Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Entity Central Index Key | 861,459 | |
Trading Symbol | GVA | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,695,158 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets | |||
Cash and cash equivalents ($82,047, $94,359 and $80,195 related to consolidated construction joint ventures (“CCJVs”)) | $ 195,515 | $ 233,711 | $ 178,068 |
Short-term marketable securities | 20,014 | 67,775 | 47,821 |
Receivables, net ($38,828, $52,031 and $42,099 related to CCJVs) | 492,718 | 479,791 | 484,245 |
Contract assets ($24,479, $0 and $0 related to CCJVs) | 265,190 | 0 | 0 |
Costs and estimated earnings in excess of billings ($0, $1,437 and $3,124 related to CCJVs) | 0 | 103,965 | 99,883 |
Inventories | 96,024 | 62,497 | 65,495 |
Equity in construction joint ventures | 252,467 | 247,826 | 230,448 |
Other current assets ($12,421, $10,384 and $7,190 related to CCJVs) | 49,100 | 36,513 | 43,597 |
Total current assets | 1,371,028 | 1,232,078 | 1,149,557 |
Property and equipment, net ($38,854, $38,361 and $28,398 related to CCJVs) | 595,787 | 407,418 | 414,079 |
Long-term marketable securities | 61,191 | 65,015 | 59,990 |
Investments in affiliates | 99,495 | 38,469 | 37,170 |
Goodwill | 246,881 | 53,799 | 53,799 |
Deferred income taxes, net | 25,135 | 0 | 0 |
Other noncurrent assets | 156,808 | 75,199 | 88,550 |
Total assets | 2,556,325 | 1,871,978 | 1,803,145 |
Current liabilities | |||
Current maturities of long-term debt | 207,982 | 46,048 | 14,796 |
Accounts payable ($35,375, $34,795 and $24,976 related to CCJVs) | 303,885 | 237,673 | 252,527 |
Contract liabilities ($40,678, $0 and $0 related to CCJVs) | 91,864 | 0 | 0 |
Billings in excess of costs and estimated earnings ($0, $37,701 and $32,657 related to CCJVs) | 0 | 135,146 | 114,180 |
Accrued expenses and other current liabilities ($2,147, $2,126 and $1,156 related to CCJVs) | 293,959 | 236,407 | 231,048 |
Total current liabilities | 897,690 | 655,274 | 612,551 |
Long-term debt | 280,710 | 178,453 | 227,114 |
Deferred income taxes, net | 5,759 | 1,361 | 5,420 |
Other long-term liabilities | 71,180 | 44,085 | 47,983 |
Commitments and contingencies | 0 | 0 | 0 |
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,688,582 shares as of June 30, 2018, 39,871,314 shares as of December 31, 2017 and 39,837,295 shares as of June 30, 2017 | 457 | 399 | 398 |
Additional paid-in capital | 516,680 | 160,376 | 155,476 |
Accumulated other comprehensive income | 1,022 | 634 | 71 |
Retained earnings | 737,417 | 783,699 | 715,451 |
Total Granite Construction Incorporated shareholders’ equity | 1,255,576 | 945,108 | 871,396 |
Non-controlling interests | 45,410 | 47,697 | 38,681 |
Total equity | 1,300,986 | 992,805 | 910,077 |
Total liabilities and equity | $ 2,556,325 | $ 1,871,978 | $ 1,803,145 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Cash and cash equivalents | $ 195,515 | $ 233,711 | $ 178,068 |
Receivables, Net | 492,718 | 479,791 | 484,245 |
Contract assets | 265,190 | 0 | 0 |
Costs and estimated earnings in excess of billings | 0 | 103,965 | 99,883 |
Other current assets | 49,100 | 36,513 | 43,597 |
Property and equipment, net | 595,787 | 407,418 | 414,079 |
Accounts payable | 303,885 | 237,673 | 252,527 |
Contract liabilities | 91,864 | 0 | 0 |
Billings in excess of costs and estimated earnings | 0 | 135,146 | 114,180 |
Accrued expenses and other current liabilities | $ 293,959 | $ 236,407 | $ 231,048 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 45,688,582 | 39,871,314 | 39,837,295 |
Common Stock, Shares, Outstanding | 45,688,582 | 39,871,314 | 39,837,295 |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||
Cash and cash equivalents | $ 82,047 | $ 94,359 | $ 80,195 |
Receivables, Net | 38,828 | 52,031 | 42,099 |
Contract assets | 24,479 | 0 | 0 |
Costs and estimated earnings in excess of billings | 0 | 1,437 | 3,124 |
Other current assets | 12,421 | 10,384 | 7,190 |
Property and equipment, net | 38,854 | 38,361 | 28,398 |
Accounts payable | 35,375 | 34,795 | 24,976 |
Contract liabilities | 40,678 | 0 | 0 |
Billings in excess of costs and estimated earnings | 0 | 37,701 | 32,657 |
Accrued expenses and other current liabilities | $ 2,147 | $ 2,126 | $ 1,156 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | ||||
Total revenue | $ 807,119 | $ 762,913 | $ 1,370,498 | $ 1,231,313 |
Cost of revenue | ||||
Total cost of revenue | 726,750 | 688,343 | 1,233,846 | 1,131,617 |
Gross profit | 80,369 | 74,570 | 136,652 | 99,696 |
Selling, general and administrative expenses | 61,316 | 51,388 | 122,568 | 113,225 |
Acquisition and integration expenses | 26,287 | 0 | 34,696 | 0 |
Gain on sales of property and equipment | (1,505) | (807) | (2,048) | (1,077) |
Operating (loss) income | (5,729) | 23,989 | (18,564) | (12,452) |
Other (income) expense | ||||
Interest income | (1,173) | (1,164) | (2,694) | (2,215) |
Interest expense | 3,203 | 2,694 | 5,638 | 5,437 |
Equity in income of affiliates | (3,534) | (1,259) | (3,758) | (2,175) |
Other income, net | (940) | (642) | (672) | (1,512) |
Total other income | 2,444 | 371 | 1,486 | 465 |
(Loss) income before provision for (benefit from) income taxes | (3,285) | 24,360 | (17,078) | (11,987) |
Provision for (benefit from) income taxes | 2,796 | 8,088 | (1,335) | (4,408) |
Net (loss) income | (6,081) | 16,272 | (15,743) | (7,579) |
Amount attributable to non-controlling interests | (2,304) | (2,139) | (4,065) | (2,078) |
Net (loss) income attributable to Granite Construction Incorporated | $ (8,385) | $ 14,133 | $ (19,808) | $ (9,657) |
Net (loss) income per share attributable to common shareholders (see Note 15) | ||||
Basic | $ (0.20) | $ 0.35 | $ (0.49) | $ (0.24) |
Diluted | $ (0.20) | $ 0.35 | $ (0.49) | $ (0.24) |
Weighted average shares of common stock | ||||
Basic | 41,044 | 39,827 | 40,074 | 39,738 |
Diluted | 41,044 | 40,393 | 40,074 | 39,738 |
Dividends per common share | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Construction [Member] | ||||
Revenue | ||||
Total revenue | $ 432,225 | $ 429,269 | $ 701,468 | $ 656,118 |
Cost of revenue | ||||
Total cost of revenue | 370,674 | 368,369 | 601,521 | 567,889 |
Large Project Construction [Member] | ||||
Revenue | ||||
Total revenue | 273,946 | 254,463 | 522,360 | 461,496 |
Cost of revenue | ||||
Total cost of revenue | 272,608 | 253,974 | 500,656 | 458,452 |
Construction Materials [Member] | ||||
Revenue | ||||
Total revenue | 100,948 | 79,181 | 146,670 | 113,699 |
Cost of revenue | ||||
Total cost of revenue | $ 83,468 | $ 66,000 | $ 131,669 | $ 105,276 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (6,081) | $ 16,272 | $ (15,743) | $ (7,579) |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized loss on derivatives | (1,354) | (261) | (734) | (209) |
Less: reclassification for net losses included in interest expense | 1,602 | 47 | 1,562 | 116 |
Net change | 248 | (214) | 828 | (93) |
Foreign currency translation adjustments, net | (421) | 542 | (438) | 535 |
Other comprehensive (loss) income | (173) | 328 | 390 | 442 |
Comprehensive (loss) income | (6,254) | 16,600 | (15,353) | (7,137) |
Non-controlling interests in comprehensive loss | (2,304) | (2,139) | (4,065) | (2,078) |
Comprehensive (loss) income attributable to Granite | $ (8,558) | $ 14,461 | $ (19,418) | $ (9,215) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net loss | $ (15,743) | $ (7,579) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation, depletion and amortization | 43,547 | 31,148 |
Gain on sales of property and equipment | (2,048) | (1,077) |
Stock-based compensation | 10,193 | 11,224 |
Equity in net loss from unconsolidated joint ventures | 13,418 | 8,249 |
Net income from affiliates | (3,758) | (2,175) |
Changes in assets and liabilities, net of the effects of acquisitions in 2018: | ||
Receivables | (24,821) | (64,864) |
Costs and estimated earnings in excess of billings, net | 0 | (28,284) |
Contract assets, net | (76,166) | 0 |
Inventories | (9,526) | (10,250) |
Contributions to unconsolidated construction joint ventures | (55,733) | (750) |
Distributions from unconsolidated construction joint ventures | 11,201 | 32,494 |
Other assets, net | 4,192 | (7,037) |
Accounts payable | 24,559 | 52,417 |
Accrued expenses and other current liabilities, net | 5,240 | 9,170 |
Net cash (used in) provided by operating activities | (75,445) | 22,686 |
Investing activities | ||
Purchases of marketable securities | (9,952) | (49,816) |
Maturities of marketable securities | 60,000 | 70,000 |
Purchases of property and equipment ($11,369 and $7,492 related to CCJVs) | (36,471) | (37,518) |
Proceeds from sales of property and equipment | 2,704 | 2,585 |
Cash paid to purchase businesses, net of cash and restricted cash acquired | (55,030) | 0 |
Other investing activities, net | 269 | 23 |
Net cash used in investing activities | (38,480) | (14,726) |
Financing activities | ||
Proceeds from long term debt | 105,250 | 0 |
Long-term debt principal repayments | (1,250) | (2,500) |
Cash dividends paid | (10,389) | (10,327) |
Repurchases of common stock | (6,165) | (6,568) |
Distributions to non-controlling partners | (6,400) | 0 |
Other financing activities, net | 429 | 177 |
Net cash provided by (used in) financing activities | 81,475 | (19,218) |
Net decrease in cash, cash equivalents and restricted cash | (32,450) | (11,258) |
Cash and cash equivalents at beginning of period | 233,711 | 189,326 |
Cash, cash equivalents and restricted cash of $5,746 at end of period | 201,261 | 178,068 |
Cash paid during the period for: | ||
Interest | 6,134 | 5,957 |
Income taxes | 7,246 | 2,554 |
Other non-cash operating activities: | ||
Performance guarantees | 0 | 5,761 |
Non-cash investing and financing activities: | ||
Common stock issued in acquisition | 321,075 | 0 |
Premium on 8.0% Convertible Notes | 30,702 | 0 |
Restricted stock units issued, net of forfeitures | 13,022 | 11,254 |
Accrued cash dividends | $ 5,940 | $ 5,179 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Purchases of property and equipment | $ (36,471) | $ (37,518) |
Cash, cash equivalents and restricted cash | 5,746 | 0 |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ||
Purchases of property and equipment | $ 11,369 | $ 7,492 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “the Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at June 30, 2018 Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and six months ended June 30, 2018 We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoption during the three months ended March 31, 2018 of Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, Intra-Entity Transfers of Assets Other Than Inventory, Business Combinations (Topic 805) Clarifying the Definition of a Business Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118, Revenue from Contracts with Customers . On April 3, 2018, we acquired LiquiForce and on June 14, 2018, we completed the acquisition of Layne Christensen Company (“Layne”). See Note 3 for further information. Foreign Currency Transactions and Translation: Through the acquisitions of Layne and LiquiForce, we now have operations in Latin America, Canada and Brazil which involve exposure to possible volatile movements in foreign currency exchange rates. We account for foreign currency exchange transactions and translation in accordance with ASC Topic 830, Foreign Currency Matters. Foreign currency transactions are remeasured into the functional currency with gains and losses included in other income, net in the condensed consolidated statements of operations. In Mexico, most of our customer contracts are denominated in U.S. dollars; therefore, the functional currency is U.S. dollars. In Canada and Brazil, the functional currency is the local currency. The impact from foreign currency transactions was immaterial for both the three and six months ended June 30, 2018. Assets and liabilities in functional currency are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Revenues and expenses are translated into U.S. dollars at average foreign currency exchange rates prevailing during the reporting periods. The translation adjustments from functional currency to U.S. dollars are reported in accumulated other comprehensive income on the condensed consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash: In connection with the acquisition of Layne, we acquired restricted cash which is included in other noncurrent assets in the condensed consolidated balance sheets and consists of escrow funds and judicial deposits associated with tax related legal proceedings in Brazil . The table below presents changes in restricted cash and cash equivalents on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 195,515 178,068 Restricted cash 5,746 — Total cash, cash equivalents and restricted cash, end of period 201,261 178,068 Net decrease in cash, cash equivalents and restricted cash $ (32,450 ) $ (11,258 ) Inventories: Inventories consist primarily of quarry products, contract-specific materials, water well drilling materials, and sewer remediation materials that are located in the U.S. and mineral extraction and drilling supplies located in the U.S. and foreign countries, primarily Brazil and Mexico. Cost of U.S. and foreign inventories are valued at the lower of average cost or net realizable value . W e reserve quarry products based on estimated quantities of materials on hand in excess of approximately one year of demand. As of June 30, 2018, inventory included $19.1 million of supplies related to the Water and Mineral Services operating group. Reclassifications : Certain immaterial reclassifications of prior period amounts have been made to conform to the current period presentation. Effect of adopting Topic 606 The core principle of Topic 606 is that revenue will be recognized when promised goods or services are transferred to customers in an amount that reflects consideration for which entitlement is expected in exchange for those goods or services. We adopted Topic 606 using a modified retrospective transition approach and elected to apply Topic 606 to contracts with customers that are not substantially complete, i.e. less than 90% complete, as of January 1, 2018. While the adoption of Topic 606 did not have an impact on revenue of our Construction Materials segment, it did impact revenue of our Construction and Large Project Construction segments specifically in the following areas: • Multiple performance obligations – In accordance with Topic 606, we reviewed construction contracts with customers, including those related to contract modifications, to determine if there are multiple performance obligations. Based on this review, we identified one unconsolidated joint venture contract in our Large Project Construction segment that has multiple performance obligations. • Multiple contracts – We reviewed contracts containing task orders and identified one Construction segment master contract that consists of multiple individual contracts as defined by Topic 606. Previously, revenue for this contract was forecasted and recorded at the master contract level. • Revenue recognition – We identified one contract in our Large Project Construction segment where performance obligations are satisfied and control of the promised goods and services are transferred to the customer upon delivery of goods rather than over time. Previously, revenue for this contract was recognized over time. • Provisions for losses – We identified one unconsolidated joint venture contract in our Large Project Construction segment that has actual and provisions for losses at the performance obligation level related to completed and uncompleted performance obligations, respectively. Previously, provisions for losses were recorded at the contract level. The impact to retained earnings as of January 1, 2018 from the adoption of Topic 606 related to the items noted above was a net cumulative decrease of $15.2 million. In addition, as of January 1, 2018, we began to separately present contract assets and liabilities on the condensed consolidated balance sheets. Contract assets include amounts due under contractual retainage provisions that were previously included in accounts receivable as well as costs and estimated earnings in excess of billings that were previously separately presented. Contract liabilities include billings in excess of costs and estimated earnings that were previously separately presented as well as provisions for losses that were previously included in accrued expenses and other current liabilities. See Note 7 for further information. Disclosures included in Notes 5, 6 and 7 are related to the adoption of Topic 606 and are revenue disaggregated by operating group, information about unearned revenue and contract assets and liabilities, respectively. The accounting policies that were affected by Topic 606 and the changes thereto are as follows: Revenue Recognition: Our revenue is primarily derived from construction contracts that can span several quarters or years and from sales of construction materials. We recognize revenue in accordance with Topic 606. Topic 606 provides for a five-step model for recognizing revenue from contracts with customers as follows: 1. Identify the contract 2. Identify performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5. Recognize revenue Generally, our contracts contain one performance obligation. Contracts with customers in our Construction Materials segment are typically defined by our customary business practices and are valued at the contractual selling price per unit. Our customary business practices are for the delivery of a separately identifiable good at a point in time which is typically when delivery to the customer occurs. Contracts in our Construction and Large Project Construction segments may contain multiple distinct promises or multiple contracts within a master agreement (e.g. contracts that cross multiple locations/geographies and task orders), which we review at contract inception to determine if they represent multiple performance obligations or multiple separate contracts. This review consists of determining if promises or groups of promises are distinct within the context of the contract, including whether contracts are physically contiguous, contain task orders, purchase orders or sales orders, contain termination clauses and/or contain elements not related to design and/or build. The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring goods and services to the customer. The consideration promised in a contract with customers of our Construction and Large Project Construction segments may include both fixed amounts and variable amounts (e.g. bonuses/incentives or penalties/liquidated damages) to the extent that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (i.e., probable and estimable). When a contract has a single performance obligation, the entire transaction price is attributed to that performance obligation. When a contract has more than one performance obligation, the transaction price is allocated to each performance obligation based on estimated relative standalone selling prices Subsequent to the inception of a contract in our Construction and Large Project Construction segments, the transaction price could change for various reasons, including the executed or estimated amount of change orders and unresolved contract modifications and claims to or from owners. Changes that are accounted for as an adjustment to existing performance obligations are allocated on the same basis at contract inception. Otherwise, changes are accounted for as separate performance obligation(s) and the separate transaction price is allocated as discussed above. Changes are made to the transaction price from unapproved change orders to the extent the amount can be reasonably estimated and recovery is probable. On certain projects we have submitted and have pending unresolved contract modifications and affirmative claims (“affirmative claims”) to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers, subcontractors, vendors or others. The owners or their authorized representatives and/or other third parties may be in partial or full agreement with the modifications or affirmative claims, or may have rejected or disagree entirely or partially as to such entitlement. Changes are made to the transaction price from affirmative claims with customers to the extent that additional revenue on a claim settlement with a customer is probable and estimable. A reduction to costs related to affirmative claims with non-customers with whom we have a contractual arrangement (“back charges”) is recognized when the estimated recovery is probable and the amount can be reasonably estimated. Except for contractual back charges, affirmative claims against non-customers that are unrelated to jobs are recognized as a reduction to cost or increase to other income when the claims are settled. Recognizing affirmative claims and back charge recoveries requires significant judgments of certain factors including, but not limited to, dispute resolution developments and outcomes, anticipated negotiation results, and the cost of resolving such matters and estimates. Certain construction contracts include retention provisions to provide assurance to our customers that we will perform in accordance with the contract terms and are therefore not considered a financing benefit. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work or products by the customer. We have determined there are no significant financing components in our contracts during the six months ended June 30, 2018 Typically, performance obligations related to contracts in our Construction and Large Project Construction segments are satisfied over time because our performance typically creates or enhances an asset that the customer controls as the asset is created or enhanced. We recognize revenue as performance obligations are satisfied and control of the promised good and service is transferred to the customer. Revenue in our Construction and Large Project Construction segments is ordinarily recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation(s) using an input (i.e., “cost to cost”) method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control. All contract costs, including those associated with affirmative claims, change orders and back charges, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach, and we believe our experience allows us to create materially reliable estimates. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: • the completeness and accuracy of the original bid; • costs associated with scope changes; • changes in costs of labor and/or materials; • extended overhead and other costs due to owner, weather and other delays; • subcontractor performance issues; • changes in productivity expectations; • site conditions that differ from those assumed in the original bid; • changes from original design on design-build projects; • the availability and skill level of workers in the geographic location of the project; • a change in the availability and proximity of equipment and materials; • our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit and gross profit margin from period to period. Significant changes in cost estimates, particularly in our larger, more complex projects have had, and can in future periods have, a significant effect on our profitability. All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination including demobilization cost. Generally, costs to obtain our contracts (“pre-bid costs”) that are not expected to be recovered from the customer are expensed as incurred and included in selling, general and administrative expenses on our consolidated statements of operations. Although unusual, pre-bid costs that are explicitly chargeable to the customer even if the contract is not obtained are included in accounts receivable on our consolidated balance sheets when we are notified that we are not the low bidder with a corresponding reduction to selling, general and administrative expenses on our consolidated statements of operations. Unearned Revenue: Unearned revenue represents the aggregate amount of the transaction price allocated to unsatisfied or partially unsatisfied performance obligations at the end of a reporting period. We generally include a project in our unearned revenue at the time a contract is awarded, the contract has been executed and to the extent we believe funding is probable. Certain contracts contain contract options that are exercisable at the option of our customers without requiring us to go through an additional competitive bidding process or contain task orders related to master contracts under which we perform work only when the customer awards specific task orders to us. Contract options and task orders are included in unearned revenue when exercised or issued, respectively. Substantially all of the contracts in our unearned revenue may be canceled or modified at the election of the customer; however, we have not been materially adversely affected by contract cancellations or modifications in the past. Many projects in our Construction segment are added to unearned revenue and completed within the same fiscal quarter or year and, therefore, may not be reflected in our beginning or ending unearned revenue. Approximately $2.2 billion of the June 30, 2018 Contract Assets: Our contract assets include amounts due under contractual retainage provisions as well as costs and estimated earnings in excess of billings. The balances billed but not paid by customers pursuant to retainage provisions generally become due upon completion and acceptance of the project work or products by the owners. Costs and estimated earnings in excess of billings also represent amounts earned and reimbursable under contracts, including claim recovery estimates, but have a conditional right for billing and payment such as achievement of milestones or completion of the project. With the exception of customer affirmative claims, generally, such unbilled amounts will become billable according to the contract terms and generally will be billed and collected over the next twelve months. Settlement with the customer of outstanding affirmative claims is dependent on the claims resolution process and could extend beyond one year or the project operating cycle. Based on our historical experience, we generally consider the collection risk related to billable amounts to be low. When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced. Costs to mobilize equipment and labor to a job site prior to substantive work beginning (“mobilization costs”) are capitalized as incurred and amortized over the expected duration of the contract. As of June 30, 2018 Contract Liabilities: Our contract liabilities consist of provisions for losses and billings in excess of costs and estimated earnings. Provisions for losses are recognized in the consolidated statements of operations at the uncompleted performance obligation level for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. Billings in excess of costs and estimated earnings are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. The amounts by which each condensed consolidated balance sheet line item as of June 30, 2018 June 30, 2018 June 30, 2018 Condensed Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 492,718 $ 615,782 $ (123,064 ) Contract assets 265,190 — 265,190 Costs and estimated earnings in excess of billings — 175,265 (175,265 ) Other current assets 49,100 49,813 (713 ) Deferred income taxes, net 25,135 19,863 5,272 Liabilities and equity Contract liabilities $ 91,864 $ — $ 91,864 Billings in excess of costs and estimated earnings — 119,335 (119,335 ) Accrued expenses and other current liabilities 293,959 282,222 11,737 Deferred income taxes, net 5,759 5,759 — Retained earnings 737,417 750,263 (12,846 ) Three Months Ended June 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Construction $ 432,225 $ 433,509 $ (1,284 ) Large Project Construction 273,946 274,228 (282 ) Cost of revenue Construction $ 370,674 $ 370,674 $ — Large Project Construction 272,608 274,450 (1,842 ) Gross profit 80,369 80,093 276 Operating (loss) income (5,729 ) (6,005 ) 276 Provision for income taxes 2,796 2,746 50 Net (loss) income (6,081 ) (6,307 ) 226 Net (loss) income attributable to Granite Construction Incorporated (8,385 ) (8,611 ) 226 Six Months Ended June 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Construction $ 701,468 $ 702,989 $ (1,521 ) Large Project Construction 522,360 520,849 1,511 Cost of revenue Construction $ 601,521 $ 601,521 $ — Large Project Construction 500,656 503,734 (3,078 ) Gross profit 136,652 133,584 3,068 Operating (loss) income (18,564 ) (21,632 ) 3,068 (Benefit from) provision for income taxes (1,335 ) (2,048 ) 713 Net (loss) income (15,743 ) (18,098 ) 2,355 Net (loss) income attributable to Granite Construction Incorporated (19,808 ) (22,163 ) 2,355 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) , In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On June 14, 2018, we completed the $349.8 million acquisition of Layne, a U.S.-based global water management, infrastructure services and drilling company in a stock-for-stock merger which was comprised of $321.0 million in Company common stock and $28.8 million in cash to settle all outstanding stock options, restricted stock awards and unvested performance shares of Layne. In addition to issuances of Granite common stock and the settlement of various equity awards, we assumed $191.5 million in convertible notes at fair value. See Note 14 for further discussion of the assumed convertible notes. Layne will operate as a wholly owned subsidiary of Granite Construction Incorporated and its results will be reported in the newly formed Water and Mineral Services operating group in the Topic 805, Business Combinations (“ASC 805”). Included in the condensed consolidated statements of operations for three and six months ending June 30, 2018 is approximately two weeks of Layne revenue and net loss before taxes of $21.5 million and $15.1 million, respectively, following the June 14, 2018 acquisition date. The loss before taxes includes Layne’s portion of total acquisition and integration expenses of $14.7 million for three and six months ending June 30, 2018. Preliminary Purchase Price Allocation In accordance with ASC 805, the total purchase price and assumed liabilities were allocated to the net tangible and identifiable intangible assets based on their estimated fair values as of June 14, 2018 as presented in the table below (in thousands). These estimates are subject to revision, which may result in adjustments to the values presented below . Assets Cash $ 2,995 Receivables 70,160 Contract assets 44,947 Inventories 23,424 Other current assets 5,533 Property and equipment 187,890 Investments in affiliates 63,000 Deferred income taxes 23,185 Other noncurrent assets 17,868 Total tangible assets 439,002 Identifiable intangible assets 60,748 Liabilities Identifiable intangible liabilities 6,700 Accounts payable 38,321 Contract liabilities 7,854 Accrued expenses and other current liabilities 47,694 Long-term debt 191,500 Other long-term liabilities 32,085 Total liabilities assumed 317,454 Total identifiable net assets acquired 175,596 Goodwill 174,244 Estimated purchase price $ 349,840 In addition, on April 3, 2018, we acquired LiquiForce, a privately owned company which provides sewer lining rehabilitation services to public and private sector water and wastewater customers in both Canada and the U.S. The Company acquired LiquiForce for $35.9 million in cash borrowed under the r evolving credit facility as defined in Note 14 Construction segment. Intangible assets The following table lists amortized intangible assets and liabilities from the Layne and LiquiForce acquisitions that are included in other noncurrent assets and other long-term liabilities in the condensed consolidated balance sheets as of June 30, 2018 (in thousands): Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 7 $ 34,674 $ (728 ) $ 33,946 Backlog 3 11,163 (1,890 ) 9,273 Developed technologies 4 9,228 (234 ) 8,994 Trademarks/trade names 4 8,989 (163 ) 8,826 Favorable contracts 3 4,800 (596 ) 4,204 Right of ways 12 2,268 (12 ) 2,256 Covenants not to compete and other 5 859 (42 ) 817 Intangible assets $ 71,981 $ (3,665 ) $ 68,316 Liabilities Unfavorable contracts 2 $ 6,892 $ (952 ) $ 5,940 Unfavorable leases 1 300 (13 ) 287 Intangible liabilities $ 7,192 $ (965 ) $ 6,227 The net a mortization expense related to the acquired amortized intangible assets for the three and six months ended June 30, 2018 was $ .7 million and was included in cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations. All of the acquired intangible assets and liabilities will be amortized on a straight line basis except for backlog, favorable contracts and unfavorable contracts which will be amortized as the associated projects progress, and customer relationships which will be amortized on a double declining basis. Amortization expense related to the acquired amortized intangible asset balances at June 30, 2018 is expected to be recorded in the future as follows: $10.9 million for the remainder of 2018; $13.2 million in 2019; $10.8 million in 2020; $8.8 million in 2021; and $ .4 million thereafter. Goodwill Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The factors that contributed to the recognition of goodwill from the acquisitions of Layne and LiquiForce include acquiring a workforce with capabilities in the global water management, construction and drilling markets, cost savings opportunities and synergies. In connection with the Layne acquisition, the assignment of goodwill to reporting units was not complete as of June 30, 2018 and is expected to be complete as of September 30, 2018. For the LiquiForce acquisition, we recorded $18.8 million within our Construction segment that was allocated to our Kenny Construction reporting unit. The goodwill from both acquisitions is not expected to be deductible for income tax purposes. Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 174,244 LiquiForce acquisition goodwill 18,838 Balance at June 30, 2018 $ 246,881 Pro Forma Financial Information The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of the beginning of 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2017. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue $ 909,783 $ 888,176 $ 1,583,073 $ 1,452,067 Net income (loss) 16,834 (10,974 ) 14,454 (61,709 ) Net income (loss) attributable to Granite 14,530 (13,113 ) 10,389 (63,787 ) Basic net income (loss) per share attributable to common shareholders 0.32 (0.29 ) 0.23 (1.41 ) Diluted net income (loss) per share attributable to common shareholders 0.30 (0.29 ) 0.22 (1.41 ) These amounts have been calculated after applying Granite’s accounting policies and adjusting the results of Layne to reflect the additional depreciation and amortization that would have been recorded assuming the fair value adjustments to property and equipment and intangible assets had been applied starting on January 1, 2017. Acquisition and integration expenses related to Layne that were incurred during the three and six months ended June 30, 2018 are reflected in the six months ended June 30, 2017 due to the assumed timing of the transaction. The statutory tax rate of 26% and 39% Acquisition and integration expenses associated with both the Layne and LiquiForce acquisitions for the three and six months ended June 30, 2018 were comprised of the following (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Professional services and other expenses $ 18,064 $ 26,473 Severance and personnel costs 8,223 8,223 Total $ 26,287 $ 34,696 |
Revisions in Estimates
Revisions in Estimates | 6 Months Ended |
Jun. 30, 2018 | |
Change In Accounting Estimate [Abstract] | |
Revisions in Estimates | 4. Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of 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. When we experience significant changes in our estimates of costs to complete, we undergo a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as revisions in estimates for the current period. For revisions in estimates, generally we use the cumulative catch-up method for changes to the transaction price that are part of a single performance obligation. Under this method, revisions in estimates are accounted for in their entirety in the period of change. There can be no assurance that we will not experience further changes in circumstances or otherwise be required to revise our cost estimates in the future. In our review of these changes for the three and six months ended June 30, 2018 and for the three months ended June 30, 2017 In the normal course of business, we have revisions in estimated costs some of which are associated with unresolved affirmative claims and back charges. The estimated or actual recovery related to these estimated costs may be recorded in future periods or may be at values below the associated cost, which can cause fluctuations in the gross profit impact from revisions in estimates. Affirmative Claims Revisions in estimates for the three and six months ended June 30, 2018 June 30, 2018 Revisions in estimates for the three and six months ended June 30, 2017 included net increases in revenue of $12.2 million and $14.0 million, respectively, related to the estimated cost recovery of customer affirmative claims, which included increases of $11.4 million and $14.1 million, respectively, that were also affected by an increase in estimated contract costs in excess of the estimated recovery during the three and six months ended June 30, 2017. The remaining $0.8 million and offsetting decrease of $0.1 million, respectively, had estimated contract costs in excess of estimated cost recovery that were recorded in prior periods. Back Charges Revisions in estimates for the three and six months ended June 30, 2018 $0.9 million and during June 30, 2018 . Revisions in estimates for the three and six months ended June 30, 2017 included reductions in cost of revenue of $2.7 million and $3.0 million, respectively, related to the estimated recovery of back charges of which $1.4 million had estimated contract costs in excess of estimated cost recovery during both the three and six months ended June 30, 2017 The remaining $1.3 million and $1.6 million, respectively, had estimated contract costs in excess of estimated cost recovery that were recorded in prior periods The tables below include the impact to gross profit from significant revisions in estimates related to estimated and actual recovery of customer affirmative claims and back charges as well as the impact to gross profit from changes in estimated contract revenue and costs. Construction The changes in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $1.0 million Increases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with upward estimate changes 1 — 2 — Range of increase in gross profit from each project, net $ 1.4 $ — $ 1.4 - 1.4 $ — Increase on project profitability $ 1.4 $ — $ 2.8 $ — The increases during the three and six months ended June 30, 2018 were due to lower costs and higher productivity than originally anticipated. Decreases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 3 1 3 1 Range of reduction in gross profit from each project, net $ 1.2 - 2.5 $ 1.1 $ 1.3 - 2.6 $ 1.8 Decrease on project profitability $ 5.9 $ 1.1 $ 6.1 $ 1.8 The decreases during the three and six months ended June 30, 2018 and 2017 were due to additional costs and lower productivity than originally anticipated. Large Project Construction The changes in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $1.0 million or more on gross profit, were net decreases of $30.3 million and $39.8 million for the three and six months ended June 30, 2018, respectively The changes for the three and six months ended June 30, 2017 were decreases of $23.8 million and $37.8 million, respectively. There were no amounts attributable to non-controlling interests for both the three and six months ended June 30, 2018. T were $0.4 million and $2.0 million of the decreases for the three and six months ended June 30, 2017, respectively Increases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with upward estimate changes 1 — 1 — Range of increase in gross profit from each project, net $ 1.0 $ — $ 1.2 $ — Increase on project profitability $ 1.0 $ — $ 1.2 $ — The increases during the three and six months ended June 30, 2018 were due to higher productivity than originally anticipated as well as owner-directed scope changes. Decreases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 3 5 5 7 Range of reduction in gross profit from each project, net $ 1.0 - 15.7 $ 1.1 - 8.1 $ 1.1 - 18.3 $ 1.0 - 10.8 Decrease on project profitability $ 31.3 $ 23.8 $ 41.0 $ 37.8 The decreases during the three and six months ended June 30, 2018 as well as additional weather related costs higher costs than originally anticipated as well as additional design, weather and owner-related costs, net of estimated and actual recovery from customer affirmative claims and back charges June 30, 2018 |
Disaggregation of Revenue
Disaggregation of Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | 5. Disaggregation of Revenue We disaggregate our revenue based on our reportable segments and operating groups as it is the format that is regularly reviewed by management. Our reportable segments are: Construction, Large Project Construction and Construction Materials. Our operating groups are: (i) California; (ii) Northwest; (iii) Heavy Civil; (iv) Kenny and (v) Water and Mineral Services. The following tables present our disaggregated revenue (in thousands): Three Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 California $ 187,901 $ 14,971 $ 55,194 $ 258,066 Northwest 160,983 12,360 43,621 216,964 Heavy Civil 7,055 201,960 — 209,015 Kenny 56,938 44,655 — 101,593 Water and Mineral Services 19,348 — 2,133 21,481 Total $ 432,225 $ 273,946 $ 100,948 $ 807,119 2017 California $ 147,605 $ 12,048 $ 48,463 $ 208,116 Northwest 182,574 11,295 30,718 224,587 Heavy Civil 24,098 188,481 — 212,579 Kenny 74,992 42,639 — 117,631 Total $ 429,269 $ 254,463 $ 79,181 $ 762,913 Six Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 California $ 351,997 $ 27,786 $ 88,182 $ 467,965 Northwest 227,425 21,575 56,355 305,355 Heavy Civil 12,255 384,641 — 396,896 Kenny 90,443 88,358 — 178,801 Water and Mineral Services 19,348 — 2,133 21,481 Total $ 701,468 $ 522,360 $ 146,670 $ 1,370,498 2017 California $ 230,369 $ 22,169 $ 72,879 $ 325,417 Northwest 263,240 14,962 40,820 319,022 Heavy Civil 33,318 350,227 — 383,545 Kenny 129,191 74,138 — 203,329 Total $ 656,118 $ 461,496 $ 113,699 $ 1,231,313 |
Unearned Revenue
Unearned Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Unearned Revenue | 6. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): June 30, 2018 Construction Large Project Construction Total California $ 364,305 $ 33,033 $ 397,338 Northwest 383,855 — 383,855 Heavy Civil 43,959 2,032,151 2,076,110 Kenny 125,159 246,699 371,858 Water and Mineral Services 187,179 — 187,179 Total $ 1,104,457 $ 2,311,883 $ 3,416,340 March 31, 2018 Construction Large Project Construction Total California $ 333,866 $ 48,162 $ 382,028 Northwest 362,225 — 362,225 Heavy Civil 54,596 2,233,174 2,287,770 Kenny 130,289 286,269 416,558 Total $ 880,976 $ 2,567,605 $ 3,448,581 January 1, 2018 Construction Large Project Construction Total California $ 365,771 $ 40,283 $ 406,054 Northwest 262,117 53,465 315,582 Heavy Civil 43,016 2,356,769 2,399,785 Kenny 154,524 307,904 462,428 Total $ 825,428 $ 2,758,421 $ 3,583,849 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 7. Contract Assets and Liabilities During the three and six months ended June 30, 2018 During the three and six months ended June 30, 2018 As of June 30, 2018 and January 1, 2018, The components of the contract asset balances as of the respective dates were as follows (in thousands): June 30, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 161,670 $ 69,755 Contract retention 103,520 91,135 Total contract assets $ 265,190 $ 160,890 The following table summarizes changes in the contract asset balance for the period presented (in thousands): Balance at January 1, 2018 $ 160,890 Change in the measure of progress on projects, net 643,605 Acquired contract assets 45,353 Revisions in estimates, net (44,550 ) Billings (516,854 ) Receipts related to contract retention (23,254 ) Balance at June 30, 2018 $ 265,190 The components of the contract liability balances as of the respective dates were as follows (in thousands): June 30, 2018 January 1, 2018 Billings in excess of costs and estimated earnings $ 91,147 $ 82,750 Provisions for losses 717 924 Total contract liabilities $ 91,864 $ 83,674 The following table summarizes changes in the contract liability balance for the period presented (in thousands): Balance at January 1, 2018 $ 83,674 Change in the measure of progress on projects, net (620,602 ) Acquired contract liabilities 7,974 Revisions in estimates, net (4,353 ) Billings 625,434 Change in provision for loss, net (263 ) Balance at June 30, 2018 $ 91,864 |
Receivables, Net
Receivables, Net | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Receivables, Net | 8. Receivables, net (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Construction contracts completed and in progress: Billed $ 340,548 $ 252,467 $ 208,635 Unbilled 71,464 77,135 135,072 Retentions — 91,135 75,891 Total construction contracts completed and in progress 412,012 420,737 419,598 Construction material sales 64,128 42,192 54,165 Other 16,644 17,014 10,892 Total gross receivables 492,784 479,943 484,655 Less: allowance for doubtful accounts 66 152 410 Total net receivables $ 492,718 $ 479,791 $ 484,245 Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and do not bear interest. Included in other receivables at June 30, 2018 June 30, 2018 Certain construction contracts include retainage provisions that were included in contract assets as of June 30, 2018 and in receivables, net as of December 31, 2017 and June 30, 2017 in our condensed consolidated balance sheets. As of June 30, 2018 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | 9. Marketable Securities All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 U.S. Government and agency obligations $ 15,000 $ 17,910 $ 12,909 Commercial paper — 49,865 34,912 Corporate bonds 5,014 — — Total short-term marketable securities 20,014 67,775 47,821 U.S. Government and agency obligations 61,191 59,993 59,990 Corporate bonds — 5,022 — Total long-term marketable securities 61,191 65,015 59,990 Total marketable securities $ 81,205 $ 132,790 $ 107,811 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) June 30, 2018 Due within one year $ 20,014 Due in one to five years 61,191 Total $ 81,205 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 56,534 $ — $ — $ 56,534 Other noncurrent assets Restricted cash 5,746 — — 5,746 Total assets $ 62,280 $ — $ — $ 62,280 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Total assets $ 47,251 $ — $ — $ 47,251 June 30, 2017 Cash equivalents Money market funds $ 38,006 $ — $ — $ 38,006 Total assets $ 38,006 $ — $ — $ 38,006 Interest Rate Swaps In May 2018, we entered into the Third Amended and Restated Credit Agreement (as defined in Note 14), terminated the interest rate swap we entered into in January 2016 and entered into two new interest rate swaps designated as cash flow hedges with an effective date of May 2018. The two new cash flow hedges have a combined initial notional amount of $150.0 million and mature in May 2023. The interest rate swaps are designed to convert the interest rate on the term loan described in Note 14, from a variable interest rate of LIBOR plus an applicable margin to a fixed rate of 2.76% plus the same applicable margin. The interest rate swaps are reported at fair value in the condensed consolidated balance sheets using Level 2 inputs. As of June 30, 2018 June 30, 2018 Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2018 December 31, 2017 June 30, 2017 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 81,205 $ 80,006 $ 132,790 $ 132,002 $ 107,811 $ 107,381 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 80,000 $ 81,307 $ 80,000 $ 82,190 $ 120,000 $ 123,371 Credit Agreement - term loan 1 Level 3 150,000 150,608 90,000 89,871 92,500 92,046 Credit Agreement - revolving credit facility 1 Level 3 99,000 99,267 55,000 55,054 30,000 29,672 Convertible notes 1 Level 1 160,765 186,410 — — — — 1 During the three and six months ended June 30, 2018 |
Construction Joint Ventures
Construction Joint Ventures | 6 Months Ended |
Jun. 30, 2018 | |
Construction And Line Item Joint Ventures [Abstract] | |
Construction and Line Item Joint Ventures | 11. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three months ended June 30, 2018 Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At June 30, 2018 Consolidated Construction Joint Ventures (“CCJVs”) At June 30, 2018 June 30, 2018 During the three and six months ended June 30, 2017 , total revenue from CCJVs was $49.5 million and $85.0 million, respectively. June 30, 2018 Unconsolidated Construction Joint Ventures As of June 30, 2018 June 30, 2018 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Assets Cash, cash equivalents and marketable securities $ 309,330 $ 289,940 $ 388,542 Other current assets 1 701,945 812,577 632,166 Noncurrent assets 211,963 219,825 230,633 Less partners’ interest 792,567 869,782 828,237 Granite’s interest 1,2 430,671 452,560 423,104 Liabilities Current liabilities 535,700 682,832 668,630 Less partners’ interest and adjustments 3 342,760 462,159 460,052 Granite’s interest 192,940 220,673 208,578 Equity in construction joint ventures 4 $ 237,731 $ 231,887 $ 214,526 1 June 30, 2018 2 June 30, 2018 3 primarily related to contract forecast differences 4 June 30, 2018 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2018 2017 2018 2017 Revenue Total $ 449,996 $ 515,983 $ 689,437 $ 967,304 Less partners’ interest and adjustments 1 340,809 376,332 461,841 700,162 Granite’s interest 109,187 139,651 227,596 267,142 Cost of revenue Total 423,385 498,932 804,274 941,922 Less partners’ interest and adjustments 1 296,250 349,557 562,751 666,552 Granite’s interest 127,135 149,375 241,523 275,370 Granite’s interest in gross loss $ (17,948 ) $ (9,724 ) $ (13,927 ) $ (8,228 ) 1 During the three and six months ended June 30, 2018 During the three and six months ended June 30, 2017, unconsolidated construction joint venture net income was and $26.2 million, respectively, of which our post-adjustment share were net losses of ($9.7) million and ($8.2) million, respectively. Line Item Joint Ventures As of June 30, 2018 June 30, 2018 June 30, 2018 During the three and six months ended June 30, 2017, our portion of revenue from line item joint ventures was and $14.7 million, respectively. |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 12. Investments in Affiliates Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in foreign affiliates, real estate entities and an asphalt terminal entity. As part of the acquisition of Layne, we acquired investments in foreign affiliates that are engaged in mineral drilling services and the manufacture and supply of drilling equipment, parts and supplies in Latin America. Our investments in affiliates balance consists of the following: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Equity method investment in foreign affiliates $ 63,000 $ — $ — Equity method investments in real estate affiliates 27,591 29,472 27,329 Equity method investment in asphalt terminal affiliate 8,904 8,997 9,841 Total investments in affiliates $ 99,495 $ 38,469 $ 37,170 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Current assets $ 136,953 $ 31,320 $ 25,246 Noncurrent assets 173,384 129,039 131,723 Total assets 310,337 160,359 156,969 Current liabilities 54,710 30,131 34,736 Long-term liabilities 1 54,383 31,636 25,595 Total liabilities 109,093 61,767 60,331 Net assets 201,244 98,592 96,638 Granite’s share of net assets $ 99,495 $ 38,469 $ 37,170 1 The balance primarily relates to debt associated with our real estate investments. The increase in the balance since December 31, 2017 is related to debt of our investments in foreign affiliates associated with purchase of equipment and buildings. The equity method investments in real estate affiliates included $24.0 million, $24.3 million and $22.2 million in residential real estate in Texas as of June 30, 2018 June 30, 2018 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 13. Property and Equipment, net Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Equipment and vehicles $ 933,951 $ 778,549 $ 774,903 Quarry property 178,809 182,267 176,041 Land and land improvements 141,549 108,830 111,766 Buildings and leasehold improvements 105,038 82,601 84,113 Office furniture and equipment 63,806 56,894 58,377 Property and equipment 1,423,153 1,209,141 1,205,200 Less: accumulated depreciation and depletion 827,366 801,723 791,121 Property and equipment, net $ 595,787 $ 407,418 $ 414,079 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | 14. Long-Term Debt and Credit Arrangements (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Senior notes payable $ 80,000 $ 80,000 $ 120,000 Credit Agreement term loan 150,000 90,000 92,500 Credit Agreement revolving credit loan 99,000 55,000 30,000 Convertible notes 160,765 — — Debt issuance costs (1,073 ) (499 ) (590 ) Total debt 488,692 224,501 241,910 Less current maturities 207,982 46,048 14,796 Total long-term debt $ 280,710 $ 178,453 $ 227,114 The aggregate minimum principal maturities of long-term debt, including current maturities and excluding debt issuance costs, related to balances at June 30, 2018 $ million in 2019 Senior Notes Payable Senior notes payable in the amount of $80.0 million as of both June 30, 2018 June 30, 2018 Credit Agreement Granite entered into the Third Amended and Restated Credit Agreement dated May 31, 2018 (the “Credit Agreement”). The Credit Agreement provides for, among other things, (i) an increase in the total committed credit facility amount to $500.0 million from $300.0 million, of which $150.0 million is a term loan (all of which was drawn on May 31, 2018) and $350.0 million is a revolving credit facility; (ii) an additional increase to the revolving credit facility and/or term loan at the option of the Company, in an aggregate maximum amount up to $200.0 million subject to the lenders providing the additional commitments; (iii) a revised maturity date of May 31, 2023 (the “Maturity Date”) and (iv) the elimination of the stipulation to have a $150 million minimum cash balance before and after a dividend payment. There was no change in the aggregate sublimit for letters of credit of $100.0 million nor was there any significant change to the affirmative, restrictive or financial covenant terms except for the removal of the minimum Consolidated Tangible Net Worth financial covenant requirement and an increase of the Consolidated Leverage Ratio financial covenant requirement from 3.00 to 3.50 for the four quarters subsequent to a permitted acquisition with cash consideration in excess of $100.0 million. Of the $150.0 million term loan, 1.25% of the principal balance is due each quarter beginning in September 2018 and the remaining balance is due on the Maturity Date. As of June 30, 2018 , December 31, 2017 and June 30, 2017, $7.5 million, $6.2 million and $5.0 million, respectively, of the term loan balance was included in current maturities of long-term debt and the remaining $142.5 million, $83.8 million and $87.5 million, respectively, was included in long-term debt on the condensed consolidated balance sheets As of June 30, 2018, the total stated amount of all issued and outstanding letters of credit under the Credit Agreement was $33.0 million As of June 30, 2018 , December 31, 2017 and June 30, 2017, $99.0 million, $55.0 million and $30.0 million had been drawn on the revolving credit facility primarily to fund the Layne and LiquiForce acquisitions and to service the 2016 and 2017 installments of the 2019 Notes, respectively. June 30, 2018 $218.0 million Borrowings under the Credit Agreement bear interest at LIBOR or a base rate (at our option), plus an applicable margin based on the Consolidated Leverage Ratio calculated quarterly. LIBOR varies based on the applicable loan term, market conditions and other external factors. The applicable margin was 1.63% for loans bearing interest based on LIBOR and 0.63% June 30, 2018 3.96% 5.63% June 30, 2018 Borrowings at the base rate have no designated term and may be repaid without penalty any time prior to the Maturity Date. Borrowings bearing interest at a LIBOR rate have a term no less than one month and no greater than six months (a longer period, not to exceed 12 months, if approved by all lenders). At the end of each term, such borrowings can be paid or continued at our discretion as either a borrowing at the base rate or a borrowing at a LIBOR rate with similar terms and the same or different permitted interest period. Our obligations under the Credit Agreement are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the obligations under the 2019 Notes by first priority liens (subject only to other permitted liens) on substantially all of the assets of the Company and certain of our subsidiaries that are required to be guarantors or borrowers under the Credit Agreement; however, a waiver of the requirement for Layne to become a guarantor and provide liens on its assets has been obtained until the 8.0% Convertible Notes (defined below) are redeemed or converted. The Credit Agreement provides for the release of the liens securing the obligations at our option and expense, so long as certain conditions as defined by the terms in the Credit Agreement are satisfied (“Collateral Release Period”). However, if subsequent to exercising the option, our Consolidated Fixed Charge Coverage Ratio is less than 1.25 or our Consolidated Leverage Ratio is greater than 2.50, then we would be required to promptly re-pledge substantially all of the assets of the Company and our subsidiaries that are guarantors or borrowers under the Credit Agreement. As of June 30, 2018, the conditions for the exercise of our right under Credit Agreement to have liens released were not satisfied. Convertible Notes In connection with our acquisition of Layne, we assumed fair value of $69.9 million of convertible notes that have an interest rate of 4.25% per annum, payable semi-annually in arrears on May 15 and November 15 (“4.25% Convertible Notes”). The 4.25% Convertible Notes mature on November 15, 2018, unless earlier repurchased, redeemed or converted and are convertible at the option of the holders until the close of business on November 14, 2018. As of June 30, 2018, $69.9 million was included in current maturities of long-term debt on the condensed consolidated balance sheets. Subsequent to the Merger Agreement, cash was elected as the settlement method for conversion of the 4.25% Convertible Notes. As of June 30, 2018, the conversion rate was 11.8012 shares of Granite’s common stock per $1,000 in principal of the 4.25% Convertible Notes providing a conversion price of approximately $84.74 per share of Granite’s common stock. Also in connection with our acquisition of Layne, we assumed fair value of $121.6 million of convertible notes that have an interest rate of 8.0% per annum, payable semi-annually on May 1 and November 1 (“8.0% Convertible Notes”). The 8.0% Convertible Notes mature on May 1, 2019; however, if any of the then outstanding 4.25% Convertible Notes remain outstanding on August 15, 2018, the 8.0% Convertible Notes will mature on August 15, 2018 (“Maturity Date”). As of June 30, 2018, $90.9 million was included in current maturities of long-term debt and the premium of $30.7 million associated with the conversion feature was included in additional paid-in capital on the condensed consolidated balance sheet. As of June 30, 2018, the conversion rate of the 8.0% Convertible Notes was 23.1305 shares of Granite’s common stock per $1,000 principal amount of 8.0% Convertible Notes providing a conversion price of approximately $43.23 per share of Granite’s common stock. Prior to the Maturity Date, the notes may be converted to Granite common stock at the election of the note holders. Covenants and Events of Default Our debt and credit agreements require us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with any of these covenants, or to pay principal, interest or other amounts when due thereunder, would constitute an event of default under the applicable agreements. Under certain circumstances, the occurrence of an event of default under one of our debt or credit agreements (or the acceleration of the maturity of the indebtedness under one of our agreements) may constitute an event of default under one or more of our other debt or credit agreements. Default under our debt and credit agreements could result in (i) us no longer being entitled to borrow under the agreements; (ii) termination of the agreements; (iii) the requirement that any letters of credit under the agreements be cash collateralized; (iv) acceleration of the maturity of outstanding indebtedness under the agreements and/or (v) foreclosure on any collateral securing the obligations under the agreements. The most significant financial covenants under the terms of our Credit Agreement and related to the note purchase agreement governing our 2019 Notes As of June 30, 2018 and pursuant to the definitions in the 2019 NPA, which is more restrictive, our Consolidated Tangible Net Worth was $1.0 billion $757.3 million 2.10 23.92 As of June 30, 2018 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net (Loss) Income Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding and Net (Loss) Income Per Share | 15. Weighted Average Shares Outstanding and Net (Loss) Income Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net (loss) income per share as well as the calculation of basic and diluted net (loss) income per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic and diluted) Net (loss) income allocated to common shareholders for basic calculation $ (8,385 ) $ 14,133 $ (19,808 ) $ (9,657 ) Effect of dilutive convertible notes — — — — Net (loss) income allocated to common shareholders for diluted calculation (8,385 ) 14,133 (19,808 ) (9,657 ) Denominator Weighted average common shares outstanding, basic 41,044 39,827 40,074 39,738 Dilutive effect of convertible notes, restricted stock units and common stock options 1 — 566 — — Weighted average common shares outstanding, diluted 41,044 40,393 40,074 39,738 Net (loss) income per share, basic $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 ) Net (loss) income per share, diluted $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 ) 1 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The following table presents the provision for (benefit from) income taxes for the respective periods: Three months ended June 30, Six months ended June 30, (dollars in thousands) 2018 2017 2018 2017 Provision for (benefit from) income taxes $ 2,796 $ 8,088 $ (1,335 ) $ (4,408 ) Effective tax rate (85.1 %) 33.2 % 7.8 % 36.8 % Our effective tax rate for the three and six months ended June 30, 2018 decreased to (85.1%) from 33.2% and to 7.8% from 36.8%, respectively, when compared to the same periods in 2017. This change was primarily due to a decrease in the effective tax rate due to Tax Reform enacted in December 2017, one-time nondeductible acquisition and integration expenses and an increase in the loss (income) before provision for (benefit from) income taxes. On December 22, 2017, Tax Reform was signed into law. As a result of Tax Reform, the U.S. statutory tax rate was lowered from 35% to 21% effective January 1, 2018, a territorial tax system was implemented, and a one-time repatriation tax on deemed repatriated earnings of foreign subsidiaries was imposed, among other changes. ASC Topic 740, Accounting for Income Taxes Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118, Approximately $15.0 million of uncertain tax position liability was assumed as part of the Layne acquisition and was recorded in other long-term liabilities in the Company’s condensed consolidated balance sheets as of June 30, 2018. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Equity | 17. Equity The following tables summarize our equity activity for the periods presented (in thousands): Granite Construction Incorporated Non-controlling Interests Total Equity Balance at December 31, 2017 $ 945,108 $ 47,697 $ 992,805 Net (loss) income (19,808 ) 4,065 (15,743 ) Purchases of common stock 1 (6,165 ) — (6,165 ) Dividends on common stock (11,146 ) — (11,146 ) Effect of adopting Topic 606 (15,202 ) — (15,202 ) Issuance of common stock for Layne acquisition 2 321,075 48 321,123 Premium on 8.0% Convertible Notes 3 30,702 — 30,702 Transactions with non-controlling interests — (6,400 ) (6,400 ) Other transactions with shareholders and employees 4 11,012 — 11,012 Balance at June 30, 2018 $ 1,255,576 $ 45,410 $ 1,300,986 Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Net (loss) income (9,657 ) 2,078 (7,579 ) Purchases of common stock 5 (6,568 ) — (6,568 ) Dividends on common stock (10,354 ) — (10,354 ) Other transactions with shareholders and employees 4 11,987 — 11,987 Balance at June 30, 2017 $ 871,396 $ 38,681 $ 910,077 1 2 3 4 5 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 18. 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 cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed. Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably estimated, disclosure is also provided when it is reasonably possible and estimable that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. 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 our condensed consolidated balance sheets. The aggregate liabilities recorded as of June 30, 2018 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) 19. Business Segment Information Summarized segment information is as follows (in thousands): Three Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 Total revenue from reportable segments $ 432,225 $ 273,946 $ 146,197 $ 852,368 Elimination of intersegment revenue — — (45,249 ) (45,249 ) Revenue from external customers 432,225 273,946 100,948 807,119 Gross profit 61,551 1,338 17,480 80,369 Depreciation, depletion and amortization 9,645 9,318 6,074 25,037 2017 Total revenue from reportable segments $ 429,269 $ 254,463 $ 123,242 $ 806,974 Elimination of intersegment revenue — — (44,061 ) (44,061 ) Revenue from external customers 429,269 254,463 79,181 762,913 Gross profit 60,900 489 13,181 74,570 Depreciation, depletion and amortization 5,441 3,081 5,417 13,939 Six Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 Total revenue from reportable segments $ 701,468 $ 522,360 $ 199,519 $ 1,423,347 Elimination of intersegment revenue — — (52,849 ) (52,849 ) Revenue from external customers 701,468 522,360 146,670 1,370,498 Gross profit 99,947 21,704 15,001 136,652 Depreciation, depletion and amortization 14,699 11,917 11,484 38,100 Segment assets 608,116 335,036 304,121 1,247,273 2017 Total revenue from reportable segments $ 656,118 $ 461,496 $ 171,864 $ 1,289,478 Elimination of intersegment revenue — — (58,165 ) (58,165 ) Revenue from external customers 656,118 461,496 113,699 1,231,313 Gross profit 88,229 3,044 8,423 99,696 Depreciation, depletion and amortization 10,435 4,967 10,615 26,017 Segment assets 142,456 312,891 295,068 750,415 As of June 30, 2018, segment assets include $21.2 million of property and equipment located in foreign countries (primarily Brazil and Mexico). As of June 30, 2017 and December 31, 2017, all segment assets were located in the United States. A reconciliation of segment gross profit to consolidated (loss) income before provision for (benefit from) income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2018 2017 2018 2017 Total gross profit from reportable segments $ 80,369 $ 74,570 $ 136,652 $ 99,696 Selling, general and administrative expenses 61,316 51,388 122,568 113,225 Acquisition and integration expenses 26,287 — 34,696 — Gain on sales of property and equipment (1,505 ) (807 ) (2,048 ) (1,077 ) Total other income (2,444 ) (371 ) (1,486 ) (465 ) (Loss) income before provision for (benefit from) income taxes $ (3,285 ) $ 24,360 $ (17,078 ) $ (11,987 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Foreign Currency Transactions and Translations | Foreign Currency Transactions and Translation: Through the acquisitions of Layne and LiquiForce, we now have operations in Latin America, Canada and Brazil which involve exposure to possible volatile movements in foreign currency exchange rates. We account for foreign currency exchange transactions and translation in accordance with ASC Topic 830, Foreign Currency Matters. Foreign currency transactions are remeasured into the functional currency with gains and losses included in other income, net in the condensed consolidated statements of operations. In Mexico, most of our customer contracts are denominated in U.S. dollars; therefore, the functional currency is U.S. dollars. In Canada and Brazil, the functional currency is the local currency. The impact from foreign currency transactions was immaterial for both the three and six months ended June 30, 2018. Assets and liabilities in functional currency are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Revenues and expenses are translated into U.S. dollars at average foreign currency exchange rates prevailing during the reporting periods. The translation adjustments from functional currency to U.S. dollars are reported in accumulated other comprehensive income on the condensed consolidated balance sheets. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: In connection with the acquisition of Layne, we acquired restricted cash which is included in other noncurrent assets in the condensed consolidated balance sheets and consists of escrow funds and judicial deposits associated with tax related legal proceedings in Brazil . The table below presents changes in restricted cash and cash equivalents on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 195,515 178,068 Restricted cash 5,746 — Total cash, cash equivalents and restricted cash, end of period 201,261 178,068 Net decrease in cash, cash equivalents and restricted cash $ (32,450 ) $ (11,258 ) |
Inventories | Inventories: Inventories consist primarily of quarry products, contract-specific materials, water well drilling materials, and sewer remediation materials that are located in the U.S. and mineral extraction and drilling supplies located in the U.S. and foreign countries, primarily Brazil and Mexico. Cost of U.S. and foreign inventories are valued at the lower of average cost or net realizable value . W e reserve quarry products based on estimated quantities of materials on hand in excess of approximately one year of demand. As of June 30, 2018, inventory included $19.1 million of supplies related to the Water and Mineral Services operating group. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets | The table below presents changes in restricted cash and cash equivalents on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 195,515 178,068 Restricted cash 5,746 — Total cash, cash equivalents and restricted cash, end of period 201,261 178,068 Net decrease in cash, cash equivalents and restricted cash $ (32,450 ) $ (11,258 ) |
Accounting Standards Update 2014-09 [Member] | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Summary of Impact of Adoption of Accounting Standards | The amounts by which each condensed consolidated balance sheet line item as of June 30, 2018 June 30, 2018 June 30, 2018 Condensed Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 492,718 $ 615,782 $ (123,064 ) Contract assets 265,190 — 265,190 Costs and estimated earnings in excess of billings — 175,265 (175,265 ) Other current assets 49,100 49,813 (713 ) Deferred income taxes, net 25,135 19,863 5,272 Liabilities and equity Contract liabilities $ 91,864 $ — $ 91,864 Billings in excess of costs and estimated earnings — 119,335 (119,335 ) Accrued expenses and other current liabilities 293,959 282,222 11,737 Deferred income taxes, net 5,759 5,759 — Retained earnings 737,417 750,263 (12,846 ) Three Months Ended June 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Construction $ 432,225 $ 433,509 $ (1,284 ) Large Project Construction 273,946 274,228 (282 ) Cost of revenue Construction $ 370,674 $ 370,674 $ — Large Project Construction 272,608 274,450 (1,842 ) Gross profit 80,369 80,093 276 Operating (loss) income (5,729 ) (6,005 ) 276 Provision for income taxes 2,796 2,746 50 Net (loss) income (6,081 ) (6,307 ) 226 Net (loss) income attributable to Granite Construction Incorporated (8,385 ) (8,611 ) 226 Six Months Ended June 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Construction $ 701,468 $ 702,989 $ (1,521 ) Large Project Construction 522,360 520,849 1,511 Cost of revenue Construction $ 601,521 $ 601,521 $ — Large Project Construction 500,656 503,734 (3,078 ) Gross profit 136,652 133,584 3,068 Operating (loss) income (18,564 ) (21,632 ) 3,068 (Benefit from) provision for income taxes (1,335 ) (2,048 ) 713 Net (loss) income (15,743 ) (18,098 ) 2,355 Net (loss) income attributable to Granite Construction Incorporated (19,808 ) (22,163 ) 2,355 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Purchase Price Allocation | In accordance with ASC 805, the total purchase price and assumed liabilities were allocated to the net tangible and identifiable intangible assets based on their estimated fair values as of June 14, 2018 as presented in the table below (in thousands). These estimates are subject to revision, which may result in adjustments to the values presented below . Assets Cash $ 2,995 Receivables 70,160 Contract assets 44,947 Inventories 23,424 Other current assets 5,533 Property and equipment 187,890 Investments in affiliates 63,000 Deferred income taxes 23,185 Other noncurrent assets 17,868 Total tangible assets 439,002 Identifiable intangible assets 60,748 Liabilities Identifiable intangible liabilities 6,700 Accounts payable 38,321 Contract liabilities 7,854 Accrued expenses and other current liabilities 47,694 Long-term debt 191,500 Other long-term liabilities 32,085 Total liabilities assumed 317,454 Total identifiable net assets acquired 175,596 Goodwill 174,244 Estimated purchase price $ 349,840 |
Summary of amortized intangible assets and liabilities | The following table lists amortized intangible assets and liabilities from the Layne and LiquiForce acquisitions that are included in other noncurrent assets and other long-term liabilities in the condensed consolidated balance sheets as of June 30, 2018 (in thousands): Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 7 $ 34,674 $ (728 ) $ 33,946 Backlog 3 11,163 (1,890 ) 9,273 Developed technologies 4 9,228 (234 ) 8,994 Trademarks/trade names 4 8,989 (163 ) 8,826 Favorable contracts 3 4,800 (596 ) 4,204 Right of ways 12 2,268 (12 ) 2,256 Covenants not to compete and other 5 859 (42 ) 817 Intangible assets $ 71,981 $ (3,665 ) $ 68,316 Liabilities Unfavorable contracts 2 $ 6,892 $ (952 ) $ 5,940 Unfavorable leases 1 300 (13 ) 287 Intangible liabilities $ 7,192 $ (965 ) $ 6,227 |
Schedule of Goodwill | Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The factors that contributed to the recognition of goodwill from the acquisitions of Layne and LiquiForce include acquiring a workforce with capabilities in the global water management, construction and drilling markets, cost savings opportunities and synergies. In connection with the Layne acquisition, the assignment of goodwill to reporting units was not complete as of June 30, 2018 and is expected to be complete as of September 30, 2018. For the LiquiForce acquisition, we recorded $18.8 million within our Construction segment that was allocated to our Kenny Construction reporting unit. The goodwill from both acquisitions is not expected to be deductible for income tax purposes. Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 174,244 LiquiForce acquisition goodwill 18,838 Balance at June 30, 2018 $ 246,881 |
Schedule of Pro Forma Financial Information | The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of the beginning of 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of 2017. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue $ 909,783 $ 888,176 $ 1,583,073 $ 1,452,067 Net income (loss) 16,834 (10,974 ) 14,454 (61,709 ) Net income (loss) attributable to Granite 14,530 (13,113 ) 10,389 (63,787 ) Basic net income (loss) per share attributable to common shareholders 0.32 (0.29 ) 0.23 (1.41 ) Diluted net income (loss) per share attributable to common shareholders 0.30 (0.29 ) 0.22 (1.41 ) |
Summary of Acquisition and Integration Expenses | Acquisition and integration expenses associated with both the Layne and LiquiForce acquisitions for the three and six months ended June 30, 2018 were comprised of the following (in thousands) Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Professional services and other expenses $ 18,064 $ 26,473 Severance and personnel costs 8,223 8,223 Total $ 26,287 $ 34,696 |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Construction Segment [Member] | |
Change In Accounting Estimate [Line Items] | |
Schedule of Projects Summarized | The projects are summarized as follows: Increases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with upward estimate changes 1 — 2 — Range of increase in gross profit from each project, net $ 1.4 $ — $ 1.4 - 1.4 $ — Increase on project profitability $ 1.4 $ — $ 2.8 $ — Decreases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 3 1 3 1 Range of reduction in gross profit from each project, net $ 1.2 - 2.5 $ 1.1 $ 1.3 - 2.6 $ 1.8 Decrease on project profitability $ 5.9 $ 1.1 $ 6.1 $ 1.8 |
Large Project Construction [Member] | |
Change In Accounting Estimate [Line Items] | |
Schedule of Projects Summarized | The projects are summarized as follows: Increases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with upward estimate changes 1 — 1 — Range of increase in gross profit from each project, net $ 1.0 $ — $ 1.2 $ — Increase on project profitability $ 1.0 $ — $ 1.2 $ — Decreases Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 3 5 5 7 Range of reduction in gross profit from each project, net $ 1.0 - 15.7 $ 1.1 - 8.1 $ 1.1 - 18.3 $ 1.0 - 10.8 Decrease on project profitability $ 31.3 $ 23.8 $ 41.0 $ 37.8 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our disaggregated revenue (in thousands): Three Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 California $ 187,901 $ 14,971 $ 55,194 $ 258,066 Northwest 160,983 12,360 43,621 216,964 Heavy Civil 7,055 201,960 — 209,015 Kenny 56,938 44,655 — 101,593 Water and Mineral Services 19,348 — 2,133 21,481 Total $ 432,225 $ 273,946 $ 100,948 $ 807,119 2017 California $ 147,605 $ 12,048 $ 48,463 $ 208,116 Northwest 182,574 11,295 30,718 224,587 Heavy Civil 24,098 188,481 — 212,579 Kenny 74,992 42,639 — 117,631 Total $ 429,269 $ 254,463 $ 79,181 $ 762,913 Six Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 California $ 351,997 $ 27,786 $ 88,182 $ 467,965 Northwest 227,425 21,575 56,355 305,355 Heavy Civil 12,255 384,641 — 396,896 Kenny 90,443 88,358 — 178,801 Water and Mineral Services 19,348 — 2,133 21,481 Total $ 701,468 $ 522,360 $ 146,670 $ 1,370,498 2017 California $ 230,369 $ 22,169 $ 72,879 $ 325,417 Northwest 263,240 14,962 40,820 319,022 Heavy Civil 33,318 350,227 — 383,545 Kenny 129,191 74,138 — 203,329 Total $ 656,118 $ 461,496 $ 113,699 $ 1,231,313 |
Unearned Revenue (Tables)
Unearned Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): June 30, 2018 Construction Large Project Construction Total California $ 364,305 $ 33,033 $ 397,338 Northwest 383,855 — 383,855 Heavy Civil 43,959 2,032,151 2,076,110 Kenny 125,159 246,699 371,858 Water and Mineral Services 187,179 — 187,179 Total $ 1,104,457 $ 2,311,883 $ 3,416,340 March 31, 2018 Construction Large Project Construction Total California $ 333,866 $ 48,162 $ 382,028 Northwest 362,225 — 362,225 Heavy Civil 54,596 2,233,174 2,287,770 Kenny 130,289 286,269 416,558 Total $ 880,976 $ 2,567,605 $ 3,448,581 January 1, 2018 Construction Large Project Construction Total California $ 365,771 $ 40,283 $ 406,054 Northwest 262,117 53,465 315,582 Heavy Civil 43,016 2,356,769 2,399,785 Kenny 154,524 307,904 462,428 Total $ 825,428 $ 2,758,421 $ 3,583,849 |
Contract Assets and Liabiliti33
Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Contract With Customer Asset And Liability [Abstract] | |
Component of and Changes in Contract Asset and Liability Balances | The components of the contract asset balances as of the respective dates were as follows (in thousands): June 30, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 161,670 $ 69,755 Contract retention 103,520 91,135 Total contract assets $ 265,190 $ 160,890 The following table summarizes changes in the contract asset balance for the period presented (in thousands): Balance at January 1, 2018 $ 160,890 Change in the measure of progress on projects, net 643,605 Acquired contract assets 45,353 Revisions in estimates, net (44,550 ) Billings (516,854 ) Receipts related to contract retention (23,254 ) Balance at June 30, 2018 $ 265,190 The components of the contract liability balances as of the respective dates were as follows (in thousands): June 30, 2018 January 1, 2018 Billings in excess of costs and estimated earnings $ 91,147 $ 82,750 Provisions for losses 717 924 Total contract liabilities $ 91,864 $ 83,674 The following table summarizes changes in the contract liability balance for the period presented (in thousands): Balance at January 1, 2018 $ 83,674 Change in the measure of progress on projects, net (620,602 ) Acquired contract liabilities 7,974 Revisions in estimates, net (4,353 ) Billings 625,434 Change in provision for loss, net (263 ) Balance at June 30, 2018 $ 91,864 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of Receivables | (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Construction contracts completed and in progress: Billed $ 340,548 $ 252,467 $ 208,635 Unbilled 71,464 77,135 135,072 Retentions — 91,135 75,891 Total construction contracts completed and in progress 412,012 420,737 419,598 Construction material sales 64,128 42,192 54,165 Other 16,644 17,014 10,892 Total gross receivables 492,784 479,943 484,655 Less: allowance for doubtful accounts 66 152 410 Total net receivables $ 492,718 $ 479,791 $ 484,245 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Marketable Securities [Abstract] | |
Held-to-maturity Securities | All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 U.S. Government and agency obligations $ 15,000 $ 17,910 $ 12,909 Commercial paper — 49,865 34,912 Corporate bonds 5,014 — — Total short-term marketable securities 20,014 67,775 47,821 U.S. Government and agency obligations 61,191 59,993 59,990 Corporate bonds — 5,022 — Total long-term marketable securities 61,191 65,015 59,990 Total marketable securities $ 81,205 $ 132,790 $ 107,811 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) June 30, 2018 Due within one year $ 20,014 Due in one to five years 61,191 Total $ 81,205 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 56,534 $ — $ — $ 56,534 Other noncurrent assets Restricted cash 5,746 — — 5,746 Total assets $ 62,280 $ — $ — $ 62,280 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Total assets $ 47,251 $ — $ — $ 47,251 June 30, 2017 Cash equivalents Money market funds $ 38,006 $ — $ — $ 38,006 Total assets $ 38,006 $ — $ — $ 38,006 |
Schedule of Carrying and Fair Value Amounts | The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2018 December 31, 2017 June 30, 2017 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 81,205 $ 80,006 $ 132,790 $ 132,002 $ 107,811 $ 107,381 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 80,000 $ 81,307 $ 80,000 $ 82,190 $ 120,000 $ 123,371 Credit Agreement - term loan 1 Level 3 150,000 150,608 90,000 89,871 92,500 92,046 Credit Agreement - revolving credit facility 1 Level 3 99,000 99,267 55,000 55,054 30,000 29,672 Convertible notes 1 Level 1 160,765 186,410 — — — — 1 |
Construction Joint Ventures (Ta
Construction Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Construction And Line Item Joint Ventures [Abstract] | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Assets Cash, cash equivalents and marketable securities $ 309,330 $ 289,940 $ 388,542 Other current assets 1 701,945 812,577 632,166 Noncurrent assets 211,963 219,825 230,633 Less partners’ interest 792,567 869,782 828,237 Granite’s interest 1,2 430,671 452,560 423,104 Liabilities Current liabilities 535,700 682,832 668,630 Less partners’ interest and adjustments 3 342,760 462,159 460,052 Granite’s interest 192,940 220,673 208,578 Equity in construction joint ventures 4 $ 237,731 $ 231,887 $ 214,526 1 June 30, 2018 2 June 30, 2018 3 primarily related to contract forecast differences 4 June 30, 2018 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2018 2017 2018 2017 Revenue Total $ 449,996 $ 515,983 $ 689,437 $ 967,304 Less partners’ interest and adjustments 1 340,809 376,332 461,841 700,162 Granite’s interest 109,187 139,651 227,596 267,142 Cost of revenue Total 423,385 498,932 804,274 941,922 Less partners’ interest and adjustments 1 296,250 349,557 562,751 666,552 Granite’s interest 127,135 149,375 241,523 275,370 Granite’s interest in gross loss $ (17,948 ) $ (9,724 ) $ (13,927 ) $ (8,228 ) 1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Affiliates [Table Text Block] | Our investments in affiliates balance consists of the following: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Equity method investment in foreign affiliates $ 63,000 $ — $ — Equity method investments in real estate affiliates 27,591 29,472 27,329 Equity method investment in asphalt terminal affiliate 8,904 8,997 9,841 Total investments in affiliates $ 99,495 $ 38,469 $ 37,170 |
Equity Method Investment Summarized Balance Sheet Information Table Text Block | The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Current assets $ 136,953 $ 31,320 $ 25,246 Noncurrent assets 173,384 129,039 131,723 Total assets 310,337 160,359 156,969 Current liabilities 54,710 30,131 34,736 Long-term liabilities 1 54,383 31,636 25,595 Total liabilities 109,093 61,767 60,331 Net assets 201,244 98,592 96,638 Granite’s share of net assets $ 99,495 $ 38,469 $ 37,170 1 The balance primarily relates to debt associated with our real estate investments. The increase in the balance since December 31, 2017 is related to debt of our investments in foreign affiliates associated with purchase of equipment and buildings. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Equipment and vehicles $ 933,951 $ 778,549 $ 774,903 Quarry property 178,809 182,267 176,041 Land and land improvements 141,549 108,830 111,766 Buildings and leasehold improvements 105,038 82,601 84,113 Office furniture and equipment 63,806 56,894 58,377 Property and equipment 1,423,153 1,209,141 1,205,200 Less: accumulated depreciation and depletion 827,366 801,723 791,121 Property and equipment, net $ 595,787 $ 407,418 $ 414,079 |
Long-Term Debt and Credit Arr40
Long-Term Debt and Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | (in thousands) June 30, 2018 December 31, 2017 June 30, 2017 Senior notes payable $ 80,000 $ 80,000 $ 120,000 Credit Agreement term loan 150,000 90,000 92,500 Credit Agreement revolving credit loan 99,000 55,000 30,000 Convertible notes 160,765 — — Debt issuance costs (1,073 ) (499 ) (590 ) Total debt 488,692 224,501 241,910 Less current maturities 207,982 46,048 14,796 Total long-term debt $ 280,710 $ 178,453 $ 227,114 |
Weighted Average Shares Outst41
Weighted Average Shares Outstanding and Net (Loss) Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net (Loss) Income Per Share | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net (loss) income per share as well as the calculation of basic and diluted net (loss) income per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic and diluted) Net (loss) income allocated to common shareholders for basic calculation $ (8,385 ) $ 14,133 $ (19,808 ) $ (9,657 ) Effect of dilutive convertible notes — — — — Net (loss) income allocated to common shareholders for diluted calculation (8,385 ) 14,133 (19,808 ) (9,657 ) Denominator Weighted average common shares outstanding, basic 41,044 39,827 40,074 39,738 Dilutive effect of convertible notes, restricted stock units and common stock options 1 — 566 — — Weighted average common shares outstanding, diluted 41,044 40,393 40,074 39,738 Net (loss) income per share, basic $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 ) Net (loss) income per share, diluted $ (0.20 ) $ 0.35 $ (0.49 ) $ (0.24 ) 1 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for (Benefit From) Income Taxes | The following table presents the provision for (benefit from) income taxes for the respective periods: Three months ended June 30, Six months ended June 30, (dollars in thousands) 2018 2017 2018 2017 Provision for (benefit from) income taxes $ 2,796 $ 8,088 $ (1,335 ) $ (4,408 ) Effective tax rate (85.1 %) 33.2 % 7.8 % 36.8 % |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following tables summarize our equity activity for the periods presented (in thousands): Granite Construction Incorporated Non-controlling Interests Total Equity Balance at December 31, 2017 $ 945,108 $ 47,697 $ 992,805 Net (loss) income (19,808 ) 4,065 (15,743 ) Purchases of common stock 1 (6,165 ) — (6,165 ) Dividends on common stock (11,146 ) — (11,146 ) Effect of adopting Topic 606 (15,202 ) — (15,202 ) Issuance of common stock for Layne acquisition 2 321,075 48 321,123 Premium on 8.0% Convertible Notes 3 30,702 — 30,702 Transactions with non-controlling interests — (6,400 ) (6,400 ) Other transactions with shareholders and employees 4 11,012 — 11,012 Balance at June 30, 2018 $ 1,255,576 $ 45,410 $ 1,300,986 Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Net (loss) income (9,657 ) 2,078 (7,579 ) Purchases of common stock 5 (6,568 ) — (6,568 ) Dividends on common stock (10,354 ) — (10,354 ) Other transactions with shareholders and employees 4 11,987 — 11,987 Balance at June 30, 2017 $ 871,396 $ 38,681 $ 910,077 1 2 3 4 5 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Three Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 Total revenue from reportable segments $ 432,225 $ 273,946 $ 146,197 $ 852,368 Elimination of intersegment revenue — — (45,249 ) (45,249 ) Revenue from external customers 432,225 273,946 100,948 807,119 Gross profit 61,551 1,338 17,480 80,369 Depreciation, depletion and amortization 9,645 9,318 6,074 25,037 2017 Total revenue from reportable segments $ 429,269 $ 254,463 $ 123,242 $ 806,974 Elimination of intersegment revenue — — (44,061 ) (44,061 ) Revenue from external customers 429,269 254,463 79,181 762,913 Gross profit 60,900 489 13,181 74,570 Depreciation, depletion and amortization 5,441 3,081 5,417 13,939 Six Months Ended June 30, Construction Large Project Construction Construction Materials Total 2018 Total revenue from reportable segments $ 701,468 $ 522,360 $ 199,519 $ 1,423,347 Elimination of intersegment revenue — — (52,849 ) (52,849 ) Revenue from external customers 701,468 522,360 146,670 1,370,498 Gross profit 99,947 21,704 15,001 136,652 Depreciation, depletion and amortization 14,699 11,917 11,484 38,100 Segment assets 608,116 335,036 304,121 1,247,273 2017 Total revenue from reportable segments $ 656,118 $ 461,496 $ 171,864 $ 1,289,478 Elimination of intersegment revenue — — (58,165 ) (58,165 ) Revenue from external customers 656,118 461,496 113,699 1,231,313 Gross profit 88,229 3,044 8,423 99,696 Depreciation, depletion and amortization 10,435 4,967 10,615 26,017 Segment assets 142,456 312,891 295,068 750,415 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross profit to consolidated (loss) income before provision for (benefit from) income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2018 2017 2018 2017 Total gross profit from reportable segments $ 80,369 $ 74,570 $ 136,652 $ 99,696 Selling, general and administrative expenses 61,316 51,388 122,568 113,225 Acquisition and integration expenses 26,287 — 34,696 — Gain on sales of property and equipment (1,505 ) (807 ) (2,048 ) (1,077 ) Total other income (2,444 ) (371 ) (1,486 ) (465 ) (Loss) income before provision for (benefit from) income taxes $ (3,285 ) $ 24,360 $ (17,078 ) $ (11,987 ) |
Basis of Presentation - Summary
Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents, beginning of period | $ 233,711 | $ 189,326 |
Cash and cash equivalents | 195,515 | 178,068 |
Restricted cash, end of period | 5,746 | 0 |
Cash, cash equivalents and restricted cash of $5,746 at end of period | 201,261 | 178,068 |
Net decrease in cash, cash equivalents and restricted cash | $ (32,450) | $ (11,258) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Jan. 01, 2018 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncement Early Adoption [Line Items] | ||
Estimated net cumulative decrease to retained earnings | $ 15.2 | |
Maximum [Member] | ||
New Accounting Pronouncement Early Adoption [Line Items] | ||
Percentage of completed contracts with customers | 90.00% | |
Water and Mineral Services [Member] | Inventories [Member] | ||
New Accounting Pronouncement Early Adoption [Line Items] | ||
Advances to suppliers | $ 19.1 |
Basis of Presentation - Addit47
Basis of Presentation - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-03-31 $ in Billions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Unearned revenue | $ 2.2 |
Unearned revenue expect to recognize period | 1 year |
Unearned revenue expect to recognize description | Approximately $2.2 billion of the June 30, 2018 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter. |
Basis of Presentation - Summa48
Basis of Presentation - Summary of Impact of Adoption of Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Assets | ||||||
Receivables, net | $ 492,718 | $ 484,245 | $ 492,718 | $ 484,245 | $ 479,791 | |
Contract assets | 265,190 | 0 | 265,190 | 0 | $ 160,890 | 0 |
Costs and estimated earnings in excess of billings | 0 | 99,883 | 0 | 99,883 | 103,965 | |
Other current assets | 49,100 | 43,597 | 49,100 | 43,597 | 36,513 | |
Deferred income taxes, net | 25,135 | 0 | 25,135 | 0 | 0 | |
Liabilities and equity | ||||||
Contract liabilities | 91,864 | 0 | 91,864 | 0 | $ 83,674 | 0 |
Billings in excess of costs and estimated earnings | 0 | 114,180 | 0 | 114,180 | 135,146 | |
Accrued expenses and other current liabilities | 293,959 | 231,048 | 293,959 | 231,048 | 236,407 | |
Deferred income taxes, net | 5,759 | 5,759 | ||||
Retained earnings | 737,417 | 715,451 | 737,417 | 715,451 | $ 783,699 | |
Revenue | ||||||
Revenue | 807,119 | 762,913 | 1,370,498 | 1,231,313 | ||
Cost of revenue | ||||||
Cost of revenue | 726,750 | 688,343 | 1,233,846 | 1,131,617 | ||
Gross profit | 80,369 | 74,570 | 136,652 | 99,696 | ||
Operating (loss) income | (5,729) | 23,989 | (18,564) | (12,452) | ||
Provision for (benefit from) income taxes | 2,796 | 8,088 | (1,335) | (4,408) | ||
Net (loss) income | (6,081) | 16,272 | (15,743) | (7,579) | ||
Net (loss) income attributable to Granite Construction Incorporated | (8,385) | 14,133 | (19,808) | (9,657) | ||
Construction Segment [Member] | ||||||
Revenue | ||||||
Revenue | 432,225 | 429,269 | 701,468 | 656,118 | ||
Cost of revenue | ||||||
Cost of revenue | 370,674 | 368,369 | 601,521 | 567,889 | ||
Large Project Construction [Member] | ||||||
Revenue | ||||||
Revenue | 273,946 | 254,463 | 522,360 | 461,496 | ||
Cost of revenue | ||||||
Cost of revenue | 272,608 | $ 253,974 | 500,656 | $ 458,452 | ||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | ||||||
Assets | ||||||
Receivables, net | 615,782 | 615,782 | ||||
Contract assets | 0 | 0 | ||||
Costs and estimated earnings in excess of billings | 175,265 | 175,265 | ||||
Other current assets | 49,813 | 49,813 | ||||
Deferred income taxes, net | 19,863 | 19,863 | ||||
Liabilities and equity | ||||||
Contract liabilities | 0 | 0 | ||||
Billings in excess of costs and estimated earnings | 119,335 | 119,335 | ||||
Accrued expenses and other current liabilities | 282,222 | 282,222 | ||||
Deferred income taxes, net | 5,759 | 5,759 | ||||
Retained earnings | 750,263 | 750,263 | ||||
Cost of revenue | ||||||
Gross profit | 80,093 | 133,584 | ||||
Operating (loss) income | (6,005) | (21,632) | ||||
Provision for (benefit from) income taxes | 2,746 | (2,048) | ||||
Net (loss) income | (6,307) | (18,098) | ||||
Net (loss) income attributable to Granite Construction Incorporated | (8,611) | (22,163) | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Construction Segment [Member] | ||||||
Revenue | ||||||
Revenue | 433,509 | 702,989 | ||||
Cost of revenue | ||||||
Cost of revenue | 370,674 | 601,521 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Large Project Construction [Member] | ||||||
Revenue | ||||||
Revenue | 274,228 | 520,849 | ||||
Cost of revenue | ||||||
Cost of revenue | 274,450 | 503,734 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | ||||||
Assets | ||||||
Receivables, net | (123,064) | (123,064) | ||||
Contract assets | 265,190 | 265,190 | ||||
Costs and estimated earnings in excess of billings | (175,265) | (175,265) | ||||
Other current assets | (713) | (713) | ||||
Deferred income taxes, net | 5,272 | 5,272 | ||||
Liabilities and equity | ||||||
Contract liabilities | 91,864 | 91,864 | ||||
Billings in excess of costs and estimated earnings | (119,335) | (119,335) | ||||
Accrued expenses and other current liabilities | 11,737 | 11,737 | ||||
Deferred income taxes, net | 0 | 0 | ||||
Retained earnings | (12,846) | (12,846) | ||||
Cost of revenue | ||||||
Gross profit | 276 | 3,068 | ||||
Operating (loss) income | 276 | 3,068 | ||||
Provision for (benefit from) income taxes | 50 | 713 | ||||
Net (loss) income | 226 | 2,355 | ||||
Net (loss) income attributable to Granite Construction Incorporated | 226 | 2,355 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Construction Segment [Member] | ||||||
Revenue | ||||||
Revenue | (1,284) | (1,521) | ||||
Cost of revenue | ||||||
Cost of revenue | 0 | 0 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Large Project Construction [Member] | ||||||
Revenue | ||||||
Revenue | (282) | 1,511 | ||||
Cost of revenue | ||||||
Cost of revenue | $ (1,842) | $ (3,078) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands | Jun. 14, 2018USD ($) | Apr. 03, 2018USD ($) | Jun. 30, 2018USD ($)Office | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Office | Jun. 30, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||
Common stock issued in acquisition | $ 321,075 | $ 0 | ||||||
Revenue | $ 909,783 | $ 888,176 | 1,583,073 | 1,452,067 | ||||
Acquisition and integration expenses | 26,287 | 0 | 34,696 | 0 | ||||
Goodwill | 246,881 | $ 53,799 | 246,881 | $ 53,799 | $ 53,799 | |||
Amortization expenses | 2,700 | 2,700 | ||||||
Amortization expenses remainder of 2018 | 10,900 | 10,900 | ||||||
Amortization expenses in 2019 | 13,200 | 13,200 | ||||||
Amortization expenses in 2020 | 10,800 | 10,800 | ||||||
Amortization expenses in 2021 | 8,800 | 8,800 | ||||||
Amortization expenses thereafter | $ 18,400 | $ 18,400 | ||||||
Federal statutory tax, Percent | 21.00% | 35.00% | ||||||
Proforma Adjustments | ||||||||
Business Acquisition [Line Items] | ||||||||
Federal statutory tax, Percent | 39.00% | |||||||
Scenario, Forecast [Member] | Proforma Adjustments | ||||||||
Business Acquisition [Line Items] | ||||||||
Federal statutory tax, Percent | 26.00% | |||||||
Layne Christensen Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition purchase price | $ 349,840 | |||||||
Common stock issued in acquisition | 321,000 | |||||||
Acquisition cash settled | 28,800 | |||||||
Acquisition assumed liabilities | 191,500 | |||||||
Number of offices | Office | 52 | 52 | ||||||
Revenue | $ 21,500 | $ 21,500 | ||||||
Net loss before tax attributable to Granite | 15,100 | 15,100 | ||||||
Acquisition and integration expenses | 14,700 | 14,700 | ||||||
Business consideration tangible assets acquired | 439,002 | |||||||
Identifiable intangible assets | 60,748 | |||||||
Business consideration intangible liabilities assumed | 6,700 | |||||||
Goodwill | $ 174,244 | |||||||
LiquiForce Services Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition assumed liabilities | $ 35,900 | |||||||
Business consideration tangible assets acquired | 14,500 | |||||||
Identifiable intangible assets | 10,900 | |||||||
Business consideration intangible liabilities assumed | 8,600 | |||||||
Goodwill | $ 19,100 | |||||||
LiquiForce Services Company [Member] | Construction Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 18,800 | $ 18,800 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 14, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Liabilities | ||||
Goodwill | $ 246,881 | $ 53,799 | $ 53,799 | |
Layne Christensen Company [Member] | ||||
Assets | ||||
Cash | $ 2,995 | |||
Receivables | 70,160 | |||
Contract assets | 44,947 | |||
Inventories | 23,424 | |||
Other current assets | 5,533 | |||
Property and equipment | 187,890 | |||
Investments in affiliates | 63,000 | |||
Deferred income taxes | 23,185 | |||
Other noncurrent assets | 17,868 | |||
Total tangible assets | 439,002 | |||
Identifiable intangible assets | 60,748 | |||
Liabilities | ||||
Identifiable intangible liabilities | 6,700 | |||
Accounts payable | 38,321 | |||
Contract liabilities | 7,854 | |||
Accrued expenses and other current liabilities | 47,694 | |||
Long-term debt | 191,500 | |||
Other long-term liabilities | 32,085 | |||
Total liabilities assumed | 317,454 | |||
Total identifiable net assets acquired | 175,596 | |||
Goodwill | 174,244 | |||
Acquisition purchase price | $ 349,840 |
Acquisitions - Schedule of Amor
Acquisitions - Schedule of Amortized Intangible Assets And Liabilities (Details) - Layne and Liquiforce Acquisitions [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Gross Value, Assets | $ 71,981 |
Accumulated Amortization, Assets | (3,665) |
Net Value, Assets | 68,316 |
Gross Value, Liabilities | 7,192 |
Accumulated Amortization, Liabilities | (965) |
Net Value, Liabilities | $ 6,227 |
Customer Relationships [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 7 years |
Gross Value, Assets | $ 34,674 |
Accumulated Amortization, Assets | (728) |
Net Value, Assets | $ 33,946 |
Backlog [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 3 years |
Gross Value, Assets | $ 11,163 |
Accumulated Amortization, Assets | (1,890) |
Net Value, Assets | $ 9,273 |
Developed Technology [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 4 years |
Gross Value, Assets | $ 9,228 |
Accumulated Amortization, Assets | (234) |
Net Value, Assets | $ 8,994 |
Trademarks/Trade Names [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 4 years |
Gross Value, Assets | $ 8,989 |
Accumulated Amortization, Assets | (163) |
Net Value, Assets | $ 8,826 |
Favorable Contracts [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 3 years |
Gross Value, Assets | $ 4,800 |
Accumulated Amortization, Assets | (596) |
Net Value, Assets | $ 4,204 |
Right of Ways [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 12 years |
Gross Value, Assets | $ 2,268 |
Accumulated Amortization, Assets | (12) |
Net Value, Assets | $ 2,256 |
Covenants not to compete and other [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 5 years |
Gross Value, Assets | $ 859 |
Accumulated Amortization, Assets | (42) |
Net Value, Assets | $ 817 |
Unfavorable Contracts [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years),Laibilities | 2 years |
Gross Value, Liabilities | $ 6,892 |
Accumulated Amortization, Liabilities | (952) |
Net Value, Liabilities | $ 5,940 |
Unfavorable Leases [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years),Laibilities | 1 year |
Gross Value, Liabilities | $ 300 |
Accumulated Amortization, Liabilities | (13) |
Net Value, Liabilities | $ 287 |
Acquisitions - Schedule of Good
Acquisitions - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 53,799 |
Ending Balance | 246,881 |
Layne Christensen Company [Member] | |
Goodwill [Line Items] | |
Goodwill acquired | 174,244 |
LiquiForce Services Company [Member] | |
Goodwill [Line Items] | |
Goodwill acquired | $ 18,838 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Combinations [Abstract] | ||||
Revenue | $ 909,783 | $ 888,176 | $ 1,583,073 | $ 1,452,067 |
Net income (loss) | 16,834 | (10,974) | 14,454 | (61,709) |
Net income (loss) attributable to Granite | $ 14,530 | $ (13,113) | $ 10,389 | $ (63,787) |
Basic net income (loss) per share attributable to common shareholders | $ 0.32 | $ (0.29) | $ 0.23 | $ (1.41) |
Diluted net income (loss) per share attributable to common shareholders | $ 0.30 | $ (0.29) | $ 0.22 | $ (1.41) |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisition and Integration Expenses (Details) - Layne and Liquiforce Acquisitions [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||
Professional services and other expenses | $ 18,064 | $ 26,473 |
Severance and personnel costs | 8,223 | 8,223 |
Total | $ 26,287 | $ 34,696 |
Revisions in Estimates - Additi
Revisions in Estimates - Additional Information(Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | |
Change In Accounting Estimate [Line Items] | |||||
Impact from affirmative claim recovery estimate | $ 2.3 | $ 12.2 | $ 4.9 | $ 14 | |
Impact from estimated recovery of back charge claims | (1.6) | 2.7 | (2) | 3 | |
Minimum [Member] | Subsequent Event [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Decrease on project revenue and profitability | $ 0 | ||||
Maximum [Member] | Subsequent Event [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Decrease on project revenue and profitability | $ 15 | ||||
Revisions to Estimated Total Contract Costs [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Impact from affirmative claim recovery estimate | 6.4 | 8.5 | |||
Impact from estimated recovery of back charge claims | 0.9 | 1.4 | 1.1 | 1.4 | |
Estimated Costs Recorded in Prior Period [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Impact from affirmative claim recovery estimate | (4.1) | 0.8 | (3.6) | (0.1) | |
Impact from estimated recovery of back charge claims | 0.7 | 1.3 | 0.9 | 1.6 | |
Revisions to Estimated Total Contract Costs [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Impact from affirmative claim recovery estimate | 11.4 | 14.1 | |||
Large Project Construction [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Decrease on project revenue and profitability | 4.9 | ||||
Increase in net loss | 1.6 | ||||
Change in accounting estimate amount considered significant to individual project gross profit | 1 | ||||
Large Project Construction [Member] | Net Estimate Change [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Increase (decrease) on project profitability | (30.3) | (23.8) | (39.8) | (37.8) | |
Large Project Construction [Member] | Contracts Accounted for under Percentage of Completion [Member] | Noncontrolling Interest [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Increase (decrease) on project profitability | 0 | (0.4) | 0 | (2) | |
Construction Segment [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Change in accounting estimate amount considered significant to individual project gross profit | 1 | ||||
Construction Segment [Member] | Net Estimate Change [Member] | |||||
Change In Accounting Estimate [Line Items] | |||||
Increase (decrease) on project profitability | $ (4.5) | $ (1.1) | $ (3.3) | $ (1.8) |
Revisions in Estimates - Schedu
Revisions in Estimates - Schedule of Projects Summarized (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)project | Jun. 30, 2017USD ($)project | Jun. 30, 2018USD ($)project | Jun. 30, 2017USD ($)project | |
Upward Estimate Change [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Number of projects with estimate changes | project | 1 | 0 | 2 | 0 |
Range of increase (reduction) in gross profit from each project, net | $ 1.4 | $ 0 | $ 0 | |
Increase (decrease) on project profitability | $ 1.4 | $ 0 | $ 2.8 | $ 0 |
Upward Estimate Change [Member] | Large Project Construction [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Number of projects with estimate changes | project | 1 | 0 | 1 | 0 |
Range of increase (reduction) in gross profit from each project, net | $ 1 | $ 0 | $ 1.2 | $ 0 |
Increase (decrease) on project profitability | $ 1 | $ 0 | 1.2 | $ 0 |
Upward Estimate Change [Member] | Maximum [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | 1.4 | |||
Upward Estimate Change [Member] | Minimum [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | $ 1.4 | |||
Downward Estimate Change [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Number of projects with estimate changes | project | 3 | 1 | 3 | 1 |
Range of increase (reduction) in gross profit from each project, net | $ (1.1) | $ (1.8) | ||
Increase (decrease) on project profitability | $ (5.9) | $ (1.1) | $ (6.1) | $ (1.8) |
Downward Estimate Change [Member] | Large Project Construction [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Number of projects with estimate changes | project | 3 | 5 | 5 | 7 |
Increase (decrease) on project profitability | $ (31.3) | $ (23.8) | $ (41) | $ (37.8) |
Downward Estimate Change [Member] | Maximum [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | (2.5) | (2.6) | ||
Downward Estimate Change [Member] | Maximum [Member] | Large Project Construction [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | (15.7) | (8.1) | (18.3) | (10.8) |
Downward Estimate Change [Member] | Minimum [Member] | Construction Segment [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | (1.2) | (1.3) | ||
Downward Estimate Change [Member] | Minimum [Member] | Large Project Construction [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of increase (reduction) in gross profit from each project, net | $ (1) | $ (1.1) | $ (1.1) | $ (1) |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 807,119 | $ 762,913 | $ 1,370,498 | $ 1,231,313 |
Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 432,225 | 429,269 | 701,468 | 656,118 |
Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 273,946 | 254,463 | 522,360 | 461,496 |
Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 100,948 | 79,181 | 146,670 | 113,699 |
California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 258,066 | 208,116 | 467,965 | 325,417 |
California [Member] | Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 187,901 | 147,605 | 351,997 | 230,369 |
California [Member] | Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 14,971 | 12,048 | 27,786 | 22,169 |
California [Member] | Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 55,194 | 48,463 | 88,182 | 72,879 |
Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 216,964 | 224,587 | 305,355 | 319,022 |
Northwest [Member] | Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 160,983 | 182,574 | 227,425 | 263,240 |
Northwest [Member] | Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 12,360 | 11,295 | 21,575 | 14,962 |
Northwest [Member] | Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 43,621 | 30,718 | 56,355 | 40,820 |
Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 209,015 | 212,579 | 396,896 | 383,545 |
Heavy Civil [Member] | Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7,055 | 24,098 | 12,255 | 33,318 |
Heavy Civil [Member] | Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 201,960 | 188,481 | 384,641 | 350,227 |
Heavy Civil [Member] | Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Kenny [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 101,593 | 117,631 | 178,801 | 203,329 |
Kenny [Member] | Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 56,938 | 74,992 | 90,443 | 129,191 |
Kenny [Member] | Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 44,655 | 42,639 | 88,358 | 74,138 |
Kenny [Member] | Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | $ 0 | 0 | $ 0 |
Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 21,481 | 21,481 | ||
Water and Mineral Services [Member] | Construction Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 19,348 | 19,348 | ||
Water and Mineral Services [Member] | Large Project Construction [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Water and Mineral Services [Member] | Construction Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 2,133 | $ 2,133 |
Unearned Revenue - Schedule of
Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 01, 2018 |
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | $ 3,416,340 | $ 3,448,581 | $ 3,583,849 |
California [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 397,338 | 382,028 | 406,054 |
Northwest [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 383,855 | 362,225 | 315,582 |
Heavy Civil [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 2,076,110 | 2,287,770 | 2,399,785 |
Kenny [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 371,858 | 416,558 | 462,428 |
Water and Mineral Services [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 187,179 | ||
Construction Segment [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 1,104,457 | 880,976 | 825,428 |
Construction Segment [Member] | California [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 364,305 | 333,866 | 365,771 |
Construction Segment [Member] | Northwest [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 383,855 | 362,225 | 262,117 |
Construction Segment [Member] | Heavy Civil [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 43,959 | 54,596 | 43,016 |
Construction Segment [Member] | Kenny [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 125,159 | 130,289 | 154,524 |
Construction Segment [Member] | Water and Mineral Services [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 187,179 | ||
Large Project Construction [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 2,311,883 | 2,567,605 | 2,758,421 |
Large Project Construction [Member] | California [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 33,033 | 48,162 | 40,283 |
Large Project Construction [Member] | Northwest [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 0 | 0 | 53,465 |
Large Project Construction [Member] | Heavy Civil [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 2,032,151 | 2,233,174 | 2,356,769 |
Large Project Construction [Member] | Kenny [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 246,699 | $ 286,269 | $ 307,904 |
Large Project Construction [Member] | Water and Mineral Services [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | $ 0 |
Contract Assets and Liabiliti59
Contract Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||||
Revenue recognized | $ 13,300 | $ 102,700 | |||
Total revenue | 807,119 | $ 762,913 | 1,370,498 | $ 1,231,313 | |
Aggregate claim recovery estimate included in contract assets and liability | 36,100 | 36,100 | $ 26,700 | ||
Costs in excess of billings and estimated earnings and billings in excess of estimated earnings | $ 10,800 | $ 10,800 | |||
Performance Obligations [Member] | |||||
Loss Contingencies [Line Items] | |||||
Total revenue | $ 33,200 | $ 60,900 |
Contract Assets and Liabiliti60
Contract Assets and Liabilities - Component of Contract Asset Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Revenue From Contract With Customer [Abstract] | ||||
Costs in excess of billings and estimated earnings | $ 161,670 | $ 69,755 | ||
Contract retention | 103,520 | 91,135 | ||
Total contract assets | $ 265,190 | $ 160,890 | $ 0 | $ 0 |
Contract Assets and Liabiliti61
Contract Assets and Liabilities - Schedule of Change in Contract Asset Balance (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 160,890 |
Change in the measure of progress on projects, net | 643,605 |
Acquired contract assets | 45,353 |
Revisions in estimates, net | (44,550) |
Billings | (516,854) |
Receipts related to contract retention | (23,254) |
Balance at June 30, 2018 | $ 265,190 |
Contract Assets and Liabiliti62
Contract Assets and Liabilities - Components of Contract Liabilities Balance (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Revenue From Contract With Customer [Abstract] | ||||
Billings in excess of costs and estimated earnings | $ 91,147 | $ 82,750 | ||
Provisions for losses | 717 | 924 | ||
Total contract liabilities | $ 91,864 | $ 83,674 | $ 0 | $ 0 |
Contract Assets and Liabiliti63
Contract Assets and Liabilities - Schedule of Change in Contract Liability Balance (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 83,674 |
Change in the measure of progress on projects, net | (620,602) |
Acquired contract liabilities | 7,974 |
Revisions in estimates, net | (4,353) |
Billings | 625,434 |
Change in provision for loss, net | (263) |
Balance at June 30, 2018 | $ 91,864 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 492,784 | $ 479,943 | $ 484,655 |
Less: allowance for doubtful accounts | 66 | 152 | 410 |
Accounts receivable-net | 492,718 | 479,791 | 484,245 |
Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Billed | 340,548 | 252,467 | 208,635 |
Unbilled | 71,464 | 77,135 | 135,072 |
Accounts receivable-gross | 412,012 | 420,737 | 419,598 |
Construction Material Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 64,128 | 42,192 | 54,165 |
Other Business Products and Services [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 16,644 | 17,014 | 10,892 |
Retentions [Member] | Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 0 | $ 91,135 | $ 75,891 |
Receivables, Net - Additional I
Receivables, Net - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Back charges claims | $ 1,600,000 | $ 1,100,000 | $ 300,000 |
Uncollectible Receivables [Member] | Retentions [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Notes Loans and Financing Receivable Gross Current | $ 0 | $ 0 | $ 0 |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 20,014 | $ 67,775 | $ 47,821 |
Long-term marketable securities | 61,191 | 65,015 | 59,990 |
Total marketable securities | 81,205 | 132,790 | 107,811 |
U.S. Government and agency obligations [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 15,000 | 17,910 | 12,909 |
Long-term marketable securities | 61,191 | 59,993 | 59,990 |
Commercial paper [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 0 | 49,865 | 34,912 |
Corporate bonds [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 5,014 | 0 | 0 |
Long-term marketable securities | $ 0 | $ 5,022 | $ 0 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Marketable Securities [Abstract] | |||
Due within one year | $ 20,014 | ||
Due in one to five years | 61,191 | ||
Total marketable securities | $ 81,205 | $ 132,790 | $ 107,811 |
Fair Value Measurement Cash and
Fair Value Measurement Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | $ 62,280 | $ 47,251 | $ 38,006 |
Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 62,280 | 47,251 | 38,006 |
Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 0 | 0 | 0 |
Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 0 | 0 | 0 |
Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 56,534 | 37,284 | 38,006 |
Money Market Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 56,534 | 37,284 | 38,006 |
Money Market Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | $ 0 |
Commercial paper [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 9,967 | ||
Commercial paper [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 9,967 | ||
Commercial paper [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | ||
Commercial paper [Member] | Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | $ 0 | ||
Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,746 | ||
Restricted Cash [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,746 | ||
Restricted Cash [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 0 | ||
Restricted Cash [Member] | Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Designated as Hedging Instrument [Member] - USD ($) | May 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Level 2 [Member] | ||||
Derivatives Details | ||||
Derivative Asset | $ 500,000 | $ 1,400,000 | $ 700,000 | |
Interest Rate Swap May 2018 [Member] | ||||
Derivatives Details | ||||
Interest rate swap initial notional amount | $ 150,000,000 | |||
Maturity date | May 31, 2023 | |||
Cash flow hedge fixed rate | 2.76% | |||
Number of interest rate swap | 2 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Level 1 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | $ 81,205 | $ 132,790 | $ 107,811 |
Convertible notes | 160,765 | 0 | 0 |
Level 1 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | 80,006 | 132,002 | 107,381 |
Convertible notes | 186,410 | 0 | 0 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 80,000 | 80,000 | 120,000 |
Credit Agreement - term loan | 150,000 | 90,000 | 92,500 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | 99,000 | 55,000 | 30,000 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 81,307 | 82,190 | 123,371 |
Credit Agreement - term loan | 150,608 | 89,871 | 92,046 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | $ 99,267 | $ 55,054 | $ 29,672 |
Construction Joint Ventures - A
Construction Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)project | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)project | Jun. 30, 2017USD ($) | |
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 10 | 10 | ||
Construction Contract Value | $ 12,200,000 | $ 12,200,000 | ||
Revenue | 807,119 | $ 762,913 | 1,370,498 | $ 1,231,313 |
Net cash provided by operating activities | (75,445) | 22,686 | ||
Unconsolidated Construction Joint Venture Net (Loss) Income | $ (26,500) | 17,600 | $ (114,400) | 26,200 |
Line Item Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 1 | 1 | ||
Revenue | $ 400 | 6,800 | $ 1,200 | 14,700 |
Line Item Joint Venture One [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | 18,000 | 18,000 | ||
Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 77,300 | $ 77,300 | ||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | 20.00% | ||
Maximum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 3,700,000 | $ 3,700,000 | ||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | ||
Reporting Entitys Interest in Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 1,300,000 | $ 1,300,000 | ||
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 2,600,000 | $ 2,600,000 | ||
Joint Venture Consolidated [Member] | ||||
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 6 | 6 | ||
Construction Contract Value | $ 1,200,000 | $ 1,200,000 | ||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Revenue | 67,700 | 49,500 | 111,500 | 85,000 |
Net cash provided by operating activities | 15,100 | 19,200 | ||
Joint Venture Consolidated [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 50,500 | $ 50,500 | ||
Joint Venture Consolidated [Member] | Minimum [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | ||
Joint Venture Consolidated [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 409,700 | $ 409,700 | ||
Joint Venture Consolidated [Member] | Maximum [Member] | Consolidated Construction Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | 65.00% | ||
Partnership Interest [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 3,900,000 | $ 3,900,000 | ||
Granite Construction [Member] | ||||
Construction Joint Venture | ||||
Revenue | 1,300,000 | |||
Unconsolidated Construction Joint Venture Net (Loss) Income | (17,700) | $ (9,700) | (13,400) | $ (8,200) |
Granite Construction [Member] | Line Item Joint Venture One [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | 10,800 | 10,800 | ||
Revenue Remaining to be Recognized on Consolidated Construction Joint Ventures | $ 10,600 | 10,600 | ||
Granite Construction [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 2,300 | |||
Granite Construction [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 312,800 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | ||||
Construction Joint Venture | ||||
Revenue | 430,900 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 1,100 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Revenue | $ 190,800 |
Construction Joint Ventures - S
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets | $ 211,963 | $ 219,825 | $ 230,633 | |
Equity in Construction Joint Ventures | [1] | 237,731 | 231,887 | 214,526 |
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 792,567 | 869,782 | 828,237 | |
Unconsolidated Construction Joint Venture Liabilities | [2] | 342,760 | 462,159 | 460,052 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3],[4] | 430,671 | 452,560 | 423,104 |
Unconsolidated Construction Joint Venture Liabilities | 192,940 | 220,673 | 208,578 | |
Cash and Cash Equivalents [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 309,330 | 289,940 | 388,542 | |
Other Assets, Current and Longterm [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3] | 701,945 | 812,577 | 632,166 |
Accounts Payable [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Liabilities | $ 535,700 | $ 682,832 | $ 668,630 | |
[1] | 4Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets were amounts related to deficits in construction joint ventures that were $14.7 million as of June 30, 2018 and $15.9 million as of both December 31, 2017 and June 30, 2017 | |||
[2] | 3Partners’ 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. | |||
[3] | 1Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets were amounts related to performance guarantees that were $88.6 million as of both June 30, 2018 and December 31, 2017 and $88.9 million as of June 30, 2017. | |||
[4] | 2Included in this balance as of June 30, 2018, December 31, 2017 and June 30, 2017 was $65.8 million, $74.3 million and $81.7 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $10.6 million, $11.8 million and $9.8 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2018, December 31, 2017 and June 30, 2017, respectively. |
Construction Joint Ventures -73
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Construction Joint Venture | |||
Performance Guarantees | $ 88.6 | $ 88.6 | $ 88.9 |
Unconsolidated Joint Venture Back charges claims | 10.6 | 11.8 | 9.8 |
Deficit in unconsolidated construction joint venture | 14.7 | 15.9 | 15.9 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Construction Joint Venture | |||
Affirmative Claim Recovery Estimate | $ 65.8 | $ 74.3 | $ 81.7 |
Construction Joint Ventures -74
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | $ 449,996 | $ 515,983 | $ 689,437 | $ 967,304 | |
Unconsolidated Construction Joint Venture Cost of Revenue | 423,385 | 498,932 | 804,274 | 941,922 | |
Unconsolidated Construction Joint Venture Gross Loss | (17,948) | (9,724) | (13,927) | (8,228) | |
Other Partners Interest in Partnerships [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | [1] | 340,809 | 376,332 | 461,841 | 700,162 |
Unconsolidated Construction Joint Venture Cost of Revenue | [1] | 296,250 | 349,557 | 562,751 | 666,552 |
Reporting Entitys Interest in Joint Venture [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | 109,187 | 139,651 | 227,596 | 267,142 | |
Unconsolidated Construction Joint Venture Cost of Revenue | $ 127,135 | $ 149,375 | $ 241,523 | $ 275,370 | |
[1] | 1Partners’ interest and adjustments represents 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. |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Asphalt Terminal Entity [Member] | Limited Liability Company [Member] | Nevada [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity interest acquired | 50.00% | ||
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 310,337 | $ 160,359 | $ 156,969 |
Joint Venture Unconsolidated [Member] | Texas [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investments | 24,000 | 24,300 | 22,200 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investments | 99,495 | $ 38,469 | $ 37,170 |
Total assets | 310,300 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 20,400 | ||
Minimum [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | Equity Method Investment Directly Owned [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Ownership percentage | 25.00% | ||
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 300 | ||
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 100 | ||
Maximum [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | Equity Method Investment Indirectly Owned [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Ownership percentage | 50.00% | ||
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 68,200 | ||
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 64,600 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 99,495 | $ 38,469 | $ 37,170 |
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 99,495 | 38,469 | 37,170 |
Joint Venture Unconsolidated [Member] | Foreign Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 63,000 | 0 | 0 |
Joint Venture Unconsolidated [Member] | Equity Method investments in Real Estate Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 27,591 | 29,472 | 27,329 |
Joint Venture Unconsolidated [Member] | Equity Method Investment in Asphalt Terminal Affiliate [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 8,904 | $ 8,997 | $ 9,841 |
Investments in Affiliates - Equ
Investments in Affiliates - Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 136,953 | $ 31,320 | $ 25,246 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 173,384 | 129,039 | 131,723 | |
Equity Method Investment, Summarized Financial Information, Assets | 310,337 | 160,359 | 156,969 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 54,710 | 30,131 | 34,736 | |
Equity Method Investment, Summarized Financial Information, Long-term Liabilities | [1] | 54,383 | 31,636 | 25,595 |
Equity Method Investment, Summarized Financial Information, Total Liabilities | 109,093 | 61,767 | 60,331 | |
Equity Method Investments Summarized Financial Information Net Assets | 201,244 | 98,592 | 96,638 | |
Other Affiliates [Member] | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Assets | 310,300 | |||
Equity Method Investments | $ 99,495 | $ 38,469 | $ 37,170 | |
[1] | The balance primarily relates to debt associated with our real estate investments. The increase in the balance since December 31, 2017 is related to debt of our investments in foreign affiliates associated with purchase of equipment and buildings. |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 1,423,153 | $ 1,209,141 | $ 1,205,200 |
Accumulated depreciation and depletion | 827,366 | 801,723 | 791,121 |
Property and equipment, net | 595,787 | 407,418 | 414,079 |
Equipment and vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 933,951 | 778,549 | 774,903 |
Quarry property [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 178,809 | 182,267 | 176,041 |
Land and land improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 141,549 | 108,830 | 111,766 |
Building and leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 105,038 | 82,601 | 84,113 |
Office furniture and equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 63,806 | $ 56,894 | $ 58,377 |
Long-Term Debt and Credit Arr79
Long-Term Debt and Credit Arrangements - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | $ 488,692 | $ 224,501 | $ 241,910 |
Less current maturities | 207,982 | 46,048 | 14,796 |
Total long-term debt | 280,710 | 178,453 | 227,114 |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 80,000 | 80,000 | 120,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 150,000 | 90,000 | 92,500 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement | 99,000 | 55,000 | 30,000 |
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 160,765 | 0 | 0 |
Other notes payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (1,073) | $ (499) | $ (590) |
Long-Term Debt and Credit Arr80
Long-Term Debt and Credit Arrangements - Additional Information (Details) - USD ($) | Jun. 14, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | May 31, 2018 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Maturities, Repayments of Principal in the Remainder of 2018 | $ 204,500,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2019 | 47,500,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2020 | 7,500,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2021 | 7,500,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2022 | 7,500,000 | ||||
Long-term Debt, Maturities, Repayments of Principal , thereafter | 215,300,000 | ||||
Long-term debt | 280,710,000 | $ 227,114,000 | $ 178,453,000 | ||
Current maturities of long-term debt | 207,982,000 | 14,796,000 | 46,048,000 | ||
Line of credit facility, maximum borrowing capacity | 500,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 300,000,000 | ||||
Line of Credit, Current | 150,000,000 | ||||
Line of Credit, minimum cash balance | 150,000,000 | ||||
Line of Credit Facility, Increase (Decrease), Net | 100,000,000 | ||||
Letters of Credit Outstanding, Amount | 33,000,000 | 0 | |||
Proceeds from long-term debt | $ 105,250,000 | 0 | |||
Consolidated Leverage Ratio, Maximum | 0.0300 | ||||
Consolidated Interest Coverage Ratio, Actual | 0.2392 | ||||
Consolidated Interest Coverage Ratio, Covenant | 0.0400 | ||||
Layne Christensen Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Acquisition purchase price | $ 349,840,000 | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio financial covenant | 0.0300 | ||||
Acquisition purchase price | $ 100,000,000 | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio financial covenant | 0.0350 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 350,000,000 | ||||
Proceeds from long-term debt | 99,000,000 | 30,000,000 | 55,000,000 | ||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | 7,500,000 | 5,000,000 | 6,200,000 | ||
Long-term debt | $ 142,500,000 | 87,500,000 | 83,800,000 | ||
Debt instrument redemption price percentage | 1.25% | ||||
8.0 % Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock conversion rate | 23.1305 | ||||
Common stock conversion principal amount | $ 1,000 | ||||
Conversion price per share | $ 43.23 | ||||
8.0 % Convertible Notes [Member] | Layne Christensen Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | |||
Debt instrument, fair value | $ 121,600,000 | ||||
Debt instrument frequency of periodic payment | convertible notes that have an interest rate of 8.0% per annum, payable semi-annually on May 1 and November 1 (“8.0% Convertible Notes”). | ||||
Debt instrument maturity, Ending date | Aug. 15, 2018 | ||||
Debt Instrument, maturity date, description | The 8.0% Convertible Notes mature on May 1, 2019; however, if any of the then outstanding 4.25% Convertible Notes remain outstanding on August 15, 2018, the 8.0% Convertible Notes will mature on August 15, 2018 (“Maturity Date”). | ||||
Debt instrument maturity date | May 1, 2019 | ||||
Debt instrument, extended maturity date | Aug. 15, 2018 | ||||
Senior Notes [Member] | 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 80,000,000 | 120,000,000 | 80,000,000 | ||
Debt instrument, interest rate, stated percentage | 6.11% | ||||
Long-term debt | $ 40,000,000 | 110,000,000 | $ 40,000,000 | ||
Current maturities of long-term debt | 40,000,000 | 10,000,000 | |||
Senior Notes [Member] | 2019 Notes [Member] | Long-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Maturities, Repayments of Principal in the Remainder of 2018 | 0 | $ 30,000,000 | |||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 218,000,000 | ||||
Consolidated leverage ratio financial covenant | 0.0210 | ||||
Debt Instrument, Basis Spread on Variable Rate, LIBOR Loans | 1.63% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.63% | ||||
Derivative, Variable Interest Rate | 2.76% | ||||
Consolidated Fixed Charge Coverage Ratio, Minimum, Collateral Release Period | 1.25 | ||||
Consolidated Leverage Ratio, Maximum, Collateral Release Period | 2.50 | ||||
Consolidated Tangible Net Worth, Actual | $ 1,000,000,000 | ||||
Consolidated Tangible Net Worth, Covenant | $ 757,300,000 | ||||
Line of Credit [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate at Period End | 3.96% | ||||
Line of Credit [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate at Period End | 5.63% | ||||
Convertible Notes [Member] | 8.0 % Convertible Notes [Member] | Layne Christensen Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | $ 90,900,000 | ||||
Additional paid-in capital | $ 30,700,000 | ||||
Convertible Notes [Member] | 4.25% Notes due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock conversion rate | 11.8012 | ||||
Common stock conversion principal amount | $ 1,000 | ||||
Conversion price per share | $ 84.74 | ||||
Convertible Notes [Member] | 4.25% Notes due 2018 [Member] | Layne Christensen Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.25% | ||||
Current maturities of long-term debt | $ 69,900,000 | ||||
Debt instrument, fair value | $ 69,900,000 | ||||
Debt instrument frequency of periodic payment | convertible notes that have an interest rate of 4.25% per annum, payable semi-annually in arrears on May 15 and November 15 (“4.25% Convertible Notes”). | ||||
Debt instrument maturity, Beginning date | May 31, 2015 | ||||
Debt instrument maturity, Ending date | Nov. 30, 2015 | ||||
Debt instrument, extended maturity date | Nov. 30, 2015 |
Weighted Average Shares Outst81
Weighted Average Shares Outstanding and Net (Loss) Income Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income allocated to common shareholders for basic calculation | $ (8,385) | $ 14,133 | $ (19,808) | $ (9,657) |
Effect of dilutive convertible notes | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding, basic | 41,044 | 39,827 | 40,074 | 39,738 |
Dilutive effect of convertible notes, restricted stock units and common stock options | 0 | 566 | 0 | 0 |
Weighted average common shares outstanding, diluted | 41,044 | 40,393 | 40,074 | 39,738 |
Net (loss) income per share, basic | $ (0.20) | $ 0.35 | $ (0.49) | $ (0.24) |
Net (loss) income per share, diluted | $ (0.20) | $ 0.35 | $ (0.49) | $ (0.24) |
Weighted Average Shares Outst82
Weighted Average Shares Outstanding and Net (Loss) Income Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net (Loss) Income Per Share (Parenthetical) (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive shares excluded from calculating diluted net loss per share | 960,000 | 732,000 | 618,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ 2,796 | $ 8,088 | $ (1,335) | $ (4,408) |
Effective tax rate | (85.10%) | 33.20% | 7.80% | 36.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | (85.10%) | 33.20% | 7.80% | 36.80% | |
Federal statutory tax, Percent | 21.00% | 35.00% | |||
Uncertain tax position noncurrent liability | $ 15 | $ 15 |
Equity - Schedule of Stockholde
Equity - Schedule of Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | $ 992,805 | $ 922,591 | |||||
Net (loss) income | $ (6,081) | $ 16,272 | (15,743) | (7,579) | |||
Purchase of common stock | (6,165) | [1] | (6,568) | [2] | |||
Dividends on common stock | (11,146) | (10,354) | |||||
Effect of adopting Topic 606 | (15,202) | ||||||
Issuance of common stock for Layne acquisition | [3] | 321,123 | |||||
Transactions with non-controlling interests | (6,400) | ||||||
Other transactions with shareholders and employees | [4] | 11,012 | 11,987 | ||||
Stockholders' equity, ending balance | 1,300,986 | 910,077 | 1,300,986 | 910,077 | |||
8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Premium on convertible 8% notes | [5] | 30,702 | 30,702 | ||||
Granite Construction [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | 945,108 | 885,988 | |||||
Net (loss) income | (19,808) | (9,657) | |||||
Purchase of common stock | (6,165) | [1] | (6,568) | [2] | |||
Dividends on common stock | (11,146) | (10,354) | |||||
Effect of adopting Topic 606 | (15,202) | ||||||
Issuance of common stock for Layne acquisition | [3] | 321,075 | |||||
Transactions with non-controlling interests | 0 | ||||||
Other transactions with shareholders and employees | [4] | 11,012 | 11,987 | ||||
Stockholders' equity, ending balance | 1,255,576 | 871,396 | 1,255,576 | 871,396 | |||
Granite Construction [Member] | 8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Premium on convertible 8% notes | [5] | 30,702 | 30,702 | ||||
Noncontrolling Interest [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | 47,697 | 36,603 | |||||
Net (loss) income | 4,065 | 2,078 | |||||
Purchase of common stock | 0 | [1] | 0 | [2] | |||
Dividends on common stock | 0 | 0 | |||||
Effect of adopting Topic 606 | 0 | ||||||
Issuance of common stock for Layne acquisition | [3] | 48 | |||||
Transactions with non-controlling interests | (6,400) | ||||||
Other transactions with shareholders and employees | [4] | 0 | 0 | ||||
Stockholders' equity, ending balance | 45,410 | $ 38,681 | 45,410 | $ 38,681 | |||
Noncontrolling Interest [Member] | 8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Premium on convertible 8% notes | [5] | $ 0 | $ 0 | ||||
[1] | Represents 104,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. | ||||||
[2] | Represents 133,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. | ||||||
[3] | Represents 5,624,000 shares issued in connection with the Layne acquisition wherein each share of Layne common stock was exchanged for 0.27 shares of Granite common stock. See Note 3 for further information. | ||||||
[4] | Amounts are comprised primarily of amortized restricted stock units. | ||||||
[5] | Represents premium associated with the conversion feature on the 8.0% Convertible Notes assumed from the acquisition of Layne. See Note 14 for further discussion. |
Equity - Schedule of Stockhol86
Equity - Schedule of Stockholders Equity (Parenthetical) (Details) - shares | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 14, 2018 | |
Stockholders Equity Rollforward [Line Items] | |||
Shares Purchased for Tax Withholding for Share Based Compensation | 104,000,000 | 133,000,000 | |
Layne Christensen Company [Member] | |||
Stockholders Equity Rollforward [Line Items] | |||
Stock issued during period, shares, acquisitions | 5,624,000 | ||
Stock-for-stock merger exchange ratio | 0.27% | ||
Layne Christensen Company [Member] | 8.0 % Convertible Notes [Member] | |||
Stockholders Equity Rollforward [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Commitments And Contingencies Disclosure [Abstract] | |||
Liabilities relating to legal proceedings and government inquires | $ 1 | $ 0.9 | $ 1 |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 807,119 | $ 762,913 | $ 1,370,498 | $ 1,231,313 | |
Gross profit | 80,369 | 74,570 | 136,652 | 99,696 | |
Segment assets | 2,556,325 | 1,803,145 | 2,556,325 | 1,803,145 | $ 1,871,978 |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 852,368 | 806,974 | 1,423,347 | 1,289,478 | |
Gross profit | 80,369 | 74,570 | 136,652 | 99,696 | |
Depreciation, depletion and amortization | 25,037 | 13,939 | 38,100 | 26,017 | |
Segment assets | 1,247,273 | 750,415 | 1,247,273 | 750,415 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (45,249) | (44,061) | (52,849) | (58,165) | |
Construction Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 432,225 | 429,269 | 701,468 | 656,118 | |
Construction Segment [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 432,225 | 429,269 | 701,468 | 656,118 | |
Gross profit | 61,551 | 60,900 | 99,947 | 88,229 | |
Depreciation, depletion and amortization | 9,645 | 5,441 | 14,699 | 10,435 | |
Segment assets | 608,116 | 142,456 | 608,116 | 142,456 | |
Construction Segment [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Large Project Construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 273,946 | 254,463 | 522,360 | 461,496 | |
Large Project Construction [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 273,946 | 254,463 | 522,360 | 461,496 | |
Gross profit | 1,338 | 489 | 21,704 | 3,044 | |
Depreciation, depletion and amortization | 9,318 | 3,081 | 11,917 | 4,967 | |
Segment assets | 335,036 | 312,891 | 335,036 | 312,891 | |
Large Project Construction [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Construction Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 100,948 | 79,181 | 146,670 | 113,699 | |
Construction Materials [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 146,197 | 123,242 | 199,519 | 171,864 | |
Gross profit | 17,480 | 13,181 | 15,001 | 8,423 | |
Depreciation, depletion and amortization | 6,074 | 5,417 | 11,484 | 10,615 | |
Segment assets | 304,121 | 295,068 | 304,121 | 295,068 | |
Construction Materials [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ (45,249) | $ (44,061) | $ (52,849) | $ (58,165) |
Business Segment Information 89
Business Segment Information - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Segment Reporting Information [Line Items] | |||
Property and equipment, net | $ 595,787 | $ 407,418 | $ 414,079 |
Foreign Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Property and equipment, net | $ 21,200 |
Business Segment Information 90
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Gross profit | $ 80,369 | $ 74,570 | $ 136,652 | $ 99,696 |
Selling, general and administrative expenses | 61,316 | 51,388 | 122,568 | 113,225 |
Acquisition and integration expenses | 26,287 | 0 | 34,696 | 0 |
Gain on sales of property and equipment | (1,505) | (807) | (2,048) | (1,077) |
Total other income | (2,444) | (371) | (1,486) | (465) |
(Loss) income before provision for (benefit from) income taxes | (3,285) | 24,360 | (17,078) | (11,987) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | $ 80,369 | $ 74,570 | $ 136,652 | $ 99,696 |