Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,730,055 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Current assets | ||||
Cash and cash equivalents | $ 255,084 | $ 395,647 | $ 464,049 | |
Short-term marketable securities | 39,873 | 0 | 0 | |
Receivables, net | 618,144 | 464,588 | [1] | 684,822 |
Contract assets | 241,238 | 145,437 | 204,046 | |
Inventories | 81,296 | 61,965 | 77,412 | |
Equity in construction joint ventures | 186,824 | 189,911 | 195,354 | |
Other current assets | 157,231 | 177,210 | 39,749 | |
Current assets held-for-sale | 0 | 392,641 | 0 | |
Total current assets | 1,579,690 | 1,827,399 | 1,665,432 | |
Property and equipment, net | 500,827 | 433,504 | [1] | 510,658 |
Long-term marketable securities | 21,575 | 15,600 | 10,600 | |
Investments in affiliates | 78,663 | 23,368 | 72,415 | |
Goodwill | 73,704 | 53,715 | 116,788 | |
Right of use assets | 49,590 | 49,312 | 58,226 | |
Deferred income taxes, net | 45,650 | 24,141 | 41,228 | |
Other noncurrent assets | 58,265 | 67,888 | 86,409 | |
Total assets | 2,407,964 | 2,494,927 | 2,561,756 | |
Current liabilities | ||||
Current maturities of long-term debt | 1,438 | 8,727 | 8,718 | |
Accounts payable | 398,285 | 324,313 | 397,152 | |
Contract liabilities | 191,037 | 200,041 | 195,267 | |
Accrued expenses and other current liabilities | 450,223 | 452,829 | 499,214 | |
Current liabilities held-for-sale | 0 | 83,408 | 0 | |
Total current liabilities | 1,040,983 | 1,069,318 | 1,100,351 | |
Long-term debt | 286,872 | 331,191 | 331,192 | |
Long-term lease liabilities | 32,701 | 32,928 | 39,908 | |
Other long-term liabilities | 60,664 | 65,927 | 67,951 | |
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: 43,723,658 shares as of September 30, 2022, 45,840,260 shares as of December 31, 2021 and 45,826,409 shares as of September 30, 2021 | 437 | 458 | 458 | |
Additional paid-in capital | 468,662 | 559,752 | 558,121 | |
Accumulated other comprehensive income (loss) | 535 | (3,359) | (3,468) | |
Retained earnings | 481,489 | 410,831 | 430,074 | |
Total Granite Construction Incorporated shareholders’ equity | 951,123 | 967,682 | 985,185 | |
Non-controlling interests | 35,621 | 27,881 | 37,169 | |
Total equity | 986,744 | 995,563 | 1,022,354 | |
Total liabilities and equity | $ 2,407,964 | $ 2,494,927 | $ 2,561,756 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Cash and cash equivalents | $ 255,084 | $ 395,647 | $ 464,049 | |
Receivables, net | 618,144 | 464,588 | [1] | 684,822 |
Contract assets | 241,238 | 145,437 | 204,046 | |
Other current assets | 157,231 | 177,210 | 39,749 | |
Property and equipment, net | 500,827 | 433,504 | [1] | 510,658 |
Accounts payable | 398,285 | 324,313 | 397,152 | |
Contract liabilities | 191,037 | 200,041 | 195,267 | |
Accrued expenses and other current liabilities | $ 450,223 | $ 452,829 | $ 499,214 | |
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) | 43,723,658 | 45,840,260 | 45,826,409 | |
Common stock, shares outstanding (in shares) | 43,723,658 | 45,840,260 | 45,826,409 | |
Consolidated Construction Corporate Joint Venture [Member] | ||||
Cash and cash equivalents | $ 112,524 | $ 92,783 | $ 119,611 | |
Receivables, net | 71,613 | 49,534 | 42,530 | |
Contract assets | 73,404 | 50,054 | 42,792 | |
Other current assets | 5,213 | 8,091 | 9,954 | |
Property and equipment, net | 9,662 | 14,920 | 17,534 | |
Accounts payable | 71,947 | 55,012 | 62,547 | |
Contract liabilities | 76,572 | 69,328 | 56,914 | |
Accrued expenses and other current liabilities | $ 7,981 | $ 5,514 | $ 5,238 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||||
Total revenue | $ 1,009,806 | $ 1,062,129 | $ 2,514,194 | $ 2,696,214 |
Cost of revenue | ||||
Total cost of revenue | 889,439 | 942,194 | 2,236,169 | 2,396,015 |
Gross profit | 120,367 | 119,935 | 278,025 | 300,199 |
Selling, general and administrative expenses | 61,795 | 77,603 | 192,036 | 227,400 |
Other costs, net (see Note 7) | (490) | 3,759 | 19,445 | 85,547 |
Gain on sales of property and equipment, net (see Note 13) | (949) | (5,159) | (10,462) | (39,349) |
Operating income | 60,011 | 43,732 | 77,006 | 26,601 |
Other (income) expense | ||||
Interest income | (1,894) | (293) | (3,246) | (737) |
Interest expense | 2,519 | 5,131 | 10,003 | 16,019 |
Equity in income of affiliates, net | (3,491) | (2,539) | (9,656) | (10,578) |
Other (income) expense, net | 77 | 106 | 4,646 | (3,018) |
Total other (income) expense, net | (2,789) | 2,405 | 1,747 | 1,686 |
Income before income taxes | 62,800 | 41,327 | 75,259 | 24,915 |
Provision for (benefit from) income taxes | (6,489) | 8,904 | (777) | 2,068 |
Net income | 69,289 | 32,423 | 76,036 | 22,847 |
Amount attributable to non-controlling interests | 4,104 | 2,620 | 1,569 | 462 |
Net income attributable to Granite Construction Incorporated | $ 73,393 | $ 35,043 | $ 77,605 | $ 23,309 |
Basic earnings per share (in dollars per share) | $ 1.67 | $ 0.76 | $ 1.73 | $ 0.51 |
Diluted earnings per share (in dollars per share) | $ 1.44 | $ 0.73 | $ 1.56 | $ 0.49 |
Basic (in shares) | 43,973 | 45,821 | 44,739 | 45,773 |
Diluted (in shares) | 51,863 | 47,906 | 52,613 | 47,522 |
Construction [Member] | ||||
Revenue | ||||
Total revenue | $ 848,267 | $ 924,454 | $ 2,141,009 | $ 2,369,848 |
Cost of revenue | ||||
Total cost of revenue | 749,938 | 825,217 | 1,903,949 | 2,114,405 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 161,539 | 137,675 | 373,185 | 326,366 |
Cost of revenue | ||||
Total cost of revenue | $ 139,501 | $ 116,977 | $ 332,220 | $ 281,610 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 69,289 | $ 32,423 | $ 76,036 | $ 22,847 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) on cash flow hedges, net of tax | (1,906) | (945) | 153 | 282 |
Less: reclassification for net gains included in interest expense, net of tax | 0 | 379 | 3,042 | 1,557 |
Net change | (1,906) | (566) | 3,195 | 1,839 |
Foreign currency translation adjustments, net | 53 | (151) | 699 | (273) |
Other comprehensive income (loss), net of tax | (1,853) | (717) | 3,894 | 1,566 |
Comprehensive income, net of tax | 67,436 | 31,706 | 79,930 | 24,413 |
Non-controlling interests in comprehensive income, net of tax | 4,104 | 2,620 | 1,569 | 462 |
Comprehensive income attributable to Granite Construction Incorporated, net of tax | $ 71,540 | $ 34,326 | $ 81,499 | $ 24,875 |
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 | |||||||||||||||||||||
Balances at Dec. 31, 2020 | $ 457 | $ 555,407 | $ (5,035) | $ 424,835 | $ 975,664 | $ 15,946 | $ 991,610 | |||||||||||||||
Net income | 0 | 0 | 0 | 23,309 | 23,309 | (462) | 22,847 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 1,566 | 0 | 1,566 | 0 | 1,566 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 65,283 | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (1) | (2,602) | 0 | 0 | (2,603) | 0 | (2,603) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 223,966 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (17,867) | (17,867) | 0 | (17,867) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 21,685 | 21,685 | |||||||||||||||
Stock-based compensation expense and other (in shares) | 815 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 5,318 | 1 | (203) | 5,116 | 0 | $ 5,116 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (65,283) | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | (815) | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2021 | 45,826,409 | 45,826,409 | ||||||||||||||||||||
Balances at Sep. 30, 2021 | $ 458 | 558,121 | (3,468) | 430,074 | 985,185 | 37,169 | $ 1,022,354 | |||||||||||||||
Balances (in shares) at Jun. 30, 2021 | 45,818,719 | |||||||||||||||||||||
Balances at Jun. 30, 2021 | $ 458 | 556,615 | (2,750) | 401,061 | 955,384 | 32,858 | 988,242 | |||||||||||||||
Net income | 0 | 0 | 0 | 35,043 | 35,043 | (2,620) | 32,423 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | (717) | 0 | (717) | 0 | (717) | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (2,683) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ 0 | (105) | 0 | 0 | (105) | 0 | (105) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 10,399 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | 0 | (5,958) | (5,958) | 0 | (5,958) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 6,931 | 6,931 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (26) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 1,611 | (1) | (72) | 1,538 | 0 | $ 1,538 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 2,683 | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | 26 | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2021 | 45,826,409 | 45,826,409 | ||||||||||||||||||||
Balances at Sep. 30, 2021 | $ 458 | 558,121 | (3,468) | 430,074 | 985,185 | 37,169 | $ 1,022,354 | |||||||||||||||
Balances (in shares) at 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 | 0 | 0 | 0 | 77,605 | 77,605 | (1,569) | 76,036 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 3,894 | 0 | 3,894 | 0 | 3,894 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 2,370,376 | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (23) | (70,703) | 0 | 0 | (70,726) | 0 | (70,726) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 244,760 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | (17,490) | (17,272) | 0 | (17,272) | ||||||||||||||||
Dividends on common stock ($0.13 per share) | 218 | |||||||||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 9,309 | 9,309 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (9,014) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 6,358 | 0 | 0 | 6,358 | 0 | $ 6,358 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (2,370,376) | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | 9,014 | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 43,723,658 | 43,723,658 | ||||||||||||||||||||
Balances at Sep. 30, 2022 | $ 437 | 468,662 | 535 | 481,489 | 951,123 | 35,621 | $ 986,744 | |||||||||||||||
Balances (in shares) at Jun. 30, 2022 | 44,078,469 | |||||||||||||||||||||
Balances at Jun. 30, 2022 | $ 441 | 467,159 | 2,388 | 413,931 | 883,919 | 33,316 | 917,235 | |||||||||||||||
Net income | 0 | 0 | 0 | 73,393 | 73,393 | (4,104) | 69,289 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | (1,853) | 0 | (1,853) | 0 | (1,853) | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (378,790) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (4) | (346) | 0 | 0 | (350) | 0 | (350) | ||||||||||||||
Restricted stock units (“RSUs”) vested (in shares) | 23,994 | |||||||||||||||||||||
Restricted stock units (“RSUs”) vested | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 0 | (5,759) | (5,685) | 0 | (5,685) | ||||||||||||||||
Dividends on common stock ($0.13 per share) | 74 | |||||||||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 6,409 | 6,409 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (15) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 1,775 | 0 | (76) | 1,699 | 0 | $ 1,699 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | 378,790 | ||||||||||||||||||||
Stock-based compensation expense and other (in shares) | 15 | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 43,723,658 | 43,723,658 | ||||||||||||||||||||
Balances at Sep. 30, 2022 | $ 437 | $ 468,662 | $ 535 | $ 481,489 | $ 951,123 | $ 35,621 | $ 986,744 | |||||||||||||||
[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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 76,036 | $ 22,847 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, depletion and amortization | 61,714 | 81,008 |
Amortization related to long-term debt (see Note 15) | 1,901 | 7,038 |
Gain on sale of business (see Note 3) | (6,234) | 0 |
Gain on sales of property and equipment, net | (10,462) | (39,349) |
Deferred income taxes | (17,819) | 0 |
Stock-based compensation | 6,151 | 5,181 |
Equity in net (income) loss from unconsolidated joint ventures | 23,585 | (8,027) |
Net income from affiliates | (9,656) | (10,578) |
Other non-cash adjustments | 38 | 664 |
Changes in assets and liabilities: | ||
Insurance receivable for legal settlement (see Note 18) | 0 | (63,000) |
Receivables | (94,233) | (81,072) |
Contract assets, net | (94,933) | (17,155) |
Inventories | (8,795) | 4,951 |
Contributions to unconsolidated construction joint ventures | (44,667) | (61,780) |
Distributions from unconsolidated construction joint ventures and affiliates | 7,960 | 14,379 |
Other assets, net | 30,589 | (102) |
Accounts payable | 60,973 | 47,223 |
Accrual for legal settlement (see Note 18) | 0 | 129,000 |
Accrued expenses and other liabilities, net | 3,221 | 28,694 |
Net cash provided by (used in) operating activities | (14,631) | 59,922 |
Investing activities | ||
Purchases of marketable securities | (59,810) | (5,000) |
Maturities of marketable securities | 15,000 | 0 |
Purchases of property and equipment | (97,753) | (72,964) |
Proceeds from sales of property and equipment | 21,110 | 58,002 |
Proceeds from the sale of business (see Note 3) | 142,571 | 0 |
Issuance of notes receivable | (7,560) | 0 |
Collection of notes receivable | 316 | 2,581 |
Net cash provided by (used in) investing activities | 13,874 | (17,381) |
Financing activities | ||
Proceeds from long-term debt | 50,000 | 0 |
Debt principal repayments | (124,911) | (6,795) |
Cash dividends paid | (17,587) | (17,846) |
Repurchases of common stock (See Note 1) | (70,724) | (2,603) |
Contributions from non-controlling partners | 11,925 | 15,701 |
Distributions to non-controlling partners | (6,725) | (3,022) |
Other financing activities, net | 208 | (63) |
Net cash used in financing activities | (157,814) | (14,628) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (158,571) | 27,913 |
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 period | 255,084 | 465,561 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 12,898 | 13,731 |
Operating lease liabilities | 17,135 | 16,967 |
Interest | 7,397 | 9,215 |
Income taxes | 1,780 | 1,869 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 8,258 | 7,563 |
Dividends declared but not paid | 5,685 | 5,957 |
Contributions from non-controlling partners | 4,109 | 9,006 |
Accrued equipment purchases | $ 897 | $ (258) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Restricted cash | $ 1,512 | $ 1,512 | $ 1,512 |
Restricted cash | $ 0 | $ 1,512 | $ 1,512 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Basis of Presentation: 10 December 31, 2021 September 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. Stock Purchase Programs: May 2, 2022, May 2, 2022, August 31, 2022, September 2, 2022 Discontinued Operations: fourth 2021, first 2022, 3, third 2022, no no December 31, 2021, Seasonality: first fourth may three nine September 30, 2022 not |
Note 2 - Recently Issued and Ad
Note 2 - Recently Issued and Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 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 September 30, 2022, 2.75% 2.75% November 2019 2.75% November 1, 2024, 2.75% May 1, 2024 May 1, 2024, 2.75% second 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 | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. As discussed in Note 1, fourth 2021 , twelve 205 20, Presentation of financial statements - Discontinued operations. December 31, 2021, 360, During the first 2022 , nine September 30, 2022. In the third 2022, three September 30, 2022, three September 20, 2022, December 31, 2021, The following table presents summarized balance sheet information of assets and liabilities held for sale: (in thousands) December 31, 2021 Cash and cash equivalents $ 16,496 Receivables, net 102,208 Contract assets 41,340 Inventories 19,625 Other current assets 1,781 Property and equipment, net 70,912 Investments in affiliates 48,675 Goodwill 63,063 Right of use assets 12,365 Other noncurrent assets 16,176 Total assets classified as held-for-sale $ 392,641 Accounts payable $ 37,997 Contract liabilities 7,129 Other current liabilities 27,764 Long-term lease liabilities 8,352 Other long-term liabilities 2,166 Total liabilities classified as held-for-sale $ 83,408 |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates | 9 Months Ended |
Sep. 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 nine September 30, 2022 2021 not The projects with increases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three months ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Number of projects with upward estimate changes 1 — 1 — Increase in gross profit, net $ 8.0 $ — $ 5.6 $ — Increase to project profitability, net $ 8.0 $ — $ 5.6 $ — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated $ 6.1 $ — $ 4.3 $ — Increase to net income/decrease to net loss per diluted share attributable to common shareholders $ 0.12 $ — $ 0.08 $ — three nine September 30, 2022 no The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Number of projects with downward estimate changes 1 2 6 5 Range of reduction in gross profit from each project, net $ 15.2 $ 5.7 $ 5.7 - 21.2 $ 5.5 - 16.2 Decrease to project profitability, net $ 15.2 $ 16.6 $ 63.2 $ 48.2 Decrease to net income/increase to net loss $ 11.7 $ 13.0 $ 48.6 $ 37.7 Amounts attributable to non-controlling interests $ 7.6 $ 5.5 $ 13.2 $ 10.0 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 4.1 $ 7.5 $ 35.4 $ 27.7 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.08 $ 0.16 $ 0.67 $ 0.58 The decreases during the three nine September 30, 2022 three nine September 30, 2021 |
Note 5 - Disaggregation of Reve
Note 5 - Disaggregation of Revenue | 9 Months Ended |
Sep. 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 3 Three Months Ended September 30, 2022 Construction Materials Total California $ 263,252 $ 85,173 $ 348,425 Central 222,745 9,348 232,093 Mountain 362,270 67,018 429,288 Total $ 848,267 $ 161,539 $ 1,009,806 2021 Construction Materials Total California $ 243,740 $ 76,029 $ 319,769 Central 296,505 5,640 302,145 Mountain 384,209 56,006 440,215 Total $ 924,454 $ 137,675 $ 1,062,129 Nine months ended September 30, 2022 Construction Materials Total California $ 607,536 $ 202,371 $ 809,907 Central 654,912 33,634 688,546 Mountain 878,561 137,180 1,015,741 Total $ 2,141,009 $ 373,185 $ 2,514,194 2021 Construction Materials Total California $ 631,637 $ 188,475 $ 820,112 Central 837,792 24,740 862,532 Mountain 900,419 113,151 1,013,570 Total $ 2,369,848 $ 326,366 $ 2,696,214 |
Note 6 - Unearned Revenue
Note 6 - Unearned Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 6. Unearned Revenue The following table presents our unearned revenue as of the respective periods: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 California $ 801,449 $ 771,759 $ 855,765 Central 1,299,281 1,334,901 1,468,341 Mountain 548,336 488,425 708,086 Total $ 2,649,066 $ 2,595,085 $ 3,032,192 All unearned revenue is in the Construction segment. Approximately $2.2 billion of September 30, 2022 nearned revenue is expected to be recognized within the next twelve |
Note 7 - Other Costs, Net
Note 7 - Other Costs, Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 7. Other Costs, net Other costs, net in the condensed consolidated statements of operations include a legal settlement charge, non-recurring legal fees related to lawsuits and net costs relating to the resolution of the SEC investigation, all discussed further in Note 18, three September 30, 2022 18 nine September 30, 2021 18. |
Note 8 - Contract Assets and Li
Note 8 - Contract Assets and Liabilities | 9 Months Ended |
Sep. 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 $40.4 million and $152.5 million during the three nine September 30, 2022 three nine September 30, 2021 As of September 30, 2022 December 31, 2021 September 30, 2021 The components of the contract asset balances as of the respective dates were as follows: (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Costs in excess of billings and estimated earnings $ 83,837 $ 14,158 $ 61,815 Contract retention 157,401 131,279 142,231 Total contract assets $ 241,238 $ 145,437 $ 204,046 (1) These balances do not include amounts held for sale (see Note 3). As of September 30, 2022 December 31, 2021 September 30, 2021 No 10% one As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $12.7 million and $220.3 million during the three nine September 30, 2022 three nine September 30, 2021 December 31, 2021 2020 The components of the contract liability balances as of the respective dates were as follows: (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Billings in excess of costs and estimated earnings, net of retention $ 170,516 $ 169,542 $ 166,091 Provisions for losses 20,521 30,499 29,176 Total contract liabilities $ 191,037 $ 200,041 $ 195,267 (1) These balances do not include amounts held for sale (see Note 3). |
Note 9 - Receivables, Net
Note 9 - Receivables, Net | 9 Months Ended |
Sep. 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) September 30, 2022 December 31, 2021 (1) September 30, 2021 Contracts completed and in progress: Billed $ 279,864 $ 236,053 $ 278,313 Unbilled 177,299 126,371 217,534 Total contracts completed and in progress 457,163 362,424 495,847 Materials sales 87,870 43,746 80,357 Other 74,385 59,496 110,302 Total gross receivables 619,418 465,666 686,506 Less: allowance for credit losses 1,274 1,078 1,684 Total net receivables $ 618,144 $ 464,588 $ 684,822 (1) These balances do not include amounts held for sale (see Note 3). Included in other receivables at September 30, 2022 December 31, 2021 September 30, 2021 September 30, 2022 December 31, 2021 one September 30, 2021 18, October 2021 September 30, 2022 no |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurement | 9 Months Ended |
Sep. 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 September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 76,752 $ — $ — $ 76,752 Other current assets Commodity swap — (43 ) — (43 ) Total assets $ 76,752 $ (43 ) $ — $ 76,709 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 September 30, 2021 Cash equivalents Money market funds $ 61,231 $ — $ — $ 61,231 Other current assets Restricted cash 1,512 — — 1,512 Total assets $ 62,743 $ — $ — $ 62,743 Accrued and other current liabilities Interest rate swap $ — $ 5,001 $ — $ 5,001 Total liabilities $ — $ 5,001 $ — $ 5,001 Interest Rate Swaps In connection with entering into the Third Amended and Restated Credit Agreement in May 2018, two May 2018 May 2023. During the second 2022, 15 nine September 30, 2022 Commodity Swaps As of September 30, 2022 October 31, 2022. three nine September 30, 2022 three September 30, 2022 nine September 30, 2022 September 30, 2021 October 2021. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not September 30, 2022 December 31, 2021 September 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 $ 61,448 $ 59,947 $ 15,600 $ 15,459 $ 10,600 $ 10,582 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 236,440 $ 207,354 $ 313,785 $ 205,543 $ 326,025 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 $ 125,625 $ 126,610 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 50,165 $ — $ — $ — $ — ( 1 September 30, 2022 December 31, 2021 September 30, 2021 two three ( 2 2.75% 15 2.75% ( 3 December 31, 2021 September 30, 2021 2.75% 2 15 During the three nine September 30, 2022 2021 not |
Note 11 - Construction Joint Ve
Note 11 - Construction Joint Ventures | 9 Months Ended |
Sep. 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 nine September 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 September 30, 2022 not may Consolidated Construction Joint Ventures (“CCJVs”) At September 30, 2022 nine September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 nine September 30, 2021 Unconsolidated Construction Joint Ventures As of September 30, 2022 seven September 30, 2022 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Assets Cash, cash equivalents and marketable securities $ 151,706 $ 182,891 $ 159,187 Other current assets (1) 676,675 661,342 765,319 Noncurrent assets 81,994 103,579 111,981 Less partners’ interest 609,632 633,634 692,226 Granite’s interest (1),(2) $ 300,743 $ 314,178 $ 344,261 Liabilities Current liabilities $ 205,084 $ 307,674 $ 396,154 Less partners’ interest and adjustments (3) 83,274 154,771 227,372 Granite’s interest $ 121,810 $ 152,903 $ 168,782 Equity in construction joint ventures (4) $ 178,933 $ 161,275 $ 175,479 ( 1 September 30, 2022 December 31, 2021 September 30, 2021 ( 2 September 30, 2022 December 31, 2021 September 30, 2021 September 30, 2022 December 31, 2021 September 30, 2021 ( 3 ( 4 September 30, 2022 December 31, 2021 September 30, 2021 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue Total $ 69,355 $ 194,486 $ 322,058 $ 690,086 Less partners’ interest and adjustments (1) 44,000 113,205 223,858 442,182 Granite’s interest $ 25,355 $ 81,281 $ 98,200 $ 247,904 Cost of revenue Total $ 81,694 $ 203,786 $ 332,777 $ 701,350 Less partners’ interest and adjustments (1) 49,882 123,461 211,431 461,236 Granite’s interest 31,812 80,325 121,346 240,114 Granite’s interest in gross profit (loss) $ (6,457 ) $ 956 $ (23,146 ) $ 7,790 Net Income (Loss) Total $ (11,945 ) $ (9,279 ) $ (11,649 ) $ (11,469 ) Less partners’ interest and adjustments (1) (5,588 ) (10,335 ) 11,936 (19,496 ) Granite’s interest in net income (loss) (2) $ (6,357 ) $ 1,056 $ (23,585 ) $ 8,027 ( 1 ( 2 |
Note 12 - Investments in Affili
Note 12 - Investments in Affiliates | 9 Months Ended |
Sep. 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) September 30, 2022 December 31, 2021 (1) September 30, 2021 Foreign $ 55,851 $ — $ 49,089 Real estate 9,141 9,619 9,743 Asphalt terminal 13,671 13,749 13,583 Total investments in affiliates $ 78,663 $ 23,368 $ 72,415 (1) These balances do not include amounts held for sale (see Note 3). The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Current assets $ 183,637 $ 34,374 $ 162,503 Noncurrent assets 173,494 78,829 161,700 Total assets $ 357,131 $ 113,203 $ 324,203 Current liabilities $ 99,535 $ 23,685 $ 80,145 Long-term liabilities (2) 61,140 48,104 59,501 Total liabilities $ 160,675 $ 71,789 $ 139,646 Net assets $ 196,456 $ 41,414 $ 184,557 Granite’s share of net assets $ 78,663 $ 23,368 $ 72,415 ( 1 not 3 ( 2 Of the $357.1 million of total affiliate assets as of September 30, 2022 September 30, 2022 December 31, 2021 September 30, 2021 September 30, 2022 |
Note 13 - Property and Equipmen
Note 13 - Property and Equipment, Net | 9 Months Ended |
Sep. 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) September 30, 2022 December 31, 2021 (1) September 30, 2021 Equipment and vehicles $ 989,754 $ 870,672 $ 997,560 Quarry property 205,369 191,982 188,838 Land and land improvements 115,308 108,518 126,130 Buildings and leasehold improvements 104,108 96,180 123,207 Office furniture and equipment 82,483 75,043 78,059 Property and equipment 1,497,022 1,342,395 1,513,794 Less: accumulated depreciation and depletion 996,195 908,891 1,003,136 Property and equipment, net $ 500,827 $ 433,504 $ 510,658 (1) These balances do not include amounts held for sale (see Note 3). On June 30, 2021, two |
Note 14 - Accrued Expenses and
Note 14 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 14. Accrued Expenses and Other Current Liabilities (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Accrued insurance $ 80,185 $ 76,999 $ 72,516 Deficits in unconsolidated construction joint ventures 7,891 28,636 19,875 Payroll and related employee benefits 89,365 87,460 130,735 Performance guarantees 77,434 82,112 82,280 Accrued legal settlement (see Note 18) 129,000 129,000 129,000 Other 66,348 48,622 64,808 Total $ 450,223 $ 452,829 $ 499,214 (1) These balances do not include amounts held for sale (see Note 3) Other includes short-term lease liabilities, dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none of which are greater than 5% of total current liabilities. |
Note 15 - Long-term Debt and Cr
Note 15 - Long-term Debt and Credit Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 15. Long-Term Debt and Credit Arrangements (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 2.75 $ 230,000 $ 207,354 $ 205,543 Third Amended and Restated Credit Agreement - term loan — 123,750 125,625 Fourth Amended and Restated Credit Agreement - revolver 50,000 — — Debt issuance costs and other 8,310 8,814 8,742 Total debt $ 288,310 $ 339,918 $ 339,910 Less current maturities 1,438 8,727 8,718 Total long-term debt $ 286,872 $ 331,191 $ 331,192 During the first 2022, May 31, 2018 June 2, 2027. five twelve We may September 30, 2022 November 2022 December 2025 September 30, 2022 September 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 (as defined in the Credit Agreement) of 3.25 to 1.00 1.00. September 30, 2022 not Effective January 1, 2022, 2020 06 2 2.75% During the three nine September 30, 2022 not 2020 06, three nine September 30, 2021 three nine September 30, 2022 2021 |
Note 16 - Weighted Average Shar
Note 16 - Weighted Average Shares Outstanding and Net Income Per Share | 9 Months Ended |
Sep. 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 per share as well as the calculation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net income attributable to common shareholders for basic earnings per share $ 73,393 $ 35,043 $ 77,605 $ 23,309 Add back: Interest expense related to 2.75% 1,473 - 4,418 - Net income attributable to common shareholders for diluted earnings per share $ 74,866 $ 35,043 $ 82,023 $ 23,309 Denominator Weighted average common shares outstanding, basic 43,973 45,821 44,739 45,773 Add: Dilutive effect of RSUs 581 563 565 523 Add: Dilutive effect of 2.75% 7,309 1,522 7,309 1,226 Weighted average common shares outstanding, diluted 51,863 47,906 52,613 47,522 Net income per share, basic $ 1.67 $ 0.76 $ 1.73 $ 0.51 Net income per share, diluted $ 1.44 $ 0.73 $ 1.56 $ 0.49 Beginning in 2022, with the adoption of ASU 2020-06, we have applied the if-converted method for calculating diluted earnings per share (see Note 2). |
Note 17 - Income Taxes
Note 17 - Income Taxes | 9 Months Ended |
Sep. 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 for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Provision for (benefit from) income taxes $ (6,489 ) $ 8,904 $ (777 ) $ 2,068 Effective tax rate (10.3 %) 21.5 % (1.0 %) 8.3 % Our effective tax rates for the three nine September 30, 2022 no no 1 3. |
Note 18 - Contingencies - Legal
Note 18 - Contingencies - Legal Proceedings | 9 Months Ended |
Sep. 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 September 30, 2022 December 31, 2021 September 30, 2021 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. September 8, 2022, Nasseri 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. 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. July 27, 2022, Davydov v. Roberts, et al. July 28, 2022, English v. Roberts, et al. three nine September 30, 2022. As of September 30, 2022 December 31, 2021 September 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 issued subpoenas for documents in connection with the accounting issues identified in the Investigation. We produced documents to the SEC and fully cooperated with the SEC in its investigation. In the second 2022, nine September 30, 2022. During the third 2022, August 25, 2022, September 9, 2022, September 16, 2022, 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, June 14, 2022, August 24, 2022, not GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) |
Note 19 - Reportable Segment In
Note 19 - Reportable Segment Information | 9 Months Ended |
Sep. 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 3, Summarized segment information is as follows: Three months ended September 30, Construction Materials Total 2022 Total revenue from reportable segments $ 848,267 $ 228,871 $ 1,077,138 Elimination of intersegment revenue — (67,332 ) (67,332 ) Revenue from external customers $ 848,267 $ 161,539 $ 1,009,806 Gross profit $ 98,329 $ 22,038 $ 120,367 Depreciation, depletion and amortization $ 10,082 $ 6,870 $ 16,952 2021 Total revenue from reportable segments $ 924,454 $ 201,419 $ 1,125,873 Elimination of intersegment revenue — (63,744 ) (63,744 ) Revenue from external customers $ 924,454 $ 137,675 $ 1,062,129 Gross profit $ 99,237 $ 20,698 $ 119,935 Depreciation, depletion and amortization $ 18,230 $ 7,014 $ 25,244 Nine months ended September 30, Construction Materials Total 2022 Total revenue from reportable segments $ 2,141,009 $ 506,228 $ 2,647,237 Elimination of intersegment revenue — $ (133,043 ) (133,043 ) Revenue from external customers $ 2,141,009 $ 373,185 $ 2,514,194 Gross profit $ 237,060 $ 40,965 $ 278,025 Depreciation, depletion and amortization $ 31,651 $ 20,007 $ 51,658 Segment assets as of period end $ 434,604 $ 351,520 $ 786,124 2021 Total revenue from reportable segments $ 2,369,848 $ 457,409 $ 2,827,257 Elimination of intersegment revenue $ — $ (131,043 ) (131,043 ) Revenue from external customers $ 2,369,848 $ 326,366 $ 2,696,214 Gross profit $ 255,443 $ 44,756 $ 300,199 Depreciation, depletion and amortization $ 53,166 $ 19,329 $ 72,495 Segment assets as of period end $ 513,406 $ 355,936 $ 869,342 A reconciliation of segment gross profit to consolidated income before income taxes is as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total gross profit from reportable segments $ 120,367 $ 119,935 $ 278,025 $ 300,199 Selling, general and administrative expenses 61,795 77,603 192,036 227,400 Other costs, net (see Note 7) (490 ) 3,759 19,445 85,547 Gain on sales of property and equipment (see Note 13) (949 ) (5,159 ) (10,462 ) (39,349 ) Total other (income) expense, net (2,789 ) 2,405 1,747 1,686 Income before income taxes $ 62,800 $ 41,327 $ 75,259 $ 24,915 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations and Held-for-sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disposal Group, Including Discontinued Operation, Assets and Liabilities [Table Text Block] | (in thousands) December 31, 2021 Cash and cash equivalents $ 16,496 Receivables, net 102,208 Contract assets 41,340 Inventories 19,625 Other current assets 1,781 Property and equipment, net 70,912 Investments in affiliates 48,675 Goodwill 63,063 Right of use assets 12,365 Other noncurrent assets 16,176 Total assets classified as held-for-sale $ 392,641 Accounts payable $ 37,997 Contract liabilities 7,129 Other current liabilities 27,764 Long-term lease liabilities 8,352 Other long-term liabilities 2,166 Total liabilities classified as held-for-sale $ 83,408 |
Note 4 - Revisions in Estimat_2
Note 4 - Revisions in Estimates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three months ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Number of projects with upward estimate changes 1 — 1 — Increase in gross profit, net $ 8.0 $ — $ 5.6 $ — Increase to project profitability, net $ 8.0 $ — $ 5.6 $ — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated $ 6.1 $ — $ 4.3 $ — Increase to net income/decrease to net loss per diluted share attributable to common shareholders $ 0.12 $ — $ 0.08 $ — Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Number of projects with downward estimate changes 1 2 6 5 Range of reduction in gross profit from each project, net $ 15.2 $ 5.7 $ 5.7 - 21.2 $ 5.5 - 16.2 Decrease to project profitability, net $ 15.2 $ 16.6 $ 63.2 $ 48.2 Decrease to net income/increase to net loss $ 11.7 $ 13.0 $ 48.6 $ 37.7 Amounts attributable to non-controlling interests $ 7.6 $ 5.5 $ 13.2 $ 10.0 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 4.1 $ 7.5 $ 35.4 $ 27.7 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.08 $ 0.16 $ 0.67 $ 0.58 |
Note 5 - Disaggregation of Re_2
Note 5 - Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2022 Construction Materials Total California $ 263,252 $ 85,173 $ 348,425 Central 222,745 9,348 232,093 Mountain 362,270 67,018 429,288 Total $ 848,267 $ 161,539 $ 1,009,806 2021 Construction Materials Total California $ 243,740 $ 76,029 $ 319,769 Central 296,505 5,640 302,145 Mountain 384,209 56,006 440,215 Total $ 924,454 $ 137,675 $ 1,062,129 2022 Construction Materials Total California $ 607,536 $ 202,371 $ 809,907 Central 654,912 33,634 688,546 Mountain 878,561 137,180 1,015,741 Total $ 2,141,009 $ 373,185 $ 2,514,194 2021 Construction Materials Total California $ 631,637 $ 188,475 $ 820,112 Central 837,792 24,740 862,532 Mountain 900,419 113,151 1,013,570 Total $ 2,369,848 $ 326,366 $ 2,696,214 |
Note 6 - Unearned Revenue (Tabl
Note 6 - Unearned Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 California $ 801,449 $ 771,759 $ 855,765 Central 1,299,281 1,334,901 1,468,341 Mountain 548,336 488,425 708,086 Total $ 2,649,066 $ 2,595,085 $ 3,032,192 |
Note 8 - Contract Assets and _2
Note 8 - Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Costs in excess of billings and estimated earnings $ 83,837 $ 14,158 $ 61,815 Contract retention 157,401 131,279 142,231 Total contract assets $ 241,238 $ 145,437 $ 204,046 (1) These balances do not include amounts held for sale (see Note 3). (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Billings in excess of costs and estimated earnings, net of retention $ 170,516 $ 169,542 $ 166,091 Provisions for losses 20,521 30,499 29,176 Total contract liabilities $ 191,037 $ 200,041 $ 195,267 (1) These balances do not include amounts held for sale (see Note 3). |
Note 9 - Receivables, Net (Tabl
Note 9 - Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Contracts completed and in progress: Billed $ 279,864 $ 236,053 $ 278,313 Unbilled 177,299 126,371 217,534 Total contracts completed and in progress 457,163 362,424 495,847 Materials sales 87,870 43,746 80,357 Other 74,385 59,496 110,302 Total gross receivables 619,418 465,666 686,506 Less: allowance for credit losses 1,274 1,078 1,684 Total net receivables $ 618,144 $ 464,588 $ 684,822 (1) These balances do not include amounts held for sale (see Note 3). |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 76,752 $ — $ — $ 76,752 Other current assets Commodity swap — (43 ) — (43 ) Total assets $ 76,752 $ (43 ) $ — $ 76,709 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 September 30, 2021 Cash equivalents Money market funds $ 61,231 $ — $ — $ 61,231 Other current assets Restricted cash 1,512 — — 1,512 Total assets $ 62,743 $ — $ — $ 62,743 Accrued and other current liabilities Interest rate swap $ — $ 5,001 $ — $ 5,001 Total liabilities $ — $ 5,001 $ — $ 5,001 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 December 31, 2021 September 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 $ 61,448 $ 59,947 $ 15,600 $ 15,459 $ 10,600 $ 10,582 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 236,440 $ 207,354 $ 313,785 $ 205,543 $ 326,025 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 $ 125,625 $ 126,610 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 50,165 $ — $ — $ — $ — |
Note 11 - Construction Joint _2
Note 11 - Construction Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Assets Cash, cash equivalents and marketable securities $ 151,706 $ 182,891 $ 159,187 Other current assets (1) 676,675 661,342 765,319 Noncurrent assets 81,994 103,579 111,981 Less partners’ interest 609,632 633,634 692,226 Granite’s interest (1),(2) $ 300,743 $ 314,178 $ 344,261 Liabilities Current liabilities $ 205,084 $ 307,674 $ 396,154 Less partners’ interest and adjustments (3) 83,274 154,771 227,372 Granite’s interest $ 121,810 $ 152,903 $ 168,782 Equity in construction joint ventures (4) $ 178,933 $ 161,275 $ 175,479 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenue Total $ 69,355 $ 194,486 $ 322,058 $ 690,086 Less partners’ interest and adjustments (1) 44,000 113,205 223,858 442,182 Granite’s interest $ 25,355 $ 81,281 $ 98,200 $ 247,904 Cost of revenue Total $ 81,694 $ 203,786 $ 332,777 $ 701,350 Less partners’ interest and adjustments (1) 49,882 123,461 211,431 461,236 Granite’s interest 31,812 80,325 121,346 240,114 Granite’s interest in gross profit (loss) $ (6,457 ) $ 956 $ (23,146 ) $ 7,790 Net Income (Loss) Total $ (11,945 ) $ (9,279 ) $ (11,649 ) $ (11,469 ) Less partners’ interest and adjustments (1) (5,588 ) (10,335 ) 11,936 (19,496 ) Granite’s interest in net income (loss) (2) $ (6,357 ) $ 1,056 $ (23,585 ) $ 8,027 |
Note 12 - Investments in Affi_2
Note 12 - Investments in Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Foreign $ 55,851 $ — $ 49,089 Real estate 9,141 9,619 9,743 Asphalt terminal 13,671 13,749 13,583 Total investments in affiliates $ 78,663 $ 23,368 $ 72,415 (1) These balances do not include amounts held for sale (see Note 3). |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Current assets $ 183,637 $ 34,374 $ 162,503 Noncurrent assets 173,494 78,829 161,700 Total assets $ 357,131 $ 113,203 $ 324,203 Current liabilities $ 99,535 $ 23,685 $ 80,145 Long-term liabilities (2) 61,140 48,104 59,501 Total liabilities $ 160,675 $ 71,789 $ 139,646 Net assets $ 196,456 $ 41,414 $ 184,557 Granite’s share of net assets $ 78,663 $ 23,368 $ 72,415 |
Note 13 - Property and Equipm_2
Note 13 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Equipment and vehicles $ 989,754 $ 870,672 $ 997,560 Quarry property 205,369 191,982 188,838 Land and land improvements 115,308 108,518 126,130 Buildings and leasehold improvements 104,108 96,180 123,207 Office furniture and equipment 82,483 75,043 78,059 Property and equipment 1,497,022 1,342,395 1,513,794 Less: accumulated depreciation and depletion 996,195 908,891 1,003,136 Property and equipment, net $ 500,827 $ 433,504 $ 510,658 (1) These balances do not include amounts held for sale (see Note 3). |
Note 14 - Accrued Expenses an_2
Note 14 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 (1) September 30, 2021 Accrued insurance $ 80,185 $ 76,999 $ 72,516 Deficits in unconsolidated construction joint ventures 7,891 28,636 19,875 Payroll and related employee benefits 89,365 87,460 130,735 Performance guarantees 77,434 82,112 82,280 Accrued legal settlement (see Note 18) 129,000 129,000 129,000 Other 66,348 48,622 64,808 Total $ 450,223 $ 452,829 $ 499,214 (1) These balances do not include amounts held for sale (see Note 3) Other includes short-term lease liabilities, dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none of which are greater than 5% of total current liabilities. |
Note 15 - Long-term Debt and _2
Note 15 - Long-term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 2.75 $ 230,000 $ 207,354 $ 205,543 Third Amended and Restated Credit Agreement - term loan — 123,750 125,625 Fourth Amended and Restated Credit Agreement - revolver 50,000 — — Debt issuance costs and other 8,310 8,814 8,742 Total debt $ 288,310 $ 339,918 $ 339,910 Less current maturities 1,438 8,727 8,718 Total long-term debt $ 286,872 $ 331,191 $ 331,192 |
Note 16 - Weighted Average Sh_2
Note 16 - Weighted Average Shares Outstanding and Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator Net income attributable to common shareholders for basic earnings per share $ 73,393 $ 35,043 $ 77,605 $ 23,309 Add back: Interest expense related to 2.75% 1,473 - 4,418 - Net income attributable to common shareholders for diluted earnings per share $ 74,866 $ 35,043 $ 82,023 $ 23,309 Denominator Weighted average common shares outstanding, basic 43,973 45,821 44,739 45,773 Add: Dilutive effect of RSUs 581 563 565 523 Add: Dilutive effect of 2.75% 7,309 1,522 7,309 1,226 Weighted average common shares outstanding, diluted 51,863 47,906 52,613 47,522 Net income per share, basic $ 1.67 $ 0.76 $ 1.73 $ 0.51 Net income per share, diluted $ 1.44 $ 0.73 $ 1.56 $ 0.49 Beginning in 2022, with the adoption of ASU 2020-06, we have applied the if-converted method for calculating diluted earnings per share (see Note 2). |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2022 2021 2022 2021 Provision for (benefit from) income taxes $ (6,489 ) $ 8,904 $ (777 ) $ 2,068 Effective tax rate (10.3 %) 21.5 % (1.0 %) 8.3 % |
Note 19 - Reportable Segment _2
Note 19 - Reportable Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, Construction Materials Total 2022 Total revenue from reportable segments $ 848,267 $ 228,871 $ 1,077,138 Elimination of intersegment revenue — (67,332 ) (67,332 ) Revenue from external customers $ 848,267 $ 161,539 $ 1,009,806 Gross profit $ 98,329 $ 22,038 $ 120,367 Depreciation, depletion and amortization $ 10,082 $ 6,870 $ 16,952 2021 Total revenue from reportable segments $ 924,454 $ 201,419 $ 1,125,873 Elimination of intersegment revenue — (63,744 ) (63,744 ) Revenue from external customers $ 924,454 $ 137,675 $ 1,062,129 Gross profit $ 99,237 $ 20,698 $ 119,935 Depreciation, depletion and amortization $ 18,230 $ 7,014 $ 25,244 Nine months ended September 30, Construction Materials Total 2022 Total revenue from reportable segments $ 2,141,009 $ 506,228 $ 2,647,237 Elimination of intersegment revenue — $ (133,043 ) (133,043 ) Revenue from external customers $ 2,141,009 $ 373,185 $ 2,514,194 Gross profit $ 237,060 $ 40,965 $ 278,025 Depreciation, depletion and amortization $ 31,651 $ 20,007 $ 51,658 Segment assets as of period end $ 434,604 $ 351,520 $ 786,124 2021 Total revenue from reportable segments $ 2,369,848 $ 457,409 $ 2,827,257 Elimination of intersegment revenue $ — $ (131,043 ) (131,043 ) Revenue from external customers $ 2,369,848 $ 326,366 $ 2,696,214 Gross profit $ 255,443 $ 44,756 $ 300,199 Depreciation, depletion and amortization $ 53,166 $ 19,329 $ 72,495 Segment assets as of period end $ 513,406 $ 355,936 $ 869,342 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total gross profit from reportable segments $ 120,367 $ 119,935 $ 278,025 $ 300,199 Selling, general and administrative expenses 61,795 77,603 192,036 227,400 Other costs, net (see Note 7) (490 ) 3,759 19,445 85,547 Gain on sales of property and equipment (see Note 13) (949 ) (5,159 ) (10,462 ) (39,349 ) Total other (income) expense, net (2,789 ) 2,405 1,747 1,686 Income before income taxes $ 62,800 $ 41,327 $ 75,259 $ 24,915 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 02, 2022 | May 02, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Payments for Repurchase of Common Stock | $ 70,724 | $ 2,603 | ||
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) | 370 | 1,320 |
Note 2 - Recently Issued and _2
Note 2 - Recently Issued and Adopted Accounting Pronouncements (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | 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% | 2.75% | 2.75% | 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 Millions | 3 Months Ended | |
Mar. 16, 2022 | Sep. 30, 2022 | |
Water Resources and Mineral Services [Member] | ||
Depreciation, Total | $ 7.3 | |
Amortization, Total | 0.9 | |
Cost, Depreciation and Amortization, Total | $ 6.9 | |
Inliner [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 159.7 | |
Proceeds From the Sale of Discontinued Operations | 142.6 | |
Gain (Loss) on Sale of Discontinued Operations | $ 6.2 |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Assets and Liabilities Held-for-sale (Details) - WMS Inliner [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
Cash and cash equivalents | $ 16,496 |
Receivables, net | 102,208 |
Contract assets | 41,340 |
Inventories | 19,625 |
Other current assets | 1,781 |
Property and equipment, net | 70,912 |
Investments in affiliates | 48,675 |
Goodwill | 63,063 |
Right of use assets | 12,365 |
Other noncurrent assets | 16,176 |
Total assets classified as held-for-sale | 392,641 |
Accounts payable | 37,997 |
Contract liabilities | 7,129 |
Other current liabilities | 27,764 |
Long-term lease liabilities | 8,352 |
Other long-term liabilities | 2,166 |
Total liabilities classified as held-for-sale | $ 83,408 |
Note 4 - Revisions in Estimat_3
Note 4 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gross Profit, Total | $ 120,367 | $ 119,935 | $ 278,025 | $ 300,199 |
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 | 9 Months Ended | ||
Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | |
Increase in gross profit, net | $ 120,367 | $ 119,935 | $ 278,025 | $ 300,199 |
Increase to project profitability, net | 62,800 | 41,327 | 75,259 | 24,915 |
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 73,393 | $ 35,043 | $ 77,605 | $ 23,309 |
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 1.44 | $ 0.73 | $ 1.56 | $ 0.49 |
Decrease to net income/increase to net loss | $ 69,289 | $ 32,423 | $ 76,036 | $ 22,847 |
Estimated Due to Production at Higher Rate [Member] | ||||
Number of projects with upward estimate changes | 1 | 0 | 1 | 0 |
Increase in gross profit, net | $ 8,000 | $ 0 | $ 5,600 | $ 0 |
Increase to project profitability, net | 0 | 0 | ||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 6,100 | $ 0 | $ 4,300 | $ 0 |
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 0.12 | $ 0 | $ 0.08 | $ 0 |
Estimated Due to Production at Higher Rate [Member] | Minimum [Member] | ||||
Increase to project profitability, net | $ 8,000 | |||
Estimated Due to Production at Higher Rate [Member] | Maximum [Member] | ||||
Increase to project profitability, net | $ 5,600 | |||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||
Number of projects with upward estimate changes | 6 | 5 | ||
Increase in gross profit, net | $ 10,900 | |||
Increase to project profitability, net | $ 63,200 | $ 48,200 | ||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 4,100 | $ 7,500 | $ 35,400 | $ 27,700 |
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 0.08 | $ 0.16 | $ 0.67 | $ 0.58 |
Decrease to net income/increase to net loss | $ 11,700 | $ 13,000 | $ 48,600 | $ 37,700 |
Amounts attributable to non-controlling interests | 13,200 | 10,000 | ||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||||
Increase in gross profit, net | $ 15,200 | 5,700 | 5,500 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||||
Increase in gross profit, net | $ 21,200 | $ 16,200 |
Note 5 - Disaggregation of Re_3
Note 5 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 1,009,806 | $ 1,062,129 | $ 2,514,194 | $ 2,696,214 |
CALIFORNIA | ||||
Revenue | 348,425 | 319,769 | 809,907 | 820,112 |
Central [Member] | ||||
Revenue | 232,093 | 302,145 | 688,546 | 862,532 |
Mountain [Member] | ||||
Revenue | 429,288 | 440,215 | 1,015,741 | 1,013,570 |
Constructions [Member] | ||||
Revenue | 848,267 | 924,454 | 2,141,009 | 2,369,848 |
Constructions [Member] | CALIFORNIA | ||||
Revenue | 263,252 | 243,740 | 607,536 | 631,637 |
Constructions [Member] | Central [Member] | ||||
Revenue | 222,745 | 296,505 | 654,912 | 837,792 |
Constructions [Member] | Mountain [Member] | ||||
Revenue | 362,270 | 384,209 | 878,561 | 900,419 |
Materials [Member] | ||||
Revenue | 161,539 | 137,675 | 373,185 | 326,366 |
Materials [Member] | CALIFORNIA | ||||
Revenue | 85,173 | 76,029 | 202,371 | 188,475 |
Materials [Member] | Central [Member] | ||||
Revenue | 9,348 | 5,640 | 33,634 | 24,740 |
Materials [Member] | Mountain [Member] | ||||
Revenue | $ 67,018 | $ 56,006 | $ 137,180 | $ 113,151 |
Note 6 - Unearned Revenue (Deta
Note 6 - Unearned Revenue (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Amount | $ 2,649,066 | $ 2,595,085 | $ 3,032,192 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |||
Revenue, Remaining Performance Obligation, Amount | $ 2,200,000 | ||
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 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Unearned Revenue | $ 2,649,066 | $ 2,595,085 | $ 3,032,192 |
CALIFORNIA | |||
Unearned Revenue | 801,449 | 771,759 | 855,765 |
Central [Member] | |||
Unearned Revenue | 1,299,281 | 1,334,901 | 1,468,341 |
Mountain [Member] | |||
Unearned Revenue | $ 548,336 | $ 488,425 | $ 708,086 |
Note 7 - Other Costs, Net (Deta
Note 7 - Other Costs, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | |
Shareholder Derivative Lawsuit Settlement Payment [Member] | |||
Gain (Loss) Related to Litigation Settlement | $ 0.5 | ||
Proceeds from Legal Settlements | $ 5 | ||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | |||
Gain (Loss) Related to Litigation Settlement | $ (66) | ||
Litigation Settlement, Expense | $ 66 |
Note 8 - Contract Assets and _3
Note 8 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | $ 69.6 | $ 40.4 | $ 69.6 | $ 40.4 | $ 35.5 |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | 12.7 | 5.8 | $ 220.3 | $ 181.4 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Brightline Trains Florida LLC [Member] | |||||
Concentration Risk, Percentage | 11.50% | 11.50% | 17.20% | ||
Performance Obligations [Member] | |||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 40.4 | $ 37.2 | $ 152.5 | $ 153.6 |
Note 8 - Contract Assets and _4
Note 8 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] | Sep. 30, 2021 |
Costs in excess of billings and estimated earnings | $ 83,837 | $ 14,158 | $ 61,815 | |
Contract retention | 157,401 | 131,279 | 142,231 | |
Total contract assets | 241,238 | 145,437 | 204,046 | |
Billings in excess of costs and estimated earnings, net of retention | 170,516 | 169,542 | 166,091 | |
Provisions for losses | 20,521 | 30,499 | 29,176 | |
Total contract liabilities | $ 191,037 | $ 200,041 | $ 195,267 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Note 9 - Receivables, Net (Deta
Note 9 - Receivables, Net (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 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 | Sep. 30, 2022 | Dec. 31, 2021 | [1] | Sep. 30, 2021 |
Gross receivables | $ 619,418 | $ 465,666 | $ 686,506 | |
Less: allowance for credit losses | 1,274 | 1,078 | 1,684 | |
Total net receivables | 618,144 | 464,588 | 684,822 | |
Completed and in Progress [Member] | ||||
Billed | 279,864 | 236,053 | 278,313 | |
Unbilled | 177,299 | 126,371 | 217,534 | |
Gross receivables | 457,163 | 362,424 | 495,847 | |
Material Sales [Member] | ||||
Gross receivables | 87,870 | 43,746 | 80,357 | |
Other Business Products and Services [Member] | ||||
Gross receivables | $ 74,385 | $ 59,496 | $ 110,302 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Oct. 31, 2021 | May 31, 2018 | |
Interest Expense, Total | $ 2,519 | $ 5,131 | $ 10,003 | $ 16,019 | |||
The 2.75% Convertible Notes [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 24,500 | $ 24,500 | $ 22,600 | ||||
Interest Rate Swap [Member] | |||||||
Derivative Liability, Notional Amount | $ 150,000 | ||||||
Interest Expense, Total | 2,200 | ||||||
Commodity Contract [Member] | |||||||
Derivative, Notional Amount | 1,500 | 1,500 | $ 4,900 | ||||
Gain (Loss) on Sale of Commodity Contracts | 1,200 | 4,000 | |||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts, Total | $ (2,600) | 200 | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 2,500 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Total assets | $ 76,709 | $ 65,233 | $ 62,743 |
Total assets | (3,514) | (5,001) | |
Interest rate swap | 3,514 | 5,001 | |
Total liabilities | 3,514 | 5,001 | |
Commodity Contract [Member] | |||
Commodity swap | (43) | ||
Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 76,752 | 65,233 | 62,743 |
Total assets | 0 | 0 | |
Interest rate swap | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | |||
Commodity swap | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 0 | 0 | |
Total assets | (43) | (3,514) | (5,001) |
Interest rate swap | 3,514 | 5,001 | |
Total liabilities | 43 | 3,514 | 5,001 |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | |||
Commodity swap | (43) | ||
Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 0 | 0 | 0 |
Total assets | 0 | 0 | |
Interest rate swap | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | |||
Commodity swap | 0 | ||
Money Market Funds [Member] | |||
Cash equivalents | 76,752 | 65,233 | 61,231 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 76,752 | 65,233 | 61,231 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | $ 0 | $ 0 | 0 |
Restricted Cash [Member] | |||
Restricted cash | 1,512 | ||
Restricted Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Restricted cash | 1,512 | ||
Restricted Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Restricted cash | 0 | ||
Restricted Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Restricted cash | $ 0 |
Note 10 - Fair Value Measurem_5
Note 10 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Reported Value Measurement [Member] | ||||
Third Amended and Restated Credit Agreement - term loan (2) | [1] | $ 0 | $ 123,750 | $ 125,625 |
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] | 61,448 | 15,600 | 10,600 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [1],[3] | 230,000 | 207,354 | 205,543 |
Estimate of Fair Value Measurement [Member] | ||||
Third Amended and Restated Credit Agreement - term loan (2) | [1] | 0 | 124,598 | 126,610 |
Fourth Amended and Restated Credit Agreement - revolver (2) | [1] | 50,165 | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Held-to-maturity marketable securities (1) | [2] | 59,947 | 15,459 | 10,582 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
2.75% Convertible Notes | [1],[3] | $ 236,440 | $ 313,785 | $ 326,025 |
[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 September 30, 2022, December 31, 2021 and September 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 $24.5 million as of December 31, 2021 and September 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 | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Contract Value of Active Construction Joint Venture Projects | $ 2,500,000 | $ 2,500,000 | ||||
Contract with Customer, Liability, Total | 191,037 | $ 195,267 | 191,037 | $ 195,267 | $ 200,041 | [1] |
Revenue from Contract with Customer, Including Assessed Tax | 1,009,806 | 1,062,129 | 2,514,194 | 2,696,214 | ||
Retained Earnings (Accumulated Deficit), Total | 481,489 | 430,074 | 481,489 | 430,074 | 410,831 | |
Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Contract with Customer, Liability, Total | 86,100 | 86,100 | ||||
Minimum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Contract with Customer, Liability, Total | $ 700 | $ 700 | ||||
Equity Method Investment, Ownership Percentage | 23% | 23% | ||||
Maximum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Contract with Customer, Liability, Total | $ 34,600 | $ 34,600 | ||||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Number of Active Joint Venture Projects | 7 | 7 | ||||
Contract Value of Active Construction Joint Venture Projects | $ 8,900,000 | $ 8,900,000 | ||||
Affirmative Claim Recovery Estimate | 95,800 | 101,900 | 95,800 | 101,900 | 103,800 | |
Back Charge Claims | 2,700 | 14,100 | 2,700 | 14,100 | 10,700 | |
Retained Earnings (Accumulated Deficit), Total | 7,900 | 19,900 | 7,900 | 19,900 | 28,600 | |
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 12,300 | 12,300 | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 3,800,000 | 3,800,000 | ||||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 86,100 | 86,100 | ||||
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 | 156,100 | 156,100 | ||||
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 | 166,800 | 166,800 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 117,500 | 117,400 | 344,500 | 314,900 | ||
Net Cash Provided by (Used in) Continuing Operations, Total | 4,700 | 17,500 | ||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | ||||||
Contract Value of Active Construction Joint Venture Projects | 12,000 | 12,000 | ||||
Contract with Customer, Liability, Total | 3,000 | $ 3,000 | ||||
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 | 436,200 | $ 436,200 | ||||
Contract with Customer, Liability, Total | 38,100 | $ 38,100 | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70% | |||||
Construction [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 848,267 | $ 924,454 | $ 2,141,009 | $ 2,369,848 | ||
Construction [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 242,200 | |||||
[1]These balances do not include amounts held for sale (see Note 3). |
Note 11 - Construction Joint _4
Note 11 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Cash, cash equivalents and marketable securities | $ 151,706 | $ 182,891 | $ 159,187 | |
Other current assets | [1] | 676,675 | 661,342 | 765,319 |
Noncurrent assets | 81,994 | 103,579 | 111,981 | |
Current liabilities | 205,084 | 307,674 | 396,154 | |
Equity in construction joint ventures | [2] | 178,933 | 161,275 | 175,479 |
Other Partners Interest in Partnerships [Member] | ||||
Unconsolidated construction joint venture assets | 609,632 | 633,634 | 692,226 | |
Unconsolidated construction joint venture liabilities | [3] | 83,274 | 154,771 | 227,372 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Unconsolidated construction joint venture assets | [1],[4] | 300,743 | 314,178 | 344,261 |
Unconsolidated construction joint venture liabilities | $ 121,810 | $ 152,903 | $ 168,782 | |
[1]Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of September 30, 2022, December 31, 2021 and September 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 $7.9 million, $28.6 million and $19.9 million as of September 30, 2022, December 31, 2021 and September 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 September 30, 2022, December 31, 2021 and September 30, 2021, was $95.8 million, $103.8 million and $101.9 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $2.7 million, $10.7 million and $14.1 million related to Granite’s share of estimated recovery of back charge claims as of September 30, 2022, December 31, 2021 and September 30, 2021, respectively. |
Note 11 - Construction Joint _5
Note 11 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Cost of revenue | $ 889,439 | $ 942,194 | $ 2,236,169 | $ 2,396,015 | |
Decrease to net income/increase to net loss | 69,289 | 32,423 | 76,036 | 22,847 | |
Granite’s interest in net income (loss) (2) | (23,585) | 8,027 | |||
Collaborative Arrangement [Member] | |||||
Revenue | 25,355 | 81,281 | 98,200 | 247,904 | |
Cost of revenue | 31,812 | 80,325 | 121,346 | 240,114 | |
Granite’s interest in gross profit (loss) | (6,457) | 956 | (23,146) | 7,790 | |
Granite’s interest in net income (loss) (2) | [1] | (6,357) | 1,056 | (23,585) | 8,027 |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||||
Revenue | 69,355 | 194,486 | 322,058 | 690,086 | |
Cost of revenue | 81,694 | 203,786 | 332,777 | 701,350 | |
Decrease to net income/increase to net loss | (11,945) | (9,279) | (11,649) | (11,469) | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||||
Revenue | [2] | 44,000 | 113,205 | 223,858 | 442,182 |
Cost of revenue | [2] | 49,882 | 123,461 | 211,431 | 461,236 |
Decrease to net income/increase to net loss | [2] | $ (5,588) | $ (10,335) | $ 11,936 | $ (19,496) |
[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 | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Assets, Total | $ 2,407,964 | $ 2,494,927 | $ 2,561,756 | |
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% | |||
Foreign Affiliates [Member] | Minimum [Member] | ||||
Equity Method Investment, Ownership Percentage | 25% | |||
Foreign Affiliates [Member] | Maximum [Member] | ||||
Equity Method Investment, Ownership Percentage | 50% | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Assets, Total | $ 357,131 | $ 113,203 | [1] | $ 324,203 |
Real Estate Entities [Member] | ||||
Assets, Total | 72,600 | |||
Foreign Affiliates [Member] | ||||
Assets, Total | 251,000 | |||
Asphalt Terminal Entity [Member] | ||||
Assets, Total | $ 33,500 | |||
[1]These balances do not include amounts held for sale (see Note 3). |
Note 12 - Investments in Affi_4
Note 12 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] | Sep. 30, 2021 |
Total investments in affiliates | $ 78,663 | $ 23,368 | $ 72,415 | |
Foreign Affiliates [Member] | ||||
Total investments in affiliates | 55,851 | 0 | 49,089 | |
Real Estate Entities [Member] | ||||
Total investments in affiliates | 9,141 | 9,619 | 9,743 | |
Asphalt Terminal Entity [Member] | ||||
Total investments in affiliates | $ 13,671 | $ 13,749 | $ 13,583 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Note 12 - Investments in Affi_5
Note 12 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||
Current assets | $ 1,579,690 | $ 1,827,399 | $ 1,665,432 | ||
Total assets | 2,407,964 | 2,494,927 | 2,561,756 | ||
Current liabilities | 1,040,983 | 1,069,318 | 1,100,351 | ||
Granite’s share of net assets | 78,663 | 23,368 | [1] | 72,415 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Current assets | 183,637 | 34,374 | [1] | 162,503 | |
Noncurrent assets | 173,494 | 78,829 | [1] | 161,700 | |
Total assets | 357,131 | 113,203 | [1] | 324,203 | |
Current liabilities | 99,535 | 23,685 | [1] | 80,145 | |
Long-term liabilities | [2] | 61,140 | 48,104 | [1] | 59,501 |
Total liabilities | 160,675 | 71,789 | [1] | 139,646 | |
Net assets | $ 196,456 | $ 41,414 | [1] | $ 184,557 | |
[1]These balances do not include amounts held for sale (see Note 3).[2]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 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Operating Lease, Right-of-Use Asset | $ 49,590 | $ 58,226 | $ 49,590 | $ 58,226 | $ 49,312 | |
Gain (Loss) on Disposition of Assets, Total | $ 949 | $ 5,159 | $ 10,462 | $ 39,349 | ||
Sale-leaseback Associated with Two Properties in California [Member] | ||||||
Sale Leaseback Transaction, Net Book Value, Total | $ 11,100 | |||||
Operating Lease, Right-of-Use Asset | 2,400 | |||||
Gain (Loss) on Disposition of Assets, Total | $ 29,700 |
Note 13 - Property and Equipm_4
Note 13 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] | Sep. 30, 2021 |
Property and equipment, gross | $ 1,497,022 | $ 1,342,395 | $ 1,513,794 | |
Less: accumulated depreciation and depletion | 996,195 | 908,891 | 1,003,136 | |
Property and equipment, net | 500,827 | 433,504 | 510,658 | |
Equipment and Vehicles [Member] | ||||
Property and equipment, gross | 989,754 | 870,672 | 997,560 | |
Mining Properties and Mineral Rights [Member] | ||||
Property and equipment, gross | 205,369 | 191,982 | 188,838 | |
Land and Land Improvements [Member] | ||||
Property and equipment, gross | 115,308 | 108,518 | 126,130 | |
Building and Building Improvements [Member] | ||||
Property and equipment, gross | 104,108 | 96,180 | 123,207 | |
Furniture and Fixtures [Member] | ||||
Property and equipment, gross | $ 82,483 | $ 75,043 | $ 78,059 | |
[1]These balances do not include amounts held for sale (see Note 3). |
Note 14 - Accrued Expenses an_3
Note 14 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] | Sep. 30, 2021 |
Accrued insurance | $ 80,185 | $ 76,999 | $ 72,516 | |
Deficits in unconsolidated construction joint ventures | 7,891 | 28,636 | 19,875 | |
Payroll and related employee benefits | 89,365 | 87,460 | 130,735 | |
Performance guarantees | 77,434 | 82,112 | 82,280 | |
Accrued legal settlement (see Note 18) | 129,000 | 129,000 | 129,000 | |
Other | 66,348 | 48,622 | 64,808 | |
Total | $ 450,223 | $ 452,829 | $ 499,214 | |
[1]These balances do not include amounts held for sale (see Note 3) |
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 | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 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 | 1.89 | 1.89 | ||||
Consolidated Interest Coverage Ratio, Actual | 10.15 | 10.15 | ||||
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 | 4.90% | 4.90% | ||||
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 | 7% | 7% | ||||
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 | |||||
Debt Instrument, Term (Year) | 5 years | |||||
Line of Credit Facility, Accordion Feature, Maximum Amount | $ 200,000 | |||||
Line Of Credit Facility, Accordion Feature, Percentage of EBITDA | 100% | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 267,000 | $ 267,000 | ||||
Letters of Credit Outstanding, Amount | 33,000 | 33,000 | ||||
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 | |||||
The Credit Agreement [Member] | Financial Standby Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||||
The Credit Agreement [Member] | Swingline Loans [Member] | ||||||
Debt Instrument, Covenant, Minimum Acquisition Cash Consideration for Leverage Ratio | $ 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 | $ 1,700 | 0 | $ 5,200 | ||
Amortization of Debt Issuance Costs | $ 300 | $ 600 | $ 1,000 | $ 1,800 |
Note 15 - Long-term Debt and _4
Note 15 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Total debt | $ 288,310 | $ 339,918 | $ 339,910 |
Debt issuance costs and other | 8,310 | 8,814 | 8,742 |
Less current maturities | 1,438 | 8,727 | 8,718 |
Total long-term debt | 286,872 | 331,191 | 331,192 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Total debt | 230,000 | 207,354 | 205,543 |
Term Loan [Member] | The Credit Agreement [Member] | |||
Total debt | 0 | 123,750 | 125,625 |
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] | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2020 |
Interest rate | 2.75% | |||
Convertible Debt [Member] | ||||
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% |
Note 16 - Weighted Average Sh_3
Note 16 - Weighted Average Shares Outstanding and Net Income Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income attributable to common shareholders for basic earnings per share | $ 73,393 | $ 35,043 | $ 77,605 | $ 23,309 |
Add back: Interest expense related to 2.75% Convertible Notes | 1,473 | 0 | 4,418 | 0 |
Net income attributable to common shareholders for diluted earnings per share | $ 74,866 | $ 35,043 | $ 82,023 | $ 23,309 |
Weighted average common shares outstanding, basic (in shares) | 43,973 | 45,821 | 44,739 | 45,773 |
Add: Dilutive effect of RSUs (in shares) | 581 | 563 | 565 | 523 |
Add: Dilutive effect of 2.75% Convertible Notes (in shares) | 7,309 | 1,522 | 7,309 | 1,226 |
Weighted average common shares outstanding, diluted (in shares) | 51,863 | 47,906 | 52,613 | 47,522 |
Basic earnings per share (in dollars per share) | $ 1.67 | $ 0.76 | $ 1.73 | $ 0.51 |
Diluted earnings per share (in dollars per share) | $ 1.44 | $ 0.73 | $ 1.56 | $ 0.49 |
Note 16 - Weighted Average Sh_4
Note 16 - Weighted Average Shares Outstanding and Net Income Per Share - Reconciliation of the Weighted Average Shares (Details) (Parentheticals) - The 2.75% Convertible Notes [Member] | Sep. 30, 2022 | Sep. 30, 2021 |
Interest rate | 2.75% | |
Convertible Debt Securities [Member] | ||
Interest rate | 2.75% | 2.75% |
Note 17 - Income Taxes - Schedu
Note 17 - Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for (benefit from) income taxes | $ (6,489) | $ 8,904 | $ (777) | $ 2,068 |
Effective tax rate | (10.30%) | 21.50% | (1.00%) | 8.30% |
Note 18 - Contingencies - Leg_2
Note 18 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 16, 2022 | Apr. 14, 2022 | Feb. 04, 2022 | Feb. 03, 2022 | Oct. 06, 2021 | Apr. 29, 2021 | Sep. 30, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Loss Contingency Accrual, Ending Balance | $ 129 | $ 129 | $ 129 | ||||||||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | |||||||||||
Loss Contingency Accrual, Ending Balance | 66 | 66 | |||||||||
Loss Contingency, Proceeds From Insurance Recovery | $ 63 | 63 | $ 63 | ||||||||
Gain (Loss) Related to Litigation Settlement | $ (66) | ||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 129 | ||||||||||
Payment to Contingency Settlement Fund | 129 | ||||||||||
Loss Contingency Accrual, Payments | 66 | ||||||||||
Litigation Settlement, Settlement Fund Amount | $ 129 | ||||||||||
English v. Roberts et al. [Member] | |||||||||||
Loss Contingency, Damages Sought, Value | $ 7.5 | ||||||||||
Proceeds from Legal Settlements | 5 | $ 5 | |||||||||
SEC Investigation [Member] | |||||||||||
Loss Contingency Accrual, Ending Balance | $ 12 | ||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 12 | ||||||||||
Payments for Legal Settlements | $ 12 | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 |
Note 19 - Reportable Segment _3
Note 19 - Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Total revenue | $ 1,009,806 | $ 1,062,129 | $ 2,514,194 | $ 2,696,214 | |
Gross profit | 120,367 | 119,935 | 278,025 | 300,199 | |
Depreciation, depletion and amortization | 16,952 | 25,244 | 51,658 | 72,495 | |
Segment assets as of period end | 2,407,964 | 2,561,756 | 2,407,964 | 2,561,756 | $ 2,494,927 |
Constructions [Member] | |||||
Total revenue | 848,267 | 924,454 | 2,141,009 | 2,369,848 | |
Gross profit | 98,329 | 99,237 | 237,060 | 255,443 | |
Depreciation, depletion and amortization | 10,082 | 18,230 | 31,651 | 53,166 | |
Materials [Member] | |||||
Total revenue | 161,539 | 137,675 | 373,185 | 326,366 | |
Gross profit | 22,038 | 20,698 | 40,965 | 44,756 | |
Depreciation, depletion and amortization | 6,870 | 7,014 | 20,007 | 19,329 | |
Operating Segments [Member] | |||||
Total revenue | 1,077,138 | 1,125,873 | 2,647,237 | 2,827,257 | |
Segment assets as of period end | 786,124 | 869,342 | 786,124 | 869,342 | |
Operating Segments [Member] | Constructions [Member] | |||||
Total revenue | 848,267 | 924,454 | 2,141,009 | 2,369,848 | |
Segment assets as of period end | 434,604 | 513,406 | 434,604 | 513,406 | |
Operating Segments [Member] | Materials [Member] | |||||
Total revenue | 228,871 | 201,419 | 506,228 | 457,409 | |
Segment assets as of period end | 351,520 | 355,936 | 351,520 | 355,936 | |
Consolidation, Eliminations [Member] | |||||
Total revenue | (67,332) | (63,744) | (133,043) | (131,043) | |
Consolidation, Eliminations [Member] | Constructions [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Materials [Member] | |||||
Total revenue | $ (67,332) | $ (63,744) | $ (133,043) | $ (131,043) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gross Profit, Total | $ 120,367 | $ 119,935 | $ 278,025 | $ 300,199 |
Selling, general and administrative expenses | 61,795 | 77,603 | 192,036 | 227,400 |
Other costs, net (see Note 7) | (490) | 3,759 | 19,445 | 85,547 |
Gain on sales of property and equipment (see Note 13) | (949) | (5,159) | (10,462) | (39,349) |
Total other (income) expense, net | (2,789) | 2,405 | 1,747 | 1,686 |
Income before income taxes | $ 62,800 | $ 41,327 | $ 75,259 | $ 24,915 |