Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,826,735 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets | |||
Cash and cash equivalents | $ 464,049 | $ 436,136 | $ 388,024 |
Receivables, net | 684,822 | 540,812 | 661,948 |
Contract assets | 204,046 | 164,939 | 159,939 |
Inventories | 77,412 | 82,362 | 102,111 |
Equity in construction joint ventures | 195,354 | 188,798 | 184,980 |
Other current assets | 39,749 | 42,199 | 48,300 |
Total current assets | 1,665,432 | 1,455,246 | 1,545,302 |
Property and equipment, net | 510,658 | 527,016 | 536,256 |
Long-term marketable securities | 10,600 | 5,200 | 5,700 |
Investments in affiliates | 72,415 | 75,287 | 76,464 |
Goodwill | 116,788 | 116,777 | 116,691 |
Right of use assets | 58,226 | 62,256 | 68,276 |
Deferred income taxes, net | 41,228 | 41,839 | 39,439 |
Other noncurrent assets | 86,409 | 96,375 | 100,145 |
Total assets | 2,561,756 | 2,379,996 | 2,488,273 |
Current liabilities | |||
Current maturities of long-term debt | 8,718 | 8,278 | 8,253 |
Accounts payable | 397,152 | 359,160 | 385,259 |
Contract liabilities | 195,267 | 171,321 | 189,430 |
Accrued expenses and other current liabilities | 499,214 | 404,497 | 391,651 |
Total current liabilities | 1,100,351 | 943,256 | 974,593 |
Long-term debt | 331,192 | 330,522 | 405,644 |
Long-term lease liabilities | 39,908 | 46,769 | 51,879 |
Deferred income taxes, net | 3,168 | 3,155 | 3,417 |
Other long-term liabilities | 64,783 | 64,684 | 63,741 |
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: 45,826,409 shares as of September 30, 2021, 45,668,541 shares as of December 31, 2020 and 45,655,682 shares as of September 30, 2020 | 458 | 457 | 457 |
Additional paid-in capital | 558,121 | 555,407 | 554,303 |
Accumulated other comprehensive loss | (3,468) | (5,035) | (6,000) |
Retained earnings | 430,074 | 424,835 | 422,846 |
Total Granite Construction Incorporated shareholders’ equity | 985,185 | 975,664 | 971,606 |
Non-controlling interests | 37,169 | 15,946 | 17,393 |
Total equity | 1,022,354 | 991,610 | 988,999 |
Total liabilities and equity | $ 2,561,756 | $ 2,379,996 | $ 2,488,273 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Cash and cash equivalents | $ 464,049,000 | $ 436,136,000 | $ 388,024,000 |
Receivables, net | 684,822,000 | 540,812,000 | 661,948,000 |
Contract assets | 204,046,000 | 164,939,000 | 159,939,000 |
Other current assets | 39,749,000 | 42,199,000 | 48,300,000 |
Property and equipment, net | 510,658,000 | 527,016,000 | 536,256,000 |
Accounts payable | 397,152,000 | 359,160,000 | 385,259,000 |
Contract liabilities | 195,267,000 | 171,321,000 | 189,430,000 |
Accrued expenses and other current liabilities | $ 499,214,000 | $ 404,497,000 | $ 391,651,000 |
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) | 45,826,409 | 45,668,541 | 45,655,682 |
Common stock, shares outstanding (in shares) | 45,826,409 | 45,668,541 | 45,655,682 |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 119,611,000 | $ 74,819,000 | $ 92,587,000 |
Receivables, net | 42,530,000 | 56,147,000 | 32,028,000 |
Contract assets | 42,792 | 33,838 | 27,528 |
Other current assets | 9,954,000 | 13,252,000 | 13,634,000 |
Property and equipment, net | 17,534 | 23,704 | 25,765 |
Accounts payable | 62,547 | 53,033 | 50,503 |
Contract liabilities | 56,914 | 79,777 | 73,426 |
Accrued expenses and other current liabilities | $ 5,238,000 | $ 4,410,000 | $ 4,553,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenue | $ 1,062,129 | $ 1,065,189 | $ 2,696,214 | $ 2,616,887 |
Cost of revenue | ||||
Total cost of revenue | 942,194 | 939,192 | 2,396,015 | 2,378,748 |
Gross profit | 119,935 | 125,997 | 300,199 | 238,139 |
Selling, general and administrative expenses | 77,603 | 72,889 | 227,400 | 224,128 |
Non-cash impairment charges (see Note 3) | 0 | 132,277 | 0 | 156,690 |
Other costs (see Note 3) | 3,759 | 9,689 | 85,547 | 28,513 |
Gain on sales of property and equipment, net (see Note 12) | (5,159) | (3,057) | (39,349) | (4,870) |
Operating income (loss) | 43,732 | (85,801) | 26,601 | (166,322) |
Other (income) expense | ||||
Interest income | (293) | (755) | (737) | (2,813) |
Interest expense | 5,131 | 6,359 | 16,019 | 17,902 |
Equity in income of affiliates, net | (2,539) | (2,353) | (10,578) | (4,415) |
Other expense (income), net | 106 | (1,967) | (3,018) | 92 |
Total other expense, net | 2,405 | 1,284 | 1,686 | 10,766 |
Income (loss) before provision for (benefit from) income taxes | 41,327 | (87,085) | 24,915 | (177,088) |
Provision for (benefit from) income taxes | 8,904 | 11,272 | 2,068 | (5,220) |
Net income (loss) | 32,423 | (98,357) | 22,847 | (171,868) |
Amount attributable to non-controlling interests | 2,620 | 7,195 | 462 | 18,741 |
Net income (loss) attributable to Granite Construction Incorporated | $ 35,043 | $ (91,162) | $ 23,309 | $ (153,127) |
Net income (loss) per share attributable to common shareholders (see Note 14) | ||||
Basic (in dollars per share) | $ 0.76 | $ (2) | $ 0.51 | $ (3.36) |
Diluted (in dollars per share) | $ 0.73 | $ (2) | $ 0.49 | $ (3.36) |
Weighted average shares of common stock | ||||
Basic (in shares) | 45,821 | 45,654 | 45,773 | 45,598 |
Diluted (in shares) | 47,906 | 45,654 | 47,522 | 45,598 |
Transportation [Member] | ||||
Revenue | ||||
Total revenue | $ 568,186 | $ 623,999 | $ 1,444,450 | $ 1,510,001 |
Cost of revenue | ||||
Total cost of revenue | 509,683 | 569,677 | 1,290,564 | 1,399,113 |
Water [Member] | ||||
Revenue | ||||
Total revenue | 121,968 | 106,599 | 335,153 | 317,980 |
Cost of revenue | ||||
Total cost of revenue | 112,092 | 94,042 | 306,148 | 283,497 |
Specialty [Member] | ||||
Revenue | ||||
Total revenue | 234,300 | 205,134 | 590,245 | 513,087 |
Cost of revenue | ||||
Total cost of revenue | 203,442 | 171,842 | 517,693 | 465,234 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 137,675 | 129,457 | 326,366 | 275,819 |
Cost of revenue | ||||
Total cost of revenue | $ 116,977 | $ 103,631 | $ 281,610 | $ 230,904 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 32,423 | $ (98,357) | $ 22,847 | $ (171,868) |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized (loss) gain on derivatives | (945) | (904) | 282 | (3,999) |
Less: reclassification for net losses included in interest expense | 379 | 358 | 1,557 | 798 |
Net change | (566) | (546) | 1,839 | (3,201) |
Foreign currency translation adjustments, net | (151) | 344 | (273) | (156) |
Other comprehensive (loss) income | (717) | (202) | 1,566 | (3,357) |
Comprehensive income (loss) | 31,706 | (98,559) | 24,413 | (175,225) |
Non-controlling interests in comprehensive income | 2,620 | 7,195 | 462 | 18,741 |
Comprehensive income (loss) attributable to Granite Construction Incorporated | $ 34,326 | $ (91,364) | $ 24,875 | $ (156,484) |
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, 2019 | 45,503,805 | ||||||||||||||
Balances (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (366) | $ (366) | $ 0 | $ (366) | ||||||||
Balances at Dec. 31, 2019 | $ 456 | $ 549,307 | $ (2,645) | $ 594,353 | $ 1,141,471 | $ 36,945 | $ 1,178,416 | ||||||||
Net income (loss) | 0 | 0 | 0 | (153,127) | (153,127) | (18,741) | (171,868) | ||||||||
Other comprehensive income (loss) | $ 0 | 0 | (3,357) | 0 | (3,357) | 0 | (3,357) | ||||||||
Purchases of common stock (in shares) | [1] | (55,273) | |||||||||||||
Dividends on common stock ($0.13 per share) | $ 0 | 0 | 0 | (17,797) | (17,797) | 0 | (17,797) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (810) | (810) | ||||||||
Amortized RSUs and other (in shares) | 33,657 | ||||||||||||||
Amortized RSUs and other | $ 0 | 5,746 | 2 | (217) | 5,531 | (1) | 5,530 | ||||||||
Purchases of common stock (in shares) | [1] | (55,273) | |||||||||||||
Purchases of common stock | [1] | $ (1) | (750) | 0 | 0 | (751) | 0 | (751) | |||||||
RSUs vested (in shares) | 173,493 | ||||||||||||||
RSUs vested | $ 2 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||
Purchases of common stock | [1] | $ (1) | (750) | 0 | 0 | (751) | 0 | (751) | |||||||
Balances (in shares) at Sep. 30, 2020 | 45,655,682 | ||||||||||||||
Balances at Sep. 30, 2020 | $ 457 | 554,303 | (6,000) | 422,846 | 971,606 | 17,393 | 988,999 | ||||||||
Balances (in shares) at Jun. 30, 2020 | 45,651,914 | ||||||||||||||
Balances at Jun. 30, 2020 | $ 458 | 553,038 | (5,800) | 520,025 | 1,067,721 | 23,039 | 1,090,760 | ||||||||
Net income (loss) | 0 | 0 | 0 | (91,162) | (91,162) | (7,195) | (98,357) | ||||||||
Other comprehensive income (loss) | $ 0 | 0 | (202) | 0 | (202) | 0 | (202) | ||||||||
Purchases of common stock (in shares) | [1] | (1,352) | |||||||||||||
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 | 1,549 | 1,549 | ||||||||
Amortized RSUs and other (in shares) | (13) | ||||||||||||||
Amortized RSUs and other | $ (1) | 1,290 | 2 | (82) | 1,209 | 0 | 1,209 | ||||||||
Purchases of common stock (in shares) | [1] | (1,352) | |||||||||||||
Purchases of common stock | [1] | $ 0 | (25) | 0 | 0 | (25) | 0 | (25) | |||||||
RSUs vested (in shares) | 5,133 | ||||||||||||||
RSUs vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Purchases of common stock | [1] | $ 0 | (25) | 0 | 0 | (25) | 0 | (25) | |||||||
Balances (in shares) at Sep. 30, 2020 | 45,655,682 | ||||||||||||||
Balances at Sep. 30, 2020 | $ 457 | 554,303 | (6,000) | 422,846 | 971,606 | 17,393 | 988,999 | ||||||||
Balances (in shares) at Dec. 31, 2020 | 45,668,541 | ||||||||||||||
Balances at Dec. 31, 2020 | $ 457 | 555,407 | (5,035) | 424,835 | 975,664 | 15,946 | 991,610 | ||||||||
Net income (loss) | 0 | 0 | 0 | 23,309 | 23,309 | (462) | 22,847 | ||||||||
Other comprehensive income (loss) | $ 0 | 0 | 1,566 | 0 | 1,566 | 0 | 1,566 | ||||||||
Purchases of common stock (in shares) | [1] | (65,283) | |||||||||||||
Dividends on common stock ($0.13 per share) | $ 0 | 0 | 0 | (17,867) | (17,867) | 0 | (17,867) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 21,685 | 21,685 | ||||||||
Amortized RSUs and other (in shares) | (815) | ||||||||||||||
Amortized RSUs and other | $ 0 | 5,318 | 1 | (203) | 5,116 | 0 | 5,116 | ||||||||
Purchases of common stock (in shares) | [1] | (65,283) | |||||||||||||
Purchases of common stock | [1] | $ (1) | (2,602) | 0 | 0 | (2,603) | 0 | (2,603) | |||||||
RSUs vested (in shares) | 223,966 | ||||||||||||||
RSUs vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | ||||||||
Purchases of common stock | [1] | $ (1) | (2,602) | 0 | 0 | (2,603) | 0 | (2,603) | |||||||
Balances (in shares) at Sep. 30, 2021 | 45,826,409 | ||||||||||||||
Balances at Sep. 30, 2021 | $ 458 | 558,121 | (3,468) | 430,074 | 985,185 | 37,169 | 1,022,354 | ||||||||
Balances (in shares) at Jun. 30, 2021 | 45,818,719 | ||||||||||||||
Balances at Jun. 30, 2021 | $ 458 | 556,615 | (2,750) | 401,061 | 955,384 | 32,858 | 988,242 | ||||||||
Net income (loss) | 0 | 0 | 0 | 35,043 | 35,043 | (2,620) | 32,423 | ||||||||
Other comprehensive income (loss) | $ 0 | 0 | (717) | 0 | (717) | 0 | (717) | ||||||||
Purchases of common stock (in shares) | [1] | (2,683) | |||||||||||||
Purchases of common stock | [1] | $ 0 | (105) | 0 | 0 | (105) | 0 | (105) | |||||||
Restricted stock units (“RSUs”) vested (in shares) | 10,399 | ||||||||||||||
Restricted stock units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,958) | (5,958) | 0 | (5,958) | ||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 6,931 | 6,931 | ||||||||
Amortized RSUs and other (in shares) | (26) | ||||||||||||||
Amortized RSUs and other | $ 0 | 1,611 | (1) | (72) | 1,538 | 0 | 1,538 | ||||||||
Purchases of common stock (in shares) | [1] | (2,683) | |||||||||||||
Balances (in shares) at Sep. 30, 2021 | 45,826,409 | ||||||||||||||
Balances at Sep. 30, 2021 | $ 458 | $ 558,121 | $ (3,468) | $ 430,074 | $ 985,185 | $ 37,169 | $ 1,022,354 | ||||||||
[1] | On June 2, 2021, the Company's stockholders approved the 2021 Equity Incentive Plan, which replaced the Amended and Restated 2012 Equity Incentive Plan. This amount represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 and 2021 Equity Incentive Plans. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ 22,847 | $ (171,868) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 81,008 | 84,713 |
Amortization related to the 2.75% Convertible Notes (see Note 13) | 7,038 | 6,458 |
Gain on sales of property and equipment, net (see Note 12) | (39,349) | (4,870) |
Stock-based compensation | 5,181 | 5,203 |
Equity in net (income) loss from unconsolidated joint ventures | (8,027) | 38,529 |
Net income from affiliates | (10,578) | (4,415) |
Non-cash impairment charges (see Note 3) | 0 | 156,690 |
Other non-cash adjustments | 664 | 3,067 |
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 | (81,072) | (98,118) |
Contract assets, net | (17,155) | 144,558 |
Inventories | 4,951 | (13,226) |
Contributions to unconsolidated construction joint ventures | (61,780) | (38,044) |
Distributions from unconsolidated construction joint ventures and affiliates | 14,379 | 9,279 |
Other assets, net | (102) | (6,208) |
Accounts payable | 47,223 | (16,559) |
Accrued expenses and other liabilities, net | 28,694 | 43,477 |
Net cash provided by operating activities | 59,922 | 138,666 |
Investing activities | ||
Purchases of marketable securities | (5,000) | (9,996) |
Maturities of marketable securities | 0 | 10,000 |
Proceeds from called marketable securities | 0 | 24,996 |
Purchases of property and equipment | (72,964) | (74,901) |
Proceeds from sales of property and equipment (see Note 12) | 58,002 | 12,283 |
Other investing activities, net | 2,581 | (4,283) |
Net cash used in investing activities | (17,381) | (41,901) |
Financing activities | ||
Proceeds from debt | 0 | 50,000 |
Debt principal repayments | (6,795) | (6,321) |
Cash dividends paid | (17,846) | (17,777) |
Repurchases of common stock | (2,603) | (753) |
Contributions from non-controlling partners | 15,701 | 9,250 |
Distributions to non-controlling partners | (3,022) | (10,060) |
Other financing activities, net | (63) | 324 |
Net cash (used in) provided by financing activities | (14,628) | 24,663 |
Net increase in cash, cash equivalents and restricted cash | 27,913 | 121,428 |
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 in restricted cash at end of each period | 465,561 | 389,536 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 13,731 | 9,486 |
Cash paid for operating lease liabilities | 16,967 | 16,137 |
Cash paid during the period for: | ||
Interest | 9,215 | 11,966 |
Income taxes | 1,869 | 2,360 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 7,563 | 4,685 |
Dividends declared but not paid | 5,957 | 5,935 |
Contributions from non-controlling partners | $ 9,006 | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jan. 01, 2020 | Nov. 30, 2019 |
Restricted cash | $ 1,512 | $ 1,512 | $ 1,512 | $ 5,835 | ||
The 2.75% Convertible Notes [Member] | ||||||
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% | ||
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | ||||||
Interest rate | 2.75% | 2.75% |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 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 policy related to derivative instruments was expanded, as follows, to reflect treatment of the interest rate swap de-designation that occurred during the three June 30, 2021, 9. Derivative Instruments: 2 not not Our operations are typically affected more by weather conditions during the first fourth may three nine September 30, 2021 not Cash, Cash Equivalents and Restricted Cash: Nine months ended September 30, 2021 2020 Cash, cash equivalents and restricted cash, beginning of period $ 437,648 $ 268,108 End of the period Cash and cash equivalents 464,049 388,024 Restricted cash 1,512 1,512 Total cash, cash equivalents and restricted cash, end of period 465,561 389,536 Net increase in cash, cash equivalents and restricted cash $ 27,913 $ 121,428 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity 2020 06” , March 31, 2022. Upon issuance of the 2.75% convertible senior notes due 2024 “2.75% 2020 06, may 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, second 2022. May 18, 2021, not |
Note 3 - Impairment Charges and
Note 3 - Impairment Charges and Other Costs | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 3. Goodwill We perform our goodwill impairment tests annually as of November 1 no nine September 30, 2021 We performed an interim goodwill impairment test on the March 31, 2020 three March 31, 2020, 19 three March 31, 2020 15%. not no We performed a second September 30, 2020 three September 30, 2020 . three September 30, 2020 . 15%; no 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 Investments in Affiliates Investments in affiliates are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investments’ carrying amounts exceed their fair value, and the decline in fair value is deemed to be other than temporary. There were no nine September 30, 2021 three September 30, 2020. During the three March 31, 2020, nine September 30, 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 nine September 30, 2021 16. three nine September 30, 2021 three nine September 30, 2020 16 |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates | 9 Months Ended |
Sep. 30, 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 may may When we experience significant changes in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no no not three nine September 30, 2021 2020 not There were no Decreases for all periods presented were in our Transportation segment except for one nine September 30, 2021 one 2020 nine September 30, 2021. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Number of projects with downward estimate changes 2 3 5 6 Amount/range of reduction in gross profit from each project, net $ 5.7 - 10.9 $ 7.2 - 17.8 $ 5.5 - 16.2 $ 6.5 - 37.6 Decrease to project profitability 16.6 32.2 48.2 107.5 Decrease to net income/increase to net loss 13.0 21.7 37.7 72.6 Amounts attributable to non-controlling interests 5.5 8.9 10.0 26.3 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated 7.5 12.8 27.7 46.3 Decrease to net income/increase to net loss per diluted share attributable to common shareholders (1) 0.16 0.28 0.58 1.01 ( 1 September 30, 2020 The decreases during the three nine September 30, 2021 nine September 30, 2021 three nine September 30, 2020 |
Note 5 - Disaggregation of Reve
Note 5 - Disaggregation of Revenue | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Transportation Water Specialty Materials Total California $ 191,146 $ 8,531 $ 56,364 $ 76,029 $ 332,070 Federal 4,442 9 29,347 — 33,798 Heavy Civil 138,201 7,799 34,424 — 180,424 Midwest 34,767 — 25,608 — 60,375 Northwest 199,630 2,124 61,030 56,403 319,187 Water and Mineral Services — 103,505 27,527 5,243 136,275 Total $ 568,186 $ 121,968 $ 234,300 $ 137,675 $ 1,062,129 2020 Transportation Water Specialty Materials Total California $ 224,636 $ 10,498 $ 62,623 $ 75,901 $ 373,658 Federal 3,140 341 28,765 — 32,246 Heavy Civil 165,434 9,985 12,892 — 188,311 Midwest 43,896 — 24,392 — 68,288 Northwest 186,893 444 57,247 48,674 293,258 Water and Mineral Services — 85,331 19,215 4,882 109,428 Total $ 623,999 $ 106,599 $ 205,134 $ 129,457 $ 1,065,189 Nine Months Ended September 30, 2021 Transportation Water Specialty Materials Total California $ 478,823 $ 27,512 $ 153,497 $ 188,475 $ 848,307 Federal 9,593 166 70,280 — 80,039 Heavy Civil 445,812 21,197 82,651 — 549,660 Midwest 83,945 — 71,376 — 155,321 Northwest 426,277 4,202 138,487 124,564 693,530 Water and Mineral Services — 282,076 73,954 13,327 369,357 Total $ 1,444,450 $ 335,153 $ 590,245 $ 326,366 $ 2,696,214 2020 Transportation Water Specialty Materials Total California $ 478,590 $ 24,225 $ 158,076 $ 161,397 $ 822,288 Federal 5,306 1,309 78,760 — 85,375 Heavy Civil 519,963 28,260 27,963 — 576,186 Midwest 103,081 152 74,543 — 177,776 Northwest 403,061 4,344 125,647 103,812 636,864 Water and Mineral Services — 259,690 48,098 10,610 318,398 Total $ 1,510,001 $ 317,980 $ 513,087 $ 275,819 $ 2,616,887 |
Note 6 - Unearned Revenue
Note 6 - Unearned Revenue | 9 Months Ended |
Sep. 30, 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): September 30, 2021 Transportation Water Specialty Total California $ 695,445 $ 35,972 $ 114,178 $ 845,595 Federal 40,477 65 75,827 116,369 Heavy Civil 513,590 154,005 124,026 791,621 Midwest 85,755 — 287,144 372,899 Northwest 468,397 3,731 273,622 745,750 Water and Mineral Services — 159,958 — 159,958 Total $ 1,803,664 $ 353,731 $ 874,797 $ 3,032,192 June 30, 2021 Transportation Water Specialty Total California $ 769,260 $ 44,066 $ 150,178 $ 963,504 Federal 7,303 73 102,972 110,348 Heavy Civil 622,491 161,632 172,818 956,941 Midwest 107,630 — 295,447 403,077 Northwest 568,814 3,891 292,395 865,100 Water and Mineral Services — 153,051 — 153,051 Total $ 2,075,498 $ 362,713 $ 1,013,810 $ 3,452,021 September 30, 2020 Transportation Water Specialty Total California $ 562,988 $ 52,598 $ 115,748 $ 731,334 Federal 13,787 494 107,273 121,554 Heavy Civil 1,060,034 24,803 224,427 1,309,264 Midwest 169,538 — 106,694 276,232 Northwest 505,559 721 50,752 557,032 Water and Mineral Services — 118,938 — 118,938 Total $ 2,311,906 $ 197,554 $ 604,894 $ 3,114,354 Approximately $2.3 billion of the September 30, 2021 twelve |
Note 7 - Contract Assets and Li
Note 7 - Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 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 $5.8 million and $181.4 million during the three nine September 30, 2021 three nine September 30, 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 $37.2 million and $153.6 million during the three nine September 30, 2021 three nine September 30, 2020 September 30, 2020 As of September 30, 2021 December 31, 2020 September 30, 2020 The components of the contract asset balances as of the respective dates were as follows: (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Costs in excess of billings and estimated earnings $ 61,815 $ 39,300 $ 39,623 Contract retention 142,231 125,639 120,316 Total contract assets $ 204,046 $ 164,939 $ 159,939 As of September 30, 2021 December 31, 2020 September 30, 2020 no 15% one The components of the contract liability balances as of the respective dates were as follows: (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Billings in excess of costs and estimated earnings, net of retention $ 166,091 $ 143,623 $ 168,383 Provisions for losses 29,176 27,698 21,047 Total contract liabilities $ 195,267 $ 171,321 $ 189,430 |
Note 8 - Receivables, Net
Note 8 - Receivables, Net | 9 Months Ended |
Sep. 30, 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) September 30, 2021 December 31, 2020 September 30, 2020 Contracts completed and in progress: Billed $ 278,313 $ 293,376 $ 355,293 Unbilled 217,534 148,159 167,311 Total contracts completed and in progress 495,847 441,535 522,604 Material sales 80,357 49,991 70,918 Other 110,302 52,736 71,691 Total gross receivables 686,506 544,262 665,213 Less: allowance for credit losses 1,684 3,450 3,265 Total net receivables $ 684,822 $ 540,812 $ 661,948 Included in other receivables at September 30, 2021 December 31, 2020 September 30, 2020 16 September 30, 2021 no 5% |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 61,231 $ — $ — $ 61,231 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 62,743 $ — $ — $ 62,743 Accrued and other current liabilities Interest rate swap $ — $ 5,001 $ — $ 5,001 Total liabilities $ — $ 5,001 $ — $ 5,001 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 September 30, 2020 Cash equivalents Money market funds $ 78,981 $ — $ — $ 78,981 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 80,493 $ — $ — $ 80,493 Accrued and other current liabilities Interest rate swap $ — $ 8,353 $ — $ 8,353 Total liabilities $ — $ 8,353 $ — $ 8,353 Interest Rate Swaps In connection with entering into the Credit Agreement, we entered into two May 2018 three March 31, 2021. May 2023. three June 30, 2021, no May 2023. three nine September 30, 2021. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not September 30, 2021 December 31, 2020 September 30, 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 $ 10,600 $ 10,582 $ 5,200 $ 5,200 $ 5,700 $ 5,696 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 205,543 $ 326,025 $ 200,303 $ 248,400 $ 198,606 $ 184,000 Credit Agreement - term loan (2) Level 3 125,625 126,610 131,250 133,030 133,125 135,046 Credit Agreement - revolving credit facility (2) Level 3 — — — — 75,000 76,180 ( 1 one five ( 2 2.75% 13 2.75% ( 3 September 30, 2021 December 31, 2020 September 30, 2020, 2.75% 13 During the three nine September 30, 2021 not 3, three nine September 30, 2020. three nine September 30, 2020, not |
Note 10 - Construction Joint Ve
Note 10 - Construction Joint Ventures | 9 Months Ended |
Sep. 30, 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 nine September 30, 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 September 30, 2021 not may Consolidated Construction Joint Ventures (“CCJVs”) At September 30, 2021 September 30, 2021, three nine September 30, 2021 three nine September 30, 2020 nine September 30, 2021 2020 Unconsolidated Construction Joint Ventures As of September 30, 2021 ten September 30, 2021 The following is summary financial information related to our unconsolidated construction joint ventures: (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Assets Cash, cash equivalents and marketable securities $ 159,187 $ 181,889 $ 211,483 Other current assets (1) 765,319 767,803 874,396 Noncurrent assets 111,981 164,022 176,195 Less partners’ interest 692,226 751,125 849,213 Granite’s interest (1),(2) 344,261 362,589 412,861 Liabilities Current liabilities 396,154 482,562 514,739 Less partners’ interest and adjustments (3) 227,372 226,308 211,749 Granite’s interest 168,782 256,254 302,990 Equity in construction joint ventures (4) $ 175,479 $ 106,335 $ 109,871 ( 1 September 30, 2021 December 31, 2020 September 30, 2020 ( 2 September 30, 2021 December 31, 2020 September 30, 2020 September 30, 2021 December 31, 2020 September 30, 2020 ( 3 ( 4 September 30, 2021 December 31, 2020 September 30, 2020 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenue Total $ 194,486 $ 293,733 $ 690,086 $ 740,224 Less partners’ interest and adjustments (1) 113,205 206,032 442,182 471,999 Granite’s interest 81,281 87,701 247,904 268,225 Cost of revenue Total 203,786 299,776 701,350 884,991 Less partners’ interest and adjustments (1) 123,461 203,932 461,236 578,235 Granite’s interest 80,325 95,844 240,114 306,756 Granite’s interest in gross profit (loss) $ 956 $ (8,143 ) $ 7,790 $ (38,531 ) ( 1 During the three nine September 30, 2021 three nine September 30, 2020 During both 2021 2020, five Line Item Joint Ventures As of September 30, 2021 three September 30, 2021 three nine September 30, 2021 three nine September 30, 2020 GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) |
Note 11 - Investments in Affili
Note 11 - Investments in Affiliates | 9 Months Ended |
Sep. 30, 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) September 30, 2021 December 31, 2020 September 30, 2020 Foreign $ 49,089 $ 47,650 $ 46,000 Real estate 9,743 12,777 16,535 Asphalt terminal 13,583 14,860 13,929 Total investments in affiliates $ 72,415 $ 75,287 $ 76,464 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Current assets $ 162,503 $ 133,882 $ 116,712 Noncurrent assets 161,700 164,620 165,292 Total assets 324,203 298,502 282,004 Current liabilities 80,145 52,583 48,478 Long-term liabilities (1) 59,501 66,108 55,206 Total liabilities 139,646 118,691 103,684 Net assets 184,557 179,811 178,320 Granite’s share of net assets $ 72,415 $ 75,287 $ 76,464 ( 1 Of the $324.2 million of total affiliate assets as of September 30, 2021 thirteen two September 30, 2021 nine September 30, 2020, 3 September 30, 2021 December 31, 2020 September 30, 2020 September 30, 2021 |
Note 12 - Property and Equipmen
Note 12 - Property and Equipment, Net | 9 Months Ended |
Sep. 30, 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) September 30, 2021 December 31, 2020 September 30, 2020 Equipment and vehicles $ 997,560 $ 950,416 $ 959,828 Quarry property 188,838 206,073 199,677 Land and land improvements 126,130 135,639 135,102 Buildings and leasehold improvements 123,207 124,578 122,119 Office furniture and equipment 78,059 73,512 72,675 Property and equipment 1,513,794 1,490,218 1,489,401 Less: accumulated depreciation and depletion 1,003,136 963,202 953,145 Property and equipment, net $ 510,658 $ 527,016 $ 536,256 On June 30, 2021, two |
Note 13 - Long-term Debt and Cr
Note 13 - Long-term Debt and Credit Arrangements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 13. Long-Term Debt and Credit Arrangements (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 2.75% Convertible Notes $ 205,543 $ 200,303 $ 198,606 Credit Agreement - term loan 125,625 131,250 133,125 Credit Agreement - revolving credit facility — — 75,000 Debt issuance costs and other 8,742 7,247 7,166 Total debt 339,910 338,800 413,897 Less current maturities 8,718 8,278 8,253 Total long-term debt $ 331,192 $ 330,522 $ 405,644 As of each September 30, 2021 December 31, 2020 September 30, 2020 As of September 30, 2021 October 2021 December 2024 As of September 30, 2021, September 30, 2021 As of September 30, 2021 not As of September 30, 2021 December 31, 2020 September 30, 2020 2.75% September 30, 2021 December 31, 2020 September 30, 2020 During the three September 30, 2021 2020, nine September 31, 2021 2020, nine |
Note 14 - Weighted Average Shar
Note 14 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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 September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator (basic and diluted) Net income (loss) allocated to common shareholders for basic calculation $ 35,043 $ (91,162 ) $ 23,309 $ (153,127 ) Denominator Weighted average common shares outstanding, basic 45,821 45,654 45,773 45,598 Dilutive effect of RSUs (1) 563 — 523 — Dilutive effect of 2.75% Convertible Notes (2) 1,522 — 1,226 — Weighted average common shares outstanding, diluted 47,906 45,654 47,522 45,598 Net income (loss) per share, basic $ 0.76 $ (2.00 ) $ 0.51 $ (3.36 ) Net income (loss) per share, diluted $ 0.73 $ (2.00 ) $ 0.49 $ (3.36 ) ( 1 three nine September 30, 2020 ( 2 three nine September 30, 2020 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The following table presents the provision for (benefit from) income taxes for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Provision for (benefit from) income taxes $ 8,904 $ 11,272 $ 2,068 $ (5,220 ) Effective tax rate 21.5 % (12.9 )% 8.3 % 2.9 % Our effective tax rate for the three nine September 30, 2021 2020 three March 31, 2020 September 30, 2020 no 3 16 nine September 30, 2021 |
Note 16 - Contingencies - Legal
Note 16 - Contingencies - Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 16. Contingencies - Legal Proceedings Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not not not not The total liabilities recorded, net of insurance receivable, as of September 30, 2021 December 31, 2020 June 30, 2020 Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1 10 December 31, 2020. Some of the matters in which we or our joint ventures and affiliates are involved may not may Securities Litigation, Derivative Lawsuits and Other Matters 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, May 14, 2021, March 25, 2022 Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. 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 $129.0 million in cash, $63.0 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, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. Nasseri v. Granite Construction Incorporated, et al. October 6, 2021, October 2021. February 24, 2022. no As a result of entering into the Settlement Agreement, we recorded a pre-tax charge of approximately $66.0 million in the quarter ended March 31, 2021. On May 6, 2020, English v. Roberts, et al., 1934 April 30, 2018 October 24, 2019. On May 12, 2021, Davydov v. Roberts, et al. April 30, 2018 October 24, 2019. July 16, 2021, November 22, 2021. We are in the preliminary stages of the litigation and, as a result, we cannot predict the outcome or consequences of these cases. As of September 30, 2021, $66.0 not not not We were informed on July 20, 2021 2013 2014. March 2014 2015. may 2014, not June 2018, no not no In connection with our prior 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 | 9 Months Ended |
Sep. 30, 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 September 30, Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 568,186 $ 121,968 $ 234,300 $ 201,419 $ 1,125,873 Elimination of intersegment revenue — — — (63,744 ) (63,744 ) Revenue from external customers 568,186 121,968 234,300 137,675 1,062,129 Gross profit 58,503 9,876 30,858 20,698 119,935 Depreciation, depletion and amortization 5,513 7,074 5,643 7,014 25,244 2020 Total revenue from reportable segments $ 623,999 $ 106,599 $ 205,134 $ 194,298 $ 1,130,030 Elimination of intersegment revenue — — — (64,841 ) (64,841 ) Revenue from external customers 623,999 106,599 205,134 129,457 1,065,189 Gross profit 54,322 12,557 33,292 25,826 125,997 Depreciation, depletion and amortization 5,268 8,258 5,046 6,120 24,692 Nine Months Ended September 30, Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 1,444,450 $ 335,153 $ 590,245 $ 457,409 $ 2,827,257 Elimination of intersegment revenue — — — (131,043 ) (131,043 ) Revenue from external customers 1,444,450 335,153 590,245 326,366 2,696,214 Gross profit 153,886 29,005 72,552 44,756 300,199 Depreciation, depletion and amortization 15,595 21,677 15,894 19,329 72,495 Segment assets 305,800 107,327 100,279 355,936 869,342 2020 Total revenue from reportable segments $ 1,510,001 $ 317,980 $ 513,087 $ 400,808 $ 2,741,876 Elimination of intersegment revenue — — — (124,989 ) (124,989 ) Revenue from external customers 1,510,001 317,980 513,087 275,819 2,616,887 Gross profit 110,888 34,483 47,853 44,915 238,139 Depreciation, depletion and amortization 14,685 27,399 18,166 16,563 76,813 Segment assets 305,962 142,604 118,797 361,862 929,225 A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Total gross profit from reportable segments $ 119,935 $ 125,997 $ 300,199 $ 238,139 Selling, general and administrative expenses 77,603 72,889 227,400 224,128 Non-cash impairment charges (see Note 3) — 132,277 — 156,690 Other costs (see Note 3) 3,759 9,689 85,547 28,513 Gain on sales of property and equipment (see Note 12) (5,159 ) (3,057 ) (39,349 ) (4,870 ) Total other expense, net 2,405 1,284 1,686 10,766 Income (loss) before provision for (benefit from) income taxes $ 41,327 $ (87,085 ) $ 24,915 $ (177,088 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Nine months ended September 30, 2021 2020 Cash, cash equivalents and restricted cash, beginning of period $ 437,648 $ 268,108 End of the period Cash and cash equivalents 464,049 388,024 Restricted cash 1,512 1,512 Total cash, cash equivalents and restricted cash, end of period 465,561 389,536 Net increase in cash, cash equivalents and restricted cash $ 27,913 $ 121,428 |
Note 4 - Revisions in Estimat_2
Note 4 - Revisions in Estimates (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Number of projects with downward estimate changes 2 3 5 6 Amount/range of reduction in gross profit from each project, net $ 5.7 - 10.9 $ 7.2 - 17.8 $ 5.5 - 16.2 $ 6.5 - 37.6 Decrease to project profitability 16.6 32.2 48.2 107.5 Decrease to net income/increase to net loss 13.0 21.7 37.7 72.6 Amounts attributable to non-controlling interests 5.5 8.9 10.0 26.3 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated 7.5 12.8 27.7 46.3 Decrease to net income/increase to net loss per diluted share attributable to common shareholders (1) 0.16 0.28 0.58 1.01 |
Note 5 - Disaggregation of Re_2
Note 5 - Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 Transportation Water Specialty Materials Total California $ 191,146 $ 8,531 $ 56,364 $ 76,029 $ 332,070 Federal 4,442 9 29,347 — 33,798 Heavy Civil 138,201 7,799 34,424 — 180,424 Midwest 34,767 — 25,608 — 60,375 Northwest 199,630 2,124 61,030 56,403 319,187 Water and Mineral Services — 103,505 27,527 5,243 136,275 Total $ 568,186 $ 121,968 $ 234,300 $ 137,675 $ 1,062,129 2020 Transportation Water Specialty Materials Total California $ 224,636 $ 10,498 $ 62,623 $ 75,901 $ 373,658 Federal 3,140 341 28,765 — 32,246 Heavy Civil 165,434 9,985 12,892 — 188,311 Midwest 43,896 — 24,392 — 68,288 Northwest 186,893 444 57,247 48,674 293,258 Water and Mineral Services — 85,331 19,215 4,882 109,428 Total $ 623,999 $ 106,599 $ 205,134 $ 129,457 $ 1,065,189 2021 Transportation Water Specialty Materials Total California $ 478,823 $ 27,512 $ 153,497 $ 188,475 $ 848,307 Federal 9,593 166 70,280 — 80,039 Heavy Civil 445,812 21,197 82,651 — 549,660 Midwest 83,945 — 71,376 — 155,321 Northwest 426,277 4,202 138,487 124,564 693,530 Water and Mineral Services — 282,076 73,954 13,327 369,357 Total $ 1,444,450 $ 335,153 $ 590,245 $ 326,366 $ 2,696,214 2020 Transportation Water Specialty Materials Total California $ 478,590 $ 24,225 $ 158,076 $ 161,397 $ 822,288 Federal 5,306 1,309 78,760 — 85,375 Heavy Civil 519,963 28,260 27,963 — 576,186 Midwest 103,081 152 74,543 — 177,776 Northwest 403,061 4,344 125,647 103,812 636,864 Water and Mineral Services — 259,690 48,098 10,610 318,398 Total $ 1,510,001 $ 317,980 $ 513,087 $ 275,819 $ 2,616,887 |
Note 6 - Unearned Revenue (Tabl
Note 6 - Unearned Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | September 30, 2021 Transportation Water Specialty Total California $ 695,445 $ 35,972 $ 114,178 $ 845,595 Federal 40,477 65 75,827 116,369 Heavy Civil 513,590 154,005 124,026 791,621 Midwest 85,755 — 287,144 372,899 Northwest 468,397 3,731 273,622 745,750 Water and Mineral Services — 159,958 — 159,958 Total $ 1,803,664 $ 353,731 $ 874,797 $ 3,032,192 June 30, 2021 Transportation Water Specialty Total California $ 769,260 $ 44,066 $ 150,178 $ 963,504 Federal 7,303 73 102,972 110,348 Heavy Civil 622,491 161,632 172,818 956,941 Midwest 107,630 — 295,447 403,077 Northwest 568,814 3,891 292,395 865,100 Water and Mineral Services — 153,051 — 153,051 Total $ 2,075,498 $ 362,713 $ 1,013,810 $ 3,452,021 September 30, 2020 Transportation Water Specialty Total California $ 562,988 $ 52,598 $ 115,748 $ 731,334 Federal 13,787 494 107,273 121,554 Heavy Civil 1,060,034 24,803 224,427 1,309,264 Midwest 169,538 — 106,694 276,232 Northwest 505,559 721 50,752 557,032 Water and Mineral Services — 118,938 — 118,938 Total $ 2,311,906 $ 197,554 $ 604,894 $ 3,114,354 |
Note 7 - Contract Assets and _2
Note 7 - Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Costs in excess of billings and estimated earnings $ 61,815 $ 39,300 $ 39,623 Contract retention 142,231 125,639 120,316 Total contract assets $ 204,046 $ 164,939 $ 159,939 (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Billings in excess of costs and estimated earnings, net of retention $ 166,091 $ 143,623 $ 168,383 Provisions for losses 29,176 27,698 21,047 Total contract liabilities $ 195,267 $ 171,321 $ 189,430 |
Note 8 - Receivables, Net (Tabl
Note 8 - Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Contracts completed and in progress: Billed $ 278,313 $ 293,376 $ 355,293 Unbilled 217,534 148,159 167,311 Total contracts completed and in progress 495,847 441,535 522,604 Material sales 80,357 49,991 70,918 Other 110,302 52,736 71,691 Total gross receivables 686,506 544,262 665,213 Less: allowance for credit losses 1,684 3,450 3,265 Total net receivables $ 684,822 $ 540,812 $ 661,948 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 61,231 $ — $ — $ 61,231 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 62,743 $ — $ — $ 62,743 Accrued and other current liabilities Interest rate swap $ — $ 5,001 $ — $ 5,001 Total liabilities $ — $ 5,001 $ — $ 5,001 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 September 30, 2020 Cash equivalents Money market funds $ 78,981 $ — $ — $ 78,981 Other noncurrent assets Restricted cash 1,512 — — 1,512 Total assets $ 80,493 $ — $ — $ 80,493 Accrued and other current liabilities Interest rate swap $ — $ 8,353 $ — $ 8,353 Total liabilities $ — $ 8,353 $ — $ 8,353 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 December 31, 2020 September 30, 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 $ 10,600 $ 10,582 $ 5,200 $ 5,200 $ 5,700 $ 5,696 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 205,543 $ 326,025 $ 200,303 $ 248,400 $ 198,606 $ 184,000 Credit Agreement - term loan (2) Level 3 125,625 126,610 131,250 133,030 133,125 135,046 Credit Agreement - revolving credit facility (2) Level 3 — — — — 75,000 76,180 |
Note 10 - Construction Joint _2
Note 10 - Construction Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Assets Cash, cash equivalents and marketable securities $ 159,187 $ 181,889 $ 211,483 Other current assets (1) 765,319 767,803 874,396 Noncurrent assets 111,981 164,022 176,195 Less partners’ interest 692,226 751,125 849,213 Granite’s interest (1),(2) 344,261 362,589 412,861 Liabilities Current liabilities 396,154 482,562 514,739 Less partners’ interest and adjustments (3) 227,372 226,308 211,749 Granite’s interest 168,782 256,254 302,990 Equity in construction joint ventures (4) $ 175,479 $ 106,335 $ 109,871 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenue Total $ 194,486 $ 293,733 $ 690,086 $ 740,224 Less partners’ interest and adjustments (1) 113,205 206,032 442,182 471,999 Granite’s interest 81,281 87,701 247,904 268,225 Cost of revenue Total 203,786 299,776 701,350 884,991 Less partners’ interest and adjustments (1) 123,461 203,932 461,236 578,235 Granite’s interest 80,325 95,844 240,114 306,756 Granite’s interest in gross profit (loss) $ 956 $ (8,143 ) $ 7,790 $ (38,531 ) |
Note 11 - Investments in Affi_2
Note 11 - Investments in Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Foreign $ 49,089 $ 47,650 $ 46,000 Real estate 9,743 12,777 16,535 Asphalt terminal 13,583 14,860 13,929 Total investments in affiliates $ 72,415 $ 75,287 $ 76,464 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Current assets $ 162,503 $ 133,882 $ 116,712 Noncurrent assets 161,700 164,620 165,292 Total assets 324,203 298,502 282,004 Current liabilities 80,145 52,583 48,478 Long-term liabilities (1) 59,501 66,108 55,206 Total liabilities 139,646 118,691 103,684 Net assets 184,557 179,811 178,320 Granite’s share of net assets $ 72,415 $ 75,287 $ 76,464 |
Note 12 - Property and Equipm_2
Note 12 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 Equipment and vehicles $ 997,560 $ 950,416 $ 959,828 Quarry property 188,838 206,073 199,677 Land and land improvements 126,130 135,639 135,102 Buildings and leasehold improvements 123,207 124,578 122,119 Office furniture and equipment 78,059 73,512 72,675 Property and equipment 1,513,794 1,490,218 1,489,401 Less: accumulated depreciation and depletion 1,003,136 963,202 953,145 Property and equipment, net $ 510,658 $ 527,016 $ 536,256 |
Note 13 - Long-term Debt and _2
Note 13 - Long-term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands) September 30, 2021 December 31, 2020 September 30, 2020 2.75% Convertible Notes $ 205,543 $ 200,303 $ 198,606 Credit Agreement - term loan 125,625 131,250 133,125 Credit Agreement - revolving credit facility — — 75,000 Debt issuance costs and other 8,742 7,247 7,166 Total debt 339,910 338,800 413,897 Less current maturities 8,718 8,278 8,253 Total long-term debt $ 331,192 $ 330,522 $ 405,644 |
Note 14 - Weighted Average Sh_2
Note 14 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator (basic and diluted) Net income (loss) allocated to common shareholders for basic calculation $ 35,043 $ (91,162 ) $ 23,309 $ (153,127 ) Denominator Weighted average common shares outstanding, basic 45,821 45,654 45,773 45,598 Dilutive effect of RSUs (1) 563 — 523 — Dilutive effect of 2.75% Convertible Notes (2) 1,522 — 1,226 — Weighted average common shares outstanding, diluted 47,906 45,654 47,522 45,598 Net income (loss) per share, basic $ 0.76 $ (2.00 ) $ 0.51 $ (3.36 ) Net income (loss) per share, diluted $ 0.73 $ (2.00 ) $ 0.49 $ (3.36 ) |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Provision for (benefit from) income taxes $ 8,904 $ 11,272 $ 2,068 $ (5,220 ) Effective tax rate 21.5 % (12.9 )% 8.3 % 2.9 % |
Note 17 - Business Segment In_2
Note 17 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 568,186 $ 121,968 $ 234,300 $ 201,419 $ 1,125,873 Elimination of intersegment revenue — — — (63,744 ) (63,744 ) Revenue from external customers 568,186 121,968 234,300 137,675 1,062,129 Gross profit 58,503 9,876 30,858 20,698 119,935 Depreciation, depletion and amortization 5,513 7,074 5,643 7,014 25,244 2020 Total revenue from reportable segments $ 623,999 $ 106,599 $ 205,134 $ 194,298 $ 1,130,030 Elimination of intersegment revenue — — — (64,841 ) (64,841 ) Revenue from external customers 623,999 106,599 205,134 129,457 1,065,189 Gross profit 54,322 12,557 33,292 25,826 125,997 Depreciation, depletion and amortization 5,268 8,258 5,046 6,120 24,692 Transportation Water Specialty Materials Total 2021 Total revenue from reportable segments $ 1,444,450 $ 335,153 $ 590,245 $ 457,409 $ 2,827,257 Elimination of intersegment revenue — — — (131,043 ) (131,043 ) Revenue from external customers 1,444,450 335,153 590,245 326,366 2,696,214 Gross profit 153,886 29,005 72,552 44,756 300,199 Depreciation, depletion and amortization 15,595 21,677 15,894 19,329 72,495 Segment assets 305,800 107,327 100,279 355,936 869,342 2020 Total revenue from reportable segments $ 1,510,001 $ 317,980 $ 513,087 $ 400,808 $ 2,741,876 Elimination of intersegment revenue — — — (124,989 ) (124,989 ) Revenue from external customers 1,510,001 317,980 513,087 275,819 2,616,887 Gross profit 110,888 34,483 47,853 44,915 238,139 Depreciation, depletion and amortization 14,685 27,399 18,166 16,563 76,813 Segment assets 305,962 142,604 118,797 361,862 929,225 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Total gross profit from reportable segments $ 119,935 $ 125,997 $ 300,199 $ 238,139 Selling, general and administrative expenses 77,603 72,889 227,400 224,128 Non-cash impairment charges (see Note 3) — 132,277 — 156,690 Other costs (see Note 3) 3,759 9,689 85,547 28,513 Gain on sales of property and equipment (see Note 12) (5,159 ) (3,057 ) (39,349 ) (4,870 ) Total other expense, net 2,405 1,284 1,686 10,766 Income (loss) before provision for (benefit from) income taxes $ 41,327 $ (87,085 ) $ 24,915 $ (177,088 ) |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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 | 464,049 | 388,024 |
Restricted cash | 1,512 | 1,512 |
Cash, cash equivalents and $1,512 in restricted cash at end of each period | 465,561 | 389,536 |
Net increase in cash, cash equivalents and restricted cash | $ 27,913 | $ 121,428 |
Note 2 - Recently Issued Acco_2
Note 2 - Recently Issued Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Nov. 30, 2019 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 1,022,354 | $ 988,242 | $ 991,610 | $ 988,999 | $ 1,090,760 | $ 1,178,416 | ||
Retained Earnings [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 430,074 | $ 401,061 | $ 424,835 | $ 422,846 | $ 520,025 | $ 594,353 | ||
Retained Earnings [Member] | Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | Forecast [Member] | Minimum [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 20,000 | |||||||
Retained Earnings [Member] | Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | Forecast [Member] | Maximum [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ 40,000 | |||||||
The 2.75% Convertible Notes [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||
Long-term Debt, Gross | $ 205,500 | $ 200,300 | $ 198,600 | $ 192,600 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 24,500 | $ 29,700 | $ 31,400 | 27,900 | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component, Tax Amount | $ 9,500 |
Note 3 - Impairment Charges a_2
Note 3 - Impairment Charges and Other Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 132,277 | $ 0 | $ 156,690 | |
Equity Method Investment, Other than Temporary Impairment | 9,600 | ||||
Nonoperating Income (Expense) [Member] | |||||
Litigation Settlement, Expense | 66,000 | ||||
Legal, Accounting and Investigation Fees | $ 3,500 | 9,700 | $ 16,900 | $ 28,400 | |
Water and Mineral Services Group Materials [Member] | |||||
Goodwill, Impairment Loss | 117,900 | $ 14,800 | |||
Water and Minerals Services Group Specialty [Member] | |||||
Goodwill, Impairment Loss | $ 14,400 | $ 0 |
Note 4 - Revisions in Estimat_3
Note 4 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gross Profit, Total | $ 119,935 | $ 125,997 | $ 300,199 | $ 238,139 |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||
Gross Profit, Total | $ 5,000 | $ 5,000 |
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 | 9 Months Ended | |||
Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | ||
Gross Profit, Total | $ 119,935 | $ 125,997 | $ 300,199 | $ 238,139 | |
Decrease to project profitability | (41,327) | 87,085 | (24,915) | 177,088 | |
Decrease to net income/increase to net loss | (32,423) | 98,357 | (22,847) | 171,868 | |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated | $ (35,043) | $ 91,162 | $ (23,309) | $ 153,127 | |
Decrease to net income/increase to net loss per diluted share attributable to common shareholders (1) (in dollars per share) | $ / shares | $ (0.73) | $ 2 | $ (0.49) | $ 3.36 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | |||||
Number of projects with downward estimate changes | 2 | 3 | 5 | 6 | |
Decrease to project profitability | $ 16,600 | $ 32,200 | $ 48,200 | $ 107,500 | |
Decrease to net income/increase to net loss | 13,000 | 21,700 | 37,700 | 72,600 | |
Amounts attributable to non-controlling interests | 5,500 | 8,900 | 10,000 | 26,300 | |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated | $ 7,500 | $ 12,800 | $ 27,700 | $ 46,300 | |
Decrease to net income/increase to net loss per diluted share attributable to common shareholders (1) (in dollars per share) | $ / shares | [1] | $ 0.16 | $ 0.28 | $ 0.58 | $ 1.01 |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | |||||
Gross Profit, Total | $ 5,700 | $ 7,200 | $ 5,500 | $ 6,500 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | |||||
Gross Profit, Total | $ 10,900 | $ 17,800 | $ 16,200 | $ 37,600 | |
[1] | The prior period amounts have been adjusted to correct an immaterial disclosure error in the previously issued September 30, 2020 condensed consolidated financial statements. |
Note 5 - Disaggregation of Re_3
Note 5 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 1,062,129 | $ 1,065,189 | $ 2,696,214 | $ 2,616,887 |
Water and Mineral Services [Member] | ||||
Revenue | 136,275 | 109,428 | 369,357 | 318,398 |
Transportation [Member] | ||||
Revenue | 568,186 | 623,999 | 1,444,450 | 1,510,001 |
Transportation [Member] | Water and Mineral Services [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Water [Member] | ||||
Revenue | 121,968 | 106,599 | 335,153 | 317,980 |
Water [Member] | Water and Mineral Services [Member] | ||||
Revenue | 103,505 | 85,331 | 282,076 | 259,690 |
Specialty [Member] | ||||
Revenue | 234,300 | 205,134 | 590,245 | 513,087 |
Specialty [Member] | Water and Mineral Services [Member] | ||||
Revenue | 27,527 | 19,215 | 73,954 | 48,098 |
Materials [Member] | ||||
Revenue | 137,675 | 129,457 | 326,366 | 275,819 |
Materials [Member] | Water and Mineral Services [Member] | ||||
Revenue | 5,243 | 4,882 | 13,327 | 10,610 |
California 1[Member] | ||||
Revenue | 332,070 | 373,658 | 848,307 | 822,288 |
California 1[Member] | Transportation [Member] | ||||
Revenue | 191,146 | 224,636 | 478,823 | 478,590 |
California 1[Member] | Water [Member] | ||||
Revenue | 8,531 | 10,498 | 27,512 | 24,225 |
California 1[Member] | Specialty [Member] | ||||
Revenue | 56,364 | 62,623 | 153,497 | 158,076 |
California 1[Member] | Materials [Member] | ||||
Revenue | 76,029 | 75,901 | 188,475 | 161,397 |
Federal [Member] | ||||
Revenue | 33,798 | 32,246 | 80,039 | 85,375 |
Federal [Member] | Transportation [Member] | ||||
Revenue | 4,442 | 3,140 | 9,593 | 5,306 |
Federal [Member] | Water [Member] | ||||
Revenue | 9 | 341 | 166 | 1,309 |
Federal [Member] | Specialty [Member] | ||||
Revenue | 29,347 | 28,765 | 70,280 | 78,760 |
Federal [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Heavy Civil [Member] | ||||
Revenue | 180,424 | 188,311 | 549,660 | 576,186 |
Heavy Civil [Member] | Transportation [Member] | ||||
Revenue | 138,201 | 165,434 | 445,812 | 519,963 |
Heavy Civil [Member] | Water [Member] | ||||
Revenue | 7,799 | 9,985 | 21,197 | 28,260 |
Heavy Civil [Member] | Specialty [Member] | ||||
Revenue | 34,424 | 12,892 | 82,651 | 27,963 |
Heavy Civil [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Midwest [Member] | ||||
Revenue | 60,375 | 68,288 | 155,321 | 177,776 |
Midwest [Member] | Transportation [Member] | ||||
Revenue | 34,767 | 43,896 | 83,945 | 103,081 |
Midwest [Member] | Water [Member] | ||||
Revenue | 0 | 0 | 0 | 152 |
Midwest [Member] | Specialty [Member] | ||||
Revenue | 25,608 | 24,392 | 71,376 | 74,543 |
Midwest [Member] | Materials [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Northwest [Member] | ||||
Revenue | 319,187 | 293,258 | 693,530 | 636,864 |
Northwest [Member] | Transportation [Member] | ||||
Revenue | 199,630 | 186,893 | 426,277 | 403,061 |
Northwest [Member] | Water [Member] | ||||
Revenue | 2,124 | 444 | 4,202 | 4,344 |
Northwest [Member] | Specialty [Member] | ||||
Revenue | 61,030 | 57,247 | 138,487 | 125,647 |
Northwest [Member] | Materials [Member] | ||||
Revenue | $ 56,403 | $ 48,674 | $ 124,564 | $ 103,812 |
Note 6 - Unearned Revenue (Deta
Note 6 - Unearned Revenue (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 |
Revenue, Remaining Performance Obligation, Amount | $ 3,032,192 | $ 3,452,021 | $ 3,114,354 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |||
Revenue, Remaining Performance Obligation, Amount | $ 2,300 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 6 - Unearned Revenue - Sch
Note 6 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 |
Unearned Revenue | $ 3,032,192 | $ 3,452,021 | $ 3,114,354 |
Water and Mineral Services [Member] | |||
Unearned Revenue | 159,958 | 153,051 | 118,938 |
California 1[Member] | |||
Unearned Revenue | 845,595 | 963,504 | 731,334 |
Federal [Member] | |||
Unearned Revenue | 116,369 | 110,348 | 121,554 |
Heavy Civil [Member] | |||
Unearned Revenue | 791,621 | 956,941 | 1,309,264 |
Midwest [Member] | |||
Unearned Revenue | 372,899 | 403,077 | 276,232 |
Northwest [Member] | |||
Unearned Revenue | 745,750 | 865,100 | 557,032 |
Transportation [Member] | |||
Unearned Revenue | 1,803,664 | 2,075,498 | 2,311,906 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Transportation [Member] | California 1[Member] | |||
Unearned Revenue | 695,445 | 769,260 | 562,988 |
Transportation [Member] | Federal [Member] | |||
Unearned Revenue | 40,477 | 7,303 | 13,787 |
Transportation [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 513,590 | 622,491 | 1,060,034 |
Transportation [Member] | Midwest [Member] | |||
Unearned Revenue | 85,755 | 107,630 | 169,538 |
Transportation [Member] | Northwest [Member] | |||
Unearned Revenue | 468,397 | 568,814 | 505,559 |
Water [Member] | |||
Unearned Revenue | 353,731 | 362,713 | 197,554 |
Water [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 159,958 | 153,051 | 118,938 |
Water [Member] | California 1[Member] | |||
Unearned Revenue | 35,972 | 44,066 | 52,598 |
Water [Member] | Federal [Member] | |||
Unearned Revenue | 65 | 73 | 494 |
Water [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 154,005 | 161,632 | 24,803 |
Water [Member] | Midwest [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Water [Member] | Northwest [Member] | |||
Unearned Revenue | 3,731 | 3,891 | 721 |
Specialty [Member] | |||
Unearned Revenue | 874,797 | 1,013,810 | 604,894 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Unearned Revenue | 0 | 0 | 0 |
Specialty [Member] | California 1[Member] | |||
Unearned Revenue | 114,178 | 150,178 | 115,748 |
Specialty [Member] | Federal [Member] | |||
Unearned Revenue | 75,827 | 102,972 | 107,273 |
Specialty [Member] | Heavy Civil [Member] | |||
Unearned Revenue | 124,026 | 172,818 | 224,427 |
Specialty [Member] | Midwest [Member] | |||
Unearned Revenue | 287,144 | 295,447 | 106,694 |
Specialty [Member] | Northwest [Member] | |||
Unearned Revenue | $ 273,622 | $ 292,395 | $ 50,752 |
Note 7 - Contract Assets and _3
Note 7 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | $ 5.8 | $ 3.5 | $ 181.4 | $ 117.5 | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | 37.2 | 55.5 | 153.6 | 149.3 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | $ 40.4 | $ 29.2 | $ 40.4 | $ 29.2 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Costs in excess of billings and estimated earnings | $ 61,815 | $ 39,300 | $ 39,623 |
Contract retention | 142,231 | 125,639 | 120,316 |
Total contract assets | 204,046 | 164,939 | 159,939 |
Billings in excess of costs and estimated earnings, net of retention | 166,091 | 143,623 | 168,383 |
Provisions for losses | 29,176 | 27,698 | 21,047 |
Total contract liabilities | $ 195,267 | $ 171,321 | $ 189,430 |
Note 8 - Receivables, Net (Deta
Note 8 - Receivables, Net (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Apr. 29, 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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Gross receivables | $ 686,506 | $ 544,262 | $ 665,213 |
Less: allowance for credit losses | 1,684 | 3,450 | 3,265 |
Total net receivables | 684,822 | 540,812 | 661,948 |
Completed and in Progress [Member] | |||
Billed | 278,313 | 293,376 | 355,293 |
Unbilled | 217,534 | 148,159 | 167,311 |
Gross receivables | 495,847 | 441,535 | 522,604 |
Material Sales [Member] | |||
Gross receivables | 80,357 | 49,991 | 70,918 |
Other Business Products and Services [Member] | |||
Gross receivables | $ 110,302 | $ 52,736 | $ 71,691 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Nov. 30, 2019 | May 31, 2018 | |
Derivative Liability, Notional Amount | $ 150 | |||||
Interest Rate Swaps, Balance of Swaps Remaining in Other Comprehensive Income, Amount to Be Amortized Quarterly to Interest Expense | $ 5.4 | |||||
The 2.75% Convertible Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 24.5 | $ 29.7 | $ 31.4 | $ 27.9 | ||
US Treasury and Government [Member] | Minimum [Member] | ||||||
Debt Securities, Held-to-maturity, Term (Year) | 1 year | |||||
US Treasury and Government [Member] | Maximum [Member] | ||||||
Debt Securities, Held-to-maturity, Term (Year) | 5 years | |||||
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 - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Total assets | $ 62,743 | $ 71,995 | $ 80,493 |
Interest rate swap | 5,001 | 7,606 | 8,353 |
Total liabilities | 5,001 | 7,606 | 8,353 |
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 62,743 | 71,995 | 80,493 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 5,001 | 7,606 | 8,353 |
Total liabilities | 5,001 | 7,606 | 8,353 |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Money Market Funds [Member] | |||
Cash equivalents | 61,231 | 70,483 | 78,981 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 61,231 | 70,483 | 78,981 |
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 | 1,512 | 1,512 |
Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Other noncurrent assets | 1,512 | 1,512 | 1,512 |
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 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | $ 10,600 | $ 5,200 | $ 5,700 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 205,543 | 200,303 | 198,606 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 0 | 0 | 75,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Credit Agreement - term loan | [3] | 125,625 | 131,250 | 133,125 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [1] | 10,582 | 5,200 | 5,696 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [2],[3] | 326,025 | 248,400 | 184,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||||
Credit Agreement - revolving credit facility | [3] | 0 | 0 | 76,180 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | ||||
Credit Agreement - term loan | [3] | $ 126,610 | $ 133,030 | $ 135,046 |
[1] | All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations maturing in one to five years. | |||
[2] | Excluded from the carrying value is debt discount of $24.5 million, $29.7 million and $31.4 million as of September 30, 2021, December 31, 2020 and September 30, 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. 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 2.75% Convertible Notes and the Credit Agreement. |
Note 10 - Construction Joint _3
Note 10 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Contract Value of Active Construction Joint Venture Projects | $ 3,400,000 | $ 3,400,000 | |||
Contract with Customer, Liability, Total | 195,267 | $ 189,430 | 195,267 | $ 189,430 | $ 171,321 |
Revenue from Contract with Customer, Including Assessed Tax | 1,062,129 | 1,065,189 | 2,696,214 | 2,616,887 | |
Retained Earnings (Accumulated Deficit), Ending Balance | 430,074 | 422,846 | 430,074 | 422,846 | 424,835 |
Net Income (Loss) Attributable to Parent, Total | $ 35,043 | (91,162) | 23,309 | (153,127) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | $ 8,027 | (38,529) | |||
Unconsolidated Construction Corporate Joint Venture [Member] | |||||
Number of Active Joint Venture Projects | 10 | 10 | |||
Contract Value of Active Construction Joint Venture Projects | $ 11,600,000 | $ 11,600,000 | |||
Contract with Customer, Liability, Total | 225,800 | 225,800 | |||
Affirmative Claim Recovery Estimate | 101,900 | 86,200 | 101,900 | 86,200 | 88,700 |
Back Charge Claims | 14,100 | 13,800 | 14,100 | 13,800 | 13,100 |
Retained Earnings (Accumulated Deficit), Ending Balance | 19,900 | 75,100 | 19,900 | 75,100 | $ 82,500 |
Net Income (Loss) Attributable to Parent, Total | (9,300) | (6,000) | (11,500) | (144,500) | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 1,000 | (8,000) | 8,000 | (38,500) | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | |||||
Contract Value of Active Construction Joint Venture Projects | 13,700 | 13,700 | |||
Contract with Customer, Liability, Total | $ 1,200 | $ 1,200 | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | |||||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | $ 3,800,000 | |||
Contract with Customer, Liability, Total | $ 52,800 | $ 52,800 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 300,000 | $ 300,000 | |||
Guarantor Obligations, Current Carrying Value | 82,300 | 82,300 | |||
Co-venturer [Member] | Performance Guarantee [Member] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 500,000 | 500,000 | |||
Consolidated Construction Corporate Joint Venture [Member] | |||||
Contract Value of Active Construction Joint Venture Projects | $ 914,800 | $ 914,800 | |||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||
Number of Active Joint Venture Projects | 8 | 8 | |||
Contract Value of Active Construction Joint Venture Projects | $ 1,600,000 | $ 1,600,000 | |||
Contract with Customer, Liability, Total | 292,600 | 292,600 | |||
Revenue from Contract with Customer, Including Assessed Tax | 117,400 | 79,200 | 314,900 | 219,900 | |
Net Cash Provided by (Used in) Continuing Operations, Total | 17,500 | 17,000 | |||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||||
Contract Value of Active Construction Joint Venture Projects | 2,300 | 2,300 | |||
Contract with Customer, Liability, Total | 800 | $ 800 | |||
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 | 437,500 | $ 437,500 | |||
Contract with Customer, Liability, Total | $ 97,300 | $ 97,300 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70.00% | ||||
Line Item Joint Venture [Member] | |||||
Number of Active Joint Venture Projects | 3 | 3 | |||
Contract Value of Active Construction Joint Venture Projects | $ 221,900 | $ 221,900 | |||
Contract with Customer, Liability, Total | 84,600 | 84,600 | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 26,300 | $ 27,500 | 55,000 | $ 58,700 | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 337,000 | ||||
Construction [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||||
Contract with Customer, Liability, Revenue Recognized | $ 800,000 |
Note 10 - Construction Joint _4
Note 10 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Cash, cash equivalents and marketable securities | $ 159,187 | $ 181,889 | $ 211,483 | |
Other current assets | [1] | 765,319 | 767,803 | 874,396 |
Noncurrent assets | 111,981 | 164,022 | 176,195 | |
Current liabilities | 396,154 | 482,562 | 514,739 | |
Equity in construction joint ventures | [2] | 175,479 | 106,335 | 109,871 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 692,226 | 751,125 | 849,213 | |
Unconsolidated construction joint venture liabilities | [3] | 227,372 | 226,308 | 211,749 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 344,261 | 362,589 | 412,861 |
Unconsolidated construction joint venture liabilities | $ 168,782 | $ 256,254 | $ 302,990 | |
[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 September 30, 2021, December 31, 2020 and September 30, 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 $19.9 million, $82.5 million and $75.1 million as of September 30, 2021, December 31, 2020 and September 30, 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 September 30, 2021, December 31, 2020 and September 30, 2020, was $101.9 million, $88.7 million and $86.2 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $14.1 million, $13.1 million and $13.8 million as of September 30, 2021, December 31, 2020 and September 30, 2020, respectively, related to Granite’s share of estimated recovery of back charge claims. |
Note 10 - Construction Joint _5
Note 10 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Cost of revenue | $ 942,194 | $ 939,192 | $ 2,396,015 | $ 2,378,748 | |
Collaborative Arrangement [Member] | |||||
Revenue | 81,281 | 87,701 | 247,904 | 268,225 | |
Cost of revenue | 80,325 | 95,844 | 240,114 | 306,756 | |
Granite’s interest in gross profit (loss) | 956 | (8,143) | 7,790 | (38,531) | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||||
Revenue | 194,486 | 293,733 | 690,086 | 740,224 | |
Cost of revenue | 203,786 | 299,776 | 701,350 | 884,991 | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||||
Revenue | [1] | 113,205 | 206,032 | 442,182 | 471,999 |
Cost of revenue | [1] | $ 123,461 | $ 203,932 | $ 461,236 | $ 578,235 |
[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 | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Assets, Total | $ 2,488,273 | $ 2,561,756 | $ 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 | $ 84,400 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Real Estate Entities [Member] | |||
Assets, Total | 13,200 | $ 75,500 | |
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% | ||
Asphalt Terminal Entity [Member] | |||
Assets, Total | $ 33,400 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Assets, Total | $ 282,004 | $ 324,203 | $ 298,502 |
Note 11 - Investments in Affi_4
Note 11 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Total investments in affiliates | $ 72,415 | $ 75,287 | $ 76,464 |
Foreign Affiliates [Member] | |||
Total investments in affiliates | 49,089 | 47,650 | 46,000 |
Real Estate Entities [Member] | |||
Total investments in affiliates | 9,743 | 12,777 | 16,535 |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 13,583 | $ 14,860 | $ 13,929 |
Note 11 - Investments in Affi_5
Note 11 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Current assets | $ 1,665,432 | $ 1,455,246 | $ 1,545,302 | |
Total assets | 2,561,756 | 2,379,996 | 2,488,273 | |
Current liabilities | 1,100,351 | 943,256 | 974,593 | |
Granite’s share of net assets | 72,415 | 75,287 | 76,464 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 162,503 | 133,882 | 116,712 | |
Noncurrent assets | 161,700 | 164,620 | 165,292 | |
Total assets | 324,203 | 298,502 | 282,004 | |
Current liabilities | 80,145 | 52,583 | 48,478 | |
Long-term liabilities | [1] | 59,501 | 66,108 | 55,206 |
Total liabilities | 139,646 | 118,691 | 103,684 | |
Net assets | 184,557 | 179,811 | 178,320 | |
Granite’s share of net assets | $ 72,415 | $ 75,287 | $ 76,464 | |
[1] | The balance primarily related to local bank debt for equipment purchases and working capital in our foreign affiliates, as well as debt associated with our real estate investments. |
Note 12 - Property and Equipm_3
Note 12 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Operating Lease, Right-of-Use Asset | $ 58,226 | $ 68,276 | $ 58,226 | $ 68,276 | $ 62,256 | |
Gain (Loss) on Disposition of Assets, Total | 5,159 | 3,057 | 39,349 | 4,870 | ||
Operating Lease, Liability, Noncurrent | $ 39,908 | $ 51,879 | $ 39,908 | $ 51,879 | $ 46,769 | |
Sale-leaseback Associated with Two Properties in California [Member] | ||||||
Sale Leaseback Transaction, Net Book Value, Total | $ 11,100 | |||||
Operating Lease, Right-of-Use Asset | 2,400 | |||||
Gain (Loss) on Disposition of Assets, Total | 29,700 | |||||
Operating Lease, Liability, Noncurrent | $ 2,400 |
Note 12 - Property and Equipm_4
Note 12 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Property and equipment, gross | $ 1,513,794 | $ 1,490,218 | $ 1,489,401 |
Less: accumulated depreciation and depletion | 1,003,136 | 963,202 | 953,145 |
Property and equipment, net | 510,658 | 527,016 | 536,256 |
Equipment and Vehicles [Member] | |||
Property and equipment, gross | 997,560 | 950,416 | 959,828 |
Mining Properties and Mineral Rights [Member] | |||
Property and equipment, gross | 188,838 | 206,073 | 199,677 |
Land and Land Improvements [Member] | |||
Property and equipment, gross | 126,130 | 135,639 | 135,102 |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 123,207 | 124,578 | 122,119 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 78,059 | $ 73,512 | $ 72,675 |
Note 13 - Long-term Debt and _3
Note 13 - Long-term Debt and Credit Arrangements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2019 | |
Long-term Debt, Current Maturities, Total | $ 8,718 | $ 8,253 | $ 8,718 | $ 8,253 | $ 8,278 | |
Long-term Debt, Excluding Current Maturities, Total | $ 331,192 | 405,644 | $ 331,192 | 405,644 | 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 | 1.73 | 1.73 | ||||
Consolidated Leverage Ratio, Covenant Maximum | 3 | 3 | ||||
Consolidated Interest Coverage Ratio, Actual | 8.52 | 8.52 | ||||
Debt Instrument, Covenant, Minimum Consolidated Interest Coverage Ratio | 4 | 4 | ||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.63% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.38% | 2.38% | ||||
The Credit Agreement [Member] | Base Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.63% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.88% | 3.88% | ||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 227,900 | $ 227,900 | ||||
Letters of Credit Outstanding, Amount | 47,100 | 47,100 | ||||
Long-term Line of Credit, Total | 0 | 0 | ||||
The Credit Agreement [Member] | Term Loan [Member] | ||||||
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 | 7,500 | 7,500 | |
Long-term Debt, Excluding Current Maturities, Total | 118,100 | 125,600 | 118,100 | 125,600 | 123,800 | |
The 2.75% Convertible Notes [Member] | ||||||
Long-term Debt, Gross | 205,500 | 198,600 | 205,500 | 198,600 | 200,300 | $ 192,600 |
Debt Instrument, Unamortized Discount, Total | 24,500 | 31,400 | 24,500 | 31,400 | $ 29,700 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 1,700 | $ 1,700 | $ 5,200 | $ 4,900 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
Amortization of Debt Discount (Premium) | $ 600 | $ 500 | $ 1,800 | $ 1,600 |
Note 13 - Long-term Debt and _4
Note 13 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Total debt | $ 339,910 | $ 338,800 | $ 413,897 |
Debt issuance costs and other | 8,742 | 7,247 | 7,166 |
Long-term Debt, Current Maturities, Total | 8,718 | 8,278 | 8,253 |
Long-term Debt, Excluding Current Maturities, Total | 331,192 | 330,522 | 405,644 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 205,543 | 200,303 | 198,606 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 125,625 | 131,250 | 133,125 |
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | 118,100 | 123,800 | 125,600 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Total debt | $ 0 | $ 0 | $ 75,000 |
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] | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Nov. 30, 2019 |
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% |
Convertible Debt [Member] | ||||
Interest rate | 2.75% | 2.75% |
Note 14 - Weighted Average Sh_3
Note 14 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2019 | |
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% | 2.75% | 2.75% |
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 636,000 | 580,000 |
Note 14 - Weighted Average Sh_4
Note 14 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Net income (loss) allocated to common shareholders for basic calculation | $ 35,043 | $ (91,162) | $ 23,309 | $ (153,127) | |
Weighted average common shares outstanding, basic (in shares) | 45,821 | 45,654 | 45,773 | 45,598 | |
Dilutive effect of RSUs (in shares) | [1] | 563 | 0 | 523 | 0 |
Dilutive effect of 2.75% Convertible Notes (in shares) | [2] | 1,522 | 0 | 1,226 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 47,906 | 45,654 | 47,522 | 45,598 | |
Net income (loss) per share, basic (in dollars per share) | $ 0.76 | $ (2) | $ 0.51 | $ (3.36) | |
Net income (loss) per share, diluted (in dollars per share) | $ 0.73 | $ (2) | $ 0.49 | $ (3.36) | |
[1] | Due to the net losses for the three and nine months ended September 30, 2020, RSUs representing approximately 636,000 and 580,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. | ||||
[2] | The number of shares used in calculating diluted net loss per share for the three and nine months ended September 30, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock as the average price of our common stock was below $31.47 per share for those periods. |
Note 14 - Weighted Average Sh_5
Note 14 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares Outstanding (Details) (Parentheticals) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Nov. 30, 2019 |
The 2.75% Convertible Notes [Member] | ||||
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.50% | (12.90%) | 8.30% | 2.90% |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Provision for (benefit from) income taxes | $ 8,904 | $ 11,272 | $ 2,068 | $ (5,220) |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.50% | (12.90%) | 8.30% | 2.90% |
Note 16 - Contingencies - Leg_2
Note 16 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Millions | Apr. 29, 2021 | Mar. 31, 2021 | Sep. 30, 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) | ||
Damages Related to Salesforce Tower Office Building in San Francisco [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | |||
Loss Contingency, Estimate of Possible Loss | $ 100 |
Note 17 - Business Segment In_3
Note 17 - Business Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Total revenue | $ 1,062,129 | $ 1,065,189 | $ 2,696,214 | $ 2,616,887 | |
Gross profit | 119,935 | 125,997 | 300,199 | 238,139 | |
Depreciation, depletion and amortization | 25,244 | 24,692 | 72,495 | 76,813 | |
Segment assets | 2,561,756 | 2,488,273 | 2,561,756 | 2,488,273 | $ 2,379,996 |
Transportation [Member] | |||||
Total revenue | 568,186 | 623,999 | 1,444,450 | 1,510,001 | |
Gross profit | 58,503 | 54,322 | 153,886 | 110,888 | |
Depreciation, depletion and amortization | 5,513 | 5,268 | 15,595 | 14,685 | |
Water [Member] | |||||
Total revenue | 121,968 | 106,599 | 335,153 | 317,980 | |
Gross profit | 9,876 | 12,557 | 29,005 | 34,483 | |
Depreciation, depletion and amortization | 7,074 | 8,258 | 21,677 | 27,399 | |
Specialty [Member] | |||||
Total revenue | 234,300 | 205,134 | 590,245 | 513,087 | |
Gross profit | 30,858 | 33,292 | 72,552 | 47,853 | |
Depreciation, depletion and amortization | 5,643 | 5,046 | 15,894 | 18,166 | |
Materials [Member] | |||||
Total revenue | 137,675 | 129,457 | 326,366 | 275,819 | |
Gross profit | 20,698 | 25,826 | 44,756 | 44,915 | |
Depreciation, depletion and amortization | 7,014 | 6,120 | 19,329 | 16,563 | |
Operating Segments [Member] | |||||
Total revenue | 1,125,873 | 1,130,030 | 2,827,257 | 2,741,876 | |
Gross profit | 119,935 | 125,997 | 300,199 | 238,139 | |
Segment assets | 869,342 | 929,225 | 869,342 | 929,225 | |
Operating Segments [Member] | Transportation [Member] | |||||
Total revenue | 568,186 | 623,999 | 1,444,450 | 1,510,001 | |
Segment assets | 305,800 | 305,962 | 305,800 | 305,962 | |
Operating Segments [Member] | Water [Member] | |||||
Total revenue | 121,968 | 106,599 | 335,153 | 317,980 | |
Segment assets | 107,327 | 142,604 | 107,327 | 142,604 | |
Operating Segments [Member] | Specialty [Member] | |||||
Total revenue | 234,300 | 205,134 | 590,245 | 513,087 | |
Segment assets | 100,279 | 118,797 | 100,279 | 118,797 | |
Operating Segments [Member] | Materials [Member] | |||||
Total revenue | 201,419 | 194,298 | 457,409 | 400,808 | |
Segment assets | 355,936 | 361,862 | 355,936 | 361,862 | |
Consolidation, Eliminations [Member] | |||||
Total revenue | (63,744) | (64,841) | (131,043) | (124,989) | |
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 | $ (63,744) | $ (64,841) | $ (131,043) | $ (124,989) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gross Profit, Total | $ 119,935 | $ 125,997 | $ 300,199 | $ 238,139 |
Selling, general and administrative expenses | 77,603 | 72,889 | 227,400 | 224,128 |
Goodwill, Impairment Loss | 0 | 132,277 | 0 | 156,690 |
Other costs (see Note 3) | 3,759 | 9,689 | 85,547 | 28,513 |
Gain on sales of property and equipment (see Note 12) | (5,159) | (3,057) | (39,349) | (4,870) |
Total other expense, net | 2,405 | 1,284 | 1,686 | 10,766 |
Income (loss) before provision for (benefit from) income taxes | 41,327 | (87,085) | 24,915 | (177,088) |
Operating Segments [Member] | ||||
Gross Profit, Total | $ 119,935 | $ 125,997 | $ 300,199 | $ 238,139 |