Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 West 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,300,000,000 | ||
Entity Common Stock, Shares Outstanding | 43,744,536 | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Houston, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 293,991 | $ 395,647 | |
Short-term marketable securities | 39,374 | 0 | |
Receivables, net | 463,987 | 464,588 | [1] |
Contract assets | 241,916 | 145,437 | |
Inventories | 86,809 | 61,965 | |
Equity in construction joint ventures | 183,808 | 189,911 | |
Other current assets | 37,411 | 177,210 | |
Current assets held for sale | 0 | 392,641 | |
Total current assets | 1,347,296 | 1,827,399 | |
Property and equipment, net | 509,210 | 433,504 | [1] |
Long-term marketable securities | 26,569 | 15,600 | |
Investments in affiliates | 80,725 | 23,368 | |
Goodwill | 73,703 | 53,715 | |
Right of use assets | 49,079 | 49,312 | |
Deferred income taxes, net | 22,208 | 24,141 | |
Other noncurrent assets | 59,143 | 67,888 | |
Total assets | 2,167,933 | 2,494,927 | |
Current liabilities | |||
Current maturities of long-term debt | 1,447 | 8,727 | |
Accounts payable | 334,392 | 324,313 | |
Contract liabilities | 173,286 | 200,041 | |
Accrued expenses and other current liabilities | 288,469 | 452,829 | |
Current liabilities held for sale | 0 | 83,408 | |
Total current liabilities | 797,594 | 1,069,318 | |
Long-term debt | 286,934 | 331,191 | |
Long-term lease liabilities | 32,170 | 32,928 | |
Deferred income taxes, net | 1,891 | 1,856 | |
Other long-term liabilities | 64,199 | 64,071 | |
Commitments and contingencies (see Note 20) | |||
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,743,907 shares as of December 31, 2022 and 45,840,260 shares as of December 31, 2021 | 437 | 458 | |
Additional paid-in capital | 470,407 | 559,752 | |
Accumulated other comprehensive income (loss) | 788 | (3,359) | |
Retained earnings | 481,384 | 410,831 | |
Total Granite Construction Incorporated shareholders’ equity | 953,016 | 967,682 | |
Non-controlling interests | 32,129 | 27,881 | |
Total equity | 985,145 | 995,563 | |
Total liabilities and equity | $ 2,167,933 | $ 2,494,927 | |
[1]These balances do not include amounts held for sale (see Note 2). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 293,991 | $ 395,647 | |
Receivables, net | 463,987 | 464,588 | [1] |
Contract assets | 241,916 | 145,437 | |
Other current assets | 37,411 | 177,210 | |
Property and equipment, net | 509,210 | 433,504 | [1] |
Accounts payable | 334,392 | 324,313 | |
Contract liabilities | 173,286 | 200,041 | |
Accrued expenses and other current liabilities | $ 288,469 | $ 452,829 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | |
Common stock, shares issued (in shares) | 43,743,907 | 45,840,260 | |
Common stock, shares outstanding (in shares) | 43,743,907 | 45,840,260 | |
Consolidated Construction Corporate Joint Venture [Member] | |||
Cash and cash equivalents | $ 102,547 | $ 92,783 | |
Receivables, net | 39,281 | 49,534 | |
Contract assets | 80,306 | 50,054 | |
Other current assets | 5,694 | 8,091 | |
Property and equipment, net | 7,834 | 14,920 | |
Accounts payable | 57,534 | 55,012 | |
Contract liabilities | 62,675 | 69,328 | |
Accrued expenses and other current liabilities | $ 8,451 | $ 5,514 | |
[1]These balances do not include amounts held for sale (see Note 2). |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||||||||||||
Total revenue | $ 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | $ 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 |
Cost of revenue | |||||||||||||
Total cost of revenue | 893,855 | 751,681 | 593,794 | 1,345,475 | 2,239,330 | 2,931,762 | 3,139,220 | 3,217,671 | |||||
Gross profit | 96,781 | 115,055 | 97,566 | 60,092 | 62,446 | 119,935 | 116,946 | 63,318 | 157,658 | 272,713 | 369,494 | 362,645 | 344,788 |
Selling, general and administrative expenses | 61,795 | 60,121 | 70,120 | 130,241 | 192,036 | 272,610 | 303,015 | 316,284 | |||||
Non-cash impairment charges (see Note 1) | 0 | 0 | 156,690 | ||||||||||
Other costs, net (See Note 1) | (490) | 16,612 | 6,279 | 22,891 | 22,401 | 24,120 | 101,351 | 37,089 | |||||
Gain on sales of property and equipment, net (see Note 11) | (949) | (8,915) | (598) | (9,513) | (10,462) | (12,617) | (66,439) | (6,930) | |||||
Operating income (loss) | 54,699 | 29,748 | (15,709) | 14,039 | 68,738 | 85,381 | 24,718 | (158,345) | |||||
Other (income) expense | |||||||||||||
Interest income | (1,894) | (782) | (570) | (1,352) | (3,246) | (6,528) | (1,176) | (3,096) | |||||
Interest expense | 2,519 | 3,899 | 3,585 | 7,484 | 10,003 | 12,624 | 20,739 | 24,200 | |||||
Equity in income of affiliates, net | (3,491) | (4,876) | (1,289) | (6,165) | (9,656) | (13,571) | (12,586) | (8,783) | |||||
Other (income) expense, net | (77) | (3,261) | (1,308) | (4,569) | (4,646) | 1,039 | (4,386) | (4,203) | |||||
Total other (income) expense, net | (2,789) | 1,502 | 3,034 | 4,536 | 1,747 | (6,436) | 2,591 | 8,118 | |||||
Income (loss) before income taxes | 57,488 | 28,246 | (18,743) | 9,503 | 66,991 | 91,817 | 22,127 | (166,463) | |||||
Provision for (benefit from) income taxes | (7,710) | 8,668 | 6,352 | 15,020 | 7,310 | 12,960 | 19,713 | (282) | |||||
Net income (loss) | 19,176 | 65,198 | 19,578 | (25,095) | (20,433) | 32,423 | 55,747 | (65,323) | (5,517) | 59,681 | 78,857 | 2,414 | (166,181) |
Amount attributable to non-controlling interests | 4,104 | (897) | (1,638) | (2,535) | 1,569 | 4,445 | 7,682 | 21,064 | |||||
Net income (loss) attributable to Granite Construction Incorporated | $ 22,052 | $ 69,302 | $ 18,681 | $ (26,733) | $ (13,213) | $ 35,043 | $ 54,461 | $ (66,195) | $ (8,052) | $ 61,250 | $ 83,302 | $ 10,096 | $ (145,117) |
Net income per share attributable to common shareholders (see Note 18): | |||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.50 | $ 1.58 | $ 0.42 | $ (0.58) | $ (0.29) | $ 0.76 | $ 1.19 | $ (1.45) | $ (0.18) | $ 1.37 | $ 1.87 | $ 0.22 | $ (3.18) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.46 | $ 1.36 | $ 0.39 | $ (0.58) | $ (0.29) | $ 0.73 | $ 1.14 | $ (1.45) | $ (0.18) | $ 1.25 | $ 1.70 | $ 0.21 | $ (3.18) |
Basic (in shares) | 43,973 | 44,534 | 45,730 | 45,128 | 44,739 | 44,485 | 45,788 | 45,614 | |||||
Diluted (in shares) | 51,863 | 52,295 | 45,730 | 45,128 | 52,613 | 52,326 | 47,599 | 45,614 | |||||
Construction [Member] | |||||||||||||
Revenue | |||||||||||||
Total revenue | $ 847,371 | $ 713,221 | $ 578,266 | $ 1,291,487 | $ 2,138,858 | $ 2,803,935 | $ 3,076,190 | $ 3,181,697 | |||||
Cost of revenue | |||||||||||||
Total cost of revenue | 754,354 | 632,969 | 519,787 | 1,152,756 | 1,907,110 | 2,500,054 | 2,772,962 | 2,901,528 | |||||
Materials [Member] | |||||||||||||
Revenue | |||||||||||||
Total revenue | 161,539 | 136,026 | 75,620 | 211,646 | 373,185 | 497,321 | 425,675 | 380,762 | |||||
Cost of revenue | |||||||||||||
Total cost of revenue | $ 139,501 | $ 118,712 | $ 74,007 | $ 192,719 | $ 332,220 | $ 431,708 | $ 366,258 | $ 316,143 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 78,857 | $ 2,414 | $ (166,181) |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gain (loss) on cash flow hedges, net of tax | 275 | (108) | (4,155) |
Less: reclassification for net gains included in interest expense, net of tax | 3,042 | 2,131 | 1,816 |
Net change | 3,317 | 2,023 | (2,339) |
Foreign currency translation adjustments, net | 830 | (347) | (51) |
Other comprehensive income (loss), net of tax | 4,147 | 1,676 | (2,390) |
Comprehensive income (loss), net of tax | 83,004 | 4,090 | (168,571) |
Non-controlling interests in comprehensive income, net of tax | 4,445 | 7,682 | 21,064 |
Comprehensive income (loss) attributable to Granite Construction Incorporated, net of tax | $ 87,449 | $ 11,772 | $ (147,507) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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, 2019 | 45,503,805 | |||||||||||||||||||||
Balances at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (366) | $ (366) | $ 0 | $ (366) | $ 456 | $ 549,307 | $ (2,645) | $ 594,353 | $ 1,141,471 | $ 36,945 | $ 1,178,416 | ||||||||
Net income | 0 | 0 | 0 | (145,117) | (145,117) | (21,064) | (166,181) | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | (2,390) | 0 | (2,390) | 0 | (2,390) | |||||||||||||||
RSUs vested (in shares) | 191,171 | |||||||||||||||||||||
RSUs vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (60,604) | |||||||||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs | $ (1) | (884) | 0 | 0 | (885) | 0 | (885) | |||||||||||||||
Dividends on common stock ($0.52 per share) | 0 | 0 | 0 | (23,734) | (23,734) | 0 | (23,734) | |||||||||||||||
Transactions with non-controlling interests, net | $ 0 | 0 | 0 | 0 | 0 | 65 | 65 | |||||||||||||||
Stock-based compensation expense and other (in shares) | 34,169 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 6,986 | 0 | (301) | 6,685 | 0 | 6,685 | |||||||||||||||
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 | 10,096 | 10,096 | (7,682) | 2,414 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 1,676 | 0 | 1,676 | 0 | 1,676 | |||||||||||||||
RSUs vested (in shares) | 235,234 | |||||||||||||||||||||
RSUs vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (68,580) | |||||||||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs | $ (1) | (2,729) | 0 | 0 | (2,730) | 0 | (2,730) | |||||||||||||||
Dividends on common stock ($0.52 per share) | 0 | 0 | 0 | (23,826) | (23,826) | 0 | (23,826) | |||||||||||||||
Transactions with non-controlling interests, net | $ 0 | 0 | 0 | 0 | 0 | 19,617 | 19,617 | |||||||||||||||
Stock-based compensation expense and other (in shares) | 5,065 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 7,076 | 0 | (274) | 6,802 | 0 | $ 6,802 | |||||||||||||||
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 | $ (25,095) | |||||||||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 45,364,137 | |||||||||||||||||||||
Balances at Mar. 31, 2022 | $ 941,889 | |||||||||||||||||||||
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 | $ (5,517) | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2022 | 44,078,469 | |||||||||||||||||||||
Balances at Jun. 30, 2022 | $ 904,971 | |||||||||||||||||||||
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 | $ 59,681 | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 43,723,658 | |||||||||||||||||||||
Balances at Sep. 30, 2022 | $ 970,389 | |||||||||||||||||||||
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 | 83,302 | 83,302 | (4,445) | 78,857 | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 4,147 | 0 | 4,147 | 0 | 4,147 | |||||||||||||||
RSUs vested (in shares) | 262,748 | |||||||||||||||||||||
RSUs vested | $ 3 | (3) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | [1] | (2,376,020) | ||||||||||||||||||||
Common stock purchased for employee tax withholding for vested RSUs | [1] | $ (24) | (70,877) | 0 | 0 | (70,901) | 0 | (70,901) | ||||||||||||||
Dividends on common stock ($0.52 per share) | 0 | 0 | 0 | (23,292) | (23,292) | 0 | (23,292) | |||||||||||||||
Transactions with non-controlling interests, net | $ 0 | 0 | 0 | 0 | 0 | 8,693 | 8,693 | |||||||||||||||
Stock-based compensation expense and other (in shares) | 16,919 | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 8,496 | 0 | 0 | 8,496 | 0 | $ 8,496 | |||||||||||||||
Balances (in shares) at Dec. 31, 2022 | 43,743,907 | 43,743,907 | ||||||||||||||||||||
Balances at Dec. 31, 2022 | $ 437 | 470,407 | 788 | 481,384 | 953,016 | 32,129 | $ 985,145 | |||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 45,364,137 | |||||||||||||||||||||
Balances at Mar. 31, 2022 | $ 941,889 | |||||||||||||||||||||
Net income | $ 19,578 | |||||||||||||||||||||
Balances (in shares) at Jun. 30, 2022 | 44,078,469 | |||||||||||||||||||||
Balances at Jun. 30, 2022 | $ 904,971 | |||||||||||||||||||||
Net income | $ 65,198 | |||||||||||||||||||||
Balances (in shares) at Sep. 30, 2022 | 43,723,658 | |||||||||||||||||||||
Balances at Sep. 30, 2022 | $ 970,389 | |||||||||||||||||||||
Net income | $ 19,176 | |||||||||||||||||||||
Balances (in shares) at Dec. 31, 2022 | 43,743,907 | 43,743,907 | ||||||||||||||||||||
Balances at Dec. 31, 2022 | $ 437 | $ 470,407 | $ 788 | $ 481,384 | $ 953,016 | $ 32,129 | $ 985,145 | |||||||||||||||
[1]This amount represents employee tax withholding for RSUs vested under our 2012 and 2021 Equity Incentive Plans and stock repurchased, including shares purchased in connection with the accelerated share repurchase in 2022 (see Note 1) under the Board-approved repurchase plan. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends (in dollars per share) | $ 0.52 | $ 0.52 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Operating activities | |||
Net income | $ 78,857 | $ 2,414 | $ (166,181) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 82,569 | 109,050 | 112,958 |
Amortization related to long-term debt (see Note 14) | 2,366 | 9,448 | 8,693 |
Gain on sales of property and equipment, net (see Note 11) | (12,617) | (66,439) | (6,930) |
Deferred income taxes | 5,447 | 16,600 | 8,817 |
Stock-based compensation | 7,765 | 6,407 | 6,377 |
Equity in net loss from unconsolidated joint ventures | 19,676 | 765 | 51,486 |
Net income from affiliates | (13,571) | (12,586) | (8,783) |
Non-cash impairment charges (see Note 1) | 0 | 0 | 156,690 |
Other non-cash adjustments | 222 | 0 | 1,729 |
Changes in assets and liabilities: | |||
Receivables | 59,623 | (11,317) | 6,840 |
Contract assets, net | (113,410) | 12,046 | 123,670 |
Inventories | (14,307) | 774 | 5,136 |
Contributions to unconsolidated construction joint ventures | (53,787) | (61,780) | (50,878) |
Distributions from unconsolidated construction joint ventures and affiliates | 19,223 | 22,004 | 11,065 |
Deposit for legal settlement (see Note 20) | 129,000 | (129,000) | 0 |
Other assets, net | 16,868 | (11,969) | (1,035) |
Accounts payable | (9,778) | 7,396 | (40,999) |
Accrual for legal settlement (see Note 20) | (129,000) | 129,000 | 0 |
Accrued expenses and other liabilities, net | (19,499) | (882) | 49,805 |
Net cash provided by operating activities | 55,647 | 21,931 | 268,460 |
Investing activities | |||
Purchases of marketable securities | (94,104) | (10,000) | (9,996) |
Maturities of marketable securities | 45,000 | 0 | 10,000 |
Proceeds from called marketable securities | 6 | 0 | 24,996 |
Purchases of property and equipment | (121,612) | (94,810) | (93,253) |
Proceeds from sales of property and equipment | 26,064 | 94,802 | 16,702 |
Proceeds from the sale of business (see Note 2) | 140,576 | 0 | 5,000 |
Issuance of notes receivable | (7,560) | (20,400) | 5,289 |
Collection of notes receivable | 630 | 8,930 | 0 |
Net cash used in investing activities | (11,000) | (21,478) | (41,262) |
Financing activities | |||
Proceeds from long-term debt | 50,000 | 0 | 50,000 |
Debt principal repayments | (125,164) | (8,922) | (83,433) |
Cash dividends paid | (23,271) | (23,804) | (23,712) |
Repurchases of common stock (See Note 17) | (70,898) | (2,730) | (885) |
Contributions from non-controlling partners | 13,150 | 20,126 | 11,875 |
Distributions to non-controlling partners | (8,567) | (9,514) | (11,810) |
Other financing activities, net | 439 | 398 | 307 |
Net cash used in financing activities | (164,311) | (24,446) | (57,658) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (119,664) | (23,993) | 169,540 |
Cash, cash equivalents and $1,512, $1,512 and $5,835 in restricted cash at beginning of period | 413,655 | 437,648 | 268,108 |
Cash, cash equivalents and $0, $1,512 and $1,512 in restricted cash at end of period | 293,991 | 413,655 | 437,648 |
Supplementary Information | |||
Right of use assets obtained in exchange for lease obligations | 17,547 | 23,379 | 10,000 |
Operating lease liabilities | 22,611 | 23,203 | 21,654 |
Interest | 11,511 | 14,593 | 18,753 |
Income taxes | 3,768 | 2,066 | 2,805 |
Other non-cash operating activities: | |||
Performance guarantees | (17,409) | (167) | 350 |
Non-cash investing and financing activities: | |||
RSUs issued, net of forfeitures | 8,694 | 8,299 | 4,449 |
Dividends declared but not paid | 5,687 | 5,959 | 5,937 |
Contributions from non-controlling partners | 4,110 | 9,006 | 0 |
Accrued equipment purchases | $ 5,745 | $ (4,714) | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted cash | $ 1,512 | $ 1,512 | $ 5,835 |
Restricted cash | $ 0 | $ 1,512 | $ 1,512 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Business one During the fourth 2021, first 2022 , 2, third 2022 , no no December 31, 2021, In alphabetical order, our business operating groups are as follows: • California, which is comprised of vertically integrated businesses in home markets across the state; • Central, which includes the vertically integrated Arizona region and regional civil construction businesses in Illinois, Florida and Texas. The Central group also includes the Federal division which performs civil construction across the continental United States and Guam, and the Tunnel division; and • Mountain, which is comprised of vertically integrated regional businesses in Alaska, Washington, Oregon, Utah and Nevada. The Mountain Group also includes national businesses in the Industrial & Energy division, which primarily focuses on commercial solar construction projects, Water Resources, which performs water well drilling and rehabilitation services and Mineral Services, which performs mineral exploration services for mining clients. Principles of Consolidation may 810, Consolidation may not two no no If we have determined we are not one 323, Investments - Equity Method and Joint Ventures, We also participate in “line-item” joint venture agreements under which each partner is responsible for performing certain discrete items of the total scope of contracted work. The revenue for each line-item joint venture partners’ discrete items of work is defined in the contract with the project owner and each joint venture partner bears the profitability risk associated only with its own work. There is not Use of Estimates in the Preparation of Financial Statements Revenue Recognition: 606, Revenue from Contracts with Customers, 606” 606 five 1. Identify the contract 2. Identify performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5. Recognize revenue Generally, our contracts contain one may not The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring goods and services to the customer. The contractual consideration from customers of our Construction segment may not one Subsequent to the inception of a contract in our Construction segment, the transaction price could change for various reasons, including executed or unapproved change orders, and unresolved contract modifications and/or affirmative claims. Changes that are accounted for as an adjustment to existing performance obligations are allocated on the same basis at contract inception. Otherwise, changes are accounted for as separate performance obligation(s) and the separate transaction price is allocated as discussed above. Changes are made to the transaction price from unapproved change orders to the extent the amount can be reasonably estimated and recovery is probable. On certain projects we have submitted and have pending unresolved contract modifications and/or affirmative claims (“affirmative claims”) to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers, subcontractors, vendors or others. The owners or their authorized representatives and/or other third may may Changes are made to the transaction price from affirmative claims with customers to the extent that additional revenue on a claim settlement with a customer is probable and estimable. A reduction to costs related to affirmative claims with non-customers with whom we have a contractual arrangement (“back charges”) is recognized when the estimated recovery is probable and estimable. Recognizing affirmative claims and back charge recoveries requires significant judgments of certain factors including, but not Generally, performance obligations related to contracts in our Construction segment are satisfied over time because our performance typically creates or enhances an asset that the customer controls as the asset is created or enhanced. We recognize revenue as performance obligations are satisfied and control of the promised good and/or service is transferred to the customer. Revenue in our Construction segment is ordinarily recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation(s) using an input (i.e., “cost to cost”) method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control. All contract costs, including those associated with affirmative claims, change orders and back charges, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the forecasted revenue and cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach. There are a number of factors that can contribute to revisions in estimates of contract cost and profitability. The most significant of these include: • changes in costs of labor and/or materials; • subcontractor costs, availability and/or performance issues; • extended overhead and other costs due to owner, weather and other delays; • changes in productivity expectations; • changes from original design on design-build projects; • our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; • a change in the availability and proximity of equipment and materials; • complexity in original design; • length of time to complete the project; • the availability and skill level of workers in the geographic location of the project; • site conditions that differ from those assumed in the original bid; • costs associated with scope changes; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination including demobilization cost. Costs to obtain our contracts (“pre-bid costs”) that are not not not Unearned Revenue: December 31, 2022 and 2021 , unearned revenue was $ billion and $ billion, respectively. Approximately $ billion of the December 31, 2022 unearned revenue is expected to be recognized within the next twelve may not may not Balance Sheet Classifications: may one one December 31, 2021 was the $129.0 million deposit for the securities litigation settlement discussed in Note 20. Cash and Cash Equivalents three may Contract Assets: twelve one not 606. not Marketable Securities Derivative Instruments: 2 not not The derivative transactions related to the 2.75% Convertible Notes (as defined in Note 14 not Fair Value of Financial Assets and Liabilities: 820, Fair Value Measurements and Disclosures, 820 820 three may Level 1 Level 2 1 not Level 3 no We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not Allowance for Credit Losses: Concentrations of Credit Risk: one December 31, 2022 , 2021 and 2020 , our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”). Revenue recognized from contracts with Caltrans during the years ended December 31, 2022 , 2021 and 2020 represented $ million ( of total revenue), $ million ( of total revenue) and $ million ( of total revenue), respectively, which was primarily in the Construction segment. Other than Caltrans, none 10% December 31, 2022 . None 10% December 31, 2021 and 2020 . The majority of our receivables are from customers concentrated in the United States. None 10% December 31, 2022 and 2021 . Certain construction contracts include retention provisions that were included in contract assets as of December 31, 2022 and 2021 in our consolidated balance sheets. The balances billed but not December 31, 2022 contract retention balance disclosed in Note 6 one not Foreign Currency Transactions and Translation: 830, Foreign Currency Matters 2022 , 2021 and 2020 . Assets and liabilities in functional currency are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Revenues and expenses are translated into U.S. dollars at average foreign currency exchange rates prevailing during the reporting periods. The translation adjustments from functional currency to U.S. dollars are reported in accumulated other comprehensive income (loss) on the consolidated balance sheets. Inventories: . one Investments in Affiliates 323, Investments - Equity Method and Joint Ventures. not • significant adverse changes in legal factors or the business climate and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for our foreign entities and for the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may During the year ended December 31, 2020, Property and Equipment three ten two twenty no 360, Property, Plant, and Equipment, not third Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment in the consolidated balance sheets. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which ranges from three seven December 31, 2022 , 2021 and 2020 , we capitalized $ million, $ million and $ million, respectively, of internal-use software development and related hardware costs. Long-lived Assets: may not no As of December 31, 2022 , amortizable intangible assets, which primarily include permits and customer relationships, are being amortized over remaining terms from two to fifteen years. All intangible assets are amortized on a straight-line basis except for customer relationships which will are amortized on a double declining basis. Goodwill: December 31, 2022, five • Central Group Construction • Central Group Materials • Mountain Group Construction • Mountain Group Materials • California Group Construction We perform our goodwill impairment tests annually as of November 1 not • a significant adverse change in the business climate; • a significant adverse change in legal factors or an adverse action or assessment by a regulator; • a more likely than not • the testing for recoverability of a significant asset group within the segment. In accordance with ASC Topic 350, Intangibles Goodwill and Other, not In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. The estimated fair value is compared to the carrying amount of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our 2022 five For our 2022 not no not In the third 2022, not December 31, 2022, For our 2021 November 1, 2021. 2021, December 1, 2021. not During the year ended December 31, 2020, Right of use Assets and Lease Liabilities: At lease commencement, we measure and record a lease liability equal to the present value of the remaining lease payments, generally discounted using the borrowing rate on our secured debt as the implicit rate is not not On the lease commencement date, the amount of the right of use assets consists of the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date, minus any lease incentives received; and • any initial direct costs incurred. On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain embedded leases by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. Most of our lease contracts do not may Contract Liabilities: twelve Asset Retirement Obligations: 3 Warranties: two not not two ten not December 31, 2022 2021 Accrued Insurance Costs: first Surety Bonds not Performance Guarantees: 2 not may Contingencies: may 20 Stock-Based Compensation: Other Costs: 20, 2022 2021. Income Taxes not not We report a liability in accrued expenses and other current liabilities and in other long-term liabilities in the consolidated balance sheets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and other income, net in the consolidated statements of operations. Computation of Earnings per Share 2.75% 14 2.75% Convertible Notes may 2.75% 14 not 2.75% Recently Issued and Adopted Accounting Pronouncements: no In August 2020 , 2020 06 , 2020 06 2.75% 2024. 2020 06 2020 06 January 1, 2022 , not 14 In March 2020, 2020 04, January 2021, 2021 01, 2020 04. June 30, 2022, 14 December 2022, 2022 06, 2020 04. not |
Note 2 - Assets and Liabilities
Note 2 - Assets and Liabilities Held-for-sale | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. As discussed in Note 1, fourth 2021, 205 20, Presentation of financial statements - Discontinued operations December 31, 2021, 360, Property, Plant, and Equipment During the first 2022 , 1000097155 December 31, 2022. In the third 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 3 - Revisions in Estimates
Note 3 - Revisions in Estimates | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 3. 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 years ended December 31, 2022 2021 2020 not The net changes in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $5.0 December 31, 2022 2021 2020 Increases Years Ended December 31, 2022 2021 2020 Number of projects with upward estimate changes 2 2 — Range of increase in gross profit from each project, net $ 5.4 - 6.8 $ 6.2 - 9.2 $ — Increase to project profitability, net $ 12.1 $ 15.4 $ — Increase to net income/decrease to net loss $ 9.7 $ 11.4 $ — Amounts attributable to non-controlling interests $ 2.7 — — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated $ 7.0 $ 11.4 — Increase to net income/decrease to net loss per diluted share attributable to common shareholders $ 0.13 $ 0.24 $ — The increases during the year ended December 31, 2022 December 31, 2021 no 2021. Decreases Years Ended December 31, 2022 2021 2020 Number of projects with downward estimate changes 8 6 7 Range of reduction in gross profit from each project, net $ 5.6 - 32.2 $ 5.3 - 34.6 $ 6.7 - 49.9 Decrease to project profitability, net $ 92.2 $ 86.0 $ 143.4 Decrease to net income/increase to net loss $ 74.1 $ 69.1 $ 114.7 Amounts attributable to non-controlling interests $ 21.7 $ 20.5 $ 31.9 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 52.4 $ 48.6 $ 82.9 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 1.00 $ 1.02 $ 1.79 The decreases during the year ended December 31, 2022 December 31, 2021 December 31, 2020, |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 4. We disaggregate our revenue based on our reportable segments and operating groups as it is the format that is regularly reviewed by management. Our reportable segments are: Construction and Materials. In alphabetical order, our operating groups are: California, Central and Mountain. In connection with the reclassification of the WMS businesses from discontinued operations to continuing operations, the Consolidated Statements of Operations have been revised to include Inliner, through the date of sale and Water Resources and Mineral Services in the Mountain operating group for all periods presented (see Note 2 Years ended December 31, 2022 Construction Materials Total California $ 811,623 $ 273,314 $ 1,084,937 Central 851,779 46,531 898,310 Mountain 1,140,533 177,476 1,318,009 Total $ 2,803,935 $ 497,321 $ 3,301,256 2021 Construction Materials Total California $ 822,448 $ 242,552 $ 1,065,000 Central 1,058,448 33,270 1,091,718 Mountain 1,195,294 149,853 1,345,147 Total $ 3,076,190 $ 425,675 $ 3,501,865 2020 Construction Materials Total California $ 928,193 $ 222,021 $ 1,150,214 Central 1,145,725 25,181 1,170,906 Mountain 1,107,779 133,560 1,241,339 Total $ 3,181,697 $ 380,762 $ 3,562,459 |
Note 5 - Unearned Revenue
Note 5 - Unearned Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 5. The following table presents our unearned revenue as of the respective periods: (in thousands) December 31, 2022 December 31, 2021 (1) California $ 945,971 $ 771,759 Central 1,444,983 1,334,901 Mountain 486,524 488,425 Total $ 2,877,478 $ 2,595,085 ( 1 not 2 |
Note 6 - Contract Assets and Li
Note 6 - Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. 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 $182.8 million, $153.9 million and $176.1 million during the years ended December 31, 2022 2021 2020 As of December 31, 2022 2021 The components of the contract asset balances as of the respective dates were as follows (in thousands): December 31, 2022 2021 (1) Costs in excess of billings and estimated earnings $ 80,357 $ 14,158 Contract retention 161,559 131,279 Total contract assets $ 241,916 $ 145,437 ( 1 not 2 The increase in contract assets is primarily due to unresolved disputed work and increased retention balances related to certain ongoing projects. As of December 31, 2022 2021 No 10% one As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. During the years ended December 31, 2022 2021 2020, December 31, 2021, 2020 2019, The components of the contract liability balances as of the respective dates were as follows (in thousands): December 31, 2022 2021 (1) Billings in excess of costs and estimated earnings, net of retention $ 152,294 $ 169,542 Provisions for losses 20,992 30,499 Total contract liabilities $ 173,286 $ 200,041 ( 1 not 2 The decrease in contract liabilities is primarily due to revenue recognized in excess of billings as well as reductions in provisions for losses as certain loss projects progress towards completion. |
Note 7 - Receivables, Net
Note 7 - Receivables, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. 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 December 31, 2022 2021 (1) Contracts completed and in progress: Billed $ 220,809 $ 236,053 Unbilled 120,348 126,371 Total contracts completed and in progress 341,157 362,424 Materials sales 52,182 43,746 Other 71,790 59,496 Total gross receivables 465,129 465,666 Less: allowance for credit losses 1,142 1,078 Total net receivables $ 463,987 $ 464,588 ( 1 not 2 Included in other receivables at December 31, 2022 2021 December 31, 2022 2021 one No |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. The following tables summarize significant assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swap — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927 December 31, 2021 (1) 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 ( 1 not 2 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, 14 December 31, 2022. Commodity Swaps In December 2022, October 31, 2023. December 2021, two April 2022 October 2022 December 31, 2022 December 31, 2021 Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not December 31, 2022 2021 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 65,943 $ 64,584 $ 15,600 $ 15,459 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 281,365 $ 207,354 $ 313,785 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 49,536 $ — $ — ( 1 December 31, 2022 2021 ( 2 December 31, 2022 2021 14 2.75% ( 3 December 31, 2021 2.75% 14 no 2022 2020 06. The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may one At least annually, we measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. As of December 31, 2022 2021 3 2 Asset retirement and reclamation obligations were initially measured using internal discounted cash flow calculations based upon our estimates of future retirement costs. To determine the fair value of the obligation, we estimate the cost for a third Note 11 We estimate our liability for performance guarantees for our unconsolidated construction joint ventures and line item joint ventures using estimated partner bond rates, which are Level 2 13 1 During the years ended December 31, 2022 2021 no |
Note 9 - Construction Joint Ven
Note 9 - Construction Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 9. We participate in various construction joint ventures. As discussed in Note 1, December 31, 2022 2021 2020 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At December 31, 2022 not may 13 1 Consolidated Construction Joint Ventures At December 31, 2022 December 31, 2022 our share of revenue remaining to be recognized December 31, 2022 2021 2020 December 31, 2022 2021 2020 Unconsolidated Construction Joint Ventures As discussed in Note 1, not As of December 31, 2022 seven December 31, 2022 The following is summary financial information related to unconsolidated construction joint ventures (in thousands): December 31, 2022 2021 Assets Cash, cash equivalents and marketable securities $ 130,635 $ 182,891 Other current assets (1) $ 681,221 661,342 Noncurrent assets $ 76,204 103,579 Less partners’ interest $ 604,741 633,634 Granite’s interest (1),(2) $ 283,319 $ 314,178 Liabilities Current liabilities $ 244,411 $ 307,674 Less partners’ interest and adjustments (3) $ 130,911 154,771 Granite’s interest $ 113,500 $ 152,903 Equity in construction joint ventures (4) $ 169,819 $ 161,275 ( 1 ncluded in this balance and in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2022 2021 13 ( 2 Included in this balance as of December 31, 2022 2021 of December 31, 2022 and 2021 , respectively. ( 3 ( 4 $14.0 milli on December 31, 2022 2021 Years Ended December 31, 2022 2021 2020 Revenue Total $ 330,835 $ 820,586 $ 918,716 Less partners’ interest and adjustments (1) 210,678 526,522 559,480 Granite’s interest $ 120,157 $ 294,064 $ 359,236 Cost of revenue Total $ 378,237 $ 835,899 $ 1,193,358 Less partners’ interest and adjustments (1) 238,699 540,854 782,683 Granite’s interest $ 139,538 $ 295,045 $ 410,675 Granite’s interest in gross profit (loss) $ (19,381 ) $ (981 ) $ (51,439 ) Net Income (Loss) Total $ (47,904 ) $ (15,533 ) $ (274,410 ) Less partners’ interest and adjustments (1) (28,228 ) (14,765 ) (222,924 ) Granite’s interest in net income (loss) (2) $ (19,676 ) $ (768 ) $ (51,486 ) ( 1 ( 2 As of December 31, 2022 three December 31, 2022 December 31, 2022 2021 2020 |
Note 10 - Investments in Affili
Note 10 - Investments in Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 10. Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in foreign affiliates, real estate entities and an asphalt terminal entity. The foreign affiliates in which we are invested are engaged in mineral drilling services and the manufacture and supply of drilling equipment, parts and supplies in Latin America. The real estate entities were formed to accomplish specific real estate development projects in which our wholly owned subsidiary, Granite Land Company, participates with third We have determined that the real estate entities are not not not not not Our investments in affiliates balance consists of equity method investments in the following types of entities (in thousands): December 31, 2022 2021 (1) Foreign $ 58,579 $ — Real estate 8,517 9,619 Asphalt terminal 13,629 13,749 Total investments in affiliates $ 80,725 $ 23,368 ( 1 not 2 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): December 31, 2022 2021 (1) Current assets $ 194,210 $ 34,374 Noncurrent assets 172,560 78,829 Total assets $ 366,770 $ 113,203 Current liabilities $ 106,780 $ 23,685 Long-term liabilities (2) 59,356 48,104 Total liabilities $ 166,136 $ 71,789 Net assets $ 200,634 $ 41,414 Granite’s share of net assets $ 80,725 $ 23,368 ( 1 not 2 ( 2 Of the $366.8 million in total assets as of December 31, 2022 December 31, 2022 2021 December 31, 2022 December 31, 2022. The following table provides summarized statements of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2022 2021 2020 Revenue $ 377,256 $ 302,084 $ 194,717 Gross profit $ 95,816 $ 74,939 $ 48,948 Income before taxes $ 60,513 $ 38,261 $ 28,471 Net income $ 47,331 $ 33,864 $ 24,073 Granite’s interest in affiliates’ net income $ 13,571 $ 12,586 $ 8,783 During 2020, December 31, 2020. |
Note 11 - Property and Equipmen
Note 11 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 11. The following table presents the major classes of assets and total accumulated depreciation and depletion (in thousands): December 31, 2022 2021 (1) Equipment and vehicles $ 994,602 $ 870,672 Quarry property 219,843 191,982 Land and land improvements 105,733 108,518 Buildings and leasehold improvements 103,658 96,180 Office furniture and equipment 82,465 75,043 Property and equipment 1,506,301 1,342,395 Less: accumulated depreciation and depletion 997,091 908,891 Property and equipment, net $ 509,210 $ 433,504 ( 1 not 2 Depreciation and depletion expense primarily included in cost of revenue in our consolidated statements of operations was $79.5 million, $97.7 million and $98.3 million for the years ended December 31, 2022 2021 2020 During 2021, three December 31, 2021. As discussed in Note 1, December 31, 2022 2021 December 31, 2022 2027 The following table summarizes the asset retirement obligation balances for the periods presented (in thousands): Years Ended December 31, 2022 2021 Beginning balance $ 24,950 $ 23,853 Revisions to estimates 4,904 1,596 Liabilities settled (2,015 ) (1,708 ) Accretion 1,351 1,209 Ending balance $ 29,190 $ 24,950 |
Note 12 - Intangible Assets
Note 12 - Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 12. Indefinite-lived Intangible Assets Indefinite-lived intangible assets primarily consist of goodwill. The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2022 2021(1) Construction $ 71,757 $ 51,769 Materials 1,946 1,946 Total goodwill $ 73,703 $ 53,715 ( 1 not 2 Amortized Intangible Assets As of December 31, 2022 2021 The net amortization expense related to amortized intangible assets for each of the years ended December 31, 2022 2021 2020 December 31, 2022 2023 2024 2025 2026 2027 |
Note 13 - Accrued Expenses and
Note 13 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 13. : December 31, 2022 2021(1) Accrued insurance $ 78,427 $ 76,999 Deficits in unconsolidated construction joint ventures (see Note 9) 13,989 28,636 Payroll and related employee benefits 80,910 87,460 Performance guarantees (see Note 1) 64,703 82,112 Accrued legal settlement (see Note 20) - 129,000 Other 50,440 48,622 Total $ 288,469 $ 452,829 ( 1 not 2 The decrease in performance guarantees in the current year is due to receiving customer acceptance on two Other includes short-term lease liability, dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none 5% |
Note 14 - Long-term Debt
Note 14 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 14. December 31, 2022 2021 2.75 $ 230,000 $ 207,354 Third Amended and Restated Credit Agreement - term loan — 123,750 Fourth Amended and Restated Credit Agreement - revolver 50,000 — Debt issuance costs and other 8,381 8,814 Total debt $ 288,381 $ 339,918 Less current maturities 1,447 8,727 Total long-term debt $ 286,934 $ 331,191 The aggregate minimum principal maturities of long-term debt related to balances at December 31, 2022 2023 2024 2025 2026 2027 Credit Agreement During the first 2022 , May 31, 2018 June 2, 2027 . five twelve We may December 31, 2022 April 2023 December 2026 December 31, 2022 December 31, 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 . December 31, 2022 not Convertible Notes As of December 31, 2022, 2.75% 2.75% November 2019 November 1, 2024, 2.75% May 1, 2024 May 1, 2024, 2.75% second 2.75% $1,000 2.75% 2.75% 2.75% We have the option to redeem for cash all or any portion of the 2.75% may 2.75% not may 2.75% As of December 31, 2022 2021 2.75% December 31, 2022 2021 Effective January 1, 2022, 2020 06 1 December 31, 2022 not 2020 06 , December 31, 2021 2020 December 31, 2022 2021 2020 Real Estate Indebtedness Our unconsolidated investments in real estate entities are subject to mortgage indebtedness. This indebtedness is non-recourse to Granite but is recourse to the real estate entity. The terms of this indebtedness are typically renegotiated to reflect the evolving nature of the real estate project as it progresses through acquisition, entitlement and development. Modification of these terms may 10. Covenants and Events of Default Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with these covenants would constitute an event of default under the Credit Agreement. Additionally, our failure to pay principal, interest or other amounts when due or within the relevant grace period on our 2.75% 2.75% no 2.75% The most significant financial covenants under the terms of our Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of December 31, 2022 not December 31, 2022 Credit Agreement not |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15. We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of December 31, 2022 December 31, 2022 2021 December 31, 2022 no not December 31, 2022 2021 2020 As of December 31, 2022 2021 As of December 31, 2022 one not The following table summarizes the maturities of our undiscounted lease liabilities outstanding as of December 31, 2022 2023 $ 22,798 2024 20,110 2025 12,822 2026 7,244 2027 5,564 2028 through 2036 9,743 Total future minimum lease payments $ 78,281 Less imputed interest (27,449 ) Total $ 50,832 Royalties Excluded from the table above are minimum royalty requirements under all contracts, primarily quarry property, in effect at December 31, 2022 2023 2024 2025 2026 2027 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 16. Profit Sharing and 401 401 “401 401 401 401 December 31, 2022 2021 2020 may 401 December 31, 2022 2021 2020 Non-Qualified Deferred Compensation Plan December 31, 2022 December 31, 2022 2021 December 31, 2022 63 December 31, 2022 2021 December 31, 2022 2021 Multi-employer Pension Plans December 31, 2022 three • Assets contributed to the multi-employer plan by one may • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may • If we chose to stop participating in some of the multi-employer plans, we may The following table presents our participation in these plans (dollars in thousands): Pension Protection Act (“PPA”) Certified Zone Status (1) Contributions Pension Trust Fund Pension Plan Employer Identification Number 2022 2021 FIP / RP Status Pending / Implemented (2) 2022 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (3) Operating Engineers Pension Trust Fund 95 6032478 Yellow Yellow Yes $ 4,768 $ 5,266 $ 5,239 No 6/30/2025 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91 6028570 Green Green No 5,204 4,744 3,658 No 3/31/2023 5/31/2024 5/31/2025 Pension Trust Fund for Operating Engineers 94 6090764 Yellow Yellow Yes 9,783 10,095 10,001 No 3/31/2023 6/30/2023 9/30/2023 1/31/2024 6/30/2024 10/31/2024 3/31/2025 All other funds (53 as of December 31, 2022) 18,270 21,517 20,572 Total contributions: $ 38,025 $ 41,622 $ 39,470 ( 1 2022 2021 2021 2020 six ( 2 ( 3 Based upon the most recently available annual reports, our contribution to each of the individually significant plans listed in the table above was less than 5% no not |
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 17. Stock-based Compensation: June 2, 2021, 2021 “2021 2012 “2012 no may 2012 2021 of 2,689,909 shares of our 2021 ich 2,121,419 remained av December 31, 2022 December 31, 2022 2021 2020 not December 31, 2022 no Restricted Stock Units: RSU stock compensation cost is recognized ratably over the shorter of the vesting period (generally ranging from immediate vesting to three first 62 not may not A summary of the changes in our RSUs during the years ended December 31, 2022 2021 2020 Years Ended December 31, 2022 2021 2020 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 553 $ 30.09 601 $ 24.96 387 $ 43.99 Granted 311 31.70 254 40.34 462 12.89 Vested (263 ) 28.98 (235 ) 28.77 (190 ) 34.36 Forfeited (33 ) 28.21 (67 ) 22.50 (58 ) 24.76 Outstanding, ending balance 568 $ 31.64 553 $ 30.09 601 $ 24.96 Compensation cost related to RSUs was $7.5 million ($5.6 million net of statutory tax rate), $6.6 million ($4.9 million net of statutory tax rate), and $6.4 million ($4.7 million net of statutory tax rate) for the years ended December 31, 2022 2021 2020 December 31, 2022 2021 2020 December 31, 2022 401 December 31, 2022 401 401 401 Share Purchase Program: February 3, 2022, February 1, 2022, “2022 December 31, 2022 2022 March 2022, May 2022 September 2022. |
Note 18 - Weighted Average Shar
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share. Years Ended December 31, 2022 2021 2020 Numerator Net income (loss) attributable to common shareholders for basic earnings per share $ 83,302 $ 10,096 $ (145,117 ) Add: Interest expense related to 2.75 5,890 - - Net income (loss) attributable to common shareholders for diluted earnings per share $ 89,192 $ 10,096 $ (145,117 ) Denominator Weighted average common shares outstanding, basic 44,485 45,788 45,614 Add: Dilutive effect of RSUs (2) 532 533 — Add: Dilutive effect of 2.75 7,309 1,279 — Weighted average common shares outstanding, diluted 52,326 47,599 45,614 Net income (loss) per share, basic $ 1.87 $ 0.22 $ (3.18 ) Net income (loss) per share, diluted $ 1.70 $ 0.21 $ (3.18 ) ( 1 2022, 2020 06, 1 ( 2 December 31, 2020, ( 3 December 31, 2020, not (See Note 14 |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 19. The following is a summary of the income (loss) before income taxes (in thousands): Years Ended December 31, 2022 2021 2020 Domestic $ 97,235 $ 13,531 $ (176,448 ) Foreign (5,418 ) 8,596 9,985 Total income (loss) before income taxes $ 91,817 $ 22,127 $ (166,463 ) The following is a summary of the provision for (benefit from) income taxes (in thousands): Years Ended December 31, 2022 2021 2020 Federal: Current $ 255 $ 1,382 $ (9,017 ) Deferred 10,326 15,022 7,941 Total federal 10,581 16,404 (1,076 ) State: Current 5,721 (935 ) (443 ) Deferred (1,691 ) 2,652 2,052 Total state 4,030 1,717 1,609 Foreign: Current 1,951 2,663 136 Deferred (3,602 ) (1,071 ) (951 ) Total foreign (1,651 ) 1,592 (815 ) Total provision for (benefit from) income taxes $ 12,960 $ 19,713 $ (282 ) The following is a reconciliation of our provision for (benefit from) income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2022 2021 2020 Federal statutory tax $ 19,282 21.0 % $ 4,647 21.0 % $ (34,957 ) 21.0 % State taxes, net of federal tax benefit 2,761 3.0 1,912 8.6 1,696 (1.0 ) Foreign taxes (2,695 ) (2.9 ) 1,912 8.6 (1,374 ) 0.8 Percentage depletion deduction (1,062 ) (1.2 ) (1,015 ) (4.6 ) (1,096 ) 0.7 Non-controlling interests 933 1.0 1,613 7.3 4,423 (2.7 ) Non-cash impairment charges — — — — 32,905 (19.8 ) Nondeductible expenses 3,744 4.1 1,398 6.3 1,073 (0.6 ) Company-owned life insurance 902 1.0 (736 ) (3.3 ) — — Stock-based compensation (330 ) (0.4 ) (664 ) (3.0 ) — — Changes in uncertain tax positions (54 ) (0.1 ) — — (1,781 ) 1.1 Valuation allowance (3,212 ) (3.5 ) (518 ) (2.3 ) 4,197 (2.5 ) Assets held for sale (14,427 ) (15.7 ) 10,089 45.6 — — Gain on sale of business — — — — (3,827 ) 2.3 Nondeductible goodwill disposal 8,212 9.0 — — — — Provision to return adjustments (1,102 ) (1.2 ) 1,153 5.2 — — Other 8 — (78 ) (0.3 ) (1,541 ) 0.9 Total $ 12,960 14.1 % $ 19,713 89.1 % $ (282 ) 0.2 % The majority of the variance from the statutory tax rate in 2022 is due to the tax benefit associated with the reversal of net deferred tax liabilities related to businesses no longer held for sale and the release of valuation allowances related to the utilization of capital loss carryforwards. These were partially offset by nondeductible goodwill associated with the sale of Inliner and the impact of the relative change in income before income taxes to the provision for income taxes. The following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2022 2021 Long-term deferred tax assets: Receivables $ 2,818 $ 3,173 Insurance 12,575 14,334 Deferred compensation 9,432 11,133 Accrued compensation 3,354 3,792 Other accrued liabilities 1,536 1,088 Contract income recognition 16,181 11,453 Lease liabilities 12,572 16,351 Net operating loss carryforwards 41,388 59,760 Valuation allowance (19,919 ) (26,533 ) Other 6,504 8,440 Total long-term deferred tax assets 86,441 102,991 Long-term deferred tax liabilities: Property and equipment 53,921 64,915 Right of use assets 12,202 15,791 Total long-term deferred tax liabilities 66,123 80,706 Net long-term deferred tax assets $ 20,318 $ 22,285 The following is a summary of the net operating loss carryforwards at December 31, 2022 Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards N/A $ 90,073 $ 18,915 State net operating loss carryforwards 2023 2041 $ 196,507 9,996 Foreign tax loss carryforwards 2023 2041 $ 45,895 12,477 Total net operating loss carryforwards at December 31, 2022 $ 41,388 The federal, state and foreign net operating loss carryforwards above included unrecognized tax benefits taken in prior years and the net operating loss carryforward deferred tax asset is presented net of these unrecognized tax benefits in accordance with ASC Topic 740, Income Taxes 382 may may not no not not The following is a summary of the change in valuation allowance (in thousands): December 31, 2022 2021 Beginning balance $ 26,533 $ 29,547 Additions (deductions), net (6,614 ) (3,014 ) Ending balance $ 19,919 $ 26,533 The change in the valuation allowance is mainly due to the utilization of various state net operating losses as well as the release of valuation allowances related to the utilization of capital loss carryforwards. We intend to indefinitely reinvest certain earnings of our foreign subsidiaries and affiliates. There are generally no December 31, 2022, not not Uncertain tax positions: not no 2017. December 31, 2022 no 2017. We file income tax returns in foreign jurisdictions where we operate. The returns are subject to examination which may no 2016. We had approximately $22.8 million and $22.7 million of total gross unrecognized tax benefits as of December 31, 2022 2021 December 31, 2022 2021 2023, 2023. The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities and accrued expenses and other current liabilities in the consolidated balance sheets: December 31, 2022 2021 2020 Beginning balance $ 22,724 $ 23,320 $ 27,303 Gross increases – current period tax positions — — (1,590 ) Gross decreases – current period tax positions — — — Gross increases – prior period tax positions — — — Gross decreases – prior period tax positions (426 ) (9 ) (608 ) Settlements with taxing authorities/lapse of statute of limitations (60 ) (69 ) (1,785 ) Reclassification of balances from (to) held for sale 518 (518 ) — Ending balance $ 22,756 $ 22,724 $ 23,320 |
Note 20 - Contingencies - Legal
Note 20 - Contingencies - Legal Proceedings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 20. Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not not not not The total liabilities recorded as of December 31, 2022 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. January 21, 2021, On October 23, 2019, Nasseri v. Granite Construction Incorporated, et. al. June 2018 1933 On April 29, 2021, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. Nasseri v. Granite Construction Incorporated, et al. Under the Settlement Agreement, the Company agreed to pay or cause to be paid a total of $129 million in cash, $63 million of which was paid through insurance proceeds, to a settlement fund that would 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 March 31, 2021. On October 6, 2021, December 31, 2021 February 24, 2022. March 17, 2022, Nasseri v. Granite Construction Incorporated, et al. April 29, 2022, Nasseri v. Granite Construction Incorporated, et al December 15, 2022, December 31, 2022. On May 6, 2020, English v. Roberts, et al. 1934 April 30, 2018 October 24, 2019. On May 12, 2021, Davydov v. Roberts, et al. April 30, 2018 October 24, 2019. 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. April 14, 2022, Davydov v. Roberts, et al July 12, 2022. July 27, 2022, Davydov v. Roberts, et al. July 28, 2022, English v. Roberts, et al. December 31, 2022. As of December 31, 2022 December 31, 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, December 31, 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, not 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 |
Note 21 - Reportable Segment In
Note 21 - Reportable Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 21. Our reportable segments are the same as our operating segments and correspond with how our CODM regularly reviews financial information to allocate resources and assess performance. Our reportable segments are: Construction and Materials. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production of aggregates and asphalt production for internal use and for sale to third As discussed in Note 2 , first 2022, The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1 not Summarized segment information is as follows (in thousands, except per share data): Years Ended December 31, Construction Materials Total 2022 Total revenue from reportable segments $ 2,803,935 $ 671,428 $ 3,475,363 Elimination of intersegment revenue — (174,107 ) $ (174,107 ) Revenue from external customers $ 2,803,935 $ 497,321 $ 3,301,256 Gross profit $ 303,881 $ 65,613 $ 369,494 Depreciation, depletion and amortization $ 41,836 $ 26,500 $ 68,336 Segment assets as of period end (1) $ 432,868 $ 364,336 $ 797,204 2021 Total revenue from reportable segments $ 3,076,190 $ 587,600 $ 3,663,790 Elimination of intersegment revenue — (161,925 ) $ (161,925 ) Revenue from external customers $ 3,076,190 $ 425,675 $ 3,501,865 Gross profit $ 303,228 $ 59,417 $ 362,645 Depreciation, depletion and amortization $ 71,106 $ 26,130 $ 97,236 Segment assets as of period end (1) $ 358,561 $ 333,089 $ 691,650 2020 Total revenue from reportable segments $ 3,181,697 $ 548,439 $ 3,730,136 Elimination of intersegment revenue — (167,677 ) $ (167,677 ) Revenue from external customers $ 3,181,697 $ 380,762 $ 3,562,459 Gross profit $ 280,169 $ 64,619 $ 344,788 Depreciation, depletion and amortization $ 79,597 $ 22,554 $ 102,151 ( 1 not 2 As of December 31, 2022 2021 2020 December 31, 2022 2021 2020 A reconciliation of segment gross profit to consolidated income (loss) before income taxes is as follows (in thousands, except per share data): Years Ended December 31, 2022 2021 2020 Total gross profit from reportable segments $ 369,494 $ 362,645 $ 344,788 Selling, general and administrative expenses 272,610 303,015 316,284 Non-cash impairment charges — — 156,690 Other costs, net 24,120 101,351 37,089 Gain on sales of property and equipment (see Note 11) (12,617 ) (66,439 ) (6,930 ) Total other (income) expense, net (6,436 ) 2,591 8,118 Income (loss) before income taxes $ 91,817 $ 22,127 $ (166,463 ) A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2022 2021 Total assets for reportable segments $ 797,204 $ 691,650 Assets not allocated to segments: Cash and cash equivalents 293,991 395,647 Receivables, net 463,987 464,588 Other current assets, excluding segment assets 280,014 323,051 Current assets held for sale - 392,641 Property and equipment, net, excluding segment assets 64,851 56,658 Short-term and long-term marketable securities 65,943 15,600 Investments in affiliates 80,725 23,368 Right of use assets 49,079 49,312 Deferred income taxes, net 22,209 24,141 Other noncurrent assets, excluding segment assets 49,930 58,271 Consolidated total assets $ 2,167,933 $ 2,494,927 |
Note 22
Note 22 | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2022 2021 . 2 . may not QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) As Restated As Restated and Recast Quarters Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Revenue $ 789,213 $ 1,008,910 $ 849,247 $ 653,886 Gross profit $ 96,781 $ 115,055 $ 97,566 $ 60,092 As a percent of revenue 12.3 % 11.4 % 11.5 % 9.2 % Net income (loss) $ 19,176 $ 65,198 $ 19,578 $ (25,095 ) Net income (loss) attributable to Granite $ 22,052 $ 69,302 $ 18,681 $ (26,733 ) Net income (loss) per share attributable to common shareholders Basic earnings (loss) per share $ 0.50 $ 1.58 $ 0.42 $ (0.58 ) Diluted earnings (loss) per share $ 0.46 $ 1.36 $ 0.39 $ (0.58 ) As Recast Quarters Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Revenue $ 805,651 $ 1,062,129 $ 964,172 $ 669,913 Gross profit $ 62,446 $ 119,935 $ 116,946 $ 63,318 As a percent of revenue 7.8 % 11.3 % 12.1 % 9.5 % Net income (loss) $ (20,433 ) $ 32,423 $ 55,747 $ (65,323 ) Net income (loss) attributable to Granite $ (13,213 ) $ 35,043 $ 54,461 $ (66,195 ) Net income (loss) per share attributable to common shareholders Basic earnings (loss) per share $ (0.29 ) $ 0.76 $ 1.19 $ (1.45 ) Diluted earnings (loss) per share $ (0.29 ) $ 0.73 $ 1.14 $ (1.45 ) |
Note 23
Note 23 | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Error Correction [Text Block] | Restatement and Recast of Previously Issued Unaudited Condensed Consolidated Financial Statements In connection with the preparation of this Form 10 first 2022 first second 2022 third 2022. nine September 30, 2022. first three 2022, The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive (loss) income as a result of the restatement were due to changes in net income during the each of the interim periods within the nine September 30, 2022. not none The following tables represent our restated unaudited condensed consolidated statements of operations and condensed consolidated balance sheets for each interim period within the nine September 30, 2022. 2022 2023 10 There is no 2022 no We have presented below a reconciliation from the previously reported to the restated amounts for the quarters ended September 30, 2022, June 30, 2022 March 31, 2022. 10 October 27, 2022, July 28, 2022 April 28, 2022, 2, September 2022, June 30, 2022 March 31, 2022, The effects of the prior-period errors and the recast of our WMS businesses as continuing operations on our condensed consolidated financial statements are as follows: GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) As Restated As Restated and Recast September 30, 2022 June 30, 2022 March 31, 2022 Three months ended Nine months ended Three months ended Six months ended Three months ended Revenue Construction $ 847,371 $ 2,138,858 $ 713,221 $ 1,291,487 $ 578,266 Materials 161,539 373,185 136,026 211,646 75,620 Total revenue 1,008,910 2,512,043 849,247 1,503,133 653,886 Cost of revenue Construction 754,354 1,907,110 632,969 1,152,756 519,787 Materials 139,501 332,220 118,712 192,719 74,007 Total cost of revenue 893,855 2,239,330 751,681 1,345,475 593,794 Gross profit 115,055 272,713 97,566 157,658 60,092 Selling, general and administrative expenses 61,795 192,036 60,121 130,241 70,120 Other costs, net (490 ) 22,401 16,612 22,891 6,279 Gain on sales of property and equipment, net (949 ) (10,462 ) (8,915 ) (9,513 ) (598 ) Operating income (loss) 54,699 68,738 29,748 14,039 (15,709 ) Other (income) expense Interest income (1,894 ) (3,246 ) (782 ) (1,352 ) (570 ) Interest expense 2,519 10,003 3,899 7,484 3,585 Equity in income of affiliates (3,491 ) (9,656 ) (4,876 ) (6,165 ) (1,289 ) Other income, net 77 4,646 3,261 4,569 1,308 Total other (income) expense, net (2,789 ) 1,747 1,502 4,536 3,034 Income (loss) before income taxes 57,488 66,991 28,246 9,503 (18,743 ) Provision for (benefit from) income taxes (7,710 ) 7,310 8,668 15,020 6,352 Net income (loss) 65,198 59,681 19,578 (5,517 ) (25,095 ) Amount attributable to non-controlling interests 4,104 1,569 (897 ) (2,535 ) (1,638 ) Net income (loss) attributable to Granite Construction Incorporated $ 69,302 $ 61,250 $ 18,681 $ (8,052 ) $ (26,733 ) Net income per share attributable to common shareholders Basic earnings (loss) per share $ 1.58 $ 1.37 $ 0.42 $ (0.18 ) $ (0.58 ) Diluted earnings (loss) per share $ 1.36 $ 1.25 $ 0.39 $ (0.18 ) $ (0.58 ) Weighted average shares outstanding: Basic 43,973 44,739 44,534 45,128 45,730 Diluted 51,863 52,613 52,295 45,128 45,730 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands) As Restated September 30, 2022 June 30, 2022 March 31, 2022 ASSETS Current assets Cash and cash equivalents $ 255,084 $ 175,022 $ 360,911 Short-term marketable securities 39,873 45,000 14,953 Receivables, net 618,144 527,277 380,502 Contract asset 237,407 190,187 172,641 Inventories 81,296 78,634 74,356 Equity in construction joint ventures 185,343 187,028 191,183 Other current assets 157,231 160,923 167,679 Current assets held for sale - 222,779 211,639 Total current assets 1,574,378 1,586,850 1,573,864 Property and equipment, net 500,827 464,593 450,250 Long-term marketable securities 21,575 21,675 21,775 Investment in affiliates 78,663 23,203 22,987 Goodwill 73,704 53,715 53,715 Right of use assets 49,590 45,404 48,920 Deferred income taxes, net 45,650 25,458 25,880 Other noncurrent assets 58,265 64,008 65,888 Total assets $ 2,402,652 $ 2,284,906 $ 2,263,279 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,438 $ 1,429 $ 8,735 Accounts payable 398,285 331,728 285,390 Contract liabilities 191,037 179,322 160,994 Accrued Expenses and other current liabilities 461,266 440,899 438,441 Current liabilities held for sale - 46,706 42,106 Total current liabilities 1,052,026 1,000,084 935,666 Long-term debt 286,872 286,801 290,549 Lease liabilities 32,701 31,182 32,682 Other long-term liabilities 60,664 61,868 62,493 Commitments and contingencies Equity Preferred stock - - - Common stock 437 441 454 Additional Paid In Capital 468,662 467,159 515,262 Accumulated other comprehensive income 535 2,388 1,573 Retained Earnings 465,134 401,667 388,756 Total Granite Construction Incorporated shareholders’ equity 934,768 871,655 906,045 Non-controlling interest 35,621 33,316 35,844 Total equity 970,389 904,971 941,889 Total liabilities and equity $ 2,402,652 $ 2,284,906 $ 2,263,279 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Three months ended September 30, 2022 As Previously Reported Restatement Impacts As Restated Revenue Construction $ 848,267 $ (896 ) $ 847,371 Materials 161,539 - 161,539 Total revenue 1,009,806 (896 ) 1,008,910 Cost of revenue Construction 749,938 4,416 754,354 Materials 139,501 - 139,501 Total cost of revenue 889,439 4,416 893,855 Gross profit 120,367 (5,312 ) 115,055 Selling, general and administrative expenses 61,795 - 61,795 Other costs, net (490 ) - (490 ) Gain on sales of property and equipment, net (949 ) - (949 ) Operating income 60,011 (5,312 ) 54,699 Other (income) expense Interest income (1,894 ) - (1,894 ) Interest expense 2,519 - 2,519 Equity in income of affiliates (3,491 ) - (3,491 ) Other income, net 77 - 77 Total other (income), net (2,789 ) - (2,789 ) Income before income taxes 62,800 (5,312 ) 57,488 Provision for (benefit from) income taxes (6,489 ) (1,221 ) (7,710 ) Net income 69,289 (4,091 ) 65,198 Amount attributable to non-controlling interests 4,104 - 4,104 Net income attributable to Granite Construction Incorporated $ 73,393 $ (4,091 ) $ 69,302 Net income per share attributable to common shareholders Basic earnings per share $ 1.67 $ (0.09 ) $ 1.58 Diluted earnings per share $ 1.44 $ (0.08 ) $ 1.36 Weighted average shares outstanding: Basic 43,973 - 43,973 Diluted 51,863 - 51,863 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Nine months ended September 30, 2022 As Previously Reported Restatement Impacts As Restated Revenue Construction $ 2,141,009 $ (2,151 ) $ 2,138,858 Materials 373,185 - 373,185 Total revenue 2,514,194 (2,151 ) 2,512,043 Cost of revenue Construction 1,903,949 3,161 1,907,110 Materials 332,220 - 332,220 Total cost of revenue 2,236,169 3,161 2,239,330 Gross profit 278,025 (5,312 ) 272,713 Selling, general and administrative expenses 192,036 - 192,036 Other costs, net 19,445 2,956 22,401 Gain on sales of property and equipment, net (10,462 ) - (10,462 ) Operating income 77,006 (8,268 ) 68,738 Other (income) expense Interest income (3,246 ) - (3,246 ) Interest expense 10,003 - 10,003 Equity in income of affiliates (9,656 ) - (9,656 ) Other income, net 4,646 - 4,646 Total other expense, net 1,747 - 1,747 Income before income taxes 75,259 (8,268 ) 66,991 Provision for (benefit from) income taxes (777 ) 8,087 7,310 Net income 76,036 (16,355 ) 59,681 Amount attributable to non-controlling interests 1,569 - 1,569 Net income attributable to Granite Construction Incorporated $ 77,605 $ (16,355 ) $ 61,250 Net income per share attributable to common shareholders Basic earnings per share $ 1.73 $ (0.36 ) $ 1.37 Diluted earnings per share $ 1.56 $ (0.31 ) $ 1.25 Weighted average shares outstanding: Basic 44,739 - 44,739 Diluted 52,613 - 52,613 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Three months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 632,260 $ (1,893 ) $ 630,367 $ 82,854 $ 713,221 Materials 136,026 - 136,026 - 136,026 Total revenue 768,286 (1,893 ) 766,393 82,854 849,247 Cost of revenue Construction 571,094 (6,018 ) 565,076 67,893 632,969 Materials 118,712 - 118,712 - 118,712 Total cost of revenue 689,806 (6,018 ) 683,788 67,893 751,681 Gross profit 78,480 4,125 82,605 14,961 97,566 Selling, general and administrative expenses 53,162 - 53,162 6,959 60,121 Other costs, net 20,177 - 20,177 (3,565 ) 16,612 Gain on sales of property and equipment, net (385 ) - (385 ) (8,530 ) (8,915 ) Operating income 5,526 4,125 9,651 20,097 29,748 Other (income) expense Interest income (782 ) - (782 ) - (782 ) Interest expense 3,896 - 3,896 3 3,899 Equity in income of affiliates (541 ) - (541 ) (4,335 ) (4,876 ) Other income, net 3,357 - 3,357 (96 ) 3,261 Total other expense, net 5,930 - 5,930 (4,428 ) 1,502 Income (loss) from continuing operations before income taxes (404 ) 4,125 3,721 24,525 28,246 Provision for (benefit from) income taxes on continuing operations 2,549 911 3,460 5,208 8,668 Net income (loss) from continuing operations (2,953 ) 3,214 261 19,317 19,578 Net Income (loss) from discontinued operations 19,521 (204 ) 19,317 (19,317 ) - Net income 16,568 3,010 19,578 - 19,578 Amount attributable to non-controlling interests 583 (1,480 ) (897 ) - (897 ) Net income (loss) attributable to Granite Construction Incorporated from continuing operations (2,370 ) 1,734 (636 ) 19,317 18,681 Net income attributable to Granite Construction Incorporated from discontinued operations 19,521 (204 ) 19,317 (19,317 ) - Net income attributable to Granite Construction Incorporated $ 17,151 $ 1,530 $ 18,681 $ - $ 18,681 Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.05 ) $ 0.04 $ (0.01 ) $ 0.43 $ 0.42 Basic discontinued operations per share 0.44 (0.01 ) 0.43 (0.43 ) - Basic earnings per share $ 0.39 $ 0.03 $ 0.42 $ - $ 0.42 Diluted continuing operations per share $ (0.05 ) $ 0.04 $ (0.01 ) $ 0.40 $ 0.39 Diluted discontinued operations per share 0.44 (0.01 ) 0.43 (0.43 ) - Diluted earnings per share $ 0.39 $ 0.03 $ 0.42 $ (0.03 ) $ 0.39 Weighted average shares outstanding: Basic 44,534 - 44,534 - 44,534 Diluted 44,534 - 44,534 - 52,295 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 1,107,195 $ - $ 1,107,195 $ 184,292 $ 1,291,487 Materials 208,677 - 208,677 2,969 211,646 Total revenue 1,315,872 - 1,315,872 187,261 1,503,133 Cost of revenue Construction 997,837 - 997,837 154,919 1,152,756 Materials 189,780 - 189,780 2,939 192,719 Total cost of revenue 1,187,617 - 1,187,617 157,858 1,345,475 Gross profit 128,255 - 128,255 29,403 157,658 Selling, general and administrative expenses 111,663 - 111,663 18,578 130,241 Other costs, net 28,391 - 28,391 (5,500 ) 22,891 Gain on sales of property and equipment, net (717 ) - (717 ) (8,796 ) (9,513 ) Operating income (loss) (11,082 ) - (11,082 ) 25,121 14,039 Other (income) expense Interest income (1,405 ) - (1,405 ) 53 (1,352 ) Interest expense 7,471 - 7,471 13 7,484 Equity in income of affiliates (235 ) - (235 ) (5,930 ) (6,165 ) Other income, net 4,739 - 4,739 (170 ) 4,569 Total other expense, net 10,570 - 10,570 (6,034 ) 4,536 Income (loss) from continuing operations before income taxes (21,652 ) - (21,652 ) 31,155 9,503 Provision for (benefit from) income taxes on continuing operations (2,782 ) (48 ) (2,830 ) 17,850 15,020 Net (loss) from continuing operations (18,870 ) 48 (18,822 ) 13,305 (5,517 ) Net Income from discontinued operations 25,617 (12,312 ) 13,305 (13,305 ) - Net income (loss) 6,747 (12,264 ) (5,517 ) - (5,517 ) Amount attributable to non-controlling interests (2,535 ) - (2,535 ) - (2,535 ) Net (loss) attributable to Granite Construction Incorporated from continuing operations (21,405 ) 48 (21,357 ) 13,305 (8,052 ) Net income attributable to Granite Construction Incorporated from discontinued operations 25,617 (12,312 ) 13,305 (13,305 ) - Net income (loss) attributable to Granite Construction Incorporated $ 4,212 $ (12,264 ) $ (8,052 ) $ - $ (8,052 ) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.47 ) $ - $ (0.47 ) $ 0.29 $ (0.18 ) Basic discontinued operations per share 0.57 (0.28 ) 0.29 (0.29 ) - Basic earnings (loss) per share $ 0.10 $ (0.28 ) $ (0.18 ) $ - $ (0.18 ) Diluted continuing operations per share $ (0.47 ) $ - $ (0.47 ) $ 0.29 $ (0.18 ) Diluted discontinued operations per share 0.57 (0.28 ) 0.29 (0.29 ) - Diluted earnings (loss) per share $ 0.10 $ (0.28 ) $ (0.18 ) $ - $ (0.18 ) Weighted average shares outstanding: Basic 45,128 - 45,128 - 45,128 Diluted 45,128 - 45,128 - 45,128 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - in thousands, except per share data) Three months ended March 31, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 474,935 $ 1,893 $ 476,828 $ 101,438 $ 578,266 Materials 72,651 - 72,651 2,969 75,620 Total revenue 547,586 1,893 549,479 104,407 653,886 Cost of revenue Construction 426,743 6,019 432,762 87,025 519,787 Materials 71,068 - 71,068 2,939 74,007 Total cost of revenue 497,811 6,019 503,830 89,964 593,794 Gross profit 49,775 (4,126 ) 45,649 14,443 60,092 Selling, general and administrative expenses 58,501 - 58,501 11,619 70,120 Other costs, net 8,214 - 8,214 (1,935 ) 6,279 Gain on sales of property and equipment, net (332 ) - (332 ) (266 ) (598 ) Operating loss (16,608 ) (4,126 ) (20,734 ) 5,025 (15,709 ) Other (income) expense Interest income (623 ) - (623 ) 53 (570 ) Interest expense 3,575 - 3,575 10 3,585 Equity in income (loss) of affiliates 306 - 306 (1,595 ) (1,289 ) Other income, net 1,382 - 1,382 (74 ) 1,308 Total other expense, net 4,640 - 4,640 (1,606 ) 3,034 Loss from continuing operations before income taxes (21,248 ) (4,126 ) (25,374 ) 6,631 (18,743 ) Provision for (benefit from) income taxes on continuing operations (5,331 ) (958 ) (6,289 ) 12,641 6,352 Net loss from continuing operations (15,917 ) (3,168 ) (19,085 ) (6,010 ) (25,095 ) Net Income (loss) from discontinued operations 6,096 (12,106 ) (6,010 ) 6,010 - Net (loss) (9,821 ) (15,274 ) (25,095 ) - (25,095 ) Amount attributable to non-controlling interests (3,118 ) 1,480 (1,638 ) - (1,638 ) Net loss attributable to Granite Construction Incorporated from continuing operations (19,035 ) (1,688 ) (20,723 ) (6,010 ) (26,733 ) Net income (loss) attributable to Granite Construction Incorporated from discontinued operations 6,096 (12,106 ) (6,010 ) 6,010 - Net loss attributable to Granite Construction Incorporated $ (12,939 ) $ (13,794 ) $ (26,733 ) $ - $ (26,733 ) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.42 ) $ (0.03 ) $ (0.45 ) $ (0.13 ) $ (0.58 ) Basic discontinued operations per share 0.13 (0.26 ) (0.13 ) 0.13 - Basic loss per share $ (0.29 ) $ (0.29 ) $ (0.58 ) $ - $ (0.58 ) Diluted continuing operations per share $ (0.42 ) $ (0.03 ) $ (0.45 ) $ (0.13 ) $ (0.58 ) Diluted discontinued operations per share 0.13 (0.26 ) (0.13 ) 0.13 - Diluted loss per share $ (0.29 ) $ (0.29 ) $ (0.58 ) $ - $ (0.58 ) Weighted average shares outstanding: Basic 45,730 - 45,730 - 45,730 Diluted 45,730 - 45,730 - 45,730 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) September 30, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 255,084 $ - $ 255,084 Short-term marketable securities 39,873 - 39,873 Receivables, net 618,144 - 618,144 Contract asset 241,238 (3,831 ) 237,407 Inventories 81,296 - 81,296 Equity in construction joint ventures 186,824 (1,481 ) 185,343 Other current assets 157,231 - 157,231 Total current assets 1,579,690 (5,312 ) 1,574,378 Property and equipment, net 500,827 - 500,827 Long-term marketable securities 21,575 - 21,575 Investment in affiliates 78,663 - 78,663 Goodwill 73,704 - 73,704 Right of use assets 49,590 - 49,590 Deferred income taxes, net 45,650 - 45,650 Other noncurrent assets 58,265 - 58,265 Total assets $ 2,407,964 $ (5,312 ) $ 2,402,652 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,438 $ - $ 1,438 Accounts payable 398,285 - 398,285 Contract liabilities 191,037 - 191,037 Accrued Expenses and other current liabilities 450,223 11,043 461,266 Total current liabilities 1,040,983 11,043 1,052,026 Long-term debt 286,872 - 286,872 Lease liabilities 32,701 - 32,701 Other long-term liabilities 60,664 - 60,664 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 43,723,658 437 - 437 Additional Paid In Capital 468,662 - 468,662 Accumulated other comprehensive income 535 - 535 Retained Earnings 481,489 (16,355 ) 465,134 Total Granite Construction Incorporated shareholders’ equity 951,123 (16,355 ) 934,768 Non-controlling interest 35,621 - 35,621 Total equity 986,744 (16,355 ) 970,389 Total liabilities and equity $ 2,407,964 $ (5,312 ) $ 2,402,652 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) June 30, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 175,022 $ - $ 175,022 Short-term marketable securities 45,000 - 45,000 Receivables, net 527,277 - 527,277 Contract asset 190,187 - 190,187 Inventories 78,634 - 78,634 Equity in construction joint ventures 187,028 - 187,028 Other current assets 167,349 (6,426 ) 160,923 Current assets held for sale 222,779 - 222,779 Total current assets 1,593,276 (6,426 ) 1,586,850 Property and equipment, net 464,593 - 464,593 Long-term marketable securities 21,675 - 21,675 Investment in affiliates 23,203 - 23,203 Goodwill 53,715 - 53,715 Right of use assets 45,404 - 45,404 Deferred income taxes, net 25,458 - 25,458 Other noncurrent assets 64,008 - 64,008 Total assets $ 2,291,332 $ (6,426 ) $ 2,284,906 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,429 $ - $ 1,429 Accounts payable 331,728 - 331,728 Contract liabilities 179,322 - 179,322 Accrued Expenses and other current liabilities 435,061 5,838 440,899 Current liabilities held for sale 46,706 - 46,706 Total current liabilities 994,246 5,838 1,000,084 Long-term debt 286,801 - 286,801 Lease liabilities 31,182 - 31,182 Other long-term liabilities 61,868 - 61,868 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 44,078,469 441 - 441 Additional Paid In Capital 467,159 - 467,159 Accumulated other comprehensive income 2,388 - 2,388 Retained Earnings 413,931 (12,264 ) 401,667 Total Granite Construction Incorporated shareholders’ equity 883,919 (12,264 ) 871,655 Non-controlling interest 33,316 - 33,316 Total equity 917,235 (12,264 ) 904,971 Total liabilities and equity $ 2,291,332 $ (6,426 ) $ 2,284,906 GRANITE CONSTRUCTION INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands, except share and per share data) March 31, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 360,911 $ - $ 360,911 Short-term marketable securities 14,953 - 14,953 Receivables, net 380,502 - 380,502 Contract asset 180,023 (7,382 ) 172,641 Inventories 74,356 - 74,356 Equity in construction joint ventures 191,183 - 191,183 Other current assets 179,024 (11,345 ) 167,679 Current assets held for sale 211,774 (135 ) 211,639 Total current assets 1,592,726 (18,862 ) 1,573,864 Property and equipment, net 450,250 - 450,250 Long-term marketable securities 21,775 - 21,775 Investment in affiliates 22,987 - 22,987 Goodwill 53,715 - 53,715 Right of use assets 48,920 - 48,920 Deferred income taxes, net 25,880 - 25,880 Other noncurrent assets 65,888 - 65,888 Total assets $ 2,282,141 $ (18,862 ) $ 2,263,279 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 8,735 $ - $ 8,735 Accounts payable 285,390 - 285,390 Contract liabilities 165,358 (4,364 ) 160,994 Accrued Expenses and other current liabilities 439,525 (1,084 ) 438,441 Current liabilities held for sale 40,246 1,860 42,106 Total current liabilities 939,254 (3,588 ) 935,666 Long-term debt 290,549 - 290,549 Lease liabilities 32,682 - 32,682 Other long-term liabilities 62,493 - 62,493 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 45,364,137 454 - 454 Additional Paid In Capital 515,262 - 515,262 Accumulated other comprehensive income 1,573 - 1,573 Retained Earnings 402,550 (13,794 ) 388,756 Total Granite Construction Incorporated shareholders’ equity 919,839 (13,794 ) 906,045 Non-controlling interest 37,324 (1,480 ) 35,844 Total equity 957,163 (15,274 ) 941,889 Total liabilities and equity $ 2,282,141 $ (18,862 ) $ 2,263,279 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation may 810, Consolidation may not two no no If we have determined we are not one 323, Investments - Equity Method and Joint Ventures, We also participate in “line-item” joint venture agreements under which each partner is responsible for performing certain discrete items of the total scope of contracted work. The revenue for each line-item joint venture partners’ discrete items of work is defined in the contract with the project owner and each joint venture partner bears the profitability risk associated only with its own work. There is not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: 606, Revenue from Contracts with Customers, 606” 606 five 1. Identify the contract 2. Identify performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5. Recognize revenue Generally, our contracts contain one may not The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring goods and services to the customer. The contractual consideration from customers of our Construction segment may not one Subsequent to the inception of a contract in our Construction segment, the transaction price could change for various reasons, including executed or unapproved change orders, and unresolved contract modifications and/or affirmative claims. Changes that are accounted for as an adjustment to existing performance obligations are allocated on the same basis at contract inception. Otherwise, changes are accounted for as separate performance obligation(s) and the separate transaction price is allocated as discussed above. Changes are made to the transaction price from unapproved change orders to the extent the amount can be reasonably estimated and recovery is probable. On certain projects we have submitted and have pending unresolved contract modifications and/or affirmative claims (“affirmative claims”) to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers, subcontractors, vendors or others. The owners or their authorized representatives and/or other third may may Changes are made to the transaction price from affirmative claims with customers to the extent that additional revenue on a claim settlement with a customer is probable and estimable. A reduction to costs related to affirmative claims with non-customers with whom we have a contractual arrangement (“back charges”) is recognized when the estimated recovery is probable and estimable. Recognizing affirmative claims and back charge recoveries requires significant judgments of certain factors including, but not Generally, performance obligations related to contracts in our Construction segment are satisfied over time because our performance typically creates or enhances an asset that the customer controls as the asset is created or enhanced. We recognize revenue as performance obligations are satisfied and control of the promised good and/or service is transferred to the customer. Revenue in our Construction segment is ordinarily recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation(s) using an input (i.e., “cost to cost”) method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control. All contract costs, including those associated with affirmative claims, change orders and back charges, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the forecasted revenue and cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach. There are a number of factors that can contribute to revisions in estimates of contract cost and profitability. The most significant of these include: • changes in costs of labor and/or materials; • subcontractor costs, availability and/or performance issues; • extended overhead and other costs due to owner, weather and other delays; • changes in productivity expectations; • changes from original design on design-build projects; • our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; • a change in the availability and proximity of equipment and materials; • complexity in original design; • length of time to complete the project; • the availability and skill level of workers in the geographic location of the project; • site conditions that differ from those assumed in the original bid; • costs associated with scope changes; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination including demobilization cost. Costs to obtain our contracts (“pre-bid costs”) that are not not not |
Unearned Revenue [Policy Text Block] | Unearned Revenue: December 31, 2022 and 2021 , unearned revenue was $ billion and $ billion, respectively. Approximately $ billion of the December 31, 2022 unearned revenue is expected to be recognized within the next twelve may not may not |
Balance Sheet Classification [Policy Text Block] | Balance Sheet Classifications: may one one December 31, 2021 was the $129.0 million deposit for the securities litigation settlement discussed in Note 20. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Contract Assets [Policy Text Block] | Contract Assets: twelve one not 606. not |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities |
Derivatives, Policy [Policy Text Block] | Derivative Instruments: 2 not not The derivative transactions related to the 2.75% Convertible Notes (as defined in Note 14 not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Assets and Liabilities: 820, Fair Value Measurements and Disclosures, 820 820 three may Level 1 Level 2 1 not Level 3 no We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses: |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: one December 31, 2022 , 2021 and 2020 , our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”). Revenue recognized from contracts with Caltrans during the years ended December 31, 2022 , 2021 and 2020 represented $ million ( of total revenue), $ million ( of total revenue) and $ million ( of total revenue), respectively, which was primarily in the Construction segment. Other than Caltrans, none 10% December 31, 2022 . None 10% December 31, 2021 and 2020 . The majority of our receivables are from customers concentrated in the United States. None 10% December 31, 2022 and 2021 . Certain construction contracts include retention provisions that were included in contract assets as of December 31, 2022 and 2021 in our consolidated balance sheets. The balances billed but not December 31, 2022 contract retention balance disclosed in Note 6 one not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions and Translation: 830, Foreign Currency Matters 2022 , 2021 and 2020 . Assets and liabilities in functional currency are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Revenues and expenses are translated into U.S. dollars at average foreign currency exchange rates prevailing during the reporting periods. The translation adjustments from functional currency to U.S. dollars are reported in accumulated other comprehensive income (loss) on the consolidated balance sheets. |
Inventory, Policy [Policy Text Block] | Inventories: . one |
Equity Method Investments [Policy Text Block] | Investments in Affiliates 323, Investments - Equity Method and Joint Ventures. not • significant adverse changes in legal factors or the business climate and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for our foreign entities and for the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may During the year ended December 31, 2020, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three ten two twenty no 360, Property, Plant, and Equipment, not third Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment in the consolidated balance sheets. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which ranges from three seven December 31, 2022 , 2021 and 2020 , we capitalized $ million, $ million and $ million, respectively, of internal-use software development and related hardware costs. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets: may not no As of December 31, 2022 , amortizable intangible assets, which primarily include permits and customer relationships, are being amortized over remaining terms from two to fifteen years. All intangible assets are amortized on a straight-line basis except for customer relationships which will are amortized on a double declining basis. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: December 31, 2022, five • Central Group Construction • Central Group Materials • Mountain Group Construction • Mountain Group Materials • California Group Construction We perform our goodwill impairment tests annually as of November 1 not • a significant adverse change in the business climate; • a significant adverse change in legal factors or an adverse action or assessment by a regulator; • a more likely than not • the testing for recoverability of a significant asset group within the segment. In accordance with ASC Topic 350, Intangibles Goodwill and Other, not In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. The estimated fair value is compared to the carrying amount of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our 2022 five For our 2022 not no not In the third 2022, not December 31, 2022, For our 2021 November 1, 2021. 2021, December 1, 2021. not During the year ended December 31, 2020, |
Lessee, Leases [Policy Text Block] | Right of use Assets and Lease Liabilities: At lease commencement, we measure and record a lease liability equal to the present value of the remaining lease payments, generally discounted using the borrowing rate on our secured debt as the implicit rate is not not On the lease commencement date, the amount of the right of use assets consists of the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date, minus any lease incentives received; and • any initial direct costs incurred. On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain embedded leases by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. Most of our lease contracts do not may |
Contract Liabilities [Policy Text Block] | Contract Liabilities: twelve |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations: 3 |
Standard Product Warranty, Policy [Policy Text Block] | Warranties: two not not two ten not December 31, 2022 2021 |
Accrued Insurance Costs [Policy Text Block] | Accrued Insurance Costs: first |
Surety Bonds, Policy [Policy Text Block] | Surety Bonds not |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Performance Guarantees: 2 not may |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies: may 20 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation: |
Other Costs [Policy Text Block] | Other Costs: 20, 2022 2021. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not We report a liability in accrued expenses and other current liabilities and in other long-term liabilities in the consolidated balance sheets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and other income, net in the consolidated statements of operations. |
Earnings Per Share, Policy [Policy Text Block] | Computation of Earnings per Share 2.75% 14 2.75% |
Debt, Policy [Policy Text Block] | Convertible Notes may 2.75% 14 not 2.75% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued and Adopted Accounting Pronouncements: no In August 2020 , 2020 06 , 2020 06 2.75% 2024. 2020 06 2020 06 January 1, 2022 , not 14 In March 2020, 2020 04, January 2021, 2021 01, 2020 04. June 30, 2022, 14 December 2022, 2022 06, 2020 04. not |
Note 2 - Assets and Liabiliti_2
Note 2 - Assets and Liabilities Held-for-sale (Tables) | 12 Months Ended |
Dec. 31, 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 3 - Revisions in Estimat_2
Note 3 - Revisions in Estimates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Years Ended December 31, 2022 2021 2020 Number of projects with upward estimate changes 2 2 — Range of increase in gross profit from each project, net $ 5.4 - 6.8 $ 6.2 - 9.2 $ — Increase to project profitability, net $ 12.1 $ 15.4 $ — Increase to net income/decrease to net loss $ 9.7 $ 11.4 $ — Amounts attributable to non-controlling interests $ 2.7 — — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated $ 7.0 $ 11.4 — Increase to net income/decrease to net loss per diluted share attributable to common shareholders $ 0.13 $ 0.24 $ — Years Ended December 31, 2022 2021 2020 Number of projects with downward estimate changes 8 6 7 Range of reduction in gross profit from each project, net $ 5.6 - 32.2 $ 5.3 - 34.6 $ 6.7 - 49.9 Decrease to project profitability, net $ 92.2 $ 86.0 $ 143.4 Decrease to net income/increase to net loss $ 74.1 $ 69.1 $ 114.7 Amounts attributable to non-controlling interests $ 21.7 $ 20.5 $ 31.9 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 52.4 $ 48.6 $ 82.9 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 1.00 $ 1.02 $ 1.79 |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years ended December 31, 2022 Construction Materials Total California $ 811,623 $ 273,314 $ 1,084,937 Central 851,779 46,531 898,310 Mountain 1,140,533 177,476 1,318,009 Total $ 2,803,935 $ 497,321 $ 3,301,256 2021 Construction Materials Total California $ 822,448 $ 242,552 $ 1,065,000 Central 1,058,448 33,270 1,091,718 Mountain 1,195,294 149,853 1,345,147 Total $ 3,076,190 $ 425,675 $ 3,501,865 2020 Construction Materials Total California $ 928,193 $ 222,021 $ 1,150,214 Central 1,145,725 25,181 1,170,906 Mountain 1,107,779 133,560 1,241,339 Total $ 3,181,697 $ 380,762 $ 3,562,459 |
Note 5 - Unearned Revenue (Tabl
Note 5 - Unearned Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | (in thousands) December 31, 2022 December 31, 2021 (1) California $ 945,971 $ 771,759 Central 1,444,983 1,334,901 Mountain 486,524 488,425 Total $ 2,877,478 $ 2,595,085 |
Note 6 - Contract Assets and _2
Note 6 - Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2022 2021 (1) Costs in excess of billings and estimated earnings $ 80,357 $ 14,158 Contract retention 161,559 131,279 Total contract assets $ 241,916 $ 145,437 December 31, 2022 2021 (1) Billings in excess of costs and estimated earnings, net of retention $ 152,294 $ 169,542 Provisions for losses 20,992 30,499 Total contract liabilities $ 173,286 $ 200,041 |
Note 7 - Receivables, Net (Tabl
Note 7 - Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 (1) Contracts completed and in progress: Billed $ 220,809 $ 236,053 Unbilled 120,348 126,371 Total contracts completed and in progress 341,157 362,424 Materials sales 52,182 43,746 Other 71,790 59,496 Total gross receivables 465,129 465,666 Less: allowance for credit losses 1,142 1,078 Total net receivables $ 463,987 $ 464,588 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swap — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927 December 31, 2021 (1) 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 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 2021 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 65,943 $ 64,584 $ 15,600 $ 15,459 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 230,000 $ 281,365 $ 207,354 $ 313,785 Third Amended and Restated Credit Agreement - term loan (2) Level 3 $ — $ — $ 123,750 $ 124,598 Fourth Amended and Restated Credit Agreement - revolver (2) Level 3 $ 50,000 $ 49,536 $ — $ — |
Note 9 - Construction Joint V_2
Note 9 - Construction Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Assets Cash, cash equivalents and marketable securities $ 130,635 $ 182,891 Other current assets (1) $ 681,221 661,342 Noncurrent assets $ 76,204 103,579 Less partners’ interest $ 604,741 633,634 Granite’s interest (1),(2) $ 283,319 $ 314,178 Liabilities Current liabilities $ 244,411 $ 307,674 Less partners’ interest and adjustments (3) $ 130,911 154,771 Granite’s interest $ 113,500 $ 152,903 Equity in construction joint ventures (4) $ 169,819 $ 161,275 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Years Ended December 31, 2022 2021 2020 Revenue Total $ 330,835 $ 820,586 $ 918,716 Less partners’ interest and adjustments (1) 210,678 526,522 559,480 Granite’s interest $ 120,157 $ 294,064 $ 359,236 Cost of revenue Total $ 378,237 $ 835,899 $ 1,193,358 Less partners’ interest and adjustments (1) 238,699 540,854 782,683 Granite’s interest $ 139,538 $ 295,045 $ 410,675 Granite’s interest in gross profit (loss) $ (19,381 ) $ (981 ) $ (51,439 ) Net Income (Loss) Total $ (47,904 ) $ (15,533 ) $ (274,410 ) Less partners’ interest and adjustments (1) (28,228 ) (14,765 ) (222,924 ) Granite’s interest in net income (loss) (2) $ (19,676 ) $ (768 ) $ (51,486 ) |
Note 10 - Investments in Affi_2
Note 10 - Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 (1) Foreign $ 58,579 $ — Real estate 8,517 9,619 Asphalt terminal 13,629 13,749 Total investments in affiliates $ 80,725 $ 23,368 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | December 31, 2022 2021 (1) Current assets $ 194,210 $ 34,374 Noncurrent assets 172,560 78,829 Total assets $ 366,770 $ 113,203 Current liabilities $ 106,780 $ 23,685 Long-term liabilities (2) 59,356 48,104 Total liabilities $ 166,136 $ 71,789 Net assets $ 200,634 $ 41,414 Granite’s share of net assets $ 80,725 $ 23,368 |
Equity Method Investment, Summarized Income Statement Information [Table Text Block] | Years Ended December 31, 2022 2021 2020 Revenue $ 377,256 $ 302,084 $ 194,717 Gross profit $ 95,816 $ 74,939 $ 48,948 Income before taxes $ 60,513 $ 38,261 $ 28,471 Net income $ 47,331 $ 33,864 $ 24,073 Granite’s interest in affiliates’ net income $ 13,571 $ 12,586 $ 8,783 |
Note 11 - Property and Equipm_2
Note 11 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 (1) Equipment and vehicles $ 994,602 $ 870,672 Quarry property 219,843 191,982 Land and land improvements 105,733 108,518 Buildings and leasehold improvements 103,658 96,180 Office furniture and equipment 82,465 75,043 Property and equipment 1,506,301 1,342,395 Less: accumulated depreciation and depletion 997,091 908,891 Property and equipment, net $ 509,210 $ 433,504 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Years Ended December 31, 2022 2021 Beginning balance $ 24,950 $ 23,853 Revisions to estimates 4,904 1,596 Liabilities settled (2,015 ) (1,708 ) Accretion 1,351 1,209 Ending balance $ 29,190 $ 24,950 |
Note 12 - Intangible Assets (Ta
Note 12 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2022 2021(1) Construction $ 71,757 $ 51,769 Materials 1,946 1,946 Total goodwill $ 73,703 $ 53,715 |
Note 13 - Accrued Expenses an_2
Note 13 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 2021(1) Accrued insurance $ 78,427 $ 76,999 Deficits in unconsolidated construction joint ventures (see Note 9) 13,989 28,636 Payroll and related employee benefits 80,910 87,460 Performance guarantees (see Note 1) 64,703 82,112 Accrued legal settlement (see Note 20) - 129,000 Other 50,440 48,622 Total $ 288,469 $ 452,829 |
Note 14 - Long-term Debt (Table
Note 14 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2022 2021 2.75 $ 230,000 $ 207,354 Third Amended and Restated Credit Agreement - term loan — 123,750 Fourth Amended and Restated Credit Agreement - revolver 50,000 — Debt issuance costs and other 8,381 8,814 Total debt $ 288,381 $ 339,918 Less current maturities 1,447 8,727 Total long-term debt $ 286,934 $ 331,191 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 $ 22,798 2024 20,110 2025 12,822 2026 7,244 2027 5,564 2028 through 2036 9,743 Total future minimum lease payments $ 78,281 Less imputed interest (27,449 ) Total $ 50,832 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Multiemployer Plan [Table Text Block] | Pension Protection Act (“PPA”) Certified Zone Status (1) Contributions Pension Trust Fund Pension Plan Employer Identification Number 2022 2021 FIP / RP Status Pending / Implemented (2) 2022 2021 2020 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (3) Operating Engineers Pension Trust Fund 95 6032478 Yellow Yellow Yes $ 4,768 $ 5,266 $ 5,239 No 6/30/2025 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91 6028570 Green Green No 5,204 4,744 3,658 No 3/31/2023 5/31/2024 5/31/2025 Pension Trust Fund for Operating Engineers 94 6090764 Yellow Yellow Yes 9,783 10,095 10,001 No 3/31/2023 6/30/2023 9/30/2023 1/31/2024 6/30/2024 10/31/2024 3/31/2025 All other funds (53 as of December 31, 2022) 18,270 21,517 20,572 Total contributions: $ 38,025 $ 41,622 $ 39,470 |
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Years Ended December 31, 2022 2021 2020 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 553 $ 30.09 601 $ 24.96 387 $ 43.99 Granted 311 31.70 254 40.34 462 12.89 Vested (263 ) 28.98 (235 ) 28.77 (190 ) 34.36 Forfeited (33 ) 28.21 (67 ) 22.50 (58 ) 24.76 Outstanding, ending balance 568 $ 31.64 553 $ 30.09 601 $ 24.96 |
Note 18 - Weighted Average Sh_2
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2022 2021 2020 Numerator Net income (loss) attributable to common shareholders for basic earnings per share $ 83,302 $ 10,096 $ (145,117 ) Add: Interest expense related to 2.75 5,890 - - Net income (loss) attributable to common shareholders for diluted earnings per share $ 89,192 $ 10,096 $ (145,117 ) Denominator Weighted average common shares outstanding, basic 44,485 45,788 45,614 Add: Dilutive effect of RSUs (2) 532 533 — Add: Dilutive effect of 2.75 7,309 1,279 — Weighted average common shares outstanding, diluted 52,326 47,599 45,614 Net income (loss) per share, basic $ 1.87 $ 0.22 $ (3.18 ) Net income (loss) per share, diluted $ 1.70 $ 0.21 $ (3.18 ) |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2022 2021 2020 Domestic $ 97,235 $ 13,531 $ (176,448 ) Foreign (5,418 ) 8,596 9,985 Total income (loss) before income taxes $ 91,817 $ 22,127 $ (166,463 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2022 2021 2020 Federal: Current $ 255 $ 1,382 $ (9,017 ) Deferred 10,326 15,022 7,941 Total federal 10,581 16,404 (1,076 ) State: Current 5,721 (935 ) (443 ) Deferred (1,691 ) 2,652 2,052 Total state 4,030 1,717 1,609 Foreign: Current 1,951 2,663 136 Deferred (3,602 ) (1,071 ) (951 ) Total foreign (1,651 ) 1,592 (815 ) Total provision for (benefit from) income taxes $ 12,960 $ 19,713 $ (282 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2022 2021 2020 Federal statutory tax $ 19,282 21.0 % $ 4,647 21.0 % $ (34,957 ) 21.0 % State taxes, net of federal tax benefit 2,761 3.0 1,912 8.6 1,696 (1.0 ) Foreign taxes (2,695 ) (2.9 ) 1,912 8.6 (1,374 ) 0.8 Percentage depletion deduction (1,062 ) (1.2 ) (1,015 ) (4.6 ) (1,096 ) 0.7 Non-controlling interests 933 1.0 1,613 7.3 4,423 (2.7 ) Non-cash impairment charges — — — — 32,905 (19.8 ) Nondeductible expenses 3,744 4.1 1,398 6.3 1,073 (0.6 ) Company-owned life insurance 902 1.0 (736 ) (3.3 ) — — Stock-based compensation (330 ) (0.4 ) (664 ) (3.0 ) — — Changes in uncertain tax positions (54 ) (0.1 ) — — (1,781 ) 1.1 Valuation allowance (3,212 ) (3.5 ) (518 ) (2.3 ) 4,197 (2.5 ) Assets held for sale (14,427 ) (15.7 ) 10,089 45.6 — — Gain on sale of business — — — — (3,827 ) 2.3 Nondeductible goodwill disposal 8,212 9.0 — — — — Provision to return adjustments (1,102 ) (1.2 ) 1,153 5.2 — — Other 8 — (78 ) (0.3 ) (1,541 ) 0.9 Total $ 12,960 14.1 % $ 19,713 89.1 % $ (282 ) 0.2 % The majority of the variance from the statutory tax rate in 2022 is due to the tax benefit associated with the reversal of net deferred tax liabilities related to businesses no longer held for sale and the release of valuation allowances related to the utilization of capital loss carryforwards. These were partially offset by nondeductible goodwill associated with the sale of Inliner and the impact of the relative change in income before income taxes to the provision for income taxes. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Long-term deferred tax assets: Receivables $ 2,818 $ 3,173 Insurance 12,575 14,334 Deferred compensation 9,432 11,133 Accrued compensation 3,354 3,792 Other accrued liabilities 1,536 1,088 Contract income recognition 16,181 11,453 Lease liabilities 12,572 16,351 Net operating loss carryforwards 41,388 59,760 Valuation allowance (19,919 ) (26,533 ) Other 6,504 8,440 Total long-term deferred tax assets 86,441 102,991 Long-term deferred tax liabilities: Property and equipment 53,921 64,915 Right of use assets 12,202 15,791 Total long-term deferred tax liabilities 66,123 80,706 Net long-term deferred tax assets $ 20,318 $ 22,285 |
Summary of Operating Loss Carryforwards [Table Text Block] | Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards N/A $ 90,073 $ 18,915 State net operating loss carryforwards 2023 2041 $ 196,507 9,996 Foreign tax loss carryforwards 2023 2041 $ 45,895 12,477 Total net operating loss carryforwards at December 31, 2022 $ 41,388 |
Summary of Valuation Allowance [Table Text Block] | December 31, 2022 2021 Beginning balance $ 26,533 $ 29,547 Additions (deductions), net (6,614 ) (3,014 ) Ending balance $ 19,919 $ 26,533 |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2022 2021 2020 Beginning balance $ 22,724 $ 23,320 $ 27,303 Gross increases – current period tax positions — — (1,590 ) Gross decreases – current period tax positions — — — Gross increases – prior period tax positions — — — Gross decreases – prior period tax positions (426 ) (9 ) (608 ) Settlements with taxing authorities/lapse of statute of limitations (60 ) (69 ) (1,785 ) Reclassification of balances from (to) held for sale 518 (518 ) — Ending balance $ 22,756 $ 22,724 $ 23,320 |
Note 21 - Reportable Segment _2
Note 21 - Reportable Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, Construction Materials Total 2022 Total revenue from reportable segments $ 2,803,935 $ 671,428 $ 3,475,363 Elimination of intersegment revenue — (174,107 ) $ (174,107 ) Revenue from external customers $ 2,803,935 $ 497,321 $ 3,301,256 Gross profit $ 303,881 $ 65,613 $ 369,494 Depreciation, depletion and amortization $ 41,836 $ 26,500 $ 68,336 Segment assets as of period end (1) $ 432,868 $ 364,336 $ 797,204 2021 Total revenue from reportable segments $ 3,076,190 $ 587,600 $ 3,663,790 Elimination of intersegment revenue — (161,925 ) $ (161,925 ) Revenue from external customers $ 3,076,190 $ 425,675 $ 3,501,865 Gross profit $ 303,228 $ 59,417 $ 362,645 Depreciation, depletion and amortization $ 71,106 $ 26,130 $ 97,236 Segment assets as of period end (1) $ 358,561 $ 333,089 $ 691,650 2020 Total revenue from reportable segments $ 3,181,697 $ 548,439 $ 3,730,136 Elimination of intersegment revenue — (167,677 ) $ (167,677 ) Revenue from external customers $ 3,181,697 $ 380,762 $ 3,562,459 Gross profit $ 280,169 $ 64,619 $ 344,788 Depreciation, depletion and amortization $ 79,597 $ 22,554 $ 102,151 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Years Ended December 31, 2022 2021 2020 Total gross profit from reportable segments $ 369,494 $ 362,645 $ 344,788 Selling, general and administrative expenses 272,610 303,015 316,284 Non-cash impairment charges — — 156,690 Other costs, net 24,120 101,351 37,089 Gain on sales of property and equipment (see Note 11) (12,617 ) (66,439 ) (6,930 ) Total other (income) expense, net (6,436 ) 2,591 8,118 Income (loss) before income taxes $ 91,817 $ 22,127 $ (166,463 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2022 2021 Total assets for reportable segments $ 797,204 $ 691,650 Assets not allocated to segments: Cash and cash equivalents 293,991 395,647 Receivables, net 463,987 464,588 Other current assets, excluding segment assets 280,014 323,051 Current assets held for sale - 392,641 Property and equipment, net, excluding segment assets 64,851 56,658 Short-term and long-term marketable securities 65,943 15,600 Investments in affiliates 80,725 23,368 Right of use assets 49,079 49,312 Deferred income taxes, net 22,209 24,141 Other noncurrent assets, excluding segment assets 49,930 58,271 Consolidated total assets $ 2,167,933 $ 2,494,927 |
Note 22 (Tables)
Note 22 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) As Restated As Restated and Recast Quarters Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Revenue $ 789,213 $ 1,008,910 $ 849,247 $ 653,886 Gross profit $ 96,781 $ 115,055 $ 97,566 $ 60,092 As a percent of revenue 12.3 % 11.4 % 11.5 % 9.2 % Net income (loss) $ 19,176 $ 65,198 $ 19,578 $ (25,095 ) Net income (loss) attributable to Granite $ 22,052 $ 69,302 $ 18,681 $ (26,733 ) Net income (loss) per share attributable to common shareholders Basic earnings (loss) per share $ 0.50 $ 1.58 $ 0.42 $ (0.58 ) Diluted earnings (loss) per share $ 0.46 $ 1.36 $ 0.39 $ (0.58 ) As Recast Quarters Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Revenue $ 805,651 $ 1,062,129 $ 964,172 $ 669,913 Gross profit $ 62,446 $ 119,935 $ 116,946 $ 63,318 As a percent of revenue 7.8 % 11.3 % 12.1 % 9.5 % Net income (loss) $ (20,433 ) $ 32,423 $ 55,747 $ (65,323 ) Net income (loss) attributable to Granite $ (13,213 ) $ 35,043 $ 54,461 $ (66,195 ) Net income (loss) per share attributable to common shareholders Basic earnings (loss) per share $ (0.29 ) $ 0.76 $ 1.19 $ (1.45 ) Diluted earnings (loss) per share $ (0.29 ) $ 0.73 $ 1.14 $ (1.45 ) |
Note 23 (Tables)
Note 23 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As Restated As Restated and Recast September 30, 2022 June 30, 2022 March 31, 2022 Three months ended Nine months ended Three months ended Six months ended Three months ended Revenue Construction $ 847,371 $ 2,138,858 $ 713,221 $ 1,291,487 $ 578,266 Materials 161,539 373,185 136,026 211,646 75,620 Total revenue 1,008,910 2,512,043 849,247 1,503,133 653,886 Cost of revenue Construction 754,354 1,907,110 632,969 1,152,756 519,787 Materials 139,501 332,220 118,712 192,719 74,007 Total cost of revenue 893,855 2,239,330 751,681 1,345,475 593,794 Gross profit 115,055 272,713 97,566 157,658 60,092 Selling, general and administrative expenses 61,795 192,036 60,121 130,241 70,120 Other costs, net (490 ) 22,401 16,612 22,891 6,279 Gain on sales of property and equipment, net (949 ) (10,462 ) (8,915 ) (9,513 ) (598 ) Operating income (loss) 54,699 68,738 29,748 14,039 (15,709 ) Other (income) expense Interest income (1,894 ) (3,246 ) (782 ) (1,352 ) (570 ) Interest expense 2,519 10,003 3,899 7,484 3,585 Equity in income of affiliates (3,491 ) (9,656 ) (4,876 ) (6,165 ) (1,289 ) Other income, net 77 4,646 3,261 4,569 1,308 Total other (income) expense, net (2,789 ) 1,747 1,502 4,536 3,034 Income (loss) before income taxes 57,488 66,991 28,246 9,503 (18,743 ) Provision for (benefit from) income taxes (7,710 ) 7,310 8,668 15,020 6,352 Net income (loss) 65,198 59,681 19,578 (5,517 ) (25,095 ) Amount attributable to non-controlling interests 4,104 1,569 (897 ) (2,535 ) (1,638 ) Net income (loss) attributable to Granite Construction Incorporated $ 69,302 $ 61,250 $ 18,681 $ (8,052 ) $ (26,733 ) Net income per share attributable to common shareholders Basic earnings (loss) per share $ 1.58 $ 1.37 $ 0.42 $ (0.18 ) $ (0.58 ) Diluted earnings (loss) per share $ 1.36 $ 1.25 $ 0.39 $ (0.18 ) $ (0.58 ) Weighted average shares outstanding: Basic 43,973 44,739 44,534 45,128 45,730 Diluted 51,863 52,613 52,295 45,128 45,730 As Restated September 30, 2022 June 30, 2022 March 31, 2022 ASSETS Current assets Cash and cash equivalents $ 255,084 $ 175,022 $ 360,911 Short-term marketable securities 39,873 45,000 14,953 Receivables, net 618,144 527,277 380,502 Contract asset 237,407 190,187 172,641 Inventories 81,296 78,634 74,356 Equity in construction joint ventures 185,343 187,028 191,183 Other current assets 157,231 160,923 167,679 Current assets held for sale - 222,779 211,639 Total current assets 1,574,378 1,586,850 1,573,864 Property and equipment, net 500,827 464,593 450,250 Long-term marketable securities 21,575 21,675 21,775 Investment in affiliates 78,663 23,203 22,987 Goodwill 73,704 53,715 53,715 Right of use assets 49,590 45,404 48,920 Deferred income taxes, net 45,650 25,458 25,880 Other noncurrent assets 58,265 64,008 65,888 Total assets $ 2,402,652 $ 2,284,906 $ 2,263,279 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,438 $ 1,429 $ 8,735 Accounts payable 398,285 331,728 285,390 Contract liabilities 191,037 179,322 160,994 Accrued Expenses and other current liabilities 461,266 440,899 438,441 Current liabilities held for sale - 46,706 42,106 Total current liabilities 1,052,026 1,000,084 935,666 Long-term debt 286,872 286,801 290,549 Lease liabilities 32,701 31,182 32,682 Other long-term liabilities 60,664 61,868 62,493 Commitments and contingencies Equity Preferred stock - - - Common stock 437 441 454 Additional Paid In Capital 468,662 467,159 515,262 Accumulated other comprehensive income 535 2,388 1,573 Retained Earnings 465,134 401,667 388,756 Total Granite Construction Incorporated shareholders’ equity 934,768 871,655 906,045 Non-controlling interest 35,621 33,316 35,844 Total equity 970,389 904,971 941,889 Total liabilities and equity $ 2,402,652 $ 2,284,906 $ 2,263,279 Three months ended September 30, 2022 As Previously Reported Restatement Impacts As Restated Revenue Construction $ 848,267 $ (896 ) $ 847,371 Materials 161,539 - 161,539 Total revenue 1,009,806 (896 ) 1,008,910 Cost of revenue Construction 749,938 4,416 754,354 Materials 139,501 - 139,501 Total cost of revenue 889,439 4,416 893,855 Gross profit 120,367 (5,312 ) 115,055 Selling, general and administrative expenses 61,795 - 61,795 Other costs, net (490 ) - (490 ) Gain on sales of property and equipment, net (949 ) - (949 ) Operating income 60,011 (5,312 ) 54,699 Other (income) expense Interest income (1,894 ) - (1,894 ) Interest expense 2,519 - 2,519 Equity in income of affiliates (3,491 ) - (3,491 ) Other income, net 77 - 77 Total other (income), net (2,789 ) - (2,789 ) Income before income taxes 62,800 (5,312 ) 57,488 Provision for (benefit from) income taxes (6,489 ) (1,221 ) (7,710 ) Net income 69,289 (4,091 ) 65,198 Amount attributable to non-controlling interests 4,104 - 4,104 Net income attributable to Granite Construction Incorporated $ 73,393 $ (4,091 ) $ 69,302 Net income per share attributable to common shareholders Basic earnings per share $ 1.67 $ (0.09 ) $ 1.58 Diluted earnings per share $ 1.44 $ (0.08 ) $ 1.36 Weighted average shares outstanding: Basic 43,973 - 43,973 Diluted 51,863 - 51,863 Nine months ended September 30, 2022 As Previously Reported Restatement Impacts As Restated Revenue Construction $ 2,141,009 $ (2,151 ) $ 2,138,858 Materials 373,185 - 373,185 Total revenue 2,514,194 (2,151 ) 2,512,043 Cost of revenue Construction 1,903,949 3,161 1,907,110 Materials 332,220 - 332,220 Total cost of revenue 2,236,169 3,161 2,239,330 Gross profit 278,025 (5,312 ) 272,713 Selling, general and administrative expenses 192,036 - 192,036 Other costs, net 19,445 2,956 22,401 Gain on sales of property and equipment, net (10,462 ) - (10,462 ) Operating income 77,006 (8,268 ) 68,738 Other (income) expense Interest income (3,246 ) - (3,246 ) Interest expense 10,003 - 10,003 Equity in income of affiliates (9,656 ) - (9,656 ) Other income, net 4,646 - 4,646 Total other expense, net 1,747 - 1,747 Income before income taxes 75,259 (8,268 ) 66,991 Provision for (benefit from) income taxes (777 ) 8,087 7,310 Net income 76,036 (16,355 ) 59,681 Amount attributable to non-controlling interests 1,569 - 1,569 Net income attributable to Granite Construction Incorporated $ 77,605 $ (16,355 ) $ 61,250 Net income per share attributable to common shareholders Basic earnings per share $ 1.73 $ (0.36 ) $ 1.37 Diluted earnings per share $ 1.56 $ (0.31 ) $ 1.25 Weighted average shares outstanding: Basic 44,739 - 44,739 Diluted 52,613 - 52,613 Three months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 632,260 $ (1,893 ) $ 630,367 $ 82,854 $ 713,221 Materials 136,026 - 136,026 - 136,026 Total revenue 768,286 (1,893 ) 766,393 82,854 849,247 Cost of revenue Construction 571,094 (6,018 ) 565,076 67,893 632,969 Materials 118,712 - 118,712 - 118,712 Total cost of revenue 689,806 (6,018 ) 683,788 67,893 751,681 Gross profit 78,480 4,125 82,605 14,961 97,566 Selling, general and administrative expenses 53,162 - 53,162 6,959 60,121 Other costs, net 20,177 - 20,177 (3,565 ) 16,612 Gain on sales of property and equipment, net (385 ) - (385 ) (8,530 ) (8,915 ) Operating income 5,526 4,125 9,651 20,097 29,748 Other (income) expense Interest income (782 ) - (782 ) - (782 ) Interest expense 3,896 - 3,896 3 3,899 Equity in income of affiliates (541 ) - (541 ) (4,335 ) (4,876 ) Other income, net 3,357 - 3,357 (96 ) 3,261 Total other expense, net 5,930 - 5,930 (4,428 ) 1,502 Income (loss) from continuing operations before income taxes (404 ) 4,125 3,721 24,525 28,246 Provision for (benefit from) income taxes on continuing operations 2,549 911 3,460 5,208 8,668 Net income (loss) from continuing operations (2,953 ) 3,214 261 19,317 19,578 Net Income (loss) from discontinued operations 19,521 (204 ) 19,317 (19,317 ) - Net income 16,568 3,010 19,578 - 19,578 Amount attributable to non-controlling interests 583 (1,480 ) (897 ) - (897 ) Net income (loss) attributable to Granite Construction Incorporated from continuing operations (2,370 ) 1,734 (636 ) 19,317 18,681 Net income attributable to Granite Construction Incorporated from discontinued operations 19,521 (204 ) 19,317 (19,317 ) - Net income attributable to Granite Construction Incorporated $ 17,151 $ 1,530 $ 18,681 $ - $ 18,681 Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.05 ) $ 0.04 $ (0.01 ) $ 0.43 $ 0.42 Basic discontinued operations per share 0.44 (0.01 ) 0.43 (0.43 ) - Basic earnings per share $ 0.39 $ 0.03 $ 0.42 $ - $ 0.42 Diluted continuing operations per share $ (0.05 ) $ 0.04 $ (0.01 ) $ 0.40 $ 0.39 Diluted discontinued operations per share 0.44 (0.01 ) 0.43 (0.43 ) - Diluted earnings per share $ 0.39 $ 0.03 $ 0.42 $ (0.03 ) $ 0.39 Weighted average shares outstanding: Basic 44,534 - 44,534 - 44,534 Diluted 44,534 - 44,534 - 52,295 Six months ended June 30, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 1,107,195 $ - $ 1,107,195 $ 184,292 $ 1,291,487 Materials 208,677 - 208,677 2,969 211,646 Total revenue 1,315,872 - 1,315,872 187,261 1,503,133 Cost of revenue Construction 997,837 - 997,837 154,919 1,152,756 Materials 189,780 - 189,780 2,939 192,719 Total cost of revenue 1,187,617 - 1,187,617 157,858 1,345,475 Gross profit 128,255 - 128,255 29,403 157,658 Selling, general and administrative expenses 111,663 - 111,663 18,578 130,241 Other costs, net 28,391 - 28,391 (5,500 ) 22,891 Gain on sales of property and equipment, net (717 ) - (717 ) (8,796 ) (9,513 ) Operating income (loss) (11,082 ) - (11,082 ) 25,121 14,039 Other (income) expense Interest income (1,405 ) - (1,405 ) 53 (1,352 ) Interest expense 7,471 - 7,471 13 7,484 Equity in income of affiliates (235 ) - (235 ) (5,930 ) (6,165 ) Other income, net 4,739 - 4,739 (170 ) 4,569 Total other expense, net 10,570 - 10,570 (6,034 ) 4,536 Income (loss) from continuing operations before income taxes (21,652 ) - (21,652 ) 31,155 9,503 Provision for (benefit from) income taxes on continuing operations (2,782 ) (48 ) (2,830 ) 17,850 15,020 Net (loss) from continuing operations (18,870 ) 48 (18,822 ) 13,305 (5,517 ) Net Income from discontinued operations 25,617 (12,312 ) 13,305 (13,305 ) - Net income (loss) 6,747 (12,264 ) (5,517 ) - (5,517 ) Amount attributable to non-controlling interests (2,535 ) - (2,535 ) - (2,535 ) Net (loss) attributable to Granite Construction Incorporated from continuing operations (21,405 ) 48 (21,357 ) 13,305 (8,052 ) Net income attributable to Granite Construction Incorporated from discontinued operations 25,617 (12,312 ) 13,305 (13,305 ) - Net income (loss) attributable to Granite Construction Incorporated $ 4,212 $ (12,264 ) $ (8,052 ) $ - $ (8,052 ) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.47 ) $ - $ (0.47 ) $ 0.29 $ (0.18 ) Basic discontinued operations per share 0.57 (0.28 ) 0.29 (0.29 ) - Basic earnings (loss) per share $ 0.10 $ (0.28 ) $ (0.18 ) $ - $ (0.18 ) Diluted continuing operations per share $ (0.47 ) $ - $ (0.47 ) $ 0.29 $ (0.18 ) Diluted discontinued operations per share 0.57 (0.28 ) 0.29 (0.29 ) - Diluted earnings (loss) per share $ 0.10 $ (0.28 ) $ (0.18 ) $ - $ (0.18 ) Weighted average shares outstanding: Basic 45,128 - 45,128 - 45,128 Diluted 45,128 - 45,128 - 45,128 Three months ended March 31, 2022 As Previously Reported Restatement Impacts As Restated Discontinued Operations Reclassification Impacts As Restated and Recast Revenue Construction $ 474,935 $ 1,893 $ 476,828 $ 101,438 $ 578,266 Materials 72,651 - 72,651 2,969 75,620 Total revenue 547,586 1,893 549,479 104,407 653,886 Cost of revenue Construction 426,743 6,019 432,762 87,025 519,787 Materials 71,068 - 71,068 2,939 74,007 Total cost of revenue 497,811 6,019 503,830 89,964 593,794 Gross profit 49,775 (4,126 ) 45,649 14,443 60,092 Selling, general and administrative expenses 58,501 - 58,501 11,619 70,120 Other costs, net 8,214 - 8,214 (1,935 ) 6,279 Gain on sales of property and equipment, net (332 ) - (332 ) (266 ) (598 ) Operating loss (16,608 ) (4,126 ) (20,734 ) 5,025 (15,709 ) Other (income) expense Interest income (623 ) - (623 ) 53 (570 ) Interest expense 3,575 - 3,575 10 3,585 Equity in income (loss) of affiliates 306 - 306 (1,595 ) (1,289 ) Other income, net 1,382 - 1,382 (74 ) 1,308 Total other expense, net 4,640 - 4,640 (1,606 ) 3,034 Loss from continuing operations before income taxes (21,248 ) (4,126 ) (25,374 ) 6,631 (18,743 ) Provision for (benefit from) income taxes on continuing operations (5,331 ) (958 ) (6,289 ) 12,641 6,352 Net loss from continuing operations (15,917 ) (3,168 ) (19,085 ) (6,010 ) (25,095 ) Net Income (loss) from discontinued operations 6,096 (12,106 ) (6,010 ) 6,010 - Net (loss) (9,821 ) (15,274 ) (25,095 ) - (25,095 ) Amount attributable to non-controlling interests (3,118 ) 1,480 (1,638 ) - (1,638 ) Net loss attributable to Granite Construction Incorporated from continuing operations (19,035 ) (1,688 ) (20,723 ) (6,010 ) (26,733 ) Net income (loss) attributable to Granite Construction Incorporated from discontinued operations 6,096 (12,106 ) (6,010 ) 6,010 - Net loss attributable to Granite Construction Incorporated $ (12,939 ) $ (13,794 ) $ (26,733 ) $ - $ (26,733 ) Net income (loss) per share attributable to common shareholders Basic continuing operations per share $ (0.42 ) $ (0.03 ) $ (0.45 ) $ (0.13 ) $ (0.58 ) Basic discontinued operations per share 0.13 (0.26 ) (0.13 ) 0.13 - Basic loss per share $ (0.29 ) $ (0.29 ) $ (0.58 ) $ - $ (0.58 ) Diluted continuing operations per share $ (0.42 ) $ (0.03 ) $ (0.45 ) $ (0.13 ) $ (0.58 ) Diluted discontinued operations per share 0.13 (0.26 ) (0.13 ) 0.13 - Diluted loss per share $ (0.29 ) $ (0.29 ) $ (0.58 ) $ - $ (0.58 ) Weighted average shares outstanding: Basic 45,730 - 45,730 - 45,730 Diluted 45,730 - 45,730 - 45,730 September 30, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 255,084 $ - $ 255,084 Short-term marketable securities 39,873 - 39,873 Receivables, net 618,144 - 618,144 Contract asset 241,238 (3,831 ) 237,407 Inventories 81,296 - 81,296 Equity in construction joint ventures 186,824 (1,481 ) 185,343 Other current assets 157,231 - 157,231 Total current assets 1,579,690 (5,312 ) 1,574,378 Property and equipment, net 500,827 - 500,827 Long-term marketable securities 21,575 - 21,575 Investment in affiliates 78,663 - 78,663 Goodwill 73,704 - 73,704 Right of use assets 49,590 - 49,590 Deferred income taxes, net 45,650 - 45,650 Other noncurrent assets 58,265 - 58,265 Total assets $ 2,407,964 $ (5,312 ) $ 2,402,652 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,438 $ - $ 1,438 Accounts payable 398,285 - 398,285 Contract liabilities 191,037 - 191,037 Accrued Expenses and other current liabilities 450,223 11,043 461,266 Total current liabilities 1,040,983 11,043 1,052,026 Long-term debt 286,872 - 286,872 Lease liabilities 32,701 - 32,701 Other long-term liabilities 60,664 - 60,664 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 43,723,658 437 - 437 Additional Paid In Capital 468,662 - 468,662 Accumulated other comprehensive income 535 - 535 Retained Earnings 481,489 (16,355 ) 465,134 Total Granite Construction Incorporated shareholders’ equity 951,123 (16,355 ) 934,768 Non-controlling interest 35,621 - 35,621 Total equity 986,744 (16,355 ) 970,389 Total liabilities and equity $ 2,407,964 $ (5,312 ) $ 2,402,652 June 30, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 175,022 $ - $ 175,022 Short-term marketable securities 45,000 - 45,000 Receivables, net 527,277 - 527,277 Contract asset 190,187 - 190,187 Inventories 78,634 - 78,634 Equity in construction joint ventures 187,028 - 187,028 Other current assets 167,349 (6,426 ) 160,923 Current assets held for sale 222,779 - 222,779 Total current assets 1,593,276 (6,426 ) 1,586,850 Property and equipment, net 464,593 - 464,593 Long-term marketable securities 21,675 - 21,675 Investment in affiliates 23,203 - 23,203 Goodwill 53,715 - 53,715 Right of use assets 45,404 - 45,404 Deferred income taxes, net 25,458 - 25,458 Other noncurrent assets 64,008 - 64,008 Total assets $ 2,291,332 $ (6,426 ) $ 2,284,906 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 1,429 $ - $ 1,429 Accounts payable 331,728 - 331,728 Contract liabilities 179,322 - 179,322 Accrued Expenses and other current liabilities 435,061 5,838 440,899 Current liabilities held for sale 46,706 - 46,706 Total current liabilities 994,246 5,838 1,000,084 Long-term debt 286,801 - 286,801 Lease liabilities 31,182 - 31,182 Other long-term liabilities 61,868 - 61,868 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 44,078,469 441 - 441 Additional Paid In Capital 467,159 - 467,159 Accumulated other comprehensive income 2,388 - 2,388 Retained Earnings 413,931 (12,264 ) 401,667 Total Granite Construction Incorporated shareholders’ equity 883,919 (12,264 ) 871,655 Non-controlling interest 33,316 - 33,316 Total equity 917,235 (12,264 ) 904,971 Total liabilities and equity $ 2,291,332 $ (6,426 ) $ 2,284,906 March 31, 2022 As Previously Reported Restatement Impacts As Restated ASSETS Current assets Cash and cash equivalents $ 360,911 $ - $ 360,911 Short-term marketable securities 14,953 - 14,953 Receivables, net 380,502 - 380,502 Contract asset 180,023 (7,382 ) 172,641 Inventories 74,356 - 74,356 Equity in construction joint ventures 191,183 - 191,183 Other current assets 179,024 (11,345 ) 167,679 Current assets held for sale 211,774 (135 ) 211,639 Total current assets 1,592,726 (18,862 ) 1,573,864 Property and equipment, net 450,250 - 450,250 Long-term marketable securities 21,775 - 21,775 Investment in affiliates 22,987 - 22,987 Goodwill 53,715 - 53,715 Right of use assets 48,920 - 48,920 Deferred income taxes, net 25,880 - 25,880 Other noncurrent assets 65,888 - 65,888 Total assets $ 2,282,141 $ (18,862 ) $ 2,263,279 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 8,735 $ - $ 8,735 Accounts payable 285,390 - 285,390 Contract liabilities 165,358 (4,364 ) 160,994 Accrued Expenses and other current liabilities 439,525 (1,084 ) 438,441 Current liabilities held for sale 40,246 1,860 42,106 Total current liabilities 939,254 (3,588 ) 935,666 Long-term debt 290,549 - 290,549 Lease liabilities 32,682 - 32,682 Other long-term liabilities 62,493 - 62,493 Commitments and contingencies Equity Preferred stock, $ 0.01 3,000,000 none - - - Common stock, $ 0.01 150,000,000 45,364,137 454 - 454 Additional Paid In Capital 515,262 - 515,262 Accumulated other comprehensive income 1,573 - 1,573 Retained Earnings 402,550 (13,794 ) 388,756 Total Granite Construction Incorporated shareholders’ equity 919,839 (13,794 ) 906,045 Non-controlling interest 37,324 (1,480 ) 35,844 Total equity 957,163 (15,274 ) 941,889 Total liabilities and equity $ 2,282,141 $ (18,862 ) $ 2,263,279 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies 1 (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) $ / shares | Jan. 01, 2022 USD ($) | Nov. 30, 2019 | |||
Revenue, Remaining Performance Obligation, Amount | $ 2,877,478 | $ 2,595,085 | [1] | $ 2,877,478 | $ 2,595,085 | [1] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | 3,301,256 | 3,501,865 | $ 3,562,459 | ||||
Capitalized Computer Software, Additions | 11,400 | 12,000 | 7,400 | ||||||||||||||
Goodwill, Impairment Loss | $ 147,100 | ||||||||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 31.47 | ||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 86,441 | $ 102,991 | $ 86,441 | 102,991 | |||||||||||||
Accounting Standards Update 2020-06 [Member] | |||||||||||||||||
Long-Term Debt, Gross | $ 22,000 | ||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 5,600 | ||||||||||||||||
Additional Paid in Capital, Total | $ (16,400) | ||||||||||||||||
Warrants Issued With 2.75% Convertible Notes [Member] | |||||||||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 53.44 | ||||||||||||||||
Central Group Construction [Member] | |||||||||||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 80% | 80% | |||||||||||||||
Water Resources and Mineral Services [Member] | |||||||||||||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 40% | 40% | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 2 years | ||||||||||||||||
Construction Contracts, Warranty Provisions Period (Month) | 2 months | ||||||||||||||||
Construction Contracts, Longer Warranty Periods (Year) | 2 years | ||||||||||||||||
Workers' Compensation Liability | $ 500 | $ 500 | |||||||||||||||
Maximum [Member] | |||||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 15 years | ||||||||||||||||
Construction Contracts, Longer Warranty Periods (Year) | 10 years | ||||||||||||||||
Workers' Compensation Liability | $ 1,500 | $ 1,500 | |||||||||||||||
Construction Equipment [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||||||||||
Construction Equipment [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||||||||||
Equipment [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||||||||||||||||
Equipment [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||||||||||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||||||||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||||||||||||
Foreign Affiliates [Member] | |||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | ||||||||||||||||
Caltrans [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 348,000 | $ 337,100 | $ 316,900 | ||||||||||||||
Caltrans [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | |||||||||||||||||
Concentration Risk, Percentage | 10.50% | 9.60% | 8.90% | ||||||||||||||
The 2.75% Convertible Notes [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.62% | 6.62% | |||||||||||||||
Other Current Assets [Member] | |||||||||||||||||
Deposit for Legal Settlements | $ 129,000 | $ 129,000 | |||||||||||||||
Continuing Operations [Member] | |||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 2,900,000 | $ 2,600,000 | $ 2,900,000 | $ 2,600,000 | |||||||||||||
Number of Reporting Units | 5 | ||||||||||||||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies 2 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Revenue, Remaining Performance Obligation, Amount | $ 2,877,478 | $ 2,595,085 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Amount | $ 1,800,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months | ||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 2 - Assets and Liabiliti_3
Note 2 - Assets and Liabilities Held-for-sale (Details Textual) - Inliner [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 159.7 | |
Proceeds from Divestiture of Businesses | $ 140.6 | |
Gain (Loss) on Disposition of Business | $ 1.8 |
Note 2 - Assets and Liabiliti_4
Note 2 - Assets and Liabilities Held-for-sale - 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 3 - Revisions in Estimat_3
Note 3 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Profit, Total | $ 96,781 | $ 115,055 | $ 97,566 | $ 60,092 | $ 62,446 | $ 119,935 | $ 116,946 | $ 63,318 | $ 157,658 | $ 272,713 | $ 369,494 | $ 362,645 | $ 344,788 |
Revisions in Estimates [Member] | |||||||||||||
Gross Profit, Total | $ (80,100) | $ (70,600) | $ (143,400) |
Note 3 - Revisions in Estimat_4
Note 3 - Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Mar. 31, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Range of increase in gross profit from each project, net | $ 96,781 | $ 115,055 | $ 97,566 | $ 60,092 | $ 62,446 | $ 119,935 | $ 116,946 | $ 63,318 | $ 157,658 | $ 272,713 | $ 369,494 | $ 362,645 | $ 344,788 |
Increase to project profitability, net | 57,488 | 28,246 | (18,743) | 9,503 | 66,991 | 91,817 | 22,127 | (166,463) | |||||
Increase to net income/decrease to net loss | 19,176 | 65,198 | 19,578 | (25,095) | (20,433) | 32,423 | 55,747 | (65,323) | (5,517) | 59,681 | 78,857 | 2,414 | (166,181) |
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 22,052 | $ 69,302 | $ 18,681 | $ (26,733) | $ (13,213) | $ 35,043 | $ 54,461 | $ (66,195) | $ (8,052) | $ 61,250 | $ 83,302 | $ 10,096 | $ (145,117) |
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 0.46 | $ 1.36 | $ 0.39 | $ (0.58) | $ (0.29) | $ 0.73 | $ 1.14 | $ (1.45) | $ (0.18) | $ 1.25 | $ 1.70 | $ 0.21 | $ (3.18) |
Estimated Due to Production at Higher Rate [Member] | |||||||||||||
Number of projects with upward estimate changes | 2 | 2 | 0 | ||||||||||
Range of increase in gross profit from each project, net | $ 0 | ||||||||||||
Increase to project profitability, net | $ 12,100 | $ 15,400 | 0 | ||||||||||
Increase to net income/decrease to net loss | 9,700 | 11,400 | 0 | ||||||||||
Amounts attributable to non-controlling interests | 2,700 | 0 | 0 | ||||||||||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 7,000 | $ 11,400 | $ 0 | ||||||||||
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 0.13 | $ 0.24 | $ 0 | ||||||||||
Estimated Due to Production at Higher Rate [Member] | Minimum [Member] | |||||||||||||
Range of increase in gross profit from each project, net | $ 5,400 | $ 6,200 | |||||||||||
Estimated Due to Production at Higher Rate [Member] | Maximum [Member] | |||||||||||||
Range of increase in gross profit from each project, net | $ 6,800 | $ 9,200 | |||||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | |||||||||||||
Number of projects with upward estimate changes | 8 | 6 | 7 | ||||||||||
Increase to project profitability, net | $ 92,200 | $ 86,000 | $ 143,400 | ||||||||||
Increase to net income/decrease to net loss | 74,100 | 69,100 | 114,700 | ||||||||||
Amounts attributable to non-controlling interests | 21,700 | 20,500 | 31,900 | ||||||||||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated | $ 52,400 | $ 48,600 | $ 82,900 | ||||||||||
Increase to net income/decrease to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 1 | $ 1.02 | $ 1.79 | ||||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | |||||||||||||
Range of increase in gross profit from each project, net | $ 5,600 | $ 5,300 | $ 6,700 | ||||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | |||||||||||||
Range of increase in gross profit from each project, net | $ 32,200 | $ 34,600 | $ 49,900 |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 |
Constructions [Member] | |||
Revenue | 2,803,935 | 3,076,190 | 3,181,697 |
Materials [Member] | |||
Revenue | 497,321 | 425,675 | 380,762 |
CALIFORNIA | |||
Revenue | 1,084,937 | 1,065,000 | 1,150,214 |
CALIFORNIA | Constructions [Member] | |||
Revenue | 811,623 | 822,448 | 928,193 |
CALIFORNIA | Materials [Member] | |||
Revenue | 273,314 | 242,552 | 222,021 |
Central [Member] | |||
Revenue | 898,310 | 1,091,718 | 1,170,906 |
Central [Member] | Constructions [Member] | |||
Revenue | 851,779 | 1,058,448 | 1,145,725 |
Central [Member] | Materials [Member] | |||
Revenue | 46,531 | 33,270 | 25,181 |
Mountain [Member] | |||
Revenue | 1,318,009 | 1,345,147 | 1,241,339 |
Mountain [Member] | Constructions [Member] | |||
Revenue | 1,140,533 | 1,195,294 | 1,107,779 |
Mountain [Member] | Materials [Member] | |||
Revenue | $ 177,476 | $ 149,853 | $ 133,560 |
Note 5 - Unearned Revenue - Sch
Note 5 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Unearned Revenue | $ 2,877,478 | $ 2,595,085 | |
CALIFORNIA | |||
Unearned Revenue | 945,971 | 771,759 | |
Central [Member] | |||
Unearned Revenue | 1,444,983 | 1,334,901 | |
Mountain [Member] | |||
Unearned Revenue | $ 486,524 | $ 488,425 | |
[1]These balances do not include amounts held for sale (see Note 2). |
Note 6 - Contract Assets and _3
Note 6 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | $ 75.8 | $ 35.5 | |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | $ 223.7 | $ 176.2 | $ 110.9 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Brightline Trains Florida LLC [Member] | |||
Concentration Risk, Percentage | 11.70% | 17.20% | |
Performance Obligations [Member] | |||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 182.8 | $ 153.9 | $ 176.1 |
Note 6 - Contract Assets and _4
Note 6 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Costs in excess of billings and estimated earnings | $ 80,357 | $ 14,158 | |
Contract retention | 161,559 | 131,279 | |
Total contract assets | 241,916 | 145,437 | |
Billings in excess of costs and estimated earnings, net of retention | 152,294 | 169,542 | |
Provisions for losses | 20,992 | 30,499 | |
Total contract liabilities | $ 173,286 | $ 200,041 | |
[1]These balances do not include amounts held for sale (see Note 2). |
Note 7 - Receivables, Net (Deta
Note 7 - Receivables, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Working Capital (Deficit) | $ 24.9 | $ 20.4 |
Percentage of Net Receivables, Individually, Maximum | 10% | |
Loan to Partner in Joint Ventures [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Note 7 - Receivables, Net - Sch
Note 7 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | [1] |
Gross receivables | $ 465,129 | $ 465,666 | ||||
Less: allowance for credit losses | 1,142 | 1,078 | ||||
Total net receivables | 463,987 | $ 618,144 | $ 527,277 | $ 380,502 | 464,588 | |
Completed and in Progress [Member] | ||||||
Billed | 220,809 | 236,053 | ||||
Unbilled | 120,348 | 126,371 | ||||
Gross receivables | 341,157 | 362,424 | ||||
Material Sales [Member] | ||||||
Gross receivables | 52,182 | 43,746 | ||||
Other Business Products and Services [Member] | ||||||
Gross receivables | $ 71,790 | $ 59,496 | ||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | May 31, 2018 | |
Interest Expense, Total | $ 2,519 | $ 3,899 | $ 3,585 | $ 7,484 | $ 10,003 | $ 12,624 | $ 20,739 | $ 24,200 | ||
The 2.75% Convertible Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | ||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 22,600 | |||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative Liability, Notional Amount | $ 150,000 | |||||||||
Interest Expense, Total | $ 2,200 | |||||||||
Commodity Contract [Member] | ||||||||||
Derivative, Notional Amount | 7,000 | $ 8,100 | ||||||||
Gain (Loss) on Sale of Commodity Contracts | 4,100 | |||||||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts, Total | $ 400 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total assets | $ 99,927 | $ 65,233 | [1] | |
Total assets | 99,927 | 65,233 | [1] | |
Interest rate swap | [1] | 3,514 | ||
Total liabilities | [1] | 3,514 | ||
Commodity Contract [Member] | ||||
Commodity swap | 121 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Total assets | 99,806 | 65,233 | [1] | |
Total assets | 99,806 | 65,233 | [1] | |
Interest rate swap | [1] | 0 | ||
Total liabilities | [1] | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||||
Commodity swap | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Total assets | 121 | 0 | [1] | |
Total assets | 121 | 0 | [1] | |
Interest rate swap | [1] | 3,514 | ||
Total liabilities | [1] | 3,514 | ||
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||||
Commodity swap | 121 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Total assets | 0 | 0 | [1] | |
Total assets | 0 | 0 | [1] | |
Interest rate swap | [1] | 0 | ||
Total liabilities | [1] | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||||
Commodity swap | 0 | |||
Money Market Funds [Member] | ||||
Cash equivalents | 99,806 | 65,233 | [1] | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash equivalents | 99,806 | 65,233 | [1] | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash equivalents | 0 | 0 | [1] | |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash equivalents | $ 0 | $ 0 | [1] | |
[1]These balances do not include amounts held for sale (see Note 2). |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | $ 65,943 | $ 15,600 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2],[3] | 230,000 | 207,354 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Third Amended and Restated Credit Agreement - term loan (2) | [3] | 0 | 123,750 |
Fourth Amended and Restated Credit Agreement - revolver (2) | [3] | 50,000 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | 64,584 | 15,459 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2],[3] | 281,365 | 313,785 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Third Amended and Restated Credit Agreement - term loan (2) | [3] | 0 | 124,598 |
Fourth Amended and Restated Credit Agreement - revolver (2) | [3] | $ 49,536 | $ 0 |
[1]All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of December 31, 2022 and 2021.[2]Excluded from carrying value is $22.6 million of debt discount as of December 31, 2021, related to the 2.75% Convertible Notes (see Note 14). There is no debt discount in 2022 due to the adoption of ASU 2020-06.[3]The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market as of December 31, 2022 and 2021. The fair value of the Credit Agreement term loan and revolver are based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for definitions of, and more information about the 2.75% Convertible Notes and Credit Agreement. |
Note 9 - Construction Joint V_3
Note 9 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |||
Contract Value of Active Construction Joint Venture Projects | $ 2,600,000 | $ 2,600,000 | |||||||||||||
Contract with Customer, Liability, Total | 173,286 | $ 200,041 | [1] | 173,286 | $ 200,041 | [1] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | 3,301,256 | 3,501,865 | $ 3,562,459 | ||
Retained Earnings (Accumulated Deficit), Total | 481,384 | $ 465,134 | $ 401,667 | $ 388,756 | 410,831 | $ 401,667 | $ 465,134 | 481,384 | 410,831 | ||||||
Unconsolidated Construction Joint Venture Net Income (Loss) | (19,676) | (765) | (51,486) | ||||||||||||
Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||||||
Contract with Customer, Liability, Total | 73,400 | 73,400 | |||||||||||||
Minimum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||||||
Contract with Customer, Liability, Total | $ 200 | $ 200 | |||||||||||||
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% | |||||||||||||
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 | 10 | 10 | |||||||||||||
Contract Value of Active Construction Joint Venture Projects | $ 1,800,000 | $ 1,800,000 | |||||||||||||
Contract with Customer, Liability, Total | 120,000 | 120,000 | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 437,100 | 405,100 | 312,500 | ||||||||||||
Net Cash Provided by (Used in) Continuing Operations, Total | (5,700) | (4,100) | (3,000) | ||||||||||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||||||||||||||
Contract Value of Active Construction Joint Venture Projects | 2,500 | 2,500 | |||||||||||||
Contract with Customer, Liability, Total | 1,300 | $ 1,300 | |||||||||||||
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 | 433,400 | $ 433,400 | |||||||||||||
Contract with Customer, Liability, Total | $ 24,600 | $ 24,600 | |||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70% | ||||||||||||||
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 | 104,300 | 103,800 | 104,300 | 103,800 | |||||||||||
Back Charge Claims | 2,700 | 10,700 | 2,700 | 10,700 | |||||||||||
Retained Earnings (Accumulated Deficit), Total | 14,000 | 28,600 | 14,000 | 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 | |||||||||||||
Line Item Joint Venture [Member] | |||||||||||||||
Contract Value of Active Construction Joint Venture Projects | 206,700 | 206,700 | |||||||||||||
Contract with Customer, Liability, Total | 37,500 | 37,500 | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 35,400 | 67,800 | $ 80,800 | ||||||||||||
Unconsolidated Construction Joint Venture Net Income (Loss) | 327,700 | ||||||||||||||
Performance Guarantee [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||||||
Guarantor Obligations, Current Carrying Value | 64,700 | $ 82,100 | 64,700 | $ 82,100 | |||||||||||
Performance Guarantee [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 110,900 | 110,900 | |||||||||||||
Performance Guarantee [Member] | Co-venturer [Member] | |||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 135,500 | 135,500 | |||||||||||||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 246,400 | $ 246,400 | |||||||||||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 9 - Construction Joint V_4
Note 9 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash, cash equivalents and marketable securities | $ 130,635 | $ 182,891 | |
Other current assets | [1] | 681,221 | 661,342 |
Noncurrent assets | 76,204 | 103,579 | |
Current liabilities | 244,411 | 307,674 | |
Equity in construction joint ventures | [2] | 169,819 | 161,275 |
Other Partners Interest in Partnerships [Member] | |||
Unconsolidated construction joint venture assets | 604,741 | 633,634 | |
Unconsolidated construction joint venture liabilities | [3] | 130,911 | 154,771 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Unconsolidated construction joint venture assets | [1],[4] | 283,319 | 314,178 |
Unconsolidated construction joint venture liabilities | $ 113,500 | $ 152,903 | |
[1]Included in this balance and in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2022 and 2021 was $64.7 million and $82.1 million, respectively, related to performance guarantees (see Note 13).[2]Included in this balance and in accrued expenses and other current liabilities on the consolidated balance sheets was $14.0 million and $28.6 million as of December 31, 2022 and 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 December 31, 2022 and 2021 was $104.3 million and $103.8 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $2.7 million and $10.7 million related to Granite’s share of estimated recovery of back charge claims as of December 31, 2022 and 2021, respectively. |
Note 9 - Construction Joint V_5
Note 9 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cost of revenue | $ 893,855 | $ 751,681 | $ 593,794 | $ 1,345,475 | $ 2,239,330 | $ 2,931,762 | $ 3,139,220 | $ 3,217,671 | ||||||
Increase to net income/decrease to net loss | $ 19,176 | $ 65,198 | $ 19,578 | $ (25,095) | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | $ (5,517) | $ 59,681 | 78,857 | 2,414 | (166,181) | |
Granite’s interest in net income (loss) (2) | (19,676) | (765) | (51,486) | |||||||||||
Collaborative Arrangement [Member] | ||||||||||||||
Revenue | 120,157 | 294,064 | 359,236 | |||||||||||
Cost of revenue | 139,538 | 295,045 | 410,675 | |||||||||||
Granite’s interest in gross profit (loss) | (19,381) | (981) | (51,439) | |||||||||||
Granite’s interest in net income (loss) (2) | [1] | (19,676) | (768) | (51,486) | ||||||||||
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | ||||||||||||||
Revenue | 330,835 | 820,586 | 918,716 | |||||||||||
Cost of revenue | 378,237 | 835,899 | 1,193,358 | |||||||||||
Increase to net income/decrease to net loss | (47,904) | (15,533) | (274,410) | |||||||||||
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | ||||||||||||||
Revenue | [2] | 210,678 | 526,522 | 559,480 | ||||||||||
Cost of revenue | [2] | 238,699 | 540,854 | 782,683 | ||||||||||
Increase to net income/decrease to net loss | [2] | $ (28,228) | $ (14,765) | $ (222,924) | ||||||||||
[1]These joint ventures 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 10 - Investments in Affi_3
Note 10 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets, Total | $ 2,167,933 | $ 2,402,652 | $ 2,284,906 | $ 2,263,279 | $ 2,494,927 | |
Real Estate Entities [Member] | ||||||
Assets, Total | $ 366,800 | |||||
Number of Entities | 2 | |||||
Real Estate Entities One [Member] | ||||||
Assets, Total | $ 31,000 | |||||
Real Estate Entities Two [Member] | ||||||
Assets, Total | 40,200 | |||||
Foreign Affiliates [Member] | ||||||
Assets, Total | 264,600 | |||||
Asphalt Terminal Entity [Member] | ||||||
Assets, Total | $ 31,000 | |||||
Asphalt Terminal Entity [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50% | |||||
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] | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | |||||
Foreign Affiliates [Member] | Minimum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 25% | |||||
Foreign Affiliates [Member] | Maximum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50% |
Note 10 - Investments in Affi_4
Note 10 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Total investments in affiliates | $ 80,725 | $ 23,368 | |
Foreign Affiliates [Member] | |||
Total investments in affiliates | 58,579 | 0 | |
Real Estate Entities [Member] | |||
Total investments in affiliates | 8,517 | 9,619 | |
Asphalt Terminal Entity [Member] | |||
Total investments in affiliates | $ 13,629 | $ 13,749 | |
[1]These balances do not include amounts held for sale (see Note 2). |
Note 10 - Investments in Affi_5
Note 10 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Current assets | $ 1,347,296 | $ 1,574,378 | $ 1,586,850 | $ 1,573,864 | $ 1,827,399 | ||
Total assets | 2,167,933 | 2,402,652 | 2,284,906 | 2,263,279 | 2,494,927 | ||
Current liabilities | 797,594 | $ 1,052,026 | $ 1,000,084 | $ 935,666 | 1,069,318 | ||
Granite’s share of net assets | 80,725 | 23,368 | [1] | ||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||
Current assets | 194,210 | 34,374 | [1] | ||||
Noncurrent assets | 172,560 | 78,829 | [1] | ||||
Total assets | 366,770 | 113,203 | [1] | ||||
Current liabilities | 106,780 | 23,685 | [1] | ||||
Long-term liabilities | [2] | 59,356 | 48,104 | [1] | |||
Total liabilities | 166,136 | 71,789 | [1] | ||||
Net assets | $ 200,634 | $ 41,414 | [1] | ||||
[1]These balances do not include amounts held for sale (see Note 2).[2]This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. |
Note 10 - Investments in Affi_6
Note 10 - Investments in Affiliates - Summarized Statement of Operations for Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | $ 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 |
Range of increase in gross profit from each project, net | 96,781 | 115,055 | 97,566 | 60,092 | 62,446 | 119,935 | 116,946 | 63,318 | 157,658 | 272,713 | 369,494 | 362,645 | 344,788 |
Increase to project profitability, net | 57,488 | 28,246 | (18,743) | 9,503 | 66,991 | 91,817 | 22,127 | (166,463) | |||||
Increase to net income/decrease to net loss | $ 19,176 | 65,198 | 19,578 | (25,095) | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | (5,517) | 59,681 | 78,857 | 2,414 | (166,181) |
Granite’s interest in affiliates’ net income | $ 3,491 | $ 4,876 | $ 1,289 | $ 6,165 | $ 9,656 | 13,571 | 12,586 | 8,783 | |||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||||
Revenue | 377,256 | 302,084 | 194,717 | ||||||||||
Range of increase in gross profit from each project, net | 95,816 | 74,939 | 48,948 | ||||||||||
Increase to project profitability, net | 60,513 | 38,261 | 28,471 | ||||||||||
Increase to net income/decrease to net loss | $ 47,331 | $ 33,864 | $ 24,073 |
Note 11 - Property and Equipm_3
Note 11 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost, Depreciation, Amortization and Depletion, Total | $ 79,500 | $ 97,700 | $ 98,300 | |||||
Gain (Loss) on Disposition of Assets, Total | $ 949 | $ 8,915 | $ 598 | $ 9,513 | $ 10,462 | 12,617 | 66,439 | $ 6,930 |
Asset Retirement Obligation, Current | 1,800 | 1,700 | ||||||
Asset Retirement Obligations, Noncurrent, Total | 27,400 | $ 23,300 | ||||||
Asset Retirement Obligation, Liabilities Expected to Be Settled by 2027 | 11,900 | |||||||
Sale-leaseback Associated with Two Properties in California [Member] | ||||||||
Gain (Loss) on Disposition of Assets, Total | $ 49,500 |
Note 11 - Property and Equipm_4
Note 11 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | [1] |
Property and equipment, gross | $ 1,506,301 | $ 1,342,395 | ||||
Less: accumulated depreciation and depletion | 997,091 | 908,891 | ||||
Property and equipment, net | 509,210 | $ 500,827 | $ 464,593 | $ 450,250 | 433,504 | |
Equipment and Vehicles [Member] | ||||||
Property and equipment, gross | 994,602 | 870,672 | ||||
Mining Properties and Mineral Rights [Member] | ||||||
Property and equipment, gross | 219,843 | 191,982 | ||||
Land and Land Improvements [Member] | ||||||
Property and equipment, gross | 105,733 | 108,518 | ||||
Building and Building Improvements [Member] | ||||||
Property and equipment, gross | 103,658 | 96,180 | ||||
Furniture and Fixtures [Member] | ||||||
Property and equipment, gross | $ 82,465 | $ 75,043 | ||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 11 - Property and Equipm_5
Note 11 - Property and Equipment, Net - Reconciliation of Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 24,950 | $ 23,853 |
Revisions to estimates | 4,904 | 1,596 |
Liabilities settled | (2,015) | (1,708) |
Accretion | 1,351 | 1,209 |
Balance | $ 29,190 | $ 24,950 |
Note 12 - Intangible Assets (De
Note 12 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 9.1 | $ 9.5 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 24.1 | 14.5 | |
Amortization of Intangible Assets | 2 | $ 10.1 | $ 13.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1.2 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1.1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 0.6 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 4 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | $ 1.2 |
Note 12 - Intangible Assets - G
Note 12 - Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 73,703 | $ 73,704 | $ 53,715 | $ 53,715 | $ 53,715 |
Constructions [Member] | |||||
Goodwill | 71,757 | 51,769 | |||
Materials [Member] | |||||
Goodwill | $ 1,946 | $ 1,946 |
Note 13 - Accrued Expenses an_3
Note 13 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Accrued insurance | $ 78,427 | $ 76,999 | |
Deficits in unconsolidated construction joint ventures (see Note 9) | 13,989 | 28,636 | |
Payroll and related employee benefits | 80,910 | 87,460 | |
Performance guarantees (see Note 1) | 64,703 | 82,112 | |
Accrued legal settlement (see Note 20) | 0 | 129,000 | |
Other | 50,440 | 48,622 | |
Total | $ 288,469 | $ 452,829 | |
[1]These balances do not include amounts held for sale (see Note 2) |
Note 14 - Long-term Debt (Detai
Note 14 - Long-term Debt (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2019 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 02, 2022 | May 31, 2018 USD ($) | |
Long-Term Debt, Maturity, Year One | $ 1,400 | ||||||
Long-Term Debt, Maturity, Year Two | 231,500 | ||||||
Long-Term Debt, Maturity, Year Three | 1,100 | ||||||
Long-Term Debt, Maturity, Year Four | 6,800 | ||||||
Long-Term Debt, Maturity, Year Five | 50,000 | ||||||
The Credit Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||
Line of Credit, Covenant, Minimum Cash Balance | 150,000 | ||||||
Letters of Credit Outstanding, Amount | $ 30,700 | ||||||
Consolidated Leverage Ratio, Actual | 1.46 | 3.25 | |||||
Consolidated Interest Covenant Ratio, Covenant Minimum | 3 | 3 | |||||
Consolidated Leverage Ratio, Covenant Maximum | 3.25 | ||||||
Consolidated Interest Coverage Ratio, Actual | 15.06 | ||||||
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 | 6.20% | ||||||
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 | 8.30% | ||||||
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, Percentage of EBITDA | 100% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 269,300 | ||||||
Proceeds from Lines of Credit, Total | $ 50,000 | ||||||
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] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.62% | ||||||
Debt Instrument, Face Amount | $ 230,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | |||
Debt Instrument, Convertible, Conversion Ratio | 31.7776 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 31.47 | ||||||
Debt Instrument, Convertible, Sale Price to Conversion Price, Percentage | 130% | ||||||
Debt Instrument, Redemption Price, Percentage Occurence of Fundamental Change | 100% | ||||||
Debt Issuance Costs, Net, Total | $ 0 | $ 14,800 | |||||
Amortization of Debt Discount (Premium) | 230,000 | 207,400 | |||||
Debt Instrument, Unamortized Discount, Total | 0 | 22,600 | |||||
The 2.75% Convertible Notes [Member] | Other (Income) Expense [Member] | |||||||
Amortization of Debt Discount (Premium) | 0 | 7,100 | $ 6,600 | ||||
The 2.75% Convertible Notes [Member] | Interest Expense [Member] | |||||||
Amortization of Debt Discount (Premium) | $ 2,500 | $ 3,200 | $ 4,300 |
Note 14 - Long-term Debt - Sche
Note 14 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Total debt | $ 288,381 | $ 339,918 | |||
Debt issuance costs and other | 8,381 | 8,814 | |||
Less current maturities | 1,447 | $ 1,438 | $ 1,429 | $ 8,735 | 8,727 |
Total long-term debt | 286,934 | $ 286,872 | $ 286,801 | $ 290,549 | 331,191 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||||
Total debt | 230,000 | 207,354 | |||
Term Loan [Member] | The Credit Agreement [Member] | |||||
Total debt | 0 | 123,750 | |||
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Total debt | $ 50,000 | $ 0 |
Note 14 - Long-term Debt - Sc_2
Note 14 - Long-term Debt - Schedule of Long-term Debt (Details) (Parentheticals) - The 2.75% Convertible Notes [Member] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 |
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% |
Convertible Debt [Member] | ||||
Interest rate | 2.75% | 2.75% |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Expense | $ 21.9 | $ 22.9 | $ 21.7 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 3 months 10 days | 3 years 8 months 19 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.85% | 3.58% | |
Royalty Requirements [Member] | |||
Other Commitment, to be Paid, Year One | $ 2.1 | ||
Other Commitment, to be Paid, Year Two | 1.6 | ||
Other Commitment, to be Paid, Year Three | 1 | ||
Other Commitment, to be Paid, Year Four | 0.9 | ||
Other Commitment, to be Paid, Year Five | 0.6 | ||
Other Commitment, to be Paid, after Year Five | 3.8 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Operating Lease, Liability, Current | $ 18.6 | $ 18.8 | |
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 23 years |
Note 15 - Leases - Schedule of
Note 15 - Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 22,798 |
2024 | 20,110 |
2025 | 12,822 |
2026 | 7,244 |
2027 | 5,564 |
2028 through 2036 | 9,743 |
Total future minimum lease payments | 78,281 |
Less imputed interest | (27,449) |
Total | $ 50,832 |
Note 16 - Employee Benefit Pl_3
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | ||
Defined Contribution Plan, Cost | $ 17,700 | $ 19,100 | $ 17,600 |
Multiemployer Plans, Maximum Percent Funded Status for Red Zone | 65% | ||
Multiemployer Plans, Maximum Percent Funded Status for Orange Zone | 80% | ||
Multiemployer Plans, Maximum Percent Funded Status for Yellow Zone | 80% | ||
Multiemployer Plans, Maximum Percent Funded Status for Green Zone | 80% | ||
Non-Qualified Deferred Compensation Plan [Member] | |||
Deferred Compensation Liability, Current, Total | $ 23,100 | 32,700 | |
Deferred Compensation Liability, Classified, Noncurrent, Total | 3,700 | $ 4,900 | |
Deferred Profit Sharing [Member] | |||
Defined Contribution Plan, Cost | $ 0 | $ 0 |
Note 16 - Employee Benefit Pl_4
Note 16 - Employee Benefit Plans - Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contributions | $ 38,025 | $ 41,622 | $ 39,470 |
Operating Engineers Pension Trust Fund [Member] | |||
Contributions | 4,768 | 5,266 | 5,239 |
Locals 302 and 612 iUOE-Employers Construction Industry Retirement Plan [Member] | |||
Contributions | 5,204 | 4,744 | 3,658 |
Pension Trust Fund for Operating Engineers Pension Plan [Member] | |||
Contributions | 9,783 | 10,095 | 10,001 |
All Other Funds [Member] | |||
Contributions | $ 18,270 | $ 21,517 | $ 20,572 |
Note 17 - Shareholders' Equit_2
Note 17 - Shareholders' Equity (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | May 31, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 01, 2022 | Jun. 02, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,689,909 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,121,419 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 1,021,194 | |||||||
Share Purchase Program [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 300 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 231.5 | |||||||
Stock Repurchased During Period, Shares (in shares) | 366,785 | 1,320,568 | 611,000 | |||||
Stock Repurchased During Period, Value | $ 10 | $ 40 | $ 18.5 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
Share-Based Payment Arrangement, Expense | $ 7.5 | $ 6.6 | $ 6.4 | |||||
Share-Based Payment Arrangement, Expense, after Tax | 5.6 | 4.9 | 4.7 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 7.6 | $ 6.8 | $ 6.5 | |||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 8.2 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days |
Note 17 - Shareholders' Equit_3
Note 17 - Shareholders' Equity - Changes in RSUs (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, RSUs (in shares) | 553 | 601 | 387 |
Outstanding, weighted-average grant date fair value per RSU (in dollars per share) | $ 30.09 | $ 24.96 | $ 43.99 |
Granted, RSUs (in shares) | 311 | 254 | 462 |
Granted, weighted-average grant date fair value per RSU (in dollars per share) | $ 31.70 | $ 40.34 | $ 12.89 |
Vested, RSUs (in shares) | (263) | (235) | (190) |
Vested, weighted-average grant date fair value per RSU (in dollars per share) | $ 28.98 | $ 28.77 | $ 34.36 |
Forfeited, RSUs (in shares) | (33) | (67) | (58) |
Forfeited, weighted-average grant date fair value per RSU (in dollars per share) | $ 28.21 | $ 22.50 | $ 24.76 |
Outstanding, RSUs (in shares) | 568 | 553 | 601 |
Outstanding, weighted-average grant date fair value per RSU (in dollars per share) | $ 31.64 | $ 30.09 | $ 24.96 |
Note 18 - Weighted Average Sh_3
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Details Textual) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2019 | |
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | |||
The 2.75% Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 589,000 |
Note 18 - Weighted Average Sh_4
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net income (loss) attributable to common shareholders for basic earnings per share | $ 83,302 | $ 10,096 | $ (145,117) | |||||||||||
Add: Interest expense related to 2.75% Convertible Notes (1) | [1] | 5,890 | 0 | 0 | ||||||||||
Net income (loss) attributable to common shareholders for diluted earnings per share | $ 89,192 | $ 10,096 | $ (145,117) | |||||||||||
Weighted average common shares outstanding, basic (in shares) | 43,973 | 44,534 | 45,730 | 45,128 | 44,739 | 44,485 | 45,788 | 45,614 | ||||||
Add: Dilutive effect of RSUs (2) (in shares) | [2] | 532 | 533 | 0 | ||||||||||
Add: Dilutive effect of 2.75% Convertible Notes (1)(3) (in shares) | [1],[3] | 7,309 | 1,279 | 0 | ||||||||||
Weighted average common shares outstanding, diluted (in shares) | 51,863 | 52,295 | 45,730 | 45,128 | 52,613 | 52,326 | 47,599 | 45,614 | ||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.50 | $ 1.58 | $ 0.42 | $ (0.58) | $ (0.29) | $ 0.76 | $ 1.19 | $ (1.45) | $ (0.18) | $ 1.37 | $ 1.87 | $ 0.22 | $ (3.18) | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.46 | $ 1.36 | $ 0.39 | $ (0.58) | $ (0.29) | $ 0.73 | $ 1.14 | $ (1.45) | $ (0.18) | $ 1.25 | $ 1.70 | $ 0.21 | $ (3.18) | |
[1]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 1).[2]Due to the net losses for the year ended December 31, 2020, RSUs representing approximately 589,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net income (loss) per share, as their inclusion would be antidilutive.[3]The number of shares used in calculating diluted net income per share for the year ended December 31, 2020, excluded potential dilution from the 2.75% Convertible Notes converting into shares of common stock since the average stock price did not exceed $31.47. (See Note 14 for further details). |
Note 18 - Weighted Average Sh_5
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the Weighted Average Shares (Details) (Parentheticals) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 |
The 2.75% Convertible Notes [Member] | ||||
Interest rate | 2.75% | 2.75% | 2.75% | 2.75% |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Undistributed Earnings of Foreign Subsidiaries | $ 55,000 | |||
Unrecognized Tax Benefits, Ending Balance | 22,756 | $ 22,724 | $ 23,320 | $ 27,303 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,500 | $ 5,500 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,500 | |||
Decrease in Unrecognized Tax Benefits that Would Impact Effective Tax Rate is Reasonably Possible | $ 1,300 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2016 2017 2018 2019 2020 2021 2022 |
Note 19 - Income Taxes - Summar
Note 19 - Income Taxes - Summary of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ 97,235 | $ 13,531 | $ (176,448) | |||||
Foreign | (5,418) | 8,596 | 9,985 | |||||
Income (loss) before income taxes | $ 57,488 | $ 28,246 | $ (18,743) | $ 9,503 | $ 66,991 | $ 91,817 | $ 22,127 | $ (166,463) |
Note 19 - Income Taxes - Provis
Note 19 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current, Federal | $ 255 | $ 1,382 | $ (9,017) | |||||
Deferred, Federal | 10,326 | 15,022 | 7,941 | |||||
Total federal | 10,581 | 16,404 | (1,076) | |||||
Current, State | 5,721 | (935) | (443) | |||||
Deferred, State | (1,691) | 2,652 | 2,052 | |||||
Total state | 4,030 | 1,717 | 1,609 | |||||
Current, Foreign | 1,951 | 2,663 | 136 | |||||
Deferred, Foreign | (3,602) | (1,071) | (951) | |||||
Total foreign | (1,651) | 1,592 | (815) | |||||
Total, amount | $ (7,710) | $ 8,668 | $ 6,352 | $ 15,020 | $ 7,310 | $ 12,960 | $ 19,713 | $ (282) |
Note 19 - Income Taxes - Schedu
Note 19 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal statutory tax, amount | $ 19,282 | $ 4,647 | $ (34,957) | |||||
Federal statutory tax, rate | 21% | 21% | 21% | |||||
State taxes, net of federal tax benefit, amount | $ 2,761 | $ 1,912 | $ 1,696 | |||||
State taxes, net of federal tax benefit, rate | 3% | 8.60% | (1.00%) | |||||
Foreign Taxes, amount | $ (2,695) | $ (1,912) | $ (1,374) | |||||
Foreign Taxes, rate | (2.90%) | (8.60%) | (0.80%) | |||||
Foreign Taxes, amount | $ 2,695 | $ 1,912 | $ 1,374 | |||||
Foreign Taxes, rate | 2.90% | 8.60% | 0.80% | |||||
Percentage depletion deduction, amount | $ (1,062) | $ (1,015) | $ (1,096) | |||||
Percentage depletion deduction, rate | (1.20%) | (4.60%) | 0.70% | |||||
Non-controlling interests, amount | $ 933 | $ 1,613 | $ 4,423 | |||||
Non-controlling interests, rate | 1% | 7.30% | (2.70%) | |||||
Non-cash impairment charges, amount | $ 0 | $ 0 | $ 32,905 | |||||
Non-cash impairment charges, rate | 0% | 0% | (19.80%) | |||||
Nondeductible expenses, amount | $ 3,744 | $ 1,398 | $ 1,073 | |||||
Nondeductible expenses, rate | 4.10% | 6.30% | (0.60%) | |||||
Company-owned life insurance, amount | $ 902 | $ 736 | $ 0 | |||||
Company-owned life insurance, rate | 1% | 3.30% | 0% | |||||
Company-owned life insurance, amount | $ (902) | $ (736) | $ 0 | |||||
Company-owned life insurance, rate | (1.00%) | (3.30%) | 0% | |||||
Stock-based Compensation, amount | $ (330) | $ (664) | $ 0 | |||||
Stock-based compensation, rate | (0.40%) | (3.00%) | 0% | |||||
Changes in uncertain tax positions, amount | $ (54) | $ 0 | $ (1,781) | |||||
Changes in uncertain tax positions, rate | (0.10%) | 0% | 1.10% | |||||
Valuation allowance, amount | $ (3,212) | $ (518) | $ 4,197 | |||||
Valuation allowance, rate | (3.50%) | (2.30%) | (2.50%) | |||||
Assets held for sale, amount | $ (14,427) | $ 10,089 | $ 0 | |||||
Assets held for sale, rate | (15.70%) | 45.60% | 0% | |||||
Gain on sale of business, amount | $ 0 | $ 0 | $ (3,827) | |||||
Gain on sale of business, rate | 0% | 0% | 2.30% | |||||
Nondeductible goodwill disposal, amount | $ 8,212 | $ 0 | $ 0 | |||||
Nondeductible goodwill disposal, rate | 9% | 0% | 0% | |||||
Provision to return adjustments, amount | $ (1,102) | $ 1,153 | $ 0 | |||||
Provision to return adjustments, rate | (1.20%) | 5.20% | 0% | |||||
Other, amount | $ 8 | $ (78) | $ (1,541) | |||||
Other, rate | 0% | (0.30%) | 0.90% | |||||
Total, amount | $ (7,710) | $ 8,668 | $ 6,352 | $ 15,020 | $ 7,310 | $ 12,960 | $ 19,713 | $ (282) |
Total, rate | 14.10% | 89.10% | 0.20% |
Note 19 - Income Taxes - Deferr
Note 19 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables | $ 2,818 | $ 3,173 | |
Insurance | 12,575 | 14,334 | |
Deferred compensation | 9,432 | 11,133 | |
Accrued compensation | 3,354 | 3,792 | |
Other accrued liabilities | 1,536 | 1,088 | |
Contract income recognition | 16,181 | 11,453 | |
Lease liabilities | 12,572 | 16,351 | |
Net operating loss carryforwards | 41,388 | 59,760 | |
Valuation allowance | (19,919) | (26,533) | $ (29,547) |
Other | 6,504 | 8,440 | |
Total long-term deferred tax assets | 86,441 | 102,991 | |
Property and equipment | 53,921 | 64,915 | |
Right of use assets | 12,202 | 15,791 | |
Total long-term deferred tax liabilities | 66,123 | 80,706 | |
Net long-term deferred tax assets | $ 20,318 | $ 22,285 |
Note 19 - Income Taxes - Net Op
Note 19 - Income Taxes - Net Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Tax effected carryforward | $ 41,388 |
Domestic Tax Authority [Member] | |
Gross carryforward | 90,073 |
Tax effected carryforward | 18,915 |
State and Local Jurisdiction [Member] | |
Gross carryforward | 196,507 |
Tax effected carryforward | 9,996 |
Foreign Tax Authority [Member] | |
Gross carryforward | 45,895 |
Tax effected carryforward | $ 12,477 |
Note 19 - Income Taxes - Change
Note 19 - Income Taxes - Change in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 26,533 | $ 29,547 |
Additions (deductions), net | (6,614) | (3,014) |
Balance | $ 19,919 | $ 26,533 |
Note 19 - Income Taxes - Reconc
Note 19 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 22,724 | $ 23,320 | $ 27,303 |
Gross increases – current period tax positions | 0 | 0 | (1,590) |
Gross decreases – current period tax positions | 0 | 0 | 0 |
Gross increases – prior period tax positions | 0 | 0 | 0 |
Gross decreases – prior period tax positions | (426) | (9) | (608) |
Settlements with taxing authorities/lapse of statute of limitations | (60) | (69) | (1,785) |
Reclassification of balances from (to) held for sale | 518 | (518) | 0 |
Balance | $ 22,756 | $ 22,724 | $ 23,320 |
Note 20 - Contingencies - Leg_2
Note 20 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Thousands | 3 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 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 129,000 | ||||||||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 129,000 | |||||||||
Loss Contingency, Proceeds From Insurance Recovery | $ 63,000 | |||||||||
Loss Contingency Accrual, Payments | 66,000 | |||||||||
Payment to Contingency Settlement Fund | 129,000 | |||||||||
Litigation Settlement, Settlement Fund Amount | $ 129,000 | |||||||||
English v. Roberts et al. [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 7,500 | |||||||||
Proceeds from Legal Settlements | 5,000 | |||||||||
SEC Investigation [Member] | ||||||||||
Loss Contingency Accrual, Ending Balance | $ 12,000 | |||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 12,000 | |||||||||
Payments for Legal Settlements | $ 12,000 | |||||||||
Damages Related to Salesforce Tower Office Building in San Francisco [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 100,000 | |||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Steadfast [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 70,000 | |||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | CHDJV [Member] | ||||||||||
Loss Contingency, Damages Sought, Value | $ 30,000 | |||||||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | ||||||||||
Loss Contingency, Estimate of Possible Loss | $ 100,000 |
Note 21 - Reportable Segment _3
Note 21 - Reportable Segment Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | ||
Assets, Total | $ 2,167,933 | $ 2,494,927 | $ 2,402,652 | $ 2,284,906 | $ 2,263,279 | ||
Non-US [Member] | Revenue from Contract with Customer Benchmark [Member] | Geographic Concentration Risk [Member] | Maximum [Member] | |||||||
Concentration Risk, Percentage | 5% | 5% | 5% | ||||
Operating Segments [Member] | |||||||
Assets, Total | [1] | $ 797,204 | $ 691,650 | ||||
Operating Segments [Member] | Non-US [Member] | |||||||
Assets, Total | $ 4,700 | $ 10,300 | $ 12,400 | ||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 21 - Reportable Segment _4
Note 21 - Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Total revenue | $ 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | $ 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 | |
Total gross profit from reportable segments | 96,781 | 115,055 | 97,566 | 60,092 | 62,446 | $ 119,935 | $ 116,946 | $ 63,318 | 157,658 | 272,713 | 369,494 | 362,645 | 344,788 | |
Depreciation, depletion and amortization | 68,336 | 97,236 | 102,151 | |||||||||||
Segment assets as of period end (1) | 2,167,933 | $ 2,402,652 | $ 2,284,906 | $ 2,263,279 | 2,494,927 | $ 2,284,906 | $ 2,402,652 | 2,167,933 | 2,494,927 | |||||
Constructions [Member] | ||||||||||||||
Total revenue | 2,803,935 | 3,076,190 | 3,181,697 | |||||||||||
Total gross profit from reportable segments | 303,881 | 303,228 | 280,169 | |||||||||||
Depreciation, depletion and amortization | 41,836 | 71,106 | 79,597 | |||||||||||
Materials [Member] | ||||||||||||||
Total revenue | 497,321 | 425,675 | 380,762 | |||||||||||
Total gross profit from reportable segments | 65,613 | 59,417 | 64,619 | |||||||||||
Depreciation, depletion and amortization | 26,500 | 26,130 | 22,554 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Total revenue | 3,475,363 | 3,663,790 | 3,730,136 | |||||||||||
Segment assets as of period end (1) | [1] | 797,204 | 691,650 | 797,204 | 691,650 | |||||||||
Operating Segments [Member] | Constructions [Member] | ||||||||||||||
Total revenue | 2,803,935 | 3,076,190 | 3,181,697 | |||||||||||
Segment assets as of period end (1) | [1] | 432,868 | 358,561 | 432,868 | 358,561 | |||||||||
Operating Segments [Member] | Materials [Member] | ||||||||||||||
Total revenue | 671,428 | 587,600 | 548,439 | |||||||||||
Segment assets as of period end (1) | [1] | $ 364,336 | $ 333,089 | 364,336 | 333,089 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||||
Total revenue | (174,107) | (161,925) | (167,677) | |||||||||||
Consolidation, Eliminations [Member] | Constructions [Member] | ||||||||||||||
Total revenue | 0 | 0 | 0 | |||||||||||
Consolidation, Eliminations [Member] | Materials [Member] | ||||||||||||||
Total revenue | $ (174,107) | $ (161,925) | $ (167,677) | |||||||||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 21 - Reportable Segment _5
Note 21 - Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total gross profit from reportable segments | $ 96,781 | $ 115,055 | $ 97,566 | $ 60,092 | $ 62,446 | $ 119,935 | $ 116,946 | $ 63,318 | $ 157,658 | $ 272,713 | $ 369,494 | $ 362,645 | $ 344,788 |
Selling, general and administrative expenses | 61,795 | 60,121 | 70,120 | 130,241 | 192,036 | 272,610 | 303,015 | 316,284 | |||||
Non-cash impairment charges (see Note 1) | 0 | 0 | 156,690 | ||||||||||
Other costs, net (See Note 1) | (490) | 16,612 | 6,279 | 22,891 | 22,401 | 24,120 | 101,351 | 37,089 | |||||
Gain on sales of property and equipment (see Note 11) | (949) | (8,915) | (598) | (9,513) | (10,462) | (12,617) | (66,439) | (6,930) | |||||
Total other (income) expense, net | (2,789) | 1,502 | 3,034 | 4,536 | 1,747 | (6,436) | 2,591 | 8,118 | |||||
Income (loss) before income taxes | $ 57,488 | $ 28,246 | $ (18,743) | $ 9,503 | $ 66,991 | $ 91,817 | $ 22,127 | $ (166,463) |
Note 21 - Reportable Segment _6
Note 21 - Reportable Segment Information - Reconciliation of Segment Assets to Total Consolidated Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Total assets for reportable segments | $ 2,167,933 | $ 2,402,652 | $ 2,284,906 | $ 2,263,279 | $ 2,494,927 | ||
Cash and cash equivalents | 293,991 | 255,084 | 175,022 | 360,911 | 395,647 | ||
Receivables, net | 463,987 | 618,144 | 527,277 | 380,502 | 464,588 | [1] | |
Other current assets, excluding segment assets | 37,411 | 157,231 | 160,923 | 167,679 | 177,210 | ||
Property and equipment, net, excluding segment assets | 509,210 | 500,827 | 464,593 | 450,250 | 433,504 | [1] | |
Short-term and long-term marketable securities | 26,569 | 21,575 | 21,675 | 21,775 | 15,600 | ||
Investments in affiliates | 80,725 | 78,663 | 23,203 | 22,987 | 23,368 | ||
Right of use assets | 49,079 | 49,590 | 45,404 | 48,920 | 49,312 | ||
Deferred income taxes, net | 22,208 | 45,650 | 25,458 | 25,880 | 24,141 | ||
Other noncurrent assets, excluding segment assets | 59,143 | $ 58,265 | $ 64,008 | $ 65,888 | 67,888 | ||
Operating Segments [Member] | |||||||
Total assets for reportable segments | [1] | 797,204 | 691,650 | ||||
Segment Reconciling Items [Member] | |||||||
Cash and cash equivalents | 293,991 | 395,647 | |||||
Receivables, net | 463,987 | 464,588 | |||||
Other current assets, excluding segment assets | 280,014 | 323,051 | |||||
Current assets held for sale | 0 | 392,641 | |||||
Property and equipment, net, excluding segment assets | 64,851 | 56,658 | |||||
Short-term and long-term marketable securities | 65,943 | 15,600 | |||||
Investments in affiliates | 80,725 | 23,368 | |||||
Right of use assets | 49,079 | 49,312 | |||||
Deferred income taxes, net | 22,209 | 24,141 | |||||
Other noncurrent assets, excluding segment assets | $ 49,930 | $ 58,271 | |||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 22 - Unaudited Quarterly F
Note 22 - Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenue | $ 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | $ 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 |
Total gross profit from reportable segments | $ 96,781 | $ 115,055 | $ 97,566 | $ 60,092 | $ 62,446 | $ 119,935 | $ 116,946 | $ 63,318 | 157,658 | 272,713 | 369,494 | 362,645 | 344,788 |
As a percent of revenue | 12.30% | 11.40% | 11.50% | 9.20% | 7.80% | 11.30% | 12.10% | 9.50% | |||||
Net income | $ 19,176 | $ 65,198 | $ 19,578 | $ (25,095) | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | (5,517) | 59,681 | 78,857 | 2,414 | (166,181) |
Net income (loss) attributable to Granite Construction Incorporated | $ 22,052 | $ 69,302 | $ 18,681 | $ (26,733) | $ (13,213) | $ 35,043 | $ 54,461 | $ (66,195) | $ (8,052) | $ 61,250 | $ 83,302 | $ 10,096 | $ (145,117) |
Basic earnings (loss) per share (in dollars per share) | $ 0.50 | $ 1.58 | $ 0.42 | $ (0.58) | $ (0.29) | $ 0.76 | $ 1.19 | $ (1.45) | $ (0.18) | $ 1.37 | $ 1.87 | $ 0.22 | $ (3.18) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.46 | $ 1.36 | $ 0.39 | $ (0.58) | $ (0.29) | $ 0.73 | $ 1.14 | $ (1.45) | $ (0.18) | $ 1.25 | $ 1.70 | $ 0.21 | $ (3.18) |
Note 23 (Details Textual)
Note 23 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 0 | $ 0 | $ (3,827) | |
Inliner [Member] | ||||
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 12,300 |
Note 23 - Condensed Consolidate
Note 23 - Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue | ||||||||||||||||
Total revenue | $ 789,213 | $ 1,008,910 | $ 849,247 | $ 653,886 | $ 805,651 | $ 1,062,129 | $ 964,172 | $ 669,913 | $ 1,503,133 | $ 2,512,043 | $ 3,301,256 | $ 3,501,865 | $ 3,562,459 | |||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 893,855 | 751,681 | 593,794 | 1,345,475 | 2,239,330 | 2,931,762 | 3,139,220 | 3,217,671 | ||||||||
Total gross profit from reportable segments | 96,781 | 115,055 | 97,566 | 60,092 | 62,446 | 119,935 | 116,946 | 63,318 | 157,658 | 272,713 | 369,494 | 362,645 | 344,788 | |||
Selling, general and administrative expenses | 61,795 | 60,121 | 70,120 | 130,241 | 192,036 | 272,610 | 303,015 | 316,284 | ||||||||
Other costs, net (See Note 1) | (490) | 16,612 | 6,279 | 22,891 | 22,401 | 24,120 | 101,351 | 37,089 | ||||||||
Gain on sales of property and equipment, net (see Note 11) | (949) | (8,915) | (598) | (9,513) | (10,462) | (12,617) | (66,439) | (6,930) | ||||||||
Operating income (loss) | 54,699 | 29,748 | (15,709) | 14,039 | 68,738 | 85,381 | 24,718 | (158,345) | ||||||||
Other (income) expense | ||||||||||||||||
Interest income | (1,894) | (782) | (570) | (1,352) | (3,246) | (6,528) | (1,176) | (3,096) | ||||||||
Interest expense | 2,519 | 3,899 | 3,585 | 7,484 | 10,003 | 12,624 | 20,739 | 24,200 | ||||||||
Equity in income of affiliates, net | (3,491) | (4,876) | (1,289) | (6,165) | (9,656) | (13,571) | (12,586) | (8,783) | ||||||||
Other income, net | 77 | 3,261 | 1,308 | 4,569 | 4,646 | (1,039) | 4,386 | 4,203 | ||||||||
Total other (income) expense, net | (2,789) | 1,502 | 3,034 | 4,536 | 1,747 | (6,436) | 2,591 | 8,118 | ||||||||
Income (loss) before income taxes | 57,488 | 28,246 | (18,743) | 9,503 | 66,991 | 91,817 | 22,127 | (166,463) | ||||||||
Provision for (benefit from) income taxes | (7,710) | 8,668 | 6,352 | 15,020 | 7,310 | 12,960 | 19,713 | (282) | ||||||||
Net income | 19,176 | 65,198 | 19,578 | (25,095) | (20,433) | 32,423 | 55,747 | (65,323) | (5,517) | 59,681 | 78,857 | 2,414 | (166,181) | |||
Amount attributable to non-controlling interests | 4,104 | (897) | (1,638) | (2,535) | 1,569 | 4,445 | 7,682 | 21,064 | ||||||||
Net income (loss) attributable to Granite Construction Incorporated | $ 22,052 | $ 69,302 | 18,681 | (26,733) | $ (13,213) | $ 35,043 | $ 54,461 | $ (66,195) | (8,052) | $ 61,250 | $ 83,302 | $ 10,096 | $ (145,117) | |||
Net income (loss) from continuing operations | 19,578 | (25,095) | (5,517) | |||||||||||||
Net Income (loss) from discontinued operations | 0 | 0 | ||||||||||||||
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | 18,681 | (26,733) | (8,052) | |||||||||||||
Net income attributable to Granite Construction Incorporated from discontinued operations | $ 0 | $ 0 | $ 0 | |||||||||||||
Net income per share attributable to common shareholders (see Note 18): | ||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.50 | $ 1.58 | $ 0.42 | $ (0.58) | $ (0.29) | $ 0.76 | $ 1.19 | $ (1.45) | $ (0.18) | $ 1.37 | $ 1.87 | $ 0.22 | $ (3.18) | |||
Diluted earnings (loss) per share (in dollars per share) | $ 0.46 | $ 1.36 | $ 0.39 | $ (0.58) | $ (0.29) | $ 0.73 | $ 1.14 | $ (1.45) | $ (0.18) | $ 1.25 | $ 1.70 | $ 0.21 | $ (3.18) | |||
Basic (in shares) | 43,973 | 44,534 | 45,730 | 45,128 | 44,739 | 44,485 | 45,788 | 45,614 | ||||||||
Diluted (in shares) | 51,863 | 52,295 | 45,730 | 45,128 | 52,613 | 52,326 | 47,599 | 45,614 | ||||||||
Basic continuing operations per share (in dollars per share) | $ 0.42 | $ (0.58) | $ (0.18) | |||||||||||||
Basic discontinued operations per share (in dollars per share) | 0 | 0 | ||||||||||||||
Diluted continuing operations per share (in dollars per share) | 0.39 | (0.58) | (0.18) | |||||||||||||
Diluted discontinued operations per share (in dollars per share) | $ 0 | $ 0 | $ 0 | |||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ 293,991 | $ 255,084 | $ 175,022 | $ 360,911 | $ 395,647 | $ 175,022 | $ 255,084 | $ 293,991 | $ 395,647 | |||||||
Short-term marketable securities | 39,374 | 39,873 | 45,000 | 14,953 | 0 | 45,000 | 39,873 | 39,374 | 0 | |||||||
Receivables, net | 463,987 | 618,144 | 527,277 | 380,502 | 464,588 | [1] | 527,277 | 618,144 | 463,987 | 464,588 | [1] | |||||
Contract assets | 241,916 | 237,407 | 190,187 | 172,641 | 145,437 | 190,187 | 237,407 | 241,916 | 145,437 | |||||||
Inventories | 86,809 | 81,296 | 78,634 | 74,356 | 61,965 | 78,634 | 81,296 | 86,809 | 61,965 | |||||||
Equity in construction joint ventures | 183,808 | 185,343 | 187,028 | 191,183 | 189,911 | 187,028 | 185,343 | 183,808 | 189,911 | |||||||
Other current assets | 37,411 | 157,231 | 160,923 | 167,679 | 177,210 | 160,923 | 157,231 | 37,411 | 177,210 | |||||||
Current assets held for sale | 0 | 0 | 222,779 | 211,639 | 392,641 | 222,779 | 0 | 0 | 392,641 | |||||||
Total current assets | 1,347,296 | 1,574,378 | 1,586,850 | 1,573,864 | 1,827,399 | 1,586,850 | 1,574,378 | 1,347,296 | 1,827,399 | |||||||
Property and equipment, net | 509,210 | 500,827 | 464,593 | 450,250 | 433,504 | [1] | 464,593 | 500,827 | 509,210 | 433,504 | [1] | |||||
Long-term marketable securities | 26,569 | 21,575 | 21,675 | 21,775 | 15,600 | 21,675 | 21,575 | 26,569 | 15,600 | |||||||
Investments in affiliates | 80,725 | 78,663 | 23,203 | 22,987 | 23,368 | 23,203 | 78,663 | 80,725 | 23,368 | |||||||
Goodwill | 73,703 | 73,704 | 53,715 | 53,715 | 53,715 | 53,715 | 73,704 | 73,703 | 53,715 | |||||||
Right of use assets | 49,079 | 49,590 | 45,404 | 48,920 | 49,312 | 45,404 | 49,590 | 49,079 | 49,312 | |||||||
Deferred income taxes, net | 22,208 | 45,650 | 25,458 | 25,880 | 24,141 | 25,458 | 45,650 | 22,208 | 24,141 | |||||||
Other noncurrent assets | 59,143 | 58,265 | 64,008 | 65,888 | 67,888 | 64,008 | 58,265 | 59,143 | 67,888 | |||||||
Segment assets as of period end (1) | 2,167,933 | 2,402,652 | 2,284,906 | 2,263,279 | 2,494,927 | 2,284,906 | 2,402,652 | 2,167,933 | 2,494,927 | |||||||
Current liabilities | ||||||||||||||||
Current maturities of long-term debt | 1,447 | 1,438 | 1,429 | 8,735 | 8,727 | 1,429 | 1,438 | 1,447 | 8,727 | |||||||
Accounts payable | 334,392 | 398,285 | 331,728 | 285,390 | 324,313 | 331,728 | 398,285 | 334,392 | 324,313 | |||||||
Contract liabilities | 173,286 | 191,037 | 179,322 | 160,994 | 200,041 | 179,322 | 191,037 | 173,286 | 200,041 | |||||||
Accrued expenses and other current liabilities | 288,469 | 461,266 | 440,899 | 438,441 | 452,829 | 440,899 | 461,266 | 288,469 | 452,829 | |||||||
Current liabilities held for sale | 0 | 0 | 46,706 | 42,106 | 83,408 | 46,706 | 0 | 0 | 83,408 | |||||||
Total current liabilities | 797,594 | 1,052,026 | 1,000,084 | 935,666 | 1,069,318 | 1,000,084 | 1,052,026 | 797,594 | 1,069,318 | |||||||
Long-term debt | 286,934 | 286,872 | 286,801 | 290,549 | 331,191 | 286,801 | 286,872 | 286,934 | 331,191 | |||||||
Lease liabilities | 32,170 | 32,701 | 31,182 | 32,682 | 32,928 | 31,182 | 32,701 | 32,170 | 32,928 | |||||||
Other long-term liabilities | 64,199 | 60,664 | 61,868 | 62,493 | 64,071 | 61,868 | 60,664 | 64,199 | 64,071 | |||||||
Commitments and contingencies (see Note 20) | ||||||||||||||||
Equity | ||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Common stock | 437 | 437 | 441 | 454 | 458 | 441 | 437 | 437 | 458 | |||||||
Additional paid-in capital | 470,407 | 468,662 | 467,159 | 515,262 | 559,752 | 467,159 | 468,662 | 470,407 | 559,752 | |||||||
Accumulated other comprehensive income (loss) | 788 | 535 | 2,388 | 1,573 | (3,359) | 2,388 | 535 | 788 | (3,359) | |||||||
Retained earnings | 481,384 | 465,134 | 401,667 | 388,756 | 410,831 | 401,667 | 465,134 | 481,384 | 410,831 | |||||||
Total Granite Construction Incorporated shareholders’ equity | 953,016 | 934,768 | 871,655 | 906,045 | 967,682 | 871,655 | 934,768 | 953,016 | 967,682 | |||||||
Non-controlling interests | 32,129 | 35,621 | 33,316 | 35,844 | 27,881 | 33,316 | 35,621 | 32,129 | 27,881 | |||||||
Total equity | 985,145 | 970,389 | 904,971 | 941,889 | 995,563 | 904,971 | 970,389 | 985,145 | 995,563 | $ 991,610 | $ 1,178,416 | |||||
Total liabilities and equity | $ 2,167,933 | 2,402,652 | 2,284,906 | 2,263,279 | $ 2,494,927 | 2,284,906 | 2,402,652 | 2,167,933 | 2,494,927 | |||||||
Previously Reported [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 1,009,806 | 768,286 | 547,586 | 1,315,872 | 2,514,194 | |||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 889,439 | 689,806 | 497,811 | 1,187,617 | 2,236,169 | |||||||||||
Total gross profit from reportable segments | 120,367 | 78,480 | 49,775 | 128,255 | 278,025 | |||||||||||
Selling, general and administrative expenses | 61,795 | 53,162 | 58,501 | 111,663 | 192,036 | |||||||||||
Other costs, net (See Note 1) | (490) | 20,177 | 8,214 | 28,391 | 19,445 | |||||||||||
Gain on sales of property and equipment, net (see Note 11) | (949) | (385) | (332) | (717) | (10,462) | |||||||||||
Operating income (loss) | 60,011 | 5,526 | (16,608) | (11,082) | 77,006 | |||||||||||
Other (income) expense | ||||||||||||||||
Interest income | (1,894) | (782) | (623) | (1,405) | (3,246) | |||||||||||
Interest expense | 2,519 | 3,896 | 3,575 | 7,471 | 10,003 | |||||||||||
Equity in income of affiliates, net | (3,491) | (541) | 306 | (235) | (9,656) | |||||||||||
Other income, net | 77 | 3,357 | 1,382 | 4,739 | 4,646 | |||||||||||
Total other (income) expense, net | (2,789) | 5,930 | 4,640 | 10,570 | 1,747 | |||||||||||
Income (loss) before income taxes | 62,800 | (404) | (21,248) | (21,652) | 75,259 | |||||||||||
Provision for (benefit from) income taxes | (6,489) | 2,549 | (5,331) | (2,782) | (777) | |||||||||||
Net income | 69,289 | 16,568 | (9,821) | 6,747 | 76,036 | |||||||||||
Amount attributable to non-controlling interests | 4,104 | 583 | (3,118) | (2,535) | 1,569 | |||||||||||
Net income (loss) attributable to Granite Construction Incorporated | $ 73,393 | 17,151 | (12,939) | 4,212 | $ 77,605 | |||||||||||
Net income (loss) from continuing operations | (2,953) | (15,917) | (18,870) | |||||||||||||
Net Income (loss) from discontinued operations | 19,521 | 6,096 | 25,617 | |||||||||||||
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | (2,370) | (19,035) | (21,405) | |||||||||||||
Net income attributable to Granite Construction Incorporated from discontinued operations | $ 19,521 | $ 6,096 | $ 25,617 | |||||||||||||
Net income per share attributable to common shareholders (see Note 18): | ||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 1.67 | $ 0.39 | $ (0.29) | $ 0.10 | $ 1.73 | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ 1.44 | $ 0.39 | $ (0.29) | $ 0.10 | $ 1.56 | |||||||||||
Basic (in shares) | 43,973 | 44,534 | 45,730 | 45,128 | 44,739 | |||||||||||
Diluted (in shares) | 51,863 | 44,534 | 45,730 | 45,128 | 52,613 | |||||||||||
Basic continuing operations per share (in dollars per share) | $ (0.05) | $ (0.42) | $ (0.47) | |||||||||||||
Basic discontinued operations per share (in dollars per share) | 0.44 | 0.13 | 0.57 | |||||||||||||
Diluted continuing operations per share (in dollars per share) | (0.05) | (0.42) | (0.47) | |||||||||||||
Diluted discontinued operations per share (in dollars per share) | $ 0.44 | $ 0.13 | $ 0.57 | |||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ 255,084 | $ 175,022 | $ 360,911 | $ 175,022 | $ 255,084 | |||||||||||
Short-term marketable securities | 39,873 | 45,000 | 14,953 | 45,000 | 39,873 | |||||||||||
Receivables, net | 618,144 | 527,277 | 380,502 | 527,277 | 618,144 | |||||||||||
Contract assets | 241,238 | 190,187 | 180,023 | 190,187 | 241,238 | |||||||||||
Inventories | 81,296 | 78,634 | 74,356 | 78,634 | 81,296 | |||||||||||
Equity in construction joint ventures | 186,824 | 187,028 | 191,183 | 187,028 | 186,824 | |||||||||||
Other current assets | 157,231 | 167,349 | 179,024 | 167,349 | 157,231 | |||||||||||
Current assets held for sale | 222,779 | 211,774 | 222,779 | |||||||||||||
Total current assets | 1,579,690 | 1,593,276 | 1,592,726 | 1,593,276 | 1,579,690 | |||||||||||
Property and equipment, net | 500,827 | 464,593 | 450,250 | 464,593 | 500,827 | |||||||||||
Long-term marketable securities | 21,575 | 21,675 | 21,775 | 21,675 | 21,575 | |||||||||||
Investments in affiliates | 78,663 | 23,203 | 22,987 | 23,203 | 78,663 | |||||||||||
Goodwill | 73,704 | 53,715 | 53,715 | 53,715 | 73,704 | |||||||||||
Right of use assets | 49,590 | 45,404 | 48,920 | 45,404 | 49,590 | |||||||||||
Deferred income taxes, net | 45,650 | 25,458 | 25,880 | 25,458 | 45,650 | |||||||||||
Other noncurrent assets | 58,265 | 64,008 | 65,888 | 64,008 | 58,265 | |||||||||||
Segment assets as of period end (1) | 2,407,964 | 2,291,332 | 2,282,141 | 2,291,332 | 2,407,964 | |||||||||||
Current liabilities | ||||||||||||||||
Current maturities of long-term debt | 1,438 | 1,429 | 8,735 | 1,429 | 1,438 | |||||||||||
Accounts payable | 398,285 | 331,728 | 285,390 | 331,728 | 398,285 | |||||||||||
Contract liabilities | 191,037 | 179,322 | 165,358 | 179,322 | 191,037 | |||||||||||
Accrued expenses and other current liabilities | 450,223 | 435,061 | 439,525 | 435,061 | 450,223 | |||||||||||
Current liabilities held for sale | 46,706 | 40,246 | 46,706 | |||||||||||||
Total current liabilities | 1,040,983 | 994,246 | 939,254 | 994,246 | 1,040,983 | |||||||||||
Long-term debt | 286,872 | 286,801 | 290,549 | 286,801 | 286,872 | |||||||||||
Lease liabilities | 32,701 | 31,182 | 32,682 | 31,182 | 32,701 | |||||||||||
Other long-term liabilities | 60,664 | 61,868 | 62,493 | 61,868 | 60,664 | |||||||||||
Equity | ||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | |||||||||||
Common stock | 437 | 441 | 454 | 441 | 437 | |||||||||||
Additional paid-in capital | 468,662 | 467,159 | 515,262 | 467,159 | 468,662 | |||||||||||
Accumulated other comprehensive income (loss) | 535 | 2,388 | 1,573 | 2,388 | 535 | |||||||||||
Retained earnings | 481,489 | 413,931 | 402,550 | 413,931 | 481,489 | |||||||||||
Total Granite Construction Incorporated shareholders’ equity | 951,123 | 883,919 | 919,839 | 883,919 | 951,123 | |||||||||||
Non-controlling interests | 35,621 | 33,316 | 37,324 | 33,316 | 35,621 | |||||||||||
Total equity | 986,744 | 917,235 | 957,163 | 917,235 | 986,744 | |||||||||||
Total liabilities and equity | 2,407,964 | 2,291,332 | 2,282,141 | 2,291,332 | 2,407,964 | |||||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | (896) | (1,893) | 1,893 | (2,151) | ||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 4,416 | (6,018) | 6,019 | 3,161 | ||||||||||||
Total gross profit from reportable segments | (5,312) | 4,125 | (4,126) | (5,312) | ||||||||||||
Other costs, net (See Note 1) | 2,956 | |||||||||||||||
Operating income (loss) | (5,312) | 4,125 | (4,126) | (8,268) | ||||||||||||
Other (income) expense | ||||||||||||||||
Income (loss) before income taxes | (5,312) | 4,125 | (4,126) | (8,268) | ||||||||||||
Provision for (benefit from) income taxes | (1,221) | 911 | (958) | (48) | 8,087 | |||||||||||
Net income | (4,091) | 3,010 | (15,274) | (12,264) | (16,355) | |||||||||||
Amount attributable to non-controlling interests | (1,480) | 1,480 | ||||||||||||||
Net income (loss) attributable to Granite Construction Incorporated | $ (4,091) | 1,530 | (13,794) | (12,264) | $ (16,355) | |||||||||||
Net income (loss) from continuing operations | 3,214 | (3,168) | 48 | |||||||||||||
Net Income (loss) from discontinued operations | (204) | (12,106) | (12,312) | |||||||||||||
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | 1,734 | (1,688) | 48 | |||||||||||||
Net income attributable to Granite Construction Incorporated from discontinued operations | $ (204) | $ (12,106) | $ (12,312) | |||||||||||||
Net income per share attributable to common shareholders (see Note 18): | ||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ (0.09) | $ 0.03 | $ (0.29) | $ (0.28) | $ (0.36) | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.08) | 0.03 | (0.29) | (0.28) | $ (0.31) | |||||||||||
Basic continuing operations per share (in dollars per share) | 0.04 | (0.03) | ||||||||||||||
Basic discontinued operations per share (in dollars per share) | (0.01) | (0.26) | (0.28) | |||||||||||||
Diluted continuing operations per share (in dollars per share) | 0.04 | (0.03) | ||||||||||||||
Diluted discontinued operations per share (in dollars per share) | $ (0.01) | $ (0.26) | $ (0.28) | |||||||||||||
Current assets | ||||||||||||||||
Contract assets | $ (3,831) | $ (7,382) | $ (3,831) | |||||||||||||
Equity in construction joint ventures | (1,481) | (1,481) | ||||||||||||||
Other current assets | $ (6,426) | (11,345) | $ (6,426) | |||||||||||||
Total current assets | (5,312) | (6,426) | (18,862) | (6,426) | (5,312) | |||||||||||
Segment assets as of period end (1) | (5,312) | (6,426) | (18,862) | (6,426) | (5,312) | |||||||||||
Current liabilities | ||||||||||||||||
Contract liabilities | (4,364) | |||||||||||||||
Accrued expenses and other current liabilities | 11,043 | 5,838 | (1,084) | 5,838 | 11,043 | |||||||||||
Current liabilities held for sale | 1,860 | |||||||||||||||
Total current liabilities | 11,043 | 5,838 | (3,588) | 5,838 | 11,043 | |||||||||||
Equity | ||||||||||||||||
Retained earnings | (16,355) | (12,264) | (13,794) | (12,264) | (16,355) | |||||||||||
Total Granite Construction Incorporated shareholders’ equity | (16,355) | (12,264) | (13,794) | (12,264) | (16,355) | |||||||||||
Non-controlling interests | 0 | (1,480) | 0 | |||||||||||||
Total equity | (16,355) | (12,264) | (15,274) | (12,264) | (16,355) | |||||||||||
Total liabilities and equity | (5,312) | (6,426) | (18,862) | (6,426) | (5,312) | |||||||||||
Restated Before Recasting [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 766,393 | 549,479 | 1,315,872 | |||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 683,788 | 503,830 | 1,187,617 | |||||||||||||
Total gross profit from reportable segments | 82,605 | 45,649 | 128,255 | |||||||||||||
Selling, general and administrative expenses | 53,162 | 58,501 | 111,663 | |||||||||||||
Other costs, net (See Note 1) | 20,177 | 8,214 | 28,391 | |||||||||||||
Gain on sales of property and equipment, net (see Note 11) | (385) | (332) | (717) | |||||||||||||
Operating income (loss) | 9,651 | (20,734) | (11,082) | |||||||||||||
Other (income) expense | ||||||||||||||||
Interest income | (782) | (623) | (1,405) | |||||||||||||
Interest expense | 3,896 | 3,575 | 7,471 | |||||||||||||
Equity in income of affiliates, net | (541) | 306 | (235) | |||||||||||||
Other income, net | 3,357 | 1,382 | 4,739 | |||||||||||||
Total other (income) expense, net | 5,930 | 4,640 | 10,570 | |||||||||||||
Income (loss) before income taxes | 3,721 | (25,374) | (21,652) | |||||||||||||
Provision for (benefit from) income taxes | 3,460 | (6,289) | (2,830) | |||||||||||||
Net income | 19,578 | (25,095) | (5,517) | |||||||||||||
Amount attributable to non-controlling interests | (897) | (1,638) | (2,535) | |||||||||||||
Net income (loss) attributable to Granite Construction Incorporated | 18,681 | (26,733) | (8,052) | |||||||||||||
Net income (loss) from continuing operations | 261 | (19,085) | (18,822) | |||||||||||||
Net Income (loss) from discontinued operations | 19,317 | (6,010) | 13,305 | |||||||||||||
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | (636) | (20,723) | (21,357) | |||||||||||||
Net income attributable to Granite Construction Incorporated from discontinued operations | $ 19,317 | $ (6,010) | $ 13,305 | |||||||||||||
Net income per share attributable to common shareholders (see Note 18): | ||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.42 | $ (0.58) | $ (0.18) | |||||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.42 | $ (0.58) | $ (0.18) | |||||||||||||
Basic (in shares) | 44,534 | 45,730 | 45,128 | |||||||||||||
Diluted (in shares) | 44,534 | 45,730 | 45,128 | |||||||||||||
Basic continuing operations per share (in dollars per share) | $ (0.01) | $ (0.45) | $ (0.47) | |||||||||||||
Basic discontinued operations per share (in dollars per share) | 0.43 | (0.13) | 0.29 | |||||||||||||
Diluted continuing operations per share (in dollars per share) | (0.01) | (0.45) | (0.47) | |||||||||||||
Diluted discontinued operations per share (in dollars per share) | $ 0.43 | $ (0.13) | $ 0.29 | |||||||||||||
Revision of Prior Period, Reclassification, Adjustment [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | $ 82,854 | $ 104,407 | $ 187,261 | |||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 67,893 | 89,964 | 157,858 | |||||||||||||
Total gross profit from reportable segments | 14,961 | 14,443 | 29,403 | |||||||||||||
Selling, general and administrative expenses | 6,959 | 11,619 | 18,578 | |||||||||||||
Other costs, net (See Note 1) | (3,565) | (1,935) | (5,500) | |||||||||||||
Gain on sales of property and equipment, net (see Note 11) | (8,530) | (266) | (8,796) | |||||||||||||
Operating income (loss) | 20,097 | 5,025 | 25,121 | |||||||||||||
Other (income) expense | ||||||||||||||||
Interest income | 53 | 53 | ||||||||||||||
Interest expense | 3 | 10 | 13 | |||||||||||||
Equity in income of affiliates, net | (4,335) | (1,595) | (5,930) | |||||||||||||
Other income, net | (96) | (74) | (170) | |||||||||||||
Total other (income) expense, net | (4,428) | (1,606) | (6,034) | |||||||||||||
Income (loss) before income taxes | 24,525 | 6,631 | 31,155 | |||||||||||||
Provision for (benefit from) income taxes | 5,208 | 12,641 | 17,850 | |||||||||||||
Net income | 0 | |||||||||||||||
Net income (loss) from continuing operations | 19,317 | (6,010) | 13,305 | |||||||||||||
Net Income (loss) from discontinued operations | (19,317) | 6,010 | (13,305) | |||||||||||||
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | 19,317 | (6,010) | 13,305 | |||||||||||||
Net income attributable to Granite Construction Incorporated from discontinued operations | $ (19,317) | $ 6,010 | $ (13,305) | |||||||||||||
Net income per share attributable to common shareholders (see Note 18): | ||||||||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.03) | |||||||||||||||
Basic continuing operations per share (in dollars per share) | 0.43 | $ (0.13) | $ 0.29 | |||||||||||||
Basic discontinued operations per share (in dollars per share) | (0.43) | 0.13 | (0.29) | |||||||||||||
Diluted continuing operations per share (in dollars per share) | 0.40 | (0.13) | 0.29 | |||||||||||||
Diluted discontinued operations per share (in dollars per share) | $ (0.43) | $ 0.13 | $ (0.29) | |||||||||||||
Construction [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 847,371 | $ 713,221 | $ 578,266 | $ 1,291,487 | 2,138,858 | 2,803,935 | 3,076,190 | 3,181,697 | ||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 754,354 | 632,969 | 519,787 | 1,152,756 | 1,907,110 | 2,500,054 | 2,772,962 | 2,901,528 | ||||||||
Construction [Member] | Previously Reported [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 848,267 | 632,260 | 474,935 | 1,107,195 | 2,141,009 | |||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 749,938 | 571,094 | 426,743 | 997,837 | 1,903,949 | |||||||||||
Construction [Member] | Revision of Prior Period, Adjustment [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | (896) | (1,893) | 1,893 | (2,151) | ||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 4,416 | (6,018) | 6,019 | 3,161 | ||||||||||||
Construction [Member] | Restated Before Recasting [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 630,367 | 476,828 | 1,107,195 | |||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 565,076 | 432,762 | 997,837 | |||||||||||||
Construction [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 82,854 | 101,438 | 184,292 | |||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 67,893 | 87,025 | 154,919 | |||||||||||||
Materials [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 161,539 | 136,026 | 75,620 | 211,646 | 373,185 | 497,321 | 425,675 | 380,762 | ||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | 139,501 | 118,712 | 74,007 | 192,719 | 332,220 | $ 431,708 | $ 366,258 | $ 316,143 | ||||||||
Materials [Member] | Previously Reported [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 161,539 | 136,026 | 72,651 | 208,677 | 373,185 | |||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | $ 139,501 | 118,712 | 71,068 | 189,780 | $ 332,220 | |||||||||||
Materials [Member] | Restated Before Recasting [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 136,026 | 72,651 | 208,677 | |||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | $ 118,712 | 71,068 | 189,780 | |||||||||||||
Materials [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | ||||||||||||||||
Revenue | ||||||||||||||||
Total revenue | 2,969 | 2,969 | ||||||||||||||
Cost of revenue | ||||||||||||||||
Total cost of revenue | $ 2,939 | $ 2,939 | ||||||||||||||
[1]These balances do not include amounts held for sale (see Note 2). |
Note 23 - Condensed Consolida_2
Note 23 - Condensed Consolidated Financial Statements (Details) (Parentheticals) - $ / shares | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 43,743,907 | 43,723,658 | 44,078,469 | 45,364,137 | 45,840,260 |
Common stock, shares outstanding (in shares) | 43,743,907 | 43,723,658 | 44,078,469 | 45,364,137 | 45,840,260 |