Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 23, 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 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 46,897,218 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Current assets | |||
Cash and cash equivalents ($125,165, $94,359 and $71,328 related to consolidated construction joint ventures (“CCJVs”)) | $ 230,259 | $ 233,711 | $ 185,516 |
Short-term marketable securities | 35,010 | 67,775 | 47,814 |
Receivables, net ($26,142, $52,031 and $51,079 related to CCJVs) | 618,070 | 479,791 | 627,081 |
Contract assets ($20,968, $0 and $0 related to CCJVs) | 213,989 | 0 | 0 |
Costs and estimated earnings in excess of billings ($0, $1,437 and $3,035 related to CCJVs) | 0 | 103,965 | 94,527 |
Inventories | 90,789 | 62,497 | 62,059 |
Assets held for sale | 62,988 | 0 | 0 |
Equity in construction joint ventures | 273,993 | 247,826 | 242,358 |
Other current assets ($11,361, $10,384 and $6,033 related to CCJVs) | 32,185 | 36,513 | 26,612 |
Total current assets | 1,557,283 | 1,232,078 | 1,285,967 |
Property and equipment, net ($36,061, $38,361 and $33,754 related to CCJVs) | 560,618 | 407,418 | 412,174 |
Long-term marketable securities | 46,093 | 65,015 | 69,991 |
Investments in affiliates | 84,840 | 38,469 | 39,946 |
Goodwill | 244,696 | 53,799 | 53,799 |
Deferred income taxes, net | 6,408 | 0 | 0 |
Other noncurrent assets | 143,910 | 75,199 | 85,411 |
Total assets | 2,643,848 | 1,871,978 | 1,947,288 |
Current liabilities | |||
Current maturities of long-term debt | 116,796 | 46,048 | 14,796 |
Accounts payable ($33,426, $34,795 and $27,443 related to CCJVs) | 316,917 | 237,673 | 286,913 |
Contract liabilities ($67,139, $0 and $0 related to CCJVs) | 117,759 | 0 | 0 |
Billings in excess of costs and estimated earnings ($0, $37,701 and $38,581 related to CCJVs) | 0 | 135,146 | 168,707 |
Accrued expenses and other current liabilities ($1,975, $2,126 and $1,354 related to CCJVs) | 296,033 | 236,407 | 246,775 |
Total current liabilities | 847,505 | 655,274 | 717,191 |
Long-term debt | 316,926 | 178,453 | 225,922 |
Deferred income taxes, net | 5,589 | 1,361 | 5,932 |
Other long-term liabilities | 67,429 | 44,085 | 46,435 |
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: 46,897,092 shares as of September 30, 2018, 39,871,314 shares as of December 31, 2017 and 39,850,587 shares as of September 30, 2017 | 469 | 399 | 399 |
Additional paid-in capital | 572,046 | 160,376 | 157,734 |
Accumulated other comprehensive income | 1,841 | 634 | 240 |
Retained earnings | 786,936 | 783,699 | 756,183 |
Total Granite Construction Incorporated shareholders’ equity | 1,361,292 | 945,108 | 914,556 |
Non-controlling interests | 45,107 | 47,697 | 37,252 |
Total equity | 1,406,399 | 992,805 | 951,808 |
Total liabilities and equity | $ 2,643,848 | $ 1,871,978 | $ 1,947,288 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Cash and cash equivalents | $ 230,259 | $ 233,711 | $ 185,516 |
Receivables, Net | 618,070 | 479,791 | 627,081 |
Contract assets | 213,989 | 0 | 0 |
Costs and estimated earnings in excess of billings | 0 | 103,965 | 94,527 |
Other current assets | 32,185 | 36,513 | 26,612 |
Property and equipment, net | 560,618 | 407,418 | 412,174 |
Accounts payable | 316,917 | 237,673 | 286,913 |
Contract liabilities | 117,759 | 0 | 0 |
Billings in excess of costs and estimated earnings | 0 | 135,146 | 168,707 |
Accrued expenses and other current liabilities | $ 296,033 | $ 236,407 | $ 246,775 |
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 | 46,897,092 | 39,871,314 | 39,850,587 |
Common Stock, Shares, Outstanding | 46,897,092 | 39,871,314 | 39,850,587 |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||
Cash and cash equivalents | $ 125,165 | $ 94,359 | $ 71,328 |
Receivables, Net | 26,142 | 52,031 | 51,079 |
Contract assets | 20,968 | 0 | 0 |
Costs and estimated earnings in excess of billings | 0 | 1,437 | 3,035 |
Other current assets | 11,361 | 10,384 | 6,033 |
Property and equipment, net | 36,061 | 38,361 | 33,754 |
Accounts payable | 33,426 | 34,795 | 27,443 |
Contract liabilities | 67,139 | 0 | 0 |
Billings in excess of costs and estimated earnings | 0 | 37,701 | 38,581 |
Accrued expenses and other current liabilities | $ 1,975 | $ 2,126 | $ 1,354 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | ||||
Total revenue | $ 1,055,591 | $ 957,126 | $ 2,426,089 | $ 2,188,439 |
Cost of revenue | ||||
Total cost of revenue | 911,100 | 842,596 | 2,144,946 | 1,974,213 |
Gross profit | 144,491 | 114,530 | 281,143 | 214,226 |
Selling, general and administrative expenses | 70,769 | 49,501 | 193,337 | 162,726 |
Acquisition and integration expenses | 9,334 | 0 | 44,030 | 0 |
Gain on sales of property and equipment | (3,018) | (1,753) | (5,066) | (2,830) |
Operating income | 67,406 | 66,782 | 48,842 | 54,330 |
Other (income) expense | ||||
Interest income | (1,533) | (1,141) | (4,227) | (3,356) |
Interest expense | 4,452 | 2,660 | 10,090 | 8,097 |
Equity in income of affiliates | (1,769) | (2,732) | (5,527) | (4,907) |
Other income, net | (1,533) | (1,309) | (2,205) | (2,821) |
Total other income | (383) | (2,522) | (1,869) | (2,987) |
Income before provision for income taxes | 67,789 | 69,304 | 50,711 | 57,317 |
Provision for income taxes | 8,692 | 21,249 | 7,357 | 16,841 |
Net income | 59,097 | 48,055 | 43,354 | 40,476 |
Amount attributable to non-controlling interests | (3,425) | (2,073) | (7,490) | (4,151) |
Net income attributable to Granite Construction Incorporated | $ 55,672 | $ 45,982 | $ 35,864 | $ 36,325 |
Net income per share attributable to common shareholders (see Note 15) | ||||
Basic | $ 1.20 | $ 1.15 | $ 0.84 | $ 0.91 |
Diluted | $ 1.17 | $ 1.14 | $ 0.84 | $ 0.90 |
Weighted average shares of common stock | ||||
Basic | 46,308 | 39,844 | 42,443 | 39,774 |
Diluted | 47,810 | 40,387 | 42,910 | 40,367 |
Dividends per common share | $ 0.13 | $ 0.13 | $ 0.39 | $ 0.39 |
Transportation [Member] | ||||
Revenue | ||||
Total revenue | $ 610,847 | $ 624,727 | $ 1,472,703 | $ 1,423,396 |
Cost of revenue | ||||
Total cost of revenue | 539,871 | 559,187 | 1,334,302 | 1,303,489 |
Water [Member] | ||||
Revenue | ||||
Total revenue | 124,292 | 36,378 | 215,951 | 100,944 |
Cost of revenue | ||||
Total cost of revenue | 100,189 | 34,573 | 174,834 | 91,172 |
Specialty [Member] | ||||
Revenue | ||||
Total revenue | 190,836 | 197,886 | 461,149 | 452,265 |
Cost of revenue | ||||
Total cost of revenue | 162,737 | 170,089 | 395,838 | 395,529 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 129,616 | 98,135 | 276,286 | 211,834 |
Cost of revenue | ||||
Total cost of revenue | $ 108,303 | $ 78,747 | $ 239,972 | $ 184,023 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 59,097 | $ 48,055 | $ 43,354 | $ 40,476 |
Other comprehensive income, net of tax: | ||||
Net unrealized gain (loss) on derivatives | 2,289 | 46 | 1,555 | (163) |
Less: reclassification for net (gains) losses included in interest expense | (1,719) | 25 | (157) | 141 |
Net change | 570 | 71 | 1,398 | (22) |
Foreign currency translation adjustments, net | 249 | 98 | (189) | 633 |
Other comprehensive income | 819 | 169 | 1,209 | 611 |
Comprehensive income | 59,916 | 48,224 | 44,563 | 41,087 |
Non-controlling interests in comprehensive income | (3,425) | (2,073) | (7,490) | (4,151) |
Comprehensive income attributable to Granite Construction Incorporated | $ 56,491 | $ 46,151 | $ 37,073 | $ 36,936 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 43,354 | $ 40,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 77,816 | 48,522 |
Gain on sales of property and equipment | (5,066) | (2,830) |
Change in deferred income taxes | (2,207) | 0 |
Stock-based compensation | 12,621 | 13,580 |
Equity in net loss from unconsolidated joint ventures | 16,343 | 15,415 |
Net income from affiliates | (5,527) | (4,907) |
Changes in assets and liabilities, net of the effects of acquisitions in 2018: | ||
Receivables | (154,996) | (207,908) |
Costs and estimated earnings in excess of billings, net | 0 | 14,726 |
Contract assets, net | 355 | 0 |
Inventories | (4,283) | (6,814) |
Contributions to unconsolidated construction joint ventures | (89,000) | (3,937) |
Distributions from unconsolidated construction joint ventures | 15,581 | 33,374 |
Other assets, net | 30,728 | 10,523 |
Accounts payable | 41,672 | 90,799 |
Accrued expenses and other current liabilities, net | 37,352 | 23,595 |
Net cash provided by operating activities | 14,743 | 64,614 |
Investing activities | ||
Purchases of marketable securities | (9,952) | (79,708) |
Maturities of marketable securities | 60,000 | 90,000 |
Purchases of property and equipment ($15,040 and $13,537 related to CCJVs) | (86,131) | (56,808) |
Proceeds from sales of property and equipment | 9,480 | 5,107 |
Cash paid to purchase businesses, net of cash and restricted cash acquired | (55,030) | 0 |
Other investing activities, net | 320 | 2,321 |
Net cash used in investing activities | (81,313) | (39,088) |
Financing activities | ||
Proceeds from debt | 143,250 | 0 |
Debt principal repayments | (42,149) | (3,750) |
Cash dividends paid | (16,328) | (15,506) |
Repurchases of common stock | (6,369) | (6,713) |
Distributions to non-controlling partners, net | (10,128) | (3,500) |
Other financing activities, net | 441 | 133 |
Net cash provided by (used in) financing activities | 68,717 | (29,336) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,147 | (3,810) |
Cash and cash equivalents at beginning of period | 233,711 | 189,326 |
Cash, cash equivalents and restricted cash of $5,599 at end of period | 235,858 | 185,516 |
Cash paid during the period for: | ||
Interest | 9,029 | 6,720 |
Income taxes | 8,576 | 2,689 |
Other non-cash operating activities: | ||
Performance guarantees | 0 | 5,761 |
Non-cash investing and financing activities: | ||
Common stock issued in acquisition | 321,075 | 0 |
Common stock issued in conversion of 8% Convertible Notes | 53,086 | 0 |
Premium on 8.0% Convertible Notes | 30,702 | 0 |
Restricted stock units issued, net of forfeitures | 13,537 | 11,184 |
Accrued cash dividends | 6,097 | 5,181 |
Accrued equipment purchases | $ 4,783 | $ 2,440 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Purchases of property and equipment | $ (86,131) | $ (56,808) |
Restricted cash and cash equivalents | $ 5,599 | 0 |
8.0 % Convertible Notes [Member] | ||
Debt instrument, interest rate, stated percentage | 8.00% | |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ||
Purchases of property and equipment | $ 15,040 | $ 13,537 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 September 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 nine months ended September 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, 'Statement of Cash Flows (Topic 230): Restricted Cash, 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. 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. 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. The impact from foreign currency transactions was immaterial for both the three and nine months ended September 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 cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Nine Months Ended September 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 230,259 185,516 Restricted cash 5,599 — Total cash, cash equivalents and restricted cash, end of period 235,858 185,516 Net increase (decrease) in cash, cash equivalents and restricted cash $ 2,147 $ (3,810 ) 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 September 30, 2018 , inventory included $18.4 million of supplies related to the Water and Mineral Services operating group. Assets Held for Sale: During the three months ended September 30, 2018 , management approved the plan to sell certain non-core assets and the associated liabilities related to the water delivery business within our Water and Mineral Services operating group. We expect to complete the sale of the assets during the fourth quarter of 2018. The reclassification of the related assets of the disposal group includes approximately $41.8 million of property, plant and equipment and goodwill of $13.5 million. Recent Developme nts: During the three months ended September 30, 2018, we revised our reportable segments, which are the same as our operating segments, as a result of a change in how our chief operating decision maker (our Chief Executive Officer) regularly reviews financial information to allocate resources and assess performance. This change is consistent with our strategic, end-market diversification strategy. Our new reportable segments which correspond to this end-market focus are: Transportation, Water, Specialty and Materials. The end-market segments Transportation, Water and Specialty replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of certain material production activity related to the acquisition of Layne . Prior-year information has been recast to reflect this change. See Note 19 for further information regarding our reportable segments. Goodwill: As a result of the change in our reportable segments, we reassessed our reporting units and have determined we have eight reporting units in which goodwill was recorded as follows: • Midwest Group Transportation • Midwest Group Specialty • Northwest Group Transportation • Northwest Group Materials • California Group Transportation • Water and Mineral Services Group Water • Water and Mineral Services Group Specialty • Water and Mineral Services Group Materials Goodwill was reallocated to these reporting units based on their relative fair values. The following table presents the goodwill balance by reportable segment: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Transportation $ 19,798 $ 19,798 $ 19,798 Water 135,230 618 618 Specialty 39,821 31,437 31,437 Materials 49,847 1,946 1,946 Total goodwill $ 244,696 $ 53,799 $ 53,799 We perform our goodwill impairment tests annually as of November 1 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • a more likely than not expectation that a segment or a significant portion thereof will be sold; or • the testing for recoverability of a significant asset group within the segment. Due to the change in reportable segments and the resulting change to reporting units, we conducted an impairment test both before and after the change in accordance with ASC Topic 350, Intangibles - Goodwill and Other. fluctuations in results. The results of the quantitative goodwill impairment tests indicated that the estimated fair values of these reporting units exceeded their net book values (i.e., cushion) by at least 40%. We performed a qualitative assessment on the remaining six reporting units with goodwill balances as we determined that it was more likely than not that the fair value of these reporting units was greater than the carrying value consistent with our conclusion in 2017. After assessing the totality of events and circumstances, we determined that it is more likely than not that the fair value of these reporting units were greater than the carrying amounts; therefore, a quantitative goodwill impairment test was not performed. Reclassifications : Certain reclassifications of prior period amounts have been made to conform to the current period presentation. These reclassifications included $2.6 million and $4.8 million during the three and nine months ended September 30, 2017, respectively, of gross profit to the Materials segment primarily from the Transportation segment to better align costs with the respective segments . These reclassifications had no impact on previously reported operating income (loss) or net income (loss), or on the consolidated balance sheets or statements of cash flows. 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 Materials segment, it did impact revenue of our Transportation, Water and Specialty 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 Transportation segment that has multiple performance obligations. • Multiple contracts – We reviewed contracts containing task orders and identified one master contract in our Water segment 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 Specialty 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 Transportation 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. Notes 5, 6 and 7 include information relating to our adoption of Topic 606. Note 5 includes information regarding our revenue disaggregated by operating group, Note 6 includes information regarding unearned revenue and Note 7 includes information regarding our contract assets and liabilitis. 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 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 Transportation, Water and Specialty 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 Transportation, Water and Specialty 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 Transportation, Water and Specialty 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 nine months ended September 30, 2018 Typically, performance obligations related to contracts in our Transportation, Water and Specialty 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 Transportation, Water and Specialty 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. 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 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 $1.9 billion of the September 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. 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 September 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 September 30, 2018 September 30, 2018 September 30, 2018 Condensed Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 618,070 $ 733,368 $ (115,298 ) Contract assets 213,989 — 213,989 Costs and estimated earnings in excess of billings — 141,525 (141,525 ) Deferred income taxes, net 6,408 1,136 5,272 Liabilities and equity Contract liabilities $ 117,759 $ — $ 117,759 Billings in excess of costs and estimated earnings — 158,228 (158,228 ) Accrued expenses and other current liabilities 296,033 286,681 9,352 Retained earnings 786,936 793,381 (6,445 ) Three Months Ended September 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 610,847 $ 607,413 $ 3,434 Water 124,292 119,977 4,315 Specialty 190,836 192,158 (1,322 ) Materials 129,616 129,616 — Total revenue 1,055,591 1,049,164 6,427 Cost of revenue Transportation $ 539,871 $ 541,934 $ (2,063 ) Water 100,189 100,189 — Specialty 162,737 162,737 — Materials 108,303 108,303 — Total cost of revenue 911,100 913,163 (2,063 ) Gross profit 144,491 136,001 8,490 Operating income 67,406 58,916 8,490 Provision for income taxes 8,692 6,603 2,089 Net income 59,097 52,697 6,400 Net income attributable to Granite Construction Incorporated 55,672 49,272 6,400 Nine Months Ended September 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 1,472,703 $ 1,468,253 $ 4,450 Water 215,951 213,157 2,794 Specialty 461,149 461,977 (828 ) Materials 276,286 276,286 — Total revenue 2,426,089 2,419,673 6,416 Cost of revenue Transportation $ 1,334,302 $ 1,339,443 $ (5,141 ) Water 174,834 174,834 — Specialty 395,838 395,838 — Materials 239,972 239,972 — Total cost of revenue 2,144,946 2,150,087 (5,141 ) Gross profit 281,143 269,585 11,558 Operating income 48,842 37,284 11,558 Provision for income taxes 7,357 4,554 2,803 Net income 43,354 34,599 8,755 Net income attributable to Granite Construction Incorporated 35,864 27,109 8,755 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 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, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 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. We paid $321.0 million of the purchase price 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 the issuance of company common stock and the settlement of various equity awards in cash, 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”). We completed our acquisition of Layne on June 14, 2018 and have included its operating results in our condensed consolidated statements of operations since the acquisition date. Revenue attributable to Layne for the three and nine months ended September 30, 2018 was $129.1 million and $150.6 million, respectively, and net income before taxes attributable to Layne for the three months ended September 30, 2018 was $8.6 million and net losses before taxes for the nine months ended September 30, 2018 were $6.7 million. Net income (loss) before taxes for the three and nine months ended September 30, 2018 included Layne's portion of total pre-tax acquisition and integration expenses of $3.4 million and $18.1 million, respectively. 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). During the three months ended September 30, 2018, we made measurement period adjustments to reflect facts and circumstances in existence as of the acquisition date. In addition, we reflected a correction to decrease the investments in affiliates balance and to increase the goodwill balance as of June 30, 2018 by $7.6 million. As we continue to integrate the acquired business, we may obtain additional information on the acquired identifiable intangible assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and resulting fair values. Assets Cash $ 2,995 Receivables 70,160 Contract assets 44,947 Inventories 23,424 Other current assets 5,533 Property and equipment 185,353 Investments in affiliates 55,400 Deferred income taxes 24,335 Other noncurrent assets 17,868 Total tangible assets 430,015 Identifiable intangible assets 58,448 Liabilities Identifiable intangible liabilities 6,700 Accounts payable 38,321 Contract liabilities 7,854 Accrued expenses and other current liabilities 47,583 Long-term debt 191,500 Other long-term liabilities 31,893 Total liabilities assumed 323,851 Total identifiable net assets acquired 164,612 Goodwill 185,228 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 Company’s Third Amendment and Restated Credit Agreement described more fully in Note 14 Water 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 September 30, 2018 Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 7 $ 33,391 $ (2,813 ) $ 30,578 Backlog 3 9,488 (4,013 ) 5,475 Developed technologies 4 9,276 (817 ) 8,459 Trademarks/trade names 4 8,996 (770 ) 8,226 Favorable contracts 3 4,900 (1,511 ) 3,389 Covenants not to compete and other 5 873 (103 ) 770 Intangible assets $ 66,924 $ (10,027 ) $ 56,897 Liabilities Unfavorable contracts 2 $ 6,897 $ (3,209 ) $ 3,688 Unfavorable leases 1 300 (88 ) 212 Intangible liabilities $ 7,197 $ (3,297 ) $ 3,900 The net a mortization expense related to the acquired amortized intangible assets and liabilities for the three and nine months ended September 30, 2018 was $ .2 million and $6.7 million, respectively, 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 September 30, 2018 is expected to be recorded in the future as follows: $4.6 million for the remainder of 2018; $16.2 million in 2019; $11.3 million in 2020; $8.7 million in 2021; and $ .1 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. For the Layne acquisition, we recorded $128.9 million, $47.9 million, and $8.4 million of goodwill allocated to our Water, Materials and Specialty reportable segments, respectively. Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 185,228 LiquiForce acquisition goodwill 19,264 Reclassification of goodwill to assets held for sale (13,450 ) Goodwill translation adjustment (145 ) Balance at September 30, 2018 $ 244,696 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 January 1, 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 on January 1, 2017. Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 Revenue $ 1,087,111 $ 2,638,664 $ 2,539,178 Net income (loss) 39,550 81,151 (25,271 ) Net income (loss) attributable to Granite 37,477 73,661 (29,422 ) Basic net income (loss) per share attributable to common shareholders 0.82 1.61 (0.65 ) Diluted net income (loss) per share attributable to common shareholders 0.80 1.60 (0.65 ) 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 nine months ended September 30, 2018 are reflected in the three and nine months ended September 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 nine months ended September 30, 2018 were comprised of the following (in thousands) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Professional services and other expenses $ 7,083 $ 33,556 Severance and personnel costs 2,251 10,474 Total $ 9,334 $ 44,030 |
Revisions in Estimates
Revisions in Estimates | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and for the three months ended September 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 nine months ended September 30, 2018 September 30, 2018 Revisions in estimates for the three and nine months ended September 30, 2017 included net increases in revenue of $11.5 million and $25.5 million, respectively, related to the estimated cost recovery of customer affirmative claims, which included increases of $11.0 million and $25.1 million, respectively, that were also affected by an increase in estimated contract costs in excess of the estimated recovery during the three and nine months ended September 30, 2017. The remaining increases of $0.5 million and $0.4 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 nine months ended September 30, 2018 and during September 30, 2018 . reduction in cost of revenue Revisions in estimates for the three and nine months ended September 30, 2017 included reductions in cost of revenue of $0.6 million and $3.6 million, respectively, related to the estimated recovery of back charges of which $0.6 million and $2.0 million, respectively, had estimated contract costs in excess of estimated cost recovery during the three and nine months ended September 30, 2017 The remaining reduction in cost of revenue of $1.6 million during the nine months ended September 30, 2017 had estimated contract costs in excess of estimated cost recovery that were recorded in prior periods The table below includes 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. The changes in project profitability from revisions in estimates, which individually had an impact of $5.0 million $5.0 million Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 2 1 4 6 Range of reduction in gross profit from each project, net $ 7.3 - 12.0 $ 12.7 $ 5.2 - 25.6 $ 5.1 - 14.5 Decrease to project profitability $ 19.3 $ 12.7 $ 57.8 $ 56.8 The decreases during the three and nine months ended September 30, 2018 and 2017 were due to additional costs and lower productivity than originally anticipated as well as additional weather related costs and a decrease in estimated recovery from customer affirmative claims. There were no amounts attributable to non-controlling interests for the three and nine months ended September 30, 2018 and the three months ended September 30, 2017. A were $2.1 million of the decreases for the nine months ended September 30, 2017 As of September 30, 2018 |
Disaggregation of Revenue
Disaggregation of Revenue | 9 Months Ended |
Sep. 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: Transportation, Water, Specialty and Materials. Our operating groups are: (i) California; (ii) Northwest; (iii) Heavy Civil; (iv) Federal (formerly included with Heavy Civil); (v) Midwest (formerly Kenny less the underground business); and (vi) Water and Mineral Services (which includes LiquiForce, Layne and the underground business of the former Kenny operating group). The following tables present our disaggregated revenue (in thousands): Three Months Ended September 30, Transportation Water Specialty Materials Total 2018 California $ 180,163 $ 12,119 $ 31,713 $ 74,065 $ 298,060 Northwest 182,709 877 46,752 46,935 277,273 Heavy Civil 224,560 5,511 — — 230,071 Federal 69 480 13,363 — 13,912 Midwest 23,346 194 65,513 — 89,053 Water and Mineral Services — 105,111 33,495 8,616 147,222 Total $ 610,847 $ 124,292 $ 190,836 $ 129,616 $ 1,055,591 2017 California $ 153,941 $ 12,559 $ 51,191 $ 54,971 $ 272,662 Northwest 245,875 51 23,477 43,164 312,567 Heavy Civil 201,951 8,066 — — 210,017 Federal 8,170 641 1,062 — 9,873 Midwest 14,790 1,400 122,156 — 138,346 Water and Mineral Services — 13,661 — — 13,661 Total $ 624,727 $ 36,378 $ 197,886 $ 98,135 $ 957,126 Nine Months Ended September 30, Transportation Water Specialty Materials Total 2018 California $ 453,077 $ 45,711 $ 104,914 $ 162,247 $ 765,949 Northwest 361,376 3,268 114,695 103,290 582,629 Heavy Civil 596,022 15,211 — — 611,233 Federal 427 1,598 27,620 — 29,645 Midwest 61,801 1,710 180,425 — 243,936 Water and Mineral Services — 148,453 33,495 10,749 192,697 Total $ 1,472,703 $ 215,951 $ 461,149 $ 276,286 $ 2,426,089 2017 California $ 331,329 $ 26,017 $ 112,883 $ 127,850 $ 598,079 Northwest 470,254 530 76,821 83,984 631,589 Heavy Civil 551,856 18,737 — — 570,593 Federal 28,846 1,579 2,417 — 32,842 Midwest 41,111 5,707 260,035 — 306,853 Water and Mineral Services — 48,374 109 — 48,483 Total $ 1,423,396 $ 100,944 $ 452,265 $ 211,834 $ 2,188,439 |
Unearned Revenue
Unearned Revenue | 9 Months Ended |
Sep. 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): September 30, 2018 Transportation Water Specialty Total California $ 299,242 $ 11,297 $ 50,283 $ 360,822 Northwest 242,666 10 70,600 313,276 Heavy Civil 1,678,637 26,914 — 1,705,551 Federal 23 — 145,483 145,506 Midwest 91,144 405 235,190 326,739 Water and Mineral Services — 211,531 — 211,531 Total $ 2,311,712 $ 250,157 $ 501,556 $ 3,063,425 June 30, 2018 Transportation Water Specialty Total California $ 332,252 $ 17,485 $ 47,601 $ 397,338 Northwest 315,189 206 68,461 383,856 Heavy Civil 1,882,806 32,214 — 1,915,020 Federal 26 — 161,073 161,099 Midwest 64,191 625 268,809 333,625 Water and Mineral Services — 225,402 — 225,402 Total $ 2,594,464 $ 275,932 $ 545,944 $ 3,416,340 January 1, 2018 Transportation Water Specialty Total California $ 299,552 $ 27,328 $ 79,176 $ 406,056 Northwest 273,864 2,606 39,112 315,582 Heavy Civil 2,194,430 38,183 — 2,232,613 Federal 317 4,212 162,641 167,170 Midwest 90,584 1,961 365,767 458,312 Water and Mineral Services — 4,116 — 4,116 Total $ 2,858,747 $ 78,406 $ 646,696 $ 3,583,849 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 7. Contract Assets and Liabilities During the three and nine months ended September 30, 2018 During the three and nine months ended September 30, 2018 As of September 30, 2018 and January 1, 2018, The components of the contract asset balances as of the respective dates were as follows (in thousands): September 30, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 108,105 $ 69,755 Contract retention 105,884 91,135 Total contract assets $ 213,989 $ 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 921,111 Acquired contract assets 45,353 Revisions in estimates, net (37,793 ) Billings (826,251 ) Receipts related to contract retention (49,321 ) Balance at September 30, 2018 $ 213,989 The components of the contract liability balances as of the respective dates were as follows (in thousands): September 30, 2018 January 1, 2018 Billings in excess of costs and estimated earnings $ 117,352 $ 82,750 Provisions for losses 407 924 Total contract liabilities $ 117,759 $ 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 (1,163,929 ) Acquired contract liabilities 7,974 Revisions in estimates, net 9,675 Billings 1,180,946 Change in provision for loss, net (581 ) Balance at September 30, 2018 $ 117,759 |
Receivables, Net
Receivables, Net | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Receivables, Net | 8. Receivables, net (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Contracts completed and in progress: Billed $ 351,802 $ 252,467 $ 321,851 Unbilled 147,950 77,135 147,565 Retentions — 91,135 88,650 Total contracts completed and in progress 499,752 420,737 558,066 Material sales 73,282 42,192 58,920 Other 45,125 17,014 10,412 Total gross receivables 618,159 479,943 627,398 Less: allowance for doubtful accounts 89 152 317 Total net receivables $ 618,070 $ 479,791 $ 627,081 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 September 30, 2018 September 30, 2018 Certain construction contracts include retainage provisions that were included in contract assets as of September 30, 2018 September 30, 2018 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 U.S. Government and agency obligations $ 30,000 $ 17,910 $ 12,909 Commercial paper — 49,865 34,905 Corporate bonds 5,010 — — Total short-term marketable securities 35,010 67,775 47,814 U.S. Government and agency obligations 46,093 59,993 69,991 Corporate bonds — 5,022 — Total long-term marketable securities 46,093 65,015 69,991 Total marketable securities $ 81,103 $ 132,790 $ 117,805 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) September 30, 2018 Due within one year $ 35,010 Due in one to five years 46,093 Total $ 81,103 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 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 September 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 68,765 $ — $ — $ 68,765 Other noncurrent assets Restricted cash 5,599 — — 5,599 Total assets $ 74,364 $ — $ — $ 74,364 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Total assets $ 47,251 $ — $ — $ 47,251 September 30, 2017 Cash equivalents Money market funds $ 22,896 $ — $ — $ 22,896 Total assets $ 22,896 $ — $ — $ 22,896 Interest Rate Swaps In May 2018, we entered into the Third Amended and Restated Credit Agreement (as discussed further 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 as discussed further 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 September 30, 2018 September 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: September 30, 2018 December 31, 2017 September 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 $ 81,103 $ 79,941 $ 132,790 $ 132,002 $ 117,805 $ 117,349 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 80,000 $ 82,191 $ 80,000 $ 82,190 $ 120,000 $ 124,792 Credit Agreement - term loan 1 Level 3 148,125 148,832 90,000 89,871 91,250 91,078 Credit Agreement - revolving credit facility 1 Level 3 137,000 137,636 55,000 55,054 30,000 30,018 Convertible notes 1 Level 1 69,659 69,472 — — — — 1 During the three and nine months ended September 30, 2018 |
Construction Joint Ventures
Construction Joint Ventures | 9 Months Ended |
Sep. 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 September 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 September 30, 2018 Consolidated Construction Joint Ventures (“CCJVs”) At September 30, 2018 September 30, 2018 During the three and nine months ended September 30, 2017, total revenue from CCJVs was $44.5 million and $129.5 million, respectively. September 30, 2018 Unconsolidated Construction Joint Ventures As of September 30, 2018 September 30, 2018 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Assets Cash, cash equivalents and marketable securities $ 242,028 $ 289,940 $ 333,751 Other current assets 1 806,104 812,577 721,014 Noncurrent assets 204,201 219,825 223,449 Less partners’ interest 810,111 869,782 846,832 Granite’s interest 1,2 442,222 452,560 431,382 Liabilities Current liabilities 511,639 682,832 650,065 Less partners’ interest and adjustments 3 331,838 462,159 445,068 Granite’s interest 179,801 220,673 204,997 Equity in construction joint ventures 4 $ 262,421 $ 231,887 $ 226,385 1 September 30, 2018 2 September 30, 2018 3 primarily related to contract forecast differences 4 September 30, 2018 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Revenue Total $ 436,093 $ 550,115 $ 1,125,530 $ 1,517,419 Less partners’ interest and adjustments 1 285,064 396,672 746,905 1,096,834 Granite’s interest 151,029 153,443 378,625 420,585 Cost of revenue Total 485,190 520,205 1,289,464 1,462,127 Less partners’ interest and adjustments 1 330,141 359,825 892,892 1,026,377 Granite’s interest 155,049 160,380 396,572 435,750 Granite’s interest in gross loss $ (4,020 ) $ (6,937 ) $ (17,947 ) $ (15,165 ) 1 During the three and nine months ended September 30, 2018 construction joint venture net income was and $57.2 million, respectively, of which our post-adjustment share were net losses of ($7.1) million and ($15.3) million, respectively. Line Item Joint Ventures As of September 30, 2018 September 30, 2018 September 30, 2018 During the three and nine months ended September 30, 2017, our portion of revenue from line item joint ventures was and $20.1 million, respectively. |
Investments in Affiliates
Investments in Affiliates | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 Equity method investment in foreign affiliates $ 54,620 $ — $ — Equity method investments in real estate affiliates 20,930 29,472 28,634 Equity method investment in asphalt terminal affiliate 9,290 8,997 11,312 Total investments in affiliates $ 84,840 $ 38,469 $ 39,946 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Current assets $ 138,887 $ 31,320 $ 26,442 Noncurrent assets 168,402 129,039 137,272 Total assets 307,289 160,359 163,714 Current liabilities 71,940 30,131 32,463 Long-term liabilities 1 46,961 31,636 32,761 Total liabilities 118,901 61,767 65,224 Net assets 188,388 98,592 98,490 Granite’s share of net assets $ 84,840 $ 38,469 $ 39,946 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 foreign affiliates associated with purchase of equipment and buildings. Of the $307.3 million in total assets as of September 30, 2018 September 30, 2018 September 30, 2018 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 Equipment and vehicles $ 917,186 $ 778,549 $ 778,010 Quarry property 180,004 182,267 177,427 Land and land improvements 138,875 108,830 113,384 Buildings and leasehold improvements 105,895 82,601 83,914 Office furniture and equipment 63,354 56,894 59,791 Property and equipment 1,405,314 1,209,141 1,212,526 Less: accumulated depreciation and depletion 844,696 801,723 800,352 Property and equipment, net $ 560,618 $ 407,418 $ 412,174 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | 14. Long-Term Debt and Credit Arrangements (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Senior notes payable $ 80,000 $ 80,000 $ 120,000 Credit Agreement term loan 148,125 90,000 91,250 Credit Agreement revolving credit loan 137,000 55,000 30,000 Convertible notes 69,659 — — Debt issuance costs (1,062 ) (499 ) (532 ) Total debt 433,722 224,501 240,718 Less current maturities 116,796 46,048 14,796 Total long-term debt $ 316,926 $ 178,453 $ 225,922 The aggregate minimum principal maturities of long-term debt, including current maturities and excluding debt issuance costs, related to balances at September 30, 2018 $ in 2019 Senior Notes Payable Senior notes payable in the amount of $80.0 million as of both September 30, 2018 September 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 $148.1 million is a term loan (all of which was drawn on May 31, 2018) and of which $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 $148.1 million term loan, 1.25% of the principal balance is due each quarter beginning in December 2018 and the remaining balance is due on the Maturity Date. As of September 30, 2018 , December 31, 2017 and September 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 $140.6 million, $83.8 million and $86.3 million, respectively, was included in long-term debt on the condensed consolidated balance sheets As of September 30, 2018 $30.6 million As of September 30, 2018 , December 31, 2017 and September 30, 2017, $137.0 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. September 30, 2018 $182.4 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 1.50% for loans bearing interest based on LIBOR and 1.50% September 30, 2018 3.90% 5.75% September 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. 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 September 30, 2018, 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 September 30, 2018 Subsequent to the Merger Agreement, cash was elected as the settlement method for conversion of the 4.25% Convertible Notes. As of September 30, 2018 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”). As of September 30, 2018, $30.7 million associated with the conversion feature was included in additional paid-in capital on the condensed consolidated balance sheet. The 8.0% Convertible Notes had a maturity date of August 15, 2018 (Maturity Date). During the three months ended September 30, 2018, $52.0 million of convertible notes were converted to 1.2 million shares of Granite common stock at the election of the note holders. The remaining $38.9 million, as well as $0.9 million of accrued interest as of the maturity date, was redeemed in cash. 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 September 30, 2018 and pursuant to the definitions in the 2019 NPA, which is more restrictive, our Consolidated Tangible Net Worth was $1.1 billion $786.5 million 1.74 18.83 As of September 30, 2018 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net Income Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding and Net Income Per Share | 15. Weighted Average Shares Outstanding and Net Income Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic and diluted) Net income allocated to common shareholders for basic calculation $ 55,672 $ 45,982 $ 35,864 $ 36,325 Effect of dilutive convertible notes 296 — — — Net income allocated to common shareholders for diluted calculation 55,968 45,982 35,864 36,325 Denominator Weighted average common shares outstanding, basic 46,308 39,844 42,443 39,774 Dilutive effect of convertible notes, restricted stock units and common stock options 1 1,502 543 467 593 Weighted average common shares outstanding, diluted 47,810 40,387 42,910 40,367 Net income per share, basic $ 1.20 $ 1.15 $ 0.84 $ 0.91 Net income per share, diluted $ 1.17 $ 1.14 $ 0.84 $ 0.90 1 Weighted average shares of approximately 1.1 million have been included in the number of shares used in calculating diluted net income per share for the three months ended September 30, 2018 based on the assumption that the 8% Convertible Notes were converted to Granite shares as of July 1, 2018 through their conversion on August 15, 2018. The shares have been excluded from the nine months ended September 30, 2018 as their inclusion would be antidilutive. See Note 14 for further discussion on the 8% Convertible Notes. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The following table presents the provision for income taxes for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $ 8,692 $ 21,249 $ 7,357 $ 16,841 Effective tax rate 12.8 % 30.7 % 14.5 % 29.4 % Our effective tax rate for the three and nine months ended September 30, 2018 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, An uncertain tax position liability was assumed as part of the Layne acquisition on June 14, 2018 of which $13.1 million is included in other long-term liabilities in the Company’s condensed consolidated balance sheet as of September 30, 2018. |
Equity
Equity | 9 Months Ended |
Sep. 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 income 35,864 7,490 43,354 Purchases of common stock 1 (6,369 ) — (6,369 ) Dividends on common stock (17,242 ) — (17,242 ) Effect of adopting Topic 606 (15,202 ) — (15,202 ) Issuance of common stock for Layne acquisition 2 321,075 — 321,075 Issuance of common stock for 8.0% Convertible Notes 3 53,098 — 53,098 Premium on 8.0% Convertible Notes 4 30,702 — 30,702 Transactions with non-controlling interests — (10,080 ) (10,080 ) Other transactions with shareholders and employees 5 14,258 — 14,258 Balance at September 30, 2018 $ 1,361,292 $ 45,107 $ 1,406,399 Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Net income 36,325 4,151 40,476 Purchases of common stock 6 (6,713 ) — (6,713 ) Dividends on common stock (15,532 ) — (15,532 ) Transactions with non-controlling interests — (3,502 ) (3,502 ) Other transactions with shareholders and employees 5 14,488 — 14,488 Balance at September 30, 2017 $ 914,556 $ 37,252 $ 951,808 1 2 3 4 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. 5 Amounts are comprised primarily of amortized restricted stock units. 6 Represents 136,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 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 September 30, 2018 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED (Unaudited) 19. Business Segment Information As discussed in Note 1 during the three months ended September 30, 2018, we revised our reportable segments, which are the same as our operating segments, as a result of a change in how our chief operating decision maker (our Chief Executive Officer) regularly reviews financial information to allocate resources and assess performance. This change is consistent with our strategic, end-market diversification strategy. Our new reportable segments which correspond to this end-market focus are: Transportation, Water, Specialty and Materials. The end-market segments Transportation, Water and Specialty replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of certain material production activity related to the acquisition of Layne. Prior-year information has been recast to reflect this change. In addition to business segments, we review our business by operating groups. Our operating groups are defined as follows: (i) California; (ii) Northwest, which primarily includes offices in Alaska, Arizona, Nevada, Utah and Washington; (iii) Heavy Civil, which primarily includes offices in California, Florida, New York and Texas; (iv) Federal which primarily includes offices in Texas, California, Colorado and Guam; (v) Midwest (formerly Kenny less the underground business), which primarily includes offices in Illinois and (vi) Water and Mineral Services (which includes LiquiForce, Layne and the underground business of the former Kenny operating group), which primarily includes offices in North America, Canada, Brazil and Latin America . The Transportation segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports and marine ports for use mostly by the general public. The Water segment focuses on water-related construction and water management solutions for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides trenchless cured-in-place pipe rehabilitation. The Specialty segment focuses on construction of various complex projects including infrastructure / site development, mining, public safety, tunnel and power projects. The Materials segment focuses on production of aggregates, asphalt and materials as well as proprietary sanitary and storm water rehabilitation products including cured-in-place pipe felt and fiberglass-based lining tubes all for internal use and for sale to third parties. Summarized segment information is as follows (in thousands): Three Months Ended September 30, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 610,847 $ 124,292 $ 190,836 $ 194,586 $ 1,120,561 Elimination of intersegment revenue — — — (64,970 ) (64,970 ) Revenue from external customers 610,847 124,292 190,836 129,616 1,055,591 Gross profit 70,976 24,103 28,099 21,313 144,491 Depreciation, depletion and amortization 7,592 11,191 7,569 6,496 32,848 2017 Total revenue from reportable segments $ 624,727 $ 36,378 $ 197,886 $ 180,265 $ 1,039,256 Elimination of intersegment revenue — — — (82,130 ) (82,130 ) Revenue from external customers 624,727 36,378 197,886 98,135 957,126 Gross profit 65,540 1,805 27,797 19,388 114,530 Depreciation, depletion and amortization 5,820 550 2,626 5,824 14,820 Nine Months Ended September 30, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 1,472,703 $ 215,951 $ 461,149 $ 392,633 $ 2,542,436 Elimination of intersegment revenue — — — (116,347 ) (116,347 ) Revenue from external customers 1,472,703 215,951 461,149 276,286 2,426,089 Gross profit 138,401 41,117 65,311 36,314 281,143 Depreciation, depletion and amortization 17,920 16,075 18,908 17,980 70,883 Segment assets 394,981 308,964 150,437 375,016 1,229,398 2017 Total revenue from reportable segments $ 1,423,396 $ 100,944 $ 452,265 $ 352,129 $ 2,328,734 Elimination of intersegment revenue — — — (140,295 ) (140,295 ) Revenue from external customers 1,423,396 100,944 452,265 211,834 2,188,439 Gross profit 119,907 9,772 56,736 27,811 214,226 Depreciation, depletion and amortization 16,047 1,716 6,635 16,439 40,837 Segment assets 372,028 8,130 87,366 287,821 755,345 As of September 30, 2018 A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Total gross profit from reportable segments $ 144,491 $ 114,530 $ 281,143 $ 214,226 Selling, general and administrative expenses 70,769 49,501 193,337 162,726 Acquisition and integration expenses 9,334 — 44,030 — Gain on sales of property and equipment (3,018 ) (1,753 ) (5,066 ) (2,830 ) Total other income (383 ) (2,522 ) (1,869 ) (2,987 ) Income before provision for income taxes $ 67,789 $ 69,304 $ 50,711 $ 57,317 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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. 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. 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. The impact from foreign currency transactions was immaterial for both the three and nine months ended September 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 cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Nine Months Ended September 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 230,259 185,516 Restricted cash 5,599 — Total cash, cash equivalents and restricted cash, end of period 235,858 185,516 Net increase (decrease) in cash, cash equivalents and restricted cash $ 2,147 $ (3,810 ) |
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 September 30, 2018 , inventory included $18.4 million of supplies related to the Water and Mineral Services operating group. |
Assets Held for Sale | Assets Held for Sale: During the three months ended September 30, 2018 , management approved the plan to sell certain non-core assets and the associated liabilities related to the water delivery business within our Water and Mineral Services operating group. We expect to complete the sale of the assets during the fourth quarter of 2018. The reclassification of the related assets of the disposal group includes approximately $41.8 million of property, plant and equipment and goodwill of $13.5 million. |
Recent Developments | Recent Developme nts: During the three months ended September 30, 2018, we revised our reportable segments, which are the same as our operating segments, as a result of a change in how our chief operating decision maker (our Chief Executive Officer) regularly reviews financial information to allocate resources and assess performance. This change is consistent with our strategic, end-market diversification strategy. Our new reportable segments which correspond to this end-market focus are: Transportation, Water, Specialty and Materials. The end-market segments Transportation, Water and Specialty replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of certain material production activity related to the acquisition of Layne . Prior-year information has been recast to reflect this change. See Note 19 for further information regarding our reportable segments. |
Goodwill | Goodwill: As a result of the change in our reportable segments, we reassessed our reporting units and have determined we have eight reporting units in which goodwill was recorded as follows: • Midwest Group Transportation • Midwest Group Specialty • Northwest Group Transportation • Northwest Group Materials • California Group Transportation • Water and Mineral Services Group Water • Water and Mineral Services Group Specialty • Water and Mineral Services Group Materials Goodwill was reallocated to these reporting units based on their relative fair values. The following table presents the goodwill balance by reportable segment: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Transportation $ 19,798 $ 19,798 $ 19,798 Water 135,230 618 618 Specialty 39,821 31,437 31,437 Materials 49,847 1,946 1,946 Total goodwill $ 244,696 $ 53,799 $ 53,799 We perform our goodwill impairment tests annually as of November 1 and more frequently when events and circumstances occur that indicate a possible impairment of goodwill. In addition, we evaluate goodwill for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include the following: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • a more likely than not expectation that a segment or a significant portion thereof will be sold; or • the testing for recoverability of a significant asset group within the segment. Due to the change in reportable segments and the resulting change to reporting units, we conducted an impairment test both before and after the change in accordance with ASC Topic 350, Intangibles - Goodwill and Other. fluctuations in results. The results of the quantitative goodwill impairment tests indicated that the estimated fair values of these reporting units exceeded their net book values (i.e., cushion) by at least 40%. We performed a qualitative assessment on the remaining six reporting units with goodwill balances as we determined that it was more likely than not that the fair value of these reporting units was greater than the carrying value consistent with our conclusion in 2017. After assessing the totality of events and circumstances, we determined that it is more likely than not that the fair value of these reporting units were greater than the carrying amounts; therefore, a quantitative goodwill impairment test was not performed. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 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 cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Nine Months Ended September 30, 2018 2017 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 End of the period Cash and cash equivalents 230,259 185,516 Restricted cash 5,599 — Total cash, cash equivalents and restricted cash, end of period 235,858 185,516 Net increase (decrease) in cash, cash equivalents and restricted cash $ 2,147 $ (3,810 ) |
Schedule of Goodwill | The following table presents the goodwill balance by reportable segment: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Transportation $ 19,798 $ 19,798 $ 19,798 Water 135,230 618 618 Specialty 39,821 31,437 31,437 Materials 49,847 1,946 1,946 Total goodwill $ 244,696 $ 53,799 $ 53,799 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. For the Layne acquisition, we recorded $128.9 million, $47.9 million, and $8.4 million of goodwill allocated to our Water, Materials and Specialty reportable segments, respectively. Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 185,228 LiquiForce acquisition goodwill 19,264 Reclassification of goodwill to assets held for sale (13,450 ) Goodwill translation adjustment (145 ) Balance at September 30, 2018 $ 244,696 |
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 September 30, 2018 September 30, 2018 September 30, 2018 Condensed Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 618,070 $ 733,368 $ (115,298 ) Contract assets 213,989 — 213,989 Costs and estimated earnings in excess of billings — 141,525 (141,525 ) Deferred income taxes, net 6,408 1,136 5,272 Liabilities and equity Contract liabilities $ 117,759 $ — $ 117,759 Billings in excess of costs and estimated earnings — 158,228 (158,228 ) Accrued expenses and other current liabilities 296,033 286,681 9,352 Retained earnings 786,936 793,381 (6,445 ) Three Months Ended September 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 610,847 $ 607,413 $ 3,434 Water 124,292 119,977 4,315 Specialty 190,836 192,158 (1,322 ) Materials 129,616 129,616 — Total revenue 1,055,591 1,049,164 6,427 Cost of revenue Transportation $ 539,871 $ 541,934 $ (2,063 ) Water 100,189 100,189 — Specialty 162,737 162,737 — Materials 108,303 108,303 — Total cost of revenue 911,100 913,163 (2,063 ) Gross profit 144,491 136,001 8,490 Operating income 67,406 58,916 8,490 Provision for income taxes 8,692 6,603 2,089 Net income 59,097 52,697 6,400 Net income attributable to Granite Construction Incorporated 55,672 49,272 6,400 Nine Months Ended September 30, 2018 Condensed Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 1,472,703 $ 1,468,253 $ 4,450 Water 215,951 213,157 2,794 Specialty 461,149 461,977 (828 ) Materials 276,286 276,286 — Total revenue 2,426,089 2,419,673 6,416 Cost of revenue Transportation $ 1,334,302 $ 1,339,443 $ (5,141 ) Water 174,834 174,834 — Specialty 395,838 395,838 — Materials 239,972 239,972 — Total cost of revenue 2,144,946 2,150,087 (5,141 ) Gross profit 281,143 269,585 11,558 Operating income 48,842 37,284 11,558 Provision for income taxes 7,357 4,554 2,803 Net income 43,354 34,599 8,755 Net income attributable to Granite Construction Incorporated 35,864 27,109 8,755 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 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). We expect to finalize these amounts within 12 months from the acquisition date. Assets Cash $ 2,995 Receivables 70,160 Contract assets 44,947 Inventories 23,424 Other current assets 5,533 Property and equipment 185,353 Investments in affiliates 55,400 Deferred income taxes 24,335 Other noncurrent assets 17,868 Total tangible assets 430,015 Identifiable intangible assets 58,448 Liabilities Identifiable intangible liabilities 6,700 Accounts payable 38,321 Contract liabilities 7,854 Accrued expenses and other current liabilities 47,583 Long-term debt 191,500 Other long-term liabilities 31,893 Total liabilities assumed 323,851 Total identifiable net assets acquired 164,612 Goodwill 185,228 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 September 30, 2018 Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 7 $ 33,391 $ (2,813 ) $ 30,578 Backlog 3 9,488 (4,013 ) 5,475 Developed technologies 4 9,276 (817 ) 8,459 Trademarks/trade names 4 8,996 (770 ) 8,226 Favorable contracts 3 4,900 (1,511 ) 3,389 Covenants not to compete and other 5 873 (103 ) 770 Intangible assets $ 66,924 $ (10,027 ) $ 56,897 Liabilities Unfavorable contracts 2 $ 6,897 $ (3,209 ) $ 3,688 Unfavorable leases 1 300 (88 ) 212 Intangible liabilities $ 7,197 $ (3,297 ) $ 3,900 |
Schedule of Goodwill | The following table presents the goodwill balance by reportable segment: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Transportation $ 19,798 $ 19,798 $ 19,798 Water 135,230 618 618 Specialty 39,821 31,437 31,437 Materials 49,847 1,946 1,946 Total goodwill $ 244,696 $ 53,799 $ 53,799 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. For the Layne acquisition, we recorded $128.9 million, $47.9 million, and $8.4 million of goodwill allocated to our Water, Materials and Specialty reportable segments, respectively. Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 185,228 LiquiForce acquisition goodwill 19,264 Reclassification of goodwill to assets held for sale (13,450 ) Goodwill translation adjustment (145 ) Balance at September 30, 2018 $ 244,696 |
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 January 1, 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 on January 1, 2017. Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 Revenue $ 1,087,111 $ 2,638,664 $ 2,539,178 Net income (loss) 39,550 81,151 (25,271 ) Net income (loss) attributable to Granite 37,477 73,661 (29,422 ) Basic net income (loss) per share attributable to common shareholders 0.82 1.61 (0.65 ) Diluted net income (loss) per share attributable to common shareholders 0.80 1.60 (0.65 ) |
Summary of Acquisition and Integration Expenses | Acquisition and integration expenses associated with both the Layne and LiquiForce acquisitions for the three and nine months ended September 30, 2018 were comprised of the following (in thousands) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Professional services and other expenses $ 7,083 $ 33,556 Severance and personnel costs 2,251 10,474 Total $ 9,334 $ 44,030 |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Transportation [Member] | |
Change In Accounting Estimate [Line Items] | |
Schedule of Projects Summarized | The projects are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2018 2017 2018 2017 Number of projects with downward estimate changes 2 1 4 6 Range of reduction in gross profit from each project, net $ 7.3 - 12.0 $ 12.7 $ 5.2 - 25.6 $ 5.1 - 14.5 Decrease to project profitability $ 19.3 $ 12.7 $ 57.8 $ 56.8 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our disaggregated revenue (in thousands): Three Months Ended September 30, Transportation Water Specialty Materials Total 2018 California $ 180,163 $ 12,119 $ 31,713 $ 74,065 $ 298,060 Northwest 182,709 877 46,752 46,935 277,273 Heavy Civil 224,560 5,511 — — 230,071 Federal 69 480 13,363 — 13,912 Midwest 23,346 194 65,513 — 89,053 Water and Mineral Services — 105,111 33,495 8,616 147,222 Total $ 610,847 $ 124,292 $ 190,836 $ 129,616 $ 1,055,591 2017 California $ 153,941 $ 12,559 $ 51,191 $ 54,971 $ 272,662 Northwest 245,875 51 23,477 43,164 312,567 Heavy Civil 201,951 8,066 — — 210,017 Federal 8,170 641 1,062 — 9,873 Midwest 14,790 1,400 122,156 — 138,346 Water and Mineral Services — 13,661 — — 13,661 Total $ 624,727 $ 36,378 $ 197,886 $ 98,135 $ 957,126 Nine Months Ended September 30, Transportation Water Specialty Materials Total 2018 California $ 453,077 $ 45,711 $ 104,914 $ 162,247 $ 765,949 Northwest 361,376 3,268 114,695 103,290 582,629 Heavy Civil 596,022 15,211 — — 611,233 Federal 427 1,598 27,620 — 29,645 Midwest 61,801 1,710 180,425 — 243,936 Water and Mineral Services — 148,453 33,495 10,749 192,697 Total $ 1,472,703 $ 215,951 $ 461,149 $ 276,286 $ 2,426,089 2017 California $ 331,329 $ 26,017 $ 112,883 $ 127,850 $ 598,079 Northwest 470,254 530 76,821 83,984 631,589 Heavy Civil 551,856 18,737 — — 570,593 Federal 28,846 1,579 2,417 — 32,842 Midwest 41,111 5,707 260,035 — 306,853 Water and Mineral Services — 48,374 109 — 48,483 Total $ 1,423,396 $ 100,944 $ 452,265 $ 211,834 $ 2,188,439 |
Unearned Revenue (Tables)
Unearned Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): September 30, 2018 Transportation Water Specialty Total California $ 299,242 $ 11,297 $ 50,283 $ 360,822 Northwest 242,666 10 70,600 313,276 Heavy Civil 1,678,637 26,914 — 1,705,551 Federal 23 — 145,483 145,506 Midwest 91,144 405 235,190 326,739 Water and Mineral Services — 211,531 — 211,531 Total $ 2,311,712 $ 250,157 $ 501,556 $ 3,063,425 June 30, 2018 Transportation Water Specialty Total California $ 332,252 $ 17,485 $ 47,601 $ 397,338 Northwest 315,189 206 68,461 383,856 Heavy Civil 1,882,806 32,214 — 1,915,020 Federal 26 — 161,073 161,099 Midwest 64,191 625 268,809 333,625 Water and Mineral Services — 225,402 — 225,402 Total $ 2,594,464 $ 275,932 $ 545,944 $ 3,416,340 January 1, 2018 Transportation Water Specialty Total California $ 299,552 $ 27,328 $ 79,176 $ 406,056 Northwest 273,864 2,606 39,112 315,582 Heavy Civil 2,194,430 38,183 — 2,232,613 Federal 317 4,212 162,641 167,170 Midwest 90,584 1,961 365,767 458,312 Water and Mineral Services — 4,116 — 4,116 Total $ 2,858,747 $ 78,406 $ 646,696 $ 3,583,849 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 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): September 30, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 108,105 $ 69,755 Contract retention 105,884 91,135 Total contract assets $ 213,989 $ 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 921,111 Acquired contract assets 45,353 Revisions in estimates, net (37,793 ) Billings (826,251 ) Receipts related to contract retention (49,321 ) Balance at September 30, 2018 $ 213,989 The components of the contract liability balances as of the respective dates were as follows (in thousands): September 30, 2018 January 1, 2018 Billings in excess of costs and estimated earnings $ 117,352 $ 82,750 Provisions for losses 407 924 Total contract liabilities $ 117,759 $ 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 (1,163,929 ) Acquired contract liabilities 7,974 Revisions in estimates, net 9,675 Billings 1,180,946 Change in provision for loss, net (581 ) Balance at September 30, 2018 $ 117,759 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Summary of Receivables | (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Contracts completed and in progress: Billed $ 351,802 $ 252,467 $ 321,851 Unbilled 147,950 77,135 147,565 Retentions — 91,135 88,650 Total contracts completed and in progress 499,752 420,737 558,066 Material sales 73,282 42,192 58,920 Other 45,125 17,014 10,412 Total gross receivables 618,159 479,943 627,398 Less: allowance for doubtful accounts 89 152 317 Total net receivables $ 618,070 $ 479,791 $ 627,081 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 U.S. Government and agency obligations $ 30,000 $ 17,910 $ 12,909 Commercial paper — 49,865 34,905 Corporate bonds 5,010 — — Total short-term marketable securities 35,010 67,775 47,814 U.S. Government and agency obligations 46,093 59,993 69,991 Corporate bonds — 5,022 — Total long-term marketable securities 46,093 65,015 69,991 Total marketable securities $ 81,103 $ 132,790 $ 117,805 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) September 30, 2018 Due within one year $ 35,010 Due in one to five years 46,093 Total $ 81,103 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 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 September 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 68,765 $ — $ — $ 68,765 Other noncurrent assets Restricted cash 5,599 — — 5,599 Total assets $ 74,364 $ — $ — $ 74,364 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Total assets $ 47,251 $ — $ — $ 47,251 September 30, 2017 Cash equivalents Money market funds $ 22,896 $ — $ — $ 22,896 Total assets $ 22,896 $ — $ — $ 22,896 |
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: September 30, 2018 December 31, 2017 September 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 $ 81,103 $ 79,941 $ 132,790 $ 132,002 $ 117,805 $ 117,349 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 80,000 $ 82,191 $ 80,000 $ 82,190 $ 120,000 $ 124,792 Credit Agreement - term loan 1 Level 3 148,125 148,832 90,000 89,871 91,250 91,078 Credit Agreement - revolving credit facility 1 Level 3 137,000 137,636 55,000 55,054 30,000 30,018 Convertible notes 1 Level 1 69,659 69,472 — — — — 1 |
Construction Joint Ventures (Ta
Construction Joint Ventures (Tables) | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 Assets Cash, cash equivalents and marketable securities $ 242,028 $ 289,940 $ 333,751 Other current assets 1 806,104 812,577 721,014 Noncurrent assets 204,201 219,825 223,449 Less partners’ interest 810,111 869,782 846,832 Granite’s interest 1,2 442,222 452,560 431,382 Liabilities Current liabilities 511,639 682,832 650,065 Less partners’ interest and adjustments 3 331,838 462,159 445,068 Granite’s interest 179,801 220,673 204,997 Equity in construction joint ventures 4 $ 262,421 $ 231,887 $ 226,385 1 September 30, 2018 2 September 30, 2018 3 primarily related to contract forecast differences 4 September 30, 2018 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Revenue Total $ 436,093 $ 550,115 $ 1,125,530 $ 1,517,419 Less partners’ interest and adjustments 1 285,064 396,672 746,905 1,096,834 Granite’s interest 151,029 153,443 378,625 420,585 Cost of revenue Total 485,190 520,205 1,289,464 1,462,127 Less partners’ interest and adjustments 1 330,141 359,825 892,892 1,026,377 Granite’s interest 155,049 160,380 396,572 435,750 Granite’s interest in gross loss $ (4,020 ) $ (6,937 ) $ (17,947 ) $ (15,165 ) 1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Affiliates | Our investments in affiliates balance consists of the following: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Equity method investment in foreign affiliates $ 54,620 $ — $ — Equity method investments in real estate affiliates 20,930 29,472 28,634 Equity method investment in asphalt terminal affiliate 9,290 8,997 11,312 Total investments in affiliates $ 84,840 $ 38,469 $ 39,946 |
Equity Method Investment Summarized Balance Sheet Information | The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Current assets $ 138,887 $ 31,320 $ 26,442 Noncurrent assets 168,402 129,039 137,272 Total assets 307,289 160,359 163,714 Current liabilities 71,940 30,131 32,463 Long-term liabilities 1 46,961 31,636 32,761 Total liabilities 118,901 61,767 65,224 Net assets 188,388 98,592 98,490 Granite’s share of net assets $ 84,840 $ 38,469 $ 39,946 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 foreign affiliates associated with purchase of equipment and buildings. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 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) September 30, 2018 December 31, 2017 September 30, 2017 Equipment and vehicles $ 917,186 $ 778,549 $ 778,010 Quarry property 180,004 182,267 177,427 Land and land improvements 138,875 108,830 113,384 Buildings and leasehold improvements 105,895 82,601 83,914 Office furniture and equipment 63,354 56,894 59,791 Property and equipment 1,405,314 1,209,141 1,212,526 Less: accumulated depreciation and depletion 844,696 801,723 800,352 Property and equipment, net $ 560,618 $ 407,418 $ 412,174 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | (in thousands) September 30, 2018 December 31, 2017 September 30, 2017 Senior notes payable $ 80,000 $ 80,000 $ 120,000 Credit Agreement term loan 148,125 90,000 91,250 Credit Agreement revolving credit loan 137,000 55,000 30,000 Convertible notes 69,659 — — Debt issuance costs (1,062 ) (499 ) (532 ) Total debt 433,722 224,501 240,718 Less current maturities 116,796 46,048 14,796 Total long-term debt $ 316,926 $ 178,453 $ 225,922 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding and Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Income Per Share | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income per share as well as the calculation of basic and diluted net income per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic and diluted) Net income allocated to common shareholders for basic calculation $ 55,672 $ 45,982 $ 35,864 $ 36,325 Effect of dilutive convertible notes 296 — — — Net income allocated to common shareholders for diluted calculation 55,968 45,982 35,864 36,325 Denominator Weighted average common shares outstanding, basic 46,308 39,844 42,443 39,774 Dilutive effect of convertible notes, restricted stock units and common stock options 1 1,502 543 467 593 Weighted average common shares outstanding, diluted 47,810 40,387 42,910 40,367 Net income per share, basic $ 1.20 $ 1.15 $ 0.84 $ 0.91 Net income per share, diluted $ 1.17 $ 1.14 $ 0.84 $ 0.90 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The following table presents the provision for income taxes for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2018 2017 2018 2017 Provision for income taxes $ 8,692 $ 21,249 $ 7,357 $ 16,841 Effective tax rate 12.8 % 30.7 % 14.5 % 29.4 % |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 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 income 35,864 7,490 43,354 Purchases of common stock 1 (6,369 ) — (6,369 ) Dividends on common stock (17,242 ) — (17,242 ) Effect of adopting Topic 606 (15,202 ) — (15,202 ) Issuance of common stock for Layne acquisition 2 321,075 — 321,075 Issuance of common stock for 8.0% Convertible Notes 3 53,098 — 53,098 Premium on 8.0% Convertible Notes 4 30,702 — 30,702 Transactions with non-controlling interests — (10,080 ) (10,080 ) Other transactions with shareholders and employees 5 14,258 — 14,258 Balance at September 30, 2018 $ 1,361,292 $ 45,107 $ 1,406,399 Balance at December 31, 2016 $ 885,988 $ 36,603 $ 922,591 Net income 36,325 4,151 40,476 Purchases of common stock 6 (6,713 ) — (6,713 ) Dividends on common stock (15,532 ) — (15,532 ) Transactions with non-controlling interests — (3,502 ) (3,502 ) Other transactions with shareholders and employees 5 14,488 — 14,488 Balance at September 30, 2017 $ 914,556 $ 37,252 $ 951,808 1 2 3 4 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. 5 Amounts are comprised primarily of amortized restricted stock units. 6 Represents 136,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Three Months Ended September 30, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 610,847 $ 124,292 $ 190,836 $ 194,586 $ 1,120,561 Elimination of intersegment revenue — — — (64,970 ) (64,970 ) Revenue from external customers 610,847 124,292 190,836 129,616 1,055,591 Gross profit 70,976 24,103 28,099 21,313 144,491 Depreciation, depletion and amortization 7,592 11,191 7,569 6,496 32,848 2017 Total revenue from reportable segments $ 624,727 $ 36,378 $ 197,886 $ 180,265 $ 1,039,256 Elimination of intersegment revenue — — — (82,130 ) (82,130 ) Revenue from external customers 624,727 36,378 197,886 98,135 957,126 Gross profit 65,540 1,805 27,797 19,388 114,530 Depreciation, depletion and amortization 5,820 550 2,626 5,824 14,820 Nine Months Ended September 30, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 1,472,703 $ 215,951 $ 461,149 $ 392,633 $ 2,542,436 Elimination of intersegment revenue — — — (116,347 ) (116,347 ) Revenue from external customers 1,472,703 215,951 461,149 276,286 2,426,089 Gross profit 138,401 41,117 65,311 36,314 281,143 Depreciation, depletion and amortization 17,920 16,075 18,908 17,980 70,883 Segment assets 394,981 308,964 150,437 375,016 1,229,398 2017 Total revenue from reportable segments $ 1,423,396 $ 100,944 $ 452,265 $ 352,129 $ 2,328,734 Elimination of intersegment revenue — — — (140,295 ) (140,295 ) Revenue from external customers 1,423,396 100,944 452,265 211,834 2,188,439 Gross profit 119,907 9,772 56,736 27,811 214,226 Depreciation, depletion and amortization 16,047 1,716 6,635 16,439 40,837 Segment assets 372,028 8,130 87,366 287,821 755,345 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Total gross profit from reportable segments $ 144,491 $ 114,530 $ 281,143 $ 214,226 Selling, general and administrative expenses 70,769 49,501 193,337 162,726 Acquisition and integration expenses 9,334 — 44,030 — Gain on sales of property and equipment (3,018 ) (1,753 ) (5,066 ) (2,830 ) Total other income (383 ) (2,522 ) (1,869 ) (2,987 ) Income before provision for income taxes $ 67,789 $ 69,304 $ 50,711 $ 57,317 |
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 | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents, beginning of period | $ 233,711 | $ 189,326 |
Cash and cash equivalents | 230,259 | 185,516 |
Restricted cash, end of period | 5,599 | 0 |
Cash, cash equivalents and restricted cash of $5,599 at end of period | 235,858 | 185,516 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 2,147 | $ (3,810) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | |
New Accounting Pronouncement Early Adoption [Line Items] | |||||
Reclassification of property, plant and equipment to assets held for sale | $ 41,800 | $ 41,800 | |||
Reclassification of goodwill to assets held for sale | 13,500 | 13,450 | |||
Gross profit | $ 144,491 | $ 114,530 | $ 281,143 | $ 214,226 | |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||
New Accounting Pronouncement Early Adoption [Line Items] | |||||
Estimated net cumulative decrease to retained earnings | $ 15,200 | ||||
Construction Segment [Member] | |||||
New Accounting Pronouncement Early Adoption [Line Items] | |||||
Gross profit | $ 2,600 | $ 4,800 | |||
Minimum [Member] | |||||
New Accounting Pronouncement Early Adoption [Line Items] | |||||
Percentage of estimated fair value exceeded net book value | 40.00% | 40.00% | |||
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 | $ 18,400 | $ 18,400 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Goodwill Balance by Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Goodwill [Line Items] | |||
Goodwill | $ 244,696 | $ 53,799 | $ 53,799 |
Transportation [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 19,798 | 19,798 | 19,798 |
Water [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 135,230 | 618 | 618 |
Specialty [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 39,821 | 31,437 | 31,437 |
Materials [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 49,847 | $ 1,946 | $ 1,946 |
Basis of Presentation - Addit_2
Basis of Presentation - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-03-31 $ in Billions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Unearned revenue | $ 1.9 |
Unearned revenue expect to recognize period | 1 year |
Unearned revenue expect to recognize description | Approximately $1.9 billion of the September 30, 2018 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter. |
Basis of Presentation - Summa_2
Basis of Presentation - Summary of Impact of Adoption of Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Assets | ||||||
Receivables, net | $ 618,070 | $ 627,081 | $ 618,070 | $ 627,081 | $ 479,791 | |
Contract assets | 213,989 | 0 | 213,989 | 0 | 0 | |
Costs and estimated earnings in excess of billings | 0 | 94,527 | 0 | 94,527 | 103,965 | |
Deferred income taxes, net | 6,408 | 0 | 6,408 | 0 | 0 | |
Liabilities and equity | ||||||
Contract liabilities | 117,759 | 0 | 117,759 | 0 | $ 83,674 | 0 |
Billings in excess of costs and estimated earnings | 0 | 168,707 | 0 | 168,707 | 135,146 | |
Accrued expenses and other current liabilities | 296,033 | 246,775 | 296,033 | 246,775 | 236,407 | |
Retained earnings | 786,936 | 756,183 | 786,936 | 756,183 | $ 783,699 | |
Revenue | ||||||
Revenue | 1,055,591 | 957,126 | 2,426,089 | 2,188,439 | ||
Cost of revenue | ||||||
Cost of revenue | 911,100 | 842,596 | 2,144,946 | 1,974,213 | ||
Gross profit | 144,491 | 114,530 | 281,143 | 214,226 | ||
Operating income | 67,406 | 66,782 | 48,842 | 54,330 | ||
Provision for (benefit from) income taxes | 8,692 | 21,249 | 7,357 | 16,841 | ||
Net income | 59,097 | 48,055 | 43,354 | 40,476 | ||
Net income attributable to Granite Construction Incorporated | 55,672 | $ 45,982 | 35,864 | $ 36,325 | ||
Transportation [Member] | ||||||
Revenue | ||||||
Revenue | 610,847 | 1,472,703 | ||||
Cost of revenue | ||||||
Cost of revenue | 539,871 | 1,334,302 | ||||
Water [Member] | ||||||
Revenue | ||||||
Revenue | 124,292 | 215,951 | ||||
Cost of revenue | ||||||
Cost of revenue | 100,189 | 174,834 | ||||
Specialty [Member] | ||||||
Revenue | ||||||
Revenue | 190,836 | 461,149 | ||||
Cost of revenue | ||||||
Cost of revenue | 162,737 | 395,838 | ||||
Materials [Member] | ||||||
Revenue | ||||||
Revenue | 129,616 | 276,286 | ||||
Cost of revenue | ||||||
Cost of revenue | 108,303 | 239,972 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | ||||||
Assets | ||||||
Receivables, net | 733,368 | 733,368 | ||||
Contract assets | 0 | 0 | ||||
Costs and estimated earnings in excess of billings | 141,525 | 141,525 | ||||
Deferred income taxes, net | 1,136 | 1,136 | ||||
Liabilities and equity | ||||||
Contract liabilities | 0 | 0 | ||||
Billings in excess of costs and estimated earnings | 158,228 | 158,228 | ||||
Accrued expenses and other current liabilities | 286,681 | 286,681 | ||||
Retained earnings | 793,381 | 793,381 | ||||
Revenue | ||||||
Revenue | 1,049,164 | 2,419,673 | ||||
Cost of revenue | ||||||
Cost of revenue | 913,163 | 2,150,087 | ||||
Gross profit | 136,001 | 269,585 | ||||
Operating income | 58,916 | 37,284 | ||||
Provision for (benefit from) income taxes | 6,603 | 4,554 | ||||
Net income | 52,697 | 34,599 | ||||
Net income attributable to Granite Construction Incorporated | 49,272 | 27,109 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Transportation [Member] | ||||||
Revenue | ||||||
Revenue | 607,413 | 1,468,253 | ||||
Cost of revenue | ||||||
Cost of revenue | 541,934 | 1,339,443 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Water [Member] | ||||||
Revenue | ||||||
Revenue | 119,977 | 213,157 | ||||
Cost of revenue | ||||||
Cost of revenue | 100,189 | 174,834 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Specialty [Member] | ||||||
Revenue | ||||||
Revenue | 192,158 | 461,977 | ||||
Cost of revenue | ||||||
Cost of revenue | 162,737 | 395,838 | ||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Materials [Member] | ||||||
Revenue | ||||||
Revenue | 129,616 | 276,286 | ||||
Cost of revenue | ||||||
Cost of revenue | 108,303 | 239,972 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | ||||||
Assets | ||||||
Receivables, net | (115,298) | (115,298) | ||||
Contract assets | 213,989 | 213,989 | ||||
Costs and estimated earnings in excess of billings | (141,525) | (141,525) | ||||
Deferred income taxes, net | 5,272 | 5,272 | ||||
Liabilities and equity | ||||||
Contract liabilities | 117,759 | 117,759 | ||||
Billings in excess of costs and estimated earnings | (158,228) | (158,228) | ||||
Accrued expenses and other current liabilities | 9,352 | 9,352 | ||||
Retained earnings | (6,445) | (6,445) | ||||
Revenue | ||||||
Revenue | 6,427 | 6,416 | ||||
Cost of revenue | ||||||
Cost of revenue | (2,063) | (5,141) | ||||
Gross profit | 8,490 | 11,558 | ||||
Operating income | 8,490 | 11,558 | ||||
Provision for (benefit from) income taxes | 2,089 | 2,803 | ||||
Net income | 6,400 | 8,755 | ||||
Net income attributable to Granite Construction Incorporated | 6,400 | 8,755 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Transportation [Member] | ||||||
Revenue | ||||||
Revenue | 3,434 | 4,450 | ||||
Cost of revenue | ||||||
Cost of revenue | (2,063) | (5,141) | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Water [Member] | ||||||
Revenue | ||||||
Revenue | 4,315 | 2,794 | ||||
Cost of revenue | ||||||
Cost of revenue | 0 | 0 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Specialty [Member] | ||||||
Revenue | ||||||
Revenue | (1,322) | (828) | ||||
Cost of revenue | ||||||
Cost of revenue | 0 | 0 | ||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Materials [Member] | ||||||
Revenue | ||||||
Revenue | 0 | 0 | ||||
Cost of revenue | ||||||
Cost of revenue | $ 0 | $ 0 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements - Additional Information (Details) - ASU 2016-02 [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Minimum [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Increase in assets and liabilities | $ 45 |
Maximum [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Increase in assets and liabilities | $ 60 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands | Jun. 14, 2018USD ($) | Apr. 03, 2018USD ($) | Sep. 30, 2018USD ($)Office | Sep. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($)Office | Sep. 30, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||||
Common stock issued in acquisition | $ 321,075 | $ 0 | |||||||
Revenue | $ 1,087,111 | 2,638,664 | 2,539,178 | ||||||
Acquisition and integration expenses | $ 9,334 | 0 | 44,030 | 0 | |||||
Goodwill | 244,696 | 53,799 | 244,696 | 53,799 | $ 53,799 | ||||
Amortization expenses | 4,200 | 6,700 | |||||||
Amortization expenses remainder of 2018 | 4,600 | 4,600 | |||||||
Amortization expenses in 2019 | 16,200 | 16,200 | |||||||
Amortization expenses in 2020 | 11,300 | 11,300 | |||||||
Amortization expenses in 2021 | 8,700 | 8,700 | |||||||
Amortization expenses thereafter | 12,100 | $ 12,100 | |||||||
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% | ||||||||
Water [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 135,230 | 618 | $ 135,230 | 618 | $ 618 | ||||
Materials [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 49,847 | 1,946 | 49,847 | 1,946 | 1,946 | ||||
Specialty [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 39,821 | $ 31,437 | $ 39,821 | $ 31,437 | $ 31,437 | ||||
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 | $ 129,100 | $ 150,600 | |||||||
Net income (loss) before tax attributable to Granite | 8,600 | (6,700) | |||||||
Acquisition and integration expenses | 3,400 | 18,100 | |||||||
Decrease in property and equipment | (2,500) | ||||||||
Decrease in identifiable intangible assets | (2,300) | ||||||||
Increase in deferred income taxes | 1,100 | ||||||||
Increase in goodwill | 3,700 | $ 7,600 | |||||||
Decrease the investments in affiliates | $ (7,600) | ||||||||
Business consideration tangible assets acquired | 430,015 | ||||||||
Identifiable intangible assets | 58,448 | ||||||||
Business consideration intangible liabilities assumed | 6,700 | ||||||||
Goodwill | $ 185,228 | ||||||||
Layne Christensen Company [Member] | Water [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 128,900 | 128,900 | |||||||
Layne Christensen Company [Member] | Materials [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 47,900 | 47,900 | |||||||
Layne Christensen Company [Member] | Specialty [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 8,400 | 8,400 | |||||||
LiquiForce Services Company [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition assumed liabilities | $ 35,900 | ||||||||
Business consideration tangible assets acquired | 14,300 | ||||||||
Identifiable intangible assets | 10,900 | ||||||||
Business consideration intangible liabilities assumed | 8,500 | ||||||||
Goodwill | $ 19,200 | ||||||||
LiquiForce Services Company [Member] | Water [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 19,200 | $ 19,200 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 14, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Liabilities | ||||
Goodwill | $ 244,696 | $ 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 | 185,353 | |||
Investments in affiliates | 55,400 | |||
Deferred income taxes | 24,335 | |||
Other noncurrent assets | 17,868 | |||
Total tangible assets | 430,015 | |||
Identifiable intangible assets | 58,448 | |||
Liabilities | ||||
Identifiable intangible liabilities | 6,700 | |||
Accounts payable | 38,321 | |||
Contract liabilities | 7,854 | |||
Accrued expenses and other current liabilities | 47,583 | |||
Long-term debt | 191,500 | |||
Other long-term liabilities | 31,893 | |||
Total liabilities assumed | 323,851 | |||
Total identifiable net assets acquired | 164,612 | |||
Goodwill | 185,228 | |||
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 | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Gross Value, Assets | $ 66,924 |
Accumulated Amortization, Assets | (10,027) |
Net Value, Assets | 56,897 |
Gross Value, Liabilities | 7,197 |
Accumulated Amortization, Liabilities | (3,297) |
Net Value, Liabilities | $ 3,900 |
Customer Relationships [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 7 years |
Gross Value, Assets | $ 33,391 |
Accumulated Amortization, Assets | (2,813) |
Net Value, Assets | $ 30,578 |
Backlog [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 3 years |
Gross Value, Assets | $ 9,488 |
Accumulated Amortization, Assets | (4,013) |
Net Value, Assets | $ 5,475 |
Developed Technology [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 4 years |
Gross Value, Assets | $ 9,276 |
Accumulated Amortization, Assets | (817) |
Net Value, Assets | $ 8,459 |
Trademarks/Trade Names [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 4 years |
Gross Value, Assets | $ 8,996 |
Accumulated Amortization, Assets | (770) |
Net Value, Assets | $ 8,226 |
Favorable Contracts [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years), Assets | 3 years |
Gross Value, Assets | $ 4,900 |
Accumulated Amortization, Assets | (1,511) |
Net Value, Assets | $ 3,389 |
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 | $ 873 |
Accumulated Amortization, Assets | (103) |
Net Value, Assets | $ 770 |
Unfavorable Contracts [Member] | |
Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted Average Useful Lives (Years),Laibilities | 2 years |
Gross Value, Liabilities | $ 6,897 |
Accumulated Amortization, Liabilities | (3,209) |
Net Value, Liabilities | $ 3,688 |
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 | (88) |
Net Value, Liabilities | $ 212 |
Acquisitions - Schedule of Good
Acquisitions - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 53,799 | |
Reclassification of goodwill to assets held for sale | $ (13,500) | (13,450) |
Goodwill translation adjustment | (145) | |
Ending Balance | $ 244,696 | 244,696 |
Layne Christensen Company [Member] | ||
Goodwill [Line Items] | ||
Goodwill acquired | 185,228 | |
LiquiForce Services Company [Member] | ||
Goodwill [Line Items] | ||
Goodwill acquired | $ 19,264 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Combinations [Abstract] | |||
Revenue | $ 1,087,111 | $ 2,638,664 | $ 2,539,178 |
Net income (loss) | 39,550 | 81,151 | (25,271) |
Net income (loss) attributable to Granite | $ 37,477 | $ 73,661 | $ (29,422) |
Basic net income (loss) per share attributable to common shareholders | $ 0.82 | $ 1.61 | $ (0.65) |
Diluted net income (loss) per share attributable to common shareholders | $ 0.80 | $ 1.60 | $ (0.65) |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisition and Integration Expenses (Details) - Layne and Liquiforce Acquisitions [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||
Professional services and other expenses | $ 7,083 | $ 33,556 |
Severance and personnel costs | 2,251 | 10,474 |
Total | $ 9,334 | $ 44,030 |
Revisions in Estimates - Additi
Revisions in Estimates - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change In Accounting Estimate [Line Items] | ||||
Decrease on project revenue and profitability | $ 4.9 | |||
Increase in net loss | 1.6 | |||
Impact from affirmative claim recovery estimate | $ 1.2 | $ 11.5 | 6.1 | $ 25.5 |
Impact from estimated recovery of back charge claims | (1.6) | 0.6 | (3.6) | 3.6 |
Change in accounting estimate amount considered significant to individual project gross profit | 5 | 5 | ||
Minimum [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Decrease on project revenue and profitability | 0 | |||
Maximum [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Decrease on project revenue and profitability | 45 | |||
Revisions to Estimated Total Contract Costs [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Impact from affirmative claim recovery estimate | 0.2 | 8.7 | ||
Impact from estimated recovery of back charge claims | 1.4 | 0.6 | 2.5 | 2 |
Estimated Costs Recorded in Prior Period [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Impact from affirmative claim recovery estimate | 1 | 0.5 | (2.6) | 0.4 |
Impact from estimated recovery of back charge claims | (0.2) | (1.1) | (1.6) | |
Revisions to Estimated Total Contract Costs [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Impact from affirmative claim recovery estimate | 11 | 25.1 | ||
Net Estimate Change [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Increase (decrease) on project profitability | (19.3) | (12.7) | (57.8) | (56.8) |
Net Estimate Change [Member] | Specialty [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Increase (decrease) on project profitability | (5.9) | |||
Contracts Accounted for under Percentage of Completion [Member] | Noncontrolling Interest [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Increase (decrease) on project profitability | $ 0 | $ 0 | $ 0 | $ (2.1) |
Revisions in Estimates - Schedu
Revisions in Estimates - Schedule of Projects Summarized (Details) - Downward Estimate Change [Member] $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)project | Sep. 30, 2017USD ($)project | Sep. 30, 2018USD ($)project | Sep. 30, 2017USD ($)project | |
Change In Accounting Estimate [Line Items] | ||||
Number of projects with downward estimate changes | project | 2 | 1 | 4 | 6 |
Range of reduction in gross profit from each project, net | $ (12.7) | |||
Increase (decrease) on project profitability | $ 19.3 | $ 12.7 | $ 57.8 | $ 56.8 |
Minimum [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of reduction in gross profit from each project, net | (7.3) | (5.2) | (5.1) | |
Maximum [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Range of reduction in gross profit from each project, net | $ (12) | $ (25.6) | $ (14.5) |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 1,055,591 | $ 957,126 | $ 2,426,089 | $ 2,188,439 |
Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 610,847 | 624,727 | 1,472,703 | 1,423,396 |
Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 124,292 | 36,378 | 215,951 | 100,944 |
Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 190,836 | 197,886 | 461,149 | 452,265 |
Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 129,616 | 98,135 | 276,286 | 211,834 |
California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 298,060 | 272,662 | 765,949 | 598,079 |
California [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 180,163 | 153,941 | 453,077 | 331,329 |
California [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 12,119 | 12,559 | 45,711 | 26,017 |
California [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 31,713 | 51,191 | 104,914 | 112,883 |
California [Member] | Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 74,065 | 54,971 | 162,247 | 127,850 |
Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 277,273 | 312,567 | 582,629 | 631,589 |
Northwest [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 182,709 | 245,875 | 361,376 | 470,254 |
Northwest [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 877 | 51 | 3,268 | 530 |
Northwest [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 46,752 | 23,477 | 114,695 | 76,821 |
Northwest [Member] | Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 46,935 | 43,164 | 103,290 | 83,984 |
Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 230,071 | 210,017 | 611,233 | 570,593 |
Heavy Civil [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 224,560 | 201,951 | 596,022 | 551,856 |
Heavy Civil [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 5,511 | 8,066 | 15,211 | 18,737 |
Heavy Civil [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Heavy Civil [Member] | Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13,912 | 9,873 | 29,645 | 32,842 |
Federal [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 69 | 8,170 | 427 | 28,846 |
Federal [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 480 | 641 | 1,598 | 1,579 |
Federal [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13,363 | 1,062 | 27,620 | 2,417 |
Federal [Member] | Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 89,053 | 138,346 | 243,936 | 306,853 |
Midwest [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 23,346 | 14,790 | 61,801 | 41,111 |
Midwest [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 194 | 1,400 | 1,710 | 5,707 |
Midwest [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 65,513 | 122,156 | 180,425 | 260,035 |
Midwest [Member] | 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 | 147,222 | 13,661 | 192,697 | 48,483 |
Water and Mineral Services [Member] | Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Water and Mineral Services [Member] | Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 105,111 | 13,661 | 148,453 | 48,374 |
Water and Mineral Services [Member] | Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 33,495 | 0 | 33,495 | 109 |
Water and Mineral Services [Member] | Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 8,616 | $ 0 | $ 10,749 | $ 0 |
Unearned Revenue - Schedule of
Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Jan. 01, 2018 |
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | $ 3,063,425 | $ 3,416,340 | $ 3,583,849 |
Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 2,311,712 | 2,594,464 | 2,858,747 |
Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 250,157 | 275,932 | 78,406 |
Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 501,556 | 545,944 | 646,696 |
California [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 360,822 | 397,338 | 406,056 |
California [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 299,242 | 332,252 | 299,552 |
California [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 11,297 | 17,485 | 27,328 |
California [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 50,283 | 47,601 | 79,176 |
Northwest [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 313,276 | 383,856 | 315,582 |
Northwest [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 242,666 | 315,189 | 273,864 |
Northwest [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 10 | 206 | 2,606 |
Northwest [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 70,600 | 68,461 | 39,112 |
Heavy Civil [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 1,705,551 | 1,915,020 | 2,232,613 |
Heavy Civil [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 1,678,637 | 1,882,806 | 2,194,430 |
Heavy Civil [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 26,914 | 32,214 | 38,183 |
Heavy Civil [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Federal [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 145,506 | 161,099 | 167,170 |
Federal [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 23 | 26 | 317 |
Federal [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 0 | 0 | 4,212 |
Federal [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 145,483 | 161,073 | 162,641 |
Midwest [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 326,739 | 333,625 | 458,312 |
Midwest [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 91,144 | 64,191 | 90,584 |
Midwest [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 405 | 625 | 1,961 |
Midwest [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 235,190 | 268,809 | 365,767 |
Water and Mineral Services [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 211,531 | 225,402 | 4,116 |
Water and Mineral Services [Member] | Transportation [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Water and Mineral Services [Member] | Water [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | 211,531 | 225,402 | 4,116 |
Water and Mineral Services [Member] | Specialty [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Unearned revenue | $ 0 | $ 0 | $ 0 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Loss Contingencies [Line Items] | ||||
Revenue recognized | $ 600 | $ 103,300 | ||
Contracts Revenue | (37,793) | |||
Aggregate claim recovery estimate included in contract assets and liability | 37,200 | 37,200 | $ 26,700 | |
Costs in excess of billings and estimated earnings and billings in excess of estimated earnings | $ 21,600 | |||
Performance Obligations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contracts Revenue | $ 25,300 | $ 86,200 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Component of Contract Asset Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue From Contract With Customer [Abstract] | |||
Costs in excess of billings and estimated earnings | $ 108,105 | $ 69,755 | |
Contract retention | 105,884 | 91,135 | |
Total contract assets | $ 213,989 | $ 160,890 | $ 160,890 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Schedule of Change in Contract Asset Balance (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 160,890 |
Change in the measure of progress on projects, net | 921,111 |
Acquired contract assets | 45,353 |
Revisions in estimates, net | (37,793) |
Billings | (826,251) |
Receipts related to contract retention | (49,321) |
Balance at September 30, 2018 | $ 213,989 |
Contract Assets and Liabiliti_6
Contract Assets and Liabilities - Components of Contract Liabilities Balance (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Revenue From Contract With Customer [Abstract] | ||||
Billings in excess of costs and estimated earnings | $ 117,352 | $ 82,750 | ||
Provisions for losses | 407 | 924 | ||
Total contract liabilities | $ 117,759 | $ 83,674 | $ 0 | $ 0 |
Contract Assets and Liabiliti_7
Contract Assets and Liabilities - Schedule of Change in Contract Liability Balance (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 83,674 |
Change in the measure of progress on projects, net | (1,163,929) |
Acquired contract liabilities | 7,974 |
Revisions in estimates, net | 9,675 |
Billings | 1,180,946 |
Change in provision for loss, net | (581) |
Balance at September 30, 2018 | $ 117,759 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 618,159 | $ 479,943 | $ 627,398 |
Less: allowance for doubtful accounts | 89 | 152 | 317 |
Accounts receivable-net | 618,070 | 479,791 | 627,081 |
Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Billed | 351,802 | 252,467 | 321,851 |
Unbilled | 147,950 | 77,135 | 147,565 |
Accounts receivable-gross | 499,752 | 420,737 | 558,066 |
Material Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 73,282 | 42,192 | 58,920 |
Other Business Products and Services [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 45,125 | 17,014 | 10,412 |
Retentions [Member] | Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 0 | $ 91,135 | $ 88,650 |
Receivables, Net - Additional I
Receivables, Net - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Back charges claims | $ 1,400,000 | $ 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 35,010 | $ 67,775 | $ 47,814 |
Long-term marketable securities | 46,093 | 65,015 | 69,991 |
Total marketable securities | 81,103 | 132,790 | 117,805 |
U.S. Government and agency obligations [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 30,000 | 17,910 | 12,909 |
Long-term marketable securities | 46,093 | 59,993 | 69,991 |
Commercial paper [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 0 | 49,865 | 34,905 |
Corporate bonds [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 5,010 | 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Marketable Securities [Abstract] | |||
Due within one year | $ 35,010 | ||
Due in one to five years | 46,093 | ||
Total marketable securities | $ 81,103 | $ 132,790 | $ 117,805 |
Fair Value Measurement - Cash a
Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | $ 74,364 | $ 47,251 | $ 22,896 |
Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 74,364 | 47,251 | 22,896 |
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 | 68,765 | 37,284 | 22,896 |
Money Market Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 68,765 | 37,284 | 22,896 |
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 | 5,599 | ||
Restricted Cash [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,599 | ||
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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Level 2 [Member] | ||||
Derivatives Details | ||||
Derivative Asset | $ 1,500,000 | $ 1,400,000 | $ 800,000 | |
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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Level 1 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | $ 81,103 | $ 132,790 | $ 117,805 |
Convertible notes | 69,659 | 0 | 0 |
Level 1 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | 79,941 | 132,002 | 117,349 |
Convertible notes | 69,472 | 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 | 148,125 | 90,000 | 91,250 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | 137,000 | 55,000 | 30,000 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 82,191 | 82,190 | 124,792 |
Credit Agreement - term loan | 148,832 | 89,871 | 91,078 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | $ 137,636 | $ 55,054 | $ 30,018 |
Construction Joint Ventures - A
Construction Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)project | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)project | Sep. 30, 2017USD ($) | |
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 9 | 9 | ||
Construction Contract Value | $ 11,200,000 | $ 11,200,000 | ||
Revenue | 1,055,591 | $ 957,126 | 2,426,089 | $ 2,188,439 |
Net cash provided by operating activities | 14,743 | 64,614 | ||
Unconsolidated Construction Joint Venture Net (Loss) Income | $ (47,600) | 31,000 | $ (162,000) | 57,200 |
Line Item Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 1 | 1 | ||
Revenue | $ 800 | 5,400 | $ 2,000 | 20,100 |
Line Item Joint Venture One [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | 18,000 | 18,000 | ||
Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 85,200 | $ 85,200 | ||
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 | $ 3,800,000 | $ 3,800,000 | ||
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 | $ 1,200,000 | $ 1,200,000 | ||
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 2,300,000 | $ 2,300,000 | ||
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 | 61,600 | 44,500 | 173,100 | 129,500 |
Net cash provided by operating activities | 31,500 | 26,400 | ||
Joint Venture Consolidated [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 50,800 | $ 50,800 | ||
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 | $ 3,500,000 | $ 3,500,000 | ||
Granite Construction [Member] | ||||
Construction Joint Venture | ||||
Revenue | 1,100,000 | |||
Unconsolidated Construction Joint Venture Net (Loss) Income | (3,100) | $ (7,100) | (16,500) | $ (15,300) |
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 | $ 9,900 | 9,900 | ||
Granite Construction [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 2,300 | |||
Granite Construction [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 273,200 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | ||||
Construction Joint Venture | ||||
Revenue | 394,900 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Revenue | 500 | |||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Revenue | $ 185,000 |
Construction Joint Ventures - S
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets | $ 204,201 | $ 219,825 | $ 223,449 | |
Equity in Construction Joint Ventures | [1] | 262,421 | 231,887 | 226,385 |
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 810,111 | 869,782 | 846,832 | |
Unconsolidated Construction Joint Venture Liabilities | [2] | 331,838 | 462,159 | 445,068 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3],[4] | 442,222 | 452,560 | 431,382 |
Unconsolidated Construction Joint Venture Liabilities | 179,801 | 220,673 | 204,997 | |
Cash and Cash Equivalents [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 242,028 | 289,940 | 333,751 | |
Other Assets, Current and Longterm [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3] | 806,104 | 812,577 | 721,014 |
Accounts Payable [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Liabilities | $ 511,639 | $ 682,832 | $ 650,065 | |
[1] | Included 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 $11.6 million, $15.9 million and $16.0 million as of September 30, 2018, December 31, 2017 and September 30, 2017, respectively | |||
[2] | Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences | |||
[3] | Included 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 September 30, 2018 and December 31, 2017 and were $88.9 million as of September 30, 2017 | |||
[4] | Included in this balance as of September 30, 2018, December 31, 2017 and September 30, 2017 was, $67.1 million, $74.3 million, and $77.6 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $12.5 million, $11.8 million and $11.1 million related to Granite’s share of estimated recovery of back charge claims as of September 30, 2018, December 31, 2017 and September 30, 2017, respectively |
Construction Joint Ventures -_2
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Construction Joint Venture | |||
Performance Guarantees | $ 88.6 | $ 88.6 | $ 88.9 |
Unconsolidated Joint Venture Back charges claims | 12.5 | 11.8 | 11.1 |
Deficit in unconsolidated construction joint venture | 11.6 | 15.9 | 16 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Construction Joint Venture | |||
Affirmative Claim Recovery Estimate | $ 67.1 | $ 74.3 | $ 77.6 |
Construction Joint Ventures -_3
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | $ 436,093 | $ 550,115 | $ 1,125,530 | $ 1,517,419 | |
Unconsolidated Construction Joint Venture Cost of Revenue | 485,190 | 520,205 | 1,289,464 | 1,462,127 | |
Unconsolidated Construction Joint Venture Gross Loss | (4,020) | (6,937) | (17,947) | (15,165) | |
Other Partners Interest in Partnerships [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | [1] | 285,064 | 396,672 | 746,905 | 1,096,834 |
Unconsolidated Construction Joint Venture Cost of Revenue | [1] | 330,141 | 359,825 | 892,892 | 1,026,377 |
Reporting Entitys Interest in Joint Venture [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Unconsolidated Construction Joint Venture Revenue | 151,029 | 153,443 | 378,625 | 420,585 | |
Unconsolidated Construction Joint Venture Cost of Revenue | $ 155,049 | $ 160,380 | $ 396,572 | $ 435,750 | |
[1] | Partners’ 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 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 | $ 307,289 | $ 160,359 | $ 163,714 |
Joint Venture Unconsolidated [Member] | Texas [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investments | 17,500 | 24,300 | 23,600 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | 307,300 | ||
Equity Method Investments | 84,840 | $ 38,469 | $ 39,946 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 26,000 | ||
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 | $ 400 | ||
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 | $ 53,500 | ||
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 | $ 63,000 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 84,840 | $ 38,469 | $ 39,946 |
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 84,840 | 38,469 | 39,946 |
Joint Venture Unconsolidated [Member] | Foreign Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 54,620 | 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 | 20,930 | 29,472 | 28,634 |
Joint Venture Unconsolidated [Member] | Equity Method Investment in Asphalt Terminal Affiliate [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 9,290 | $ 8,997 | $ 11,312 |
Investments in Affiliates - Equ
Investments in Affiliates - Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 138,887 | $ 31,320 | $ 26,442 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 168,402 | 129,039 | 137,272 | |
Equity Method Investment, Summarized Financial Information, Assets | 307,289 | 160,359 | 163,714 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 71,940 | 30,131 | 32,463 | |
Equity Method Investment, Summarized Financial Information, Long-term Liabilities | [1] | 46,961 | 31,636 | 32,761 |
Equity Method Investment, Summarized Financial Information, Total Liabilities | 118,901 | 61,767 | 65,224 | |
Equity Method Investments Summarized Financial Information Net Assets | 188,388 | 98,592 | 98,490 | |
Other Affiliates [Member] | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Assets | 307,300 | |||
Equity Method Investments | $ 84,840 | $ 38,469 | $ 39,946 | |
[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 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 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 1,405,314 | $ 1,209,141 | $ 1,212,526 |
Accumulated depreciation and depletion | 844,696 | 801,723 | 800,352 |
Property and equipment, net | 560,618 | 407,418 | 412,174 |
Equipment and vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 917,186 | 778,549 | 778,010 |
Quarry property [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 180,004 | 182,267 | 177,427 |
Land and land improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 138,875 | 108,830 | 113,384 |
Building and leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 105,895 | 82,601 | 83,914 |
Office furniture and equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 63,354 | $ 56,894 | $ 59,791 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | $ 433,722 | $ 224,501 | $ 240,718 |
Less current maturities | 116,796 | 46,048 | 14,796 |
Total long-term debt | 316,926 | 178,453 | 225,922 |
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 | 148,125 | 90,000 | 91,250 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit agreement | 137,000 | 55,000 | 30,000 |
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 69,659 | 0 | 0 |
Other notes payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (1,062) | $ (499) | $ (532) |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions | Jun. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Aug. 15, 2018 | May 31, 2018 |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in the Remainder of 2018 | $ 111,400,000 | |||||
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 | 253,300,000 | |||||
Total long-term debt | 316,926,000 | $ 225,922,000 | $ 178,453,000 | |||
Current maturities of long-term debt | 116,796,000 | 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 | 148,100,000 | |||||
Line of Credit, minimum cash balance | 150,000,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | 100,000,000 | |||||
Letters of Credit Outstanding, Amount | 30,600,000 | |||||
Proceeds from long-term debt | $ 143,250,000 | 0 | ||||
Consolidated Leverage Ratio, Maximum | 3 | |||||
Consolidated Interest Coverage Ratio, Actual | 18.83 | |||||
Consolidated Interest Coverage Ratio, Covenant | 4 | |||||
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 | 3 | |||||
Acquisition purchase price | $ 100,000,000 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio financial covenant | 3.50 | |||||
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 | 137,000,000 | 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 | |||
Line of Credit, Current | 148,100,000 | |||||
Long-term debt | $ 140,600,000 | 86,300,000 | 83,800,000 | |||
Debt instrument redemption price percentage | 1.25% | |||||
8.0 % Convertible Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||
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 had a maturity date of August 15, 2018 (Maturity Date). | |||||
Debt instrument, extended maturity date | Aug. 15, 2018 | |||||
Debt instrument, convertable note | $ 52,000,000 | |||||
Debt instrument, remaining fair value | $ 38,900,000 | |||||
Debt instrument, accrued interest | $ 900,000 | |||||
Additional paid-in capital | $ 30,700,000 | |||||
8.0 % Convertible Notes [Member] | Layne Christensen Company [Member] | Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, convertible shares | 1.2 | |||||
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% | |||||
Total 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 | $ 182,400,000 | |||||
Consolidated leverage ratio financial covenant | 1.74 | |||||
Debt Instrument, Basis Spread on Variable Rate, LIBOR Loans | 1.50% | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
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 | $ 1,100,000,000 | |||||
Consolidated Tangible Net Worth, Covenant | $ 786,500,000 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 3.90% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 5.75% | |||||
Convertible Notes [Member] | 4.25% Notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Common stock conversion rate | 11.8360 | |||||
Common stock conversion principal amount | $ 1,000 | |||||
Conversion price per share | $ 84.49 | |||||
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 Outst_3
Weighted Average Shares Outstanding and Net Income Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Earnings Per Share [Abstract] | |||||
Net income allocated to common shareholders for basic calculation | $ 55,672 | $ 45,982 | $ 35,864 | $ 36,325 | |
Effect of dilutive convertible notes | 296 | 0 | 0 | 0 | |
Net income allocated to common shareholders for diluted calculation | $ 55,968 | $ 45,982 | $ 35,864 | $ 36,325 | |
Weighted average common shares outstanding, basic | 46,308 | 39,844 | 42,443 | 39,774 | |
Dilutive effect of convertible notes, restricted stock units and common stock options | [1] | 1,502 | 543 | 467 | 593 |
Weighted average common shares outstanding, diluted | 47,810 | 40,387 | 42,910 | 40,367 | |
Net income per share, basic | $ 1.20 | $ 1.15 | $ 0.84 | $ 0.91 | |
Net income per share, diluted | $ 1.17 | $ 1.14 | $ 0.84 | $ 0.90 | |
[1] | 1Weighted average shares of approximately 1.1 million have been included in the number of shares used in calculating diluted net income per share for the three months ended September 30, 2018 based on the assumption that the 8% Convertible Notes were converted to Granite shares as of July 1, 2018 through their conversion on August 15, 2018. The shares have been excluded from the nine months ended September 30, 2018 as their inclusion would be antidilutive. See Note 14 for further discussion on the 8% Convertible Notes |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding and Net Loss Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding Used in Calculating Basic and Diluted Net Loss Per Share (Parenthetical) (Details) shares in Millions | 3 Months Ended |
Sep. 30, 2018shares | |
Earnings Per Share Diluted [Line Items] | |
Antidilutive shares excluded from calculating diluted net loss per share | 1.1 |
8.0 % Convertible Notes [Member] | |
Earnings Per Share Diluted [Line Items] | |
Debt instrument, interest rate, stated percentage | 8.00% |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 8,692 | $ 21,249 | $ 7,357 | $ 16,841 |
Effective tax rate | 12.80% | 30.70% | 14.50% | 29.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 12.80% | 30.70% | 14.50% | 29.40% | |
Federal statutory tax, Percent | 21.00% | 35.00% | |||
Revaluation of deferred tax assets and liabilities | $ 7.6 | ||||
Uncertain tax position noncurrent liability | $ 13.1 | $ 13.1 |
Equity - Schedule of Stockholde
Equity - Schedule of Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | $ 992,805 | $ 922,591 | |||||
Net income | $ 59,097 | $ 48,055 | 43,354 | 40,476 | |||
Purchase of common stock | (6,369) | [1] | (6,713) | [2] | |||
Dividends on common stock | (17,242) | (15,532) | |||||
Effect of adopting Topic 606 | (15,202) | ||||||
Issuance of common stock for Layne acquisition | [3] | 321,075 | |||||
Transactions with non-controlling interests | (10,080) | (3,502) | |||||
Other transactions with shareholders and employees | [4] | 14,258 | 14,488 | ||||
Stockholders' equity, ending balance | 1,406,399 | 951,808 | 1,406,399 | 951,808 | |||
8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Issuance of common stock for 8.0% convertible notes | [5] | 53,098 | |||||
Premium on convertible 8% notes | [6] | 30,702 | 30,702 | ||||
Granite Construction [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | 945,108 | 885,988 | |||||
Net income | 35,864 | 36,325 | |||||
Purchase of common stock | (6,369) | [1] | (6,713) | [2] | |||
Dividends on common stock | (17,242) | (15,532) | |||||
Effect of adopting Topic 606 | (15,202) | ||||||
Issuance of common stock for Layne acquisition | [3] | 321,075 | |||||
Transactions with non-controlling interests | 0 | 0 | |||||
Other transactions with shareholders and employees | [4] | 14,258 | 14,488 | ||||
Stockholders' equity, ending balance | 1,361,292 | 914,556 | 1,361,292 | 914,556 | |||
Granite Construction [Member] | 8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Issuance of common stock for 8.0% convertible notes | [5] | 53,098 | |||||
Premium on convertible 8% notes | [6] | 30,702 | 30,702 | ||||
Noncontrolling Interest [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Stockholders' equity, beginning balance | 47,697 | 36,603 | |||||
Net income | 7,490 | 4,151 | |||||
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] | 0 | |||||
Transactions with non-controlling interests | (10,080) | (3,502) | |||||
Other transactions with shareholders and employees | [4] | 0 | 0 | ||||
Stockholders' equity, ending balance | 45,107 | $ 37,252 | 45,107 | $ 37,252 | |||
Noncontrolling Interest [Member] | 8.0 % Convertible Notes [Member] | |||||||
Stockholders Equity Rollforward [Line Items] | |||||||
Issuance of common stock for 8.0% convertible notes | [5] | 0 | |||||
Premium on convertible 8% notes | [6] | $ 0 | $ 0 | ||||
[1] | Represents 108,000 shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. | ||||||
[2] | Represents 136,000 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 approximately 1,200,000 shares issued in connection with the conversion of the 8.0% Convertible Notes. See Note 14 for further discussion. | ||||||
[6] | 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 Stockhol_2
Equity - Schedule of Stockholders Equity (Parenthetical) (Details) - shares | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 14, 2018 | |
Stockholders Equity Rollforward [Line Items] | |||
Shares Purchased for Tax Withholding for Share Based Compensation | 108,000,000 | 136,000,000 | |
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% | ||
8.0 % Convertible Notes [Member] | |||
Stockholders Equity Rollforward [Line Items] | |||
Stock issued during period, shares, conversion of convertible securities | 1,200,000 | ||
Debt instrument, interest rate, stated percentage | 8.00% | ||
8.0 % Convertible Notes [Member] | Layne Christensen Company [Member] | |||
Stockholders Equity Rollforward [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 1,055,591 | $ 957,126 | $ 2,426,089 | $ 2,188,439 | |
Gross profit | 144,491 | 114,530 | 281,143 | 214,226 | |
Segment assets | 2,643,848 | 1,947,288 | 2,643,848 | 1,947,288 | $ 1,871,978 |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 1,120,561 | 1,039,256 | 2,542,436 | 2,328,734 | |
Gross profit | 144,491 | 114,530 | 281,143 | 214,226 | |
Depreciation, depletion and amortization | 32,848 | 14,820 | 70,883 | 40,837 | |
Segment assets | 1,229,398 | 755,345 | 1,229,398 | 755,345 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (64,970) | (82,130) | (116,347) | (140,295) | |
Transportation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 610,847 | 624,727 | 1,472,703 | 1,423,396 | |
Transportation [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 610,847 | 624,727 | 1,472,703 | 1,423,396 | |
Gross profit | 70,976 | 65,540 | 138,401 | 119,907 | |
Depreciation, depletion and amortization | 7,592 | 5,820 | 17,920 | 16,047 | |
Segment assets | 394,981 | 372,028 | 394,981 | 372,028 | |
Transportation [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Water [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 124,292 | 36,378 | 215,951 | 100,944 | |
Water [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 124,292 | 36,378 | 215,951 | 100,944 | |
Gross profit | 24,103 | 1,805 | 41,117 | 9,772 | |
Depreciation, depletion and amortization | 11,191 | 550 | 16,075 | 1,716 | |
Segment assets | 308,964 | 8,130 | 308,964 | 8,130 | |
Water [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Specialty [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 190,836 | 197,886 | 461,149 | 452,265 | |
Specialty [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 190,836 | 197,886 | 461,149 | 452,265 | |
Gross profit | 28,099 | 27,797 | 65,311 | 56,736 | |
Depreciation, depletion and amortization | 7,569 | 2,626 | 18,908 | 6,635 | |
Segment assets | 150,437 | 87,366 | 150,437 | 87,366 | |
Specialty [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 129,616 | 98,135 | 276,286 | 211,834 | |
Materials [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 194,586 | 180,265 | 392,633 | 352,129 | |
Gross profit | 21,313 | 19,388 | 36,314 | 27,811 | |
Depreciation, depletion and amortization | 6,496 | 5,824 | 17,980 | 16,439 | |
Segment assets | 375,016 | 287,821 | 375,016 | 287,821 | |
Materials [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ (64,970) | $ (82,130) | $ (116,347) | $ (140,295) |
Business Segment Information _2
Business Segment Information - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Segment Reporting Information [Line Items] | |||
Property and equipment, net | $ 560,618 | $ 407,418 | $ 412,174 |
Foreign Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Property and equipment, net | $ 21,900 |
Business Segment Information _3
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Gross profit | $ 144,491 | $ 114,530 | $ 281,143 | $ 214,226 |
Selling, general and administrative expenses | 70,769 | 49,501 | 193,337 | 162,726 |
Acquisition and integration expenses | 9,334 | 0 | 44,030 | 0 |
Gain on sales of property and equipment | (3,018) | (1,753) | (5,066) | (2,830) |
Total other income | (383) | (2,522) | (1,869) | (2,987) |
Income before provision for income taxes | 67,789 | 69,304 | 50,711 | 57,317 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | $ 144,491 | $ 114,530 | $ 281,143 | $ 214,226 |