |||
Unearned Revenue | 627,002 | 618,429 | 527,971 |
Transportation [Member] | Federal [Member] | |||
Unearned Revenue | 10,028 | 11,895 | 18,152 |
Transportation [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 774,123 | 913,430 | 1,321,443 |
Transportation [Member] | Midwest [Member] | |||
Unearned Revenue | 135,655 | 138,246 | 208,872 |
Transportation [Member] | Northwest [Member] | |||
Unearned Revenue | 518,040 | 487,682 | 614,653 |
Water [Member] | |||
Unearned Revenue | 190,253 | 175,134 | 241,161 |
Water [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 154,185 | 119,124 | 143,539 |
Water [Member] | California 1[Member] | |||
Unearned Revenue | 27,754 | 38,716 | 52,136 |
Water [Member] | Federal [Member] | |||
Unearned Revenue | 100 | 227 | 957 |
Water [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 6,791 | 14,605 | 41,511 |
Water [Member] | Midwest [Member] | |||
Unearned Revenue | 0 | 0 | 150 |
Water [Member] | Northwest [Member] | |||
Unearned Revenue | 1,423 | 2,462 | 2,868 |
Specialty [Member] | |||
Unearned Revenue | 1,070,636 | 585,136 | 667,776 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Specialty [Member] | California 1[Member] | |||
Unearned Revenue | 154,694 | 141,786 | 94,006 |
Specialty [Member] | Federal [Member] | |||
Unearned Revenue | 122,256 | 77,886 | 131,569 |
Specialty [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 193,933 | 216,487 | 240,060 |
Specialty [Member] | Midwest [Member] | |||
Unearned Revenue | 350,063 | 90,221 | 140,461 |
Specialty [Member] | Northwest [Member] | |||
Unearned Revenue | $ 249,690 | $ 58,756 | $ 61,680 |
Note 7 - Contract Assets and _3
Note 7 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 146.4 | $ 95.8 | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | 72.1 | 43.9 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | $ 42.4 | $ 76.5 | $ 37.7 |
Note 7 - Contract Assets and _4
Note 7 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Costs in excess of billings and estimated earnings | $ 59,055 | $ 39,300 | $ 114,378 |
Contract retention | 126,165 | 125,639 | 112,140 |
Total contract assets | 185,220 | 164,939 | 226,518 |
Billings in excess of costs and estimated earnings, net of retention | 132,830 | 143,623 | 127,560 |
Provisions for losses | 27,319 | 27,698 | 6,251 |
Total contract liabilities | $ 160,149 | $ 171,321 | $ 133,811 |
Note 8 - Receivables, Net (Deta
Note 8 - Receivables, Net (Details Textual) - USD ($) $ in Millions | Apr. 29, 2021 | Mar. 31, 2021 |
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||
Loss Contingency, Receivable, Ending Balance | $ 63 | $ 63 |
Note 8 - Receivables, Net - Sch
Note 8 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Gross receivables | $ 477,651 | $ 544,262 | $ 479,110 |
Less: allowance for credit losses | 2,491 | 3,450 | 1,392 |
Total net receivables | 475,160 | 540,812 | 477,718 |
Completed and in Progress [Member] | |||
Billed | 190,775 | 293,376 | 250,683 |
Unbilled | 136,565 | 148,159 | 141,514 |
Gross receivables | 327,340 | 441,535 | 392,197 |
Material Sales [Member] | |||
Gross receivables | 38,407 | 49,991 | 34,268 |
Other Business Products and Services [Member] | |||
Gross receivables | $ 111,904 | $ 52,736 | $ 52,645 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Mar. 31, 2020 | May 31, 2018 | |
Derivative Liability, Notional Amount | $ 150 | |||||
The 2.75% Convertible Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | |||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 28 | $ 29.7 | $ 34.7 | |||
Commodity Contract [Member] | ||||||
Derivative, Notional Amount | 2.6 | $ 3.1 | $ 3.5 | |||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts, Total | $ 1 | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.76% |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurement - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Other current assets | $ 64,286 | $ 42,199 | $ 60,001 |
Fair Value, Recurring [Member] | |||
Total assets | 45,106 | 71,995 | 63,574 |
Interest rate swap | 6,535 | 7,606 | 8,890 |
Total liabilities | 6,535 | 7,606 | 8,890 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 44,000 | 71,995 | 63,574 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 1,106 | 0 | 0 |
Interest rate swap | 6,535 | 7,606 | 8,890 |
Total liabilities | 6,535 | 7,606 | 8,890 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | |||
Cash equivalents | 42,488 | 70,483 | 58,693 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 42,488 | 70,483 | 58,693 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Restricted Cash [Member] | |||
Other noncurrent assets | 1,512 | 1,512 | 4,881 |
Fair Value, Recurring [Member] | Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Other noncurrent assets | 1,512 | 1,512 | 4,881 |
Fair Value, Recurring [Member] | Restricted Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Other noncurrent assets | 0 | 0 | 0 |
Fair Value, Recurring [Member] | Restricted Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Other noncurrent assets | 0 | $ 0 | $ 0 |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Commodity Contract [Member] | |||
Other current assets | 1,106 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | |||
Commodity swap | 0 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |||
Other current assets | 1,106 | ||
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | |||
Other current assets | $ 0 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | $ 11,300 | $ 5,200 | $ 5,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 202,018 | 200,303 | 195,295 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 0 | 0 | 25,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | 129,375 | 131,250 | 136,875 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | 11,258 | 5,200 | 5,006 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 324,013 | 248,400 | 176,094 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 0 | 0 | 25,061 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Notes | [3] | $ 130,645 | $ 133,030 | $ 137,194 |
[1] | All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of March 31, 2021, December 31, 2020 and March 31, 2020. | |||
[2] | Excluded from the carrying value is debt discount of $ 28.0 million, $ 29.7 million and $ 34.7 million as of March 31, 2021 , December 31, 2020 and March 31, 2020, respectively, related to the 2.75% Convertible Notes (see Note 13). | |||
[3] | The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market as of March 31, 2021 , December 31, 2020 and March 31, 2020. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 13 for more information about the Credit Agreement and 2.75% Convertible Notes. |
Note 10 - Construction Joint _3
Note 10 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 146,400 | $ 95,800 | |
Contract Value of Active Construction Joint Venture Projects | 3,400,000 | ||
Contract with Customer, Liability, Total | 160,149 | 133,811 | $ 171,321 |
Revenue from Contract with Customer, Including Assessed Tax | 669,913 | 635,927 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 352,610 | 522,639 | 424,835 |
Net Income (Loss) Attributable to Parent, Total | (66,195) | (65,370) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | $ 418 | (11,816) | |
Unconsolidated Construction Corporate Joint Venture [Member] | |||
Number of Active Joint Venture Projects | 10 | ||
Contract Value of Active Construction Joint Venture Projects | $ 11,600,000 | ||
Contract with Customer, Liability, Total | 381,000 | ||
Affirmative Claim Recovery Estimate | 95,400 | 117,100 | 88,700 |
Back Charge Claims | 12,900 | 18,200 | 13,100 |
Retained Earnings (Accumulated Deficit), Ending Balance | 55,600 | 73,200 | 82,500 |
Net Income (Loss) Attributable to Parent, Total | (16,000) | (166,000) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 400 | (11,800) | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | |||
Contract Value of Active Construction Joint Venture Projects | 13,400 | ||
Contract with Customer, Liability, Total | $ 1,300 | ||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | |||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | ||
Contract with Customer, Liability, Total | $ 87,500 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 500,000 | ||
Guarantor Obligations, Current Carrying Value | 82,300 | 81,900 | $ 82,300 |
Unconsolidated Construction Corporate Joint Venture [Member] | Construction [Member] | |||
Contract with Customer, Liability, Revenue Recognized | 1,300,000 | ||
Co-venturer [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 800,000 | ||
Consolidated Construction Corporate Joint Venture [Member] | |||
Contract Value of Active Construction Joint Venture Projects | $ 1,000,000 | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of Active Joint Venture Projects | 9 | ||
Contract Value of Active Construction Joint Venture Projects | $ 1,800,000 | ||
Contract with Customer, Liability, Total | 414,100 | ||
Revenue from Contract with Customer, Including Assessed Tax | 82,600 | 54,700 | |
Net Cash Provided by (Used in) Continuing Operations, Total | 13,800 | 17,100 | |
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||
Contract Value of Active Construction Joint Venture Projects | 2,200 | ||
Contract with Customer, Liability, Total | $ 1,200 | ||
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 Value of Active Construction Joint Venture Projects | $ 437,400 | ||
Contract with Customer, Liability, Total | $ 137,700 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70.00% | ||
Line Item Joint Venture [Member] | |||
Number of Active Joint Venture Projects | 4 | ||
Contract Value of Active Construction Joint Venture Projects | $ 187,900 | ||
Line Item Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Contract with Customer, Liability, Total | 79,500 | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,600 | $ 12,800 | |
Unconsolidated Construction Joint Venture Net Income (Loss) | $ 297,300 |
Note 10 - Construction Joint _4
Note 10 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Cash, cash equivalents and marketable securities | $ 161,574 | $ 181,889 | $ 144,472 | |
Other current assets | [1] | 768,127 | 767,803 | 821,399 |
Noncurrent assets | 150,273 | 164,022 | 203,520 | |
Current liabilities | 470,667 | 482,562 | 555,380 | |
Equity in construction joint ventures | [2] | 130,923 | 106,335 | 117,300 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 719,634 | 751,125 | 785,876 | |
Unconsolidated construction joint venture liabilities | [3] | 241,250 | 226,308 | 289,165 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 360,340 | 362,589 | 383,515 |
Unconsolidated construction joint venture liabilities | $ 229,417 | $ 256,254 | $ 266,215 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets was $82.3 million as of both March 31, 2021 and December 31, 2020 and $81.9 million as of March 31, 2020, related to performance guarantees. | |||
[2] | Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $55.6 million, $82.5 million and $73.2 million as of March 31, 2021, December 31, 2020 and March 31, 2020, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses. | |||
[3] | Partners' interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite's interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. | |||
[4] | Included in this balance as of March 31, 2021, December 31, 2020 and March 31, 2020, was $95.4 million, $88.7 million and $117.1 million, respectively, related to Granite's share of estimated cost recovery of customer affirmative claims. In addition, this balance included $12.9 million, $13.1 million and $18.2 million as of March 31, 2021, December 31, 2020 and March 31, 2020, respectively, related to Granite’s share of estimated recovery of back charge claims. |
Note 10 - Construction Joint _5
Note 10 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cost of revenue | $ 606,595 | $ 612,128 | |
Collaborative Arrangement [Member] | |||
Revenue | 79,722 | 83,702 | |
Cost of revenue | 79,336 | 95,717 | |
Granite’s interest in gross profit (loss) | 386 | (12,015) | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||
Revenue | 232,042 | 62,030 | |
Cost of revenue | 248,070 | 228,460 | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||
Revenue | [1] | 152,320 | (21,672) |
Cost of revenue | [1] | $ 168,734 | $ 132,743 |
[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 11 - Investments in Affi_3
Note 11 - Investments in Affiliates (Details Textual) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Assets, Total | $ 2,384,375 | $ 2,373,684 | $ 2,379,996 |
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] | |||
Assets, Total | $ 100 | ||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Foreign Affiliates [Member] | Maximum [Member] | |||
Assets, Total | $ 77,900 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Real Estate Entities [Member] | |||
Assets, Total | 13,300 | ||
Number of Entities | 2 | ||
Real Estate Entities [Member] | Minimum [Member] | |||
Equity Method Investment, Ownership Percentage | 10.00% | ||
Real Estate Entities [Member] | Maximum [Member] | |||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Real Estate Entities One [Member] | Minimum [Member] | |||
Assets, Total | $ 24,500 | ||
Real Estate Entities One [Member] | Maximum [Member] | |||
Assets, Total | 44,700 | ||
Asphalt Terminal Entity [Member] | |||
Assets, Total | 33,100 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Assets, Total | $ 275,878 | $ 298,088 | $ 298,502 |
Note 11 - Investments in Affi_4
Note 11 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Total investments in affiliates | $ 75,159 | $ 75,287 | $ 73,249 |
Foreign Affiliates [Member] | |||
Total investments in affiliates | 47,399 | 47,650 | 45,598 |
Real Estate Entities [Member] | |||
Total investments in affiliates | 13,105 | 12,777 | 16,651 |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 14,655 | $ 14,860 | $ 11,000 |
Note 11 - Investments in Affi_5
Note 11 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Current assets | $ 1,450,741 | $ 1,455,246 | $ 1,301,064 | |
Total assets | 2,373,684 | 2,379,996 | 2,384,375 | |
Current liabilities | 1,000,135 | 943,256 | 809,562 | |
Granite’s share of net assets | 75,159 | 75,287 | 73,249 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 136,672 | 133,882 | 112,426 | |
Noncurrent assets | 161,416 | 164,620 | 163,452 | |
Total assets | 298,088 | 298,502 | 275,878 | |
Current liabilities | 55,971 | 52,583 | 45,617 | |
Long-term liabilities (1) | [1] | 59,718 | 66,108 | 57,182 |
Total liabilities | 115,689 | 118,691 | 102,799 | |
Net assets | 182,399 | 179,811 | 173,079 | |
Granite’s share of net assets | $ 75,159 | $ 75,287 | $ 73,249 | |
[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 12 - Property and Equipm_3
Note 12 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property and equipment, gross | $ 1,506,245 | $ 1,490,218 | $ 1,457,754 |
Less: accumulated depreciation and depletion | 978,072 | 963,202 | 922,796 |
Property and equipment, net | 528,173 | 527,016 | 534,958 |
Equipment and Vehicles [Member] | |||
Property and equipment, gross | 967,636 | 950,416 | 942,116 |
Mining Properties and Mineral Rights [Member] | |||
Property and equipment, gross | 202,620 | 206,073 | 188,380 |
Land and Land Improvements [Member] | |||
Property and equipment, gross | 134,837 | 135,639 | 134,147 |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 125,944 | 124,578 | 124,784 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 75,208 | $ 73,512 | $ 68,327 |
Note 13 - Long-term Debt and _3
Note 13 - Long-term Debt and Credit Arrangements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Long-term Debt, Current Maturities, Total | $ 8,700 | $ 8,253 | $ 8,278 |
Long-term Debt, Excluding Current Maturities, Total | $ 331,647 | 355,911 | 330,522 |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.76% | ||
The Credit Agreement [Member] | |||
Consolidated Leverage Ratio, Actual | 1.94 | ||
Consolidated Leverage Ratio, Covenant Maximum | 3 | ||
Consolidated Interest Coverage Ratio, Actual | 6.79 | ||
Debt Instrument, Covenant, Minimum Consolidated Interest Coverage Ratio | 4 | ||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.38% | ||
The Credit Agreement [Member] | Base Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.88% | ||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 226,600 | ||
Letters of Credit Outstanding, Amount | 48,400 | ||
Long-term Line of Credit, Total | 0 | ||
The Credit Agreement [Member] | Term Loan [Member] | |||
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | $ 121,900 | $ 129,400 | $ 123,800 |
The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% |
Long-term Debt, Gross | $ 202,000 | $ 195,300 | $ 200,300 |
Debt Instrument, Unamortized Discount, Total | 28,000 | 34,700 | $ 29,700 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 1,700 | 1,600 | |
Amortization of Debt Discount (Premium) | $ 600 | $ 900 |
Note 13 - Long-term Debt and _4
Note 13 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Total debt | $ 340,347 | $ 338,800 | $ 364,164 |
Debt issuance costs and other | 8,954 | 7,247 | 6,994 |
Long-term Debt, Current Maturities, Total | 8,700 | 8,278 | 8,253 |
Long-term Debt, Excluding Current Maturities, Total | 331,647 | 330,522 | 355,911 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 202,018 | 200,303 | 195,295 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 129,375 | 131,250 | 136,875 |
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | 121,900 | 123,800 | 129,400 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Total debt | $ 0 | $ 0 | $ 25,000 |
Note 13 - Long-term Debt and _5
Note 13 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) (Parentheticals) - The 2.75% Convertible Notes [Member] | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Interest rate | 2.75% | 2.75% | 2.75% |
Convertible Debt [Member] | |||
Interest rate | 2.75% | 2.75% | 2.75% |
Note 14 - Weighted Average Sh_3
Note 14 - Weighted Average Shares Outstanding and Net Loss Per Share (Details Textual) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | ||
The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 554,000 | 443,000 | |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 498,000 |
Note 14 - Weighted Average Sh_4
Note 14 - Weighted Average Shares Outstanding and Net Loss Per Share - Reconciliation of the Weighted Average Shares Outstanding in Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net loss allocated to common shareholders for basic calculation | $ (66,195) | $ (65,370) | |
Weighted average common shares outstanding, basic (in shares) | 45,697 | 45,520 | |
Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2) (in shares) | [1],[2] | 0 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 45,697 | 45,520 | |
Net loss per share, basic (in dollars per share) | $ (1.45) | $ (1.44) | |
Net loss per share, diluted (in dollars per share) | $ (1.45) | $ (1.44) | |
[1] | Although the average price of our common stock for the period was greater than $31.47 per share, due to the net loss for the three months ended March 31, 2021, approximately 498,000 shares from the 2.75% Convertible Notes converting into shares of common stock have been excluded from the number of shares used in calculating diluted net loss per share as their inclusion would be antidilutive. The number of shares used in calculating diluted net loss per share for the three months ended March 31, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock due to the net loss for the period and as the average price of our common stock was below $31.47 per share since the issuance date of the 2.75% Convertible Notes. | ||
[2] | Due to the net losses for the three months ended March 31, 2021 and 2020, RSUs representing approximately 554,000 and 443,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.60% | 16.90% |
Gain (Loss) Related to Litigation Settlement, Total | $ (66) | |
Discrete Income Tax Expense (Benefit) | $ (17) |
Note 15 - Income Taxes - Schedu
Note 15 - Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Benefit from income taxes | $ (22,455) | $ (14,710) |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.60% | 16.90% |
Note 16 - Contingencies - Leg_2
Note 16 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Millions | Apr. 29, 2021 | Mar. 31, 2021 |
Loss Contingency Accrual, Ending Balance | $ 66 | |
Gain (Loss) Related to Litigation Settlement, Total | (66) | |
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 129 | |
Loss Contingency, Receivable, Ending Balance | $ 63 | 63 |
Gain (Loss) Related to Litigation Settlement, Total | $ (66) |
Note 17 - Business Segment In_3
Note 17 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Total revenue | $ 669,913 | $ 635,927 | |
Gross profit | 63,318 | 23,799 | |
Depreciation, depletion and amortization | 22,003 | 25,946 | |
Segment assets | 2,373,684 | 2,384,375 | $ 2,379,996 |
Transportation [Member] | |||
Total revenue | 351,029 | 350,901 | |
Gross profit | 35,866 | 25,369 | |
Depreciation, depletion and amortization | 4,512 | 5,026 | |
Water [Member] | |||
Total revenue | 99,753 | 101,657 | |
Gross profit | 8,566 | 9,347 | |
Depreciation, depletion and amortization | 7,280 | 9,564 | |
Specialty [Member] | |||
Total revenue | 155,674 | 133,039 | |
Gross profit | 17,325 | (10,719) | |
Depreciation, depletion and amortization | 4,577 | 6,383 | |
Materials [Member] | |||
Total revenue | 63,457 | 50,330 | |
Gross profit | 1,561 | (198) | |
Depreciation, depletion and amortization | 5,634 | 4,973 | |
Operating Segments [Member] | |||
Total revenue | 685,605 | 650,249 | |
Gross profit | 63,318 | 23,799 | |
Segment assets | 896,736 | 1,074,853 | |
Operating Segments [Member] | Transportation [Member] | |||
Total revenue | 351,029 | 350,901 | |
Segment assets | 297,663 | 304,376 | |
Operating Segments [Member] | Water [Member] | |||
Total revenue | 99,753 | 101,657 | |
Segment assets | 130,185 | 275,447 | |
Operating Segments [Member] | Specialty [Member] | |||
Total revenue | 155,674 | 133,039 | |
Segment assets | 106,534 | 128,471 | |
Operating Segments [Member] | Materials [Member] | |||
Total revenue | 79,149 | 64,652 | |
Segment assets | 362,354 | 366,559 | |
Consolidation, Eliminations [Member] | |||
Total revenue | (15,692) | (14,322) | |
Consolidation, Eliminations [Member] | Transportation [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Water [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Specialty [Member] | |||
Total revenue | 0 | 0 | |
Consolidation, Eliminations [Member] | Materials [Member] | |||
Total revenue | $ (15,692) | $ (14,322) |
Note 17 - Business Segment In_4
Note 17 - Business Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gross Profit, Total | $ 63,318 | $ 23,799 |
Selling, general and administrative expenses | 75,728 | 73,216 |
Goodwill, Impairment Loss | 0 | 24,413 |
Gain on sales of property and equipment | (2,554) | (623) |
Other costs (see Note 3) | 75,835 | 5,165 |
Total other expense | 2,087 | 8,876 |
Loss before benefit from income taxes | (87,778) | (87,248) |
Operating Segments [Member] | ||
Gross Profit, Total | $ 63,318 | $ 23,799 |