Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000861459 | |
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,084,843 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Current assets | |||
Cash and cash equivalents | $ 175,022 | $ 395,647 | $ 377,620 |
Short-term marketable securities | 45,000 | 0 | 0 |
Receivables, net | 527,277 | 464,588 | 543,914 |
Contract assets | 190,187 | 145,437 | 154,542 |
Inventories | 78,634 | 61,965 | 66,584 |
Equity in construction joint ventures | 187,028 | 189,911 | 195,430 |
Other current assets | 167,349 | 177,210 | 44,076 |
Current assets held-for-sale | 222,779 | 392,641 | 184,267 |
Total current assets | 1,593,276 | 1,827,399 | 1,566,433 |
Property and equipment, net | 464,593 | 433,504 | 432,896 |
Long-term marketable securities | 21,675 | 15,600 | 10,850 |
Investments in affiliates | 23,203 | 23,368 | 25,317 |
Goodwill | 53,715 | 53,715 | 53,715 |
Right of use assets | 45,404 | 49,312 | 47,181 |
Deferred income taxes, net | 25,458 | 24,141 | 42,230 |
Other noncurrent assets | 64,008 | 67,888 | 70,148 |
Noncurrent assets held-for-sale | 0 | 230,128 | |
Total assets | 2,291,332 | 2,494,927 | 2,478,898 |
Current liabilities | |||
Current maturities of long-term debt | 1,429 | 8,727 | 8,709 |
Accounts payable | 331,728 | 324,313 | 334,158 |
Contract liabilities | 179,322 | 200,041 | 166,415 |
Accrued expenses and other current liabilities | 435,061 | 452,829 | 459,517 |
Current liabilities held-for-sale | 46,706 | 83,408 | 79,487 |
Total current liabilities | 994,246 | 1,069,318 | 1,048,286 |
Long-term debt | 286,801 | 331,191 | 331,222 |
Long-term lease liabilities | 31,182 | 32,928 | 33,577 |
Other long-term liabilities | 61,868 | 65,927 | 66,995 |
Long-term liabilities held-for-sale | 0 | 10,576 | |
Commitments and contingencies (see Note 18) | |||
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 44,078,469 shares as of June 30, 2022, 45,840,260 shares as of December 31, 2021 and 45,818,719 shares as of June 30, 2021 | 441 | 458 | 458 |
Additional paid-in capital | 467,159 | 559,752 | 556,615 |
Accumulated other comprehensive income (loss) | 2,388 | (3,359) | (2,750) |
Retained earnings | 413,931 | 410,831 | 401,061 |
Total Granite Construction Incorporated shareholders’ equity | 883,919 | 967,682 | 955,384 |
Non-controlling interests | 33,316 | 27,881 | 32,858 |
Total equity | 917,235 | 995,563 | 988,242 |
Total liabilities and equity | $ 2,291,332 | $ 2,494,927 | $ 2,478,898 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Cash and cash equivalents | $ 175,022 | $ 395,647 | $ 377,620 |
Receivables, net | 527,277 | 464,588 | 543,914 |
Contract assets | 190,187 | 145,437 | 154,542 |
Other current assets | 167,349 | 177,210 | 44,076 |
Property and equipment, net | 464,593 | 433,504 | 432,896 |
Accounts payable | 331,728 | 324,313 | 334,158 |
Contract liabilities | 179,322 | 200,041 | 166,415 |
Accrued expenses and other current liabilities | $ 435,061 | $ 452,829 | $ 459,517 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, shares 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) | 44,078,469 | 45,840,260 | 45,818,719 |
Common stock, shares outstanding (in shares) | 44,078,469 | 45,840,260 | 45,818,719 |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 77,943 | $ 92,783 | $ 107,854 |
Receivables, net | 69,347 | 49,534 | 49,408 |
Contract assets | 70,453 | 50,054 | 41,815 |
Other current assets | 6,056 | 8,091 | 12,142 |
Property and equipment, net | 13,596 | 14,920 | 20,206 |
Accounts payable | 63,541 | 55,012 | 62,117 |
Contract liabilities | 61,868 | 69,328 | 66,193 |
Accrued expenses and other current liabilities | $ 8,025 | $ 5,514 | $ 5,186 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | ||||
Total revenue | $ 768,286 | $ 834,671 | $ 1,315,872 | $ 1,401,003 |
Cost of revenue | ||||
Total cost of revenue | 689,806 | 736,439 | 1,187,617 | 1,249,059 |
Gross profit | 78,480 | 98,232 | 128,255 | 151,944 |
Selling, general and administrative expenses | 53,162 | 58,628 | 111,663 | 119,789 |
Other costs (see Note 7) | 20,177 | 5,868 | 28,391 | 80,177 |
Gain on sales of property and equipment, net | (385) | (1,052) | (717) | (3,297) |
Operating income (loss) | 5,526 | 34,788 | (11,082) | (44,725) |
Other (income) expense | ||||
Interest income | (782) | (162) | (1,405) | (395) |
Interest expense | 3,896 | 5,502 | 7,471 | 10,874 |
Equity in income of affiliates, net | (541) | (2,607) | (235) | (2,875) |
Other (income) expense, net | 3,357 | (1,800) | 4,739 | (2,026) |
Total other expense, net | 5,930 | 933 | 10,570 | 5,578 |
Income (loss) from continuing operations before income taxes | (404) | 33,855 | (21,652) | (50,303) |
Provision for (benefit from) income taxes on continuing operations | 2,549 | 7,710 | (2,782) | (14,047) |
Net income (loss) from continuing operations | (2,953) | 26,145 | (18,870) | (36,256) |
Net income from discontinued operations | 19,521 | 29,602 | 25,617 | 26,680 |
Net income (loss) | 16,568 | 55,747 | 6,747 | (9,576) |
Amount attributable to non-controlling interests from continuing operations | 583 | (1,286) | (2,535) | (2,158) |
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | (2,370) | 24,859 | (21,405) | (38,414) |
Net income attributable to Granite Construction Incorporated from discontinued operations | 19,521 | 29,602 | 25,617 | 26,680 |
Net income (loss) attributable to Granite Construction Incorporated | $ 17,151 | $ 54,461 | $ 4,212 | $ (11,734) |
Basic continuing operations per share (in dollars per share) | $ (0.05) | $ 0.54 | $ (0.47) | $ (0.84) |
Basic discontinued operations per share (in dollars per share) | 0.44 | 0.65 | 0.57 | 0.58 |
Basic earnings (loss) per share (in dollars per share) | 0.39 | 1.19 | 0.10 | (0.26) |
Diluted continuing operations per share (in dollars per share) | (0.05) | 0.52 | (0.47) | (0.84) |
Diluted discontinued operations per share (in dollars per share) | 0.44 | 0.62 | 0.57 | 0.58 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ 1.14 | $ 0.10 | $ (0.26) |
Basic (in shares) | 44,534 | 45,798 | 45,128 | 45,748 |
Diluted (in shares) | 44,534 | 47,798 | 45,128 | 45,748 |
Construction [Member] | ||||
Revenue | ||||
Total revenue | $ 632,260 | $ 713,425 | $ 1,107,195 | $ 1,220,396 |
Cost of revenue | ||||
Total cost of revenue | 571,094 | 637,158 | 997,837 | 1,091,360 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 136,026 | 121,246 | 208,677 | 180,607 |
Cost of revenue | ||||
Total cost of revenue | $ 118,712 | $ 99,281 | $ 189,780 | $ 157,699 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ 16,568 | $ 55,747 | $ 6,747 | $ (9,576) |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on cash flow hedges | (377) | 293 | 2,059 | 1,227 |
Less: reclassification for net gains included in interest expense | 1,282 | 568 | 3,042 | 1,178 |
Net change | 905 | 861 | 5,101 | 2,405 |
Foreign currency translation adjustments, net | (90) | 103 | 646 | (122) |
Other comprehensive income | 815 | 964 | 5,747 | 2,283 |
Comprehensive income (loss) | 17,383 | 56,711 | 12,494 | (7,293) |
Non-controlling interests in comprehensive (income) loss | 583 | (1,286) | (2,535) | (2,158) |
Comprehensive income (loss) attributable to Granite Construction Incorporated | $ 17,966 | $ 55,425 | $ 9,959 | $ (9,451) |
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] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [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, 2020 | 45,668,541,000 | |||||||||||||||||||||
Balances at Dec. 31, 2020 | $ 457 | $ 555,407 | $ (5,035) | $ 424,835 | $ 975,664 | $ 15,946 | $ 991,610 | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | (11,734) | (11,734) | 2,158 | (9,576) | |||||||||||||||
Other comprehensive income | $ 0 | 0 | 2,283 | 0 | 2,283 | 0 | 2,283 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 62,600 | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (1) | (2,497) | 0 | 0 | (2,498) | 0 | (2,498) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 213,567 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (11,909) | (11,909) | 0 | (11,909) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 14,754 | 14,754 | |||||||||||||||
Stock-based compensation expense and other (in shares) | 789 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 3,707 | 2 | (131) | 3,578 | 0 | $ 3,578 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (62,600) | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | (789) | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2021 | 45,818,719 | 45,818,719 | ||||||||||||||||||||
Balances at Jun. 30, 2021 | $ 458 | 556,615 | (2,750) | 401,061 | 955,384 | 32,858 | $ 988,242 | |||||||||||||||
Balances (in shares) at Mar. 31, 2021 | 45,791,712 | |||||||||||||||||||||
Balances at Mar. 31, 2021 | $ 458 | 554,186 | (3,714) | 352,610 | 903,540 | 27,655 | 931,195 | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 54,461 | 54,461 | 1,286 | 55,747 | |||||||||||||||
Other comprehensive income | $ 0 | 0 | 964 | 0 | 964 | 0 | 964 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (4,982) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ 0 | (199) | 0 | 0 | (199) | 0 | (199) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 31,992 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,956) | (5,956) | 0 | (5,956) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 3,917 | 3,917 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (3) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 2,628 | 0 | (54) | 2,574 | 0 | $ 2,574 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 4,982 | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | 3 | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2021 | 45,818,719 | 45,818,719 | ||||||||||||||||||||
Balances at Jun. 30, 2021 | $ 458 | 556,615 | (2,750) | 401,061 | 955,384 | 32,858 | $ 988,242 | |||||||||||||||
Balances (in shares) at Dec. 31, 2021 | 45,840,260 | 45,840,260 | 45,840,260 | |||||||||||||||||||
Balances at Dec. 31, 2021 | $ 0 | $ (26,961) | $ 0 | $ 10,543 | $ (16,418) | $ 0 | $ (16,418) | $ 458 | $ 532,791 | $ (3,359) | $ 421,374 | $ 951,264 | $ 27,881 | $ 979,145 | $ 458 | 559,752 | (3,359) | 410,831 | 967,682 | 27,881 | $ 995,563 | |
Net income (loss) | 0 | 0 | 0 | 4,212 | 4,212 | 2,535 | 6,747 | |||||||||||||||
Other comprehensive income | $ 0 | 0 | 5,747 | 0 | 5,747 | 0 | 5,747 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 1,991,586 | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (19) | (70,357) | 0 | 0 | (70,376) | 0 | (70,376) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 220,766 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | (11,731) | (11,587) | 0 | (11,587) | ||||||||||||||||
Dividends on common stock ($0.13 per share) | 144 | |||||||||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 2,900 | 2,900 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (9,029) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 4,583 | 0 | 76 | 4,659 | 0 | $ 4,659 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (1,991,586) | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | 9,029 | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2022 | 44,078,469 | 44,078,469 | ||||||||||||||||||||
Balances at Jun. 30, 2022 | $ 441 | 467,159 | 2,388 | 413,931 | 883,919 | 33,316 | $ 917,235 | |||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 45,364,137 | |||||||||||||||||||||
Balances at Mar. 31, 2022 | $ 454 | 515,262 | 1,573 | 402,550 | 919,839 | 37,324 | 957,163 | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 17,151 | 17,151 | (583) | 16,568 | |||||||||||||||
Other comprehensive income | $ 0 | 0 | 815 | 0 | 815 | 0 | 815 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (1,325,706) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (13) | (50,151) | 0 | 0 | (50,164) | 0 | (50,164) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 30,596 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | (5,846) | (5,771) | 0 | (5,771) | ||||||||||||||||
Dividends on common stock ($0.13 per share) | 75 | |||||||||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | (3,425) | (3,425) | |||||||||||||||
Stock-based compensation expense and other (in shares) | 9,442 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 1,973 | 0 | 76 | 2,049 | 0 | $ 2,049 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 1,325,706 | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | (9,442) | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2022 | 44,078,469 | 44,078,469 | ||||||||||||||||||||
Balances at Jun. 30, 2022 | $ 441 | $ 467,159 | $ 2,388 | $ 413,931 | $ 883,919 | $ 33,316 | $ 917,235 | |||||||||||||||
[1]This amount represents employee tax withholding for RSUs vested under our 2012 and 2021 Equity Incentive Plans and stock repurchased in 2022 and 2021, including shares purchased in connection with the accelerated share repurchase in 2022 (see Note 1) under the Board-approved repurchase plan. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Dividends (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net income (loss) | $ 6,747 | $ (9,576) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 32,328 | 52,853 |
Amortization related to long-term debt (see Note 15) | 1,423 | 4,666 |
Gain on sale of discontinued operations (see Note 3) | (6,234) | 0 |
Gain on sales of property and equipment, net | (9,513) | (34,190) |
Deferred income taxes | 2,545 | 0 |
Stock-based compensation | 4,376 | 3,642 |
Equity in net (income) loss from unconsolidated joint ventures | 17,228 | (6,972) |
Net loss from affiliates | (6,165) | (8,039) |
Other non-cash adjustments | (84) | 1,483 |
Changes in assets and liabilities: | ||
Deposit/insurance receivable for legal settlement (see Note 18) | 0 | (63,000) |
Receivables | (69,114) | (48,584) |
Contract assets, net | (71,282) | (28,111) |
Inventories | (18,618) | (6,062) |
Contributions to unconsolidated construction joint ventures | (33,563) | (47,580) |
Distributions from unconsolidated construction joint ventures and affiliates | 6,522 | 7,029 |
Other assets, net | 15,627 | (7,197) |
Accounts payable | 17,983 | 26,056 |
Accrual for expected resolution of SEC investigation (see Note 18) | 12,000 | 0 |
Accrual for legal settlement (see Note 18) | 0 | 129,000 |
Accrued expenses and other liabilities, net | (5,484) | 3,578 |
Net cash used in operating activities | (103,278) | (31,004) |
Investing activities | ||
Purchases of marketable securities | (49,968) | (5,000) |
Purchases of property and equipment | (73,216) | (46,437) |
Proceeds from sales of property and equipment | 15,289 | 48,517 |
Proceeds from the sale of discontinued operations (see Note 3) | 142,571 | 0 |
Issuance of notes receivable | (4,560) | 0 |
Collection of notes receivable | 201 | 4,581 |
Net cash provided by investing activities | 30,317 | 1,661 |
Financing activities | ||
Proceeds from long-term debt | 50,000 | 0 |
Debt principal repayments | (124,660) | (4,677) |
Cash dividends paid | (11,857) | (11,890) |
Repurchases of common stock (See Note 1) | (70,374) | (2,497) |
Contributions from non-controlling partners | 6,327 | 11,350 |
Distributions to non-controlling partners | (6,700) | (5,836) |
Other financing activities, net | 209 | (62) |
Net cash used in financing activities | (157,055) | (13,612) |
Net decrease in cash, cash equivalents and restricted cash | (230,016) | (42,955) |
Cash, cash equivalents and $1,512 in restricted cash at beginning of each period | 413,655 | 437,648 |
Cash, cash equivalents and $0 and $1,512 in restricted cash at end of each period | 183,639 | 394,693 |
Less: Cash, cash equivalents and $0 and $1,512 in restricted cash included in current assets held-for-sale at end of each period | 8,617 | 17,073 |
Cash and cash equivalents of continuing operations at end of period | 175,022 | 377,620 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 8,167 | 7,997 |
Cash paid for operating lease liabilities | 11,667 | 10,956 |
Cash paid during the period for: | ||
Interest | 6,786 | 8,078 |
Income taxes | 1,553 | 1,817 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 7,688 | 7,554 |
Dividends declared but not paid | 5,730 | 5,956 |
Contributions from non-controlling partners | 3,274 | 9,240 |
Accrued equipment purchases | $ (5,149) | $ 3,024 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Restricted cash | $ 1,512 | $ 1,512 | $ 1,512 |
Restricted cash | 0 | 1,512 | 1,512 |
Restricted cash | $ 0 | $ 1,512 | $ 1,512 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 June 30, 2022 2021 December 31, 2021 not We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoptions of Accounting Standards Update (“ASU”) 2020 06, Debt - Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 s Own Equity 2020 06” January 1, 2022, 2020 04, Reference Rate Reform (Topic 848 2020 04” 2021 01, Reference Rate Reform (Topic 848 2021 01” June 30, 2022, 2. Out-of-period Adjustments: second 2022, three June 30, 2022 no six June 30, 2022. not Stock Purchase Programs: May 2, 2022, May 2, 2022, third 2022. As discussed in more detail in Note 3, fourth 2021 Our operations are typically affected more by weather conditions during the first fourth may three six June 30, 2022 not |
Note 2 - Recently Issued and Ad
Note 2 - Recently Issued and Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued and Adopted Accounting Pronouncements In March 2020, 2020 04, January 2021, 2021 01, 2020 04. June 30, 2022, 15 not In August 2020, 2020 06, 2020 06 2024 “2.75% 15 2020 06 2020 06 January 1, 2022, not As of June 30, 2022, 2.75% 2.75% November 2019 2.75% November 1, 2024, 2.75% May 1, 2024 May 1, 2024, 2.75% October 30, 2024. The conversion rate applicable to the 2.75% $1,000 2.75% 2.75% 2.75% On or after November 7, 2022, 2.75% may 2.75% not may 2.75% In connection with the adoption of ASU 2020 06, January 1, 2022: Computation of Earnings per Share: 2012 2021 2.75% |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations and Held-for-sale | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. During the fourth 2021, twelve 205 20, Presentation of financial statements - Discontinued operations not On March 16, 2022, 1000097155 three March 31, 2022. June 30, 2022 2022. The following table presents summarized balance sheet information of assets and liabilities held-for-sale: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Cash and cash equivalents $ 8,617 $ 16,496 $ 15,561 Receivables, net 62,626 102,208 103,024 Contract assets 19,148 41,340 39,941 Inventories 12,490 19,625 21,840 Other current assets 1,142 1,781 3,901 Property and equipment, net 38,767 70,912 84,247 Investments in affiliates 53,240 48,675 50,309 Goodwill 19,985 63,063 63,124 Right of use assets 6,032 12,365 12,038 Other noncurrent assets 732 16,176 20,410 Total assets classified as held-for-sale $ 222,779 $ 392,641 $ 414,395 Accounts payable $ 18,429 $ 37,997 $ 44,850 Contract liabilities 3,466 7,129 8,435 Other current liabilities 21,737 27,764 26,202 Long-term lease liabilities 3,060 8,352 8,239 Other long-term liabilities 14 2,166 2,337 Total liabilities classified as held-for-sale $ 46,706 $ 83,408 $ 90,063 The following table represents summarized statements of operations information of discontinued operations (in thousands): For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Revenue $ 85,554 $ 129,501 $ 188,516 $ 233,082 Cost of revenue 70,386 110,787 159,113 204,762 Gross profit 15,168 18,714 29,403 28,320 Selling, general and administrative expenses 6,960 15,440 18,580 30,008 Other costs (3,565 ) 85 (2,223 ) 1,611 Gain on sale of discontinued operations — — (6,234 ) — Gain on sales of property and equipment, net (1), (2) (8,530 ) (30,583 ) (8,796 ) (30,893 ) Operating income 20,303 33,772 28,076 27,594 Other income, net (4,426 ) (3,739 ) (6,034 ) (6,297 ) Income from discontinued operations before income taxes 24,729 37,511 34,110 33,891 Provision for income taxes 5,208 7,909 8,493 7,211 Net income from discontinued operations $ 19,521 $ 29,602 $ 25,617 $ 26,680 ( 1 June 2021, two ( 2 June 2022, As required per ASC Topic 205 20, Presentation of financial statements - Discontinued operations, Six months ended June 30, 2022 2021 Depreciation, depletion and amortization (1) $ — $ 20,239 Gain on sale of discontinued operations $ 6,234 $ — Gain on sale of property and equipment $ 8,796 $ 30,893 Purchases of property and equipment $ 5,597 $ 7,775 Proceeds from sales of property and equipment $ 12,697 $ 44,287 Proceeds from sale of discontinued operations $ 142,571 $ — ( 1 360, December 31, 2021. |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates | 6 Months Ended |
Jun. 30, 2022 | |
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 revisions in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no no not In our review of these changes for the three six June 30, 2022 2021 not There were no Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Number of projects with downward estimate changes 4 — 5 2 Range of reduction in gross profit from each project, net $ 5.7 - 7.6 $ — $ 5.6 - 10.6 $ 5.3 - 6.1 Decrease to project profitability $ 25.2 $ — $ 35.6 $ 11.4 Decrease to net income/increase to net loss from continuing operations $ 19.3 $ — $ 27.3 $ 8.9 Amounts attributable to non-controlling interests $ 3.0 $ — $ 3.0 $ 2.6 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations $ 16.3 $ — $ 24.2 $ 6.3 Decrease to net income/increase to net loss per diluted share attributable to common shareholders from continuing operations $ 0.37 $ — $ 0.54 $ 0.14 The decreases during the three six June 30, 2022 six June 30, 2021 |
Note 5 - Disaggregation of Reve
Note 5 - Disaggregation of Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 5. Disaggregation of Revenue We disaggregate our revenue based on our reportable segments (see Note 19 Three Months Ended June 30, 2022 Construction Materials Total California $ 199,357 $ 71,572 $ 270,929 Central 207,406 13,901 221,307 Mountain 225,497 50,553 276,050 Total $ 632,260 $ 136,026 $ 768,286 2021 Construction Materials Total California $ 228,631 $ 70,490 $ 299,121 Central 287,994 10,720 298,714 Mountain 196,800 40,036 236,836 Total $ 713,425 $ 121,246 $ 834,671 Six months ended June 30, 2022 Construction Materials Total California $ 343,744 $ 117,259 $ 461,003 Central 431,499 24,263 455,762 Mountain 331,952 67,155 399,107 Total $ 1,107,195 $ 208,677 $ 1,315,872 2021 Construction Materials Total California $ 387,897 $ 112,446 $ 500,343 Central 541,287 19,100 560,387 Mountain 291,212 49,061 340,273 Total $ 1,220,396 $ 180,607 $ 1,401,003 |
Note 6 - Unearned Revenue
Note 6 - Unearned Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 6. Unearned Revenue The following table presents our unearned revenue from continuing operations as of the respective periods: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 California $ 873,322 $ 771,759 $ 969,444 Central 1,344,902 1,334,901 1,662,168 Mountain 666,652 488,425 667,359 Total $ 2,884,876 $ 2,595,085 $ 3,298,971 All unearned revenue is in the Construction segment. Approximately $2.4 billion of the June 30, 2022 unearned revenue is expected to be recognized within the next twelve |
Note 7 - Other Costs
Note 7 - Other Costs | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 7. Other Costs Other costs included in the condensed consolidated statements of operations for the three six June 30, 2022 18. three six June 30, 2022, 18, six June 30, 2021 18. three six June 30, 2021, 2021. |
Note 8 - Contract Assets and Li
Note 8 - Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. Contract Assets and Liabilities As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $71.0 million and $112.1 million during the three six June 30, 2022 three six 2021 As of June 30, 2022 December 31, 2021 June 30, 2021 The components of the contract asset balances as of the respective dates were as follows: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Costs in excess of billings and estimated earnings $ 47,184 $ 14,158 $ 46,771 Contract retention 143,003 131,279 107,771 Total contract assets $ 190,187 $ 145,437 $ 154,542 As of June 30, 2022 December 31, 2021 June 30, 2021 No 10% one As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $47.7 million and $207.6 million during the three six June 30, 2022 three six June 30, 2021 December 31, 2021 2020 The components of the contract liability balances as of the respective dates were as follows: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Billings in excess of costs and estimated earnings, net of retention $ 159,541 $ 169,542 $ 139,327 Provisions for losses 19,781 30,499 27,088 Total contract liabilities $ 179,322 $ 200,041 $ 166,415 |
Note 9 - Receivables, Net
Note 9 - Receivables, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 9. Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Contracts completed and in progress: Billed $ 221,084 $ 236,053 $ 187,188 Unbilled 160,336 126,371 189,332 Total contracts completed and in progress 381,420 362,424 376,520 Materials sales 75,634 43,746 64,017 Other 71,352 59,496 104,756 Total gross receivables 528,406 465,666 545,293 Less: allowance for credit losses 1,129 1,078 1,379 Total net receivables $ 527,277 $ 464,588 $ 543,914 Included in other receivables at June 30, 2022 December 31, 2021 June 30, 2021 June 30, 2022 December 31, 2021 one June 30, 2021 18, October 2021 June 30, 2022, no GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 2,444 $ — $ — $ 2,444 Other current assets Commodity swap — 2,524 — 2,524 Total assets $ 2,444 $ 2,524 $ — $ 4,968 December 31, 2021 Cash equivalents Money market funds $ 65,233 $ — $ — $ 65,233 Total assets $ 65,233 $ — $ — $ 65,233 Accrued and other current liabilities Interest rate swap $ — $ 3,514 $ — $ 3,514 Total liabilities $ — $ 3,514 $ — $ 3,514 June 30, 2021 Cash equivalents Money market funds $ 23,489 $ — $ — $ 23,489 Other current assets Commodity swap — 1,550 — 1,550 Total assets $ 23,489 $ 1,550 $ — $ 25,039 Accrued and other current liabilities Interest rate swap $ — $ 5,770 $ — $ 5,770 Total liabilities $ — $ 5,770 $ — $ 5,770 Interest Rate Swaps In connection with entering into the Third Amended and Restated Credit Agreement, we entered into two May 2018 May 2023. three March 31, 2021 three June 30, 2021. During the six June 30, 2022, 15 three six June 30, 2022 Commodity Swaps As of June 30, 2022, October 31, 2022. three six June 30, 2022 three June 30, 2022, six June 30, 2022, June 30, 2021 October 2021. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not June 30, 2022 December 31, 2021 June 30, 2021 (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 $ 66,675 $ 65,565 $ 15,600 $ 15,459 $ 10,850 $ 10,801 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 253,000 $ 207,354 $ 313,785 $ 203,771 $ 333,500 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 $ 127,500 $ 128,639 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 50,056 $ — $ — $ — $ — ( 1 June 30, 2022 December 31, 2021 June 30, 2021 two three ( 2 2.75% 15 2.75% ( 3 December 31, 2021 June 30, 2021 2.75% 2 15 During the three six June 30, 2022 2021 not |
Note 11 - Construction Joint Ve
Note 11 - Construction Joint Ventures | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 11. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three six June 30, 2022 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of our partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At June 30, 2022 not may Consolidated Construction Joint Ventures (“CCJVs”) At June 30, 2022 nine June 30, 2022 three six June 30, 2022 2021 six June 30, 2022 six June 30, 2021, Unconsolidated Construction Joint Ventures As of June 30, 2022 June 30, 2022 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Assets Cash, cash equivalents and marketable securities $ 148,446 $ 182,891 $ 139,381 Other current assets (1) 672,274 661,342 795,440 Noncurrent assets 85,863 103,579 140,160 Less partners’ interest 602,618 633,634 716,678 Granite’s interest (1),(2) $ 303,965 $ 314,178 $ 358,303 Liabilities Current liabilities $ 228,686 $ 307,674 $ 432,130 Less partners’ interest and adjustments (3) 99,053 154,771 235,649 Granite’s interest $ 129,633 $ 152,903 $ 196,481 Equity in construction joint ventures (4) $ 174,332 $ 161,275 $ 161,822 ( 1 June 30, 2022 December 31, 2021 June 30, 2021 ( 2 June 30, 2022 December 31, 2021 June 30, 2021 June 30, 2022 December 31, 2021 June 30, 2021 ( 3 ( 4 June 30, 2022 December 31, 2021 June 30, 2021 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Revenue Total $ 91,564 $ 263,558 $ 252,703 $ 495,600 Less partners’ interest and adjustments (1) 68,374 176,657 179,858 328,977 Granite’s interest 23,190 86,901 $ 72,845 $ 166,623 Cost of revenue Total 93,162 249,494 $ 251,083 $ 497,564 Less partners’ interest and adjustments (1) 56,897 169,041 161,549 337,775 Granite’s interest 36,265 80,453 $ 89,534 $ 159,789 Granite’s interest in gross profit (loss) $ (13,075 ) $ 6,448 (16,689 ) $ 6,834 Net Income (Loss) Total $ (2,871 ) $ 13,813 $ 296 $ (2,190 ) Less partners’ interest and adjustments (1) 10,730 7,262 17,524 (9,159 ) Granite’s interest in net income (loss) (2) $ (13,601 ) $ 6,551 $ (17,228 ) $ 6,969 ( 1 ( 2 |
Note 12 - Investments in Affili
Note 12 - Investments in Affiliates | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 12. Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Real estate $ 9,619 $ 9,619 $ 11,914 Asphalt terminal 13,584 13,749 13,403 Total investments in affiliates $ 23,203 $ 23,368 $ 25,317 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Current assets $ 34,822 $ 34,374 $ 32,528 Noncurrent assets 75,679 78,829 68,929 Total assets $ 110,501 $ 113,203 $ 101,457 Current liabilities $ 21,182 $ 23,685 $ 18,794 Long-term liabilities (1) 32,364 48,104 29,596 Total liabilities $ 53,546 $ 71,789 $ 48,390 Net assets $ 56,955 $ 41,414 $ 53,067 Granite’s share of net assets $ 23,203 $ 23,368 $ 25,317 ( 1 Of the $110.5 million of total affiliate assets as of June 30, 2022 June 30, 2022 December 31, 2021 June 30, 2021 June 30, 2022 |
Note 13 - Property and Equipmen
Note 13 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 13. Property and Equipment, net Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Equipment and vehicles $ 908,941 $ 870,672 $ 849,011 Quarry property 206,067 191,982 195,284 Land and land improvements 109,420 108,518 117,394 Buildings and leasehold improvements 97,222 96,180 98,591 Office furniture and equipment 77,982 75,043 73,403 Property and equipment 1,399,632 1,342,395 1,333,683 Less: accumulated depreciation and depletion 935,039 908,891 900,787 Property and equipment, net $ 464,593 $ 433,504 $ 432,896 |
Note 14 - Accrued Expenses and
Note 14 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 14. Accrued Expenses and Other Current Liabilities (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Accrued insurance $ 82,538 $ 76,999 $ 77,436 Deficits in unconsolidated construction joint ventures 12,696 28,636 33,608 Payroll and related employee benefits 77,582 87,460 87,096 Performance guarantees 77,434 82,112 82,280 Accrual for expected resolution of SEC investigation (see Note 18) 12,000 - - Accrued legal settlement (see Note 18) 129,000 129,000 129,000 Other 43,811 48,622 50,097 Total $ 435,061 $ 452,829 $ 459,517 Other includes short-term lease liabilities, dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none 5% |
Note 15 - Long-term Debt and Cr
Note 15 - Long-term Debt and Credit Arrangements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 15. Long-Term Debt and Credit Arrangements (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 2.75% Convertible Notes $ 230,000 $ 207,354 $ 203,771 Third Amended and Restated Credit Agreement - term loan — 123,750 127,500 Fourth Amended and Restated Credit Agreement - revolver 50,000 — — Debt issuance costs and other 8,230 8,814 8,660 Total debt $ 288,230 $ 339,918 $ 339,931 Less current maturities 1,429 8,727 8,709 Total long-term debt $ 286,801 $ 331,191 $ 331,222 During the six June 30, 2022 May 31, 2018 June 2, 2027. five twelve We may June 30, 2022 August 2022 December 2025 June 30, 2022 June 30, 2022 The amended Credit Agreement contains certain affirmative and restrictive covenants, and customary events of default. The financial covenants include a maximum Consolidated Leverage Ratio of 3.25 to 1.00 1.00. June 30, 2022 not Effective January 1, 2022, 2020 06 2 2.75% During the three six June 30, 2022, not 2020 06, three six June 30, 2021, three six June 30, 2022 2021 |
Note 16 - Weighted Average Shar
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator (basic and diluted) Net income (loss) from continuing operations allocated to common shareholders $ (2,370 ) $ 24,859 $ (21,405 ) $ (38,414 ) Net income from discontinued operations allocated to common shareholders 19,521 29,602 $ 25,617 $ 26,680 Net income (loss) allocated to common shareholders $ 17,151 $ 54,461 $ 4,212 $ (11,734 ) Denominator Weighted average common shares outstanding, basic 44,534 45,798 45,128 45,748 Dilutive effect of RSUs and convertible notes — 454 — — Dilutive effect of 2.75% Convertible Notes — 1,546 — — Weighted average common shares outstanding, diluted 44,534 47,798 45,128 45,748 Basic: Net income (loss) from continuing operations per share $ (0.05 ) $ 0.54 $ (0.47 ) $ (0.84 ) Net income from discontinued operations per share 0.44 0.65 0.57 0.58 Net income (loss) per share $ 0.39 $ 1.19 $ 0.10 $ (0.26 ) Diluted: Net income (loss) from continuing operations per share $ (0.05 ) $ 0.52 $ (0.47 ) $ (0.84 ) Net income from discontinued operations per share 0.44 0.62 0.57 0.58 Net income (loss) per share $ 0.39 $ 1.14 $ 0.10 $ (0.26 ) Due to the net loss from continuing operations for the three June 30, 2022 six June 30, 2022 2021 1 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. Income Taxes The following table presents the provision for (benefit from) income taxes on continuing operations for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Provision for (benefit from) income taxes on continuing operations $ 2,549 $ 7,710 $ (2,782 ) $ (14,047 ) Effective tax rate (630.9 %) 22.8 % 12.8 % 27.9 % Our effective tax rate for the three six June 30, 2022 18. |
Note 18 - Contingencies - Legal
Note 18 - Contingencies - Legal Proceedings | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 18. 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 for legal proceedings recorded as of June 30, 2022 December 31, 2021 June 30, 2021, June 30, 2022 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 Some of the matters in which we or our joint ventures and affiliates are involved may not may Securities Litigation and Derivative Lawsuits 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, On April 29, 2021, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al Nasseri v. Granite Construction Incorporated, et al March 31, 2021. Under the Settlement Agreement, the Company agreed to pay or cause to be paid a total of $129 million in cash 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 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, February 24, 2022. March 17, 2022, Nasseri v. Granite Construction Incorporated, et al April 12, 2022, Nasseri v. Granite Construction Incorporated, et al. Nasseri April 15, 2022, Nasseri v. Granite Construction Incorporated, et al. Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. On May 6, 2020, English v. Roberts, et al. 1934 April 30, 2018 October 24, 2019. March 17, 2022 On May 12, 2021, Davydov v. Roberts, et al. April 30, 2018 October 24, 2019. On April 14, 2022, Davydov v. Roberts et al. English v. Roberts et al. Davydov not 30 Davydov v. Roberts, et al. English v. Roberts, et al. Davydov English April 14, 2022, Davydov v. Roberts, et al. English v. Roberts, et al. Davydov v. Roberts, et al. July 12, 2022. As of June 30, 2022, December 31, 2021 June 30, 2021, not not not Other Matters In connection with our prior disclosure of the Audit/Compliance Committee’s independent investigation of prior-period reporting for the former 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 subpoenas for documents in connection with the accounting issues identified in the Investigation. We have produced documents to the SEC and cooperated with the SEC in its investigation. Based upon our current estimate for the expected resolution of the SEC’s investigation, we recorded a $12 million accrual in the second 2022, three six June 30, 2022 June 30, 2022. not may Our wholly-owned subsidiary, Layne, was a subcontractor on the foundation for the Salesforce Tower office building in San Francisco in 2013 2014. March 2014 2015. may 2014, July 20, 2021, On February 3, 2022, Steadfast Insurance Company ( Steadfast ), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture ( CHDJV ) v. Layne Christensen Company ( Layne ) February 4, 2022, March 8, 2022, April 8, 2022, May 6, 2022, May 16, 2022, not GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) |
Note 19 - Reportable Segment In
Note 19 - Reportable Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Reportable Segment Information During the fourth 2021, two As a result of these changes, in accordance with FASB ASC Topic 280, Segment Reporting Summarized segment information is as follows: Three months ended June 30, Construction Materials Total 2022 Total revenue from reportable segments $ 632,260 $ 180,444 $ 812,704 Elimination of intersegment revenue — (44,418 ) (44,418 ) Revenue from external customers $ 632,260 $ 136,026 $ 768,286 Gross profit $ 61,166 $ 17,314 $ 78,480 Depreciation, depletion and amortization $ 5,595 $ 6,804 $ 12,399 2021 Total revenue from reportable segments $ 713,425 $ 167,969 $ 881,394 Elimination of intersegment revenue — (46,723 ) (46,723 ) Revenue from external customers $ 713,425 $ 121,246 $ 834,671 Gross profit $ 76,267 $ 21,965 $ 98,232 Depreciation, depletion and amortization $ 8,864 $ 6,346 $ 15,210 Six months ended June 30, Construction Materials Total 2022 Total revenue from reportable segments $ 1,107,195 $ 269,998 $ 1,377,193 Elimination of intersegment revenue — $ (61,321 ) (61,321 ) Revenue from external customers $ 1,107,195 $ 208,677 $ 1,315,872 Gross profit $ 109,358 $ 18,897 $ 128,255 Depreciation, depletion and amortization $ 13,389 $ 13,137 $ 26,526 Segment assets $ 369,160 $ 357,922 $ 727,082 2021 Total revenue from reportable segments $ 1,220,396 $ 239,321 $ 1,459,717 Elimination of intersegment revenue $ — $ (58,714 ) (58,714 ) Revenue from external customers $ 1,220,396 $ 180,607 $ 1,401,003 Gross profit $ 129,036 $ 22,908 $ 151,944 Depreciation, depletion and amortization $ 15,482 $ 11,683 $ 27,165 Segment assets $ 372,952 $ 331,748 $ 704,700 A reconciliation of segment gross profit from continuing operations to consolidated income (loss) from continuing operations before provision for (benefit from) income taxes is as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Total gross profit from continuing operations $ 78,480 $ 98,232 $ 128,255 $ 151,944 Selling, general and administrative expenses 53,162 58,628 111,663 119,789 Other costs (see Note 7) 20,177 5,868 28,391 80,177 Gain on sales of property and equipment (385 ) (1,052 ) (717 ) (3,297 ) Total other expense, net 5,930 933 10,570 5,578 Income (loss) from continuing operations before income taxes $ (404 ) $ 33,855 $ (21,652 ) $ (50,303 ) |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations and Held-for-sale (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disposal Group, Including Discontinued Operation, Assets and Liabilities [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Cash and cash equivalents $ 8,617 $ 16,496 $ 15,561 Receivables, net 62,626 102,208 103,024 Contract assets 19,148 41,340 39,941 Inventories 12,490 19,625 21,840 Other current assets 1,142 1,781 3,901 Property and equipment, net 38,767 70,912 84,247 Investments in affiliates 53,240 48,675 50,309 Goodwill 19,985 63,063 63,124 Right of use assets 6,032 12,365 12,038 Other noncurrent assets 732 16,176 20,410 Total assets classified as held-for-sale $ 222,779 $ 392,641 $ 414,395 Accounts payable $ 18,429 $ 37,997 $ 44,850 Contract liabilities 3,466 7,129 8,435 Other current liabilities 21,737 27,764 26,202 Long-term lease liabilities 3,060 8,352 8,239 Other long-term liabilities 14 2,166 2,337 Total liabilities classified as held-for-sale $ 46,706 $ 83,408 $ 90,063 |
Disposal Group, Including Discontinued Operations, Statement of Operations | For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Revenue $ 85,554 $ 129,501 $ 188,516 $ 233,082 Cost of revenue 70,386 110,787 159,113 204,762 Gross profit 15,168 18,714 29,403 28,320 Selling, general and administrative expenses 6,960 15,440 18,580 30,008 Other costs (3,565 ) 85 (2,223 ) 1,611 Gain on sale of discontinued operations — — (6,234 ) — Gain on sales of property and equipment, net (1), (2) (8,530 ) (30,583 ) (8,796 ) (30,893 ) Operating income 20,303 33,772 28,076 27,594 Other income, net (4,426 ) (3,739 ) (6,034 ) (6,297 ) Income from discontinued operations before income taxes 24,729 37,511 34,110 33,891 Provision for income taxes 5,208 7,909 8,493 7,211 Net income from discontinued operations $ 19,521 $ 29,602 $ 25,617 $ 26,680 |
Disposal Group, Including Discontinued Operation, Cash Flows [Table Text Block] | Six months ended June 30, 2022 2021 Depreciation, depletion and amortization (1) $ — $ 20,239 Gain on sale of discontinued operations $ 6,234 $ — Gain on sale of property and equipment $ 8,796 $ 30,893 Purchases of property and equipment $ 5,597 $ 7,775 Proceeds from sales of property and equipment $ 12,697 $ 44,287 Proceeds from sale of discontinued operations $ 142,571 $ — |
Note 4 - Revisions in Estimat_2
Note 4 - Revisions in Estimates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Number of projects with downward estimate changes 4 — 5 2 Range of reduction in gross profit from each project, net $ 5.7 - 7.6 $ — $ 5.6 - 10.6 $ 5.3 - 6.1 Decrease to project profitability $ 25.2 $ — $ 35.6 $ 11.4 Decrease to net income/increase to net loss from continuing operations $ 19.3 $ — $ 27.3 $ 8.9 Amounts attributable to non-controlling interests $ 3.0 $ — $ 3.0 $ 2.6 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations $ 16.3 $ — $ 24.2 $ 6.3 Decrease to net income/increase to net loss per diluted share attributable to common shareholders from continuing operations $ 0.37 $ — $ 0.54 $ 0.14 |
Note 5 - Disaggregation of Re_2
Note 5 - Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2022 Construction Materials Total California $ 199,357 $ 71,572 $ 270,929 Central 207,406 13,901 221,307 Mountain 225,497 50,553 276,050 Total $ 632,260 $ 136,026 $ 768,286 2021 Construction Materials Total California $ 228,631 $ 70,490 $ 299,121 Central 287,994 10,720 298,714 Mountain 196,800 40,036 236,836 Total $ 713,425 $ 121,246 $ 834,671 2022 Construction Materials Total California $ 343,744 $ 117,259 $ 461,003 Central 431,499 24,263 455,762 Mountain 331,952 67,155 399,107 Total $ 1,107,195 $ 208,677 $ 1,315,872 2021 Construction Materials Total California $ 387,897 $ 112,446 $ 500,343 Central 541,287 19,100 560,387 Mountain 291,212 49,061 340,273 Total $ 1,220,396 $ 180,607 $ 1,401,003 |
Note 6 - Unearned Revenue (Tabl
Note 6 - Unearned Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 California $ 873,322 $ 771,759 $ 969,444 Central 1,344,902 1,334,901 1,662,168 Mountain 666,652 488,425 667,359 Total $ 2,884,876 $ 2,595,085 $ 3,298,971 |
Note 8 - Contract Assets and _2
Note 8 - Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Costs in excess of billings and estimated earnings $ 47,184 $ 14,158 $ 46,771 Contract retention 143,003 131,279 107,771 Total contract assets $ 190,187 $ 145,437 $ 154,542 (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Billings in excess of costs and estimated earnings, net of retention $ 159,541 $ 169,542 $ 139,327 Provisions for losses 19,781 30,499 27,088 Total contract liabilities $ 179,322 $ 200,041 $ 166,415 |
Note 9 - Receivables, Net (Tabl
Note 9 - Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Contracts completed and in progress: Billed $ 221,084 $ 236,053 $ 187,188 Unbilled 160,336 126,371 189,332 Total contracts completed and in progress 381,420 362,424 376,520 Materials sales 75,634 43,746 64,017 Other 71,352 59,496 104,756 Total gross receivables 528,406 465,666 545,293 Less: allowance for credit losses 1,129 1,078 1,379 Total net receivables $ 527,277 $ 464,588 $ 543,914 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using June 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 2,444 $ — $ — $ 2,444 Other current assets Commodity swap — 2,524 — 2,524 Total assets $ 2,444 $ 2,524 $ — $ 4,968 December 31, 2021 Cash equivalents Money market funds $ 65,233 $ — $ — $ 65,233 Total assets $ 65,233 $ — $ — $ 65,233 Accrued and other current liabilities Interest rate swap $ — $ 3,514 $ — $ 3,514 Total liabilities $ — $ 3,514 $ — $ 3,514 June 30, 2021 Cash equivalents Money market funds $ 23,489 $ — $ — $ 23,489 Other current assets Commodity swap — 1,550 — 1,550 Total assets $ 23,489 $ 1,550 $ — $ 25,039 Accrued and other current liabilities Interest rate swap $ — $ 5,770 $ — $ 5,770 Total liabilities $ — $ 5,770 $ — $ 5,770 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 December 31, 2021 June 30, 2021 (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 $ 66,675 $ 65,565 $ 15,600 $ 15,459 $ 10,850 $ 10,801 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 253,000 $ 207,354 $ 313,785 $ 203,771 $ 333,500 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 $ 127,500 $ 128,639 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 50,056 $ — $ — $ — $ — |
Note 11 - Construction Joint _2
Note 11 - Construction Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Assets Cash, cash equivalents and marketable securities $ 148,446 $ 182,891 $ 139,381 Other current assets (1) 672,274 661,342 795,440 Noncurrent assets 85,863 103,579 140,160 Less partners’ interest 602,618 633,634 716,678 Granite’s interest (1),(2) $ 303,965 $ 314,178 $ 358,303 Liabilities Current liabilities $ 228,686 $ 307,674 $ 432,130 Less partners’ interest and adjustments (3) 99,053 154,771 235,649 Granite’s interest $ 129,633 $ 152,903 $ 196,481 Equity in construction joint ventures (4) $ 174,332 $ 161,275 $ 161,822 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Revenue Total $ 91,564 $ 263,558 $ 252,703 $ 495,600 Less partners’ interest and adjustments (1) 68,374 176,657 179,858 328,977 Granite’s interest 23,190 86,901 $ 72,845 $ 166,623 Cost of revenue Total 93,162 249,494 $ 251,083 $ 497,564 Less partners’ interest and adjustments (1) 56,897 169,041 161,549 337,775 Granite’s interest 36,265 80,453 $ 89,534 $ 159,789 Granite’s interest in gross profit (loss) $ (13,075 ) $ 6,448 (16,689 ) $ 6,834 Net Income (Loss) Total $ (2,871 ) $ 13,813 $ 296 $ (2,190 ) Less partners’ interest and adjustments (1) 10,730 7,262 17,524 (9,159 ) Granite’s interest in net income (loss) (2) $ (13,601 ) $ 6,551 $ (17,228 ) $ 6,969 |
Note 12 - Investments in Affi_2
Note 12 - Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Real estate $ 9,619 $ 9,619 $ 11,914 Asphalt terminal 13,584 13,749 13,403 Total investments in affiliates $ 23,203 $ 23,368 $ 25,317 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Current assets $ 34,822 $ 34,374 $ 32,528 Noncurrent assets 75,679 78,829 68,929 Total assets $ 110,501 $ 113,203 $ 101,457 Current liabilities $ 21,182 $ 23,685 $ 18,794 Long-term liabilities (1) 32,364 48,104 29,596 Total liabilities $ 53,546 $ 71,789 $ 48,390 Net assets $ 56,955 $ 41,414 $ 53,067 Granite’s share of net assets $ 23,203 $ 23,368 $ 25,317 |
Note 13 - Property and Equipm_2
Note 13 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Equipment and vehicles $ 908,941 $ 870,672 $ 849,011 Quarry property 206,067 191,982 195,284 Land and land improvements 109,420 108,518 117,394 Buildings and leasehold improvements 97,222 96,180 98,591 Office furniture and equipment 77,982 75,043 73,403 Property and equipment 1,399,632 1,342,395 1,333,683 Less: accumulated depreciation and depletion 935,039 908,891 900,787 Property and equipment, net $ 464,593 $ 433,504 $ 432,896 |
Note 14 - Accrued Expenses an_2
Note 14 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Accrued insurance $ 82,538 $ 76,999 $ 77,436 Deficits in unconsolidated construction joint ventures 12,696 28,636 33,608 Payroll and related employee benefits 77,582 87,460 87,096 Performance guarantees 77,434 82,112 82,280 Accrual for expected resolution of SEC investigation (see Note 18) 12,000 - - Accrued legal settlement (see Note 18) 129,000 129,000 129,000 Other 43,811 48,622 50,097 Total $ 435,061 $ 452,829 $ 459,517 |
Note 15 - Long-term Debt and _2
Note 15 - Long-term Debt and Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 2.75% Convertible Notes $ 230,000 $ 207,354 $ 203,771 Third Amended and Restated Credit Agreement - term loan — 123,750 127,500 Fourth Amended and Restated Credit Agreement - revolver 50,000 — — Debt issuance costs and other 8,230 8,814 8,660 Total debt $ 288,230 $ 339,918 $ 339,931 Less current maturities 1,429 8,727 8,709 Total long-term debt $ 286,801 $ 331,191 $ 331,222 |
Note 16 - Weighted Average Sh_2
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator (basic and diluted) Net income (loss) from continuing operations allocated to common shareholders $ (2,370 ) $ 24,859 $ (21,405 ) $ (38,414 ) Net income from discontinued operations allocated to common shareholders 19,521 29,602 $ 25,617 $ 26,680 Net income (loss) allocated to common shareholders $ 17,151 $ 54,461 $ 4,212 $ (11,734 ) Denominator Weighted average common shares outstanding, basic 44,534 45,798 45,128 45,748 Dilutive effect of RSUs and convertible notes — 454 — — Dilutive effect of 2.75% Convertible Notes — 1,546 — — Weighted average common shares outstanding, diluted 44,534 47,798 45,128 45,748 Basic: Net income (loss) from continuing operations per share $ (0.05 ) $ 0.54 $ (0.47 ) $ (0.84 ) Net income from discontinued operations per share 0.44 0.65 0.57 0.58 Net income (loss) per share $ 0.39 $ 1.19 $ 0.10 $ (0.26 ) Diluted: Net income (loss) from continuing operations per share $ (0.05 ) $ 0.52 $ (0.47 ) $ (0.84 ) Net income from discontinued operations per share 0.44 0.62 0.57 0.58 Net income (loss) per share $ 0.39 $ 1.14 $ 0.10 $ (0.26 ) |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Provision for (benefit from) income taxes on continuing operations $ 2,549 $ 7,710 $ (2,782 ) $ (14,047 ) Effective tax rate (630.9 %) 22.8 % 12.8 % 27.9 % |
Note 19 - Reportable Segment _2
Note 19 - Reportable Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, Construction Materials Total 2022 Total revenue from reportable segments $ 632,260 $ 180,444 $ 812,704 Elimination of intersegment revenue — (44,418 ) (44,418 ) Revenue from external customers $ 632,260 $ 136,026 $ 768,286 Gross profit $ 61,166 $ 17,314 $ 78,480 Depreciation, depletion and amortization $ 5,595 $ 6,804 $ 12,399 2021 Total revenue from reportable segments $ 713,425 $ 167,969 $ 881,394 Elimination of intersegment revenue — (46,723 ) (46,723 ) Revenue from external customers $ 713,425 $ 121,246 $ 834,671 Gross profit $ 76,267 $ 21,965 $ 98,232 Depreciation, depletion and amortization $ 8,864 $ 6,346 $ 15,210 Six months ended June 30, Construction Materials Total 2022 Total revenue from reportable segments $ 1,107,195 $ 269,998 $ 1,377,193 Elimination of intersegment revenue — $ (61,321 ) (61,321 ) Revenue from external customers $ 1,107,195 $ 208,677 $ 1,315,872 Gross profit $ 109,358 $ 18,897 $ 128,255 Depreciation, depletion and amortization $ 13,389 $ 13,137 $ 26,526 Segment assets $ 369,160 $ 357,922 $ 727,082 2021 Total revenue from reportable segments $ 1,220,396 $ 239,321 $ 1,459,717 Elimination of intersegment revenue $ — $ (58,714 ) (58,714 ) Revenue from external customers $ 1,220,396 $ 180,607 $ 1,401,003 Gross profit $ 129,036 $ 22,908 $ 151,944 Depreciation, depletion and amortization $ 15,482 $ 11,683 $ 27,165 Segment assets $ 372,952 $ 331,748 $ 704,700 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Total gross profit from continuing operations $ 78,480 $ 98,232 $ 128,255 $ 151,944 Selling, general and administrative expenses 53,162 58,628 111,663 119,789 Other costs (see Note 7) 20,177 5,868 28,391 80,177 Gain on sales of property and equipment (385 ) (1,052 ) (717 ) (3,297 ) Total other expense, net 5,930 933 10,570 5,578 Income (loss) from continuing operations before income taxes $ (404 ) $ 33,855 $ (21,652 ) $ (50,303 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 02, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (404) | $ 33,855 | $ (21,652) | $ (50,303) | |
Payments for Repurchase of Common Stock | $ 70,374 | $ 2,497 | |||
Accelerated Share Repurchase [Member] | |||||
Payments for Repurchase of Common Stock | $ 50,000 | ||||
Percentage of Notional Amount | 80% | ||||
Stock Repurchased and Retired During Period, Value | $ 40,000 | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 1,320 | ||||
Revision of Prior Period, Adjustment [Member] | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ 4,100 |
Note 2 - Recently Issued and _2
Note 2 - Recently Issued and Adopted Accounting Pronouncements (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2022 | Jan. 01, 2022 | Aug. 31, 2020 |
Warrants Issued With 2.75% Convertible Notes [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 53.44 | ||
Accounting Standards Update 2020-06 [Member] | |||
Long-Term Debt, Gross | $ 22 | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | 5.6 | ||
Additional Paid in Capital, Total | $ (16.4) | ||
The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||
Long-Term Debt, Gross | $ 230 | ||
Convertible Debt Instrument, Shares Per $1,000 of Principal Converted | 31.7776 | ||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 31.47 | ||
Debt Instrument, Convertible, Percent of Share Price to Conversion Price, Trigger | 130% | ||
Debt Instrument, Convertible, Percent of Principal Amount Potentially Repurchaseable | 100% |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations and Held-for-sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Mar. 16, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Proceeds From the Sale of Discontinued Operations | $ 142,571 | $ 0 | ||||||
Operating Lease, Right-of-Use Asset | $ 45,404 | $ 47,181 | $ 45,404 | $ 47,181 | 45,404 | 47,181 | $ 49,312 | |
Gain (Loss) on Disposition of Assets, Total | 385 | 1,052 | 717 | 3,297 | ||||
Sale-leaseback Associated with Two Properties in California [Member] | ||||||||
Sale Leaseback Transaction, Net Book Value, Total | 11,100 | 11,100 | 11,100 | |||||
Operating Lease, Right-of-Use Asset | 2,400 | $ 2,400 | $ 2,400 | |||||
Gain (Loss) on Disposition of Assets, Total | $ 29,700 | |||||||
Sale-leaseback Associated Property in Arizona [Member] | ||||||||
Sale Leaseback Transaction, Net Book Value, Total | 3,800 | 3,800 | 3,800 | |||||
Operating Lease, Right-of-Use Asset | 1,100 | $ 1,100 | $ 1,100 | |||||
Gain (Loss) on Disposition of Assets, Total | $ 8,200 | |||||||
Inliner [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 159,700 | |||||||
Proceeds From the Sale of Discontinued Operations | 142,600 | |||||||
Gain (Loss) on Sale of Discontinued Operations | $ 6,200 |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Assets and Liabilities Held-for-sale (Details) - WMS Inliner [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Cash and cash equivalents | $ 8,617 | $ 16,496 | $ 15,561 |
Receivables, net | 62,626 | 102,208 | 103,024 |
Contract assets | 19,148 | 41,340 | 39,941 |
Inventories | 12,490 | 19,625 | 21,840 |
Other current assets | 1,142 | 1,781 | 3,901 |
Property and equipment, net | 38,767 | 70,912 | 84,247 |
Investments in affiliates | 53,240 | 48,675 | 50,309 |
Goodwill | 19,985 | 63,063 | 63,124 |
Right of use assets | 6,032 | 12,365 | 12,038 |
Other noncurrent assets | 732 | 16,176 | 20,410 |
Total assets classified as held-for-sale | 222,779 | 392,641 | 414,395 |
Accounts payable | 18,429 | 37,997 | 44,850 |
Contract liabilities | 3,466 | 7,129 | 8,435 |
Other current liabilities | 21,737 | 27,764 | 26,202 |
Long-term lease liabilities | 3,060 | 8,352 | 8,239 |
Other long-term liabilities | 14 | 2,166 | 2,337 |
Total liabilities classified as held-for-sale | $ 46,706 | $ 83,408 | $ 90,063 |
Note 3 - Discontinued Operati_5
Note 3 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Gain on sale of discontinued operations | $ (6,234) | $ 0 | |||
Net income from discontinued operations | $ 19,521 | $ 29,602 | 25,617 | 26,680 | |
WMS Inliner [Member] | |||||
Revenue | 85,554 | 129,501 | 188,516 | 233,082 | |
Cost of revenue | 70,386 | 110,787 | 159,113 | 204,762 | |
Gross profit | 15,168 | 18,714 | 29,403 | 28,320 | |
Selling, general and administrative expenses | 6,960 | 15,440 | 18,580 | 30,008 | |
Other costs | (3,565) | 85 | (2,223) | 1,611 | |
Gain on sale of discontinued operations | 0 | 0 | (6,234) | 0 | |
Gain on sales of property and equipment, net (1), (2) | [1],[2] | (8,530) | (30,583) | (8,796) | (30,893) |
Operating income | 20,303 | 33,772 | 28,076 | 27,594 | |
Other income, net | (4,426) | (3,739) | (6,034) | (6,297) | |
Income from discontinued operations before income taxes | 24,729 | 37,511 | 34,110 | 33,891 | |
Provision for income taxes | 5,208 | 7,909 | 8,493 | 7,211 | |
Net income from discontinued operations | $ 19,521 | $ 29,602 | $ 25,617 | $ 26,680 | |
[1]In June 2021, we completed a sale-leaseback transaction for two properties in California. The sale of these properties resulted in a reduction in net property and equipment of $11.1 million and a $2.4 million addition to both right of use assets and lease liabilities on the held-for-sale balance sheets, as well as a $29.7 million gain on sales of property and equipment on the discontinued operations statements of operations.[2]In June 2022, we completed a sale-leaseback transaction on a property in Arizona. The sale of this property resulted in a reduction in net property and equipment of $3.8 million and a $1.1 million addition to both right of use assets and lease liabilities on the held-for-sale balance sheets, as well as an $8.2 million gain on sales of property and equipment on the discontinued operations statements of operations |
Note 3 - Discontinued Operati_6
Note 3 - Discontinued Operations - Cash Flows for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Gain on sale of discontinued operations | $ 6,234 | $ 0 | |||
Proceeds From the Sale of Discontinued Operations | 142,571 | 0 | |||
WMS Inliner [Member] | |||||
Depreciation, depletion and amortization | [1] | 0 | 20,239 | ||
Gain on sale of discontinued operations | $ 0 | $ 0 | 6,234 | 0 | |
Gain on sale of property and equipment | 8,796 | 30,893 | |||
Purchases of property and equipment | 5,597 | 7,775 | |||
Proceeds from sales of property and equipment | 12,697 | 44,287 | |||
Proceeds From the Sale of Discontinued Operations | $ 142,571 | $ 0 | |||
[1]In accordance with ASC Topic 360, Property, Plant, and Equipment, we ceased recording depreciation and amortization for WMS property, plant and equipment, finite-lived tangible assets and right-of-use lease assets as of December 31, 2021. |
Note 4 - Revisions in Estimat_3
Note 4 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gross Profit, Total | $ 78,480 | $ 98,232 | $ 128,255 | $ 151,944 |
Revisions in Estimates [Member] | ||||
Gross Profit, Total | $ 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 | 6 Months Ended | ||
Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | |
Range of reduction in gross profit from each project, net | $ 78,480 | $ 98,232 | $ 128,255 | $ 151,944 |
Decrease to project profitability | (404) | 33,855 | (21,652) | (50,303) |
Net income (loss) | 16,568 | 55,747 | 6,747 | (9,576) |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations | $ 17,151 | $ 54,461 | $ 4,212 | $ (11,734) |
Diluted earnings (loss) per share (in dollars per share) | $ / shares | $ 0.39 | $ 1.14 | $ 0.10 | $ (0.26) |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||
Number of projects with downward estimate changes | 4 | 0 | 5 | 2 |
Range of reduction in gross profit from each project, net | $ 0 | |||
Decrease to project profitability | $ 25,200 | 0 | $ 35,600 | $ 11,400 |
Net income (loss) | 19,300 | 0 | 27,300 | 8,900 |
Amounts attributable to non-controlling interests | 3,000 | 0 | 3,000 | 2,600 |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations | $ 16,300 | $ 0 | $ 24,200 | $ 6,300 |
Diluted earnings (loss) per share (in dollars per share) | $ / shares | $ 0.37 | $ 0 | $ 0.54 | $ 0.14 |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||||
Range of reduction in gross profit from each project, net | $ 5,700 | $ 5,600 | $ 5,300 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||||
Range of reduction in gross profit from each project, net | $ 7,600 | $ 10,600 | $ 6,100 |
Note 5 - Disaggregation of Re_3
Note 5 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 768,286 | $ 834,671 | $ 1,315,872 | $ 1,401,003 |
CALIFORNIA | ||||
Revenue | 270,929 | 299,121 | 461,003 | 500,343 |
Central [Member] | ||||
Revenue | 221,307 | 298,714 | 455,762 | 560,387 |
Mountain [Member] | ||||
Revenue | 276,050 | 236,836 | 399,107 | 340,273 |
Constructions [Member] | ||||
Revenue | 632,260 | 713,425 | 1,107,195 | 1,220,396 |
Constructions [Member] | CALIFORNIA | ||||
Revenue | 199,357 | 228,631 | 343,744 | 387,897 |
Constructions [Member] | Central [Member] | ||||
Revenue | 207,406 | 287,994 | 431,499 | 541,287 |
Constructions [Member] | Mountain [Member] | ||||
Revenue | 225,497 | 196,800 | 331,952 | 291,212 |
Materials [Member] | ||||
Revenue | 136,026 | 121,246 | 208,677 | 180,607 |
Materials [Member] | CALIFORNIA | ||||
Revenue | 71,572 | 70,490 | 117,259 | 112,446 |
Materials [Member] | Central [Member] | ||||
Revenue | 13,901 | 10,720 | 24,263 | 19,100 |
Materials [Member] | Mountain [Member] | ||||
Revenue | $ 50,553 | $ 40,036 | $ 67,155 | $ 49,061 |
Note 6 - Unearned Revenue (Deta
Note 6 - Unearned Revenue (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Revenue, Remaining Performance Obligation, Amount | $ 2,884,876 | $ 2,595,085 | $ 3,298,971 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |||
Revenue, Remaining Performance Obligation, Amount | $ 2,400,000 | ||
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 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Unearned Revenue | $ 2,884,876 | $ 2,595,085 | $ 3,298,971 |
CALIFORNIA | |||
Unearned Revenue | 873,322 | 771,759 | 969,444 |
Central [Member] | |||
Unearned Revenue | 1,344,902 | 1,334,901 | 1,662,168 |
Mountain [Member] | |||
Unearned Revenue | $ 666,652 | $ 488,425 | $ 667,359 |
Note 7 - Other Costs (Details T
Note 7 - Other Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Contingency Accrual, Provision | $ 12,000 | $ 0 | ||
Nonoperating Income (Expense) [Member] | ||||
Legal, Accounting and Investigation Fees | $ 6,200 | 13,400 | ||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 2,900 | 5,500 | ||
SEC Investigation [Member] | ||||
Loss Contingency Accrual, Provision | 12,000 | |||
Legal Fees | $ 4,800 | $ 10,600 | ||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||||
Litigation Settlement, Expense | $ 66,000 |
Note 8 - Contract Assets and _3
Note 8 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 71 | ||||
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | 59.1 | $ 47.7 | $ 59.1 | $ 47.7 | $ 39 |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | $ 47.7 | 28.4 | $ 207.6 | $ 167.6 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Brightline Trains Florida LLC [Member] | |||||
Concentration Risk, Percentage | 14.20% | 14% | 17.20% | ||
Performance Obligations [Member] | |||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 39.4 | $ 112.1 | $ 100.9 |
Note 8 - Contract Assets and _4
Note 8 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Costs in excess of billings and estimated earnings | $ 47,184 | $ 14,158 | $ 46,771 |
Contract retention | 143,003 | 131,279 | 107,771 |
Total contract assets | 190,187 | 145,437 | 154,542 |
Billings in excess of costs and estimated earnings, net of retention | 159,541 | 169,542 | 139,327 |
Provisions for losses | 19,781 | 30,499 | 27,088 |
Total contract liabilities | $ 179,322 | $ 200,041 | $ 166,415 |
Note 9 - Receivables, Net (Deta
Note 9 - Receivables, Net (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Working Capital (Deficit) | $ 24.9 | $ 20.4 |
Percentage of Net Receivables, Individually, Maximum | 10% | |
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||
Insurance Settlements Receivable | $ 63 | |
Loan to Partner in Joint Ventures [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Note 9 - Receivables, Net - Sch
Note 9 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Gross receivables | $ 528,406 | $ 465,666 | $ 545,293 |
Less: allowance for credit losses | 1,129 | 1,078 | 1,379 |
Total net receivables | 527,277 | 464,588 | 543,914 |
Completed and in Progress [Member] | |||
Billed | 221,084 | 236,053 | 187,188 |
Unbilled | 160,336 | 126,371 | 189,332 |
Gross receivables | 381,420 | 362,424 | 376,520 |
Material Sales [Member] | |||
Gross receivables | 75,634 | 43,746 | 64,017 |
Other Business Products and Services [Member] | |||
Gross receivables | $ 71,352 | $ 59,496 | $ 104,756 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Oct. 31, 2021 | May 31, 2018 | |
Derivative Liability, Notional Amount | $ 150,000 | ||||||
Interest Expense, Total | $ 3,896 | $ 5,502 | $ 7,471 | $ 10,874 | |||
The 2.75% Convertible Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 26,200 | $ 26,200 | $ 22,600 | ||||
Interest Rate Swap [Member] | |||||||
Interest Expense, Total | $ 1,500 | $ 2,200 | |||||
Commodity Contract [Member] | |||||||
Derivative, Notional Amount | 15,000 | 15,000 | $ 4,900 | ||||
Gain (Loss) on Sale of Commodity Contracts | 2,400 | 2,800 | |||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts, Total | $ (500) | 2,800 | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 1,000 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Total assets | $ 4,968 | $ 65,233 | $ 25,039 |
Interest rate swap | 3,514 | 5,770 | |
Total liabilities | 3,514 | 5,770 | |
Commodity Contract [Member] | |||
Commodity swap | 2,524 | 1,550 | |
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 2,444 | 65,233 | 23,489 |
Interest rate swap | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | |||
Commodity swap | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 2,524 | 0 | 1,550 |
Interest rate swap | 3,514 | 5,770 | |
Total liabilities | 3,514 | 5,770 | |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |||
Commodity swap | 2,524 | 1,550 | |
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | 0 |
Interest rate swap | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | |||
Commodity swap | 0 | 0 | |
Money Market Funds [Member] | |||
Cash equivalents | 2,444 | 65,233 | 23,489 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 2,444 | 65,233 | 23,489 |
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 |
Note 10 - Fair Value Measurem_5
Note 10 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Reported Value Measurement [Member] | ||||
Third Amended and Restated Credit Agreement - term loan (2) | [1] | $ 0 | $ 123,750 | $ 127,500 |
Fourth Amended and Restated Credit Agreement - revolver (2) | [1] | 50,000 | 0 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [2] | 66,675 | 15,600 | 10,850 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [1],[3] | 230,000 | 207,354 | 203,771 |
Estimate of Fair Value Measurement [Member] | ||||
Third Amended and Restated Credit Agreement - term loan (2) | [1] | 0 | 124,598 | 128,639 |
Fourth Amended and Restated Credit Agreement - revolver (2) | [1] | 50,056 | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [2] | 65,565 | 15,459 | 10,801 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [1],[3] | $ 253,000 | $ 313,785 | $ 333,500 |
[1]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 Third Amended and Restated Credit Agreement and Fourth Amended and Restated Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 15 for more information about the 2.75% Convertible Notes, the Third Amended and Restated Credit Agreement and Fourth Amended and Restated Credit Agreement.[2]All marketable securities as of June 30, 2022, December 31, 2021 and June 30, 2021 were classified as held-to-maturity and consisted of U.S. Government and agency obligations and corporate commercial paper maturing in two months to three years.[3]Excluded from the carrying value is debt discount of $22.6 million and $26.2 million as of December 31, 2021 and June 30, 2021, respectively, related to the 2.75% Convertible Notes (see Notes 2 and 15). |
Note 11 - Construction Joint _3
Note 11 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Contract Value of Active Construction Joint Venture Projects | $ 2,700,000 | $ 2,700,000 | ||||
Contract with Customer, Liability, Total | 179,322 | $ 166,415 | 179,322 | $ 166,415 | $ 200,041 | |
Revenue from Contract with Customer, Including Assessed Tax | 768,286 | 834,671 | 1,315,872 | 1,401,003 | ||
Retained Earnings (Accumulated Deficit), Total | $ 413,931 | 401,061 | $ 413,931 | 401,061 | 410,831 | |
Minimum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20% | 20% | ||||
Maximum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Number of Active Joint Venture Projects | 8 | 8 | ||||
Contract Value of Active Construction Joint Venture Projects | $ 9,700,000 | $ 9,700,000 | ||||
Contract with Customer, Liability, Total | 110,300 | 110,300 | ||||
Affirmative Claim Recovery Estimate | 109,500 | 96,700 | 109,500 | 96,700 | 103,800 | |
Back Charge Claims | 2,900 | 14,100 | 2,900 | 14,100 | 10,700 | |
Retained Earnings (Accumulated Deficit), Total | 12,700 | 33,600 | 12,700 | 33,600 | $ 28,600 | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 12,300 | 12,300 | ||||
Contract with Customer, Liability, Total | 1,100 | 1,100 | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 3,800 | 3,800 | ||||
Contract with Customer, Liability, Total | 34,800 | 34,800 | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 110,300 | 110,300 | ||||
Guarantor Obligations, Current Carrying Value | 77,400 | 82,300 | 77,400 | 82,300 | $ 82,100 | |
Co-venturer [Member] | Performance Guarantee [Member] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 199,400 | 199,400 | ||||
Consolidated Construction Corporate Joint Venture [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | $ 1,000,000 | $ 1,000,000 | ||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Number of Active Joint Venture Projects | 9 | 9 | ||||
Contract Value of Active Construction Joint Venture Projects | $ 1,800,000 | $ 1,800,000 | ||||
Contract with Customer, Liability, Total | 225,900 | 225,900 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 119,400 | 114,900 | 227,000 | 197,500 | ||
Net Cash Provided by (Used in) Continuing Operations, Total | 13,400 | 19,400 | ||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 12,100 | 12,100 | ||||
Contract with Customer, Liability, Total | 4,700 | $ 4,700 | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 439,400 | $ 439,400 | ||||
Contract with Customer, Liability, Total | 56,200 | $ 56,200 | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70% | |||||
Construction [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 632,260 | $ 713,425 | $ 1,107,195 | $ 1,220,396 | ||
Construction [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 309,700 |
Note 11 - Construction Joint _4
Note 11 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | |
Cash, cash equivalents and marketable securities | $ 148,446 | $ 182,891 | $ 139,381 | |
Other current assets | [1] | 672,274 | 661,342 | 795,440 |
Noncurrent assets | 85,863 | 103,579 | 140,160 | |
Current liabilities | 228,686 | 307,674 | 432,130 | |
Equity in construction joint ventures | [2] | 174,332 | 161,275 | 161,822 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 602,618 | 633,634 | 716,678 | |
Unconsolidated construction joint venture liabilities | [3] | 99,053 | 154,771 | 235,649 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 303,965 | 314,178 | 358,303 |
Unconsolidated construction joint venture liabilities | $ 129,633 | $ 152,903 | $ 196,481 | |
[1]Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2022, December 31, 2021 and June 30, 2021 was $77.4 million, $82.1 million and $82.3 million, respectively, related to performance guarantees.[2]Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $12.7 million, $28.6 million and $33.6 million as of June 30, 2022, December 31, 2021 and June 30, 2021, 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 June 30, 2022, December 31, 2021 and June 30, 2021, was $109.5 million, $103.8 million and $96.7 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $2.9 million, $10.7 million and $14.1 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2022, December 31, 2021 and June 30, 2021, respectively. |
Note 11 - Construction Joint _5
Note 11 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Cost of revenue | $ 689,806 | $ 736,439 | $ 1,187,617 | $ 1,249,059 | |
Net loss | 16,568 | 55,747 | 6,747 | (9,576) | |
Granite’s interest in net income (loss) (2) | (17,228) | 6,972 | |||
Collaborative Arrangement [Member] | |||||
Revenue | 23,190 | 86,901 | 72,845 | 166,623 | |
Cost of revenue | 36,265 | 80,453 | 89,534 | 159,789 | |
Granite’s interest in gross profit (loss) | (13,075) | 6,448 | (16,689) | 6,834 | |
Granite’s interest in net income (loss) (2) | [1] | (13,601) | 6,551 | (17,228) | 6,969 |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||||
Revenue | 91,564 | 263,558 | 252,703 | 495,600 | |
Cost of revenue | 93,162 | 249,494 | 251,083 | 497,564 | |
Net loss | (2,871) | 13,813 | 296 | (2,190) | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||||
Revenue | [2] | 68,374 | 176,657 | 179,858 | 328,977 |
Cost of revenue | [2] | 56,897 | 169,041 | 161,549 | 337,775 |
Net loss | [2] | $ 10,730 | $ 7,262 | $ 17,524 | $ (9,159) |
[1]These joint venture net income/(loss) amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.[2]Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences. |
Note 12 - Investments in Affi_3
Note 12 - Investments in Affiliates (Details Textual) $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) |
Assets, Total | $ 2,291,332 | $ 2,494,927 | $ 2,478,898 |
Real Estate Entities [Member] | |||
Number of Entities | 2 | ||
Real Estate Entities [Member] | Minimum [Member] | |||
Equity Method Investment, Ownership Percentage | 10% | ||
Real Estate Entities [Member] | Maximum [Member] | |||
Equity Method Investment, Ownership Percentage | 25% | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Assets, Total | $ 110,501 | $ 113,203 | $ 101,457 |
Real Estate Entities One [Member] | |||
Assets, Total | 77,400 | ||
Asphalt Terminal Entity [Member] | |||
Assets, Total | $ 33,100 |
Note 12 - Investments in Affi_4
Note 12 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Total investments in affiliates | $ 23,203 | $ 23,368 | $ 25,317 |
Real Estate Entities [Member] | |||
Total investments in affiliates | 9,619 | 9,619 | 11,914 |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 13,584 | $ 13,749 | $ 13,403 |
Note 12 - Investments in Affi_5
Note 12 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Current assets | $ 1,593,276 | $ 1,827,399 | $ 1,566,433 | |
Total assets | 2,291,332 | 2,494,927 | 2,478,898 | |
Current liabilities | 994,246 | 1,069,318 | 1,048,286 | |
Granite’s share of net assets | 23,203 | 23,368 | 25,317 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 34,822 | 34,374 | 32,528 | |
Noncurrent assets | 75,679 | 78,829 | 68,929 | |
Total assets | 110,501 | 113,203 | 101,457 | |
Current liabilities | 21,182 | 23,685 | 18,794 | |
Long-term liabilities | [1] | 32,364 | 48,104 | 29,596 |
Total liabilities | 53,546 | 71,789 | 48,390 | |
Net assets | $ 56,955 | $ 41,414 | $ 53,067 | |
[1]This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. |
Note 13 - Property and Equipm_3
Note 13 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Property and equipment, gross | $ 1,399,632 | $ 1,342,395 | $ 1,333,683 |
Less: accumulated depreciation and depletion | 935,039 | 908,891 | 900,787 |
Property and equipment, net | 464,593 | 433,504 | 432,896 |
Equipment and Vehicles [Member] | |||
Property and equipment, gross | 908,941 | 870,672 | 849,011 |
Mining Properties and Mineral Rights [Member] | |||
Property and equipment, gross | 206,067 | 191,982 | 195,284 |
Land and Land Improvements [Member] | |||
Property and equipment, gross | 109,420 | 108,518 | 117,394 |
Building and Building Improvements [Member] | |||
Property and equipment, gross | 97,222 | 96,180 | 98,591 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | $ 77,982 | $ 75,043 | $ 73,403 |
Note 14 - Accrued Expenses an_3
Note 14 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Accrued insurance | $ 82,538 | $ 76,999 | $ 77,436 |
Deficits in unconsolidated construction joint ventures | 12,696 | 28,636 | 33,608 |
Payroll and related employee benefits | 77,582 | 87,460 | 87,096 |
Performance guarantees | 77,434 | 82,112 | 82,280 |
Loss Contingency Accrual, Ending Balance | 129,000 | 129,000 | 66,000 |
Accrued legal settlement (see Note 18) | 129,000 | 129,000 | 129,000 |
Other | 43,811 | 48,622 | 50,097 |
Total | 435,061 | 452,829 | 459,517 |
SEC Investigation [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 12,000 | $ 0 | $ 0 |
Note 15 - Long-term Debt and _3
Note 15 - Long-term Debt and Credit Arrangements (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 02, 2022 | |
The Credit Agreement [Member] | |||||
Consolidated Leverage Ratio, Covenant Maximum | 3.25 | 3.25 | 3.25 | ||
Consolidated Interest Covenant Ratio, Covenant Minimum | 3 | 3 | 3 | ||
Consolidated Leverage Ratio, Actual | 2.57 | 2.57 | |||
Consolidated Interest Coverage Ratio, Actual | 6.53 | 6.53 | |||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | 3.40% | |||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||
The Credit Agreement [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | 5.50% | |||
The Credit Agreement [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||
The Credit Agreement [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | $ 350,000 | |||
Debt Instrument, Term (Year) | 5 years | ||||
Line of Credit Facility, Accordion Feature, Maximum Amount | $ 200,000 | $ 200,000 | |||
Line Of Credit Facility, Accordion Feature, Percentage of EBITDA | 100% | 100% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 267,100 | $ 267,100 | |||
Letters of Credit Outstanding, Amount | 32,900 | 32,900 | |||
Long-Term Line of Credit, Total | 50,000 | 50,000 | |||
The Credit Agreement [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | 150,000 | |||
The Credit Agreement [Member] | Financial Standby Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | 75,000 | |||
The Credit Agreement [Member] | Swingline Loans [Member] | |||||
Debt Instrument, Covenant, Minimum Acquisition Cash Consideration for Leverage Ratio | 20,000 | $ 20,000 | |||
The Credit Agreement [Member] | Term Loan [Member] | |||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
The 2.75% Convertible Notes [Member] | Other (Income) Expense [Member] | |||||
Amortization of Debt Discount (Premium) | 0 | $ 1,800 | $ 0 | $ 3,500 | |
Amortization of Debt Issuance Costs | $ 400 | $ 300 | $ 700 | $ 600 |
Note 15 - Long-term Debt and _4
Note 15 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Total debt | $ 288,230 | $ 339,918 | $ 339,931 |
Debt issuance costs and other | 8,230 | 8,814 | 8,660 |
Less current maturities | 1,429 | 8,727 | 8,709 |
Total long-term debt | 286,801 | 331,191 | 331,222 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 230,000 | 207,354 | 203,771 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 0 | 123,750 | 127,500 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Total debt | $ 50,000 | $ 0 | $ 0 |
Note 15 - Long-term Debt and _5
Note 15 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) (Parentheticals) - The 2.75% Convertible Notes [Member] | Jun. 30, 2022 | Aug. 31, 2020 |
Interest rate | 2.75% | |
Convertible Debt [Member] | ||
Interest rate | 2.75% |
Note 16 - Weighted Average Sh_3
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
The 2.75% Convertible Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 452,000 | 493,000 | 503,000 |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7,309,000 | 7,309,000 | 1,066,000 |
Note 16 - Weighted Average Sh_4
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) from continuing operations allocated to common shareholders | $ (2,370) | $ 24,859 | $ (21,405) | $ (38,414) |
Net income attributable to Granite Construction Incorporated from discontinued operations | 19,521 | 29,602 | 25,617 | 26,680 |
Net income (loss) allocated to common shareholders | $ 17,151 | $ 54,461 | $ 4,212 | $ (11,734) |
Weighted average common shares outstanding, basic (in shares) | 44,534 | 45,798 | 45,128 | 45,748 |
Dilutive effect of RSUs and convertible notes (in shares) | 0 | 454 | 0 | 0 |
Dilutive effect of 2.75% Convertible Notes (in shares) | 0 | 1,546 | 0 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 44,534 | 47,798 | 45,128 | 45,748 |
Net income (loss) from continuing operations per share (in dollars per share) | $ (0.05) | $ 0.54 | $ (0.47) | $ (0.84) |
Net income from discontinued operations per share (in dollars per share) | 0.44 | 0.65 | 0.57 | 0.58 |
Net income (loss) per share (in dollars per share) | 0.39 | 1.19 | 0.10 | (0.26) |
Net income (loss) from continuing operations per share (in dollars per share) | (0.05) | 0.52 | (0.47) | (0.84) |
Net income from discontinued operations per share (in dollars per share) | 0.44 | 0.62 | 0.57 | 0.58 |
Net income (loss) per share (in dollars per share) | $ 0.39 | $ 1.14 | $ 0.10 | $ (0.26) |
Note 16 - Weighted Average Sh_5
Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares (Details) (Parentheticals) | Jun. 30, 2022 |
The 2.75% Convertible Notes [Member] | |
Interest rate | 2.75% |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Loss Contingency Accrual, Ending Balance | $ 129,000 | $ 129,000 | $ 66,000 |
SEC Investigation [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 12,000 | $ 0 | $ 0 |
Note 17 - Income Taxes - Schedu
Note 17 - Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Provision for (benefit from) income taxes on continuing operations | $ 2,549 | $ 7,710 | $ (2,782) | $ (14,047) |
Effective tax rate | (630.90%) | 22.80% | 12.80% | 27.90% |
Note 18 - Contingencies - Leg_2
Note 18 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Apr. 14, 2022 | Feb. 04, 2022 | Feb. 03, 2022 | Oct. 06, 2021 | Apr. 29, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Loss Contingency Accrual, Ending Balance | $ 129,000 | $ 129,000 | $ 66,000 | ||||||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | |||||||||
Loss Contingency, Proceeds From Insurance Recovery | $ 63,000 | 63,000 | 63,000 | ||||||
Gain (Loss) Related to Litigation Settlement | $ (66,000) | ||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 129,000 | ||||||||
Payment to Contingency Settlement Fund | 129,000 | ||||||||
Loss Contingency Accrual, Payments | 66,000 | ||||||||
Litigation Settlement, Settlement Fund Amount | $ 129,000 | ||||||||
SEC Investigation [Member] | |||||||||
Loss Contingency Accrual, Ending Balance | $ 12,000 | $ 0 | $ 0 | ||||||
English v. Roberts et al. [Member] | |||||||||
Loss Contingency, Damages Sought, Value | $ 7,500 | ||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 100,000 | ||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Steadfast [Member] | |||||||||
Loss Contingency, Damages Sought, Value | $ 70,000 | ||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | CHDJV [Member] | |||||||||
Loss Contingency, Damages Sought, Value | $ 30,000 |
Note 19 - Reportable Segment _3
Note 19 - Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Total revenue | $ 768,286 | $ 834,671 | $ 1,315,872 | $ 1,401,003 | |
Range of reduction in gross profit from each project, net | 78,480 | 98,232 | 128,255 | 151,944 | |
Depreciation, depletion and amortization | 12,399 | 15,210 | 26,526 | 27,165 | |
Segment assets | 2,291,332 | 2,478,898 | 2,291,332 | 2,478,898 | $ 2,494,927 |
Constructions [Member] | |||||
Total revenue | 632,260 | 713,425 | 1,107,195 | 1,220,396 | |
Range of reduction in gross profit from each project, net | 61,166 | 76,267 | 109,358 | 129,036 | |
Depreciation, depletion and amortization | 5,595 | 8,864 | 13,389 | 15,482 | |
Materials [Member] | |||||
Total revenue | 136,026 | 121,246 | 208,677 | 180,607 | |
Range of reduction in gross profit from each project, net | 17,314 | 21,965 | 18,897 | 22,908 | |
Depreciation, depletion and amortization | 6,804 | 6,346 | 13,137 | 11,683 | |
Operating Segments [Member] | |||||
Total revenue | 812,704 | 881,394 | 1,377,193 | 1,459,717 | |
Segment assets | 727,082 | 704,700 | 727,082 | 704,700 | |
Operating Segments [Member] | Constructions [Member] | |||||
Total revenue | 632,260 | 713,425 | 1,107,195 | 1,220,396 | |
Segment assets | 369,160 | 372,952 | 369,160 | 372,952 | |
Operating Segments [Member] | Materials [Member] | |||||
Total revenue | 180,444 | 167,969 | 269,998 | 239,321 | |
Segment assets | 357,922 | 331,748 | 357,922 | 331,748 | |
Consolidation, Eliminations [Member] | |||||
Total revenue | (44,418) | (46,723) | (61,321) | (58,714) | |
Consolidation, Eliminations [Member] | Constructions [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Materials [Member] | |||||
Total revenue | $ (44,418) | $ (46,723) | $ (61,321) | $ (58,714) |
Note 19 - Reportable Segment _4
Note 19 - Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Range of reduction in gross profit from each project, net | $ 78,480 | $ 98,232 | $ 128,255 | $ 151,944 |
Selling, general and administrative expenses | 53,162 | 58,628 | 111,663 | 119,789 |
Other costs (see Note 7) | 20,177 | 5,868 | 28,391 | 80,177 |
Gain on sales of property and equipment | (385) | (1,052) | (717) | (3,297) |
Total other expense, net | 5,930 | 933 | 10,570 | 5,578 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (404) | $ 33,855 | $ (21,652) | $ (50,303) |