Document And Entity Information
Document And Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document And Entity [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-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 46,685,414 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents ($131,965 and $94,359 related to consolidated construction joint ventures (“CCJVs”)) | $ 272,804 | $ 233,711 |
Short-term marketable securities | 30,002 | 67,775 |
Receivables, net ($21,237 and $52,031 related to CCJVs) | 473,246 | 479,791 |
Contract assets ($19,699 and $0 related to CCJVs) | 219,754 | 0 |
Costs and estimated earnings in excess of billings ($0 and $1,437 related to CCJVs) | 0 | 103,965 |
Inventories | 88,623 | 62,497 |
Equity in construction joint ventures | 282,229 | 247,826 |
Other current assets ($11,744 and $10,384 related to CCJVs) | 48,731 | 36,513 |
Total current assets | 1,415,389 | 1,232,078 |
Property and equipment, net ($34,761 and $38,361 related to CCJVs) | 549,688 | 407,418 |
Long-term marketable securities | 36,098 | 65,015 |
Investments in affiliates | 84,354 | 38,469 |
Goodwill | 259,471 | 53,799 |
Other noncurrent assets | 131,601 | 75,199 |
Total assets | 2,476,601 | 1,871,978 |
Current liabilities | ||
Current maturities of long-term debt | 47,286 | 46,048 |
Accounts payable ($37,086 and $34,795 related to CCJVs) | 251,481 | 237,673 |
Contract liabilities ($60,288 and $0 related to CCJVs) | 105,449 | 0 |
Billings in excess of costs and estimated earnings ($0 and $37,701 related to CCJVs) | 0 | 135,146 |
Accrued expenses and other current liabilities ($2,046 and $2,126 related to CCJVs) | 273,626 | 236,407 |
Total current liabilities | 677,842 | 655,274 |
Long-term debt | 335,119 | 178,453 |
Deferred income taxes, net | 4,317 | 1,361 |
Other long-term liabilities | 61,689 | 44,085 |
Commitments and contingencies (Notes 20 and 21) | 0 | 0 |
Equity | ||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,665,889 shares as of December 31, 2018, and 39,871,314 shares as of December 31, 2017 | 467 | 399 |
Additional paid-in capital | 564,559 | 160,376 |
Accumulated other comprehensive (loss) income | (749) | 634 |
Retained earnings | 787,356 | 783,699 |
Total Granite Construction Incorporated shareholders’ equity | 1,351,633 | 945,108 |
Non-controlling interests | 46,001 | 47,697 |
Total equity | 1,397,634 | 992,805 |
Total liabilities and equity | $ 2,476,601 | $ 1,871,978 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 272,804 | $ 233,711 |
Receivables, Net | 473,246 | 479,791 |
Contract assets | 219,754 | 0 |
Costs and estimated earnings in excess of billings | 0 | 103,965 |
Other current assets | 48,731 | 36,513 |
Property and equipment, net | 549,688 | 407,418 |
Accounts payable | 251,481 | 237,673 |
Contract liabilities | 105,449 | 0 |
Billings in excess of costs and estimated earnings | 0 | 135,146 |
Accrued expenses and other current liabilities | $ 273,626 | $ 236,407 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 46,665,889 | 39,871,314 |
Common Stock, Shares, Outstanding | 46,665,889 | 39,871,314 |
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | ||
Cash and cash equivalents | $ 131,965 | $ 94,359 |
Receivables, Net | 21,237 | 52,031 |
Contract assets | 19,699 | 0 |
Costs and estimated earnings in excess of billings | 0 | 1,437 |
Other current assets | 11,744 | 10,384 |
Property and equipment, net | 34,761 | 38,361 |
Accounts payable | 37,086 | 34,795 |
Contract liabilities | 60,288 | 0 |
Billings in excess of costs and estimated earnings | 0 | 37,701 |
Accrued expenses and other current liabilities | $ 2,046 | $ 2,126 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | |||
Total revenue | $ 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Cost of revenue | |||
Total cost of revenue | 2,929,222 | 2,674,780 | 2,213,247 |
Gross profit | 389,192 | 314,933 | 301,370 |
Selling, general and administrative expenses | 272,776 | 220,400 | 217,374 |
Acquisition and integration expenses | 60,045 | 0 | 0 |
Gain on sales of property and equipment | (7,672) | (4,182) | (8,358) |
Operating income | 64,043 | 98,715 | 92,354 |
Other (income) expense | |||
Interest income | (6,082) | (4,742) | (3,225) |
Interest expense | 14,571 | 10,800 | 12,366 |
Equity in income of affiliates | (6,935) | (7,107) | (7,177) |
Other income, net | (1,666) | (4,699) | (5,972) |
Total other income | (112) | (5,748) | (4,008) |
Income before provision for income taxes | 64,155 | 104,463 | 96,362 |
Provision for income taxes | 10,414 | 28,662 | 30,162 |
Net income | 53,741 | 75,801 | 66,200 |
Amount attributable to non-controlling interests | (11,331) | (6,703) | (9,078) |
Net income attributable to Granite Construction Incorporated | $ 42,410 | $ 69,098 | $ 57,122 |
Net income per share attributable to common shareholders (See Note 18) | |||
Basic | $ 0.97 | $ 1.74 | $ 1.44 |
Diluted | $ 0.96 | $ 1.71 | $ 1.42 |
Weighted average shares of common stock | |||
Basic | 43,564 | 39,795 | 39,557 |
Diluted | 44,025 | 40,372 | 40,225 |
Transportation [Member] | |||
Revenue | |||
Total revenue | $ 1,976,743 | $ 1,947,420 | $ 1,626,786 |
Cost of revenue | |||
Total cost of revenue | 1,786,698 | 1,777,285 | 1,464,957 |
Water [Member] | |||
Revenue | |||
Total revenue | 338,250 | 133,699 | 161,282 |
Cost of revenue | |||
Total cost of revenue | 278,676 | 121,429 | 141,397 |
Specialty [Member] | |||
Revenue | |||
Total revenue | 626,619 | 615,818 | 465,323 |
Cost of revenue | |||
Total cost of revenue | 535,731 | 528,372 | 382,865 |
Materials [Member] | |||
Revenue | |||
Total revenue | 376,802 | 292,776 | 261,226 |
Cost of revenue | |||
Total cost of revenue | $ 328,117 | $ 247,694 | $ 224,028 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 53,741 | $ 75,801 | $ 66,200 |
Other comprehensive (loss) income, net of tax: | |||
Net unrealized (loss) gain on derivatives | (451) | 191 | 184 |
Less: reclassification for net (gains) losses included in interest expense | (214) | 159 | 319 |
Net change | (665) | 350 | 503 |
Foreign currency translation adjustments, net | (718) | 655 | 626 |
Other comprehensive (loss) income | (1,383) | 1,005 | 1,129 |
Comprehensive income | 52,358 | 76,806 | 67,329 |
Non-controlling interests in comprehensive income | (11,331) | (6,703) | (9,078) |
Comprehensive income attributable to Granite Construction Incorporated | $ 41,027 | $ 70,103 | $ 58,251 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Retained Earnings [Member] | Total Granite Shareholders' Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2015 | $ 870,121 | $ 394 | $ 140,912 | $ (1,500) | $ 699,431 | $ 839,237 | $ 30,884 |
Beginning Balance (in shares) at Dec. 31, 2015 | 39,412,877 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 66,200 | $ 0 | 0 | 0 | 9,078 | ||
Net Income Attributable to Parent | 57,122 | 57,122 | 57,122 | ||||
Other comprehensive income | 1,129 | 0 | 0 | 1,129 | 0 | 1,129 | 0 |
Restricted stock units (“RSUs”) vested | 3 | $ 3 | 0 | 0 | 0 | 3 | 0 |
Restricted stock units (“RSUs”) vested (in shares) | 308,619 | ||||||
Amortized RSUs | 13,383 | $ 0 | 13,383 | 0 | 0 | 13,383 | 0 |
Common stock purchased for employee tax withholding for vested RSUs | (5,227) | $ (1) | (5,226) | 0 | 0 | (5,227) | 0 |
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (116,355) | ||||||
Dividends on common stock | (20,590) | $ 0 | 0 | 0 | (20,590) | (20,590) | 0 |
Transactions with non-controlling interests, net | (3,359) | 0 | 0 | 0 | 0 | 0 | (3,359) |
Stock options exercised and other | 931 | $ 0 | 1,268 | 0 | (337) | 931 | 0 |
Stock options exercised and other (in shares) | 15,999 | ||||||
Ending Balance at Dec. 31, 2016 | 922,591 | $ 396 | 150,337 | (371) | 735,626 | 885,988 | 36,603 |
Ending Balance (in shares) at Dec. 31, 2016 | 39,621,140 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 75,801 | $ 0 | 0 | 0 | 6,703 | ||
Net Income Attributable to Parent | 69,098 | 69,098 | 69,098 | ||||
Other comprehensive income | 1,005 | 0 | 0 | 1,005 | 0 | 1,005 | 0 |
Restricted stock units (“RSUs”) vested | 4 | $ 4 | 0 | 0 | 0 | 4 | 0 |
Restricted stock units (“RSUs”) vested (in shares) | 375,100 | ||||||
Amortized RSUs | 15,764 | $ 0 | 15,764 | 0 | 0 | 15,764 | 0 |
Common stock purchased for employee tax withholding for vested RSUs | (6,977) | $ (1) | (6,976) | 0 | 0 | (6,977) | 0 |
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (140,070) | ||||||
Dividends on common stock | (20,720) | $ 0 | 0 | 0 | (20,720) | (20,720) | 0 |
Transactions with non-controlling interests, net | 4,391 | 0 | 0 | 0 | 0 | 0 | 4,391 |
Stock options exercised and other | 946 | $ 0 | 1,251 | 0 | (305) | 946 | 0 |
Stock options exercised and other (in shares) | 15,144 | ||||||
Ending Balance at Dec. 31, 2017 | $ 992,805 | $ 399 | 160,376 | 634 | 783,699 | 945,108 | 47,697 |
Ending Balance (in shares) at Dec. 31, 2017 | 39,871,314 | 39,871,314 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 53,741 | $ 0 | 0 | 0 | 11,331 | ||
Net Income Attributable to Parent | 42,410 | 42,410 | 42,410 | ||||
Other comprehensive income | (1,383) | 0 | 0 | (1,383) | 0 | (1,383) | 0 |
Restricted stock units (“RSUs”) vested | 3 | $ 3 | 0 | 0 | 0 | 3 | 0 |
Restricted stock units (“RSUs”) vested (in shares) | 315,151 | ||||||
Amortized RSUs | 14,784 | $ 0 | 14,784 | 0 | 0 | 14,784 | 0 |
Common stock purchased for employee tax withholding for vested RSUs | (6,564) | $ (1) | (6,563) | 0 | 0 | (6,564) | 0 |
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (112,476) | ||||||
Shares repurchased and retired | (9,993) | $ (2) | (9,991) | 0 | 0 | (9,993) | 0 |
Shares repurchased and retired (in shares) | (252,072) | ||||||
Dividends on common stock | (23,309) | $ 0 | 0 | 0 | (23,309) | (23,309) | 0 |
Effect of change in accounting principle (See Note 1) | (15,201) | 0 | 0 | 0 | (15,201) | (15,201) | 0 |
Issuance of common stock for Layne acquisition | 321,123 | $ 56 | 321,019 | 0 | 0 | 321,075 | 48 |
Issuance of common stock for Layne acquisition (in shares) | 5,624,021 | ||||||
Issuance of common stock for 8.0% Convertible Notes | 53,023 | $ 12 | 53,011 | 0 | 0 | 53,023 | 0 |
Issuance of common stock for 8.0% Convertible Notes (in shares) | 1,202,134 | ||||||
Premium on 8.0% Convertible Notes | 30,702 | $ 0 | 30,702 | 0 | 0 | 30,702 | 0 |
Transactions with non-controlling interests, net | (13,075) | 0 | 0 | 0 | 0 | 0 | (13,075) |
Stock options exercised and other | 978 | $ 0 | 1,221 | 0 | (243) | 978 | 0 |
Stock options exercised and other (in shares) | 17,817 | ||||||
Ending Balance at Dec. 31, 2018 | $ 1,397,634 | $ 467 | $ 564,559 | $ (749) | $ 787,356 | $ 1,351,633 | $ 46,001 |
Ending Balance (in shares) at Dec. 31, 2018 | 46,665,889 | 46,665,889 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividend per share on common stock | $ 0.52 | $ 0.52 | $ 0.52 |
8.0 % Convertible Notes [Member] | |||
Debt instrument, interest rate, stated percentage | 8.00% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating activities | |||
Net income | $ 53,741 | $ 75,801 | $ 66,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 111,544 | 66,345 | 64,375 |
Gain on sales of property, equipment and business, net | (4,910) | (4,182) | (8,358) |
Change in deferred income taxes | 20,010 | (4,824) | 9,842 |
Stock-based compensation | 14,784 | 15,764 | 13,383 |
Equity in net loss from unconsolidated joint ventures | 22,688 | 14,634 | (15,614) |
Net income from affiliates | (6,935) | (7,107) | (7,177) |
Other non-cash adjustments | 4,916 | 0 | 0 |
Changes in assets and liabilities, net of the effects of acquisitions and sale of business in 2018: | |||
Receivables | (4,584) | (60,272) | (75,756) |
Costs and estimated earnings in excess of billings, net | 0 | (26,066) | 2,100 |
Contract assets, net | (17,770) | 0 | 0 |
Inventories | (2,120) | (7,252) | 308 |
Contributions to unconsolidated construction joint ventures | (104,333) | (16,937) | (11,795) |
Distributions from unconsolidated construction joint ventures | 16,922 | 39,955 | 19,344 |
Other assets, net | 21,598 | 12,272 | (14,873) |
Accounts payable | (26,732) | 36,716 | 37,731 |
Accrued expenses and other current liabilities, net | (12,429) | 11,348 | (6,564) |
Net cash provided by operating activities | 86,390 | 146,195 | 73,146 |
Investing activities | |||
Purchases of marketable securities | (9,952) | (124,543) | (129,685) |
Maturities of marketable securities | 75,000 | 120,000 | 50,000 |
Proceeds from called marketable securities | 0 | 0 | 55,000 |
Purchases of property and equipment | (111,101) | (67,695) | (90,970) |
Proceeds from sales of property and equipment | 16,238 | 10,202 | 12,946 |
Cash paid to purchase businesses, net of cash and restricted cash acquired | (55,027) | 0 | 0 |
Proceeds from the sale of a business | 47,812 | 0 | 0 |
Other investing activities, net | (2,568) | 2,850 | 6,319 |
Net cash used in investing activities | (39,598) | (59,186) | (96,390) |
Financing activities | |||
Proceeds from debt | 203,250 | 25,000 | 30,000 |
Debt principal repayments | (153,924) | (45,000) | (45,025) |
Cash dividends paid | (22,424) | (20,687) | (20,563) |
Repurchases of common stock | (16,557) | (6,977) | (5,227) |
Contributions from non-controlling partners | 200 | 11,500 | 5,250 |
Distributions to non-controlling partners | (13,275) | (7,109) | (5,258) |
Other financing activities, net | 856 | 649 | 557 |
Net cash used in financing activities | (1,874) | (42,624) | (40,266) |
Net increase in cash, cash equivalents and restricted cash | 44,918 | 44,385 | (63,510) |
Cash and cash equivalents and restricted cash of $0 at beginning of each period | 233,711 | 189,326 | 252,836 |
Cash, cash equivalents and restricted cash of $5,825, $0 and $0 at end of period | 278,629 | 233,711 | 189,326 |
Cash paid during the period for: | |||
Interest | 14,864 | 11,446 | 13,392 |
Income taxes | 19,069 | 33,948 | 29,872 |
Other non-cash operating activities: | |||
Performance guarantees | 0 | 5,497 | 17,596 |
Non-cash investing and financing activities: | |||
Common stock issued in acquisition | 321,019 | 0 | 0 |
Common stock issued in conversion of 8% Convertible Notes | 53,086 | 0 | 0 |
Premium on 8.0% Convertible Notes | 30,702 | 0 | 0 |
Restricted stock units issued, net of forfeitures (See Note 17) | 13,728 | 11,505 | 21,101 |
Accrued cash dividends | $ 6,068 | $ 5,183 | $ 5,151 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted cash and cash equivalents | $ 5,825 | $ 0 | $ 0 | $ 0 | |
Debt instrument, interest rate, stated percentage | 8.00% | ||||
8.0 % Convertible Notes [Member] | |||||
Debt instrument, interest rate, stated percentage | 8.00% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Description of Business : Granite Construction Incorporated is one of the largest diversified infrastructure companies in the United States, engaged in the construction and improvement of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, trenchless and underground utilities, power-related facilities, water-related facilities, utilities, tunnels, dams and other infrastructure-related projects. We have permanent offices located in Alaska, Arizona, California, Canada, Colorado, Florida, Guam, Illinois, Latin America, Nevada, New York, Texas, Utah and Washington. Unless otherwise indicated, the terms “we,” “us,” “our,” “Company” and “Granite” refer to Granite Construction Incorporated and its wholly owned and consolidated subsidiaries. Recent Developments: During 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 Transportation, Water and Specialty end-market segments replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of proprietary sanitary and storm water rehabilitation products including cured-in-place pipe felt and fiberglass-based lining tubes related to the acquisition of Layne Christensen Company (“Layne”). Prior-year information has been recast to reflect this change. See Note 22 for further information regarding our reportable segments. In addition, on April 3, 2018, we acquired LiquiForce and on June 14, 2018, we completed the acquisition of Layne. See Note 2 for further information. Principles of Consolidation : The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and consolidated subsidiaries. All material inter-company transactions and accounts have been eliminated. Additionally, we participate in various joint ventures (“joint ventures”). We consolidate these joint ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, , and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) may include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Although not applicable for any of the years presented, if we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. Where we have determined we are not the primary beneficiary of a joint venture but do exercise significant influence, we account for our share of the operations of unconsolidated construction joint ventures on a pro rata basis in revenue and cost of revenue in the consolidated statements of operations and in equity in construction joint ventures in the consolidated balance sheets. Our investment in unconsolidated construction joint ventures could extend beyond one year and is within the normal operating cycle of the associated construction projects. We account for non-construction unconsolidated joint ventures under the equity method of accounting in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures Use of Estimates in the Preparation of Financial Statements : The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. Revenue Recognition: Our revenue is primarily derived from construction contracts that can span several quarters or years and from sales of construction related materials. We recognize revenue in accordance with ASC Topic 606, and subsequently issued additional related ASUs (“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. 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 of the goods or services at the inception of the contract, which typically is determined using cost plus an appropriate margin. 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 recovery is probable and estimable. 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. Certain construction contracts include retention provisions to provide assurance to our customers that we will perform in accordance with the contract terms and are 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 year ended December 31, 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/or 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 December 31, 2018 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter. Unearned revenue is presented by reportable segment and operating group in Note 5. 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 December 31, 2018 and January 1, 2018, we had no material capitalized mobilization costs. Balance Sheet Classifications: Prepaid expenses and amounts receivable and payable under construction contracts (principally retentions) that may exist over the duration of the contract and could extend beyond one year are included in current assets and liabilities. A one-year time period is used as the basis for classifying all other current assets and liabilities. Cash, Cash Equivalents and Restricted Cash : Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2018 and 2017, was $132.0 million and $94.4 million, respectively, related to CCJVs. Our access to joint venture cash may be limited by the provisions of the joint venture agreements. In connection with the acquisition of Layne, we acquired restricted cash that consists of escrow funds and judicial deposits associated with tax related legal proceedings in Latin America. Of the total balance, $4.3 million is included in other current assets and the remainder is included in other noncurrent assets in the consolidated balance sheets . Years Ended December 31, 2018 2017 2016 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 $ 252,836 End of the period Cash and cash equivalents 272,804 233,711 189,326 Restricted cash 5,825 — — Total cash, cash equivalents and restricted cash, end of period 278,629 233,711 189,326 Net increase (decrease) in cash, cash equivalents and restricted cash $ 44,918 $ 44,385 $ (63,510 ) Contract Assets: Our contract assets include amounts due under contractual retainage provisions as well as costs and estimated earnings in excess of billings. Costs and estimated earnings in excess of billings also represent amounts earned and reimbursable under contracts, including customer affirmative 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. Marketable Securities : We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Our marketable securities are fixed income marketable securities and are classified as held-to-maturity as we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. The cost of securities redeemed or called is based on the specific identification method. Derivative Instruments: We recognize derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value using Level 2 inputs. To receive hedge accounting treatment, derivative instruments that are designated as cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The effective portion of the gain or loss on cash flow hedges is reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the consolidated statements of operations when the periodic hedged cash flows are settled. Adjustments to fair value on derivative instruments that do not qualify for hedge accounting treatment are reported through other income, net in the consolidated statements of operations. We do not enter into derivative instruments for speculative or trading purposes. Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. Our receivables are from customers concentrated in the United States and we had $7.1 million receivables from foreign operations as of December 31, 2018. Receivables from foreign operations were immaterial as of December 31, 2017. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. Foreign Currency Transactions and Translation: Through the acquisitions of Layne and LiquiForce, we now have operations in Latin America (primarily Mexico) and Canada 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, In Mexico, most of our customer contracts and a significant portion of our costs 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 translated into the functional currency with gains and losses included in other income, net in the consolidated statements of operations. The impact from foreign currency transactions was immaterial for 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 (loss) income on the consolidated balance sheets. 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 Latin America. Cost of inventories are valued at the lower of average cost or net realizable value We reserve quarry products December 31, 2018 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. The sale of the assets was completed during the fourth quarter of 2018. Investments in Affiliates : Each investment accounted for under the equity method of accounting is reviewed for impairment in accordance with ASC Topic 323, Our investments in affiliates include foreign entities, real estate entities and an asphalt terminal entity. These investments are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. Recoverability is measured by comparison of net book values to future undiscounted cash flows the investments are expected to generate. Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: • significant adverse changes in legal factors or the business climate; and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for our foreign entities and the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, and cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. Property and Equipment : Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from eighteen months to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, we write it down to fair value less cost to sell, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third-party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the consolidated balance sheet and the resulting gains or losses, if any, are reflected in operating income on the consolidated statement of operations for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are expensed as incurred. Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from three to seven years. During the years ended December 31, 2018, 2017 and 2016, we capitalized $4.4 million, $7.9 million and $6.6 million, respectively, of internal-use software development and related hardware costs. Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment at an asset group level whenever events or changes in circumstances indicate the net book value of an asset group may not be recoverable. Recoverability of these asset groups is measured by comparison of their net book values to the future undiscounted cash flows the asset groups are expected to generate. If the asset groups are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset group exceeds fair value. We group construction and plant equipment assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets is determined to no longer contribute to its vertically integrated construction and plant equipment asset group, it is assessed for impairment independently. As of December 31, 2018, amortizable intangible assets, which include customer relationships, developed technologies, permits, trademarks/trade names, backlog, favorable contracts and covenants not to compete, are being amortized over remaining terms from one to twenty years. As of December 31, 2018, amortizable intangible liabilities, which include unfavorable contracts and leases, are being amortized over remaining terms of two years. All intangible assets and liabilities are 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 using an accelerated method. 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. See Note 13 for the goodwill balance by reportable segment as of December 31, 2018 and 2017. 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. Examples of such events or circumstances include, but are not limited to, 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. In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2018 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2018-2022 operating plan developed internally by management adjusted for market participant-based assumptions. Our discount rate assumptions are based on an assessment of the equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate the reasonableness of our results against our current market capitalization. The estimated fair value is compared to the net book value of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its net book value, goodwill of the reporting unit is considered not impaired. If the fair value of the reporting unit is less than its net book value, goodwill is impaired and the excess of the reporting unit’s net book value over the fair value is recognized as an impairment loss. During 2018, due to the change in reportable segments, the resulting change to reporting units and in accordance with |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions On June 14, 2018 (“acquisition date”), we completed the acquisition of Layne for $349.8 million in a stock-for-stock merger. We paid $321.0 million of the purchase price with 5.6 million shares of 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 15 for further discussion of the assumed convertible notes. Layne operates as a wholly owned subsidiary of Granite Construction Incorporated and its results are reported in the newly formed Water and Mineral Services operating group in the Water, Specialty and Materials segments. Layne’s customers are in both the public and private sector. We have accounted for this transaction in accordance with ASC Topic 805, Business Combinations We have included Layne operating results in our consolidated statements of operations since the acquisition date. Revenue attributable to Layne for the year ended December 31, 2018 was $271.7 million and net losses before taxes for the year ended December 31, 2018 were $22.4 million. Income before provision for income taxes for the year ended December 31, 2018 included Layne’s portion of total pre-tax acquisition and integration expenses of $53.5 million. 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 the acquisition date as presented in the table below (in thousands). Since the acquisition date, we made measurement period adjustments to reflect facts and circumstances in existence as of the acquisition date. These adjustments included decreases of $4.9 million and $2.2 million in property and equipment and deferred income taxes, respectively, partially offset by a net $1.3 million increase in various other items with a resulting increase in goodwill of $5.8 million. In addition, we recorded a $7.6 million decrease and a corresponding increase to the investment in affiliates and goodwill balances, respectively. 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. Although no further adjustments are anticipated, 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 183,030 Investments in affiliates 55,400 Deferred income taxes 20,959 Other noncurrent assets (including $5,906 of restricted cash) 17,868 Total tangible assets 424,316 Identifiable intangible assets 61,548 Liabilities Identifiable intangible liabilities 6,800 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 31,585 Total liabilities assumed 323,643 Total identifiable net assets acquired 162,221 Goodwill 187,619 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. We acquired LiquiForce for $35.9 million in cash primarily borrowed under the Company’s credit agreement described more fully in Note 15. The tangible and intangible assets acquired and liabilities assumed were $14.3 million, $10.9 million and $8.5 million, respectively, resulting in acquired goodwill of $19.3 million. LiquiForce results are reported in the Water and Mineral Services operating group in the 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 consolidated balance sheets as of December 31, 2018 (in thousands): Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 3 $ 35,937 $ (5,880 ) $ 30,057 Backlog 2 9,713 (5,795 ) 3,918 Developed technologies 4 9,233 (1,384 ) 7,849 Trademarks/trade name 4 9,075 (1,382 ) 7,693 Favorable contracts, covenants not to compete and other 1 5,731 (2,461 ) 3,270 Intangible assets $ 69,689 $ (16,902 ) $ 52,787 Liabilities Unfavorable contracts and leases 2 $ 7,000 $ (4,726 ) $ 2,274 Intangible liabilities $ 7,000 $ (4,726 ) $ 2,274 The net amortization expense related to the acquired amortized intangible assets and liabilities for the year ended December 31, 2018 was $12.2 million and was included in cost of revenue and selling, general and administrative expenses in the 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 December 31, 2018 is expected to be recorded in the future as follows: $16.9 million in 2019; $11.7 million in 2020; $9.0 million in 2021; and $12.9 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 $125.7 million, $52.5 million, and $9.4 million of goodwill allocated to our Water, Materials and Specialty reportable segments, respectively. For the LiquiForce acquisition, we recorded $19.2 million in goodwill that was allocated to our Water reportable segment. The goodwill from both acquisitions is not expected to be deductible for income tax purposes. Pro Forma Financial Information The financial information in the table below summarizes the unaudited 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 (unaudited, in thousands, except per share amounts). The pro forma financial information is unaudited and 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. Years Ended December 31, 2018 2017 Revenue $ 3,530,989 $ 3,456,656 Net income 103,594 (5,759 ) Net income (loss) attributable to Granite 92,263 (12,462 ) Basic net income (loss) per share attributable to common shareholders 2.00 (0.27 ) Diluted net income (loss) per share attributable to common shareholders 2.00 (0.27 ) 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 year ended December 31, 2018 are reflected in year ended December 31, 2017 due to the assumed timing of the transaction. The statutory tax rate of 26.0% and 39.0% were used for 2018 and 2017, respectively, for the pro forma adjustments. Acquisition and integration expenses primarily associated with both the Layne and LiquiForce acquisitions for the year ended December 31, 2018 were comprised of the following (in thousands): (in thousands) Professional services and other expenses $ 46,898 Severance and personnel costs 13,147 Total $ 60,045 |
Revisions in Estimates
Revisions in Estimates | 12 Months Ended |
Dec. 31, 2018 | |
Change In Accounting Estimate [Abstract] | |
Revisions in Estimates | 3. 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 years ended December 31, 2018 and 2016, we did not identify any material amounts that should have been recorded in a prior period. In our review of these changes for the year ended December 31, 2017, we identified and corrected amounts that should have been recorded during the year ended December 31, 2016. This correction resulted in a $4.9 million decrease to Specialty revenue and gross profit and a $1.6 million decrease in net income attributable to Granite Construction Incorporated. We have assessed the impact of this correction to the financial statements of prior periods’ and to the financial statements for the year ended December 31, 2017 and have concluded that the amounts are not material. 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. The changes in project profitability from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, were decreases of $86.5 million, $67.2 million and a net decrease of $33.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. There were no increases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, for the years ended December 31, 2018 and 2017 and one increase of $6.5 million in our Transportation segment during the year ended December 31, 2016. All decreases were in our Transportation segment except for decreases of $6.1 million and $6.0 million during the years ended December 31, 2017 and 2016, respectively, which were in our Specialty segment. The projects with decreases are summarized as follows (dollars in millions): Years Ended December 31, 2018 2017 2016 Number of projects with downward estimate changes 5 6 4 Range of reduction in gross profit from each project, net $ 5.3 - 32.0 $ 6.1 - 17.2 $ 6.0 - 13.6 Decrease to project profitability $ 86.5 $ 67.2 $ 39.4 The decreases during the years ended December 31, 2018, 2017 and 2016 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 year ended December 31, 2018 and amounts attributable to non-controlling interests were $2.1 million and $6.5 million of the net decreases for the years ended December 31, 2017 and 2016, respectively. Included in the tables above for the years ended December 31, 2018, 2017 and 2016 is the impact to gross profit from changes in estimated contract revenue and costs of $18.2 million, $34.3 million and $51.3 million, respectively, related to revisions in estimates from the estimated cost recovery of customer affirmative claims and back charges. Generally, increases in estimated contract costs are in excess of estimated cost recovery from affirmative claims and back charges. |
Disaggregation of Revenue
Disaggregation of Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | 4. 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): Years Ended December 31, 2018 Transportation Water Specialty Materials Total California $ 607,737 $ 52,757 $ 143,471 $ 213,673 $ 1,017,638 Northwest 465,085 3,882 159,517 138,924 767,408 Heavy Civil 818,715 19,945 — — 838,660 Federal 683 2,116 41,471 — 44,270 Midwest 84,523 1,930 223,517 — 309,970 Water and Mineral Services — 257,620 58,643 24,205 340,468 Total $ 1,976,743 $ 338,250 $ 626,619 $ 376,802 $ 3,318,414 2017 Transportation Water Specialty Materials Total California $ 470,996 $ 39,071 $ 160,572 $ 178,048 $ 848,687 Northwest 611,021 623 104,793 114,728 831,165 Heavy Civil 773,990 23,153 — — 797,143 Federal 31,406 1,884 5,196 — 38,486 Midwest 60,007 7,004 345,147 — 412,158 Water and Mineral Services — 61,964 110 — 62,074 Total $ 1,947,420 $ 133,699 $ 615,818 $ 292,776 $ 2,989,713 2016 Transportation Water Specialty Materials Total California $ 378,838 $ 40,250 $ 185,079 $ 148,778 $ 752,945 Northwest 486,037 9,853 94,379 112,448 702,717 Heavy Civil 688,527 16,279 — — 704,806 Federal 5,149 1,196 4,470 — 10,815 Midwest 68,235 17,316 181,395 — 266,946 Water and Mineral Services — 76,388 — — 76,388 Total $ 1,626,786 $ 161,282 $ 465,323 $ 261,226 $ 2,514,617 |
Unearned Revenue
Unearned Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Unearned Revenue | 5. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): December 31, 2018 Transportation Water Specialty Total California $ 314,261 $ 6,163 $ 57,820 $ 378,244 Northwest 319,589 786 81,951 402,326 Heavy Civil 1,473,455 21,951 — 1,495,387 Federal — — 130,644 130,663 Midwest 78,004 211 203,601 281,816 Water and Mineral Services — 189,597 — 189,597 Total $ 2,185,309 $ 218,708 $ 474,016 $ 2,878,033 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 | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 6. Contract Assets and Liabilities During the year ended December 31, 2018, we recognized revenue of $104.5 million that was included in the contract liability balance at January 1, 2018. During the year ended December 31, 2018, we recognized revenue of $114.9 million as a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the period. The changes in contract transaction price were from items such as executed or estimated change orders and unresolved contract modifications and claims. As of December 31, 2018 and January 1, 2018, the aggregate claim recovery estimates included in contract asset and liability balances were approximately $45.1 million and $26.7 million, respectively. As of December 31, 2017, costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings included $26.7 million in aggregate claim recovery estimates. The components of the contract asset balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 120,223 $ 69,755 Contract retention 99,531 91,135 Total contract assets $ 219,754 $ 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 911,109 Acquired contract assets 45,353 Revisions in estimates, net (11,180 ) Billings (823,286 ) Receipts related to contract retention (63,132 ) Balance at December 31, 2018 $ 219,754 The components of the contract liability balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Billings in excess of costs and estimated earnings, net of retention $ 103,250 $ 82,750 Provisions for losses 2,199 924 Total contract liabilities $ 105,449 $ 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 (1,332,400 ) Acquired contract liabilities 7,974 Revisions in estimates, net (4,450 ) Billings 1,349,441 Change in provision for loss, net 1,210 Balance at December 31, 2018 $ 105,449 |
Receivables, Net
Receivables, Net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Receivables, Net | 7. Receivables, net (in thousands) December 31, 2018 2017 Contracts completed and in progress: Billed $ 285,521 $ 252,467 Unbilled 98,755 77,135 Retentions — 91,135 Total contracts completed and in progress 384,276 420,737 Material sales 45,286 42,192 Other 44,195 17,014 Total gross receivables 473,757 479,943 Less: allowance for doubtful accounts 511 152 Total net receivables $ 473,246 $ 479,791 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 December 31, 2018 and 2017 were items such as estimated recovery from back charge claims, notes receivable, fuel tax refunds, receivables from vendors and income tax refunds. No such receivables individually exceeded 10% of total net receivables at any of these dates. During the years ended December 31, 2018, 2017 and 2016, our largest volume customer, including both prime and subcontractor arrangements, was the California Department of Transportation (“Caltrans”). Revenue recognized from contracts with Caltrans during 2018, 2017 and 2016, represented $282.9 million (8.5% of total revenue), $281.7 million (9.4% of total revenue) and $222.4 million (8.8% of total revenue), respectively, which was primarily in the Transportation segment. We regularly review our accounts receivable, including past due amounts, to determine their probability of collection. If it is probable that an amount is uncollectible, it is charged to bad debt expense and a corresponding reserve is established in allowance for doubtful accounts. Certain construction contracts include retainage provisions that were included in contract assets as of December 31, 2018 and in receivables, net as of December 31, 2017 in our consolidated balance sheets. 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 owners. As of December 31, 2018 and 2017, no retention receivable individually exceeded 10% of total net receivables at any of the presented dates. The majority of the retentions receivable are expected to be collected within one year and there were no retentions receivables determined to be uncollectible. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Marketable Securities | 8. 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): December 31, 2018 2017 U.S. Government and agency obligations $ 24,996 $ 17,910 Commercial paper — 49,865 Corporate bonds 5,006 — Total short-term marketable securities 30,002 67,775 U.S. Government and agency obligations 36,098 59,993 Corporate bonds — 5,022 Total long-term marketable securities 36,098 65,015 Total marketable securities $ 66,100 $ 132,790 Scheduled maturities of held-to-maturity investments were as follows (in thousands): December 31, 2018 Due within one year $ 30,002 Due in one to five years 36,098 Total $ 66,100 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 84,613 — $ — $ 84,613 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 90,438 $ — $ — $ 90,438 Other current liabilities Cash flow hedge $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Other current assets Cash flow hedge — 1,400 — 1,400 Total assets $ 47,251 $ 1,400 $ — $ 48,651 Interest Rate Swaps In May 2018, we entered into the Third Amended and Restated Credit Agreement (as discussed further in Note 15), 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 15 from a variable interest rate of LIBOR plus an applicable margin to a fixed rate of 2.76% plus the same applicable margin. 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 consolidated balance sheets are as follows (in thousands): December 31, 2018 2017 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 66,100 $ 65,290 $ 132,790 $ 132,002 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 40,484 $ 80,000 $ 82,190 Credit Agreement - term loan 1 Level 3 146,250 147,141 90,000 89,871 Credit Agreement - revolving credit facility 1 Level 3 197,000 197,889 55,000 55,054 1 See Note 15 for definitions of, and more information about, the 2019 Notes and Credit Agreement. At least annually, we measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. As of December 31, 2018 and 2017, the nonfinancial assets and liabilities included our asset retirement and reclamation obligations, as well as net assets held for sale and assets and corresponding liabilities associated with performance guarantees. See Note 1 for further discussion. During the years ended December 31, 2018, 2017 and 2016, we had no material nonfinancial asset and liability fair value adjustments. |
Construction Joint Ventures
Construction Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Construction And Line Item Joint Ventures [Abstract] | |
Construction and Line Item Joint Ventures | 10. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are 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 years ended December 31, 2018, 2017 and 2016, we determined no change was required for existing joint ventures. Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At December 31, 2018, there was $3.1 billion of construction revenue to be recognized on unconsolidated and line item construction joint venture contracts of which $1.0 billion represented our share and the remaining $2.1 billion represented our partners’ share. We are not able to estimate amounts that may be required beyond the remaining cost of the work to be performed. These costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. See Note 14 for disclosure of the performance guarantee amounts recorded in the consolidated balance sheets and Note 1 for additional discussion regarding performance guarantees. Generally, each construction joint venture is formed to accomplish a specific project and is jointly controlled by the joint venture partners. The joint venture agreements typically provide that our interests in any profits and assets, and our respective share in any losses and liabilities, that may result from the performance of the contracts are limited to our stated percentage interest in the project. Under our joint venture contractual arrangements, we provide capital to these joint ventures in return for an ownership interest. In addition, partners dedicate resources to the joint ventures necessary to complete the contracts and are reimbursed for their cost. The operational risks of each construction joint venture are passed along to the joint venture members. As we absorb our share of these risks, our investment in each venture is exposed to potential gains and losses. The volume and stage of completion of contracts from our consolidated and unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents and, for consolidated construction joint ventures, contract assets, contract liabilities and property and equipment between periods. The assets and liabilities of each consolidated and unconsolidated construction joint venture relate solely to that joint venture. The decision to distribute joint venture assets must generally be made jointly by a majority of the members and, accordingly, these assets, including those associated with estimated cost recovery of customer affirmative claims and back charge claims, are generally not available for the working capital needs of Granite until distributed. Consolidated Construction Joint Ventures At December 31, 2018, we were engaged in seven active CCJV projects with total contract values ranging from $14.8 million to $409.7 million and a combined total of $1.2 billion. Our share of revenue remaining to be recognized on these CCJVs was $365.9 million and ranged from $0.2 million to $175.0 million. Our proportionate share of the equity in these joint ventures was between 50% and 65%. During the years ended December 31, 2018, 2017 and 2016, total revenue from CCJVs was $242.1 million, $185.5 million and $119.8 million, respectively. During the years ended December 31, 2018, 2017 and 2016, CCJVs provided $85.6 million, $36.9 million and $37.8 million of operating cash flows, respectively. Unconsolidated Construction Joint Ventures As discussed in Note 1, where we have determined we are not the primary beneficiary of a joint venture but do exercise significant influence, we account for our share of the operations of unconsolidated construction joint ventures on a pro rata basis in revenue and cost of revenue in the consolidated statements of operations and in equity in construction joint ventures in the consolidated balance sheets. As of December 31, 2018, we were engaged in nine active unconsolidated joint venture projects with total contract values ranging from $101.7 million to $3.8 billion and a combined total of $11.3 billion of which our share was $3.3 billion. Our proportionate share of the equity in these unconsolidated joint ventures ranged from 20% to 50%. As of December 31, 2018, our share of the revenue remaining to be recognized on these unconsolidated joint ventures was $1.0 billion and ranged from $1.9 million to $254.8 million. The following is summary financial information related to unconsolidated construction joint ventures (in thousands): December 31, 2018 2017 Assets Cash, cash equivalents and marketable securities $ 229,562 $ 289,940 Other current assets 1 814,979 812,577 Noncurrent assets 204,090 219,825 Less partners’ interest 822,215 869,782 Granite’s interest 1,2 426,416 452,560 Liabilities Current liabilities 525,036 682,832 Less partners’ interest and adjustments 3 369,782 462,159 Granite’s interest 155,254 220,673 Equity in construction joint ventures 4 $ 271,162 $ 231,887 1 2 3 4 Years Ended December 31, 2018 2017 2016 Revenue Total $ 1,544,406 $ 2,057,336 $ 1,958,158 Less partners’ interest and adjustments 1 1,022,370 1,469,550 1,387,532 Granite’s interest 522,036 587,786 570,626 Cost of revenue Total 1,787,501 1,995,915 1,915,376 Less partners’ interest and adjustments 1 1,240,135 1,394,347 1,360,459 Granite’s interest 547,366 601,568 554,917 Granite’s interest in gross (loss) profit $ (25,330 ) $ (13,782 ) $ 15,709 1 During the years ended December 31, 2018, 2017 and 2016, unconsolidated construction joint venture net (loss) income was ($240.3) million, $62.2 million and $41.8 million, respectively, of which our share was ($22.6) million, ($14.4) million and $15.6 million, respectively. The differences between our share of the joint venture net loss during the years ended December 31, 2018 and 2017 when compared to the joint venture net (loss) income primarily resulted from differences between our estimated total revenue and cost of revenue when compared to that of our partners’ on three projects. These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 11. 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 that we obtained from the Layne acquisition, real estate entities and an asphalt terminal entity. Our investments in foreign affiliates are engaged in mineral drilling services and the manufacture and supply of drilling equipment, parts and supplies in Latin America. The real estate entities were formed to accomplish specific real estate development projects in which our wholly owned subsidiary, Granite Land Company, participates with third-party partners. The asphalt terminal entity is a 50% interest in a limited liability company which owns and operates an asphalt terminal and operates an emulsion plant in Nevada. We have determined that the real estate entities are not consolidated because although they are VIEs, we are not the primary beneficiary. We have determined that the foreign affiliates and the asphalt terminal entity are not consolidated because they are not VIEs and we do not hold the majority voting interest. As such, these entities are accounted for using the equity method. We account for our share of the operating results of the equity method investments in other income in the consolidated statements of operations and as a single line item in the consolidated balance sheets as investments in affiliates. Our investments in affiliates balance consists of equity method investments in the following types of entities (in thousands): December 31, 2018 2017 Foreign $ 55,715 $ — Real estate 19,676 29,472 Asphalt terminal 8,963 8,997 Total investments in affiliates $ 84,354 $ 38,469 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): December 31, 2018 2017 Current assets $ 141,930 $ 31,320 Noncurrent assets 170,172 129,039 Total assets 312,102 160,359 Current liabilities 55,816 30,131 Long-term liabilities 1 63,098 31,636 Total liabilities 118,914 61,767 Net assets 193,188 98,592 Granite’s share of net assets $ 84,354 $ 38,469 1 Of the $312.1 million in total assets as of December 31, 2018, we had investments in thirteen foreign entities with total assets ranging from less than $0.2 million to $68.1 million, four real estate entities with total assets ranging from less than $0.3 million to $57.1 million and the asphalt terminal entity had total assets of $21.2 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of December 31, 2018. The equity method investments in real estate affiliates included $16.3 million and $24.3 million in residential real estate in Texas as of December 31, 2018 and 2017, respectively. The remaining balances were in commercial real estate in Texas. The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2018 2017 2016 Revenue $ 187,827 $ 56,372 $ 56,127 Gross profit 51,061 23,007 22,398 Income before taxes 31,612 17,154 19,117 Net income 31,612 17,154 19,117 Granite’s interest in affiliates’ net income 6,935 7,107 7,177 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment And Asset Retirement Obligation [Abstract] | |
Property and Equipment, Net | 12. 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 consolidated balance sheets as follows (in thousands): December 31, 2018 2017 Equipment and vehicles $ 906,275 $ 778,549 Quarry property 180,246 182,267 Land and land improvements 142,271 108,830 Buildings and leasehold improvements 108,884 82,601 Office furniture and equipment 65,680 56,894 Property and equipment 1,403,356 1,209,141 Less: accumulated depreciation and depletion 853,668 801,723 Property and equipment, net $ 549,688 $ 407,418 Depreciation and depletion expense primarily included in cost of revenue in our consolidated statements of operations was $96.4 million, $63.8 million and $61.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. We have recorded liabilities associated with our legally required obligations to reclaim owned and leased quarry property and related facilities. As of December 31, 2018 and 2017, $4.4 million and $4.8 million, respectively, of our asset retirement obligations were included in accrued expenses and other current liabilities and $17.4 million and $17.7 million, respectively, were included in other long-term liabilities in the consolidated balance sheets. The following is a reconciliation of these asset retirement obligations (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 22,527 $ 21,936 Revisions to estimates 17 462 Liabilities settled (1,790 ) (966 ) Accretion 1,038 1,095 Ending balance $ 21,792 $ 22,527 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 13. Intangible Assets Indefinite-lived Intangible Assets Indefinite-lived intangible assets primarily consist of goodwill. The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2018 2017 Transportation $ 19,798 $ 19,798 Water 144,319 618 Specialty 40,866 31,437 Materials 54,488 1,946 Total goodwill $ 259,471 $ 53,799 The following table presents the changes in goodwill since December 31, 2017 (in thousands): Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 187,619 LiquiForce acquisition goodwill 19,269 Goodwill translation and other adjustments (1,216 ) Balance at December 31, 2018 $ 259,471 Amortized Intangible Assets The following is the breakdown of our amortized intangible assets that are included in other noncurrent assets in the consolidated balance sheets (in thousands): Accumulated December 31, 2018 Gross Value Amortization Net Value Assets Customer relationships $ 38,137 $ (7,640 ) $ 30,497 Permits 25,959 (13,494 ) 12,465 Backlog 9,713 (5,795 ) 3,918 Developed technologies 9,233 (1,384 ) 7,849 Trademarks/trade name 9,075 (1,381 ) 7,694 Favorable contracts, covenants not to compete and other 5,781 (2,489 ) 3,292 Intangible assets 97,898 (32,183 ) 65,715 Liabilities Unfavorable contracts and leases $ 7,000 $ (4,726 ) $ 2,274 Intangible liabilities $ 7,000 $ (4,726 ) $ 2,274 Total net amortized intangible assets $ 90,898 $ (27,457 ) $ 63,441 December 31, 2017 Permits $ 25,959 $ (12,504 ) $ 13,455 Customer lists 2,200 (1,467 ) 733 Trademarks/trade name 4,100 (2,159 ) 1,941 Covenants not to compete and other 50 (26 ) 24 Total amortized intangible assets $ 32,309 $ (16,156 ) $ 16,153 The net amortization expense related to amortized intangible assets for the years ended December 31, 2018, 2017 and 2016 was $15.2 million, $1.7 million and $2.0 million, respectively, and was primarily included in cost of revenue and selling, general and administrative expenses in the consolidated statements of operations. In addition, during the years ended December 31, 2018 and 2017, the gross value and associated accumulated amortization was adjusted for fully amortized intangible assets that we no longer intend to use. Amortization expense based on the amortized intangible assets balance at December 31, 2018 is expected to be recorded in the future as follows: $18.2 million in 2019; $12.9 million in 2020; $10.0 million in 2021; $6.3 million in 2022; $4.2 million in 2023; and $11.8 million thereafter. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | 14. Accrued Expenses and Other Current Liabilities (in thousands) : December 31, 2018 2017 Payroll and related employee benefits $ 78,414 $ 68,210 Accrued insurance 58,519 39,946 Performance guarantees (see Note 1) 88,213 88,606 Other 48,480 39,645 Total $ 273,626 $ 236,407 Other includes dividends payable, accrued legal reserves, warranty reserves, asset retirement obligations, remediation reserves, deficits in construction joint ventures and other miscellaneous accruals, none of which are greater than 5% of total current liabilities. |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | 15. Long-Term Debt and Credit Arrangements (in thousands): December 31, 2018 2017 Senior notes payable $ 40,000 $ 80,000 Credit Agreement term loan 146,250 90,000 Credit Agreement revolving credit loan 197,000 55,000 Debt issuance costs (845 ) (499 ) Total debt 382,405 224,501 Less current maturities 47,286 46,048 Total long-term debt $ 335,119 $ 178,453 The aggregate minimum principal maturities of long-term debt, including current maturities and excluding debt issuance costs, related to balances at December 31, 2018 are as follows: $47.6 million in 2019; $7.5 million in 2020; $7.5 million in 2021; $7.5 million in 2022; and $313.3 million thereafter. Senior Notes Payable Senior notes payable in the amount of $40.0 million and $80.0 million as of December 31, 2018 and 2017, respectively, were due to a group of institutional holders and had an interest rate of 6.11% per annum (“2019 Notes”). As of December 31, 2018, all of the $40.0 million was included in current maturities of long-term debt on the consolidated balance sheets. As of December 31, 2017, $40.0 million of the outstanding balance was included in long-term debt on the consolidated balance sheets and the remaining $40.0 million was included in current maturities of long-term debt. Our obligations under the note purchase agreement governing the 2019 Notes (the “2019 NPA”) are guaranteed by certain of our subsidiaries and are collateralized on an equivalent basis with the Credit Agreement discussed below by liens on substantially all of the assets of the Company and subsidiaries that are guarantors or borrowers under the Credit Agreement. The 2019 NPA provides for the release of liens and re-pledge of collateral on substantially the same terms and conditions as those set forth in the Credit Agreement. 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) a total committed remaining credit facility of $496.3 million, of which $146.3 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 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 maturity date of May 31, 2023 (the “Maturity Date”) and (iv) the elimination of the stipulation to have a $150.0 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 $146.3 million term loan, 1.25% of the principal balance was paid in the quarter ended December 31, 2018 and 1.25% is due each quarter until the Maturity Date at which point the remaining balance is due. As of December 31, 2018 and 2017, $7.5 million and $6.2 million, respectively, of the term loan balance was included in current maturities of long-term debt on the consolidated balance sheets and the remaining $138.8 million and $83.8 million, respectively, was included in long-term debt. As of December 31, 2018, the total stated amount of all issued and outstanding letters of credit under the Credit Agreement was $39.4 million. As of December 31, 2018 and 2017, $197.0 million and $55.0 million had been drawn under the revolving credit facility. The draws made in 2018 funded the payment related to convertible notes, the 2018 installment of the 2019 Notes and the Layne and LiquiForce acquisitions. The draw made in 2017 primarily funded the 2017 installments of the 2019 Notes. As of December 31, 2018, the total unused availability under the Credit Agreement was $113.6 million. The letters of credit will expire between June and November 2019. 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 0.50% for loans bearing interest at the base rate at December 31, 2018. Accordingly, the effective interest rate using three-month LIBOR and the base rate was 4.31% and 6.00%, respectively, at December 31, 2018 and we elected to use LIBOR for both the term loan and the revolving credit facility. In May 2018, we entered into an interest rate swap to convert the interest rate on borrowings under the Credit Agreement from a variable interest rate of LIBOR plus an applicable margin to a fixed rate of 2.76% plus the same applicable margin. 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 twelve 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 December 31, 2018, the conditions for the exercise of our right under the Credit Agreement to have liens released were not satisfied. Convertible Notes In connection with our acquisition of Layne, we assumed fair value of $69.9 million of convertible notes that had 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 had a maturity date of November 15, 2018, unless earlier repurchased, redeemed or converted and were convertible at the option of the holders until the close of business on November 14, 2018. Prior to maturity, $0.5 million par value of the convertible notes were converted and cash settled for $0.3 million consistent with the irrevocable cash settlement election invoked by Layne on May 14, 2018. The $69.0 million remaining par value was redeemed at par plus $1.5 million of accrued interest on November 15, 2018. Also in connection with our acquisition of Layne, we assumed convertible notes with a fair value of $121.6 million that had an interest rate of 8.0% per annum, payable semi-annually on May 1 and November 1 (“8.0% Convertible Notes”). As of December 31, 2018, $30.7 million associated with the conversion feature of the 8.0% Convertible Notes was included in additional paid-in capital on the consolidated balance sheet. The 8.0% Convertible Notes had a maturity date of August 15, 2018 (the “8.0% 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 of convertible notes, as well as $0.9 million of accrued interest as of the 8.0% Maturity Date, were redeemed in cash. Real Estate Indebtedness Our unconsolidated investments in real estate entities are subject to mortgage indebtedness. This indebtedness is non-recourse to Granite, but is recourse to the real estate entity. The terms of this indebtedness are typically renegotiated to reflect the evolving nature of the real estate project as it progresses through acquisition, entitlement and development. Modification of these terms may include changes in loan-to-value ratios requiring the real estate entity to repay portions of the debt. The debt associated with our unconsolidated real estate entities is disclosed in Note 11. 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 lien 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 (“2019 NPA”) require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. In addition, the 2019 NPA requires a minimum Consolidated Tangible Net Worth. As of December 31, 2018 and pursuant to the definitions in the 2019 NPA, which is more restrictive, our Consolidated Tangible Net Worth was $1.1 billion, which exceeded the minimum of $791.4 million, our Consolidated Leverage Ratio was 1.82 which did not exceed the maximum of 3.00 and our Consolidated Interest Coverage Ratio was 14.10 which exceeded the minimum of 4.00. As of December 31, 2018, we were in compliance with all covenants contained in the Credit Agreement and related to the 2019 NPA. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans | 16. Employee Benefit Plans Profit Sharing and 401(k) Plan : The Profit Sharing and 401(k) Plan (the “401(k) Plan”) is a defined contribution plan covering all employees except employees covered by collective bargaining agreements and certain employees of our consolidated construction joint ventures. Each employee’s combined pre-tax 401(k) and post-tax (Roth) contributions cannot exceed 50% of their eligible pay or Internal Revenue Code annual contribution limits. Our 401(k) matching contributions can be up to 6% of an employee’s gross pay at the discretion of the Board of Directors. Our 401(k) matching contributions to the 401(k) Plan for the years ended December 31, 2018, 2017 and 2016 were $13.4 million, $12.1 million and $11.0 million, respectively. Profit sharing contributions from the Company may be made to the 401(k) Plan in an amount determined by the Board of Directors. We made no profit sharing contributions during the years ended December 31, 2018, 2017 and 2016. Non-Qualified Deferred Compensation Plan : We offer a Non-Qualified Deferred Compensation Plan (“NQDC Plan”) to a select group of our highly compensated employees and non-employee directors. The NQDC Plan provides participants the opportunity to defer payment of certain compensation as defined in the NQDC Plan. In October 2008, a Rabbi Trust was established to fund our NQDC Plan obligation and was fully funded as of December 31, 2018. The assets held by the Rabbi Trust at December 31, 2018 and 2017 are substantially in the form of Company-owned life insurance and are included in other noncurrent assets in the consolidated balance sheets. As of December 31, 2018, there were 56 active participants in the NQDC Plan. NQDC Plan obligations were $25.2 million as of December 31, 2018, of which $3.6 million were due in early 2019 that were assumed from the Layne acquisition and were included in accrued and other current liabilities on the consolidated balance sheets. NQDC plan obligations were $24.7 million as of December 31, 2017. As of December 31, 2018, $3.6 million of the NQDC Plan obligations were assumed from Layne acquisitions and were due in early 2019. In addition, with the acquisition of Layne we assumed liabilities related to supplemental retirement benefits of approximately $5.0 million that was included in other long-term liabilities on the consolidated balance sheets. Multi-employer Pension Plans : Five of our wholly owned subsidiaries, Granite Construction Company, Granite Construction Northeast, Inc., Granite Industrial, Inc., Kenny Construction Company and Layne Christensen Company contribute to various multi-employer pension plans on behalf of union employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we chose to stop participating in some of the multi-employer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The following table presents our participation in these plans (dollars in thousands): Pension Protection Act (“PPA”) Certified Zone Status 1 Contributions Pension Trust Fund Pension Plan Employer Identification Number 2018 2017 FIP / RP Status Pending / Implemented 2 2018 2017 2016 Surcharge Imposed Expiration Date of Collective Bargaining Agreement 3 Locals 302 and 612 iUOE-Employers Construction Industry Retirement Plan 91-6028571 Green Green No $ 4,726 $ 3,646 $ 3,113 No 12/31/2019 5/31/2021 Pension Trust Fund for Operating Engineers Pension Plan 94-6090764 Yellow Red Yes 11,363 10,431 9,266 No 6/30/2019 5/15/2020 6/15/2020 6/30/2020 9/30/2020 1/31/2021 10/31/2021 Operating Engineers Pension Trust Fund 95-6032478 Yellow Yellow Yes 4,251 4,692 5,357 No 6/30/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Green Yellow Yes 3,009 2,464 2,215 No 6/30/2023 Construction Laborers Pension Trust for Southern California 43-6159056 Green Green No 2,110 2,002 2,095 No 6/30/2021 Laborers Pension Fund 36-2514514 Green Green No 2,458 3,208 2,328 No 5/31/2021 All other funds (44 as of December 31, 2018) 15,994 10,341 8,708 Total Contributions: $ 43,911 $ 36,784 $ 33,082 1 2 3 Based upon the most recently available annual reports, the Company’s contribution to each of the individually significant plans listed in the table above was less than 5% of each plan’s total contributions. We currently have no intention of withdrawing from any of the multi-employer pension plans in which we participate that would result in a significant withdrawal liability. In addition, we do not have any significant future obligations or funding requirements related to these plans other than the ongoing contributions that are paid as hours are worked by plan participants. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 17. Shareholders’ Equity Stock-based Compensation: The 2012 Equity Incentive Plan provides for the issuance of restricted stock, RSUs and stock options to eligible employees and to members of our Board of Directors. A total of 1,394,204 shares of our common stock have been reserved for issuance of which 952,454 remained available as of December 31, 2018. No stock options or restricted stock were granted during the years ended December 31, 2018, 2017 and 2016. There were no stock options or restricted stock outstanding as of December 31, 2018. Restricted Stock Units: RSUs are issued for services to be rendered and may not be sold, transferred or pledged for such a period as determined by our Compensation Committee. RSU stock compensation cost is measured at our common stock’s fair value based on the market price at the date of grant. We recognize compensation cost only for RSUs that we estimate will ultimately vest. We estimate the number of shares that will ultimately vest at each grant date based on our historical experience and adjust compensation cost based on changes in those estimates over time. RSU compensation cost is recognized ratably over the shorter of the vesting period (generally three years) or the period from grant date to the first maturity date after the holder reaches age 62 and has completed certain specified years of service, when all RSUs become fully vested. Vesting of RSUs is not subject to any market or performance conditions and vesting provisions are at the discretion of the Compensation Committee. An employee may not sell or otherwise transfer unvested RSUs and, in the event employment is terminated prior to the end of the vesting period, any unvested RSUs are surrendered to us. We have no obligation to purchase these RSUs that are surrendered to us. A summary of the changes in our RSUs during the years ended December 31, 2018, 2017 and 2016 is as follows (shares in thousands): Years Ended December 31, 2018 2017 2016 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 524 $ 41.51 681 $ 39.15 451 $ 32.73 Granted 271 59.44 259 51.31 572 43.17 Vested (315 ) 48.97 (372 ) 43.89 (307 ) 36.24 Forfeited (37 ) 49.17 (44 ) 43.51 (35 ) 40.97 Outstanding, ending balance 443 $ 47.65 524 $ 41.51 681 $ 39.15 Compensation cost related to RSUs was $14.8 million ($12.4 million net of effective tax rate), $15.8 million ($11.4 million net of effective tax rate) and $13.4 million ($9.2 million net of effective tax rate) for the years ended December 31, 2018, 2017 and 2016, respectively. The grant date fair value of RSUs vested during the years ended December 31, 2018, 2017 and 2016 was $15.4 million, $16.7 million and $11.5 million, respectively. As of December 31, 2018, there was $8.9 million of unrecognized compensation cost related to RSUs which will be recognized over a remaining weighted-average period of 1.3 years. 401(k) Plan: As of December 31, 2018, the 401(k) Plan owned 1,306,366 shares of our common stock. Dividends on shares held by the 401(k) Plan are charged to retained earnings and all shares held by the 401(k) Plan are treated as outstanding in computing our earnings per share. Employee Stock Purchase Plan: Our ESPP allows qualifying employees to purchase shares of our common stock through payroll deductions of up to 15% of their compensation, subject to Internal Revenue Code limitations, at a price of 95% of the fair market value as of the end of each of the six-month offering periods, which commence on May 15 and November 15 of each year. During the year ended December 31, 2018, proceeds from the ESPP were $0.9 million for 17,825 shares and during each of the years ended December 31, 2017 and 2016, proceeds from the ESPP were $0.8 million for 16,413 and 16,717 shares, respectively. Share Purchase Program: As announced on April 29, 2016, on April 7, 2016, the Board of Directors authorized us to purchase up to $200.0 million of our common stock at management’s discretion, which replaced the former authorization including the amount available. As part of this authorization we have established a share repurchase program to facilitate common stock repurchases. During the last quarter of 2018, we purchased approximately 252,000 shares at an average price of $39.64 per share for $10.0 million. The specific timing and amount of any future purchases will vary based on market conditions, securities law limitations and other factors. |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net Income Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding and Net Income Per Share | 18. 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 (in thousands except per share amounts): Years Ended December 31, 2018 2017 2016 Numerator (basic and diluted): Net income allocated to common shareholders for basic calculation $ 42,410 $ 69,098 $ 57,122 Denominator: Weighted average common shares outstanding, basic 43,564 39,795 39,557 Dilutive effect of RSUs and common stock options 461 577 668 Weighted average common shares outstanding, diluted 44,025 40,372 40,225 Net income per share, basic $ 0.97 $ 1.74 $ 1.44 Net income per share, diluted $ 0.96 $ 1.71 $ 1.42 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Following is a summary of the income before provision for income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Domestic $ 70,071 $ 104,250 $ 96,326 Foreign (5,916 ) 213 36 Total income before provision for income taxes $ 64,155 $ 104,463 $ 96,362 Following is a summary of the provision for income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Federal: Current $ (11,140 ) $ 27,889 $ 15,632 Deferred 18,673 (4,383 ) 9,898 Total federal 7,533 23,506 25,530 State: Current 1,147 5,520 4,567 Deferred 1,888 (338 ) 19 Total state 3,035 5,182 4,586 Foreign: Current 381 (12 ) 25 Deferred (535 ) (14 ) 21 Total foreign (154 ) (26 ) 46 Total provision for income taxes $ 10,414 $ 28,662 $ 30,162 Following is a reconciliation of our provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2018 2017 2016 Federal statutory tax $ 13,472 21.0 % $ 36,562 35.0 % $ 33,728 35.0 % State taxes, net of federal tax benefit 3,305 5.2 3,814 3.7 2,990 3.1 Foreign taxes (190 ) (0.3 ) — — — — Percentage depletion deduction (951 ) (1.5 ) (1,368 ) (1.3 ) (1,352 ) (1.4 ) Domestic production activities deduction — — (2,765 ) (2.7 ) (1,624 ) (1.7 ) Non-controlling interests (2,368 ) (3.7 ) (2,346 ) (2.3 ) (3,177 ) (3.3 ) Nondeductible expenses 4,842 7.5 1,128 1.1 1,094 1.1 Changes in uncertain tax positions (772 ) (1.2 ) — — — — Capital loss expiration 8,480 13.2 — — — — Valuation allowance (6,852 ) (10.7 ) — — — — Tax Cuts and Jobs Act of 2017 (7,980 ) (12.4 ) (3,664 ) (3.5 ) — — Other (572 ) (0.9 ) (2,699 ) (2.6 ) (1,497 ) (1.5 ) Total $ 10,414 16.2 % $ 28,662 27.4 % $ 30,162 31.3 % The tax effect of nondeductible expenses for the year ended December 31, 2018 increased to 7.5% from 1.1% when compared to the same period in 2017. This change was primarily due to one-time nondeductible acquisition and integration expenses incurred in 2018. On December 22, 2017 the U.S. Tax Cuts and Jobs Act of 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 Following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2018 2017 Long-term deferred tax assets: Receivables $ 2,723 $ 526 Inventory 90 1,513 Insurance 11,084 7,401 Deferred compensation 10,441 8,985 Other accrued liabilities 1,906 1,525 Accrued compensation 3,803 1,738 Other 3,520 1,379 Net operating loss carryforwards 67,944 2,614 Valuation allowance (31,823 ) (2,471 ) Total long-term deferred tax assets 69,688 23,210 Long-term deferred tax liabilities: Property and equipment 49,728 16,832 Contract income recognition 21,359 7,739 Total long-term deferred tax liabilities 71,087 24,571 Net long-term deferred tax liabilities $ (1,399 ) $ (1,361 ) The deferred income taxes asset, net of $2.9 million at December 31, 2018 is included in other noncurrent assets in our consolidated balance sheets. The following is a summary of the net operating loss carryforwards at December 31, 2018 (in thousands): Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards 2032-2036 $ 170,560 $ 35,818 State net operating loss carryforwards 2019-2036 281,332 15,010 Foreign tax loss carryforwards 2019-2033 57,771 17,116 Total net operating loss carryforwards at December 31, 2018 $ 67,944 The federal, state and foreign net operating loss carryforwards above included unrecognized tax benefits taken in prior years and the net operating loss carryforward deferred tax asset is presented net of these unrecognized tax benefits in accordance with ASC 740. The federal and state net operating loss and capital loss carryforwards acquired during the Layne acquisition are subject to Internal Revenue Code Section 382 limitations and may be limited in future periods and a portion may expire unused. As we expect to use the federal net operating loss carryforwards prior to expiration we believe that it is more likely than not that these deferred tax assets will be realized and no valuation allowance was deemed necessary. We have provided a valuation allowance on the net operating loss deferred tax asset or the net deferred tax assets for certain state and local jurisdictions because we do not believe it is more likely than not that they will be realized. The federal and state capital loss carryforwards and foreign tax loss carryforwards acquired during the Layne acquisition are expected to expire unused and as we do not believe it is more likely than not that they will be realized we have provided a valuation allowance on the related deferred tax assets. The federal and state capital loss carryforwards acquired during the Layne acquisition expired on December 31, 2018; therefore, the deferred tax assets and related valuation allowance was written off. The following is a summary of the change in valuation allowance (in thousands): December 31, 2018 2017 2016 Beginning balance $ 2,471 $ 2,153 $ 641 Additions due to acquisitions 36,410 — — (Deductions) additions, net (7,058 ) 318 1,512 Ending balance $ 31,823 $ 2,471 $ 2,153 The deduction to the valuation allowance is mainly due to the expiration of the federal and state capital loss carryforwards discussed above. Additions to the valuation allowance are insignificant for the year ended December 31, 2018. We intend to indefinitely reinvest certain earnings of our foreign subsidiaries and affiliates. Tax Reform generally eliminates federal income taxes on dividends from foreign subsidiaries therefore we would only be subject to other taxes, such as withholding and local taxes, upon distribution of these earnings. Of the $42.0 million of accumulated undistributed earnings that we consider indefinitely reinvested as of December 31, 2018, it is not practicable to determine the amount of taxes that would be payable upon remittance of these earnings. Deferred foreign withholding taxes have been provided on undistributed earnings of certain foreign subsidiaries and foreign affiliates where the earnings are not considered to be invested indefinitely. Uncertain tax positions: We file income tax returns in the U.S. and various state and local jurisdictions. We are currently under examination by various state taxing authorities for various tax years. We do not anticipate that any of these audits will result in a material change in our financial position. We are no longer subject to U.S. federal examinations by tax authorities for years before 2011. With few exceptions, as of December 31, 2018, we are no longer subject to state examinations by taxing authorities for years before 2011. We file income tax returns in foreign jurisdictions where we operate. The returns are subject to examination which may be ongoing at any point in time and tax liabilities are recorded based on estimates of additional taxes which will be due upon settlement of those examinations. The tax years subject to examination by foreign tax authorities vary by jurisdiction, but generally we are no longer subject to examinations by taxing authorities for years before 2015. We had approximately $22.4 million and $3.2 million of total gross unrecognized tax benefits as of December 31, 2018 and 2017, respectively. There were approximately $11.0 million and $3.1 million of unrecognized tax benefits that would affect the effective tax rate in any future period at December 31, 2018 and 2017, respectively. It is reasonably possible that our unrecognized tax benefit could decrease by approximately $6.4 million in 2019, of which $2.3 million will impact our effective tax rate in 2019. The decrease relates to anticipated statute expirations and anticipated resolution of outstanding unrecognized tax benefits. The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities and other current liabilities in the consolidated balance sheets: December 31, 2018 2017 2016 Beginning balance $ 3,171 $ 3,262 $ 1,578 Gross increases - acquisitions 20,153 — — Gross increases – current period tax positions 36 — 1,902 Gross decreases – current period tax positions (3 ) (73 ) (125 ) Gross increases – prior period tax positions 2 1 2 Gross decreases – prior period tax positions (195 ) (6 ) (5 ) Settlements with taxing authorities/lapse of statute of limitations (781 ) (13 ) (90 ) Ending balance $ 22,383 $ 3,171 $ 3,262 We record interest on uncertain tax positions in interest expense and penalties in other income, net in our consolidated statements of operations. During the years ended December 31, 2018, 2017 and 2016, we recognized approximately $1.1 million interest and penalty income, $0.2 million interest expense and $0.1 million interest expense, respectively. Approximately $8.3 million $0.4 million December 31, 2018 2017 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 20. Commitments, Contingencies and Guarantees Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily quarry property, in effect at December 31, 2018 were (in thousands): Years Ending December 31, 2019 $ 20,152 2020 17,798 2021 15,897 2022 13,255 2023 7,707 Later years (through 2046) 8,709 Total $ 83,518 Operating lease and equipment rental and royalty expense primarily included in cost of revenue in our consolidated statements of operations was $24.3 million, $16.4 million and $18.2 million in 2018, 2017 and 2016, respectively. Performance Guarantees We participate in various joint ventures and line item joint ventures under which each partner is responsible for performing certain discrete items of the total scope of contracted work. See Notes 1, 10 and 14 for further details. Surety Bonds We are generally required to provide various types of surety bonds that provide an additional measure of security under certain public and private sector contracts. At December 31, 2018, approximately $3.2 billion of our contract backlog was bonded. Performance bonds do not have stated expiration dates; rather, we are generally released from the bonds after the owner accepts the work performed under contract. The ability to maintain bonding capacity to support our current and future level of contracting requires that we maintain cash and working capital balances satisfactory to our sureties. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 21. 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 the consolidated balance sheets. The aggregate liabilities recorded as of December 31, 2018 and 2017 related to these matters were immaterial. The aggregate range of possible loss related to (i) matters considered reasonably possible, and (ii) reasonably possible amounts in excess of accrued losses recorded for probable loss contingencies, including those related to liquidated damages, could have a material impact on our consolidated financial statements if they become probable and the reasonably estimable amount is determined. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | 22. Business Segment Information As discussed in Note 1, during 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 Transportation, Water and Specialty end-market segments replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of proprietary sanitary and storm water rehabilitation products including cured-in-place pipe felt and fiberglass-based lining tubes 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 California, Colorado, Texas 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 across the Unites States, Canada and Latin America. Our California, Northwest and Water and Mineral Services operating groups include financial results from our Materials segment. 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 construction related materials as well as proprietary sanitary and storm water rehabilitation products including cured-in-place pipe felt and fiberglass-based lining tubes both for internal use and for sale to third parties. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses or non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures. Summarized segment information is as follows (in thousands): Years Ended December 31, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 1,976,743 $ 338,250 $ 626,619 $ 522,987 $ 3,464,599 Elimination of intersegment revenue — — — (146,185 ) (146,185 ) Revenue from external customers 1,976,743 338,250 626,619 376,802 3,318,414 Gross profit 190,045 59,574 90,888 48,685 389,192 Depreciation, depletion and amortization 26,715 25,779 24,017 24,015 100,526 Segment assets 399,674 317,633 142,699 353,208 1,213,214 2017 Total revenue from reportable segments $ 1,947,420 $ 133,699 $ 615,818 $ 467,140 $ 3,164,077 Elimination of intersegment revenue — — — (174,364 ) (174,364 ) Revenue from external customers 1,947,420 133,699 615,818 292,776 2,989,713 Gross profit 170,135 12,270 87,446 45,082 314,933 Depreciation, depletion and amortization 22,228 2,314 9,062 22,393 55,997 Segment assets 372,050 7,241 96,845 282,709 758,845 2016 Total revenue from reportable segments $ 1,626,786 $ 161,282 $ 465,323 $ 425,029 $ 2,678,420 Elimination of intersegment revenue — — — (163,803 ) (163,803 ) Revenue from external customers 1,626,786 161,282 465,323 261,226 2,514,617 Gross profit 161,829 19,885 82,458 37,198 301,370 Depreciation, depletion and amortization 22,601 2,140 4,871 23,437 53,049 Segment assets 375,951 9,446 80,901 282,472 748,770 As of December 31, 2018 A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows (in thousands): Years Ended December 31, 2018 2017 2016 Total gross profit from reportable segments $ 389,192 $ 314,933 $ 301,370 Selling, general and administrative expenses 272,776 220,400 217,374 Acquisition and integration expenses 60,045 — — Gain on sales of property and equipment (7,672 ) (4,182 ) (8,358 ) Total other income (112 ) (5,748 ) (4,008 ) Income before provision for income taxes $ 64,155 $ 104,463 $ 96,362 A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2018 2017 2016 Total assets for reportable segments $ 1,213,214 $ 758,845 $ 748,770 Assets not allocated to segments: Cash and cash equivalents 272,804 233,711 189,326 Short-term and long-term marketable securities 66,100 132,790 127,779 Receivables, net 473,246 479,791 419,345 Other current assets, excluding segment assets 268,485 140,478 113,010 Property and equipment, net, excluding segment assets 32,903 29,242 32,397 Investments in affiliates 84,354 38,469 35,668 Other noncurrent assets, excluding segment assets 65,495 58,652 67,158 Consolidated total assets $ 2,476,601 $ 1,871,978 $ 1,733,453 |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data - Unaudited | The following table sets forth selected unaudited quarterly financial information for the years ended December 31, 2018 and 2017. This information has been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contains all adjustments necessary for a fair statement thereof. Net income (loss) per share calculations are based on the weighted average common shares outstanding for each period presented. Accordingly, the sum of the quarterly net income (loss) per share amounts may not equal the per share amount reported for the year. QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2018 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 892,325 $ 1,055,591 $ 807,119 $ 563,379 Gross profit 108,049 144,491 80,369 56,283 As a percent of revenue 12.1 % 13.7 % 10.0 % 10.0 % Net income (loss) $ 10,387 $ 59,097 $ (6,081 ) $ (9,662 ) As a percent of revenue 1.2 % 5.6 % (0.8 )% (1.7 )% Net income (loss) attributable to Granite $ 6,546 $ 55,672 $ (8,385 ) $ (11,423 ) As a percent of revenue 0.7 % 5.3 % (1.0 )% (2.0 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.14 $ 1.20 $ (0.20 ) $ (0.29 ) Diluted $ 0.14 $ 1.17 $ (0.20 ) $ (0.29 ) 2017 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 801,274 $ 957,126 $ 762,913 $ 468,400 Gross profit 100,707 114,530 74,570 25,126 As a percent of revenue 12.6 % 12.0 % 9.8 % 5.4 % Net income (loss) $ 35,325 $ 48,055 $ 16,272 $ (23,851 ) As a percent of revenue 4.4 % 5.0 % 2.1 % (5.1 )% Net income (loss) attributable to Granite $ 32,773 $ 45,982 $ 14,133 $ (23,790 ) As a percent of revenue 4.1 % 4.8 % 1.9 % (5.1 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.82 $ 1.15 $ 0.35 $ (0.60 ) Diluted $ 0.81 $ 1.14 $ 0.35 $ (0.60 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Developments | Recent Developments: During 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 Transportation, Water and Specialty end-market segments replace the Construction and Large Project Construction reportable segments with the composition of our Materials segment remaining unchanged except for the addition of proprietary sanitary and storm water rehabilitation products including cured-in-place pipe felt and fiberglass-based lining tubes related to the acquisition of Layne Christensen Company (“Layne”). Prior-year information has been recast to reflect this change. See Note 22 for further information regarding our reportable segments. In addition, on April 3, 2018, we acquired LiquiForce and on June 14, 2018, we completed the acquisition of Layne. See Note 2 for further information. |
Principles of Consolidation | Principles of Consolidation : The consolidated financial statements include the accounts of Granite Construction Incorporated and its wholly owned and consolidated subsidiaries. All material inter-company transactions and accounts have been eliminated. Additionally, we participate in various joint ventures (“joint ventures”). We consolidate these joint ventures where we have determined that through our participation we have a variable interest and are the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, , and related standards. The factors we use to determine the primary beneficiary of a variable interest entity (“VIE”) may include the decision authority of each partner, which partner manages the day-to-day operations of the project and the amount of our equity investment in relation to that of our partners. Although not applicable for any of the years presented, if we determine that the power to direct the significant activities is shared equally by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. Where we have determined we are not the primary beneficiary of a joint venture but do exercise significant influence, we account for our share of the operations of unconsolidated construction joint ventures on a pro rata basis in revenue and cost of revenue in the consolidated statements of operations and in equity in construction joint ventures in the consolidated balance sheets. Our investment in unconsolidated construction joint ventures could extend beyond one year and is within the normal operating cycle of the associated construction projects. We account for non-construction unconsolidated joint ventures under the equity method of accounting in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements : The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of these financial statements requires management to make estimates that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Our estimates and related judgments and assumptions are continually evaluated based on available information and experiences; however, actual amounts could differ from those estimates. |
Revenue Recognition | Revenue Recognition: Our revenue is primarily derived from construction contracts that can span several quarters or years and from sales of construction related materials. We recognize revenue in accordance with ASC Topic 606, and subsequently issued additional related ASUs (“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. 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 of the goods or services at the inception of the contract, which typically is determined using cost plus an appropriate margin. 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 recovery is probable and estimable. 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. Certain construction contracts include retention provisions to provide assurance to our customers that we will perform in accordance with the contract terms and are 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 year ended December 31, 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/or 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: 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 December 31, 2018 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter. Unearned revenue is presented by reportable segment and operating group in Note 5. 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 December 31, 2018 and January 1, 2018, we had no material capitalized mobilization costs. |
Balance Sheet Classification | Balance Sheet Classifications: Prepaid expenses and amounts receivable and payable under construction contracts (principally retentions) that may exist over the duration of the contract and could extend beyond one year are included in current assets and liabilities. A one-year time period is used as the basis for classifying all other current assets and liabilities. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash : Cash equivalents are securities having maturities of three months or less from the date of purchase. Included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2018 and 2017, was $132.0 million and $94.4 million, respectively, related to CCJVs. Our access to joint venture cash may be limited by the provisions of the joint venture agreements. In connection with the acquisition of Layne, we acquired restricted cash that consists of escrow funds and judicial deposits associated with tax related legal proceedings in Latin America. Of the total balance, $4.3 million is included in other current assets and the remainder is included in other noncurrent assets in the consolidated balance sheets . Years Ended December 31, 2018 2017 2016 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 $ 252,836 End of the period Cash and cash equivalents 272,804 233,711 189,326 Restricted cash 5,825 — — Total cash, cash equivalents and restricted cash, end of period 278,629 233,711 189,326 Net increase (decrease) in cash, cash equivalents and restricted cash $ 44,918 $ 44,385 $ (63,510 ) |
Contract Assets | Contract Assets: Our contract assets include amounts due under contractual retainage provisions as well as costs and estimated earnings in excess of billings. Costs and estimated earnings in excess of billings also represent amounts earned and reimbursable under contracts, including customer affirmative 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. |
Marketable Securities | Marketable Securities : We determine the classification of our marketable securities at the time of purchase and re-evaluate these determinations at each balance sheet date. Our marketable securities are fixed income marketable securities and are classified as held-to-maturity as we have the positive intent and ability to hold the securities to maturity. Held-to-maturity investments are stated at amortized cost and are periodically assessed for other-than-temporary impairment. Amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, and is included in interest income. The cost of securities redeemed or called is based on the specific identification method. |
Derivative Instruments | Derivative Instruments: We recognize derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value using Level 2 inputs. To receive hedge accounting treatment, derivative instruments that are designated as cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The effective portion of the gain or loss on cash flow hedges is reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the consolidated statements of operations when the periodic hedged cash flows are settled. Adjustments to fair value on derivative instruments that do not qualify for hedge accounting treatment are reported through other income, net in the consolidated statements of operations. We do not enter into derivative instruments for speculative or trading purposes. |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities: We measure and disclose certain financial assets and liabilities at fair value. ASC Topic 820, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not recorded at fair value in the fair value hierarchy. The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, is estimated to approximate fair value. |
Concentrations Of Credit Risk And Other Risks | Concentrations of Credit Risk and Other Risks: Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash and cash equivalents, short-term and long-term marketable securities, and accounts receivable. We maintain our cash and cash equivalents and our marketable securities with several financial institutions. We invest with high credit quality financial institutions and, by policy, limit the amount of credit exposure to any one financial institution. Our receivables are from customers concentrated in the United States and we had $7.1 million receivables from foreign operations as of December 31, 2018. Receivables from foreign operations were immaterial as of December 31, 2017. We perform ongoing credit evaluations of our customers and generally do not require collateral, although the law provides us the ability to file mechanics’ liens on real property improved for private customers in the event of non-payment by such customers. We maintain an allowance for doubtful accounts which has historically been within management’s estimates. |
Foreign Currency Transactions and Translations | Foreign Currency Transactions and Translation: Through the acquisitions of Layne and LiquiForce, we now have operations in Latin America (primarily Mexico) and Canada 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, In Mexico, most of our customer contracts and a significant portion of our costs 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 translated into the functional currency with gains and losses included in other income, net in the consolidated statements of operations. The impact from foreign currency transactions was immaterial for 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 (loss) income on the consolidated balance sheets. |
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 Latin America. Cost of inventories are valued at the lower of average cost or net realizable value We reserve quarry products December 31, 2018 |
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. The sale of the assets was completed during the fourth quarter of 2018. |
Investments in Affiliates | Investments in Affiliates : Each investment accounted for under the equity method of accounting is reviewed for impairment in accordance with ASC Topic 323, Our investments in affiliates include foreign entities, real estate entities and an asphalt terminal entity. These investments are evaluated for impairment using the other-than-temporary impairment model, which requires an impairment charge to be recognized if our investment’s carrying amount exceeds its fair value, and the decline in fair value is deemed to be other than temporary. Recoverability is measured by comparison of net book values to future undiscounted cash flows the investments are expected to generate. Events or changes in circumstances, which would cause us to review undiscounted future cash flows include, but are not limited to: • significant adverse changes in legal factors or the business climate; and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for our foreign entities and the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, and cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may differ from actual cash flows due to, among other things, fluctuations in interest rates, decisions made by jurisdictional agencies, economic conditions, or changes to our business operations. |
Property and Equipment | Property and Equipment : Property and equipment are stated at cost. Depreciation for construction and other equipment is primarily provided using accelerated methods over lives ranging from eighteen months to seven years, and the straight-line method over lives from three to twenty years for the remaining depreciable assets. We believe that accelerated methods best approximate the service provided by the construction and other equipment. Depletion of quarry property is based on the usage of depletable reserves. We frequently sell property and equipment that has reached the end of its useful life or no longer meets our needs, including depleted quarry property. At the time that an asset or an asset group meets the held-for-sale criteria as defined by ASC Topic 360, we write it down to fair value less cost to sell, if the fair value is below the carrying value. Fair value is estimated by a variety of factors including, but not limited to, market comparative data, historical sales prices, broker quotes and third-party valuations. If material, such property is separately disclosed, otherwise it is held in property and equipment until sold. The cost and accumulated depreciation or depletion of property sold or retired is removed from the consolidated balance sheet and the resulting gains or losses, if any, are reflected in operating income on the consolidated statement of operations for the period. In the case that we abandon an asset, an amount equal to the carrying amount of the asset, less salvage value, if any, will be recognized as expense in the period that the asset was abandoned. Repairs and maintenance are expensed as incurred. Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which range from three to seven years. During the years ended December 31, 2018, 2017 and 2016, we capitalized $4.4 million, $7.9 million and $6.6 million, respectively, of internal-use software development and related hardware costs. |
Long-lived Assets | Long-lived Assets: We review property and equipment and amortizable intangible assets for impairment at an asset group level whenever events or changes in circumstances indicate the net book value of an asset group may not be recoverable. Recoverability of these asset groups is measured by comparison of their net book values to the future undiscounted cash flows the asset groups are expected to generate. If the asset groups are considered to be impaired, an impairment charge will be recognized equal to the amount by which the net book value of the asset group exceeds fair value. We group construction and plant equipment assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. When an individual asset or group of assets is determined to no longer contribute to its vertically integrated construction and plant equipment asset group, it is assessed for impairment independently. As of December 31, 2018, amortizable intangible assets, which include customer relationships, developed technologies, permits, trademarks/trade names, backlog, favorable contracts and covenants not to compete, are being amortized over remaining terms from one to twenty years. As of December 31, 2018, amortizable intangible liabilities, which include unfavorable contracts and leases, are being amortized over remaining terms of two years. All intangible assets and liabilities are 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 using an accelerated method. |
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. See Note 13 for the goodwill balance by reportable segment as of December 31, 2018 and 2017. 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. Examples of such events or circumstances include, but are not limited to, 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. In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows and growth rates, and appropriate benchmark companies. The cash flows used in our 2018 discounted cash flow model were based on five-year financial forecasts, which in turn were based on the 2018-2022 operating plan developed internally by management adjusted for market participant-based assumptions. Our discount rate assumptions are based on an assessment of the equity cost of capital and appropriate capital structure for our reporting units. In assessing the reasonableness of our determined fair values of our reporting units, we evaluate the reasonableness of our results against our current market capitalization. The estimated fair value is compared to the net book value of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its net book value, goodwill of the reporting unit is considered not impaired. If the fair value of the reporting unit is less than its net book value, goodwill is impaired and the excess of the reporting unit’s net book value over the fair value is recognized as an impairment loss. During 2018, due to the change in reportable segments, the resulting change to reporting units and in accordance with ASC Topic 350, Intangibles - Goodwill and Other For our 2018 annual goodwill impairment test, we elected to perform a qualitative analysis and 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. |
Contract Liabilities | Contract Liabilities: Our contract liabilities consist of provisions for losses, billings in excess of costs and estimated earnings and may include retainage. 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. |
Asset Reclamation Costs | Asset Retirement Obligations: We account for the costs related to legal obligations to reclaim aggregate mining sites and other facilities by recording our estimated asset retirement obligation at fair value using Level 3 inputs, capitalizing the estimated liability as part of the related asset’s carrying amount and allocating it to expense over the asset’s useful life. To determine the fair value of the obligation, we estimate the cost for a third-party to perform the legally required reclamation including a reasonable profit margin. This cost is then increased for future estimated inflation based on the estimated years to complete and discounted to fair value using present value techniques with a credit-adjusted, risk-free rate. In estimating the settlement date, we evaluate the current facts and conditions to determine the most likely settlement date. We review reclamation obligations at least annually for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation obligations are reviewed in the period that a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. |
Performance Guarantees and Warranties | Warranties: Many of our construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that generally run from six months to one year after our customer accepts the contract. Because of the nature of our projects, including contract owner inspections of the work both during construction and prior to acceptance, we have not experienced material warranty costs for these short-term warranties and, therefore, do not believe an accrual for these costs is necessary. Certain construction contracts carry longer warranty periods, ranging from two to ten years, for which we have accrued an estimate of warranty cost. The warranty liability is estimated based on our experience with the type of work and any known risks relative to the project and was not material as of December 31, 2018 and 2017. Performance Guarantees: Agreements with our joint venture partners (“partner(s)”) for both construction joint ventures and line item joint ventures define each partner’s management role and financial responsibility in the project. The amount of operational exposure is generally limited to our stated ownership interest. However, due to the joint and several nature of the performance obligations under the related owner contracts, if one of the partners fails 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). We estimate our liability for performance guarantees for our unconsolidated construction joint ventures and line item joint ventures using estimated partner bond rates, which are Level 2 inputs, and include them in accrued expenses and other current liabilities (see Note 14) with a corresponding increase in equity in construction joint ventures in the consolidated balance sheets. We reassess our liability when and if changes in circumstances occur. The liability and corresponding asset are removed from the consolidated balance sheets upon customer acceptance of the project. Circumstances that could lead to a loss under these agreements beyond our stated ownership interest include the failure of a partner to contribute additional funds to the joint venture in the event the project incurs a loss or additional costs that we could incur should a partner fail to provide the services and resources that it had committed to provide in the agreement. |
Accrued Insurance Costs | Accrued Insurance Costs: We carry insurance policies to cover various risks, primarily general liability, automobile liability, workers compensation and employee medical expenses, under which we are liable to reimburse the insurance company for a portion of each claim paid. The amounts for which we are liable for general liability and workers compensation generally range from the first $0.5 million to $1.0 million per occurrence. We accrue for probable losses, both reported and unreported, that are reasonably estimable using actuarial methods based on historic trends modified, if necessary, by recent events. Changes in our loss assumptions caused by changes in actual experience would affect our assessment of the ultimate liability and could have an effect on our operating results and financial position up to $1.0 million per occurrence for general liability and workers compensation or $0.3 million for medical insurance. |
Contingencies | Contingencies: We are currently involved in various claims and legal proceedings. Loss contingency provisions are recorded if the potential loss from any asserted or un-asserted claim or legal proceeding is considered probable and the amount can be reasonably estimated. If a potential loss is considered probable but only a range of loss can be determined, the low-end of the range is recorded. These accruals represent management’s best estimate of probable loss. 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. Significant judgment is required in both the determination of probability of loss and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to claims and litigation and may revise our estimates. See Note 21 for additional information. |
Stock-based Compensation | Stock-Based Compensation: We measure and recognize compensation expense, net of estimated forfeitures, over the requisite vesting periods for all stock-based payment awards made. Stock-based compensation is included in selling, general and administrative expenses and cost of revenue on our consolidated statements of operations. |
Income Taxes | Income Taxes : Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We report a liability in accrued expenses and other current liabilities and in other long-term liabilities in the consolidated balance sheets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in other (income) expense in the consolidated statements of operations. |
Computation of Earnings Per Share | Computation of Earnings per Share : Basic net income per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares include stock options and RSUs, under the 2012 Equity Incentive Plan. |
Reclassifications | Reclassifications: Certain reclassifications of prior period amounts have been made to conform to the current period presentation. These reclassifications included $6.9 million and $9.2 million during 2017 and 2016, respectively, of cost of revenue and 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 consolidated operating income or net income, on the consolidated balance sheets or on the statements of cash flows. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, 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 Recently Adopted Accounting Pronouncements: In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business, In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting, In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No.118 Effect of adopting Topic 606 Effective on January 1, 2019, we adopted Topic 606 using a modified retrospective transition approach. We 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.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. 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 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 6 for further information. Notes 4, 5 and 6 include information relating to our adoption of Topic 606. Note 4 includes information regarding our revenue disaggregated by operating group, Note 5 includes information regarding unearned revenue and Note 6 includes information regarding our contract assets and liabilities. The amounts by which each consolidated balance sheet line item as of December 31, 2018 and consolidated statement of operations line item for the year ended December 31, 2018 was affected by the adoption of Topic 606 relative to the previous revenue guidance are presented in the tables below (in thousands). The changes are primarily related to reclassifications on the consolidated balance sheet and the impact on the consolidated statement of operations from the new requirements under Topic 606. The change in retained earnings is net of the cumulative effect of initially applying Topic 606. December 31, 2018 Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 473,246 $ 578,433 $ (105,187 ) Contract assets 219,754 — 219,754 Costs and estimated earnings in excess of billings — 151,985 (151,985 ) Other noncurrent assets 131,601 126,329 5,272 Liabilities and equity Contract liabilities $ 105,449 $ — $ 105,449 Billings in excess of costs and estimated earnings — 139,575 (139,575 ) Accrued expenses and other current liabilities 273,626 267,850 5,776 Retained earnings 787,356 791,151 (3,795 ) Year Ended December 31, 2018 Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 1,976,743 $ 1,970,311 $ 6,432 Water 338,250 334,807 3,443 Specialty 626,619 627,230 (611 ) Materials 376,802 376,802 — Total revenue 3,318,414 3,309,150 9,264 Cost of revenue Transportation $ 1,786,698 $ 1,792,794 $ (6,096 ) Water 278,676 278,676 — Specialty 535,731 535,731 — Materials 328,117 328,117 — Total cost of revenue 2,929,222 2,935,318 (6,096 ) Gross profit $ 389,192 $ 373,832 $ 15,360 Operating income 64,043 48,683 15,360 Provision for income taxes 10,414 6,459 3,955 Net income 53,741 42,336 11,405 Net income attributable to Granite Construction Incorporated 42,410 31,005 11,405 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Consolidated Balance Sheets | The table below presents changes in cash, cash equivalents and restricted cash on the consolidated statements of cash flows and a reconciliation to the amounts reported in the consolidated balance sheets (in thousands). Years Ended December 31, 2018 2017 2016 Cash and cash equivalents, beginning of period $ 233,711 $ 189,326 $ 252,836 End of the period Cash and cash equivalents 272,804 233,711 189,326 Restricted cash 5,825 — — Total cash, cash equivalents and restricted cash, end of period 278,629 233,711 189,326 Net increase (decrease) in cash, cash equivalents and restricted cash $ 44,918 $ 44,385 $ (63,510 ) |
Accounting Standards Update 2014-09 [Member] | |
Significant Accounting Policies [Line Items] | |
Summary of Impact of Adoption of Accounting Standards | The amounts by which each consolidated balance sheet line item as of December 31, 2018 and consolidated statement of operations line item for the year ended December 31, 2018 was affected by the adoption of Topic 606 relative to the previous revenue guidance are presented in the tables below (in thousands). The changes are primarily related to reclassifications on the consolidated balance sheet and the impact on the consolidated statement of operations from the new requirements under Topic 606. The change in retained earnings is net of the cumulative effect of initially applying Topic 606. December 31, 2018 Consolidated Balance Sheet As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Assets Receivables, net $ 473,246 $ 578,433 $ (105,187 ) Contract assets 219,754 — 219,754 Costs and estimated earnings in excess of billings — 151,985 (151,985 ) Other noncurrent assets 131,601 126,329 5,272 Liabilities and equity Contract liabilities $ 105,449 $ — $ 105,449 Billings in excess of costs and estimated earnings — 139,575 (139,575 ) Accrued expenses and other current liabilities 273,626 267,850 5,776 Retained earnings 787,356 791,151 (3,795 ) Year Ended December 31, 2018 Consolidated Statement of Operations As Reported Balances Without Adoption of Topic 606 Effect of Change Higher/(Lower) Revenue Transportation $ 1,976,743 $ 1,970,311 $ 6,432 Water 338,250 334,807 3,443 Specialty 626,619 627,230 (611 ) Materials 376,802 376,802 — Total revenue 3,318,414 3,309,150 9,264 Cost of revenue Transportation $ 1,786,698 $ 1,792,794 $ (6,096 ) Water 278,676 278,676 — Specialty 535,731 535,731 — Materials 328,117 328,117 — Total cost of revenue 2,929,222 2,935,318 (6,096 ) Gross profit $ 389,192 $ 373,832 $ 15,360 Operating income 64,043 48,683 15,360 Provision for income taxes 10,414 6,459 3,955 Net income 53,741 42,336 11,405 Net income attributable to Granite Construction Incorporated 42,410 31,005 11,405 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 the acquisition date as presented in the table below (in thousands).Although no further adjustments are anticipated, 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 183,030 Investments in affiliates 55,400 Deferred income taxes 20,959 Other noncurrent assets (including $5,906 of restricted cash) 17,868 Total tangible assets 424,316 Identifiable intangible assets 61,548 Liabilities Identifiable intangible liabilities 6,800 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 31,585 Total liabilities assumed 323,643 Total identifiable net assets acquired 162,221 Goodwill 187,619 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 consolidated balance sheets as of December 31, 2018 (in thousands): Weighted Average Useful Lives (Years) Gross Value Accumulated Amortization Net Value Assets Customer relationships 3 $ 35,937 $ (5,880 ) $ 30,057 Backlog 2 9,713 (5,795 ) 3,918 Developed technologies 4 9,233 (1,384 ) 7,849 Trademarks/trade name 4 9,075 (1,382 ) 7,693 Favorable contracts, covenants not to compete and other 1 5,731 (2,461 ) 3,270 Intangible assets $ 69,689 $ (16,902 ) $ 52,787 Liabilities Unfavorable contracts and leases 2 $ 7,000 $ (4,726 ) $ 2,274 Intangible liabilities $ 7,000 $ (4,726 ) $ 2,274 |
Schedule of Pro Forma Financial Information | The financial information in the table below summarizes the unaudited 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 (unaudited, in thousands, except per share amounts). The pro forma financial information is unaudited and 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. Years Ended December 31, 2018 2017 Revenue $ 3,530,989 $ 3,456,656 Net income 103,594 (5,759 ) Net income (loss) attributable to Granite 92,263 (12,462 ) Basic net income (loss) per share attributable to common shareholders 2.00 (0.27 ) Diluted net income (loss) per share attributable to common shareholders 2.00 (0.27 ) |
Summary of Acquisition and Integration Expenses | Acquisition and integration expenses primarily associated with both the Layne and LiquiForce acquisitions for the year ended December 31, 2018 were comprised of the following (in thousands): (in thousands) Professional services and other expenses $ 46,898 Severance and personnel costs 13,147 Total $ 60,045 |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transportation [Member] | |
Change In Accounting Estimate [Line Items] | |
Schedule of Projects with Decreases Summarized | The projects with decreases are summarized as follows (dollars in millions): Years Ended December 31, 2018 2017 2016 Number of projects with downward estimate changes 5 6 4 Range of reduction in gross profit from each project, net $ 5.3 - 32.0 $ 6.1 - 17.2 $ 6.0 - 13.6 Decrease to project profitability $ 86.5 $ 67.2 $ 39.4 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our disaggregated revenue (in thousands): Years Ended December 31, 2018 Transportation Water Specialty Materials Total California $ 607,737 $ 52,757 $ 143,471 $ 213,673 $ 1,017,638 Northwest 465,085 3,882 159,517 138,924 767,408 Heavy Civil 818,715 19,945 — — 838,660 Federal 683 2,116 41,471 — 44,270 Midwest 84,523 1,930 223,517 — 309,970 Water and Mineral Services — 257,620 58,643 24,205 340,468 Total $ 1,976,743 $ 338,250 $ 626,619 $ 376,802 $ 3,318,414 2017 Transportation Water Specialty Materials Total California $ 470,996 $ 39,071 $ 160,572 $ 178,048 $ 848,687 Northwest 611,021 623 104,793 114,728 831,165 Heavy Civil 773,990 23,153 — — 797,143 Federal 31,406 1,884 5,196 — 38,486 Midwest 60,007 7,004 345,147 — 412,158 Water and Mineral Services — 61,964 110 — 62,074 Total $ 1,947,420 $ 133,699 $ 615,818 $ 292,776 $ 2,989,713 2016 Transportation Water Specialty Materials Total California $ 378,838 $ 40,250 $ 185,079 $ 148,778 $ 752,945 Northwest 486,037 9,853 94,379 112,448 702,717 Heavy Civil 688,527 16,279 — — 704,806 Federal 5,149 1,196 4,470 — 10,815 Midwest 68,235 17,316 181,395 — 266,946 Water and Mineral Services — 76,388 — — 76,388 Total $ 1,626,786 $ 161,282 $ 465,323 $ 261,226 $ 2,514,617 |
Unearned Revenue (Tables)
Unearned Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): December 31, 2018 Transportation Water Specialty Total California $ 314,261 $ 6,163 $ 57,820 $ 378,244 Northwest 319,589 786 81,951 402,326 Heavy Civil 1,473,455 21,951 — 1,495,387 Federal — — 130,644 130,663 Midwest 78,004 211 203,601 281,816 Water and Mineral Services — 189,597 — 189,597 Total $ 2,185,309 $ 218,708 $ 474,016 $ 2,878,033 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 The components of the contract asset balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 120,223 $ 69,755 Contract retention 99,531 91,135 Total contract assets $ 219,754 $ 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 911,109 Acquired contract assets 45,353 Revisions in estimates, net (11,180 ) Billings (823,286 ) Receipts related to contract retention (63,132 ) Balance at December 31, 2018 $ 219,754 The components of the contract liability balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Billings in excess of costs and estimated earnings, net of retention $ 103,250 $ 82,750 Provisions for losses 2,199 924 Total contract liabilities $ 105,449 $ 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 (1,332,400 ) Acquired contract liabilities 7,974 Revisions in estimates, net (4,450 ) Billings 1,349,441 Change in provision for loss, net 1,210 Balance at December 31, 2018 $ 105,449 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contract With Customer Asset And Liability [Abstract] | |
Schedule of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): December 31, 2018 Transportation Water Specialty Total California $ 314,261 $ 6,163 $ 57,820 $ 378,244 Northwest 319,589 786 81,951 402,326 Heavy Civil 1,473,455 21,951 — 1,495,387 Federal — — 130,644 130,663 Midwest 78,004 211 203,601 281,816 Water and Mineral Services — 189,597 — 189,597 Total $ 2,185,309 $ 218,708 $ 474,016 $ 2,878,033 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 The components of the contract asset balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Costs in excess of billings and estimated earnings $ 120,223 $ 69,755 Contract retention 99,531 91,135 Total contract assets $ 219,754 $ 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 911,109 Acquired contract assets 45,353 Revisions in estimates, net (11,180 ) Billings (823,286 ) Receipts related to contract retention (63,132 ) Balance at December 31, 2018 $ 219,754 The components of the contract liability balances as of the respective dates were as follows (in thousands): December 31, 2018 January 1, 2018 Billings in excess of costs and estimated earnings, net of retention $ 103,250 $ 82,750 Provisions for losses 2,199 924 Total contract liabilities $ 105,449 $ 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 (1,332,400 ) Acquired contract liabilities 7,974 Revisions in estimates, net (4,450 ) Billings 1,349,441 Change in provision for loss, net 1,210 Balance at December 31, 2018 $ 105,449 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Receivables | December 31, 2018 2017 Contracts completed and in progress: Billed $ 285,521 $ 252,467 Unbilled 98,755 77,135 Retentions — 91,135 Total contracts completed and in progress 384,276 420,737 Material sales 45,286 42,192 Other 44,195 17,014 Total gross receivables 473,757 479,943 Less: allowance for doubtful accounts 511 152 Total net receivables $ 473,246 $ 479,791 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2018 2017 U.S. Government and agency obligations $ 24,996 $ 17,910 Commercial paper — 49,865 Corporate bonds 5,006 — Total short-term marketable securities 30,002 67,775 U.S. Government and agency obligations 36,098 59,993 Corporate bonds — 5,022 Total long-term marketable securities 36,098 65,015 Total marketable securities $ 66,100 $ 132,790 Scheduled maturities of held-to-maturity investments were as follows (in thousands): December 31, 2018 Due within one year $ 30,002 Due in one to five years 36,098 Total $ 66,100 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 84,613 — $ — $ 84,613 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 90,438 $ — $ — $ 90,438 Other current liabilities Cash flow hedge $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 December 31, 2017 Cash equivalents Money market funds $ 37,284 $ — $ — $ 37,284 Commercial paper 9,967 — — 9,967 Other current assets Cash flow hedge — 1,400 — 1,400 Total assets $ 47,251 $ 1,400 $ — $ 48,651 |
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 consolidated balance sheets are as follows (in thousands): December 31, 2018 2017 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 66,100 $ 65,290 $ 132,790 $ 132,002 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 40,484 $ 80,000 $ 82,190 Credit Agreement - term loan 1 Level 3 146,250 147,141 90,000 89,871 Credit Agreement - revolving credit facility 1 Level 3 197,000 197,889 55,000 55,054 1 See Note 15 for definitions of, and more information about, the 2019 Notes and Credit Agreement. |
Construction Joint Ventures (Ta
Construction Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Construction And Line Item Joint Ventures [Abstract] | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities | The following is summary financial information related to unconsolidated construction joint ventures (in thousands): December 31, 2018 2017 Assets Cash, cash equivalents and marketable securities $ 229,562 $ 289,940 Other current assets 1 814,979 812,577 Noncurrent assets 204,090 219,825 Less partners’ interest 822,215 869,782 Granite’s interest 1,2 426,416 452,560 Liabilities Current liabilities 525,036 682,832 Less partners’ interest and adjustments 3 369,782 462,159 Granite’s interest 155,254 220,673 Equity in construction joint ventures 4 $ 271,162 $ 231,887 1 2 3 4 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs | Years Ended December 31, 2018 2017 2016 Revenue Total $ 1,544,406 $ 2,057,336 $ 1,958,158 Less partners’ interest and adjustments 1 1,022,370 1,469,550 1,387,532 Granite’s interest 522,036 587,786 570,626 Cost of revenue Total 1,787,501 1,995,915 1,915,376 Less partners’ interest and adjustments 1 1,240,135 1,394,347 1,360,459 Granite’s interest 547,366 601,568 554,917 Granite’s interest in gross (loss) profit $ (25,330 ) $ (13,782 ) $ 15,709 1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Affiliates | Our investments in affiliates balance consists of equity method investments in the following types of entities (in thousands): December 31, 2018 2017 Foreign $ 55,715 $ — Real estate 19,676 29,472 Asphalt terminal 8,963 8,997 Total investments in affiliates $ 84,354 $ 38,469 |
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): December 31, 2018 2017 Current assets $ 141,930 $ 31,320 Noncurrent assets 170,172 129,039 Total assets 312,102 160,359 Current liabilities 55,816 30,131 Long-term liabilities 1 63,098 31,636 Total liabilities 118,914 61,767 Net assets 193,188 98,592 Granite’s share of net assets $ 84,354 $ 38,469 1 |
Equity Method Investment Summarized Income Statement Information | The following table provides summarized statement of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2018 2017 2016 Revenue $ 187,827 $ 56,372 $ 56,127 Gross profit 51,061 23,007 22,398 Income before taxes 31,612 17,154 19,117 Net income 31,612 17,154 19,117 Granite’s interest in affiliates’ net income 6,935 7,107 7,177 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment And Asset Retirement Obligation [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 consolidated balance sheets as follows (in thousands): December 31, 2018 2017 Equipment and vehicles $ 906,275 $ 778,549 Quarry property 180,246 182,267 Land and land improvements 142,271 108,830 Buildings and leasehold improvements 108,884 82,601 Office furniture and equipment 65,680 56,894 Property and equipment 1,403,356 1,209,141 Less: accumulated depreciation and depletion 853,668 801,723 Property and equipment, net $ 549,688 $ 407,418 |
Change in Asset Retirement Obligation | The following is a reconciliation of these asset retirement obligations (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 22,527 $ 21,936 Revisions to estimates 17 462 Liabilities settled (1,790 ) (966 ) Accretion 1,038 1,095 Ending balance $ 21,792 $ 22,527 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2018 2017 Transportation $ 19,798 $ 19,798 Water 144,319 618 Specialty 40,866 31,437 Materials 54,488 1,946 Total goodwill $ 259,471 $ 53,799 |
Change in goodwill | The following table presents the changes in goodwill since December 31, 2017 (in thousands): Balance at December 31, 2017 $ 53,799 Layne acquisition goodwill 187,619 LiquiForce acquisition goodwill 19,269 Goodwill translation and other adjustments (1,216 ) Balance at December 31, 2018 $ 259,471 |
Summary of amortized intangible assets | The following is the breakdown of our amortized intangible assets that are included in other noncurrent assets in the consolidated balance sheets (in thousands): Accumulated December 31, 2018 Gross Value Amortization Net Value Assets Customer relationships $ 38,137 $ (7,640 ) $ 30,497 Permits 25,959 (13,494 ) 12,465 Backlog 9,713 (5,795 ) 3,918 Developed technologies 9,233 (1,384 ) 7,849 Trademarks/trade name 9,075 (1,381 ) 7,694 Favorable contracts, covenants not to compete and other 5,781 (2,489 ) 3,292 Intangible assets 97,898 (32,183 ) 65,715 Liabilities Unfavorable contracts and leases $ 7,000 $ (4,726 ) $ 2,274 Intangible liabilities $ 7,000 $ (4,726 ) $ 2,274 Total net amortized intangible assets $ 90,898 $ (27,457 ) $ 63,441 December 31, 2017 Permits $ 25,959 $ (12,504 ) $ 13,455 Customer lists 2,200 (1,467 ) 733 Trademarks/trade name 4,100 (2,159 ) 1,941 Covenants not to compete and other 50 (26 ) 24 Total amortized intangible assets $ 32,309 $ (16,156 ) $ 16,153 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2018 2017 Payroll and related employee benefits $ 78,414 $ 68,210 Accrued insurance 58,519 39,946 Performance guarantees (see Note 1) 88,213 88,606 Other 48,480 39,645 Total $ 273,626 $ 236,407 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, 2018 2017 Senior notes payable $ 40,000 $ 80,000 Credit Agreement term loan 146,250 90,000 Credit Agreement revolving credit loan 197,000 55,000 Debt issuance costs (845 ) (499 ) Total debt 382,405 224,501 Less current maturities 47,286 46,048 Total long-term debt $ 335,119 $ 178,453 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Multiemployer Plans | The following table presents our participation in these plans (dollars in thousands): Pension Protection Act (“PPA”) Certified Zone Status 1 Contributions Pension Trust Fund Pension Plan Employer Identification Number 2018 2017 FIP / RP Status Pending / Implemented 2 2018 2017 2016 Surcharge Imposed Expiration Date of Collective Bargaining Agreement 3 Locals 302 and 612 iUOE-Employers Construction Industry Retirement Plan 91-6028571 Green Green No $ 4,726 $ 3,646 $ 3,113 No 12/31/2019 5/31/2021 Pension Trust Fund for Operating Engineers Pension Plan 94-6090764 Yellow Red Yes 11,363 10,431 9,266 No 6/30/2019 5/15/2020 6/15/2020 6/30/2020 9/30/2020 1/31/2021 10/31/2021 Operating Engineers Pension Trust Fund 95-6032478 Yellow Yellow Yes 4,251 4,692 5,357 No 6/30/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Green Yellow Yes 3,009 2,464 2,215 No 6/30/2023 Construction Laborers Pension Trust for Southern California 43-6159056 Green Green No 2,110 2,002 2,095 No 6/30/2021 Laborers Pension Fund 36-2514514 Green Green No 2,458 3,208 2,328 No 5/31/2021 All other funds (44 as of December 31, 2018) 15,994 10,341 8,708 Total Contributions: $ 43,911 $ 36,784 $ 33,082 1 2 3 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the changes in our RSUs during the years ended December 31, 2018, 2017 and 2016 is as follows (shares in thousands): Years Ended December 31, 2018 2017 2016 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 524 $ 41.51 681 $ 39.15 451 $ 32.73 Granted 271 59.44 259 51.31 572 43.17 Vested (315 ) 48.97 (372 ) 43.89 (307 ) 36.24 Forfeited (37 ) 49.17 (44 ) 43.51 (35 ) 40.97 Outstanding, ending balance 443 $ 47.65 524 $ 41.51 681 $ 39.15 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding and Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 (in thousands except per share amounts): Years Ended December 31, 2018 2017 2016 Numerator (basic and diluted): Net income allocated to common shareholders for basic calculation $ 42,410 $ 69,098 $ 57,122 Denominator: Weighted average common shares outstanding, basic 43,564 39,795 39,557 Dilutive effect of RSUs and common stock options 461 577 668 Weighted average common shares outstanding, diluted 44,025 40,372 40,225 Net income per share, basic $ 0.97 $ 1.74 $ 1.44 Net income per share, diluted $ 0.96 $ 1.71 $ 1.42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Before Provision for Income Taxes | Following is a summary of the income before provision for income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Domestic $ 70,071 $ 104,250 $ 96,326 Foreign (5,916 ) 213 36 Total income before provision for income taxes $ 64,155 $ 104,463 $ 96,362 |
Summary of Provision for Income Taxes | Following is a summary of the provision for income taxes (in thousands): Years Ended December 31, 2018 2017 2016 Federal: Current $ (11,140 ) $ 27,889 $ 15,632 Deferred 18,673 (4,383 ) 9,898 Total federal 7,533 23,506 25,530 State: Current 1,147 5,520 4,567 Deferred 1,888 (338 ) 19 Total state 3,035 5,182 4,586 Foreign: Current 381 (12 ) 25 Deferred (535 ) (14 ) 21 Total foreign (154 ) (26 ) 46 Total provision for income taxes $ 10,414 $ 28,662 $ 30,162 |
Schedule of Effective Income Tax Rate Reconciliation | Following is a reconciliation of our provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2018 2017 2016 Federal statutory tax $ 13,472 21.0 % $ 36,562 35.0 % $ 33,728 35.0 % State taxes, net of federal tax benefit 3,305 5.2 3,814 3.7 2,990 3.1 Foreign taxes (190 ) (0.3 ) — — — — Percentage depletion deduction (951 ) (1.5 ) (1,368 ) (1.3 ) (1,352 ) (1.4 ) Domestic production activities deduction — — (2,765 ) (2.7 ) (1,624 ) (1.7 ) Non-controlling interests (2,368 ) (3.7 ) (2,346 ) (2.3 ) (3,177 ) (3.3 ) Nondeductible expenses 4,842 7.5 1,128 1.1 1,094 1.1 Changes in uncertain tax positions (772 ) (1.2 ) — — — — Capital loss expiration 8,480 13.2 — — — — Valuation allowance (6,852 ) (10.7 ) — — — — Tax Cuts and Jobs Act of 2017 (7,980 ) (12.4 ) (3,664 ) (3.5 ) — — Other (572 ) (0.9 ) (2,699 ) (2.6 ) (1,497 ) (1.5 ) Total $ 10,414 16.2 % $ 28,662 27.4 % $ 30,162 31.3 % |
Summary of Deferred Tax Assets and Liabilities | Following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2018 2017 Long-term deferred tax assets: Receivables $ 2,723 $ 526 Inventory 90 1,513 Insurance 11,084 7,401 Deferred compensation 10,441 8,985 Other accrued liabilities 1,906 1,525 Accrued compensation 3,803 1,738 Other 3,520 1,379 Net operating loss carryforwards 67,944 2,614 Valuation allowance (31,823 ) (2,471 ) Total long-term deferred tax assets 69,688 23,210 Long-term deferred tax liabilities: Property and equipment 49,728 16,832 Contract income recognition 21,359 7,739 Total long-term deferred tax liabilities 71,087 24,571 Net long-term deferred tax liabilities $ (1,399 ) $ (1,361 ) |
Summary of Net Operating Loss Carryforwards | The following is a summary of the net operating loss carryforwards at December 31, 2018 (in thousands): Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards 2032-2036 $ 170,560 $ 35,818 State net operating loss carryforwards 2019-2036 281,332 15,010 Foreign tax loss carryforwards 2019-2033 57,771 17,116 Total net operating loss carryforwards at December 31, 2018 $ 67,944 |
Summary of Change in Valuation Allowance | The following is a summary of the change in valuation allowance (in thousands): December 31, 2018 2017 2016 Beginning balance $ 2,471 $ 2,153 $ 641 Additions due to acquisitions 36,410 — — (Deductions) additions, net (7,058 ) 318 1,512 Ending balance $ 31,823 $ 2,471 $ 2,153 |
Summary of Reconciliation of Unrecognized Tax Benefits | The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities and other current liabilities in the consolidated balance sheets: December 31, 2018 2017 2016 Beginning balance $ 3,171 $ 3,262 $ 1,578 Gross increases - acquisitions 20,153 — — Gross increases – current period tax positions 36 — 1,902 Gross decreases – current period tax positions (3 ) (73 ) (125 ) Gross increases – prior period tax positions 2 1 2 Gross decreases – prior period tax positions (195 ) (6 ) (5 ) Settlements with taxing authorities/lapse of statute of limitations (781 ) (13 ) (90 ) Ending balance $ 22,383 $ 3,171 $ 3,262 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Leases: Minimum rental commitments and minimum royalty requirements under all noncancellable operating leases, primarily quarry property, in effect at December 31, 2018 were (in thousands): Years Ending December 31, 2019 $ 20,152 2020 17,798 2021 15,897 2022 13,255 2023 7,707 Later years (through 2046) 8,709 Total $ 83,518 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Years Ended December 31, Transportation Water Specialty Materials Total 2018 Total revenue from reportable segments $ 1,976,743 $ 338,250 $ 626,619 $ 522,987 $ 3,464,599 Elimination of intersegment revenue — — — (146,185 ) (146,185 ) Revenue from external customers 1,976,743 338,250 626,619 376,802 3,318,414 Gross profit 190,045 59,574 90,888 48,685 389,192 Depreciation, depletion and amortization 26,715 25,779 24,017 24,015 100,526 Segment assets 399,674 317,633 142,699 353,208 1,213,214 2017 Total revenue from reportable segments $ 1,947,420 $ 133,699 $ 615,818 $ 467,140 $ 3,164,077 Elimination of intersegment revenue — — — (174,364 ) (174,364 ) Revenue from external customers 1,947,420 133,699 615,818 292,776 2,989,713 Gross profit 170,135 12,270 87,446 45,082 314,933 Depreciation, depletion and amortization 22,228 2,314 9,062 22,393 55,997 Segment assets 372,050 7,241 96,845 282,709 758,845 2016 Total revenue from reportable segments $ 1,626,786 $ 161,282 $ 465,323 $ 425,029 $ 2,678,420 Elimination of intersegment revenue — — — (163,803 ) (163,803 ) Revenue from external customers 1,626,786 161,282 465,323 261,226 2,514,617 Gross profit 161,829 19,885 82,458 37,198 301,370 Depreciation, depletion and amortization 22,601 2,140 4,871 23,437 53,049 Segment assets 375,951 9,446 80,901 282,472 748,770 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | As of December 31, 2018 A reconciliation of segment gross profit to consolidated income before provision for income taxes is as follows (in thousands): Years Ended December 31, 2018 2017 2016 Total gross profit from reportable segments $ 389,192 $ 314,933 $ 301,370 Selling, general and administrative expenses 272,776 220,400 217,374 Acquisition and integration expenses 60,045 — — Gain on sales of property and equipment (7,672 ) (4,182 ) (8,358 ) Total other income (112 ) (5,748 ) (4,008 ) Income before provision for income taxes $ 64,155 $ 104,463 $ 96,362 |
Reconciliation of Assets from Segment to Consolidated | A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2018 2017 2016 Total assets for reportable segments $ 1,213,214 $ 758,845 $ 748,770 Assets not allocated to segments: Cash and cash equivalents 272,804 233,711 189,326 Short-term and long-term marketable securities 66,100 132,790 127,779 Receivables, net 473,246 479,791 419,345 Other current assets, excluding segment assets 268,485 140,478 113,010 Property and equipment, net, excluding segment assets 32,903 29,242 32,397 Investments in affiliates 84,354 38,469 35,668 Other noncurrent assets, excluding segment assets 65,495 58,652 67,158 Consolidated total assets $ 2,476,601 $ 1,871,978 $ 1,733,453 |
Quarterly Financial Data - Un_2
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2018 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 892,325 $ 1,055,591 $ 807,119 $ 563,379 Gross profit 108,049 144,491 80,369 56,283 As a percent of revenue 12.1 % 13.7 % 10.0 % 10.0 % Net income (loss) $ 10,387 $ 59,097 $ (6,081 ) $ (9,662 ) As a percent of revenue 1.2 % 5.6 % (0.8 )% (1.7 )% Net income (loss) attributable to Granite $ 6,546 $ 55,672 $ (8,385 ) $ (11,423 ) As a percent of revenue 0.7 % 5.3 % (1.0 )% (2.0 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.14 $ 1.20 $ (0.20 ) $ (0.29 ) Diluted $ 0.14 $ 1.17 $ (0.20 ) $ (0.29 ) 2017 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 801,274 $ 957,126 $ 762,913 $ 468,400 Gross profit 100,707 114,530 74,570 25,126 As a percent of revenue 12.6 % 12.0 % 9.8 % 5.4 % Net income (loss) $ 35,325 $ 48,055 $ 16,272 $ (23,851 ) As a percent of revenue 4.4 % 5.0 % 2.1 % (5.1 )% Net income (loss) attributable to Granite $ 32,773 $ 45,982 $ 14,133 $ (23,790 ) As a percent of revenue 4.1 % 4.8 % 1.9 % (5.1 )% Net income (loss) per share attributable to common shareholders: Basic $ 0.82 $ 1.15 $ 0.35 $ (0.60 ) Diluted $ 0.81 $ 1.14 $ 0.35 $ (0.60 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2018 | |
Significant Accounting Policies [Line Items] | ||
Unearned revenue | $ 2,878,033 | $ 3,583,849 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-03-31 | ||
Significant Accounting Policies [Line Items] | ||
Unearned revenue | $ 1,900,000 | |
Unearned revenue expect to recognize period | 12 months | |
Unearned revenue expect to recognize description | Approximately $1.9 billion of the December 31, 2018 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||||||
Cash and cash equivalents | $ 272,804 | $ 233,711 | $ 272,804 | $ 233,711 | $ 189,326 | $ 252,836 | |||||||
Restricted cash | 5,825 | 0 | 5,825 | 0 | 0 | $ 0 | |||||||
Capitalized Computer Software, Additions | $ 4,400 | 7,900 | 6,600 | ||||||||||
Intangible liabilities amortization remaining terms | 2 years | ||||||||||||
Number of reporting units | Segment | 8 | ||||||||||||
Gross profit | 108,049 | $ 144,491 | $ 80,369 | $ 56,283 | 100,707 | $ 114,530 | $ 74,570 | $ 25,126 | $ 389,192 | 314,933 | 301,370 | ||
Total cost of revenue | 2,929,222 | 2,674,780 | 2,213,247 | ||||||||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Net cumulative decrease to retained earnings as a result of adoption | $ 15,200 | ||||||||||||
Construction Segment [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Gross profit | 6,900 | 9,200 | |||||||||||
Total cost of revenue | 6,900 | $ 9,200 | |||||||||||
Workers Compensation and Public Liability [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Change in Loss Assumptions, Potential Effect on Operating Results and Financial Position | 1,000 | ||||||||||||
Health Insurance Product Line [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Change in Loss Assumptions, Potential Effect on Operating Results and Financial Position | $ 300 | ||||||||||||
Minimum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Intangible assets amortization remaining terms | 1 year | ||||||||||||
Construction contracts warranty provisions period | 6 months | ||||||||||||
Construction contracts longer warranty periods | 2 years | ||||||||||||
Workers' Compensation Liability | 500 | $ 500 | |||||||||||
Minimum [Member] | ASU 2016-02 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Increase in right-of-use assets and lease liabilities | $ 50,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Intangible assets amortization remaining terms | 20 years | ||||||||||||
Construction contracts warranty provisions period | 1 year | ||||||||||||
Construction contracts longer warranty periods | 10 years | ||||||||||||
Workers' Compensation Liability | 1,000 | $ 1,000 | |||||||||||
Percentage of completed contracts with customers | 90.00% | ||||||||||||
Maximum [Member] | ASU 2016-02 [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Increase in right-of-use assets and lease liabilities | $ 65,000 | ||||||||||||
3531 Construction Machinery and Equip [Member] | Minimum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 18 months | ||||||||||||
3531 Construction Machinery and Equip [Member] | Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||||
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||||||
Software Development [Member] | Minimum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||
Software Development [Member] | Maximum [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||||
Water and Mineral Services [Member] | Inventories [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Advances to suppliers | 13,400 | $ 13,400 | |||||||||||
Non-US [Member] | Foreign Operations [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Receivables from foreign operations | 7,100 | 7,100 | |||||||||||
Layne Christensen Company [Member] | Other Current Assets [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Restricted cash | 4,300 | 4,300 | |||||||||||
Consolidated Construction Joint Venture [Member] | Joint Venture Consolidated [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Cash and cash equivalents | $ 131,965 | $ 94,359 | $ 131,965 | $ 94,359 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |||
Cash and cash equivalents, beginning of period | $ 233,711 | $ 189,326 | $ 252,836 |
Cash and cash equivalents | 272,804 | 233,711 | 189,326 |
Restricted cash | 5,825 | 0 | 0 |
Cash, cash equivalents and restricted cash of $5,825, $0 and $0 at end of period | 278,629 | 233,711 | 189,326 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 44,918 | $ 44,385 | $ (63,510) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Impact of Adoption of Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Assets | ||||||||||||
Receivables, net | $ 473,246 | $ 479,791 | $ 473,246 | $ 479,791 | ||||||||
Contract assets | 219,754 | 0 | 219,754 | 0 | ||||||||
Costs and estimated earnings in excess of billings | 0 | 103,965 | 0 | 103,965 | ||||||||
Other noncurrent assets | 131,601 | 75,199 | 131,601 | 75,199 | ||||||||
Liabilities and equity | ||||||||||||
Contract liabilities | 105,449 | 0 | 105,449 | 0 | $ 83,674 | |||||||
Billings in excess of costs and estimated earnings | 0 | 135,146 | 0 | 135,146 | ||||||||
Accrued expenses and other current liabilities | 273,626 | 236,407 | 273,626 | 236,407 | ||||||||
Retained earnings | 787,356 | 783,699 | 787,356 | 783,699 | ||||||||
Revenue | ||||||||||||
Revenue | 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | 3,318,414 | 2,989,713 | $ 2,514,617 | |
Cost of revenue | ||||||||||||
Cost of revenue | 2,929,222 | 2,674,780 | 2,213,247 | |||||||||
Gross profit | 108,049 | 144,491 | 80,369 | 56,283 | 100,707 | 114,530 | 74,570 | 25,126 | 389,192 | 314,933 | 301,370 | |
Operating income | 64,043 | 98,715 | 92,354 | |||||||||
Provision for (benefit from) income taxes | 10,414 | 28,662 | 30,162 | |||||||||
Net income | 10,387 | 59,097 | (6,081) | (9,662) | 35,325 | 48,055 | 16,272 | (23,851) | 53,741 | 75,801 | 66,200 | |
Net income attributable to Granite Construction Incorporated | 6,546 | $ 55,672 | $ (8,385) | $ (11,423) | $ 32,773 | $ 45,982 | $ 14,133 | $ (23,790) | 42,410 | $ 69,098 | $ 57,122 | |
Transportation [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 1,976,743 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 1,786,698 | |||||||||||
Water [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 338,250 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 278,676 | |||||||||||
Specialty [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 626,619 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 535,731 | |||||||||||
Materials [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 376,802 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 328,117 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | ||||||||||||
Assets | ||||||||||||
Receivables, net | 578,433 | 578,433 | ||||||||||
Contract assets | 0 | 0 | ||||||||||
Costs and estimated earnings in excess of billings | 151,985 | 151,985 | ||||||||||
Other noncurrent assets | 126,329 | 126,329 | ||||||||||
Liabilities and equity | ||||||||||||
Contract liabilities | 0 | 0 | ||||||||||
Billings in excess of costs and estimated earnings | 139,575 | 139,575 | ||||||||||
Accrued expenses and other current liabilities | 267,850 | 267,850 | ||||||||||
Retained earnings | 791,151 | 791,151 | ||||||||||
Revenue | ||||||||||||
Revenue | 3,309,150 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 2,935,318 | |||||||||||
Gross profit | 373,832 | |||||||||||
Operating income | 48,683 | |||||||||||
Provision for (benefit from) income taxes | 6,459 | |||||||||||
Net income | 42,336 | |||||||||||
Net income attributable to Granite Construction Incorporated | 31,005 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Transportation [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 1,970,311 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 1,792,794 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Water [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 334,807 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 278,676 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Specialty [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 627,230 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 535,731 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Balances Without Adoption of Topic 606 [Member] | Materials [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 376,802 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 328,117 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | ||||||||||||
Assets | ||||||||||||
Receivables, net | (105,187) | (105,187) | ||||||||||
Contract assets | 219,754 | 219,754 | ||||||||||
Costs and estimated earnings in excess of billings | (151,985) | (151,985) | ||||||||||
Other noncurrent assets | 5,272 | 5,272 | ||||||||||
Liabilities and equity | ||||||||||||
Contract liabilities | 105,449 | 105,449 | ||||||||||
Billings in excess of costs and estimated earnings | (139,575) | (139,575) | ||||||||||
Accrued expenses and other current liabilities | 5,776 | 5,776 | ||||||||||
Retained earnings | $ (3,795) | (3,795) | ||||||||||
Revenue | ||||||||||||
Revenue | 9,264 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | (6,096) | |||||||||||
Gross profit | 15,360 | |||||||||||
Operating income | 15,360 | |||||||||||
Provision for (benefit from) income taxes | 3,955 | |||||||||||
Net income | 11,405 | |||||||||||
Net income attributable to Granite Construction Incorporated | 11,405 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Transportation [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 6,432 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | (6,096) | |||||||||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Water [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | 3,443 | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 0 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Specialty [Member] | ||||||||||||
Revenue | ||||||||||||
Revenue | (611) | |||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | 0 | |||||||||||
Accounting Standards Update 2014-09 [Member] | Effect of Change Higher/(Lower) [Member] | Materials [Member] | ||||||||||||
Cost of revenue | ||||||||||||
Cost of revenue | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions | Jun. 14, 2018 | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||
Common stock issued in acquisition | $ 321,019 | $ 0 | $ 0 | ||
Revenue | 3,530,989 | 3,456,656 | |||
Acquisition and integration expenses | 60,045 | 0 | 0 | ||
Goodwill | 259,471 | 53,799 | |||
Amortization expenses | 15,200 | $ 1,700 | $ 2,000 | ||
Amortization expenses in 2019 | 18,200 | ||||
Amortization expenses in 2020 | 12,900 | ||||
Amortization expenses in 2021 | 10,000 | ||||
Amortization expenses thereafter | $ 12,900 | ||||
Federal statutory tax, Percent | 21.00% | 35.00% | 35.00% | ||
Proforma Adjustments | |||||
Business Acquisition [Line Items] | |||||
Federal statutory tax, Percent | 26.00% | 39.00% | |||
Water [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 144,319 | $ 618 | |||
Materials [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 54,488 | 1,946 | |||
Specialty [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 40,866 | $ 31,437 | |||
Layne Christensen Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition purchase price | $ 349,840 | ||||
Common stock issued in acquisition | $ 321,000 | ||||
Common stock issued | 5.6 | ||||
Acquisition cash settled | $ 28,800 | ||||
Acquisition assumed liabilities | 191,500 | ||||
Revenue | 271,700 | ||||
Net income (loss) before tax attributable to Granite | 22,400 | ||||
Acquisition and integration expenses | 53,500 | ||||
Decrease in property and equipment | 4,900 | ||||
Decrease in deferred income taxes | 2,200 | ||||
Increase in various other items | 1,300 | ||||
Increase in goodwill due to decrease in deferred income taxes | 5,800 | ||||
Increase in goodwill due to change in investment in affiliates | 7,600 | ||||
Decrease the investments in affiliates | (7,600) | ||||
Business consideration tangible assets acquired | 424,316 | ||||
Business consideration intangible assets acquired | 61,548 | ||||
Identifiable intangible assets | 6,800 | ||||
Goodwill | $ 187,619 | ||||
Layne Christensen Company [Member] | Water [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 125,700 | ||||
Layne Christensen Company [Member] | Materials [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 52,500 | ||||
Layne Christensen Company [Member] | Specialty [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 9,400 | ||||
LiquiForce Services Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition assumed liabilities | $ 35,900 | ||||
Business consideration tangible assets acquired | 14,300 | ||||
Business consideration intangible assets acquired | 10,900 | ||||
Identifiable intangible assets | 8,500 | ||||
Goodwill | $ 19,300 | ||||
LiquiForce Services Company [Member] | Water [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 19,200 | ||||
Layne and Liquiforce Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization expenses | 12,200 | ||||
Amortization expenses in 2019 | 16,900 | ||||
Amortization expenses in 2020 | 11,700 | ||||
Amortization expenses in 2021 | $ 9,000 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 14, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | |||
Goodwill | $ 259,471 | $ 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 | 183,030 | ||
Investments in affiliates | 55,400 | ||
Deferred income taxes | 20,959 | ||
Other noncurrent assets (including $5,906 of restricted cash) | 17,868 | ||
Total tangible assets | 424,316 | ||
Identifiable intangible assets | 61,548 | ||
Liabilities | |||
Identifiable intangible liabilities | 6,800 | ||
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 | 31,585 | ||
Total liabilities assumed | 323,643 | ||
Total identifiable net assets acquired | 162,221 | ||
Goodwill | 187,619 | ||
Acquisition purchase price | $ 349,840 |
Acquisitions - Schedule of Pr_2
Acquisitions - Schedule of Preliminary Purchase Price Allocation (Parenthetical) (Details) $ in Thousands | Jun. 14, 2018USD ($) |
Layne Christensen Company [Member] | |
Business Acquisition [Line Items] | |
Other noncurrent assets inlcuding restricted cash | $ 5,906 |
Acquisitions - Schedule of Amor
Acquisitions - Schedule of Amortized Intangible Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | $ 97,898 | $ 32,309 |
Accumulated Amortization, Assets | (32,183) | (16,156) |
Net Value, Assets | 65,715 | $ 16,153 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 38,137 | |
Accumulated Amortization, Assets | (7,640) | |
Net Value, Assets | 30,497 | |
Backlog [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 9,713 | |
Accumulated Amortization, Assets | (5,795) | |
Net Value, Assets | 3,918 | |
Developed Technology [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 9,233 | |
Accumulated Amortization, Assets | (1,384) | |
Net Value, Assets | 7,849 | |
Unfavorable Contracts and Leases [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Liabilities | 7,000 | |
Accumulated Amortization, Liabilities | (4,726) | |
Net Value, Liabilities | 2,274 | |
Layne and Liquiforce Acquisitions [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 69,689 | |
Accumulated Amortization, Assets | (16,902) | |
Net Value, Assets | 52,787 | |
Gross Value, Liabilities | 7,000 | |
Accumulated Amortization, Liabilities | (4,726) | |
Net Value, Liabilities | $ 2,274 | |
Layne and Liquiforce Acquisitions [Member] | Customer Relationships [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years), Assets | 3 years | |
Gross Value, Assets | $ 35,937 | |
Accumulated Amortization, Assets | (5,880) | |
Net Value, Assets | $ 30,057 | |
Layne and Liquiforce Acquisitions [Member] | Backlog [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years), Assets | 2 years | |
Gross Value, Assets | $ 9,713 | |
Accumulated Amortization, Assets | (5,795) | |
Net Value, Assets | $ 3,918 | |
Layne and Liquiforce Acquisitions [Member] | Developed Technology [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years), Assets | 4 years | |
Gross Value, Assets | $ 9,233 | |
Accumulated Amortization, Assets | (1,384) | |
Net Value, Assets | $ 7,849 | |
Layne and Liquiforce Acquisitions [Member] | Trademarks/Trade Name [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years), Assets | 4 years | |
Gross Value, Assets | $ 9,075 | |
Accumulated Amortization, Assets | (1,382) | |
Net Value, Assets | $ 7,693 | |
Layne and Liquiforce Acquisitions [Member] | Favorable Contracts, Covenants not to compete and other [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years), Assets | 1 year | |
Gross Value, Assets | $ 5,731 | |
Accumulated Amortization, Assets | (2,461) | |
Net Value, Assets | $ 3,270 | |
Layne and Liquiforce Acquisitions [Member] | Unfavorable Contracts and Leases [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Weighted Average Useful Lives (Years),Laibilities | 2 years | |
Gross Value, Liabilities | $ 7,000 | |
Accumulated Amortization, Liabilities | (4,726) | |
Net Value, Liabilities | $ 2,274 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenue | $ 3,530,989 | $ 3,456,656 |
Net income | 103,594 | (5,759) |
Net income (loss) attributable to Granite | $ 92,263 | $ (12,462) |
Basic net income (loss) per share attributable to common shareholders | $ 2 | $ (0.27) |
Diluted net income (loss) per share attributable to common shareholders | $ 2 | $ (0.27) |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisition and Integration Expenses (Details) - Layne and Liquiforce Acquisitions [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Professional services and other expenses | $ 46,898 |
Severance and personnel costs | 13,147 |
Total | $ 60,045 |
Revisions in Estimates - Additi
Revisions in Estimates - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change In Accounting Estimate [Line Items] | |||
Decrease on project revenue and profitability | $ 4,900,000 | ||
Increase in net loss | 1,600,000 | ||
Change in accounting estimate amount considered significant to individual project gross profit | 5,000,000 | $ 5,000,000 | $ 6,500,000 |
Impact from affirmative claim recovery estimate | 18,200,000 | 34,300,000 | 51,300,000 |
Net Estimate Change [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Increase (decrease) on project profitability | (86,500,000) | (67,200,000) | (33,000,000) |
Net Estimate Change [Member] | Specialty [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Increase (decrease) on project profitability | (6,100,000) | (6,000,000) | |
Contracts Accounted for under Percentage of Completion [Member] | Noncontrolling Interest [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Increase (decrease) on project profitability | $ 0 | $ (2,100,000) | $ (6,500,000) |
Revisions in Estimates - Schedu
Revisions in Estimates - Schedule of Projects Summarized (Details) - Downward Estimate Change [Member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)project | Dec. 31, 2017USD ($)project | Dec. 31, 2016USD ($)project | |
Change In Accounting Estimate [Line Items] | |||
Number of projects with downward estimate changes | project | 5 | 6 | 4 |
Increase (decrease) on project profitability | $ 86.5 | $ 67.2 | $ 39.4 |
Minimum [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Range of reduction in gross profit from each project, net | (5.3) | (6.1) | (6) |
Maximum [Member] | |||
Change In Accounting Estimate [Line Items] | |||
Range of reduction in gross profit from each project, net | $ (32) | $ (17.2) | $ (13.6) |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 1,976,743 | 1,947,420 | 1,626,786 |
Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 338,250 | 133,699 | 161,282 |
Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 626,619 | 615,818 | 465,323 |
Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 376,802 | 292,776 | 261,226 |
California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 1,017,638 | 848,687 | 752,945 |
California [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 607,737 | 470,996 | 378,838 |
California [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 52,757 | 39,071 | 40,250 |
California [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 143,471 | 160,572 | 185,079 |
California [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 213,673 | 178,048 | 148,778 |
Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 767,408 | 831,165 | 702,717 |
Northwest [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 465,085 | 611,021 | 486,037 |
Northwest [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 3,882 | 623 | 9,853 |
Northwest [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 159,517 | 104,793 | 94,379 |
Northwest [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 138,924 | 114,728 | 112,448 |
Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 838,660 | 797,143 | 704,806 |
Heavy Civil [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 818,715 | 773,990 | 688,527 |
Heavy Civil [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 19,945 | 23,153 | 16,279 |
Heavy Civil [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Heavy Civil [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 44,270 | 38,486 | 10,815 |
Federal [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 683 | 31,406 | 5,149 |
Federal [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 2,116 | 1,884 | 1,196 |
Federal [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 41,471 | 5,196 | 4,470 |
Federal [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 309,970 | 412,158 | 266,946 |
Midwest [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 84,523 | 60,007 | 68,235 |
Midwest [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 1,930 | 7,004 | 17,316 |
Midwest [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 223,517 | 345,147 | 181,395 |
Midwest [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 340,468 | 62,074 | 76,388 |
Water and Mineral Services [Member] | Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 0 | 0 | 0 |
Water and Mineral Services [Member] | Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 257,620 | 61,964 | 76,388 |
Water and Mineral Services [Member] | Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 58,643 | 110 | 0 |
Water and Mineral Services [Member] | Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 24,205 | $ 0 | $ 0 |
Unearned Revenue - Schedule of
Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | $ 2,878,033 | $ 3,583,849 |
California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 378,244 | 406,056 |
Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 402,326 | 315,582 |
Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 1,495,387 | 2,232,613 |
Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 130,663 | 167,170 |
Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 281,816 | 458,312 |
Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 189,597 | 4,116 |
Transportation [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 2,185,309 | 2,858,747 |
Transportation [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 314,261 | 299,552 |
Transportation [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 319,589 | 273,864 |
Transportation [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 1,473,455 | 2,194,430 |
Transportation [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 0 | 317 |
Transportation [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 78,004 | 90,584 |
Transportation [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 0 | 0 |
Water [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 218,708 | 78,406 |
Water [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 6,163 | 27,328 |
Water [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 786 | 2,606 |
Water [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 21,951 | 38,183 |
Water [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 0 | 4,212 |
Water [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 211 | 1,961 |
Water [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 189,597 | 4,116 |
Specialty [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 474,016 | 646,696 |
Specialty [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 57,820 | 79,176 |
Specialty [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 81,951 | 39,112 |
Specialty [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 0 | 0 |
Specialty [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 130,644 | 162,641 |
Specialty [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | 203,601 | 365,767 |
Specialty [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Unearned revenue | $ 0 | $ 0 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Revenue recognized | $ 104,500 | |
Contracts Revenue | (11,180) | |
Aggregate claim recovery estimate included in contract assets and liability | 45,100 | $ 26,700 |
Costs in excess of billings and estimated earnings and billings in excess of estimated earnings | $ 26,700 | |
Performance Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Contracts Revenue | $ 114,900 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Component of Contract Asset Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue From Contract With Customer [Abstract] | |||
Costs in excess of billings and estimated earnings | $ 120,223 | $ 69,755 | |
Contract retention | 99,531 | 91,135 | |
Total contract assets | $ 219,754 | $ 160,890 | $ 160,890 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Schedule of Change in Contract Asset Balance (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 160,890 |
Change in the measure of progress on projects, net | 911,109 |
Acquired contract assets | 45,353 |
Revisions in estimates, net | (11,180) |
Billings | (823,286) |
Receipts related to contract retention | (63,132) |
Balance at December 31, 2018 | $ 219,754 |
Contract Assets and Liabiliti_6
Contract Assets and Liabilities - Components of Contract Liabilities Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue From Contract With Customer [Abstract] | |||
Billings in excess of costs and estimated earnings, net of retention | $ 103,250 | $ 82,750 | |
Provisions for losses | 2,199 | 924 | |
Total contract liabilities | $ 105,449 | $ 83,674 | $ 0 |
Contract Assets and Liabiliti_7
Contract Assets and Liabilities - Schedule of Change in Contract Liability Balance (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 83,674 |
Change in the measure of progress on projects, net | (1,332,400) |
Acquired contract liabilities | 7,974 |
Revisions in estimates, net | (4,450) |
Billings | 1,349,441 |
Change in provision for loss, net | 1,210 |
Balance at December 31, 2018 | $ 105,449 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable-gross | $ 473,757 | $ 479,943 |
Less: allowance for doubtful accounts | 511 | 152 |
Accounts receivable-net | 473,246 | 479,791 |
Completed and in Progress [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Billed | 285,521 | 252,467 |
Unbilled | 98,755 | 77,135 |
Accounts receivable-gross | 384,276 | 420,737 |
Material Sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable-gross | 45,286 | 42,192 |
Other Business Products and Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable-gross | 44,195 | 17,014 |
Retentions [Member] | Completed and in Progress [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable-gross | $ 0 | $ 91,135 |
Receivables, Net - Additional I
Receivables, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | $ 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | $ 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Uncollectible Receivables [Member] | Retentions [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Accounts Notes Loans and Financing Receivable Gross Current | $ 0 | $ 0 | 0 | 0 | |||||||
California Department of Transportation [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenue, Net | $ 282,900 | $ 281,700 | $ 222,400 | ||||||||
Percentage of revenue attributable to counterparty | 8.50% | 9.40% | 8.80% |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | $ 30,002 | $ 67,775 |
Long-term marketable securities | 36,098 | 65,015 |
Total marketable securities | 66,100 | 132,790 |
U.S. Government and agency obligations [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | 24,996 | 17,910 |
Long-term marketable securities | 36,098 | 59,993 |
Commercial paper [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | 0 | 49,865 |
Corporate bonds [Member] | ||
Schedule of Marketable Securities [Line Items] | ||
Short-term marketable securities | 5,006 | 0 |
Long-term marketable securities | $ 0 | $ 5,022 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable Securities [Abstract] | ||
Due within one year | $ 30,002 | |
Due in one to five years | 36,098 | |
Total marketable securities | $ 66,100 | $ 132,790 |
Fair Value Measurement - Cash a
Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Fair Value Disclosure | ||
Total Assets, Fair Value | $ 90,438 | $ 48,651 |
Other current liabilities | 0 | |
Cash flow hedge | 1,098 | |
Total liabilities | 1,098 | |
Other current assets | 0 | |
Cash flow hedge | 1,400 | |
Level 1 [Member] | ||
Assets, Fair Value Disclosure | ||
Total Assets, Fair Value | 90,438 | 47,251 |
Other current liabilities | 0 | |
Cash flow hedge | 0 | |
Total liabilities | 0 | |
Other current assets | 0 | |
Cash flow hedge | 0 | |
Level 2 [Member] | ||
Assets, Fair Value Disclosure | ||
Total Assets, Fair Value | 0 | 1,400 |
Other current liabilities | 0 | |
Cash flow hedge | 1,098 | |
Total liabilities | 1,098 | |
Other current assets | 0 | |
Cash flow hedge | 1,400 | |
Level 3 [Member] | ||
Assets, Fair Value Disclosure | ||
Total Assets, Fair Value | 0 | 0 |
Other current liabilities | 0 | |
Cash flow hedge | 0 | |
Total liabilities | 0 | |
Other current assets | 0 | |
Cash flow hedge | 0 | |
Money Market Funds [Member] | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 84,613 | 37,284 |
Money Market Funds [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 84,613 | 37,284 |
Money Market Funds [Member] | Level 2 [Member] | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure | ||
Cash equivalents | 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 | 5,825 | |
Restricted Cash [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure | ||
Other noncurrent assets | 5,825 | |
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] - Interest Rate Swap May 2018 [Member] | May 31, 2018USD ($) |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 [Member] | Other Assets Liabilities, Carrying Value [Member] | ||
Balance Sheet Grouping | ||
Held-to-maturity marketable securities | $ 66,100 | $ 132,790 |
Level 1 [Member] | Other Assets, Liabilities, Fair Value [Member] | ||
Balance Sheet Grouping | ||
Held-to-maturity marketable securities | 65,290 | 132,002 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | ||
Balance Sheet Grouping | ||
2019 Notes | 40,000 | 80,000 |
Credit Agreement - term loan | 146,250 | 90,000 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | Revolving Credit Facility [Member] | ||
Balance Sheet Grouping | ||
Revolving credit agreement | 197,000 | 55,000 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | ||
Balance Sheet Grouping | ||
2019 Notes | 40,484 | 82,190 |
Credit Agreement - term loan | 147,141 | 89,871 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | Revolving Credit Facility [Member] | ||
Balance Sheet Grouping | ||
Revolving credit agreement | $ 197,889 | $ 55,054 |
Construction Joint Ventures - A
Construction Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)project | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)project | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Construction Joint Venture | |||||||||||
Number of active construction joint venture projects | project | 9 | 9 | |||||||||
Construction Contract Value | $ 11,300,000 | $ 11,300,000 | |||||||||
Revenue | 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | $ 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Net cash provided by operating activities | 86,390 | 146,195 | 73,146 | ||||||||
Unconsolidated Construction Joint Venture Net (Loss) Income | (240,300) | 62,200 | 41,800 | ||||||||
Minimum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Construction Contract Value | $ 101,700 | $ 101,700 | |||||||||
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 | $ 1,000,000 | $ 1,000,000 | |||||||||
Other Partners Interest in Partnerships [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 2,100,000 | $ 2,100,000 | |||||||||
Joint Venture Consolidated [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Number of active construction joint venture projects | project | 7 | 7 | |||||||||
Construction Contract Value | $ 1,200,000 | $ 1,200,000 | |||||||||
Joint Venture Consolidated [Member] | Consolidated Construction Joint Venture [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 242,100 | 185,500 | 119,800 | ||||||||
Net cash provided by operating activities | 85,600 | 36,900 | 37,800 | ||||||||
Joint Venture Consolidated [Member] | Minimum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Construction Contract Value | $ 14,800 | $ 14,800 | |||||||||
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 | $ 3,100,000 | $ 3,100,000 | |||||||||
Granite Construction [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 1,000,000 | ||||||||||
Unconsolidated Construction Joint Venture Net (Loss) Income | (22,600) | $ (14,400) | $ 15,600 | ||||||||
Granite Construction [Member] | Minimum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 1,900 | ||||||||||
Granite Construction [Member] | Maximum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 254,800 | ||||||||||
Granite Construction [Member] | Joint Venture Consolidated [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 175,000 | ||||||||||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Minimum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | 365,900 | ||||||||||
Granite Construction [Member] | Joint Venture Consolidated [Member] | Maximum [Member] | |||||||||||
Construction Joint Venture | |||||||||||
Revenue | $ 200 |
Construction Joint Ventures - S
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets | $ 204,090 | $ 219,825 | |
Equity in Construction Joint Ventures | [1] | 271,162 | 231,887 |
Other Partners Interest in Partnerships [Member] | |||
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Assets | 822,215 | 869,782 | |
Unconsolidated Construction Joint Venture Liabilities | [2] | 369,782 | 462,159 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Assets | [3],[4] | 426,416 | 452,560 |
Unconsolidated Construction Joint Venture Liabilities | 155,254 | 220,673 | |
Cash and Cash Equivalents [Member] | |||
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Assets | 229,562 | 289,940 | |
Other Assets, Current and Longterm [Member] | |||
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Assets | [3] | 814,979 | 812,577 |
Accounts Payable [Member] | |||
Construction Joint Venture | |||
Unconsolidated Construction Joint Venture Liabilities | $ 525,036 | $ 682,832 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the consolidated balance sheets were amounts related to deficits in construction joint ventures that were $11.5 million and $15.9 million as of December 31, 2018 and 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 and other current liabilities on our consolidated balance sheets were amounts related to performance guarantees that were $88.2 million and $88.6 million as of December 31, 2018 and 2017, respectively (see Note 14). | ||
[4] | Included in this balance as of December 31, 2018 and 2017 was $78.1 million and $74.3 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $15.6 million and $11.8 million related to Granite’s share of estimated recovery of back charge claims as of December 31, 2018 and 2017, respectively. |
Construction Joint Ventures -_2
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Construction Joint Venture | ||
Performance Guarantees | $ 88.2 | $ 88.6 |
Unconsolidated Joint Venture Back charges claims | 15.6 | 11.8 |
Deficit in unconsolidated construction joint venture | 11.5 | 15.9 |
Reporting Entitys Interest in Joint Venture [Member] | ||
Construction Joint Venture | ||
Affirmative Claim Recovery Estimate | $ 78.1 | $ 74.3 |
Construction Joint Ventures -_3
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | $ 1,544,406 | $ 2,057,336 | $ 1,958,158 | |
Unconsolidated Construction Joint Venture Cost of Revenue | 1,787,501 | 1,995,915 | 1,915,376 | |
Unconsolidated Construction Joint Venture Gross (Loss) Profit | (25,330) | (13,782) | 15,709 | |
Other Partners Interest in Partnerships [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | [1] | 1,022,370 | 1,469,550 | 1,387,532 |
Unconsolidated Construction Joint Venture Cost of Revenue | [1] | 1,240,135 | 1,394,347 | 1,360,459 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Unconsolidated Construction Joint Venture Revenue | 522,036 | 587,786 | 570,626 | |
Unconsolidated Construction Joint Venture Cost of Revenue | $ 547,366 | $ 601,568 | $ 554,917 | |
[1] | Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($) | |
Investments In And Advances To Affiliates [Line Items] | ||
Number of Investments in Foreign Entities | Investment | 13 | |
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 | $ 312,102 | $ 160,359 |
Joint Venture Unconsolidated [Member] | Texas [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Equity Method Investments | 16,300 | 24,300 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Total assets | 312,100 | |
Equity Method Investments | 84,354 | $ 38,469 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Joint Venture Unconsolidated [Member] | Asphalt Terminal Entity [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Total assets | $ 21,200 | |
Minimum [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | Equity Method Investment Directly Owned [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Ownership percentage | 25.00% | |
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | Joint Venture Unconsolidated [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Total assets | $ 300 | |
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | ||
Investments In And Advances To Affiliates [Line Items] | ||
Total assets | $ 200 | |
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 | $ 57,100 | |
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 | $ 68,100 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 84,354 | $ 38,469 | $ 35,668 |
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 84,354 | 38,469 | |
Joint Venture Unconsolidated [Member] | Foreign Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 55,715 | 0 | |
Joint Venture Unconsolidated [Member] | Real Estate [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 19,676 | 29,472 | |
Joint Venture Unconsolidated [Member] | Asphalt Terminal [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 8,963 | $ 8,997 |
Investments in Affiliates - Equ
Investments in Affiliates - Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 141,930 | $ 31,320 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 170,172 | 129,039 | |
Equity Method Investment, Summarized Financial Information, Assets | 312,102 | 160,359 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 55,816 | 30,131 | |
Equity Method Investment, Summarized Financial Information, Long-term Liabilities | [1] | 63,098 | 31,636 |
Equity Method Investment, Summarized Financial Information, Total Liabilities | 118,914 | 61,767 | |
Equity Method Investments Summarized Financial Information Net Assets | 193,188 | 98,592 | |
Other Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Assets | 312,100 | ||
Equity Method Investments | $ 84,354 | $ 38,469 | |
[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. See Note 15 for further discussion. |
Investments in Affiliates Equit
Investments in Affiliates Equity Method Investment Summarized Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Granite’s interest in affiliates’ net income | $ 6,935 | $ 7,107 | $ 7,177 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Revenue | 187,827 | 56,372 | 56,127 |
Gross profit | 51,061 | 23,007 | 22,398 |
Income before taxes | 31,612 | 17,154 | 19,117 |
Net income | 31,612 | 17,154 | 19,117 |
Granite’s interest in affiliates’ net income | $ 6,935 | $ 7,107 | $ 7,177 |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 1,403,356 | $ 1,209,141 | |
Accumulated depreciation and depletion | 853,668 | 801,723 | |
Property and equipment, net | 549,688 | 407,418 | |
Depreciation and Depletion | 96,400 | 63,800 | $ 61,000 |
Equipment and vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 906,275 | 778,549 | |
Quarry property [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 180,246 | 182,267 | |
Land and land improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 142,271 | 108,830 | |
Building and leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 108,884 | 82,601 | |
Office furniture and equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 65,680 | $ 56,894 |
Property and Equipment, Net - A
Property and Equipment, Net - Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligations included in accrued expenses and other current liabilities | $ 4,400 | $ 4,800 |
Asset retirement obligations included in other long-term liabilities | 17,400 | 17,700 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | 22,527 | 21,936 |
Revisions to estimates | 17 | 462 |
Liabilities settled | (1,790) | (966) |
Accretion | 1,038 | 1,095 |
Ending balance | $ 21,792 | $ 22,527 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Goodwill Balance by Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Goodwill | $ 259,471 | $ 53,799 |
Transportation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 19,798 | 19,798 |
Water [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 144,319 | 618 |
Specialty [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 40,866 | 31,437 |
Materials [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 54,488 | $ 1,946 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 53,799 |
Goodwill translation and other adjustments | (1,216) |
Ending Balance | 259,471 |
Layne Christensen Company [Member] | |
Goodwill [Line Items] | |
Goodwill acquired | 187,619 |
LiquiForce Services Company [Member] | |
Goodwill [Line Items] | |
Goodwill acquired | $ 19,269 |
Intangible Assets - Finite Live
Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | $ 97,898 | $ 32,309 |
Accumulated Amortization, Assets | (32,183) | (16,156) |
Net Value, Assets | 65,715 | 16,153 |
Total net amortized intangible assets, Gross Value | 90,898 | |
Total net amortized intangible assets, Accumulated Amortization | (27,457) | |
Total net amortized intangible assets, Net Value | 63,441 | |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 38,137 | |
Accumulated Amortization, Assets | (7,640) | |
Net Value, Assets | 30,497 | |
Permits [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 25,959 | 25,959 |
Accumulated Amortization, Assets | (13,494) | (12,504) |
Net Value, Assets | 12,465 | 13,455 |
Backlog [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 9,713 | |
Accumulated Amortization, Assets | (5,795) | |
Net Value, Assets | 3,918 | |
Developed Technology [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 9,233 | |
Accumulated Amortization, Assets | (1,384) | |
Net Value, Assets | 7,849 | |
Trademarks/Trade Names [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 9,075 | 4,100 |
Accumulated Amortization, Assets | (1,381) | (2,159) |
Net Value, Assets | 7,694 | 1,941 |
Favorable Contracts, Covenants Not to Compete and Other [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 5,781 | |
Accumulated Amortization, Assets | (2,489) | |
Net Value, Assets | 3,292 | |
Unfavorable Contracts and Leases [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Liabilities | 7,000 | |
Accumulated Amortization, Liabilities | (4,726) | |
Net Value, Liabilities | $ 2,274 | |
Customer lists [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 2,200 | |
Accumulated Amortization, Assets | (1,467) | |
Net Value, Assets | 733 | |
Covenants not to compete and other [Member] | ||
Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Gross Value, Assets | 50 | |
Accumulated Amortization, Assets | (26) | |
Net Value, Assets | $ 24 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expenses | $ 15.2 | $ 1.7 | $ 2 |
Amortization expenses in 2019 | 18.2 | ||
Amortization expenses in 2020 | 12.9 | ||
Amortization expenses in 2021 | 10 | ||
Amortization expenses in 2022 | 6.3 | ||
Amortization expenses in 2023 | 4.2 | ||
Amortization expenses thereafter | $ 11.8 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related employee benefits | $ 78,414 | $ 68,210 |
Accrued insurance | 58,519 | 39,946 |
Performance guarantees (see Note 1) | 88,213 | 88,606 |
Other | 48,480 | 39,645 |
Total | $ 273,626 | $ 236,407 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | $ 382,405 | $ 224,501 |
Less current maturities | 47,286 | 46,048 |
Total long-term debt | 335,119 | 178,453 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | 40,000 | 80,000 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Long-term and Short-term, Combined Amount | 146,250 | 90,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement | 197,000 | 55,000 |
Other notes payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (845) | $ (499) |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements - Additional Information (Details) - USD ($) shares in Millions | Nov. 15, 2018 | Jun. 14, 2018 | May 14, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 15, 2018 | May 31, 2018 |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in 2019 | $ 47,600,000 | $ 47,600,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in 2020 | 7,500,000 | 7,500,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in 2021 | 7,500,000 | 7,500,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in 2022 | 7,500,000 | 7,500,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal , thereafter | 313,300,000 | 313,300,000 | ||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||
Total long-term debt | 335,119,000 | 335,119,000 | $ 178,453,000 | |||||||
Current maturities of long-term debt | 47,286,000 | 47,286,000 | 46,048,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 496,300,000 | 496,300,000 | ||||||||
Line of Credit, Current | 146,300,000 | 146,300,000 | ||||||||
Line of Credit, minimum cash balance | 150,000,000 | 150,000,000 | ||||||||
Line of Credit Facility, Increase (Decrease), Net | 100,000,000 | |||||||||
Letters of Credit Outstanding, Amount | $ 39,400,000 | 39,400,000 | ||||||||
Proceeds from long-term debt | $ 203,250,000 | 25,000,000 | $ 30,000,000 | |||||||
Consolidated Leverage Ratio, Maximum | 3 | 3 | ||||||||
Consolidated Interest Coverage Ratio, Actual | 14.10 | 14.10 | ||||||||
Consolidated Interest Coverage Ratio, Covenant | 4 | 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 | 3 | ||||||||
Acquisition purchase price | $ 100,000,000 | |||||||||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Consolidated leverage ratio financial covenant | 3.50 | 3.50 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 350,000,000 | $ 350,000,000 | ||||||||
Line of credit facility, maximum borrowing capacity | 200,000,000 | 200,000,000 | ||||||||
Proceeds from long-term debt | 197,000,000 | 55,000,000 | ||||||||
Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current maturities of long-term debt | 7,500,000 | 7,500,000 | 6,200,000 | |||||||
Line of Credit, Current | 146,300,000 | 146,300,000 | ||||||||
Long-term debt | $ 138,800,000 | $ 138,800,000 | 83,800,000 | |||||||
Debt instrument redemption price percentage | 1.25% | 1.25% | ||||||||
8.0 % Convertible Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 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 | $ 121,600 | ||||||||
Debt instrument frequency of periodic payment | 0 | |||||||||
Debt instrument maturity, Ending date | Aug. 15, 2018 | |||||||||
Debt instrument, convertable note | $ 52,000,000 | |||||||||
Debt Instrument, maturity date, description | 0 | |||||||||
Debt instrument, extended maturity date | Aug. 15, 2018 | |||||||||
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 | $ 40,000,000 | $ 40,000,000 | 80,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 6.11% | 6.11% | ||||||||
Total long-term debt | $ 0 | $ 0 | 40,000,000 | |||||||
Current maturities of long-term debt | 40,000,000 | 40,000,000 | $ 40,000,000 | |||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 113,600,000 | $ 113,600,000 | ||||||||
Consolidated leverage ratio financial covenant | 1.82 | 1.82 | ||||||||
Debt Instrument, Basis Spread on Variable Rate, LIBOR Loans | 1.50% | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
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 | $ 1,100,000,000 | ||||||||
Consolidated Tangible Net Worth, Covenant | $ 791,400,000 | $ 791,400,000 | ||||||||
Line of Credit [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.31% | 4.31% | ||||||||
Line of Credit [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | 6.00% | ||||||||
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% | 4.25% | ||||||||
Debt instrument, fair value | $ 69,900,000 | $ 69,900,000 | ||||||||
Debt instrument frequency of periodic payment | 0 | |||||||||
Debt instrument maturity, Beginning date | May 31, 2015 | |||||||||
Debt instrument maturity, Ending date | Nov. 30, 2015 | |||||||||
Debt instrument, maturity date | Nov. 15, 2018 | |||||||||
Debt instrument, convertable note | $ 500,000 | |||||||||
Debt instrument cash settlements | $ 300,000 | |||||||||
Debt instrument remaining par value | $ 69,000,000 | |||||||||
Accrued interest | $ 1,500,000 | |||||||||
Debt instrument, extended maturity date | Nov. 30, 2015 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Participant | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Employee Benefits Plans [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ||
Defined Contribution Plan, Cost | $ 13,400 | $ 12,100 | $ 11,000 |
Number of Participants in Non Qualified Deferred Compensation Plan | Participant | 56 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 25,200 | 24,700 | |
Multiemployer Plan, Contributions by Employer | $ 43,911 | 36,784 | 33,082 |
Multiemployer Plans, Maximum Percent Funded Status for Red Zone | 65.00% | ||
Multiemployer Plans, Maximum Percent Funded Status for Yellow Zone and Minmum Percent for Green Zone | 80.00% | ||
Locals 302 and 612 Operating Engineers Employers Retirement Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 4,726 | 3,646 | 3,113 |
Pension Trust Fund for Operating Engineers Pension Plan [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 11,363 | 10,431 | 9,266 |
Operating Engineers Pension Trust Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 4,251 | 4,692 | 5,357 |
Laborers Pension Trust Fund for Northern California [Member] [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 3,009 | 2,464 | 2,215 |
Laborers Pension Trust Fund for Northern California [Member] [Member] [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 2,110 | 2,002 | 2,095 |
Laborers Pension Fund [Member] | |||
Employee Benefits Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 2,458 | 3,208 | 2,328 |
All Other Pension Trust Funds [Member] | |||
Employee Benefits Plans [Line Items] | |||
Number of Participants in Non Qualified Deferred Compensation Plan | Participant | 44 | ||
Multiemployer Plan, Contributions by Employer | $ 15,994 | 10,341 | 8,708 |
Layne Christensen Company [Member] | |||
Employee Benefits Plans [Line Items] | |||
Plan obligations assumed from acquisitions | 3,600 | ||
Liabilities of supplemental retirement benefits assumed with acquisition | 5,000 | ||
Deferred Profit Sharing [Member] | |||
Employee Benefits Plans [Line Items] | |||
Defined Contribution Plan, Cost | $ 0 | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 07, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,394,204 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 952,454 | ||||
Compensation cost not yet recognized, period for recognition | 1 year 3 months 18 days | ||||
Profit Sharing and 401(k) Plan (the “401(k) Plan”), Shares in 401(k) Plan | 1,306,366 | ||||
Employee Stock Purchase Plan, Maximum Payroll Deduction | 15.00% | ||||
Employee Stock Purchase Plan, Percent of Total Share Value | 95.00% | ||||
Proceeds from ESPP | $ 0.9 | $ 0.8 | $ 0.8 | ||
Shares from ESPP | 17,825 | 16,413 | 16,717 | ||
Stock Repurchase Program, Authorized Amount | $ 10 | $ 200 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 252,000 | ||||
Stock Repurchase Program, Average Price per Share | $ 39.64 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding, ending balance (in shares) | 0 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding, ending balance (in shares) | 0 | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding, ending balance (in shares) | 443 | 524 | 681 | 451 | |
Allocated Share-based Compensation Expense | $ 14.8 | $ 15.8 | $ 13.4 | ||
Allocated Share-based Compensation Expense, Net of Tax | 12.4 | 11.4 | 9.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Total Grant Date Fair Value | 15.4 | $ 16.7 | $ 11.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 8.9 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning balance (in shares) | 524 | 681 | 451 |
Granted (in shares) | 271 | 259 | 572 |
Vested (in shares) | (315) | (372) | (307) |
Forfeited (in shares) | (37) | (44) | (35) |
Outstanding, ending balance (in shares) | 443 | 524 | 681 |
Outstanding, beginning balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 41.51 | $ 39.15 | $ 32.73 |
Granted, Weighted Average Grant Date Fair Value per Share (in dollars per share) | 59.44 | 51.31 | 43.17 |
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | 48.97 | 43.89 | 36.24 |
Forfeited, Weighted Average Grant Date Fair Value per Share (in dollars per share) | 49.17 | 43.51 | 40.97 |
Outstanding, ending balance, Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ 47.65 | $ 41.51 | $ 39.15 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income allocated to common shareholders for basic calculation | $ 6,546 | $ 55,672 | $ (8,385) | $ (11,423) | $ 32,773 | $ 45,982 | $ 14,133 | $ (23,790) | $ 42,410 | $ 69,098 | $ 57,122 |
Weighted average common shares outstanding, basic | 43,564 | 39,795 | 39,557 | ||||||||
Dilutive effect of RSUs and common stock options | 461 | 577 | 668 | ||||||||
Weighted average common shares outstanding, diluted | 44,025 | 40,372 | 40,225 | ||||||||
Net income per share, basic | $ 0.14 | $ 1.20 | $ (0.20) | $ (0.29) | $ 0.82 | $ 1.15 | $ 0.35 | $ (0.60) | $ 0.97 | $ 1.74 | $ 1.44 |
Net income per share, diluted | $ 0.14 | $ 1.17 | $ (0.20) | $ (0.29) | $ 0.81 | $ 1.14 | $ 0.35 | $ (0.60) | $ 0.96 | $ 1.71 | $ 1.42 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 70,071 | $ 104,250 | $ 96,326 |
Foreign | (5,916) | 213 | 36 |
Income before provision for income taxes | $ 64,155 | $ 104,463 | $ 96,362 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | |||
Current | $ (11,140) | $ 27,889 | $ 15,632 |
Deferred | 18,673 | (4,383) | 9,898 |
Total federal | 7,533 | 23,506 | 25,530 |
State: | |||
Current | 1,147 | 5,520 | 4,567 |
Deferred | 1,888 | (338) | 19 |
Total state | 3,035 | 5,182 | 4,586 |
Foreign: | |||
Current | 381 | (12) | 25 |
Deferred | (535) | (14) | 21 |
Total foreign | (154) | (26) | 46 |
Provision for income taxes | $ 10,414 | $ 28,662 | $ 30,162 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal statutory tax | $ 13,472 | $ 36,562 | $ 33,728 |
State taxes, net of federal tax benefit | 3,305 | 3,814 | 2,990 |
Foreign taxes | (190) | 0 | 0 |
Percentage depletion deduction | (951) | (1,368) | (1,352) |
Domestic production activities deduction | 0 | (2,765) | (1,624) |
Non-controlling interests | (2,368) | (2,346) | (3,177) |
Nondeductible expenses | 4,842 | 1,128 | 1,094 |
Changes in uncertain tax positions | (772) | 0 | 0 |
Capital loss expiration | 8,480 | 0 | 0 |
Valuation allowance | (6,852) | 0 | 0 |
Tax Cuts and Jobs Act of 2017 | (7,980) | (3,664) | 0 |
Other | (572) | (2,699) | (1,497) |
Provision for income taxes | $ 10,414 | $ 28,662 | $ 30,162 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory tax, Percent | 21.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit, Percent | 5.20% | 3.70% | 3.10% |
Foreign taxes, Percent | (0.30%) | ||
Percentage depletion deduction, Percent | (1.50%) | (1.30%) | (1.40%) |
Domestic production activities deduction, Percent | (2.70%) | (1.70%) | |
Non-controlling interests, Percent | (3.70%) | (2.30%) | (3.30%) |
Nondeductible expenses, Percent | 7.50% | 1.10% | 1.10% |
Changes in uncertain tax positions, Percent | (1.20%) | ||
Capital loss expiration, Percent | 13.20% | ||
Valuation allowance, Percent | (10.70%) | ||
Tax Cuts and Jobs Act of 2017, Percent | (12.40%) | (3.50%) | |
Other, Percent | (0.90%) | (2.60%) | (1.50%) |
Total, Percent | 16.20% | 27.40% | 31.30% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 22, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||||
Nondeductible expenses, Percent | 7.50% | 1.10% | 1.10% | ||
Federal statutory tax, Percent | 21.00% | 35.00% | 35.00% | ||
Revaluation of deferred tax assets and liabilities | $ 8,000 | ||||
Deferred income taxes asset | $ 69,688 | $ 23,210 | |||
Accumulated undistributed earnings | 42,000 | ||||
Unrecognized tax benefits | 22,400 | 3,200 | |||
Unrecognized tax benefits that would impact effective tax rate | 11,000 | 3,100 | |||
Decrease in unrecognized tax benefits is reasonably possible | 6,400 | ||||
Unrecognized tax benefits, interest and penalty income | 1,100 | ||||
Unrecognized tax benefits, interest expense | 200 | $ 100 | |||
Unrecognized tax benefits, accrued interest and penalty income | $ 8,300 | $ 400 | |||
Scenario Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Unrecognized tax benefits that would impact effective tax rate | $ 2,300 | ||||
Layne Acquisition [Member] | |||||
Income Taxes [Line Items] | |||||
Federal and state capital loss carryforwards expiration date | Dec. 31, 2018 | ||||
Unrecognized tax benefits, increase in accrued interest and penalties due to acquisition | $ 9,000 | ||||
Other Noncurrent Assets [Member] | |||||
Income Taxes [Line Items] | |||||
Deferred income taxes asset | $ 2,900 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term deferred tax assets: | ||||
Receivables | $ 2,723 | $ 526 | ||
Inventory | 90 | 1,513 | ||
Insurance | 11,084 | 7,401 | ||
Deferred compensation | 10,441 | 8,985 | ||
Other accrued liabilities | 1,906 | 1,525 | ||
Accrued compensation | 3,803 | 1,738 | ||
Other | 3,520 | 1,379 | ||
Net operating loss carryforwards | 67,944 | 2,614 | ||
Valuation allowance | (31,823) | (2,471) | $ (2,153) | $ (641) |
Total long-term deferred tax assets | 69,688 | 23,210 | ||
Long-term deferred tax liabilities: | ||||
Property and equipment | 49,728 | 16,832 | ||
Contract income recognition | 21,359 | 7,739 | ||
Total long-term deferred tax liabilities | 71,087 | 24,571 | ||
Net long-term deferred tax liabilities | $ (1,399) | $ (1,361) |
Income Taxes - Summary of Net O
Income Taxes - Summary of Net Operating Loss Carryforwards (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Tax Effected Carryforward | $ 67,944 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Expiration Beginning Year | 2,032 |
Expiration Ending Year | 2,036 |
Gross Carryforward | $ 170,560 |
Tax Effected Carryforward | $ 35,818 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Expiration Beginning Year | 2,019 |
Expiration Ending Year | 2,036 |
Gross Carryforward | $ 281,332 |
Tax Effected Carryforward | $ 15,010 |
Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Expiration Beginning Year | 2,019 |
Expiration Ending Year | 2,033 |
Gross Carryforward | $ 57,771 |
Tax Effected Carryforward | $ 17,116 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Change in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 2,471 | $ 2,153 | $ 641 |
Additions due to acquisitions | 36,410 | ||
(Deductions) additions, net | (7,058) | 318 | 1,512 |
Ending balance | $ 31,823 | $ 2,471 | $ 2,153 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 3,200 | ||
Ending balance | 22,400 | $ 3,200 | |
Other Long Term Liabilities [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 3,171 | 3,262 | $ 1,578 |
Gross increases - acquisitions | 20,153 | 0 | |
Gross increases – current period tax positions | 36 | 0 | 1,902 |
Gross decreases – current period tax positions | (3) | (73) | (125) |
Gross increases – prior period tax positions | 2 | 1 | 2 |
Gross decreases – prior period tax positions | (195) | (6) | (5) |
Settlements with taxing authorities/lapse of statute of limitations | (781) | (13) | (90) |
Ending balance | $ 22,383 | $ 3,171 | $ 3,262 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 20,152 | ||
2,020 | 17,798 | ||
2,021 | 15,897 | ||
2,022 | 13,255 | ||
2,023 | 7,707 | ||
Later years (through 2046) | 8,709 | ||
Total | 83,518 | ||
Operating Leases, Rent Expense | 24,300 | $ 16,400 | $ 18,200 |
Surety Bond [Member] | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Other Commitment | $ 3,200,000 |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | $ 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | $ 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Gross profit | 108,049 | $ 144,491 | $ 80,369 | $ 56,283 | 100,707 | $ 114,530 | $ 74,570 | $ 25,126 | 389,192 | 314,933 | 301,370 |
Segment assets | 2,476,601 | 1,871,978 | 2,476,601 | 1,871,978 | 1,733,453 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 3,464,599 | 3,164,077 | 2,678,420 | ||||||||
Gross profit | 389,192 | 314,933 | 301,370 | ||||||||
Depreciation, depletion and amortization | 100,526 | 55,997 | 53,049 | ||||||||
Segment assets | 1,213,214 | 758,845 | 1,213,214 | 758,845 | 748,770 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | (146,185) | (174,364) | (163,803) | ||||||||
Transportation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,976,743 | 1,947,420 | 1,626,786 | ||||||||
Transportation [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,976,743 | 1,947,420 | 1,626,786 | ||||||||
Gross profit | 190,045 | 170,135 | 161,829 | ||||||||
Depreciation, depletion and amortization | 26,715 | 22,228 | 22,601 | ||||||||
Segment assets | 399,674 | 372,050 | 399,674 | 372,050 | 375,951 | ||||||
Transportation [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Water [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 338,250 | 133,699 | 161,282 | ||||||||
Water [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 338,250 | 133,699 | 161,282 | ||||||||
Gross profit | 59,574 | 12,270 | 19,885 | ||||||||
Depreciation, depletion and amortization | 25,779 | 2,314 | 2,140 | ||||||||
Segment assets | 317,633 | 7,241 | 317,633 | 7,241 | 9,446 | ||||||
Water [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Specialty [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 626,619 | 615,818 | 465,323 | ||||||||
Specialty [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 626,619 | 615,818 | 465,323 | ||||||||
Gross profit | 90,888 | 87,446 | 82,458 | ||||||||
Depreciation, depletion and amortization | 24,017 | 9,062 | 4,871 | ||||||||
Segment assets | 142,699 | 96,845 | 142,699 | 96,845 | 80,901 | ||||||
Specialty [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 376,802 | 292,776 | 261,226 | ||||||||
Materials [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 522,987 | 467,140 | 425,029 | ||||||||
Gross profit | 48,685 | 45,082 | 37,198 | ||||||||
Depreciation, depletion and amortization | 24,015 | 22,393 | 23,437 | ||||||||
Segment assets | $ 353,208 | $ 282,709 | 353,208 | 282,709 | 282,472 | ||||||
Materials [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ (146,185) | $ (174,364) | $ (163,803) |
Business Segment Information _2
Business Segment Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Property and equipment, net | $ 549,688 | $ 407,418 | $ 549,688 | $ 407,418 | |||||||
Revenue, Net | 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | $ 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property and equipment, net | $ 15,100 | 15,100 | |||||||||
Revenue, Net | $ 27,000 |
Business Segment Information _3
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total gross profit from reportable segments | $ 108,049 | $ 144,491 | $ 80,369 | $ 56,283 | $ 100,707 | $ 114,530 | $ 74,570 | $ 25,126 | $ 389,192 | $ 314,933 | $ 301,370 |
Selling, general and administrative expenses | 272,776 | 220,400 | 217,374 | ||||||||
Acquisition and integration expenses | 60,045 | 0 | 0 | ||||||||
Gain on sales of property and equipment | (7,672) | (4,182) | (8,358) | ||||||||
Total other income | (112) | (5,748) | (4,008) | ||||||||
Income before provision for income taxes | 64,155 | 104,463 | 96,362 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total gross profit from reportable segments | $ 389,192 | $ 314,933 | $ 301,370 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||||
Segment assets | $ 2,476,601 | $ 1,871,978 | $ 1,733,453 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Cash and cash equivalents | 272,804 | 233,711 | 189,326 | $ 252,836 |
Receivables, net | 473,246 | 479,791 | ||
Other current assets | 48,731 | 36,513 | ||
Property and equipment, net | 549,688 | 407,418 | ||
Investments in affiliates | 84,354 | 38,469 | 35,668 | |
Other noncurrent assets | 131,601 | 75,199 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment assets | 1,213,214 | 758,845 | 748,770 | |
Segment Reconciling Items [Member] | ||||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||||
Cash and cash equivalents | 272,804 | 233,711 | 189,326 | |
Short-term and long-term marketable securities | 66,100 | 132,790 | 127,779 | |
Receivables, net | 473,246 | 479,791 | 419,345 | |
Other current assets | 268,485 | 140,478 | 113,010 | |
Property and equipment, net | 32,903 | 29,242 | 32,397 | |
Other noncurrent assets | $ 65,495 | $ 58,652 | $ 67,158 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue, Net | $ 892,325 | $ 1,055,591 | $ 807,119 | $ 563,379 | $ 801,274 | $ 957,126 | $ 762,913 | $ 468,400 | $ 3,318,414 | $ 2,989,713 | $ 2,514,617 |
Gross profit | $ 108,049 | $ 144,491 | $ 80,369 | $ 56,283 | $ 100,707 | $ 114,530 | $ 74,570 | $ 25,126 | 389,192 | 314,933 | 301,370 |
Gross profit as a percent of revenue | 12.10% | 13.70% | 10.00% | 10.00% | 12.60% | 12.00% | 9.80% | 5.40% | |||
Net income (loss) | $ 10,387 | $ 59,097 | $ (6,081) | $ (9,662) | $ 35,325 | $ 48,055 | $ 16,272 | $ (23,851) | 53,741 | 75,801 | 66,200 |
Net income (loss) as a percent of revenue | 1.20% | 5.60% | (0.80%) | (1.70%) | 4.40% | 5.00% | 2.10% | (5.10%) | |||
Net income (loss) attributable to Granite | $ 6,546 | $ 55,672 | $ (8,385) | $ (11,423) | $ 32,773 | $ 45,982 | $ 14,133 | $ (23,790) | $ 42,410 | $ 69,098 | $ 57,122 |
Net income (loss) attributable to Granite as a percent of revenue | 0.70% | 5.30% | (1.00%) | (2.00%) | 4.10% | 4.80% | 1.90% | (5.10%) | |||
Net income (loss) per share attributable to common shareholders: | |||||||||||
Basic | $ 0.14 | $ 1.20 | $ (0.20) | $ (0.29) | $ 0.82 | $ 1.15 | $ 0.35 | $ (0.60) | $ 0.97 | $ 1.74 | $ 1.44 |
Diluted | $ 0.14 | $ 1.17 | $ (0.20) | $ (0.29) | $ 0.81 | $ 1.14 | $ 0.35 | $ (0.60) | $ 0.96 | $ 1.71 | $ 1.42 |