Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 24, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Entity Central Index Key | 0000861459 | |
Trading Symbol | GVA | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 46,814,851 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets | |||
Cash and cash equivalents ($131,481, $131,965 and $91,903 related to consolidated construction joint ventures (“CCJVs”)) | $ 200,263 | $ 272,804 | $ 193,581 |
Short-term marketable securities | 36,049 | 30,002 | 39,961 |
Receivables, net ($24,990, $21,237 and $17,598 related to CCJVs) | 368,215 | 473,246 | 330,192 |
Contract assets ($15,140, $19,699 and $23,889 related to CCJVs) | 260,250 | 219,754 | 178,663 |
Inventories | 96,862 | 88,623 | 71,295 |
Equity in construction joint ventures | 300,489 | 282,229 | 254,816 |
Other current assets ($11,795, $11,744 and $14,180 related to CCJVs) | 54,590 | 48,731 | 43,125 |
Total current assets | 1,316,718 | 1,415,389 | 1,111,633 |
Property and equipment, net ($35,377, $34,761 and $44,655 related to CCJVs) | 552,504 | 549,688 | 409,708 |
Long-term marketable securities | 30,000 | 36,098 | 67,305 |
Investments in affiliates | 81,034 | 84,354 | 38,682 |
Goodwill | 259,695 | 259,471 | 53,799 |
Right of use assets | 71,480 | 0 | 0 |
Other noncurrent assets | 128,349 | 131,601 | 78,100 |
Total assets | 2,439,780 | 2,476,601 | 1,759,227 |
Current liabilities | |||
Current maturities of long-term debt | 47,281 | 47,286 | 47,298 |
Accounts payable ($41,013, $37,086 and $31,854 related to CCJVs) | 216,966 | 251,481 | 226,253 |
Contract liabilities ($46,775, $60,288 and $33,760 related to CCJVs) | 90,752 | 105,449 | 71,030 |
Accrued expenses and other current liabilities ($3,269, $2,046 and $2,090 related to CCJVs) | 265,102 | 273,626 | 233,637 |
Total current liabilities | 620,101 | 677,842 | 578,218 |
Long-term debt | 333,290 | 335,119 | 176,011 |
Lease liabilities | 60,237 | 0 | 0 |
Other long-term liabilities | 64,219 | 66,006 | 40,104 |
Commitments and contingencies (Note 18) | 0 | 0 | 0 |
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,812,366 shares as of March 31, 2019, 46,665,889 shares as of December 31, 2018 and 40,047,187 shares as of March 31, 2018 | 468 | 467 | 400 |
Additional paid-in capital | 566,497 | 564,559 | 162,038 |
Accumulated other comprehensive (loss) income | (626) | (749) | 1,197 |
Retained earnings | 746,100 | 787,356 | 751,801 |
Total Granite Construction Incorporated shareholders’ equity | 1,312,439 | 1,351,633 | 915,436 |
Non-controlling interests | 49,494 | 46,001 | 49,458 |
Total equity | 1,361,933 | 1,397,634 | 964,894 |
Total liabilities and equity | $ 2,439,780 | $ 2,476,601 | $ 1,759,227 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Cash and cash equivalents | $ 200,263 | $ 272,804 | $ 193,581 |
Receivables, Net | 368,215 | 473,246 | 330,192 |
Contract assets | 260,250 | 219,754 | 178,663 |
Other current assets | 54,590 | 48,731 | 43,125 |
Property and equipment, net | 552,504 | 549,688 | 409,708 |
Accounts payable | 216,966 | 251,481 | 226,253 |
Contract liabilities | 90,752 | 105,449 | 71,030 |
Accrued expenses and other current liabilities | $ 265,102 | $ 273,626 | $ 233,637 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 46,812,366 | 46,665,889 | 40,047,187 |
Common Stock, Shares, Outstanding | 46,812,366 | 46,665,889 | 40,047,187 |
Equity Method Investee [Member] | Construction [Member] | |||
Cash and cash equivalents | $ 131,481 | $ 131,965 | $ 91,903 |
Receivables, Net | 24,990 | 21,237 | 17,598 |
Contract assets | 15,140 | 19,699 | 23,889 |
Other current assets | 11,795 | 11,744 | 14,180 |
Property and equipment, net | 35,377 | 34,761 | 44,655 |
Accounts payable | 41,013 | 37,086 | 31,854 |
Contract liabilities | 46,775 | 60,288 | 33,760 |
Accrued expenses and other current liabilities | $ 3,269 | $ 2,046 | $ 2,090 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Total revenue | $ 619,801 | $ 563,379 |
Cost of revenue | ||
Total cost of revenue | 579,323 | 507,096 |
Gross profit | 40,478 | 56,283 |
Selling, general and administrative expenses | 81,155 | 61,252 |
Acquisition and integration expenses | 3,323 | 8,409 |
Gain on sales of property and equipment | (1,900) | (543) |
Operating loss | (42,100) | (12,835) |
Other (income) expense | ||
Interest income | (2,816) | (1,521) |
Interest expense | 4,014 | 2,435 |
Equity in income of affiliates | (1,290) | (224) |
Other (income) expense, net | (1,762) | 268 |
Total other (income) expense | (1,854) | 958 |
Loss before benefit from income taxes | (40,246) | (13,793) |
Benefit from income taxes | (9,165) | (4,131) |
Net loss | (31,081) | (9,662) |
Amount attributable to non-controlling interests | (3,493) | (1,761) |
Net loss attributable to Granite Construction Incorporated | $ (34,574) | $ (11,423) |
Net loss per share attributable to common shareholders (See Note 16) | ||
Basic | $ (0.74) | $ (0.29) |
Diluted | $ (0.74) | $ (0.29) |
Weighted average shares of common stock | ||
Basic | 46,699 | 39,908 |
Diluted | 46,699 | 39,908 |
Transportation [Member] | ||
Revenue | ||
Total revenue | $ 338,210 | $ 359,145 |
Cost of revenue | ||
Total cost of revenue | 316,960 | 327,683 |
Water [Member] | ||
Revenue | ||
Total revenue | 99,255 | 40,041 |
Cost of revenue | ||
Total cost of revenue | 91,136 | 28,477 |
Specialty [Member] | ||
Revenue | ||
Total revenue | 140,693 | 118,471 |
Cost of revenue | ||
Total cost of revenue | 125,826 | 102,735 |
Materials [Member] | ||
Revenue | ||
Total revenue | 41,643 | 45,722 |
Cost of revenue | ||
Total cost of revenue | $ 45,401 | $ 48,201 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (31,081) | $ (9,662) |
Other comprehensive loss, net of tax: | ||
Net unrealized (loss) gain on derivatives | (598) | 620 |
Less: reclassification for net gains included in interest expense | (173) | (40) |
Net change | (771) | 580 |
Foreign currency translation adjustments, net | 894 | (17) |
Other comprehensive income | 123 | 563 |
Comprehensive loss | (30,958) | (9,099) |
Non-controlling interests in comprehensive loss | (3,493) | (1,761) |
Comprehensive loss attributable to Granite Construction Incorporated | $ (34,451) | $ (10,860) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Total Granite Shareholders' Equity [Member] | Non-controlling Interests [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 992,805 | $ 399 | $ 160,376 | $ 634 | $ 783,699 | $ 945,108 | $ 47,697 | |
Beginning Balance (in shares) at Dec. 31, 2017 | 39,871,314 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (9,662) | (11,423) | (11,423) | 1,761 | ||||
Other comprehensive income | 563 | 563 | 563 | |||||
Purchases of common stock | [1] | (6,119) | $ (1) | (6,118) | (6,119) | |||
Purchases of common stock (in shares) | [1] | (103,598) | ||||||
Restricted stock units (“RSUs”) vested | 2 | $ 2 | 2 | |||||
Restricted stock units (“RSUs”) vested (in shares) | 280,609 | |||||||
Dividends on common stock | (5,206) | (5,206) | (5,206) | |||||
Effect of adopting Accounting Standards Update | Topic 606 [Member] | (15,201) | (15,201) | (15,201) | |||||
Other transactions with shareholders and employees | [2] | 7,712 | 7,780 | (68) | 7,712 | |||
Other transactions with shareholders and employees (in shares) | [2] | (1,138) | ||||||
Ending Balance at Mar. 31, 2018 | $ 964,894 | $ 400 | 162,038 | 1,197 | 751,801 | 915,436 | 49,458 | |
Ending Balance (in shares) at Mar. 31, 2018 | 40,047,187 | 40,047,187 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 1,397,634 | $ 467 | 564,559 | (749) | 787,356 | 1,351,633 | 46,001 | |
Beginning Balance (in shares) at Dec. 31, 2018 | 46,665,889 | 46,665,889 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | $ (31,081) | (34,574) | (34,574) | 3,493 | ||||
Other comprehensive income | 123 | 123 | 123 | |||||
Purchases of common stock | [1] | (3,867) | $ (1) | (3,866) | (3,867) | |||
Purchases of common stock (in shares) | [1] | (86,104) | ||||||
Restricted stock units (“RSUs”) vested | 2 | $ 2 | 2 | |||||
Restricted stock units (“RSUs”) vested (in shares) | 233,950 | |||||||
Dividends on common stock | (6,086) | (6,086) | (6,086) | |||||
Effect of adopting Accounting Standards Update | Topic 842 [Member] | (539) | (539) | (539) | |||||
Other transactions with shareholders and employees | [2] | 5,747 | 5,804 | (57) | 5,747 | |||
Other transactions with shareholders and employees (in shares) | [2] | (1,369) | ||||||
Ending Balance at Mar. 31, 2019 | $ 1,361,933 | $ 468 | $ 566,497 | $ (626) | $ 746,100 | $ 1,312,439 | $ 49,494 | |
Ending Balance (in shares) at Mar. 31, 2019 | 46,812,366 | 46,812,366 | ||||||
[1] | Represents shares purchased in connection with employee tax withholding for restricted stock units vested under our 2012 Equity Incentive Plan. | |||||||
[2] | Amounts are comprised primarily of amortized restricted stock units. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividend per share on common stock | $ 0.13 | $ 0.13 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net loss | $ (31,081) | $ (9,662) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 28,846 | 15,511 |
Gain on sales of property and equipment, net | (1,900) | (543) |
Stock-based compensation | 5,748 | 7,772 |
Equity in net income from unconsolidated joint ventures | (455) | (2,637) |
Changes in assets and liabilities: | ||
Receivables | 105,086 | 58,527 |
Contract assets, net | (55,550) | (47,777) |
Inventories | (8,238) | (8,798) |
Contributions to unconsolidated construction joint ventures | (26,933) | (26,067) |
Distributions from unconsolidated construction joint ventures | 330 | 4,036 |
Other assets, net | (4,189) | (6,136) |
Accounts payable | (34,110) | (12,838) |
Accrued expenses and other current liabilities, net | (13,918) | (9,008) |
Net cash used in operating activities | (36,364) | (37,620) |
Investing activities | ||
Purchases of marketable securities | 0 | (9,952) |
Maturities of marketable securities | 0 | 35,000 |
Purchases of property and equipment ($3,430 and $0 related to CCJVs) | (28,744) | (15,967) |
Proceeds from sales of property and equipment | 4,687 | 675 |
Other investing activities, net | (286) | 345 |
Net cash (used in) provided by investing activities | (24,343) | 10,101 |
Financing activities | ||
Proceeds from debt | 20,000 | 0 |
Debt principal repayments | (21,902) | (1,250) |
Cash dividends paid | (6,067) | (5,183) |
Repurchases of common stock | (3,867) | (6,119) |
Other financing activities, net | 2 | (59) |
Net cash used in financing activities | (11,834) | (12,611) |
Net decrease in cash, cash equivalents and restricted cash | (72,541) | (40,130) |
Cash and cash equivalents and restricted cash of $5,825 and $0 at beginning of each period | 278,629 | 233,711 |
Cash, cash equivalents and restricted cash of $5,825 and $0 at end of period | 206,088 | 193,581 |
Supplementary Information | ||
Right-of-use assets obtained in exchange for lease obligations | 2,739 | 0 |
Cash paid for operating lease liabilities | 4,229 | 0 |
Cash paid during the period for: | ||
Interest | 3,478 | 1,509 |
Income taxes | 253 | 149 |
Other non-cash operating activities: | ||
RSUs issued, net of forfeitures | 7,459 | 12,257 |
Accrued cash dividends | 6,086 | 5,206 |
Accrued equipment purchases | $ (341) | $ (1,418) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted cash and cash equivalents | $ 5,825 | $ 0 |
Purchases of property and equipment | 28,744 | 15,967 |
Equity Method Investee [Member] | Construction [Member] | ||
Purchases of property and equipment | $ 3,430 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “the Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at March 31, 2019 Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three months ended March 31, 2019 We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoption during the three months ended March 31, 2019 of ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Leases . Cash, Cash Equivalents and Restricted Cash: The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Three Months Ended March 31, 2019 2018 Cash, cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 200,263 193,581 Restricted cash 5,825 — Total cash, cash equivalents and restricted cash, end of period 206,088 193,581 Net decrease in cash, cash equivalents and restricted cash $ (72,541 ) $ (40,130 ) |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | 2. Recently Issued and Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. 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 Effect of adopting Topic 842 The core principle of Topic 842 requires lessees to recognize operating leases as right of use (“ROU”) assets and lease liabilities on the balance sheet as described below. Prior to adoption of Topic 842, we recognized operating lease payments as expense on a straight-line basis over the lease term on our consolidated statements of operations and did not recognize ROU assets or lease liabilities on our consolidated balance sheets. We adopted Topic 842 using a modified retrospective transition approach with no prior-period retrospective adjustments, recognizing a net cumulative decrease to retained earnings and added ROU assets, short and long term lease liabilities of approximately $0.5 million, $72.2 million, $14.9 million and $60.4 million, respectively, as of January 1, 2019. We applied Topic 842 to all noncancelable operating leases outstanding as of January 1, 2019 except those related to quarry properties and those that at lease commencement have an actual and intended lease term shorter than twelve months. We elected to apply optional practical expedients which allowed us to forego reassessments of 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; and 3) the initial direct costs for any existing leases. In connection with the adoption of Topic 842, we implemented the following accounting policy: ROU Assets and Liabilities : A lease contract conveys the right to use an underlying asset for a period of time in exchange for consideration. At inception, we determine whether a contract contains a lease by determining if there is an identified asset and if the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. At lease commencement, we measure and record a lease liability equal to the present value of the remaining lease payments, generally discounted using the borrowing rate on our secured debt as the implicit rate is not readily determinable on many of our leases. We use a single maturity discount rate if it is not materially different than the discount rates applied to each of the leases in the portfolio. On the lease commencement date, the amount of the ROU assets consist of the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date, minus any lease incentives received; and • any initial direct costs incurred. Most of our lease contracts do not have the option to extend or renew. We assess the option for individual leases, and we generally On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On June 14, 2018 (the “acquisition date”), we completed the acquisition of Layne Christensen Company (“Layne”). There were no measurement period adjustments during the three months ended March 31, 2019. 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. The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of January 1, 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017. Three Months Ended March 31, 2018 Revenue $ 673,290 Net loss (2,477 ) Net loss attributable to Granite (4,238 ) Basic net loss per share attributable to common shareholders (0.09 ) Diluted net loss per share attributable to common shareholders (0.09 ) 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 are excluded as the timing of the transaction is assumed to be January 1, 2017. The statutory tax rate of 26% |
Revisions in Estimates
Revisions in Estimates | 3 Months Ended |
Mar. 31, 2019 | |
Change In Accounting Estimate [Abstract] | |
Revisions in Estimates | 4. Revisions in Estimates The changes in project profitability from revisions in estimates including estimated cost recovery of customer affirmative claims and back charges, which individually had an impact of $5.0 million or more on gross profit, were decreases of $5.7 million and $5.3 million for one project during each of the three months ended March 31, 2019 and 2018, respectively. The decreases for both periods were in our Transportation segment and were due to additional costs and lower productivity than originally anticipated as well as weather related costs. In our review of the revisions in estimates for the three months ended March 31, 2019 |
Disaggregation of Revenue
Disaggregation of Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | 5. Disaggregation of Revenue The following tables present our disaggregated revenue (in thousands): Three Months Ended March 31, Transportation Water Specialty Materials Total 2019 California $ 69,513 $ 1,366 $ 32,157 $ 23,065 $ 126,101 Northwest 55,639 1,231 32,192 14,532 103,594 Heavy Civil 194,971 4,534 — — 199,505 Federal 26 508 15,202 — 15,736 Midwest 18,061 84 35,888 — 54,033 Water and Mineral Services — 91,532 25,254 4,046 120,832 Total $ 338,210 $ 99,255 $ 140,693 $ 41,643 $ 619,801 2018 California $ 116,570 $ 29,039 $ 31,302 $ 32,988 $ 209,899 Northwest 47,112 867 27,678 12,734 88,391 Heavy Civil 178,864 4,222 — — 183,086 Federal 257 491 4,047 — 4,795 Midwest 16,342 496 55,444 — 72,282 Water and Mineral Services — 4,926 — — 4,926 Total $ 359,145 $ 40,041 $ 118,471 $ 45,722 $ 563,379 |
Unearned Revenue
Unearned Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Unearned Revenue | 6. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): March 31, 2019 Transportation Water Specialty Total California $ 402,482 $ 7,314 $ 66,089 $ 475,885 Northwest 344,414 1,759 71,878 418,051 Heavy Civil 1,311,518 17,173 — 1,328,691 Federal 19 — 137,592 137,611 Midwest 128,867 143 180,449 309,459 Water and Mineral Services — 193,914 — 193,914 Total $ 2,187,300 $ 220,303 $ 456,008 $ 2,863,611 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 March 31, 2018 Transportation Water Specialty Total California $ 305,234 $ 26,902 $ 49,892 $ 382,028 Northwest 313,537 1,537 47,151 362,225 Heavy Civil 2,074,536 37,786 — 2,112,322 Federal 160 — 175,288 175,448 Midwest 80,054 1,543 318,049 399,646 Water and Mineral Services — 16,912 — 16,912 Total $ 2,773,521 $ 84,680 $ 590,380 $ 3,448,581 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 7. Contract Assets and Liabilities During the three months ended March 31, 2019 2018 During the three months ended March 31, 2019 As of March 31, 2019 The components of the contract asset balances as of the respective dates were as follows (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 Costs in excess of billings and estimated earnings $ 171,083 $ 120,223 $ 98,115 Contract retention 89,167 99,531 80,548 Total contract assets $ 260,250 $ 219,754 $ 178,663 As of March 31, 2019 The components of the contract liability balances as of the respective dates were as follows (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 Billings in excess of costs and estimated earnings, net of retention $ 88,595 $ 103,250 $ 70,398 Provisions for losses 2,157 2,199 632 Total contract liabilities $ 90,752 $ 105,449 $ 71,030 |
Receivables, Net
Receivables, Net | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Receivables, Net | 8. Receivables, net (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Contracts completed and in progress: Billed $ 200,908 $ 285,521 $ 214,494 Unbilled 112,892 98,755 73,128 Total contracts completed and in progress 313,800 384,276 287,622 Material sales 29,948 45,286 28,233 Other 25,006 44,195 14,442 Total gross receivables 368,754 473,757 330,297 Less: allowance for doubtful accounts 539 511 105 Total net receivables $ 368,215 $ 473,246 $ 330,192 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 March 31, 2019 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | 9. Marketable Securities All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 U.S. Government and agency obligations $ 31,047 $ 24,996 $ 15,000 Commercial paper — — 24,961 Corporate bonds 5,002 5,006 — Total short-term marketable securities 36,049 30,002 39,961 U.S. Government and agency obligations 30,000 36,098 62,287 Corporate bonds — — 5,018 Total long-term marketable securities 30,000 36,098 67,305 Total marketable securities $ 66,049 $ 66,100 $ 107,266 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) March 31, 2019 Due within one year $ 36,049 Due in one to five years 30,000 Total $ 66,049 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using March 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 36,159 $ — $ — $ 36,159 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 41,984 $ — $ — $ 41,984 Other current liabilities Interest rate cash flow hedge 1 $ — $ 2,530 $ — $ 2,530 Total liabilities $ — $ 2,530 $ — $ 2,530 December 31, 2018 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 Interest rate cash flow hedge 1 $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 March 31, 2018 Cash equivalents Money market funds $ 4,891 $ — $ — $ 4,891 Other current assets Interest rate cash flow hedge 1 — 2,165 — 2,165 Total assets $ 4,891 $ 2,165 $ — $ 7,056 1 Commodity Swap In February 2019, we entered into a commodity swap designated as cash flow hedge covering the periods from March to October 2019 with an original notional amount of $8.7 million which represented approximately 60.0% of our forecasted purchases for fixed price asphalt during these periods The commodity swap is reported at fair value using Level 2 inputs in the condensed consolidated balance sheets. Gains or losses on the effective portion are initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified to cost of revenue in the condensed consolidated statements of operations when the monthly hedged commodity payment is settled. As of March 31, 2019, the During the three months ended March 31, 2019, the unrealized gain, net of taxes, on the effective portion was immaterial, there was no ineffective portion, the cost of revenue reclassified from accumulated other comprehensive income was immaterial and we estimate an immaterial amount to be reclassified from accumulated other comprehensive income into pre-tax earnings within the next twelve months. Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: March 31, 2019 December 31, 2018 March 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 66,049 $ 65,556 $ 66,100 $ 65,290 $ 107,266 $ 106,143 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 41,207 $ 40,000 $ 40,484 $ 80,000 $ 83,086 Credit Agreement - term loan 1 Level 3 144,375 145,206 146,250 147,141 88,750 88,803 Credit Agreement - revolving credit facility 1 Level 3 197,000 197,406 197,000 197,889 55,000 54,858 1 During the three months ended March 31, 2019 |
Construction Joint Ventures
Construction Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
Construction And Line Item Joint Ventures [Abstract] | |
Construction and Line Item Joint Ventures | We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three months ended March 31, 2019 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 March 31, 2019 Consolidated Construction Joint Ventures (“CCJVs”) At March 31, 2019 March 31, 2019 March 31, 2019 Unconsolidated Construction Joint Ventures As of March 31, 2019 March 31, 2019 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Assets Cash, cash equivalents and marketable securities $ 281,355 $ 229,562 $ 325,157 Other current assets 1 847,789 814,979 627,602 Noncurrent assets 215,129 204,090 219,435 Less partners’ interest 885,901 822,215 757,537 Granite’s interest 1,2 458,372 426,416 414,657 Liabilities Current liabilities 533,325 525,036 605,639 Less partners’ interest and adjustments 3 372,770 369,782 423,518 Granite’s interest 160,555 155,254 182,121 Equity in construction joint ventures 4 $ 297,817 $ 271,162 $ 232,536 1 March 31, 2019 2 March 31, 2019 3 4 March 31, 2019 Three Months Ended March 31, (in thousands) 2019 2018 Revenue Total $ 415,934 $ 239,441 Less partners’ interest and adjustments 1 283,441 121,032 Granite’s interest 132,493 118,409 Cost of revenue Total 411,485 380,889 Less partners’ interest and adjustments 1 280,006 266,501 Granite’s interest 131,479 114,388 Granite’s interest in gross profit $ 1,014 $ 4,021 1 During the three months ended March 31, 2019 |
Investments in Affiliates
Investments in Affiliates | 3 Months Ended |
Mar. 31, 2019 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 12. Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Foreign $ 56,082 $ 55,715 $ — Real estate 16,433 19,676 29,829 Asphalt terminal 8,519 8,963 8,853 Total investments in affiliates $ 81,034 $ 84,354 $ 38,682 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Current assets $ 137,041 $ 141,930 $ 27,674 Noncurrent assets 179,377 170,172 95,888 Total assets 316,418 312,102 123,562 Current liabilities 65,848 55,816 36,625 Long-term liabilities 1 75,949 63,098 17,300 Total liabilities 141,797 118,914 53,925 Net assets 174,621 193,188 69,637 Granite’s share of net assets $ 81,034 $ 84,354 $ 38,682 1 The balance primarily relates to debt associated with our real estate investments. The increase in the balance since March 31, 2018 is related to debt of our foreign affiliates associated with purchases of equipment and buildings. Of the $316.4 million in total assets as of March 31, 2019 March 31, 2019 March 31, 2019 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 13. Property and Equipment, net Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Equipment and vehicles $ 915,748 $ 906,275 $ 790,942 Quarry property 191,805 180,246 177,722 Land and land improvements 140,078 142,271 114,607 Buildings and leasehold improvements 108,587 108,884 82,775 Office furniture and equipment 66,176 65,680 57,068 Property and equipment 1,422,394 1,403,356 1,223,114 Less: accumulated depreciation and depletion 869,890 853,668 813,406 Property and equipment, net $ 552,504 $ 549,688 $ 409,708 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | 14. Long-Term Debt and Credit Arrangements (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Senior notes payable $ 40,000 $ 40,000 $ 80,000 Credit Agreement term loan 144,375 146,250 88,750 Credit Agreement revolving credit loan 197,000 197,000 55,000 Debt issuance costs (804 ) (845 ) (441 ) Total debt 380,571 382,405 223,309 Less current maturities 47,281 47,286 47,298 Total long-term debt $ 333,290 $ 335,119 $ 176,011 The aggregate minimum principal maturities of long-term debt, including current maturities and excluding debt issuance costs, related to balances at March 31, 2019 in 2020 Senior Notes Payable Senior notes payable as of both March 31, 2019 March 31, 2019 Credit Agreement Granite entered into the Third Amended and Restated Credit Agreement dated May 31, 2018 (the “Credit Agreement”). The Credit Agreement provided for a $150.0 million term loan, of which $144.4 million was outstanding on March 31, 2019, and a $350.0 million revolving credit facility, of which $197.0 million was outstanding as of March 31, 2019. The term loan required that Granite repay 1.25% of the principal balance during each of the quarters ended December 31, 2018 and March 31, 2019. The term loan requires that Granite repay 1.25% of the principal balance each quarter until the maturity date, at which point the remaining balance is due. As of each March 31, 2019 As of March 31, 2019 March 31, 2019 March 31, 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 (as defined in the Credit Agreement) calculated quarterly. The applicable margin was 1.63% for loans bearing interest based on LIBOR and 0.63% for loans bearing interest at the base rate at March 31, 2019 March 31, 2019 As of March 31, 2019 Covenants and Events of Default As of March 31, 2019 and pursuant to the definitions in the agreement governing the 2019 Notes, which are more restrictive, our Consolidated Tangible Net Worth was $1.1 billion, which exceeded the minimum of As of March 31, 2019 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 15. Leases We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of March 31, 2019, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 29 years. ROU assets . we had no lease contracts that had not yet commenced but created significant rights and obligations and Lease expense was $4.3 million during the three months ended March 31, 2019, which included operating lease costs related to short-term leases and variable lease costs. As of March 31, 2019, our weighted-average remaining lease term was 6.6 years and the weighted-average discount rate was 4.13%. As of March 31, 2019, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt using a single maturity discount rate as it is not materially different than the discount rates applied to each of the leases in the portfolio. The following table summarizes our undiscounted lease liabilities outstanding as of March 31, 2019: Remainder of 2019 $ 13,272 2020 17,232 2021 15,986 2022 13,880 2023 9,065 2024 through 2035 19,888 Total future minimum lease payments $ 89,323 Less: imputed interest 14,806 Total $ 74,517 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding and Net Loss Per Share | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, (in thousands, except per share amounts) 2019 2018 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (34,574 ) $ (11,423 ) Denominator Weighted average common shares outstanding, basic 46,699 39,908 Dilutive effect of RSUs 1 — — Weighted average common shares outstanding, diluted 46,699 39,908 Net loss per share, basic $ (0.74 ) $ (0.29 ) Net loss per share, diluted $ (0.74 ) $ (0.29 ) 1 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 17. Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed. Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably estimated, disclosure is also provided when it is reasonably possible and estimable that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in our condensed consolidated balance sheets. The aggregate liabilities recorded as of March 31, 2019 |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | 18. Business Segment Information During the third quarter of 2018, we revised our reportable business segments. For further information see the Annual Report on Form 10-K Summarized segment information is as follows (in thousands): Three Months Ended March 31, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 338,210 $ 99,255 $ 140,693 $ 49,233 $ 627,391 Elimination of intersegment revenue — — — (7,590 ) (7,590 ) Revenue from external customers 338,210 99,255 140,693 41,643 619,801 Gross profit (loss) 21,250 8,119 14,867 (3,758 ) 40,478 Depreciation, depletion and amortization 3,640 11,056 5,812 5,579 26,087 Segment assets 410,354 303,671 152,307 375,136 1,241,468 2018 Total revenue from reportable segments $ 359,145 $ 40,041 $ 118,471 $ 53,322 $ 570,979 Elimination of intersegment revenue — — — (7,600 ) (7,600 ) Revenue from external customers 359,145 40,041 118,471 45,722 563,379 Gross profit (loss) 31,462 11,564 15,736 (2,479 ) 56,283 Depreciation, depletion and amortization 5,020 506 2,127 5,410 13,063 Segment assets 376,970 4,197 101,355 296,085 778,607 As of March 31, 2019 March 31, 2019 A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, (in thousands) 2019 2018 Total gross profit from reportable segments $ 40,478 $ 56,283 Selling, general and administrative expenses 81,155 61,252 Acquisition and integration expenses 3,323 8,409 Gain on sales of property and equipment (1,900 ) (543 ) Total other (income) expense (1,854 ) 958 Loss before benefit from income taxes $ (40,246 ) $ (13,793 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Three Months Ended March 31, 2019 2018 Cash, cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 200,263 193,581 Restricted cash 5,825 — Total cash, cash equivalents and restricted cash, end of period 206,088 193,581 Net decrease in cash, cash equivalents and restricted cash $ (72,541 ) $ (40,130 ) |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets | The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Three Months Ended March 31, 2019 2018 Cash, cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 200,263 193,581 Restricted cash 5,825 — Total cash, cash equivalents and restricted cash, end of period 206,088 193,581 Net decrease in cash, cash equivalents and restricted cash $ (72,541 ) $ (40,130 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Financial Information | The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of January 1, 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017. Three Months Ended March 31, 2018 Revenue $ 673,290 Net loss (2,477 ) Net loss attributable to Granite (4,238 ) Basic net loss per share attributable to common shareholders (0.09 ) Diluted net loss per share attributable to common shareholders (0.09 ) |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our disaggregated revenue (in thousands): Three Months Ended March 31, Transportation Water Specialty Materials Total 2019 California $ 69,513 $ 1,366 $ 32,157 $ 23,065 $ 126,101 Northwest 55,639 1,231 32,192 14,532 103,594 Heavy Civil 194,971 4,534 — — 199,505 Federal 26 508 15,202 — 15,736 Midwest 18,061 84 35,888 — 54,033 Water and Mineral Services — 91,532 25,254 4,046 120,832 Total $ 338,210 $ 99,255 $ 140,693 $ 41,643 $ 619,801 2018 California $ 116,570 $ 29,039 $ 31,302 $ 32,988 $ 209,899 Northwest 47,112 867 27,678 12,734 88,391 Heavy Civil 178,864 4,222 — — 183,086 Federal 257 491 4,047 — 4,795 Midwest 16,342 496 55,444 — 72,282 Water and Mineral Services — 4,926 — — 4,926 Total $ 359,145 $ 40,041 $ 118,471 $ 45,722 $ 563,379 |
Unearned Revenue (Tables)
Unearned Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule Of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): March 31, 2019 Transportation Water Specialty Total California $ 402,482 $ 7,314 $ 66,089 $ 475,885 Northwest 344,414 1,759 71,878 418,051 Heavy Civil 1,311,518 17,173 — 1,328,691 Federal 19 — 137,592 137,611 Midwest 128,867 143 180,449 309,459 Water and Mineral Services — 193,914 — 193,914 Total $ 2,187,300 $ 220,303 $ 456,008 $ 2,863,611 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 March 31, 2018 Transportation Water Specialty Total California $ 305,234 $ 26,902 $ 49,892 $ 382,028 Northwest 313,537 1,537 47,151 362,225 Heavy Civil 2,074,536 37,786 — 2,112,322 Federal 160 — 175,288 175,448 Midwest 80,054 1,543 318,049 399,646 Water and Mineral Services — 16,912 — 16,912 Total $ 2,773,521 $ 84,680 $ 590,380 $ 3,448,581 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Contract With Customer Asset And Liability [Abstract] | |
Component of and Changes in Contract Asset and Liability Balances | The components of the contract asset balances as of the respective dates were as follows (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 Costs in excess of billings and estimated earnings $ 171,083 $ 120,223 $ 98,115 Contract retention 89,167 99,531 80,548 Total contract assets $ 260,250 $ 219,754 $ 178,663 The components of the contract liability balances as of the respective dates were as follows (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 Billings in excess of costs and estimated earnings, net of retention $ 88,595 $ 103,250 $ 70,398 Provisions for losses 2,157 2,199 632 Total contract liabilities $ 90,752 $ 105,449 $ 71,030 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Receivables | (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Contracts completed and in progress: Billed $ 200,908 $ 285,521 $ 214,494 Unbilled 112,892 98,755 73,128 Total contracts completed and in progress 313,800 384,276 287,622 Material sales 29,948 45,286 28,233 Other 25,006 44,195 14,442 Total gross receivables 368,754 473,757 330,297 Less: allowance for doubtful accounts 539 511 105 Total net receivables $ 368,215 $ 473,246 $ 330,192 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) March 31, 2019 December 31, 2018 March 31, 2018 U.S. Government and agency obligations $ 31,047 $ 24,996 $ 15,000 Commercial paper — — 24,961 Corporate bonds 5,002 5,006 — Total short-term marketable securities 36,049 30,002 39,961 U.S. Government and agency obligations 30,000 36,098 62,287 Corporate bonds — — 5,018 Total long-term marketable securities 30,000 36,098 67,305 Total marketable securities $ 66,049 $ 66,100 $ 107,266 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) March 31, 2019 Due within one year $ 36,049 Due in one to five years 30,000 Total $ 66,049 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using March 31, 2019 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 36,159 $ — $ — $ 36,159 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 41,984 $ — $ — $ 41,984 Other current liabilities Interest rate cash flow hedge 1 $ — $ 2,530 $ — $ 2,530 Total liabilities $ — $ 2,530 $ — $ 2,530 December 31, 2018 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 Interest rate cash flow hedge 1 $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 March 31, 2018 Cash equivalents Money market funds $ 4,891 $ — $ — $ 4,891 Other current assets Interest rate cash flow hedge 1 — 2,165 — 2,165 Total assets $ 4,891 $ 2,165 $ — $ 7,056 1 |
Schedule of Carrying and Fair Value Amounts | The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: March 31, 2019 December 31, 2018 March 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 66,049 $ 65,556 $ 66,100 $ 65,290 $ 107,266 $ 106,143 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 41,207 $ 40,000 $ 40,484 $ 80,000 $ 83,086 Credit Agreement - term loan 1 Level 3 144,375 145,206 146,250 147,141 88,750 88,803 Credit Agreement - revolving credit facility 1 Level 3 197,000 197,406 197,000 197,889 55,000 54,858 1 |
Construction Joint Ventures (Ta
Construction Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) March 31, 2019 December 31, 2018 March 31, 2018 Assets Cash, cash equivalents and marketable securities $ 281,355 $ 229,562 $ 325,157 Other current assets 1 847,789 814,979 627,602 Noncurrent assets 215,129 204,090 219,435 Less partners’ interest 885,901 822,215 757,537 Granite’s interest 1,2 458,372 426,416 414,657 Liabilities Current liabilities 533,325 525,036 605,639 Less partners’ interest and adjustments 3 372,770 369,782 423,518 Granite’s interest 160,555 155,254 182,121 Equity in construction joint ventures 4 $ 297,817 $ 271,162 $ 232,536 1 March 31, 2019 2 March 31, 2019 3 4 March 31, 2019 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs | Three Months Ended March 31, (in thousands) 2019 2018 Revenue Total $ 415,934 $ 239,441 Less partners’ interest and adjustments 1 283,441 121,032 Granite’s interest 132,493 118,409 Cost of revenue Total 411,485 380,889 Less partners’ interest and adjustments 1 280,006 266,501 Granite’s interest 131,479 114,388 Granite’s interest in gross profit $ 1,014 $ 4,021 1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) March 31, 2019 December 31, 2018 March 31, 2018 Foreign $ 56,082 $ 55,715 $ — Real estate 16,433 19,676 29,829 Asphalt terminal 8,519 8,963 8,853 Total investments in affiliates $ 81,034 $ 84,354 $ 38,682 |
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) March 31, 2019 December 31, 2018 March 31, 2018 Current assets $ 137,041 $ 141,930 $ 27,674 Noncurrent assets 179,377 170,172 95,888 Total assets 316,418 312,102 123,562 Current liabilities 65,848 55,816 36,625 Long-term liabilities 1 75,949 63,098 17,300 Total liabilities 141,797 118,914 53,925 Net assets 174,621 193,188 69,637 Granite’s share of net assets $ 81,034 $ 84,354 $ 38,682 1 The balance primarily relates to debt associated with our real estate investments. The increase in the balance since March 31, 2018 is related to debt of our foreign affiliates associated with purchases of equipment and buildings. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Equipment and vehicles $ 915,748 $ 906,275 $ 790,942 Quarry property 191,805 180,246 177,722 Land and land improvements 140,078 142,271 114,607 Buildings and leasehold improvements 108,587 108,884 82,775 Office furniture and equipment 66,176 65,680 57,068 Property and equipment 1,422,394 1,403,356 1,223,114 Less: accumulated depreciation and depletion 869,890 853,668 813,406 Property and equipment, net $ 552,504 $ 549,688 $ 409,708 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | (in thousands) March 31, 2019 December 31, 2018 March 31, 2018 Senior notes payable $ 40,000 $ 40,000 $ 80,000 Credit Agreement term loan 144,375 146,250 88,750 Credit Agreement revolving credit loan 197,000 197,000 55,000 Debt issuance costs (804 ) (845 ) (441 ) Total debt 380,571 382,405 223,309 Less current maturities 47,281 47,286 47,298 Total long-term debt $ 333,290 $ 335,119 $ 176,011 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Undiscounted Lease Liabilities Outstanding | The following table summarizes our undiscounted lease liabilities outstanding as of March 31, 2019: Remainder of 2019 $ 13,272 2020 17,232 2021 15,986 2022 13,880 2023 9,065 2024 through 2035 19,888 Total future minimum lease payments $ 89,323 Less: imputed interest 14,806 Total $ 74,517 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding and Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Loss Per Share | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended March 31, (in thousands, except per share amounts) 2019 2018 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (34,574 ) $ (11,423 ) Denominator Weighted average common shares outstanding, basic 46,699 39,908 Dilutive effect of RSUs 1 — — Weighted average common shares outstanding, diluted 46,699 39,908 Net loss per share, basic $ (0.74 ) $ (0.29 ) Net loss per share, diluted $ (0.74 ) $ (0.29 ) 1 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | During the third quarter of 2018, we revised our reportable business segments. For further information see the Annual Report on Form 10-K Summarized segment information is as follows (in thousands): Three Months Ended March 31, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 338,210 $ 99,255 $ 140,693 $ 49,233 $ 627,391 Elimination of intersegment revenue — — — (7,590 ) (7,590 ) Revenue from external customers 338,210 99,255 140,693 41,643 619,801 Gross profit (loss) 21,250 8,119 14,867 (3,758 ) 40,478 Depreciation, depletion and amortization 3,640 11,056 5,812 5,579 26,087 Segment assets 410,354 303,671 152,307 375,136 1,241,468 2018 Total revenue from reportable segments $ 359,145 $ 40,041 $ 118,471 $ 53,322 $ 570,979 Elimination of intersegment revenue — — — (7,600 ) (7,600 ) Revenue from external customers 359,145 40,041 118,471 45,722 563,379 Gross profit (loss) 31,462 11,564 15,736 (2,479 ) 56,283 Depreciation, depletion and amortization 5,020 506 2,127 5,410 13,063 Segment assets 376,970 4,197 101,355 296,085 778,607 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross profit to consolidated loss before benefit from income taxes is as follows: Three Months Ended March 31, (in thousands) 2019 2018 Total gross profit from reportable segments $ 40,478 $ 56,283 Selling, general and administrative expenses 81,155 61,252 Acquisition and integration expenses 3,323 8,409 Gain on sales of property and equipment (1,900 ) (543 ) Total other (income) expense (1,854 ) 958 Loss before benefit from income taxes $ (40,246 ) $ (13,793 ) |
Basis of Presentation - Summary
Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents and restricted cash of $5,825 and $0 at beginning of each period | $ 278,629 | $ 233,711 |
Cash and cash equivalents | 200,263 | 193,581 |
Restricted cash | 5,825 | 0 |
Cash, cash equivalents and restricted cash of $5,825 and $0 at end of period | 206,088 | 193,581 |
Net decrease in cash, cash equivalents and restricted cash | $ (72,541) | $ (40,130) |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
ROU assets | $ 71,480 | $ 0 | $ 0 | |
Short term lease liabilities | 14,300 | |||
Long term lease liabilities | 60,237 | 0 | 0 | |
Cumulative decrease to retained earnings | $ 746,100 | $ 787,356 | $ 751,801 | |
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
ROU assets | $ 72,200 | |||
Short term lease liabilities | 14,900 | |||
Long term lease liabilities | 60,400 | |||
Cumulative decrease to retained earnings | $ (500) |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Business Combinations [Abstract] | |
Revenue | $ 673,290 |
Net loss | (2,477) |
Net loss attributable to Granite | $ (4,238) |
Basic net loss per share attributable to common shareholders | $ / shares | $ (0.09) |
Diluted net loss per share attributable to common shareholders | $ / shares | $ (0.09) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Proforma Adjustments | |
Business Acquisition [Line Items] | |
Federal statutory tax, Percent | 26.00% |
Revisions in Estimates - Additi
Revisions in Estimates - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change In Accounting Estimate [Line Items] | ||
Change in accounting estimate amount considered significant to individual project gross profit | $ 5 | $ 5 |
Net Estimate Change [Member] | Transportation [Member] | ||
Change In Accounting Estimate [Line Items] | ||
Increase (decrease) on project profitability | $ (5.7) | $ (5.3) |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 619,801 | $ 563,379 |
California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 126,101 | 209,899 |
Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 103,594 | 88,391 |
Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 199,505 | 183,086 |
Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,736 | 4,795 |
Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 54,033 | 72,282 |
Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 120,832 | 4,926 |
Transportation [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 338,210 | 359,145 |
Transportation [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 69,513 | 116,570 |
Transportation [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 55,639 | 47,112 |
Transportation [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 194,971 | 178,864 |
Transportation [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 26 | 257 |
Transportation [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 18,061 | 16,342 |
Transportation [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Water [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 99,255 | 40,041 |
Water [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,366 | 29,039 |
Water [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,231 | 867 |
Water [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 4,534 | 4,222 |
Water [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 508 | 491 |
Water [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 84 | 496 |
Water [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 91,532 | 4,926 |
Specialty [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 140,693 | 118,471 |
Specialty [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 32,157 | 31,302 |
Specialty [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 32,192 | 27,678 |
Specialty [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Specialty [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,202 | 4,047 |
Specialty [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 35,888 | 55,444 |
Specialty [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 25,254 | 0 |
Materials [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 41,643 | 45,722 |
Materials [Member] | California [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 23,065 | 32,988 |
Materials [Member] | Northwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 14,532 | 12,734 |
Materials [Member] | Heavy Civil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Materials [Member] | Federal [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Materials [Member] | Midwest [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
Materials [Member] | Water and Mineral Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 4,046 | $ 0 |
Unearned Revenue - Schedule of
Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | $ 2,863,611 | $ 2,878,033 | $ 3,448,581 |
California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 475,885 | 378,244 | 382,028 |
Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 418,051 | 402,326 | 362,225 |
Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,328,691 | 1,495,387 | 2,112,322 |
Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 137,611 | 130,663 | 175,448 |
Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 309,459 | 281,816 | 399,646 |
Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 193,914 | 189,597 | 16,912 |
Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 2,187,300 | 2,185,309 | 2,773,521 |
Transportation [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 402,482 | 314,261 | 305,234 |
Transportation [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 344,414 | 319,589 | 313,537 |
Transportation [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,311,518 | 1,473,455 | 2,074,536 |
Transportation [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 19 | 0 | 160 |
Transportation [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 128,867 | 78,004 | 80,054 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 220,303 | 218,708 | 84,680 |
Water [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 7,314 | 6,163 | 26,902 |
Water [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,759 | 786 | 1,537 |
Water [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 17,173 | 21,951 | 37,786 |
Water [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Water [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 143 | 211 | 1,543 |
Water [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 193,914 | 189,597 | 16,912 |
Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 456,008 | 474,016 | 590,380 |
Specialty [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 66,089 | 57,820 | 49,892 |
Specialty [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 71,878 | 81,951 | 47,151 |
Specialty [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Specialty [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 137,592 | 130,644 | 175,288 |
Specialty [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 180,449 | 203,601 | 318,049 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | $ 0 | $ 0 | $ 0 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Revenue recognized | $ 96,800,000 | $ 89,300,000 |
Aggregate claim recovery estimate included in contract assets and liability | 42,600,000 | 34,000,000 |
Contract retention, uncollectable amount | 0 | |
Performance Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Contracts Revenue | $ 41,300,000 | $ 27,700,000 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Component of Contract Asset Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Revenue From Contract With Customer [Abstract] | |||
Costs in excess of billings and estimated earnings | $ 171,083 | $ 120,223 | $ 98,115 |
Contract retention | 89,167 | 99,531 | 80,548 |
Total contract assets | $ 260,250 | $ 219,754 | $ 178,663 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Components of Contract Liabilities Balance (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Revenue From Contract With Customer [Abstract] | |||
Billings in excess of costs and estimated earnings, net of retention | $ 88,595 | $ 103,250 | $ 70,398 |
Provisions for losses | 2,157 | 2,199 | 632 |
Total contract liabilities | $ 90,752 | $ 105,449 | $ 71,030 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 368,754 | $ 473,757 | $ 330,297 |
Less: allowance for doubtful accounts | 539 | 511 | 105 |
Accounts receivable-net | 368,215 | 473,246 | 330,192 |
Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Billed | 200,908 | 285,521 | 214,494 |
Unbilled | 112,892 | 98,755 | 73,128 |
Accounts receivable-gross | 313,800 | 384,276 | 287,622 |
Material Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 29,948 | 45,286 | 28,233 |
Other Business Products and Services [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 25,006 | $ 44,195 | $ 14,442 |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 36,049 | $ 30,002 | $ 39,961 |
Long-term marketable securities | 30,000 | 36,098 | 67,305 |
Total marketable securities | 66,049 | 66,100 | 107,266 |
U.S. Government and agency obligations [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 31,047 | 24,996 | 15,000 |
Long-term marketable securities | 30,000 | 36,098 | 62,287 |
Commercial paper [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 0 | 0 | 24,961 |
Corporate bonds [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 5,002 | 5,006 | 0 |
Long-term marketable securities | $ 0 | $ 0 | $ 5,018 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Marketable Securities [Abstract] | |||
Due within one year | $ 36,049 | ||
Due in one to five years | 30,000 | ||
Total marketable securities | $ 66,049 | $ 66,100 | $ 107,266 |
Fair Value Measurement - Cash a
Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | $ 41,984 | $ 90,438 | $ 7,056 |
Other current liabilities | 0 | 0 | |
Interest rate cash flow hedge | 2,530 | 1,098 | |
Total liabilities | 2,530 | 1,098 | |
Other current assets | 0 | ||
Interest rate cash flow hedge | 2,165 | ||
Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 41,984 | 90,438 | 4,891 |
Other current liabilities | 0 | 0 | |
Interest rate cash flow hedge | 0 | 0 | |
Total liabilities | 0 | 0 | |
Other current assets | 0 | ||
Interest rate cash flow hedge | 0 | ||
Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 0 | 0 | 2,165 |
Other current liabilities | 0 | 0 | |
Interest rate cash flow hedge | 2,530 | 1,098 | |
Total liabilities | 2,530 | 1,098 | |
Other current assets | 0 | ||
Interest rate cash flow hedge | 2,165 | ||
Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Total Assets, Fair Value | 0 | 0 | 0 |
Other current liabilities | 0 | 0 | |
Interest rate cash flow hedge | 0 | 0 | |
Total liabilities | 0 | 0 | |
Other current assets | 0 | ||
Interest rate cash flow hedge | 0 | ||
Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 36,159 | 84,613 | 4,891 |
Money Market Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 36,159 | 84,613 | 4,891 |
Money Market Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | $ 0 |
Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,825 | 5,825 | |
Restricted Cash [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,825 | 5,825 | |
Restricted Cash [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 0 | 0 | |
Restricted Cash [Member] | Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Commodity Swap [Member] - USD ($) | 1 Months Ended | |
Feb. 28, 2019 | Mar. 31, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Original notional amount | $ 8,700,000 | |
Percentage of forecasted purchases for diesel designated as cash flow hedges | 60.00% | |
Fair value of derivative | $ 600,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Level 1 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | $ 66,049 | $ 66,100 | $ 107,266 |
Level 1 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | 65,556 | 65,290 | 106,143 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 40,000 | 40,000 | 80,000 |
Credit Agreement - term loan | 144,375 | 146,250 | 88,750 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | 197,000 | 197,000 | 55,000 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 41,207 | 40,484 | 83,086 |
Credit Agreement - term loan | 145,206 | 147,141 | 88,803 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | $ 197,406 | $ 197,889 | $ 54,858 |
Construction Joint Ventures - A
Construction Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)project | Mar. 31, 2018USD ($) | |
Construction Joint Venture | ||
Construction Contract Value | $ 3,300,000 | |
Revenue | 619,801 | $ 563,379 |
Net cash provided by (used in) operating activities | (36,364) | (37,620) |
Corporate Joint Venture [Member] | ||
Construction Joint Venture | ||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 2,800,000 | |
Equity Method Investee [Member] | ||
Construction Joint Venture | ||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 900,000 | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 500 | 2,600 |
Co-venturer [Member] | ||
Construction Joint Venture | ||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 1,900,000 | |
Majority Shareholder [Member] | ||
Construction Joint Venture | ||
Number of active construction joint venture projects | project | 6 | |
Construction Contract Value | $ 1,100,000 | |
Revenue | 330,100 | |
Revenue | 67,000 | 43,800 |
Net cash provided by (used in) operating activities | 3,000 | (2,500) |
Majority Shareholder [Member] | Minimum [Member] | ||
Construction Joint Venture | ||
Construction Contract Value | 14,800 | |
Revenue | $ 200 | |
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | |
Majority Shareholder [Member] | Maximum [Member] | ||
Construction Joint Venture | ||
Construction Contract Value | $ 409,700 | |
Revenue | $ 162,300 | |
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | |
Principal Owner [Member] | ||
Construction Joint Venture | ||
Number of active construction joint venture projects | project | 9 | |
Construction Contract Value | $ 11,300,000 | |
Revenue | 914,500,000 | |
Unconsolidated Construction Joint Venture Net Income (Loss) | 5,200 | $ (141,000) |
Principal Owner [Member] | Minimum [Member] | ||
Construction Joint Venture | ||
Construction Contract Value | $ 100 | |
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | |
Revenue | $ 1,900 | |
Principal Owner [Member] | Maximum [Member] | ||
Construction Joint Venture | ||
Construction Contract Value | $ 3,800,000 | |
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | |
Revenue | $ 247,800 |
Construction Joint Ventures - S
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets | $ 215,129 | $ 204,090 | $ 219,435 | |
Equity in Construction Joint Ventures | [1] | 297,817 | 271,162 | 232,536 |
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 885,901 | 822,215 | 757,537 | |
Unconsolidated Construction Joint Venture Liabilities | [2] | 372,770 | 369,782 | 423,518 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3],[4] | 458,372 | 426,416 | 414,657 |
Unconsolidated Construction Joint Venture Liabilities | 160,555 | 155,254 | 182,121 | |
Cash and Cash Equivalents [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 281,355 | 229,562 | 325,157 | |
Other Assets, Current and Longterm [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3] | 847,789 | 814,979 | 627,602 |
Accounts Payable [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Liabilities | $ 533,325 | $ 525,036 | $ 605,639 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets were amounts related to deficits in construction joint ventures that were $2.7 million, $11.5 million and $22.3 million as of March 31, 2019, December 31, 2018 and March 31, 2018, 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] | 1Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $88.2 million related to performance guarantees as of both March 31, 2019 and December 31, 2018 and $88.6 million as of March 31, 2018. | |||
[4] | 2Included in this balance as of March 31, 2019, December 31, 2018 and March 31, 2018 was $80.8 million, $78.1 million and $65.0 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $16.0 million, $15.6 million and $11.3 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively |
Construction Joint Ventures -_2
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Construction Joint Venture | |||
Performance Guarantees | $ 88.2 | $ 88.2 | $ 88.6 |
Unconsolidated Joint Venture Back charges claims | 16 | 15.6 | 11.3 |
Deficit in unconsolidated construction joint venture | 2.7 | 11.5 | 22.3 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Construction Joint Venture | |||
Affirmative Claim Recovery Estimate | $ 80.8 | $ 78.1 | $ 65 |
Construction Joint Ventures -_3
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Construction And Line Item Joint Ventures Abstract | |||
Total cost of revenue | $ 579,323 | $ 507,096 | |
Collaborative Arrangement [Member] | |||
Construction And Line Item Joint Ventures Abstract | |||
Unconsolidated Construction Joint Venture Revenue | 132,493 | 118,409 | |
Total cost of revenue | 131,479 | 114,388 | |
Unconsolidated Construction Joint Venture Gross Profit | 1,014 | 4,021 | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||
Construction And Line Item Joint Ventures Abstract | |||
Unconsolidated Construction Joint Venture Revenue | 415,934 | 239,441 | |
Total cost of revenue | 411,485 | 380,889 | |
Other Partners Interest in Partnerships [Member] | Collaborative Arrangement [Member] | Co-venturer [Member] | |||
Construction And Line Item Joint Ventures Abstract | |||
Unconsolidated Construction Joint Venture Revenue | [1] | 283,441 | 121,032 |
Total cost of revenue | [1] | $ 280,006 | $ 266,501 |
[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 | 3 Months Ended | ||
Mar. 31, 2019USD ($)Investment | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||
Number of Investments in Foreign Entities | Investment | 13 | ||
Number of Investments in Real Estate Entities | Investment | 4 | ||
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 316,418 | $ 312,102 | $ 123,562 |
Joint Venture Unconsolidated [Member] | Texas [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investments | 13,100 | 16,300 | 24,600 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | 316,400 | ||
Equity Method Investments | 81,034 | $ 84,354 | $ 38,682 |
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 | $ 23,900 | ||
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 | $ 53,700 | ||
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 | $ 71,000 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 81,034 | $ 84,354 | $ 38,682 |
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 81,034 | 84,354 | 38,682 |
Joint Venture Unconsolidated [Member] | Foreign [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 56,082 | 55,715 | 0 |
Joint Venture Unconsolidated [Member] | Real Estate [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 16,433 | 19,676 | 29,829 |
Joint Venture Unconsolidated [Member] | Asphalt Terminal [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 8,519 | $ 8,963 | $ 8,853 |
Investments in Affiliates - Equ
Investments in Affiliates - Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 137,041 | $ 141,930 | $ 27,674 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 179,377 | 170,172 | 95,888 | |
Equity Method Investment, Summarized Financial Information, Assets | 316,418 | 312,102 | 123,562 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 65,848 | 55,816 | 36,625 | |
Equity Method Investment, Summarized Financial Information, Long-term Liabilities | [1] | 75,949 | 63,098 | 17,300 |
Equity Method Investment, Summarized Financial Information, Total Liabilities | 141,797 | 118,914 | 53,925 | |
Equity Method Investments Summarized Financial Information Net Assets | 174,621 | 193,188 | 69,637 | |
Other Affiliates [Member] | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Assets | 316,400 | |||
Equity Method Investments | $ 81,034 | $ 84,354 | $ 38,682 | |
[1] | The balance primarily relates to debt associated with our real estate investments. The increase in the balance since March 31, 2018 is related to debt of our foreign affiliates associated with purchases of equipment and buildings. |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 1,422,394 | $ 1,403,356 | $ 1,223,114 |
Accumulated depreciation and depletion | 869,890 | 853,668 | 813,406 |
Property and equipment, net | 552,504 | 549,688 | 409,708 |
Equipment and vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 915,748 | 906,275 | 790,942 |
Quarry property [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 191,805 | 180,246 | 177,722 |
Land and land improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 140,078 | 142,271 | 114,607 |
Building and leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 108,587 | 108,884 | 82,775 |
Office furniture and equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 66,176 | $ 65,680 | $ 57,068 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | $ 380,571 | $ 382,405 | $ 223,309 |
Less current maturities | 47,281 | 47,286 | 47,298 |
Total long-term debt | 333,290 | 335,119 | 176,011 |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 40,000 | 40,000 | 80,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 144,375 | 146,250 | 88,750 |
Less current maturities | 7,500 | 7,500 | 7,500 |
Total long-term debt | 136,900 | 138,800 | 81,300 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Agreement revolving credit loan | 197,000 | 197,000 | 55,000 |
Other notes payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (804) | $ (845) | $ (441) |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | May 31, 2018 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in the Remainder of 2019 | $ 45,600 | |||
Long-term Debt, Maturities, Repayments of Principal in 2020 | 7,500 | |||
Long-term Debt, Maturities, Repayments of Principal in 2021 | 7,500 | |||
Long-term Debt, Maturities, Repayments of Principal in 2022 | 7,500 | |||
Long-term Debt, Maturities, Repayments of Principal in 2023 | 313,300 | |||
Current maturities of long-term debt | 47,281 | $ 47,286 | $ 47,298 | |
Long-term debt | 333,290 | 335,119 | 176,011 | |
Letters of Credit Outstanding, Amount | 32,500 | |||
Consolidated Tangible Net Worth, Actual | $ 1,100,000 | |||
Consolidated Leverage Ratio, Maximum | 3 | |||
Consolidated Interest Coverage Ratio, Actual | 11.70 | |||
Consolidated Interest Coverage Ratio, Covenant | 4 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 350,000 | |||
Line of Credit, Current | $ 197,000 | 197,000 | 55,000 | |
Senior Notes [Member] | 2019 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 40,000 | 40,000 | 80,000 | |
Debt instrument, interest rate, stated percentage | 6.11% | |||
Current maturities of long-term debt | $ 40,000 | 40,000 | 40,000 | |
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 150,000 | |||
Current maturities of long-term debt | 7,500 | 7,500 | 7,500 | |
Long-term debt | 144,400 | |||
Long-term debt | $ 136,900 | $ 138,800 | $ 81,300 | |
Debt instrument redemption price percentage required to repay | 1.25% | 1.25% | ||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 120,500 | |||
Consolidated Tangible Net Worth, Covenant | $ 794,200 | |||
Adjusted Consolidated Leverage Ratio, Actual | 1.96 | |||
Line of Credit [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.63% | |||
Line of Credit Facility, Interest Rate at Period End | 4.22% | |||
Line of Credit [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.63% | |||
Line of Credit Facility, Interest Rate at Period End | 6.13% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Leases [Abstract] | |||
Operating lease term of contract | 29 years | ||
Right of use assets | $ 71,480 | $ 0 | $ 0 |
Operating lease liabilities, current | 14,300 | ||
Long term lease liabilities | 60,237 | $ 0 | $ 0 |
Lease expense | $ 4,300 | ||
Weighted-average remaining lease term | 6 years 7 months 6 days | ||
Weighted-average discount rate | 4.13% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 13,272 |
2020 | 17,232 |
2021 | 15,986 |
2022 | 13,880 |
2023 | 9,065 |
2024 through 2035 | 19,888 |
Total future minimum lease payments | 89,323 |
Less: imputed interest | (14,806) |
Total | $ 74,517 |
Weighted Average Shares Outst_3
Weighted Average Shares Outstanding and Net Loss Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net loss allocated to common shareholders for basic calculation | $ (34,574) | $ (11,423) |
Weighted average common shares outstanding, basic | 46,699 | 39,908 |
Dilutive effect of RSUs | 0 | 0 |
Weighted average common shares outstanding, diluted | 46,699 | 39,908 |
Net loss per share, basic | $ (0.74) | $ (0.29) |
Net loss per share, diluted | $ (0.74) | $ (0.29) |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding and Net Loss Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding Used in Calculating Basic and Diluted Net Loss Per Share (Parenthetical) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded from calculating diluted net loss per share | 422,000 | 502,000 |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 619,801 | $ 563,379 | |
Gross profit (loss) | 40,478 | 56,283 | |
Segment assets | 2,439,780 | 1,759,227 | $ 2,476,601 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 627,391 | 570,979 | |
Gross profit (loss) | 40,478 | 56,283 | |
Depreciation, depletion and amortization | 26,087 | 13,063 | |
Segment assets | 1,241,468 | 778,607 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | (7,590) | (7,600) | |
Transportation [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 338,210 | 359,145 | |
Transportation [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 338,210 | 359,145 | |
Gross profit (loss) | 21,250 | 31,462 | |
Depreciation, depletion and amortization | 3,640 | 5,020 | |
Segment assets | 410,354 | 376,970 | |
Transportation [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | |
Water [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 99,255 | 40,041 | |
Water [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 99,255 | 40,041 | |
Gross profit (loss) | 8,119 | 11,564 | |
Depreciation, depletion and amortization | 11,056 | 506 | |
Segment assets | 303,671 | 4,197 | |
Water [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | |
Specialty [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 140,693 | 118,471 | |
Specialty [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 140,693 | 118,471 | |
Gross profit (loss) | 14,867 | 15,736 | |
Depreciation, depletion and amortization | 5,812 | 2,127 | |
Segment assets | 152,307 | 101,355 | |
Specialty [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 0 | 0 | |
Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 41,643 | 45,722 | |
Materials [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 49,233 | 53,322 | |
Gross profit (loss) | (3,758) | (2,479) | |
Depreciation, depletion and amortization | 5,579 | 5,410 | |
Segment assets | 375,136 | 296,085 | |
Materials [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ (7,590) | $ (7,600) |
Business Segment Information _2
Business Segment Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Property and equipment, net | $ 552,504 | $ 409,708 | $ 549,688 |
Revenue | 619,801 | $ 563,379 | |
Foreign Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Property and equipment, net | 14,900 | ||
Revenue | $ 13,900 |
Business Segment Information _3
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Total gross profit from reportable segments | $ 40,478 | $ 56,283 |
Selling, general and administrative expenses | 81,155 | 61,252 |
Acquisition and integration expenses | 3,323 | 8,409 |
Gain on sales of property and equipment | (1,900) | (543) |
Total other (income) expense | (1,854) | 958 |
Loss before benefit from income taxes | (40,246) | (13,793) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total gross profit from reportable segments | $ 40,478 | $ 56,283 |