Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000861459 | |
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-12911 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0239383 | |
Entity Address, Address Line One | 585 W. Beach Street | |
Entity Address, City or Town | Watsonville | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95076 | |
City Area Code | 831 | |
Local Phone Number | 724-1011 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | GVA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,880,771 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 199,751 | $ 293,991 |
Short-term marketable securities | 39,754 | 39,374 |
Receivables, net | 397,231 | 463,987 |
Contract assets | 288,146 | 241,916 |
Inventories | 97,893 | 86,809 |
Equity in construction joint ventures | 182,063 | 183,808 |
Other current assets | 41,397 | 37,411 |
Total current assets | 1,246,235 | 1,347,296 |
Property and equipment, net | 531,457 | 509,210 |
Long-term marketable securities | 16,575 | 26,569 |
Investments in affiliates | 83,335 | 80,725 |
Goodwill | 73,703 | 73,703 |
Right of use assets | 43,886 | 49,079 |
Deferred income taxes, net | 22,080 | 22,208 |
Other noncurrent assets | 60,116 | 59,143 |
Total assets | 2,077,387 | 2,167,933 |
Current liabilities | ||
Current maturities of long-term debt | 1,456 | 1,447 |
Accounts payable | 295,125 | 334,392 |
Contract liabilities | 160,245 | 173,286 |
Accrued expenses and other current liabilities | 266,541 | 288,469 |
Total current liabilities | 723,367 | 797,594 |
Long-term debt | 287,000 | 286,934 |
Long-term lease liabilities | 27,934 | 32,170 |
Deferred income taxes, net | 1,678 | 1,891 |
Other long-term liabilities | 64,997 | 64,199 |
Commitments and contingencies (see Note 17) | ||
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: 43,880,224 shares as of March 31, 2023 and 43,743,907 shares as of December 31, 2022 | 439 | 437 |
Additional paid-in capital | 471,782 | 470,407 |
Accumulated other comprehensive income | 653 | 788 |
Retained earnings | 452,583 | 481,384 |
Total Granite Construction Incorporated shareholders’ equity | 925,457 | 953,016 |
Non-controlling interests | 46,954 | 32,129 |
Total equity | 972,411 | 985,145 |
Total liabilities and equity | $ 2,077,387 | $ 2,167,933 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 199,751 | $ 293,991 |
Receivables, net | 397,231 | 463,987 |
Contract assets | 288,146 | 241,916 |
Property and equipment, net | 531,457 | 509,210 |
Accounts payable | 295,125 | 334,392 |
Contract liabilities | 160,245 | 173,286 |
Accrued expenses and other current liabilities | $ 266,541 | $ 288,469 |
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) | 43,880,224 | 43,743,907 |
Common stock, shares outstanding (in shares) | 43,880,224 | 43,743,907 |
Consolidated Construction Corporate Joint Venture [Member] | ||
Cash and cash equivalents | $ 112,340 | $ 102,547 |
Receivables, net | 25,488 | 39,281 |
Contract assets | 86,027 | 80,306 |
Property and equipment, net | 7,540 | 7,834 |
Accounts payable | 43,009 | 57,534 |
Contract liabilities | 46,943 | 62,675 |
Accrued expenses and other current liabilities | $ 7,570 | $ 8,451 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Total revenue | $ 560,068 | $ 653,886 |
Cost of revenue | ||
Total cost of revenue | 527,709 | 593,794 |
Gross profit | 32,359 | 60,092 |
Selling, general and administrative expenses | 73,122 | 70,120 |
Other costs, net | 4,523 | 6,279 |
Gain on sales of property and equipment, net | (2,037) | (598) |
Operating loss | (43,249) | (15,709) |
Other (income) expense | ||
Interest income | (3,762) | (570) |
Interest expense | 2,891 | 3,585 |
Equity in income (loss) of affiliates | (5,187) | (1,289) |
Other (income) expense, net | (1,950) | 1,308 |
Total other (income) expense, net | (8,008) | 3,034 |
Loss before income taxes | (35,241) | (18,743) |
Provision for (benefit from) income taxes | (9,469) | 6,352 |
Net loss | (25,772) | (25,095) |
Amount attributable to non-controlling interests | 2,749 | (1,638) |
Net loss attributable to Granite Construction Incorporated | $ (23,023) | $ (26,733) |
Net income (loss) per share attributable to common shareholders | ||
Basic loss per share (in dollars per share) | $ (0.53) | $ (0.58) |
Diluted loss per share (in dollars per share) | $ (0.53) | $ (0.58) |
Basic (in shares) | 43,764 | 45,730 |
Diluted (in shares) | 43,764 | 45,730 |
Construction [Member] | ||
Revenue | ||
Total revenue | $ 503,416 | $ 578,266 |
Cost of revenue | ||
Total cost of revenue | 466,711 | 519,787 |
Materials [Member] | ||
Revenue | ||
Total revenue | 56,652 | 75,620 |
Cost of revenue | ||
Total cost of revenue | $ 60,998 | $ 74,007 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (25,772) | $ (25,095) |
Other comprehensive income (loss), net of tax: | ||
Net unrealized gain (loss) on cash flow hedges, net of tax | (192) | 2,436 |
Less: reclassification for net gains included in interest expense, net of tax | 0 | 1,760 |
Net change | (192) | 4,196 |
Foreign currency translation adjustments, net | 57 | 736 |
Other comprehensive income (loss), net of tax | (135) | 4,932 |
Comprehensive loss, net of tax | (25,907) | (20,163) |
Non-controlling interests in comprehensive income, net of tax | 2,749 | (1,638) |
Comprehensive loss attributable to Granite Construction Incorporated, net of tax | $ (23,158) | $ (21,801) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balances (in shares) at Dec. 31, 2021 | 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 loss | 0 | 0 | 0 | (26,733) | (26,733) | 1,638 | (25,095) | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | 4,932 | 0 | 4,932 | 0 | 4,932 | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (665,880) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ (6) | (20,206) | 0 | 0 | (20,212) | 0 | (20,212) | ||||||||||||||
RSUs vested (in shares) | 190,170 | |||||||||||||||||||||
RSUs vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 69 | 0 | (5,885) | (5,816) | 0 | (5,816) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 6,325 | 6,325 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (413) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 2,610 | 0 | 0 | 2,610 | 0 | 2,610 | |||||||||||||||
Balances (in shares) at Mar. 31, 2022 | 45,364,137 | |||||||||||||||||||||
Balances at Mar. 31, 2022 | $ 454 | 515,262 | 1,573 | 388,756 | 906,045 | 35,844 | $ 941,889 | |||||||||||||||
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 | |||||||||||||||
Net loss | 0 | 0 | 0 | (23,023) | (23,023) | (2,749) | (25,772) | |||||||||||||||
Other comprehensive income (loss) | $ 0 | 0 | (135) | 0 | (135) | 0 | (135) | |||||||||||||||
Repurchases of common stock (1) (in shares) | [1] | (87,260) | ||||||||||||||||||||
Repurchases of common stock (1) | [1] | $ 0 | (3,523) | 0 | 0 | (3,523) | 0 | (3,523) | ||||||||||||||
RSUs vested (in shares) | 223,967 | |||||||||||||||||||||
RSUs vested | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Dividends on common stock ($0.13 per share) | 0 | 74 | 0 | (5,778) | (5,704) | 0 | (5,704) | |||||||||||||||
Transactions with non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | 17,574 | 17,574 | |||||||||||||||
Stock-based compensation expense and other (in shares) | (390) | |||||||||||||||||||||
Stock-based compensation expense and other | $ 0 | 4,826 | 0 | 0 | 4,826 | 0 | $ 4,826 | |||||||||||||||
Balances (in shares) at Mar. 31, 2023 | 43,880,224 | 43,880,224 | ||||||||||||||||||||
Balances at Mar. 31, 2023 | $ 439 | $ 471,782 | $ 653 | $ 452,583 | $ 925,457 | $ 46,954 | $ 972,411 | |||||||||||||||
[1]This amount represents employee tax withholding for RSUs vested under our 2012 and 2021 Equity Incentive Plans in 2022 and 2023 and stock repurchased under the Board approved repurchase plan in 2022. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends (in dollars per share) | $ 0.13 | $ 0.13 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (25,772) | $ (25,095) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 19,733 | 16,737 |
Amortization related to long-term debt | 472 | 652 |
Gain on sale of business | 0 | (3,278) |
Gain on sales of property and equipment, net | (2,037) | (598) |
Deferred income taxes | 0 | 2,545 |
Stock-based compensation | 4,828 | 2,614 |
Equity in net loss from unconsolidated joint ventures | (911) | 3,627 |
Equity in income (loss) of affiliates | (5,187) | (1,289) |
Other non-cash adjustments | (151) | (299) |
Changes in assets and liabilities: | ||
Receivables | 66,800 | 85,957 |
Contract assets, net | (59,307) | (69,819) |
Inventories | (11,083) | (13,805) |
Contributions to unconsolidated construction joint ventures | (3,350) | (12,840) |
Distributions from unconsolidated construction joint ventures and affiliates | 2,478 | 250 |
Other assets, net | (5,724) | 9,652 |
Accounts payable | (42,955) | (44,028) |
Accrued expenses and other liabilities, net | (14,522) | (1,163) |
Net cash used in operating activities | (76,688) | (50,180) |
Investing activities | ||
Purchases of marketable securities | 0 | (19,940) |
Maturities of marketable securities | 10,000 | 0 |
Purchases of property and equipment | (40,461) | (31,269) |
Proceeds from sales of property and equipment | 4,518 | 2,483 |
Proceeds from company owned life insurance | 1,545 | 0 |
Proceeds from the sale of business | 0 | 142,571 |
Issuance of notes receivable | 0 | (4,560) |
Collection of notes receivable | 62 | 111 |
Net cash provided by (used in) investing activities | (24,336) | 89,396 |
Financing activities | ||
Debt principal repayments | (256) | (63,059) |
Cash dividends paid | (5,687) | (5,959) |
Repurchases of common stock | (3,523) | (20,212) |
Contributions from non-controlling partners | 17,600 | 6,325 |
Distributions to non-controlling partners | (1,350) | 0 |
Other financing activities, net | 0 | 1 |
Net cash provided by (used in) financing activities | 6,784 | (82,904) |
Net decrease in cash, cash equivalents and restricted cash | (94,240) | (43,688) |
Cash, cash equivalents and $0 and $1,512 in restricted cash at beginning of period | 293,991 | 413,655 |
Cash, cash equivalents and $0 and $1,512 in restricted cash at end of period | 199,751 | 369,967 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 3,388 | 3,502 |
Operating lease liabilities | 5,824 | 5,862 |
Interest | 1,012 | 2,090 |
Income taxes | 166 | 2 |
Other non-cash operating activities: | ||
Performance guarantees | (6,513) | 0 |
Non-cash investing and financing activities: | ||
RSUs issued, net of forfeitures | 9,552 | 6,606 |
Dividends declared but not paid | 5,704 | 5,897 |
Contributions from non-controlling partners | 1,324 | 0 |
Accrued equipment purchases | $ 3,693 | $ 5,511 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Restricted cash | $ 0 | $ 1,512 | $ 1,512 |
Restricted cash | $ 0 | $ 0 | $ 1,512 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Basis of Presentation: 10 December 31, 2022 March 31, 2023 2022 December 31, 2022 not Seasonality: first fourth may three March 31, 2023 not Subsequent Event: April 24, 2023, 2020 not |
Note 2 - Recently Issued and Ad
Note 2 - Recently Issued and Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Recently Issued and Adopted Accounting Pronouncements We closely monitor all Accounting Standards Updates issued by the Financial Accounting Standards Board and other authoritative guidance. There are currently no No three March 31, 2023 |
Note 3 - Restatement and Recast
Note 3 - Restatement and Recast | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 3. Restatement and Recast Background As disclosed in our Annual Report, we identified errors during the preparation of the Annual Report related to deferred taxes and the calculation of income tax expense of $12.3 million in connection with the sale of Inliner, which was completed in the first 2022 first second 2022 third 2022. nine September 30, 2022 first three 2022, During the fourth 2021, first 2022, September 2022, March 31, 2022, Description of Restatement and Recast Tables We have presented below a reconciliation from the previously reported to the restated and recast amounts for the quarter ended March 31, 2022. 10 March 31, 2022 April 28, 2022. The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive income (loss) as a result of the restatement were due to the changes in net loss for the three March 31, 2022. no three March 31, 2022 The effects of the prior-period errors and the discontinued operations reclassification impacts on our condensed consolidated financial statements are as follows (in thousands, except per share data): CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 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 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three months ended March 31, 2022 As Previously Reported Restatement Impacts As Restated Operating activities Net loss $ (9,821 ) $ (15,274 ) $ (25,095 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 16,737 - 16,737 Amortization related to long-term debt 652 - 652 Gain on sale of business (6,234 ) 2,956 (3,278 ) Gain on sales of property and equipment, net (598 ) - (598 ) Deferred income taxes 2,545 - 2,545 Stock-based compensation 2,614 - 2,614 Equity in net loss from unconsolidated joint ventures 3,627 - 3,627 Net income from affiliates (1,289 ) - (1,289 ) Other non-cash adjustments (299 ) - (299 ) Changes in assets and liabilities: Receivables 85,957 - 85,957 Contract assets, net (72,632 ) 2,813 (69,819 ) Inventories (13,805 ) - (13,805 ) Contributions to unconsolidated construction joint ventures (12,840 ) - (12,840 ) Distributions from unconsolidated construction joint ventures and affiliates 250 - 250 Other assets, net 1,264 8,388 9,652 Accounts payable (44,028 ) - (44,028 ) Accrued expenses and other liabilities, net (2,280 ) 1,117 (1,163 ) Net cash used in operating activities $ (50,180 ) $ - $ (50,180 ) |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 4. Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. Changes in estimates of transaction price and costs to complete may may may When we experience significant revisions in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no no not In our review of these changes for the three March 31, 2023 2022 not There were no increases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit for the three March 31, 2023 2022 There were no decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit for the three March 31, 2022 The projects with decreases from revisions in estimates during the three March 31, 2023, Three Months Ended March 31, 2023 Number of projects with downward estimate changes 2 Range of reduction in gross profit from each project, net $ 6.2 - 11.4 Decrease to project profitability, net $ 17.6 Decrease to net income/increase to net loss $ 13.1 Amounts attributable to non-controlling interests $ 5.7 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 7.5 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.17 The decreases during the three March 31, 2023 |
Note 5 - Disaggregation of Reve
Note 5 - Disaggregation of Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 5. Disaggregation of Revenue We disaggregate our revenue based on our reportable segments (see Note 18 Three Months Ended March 31, 2023 Construction Materials Total California $ 148,947 $ 30,138 $ 179,085 Central 171,002 11,556 182,558 Mountain 183,467 14,958 198,425 Total $ 503,416 $ 56,652 $ 560,068 2022 (As Restated and Recast) Construction Materials Total California $ 146,309 $ 45,687 $ 191,996 Central 219,894 10,362 230,256 Mountain 212,063 19,571 231,634 Total $ 578,266 $ 75,620 $ 653,886 |
Note 6 - Unearned Revenue
Note 6 - Unearned Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 6. Unearned Revenue The following table presents our unearned revenue as of the respective periods: (in thousands) March 31, 2023 December 31, 2022 California $ 1,011,489 $ 945,971 Central 1,437,759 1,444,983 Mountain 714,320 486,524 Total $ 3,163,568 $ 2,877,478 All unearned revenue is in the Construction segment. Approximately $2.1 billion of March 31, 2023 nearned revenue is expected to be recognized within the next twelve |
Note 7 - Contract Assets and Li
Note 7 - Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. Contract Assets and Liabilities As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $44.2 million and $35.2 million during the three March 31, 2023 2022 three March 31, 2023 2022 As of March 31, 2023 December 31, 2022 The components of the contract asset balances as of the respective dates were as follows: (in thousands) March 31, 2023 December 31, 2022 Costs in excess of billings and estimated earnings $ 125,918 $ 80,357 Contract retention 162,228 161,559 Total contract assets $ 288,146 $ 241,916 As of March 31, 2023 December 31, 2022 No 10% one As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $123.0 million and $166.6 million during the three March 31, 2023 2022 December 31, 2022 2021 The components of the contract liability balances as of the respective dates were as follows: (in thousands) March 31, 2023 December 31, 2022 Billings in excess of costs and estimated earnings, net of retention $ 141,702 $ 152,294 Provisions for losses 18,543 20,992 Total contract liabilities $ 160,245 $ 173,286 |
Note 8 - Receivables, Net
Note 8 - Receivables, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 8. Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not (in thousands) March 31, 2023 December 31, 2022 Contracts completed and in progress: Billed $ 190,635 $ 220,809 Unbilled 108,931 120,348 Total contracts completed and in progress 299,566 341,157 Materials sales 31,955 52,182 Other 66,807 71,790 Total gross receivables 398,328 465,129 Less: allowance for credit losses 1,097 1,142 Total net receivables $ 397,231 $ 463,987 Included in other receivables at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 one None March 31, 2023 December 31, 2022 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using March 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 42,821 $ — $ — $ 42,821 Total assets $ 42,821 $ — $ — $ 42,821 Accrued and other current liabilities Diesel collars $ — $ 934 $ — $ 934 Commodity swaps — 138 — 138 Total liabilities $ — $ 1,072 $ — $ 1,072 December 31, 2022 Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swaps — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927 Commodity Derivatives As of March 31, 2023 December 31, 2022, October 31, 2023. three March 31, 2023 three March 31, 2022 During the three March 31, 2023 not September 2024 three March 31, 2023 Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not March 31, 2023 December 31, 2022 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 56,329 $ 55,272 $ 65,943 $ 64,584 Liabilities (including current maturities): 2.75 Level 2 $ 230,000 $ 311,880 $ 230,000 $ 281,365 Credit Agreement - revolver (2) Level 3 $ 50,000 $ 49,110 $ 50,000 $ 49,536 ( 1 March 31, 2023 December 31, 2022 two three ( 2 2024 "2.75% 14 2.75% During the three March 31, 2023 2022 not |
Note 10 - Construction Joint Ve
Note 10 - Construction Joint Ventures | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 10. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three March 31, 2023 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of our partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At March 31, 2023 not may 13 Consolidated Construction Joint Ventures (“CCJVs”) At March 31, 2023 March 31, 2023 three March 31, 2023 2022 three March 31, 2023 2022 Unconsolidated Construction Joint Ventures As of March 31, 2023 seven March 31, 2023 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) March 31, 2023 December 31, 2022 Assets Cash, cash equivalents and marketable securities $ 110,403 $ 130,635 Other current assets (1) 689,945 681,221 Noncurrent assets 71,603 76,204 Less partners’ interest 596,487 604,741 Granite’s interest (1),(2) $ 275,464 $ 283,319 Liabilities Current liabilities $ 236,063 $ 244,411 Less partners’ interest and adjustments (3) 128,166 130,911 Granite’s interest $ 107,897 $ 113,500 Equity in construction joint ventures (4) $ 167,567 $ 169,819 ( 1 March 31, 2023 December 31, 2022 13 ( 2 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 ( 3 ( 4 March 31, 2023 December 31, 2022 Three Months Ended March 31, (in thousands) 2023 2022 Revenue Total $ 38,174 $ 161,139 Less partners’ interest and adjustments (1) 23,329 111,484 Granite’s interest $ 14,845 $ 49,655 Cost of revenue Total $ 44,371 $ 157,921 Less partners’ interest and adjustments (1) 30,404 104,652 Granite’s interest 13,967 53,269 Granite’s interest in gross profit (loss) $ 878 $ (3,614 ) Net Income (Loss) Total $ (5,654 ) $ 3,167 Less partners’ interest and adjustments (1) (6,565 ) 6,794 Granite’s interest in net income (loss) (2) $ 911 $ (3,627 ) ( 1 ( 2 |
Note 11 - Investments in Affili
Note 11 - Investments in Affiliates | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 11. Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) March 31, 2023 December 31, 2022 Foreign $ 61,919 $ 58,579 Real estate 8,022 8,517 Asphalt terminal 13,394 13,629 Total investments in affiliates $ 83,335 $ 80,725 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, 2023 December 31, 2022 Current assets $ 197,485 $ 194,210 Noncurrent assets 176,039 172,560 Total assets $ 373,524 $ 366,770 Current liabilities $ 102,546 $ 106,780 Long-term liabilities (1) 62,881 59,356 Total liabilities $ 165,427 $ 166,136 Net assets $ 208,097 $ 200,634 Granite’s share of net assets $ 83,335 $ 80,725 ( 1 Of the $373.5 million of total affiliate assets as of March 31, 2023 two March 31, 2023 December 31, 2022 March 31, 2023 March 31, 2023 |
Note 12 - Property and Equipmen
Note 12 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 12. Property and Equipment, net Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows: (in thousands) March 31, 2023 December 31, 2022 Equipment and vehicles $ 1,016,327 $ 994,602 Quarry property 226,682 219,843 Land and land improvements 107,816 105,733 Buildings and leasehold improvements 105,190 103,658 Office furniture and equipment 83,860 82,465 Property and equipment 1,539,875 1,506,301 Less: accumulated depreciation and depletion 1,008,418 997,091 Property and equipment, net $ 531,457 $ 509,210 |
Note 13 - Accrued Expenses and
Note 13 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 13. Accrued Expenses and Other Current Liabilities (in thousands) March 31, 2023 December 31, 2022 Accrued insurance $ 84,156 $ 78,427 Deficits in unconsolidated construction joint ventures 14,496 13,989 Payroll and related employee benefits 63,072 80,910 Performance guarantees 58,190 64,703 Short-term lease liabilities 17,552 18,662 Other 29,075 31,778 Total $ 266,541 $ 288,469 The decrease in performance guarantees in the current year is due to receiving customer acceptance on two three March 31, 2023 Other includes dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none 5% |
Note 14 - Long-term Debt and Cr
Note 14 - Long-term Debt and Credit Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 14. Long-Term Debt and Credit Arrangements (in thousands) March 31, 2023 December 31, 2022 2.75 $ 230,000 $ 230,000 Credit Agreement - revolver 50,000 50,000 Other, net of debt issuance costs 8,456 8,381 Total debt $ 288,456 $ 288,381 Less current maturities 1,456 1,447 Total long-term debt $ 287,000 $ 286,934 I n June 2022, June 2, 2027. five twelve As of March 31, 2023 , the total unused availability under the Credit Agreement was $ million, resulting from $ million in issued and outstanding letters of credit and $50.0 million drawn under the Revolver. The letters of credit had expiration dates between April 2023 and December 2026 . As of March 31, 2023 , the applicable rate was for loans under the Credit Agreement bearing interest based on the Secured Overnight Financing Rate ("SOFR") and for loans bearing interest at the base rate. Accordingly, the effective interest rates at March 31, 2023 for SOFR and base rate loans were and , respectively. The 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. As of March 31, 2023 , the Consolidated Leverage Ratio was , which did not , which was above the minimum of 3.00. As of March 31, 2023 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% During both the three March 31, 2023 and 2022 , we recorded $ 0.3 million of amortization related to debt issuance costs. |
Note 15 - Weighted Average Shar
Note 15 - Weighted Average Shares Outstanding and Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, As Restated (in thousands, except per share amounts) 2023 2022 Numerator (basic and diluted) Net loss attributable to common shareholders $ (23,023 ) $ (26,733 ) Denominator Weighted average common shares outstanding, basic 43,764 45,730 Weighted average common shares outstanding, diluted 43,764 45,730 Net loss per share, basic $ (0.53 ) $ (0.58 ) Net loss per share, diluted $ (0.53 ) $ (0.58 ) Due to the net losses for the three March 31, 2023 2022 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes The following table presents the provision for (benefit from) income taxes for the respective periods: Three Months Ended March 31, As Restated and Recast (dollars in thousands) 2023 2022 Provision for (benefit from) income taxes $ (9,469 ) $ 6,352 Effective tax rate 26.9 % (33.9 %) Our effective tax rate for the three March 31, 2023 first 2022. |
Note 17 - Contingencies - Legal
Note 17 - Contingencies - Legal Proceedings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17. Contingencies - Legal Proceedings Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not not not not The total liabilities recorded as of March 31, 2023 December 31, 2022 Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1 Some of the matters in which we or our joint ventures and affiliates are involved may not may Salesforce Tower Matter Our wholly-owned subsidiary, Layne Christensen Company ("Layne"), was a subcontractor on the foundation for the Salesforce Tower office building in San Francisco in 2013 2014. March 2014 2015. may 2014, July 20, 2021, On February 3, 2022 , Steadfast Insurance Company ( Steadfast ), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture ( CHDJV ) v. Layne Christensen Company ( Layne ) February 4, 2022, May 6, 2022, May 16, 2022, two May 24, 2023. not |
Note 18 - Reportable Segment In
Note 18 - Reportable Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 18. Reportable Segment Information Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”), regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer and our Chief Operating Officer. Our reportable segments are: Construction and Materials. Summarized segment information is as follows (in thousands): Three months ended March 31, Construction Materials Total 2023 Total revenue from reportable segments $ 503,416 $ 71,920 $ 575,336 Elimination of intersegment revenue — (15,268 ) (15,268 ) Revenue from external customers $ 503,416 $ 56,652 $ 560,068 Gross profit (loss) $ 36,705 $ (4,346 ) $ 32,359 Depreciation, depletion and amortization $ 9,755 $ 6,122 $ 15,877 Segment assets as of period end $ 430,045 $ 390,741 $ 820,786 2022 (As Restated and Recast) Total revenue from reportable segments $ 578,266 $ 95,304 $ 673,570 Elimination of intersegment revenue — (19,684 ) (19,684 ) Revenue from external customers $ 578,266 $ 75,620 $ 653,886 Gross profit $ 58,479 $ 1,613 $ 60,092 Depreciation, depletion and amortization $ 7,794 $ 6,333 $ 14,127 Segment assets as of period end $ 363,029 $ 354,420 $ 717,449 A reconciliation of segment gross profit to consolidated loss before income taxes is as follows (in thousands): As Restated and Recast Three Months Ended March 31, 2023 2022 Total gross profit from reportable segments $ 32,359 $ 60,092 Selling, general and administrative expenses 73,122 70,120 Other costs, net 4,523 6,279 Gain on sales of property and equipment (2,037 ) (598 ) Total other (income) expense, net (8,008 ) 3,034 Loss before income taxes $ (35,241 ) $ (18,743 ) |
Note 3 - Restatement and Reca_2
Note 3 - Restatement and Recast (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | 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 Three months ended March 31, 2022 As Previously Reported Restatement Impacts As Restated Operating activities Net loss $ (9,821 ) $ (15,274 ) $ (25,095 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, depletion and amortization 16,737 - 16,737 Amortization related to long-term debt 652 - 652 Gain on sale of business (6,234 ) 2,956 (3,278 ) Gain on sales of property and equipment, net (598 ) - (598 ) Deferred income taxes 2,545 - 2,545 Stock-based compensation 2,614 - 2,614 Equity in net loss from unconsolidated joint ventures 3,627 - 3,627 Net income from affiliates (1,289 ) - (1,289 ) Other non-cash adjustments (299 ) - (299 ) Changes in assets and liabilities: Receivables 85,957 - 85,957 Contract assets, net (72,632 ) 2,813 (69,819 ) Inventories (13,805 ) - (13,805 ) Contributions to unconsolidated construction joint ventures (12,840 ) - (12,840 ) Distributions from unconsolidated construction joint ventures and affiliates 250 - 250 Other assets, net 1,264 8,388 9,652 Accounts payable (44,028 ) - (44,028 ) Accrued expenses and other liabilities, net (2,280 ) 1,117 (1,163 ) Net cash used in operating activities $ (50,180 ) $ - $ (50,180 ) |
Note 4 - Revisions in Estimat_2
Note 4 - Revisions in Estimates (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Three Months Ended March 31, 2023 Number of projects with downward estimate changes 2 Range of reduction in gross profit from each project, net $ 6.2 - 11.4 Decrease to project profitability, net $ 17.6 Decrease to net income/increase to net loss $ 13.1 Amounts attributable to non-controlling interests $ 5.7 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 7.5 Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.17 |
Note 5 - Disaggregation of Re_2
Note 5 - Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2023 Construction Materials Total California $ 148,947 $ 30,138 $ 179,085 Central 171,002 11,556 182,558 Mountain 183,467 14,958 198,425 Total $ 503,416 $ 56,652 $ 560,068 2022 (As Restated and Recast) Construction Materials Total California $ 146,309 $ 45,687 $ 191,996 Central 219,894 10,362 230,256 Mountain 212,063 19,571 231,634 Total $ 578,266 $ 75,620 $ 653,886 |
Note 6 - Unearned Revenue (Tabl
Note 6 - Unearned Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 California $ 1,011,489 $ 945,971 Central 1,437,759 1,444,983 Mountain 714,320 486,524 Total $ 3,163,568 $ 2,877,478 |
Note 7 - Contract Assets and _2
Note 7 - Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Costs in excess of billings and estimated earnings $ 125,918 $ 80,357 Contract retention 162,228 161,559 Total contract assets $ 288,146 $ 241,916 (in thousands) March 31, 2023 December 31, 2022 Billings in excess of costs and estimated earnings, net of retention $ 141,702 $ 152,294 Provisions for losses 18,543 20,992 Total contract liabilities $ 160,245 $ 173,286 |
Note 8 - Receivables, Net (Tabl
Note 8 - Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Contracts completed and in progress: Billed $ 190,635 $ 220,809 Unbilled 108,931 120,348 Total contracts completed and in progress 299,566 341,157 Materials sales 31,955 52,182 Other 66,807 71,790 Total gross receivables 398,328 465,129 Less: allowance for credit losses 1,097 1,142 Total net receivables $ 397,231 $ 463,987 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using March 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 42,821 $ — $ — $ 42,821 Total assets $ 42,821 $ — $ — $ 42,821 Accrued and other current liabilities Diesel collars $ — $ 934 $ — $ 934 Commodity swaps — 138 — 138 Total liabilities $ — $ 1,072 $ — $ 1,072 December 31, 2022 Cash equivalents Money market funds $ 99,806 $ — $ — $ 99,806 Other current assets Commodity swaps — 121 — 121 Total assets $ 99,806 $ 121 $ — $ 99,927 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 December 31, 2022 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 56,329 $ 55,272 $ 65,943 $ 64,584 Liabilities (including current maturities): 2.75 Level 2 $ 230,000 $ 311,880 $ 230,000 $ 281,365 Credit Agreement - revolver (2) Level 3 $ 50,000 $ 49,110 $ 50,000 $ 49,536 |
Note 10 - Construction Joint _2
Note 10 - Construction Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Assets Cash, cash equivalents and marketable securities $ 110,403 $ 130,635 Other current assets (1) 689,945 681,221 Noncurrent assets 71,603 76,204 Less partners’ interest 596,487 604,741 Granite’s interest (1),(2) $ 275,464 $ 283,319 Liabilities Current liabilities $ 236,063 $ 244,411 Less partners’ interest and adjustments (3) 128,166 130,911 Granite’s interest $ 107,897 $ 113,500 Equity in construction joint ventures (4) $ 167,567 $ 169,819 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended March 31, (in thousands) 2023 2022 Revenue Total $ 38,174 $ 161,139 Less partners’ interest and adjustments (1) 23,329 111,484 Granite’s interest $ 14,845 $ 49,655 Cost of revenue Total $ 44,371 $ 157,921 Less partners’ interest and adjustments (1) 30,404 104,652 Granite’s interest 13,967 53,269 Granite’s interest in gross profit (loss) $ 878 $ (3,614 ) Net Income (Loss) Total $ (5,654 ) $ 3,167 Less partners’ interest and adjustments (1) (6,565 ) 6,794 Granite’s interest in net income (loss) (2) $ 911 $ (3,627 ) |
Note 11 - Investments in Affi_2
Note 11 - Investments in Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Foreign $ 61,919 $ 58,579 Real estate 8,022 8,517 Asphalt terminal 13,394 13,629 Total investments in affiliates $ 83,335 $ 80,725 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Current assets $ 197,485 $ 194,210 Noncurrent assets 176,039 172,560 Total assets $ 373,524 $ 366,770 Current liabilities $ 102,546 $ 106,780 Long-term liabilities (1) 62,881 59,356 Total liabilities $ 165,427 $ 166,136 Net assets $ 208,097 $ 200,634 Granite’s share of net assets $ 83,335 $ 80,725 |
Note 12 - Property and Equipm_2
Note 12 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Equipment and vehicles $ 1,016,327 $ 994,602 Quarry property 226,682 219,843 Land and land improvements 107,816 105,733 Buildings and leasehold improvements 105,190 103,658 Office furniture and equipment 83,860 82,465 Property and equipment 1,539,875 1,506,301 Less: accumulated depreciation and depletion 1,008,418 997,091 Property and equipment, net $ 531,457 $ 509,210 |
Note 13 - Accrued Expenses an_2
Note 13 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 Accrued insurance $ 84,156 $ 78,427 Deficits in unconsolidated construction joint ventures 14,496 13,989 Payroll and related employee benefits 63,072 80,910 Performance guarantees 58,190 64,703 Short-term lease liabilities 17,552 18,662 Other 29,075 31,778 Total $ 266,541 $ 288,469 |
Note 14 - Long-term Debt and _2
Note 14 - Long-term Debt and Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (in thousands) March 31, 2023 December 31, 2022 2.75 $ 230,000 $ 230,000 Credit Agreement - revolver 50,000 50,000 Other, net of debt issuance costs 8,456 8,381 Total debt $ 288,456 $ 288,381 Less current maturities 1,456 1,447 Total long-term debt $ 287,000 $ 286,934 |
Note 15 - Weighted Average Sh_2
Note 15 - Weighted Average Shares Outstanding and Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, As Restated (in thousands, except per share amounts) 2023 2022 Numerator (basic and diluted) Net loss attributable to common shareholders $ (23,023 ) $ (26,733 ) Denominator Weighted average common shares outstanding, basic 43,764 45,730 Weighted average common shares outstanding, diluted 43,764 45,730 Net loss per share, basic $ (0.53 ) $ (0.58 ) Net loss per share, diluted $ (0.53 ) $ (0.58 ) |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, As Restated and Recast (dollars in thousands) 2023 2022 Provision for (benefit from) income taxes $ (9,469 ) $ 6,352 Effective tax rate 26.9 % (33.9 %) |
Note 18 - Reportable Segment _2
Note 18 - Reportable Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, Construction Materials Total 2023 Total revenue from reportable segments $ 503,416 $ 71,920 $ 575,336 Elimination of intersegment revenue — (15,268 ) (15,268 ) Revenue from external customers $ 503,416 $ 56,652 $ 560,068 Gross profit (loss) $ 36,705 $ (4,346 ) $ 32,359 Depreciation, depletion and amortization $ 9,755 $ 6,122 $ 15,877 Segment assets as of period end $ 430,045 $ 390,741 $ 820,786 2022 (As Restated and Recast) Total revenue from reportable segments $ 578,266 $ 95,304 $ 673,570 Elimination of intersegment revenue — (19,684 ) (19,684 ) Revenue from external customers $ 578,266 $ 75,620 $ 653,886 Gross profit $ 58,479 $ 1,613 $ 60,092 Depreciation, depletion and amortization $ 7,794 $ 6,333 $ 14,127 Segment assets as of period end $ 363,029 $ 354,420 $ 717,449 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | As Restated and Recast Three Months Ended March 31, 2023 2022 Total gross profit from reportable segments $ 32,359 $ 60,092 Selling, general and administrative expenses 73,122 70,120 Other costs, net 4,523 6,279 Gain on sales of property and equipment (2,037 ) (598 ) Total other (income) expense, net (8,008 ) 3,034 Loss before income taxes $ (35,241 ) $ (18,743 ) |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ in Millions | Apr. 24, 2023 USD ($) |
CMR [Member] | Subsequent Event [Member] | |
Payments to Acquire Businesses, Gross | $ 27 |
Note 3 - Restatement and Reca_3
Note 3 - Restatement and Recast (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Inliner [Member] | |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 12.3 |
Note 3 - Restatement and Reca_4
Note 3 - Restatement and Recast - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Total revenue | $ 560,068 | $ 653,886 |
Cost of revenue | ||
Total cost of revenue | 527,709 | 593,794 |
Gross profit | 32,359 | 60,092 |
Selling, general and administrative expenses | 73,122 | 70,120 |
Other costs, net | 4,523 | 6,279 |
Gain on sales of property and equipment, net | (2,037) | (598) |
Operating loss | (43,249) | (15,709) |
Other (income) expense | ||
Interest income | (3,762) | (570) |
Interest expense | 2,891 | 3,585 |
Equity in income (loss) of affiliates | (5,187) | (1,289) |
Other income, net | (1,950) | 1,308 |
Total other expense, net | (8,008) | 3,034 |
Loss from continuing operations before income taxes | (35,241) | (18,743) |
Provision for (benefit from) income taxes on continuing operations | (9,469) | 6,352 |
Net loss from continuing operations | (25,095) | |
Net Income (loss) from discontinued operations | 0 | |
Net loss | (25,772) | (25,095) |
Amount attributable to non-controlling interests | 2,749 | (1,638) |
Net loss attributable to Granite Construction Incorporated from continuing operations | (26,733) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | 0 | |
Net loss attributable to Granite Construction Incorporated | $ (23,023) | $ (26,733) |
Net income (loss) per share attributable to common shareholders | ||
Basic continuing operations per share (in dollars per share) | $ (0.58) | |
Basic discontinued operations per share (in dollars per share) | 0 | |
Basic loss per share (in dollars per share) | $ (0.53) | (0.58) |
Diluted continuing operations per share (in dollars per share) | (0.58) | |
Diluted discontinued operations per share (in dollars per share) | 0 | |
Diluted loss per share (in dollars per share) | $ (0.53) | $ (0.58) |
Basic (in shares) | 43,764 | 45,730 |
Diluted (in shares) | 43,764 | 45,730 |
Operating activities | ||
Net loss | $ (25,772) | $ (25,095) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 19,733 | 16,737 |
Amortization related to long-term debt | 472 | 652 |
Gain on sale of business | 0 | (3,278) |
Gain on sales of property and equipment, net | (2,037) | (598) |
Deferred income taxes | 0 | 2,545 |
Stock-based compensation | 4,828 | 2,614 |
Equity in net loss from unconsolidated joint ventures | (911) | 3,627 |
Net income from affiliates | (1,289) | |
Other non-cash adjustments | (151) | (299) |
Changes in assets and liabilities: | ||
Receivables | 66,800 | 85,957 |
Contract assets, net | (59,307) | (69,819) |
Inventories | (11,083) | (13,805) |
Contributions to unconsolidated construction joint ventures | (3,350) | (12,840) |
Distributions from unconsolidated construction joint ventures and affiliates | 2,478 | 250 |
Other assets, net | (5,724) | 9,652 |
Accounts payable | (42,955) | (44,028) |
Accrued expenses and other liabilities, net | (14,522) | (1,163) |
Net cash used in operating activities | (76,688) | (50,180) |
Previously Reported Before Reclassification [Member] | ||
Revenue | ||
Total revenue | 547,586 | |
Cost of revenue | ||
Total cost of revenue | 497,811 | |
Gross profit | 49,775 | |
Selling, general and administrative expenses | 58,501 | |
Other costs, net | 8,214 | |
Gain on sales of property and equipment, net | (332) | |
Operating loss | (16,608) | |
Other (income) expense | ||
Interest income | (623) | |
Interest expense | 3,575 | |
Equity in income (loss) of affiliates | 306 | |
Other income, net | 1,382 | |
Total other expense, net | 4,640 | |
Loss from continuing operations before income taxes | (21,248) | |
Provision for (benefit from) income taxes on continuing operations | (5,331) | |
Net loss from continuing operations | (15,917) | |
Net Income (loss) from discontinued operations | 6,096 | |
Net loss | (9,821) | |
Amount attributable to non-controlling interests | (3,118) | |
Net loss attributable to Granite Construction Incorporated from continuing operations | (19,035) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | 6,096 | |
Net loss attributable to Granite Construction Incorporated | $ (12,939) | |
Net income (loss) per share attributable to common shareholders | ||
Basic continuing operations per share (in dollars per share) | $ (0.42) | |
Basic discontinued operations per share (in dollars per share) | 0.13 | |
Basic loss per share (in dollars per share) | (0.29) | |
Diluted continuing operations per share (in dollars per share) | (0.42) | |
Diluted discontinued operations per share (in dollars per share) | 0.13 | |
Diluted loss per share (in dollars per share) | $ (0.29) | |
Basic (in shares) | 45,730 | |
Diluted (in shares) | 45,730 | |
Operating activities | ||
Net loss | $ (9,821) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sales of property and equipment, net | (332) | |
Revision of Prior Period, Adjustment [Member] | ||
Revenue | ||
Total revenue | 1,893 | |
Cost of revenue | ||
Total cost of revenue | 6,019 | |
Gross profit | (4,126) | |
Selling, general and administrative expenses | 0 | |
Other costs, net | 0 | |
Gain on sales of property and equipment, net | 0 | |
Operating loss | (4,126) | |
Other (income) expense | ||
Interest income | 0 | |
Interest expense | 0 | |
Equity in income (loss) of affiliates | 0 | |
Other income, net | 0 | |
Total other expense, net | 0 | |
Loss from continuing operations before income taxes | (4,126) | |
Provision for (benefit from) income taxes on continuing operations | (958) | |
Net loss from continuing operations | (3,168) | |
Net Income (loss) from discontinued operations | (12,106) | |
Net loss | (15,274) | |
Amount attributable to non-controlling interests | 1,480 | |
Net loss attributable to Granite Construction Incorporated from continuing operations | (1,688) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | (12,106) | |
Net loss attributable to Granite Construction Incorporated | $ (13,794) | |
Net income (loss) per share attributable to common shareholders | ||
Basic continuing operations per share (in dollars per share) | $ (0.03) | |
Basic discontinued operations per share (in dollars per share) | (0.26) | |
Basic loss per share (in dollars per share) | (0.29) | |
Diluted continuing operations per share (in dollars per share) | (0.03) | |
Diluted discontinued operations per share (in dollars per share) | (0.26) | |
Diluted loss per share (in dollars per share) | $ (0.29) | |
Basic (in shares) | 0 | |
Diluted (in shares) | 0 | |
Operating activities | ||
Net loss | $ (15,274) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 0 | |
Amortization related to long-term debt | 0 | |
Gain on sale of business | 2,956 | |
Gain on sales of property and equipment, net | 0 | |
Deferred income taxes | 0 | |
Stock-based compensation | 0 | |
Equity in net loss from unconsolidated joint ventures | 0 | |
Net income from affiliates | 0 | |
Other non-cash adjustments | 0 | |
Changes in assets and liabilities: | ||
Receivables | 0 | |
Contract assets, net | 2,813 | |
Inventories | 0 | |
Contributions to unconsolidated construction joint ventures | 0 | |
Distributions from unconsolidated construction joint ventures and affiliates | 0 | |
Other assets, net | 8,388 | |
Accounts payable | 0 | |
Accrued expenses and other liabilities, net | 1,117 | |
Net cash used in operating activities | 0 | |
Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Revenue | ||
Total revenue | 104,407 | |
Cost of revenue | ||
Total cost of revenue | 89,964 | |
Gross profit | 14,443 | |
Selling, general and administrative expenses | 11,619 | |
Other costs, net | (1,935) | |
Gain on sales of property and equipment, net | (266) | |
Operating loss | 5,025 | |
Other (income) expense | ||
Interest income | 53 | |
Interest expense | 10 | |
Equity in income (loss) of affiliates | (1,595) | |
Other income, net | (74) | |
Total other expense, net | (1,606) | |
Loss from continuing operations before income taxes | 6,631 | |
Provision for (benefit from) income taxes on continuing operations | 12,641 | |
Net loss from continuing operations | (6,010) | |
Net Income (loss) from discontinued operations | 6,010 | |
Net loss | 0 | |
Amount attributable to non-controlling interests | 0 | |
Net loss attributable to Granite Construction Incorporated from continuing operations | (6,010) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | 6,010 | |
Net loss attributable to Granite Construction Incorporated | $ 0 | |
Net income (loss) per share attributable to common shareholders | ||
Basic continuing operations per share (in dollars per share) | $ (0.13) | |
Basic discontinued operations per share (in dollars per share) | 0.13 | |
Basic loss per share (in dollars per share) | 0 | |
Diluted continuing operations per share (in dollars per share) | (0.13) | |
Diluted discontinued operations per share (in dollars per share) | 0.13 | |
Diluted loss per share (in dollars per share) | $ 0 | |
Basic (in shares) | 0 | |
Diluted (in shares) | 0 | |
Operating activities | ||
Net loss | $ 0 | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sales of property and equipment, net | (266) | |
Restated Before Recasting [Member] | ||
Revenue | ||
Total revenue | 549,479 | |
Cost of revenue | ||
Total cost of revenue | 503,830 | |
Gross profit | 45,649 | |
Selling, general and administrative expenses | 58,501 | |
Other costs, net | 8,214 | |
Gain on sales of property and equipment, net | (332) | |
Operating loss | (20,734) | |
Other (income) expense | ||
Interest income | (623) | |
Interest expense | 3,575 | |
Equity in income (loss) of affiliates | 306 | |
Other income, net | 1,382 | |
Total other expense, net | 4,640 | |
Loss from continuing operations before income taxes | (25,374) | |
Provision for (benefit from) income taxes on continuing operations | (6,289) | |
Net loss from continuing operations | (19,085) | |
Net Income (loss) from discontinued operations | (6,010) | |
Net loss | (25,095) | |
Amount attributable to non-controlling interests | (1,638) | |
Net loss attributable to Granite Construction Incorporated from continuing operations | (20,723) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | (6,010) | |
Net loss attributable to Granite Construction Incorporated | $ (26,733) | |
Net income (loss) per share attributable to common shareholders | ||
Basic continuing operations per share (in dollars per share) | $ (0.45) | |
Basic discontinued operations per share (in dollars per share) | (0.13) | |
Basic loss per share (in dollars per share) | (0.58) | |
Diluted continuing operations per share (in dollars per share) | (0.45) | |
Diluted discontinued operations per share (in dollars per share) | (0.13) | |
Diluted loss per share (in dollars per share) | $ (0.58) | |
Basic (in shares) | 45,730 | |
Diluted (in shares) | 45,730 | |
Operating activities | ||
Net loss | $ (25,095) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sales of property and equipment, net | (332) | |
Previously Reported [Member] | ||
Cost of revenue | ||
Gain on sales of property and equipment, net | (598) | |
Other (income) expense | ||
Net loss | (9,821) | |
Operating activities | ||
Net loss | (9,821) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 16,737 | |
Amortization related to long-term debt | 652 | |
Gain on sale of business | (6,234) | |
Gain on sales of property and equipment, net | (598) | |
Deferred income taxes | 2,545 | |
Stock-based compensation | 2,614 | |
Equity in net loss from unconsolidated joint ventures | 3,627 | |
Net income from affiliates | (1,289) | |
Other non-cash adjustments | (299) | |
Changes in assets and liabilities: | ||
Receivables | 85,957 | |
Contract assets, net | (72,632) | |
Inventories | (13,805) | |
Contributions to unconsolidated construction joint ventures | (12,840) | |
Distributions from unconsolidated construction joint ventures and affiliates | 250 | |
Other assets, net | 1,264 | |
Accounts payable | (44,028) | |
Accrued expenses and other liabilities, net | (2,280) | |
Net cash used in operating activities | (50,180) | |
Construction [Member] | ||
Revenue | ||
Total revenue | 503,416 | 578,266 |
Cost of revenue | ||
Total cost of revenue | 466,711 | 519,787 |
Construction [Member] | Previously Reported Before Reclassification [Member] | ||
Revenue | ||
Total revenue | 474,935 | |
Cost of revenue | ||
Total cost of revenue | 426,743 | |
Construction [Member] | Revision of Prior Period, Adjustment [Member] | ||
Revenue | ||
Total revenue | 1,893 | |
Cost of revenue | ||
Total cost of revenue | 6,019 | |
Construction [Member] | Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Revenue | ||
Total revenue | 101,438 | |
Cost of revenue | ||
Total cost of revenue | 87,025 | |
Construction [Member] | Restated Before Recasting [Member] | ||
Revenue | ||
Total revenue | 476,828 | |
Cost of revenue | ||
Total cost of revenue | 432,762 | |
Materials [Member] | ||
Revenue | ||
Total revenue | 56,652 | 75,620 |
Cost of revenue | ||
Total cost of revenue | $ 60,998 | 74,007 |
Materials [Member] | Previously Reported Before Reclassification [Member] | ||
Revenue | ||
Total revenue | 72,651 | |
Cost of revenue | ||
Total cost of revenue | 71,068 | |
Materials [Member] | Revision of Prior Period, Adjustment [Member] | ||
Revenue | ||
Total revenue | 0 | |
Cost of revenue | ||
Total cost of revenue | 0 | |
Materials [Member] | Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Revenue | ||
Total revenue | 2,969 | |
Cost of revenue | ||
Total cost of revenue | 2,939 | |
Materials [Member] | Restated Before Recasting [Member] | ||
Revenue | ||
Total revenue | 72,651 | |
Cost of revenue | ||
Total cost of revenue | $ 71,068 |
Note 4 - Revisions in Estimat_3
Note 4 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross Profit | $ 32,359 | $ 60,092 |
Revisions in Estimates [Member] | ||
Increases (Decrease) From Revisions in Accounting Estimates | 0 | 0 |
Revisions in Estimates, Increase [Member] | ||
Gross Profit | 5,000 | 5,000 |
Revisions in Estimates, Decrease [Member] | ||
Gross Profit | $ 5,000 | $ 5,000 |
Note 4 - Revisions in Estimat_4
Note 4 - Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | |
Range of reduction in gross profit from each project, net | $ 32,359 | $ 60,092 |
Decrease to project profitability, net | (35,241) | (18,743) |
Decrease to net income/increase to net loss | (25,772) | (25,095) |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated | $ (23,023) | $ (26,733) |
Decrease to net income/increase to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ (0.53) | $ (0.58) |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||
Number of projects with downward estimate changes | 2 | |
Decrease to project profitability, net | $ 17,600 | |
Decrease to net income/increase to net loss | 13,100 | |
Amounts attributable to non-controlling interests | 5,700 | |
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated | $ 7,500 | |
Decrease to net income/increase to net loss per diluted share attributable to common shareholders (in dollars per share) | $ / shares | $ 0.17 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||
Range of reduction in gross profit from each project, net | $ 6,200 | |
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||
Range of reduction in gross profit from each project, net | $ 11,400 |
Note 5 - Disaggregation of Re_3
Note 5 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 560,068 | $ 653,886 |
Constructions [Member] | ||
Revenue | 503,416 | 578,266 |
Materials [Member] | ||
Revenue | 56,652 | 75,620 |
CALIFORNIA | ||
Revenue | 179,085 | 191,996 |
CALIFORNIA | Constructions [Member] | ||
Revenue | 148,947 | 146,309 |
CALIFORNIA | Materials [Member] | ||
Revenue | 30,138 | 45,687 |
Central [Member] | ||
Revenue | 182,558 | 230,256 |
Central [Member] | Constructions [Member] | ||
Revenue | 171,002 | 219,894 |
Central [Member] | Materials [Member] | ||
Revenue | 11,556 | 10,362 |
Mountain [Member] | ||
Revenue | 198,425 | 231,634 |
Mountain [Member] | Constructions [Member] | ||
Revenue | 183,467 | 212,063 |
Mountain [Member] | Materials [Member] | ||
Revenue | $ 14,958 | $ 19,571 |
Note 6 - Unearned Revenue (Deta
Note 6 - Unearned Revenue (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Amount | $ 3,163,568 | $ 2,877,478 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,100,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 6 - Unearned Revenue - Sch
Note 6 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Unearned Revenue | $ 3,163,568 | $ 2,877,478 |
CALIFORNIA | ||
Unearned Revenue | 1,011,489 | 945,971 |
Central [Member] | ||
Unearned Revenue | 1,437,759 | 1,444,983 |
Mountain [Member] | ||
Unearned Revenue | $ 714,320 | $ 486,524 |
Note 7 - Contract Assets and _3
Note 7 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | $ 74 | $ 75.8 | |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | $ 123 | $ 166.6 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Brightline Trains Florida LLC [Member] | |||
Concentration Risk, Percentage | 10% | 11.70% | |
Performance Obligations [Member] | |||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 44.2 | $ 35.2 |
Note 7 - Contract Assets and _4
Note 7 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Costs in excess of billings and estimated earnings | $ 125,918 | $ 80,357 |
Contract retention | 162,228 | 161,559 |
Total contract assets | 288,146 | 241,916 |
Billings in excess of costs and estimated earnings, net of retention | 141,702 | 152,294 |
Provisions for losses | 18,543 | 20,992 |
Total contract liabilities | $ 160,245 | $ 173,286 |
Note 8 - Receivables, Net (Deta
Note 8 - Receivables, Net (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Working Capital (Deficit) | $ 24.9 |
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 8 - Receivables, Net - Sch
Note 8 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross receivables | $ 398,328 | $ 465,129 |
Less: allowance for credit losses | 1,097 | 1,142 |
Total net receivables | 397,231 | 463,987 |
Completed and in Progress [Member] | ||
Billed | 190,635 | 220,809 |
Unbilled | 108,931 | 120,348 |
Gross receivables | 299,566 | 341,157 |
Material Sales [Member] | ||
Gross receivables | 31,955 | 52,182 |
Other Business Products and Services [Member] | ||
Gross receivables | $ 66,807 | $ 71,790 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2019 | |
The 2.75% Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | |
Commodity Contract [Member] | ||||
Derivative Liability, Notional Amount | $ 14 | $ 7 | ||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | 3.3 | |||
Energy Related Derivative [Member] | Cost of Sales [Member] | Diesel [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (0.9) |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total liabilities | $ 1,072 | |
Total assets | $ 99,927 | |
Commodity Contract [Member] | ||
Derivative liability | 138 | |
Commodity swaps | 121 | |
Energy Related Derivative [Member] | ||
Derivative liability | 934 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities | 0 | |
Total assets | 99,806 | |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Derivative liability | 0 | |
Commodity swaps | 0 | |
Fair Value, Inputs, Level 1 [Member] | Energy Related Derivative [Member] | ||
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities | 1,072 | |
Total assets | 121 | |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||
Derivative liability | 138 | |
Commodity swaps | 121 | |
Fair Value, Inputs, Level 2 [Member] | Energy Related Derivative [Member] | ||
Derivative liability | 934 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities | 0 | |
Total assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||
Derivative liability | 0 | |
Commodity swaps | 0 | |
Fair Value, Inputs, Level 3 [Member] | Energy Related Derivative [Member] | ||
Derivative liability | 0 | |
Money Market Funds [Member] | ||
Cash equivalents | 42,821 | 99,806 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 42,821 | 99,806 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | $ 0 | $ 0 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | $ 56,329 | $ 65,943 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2] | 230,000 | 230,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Credit Agreement - revolver (2) | [2] | 50,000 | 50,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | 55,272 | 64,584 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2] | 311,880 | 281,365 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Credit Agreement - revolver (2) | [2] | $ 49,110 | $ 49,536 |
[1]All marketable securities as of March 31, 2023 and December 31, 2022 were classified as held-to-maturity and consisted of U.S. Government and agency obligations and corporate commercial paper maturing in two months to three years.[2]The fair value of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes") is based on the median price of the notes in an active market. The fair value of the Fourth Amended and Restated Credit Agreement (the "Credit Agreement") is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes and the Credit Agreement. During the three months ended March 31, 2023 and 2022, we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. |
Note 9 - Fair Value Measureme_6
Note 9 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) (Parentheticals) | Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2019 |
The 2.75% Convertible Notes [Member] | |||
Interest Rate | 2.75% | 2.75% | 2.75% |
Note 10 - Construction Joint _3
Note 10 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Contract Value of Active Construction Joint Venture Projects | $ 2,300,000 | ||
Contract with Customer, Liability | 160,245 | $ 173,286 | |
Revenue from Contract with Customer, Including Assessed Tax | 560,068 | $ 653,886 | |
Retained Earnings (Accumulated Deficit) | 452,583 | 481,384 | |
Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract with Customer, Liability | 72,400 | ||
Consolidated Construction Corporate Joint Venture [Member] | |||
Contract Value of Active Construction Joint Venture Projects | $ 1,000,000 | ||
Unconsolidated Construction Corporate Joint Venture [Member] | |||
Number of Active Joint Venture Projects | 7 | ||
Contract Value of Active Construction Joint Venture Projects | $ 7,900,000 | ||
Affirmative Claim Recovery Estimate | 96,600 | 104,300 | |
Back Charge Claims | 2,600 | 2,700 | |
Retained Earnings (Accumulated Deficit) | (14,500) | (14,000) | |
Minimum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract with Customer, Liability | $ 3,200 | ||
Equity Method Investment, Ownership Percentage | 23% | ||
Minimum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract Value of Active Construction Joint Venture Projects | $ 12,300 | ||
Maximum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract with Customer, Liability | $ 34,400 | ||
Equity Method Investment, Ownership Percentage | 50% | ||
Maximum [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Consolidated Construction Corporate Joint Venture [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 61,300 | 104,300 | |
Net Cash Provided by (Used in) Continuing Operations | $ 24,800 | $ 7,600 | |
Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | Consolidated Construction Corporate Joint Venture [Member] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member] | Consolidated Construction Corporate Joint Venture [Member] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70% | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Number of Active Joint Venture Projects | 11 | ||
Contract Value of Active Construction Joint Venture Projects | $ 1,700,000 | ||
Contract with Customer, Liability | 181,300 | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||
Contract Value of Active Construction Joint Venture Projects | 6,100 | ||
Contract with Customer, Liability | 900 | ||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member] | |||
Contract Value of Active Construction Joint Venture Projects | 432,500 | ||
Contract with Customer, Liability | 85,100 | ||
Performance Guarantee [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Guarantor Obligations, Current Carrying Value | 58,200 | $ 64,700 | |
Performance Guarantee [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 109,400 | ||
Performance Guarantee [Member] | Co-venturer [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 135,800 | ||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 245,200 |
Note 10 - Construction Joint _4
Note 10 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Cash, cash equivalents and marketable securities | $ 110,403 | $ 130,635 | |
Other current assets | [1] | 689,945 | 681,221 |
Noncurrent assets | 71,603 | 76,204 | |
Current liabilities | 236,063 | 244,411 | |
Equity in construction joint ventures | [2] | 167,567 | 169,819 |
Other Partners Interest in Partnerships [Member] | |||
Unconsolidated construction joint venture assets | 596,487 | 604,741 | |
Unconsolidated construction joint venture assets | (596,487) | (604,741) | |
Unconsolidated construction joint venture liabilities | [3] | 128,166 | 130,911 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Unconsolidated construction joint venture assets | [1],[4] | (275,464) | (283,319) |
Unconsolidated construction joint venture assets | [1],[4] | 275,464 | 283,319 |
Unconsolidated construction joint venture liabilities | $ 107,897 | $ 113,500 | |
[1]Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 was $58.2 million and $64.7 million, respectively, related to performance guarantees (see Note 13).[2]Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $14.5 million, and $14.0 million as of March 31, 2023 and December 31, 2022, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses.[3]Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences.[4]Included in this balance as of March 31, 2023 and December 31, 2022 was $104.3 million and $104.3 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $2.6 million and $2.7 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2023 and December 31, 2022, respectively. |
Note 10 - Construction Joint _5
Note 10 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cost of revenue | $ 527,709 | $ 593,794 | |
Decrease to net income/increase to net loss | (25,772) | (25,095) | |
Granite’s interest in net income (loss) (2) | 911 | (3,627) | |
Collaborative Arrangement [Member] | |||
Revenue | 14,845 | 49,655 | |
Cost of revenue | 13,967 | 53,269 | |
Granite’s interest in gross profit (loss) | 878 | (3,614) | |
Granite’s interest in net income (loss) (2) | [1] | 911 | (3,627) |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||
Revenue | 38,174 | 161,139 | |
Cost of revenue | 44,371 | 157,921 | |
Decrease to net income/increase to net loss | (5,654) | 3,167 | |
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | |||
Revenue | [2] | 23,329 | 111,484 |
Cost of revenue | [2] | 30,404 | 104,652 |
Decrease to net income/increase to net loss | [2] | $ (6,565) | $ 6,794 |
[1]These joint venture net income/(loss) amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.[2]Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences. |
Note 11 - Investments in Affi_3
Note 11 - Investments in Affiliates (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Assets | $ 2,077,387 | $ 2,167,933 |
Real Estate Entities [Member] | ||
Number of Entities | 2 | |
Real Estate Entities [Member] | Minimum [Member] | ||
Equity Method Investment, Ownership Percentage | 10% | |
Real Estate Entities [Member] | Maximum [Member] | ||
Equity Method Investment, Ownership Percentage | 25% | |
Foreign Affiliates [Member] | Minimum [Member] | ||
Equity Method Investment, Ownership Percentage | 25% | |
Foreign Affiliates [Member] | Maximum [Member] | ||
Equity Method Investment, Ownership Percentage | 50% | |
Real Estate Entities [Member] | ||
Assets | $ 373,500 | |
Real Estate Entities One [Member] | ||
Assets | 73,300 | |
Foreign Affiliates [Member] | ||
Assets | 269,700 | |
Asphalt Terminal Entity [Member] | ||
Assets | 30,500 | |
Real Estate Entities Two [Member] | ||
Assets | $ 73,300 |
Note 11 - Investments in Affi_4
Note 11 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total investments in affiliates | $ 83,335 | $ 80,725 |
Foreign Affiliates [Member] | ||
Total investments in affiliates | 61,919 | 58,579 |
Real Estate Entities [Member] | ||
Total investments in affiliates | 8,022 | 8,517 |
Asphalt Terminal Entity [Member] | ||
Total investments in affiliates | $ 13,394 | $ 13,629 |
Note 11 - Investments in Affi_5
Note 11 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Current assets | $ 1,246,235 | $ 1,347,296 | |
Total assets | 2,077,387 | 2,167,933 | |
Current liabilities | 723,367 | 797,594 | |
Granite’s share of net assets | 83,335 | 80,725 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Current assets | 197,485 | 194,210 | |
Noncurrent assets | 176,039 | 172,560 | |
Total assets | 373,524 | 366,770 | |
Current liabilities | 102,546 | 106,780 | |
Long-term liabilities | [1] | 62,881 | 59,356 |
Total liabilities | 165,427 | 166,136 | |
Net assets | $ 208,097 | $ 200,634 | |
[1]This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. |
Note 12 - Property and Equipm_3
Note 12 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 1,539,875 | $ 1,506,301 |
Less: accumulated depreciation and depletion | 1,008,418 | 997,091 |
Property and equipment, net | 531,457 | 509,210 |
Equipment and Vehicles [Member] | ||
Property and equipment, gross | 1,016,327 | 994,602 |
Mining Properties and Mineral Rights [Member] | ||
Property and equipment, gross | 226,682 | 219,843 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 107,816 | 105,733 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 105,190 | 103,658 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 83,860 | $ 82,465 |
Note 13 - Accrued Expenses an_3
Note 13 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued insurance | $ 84,156 | $ 78,427 |
Deficits in unconsolidated construction joint ventures | 14,496 | 13,989 |
Payroll and related employee benefits | 63,072 | 80,910 |
Performance guarantees | 58,190 | 64,703 |
Short-term lease liabilities | 17,552 | 18,662 |
Other | 29,075 | 31,778 |
Total | $ 266,541 | $ 288,469 |
Note 14 - Long-term Debt and _3
Note 14 - Long-term Debt and Credit Arrangements (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2019 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | |
The Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||||
Line of Credit, Covenant, Minimum Cash Balance | 150 | ||||
Letters of Credit Outstanding, Amount | $ 30.5 | ||||
Consolidated Leverage Ratio, Covenant Maximum | 3.25 | ||||
Consolidated Interest Covenant Ratio, Covenant Minimum | 3 | ||||
Consolidated Leverage Ratio, Actual | 1.4 | ||||
Consolidated Interest Coverage Ratio, Actual | 15.7 | ||||
The Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 6.41% | ||||
The Credit Agreement [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 8.50% | ||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 | ||||
Debt Instrument, Term (Year) | 5 years | ||||
Line Of Credit Facility, Accordion Feature, Percentage of EBITDA | 100% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 269.5 | ||||
Proceeds from Lines of Credit | 50 | ||||
The Credit Agreement [Member] | Financial Standby Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | ||||
The Credit Agreement [Member] | Swingline Loans [Member] | |||||
Debt Instrument, Covenant, Minimum Acquisition Cash Consideration for Leverage Ratio | $ 20 | ||||
The 2.75% Convertible Notes [Member] | |||||
Debt Instrument, Face Amount | $ 230 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 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% | ||||
Amortization of Debt Discount (Premium) | $ 0.3 | $ 0.3 |
Note 14 - Long-term Debt and _4
Note 14 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt and Credit Agreement (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total debt | $ 288,456 | $ 288,381 |
Other, net of debt issuance costs | 8,456 | 8,381 |
Less current maturities | 1,456 | 1,447 |
Total long-term debt | 287,000 | 286,934 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | ||
Total debt | 230,000 | 230,000 |
Line of Credit [Member] | The Credit Agreement [Member] | Revolving Credit Facility [Member] | ||
Total debt | $ 50,000 | $ 50,000 |
Note 14 - Long-term Debt and _5
Note 14 - Long-term Debt and Credit Arrangements - Schedule of Long-term Debt and Credit Agreement (Details) (Parentheticals) - The 2.75% Convertible Notes [Member] | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2019 |
Interest rate | 2.75% | 2.75% | 2.75% | |
Convertible Debt [Member] | ||||
Interest rate | 2.75% | 2.75% |
Note 15 - Weighted Average Sh_3
Note 15 - Weighted Average Shares Outstanding and Net Loss Per Share (Details Textual) - shares | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Nov. 30, 2019 | |
The 2.75% Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 583,000 | 534,000 | ||
Convertible Debt Securities [Member] | The 2.75% Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7,309,000 | 7,309,000 |
Note 15 - Weighted Average Sh_4
Note 15 - Weighted Average Shares Outstanding and Net Loss Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss attributable to common shareholders | $ (23,023) | $ (26,733) |
Weighted average common shares outstanding, basic (in shares) | 43,764 | 45,730 |
Weighted average common shares outstanding, diluted (in shares) | 43,764 | 45,730 |
Net loss per share, basic (in dollars per share) | $ (0.53) | $ (0.58) |
Decrease to net income/increase to net loss per diluted share attributable to common shareholders (in dollars per share) | $ (0.53) | $ (0.58) |
Note 16 - Income Taxes - Schedu
Note 16 - Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Provision for (benefit from) income taxes | $ (9,469) | $ 6,352 |
Effective tax rate | 26.90% | (33.90%) |
Note 17 - Contingencies - Leg_2
Note 17 - Contingencies - Legal Proceedings (Details Textual) - Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] - USD ($) $ in Millions | Feb. 04, 2022 | Feb. 03, 2022 |
Potential Legal Action Not Yet Taken Against the Company [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 100 | |
Steadfast [Member] | ||
Loss Contingency, Damages Sought, Value | $ 70 | |
CHDJV [Member] | ||
Loss Contingency, Damages Sought, Value | $ 30 |
Note 18 - Reportable Segment _3
Note 18 - Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total revenue | $ 560,068 | $ 653,886 | |
Gross profit | 32,359 | 60,092 | |
Depreciation, depletion and amortization | 15,877 | 14,127 | |
Segment assets as of period end | 2,077,387 | $ 2,167,933 | |
Operating Segments [Member] | |||
Total revenue | 575,336 | 673,570 | |
Segment assets as of period end | 820,786 | 717,449 | |
Consolidation, Eliminations [Member] | |||
Total revenue | (15,268) | (19,684) | |
Constructions [Member] | |||
Total revenue | 503,416 | 578,266 | |
Gross profit | 36,705 | 58,479 | |
Depreciation, depletion and amortization | 9,755 | 7,794 | |
Constructions [Member] | Operating Segments [Member] | |||
Total revenue | 503,416 | 578,266 | |
Segment assets as of period end | 430,045 | 363,029 | |
Constructions [Member] | Consolidation, Eliminations [Member] | |||
Total revenue | 0 | 0 | |
Materials [Member] | |||
Total revenue | 56,652 | 75,620 | |
Gross profit | (4,346) | 1,613 | |
Depreciation, depletion and amortization | 6,122 | 6,333 | |
Materials [Member] | Operating Segments [Member] | |||
Total revenue | 71,920 | 95,304 | |
Segment assets as of period end | 390,741 | 354,420 | |
Materials [Member] | Consolidation, Eliminations [Member] | |||
Total revenue | $ (15,268) | $ (19,684) |
Note 18 - Reportable Segment _4
Note 18 - Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross Profit | $ 32,359 | $ 60,092 |
Selling, general and administrative expenses | 73,122 | 70,120 |
Other costs, net | 4,523 | 6,279 |
Gain on sales of property and equipment | (2,037) | (598) |
Total other (income) expense, net | (8,008) | 3,034 |
Loss before income taxes | $ (35,241) | $ (18,743) |