Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000861459 | ||
Entity Registrant Name | GRANITE CONSTRUCTION INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-12911 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0239383 | ||
Entity Address, Address Line One | 585 West Beach Street | ||
Entity Address, City or Town | Watsonville | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95076 | ||
City Area Code | 831 | ||
Local Phone Number | 724-1011 | ||
Title of 12(b) Security | Common stock, $0.01 par value | ||
Trading Symbol | GVA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,900,000,000 | ||
Entity Common Stock, Shares Outstanding | 45,875,355 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 238 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 395,647 | $ 425,292 |
Receivables, net | 464,588 | 437,558 |
Contract assets | 145,437 | 132,097 |
Inventories | 61,965 | 62,471 |
Equity in construction joint ventures | 189,911 | 188,798 |
Other current assets | 177,210 | 37,767 |
Current assets held-for-sale | 392,641 | 171,263 |
Total current assets | 1,827,399 | 1,455,246 |
Property and equipment, net | 433,504 | 421,149 |
Long-term marketable securities | 15,600 | 5,200 |
Investments in affiliates | 23,368 | 27,637 |
Goodwill | 53,715 | 53,715 |
Right of use assets | 49,312 | 52,987 |
Deferred income taxes, net | 24,141 | 43,111 |
Other noncurrent assets | 67,888 | 68,847 |
Noncurrent assets held-for-sale | 252,104 | |
Total assets | 2,494,927 | 2,379,996 |
Current liabilities | ||
Current maturities of long-term debt | 8,727 | 8,278 |
Accounts payable | 324,313 | 321,347 |
Contract liabilities | 200,041 | 162,925 |
Accrued expenses and other current liabilities | 452,829 | 381,747 |
Current liabilities held-for-sale | 83,408 | 68,959 |
Total current liabilities | 1,069,318 | 943,256 |
Long-term debt | 331,191 | 330,522 |
Long-term lease liabilities | 32,928 | 39,816 |
Deferred income taxes, net | 1,856 | 2,022 |
Other long-term liabilities | 64,071 | 62,420 |
Long-term liabilities held-for-sale | 10,350 | |
Commitments and contingencies (see Note 20) | ||
Equity | ||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,840,260 shares as of December 31, 2021 and 45,668,541 shares as of December 31, 2020 | 458 | 457 |
Additional paid-in capital | 559,752 | 555,407 |
Accumulated other comprehensive loss | (3,359) | (5,035) |
Retained earnings | 410,831 | 424,835 |
Total Granite Construction Incorporated shareholders’ equity | 967,682 | 975,664 |
Non-controlling interests | 27,881 | 15,946 |
Total equity | 995,563 | 991,610 |
Total liabilities and equity | $ 2,494,927 | $ 2,379,996 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 395,647 | $ 425,292 |
Receivables, net | 464,588 | 437,558 |
Contract assets | 145,437 | 132,097 |
Other current assets | 177,210 | 37,767 |
Property and equipment, net | 433,504 | 421,149 |
Accounts payable | 324,313 | 321,347 |
Contract liabilities | 200,041 | 162,925 |
Accrued expenses and other current liabilities | $ 452,829 | $ 381,747 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 45,840,260 | 45,668,541 |
Common stock, shares outstanding (in shares) | 45,840,260 | 45,668,541 |
Consolidated Construction Corporate Joint Venture [Member] | ||
Cash and cash equivalents | $ 92,783 | $ 74,819 |
Receivables, net | 49,534 | 56,147 |
Contract assets | 50,054 | 33,838 |
Other current assets | 8,091 | 13,252 |
Property and equipment, net | 14,920 | 23,704 |
Accounts payable | 55,012 | 53,033 |
Contract liabilities | 69,328 | 79,777 |
Accrued expenses and other current liabilities | $ 5,514 | $ 4,410 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | |||
Total revenue | $ 3,010,053 | $ 3,128,879 | $ 2,914,877 |
Cost of revenue | |||
Total cost of revenue | 2,704,497 | 2,824,226 | 2,725,092 |
Gross profit | 305,556 | 304,653 | 189,785 |
Selling, general and administrative expenses | 243,083 | 252,879 | 238,147 |
Other costs (see Note 1) | 95,155 | 36,964 | 6,735 |
Gain on sales of property and equipment, net (see Note 11) | (33,781) | (4,925) | (13,373) |
Operating income (loss) | 1,099 | 19,735 | (41,724) |
Other (income) expense | |||
Interest income | (1,178) | (3,017) | (7,256) |
Interest expense | 20,282 | 23,866 | 18,052 |
Equity in income of affiliates, net | (3,465) | (5,191) | (6,991) |
Other income, net | (5,044) | (4,068) | (5,305) |
Total other (income) expense, net | 10,595 | 11,590 | (1,500) |
Income (loss) from continuing operations before provision for (benefit from) income taxes | (9,496) | 8,145 | (40,224) |
Provision for (benefit from) income taxes on continuing operations | (1,237) | 9,927 | (12,288) |
Net income (loss) from continuing operations | (8,259) | (1,782) | (27,936) |
Net income (loss) from discontinued operations | 10,673 | (164,399) | (28,766) |
Net income (loss) | 2,414 | (166,181) | (56,702) |
Amount attributable to non-controlling interests from continuing operations | 7,682 | 21,064 | (3,489) |
Net income (loss) attributable to Granite Construction Incorporated from continuing operations | (577) | 19,282 | (31,425) |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | 10,673 | (164,399) | (28,766) |
Net income (loss) attributable to Granite Construction Incorporated | $ 10,096 | $ (145,117) | $ (60,191) |
Net income (loss) per share attributable to common shareholders (see Note 18): | |||
Basic continuing operations per share (in dollars per share) | $ (0.01) | $ 0.42 | $ (0.67) |
Basic discontinued operations per share (in dollars per share) | 0.23 | (3.60) | (0.62) |
Basic earnings per share (in dollars per share) | 0.22 | (3.18) | (1.29) |
Diluted continuing operations per share (in dollars per share) | (0.01) | 0.42 | (0.67) |
Diluted discontinued operations per share (in dollars per share) | 0.23 | (3.56) | (0.62) |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ (3.14) | $ (1.29) |
Basic (in shares) | 45,788 | 45,614 | 46,559 |
Diluted (in shares) | 45,788 | 46,203 | 46,559 |
Construction [Member] | |||
Revenue | |||
Total revenue | $ 2,602,306 | $ 2,764,094 | $ 2,575,791 |
Cost of revenue | |||
Total cost of revenue | 2,353,956 | 2,522,650 | 2,429,319 |
Materials [Member] | |||
Revenue | |||
Total revenue | 407,747 | 364,785 | 339,086 |
Cost of revenue | |||
Total cost of revenue | $ 350,541 | $ 301,576 | $ 295,773 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 2,414 | $ (166,181) | $ (56,702) |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gain (loss) on derivatives | (108) | (4,155) | (2,963) |
Less: reclassification for net (gains) losses included in interest expense | 2,131 | 1,816 | (323) |
Net change | 2,023 | (2,339) | (3,286) |
Foreign currency translation adjustments, net | (347) | (51) | 1,390 |
Other comprehensive income (loss) | 1,676 | (2,390) | (1,896) |
Comprehensive income (loss) | 4,090 | (168,571) | (58,598) |
Non-controlling interests in comprehensive income | 7,682 | 21,064 | (3,489) |
Comprehensive income (loss) attributable to Granite Construction Incorporated | $ 11,772 | $ (147,507) | $ (62,087) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Dec. 31, 2018 | 46,665,889 | |||||||||
Balances (Accounting Standards Update 2014-09 [Member]) at Dec. 31, 2018 | $ (539) | $ (539) | $ (539) | |||||||
Balances at Dec. 31, 2018 | $ 467 | $ 564,559 | $ (749) | $ 679,453 | $ 1,243,730 | $ 45,624 | $ 1,289,354 | |||
Net income (loss) | (60,191) | (60,191) | 3,489 | (56,702) | ||||||
Other comprehensive (loss) income | (1,896) | (1,896) | (1,896) | |||||||
Restricted stock units (“RSU”s) vested (in shares) | 262,859 | |||||||||
Restricted stock units (“RSU”s) vested | $ 3 | (3) | ||||||||
Stock-based compensation expense | 10,213 | 10,213 | 10,213 | |||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (91,591) | |||||||||
Common stock purchased for employee tax withholding for vested RSUs | $ (1) | (4,066) | (4,067) | (4,067) | ||||||
Shares repurchased and retired (in shares) | (1,360,000) | |||||||||
Shares repurchased and retired | $ (13) | (32,821) | (32,834) | (32,834) | ||||||
Dividends on common stock ($0.52 per share) | (24,166) | (24,166) | (24,166) | |||||||
Sale of common stock warrant, net | 10,444 | 10,444 | 10,444 | |||||||
Transactions with non-controlling interests, net | (12,168) | (12,168) | ||||||||
Other (in shares) | 26,648 | |||||||||
Other | 981 | (204) | 777 | 777 | ||||||
Balances (in shares) at Dec. 31, 2019 | 45,503,805 | |||||||||
Balances (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | $ (366) | $ (366) | $ (366) | |||||||
Balances at Dec. 31, 2019 | $ 456 | 549,307 | (2,645) | 594,353 | 1,141,471 | 36,945 | 1,178,416 | |||
Net income (loss) | (145,117) | (145,117) | (21,064) | (166,181) | ||||||
Other comprehensive (loss) income | (2,390) | (2,390) | (2,390) | |||||||
Stock-based compensation expense | 6,377 | 6,377 | 6,377 | |||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (60,604) | |||||||||
Common stock purchased for employee tax withholding for vested RSUs | $ (1) | (884) | (885) | (885) | ||||||
Dividends on common stock ($0.52 per share) | (23,734) | (23,734) | (23,734) | |||||||
Transactions with non-controlling interests, net | 65 | 65 | ||||||||
Other (in shares) | 34,169 | |||||||||
Other | 609 | (301) | 308 | $ 308 | ||||||
RSUs vested (in shares) | 191,171 | |||||||||
RSUs vested | $ 2 | (2) | ||||||||
Balances (in shares) at Dec. 31, 2020 | 45,668,541 | 45,668,541 | ||||||||
Balances at Dec. 31, 2020 | $ 457 | 555,407 | (5,035) | 424,835 | 975,664 | 15,946 | $ 991,610 | |||
Net income (loss) | 10,096 | 10,096 | (7,682) | 2,414 | ||||||
Other comprehensive (loss) income | 1,676 | 1,676 | 1,676 | |||||||
Stock-based compensation expense | 6,407 | 6,407 | 6,407 | |||||||
Common stock purchased for employee tax withholding for vested RSUs (in shares) | (68,580) | |||||||||
Common stock purchased for employee tax withholding for vested RSUs | $ (1) | (2,729) | (2,730) | (2,730) | ||||||
Dividends on common stock ($0.52 per share) | (23,826) | (23,826) | (23,826) | |||||||
Transactions with non-controlling interests, net | 19,617 | 19,617 | ||||||||
Other (in shares) | 5,065 | |||||||||
Other | 669 | (274) | 395 | $ 395 | ||||||
RSUs vested (in shares) | 235,234 | |||||||||
RSUs vested | $ 2 | (2) | ||||||||
Balances (in shares) at Dec. 31, 2021 | 45,840,260 | 45,840,260 | ||||||||
Balances at Dec. 31, 2021 | $ 458 | $ 559,752 | $ (3,359) | $ 410,831 | $ 967,682 | $ 27,881 | $ 995,563 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends (in dollars per share) | $ 0.52 | $ 0.52 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Operating activities | |||
Net income (loss) | $ 2,414 | $ (166,181) | $ (56,702) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 109,050 | 112,958 | 121,993 |
Amortization related to the 2.75% Convertible Notes (see Note 14) | 9,448 | 8,693 | 1,425 |
Gain on sales of property and equipment, net (see Note 11) | (66,439) | (6,930) | (18,703) |
Deferred income taxes | 16,600 | 8,817 | (22,924) |
Stock-based compensation | 6,407 | 6,377 | 10,213 |
Equity in net loss from unconsolidated joint ventures | 765 | 51,486 | 120,632 |
Net income from affiliates | (12,586) | (8,783) | (11,454) |
Non-cash impairment charges (see Note 2) | 0 | 156,690 | 0 |
Other non-cash adjustments | 0 | 1,729 | 4,020 |
Changes in assets and liabilities: | |||
Receivables | (11,317) | 6,840 | (58,947) |
Contract assets, net | 12,046 | 123,670 | (40,084) |
Inventories | 774 | 5,136 | 380 |
Contributions to unconsolidated construction joint ventures | (61,780) | (50,878) | (83,765) |
Distributions from unconsolidated construction joint ventures and affiliates | 22,004 | 11,065 | 19,064 |
Deposit for legal settlement (see Note 20) | (129,000) | 0 | 0 |
Other assets, net | (11,969) | (1,035) | (3,928) |
Accounts payable | 7,396 | (40,999) | 140,027 |
Accrual for legal settlement (see Note 20) | 129,000 | 0 | 0 |
Accrued expenses and other liabilities, net | (882) | 49,805 | (9,809) |
Net cash provided by operating activities | 21,931 | 268,460 | 111,438 |
Investing activities | |||
Purchases of marketable securities | (10,000) | (9,996) | 0 |
Maturities of marketable securities | 0 | 10,000 | 30,000 |
Proceeds from called marketable securities | 0 | 24,996 | 5,000 |
Purchases of property and equipment | (94,810) | (93,253) | (106,828) |
Proceeds from sales of property and equipment (see Note 11) | 94,802 | 16,702 | 37,091 |
Cash paid to purchase business | 0 | 0 | (6,227) |
Proceeds from the sale of a business | 0 | 5,000 | 0 |
Issuance of notes receivable, net of collection | (11,470) | 5,289 | 721 |
Other investing activities, net | 0 | 0 | (79) |
Net cash used in investing activities | (21,478) | (41,262) | (40,322) |
Financing activities | |||
Proceeds from debt | 0 | 50,000 | 105,574 |
Proceeds from issuance of 2.75% Convertible Notes | 0 | 0 | 230,000 |
Proceeds from issuance of warrants | 0 | 0 | 11,500 |
Purchase of Hedge Option, net | 0 | 0 | (37,375) |
Debt principal repayments | (8,922) | (83,433) | (313,150) |
Cash dividends paid | (23,804) | (23,712) | (24,316) |
Repurchases of common stock | (2,730) | (885) | (36,900) |
Contributions from non-controlling partners | 20,126 | 11,875 | 68 |
Distributions to non-controlling partners | (9,514) | (11,810) | (12,235) |
Debt issuance costs | 0 | 0 | (6,507) |
Other financing activities, net | 398 | 307 | 1,704 |
Net cash used in financing activities | (24,446) | (57,658) | (81,637) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (23,993) | 169,540 | (10,521) |
Cash, cash equivalents, and restricted cash | 437,648 | 268,108 | 278,629 |
Cash, cash equivalents, and restricted cash | 413,655 | 437,648 | 268,108 |
Cash, cash equivalents, and restricted cash | (18,008) | (12,356) | (15,763) |
Cash and cash equivalents | 395,647 | 425,292 | 252,345 |
Supplementary Information | |||
Right of use assets obtained in exchange for lease obligations | 23,379 | 10,000 | 25,360 |
Cash paid for operating lease liabilities | 23,203 | 21,654 | 18,660 |
Cash paid during the period for: | |||
Interest | 14,593 | 18,753 | 17,322 |
Income taxes | 2,066 | 2,805 | 11,898 |
Other non-cash operating activities: | |||
Performance guarantees | (167) | 350 | (6,284) |
Non-cash investing and financing activities: | |||
Reclassification of the equity portion of the 2.75% Convertible Notes from debt to equity (See Note 14) | 0 | 0 | 37,375 |
RSUs issued, net of forfeitures | 8,299 | 4,449 | 8,596 |
Dividends declared but not paid | 5,959 | 5,937 | 5,915 |
Contributions from non-controlling partners | $ 9,006 | $ 0 | $ 0 |
The 2.75% Convertible Notes [Member] | |||
Interest rate | 2.75% | 2.75% | |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | |||
Interest rate | 2.75% | 2.75% | 2.75% |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 1,512 | $ 1,512 | $ 5,835 | $ 5,825 |
The 2.75% Convertible Notes [Member] | ||||
Interest rate | 2.75% | 2.75% | ||
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | ||||
Interest rate | 2.75% | 2.75% | 2.75% |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Description of Business one During the fourth 2021, not twelve December 31, 2021 2 Also related to our new strategic plan, during the fourth 2021, • California; • Central (formerly Heavy Civil, Federal and Midwest operating groups), which primarily includes offices in Arizona (formerly in the Northwest operating group), Colorado, Florida, Illinois, Texas and Guam; and • Mountain (formerly Northwest), which primarily includes offices in Alaska, Nevada, Utah and Washington. In addition, we revised the financial information our chief operating decision maker, or decision-making group (our “CODM”), regularly reviews to allocate resources and assess our performance. This change is consistent with our new strategic plan and better aligns with our continuing civil construction and materials business. Our CODM now regularly reviews financial information regarding our two As a result of these changes, in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 280, Segment Reporting 21 Principles of Consolidation may 810, Consolidation may not two no no If we have determined we are not one 323, Investments - Equity Method and Joint Ventures, We also participate in “line item” joint venture agreements under which each partner is responsible for performing certain discrete items of the total scope of contracted work. The revenue for each line item joint venture partners’ discrete items of work is defined in the contract with the project owner and each joint venture partner bears the profitability risk associated only with its own work. There is not Use of Estimates in the Preparation of Financial Statements Revenue Recognition: 606, Revenue from Contracts with Customers, 606” 606 five 1. Identify the contract 2. Identify performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5. Recognize revenue Generally, our contracts contain one may not The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring goods and services to the customer. The contractual consideration from customers of our Construction segment may not one Subsequent to the inception of a contract in our Construction segment, the transaction price could change for various reasons, including executed or unapproved change orders, and unresolved contract modifications and/or affirmative claims. Changes that are accounted for as an adjustment to existing performance obligations are allocated on the same basis at contract inception. Otherwise, changes are accounted for as separate performance obligation(s) and the separate transaction price is allocated as discussed above. Changes are made to the transaction price from unapproved change orders to the extent the amount can be reasonably estimated and recovery is probable. On certain projects we have submitted and have pending unresolved contract modifications and/or affirmative claims (“affirmative claims”) to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers, subcontractors, vendors or others. The owners or their authorized representatives and/or other third may may Changes are made to the transaction price from affirmative claims with customers to the extent that additional revenue on a claim settlement with a customer is probable and estimable. A reduction to costs related to affirmative claims with non-customers with whom we have a contractual arrangement (“back charges”) is recognized when the estimated recovery is probable and estimable. Recognizing affirmative claims and back charge recoveries requires significant judgments of certain factors including, but not Generally, performance obligations related to contracts in our Construction segment are satisfied over time because our performance typically creates or enhances an asset that the customer controls as the asset is created or enhanced. We recognize revenue as performance obligations are satisfied and control of the promised good and/or service is transferred to the customer. Revenue in our Construction segment is ordinarily recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation(s) using an input (i.e., “cost to cost”) method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control. All contract costs, including those associated with affirmative claims, change orders and back charges, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the forecasted revenue and cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach. There are a number of factors that can contribute to revisions in estimates of contract cost and profitability. The most significant of these include: • changes in costs of labor and/or materials; • subcontractor costs, availability and/or performance issues; • extended overhead and other costs due to owner, weather and other delays; • changes in productivity expectations; • changes from original design on design-build projects; • our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; • a change in the availability and proximity of equipment and materials; • complexity in original design; • length of time to complete the project; • the availability and skill level of workers in the geographic location of the project; • site conditions that differ from those assumed in the original bid; • costs associated with scope changes; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination including demobilization cost. Costs to obtain our contracts (“pre-bid costs”) that are not not not Unearned Revenue: December 31, 2021 2020 December 31, 2021 twelve may not may not Balance Sheet Classifications: may one one December 31, 2021 20. Cash and Cash Equivalents three may Contract Assets: twelve one not 606. not Marketable Securities Derivative Instruments: 2 not not The derivative transactions related to the 2.75% Convertible Notes (as defined in Note 14 not Fair Value of Financial Assets and Liabilities: 820, Fair Value Measurements and Disclosures, 820 820 three may Level 1 Level 2 1 not Level 3 no We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not Allowance for Credit Losses: Concentrations of Credit Risk: one December 31, 2021, 2020 2019, December 31, 2021, 2020 2019 none 10% December 31, 2021 2020 none 10% December 31, 2019 The majority of our receivables are from customers concentrated in the United States. None 10% December 31, 2021 2020 December 31, 2021 2020 not December 31, 2021 2020 No 10% December 31, 2021 6 one not Inventories: . one Investments in Affiliates 323, Investments - Equity Method and Joint Ventures. not • significant adverse changes in legal factors or the business climate and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may Property and Equipment three ten two twenty no 360, Property, Plant, and Equipment, not third Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment in the consolidated balance sheets. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which ranges from three seven December 31, 2021 2020 2019 Long-lived Assets: may not no Goodwill: five • Central Group Construction • Central Group Materials • Mountain Group Construction • Mountain Group Materials • California Group Construction We determined our discontinued operations have two • WMS Construction • WMS Materials We perform our goodwill impairment tests annually as of November 1 not • a significant adverse change in the business climate; • a significant adverse change in legal factors or an adverse action or assessment by a regulator; • a more likely than not • the testing for recoverability of a significant asset group within the segment. In accordance with U.S. GAAP, we can elect to perform a qualitative assessment to test a reporting unit’s goodwill for impairment or perform a quantitative impairment test. Based on a qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. The estimated fair value is compared to the carrying amount of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our 2021 five For our 2021 November 1. not 30%. 10% 2 100% We elected to perform a qualitative assessment of the Midwest Group Transportation, Northwest Group Transportation, Northwest Group Materials and California Group Transportation reporting units and we determined that it was more likely than not no Due to the changes in our reporting structure and the resulting changes to reporting units, we conducted impairment tests immediately before and after the reorganization, which was effective December 1. no not no The changes in our reporting structure had no no no We performed quantitative impairment tests after the changes on the reporting units that were affected by the changes in our reporting structure, which were the Central Group Construction, Mountain Group Construction and WMS Construction reporting units. We calculated the estimated fair value of these reporting units consistent with the annual impairment assessment using the discounted cash flows and market multiple methods as well as the consideration to be paid for Inliner under the purchase and sale agreement, which includes a substantial portion of the WMS Construction reporting unit. These tests indicated that the estimated fair values of the reporting units exceeded their carrying amounts with headroom in excess of 30%. Right of use Assets ( ROU ) and Lease Liabilities: 842, Leases 842” March 31, 2019 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 not On the lease commencement date, the amount of the ROU assets consists 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. On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain embedded leases by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. Most of our lease contracts do not may Contract Liabilities: twelve Asset Retirement Obligations: 3 Warranties: six one not not two ten not December 31, 2021 2020 Accrued Insurance Costs: first Surety Bonds December 31, 2021 not Performance Guarantees: 2 not may Contingencies: may 20 Stock-Based Compensation: Other Costs: 2021 20 . December 31, 2021 2020, 20 2021. 2021 2020 2019 2018. Income Taxes not not We report a liability in accrued expenses and other current liabilities and in other long-term liabilities in the consolidated balance sheets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and other income, net in the consolidated statements of operations. Computation of Earnings per Share 2012 2021 2.75% 14 2.75% Convertible Notes may 2.75% 14 not 2.75% Recently Issued Accounting Pronouncements: In October 2021, 2021 08, Business Combinations (Topic 805 805 606 March 31, 2022 2021; not In August 2020, 2020 06 , Debt - Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity 2020 06” , March 31, 2022. Upon issuance of the 2.75% 2024 “2.75% 2020 06 , may In March 2020, 2020 04 , Reference Rate Reform (Topic 848 January 2021, 2021 01 , Reference Rate Reform (Topic 848 2020 04 . March 31, 2020 December 31, 2022, second 2022. May 18, 2021, not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations and Held-for-sale | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2. As discussed in Note 1, fourth 2021, no twelve This approval, in combination with previously existing facts and circumstances, resulted in the Company concluding that the assets and liabilities of WMS met the criteria for classification as held-for-sale. The Company concluded the planned disposal activities represented a strategic shift that will have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with ASC Topic 205 20, Presentation of financial statements - Discontinued operations December 31, 2021, 360, Property, Plant, and Equipment On February 2, 2022, 1000097155 first 2022. twelve The following table presents summarized balance sheet information of assets and liabilities held-for-sale (in thousands): December 31, 2021 2020 Cash and cash equivalents $ 16,496 $ 10,844 Receivables, net 102,208 103,254 Contract assets 41,340 32,842 Inventories 19,625 19,891 Other current assets 1,781 4,432 Property and equipment, net 70,912 105,867 Investments in affiliates 48,675 47,650 Goodwill 63,063 63,062 Right of use assets 12,365 9,269 Other noncurrent assets 16,176 26,256 Total assets classified as held-for-sale $ 392,641 $ 423,367 Accounts payable $ 37,997 $ 37,813 Contract liabilities 7,129 8,396 Other current liabilities 27,764 22,750 Deferred income taxes, net — 1,133 Long-term lease liabilities 8,352 6,953 Other long-term liabilities 2,166 2,264 Total liabilities classified as held-for-sale $ 83,408 $ 79,309 The following table represents summarized statements of operations information of discontinued operations (in thousands): Years Ended December 31, 2021 2020 2019 Revenue $ 491,812 $ 433,580 $ 530,729 Cost of revenue 434,723 393,445 498,836 Selling, general and administrative expenses 59,932 63,405 69,834 Non-cash impairment charges (1) — 156,690 — Other costs 6,196 125 8,564 Gain on sales of property and equipment, net (2) (32,658 ) (2,005 ) (5,330 ) Other (income) expense, net (8,004 ) (3,472 ) (4,321 ) Provision for (benefit from) income taxes 20,950 (10,209 ) (8,088 ) Net income (loss) from discontinued operations $ 10,673 $ (164,399 ) $ (28,766 ) ( 1 2020 , two first , 19 three March 31, 2020 no second three September 30, 2020. three September 30, 2020. December 31, 2020 ( 2 2021, two The significant components included in the consolidated statement of cash flows for the discontinued operations are as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Depreciation, depletion and amortization $ 39,556 $ 48,010 $ 55,865 Non-cash impairment charges (1) $ — $ 156,690 $ — Purchases of property and equipment $ (11,982 ) $ (16,657 ) $ (13,451 ) Proceeds from sales of property and equipment $ 49,266 $ 7,610 $ 11,522 ( 1 2020 1 |
Note 3 - Revisions in Estimates
Note 3 - Revisions in Estimates | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revisions in Estimates [Text Block] | 3. Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. Changes in estimates of transaction price and costs to complete may may may When we experience significant revisions in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no no not In our review of these changes for the years ended December 31, 2021 2020, not 2019 10 not December 31, 2019. The net changes in project profitability from revisions in estimates, both increases and decreases, which individually had an impact of $5.0 million or more on gross profit were net decreases of $70.6 million, $143.5 million and $199.1 million for the years ended December 31, 2021, 2020 2019, Increases Years Ended December 31, 2021 2020 2019 Number of projects with upward estimate changes 2 — — Range of increase in gross profit from each project, net $ 6.2 - 9.2 $ — $ — Increase to project profitability $ 15.4 $ — $ — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated from continuing operations $ 11.4 $ — $ — Increase to net income/decrease to net loss per diluted share attributable to common shareholders from continuing operations $ 0.25 $ — $ — The increases during the year ended December 31, 2021 no Decreases Years Ended December 31, 2021 2020 2019 Number of projects with downward estimate changes 6 7 10 Range of reduction in gross profit from each project, net $ 5.3 - 34.6 $ 6.7 - 49.9 $ 5.5 - 52.6 Decrease to project profitability $ 86.0 $ 143.4 $ 199.1 Decrease to net income/increase to net loss from continuing operations $ 69.1 $ 114.7 $ 150.3 Amounts attributable to non-controlling interests $ 20.5 $ 31.9 $ 9.8 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations $ 48.6 $ 82.9 $ 140.5 Decrease to net income/increase to net loss per diluted share attributable to common shareholders from continuing operations (1) $ 1.06 $ 1.79 $ 3.02 ( 1 The decreases during the year ended December 31, 2021 December 31, 2020 December 31, 2019 |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Disaggregation Of Revenue [Text Block] | 4. We disaggregate our revenue based on our reportable segments and operating groups as it is the format that is regularly reviewed by management. Our reportable segments are: Construction and Materials. In alphabetical order, our operating groups from continuing operations are: California, Central and Mountain. The following tables present our disaggregated revenue (in thousands): 2021 Construction Materials Total California $ 822,448 $ 242,552 $ 1,065,000 Central 1,058,448 33,270 1,091,718 Mountain 721,410 131,925 853,335 Total $ 2,602,306 $ 407,747 $ 3,010,053 2020 Construction Materials Total California $ 928,193 $ 222,021 $ 1,150,214 Central 1,145,725 25,181 1,170,906 Mountain 690,176 117,583 807,759 Total $ 2,764,094 $ 364,785 $ 3,128,879 2019 Construction Materials Total California $ 787,259 $ 198,465 $ 985,724 Central 1,056,385 23,830 1,080,215 Mountain 732,147 116,791 848,938 Total $ 2,575,791 $ 339,086 $ 2,914,877 |
Note 5 - Unearned Revenue
Note 5 - Unearned Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Unearned Revenue From Unsatisfied Performance Obligations [Text Block] | 5. The following table presents our unearned revenue from continuing operations as of the respective periods (in thousands): December 31, 2021 2020 California $ 771,759 $ 816,082 Central 1,334,901 1,482,158 Mountain 488,425 512,587 Total $ 2,595,085 $ 2,810,827 |
Note 6 - Contract Assets and Li
Note 6 - Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. During the years ended December 31, 2021 2020 2019 December 31, 2020 2019 2018, As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods we recognized revenue of $153.9 million, $176.1 million and $152.1 million during the years ended December 31, 2021 2020 2019 As of December 31, 2021 2020 The components of the contract asset balances as of the respective dates were as follows (in thousands): December 31, 2021 2020 Costs in excess of billings and estimated earnings $ 14,158 $ 26,199 Contract retention 131,279 105,898 Total contract assets $ 145,437 $ 132,097 The following tables summarize changes in the contract asset balance for the periods presented (in thousands): Balance at December 31, 2020 $ 132,097 Change in the measure of progress on projects, net 547,450 Revisions in estimates, net (36,899 ) Billings (461,294 ) Receipts related to contract retention (35,917 ) Balance at December 31, 2021 $ 145,437 Balance at December 31, 2019 $ 163,578 Change in the measure of progress on projects, net 656,460 Revisions in estimates, net (41,136 ) Billings (606,982 ) Receipts related to contract retention (39,823 ) Balance at December 31, 2020 $ 132,097 The components of the contract liability balances as of the respective dates were as follows (in thousands): December 31, 2021 2020 Billings in excess of costs and estimated earnings, net of retention $ 169,542 $ 135,788 Provisions for losses 30,499 27,137 Total contract liabilities $ 200,041 $ 162,925 The following table summarizes changes in the contract liability balance for the periods presented (in thousands): Balance at December 31, 2020 $ 162,925 Change in the measure of progress on projects, net (1,770,667 ) Revisions in estimates, net 13,975 Billings 1,790,446 Change in provision for loss, net 3,362 Balance at December 31, 2021 $ 200,041 Balance at December 31, 2019 $ 85,293 Change in the measure of progress on projects, net (1,748,830 ) Revisions in estimates, net (3,856 ) Billings 1,807,911 Change in provision for loss, net 22,407 Balance at December 31, 2020 $ 162,925 |
Note 7 - Receivables, Net
Note 7 - Receivables, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 7. Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not December 31, 2021 2020 Contracts completed and in progress: Billed $ 236,053 $ 220,621 Unbilled 126,371 120,144 Total contracts completed and in progress 362,424 340,765 Material sales 43,746 47,067 Other 59,496 51,382 Total gross receivables 465,666 439,214 Less: allowance for credit losses 1,078 1,656 Total net receivables $ 464,588 $ 437,558 Included in other receivables at December 31, 2021 2020 December 31, 2021 one No GRANITE CONSTRUCTION INCORPORATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. The following tables summarize significant assets and liabilities measured at fair value in the consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 65,233 $ — $ — $ 65,233 Total assets $ 65,233 $ — $ — $ 65,233 Accrued and other current liabilities Interest rate swap $ — $ 3,514 $ — $ 3,514 Total liabilities $ — $ 3,514 $ — $ 3,514 December 31, 2020 Cash equivalents Money market funds $ 70,483 $ — $ — $ 70,483 Total assets $ 70,483 $ — $ — $ 70,483 Accrued and other current liabilities Interest rate swap $ — $ 7,606 $ — $ 7,606 Total liabilities $ — $ 7,606 $ — $ 7,606 Interest Rate Swaps In connection with the Third Amended and Restated Credit Agreement (as discussed further in Note 14 two May 2018 May 2023 . three March 31, 2021. three June 30, 2021, no May 2023. December 31, 2021 . Commodity Swaps In December 2021, two April 2022 October 2022 December 31, 2021 Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not December 31, 2021 2020 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 15,600 $ 15,459 $ 5,200 $ 5,200 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 207,354 $ 313,785 $ 200,303 $ 248,400 Credit Agreement - term loan (2) Level 3 $ 123,750 $ 124,598 $ 131,250 $ 133,030 ( 1 December 31, 2021 2020 ( 2 2.75% December 31, 2021 2020. 14 2.75% ( 3 December 31, 2021 2020 2.75% 14 The carrying value of marketable securities approximates their fair value as determined by market quotes. Rates currently available to us for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. The carrying value of receivables and other amounts arising out of normal contract activities, including retentions, which may one At least annually, we measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. As of December 31, 2021 2020 3 2 Asset retirement and reclamation obligations were initially measured using internal discounted cash flow calculations based upon our estimates of future retirement costs. To determine the fair value of the obligation, we estimate the cost for a third Note 11 We estimate our liability for performance guarantees for our unconsolidated construction joint ventures and line item joint ventures using estimated partner bond rates, which are Level 2 13 1 During the years ended December 31, 2021 2020, no |
Note 9 - Construction Joint Ven
Note 9 - Construction Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Construction Joint Ventures [Text Block] | 9. We participate in various construction joint ventures. As discussed in Note 1, December 31, 2021 2020 2019 no Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At December 31, 2021 not may 13 1 Consolidated Construction Joint Ventures At December 31, 2021 December 31, 2021, December 31, 2021 2020 2019 December 31, 2021 2020 2019 Unconsolidated Construction Joint Ventures As discussed in Note 1, not As of December 31, 2021 December 31, 2021 The following is summary financial information related to unconsolidated construction joint ventures (in thousands): December 31, 2021 2020 Assets Cash, cash equivalents and marketable securities $ 182,891 $ 181,889 Other current assets (1) 661,342 767,803 Noncurrent assets 103,579 164,022 Less partners’ interest 633,634 751,125 Granite’s interest (1),(2) $ 314,178 $ 362,589 Liabilities Current liabilities $ 307,674 $ 482,562 Less partners’ interest and adjustments (3) 154,771 226,308 Granite’s interest $ 152,903 $ 256,254 Equity in construction joint ventures (4) $ 161,275 $ 106,335 ( 1 ncluded in this balance and in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2021 2020 13 ( 2 Included in this balance as of December 31, 2021 2020 of December 31, 2021 and 2020 , respectively. ( 3 ( 4 $28.6 milli on December 31, 2021 2020 Years Ended December 31, 2021 2020 2019 Revenue Total $ 820,586 $ 918,716 $ 1,471,157 Less partners’ interest and adjustments (1) 526,522 559,480 1,049,797 Granite’s interest $ 294,064 $ 359,236 $ 421,360 Cost of revenue Total $ 835,899 $ 1,193,358 $ 1,900,524 Less partners’ interest and adjustments (1) 540,854 782,683 1,357,852 Granite’s interest $ 295,045 $ 410,675 $ 542,672 Granite’s interest in gross loss $ (981 ) $ (51,439 ) $ (121,312 ) Net Loss Total $ (15,533 ) $ (274,410 ) $ (422,457 ) Less partners’ interest and adjustments (1) (14,765 ) (222,924 ) (301,846 ) Granite’s interest in net loss $ (768 ) $ (51,486 ) $ (120,611 ) ( 1 During each of the years ended December 31, 2021 2020 one December 31, 2019 three Line Item Joint Ventures As of December 31, 2021 three December 31, 2021 December 31, 2021 2020 2019 |
Note 10 - Investments in Affili
Note 10 - Investments in Affiliates | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 10. Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in real estate entities and an asphalt terminal entity. The real estate entities were formed to accomplish specific real estate development projects in which our wholly-owned subsidiary, Granite Land Company, participates with third We have determined that the real estate entities are not not not not not Our investments in affiliates balance consists of equity method investments in the following types of entities (in thousands): December 31, 2021 2020 Real estate $ 9,619 $ 12,777 Asphalt terminal 13,749 14,860 Total investments in affiliates $ 23,368 $ 27,637 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis (in thousands): December 31, 2021 2020 Current assets $ 34,374 $ 28,367 Noncurrent assets 78,829 72,005 Total assets $ 113,203 $ 100,372 Current liabilities $ 23,685 $ 12,517 Long-term liabilities (1) 48,104 35,786 Total liabilities $ 71,789 $ 48,303 Net assets $ 41,414 $ 52,069 Granite’s share of net assets $ 23,368 $ 27,637 ( 1 Of the $113.2 million in total assets as of December 31, 2021 December 31, 2021 2020, December 31, 2021 The following table provides summarized statements of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands): Years Ended December 31, 2021 2020 2019 Revenue $ 57,838 $ 49,707 $ 70,439 Gross profit $ 16,944 $ 21,563 $ 23,418 Income before taxes $ 11,584 $ 15,653 $ 20,761 Net income $ 11,584 $ 15,653 $ 20,761 Granite’s interest in affiliates’ net income $ 3,465 $ 5,191 $ 6,991 |
Note 11 - Property and Equipmen
Note 11 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 11. Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the consolidated balance sheets as follows (in thousands): December 31, 2021 2020 Equipment and vehicles $ 870,672 $ 812,388 Quarry property 191,982 206,073 Land and land improvements 108,518 117,714 Buildings and leasehold improvements 96,180 94,754 Office furniture and equipment 75,043 69,828 Property and equipment 1,342,395 1,300,757 Less: accumulated depreciation and depletion 908,891 879,608 Property and equipment, net $ 433,504 $ 421,149 Depreciation and depletion expense from continuing operations primarily included in cost of revenue in our consolidated statements of operations was $67.1 million, $62.7 million and $63.7 million for the years ended December 31, 2021 2020 2019 In December 2021, As discussed in Note 1, December 31, 2021 2020 December 31, 2021 2027 The following is a reconciliation of these asset retirement obligations (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 23,853 $ 21,750 Revisions to estimates 1,596 2,484 Liabilities settled (1,708 ) (1,521 ) Accretion 1,209 1,140 Ending balance $ 24,950 $ 23,853 |
Note 12 - Intangible Assets
Note 12 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 12. Indefinite-lived Intangible Assets Indefinite-lived intangible assets primarily consist of goodwill. The following table presents the goodwill balance by reportable segment (in thousands): December 31, 2021 2020 Construction $ 51,769 $ 51,769 Materials 1,946 1,946 Total goodwill $ 53,715 $ 53,715 Amortized Intangible Assets As of December 31, 2021 2020, The net amortization expense for continuing operations related to amortized intangible assets for each of the years ended December 31, 2021 2020 2019 December 31, 2021 2022 2026 |
Note 13 - Accrued Expenses and
Note 13 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 13. : December 31, 2021 2020 Accrued insurance $ 76,999 $ 65,404 Deficits in unconsolidated construction joint ventures (see Note 9) 28,636 82,463 Payroll and related employee benefits 87,460 100,035 Performance guarantees (see Note 1) 82,112 82,280 Accrued legal settlement (see Note 20) 129,000 — Other 48,622 51,565 Total $ 452,829 $ 381,747 Other includes short-term lease liability, dividends payable, warranty reserves, asset retirement obligations, remediation reserves and other miscellaneous accruals, none 5% |
Note 14 - Long-term Debt
Note 14 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14. December 31, 2021 2020 2.75% Convertible Notes $ 207,354 $ 200,303 Credit Agreement - term loan 123,750 131,250 Debt issuance costs and other 8,814 7,247 Total debt 339,918 338,800 Less current maturities 8,727 8,278 Total long-term debt $ 331,191 $ 330,522 The aggregate minimum principal maturities of long-term debt related to balances at December 31, 2021 2022 2023 2024 2025 2026 Credit Agreement Granite entered into the Third Amended and Restated Credit Agreement dated May 31, 2018 May 31, 2023 ( In 2019, two 2.75% In 2020, three four 2020; 10 March 31, 2021. On February 19, 2021, No. 6 may We refer to the Third Amended and Restated Credit Agreement dated May 31, 2018 The Credit Agreement consists of a term loan and a revolving credit facility. 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 both December 31, 2021 and 2020 , $7.5 million of the term loan balance was included in current maturities of long-term debt on the consolidated balance sheets and the remaining $116.3 million and $123.8 million, respectively, was included in long-term debt. As of December 31, 2021 $ March 2022 December 2025. December 31, 2020, none December 31, 2020. Borrowings under the Credit Agreement bear interest at LIBOR, subject to a 0.75% floor 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. LIBOR varies based on the applicable loan term, market conditions and other external factors. The applicable margin was 1.75% for loans bearing interest based on LIBOR and 0.75% for loans bearing interest at the base rate at December 31, 2021 December 31, 2021 three three 2022 2023. Convertible Notes 2.75% In November 2019, “2.75% May 1 November 1 May 1, 2020 November 1, 2024, 2.75% May 1, 2024 2.75% October 30, 2024. 2024. The initial conversion rate applicable to the 2.75% $1,000 2.75% 2.75% 2.75% On or after November 7, 2022, 2.75% may 2.75% not may 2.75% The cash received from the issuance of the 2.75% not third 2.75% December 31, 2021 2020, December 31, 2021 2020, not The debt discount has been recorded to interest expense using an effective interest rate of 6.62% over the expected life of the 2.75% 2.75% December 31, 2021 2020, 2.75% On October 29, 2019, 2.75% Real Estate Indebtedness Our unconsolidated investments in real estate entities are subject to mortgage indebtedness. This indebtedness is non-recourse to Granite, but is recourse to the real estate entity. The terms of this indebtedness are typically renegotiated to reflect the evolving nature of the real estate project as it progresses through acquisition, entitlement and development. Modification of these terms may 10. Covenants and Events of Default Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with these covenants would constitute an event of default under the Credit Agreement. Additionally, our failure to pay principal, interest or other amounts when due or within the relevant grace period on our 2.75% 2.75% no 2.75% The most significant financial covenants under the terms of our Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of December 31, 2021 not December 31, 2021 Credit Agreement not |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15. Our continuing operations have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of December 31, 2021 December 31, 2021 2020, December 31, 2021 no not December 31, 2021 2020 2019 As of December 31, 2021 2020 As of December 31, 2021 one not The following table summarizes the maturities of our undiscounted lease liabilities outstanding as of December 31, 2021 2022 $ 20,556 2023 15,395 2024 8,049 2025 2,949 2026 1,982 2027 through 2035 7,874 Total future minimum lease payments $ 56,805 Less imputed interest (4,849 ) Total $ 51,956 Royalties Excluded from the table above are minimum royalty requirements under all contracts, primarily quarry property, in effect at December 31, 2021 2022 2023 2024 2025 2026 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 16. Profit Sharing and 401 401 “401 401 401 401 401 December 31, 2021 2020 2019 may 401 December 31, 2021 2020 2019 Non-Qualified Deferred Compensation Plan October 2008, December 31, 2021 December 31, 2021 2020 December 31, 2021 57 December 31, 2021 2020 $5.3 December 31, 2021 2020, Multi-employer Pension Plans December 31, 2021 three • Assets contributed to the multi-employer plan by one may • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may • If we chose to stop participating in some of the multi-employer plans, we may The following table presents our participation in these plans (dollars in thousands): Pension Protection Act (“PPA”) Certified Zone Status (1) Contributions Pension Trust Fund Pension Plan Employer Identification Number 2020 2019 FIP / RP Status Pending / Implemented (2) 2021 2020 2019 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (3) Operating Engineers Pension Trust Fund 95 6032478 Yellow Yellow Yes $ 5,266 $ 5,239 $ 4,508 No 6/30/2022 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91 6028571 Green Green No 336 263 5,479 No 5/31/2022 3/31/2023 5/31/2024 Pension Trust Fund for Operating Engineers Pension Plan 94 6090764 Yellow Yellow Yes 10,095 10,001 10,569 No 6/30/2022 3/31/2023 6/30/2023 9/30/2023 2/28/2024 6/30/2024 10/31/2024 3/31/2025 All other funds (54 as of December 31, 2021) 23,400 22,264 23,660 Total contributions: $ 39,097 $ 37,767 $ 44,216 ( 1 2021 2020 2020 2019 six ( 2 ( 3 Based upon the most recently available annual reports, the Company’s contribution to each of the individually significant plans listed in the table above was less than 5% no not |
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 17. Stock-based Compensation: June 2, 2021, 2021 “2021 2012 “2012 no may 2012 2021 of 2,915,665 shares of our 2021 ich 2,321,541 remained av December 31, 2021 December 31, 2021 2020 2019 not December 31, 2021 no Restricted Stock Units: RSU stock compensation cost is recognized ratably over the shorter of the vesting period (generally ranging from immediate vesting to three first 62 not may not A summary of the changes in our RSUs during the years ended December 31, 2021 2020 2019 Years Ended December 31, 2021 2020 2019 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 601 $ 24.96 387 $ 43.99 443 $ 47.65 Granted 254 40.34 462 12.89 241 43.12 Vested (235 ) 28.77 (190 ) 34.36 (263 ) 48.63 Forfeited (67 ) 22.50 (58 ) 24.76 (34 ) 50.65 Outstanding, ending balance 553 $ 30.09 601 $ 24.96 387 $ 43.99 Compensation cost related to continuing operations RSUs was $6.1 million ($4.5 million net of statutory tax rate), $5.9 million ($4.4 million net of statutory tax rate), and $9.4 million ($7.0 million net of statutory tax rate) for the years ended December 31, 2021 2020 2019 December 31, 2021 2020 2019 December 31, 2021 401 December 31, 2021 401 401 401 Share Purchase Program: April 29, 2016, April 7, 2016, “2016 2016 not December 31, 2021 2016 February 3, 2022, February 1, 2022, “2022 2022 2016 no 2016 |
Note 18 - Weighted Average Shar
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share (in thousands except per share amounts): Years Ended December 31, 2021 2020 2019 Numerator (basic and diluted) Net income (loss) from continuing operations allocated to common shareholders $ (577 ) $ 19,282 $ (31,425 ) Net income (loss) from discontinued operations 10,673 (164,399 ) (28,766 ) Net income (loss) allocated to common shareholders $ 10,096 $ (145,117 ) $ (60,191 ) Denominator Weighted average common shares outstanding, basic 45,788 45,614 46,559 Dilutive effect of RSUs and convertible notes (1)(2) — 589 — Weighted average common shares outstanding, diluted 45,788 46,203 46,559 Basic: Net income (loss) from continuing operations per share $ (0.01 ) $ 0.42 $ (0.67 ) Net income (loss) from discontinued operations per share 0.23 (3.60 ) (0.62 ) Net income (loss) per share $ 0.22 $ (3.18 ) $ (1.29 ) Diluted: Net income (loss) from continuing operations per share $ (0.01 ) $ 0.42 $ (0.67 ) Net income (loss) from discontinued operations per share 0.23 (3.56 ) (0.62 ) Net income (loss) per share $ 0.22 $ (3.14 ) $ (1.29 ) ( 1 Due to the net losses from continuing operations for the years ended December 31, 2021 2019, ( 2 December 31, 2021 December 31, 2020 2019 2.75% not (See Note 14 |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 19. The following is a summary of the income (loss) from continuing operations before provision for (benefit from) income taxes (in thousands): Years Ended December 31, 2021 2020 2019 Domestic $ (17,914 ) $ (292 ) $ (47,867 ) Foreign 8,418 8,437 7,643 Total income (loss) from continuing operations before provision for (benefit from) income taxes $ (9,496 ) $ 8,145 $ (40,224 ) The following is a summary of the provision for (benefit from) income taxes on continuing operations (in thousands): Years Ended December 31, 2021 2020 2019 Federal: Current $ 434 $ (9,151 ) $ 116 Deferred (1,637 ) 15,644 (12,085 ) Total federal (1,203 ) 6,493 (11,969 ) State: Current (947 ) (1,109 ) 719 Deferred (569 ) 3,938 (2,250 ) Total state (1,516 ) 2,829 (1,531 ) Foreign: Current 1,322 229 361 Deferred 160 376 851 Total foreign 1,482 605 1,212 Total provision for (benefit from) income taxes on continuing operations $ (1,237 ) $ 9,927 $ (12,288 ) The following is a reconciliation of our provision for (benefit from) income taxes on continuing operations based on the Federal statutory tax rate to our effective tax rate (dollars in thousands): Years Ended December 31, 2021 2020 2019 Federal statutory tax $ (1,994 ) 21.0 % $ 1,681 21.0 % $ (8,366 ) 21.0 % State taxes, net of federal tax benefit (1,412 ) 14.9 3,056 38.2 (1,328 ) 3.3 Foreign taxes 966 (10.2 ) 915 11.4 1,395 (3.5 ) Percentage depletion deduction (1,015 ) 10.7 (1,096 ) (13.7 ) (932 ) 2.3 Non-controlling interests 1,613 (17.0 ) 4,423 55.3 (733 ) 1.8 Nondeductible expenses 1,300 (13.7 ) 584 7.3 1,462 (3.7 ) Company-owned life insurance (731 ) 7.7 (591 ) (7.4 ) (870 ) 2.2 Stock-based compensation (660 ) 6.9 502 6.3 — — Changes in uncertain tax positions — — (1,662 ) (20.8 ) (923 ) 2.3 Valuation allowance — — 3,550 44.4 — — Purchase price accounting — — — — (1,308 ) 3.3 Provision to return adjustments 702 (7.4 ) (1,456 ) (18.2 ) (640 ) 1.6 Other (6 ) 0.1 21 (1.9 ) (45 ) (0.1 ) Total $ (1,237 ) 13.0 % $ 9,927 121.9 % $ (12,288 ) 30.5 % Provision for (benefit from) income taxes of $21.0 million, ($10.2) million and ($8.1) million were allocated to discontinued operations for the years ended December 31, 2021, 2020 2019, December 31, 2021, 2020 2019, 2021 2021 2020 2020. The following is a summary of the deferred tax assets and liabilities (in thousands): December 31, 2021 2020 Long-term deferred tax assets: Receivables $ 3,173 $ 3,044 Insurance 14,334 12,654 Deferred compensation 11,133 11,187 Accrued compensation 3,792 9,721 Other accrued liabilities 1,088 1,283 Contract income recognition 11,453 15,638 Lease liabilities 16,351 16,342 Net operating loss carryforwards 59,760 52,181 Valuation allowance (26,533 ) (29,547 ) Other 8,440 10,531 Total long-term deferred tax assets 102,991 103,034 Long-term deferred tax liabilities: Property and equipment 64,915 46,153 Right of use assets 15,791 15,792 Total long-term deferred tax liabilities 80,706 61,945 Net long-term deferred tax assets $ 22,285 $ 41,089 The following is a summary of the net operating loss carryforwards at December 31, 2021 Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards 2032 2035 $ 65,395 $ 13,733 Federal net operating loss carryforwards N/A 110,139 23,129 State net operating loss carryforwards 2022 2041 230,164 11,708 Foreign tax loss carryforwards 2022 2041 41,992 11,190 Total net operating loss carryforwards at December 31, 2021 $ 59,760 The federal, state and foreign net operating loss carryforwards above included unrecognized tax benefits taken in prior years and the net operating loss carryforward deferred tax asset is presented net of these unrecognized tax benefits in accordance with ASC Topic 740, Income Taxes 382 may may not no not not The following is a summary of the change in valuation allowance (in thousands): December 31, 2021 2020 Beginning balance $ 29,547 $ 25,271 Additions (deductions), net (3,014 ) 4,276 Ending balance $ 26,533 $ 29,547 The deduction to the valuation allowance is mainly due to the revaluation of our net deferred tax assets related to various state and local jurisdictions which is partially offset by additions to the valuation allowance that are insignificant for the year ended December 31, 2021. Uncertain tax positions: not no 2013. December 31, 2021, no 2012. We file income tax returns in foreign jurisdictions where we operate. The returns are subject to examination which may no 2014. We had approximately $22.7 million of total gross unrecognized tax benefits as of both December 31, 2021 2020. December 31, 2021 2020. 2022, 2022. The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities and accrued expenses and other current liabilities in the consolidated balance sheets: December 31, 2021 2020 2019 Beginning balance $ 22,728 $ 24,406 $ 19,348 Gross increases - acquisitions — — 5,812 Gross increases – current period tax positions — — — Gross decreases – current period tax positions — — — Gross increases – prior period tax positions — 22 169 Gross decreases – prior period tax positions — — (7 ) Settlements with taxing authorities/lapse of statute of limitations (4 ) (1,700 ) (916 ) Ending balance $ 22,724 $ 22,728 $ 24,406 We record interest on uncertain tax positions in interest expense and penalties in other income, net in our consolidated statements of operations. During the years ended December 31, 2021, 2020 2019, Approximately $6.1 million and $5.8 million of accrued interest and penalties related to our uncertain tax position liability was included in other long-term liabilities and accrued expenses and other current liabilities in our consolidated balance sheets at December 31, 2021 2020, |
Note 20 - Contingencies - Legal
Note 20 - Contingencies - Legal Proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 20. Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not not not not The total liabilities recorded as of December 31, 2021 December 31, 2020, Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1. Some of the matters in which we or our joint ventures and affiliates are involved may not may Securities Litigation and Derivative Lawsuits On August 13, 2019, February 20, 2020 April 30, 2018 October 24, 2019, 10 20 1934 10b 5 Police Retirement System of St. Louis v. Granite Construction Incorporated, et. al May 20, 2020, January 21, 2021, On October 23, 2019, Nasseri v. Granite Construction Incorporated, et. al. June 2018 1933 August 10, 2020, September 16, 2020, April 9, 2021, May 14, 2021, March 25, 2022 Police Retirement System of St. Louis v. Granite Construction Incorporated, et al On April 29, 2021, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al Nasseri v. Granite Construction Incorporated, et al Under the Settlement Agreement, the Company agreed to pay or cause to be paid a total of $129.0 million in cash to a settlement fund that will be used to pay all settlement fees and expenses, attorneys’ fees and expenses, and cash payments to members of the settlement class. The settlement class has agreed to release us, the other defendants named in the lawsuits and certain of their respective related parties from any and all claims, rights, causes of action, liabilities, actions, suits, damages or demands of any kind whatsoever, that relate in any way to the purchase, acquisition, holding, sale or disposition of our common stock during the period between February 17, 2017 October 24, 2019 Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. 1933, 1934, Nasseri v. Granite Construction Incorporated, et al no On April 30, 2021, Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. Nasseri v. Granite Construction Incorporated, et al. October 6, 2021, October 2021. February 24, 2022 no As a result of entering into the Settlement Agreement, we recorded a pre-tax charge of approximately $66 million in the quarter ended March 31, 2021. On May 6, 2020, English v. Roberts, et al. 1934 April 30, 2018 October 24, 2019. On May 12, 2021, Davydov v. Roberts, et al. April 30, 2018 October 24, 2019. July 16, 2021, We are in the preliminary stages of the litigation and, as a result, we cannot predict the outcome or consequences of these cases. As of December 31, 2021, not not not Other Matters In connection with our prior disclosure of the Audit/Compliance Committee’s independent investigation of prior-period reporting for the former Heavy Civil operating group and the extent to which those matters affected the effectiveness of the Company’s internal control over financial reporting (the “Investigation”), we voluntarily contacted the San Francisco office of the SEC Division of Enforcement regarding the Investigation. The SEC has issued subpoenas for documents in connection with the accounting issues identified in the Investigation. We have produced documents to the SEC and will continue to cooperate with the SEC in its investigation. Our wholly-owned subsidiary, Layne, was a subcontractor on the foundation for the Salesforce Tower office building in San Francisco in 2013 2014. March 2014 2015. may 2014, July 20, 2021, not On February 3, 2022, Steadfast Insurance Company ( Steadfast ), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture ( CHDJV ) v. Layne Christensen Company ( Layne ) February 4, 2022, not |
Note 21 - Reportable Segment In
Note 21 - Reportable Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 21. As discussed in Note 1, The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar and other power-related projects. The Materials segment focuses on production of aggregates and asphalt production for internal use and for sale to third The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1 not Summarized segment information for our continuing operations is as follows (in thousands): Years Ended December 31, Construction Materials Total 2021 Total revenue from reportable segments $ 2,602,306 $ 552,548 $ 3,154,854 Elimination of intersegment revenue — (144,801 ) (144,801 ) Revenue from external customers $ 2,602,306 $ 407,747 $ 3,010,053 Gross profit $ 248,350 $ 57,206 $ 305,556 Depreciation, depletion and amortization $ 32,691 $ 24,905 $ 57,596 Segment assets $ 358,561 $ 333,089 $ 691,650 2020 Total revenue from reportable segments $ 2,764,094 $ 513,546 $ 3,277,640 Elimination of intersegment revenue — (148,761 ) (148,761 ) Revenue from external customers $ 2,764,094 $ 364,785 $ 3,128,879 Gross profit $ 241,444 $ 63,209 $ 304,653 Depreciation, depletion and amortization $ 33,155 $ 21,198 $ 54,353 Segment assets $ 371,479 $ 316,164 $ 687,643 2019 Total revenue from reportable segments $ 2,575,791 $ 490,098 $ 3,065,889 Elimination of intersegment revenue — (151,012 ) (151,012 ) Revenue from external customers $ 2,575,791 $ 339,086 $ 2,914,877 Gross profit $ 146,472 $ 43,313 $ 189,785 Depreciation, depletion and amortization $ 32,857 $ 22,292 $ 55,149 A reconciliation of segment gross profit from continuing operations to consolidated income (loss) from continuing operations before provision for (benefit from) income taxes is as follows (in thousands): Years Ended December 31, 2021 2020 2019 Total gross profit from continuing operations $ 305,556 $ 304,653 $ 189,785 Selling, general and administrative expenses 243,083 252,879 238,147 Other costs (see Note 1) 95,155 36,964 6,735 Gain on sales of property and equipment (see Note 11) (33,781 ) (4,925 ) (13,373 ) Total other expense (income), net 10,595 11,590 (1,500 ) Income (loss) from continuing operations before provision for (benefit from) income taxes $ (9,496 ) $ 8,145 $ (40,224 ) A reconciliation of segment assets to consolidated total assets is as follows (in thousands): December 31, 2021 2020 Total assets for reportable segments $ 691,650 $ 687,643 Assets not allocated to segments: Cash and cash equivalents 395,647 425,292 Receivables, net 464,588 437,558 Other current assets, excluding segment assets 323,051 170,006 Current assets held-for-sale 392,641 171,263 Property and equipment, net, excluding segment assets 56,658 48,941 Long-term marketable securities 15,600 5,200 Investments in affiliates 23,368 27,637 Right of use assets 49,312 52,987 Deferred income taxes, net 24,141 43,111 Other noncurrent assets, excluding segment assets 58,271 58,254 Noncurrent assets held for sale — 252,104 Consolidated total assets $ 2,494,927 $ 2,379,996 |
Note 22
Note 22 | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | December 31, 2021 2020. 2 . may not QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2021 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 683,196 $ 925,854 $ 834,671 $ 566,332 Gross profit $ 51,652 $ 101,960 $ 98,232 $ 53,712 As a percent of revenue 7.6 % 11.0 % 11.8 % 9.5 % Net income (loss) from continuing operations $ (406 ) $ 28,403 $ 26,145 $ (62,401 ) Net income (loss) from discontinued operations $ (20,027 ) $ 4,020 $ 29,602 $ (2,922 ) Net income (loss) $ (20,433 ) $ 32,423 $ 55,747 $ (65,323 ) Net income (loss) attributable to Granite from continuing operations $ 6,814 $ 31,023 $ 24,859 $ (63,273 ) Net income (loss) attributable to Granite $ (13,213 ) $ 35,043 $ 54,461 $ (66,195 ) Per share data: Basic Continuing operations $ 0.15 $ 0.68 $ 0.54 $ (1.38 ) Discontinued operations (0.44 ) 0.08 0.65 (0.07 ) Net income (loss) per share $ (0.29 ) $ 0.76 $ 1.19 $ (1.45 ) Diluted Continuing operations $ 0.14 $ 0.65 $ 0.52 $ (1.38 ) Discontinued operations (0.42 ) 0.08 0.62 (0.07 ) Net income (loss) per share $ (0.28 ) $ 0.73 $ 1.14 $ (1.45 ) 2020 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 830,390 $ 955,761 $ 811,866 $ 530,862 Gross profit $ 93,319 $ 113,015 $ 81,048 $ 17,271 As a percent of revenue 11.2 % 11.8 % 10.0 % 3.3 % Net income (loss) from continuing operations $ 2,513 $ 32,665 $ 3,645 $ (40,605 ) Net income (loss) from discontinued operations $ 3,174 $ (131,022 ) $ (4,618 ) $ (31,933 ) Net income (loss) $ 5,687 $ (98,357 ) $ (973 ) $ (72,538 ) Net income (loss) attributable to Granite from continuing operations $ 4,836 $ 39,860 $ 8,023 $ (33,437 ) Net income (loss) attributable to Granite $ 8,010 $ (91,162 ) $ 3,405 $ (65,370 ) Per share data: Basic Continuing operations $ 0.11 $ 0.87 $ 0.18 $ (0.73 ) Discontinued operations 0.07 (2.87 ) (0.11 ) (0.71 ) Net income (loss) per share $ 0.18 $ (2.00 ) $ 0.07 $ (1.44 ) Diluted Continuing operations $ 0.10 $ 0.86 $ 0.17 $ (0.73 ) Discontinued operations 0.07 (2.83 ) (0.10 ) (0.71 ) Net income (loss) per share $ 0.17 $ (1.97 ) $ 0.07 $ (1.44 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation may 810, Consolidation may not two no no If we have determined we are not one 323, Investments - Equity Method and Joint Ventures, We also participate in “line item” joint venture agreements under which each partner is responsible for performing certain discrete items of the total scope of contracted work. The revenue for each line item joint venture partners’ discrete items of work is defined in the contract with the project owner and each joint venture partner bears the profitability risk associated only with its own work. There is not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: 606, Revenue from Contracts with Customers, 606” 606 five 1. Identify the contract 2. Identify performance obligations 3. Determine the transaction price 4. Allocate the transaction price 5. Recognize revenue Generally, our contracts contain one may not The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring goods and services to the customer. The contractual consideration from customers of our Construction segment may not one Subsequent to the inception of a contract in our Construction segment, the transaction price could change for various reasons, including executed or unapproved change orders, and unresolved contract modifications and/or affirmative claims. Changes that are accounted for as an adjustment to existing performance obligations are allocated on the same basis at contract inception. Otherwise, changes are accounted for as separate performance obligation(s) and the separate transaction price is allocated as discussed above. Changes are made to the transaction price from unapproved change orders to the extent the amount can be reasonably estimated and recovery is probable. On certain projects we have submitted and have pending unresolved contract modifications and/or affirmative claims (“affirmative claims”) to recover additional costs and the associated profit, if applicable, to which the Company believes it is entitled under the terms of contracts with customers, subcontractors, vendors or others. The owners or their authorized representatives and/or other third may may Changes are made to the transaction price from affirmative claims with customers to the extent that additional revenue on a claim settlement with a customer is probable and estimable. A reduction to costs related to affirmative claims with non-customers with whom we have a contractual arrangement (“back charges”) is recognized when the estimated recovery is probable and estimable. Recognizing affirmative claims and back charge recoveries requires significant judgments of certain factors including, but not Generally, performance obligations related to contracts in our Construction segment are satisfied over time because our performance typically creates or enhances an asset that the customer controls as the asset is created or enhanced. We recognize revenue as performance obligations are satisfied and control of the promised good and/or service is transferred to the customer. Revenue in our Construction segment is ordinarily recognized over time as control is transferred to the customers by measuring the progress toward complete satisfaction of the performance obligation(s) using an input (i.e., “cost to cost”) method. Under the cost to cost method, costs incurred to-date are generally the best depiction of transfer of control. All contract costs, including those associated with affirmative claims, change orders and back charges, are recorded as incurred and revisions to estimated total costs are reflected as soon as the obligation to perform is determined. Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the forecasted revenue and cost to complete each project. Cost estimates for all of our significant projects use a detailed “bottom up” approach. There are a number of factors that can contribute to revisions in estimates of contract cost and profitability. The most significant of these include: • changes in costs of labor and/or materials; • subcontractor costs, availability and/or performance issues; • extended overhead and other costs due to owner, weather and other delays; • changes in productivity expectations; • changes from original design on design-build projects; • our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; • a change in the availability and proximity of equipment and materials; • complexity in original design; • length of time to complete the project; • the availability and skill level of workers in the geographic location of the project; • site conditions that differ from those assumed in the original bid; • costs associated with scope changes; and • the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may All state and federal government contracts and many of our other contracts provide for termination of the contract at the convenience of the party contracting with us, with provisions to pay us for work performed through the date of termination including demobilization cost. Costs to obtain our contracts (“pre-bid costs”) that are not not not |
Unearned Revenue [Policy Text Block] | Unearned Revenue: December 31, 2021 2020 December 31, 2021 twelve may not may not |
Balance Sheet Classification [Policy Text Block] | Balance Sheet Classifications: may one one December 31, 2021 20. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Contract Assets [Policy Text Block] | Contract Assets: twelve one not 606. not |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities |
Derivatives, Policy [Policy Text Block] | Derivative Instruments: 2 not not The derivative transactions related to the 2.75% Convertible Notes (as defined in Note 14 not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Assets and Liabilities: 820, Fair Value Measurements and Disclosures, 820 820 three may Level 1 Level 2 1 not Level 3 no We utilize the active market approach to measure fair value for our financial assets and liabilities. We report separately each class of assets and liabilities measured at fair value on a recurring basis and include assets and liabilities that are disclosed but not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses: |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: one December 31, 2021, 2020 2019, December 31, 2021, 2020 2019 none 10% December 31, 2021 2020 none 10% December 31, 2019 The majority of our receivables are from customers concentrated in the United States. None 10% December 31, 2021 2020 December 31, 2021 2020 not December 31, 2021 2020 No 10% December 31, 2021 6 one not |
Inventory, Policy [Policy Text Block] | Inventories: . one |
Equity Method Investments [Policy Text Block] | Investments in Affiliates 323, Investments - Equity Method and Joint Ventures. not • significant adverse changes in legal factors or the business climate and • current period cash flow or operating losses combined with a history of losses, or a forecast of continuing losses associated with the use of the asset. In addition, events or changes in circumstances specifically related to our real estate entities, include: • significant decreases in the market price of the asset; • accumulation of costs significantly in excess of the amount originally expected for the acquisition, development or construction of the asset; and • significant changes to the development or business plans of a project. Future undiscounted cash flows and fair value assessments for the asphalt terminal entity are estimated based on market conditions and the political climate. Future undiscounted cash flows and fair value assessments for our real estate entities are estimated based on entitlement status, market conditions, cost of construction, debt load, development schedules, status of joint venture partners and other factors applicable to the specific project. Fair value is estimated based on the expected future cash flows attributable to the asset or group of assets and on other assumptions that market participants would use in determining fair value, such as market discount rates, transaction prices for other comparable assets, and other market data. Our estimates of cash flows may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three ten two twenty no 360, Property, Plant, and Equipment, not third Costs related to the development of internal-use software during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage are capitalized. These costs consist primarily of software, hardware and consulting fees, as well as salaries and related costs. Amounts capitalized are reported as a component of office furniture and equipment within property and equipment in the consolidated balance sheets. Capitalized software costs are depreciated using the straight-line method over the estimated useful life of the related software, which ranges from three seven December 31, 2021 2020 2019 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets: may not no |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: five • Central Group Construction • Central Group Materials • Mountain Group Construction • Mountain Group Materials • California Group Construction We determined our discontinued operations have two • WMS Construction • WMS Materials We perform our goodwill impairment tests annually as of November 1 not • a significant adverse change in the business climate; • a significant adverse change in legal factors or an adverse action or assessment by a regulator; • a more likely than not • the testing for recoverability of a significant asset group within the segment. In accordance with U.S. GAAP, we can elect to perform a qualitative assessment to test a reporting unit’s goodwill for impairment or perform a quantitative impairment test. Based on a qualitative assessment, if we determine that the fair value of a reporting unit is more likely than not In performing the quantitative goodwill impairment tests, we calculate the estimated fair value of the reporting unit in which the goodwill is recorded using the discounted cash flows and market multiple methods. The estimated fair value is compared to the carrying amount of the reporting unit, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not Judgments inherent in these methods include the determination of appropriate discount rates, the amount and timing of expected future cash flows, revenue and margin growth rates, and appropriate benchmark companies. The cash flows used in our 2021 five For our 2021 November 1. not 30%. 10% 2 100% We elected to perform a qualitative assessment of the Midwest Group Transportation, Northwest Group Transportation, Northwest Group Materials and California Group Transportation reporting units and we determined that it was more likely than not no Due to the changes in our reporting structure and the resulting changes to reporting units, we conducted impairment tests immediately before and after the reorganization, which was effective December 1. no not no The changes in our reporting structure had no no no We performed quantitative impairment tests after the changes on the reporting units that were affected by the changes in our reporting structure, which were the Central Group Construction, Mountain Group Construction and WMS Construction reporting units. We calculated the estimated fair value of these reporting units consistent with the annual impairment assessment using the discounted cash flows and market multiple methods as well as the consideration to be paid for Inliner under the purchase and sale agreement, which includes a substantial portion of the WMS Construction reporting unit. These tests indicated that the estimated fair values of the reporting units exceeded their carrying amounts with headroom in excess of 30%. |
Lessee, Leases [Policy Text Block] | Right of use Assets ( ROU ) and Lease Liabilities: 842, Leases 842” March 31, 2019 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 not On the lease commencement date, the amount of the ROU assets consists 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. On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain embedded leases by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. Most of our lease contracts do not may |
Contract Liabilities [Policy Text Block] | Contract Liabilities: twelve |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations: 3 |
Standard Product Warranty, Policy [Policy Text Block] | Warranties: six one not not two ten not December 31, 2021 2020 |
Accrued Insurance Costs [Policy Text Block] | Accrued Insurance Costs: first |
Surety Bonds, Policy [Policy Text Block] | Surety Bonds December 31, 2021 not |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Performance Guarantees: 2 not may |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies: may 20 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation: |
Other Costs [Policy Text Block] | Other Costs: 2021 20 . December 31, 2021 2020, 20 2021. 2021 2020 2019 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes not not We report a liability in accrued expenses and other current liabilities and in other long-term liabilities in the consolidated balance sheets for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and other income, net in the consolidated statements of operations. |
Earnings Per Share, Policy [Policy Text Block] | Computation of Earnings per Share 2012 2021 2.75% 14 2.75% |
Debt, Policy [Policy Text Block] | Convertible Notes may 2.75% 14 not 2.75% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements: In October 2021, 2021 08, Business Combinations (Topic 805 805 606 March 31, 2022 2021; not In August 2020, 2020 06 , Debt - Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity 2020 06” , March 31, 2022. Upon issuance of the 2.75% 2024 “2.75% 2020 06 , may In March 2020, 2020 04 , Reference Rate Reform (Topic 848 January 2021, 2021 01 , Reference Rate Reform (Topic 848 2020 04 . March 31, 2020 December 31, 2022, second 2022. May 18, 2021, not |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations and Held-for-sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disposal Group, Including Discontinued Operation, Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Cash and cash equivalents $ 16,496 $ 10,844 Receivables, net 102,208 103,254 Contract assets 41,340 32,842 Inventories 19,625 19,891 Other current assets 1,781 4,432 Property and equipment, net 70,912 105,867 Investments in affiliates 48,675 47,650 Goodwill 63,063 63,062 Right of use assets 12,365 9,269 Other noncurrent assets 16,176 26,256 Total assets classified as held-for-sale $ 392,641 $ 423,367 Accounts payable $ 37,997 $ 37,813 Contract liabilities 7,129 8,396 Other current liabilities 27,764 22,750 Deferred income taxes, net — 1,133 Long-term lease liabilities 8,352 6,953 Other long-term liabilities 2,166 2,264 Total liabilities classified as held-for-sale $ 83,408 $ 79,309 |
Disposal Group, Including Discontinued Operations, Statement of Operations | Years Ended December 31, 2021 2020 2019 Revenue $ 491,812 $ 433,580 $ 530,729 Cost of revenue 434,723 393,445 498,836 Selling, general and administrative expenses 59,932 63,405 69,834 Non-cash impairment charges (1) — 156,690 — Other costs 6,196 125 8,564 Gain on sales of property and equipment, net (2) (32,658 ) (2,005 ) (5,330 ) Other (income) expense, net (8,004 ) (3,472 ) (4,321 ) Provision for (benefit from) income taxes 20,950 (10,209 ) (8,088 ) Net income (loss) from discontinued operations $ 10,673 $ (164,399 ) $ (28,766 ) |
Disposal Group, Including Discontinued Operation, Cash Flows [Table Text Block] | For the Year Ended December 31, 2021 2020 2019 Depreciation, depletion and amortization $ 39,556 $ 48,010 $ 55,865 Non-cash impairment charges (1) $ — $ 156,690 $ — Purchases of property and equipment $ (11,982 ) $ (16,657 ) $ (13,451 ) Proceeds from sales of property and equipment $ 49,266 $ 7,610 $ 11,522 |
Note 3 - Revisions in Estimat_2
Note 3 - Revisions in Estimates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Change in Accounting Estimate [Table Text Block] | Years Ended December 31, 2021 2020 2019 Number of projects with upward estimate changes 2 — — Range of increase in gross profit from each project, net $ 6.2 - 9.2 $ — $ — Increase to project profitability $ 15.4 $ — $ — Increase to net income/decrease to net loss attributable to Granite Construction Incorporated from continuing operations $ 11.4 $ — $ — Increase to net income/decrease to net loss per diluted share attributable to common shareholders from continuing operations $ 0.25 $ — $ — Years Ended December 31, 2021 2020 2019 Number of projects with downward estimate changes 6 7 10 Range of reduction in gross profit from each project, net $ 5.3 - 34.6 $ 6.7 - 49.9 $ 5.5 - 52.6 Decrease to project profitability $ 86.0 $ 143.4 $ 199.1 Decrease to net income/increase to net loss from continuing operations $ 69.1 $ 114.7 $ 150.3 Amounts attributable to non-controlling interests $ 20.5 $ 31.9 $ 9.8 Decrease to net income/increase to net loss attributable to Granite Construction Incorporated from continuing operations $ 48.6 $ 82.9 $ 140.5 Decrease to net income/increase to net loss per diluted share attributable to common shareholders from continuing operations (1) $ 1.06 $ 1.79 $ 3.02 |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2021 Construction Materials Total California $ 822,448 $ 242,552 $ 1,065,000 Central 1,058,448 33,270 1,091,718 Mountain 721,410 131,925 853,335 Total $ 2,602,306 $ 407,747 $ 3,010,053 2020 Construction Materials Total California $ 928,193 $ 222,021 $ 1,150,214 Central 1,145,725 25,181 1,170,906 Mountain 690,176 117,583 807,759 Total $ 2,764,094 $ 364,785 $ 3,128,879 2019 Construction Materials Total California $ 787,259 $ 198,465 $ 985,724 Central 1,056,385 23,830 1,080,215 Mountain 732,147 116,791 848,938 Total $ 2,575,791 $ 339,086 $ 2,914,877 |
Note 5 - Unearned Revenue (Tabl
Note 5 - Unearned Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule Of Unearned Revenue [Table Text Block] | December 31, 2021 2020 California $ 771,759 $ 816,082 Central 1,334,901 1,482,158 Mountain 488,425 512,587 Total $ 2,595,085 $ 2,810,827 |
Note 6 - Contract Assets and _2
Note 6 - Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2021 2020 Costs in excess of billings and estimated earnings $ 14,158 $ 26,199 Contract retention 131,279 105,898 Total contract assets $ 145,437 $ 132,097 Balance at December 31, 2020 $ 132,097 Change in the measure of progress on projects, net 547,450 Revisions in estimates, net (36,899 ) Billings (461,294 ) Receipts related to contract retention (35,917 ) Balance at December 31, 2021 $ 145,437 Balance at December 31, 2019 $ 163,578 Change in the measure of progress on projects, net 656,460 Revisions in estimates, net (41,136 ) Billings (606,982 ) Receipts related to contract retention (39,823 ) Balance at December 31, 2020 $ 132,097 December 31, 2021 2020 Billings in excess of costs and estimated earnings, net of retention $ 169,542 $ 135,788 Provisions for losses 30,499 27,137 Total contract liabilities $ 200,041 $ 162,925 Balance at December 31, 2020 $ 162,925 Change in the measure of progress on projects, net (1,770,667 ) Revisions in estimates, net 13,975 Billings 1,790,446 Change in provision for loss, net 3,362 Balance at December 31, 2021 $ 200,041 Balance at December 31, 2019 $ 85,293 Change in the measure of progress on projects, net (1,748,830 ) Revisions in estimates, net (3,856 ) Billings 1,807,911 Change in provision for loss, net 22,407 Balance at December 31, 2020 $ 162,925 |
Note 7 - Receivables, Net (Tabl
Note 7 - Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 Contracts completed and in progress: Billed $ 236,053 $ 220,621 Unbilled 126,371 120,144 Total contracts completed and in progress 362,424 340,765 Material sales 43,746 47,067 Other 59,496 51,382 Total gross receivables 465,666 439,214 Less: allowance for credit losses 1,078 1,656 Total net receivables $ 464,588 $ 437,558 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date Using December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 65,233 $ — $ — $ 65,233 Total assets $ 65,233 $ — $ — $ 65,233 Accrued and other current liabilities Interest rate swap $ — $ 3,514 $ — $ 3,514 Total liabilities $ — $ 3,514 $ — $ 3,514 December 31, 2020 Cash equivalents Money market funds $ 70,483 $ — $ — $ 70,483 Total assets $ 70,483 $ — $ — $ 70,483 Accrued and other current liabilities Interest rate swap $ — $ 7,606 $ — $ 7,606 Total liabilities $ — $ 7,606 $ — $ 7,606 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 2020 Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 15,600 $ 15,459 $ 5,200 $ 5,200 Liabilities (including current maturities): 2.75% Convertible Notes (2),(3) Level 2 $ 207,354 $ 313,785 $ 200,303 $ 248,400 Credit Agreement - term loan (2) Level 3 $ 123,750 $ 124,598 $ 131,250 $ 133,030 |
Note 9 - Construction Joint V_2
Note 9 - Construction Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Assets Cash, cash equivalents and marketable securities $ 182,891 $ 181,889 Other current assets (1) 661,342 767,803 Noncurrent assets 103,579 164,022 Less partners’ interest 633,634 751,125 Granite’s interest (1),(2) $ 314,178 $ 362,589 Liabilities Current liabilities $ 307,674 $ 482,562 Less partners’ interest and adjustments (3) 154,771 226,308 Granite’s interest $ 152,903 $ 256,254 Equity in construction joint ventures (4) $ 161,275 $ 106,335 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block] | Years Ended December 31, 2021 2020 2019 Revenue Total $ 820,586 $ 918,716 $ 1,471,157 Less partners’ interest and adjustments (1) 526,522 559,480 1,049,797 Granite’s interest $ 294,064 $ 359,236 $ 421,360 Cost of revenue Total $ 835,899 $ 1,193,358 $ 1,900,524 Less partners’ interest and adjustments (1) 540,854 782,683 1,357,852 Granite’s interest $ 295,045 $ 410,675 $ 542,672 Granite’s interest in gross loss $ (981 ) $ (51,439 ) $ (121,312 ) Net Loss Total $ (15,533 ) $ (274,410 ) $ (422,457 ) Less partners’ interest and adjustments (1) (14,765 ) (222,924 ) (301,846 ) Granite’s interest in net loss $ (768 ) $ (51,486 ) $ (120,611 ) |
Note 10 - Investments in Affi_2
Note 10 - Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2021 2020 Real estate $ 9,619 $ 12,777 Asphalt terminal 13,749 14,860 Total investments in affiliates $ 23,368 $ 27,637 |
Equity Method Investment Summarized Balance Financial Information [Table Text Block] | December 31, 2021 2020 Current assets $ 34,374 $ 28,367 Noncurrent assets 78,829 72,005 Total assets $ 113,203 $ 100,372 Current liabilities $ 23,685 $ 12,517 Long-term liabilities (1) 48,104 35,786 Total liabilities $ 71,789 $ 48,303 Net assets $ 41,414 $ 52,069 Granite’s share of net assets $ 23,368 $ 27,637 |
Equity Method Investment, Summarized Income Statement Information [Table Text Block] | Years Ended December 31, 2021 2020 2019 Revenue $ 57,838 $ 49,707 $ 70,439 Gross profit $ 16,944 $ 21,563 $ 23,418 Income before taxes $ 11,584 $ 15,653 $ 20,761 Net income $ 11,584 $ 15,653 $ 20,761 Granite’s interest in affiliates’ net income $ 3,465 $ 5,191 $ 6,991 |
Note 11 - Property and Equipm_2
Note 11 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Equipment and vehicles $ 870,672 $ 812,388 Quarry property 191,982 206,073 Land and land improvements 108,518 117,714 Buildings and leasehold improvements 96,180 94,754 Office furniture and equipment 75,043 69,828 Property and equipment 1,342,395 1,300,757 Less: accumulated depreciation and depletion 908,891 879,608 Property and equipment, net $ 433,504 $ 421,149 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Years Ended December 31, 2021 2020 Beginning balance $ 23,853 $ 21,750 Revisions to estimates 1,596 2,484 Liabilities settled (1,708 ) (1,521 ) Accretion 1,209 1,140 Ending balance $ 24,950 $ 23,853 |
Note 12 - Intangible Assets (Ta
Note 12 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2021 2020 Construction $ 51,769 $ 51,769 Materials 1,946 1,946 Total goodwill $ 53,715 $ 53,715 |
Note 13 - Accrued Expenses an_2
Note 13 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Accrued insurance $ 76,999 $ 65,404 Deficits in unconsolidated construction joint ventures (see Note 9) 28,636 82,463 Payroll and related employee benefits 87,460 100,035 Performance guarantees (see Note 1) 82,112 82,280 Accrued legal settlement (see Note 20) 129,000 — Other 48,622 51,565 Total $ 452,829 $ 381,747 |
Note 14 - Long-term Debt (Table
Note 14 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2021 2020 2.75% Convertible Notes $ 207,354 $ 200,303 Credit Agreement - term loan 123,750 131,250 Debt issuance costs and other 8,814 7,247 Total debt 339,918 338,800 Less current maturities 8,727 8,278 Total long-term debt $ 331,191 $ 330,522 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 20,556 2023 15,395 2024 8,049 2025 2,949 2026 1,982 2027 through 2035 7,874 Total future minimum lease payments $ 56,805 Less imputed interest (4,849 ) Total $ 51,956 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Multiemployer Plan [Table Text Block] | Pension Protection Act (“PPA”) Certified Zone Status (1) Contributions Pension Trust Fund Pension Plan Employer Identification Number 2020 2019 FIP / RP Status Pending / Implemented (2) 2021 2020 2019 Surcharge Imposed Expiration Date of Collective Bargaining Agreement (3) Operating Engineers Pension Trust Fund 95 6032478 Yellow Yellow Yes $ 5,266 $ 5,239 $ 4,508 No 6/30/2022 Locals 302 and 612 IUOE-Employers Construction Industry Retirement Plan 91 6028571 Green Green No 336 263 5,479 No 5/31/2022 3/31/2023 5/31/2024 Pension Trust Fund for Operating Engineers Pension Plan 94 6090764 Yellow Yellow Yes 10,095 10,001 10,569 No 6/30/2022 3/31/2023 6/30/2023 9/30/2023 2/28/2024 6/30/2024 10/31/2024 3/31/2025 All other funds (54 as of December 31, 2021) 23,400 22,264 23,660 Total contributions: $ 39,097 $ 37,767 $ 44,216 |
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Years Ended December 31, 2021 2020 2019 RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding, beginning balance 601 $ 24.96 387 $ 43.99 443 $ 47.65 Granted 254 40.34 462 12.89 241 43.12 Vested (235 ) 28.77 (190 ) 34.36 (263 ) 48.63 Forfeited (67 ) 22.50 (58 ) 24.76 (34 ) 50.65 Outstanding, ending balance 553 $ 30.09 601 $ 24.96 387 $ 43.99 |
Note 18 - Weighted Average Sh_2
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2021 2020 2019 Numerator (basic and diluted) Net income (loss) from continuing operations allocated to common shareholders $ (577 ) $ 19,282 $ (31,425 ) Net income (loss) from discontinued operations 10,673 (164,399 ) (28,766 ) Net income (loss) allocated to common shareholders $ 10,096 $ (145,117 ) $ (60,191 ) Denominator Weighted average common shares outstanding, basic 45,788 45,614 46,559 Dilutive effect of RSUs and convertible notes (1)(2) — 589 — Weighted average common shares outstanding, diluted 45,788 46,203 46,559 Basic: Net income (loss) from continuing operations per share $ (0.01 ) $ 0.42 $ (0.67 ) Net income (loss) from discontinued operations per share 0.23 (3.60 ) (0.62 ) Net income (loss) per share $ 0.22 $ (3.18 ) $ (1.29 ) Diluted: Net income (loss) from continuing operations per share $ (0.01 ) $ 0.42 $ (0.67 ) Net income (loss) from discontinued operations per share 0.23 (3.56 ) (0.62 ) Net income (loss) per share $ 0.22 $ (3.14 ) $ (1.29 ) |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2021 2020 2019 Domestic $ (17,914 ) $ (292 ) $ (47,867 ) Foreign 8,418 8,437 7,643 Total income (loss) from continuing operations before provision for (benefit from) income taxes $ (9,496 ) $ 8,145 $ (40,224 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2021 2020 2019 Federal: Current $ 434 $ (9,151 ) $ 116 Deferred (1,637 ) 15,644 (12,085 ) Total federal (1,203 ) 6,493 (11,969 ) State: Current (947 ) (1,109 ) 719 Deferred (569 ) 3,938 (2,250 ) Total state (1,516 ) 2,829 (1,531 ) Foreign: Current 1,322 229 361 Deferred 160 376 851 Total foreign 1,482 605 1,212 Total provision for (benefit from) income taxes on continuing operations $ (1,237 ) $ 9,927 $ (12,288 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2021 2020 2019 Federal statutory tax $ (1,994 ) 21.0 % $ 1,681 21.0 % $ (8,366 ) 21.0 % State taxes, net of federal tax benefit (1,412 ) 14.9 3,056 38.2 (1,328 ) 3.3 Foreign taxes 966 (10.2 ) 915 11.4 1,395 (3.5 ) Percentage depletion deduction (1,015 ) 10.7 (1,096 ) (13.7 ) (932 ) 2.3 Non-controlling interests 1,613 (17.0 ) 4,423 55.3 (733 ) 1.8 Nondeductible expenses 1,300 (13.7 ) 584 7.3 1,462 (3.7 ) Company-owned life insurance (731 ) 7.7 (591 ) (7.4 ) (870 ) 2.2 Stock-based compensation (660 ) 6.9 502 6.3 — — Changes in uncertain tax positions — — (1,662 ) (20.8 ) (923 ) 2.3 Valuation allowance — — 3,550 44.4 — — Purchase price accounting — — — — (1,308 ) 3.3 Provision to return adjustments 702 (7.4 ) (1,456 ) (18.2 ) (640 ) 1.6 Other (6 ) 0.1 21 (1.9 ) (45 ) (0.1 ) Total $ (1,237 ) 13.0 % $ 9,927 121.9 % $ (12,288 ) 30.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Long-term deferred tax assets: Receivables $ 3,173 $ 3,044 Insurance 14,334 12,654 Deferred compensation 11,133 11,187 Accrued compensation 3,792 9,721 Other accrued liabilities 1,088 1,283 Contract income recognition 11,453 15,638 Lease liabilities 16,351 16,342 Net operating loss carryforwards 59,760 52,181 Valuation allowance (26,533 ) (29,547 ) Other 8,440 10,531 Total long-term deferred tax assets 102,991 103,034 Long-term deferred tax liabilities: Property and equipment 64,915 46,153 Right of use assets 15,791 15,792 Total long-term deferred tax liabilities 80,706 61,945 Net long-term deferred tax assets $ 22,285 $ 41,089 |
Summary of Operating Loss Carryforwards [Table Text Block] | Expiration Gross Carryforward Tax Effected Carryforward Federal net operating loss carryforwards 2032 2035 $ 65,395 $ 13,733 Federal net operating loss carryforwards N/A 110,139 23,129 State net operating loss carryforwards 2022 2041 230,164 11,708 Foreign tax loss carryforwards 2022 2041 41,992 11,190 Total net operating loss carryforwards at December 31, 2021 $ 59,760 |
Summary of Valuation Allowance [Table Text Block] | December 31, 2021 2020 Beginning balance $ 29,547 $ 25,271 Additions (deductions), net (3,014 ) 4,276 Ending balance $ 26,533 $ 29,547 |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2021 2020 2019 Beginning balance $ 22,728 $ 24,406 $ 19,348 Gross increases - acquisitions — — 5,812 Gross increases – current period tax positions — — — Gross decreases – current period tax positions — — — Gross increases – prior period tax positions — 22 169 Gross decreases – prior period tax positions — — (7 ) Settlements with taxing authorities/lapse of statute of limitations (4 ) (1,700 ) (916 ) Ending balance $ 22,724 $ 22,728 $ 24,406 |
Note 21 - Reportable Segment _2
Note 21 - Reportable Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, Construction Materials Total 2021 Total revenue from reportable segments $ 2,602,306 $ 552,548 $ 3,154,854 Elimination of intersegment revenue — (144,801 ) (144,801 ) Revenue from external customers $ 2,602,306 $ 407,747 $ 3,010,053 Gross profit $ 248,350 $ 57,206 $ 305,556 Depreciation, depletion and amortization $ 32,691 $ 24,905 $ 57,596 Segment assets $ 358,561 $ 333,089 $ 691,650 2020 Total revenue from reportable segments $ 2,764,094 $ 513,546 $ 3,277,640 Elimination of intersegment revenue — (148,761 ) (148,761 ) Revenue from external customers $ 2,764,094 $ 364,785 $ 3,128,879 Gross profit $ 241,444 $ 63,209 $ 304,653 Depreciation, depletion and amortization $ 33,155 $ 21,198 $ 54,353 Segment assets $ 371,479 $ 316,164 $ 687,643 2019 Total revenue from reportable segments $ 2,575,791 $ 490,098 $ 3,065,889 Elimination of intersegment revenue — (151,012 ) (151,012 ) Revenue from external customers $ 2,575,791 $ 339,086 $ 2,914,877 Gross profit $ 146,472 $ 43,313 $ 189,785 Depreciation, depletion and amortization $ 32,857 $ 22,292 $ 55,149 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Years Ended December 31, 2021 2020 2019 Total gross profit from continuing operations $ 305,556 $ 304,653 $ 189,785 Selling, general and administrative expenses 243,083 252,879 238,147 Other costs (see Note 1) 95,155 36,964 6,735 Gain on sales of property and equipment (see Note 11) (33,781 ) (4,925 ) (13,373 ) Total other expense (income), net 10,595 11,590 (1,500 ) Income (loss) from continuing operations before provision for (benefit from) income taxes $ (9,496 ) $ 8,145 $ (40,224 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2021 2020 Total assets for reportable segments $ 691,650 $ 687,643 Assets not allocated to segments: Cash and cash equivalents 395,647 425,292 Receivables, net 464,588 437,558 Other current assets, excluding segment assets 323,051 170,006 Current assets held-for-sale 392,641 171,263 Property and equipment, net, excluding segment assets 56,658 48,941 Long-term marketable securities 15,600 5,200 Investments in affiliates 23,368 27,637 Right of use assets 49,312 52,987 Deferred income taxes, net 24,141 43,111 Other noncurrent assets, excluding segment assets 58,271 58,254 Noncurrent assets held for sale — 252,104 Consolidated total assets $ 2,494,927 $ 2,379,996 |
Note 22 (Tables)
Note 22 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | QUARTERLY FINANCIAL DATA (unaudited - dollars in thousands, except per share data) 2021 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 683,196 $ 925,854 $ 834,671 $ 566,332 Gross profit $ 51,652 $ 101,960 $ 98,232 $ 53,712 As a percent of revenue 7.6 % 11.0 % 11.8 % 9.5 % Net income (loss) from continuing operations $ (406 ) $ 28,403 $ 26,145 $ (62,401 ) Net income (loss) from discontinued operations $ (20,027 ) $ 4,020 $ 29,602 $ (2,922 ) Net income (loss) $ (20,433 ) $ 32,423 $ 55,747 $ (65,323 ) Net income (loss) attributable to Granite from continuing operations $ 6,814 $ 31,023 $ 24,859 $ (63,273 ) Net income (loss) attributable to Granite $ (13,213 ) $ 35,043 $ 54,461 $ (66,195 ) Per share data: Basic Continuing operations $ 0.15 $ 0.68 $ 0.54 $ (1.38 ) Discontinued operations (0.44 ) 0.08 0.65 (0.07 ) Net income (loss) per share $ (0.29 ) $ 0.76 $ 1.19 $ (1.45 ) Diluted Continuing operations $ 0.14 $ 0.65 $ 0.52 $ (1.38 ) Discontinued operations (0.42 ) 0.08 0.62 (0.07 ) Net income (loss) per share $ (0.28 ) $ 0.73 $ 1.14 $ (1.45 ) 2020 Quarters Ended December 31, September 30, June 30, March 31, Revenue $ 830,390 $ 955,761 $ 811,866 $ 530,862 Gross profit $ 93,319 $ 113,015 $ 81,048 $ 17,271 As a percent of revenue 11.2 % 11.8 % 10.0 % 3.3 % Net income (loss) from continuing operations $ 2,513 $ 32,665 $ 3,645 $ (40,605 ) Net income (loss) from discontinued operations $ 3,174 $ (131,022 ) $ (4,618 ) $ (31,933 ) Net income (loss) $ 5,687 $ (98,357 ) $ (973 ) $ (72,538 ) Net income (loss) attributable to Granite from continuing operations $ 4,836 $ 39,860 $ 8,023 $ (33,437 ) Net income (loss) attributable to Granite $ 8,010 $ (91,162 ) $ 3,405 $ (65,370 ) Per share data: Basic Continuing operations $ 0.11 $ 0.87 $ 0.18 $ (0.73 ) Discontinued operations 0.07 (2.87 ) (0.11 ) (0.71 ) Net income (loss) per share $ 0.18 $ (2.00 ) $ 0.07 $ (1.44 ) Diluted Continuing operations $ 0.10 $ 0.86 $ 0.17 $ (0.73 ) Discontinued operations 0.07 (2.83 ) (0.10 ) (0.71 ) Net income (loss) per share $ 0.17 $ (1.97 ) $ 0.07 $ (1.44 ) |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies 1 (Details Textual) $ / shares in Units, $ in Thousands | Oct. 29, 2019USD ($)$ / shares | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 2,595,085 | $ 2,810,827 | $ 2,595,085 | $ 2,810,827 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 683,196 | $ 925,854 | $ 834,671 | $ 566,332 | $ 830,390 | $ 955,761 | $ 811,866 | $ 530,862 | 3,010,053 | 3,128,879 | $ 2,914,877 | ||
Capitalized Computer Software, Additions | 12,000 | 7,400 | 1,200 | ||||||||||
Loss Contingency, Estimate of Possible Loss | 4,000,000 | 4,000,000 | |||||||||||
Loss Contingency Accrual, Payments | 66,000 | ||||||||||||
Legal and Accounting Fees | $ 21,600 | 35,600 | |||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 31.47 | ||||||||||||
Warrants Issued With 2.75% Convertible Notes [Member] | |||||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 53.44 | $ 53.44 | |||||||||||
Surety Bond [Member] | |||||||||||||
Loss Contingency, Estimate of Possible Loss | 2,300,000 | $ 2,300,000 | |||||||||||
Minimum [Member] | |||||||||||||
Construction Contracts, Warranty Provisions Period (Month) | 6 months | ||||||||||||
Construction Contracts, Longer Warranty Periods (Year) | 2 years | ||||||||||||
Workers' Compensation Liability | 500 | $ 500 | |||||||||||
Maximum [Member] | |||||||||||||
Construction Contracts, Warranty Provisions Period (Month) | 1 year | ||||||||||||
Construction Contracts, Longer Warranty Periods (Year) | 10 years | ||||||||||||
Workers' Compensation Liability | $ 1,500 | $ 1,500 | |||||||||||
Construction Equipment [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||||||
Construction Equipment [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||||||
Equipment [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 2 years | ||||||||||||
Equipment [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||||||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||||||||
Caltrans [Member] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 337,100,000 | $ 316,900,000 | $ 226,200,000 | ||||||||||
Caltrans [Member] | Revenue from Contract with Customer Benchmark [Member] | Product Concentration Risk [Member] | |||||||||||||
Concentration Risk, Percentage | 11.20% | 10.10% | 7.80% | ||||||||||
Virgin Trains USA Florida LLC [Member] | Contract Retention Receivable [Member] | Product Concentration Risk [Member] | |||||||||||||
Concentration Risk, Percentage | 17.20% | 13.20% | |||||||||||
The 2.75% Convertible Notes [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | ||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 31.47 | $ 31.47 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.62% | 6.62% | |||||||||||
Long-term Debt, Gross | $ 207,400 | $ 200,300 | $ 207,400 | $ 200,300 | $ 192,600 | ||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 37,400 | 22,600 | 29,700 | 22,600 | 29,700 | 37,400 | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component, Tax Amount | $ 9,500 | 9,500 | |||||||||||
Debt Instrument, Face Amount | $ 230,000 | ||||||||||||
Increase to Convertible Debt Carrying Value | 22,000 | ||||||||||||
Other Current Assets [Member] | |||||||||||||
Deposit for Legal Settlements | 129,000,000 | 129,000,000 | |||||||||||
Continuing Operations [Member] | |||||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 2,600,000 | $ 2,800,000 | $ 2,600,000 | $ 2,800,000 | |||||||||
Number of Reporting Units | 5 | ||||||||||||
Discontinued Operations [Member] | |||||||||||||
Number of Reporting Units | 2 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies 2 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Amount | $ 2,595,085 | $ 2,810,827 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,000,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations and Held-for-sale (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 02, 2022 |
Equity Method Investment, Other than Temporary Impairment | $ 9,600 | |||||||
Operating Lease, Right-of-Use Asset | $ 49,312 | $ 49,312 | 52,987 | |||||
Gain (Loss) on Disposition of Assets, Total | 19,800 | 33,781 | 4,925 | $ 13,373 | ||||
Operating Lease, Liability, Noncurrent | 32,928 | 32,928 | $ 39,816 | |||||
Sale-leaseback Associated with Two Properties in California [Member] | ||||||||
Sale Leaseback Transaction, Net Book Value, Total | $ 11,100 | 3,100 | 3,100 | |||||
Operating Lease, Right-of-Use Asset | 2,400 | 1,400 | 1,400 | |||||
Gain (Loss) on Disposition of Assets, Total | $ 29,700 | |||||||
Operating Lease, Liability, Noncurrent | $ 1,400 | $ 1,400 | ||||||
Water and Mineral Services Group Materials [Member] | ||||||||
Goodwill, Impairment Loss | $ 14,800 | |||||||
WMS Water [Member] | ||||||||
Goodwill, Impairment Loss | $ 117,900 | |||||||
WMS Materials [Member] | ||||||||
Goodwill, Impairment Loss | $ 14,400 | |||||||
Inliner [Member] | Subsequent Event [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 159,700 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations and Held-for-sale - Assets and Liabilities Held-for-sale (Details) - WMS Inliner [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 16,496 | $ 10,844 |
Receivables, net | 102,208 | 103,254 |
Contract assets | 41,340 | 32,842 |
Inventories | 19,625 | 19,891 |
Other current assets | 1,781 | 4,432 |
Property and equipment, net | 70,912 | 105,867 |
Investments in affiliates | 48,675 | 47,650 |
Goodwill | 63,063 | 63,062 |
Right of use assets | 12,365 | 9,269 |
Other noncurrent assets | 16,176 | 26,256 |
Total assets classified as held-for-sale | 392,641 | 423,367 |
Accounts payable | 37,997 | 37,813 |
Contract liabilities | 7,129 | 8,396 |
Other current liabilities | 27,764 | 22,750 |
Deferred income taxes, net | 0 | 1,133 |
Long-term lease liabilities | 8,352 | 6,953 |
Other long-term liabilities | 2,166 | 2,264 |
Total liabilities classified as held-for-sale | $ 83,408 | $ 79,309 |
Note 2 - Discontinued Operati_5
Note 2 - Discontinued Operations and Held-for-sale - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Net income (loss) from discontinued operations | $ (20,027) | $ 4,020 | $ 29,602 | $ (2,922) | $ 3,174 | $ (131,022) | $ (4,618) | $ (31,933) | $ 10,673 | $ (164,399) | $ (28,766) | ||
WMS Inliner [Member] | |||||||||||||
Revenue | 491,812 | 433,580 | 530,729 | ||||||||||
Cost of revenue | 434,723 | 393,445 | 498,836 | ||||||||||
Selling, general and administrative expenses | 59,932 | 63,405 | 69,834 | ||||||||||
Non-cash impairment charges (1) | 0 | 156,690 | [1],[2] | 0 | |||||||||
Other costs | 6,196 | 125 | 8,564 | ||||||||||
Gain on sales of property and equipment, net (2) | [3] | (32,658) | (2,005) | (5,330) | |||||||||
Other (income) expense, net | (8,004) | (3,472) | (4,321) | ||||||||||
Provision for (benefit from) income taxes | 20,950 | (10,209) | (8,088) | ||||||||||
Net income (loss) from discontinued operations | $ 10,673 | $ (164,399) | $ (28,766) | ||||||||||
[1] | During 2020 the interim goodwill impairment tests resulted in impairment charges. See further discussion in note (1) in the statements of operations table within this footnote. | ||||||||||||
[2] | During 2020, we performed two interim goodwill impairment tests. The first was on the WMS Materials and WMS Specialty reporting units due to an adverse change in the business climate for these reporting units, including a modified relationship with a business partner, increased competition and market consolidation, exacerbated by economic disruption and market conditions associated with the COVID-19 pandemic. The goodwill impairment test resulted in a $14.8 million impairment charge during the three months ended March 31, 2020 associated with the WMS Materials reporting unit and no impairment charge related to the WMS Specialty reporting unit. The second test was on the WMS Water and WMS Materials reporting units due to the continued impact from an adverse change in the business climate, including reduced market share due to loss of strategic personnel during the three months ended September 30, 2020. The goodwill impairment test resulted in an additional impairment charge of $117.9 million and $14.4 million associated with our WMS Water and WMS Materials reporting units, respectively, during the three months ended September 30, 2020. In addition, we recorded an impairment charge of $9.6 million during the year ended December 31, 2020 related to entities within investments in foreign affiliates related due to other than temporary adverse changes in the associated business climate. | ||||||||||||
[3] | During 2021, we completed a sale-leaseback transaction for two properties in California. The sale of these properties resulted in a reduction in net property and equipment of $11.1 million and a $2.4 million addition to both right of use assets and lease liabilities on the held-for-sale balance sheets, as well as a $29.7 million gain on sales of property and equipment on the discontinued operations statements of operations. |
Note 2 - Discontinued Operati_6
Note 2 - Discontinued Operations and Held-for-sale - Cash Flows for Discontinued Operations (Details) - WMS Inliner [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Depreciation, depletion and amortization | $ 39,556 | $ 48,010 | $ 55,865 | |
Non-cash impairment charges (1) | 0 | 156,690 | [1],[2] | 0 |
Purchases of property and equipment | (11,982) | (16,657) | (13,451) | |
Proceeds from sales of property and equipment | $ 49,266 | $ 7,610 | $ 11,522 | |
[1] | During 2020 the interim goodwill impairment tests resulted in impairment charges. See further discussion in note (1) in the statements of operations table within this footnote. | |||
[2] | During 2020, we performed two interim goodwill impairment tests. The first was on the WMS Materials and WMS Specialty reporting units due to an adverse change in the business climate for these reporting units, including a modified relationship with a business partner, increased competition and market consolidation, exacerbated by economic disruption and market conditions associated with the COVID-19 pandemic. The goodwill impairment test resulted in a $14.8 million impairment charge during the three months ended March 31, 2020 associated with the WMS Materials reporting unit and no impairment charge related to the WMS Specialty reporting unit. The second test was on the WMS Water and WMS Materials reporting units due to the continued impact from an adverse change in the business climate, including reduced market share due to loss of strategic personnel during the three months ended September 30, 2020. The goodwill impairment test resulted in an additional impairment charge of $117.9 million and $14.4 million associated with our WMS Water and WMS Materials reporting units, respectively, during the three months ended September 30, 2020. In addition, we recorded an impairment charge of $9.6 million during the year ended December 31, 2020 related to entities within investments in foreign affiliates related due to other than temporary adverse changes in the associated business climate. |
Note 3 - Revisions in Estimat_3
Note 3 - Revisions in Estimates (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross Profit, Total | $ 51,652 | $ 101,960 | $ 98,232 | $ 53,712 | $ 93,319 | $ 113,015 | $ 81,048 | $ 17,271 | $ 305,556 | $ 304,653 | $ 189,785 | |
Revisions in Estimates [Member] | ||||||||||||
Gross Profit, Total | $ 5,000 | |||||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||||||||||
Gross Profit, Total | $ 70,600 | $ 143,500 | $ 199,100 |
Note 4 - Revisions in Estimates
Note 4 - Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($)$ / shares | Sep. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Number of projects with upward estimate changes | 2 | 0 | 0 | |||||||||
Range of increase in gross profit from each project, net | $ 51,652 | $ 101,960 | $ 98,232 | $ 53,712 | $ 93,319 | $ 113,015 | $ 81,048 | $ 17,271 | $ 305,556 | $ 304,653 | $ 189,785 | |
Increase to project profitability | 9,496 | (8,145) | 40,224 | |||||||||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated from continuing operations | $ 13,213 | $ (35,043) | $ (54,461) | $ 66,195 | $ (8,010) | $ 91,162 | $ (3,405) | $ 65,370 | $ (10,096) | $ 145,117 | $ 60,191 | |
Increase to net income/decrease to net loss per diluted share attributable to common shareholders from continuing operations (in dollars per share) | $ / shares | $ 0.28 | $ (0.73) | $ (1.14) | $ 1.45 | $ (0.17) | $ 1.97 | $ (0.07) | $ 1.44 | $ (0.22) | $ 3.14 | $ 1.29 | |
Number of projects with downward estimate changes | 6 | 7 | 10 | |||||||||
Range of reduction in gross profit from each project, net | $ (51,652) | $ (101,960) | $ (98,232) | $ (53,712) | $ (93,319) | $ (113,015) | $ (81,048) | $ (17,271) | $ (305,556) | $ (304,653) | $ (189,785) | |
Net income (loss) | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | $ 5,687 | $ (98,357) | $ (973) | $ (72,538) | $ 2,414 | $ (166,181) | $ (56,702) | |
Diluted earnings per share (in dollars per share) | $ / shares | $ (0.28) | $ 0.73 | $ 1.14 | $ (1.45) | $ 0.17 | $ (1.97) | $ 0.07 | $ (1.44) | $ 0.22 | $ (3.14) | $ (1.29) | |
Estimated Due to Production at Higher Rate [Member] | ||||||||||||
Range of increase in gross profit from each project, net | $ 0 | $ 0 | ||||||||||
Increase to project profitability | $ 15,400 | 0 | 0 | |||||||||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated from continuing operations | $ 11,400 | $ 0 | $ 0 | |||||||||
Increase to net income/decrease to net loss per diluted share attributable to common shareholders from continuing operations (in dollars per share) | $ / shares | $ 0.25 | $ 0 | $ 0 | |||||||||
Range of reduction in gross profit from each project, net | $ 0 | $ 0 | ||||||||||
Diluted earnings per share (in dollars per share) | $ / shares | $ (0.25) | $ 0 | $ 0 | |||||||||
Estimated Due to Production at Higher Rate [Member] | Minimum [Member] | ||||||||||||
Range of increase in gross profit from each project, net | $ 6,200 | |||||||||||
Range of reduction in gross profit from each project, net | (6,200) | |||||||||||
Estimated Due to Production at Higher Rate [Member] | Maximum [Member] | ||||||||||||
Range of increase in gross profit from each project, net | 9,200 | |||||||||||
Range of reduction in gross profit from each project, net | (9,200) | |||||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | ||||||||||||
Range of increase in gross profit from each project, net | $ 70,600 | $ 143,500 | $ 199,100 | |||||||||
Increase to project profitability | 86,000 | 143,400 | 199,100 | |||||||||
Increase to net income/decrease to net loss attributable to Granite Construction Incorporated from continuing operations | $ 48,600 | $ 82,900 | $ 140,500 | |||||||||
Increase to net income/decrease to net loss per diluted share attributable to common shareholders from continuing operations (in dollars per share) | $ / shares | $ (1.06) | $ (1.79) | $ (3.02) | |||||||||
Range of reduction in gross profit from each project, net | $ (70,600) | $ (143,500) | $ (199,100) | |||||||||
Net income (loss) | $ 69,100 | 114,700 | 150,300 | |||||||||
Amounts attributable to non-controlling interests | $ 20,500 | $ 31,900 | $ 9,800 | |||||||||
Diluted earnings per share (in dollars per share) | $ / shares | $ 1.06 | $ 1.79 | $ 3.02 | |||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Minimum [Member] | ||||||||||||
Range of increase in gross profit from each project, net | $ (5,300) | $ (6,700) | $ (5,500) | |||||||||
Range of reduction in gross profit from each project, net | 5,300 | 6,700 | 5,500 | |||||||||
Estimated Cost Recovery of Customer Affirmative Claims and Back Charges [Member] | Maximum [Member] | ||||||||||||
Range of increase in gross profit from each project, net | (34,600) | (49,900) | (52,600) | |||||||||
Range of reduction in gross profit from each project, net | $ 34,600 | $ 49,900 | $ 52,600 |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 3,010,053 | $ 3,128,879 | $ 2,914,877 |
CALIFORNIA | |||
Revenue | 1,065,000 | 1,150,214 | 985,724 |
Central [Member] | |||
Revenue | 1,091,718 | 1,170,906 | 1,080,215 |
Mountain [Member] | |||
Revenue | 853,335 | 807,759 | 848,938 |
Constructions [Member] | |||
Revenue | 2,602,306 | 2,764,094 | 2,575,791 |
Constructions [Member] | CALIFORNIA | |||
Revenue | 822,448 | 928,193 | 787,259 |
Constructions [Member] | Central [Member] | |||
Revenue | 1,058,448 | 1,145,725 | 1,056,385 |
Constructions [Member] | Mountain [Member] | |||
Revenue | 721,410 | 690,176 | 732,147 |
Materials [Member] | |||
Revenue | 407,747 | 364,785 | 339,086 |
Materials [Member] | CALIFORNIA | |||
Revenue | 242,552 | 222,021 | 198,465 |
Materials [Member] | Central [Member] | |||
Revenue | 33,270 | 25,181 | 23,830 |
Materials [Member] | Mountain [Member] | |||
Revenue | $ 131,925 | $ 117,583 | $ 116,791 |
Note 5 - Unearned Revenue - Sch
Note 5 - Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Unearned Revenue | $ 2,595,085 | $ 2,810,827 |
CALIFORNIA | ||
Unearned Revenue | 771,759 | 816,082 |
Central [Member] | ||
Unearned Revenue | 1,334,901 | 1,482,158 |
Mountain [Member] | ||
Unearned Revenue | $ 488,425 | $ 512,587 |
Note 6 - Contract Assets and _3
Note 6 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract With Customer Liability, Revenue Recognized Including Opening Balance | $ 176,200 | $ 110,900 | $ 116,100 | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 13,975 | (3,856) | $ 152,100 | |
Aggregate Affirmative Claim Recovery Estimate Included in Contract Asset and Liability | 39,000 | 37,700 | ||
Performance Obligations [Member] | ||||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 153,900 | $ 176,100 |
Note 6 - Contract Assets and _4
Note 6 - Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Costs in excess of billings and estimated earnings | $ 14,158 | $ 26,199 | |
Contract retention | 131,279 | 105,898 | |
Total contract assets | 145,437 | 132,097 | $ 163,578 |
Balance at December 31, 2020 | 132,097 | 163,578 | |
Change in the measure of progress on projects, net | 547,450 | 656,460 | |
Revisions in estimates, net | (36,899) | (41,136) | |
Billings | (461,294) | (606,982) | |
Receipts related to contract retention | (35,917) | (39,823) | |
Balance at December 31, 2021 | 145,437 | 132,097 | 163,578 |
Billings in excess of costs and estimated earnings, net of retention | 169,542 | 135,788 | |
Provisions for losses | 30,499 | 27,137 | |
Total contract liabilities | 200,041 | 162,925 | 85,293 |
Balance at December 31, 2020 | 162,925 | 85,293 | |
Change in the measure of progress on projects, net | (1,770,667) | (1,748,830) | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | 13,975 | (3,856) | 152,100 |
Billings | 1,790,446 | 1,807,911 | |
Change in provision for loss, net | 3,362 | 22,407 | |
Balance at December 31, 2021 | $ 200,041 | $ 162,925 | $ 85,293 |
Note 7 - Receivables, Net (Deta
Note 7 - Receivables, Net (Details Textual) $ in Millions | Dec. 31, 2021USD ($) |
Working Capital (Deficit) | $ 20.4 |
Percentage of Net Receivables, Individually, Maximum | 10.00% |
Loan to Partner in Joint Ventures [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Note 7 - Receivables, Net - Sch
Note 7 - Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross receivables | $ 465,666 | $ 439,214 |
Less: allowance for credit losses | 1,078 | 1,656 |
Total net receivables | 464,588 | 437,558 |
Completed and in Progress [Member] | ||
Billed | 236,053 | 220,621 |
Unbilled | 126,371 | 120,144 |
Gross receivables | 362,424 | 340,765 |
Material Sales [Member] | ||
Gross receivables | 43,746 | 47,067 |
Other Business Products and Services [Member] | ||
Gross receivables | $ 59,496 | $ 51,382 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | Oct. 29, 2019 | May 31, 2018 | |
Derivative Liability, Notional Amount | $ 150 | ||||
Interest Rate Swaps, Balance of Swaps Remaining in Other Comprehensive Income, Amount to Be Amortized Quarterly to Interest Expense | $ 5.4 | ||||
The 2.75% Convertible Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 22.6 | $ 29.7 | $ 37.4 | $ 37.4 | |
Commodity Contract [Member] | |||||
Derivative, Notional Amount | $ 8.1 | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.76% |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total assets | $ 65,233 | $ 70,483 |
Interest rate swap | 3,514 | 7,606 |
Total liabilities | 3,514 | 7,606 |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 65,233 | 70,483 |
Interest rate swap | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 0 | 0 |
Interest rate swap | 3,514 | 7,606 |
Total liabilities | 3,514 | 7,606 |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | 0 |
Interest rate swap | 0 | 0 |
Total liabilities | 0 | 0 |
Money Market Funds [Member] | ||
Cash equivalents | 65,233 | 70,483 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 65,233 | 70,483 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | $ 15,600 | $ 5,200 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2],[3] | 207,354 | 200,303 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | |||
Notes | [3] | 123,750 | 131,250 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Held-to-maturity marketable securities (1) | [1] | 15,459 | 5,200 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
2.75% Convertible Notes | [2],[3] | 313,785 | 248,400 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Term Loan [Member] | |||
Notes | [3] | $ 124,598 | $ 133,030 |
[1] | All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of December 31, 2021 and 2020. | ||
[2] | Excluded from carrying value is $22.6 million and $29.7 million of debt discount as of December 31, 2021 and 2020, respectively, related to the 2.75% Convertible Notes (see Note 14). | ||
[3] | The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market as of December 31, 2021 and 2020. The fair value of the Credit Agreement term loan is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for definitions of, and more information about the 2.75% Convertible Notes and Credit Agreement. |
Note 9 - Construction Joint V_3
Note 9 - Construction Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Contract Value of Active Construction Joint Venture Projects | $ 3,000,000 | $ 3,000,000 | |||||||||
Contract with Customer, Liability, Total | 200,041 | $ 162,925 | 200,041 | $ 162,925 | $ 85,293 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 683,196 | $ 925,854 | $ 834,671 | $ 566,332 | 830,390 | $ 955,761 | $ 811,866 | $ 530,862 | 3,010,053 | 3,128,879 | 2,914,877 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 410,831 | 424,835 | 410,831 | 424,835 | |||||||
Unconsolidated Construction Joint Venture Net Income (Loss) | $ (765) | (51,486) | (120,632) | ||||||||
Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||
Number of Active Joint Venture Projects | 9 | 9 | |||||||||
Contract Value of Active Construction Joint Venture Projects | $ 10,700,000 | $ 10,700,000 | |||||||||
Contract with Customer, Liability, Total | 180,200 | 180,200 | |||||||||
Affirmative Claim Recovery Estimate | 103,800 | 88,700 | 103,800 | 88,700 | |||||||
Back Charge Claims | 10,700 | 13,100 | 10,700 | 13,100 | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 28,600 | 82,500 | 28,600 | 82,500 | |||||||
Unconsolidated Construction Corporate Joint Venture [Member] | Minimum [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | 13,700 | 13,700 | |||||||||
Contract with Customer, Liability, Total | $ 1,200 | $ 1,200 | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||||
Unconsolidated Construction Corporate Joint Venture [Member] | Maximum [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | $ 3,800,000 | $ 3,800,000 | |||||||||
Contract with Customer, Liability, Total | $ 43,200 | $ 43,200 | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||
Unconsolidated Construction Corporate Joint Venture [Member] | Performance Guarantee [Member] | |||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 300,000 | $ 300,000 | |||||||||
Guarantor Obligations, Current Carrying Value | 82,100 | $ 82,300 | 82,100 | 82,300 | |||||||
Co-venturer [Member] | Performance Guarantee [Member] | |||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 400,000 | 400,000 | |||||||||
Consolidated Construction Corporate Joint Venture [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | $ 939,800 | $ 939,800 | |||||||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Number of Active Joint Venture Projects | 8 | 8 | |||||||||
Contract Value of Active Construction Joint Venture Projects | $ 1,600,000 | ||||||||||
Contract with Customer, Liability, Total | $ 267,000 | $ 267,000 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 405,100 | 312,500 | 261,200 | ||||||||
Net Cash Provided by (Used in) Continuing Operations, Total | (4,100) | (3,000) | (13,100) | ||||||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | 2,300 | 2,300 | |||||||||
Contract with Customer, Liability, Total | 600 | $ 600 | |||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||||||||||
Consolidated Construction Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | 436,300 | $ 436,300 | |||||||||
Contract with Customer, Liability, Total | 83,300 | $ 83,300 | |||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70.00% | ||||||||||
Line Item Joint Venture [Member] | |||||||||||
Contract Value of Active Construction Joint Venture Projects | 221,000 | $ 221,000 | |||||||||
Contract with Customer, Liability, Total | $ 70,900 | 70,900 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 67,800 | 80,800 | 18,700 | ||||||||
Unconsolidated Construction Joint Venture Net Income (Loss) | 337,100 | ||||||||||
Construction [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,602,306 | $ 2,764,094 | $ 2,575,791 | ||||||||
Construction [Member] | Unconsolidated Construction Corporate Joint Venture [Member] | |||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 700,000 |
Note 9 - Construction Joint V_4
Note 9 - Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash, cash equivalents and marketable securities | $ 182,891 | $ 181,889 | |
Other current assets | [1] | 661,342 | 767,803 |
Noncurrent assets | 103,579 | 164,022 | |
Current liabilities | 307,674 | 482,562 | |
Equity in construction joint ventures | [2] | 161,275 | 106,335 |
Other Partners Interest in Partnerships [Member] | |||
Unconsolidated construction joint venture assets | 633,634 | 751,125 | |
Unconsolidated construction joint venture liabilities | [3] | 154,771 | 226,308 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Unconsolidated construction joint venture assets | [1],[4] | 314,178 | 362,589 |
Unconsolidated construction joint venture liabilities | $ 152,903 | $ 256,254 | |
[1] | Included in this balance and in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2021 and 2020 was $82.1 million and $82.3 million, respectively, related to performance guarantees (see Note 13). | ||
[2] | Included in this balance and in accrued expenses and other current liabilities on the consolidated balance sheets was $28.6 million and $82.5 million as of December 31, 2021 and 2020, respectively, related to deficits in unconsolidated construction joint ventures which includes provisions for losses. | ||
[3] | Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. | ||
[4] | Included in this balance as of December 31, 2021 and 2020 was $103.8 million and $88.7 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $10.7 million and $13.1 million related to Granite’s share of estimated recovery of back charge claims as of December 31, 2021 and 2020, respectively. |
Note 9 - Construction Joint V_5
Note 9 - Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cost of revenue | $ 2,704,497 | $ 2,824,226 | $ 2,725,092 | |||||||||
Net income | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | $ 5,687 | $ (98,357) | $ (973) | $ (72,538) | 2,414 | (166,181) | (56,702) | |
Collaborative Arrangement [Member] | ||||||||||||
Revenue | 294,064 | 359,236 | 421,360 | |||||||||
Cost of revenue | 295,045 | 410,675 | 542,672 | |||||||||
Granite’s interest in gross loss | (981) | (51,439) | (121,312) | |||||||||
Granite’s interest in net loss | (768) | (51,486) | (120,611) | |||||||||
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | ||||||||||||
Revenue | 820,586 | 918,716 | 1,471,157 | |||||||||
Cost of revenue | 835,899 | 1,193,358 | 1,900,524 | |||||||||
Net income | (15,533) | (274,410) | (422,457) | |||||||||
Collaborative Arrangement [Member] | Co-venturer [Member] | Other Partners Interest in Partnerships [Member] | ||||||||||||
Revenue | [1] | 526,522 | 559,480 | 1,049,797 | ||||||||
Cost of revenue | [1] | 540,854 | 782,683 | 1,357,852 | ||||||||
Net income | [1] | $ (14,765) | $ (222,924) | $ (301,846) | ||||||||
[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 and/or actual differences. |
Note 10 - Investments in Affi_3
Note 10 - Investments in Affiliates (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Total | $ 2,494,927 | $ 2,379,996 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Assets, Total | $ 113,203 | $ 100,372 |
Asphalt Terminal Entity [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Assets, Total | $ 32,000 | |
Real Estate Entities [Member] | ||
Number of Entities | 2 | |
Real Estate Entities [Member] | Minimum [Member] | ||
Equity Method Investment, Ownership Percentage | 10.00% | |
Real Estate Entities [Member] | Maximum [Member] | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Real Estate Entities One [Member] | ||
Assets, Total | $ 30,000 | |
Real Estate Entities Two [Member] | ||
Assets, Total | $ 51,200 |
Note 10 - Investments in Affi_4
Note 10 - Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total investments in affiliates | $ 23,368 | $ 27,637 |
Real Estate Entities [Member] | ||
Total investments in affiliates | 9,619 | 12,777 |
Asphalt Terminal Entity [Member] | ||
Total investments in affiliates | $ 13,749 | $ 14,860 |
Note 10 - Investments in Affi_5
Note 10 - Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets | $ 1,827,399 | $ 1,455,246 | |
Total assets | 2,494,927 | 2,379,996 | |
Current liabilities | 1,069,318 | 943,256 | |
Granite’s share of net assets | 23,368 | 27,637 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Current assets | 34,374 | 28,367 | |
Noncurrent assets | 78,829 | 72,005 | |
Total assets | 113,203 | 100,372 | |
Current liabilities | 23,685 | 12,517 | |
Long-term liabilities | [1] | 48,104 | 35,786 |
Total liabilities | 71,789 | 48,303 | |
Net assets | 41,414 | 52,069 | |
Granite’s share of net assets | $ 23,368 | $ 27,637 | |
[1] | The balance primarily related to local bank debt for equipment purchases and working capital in our foreign affiliates, as well as debt associated with our real estate investments. |
Note 10 - Investments in Affi_6
Note 10 - Investments in Affiliates - Summarized Statement of Operations for Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 683,196 | $ 925,854 | $ 834,671 | $ 566,332 | $ 830,390 | $ 955,761 | $ 811,866 | $ 530,862 | $ 3,010,053 | $ 3,128,879 | $ 2,914,877 |
Gross profit | 51,652 | 101,960 | 98,232 | 53,712 | 93,319 | 113,015 | 81,048 | 17,271 | 305,556 | 304,653 | 189,785 |
Income before taxes | (9,496) | 8,145 | (40,224) | ||||||||
Net income | $ (20,433) | $ 32,423 | $ 55,747 | $ (65,323) | $ 5,687 | $ (98,357) | $ (973) | $ (72,538) | 2,414 | (166,181) | (56,702) |
Granite’s interest in affiliates’ net income | 3,465 | 5,191 | 6,991 | ||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Revenue | 57,838 | 49,707 | 70,439 | ||||||||
Gross profit | 16,944 | 21,563 | 23,418 | ||||||||
Income before taxes | 11,584 | 15,653 | 20,761 | ||||||||
Net income | 11,584 | 15,653 | 20,761 | ||||||||
Granite’s interest in affiliates’ net income | $ 3,465 | $ 5,191 | $ 6,991 |
Note 11 - Property and Equipm_3
Note 11 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cost, Depreciation, Amortization and Depletion, Total | $ 67,100 | $ 62,700 | $ 63,700 | ||
Operating Lease, Right-of-Use Asset | $ 49,312 | 49,312 | 52,987 | ||
Gain (Loss) on Disposition of Assets, Total | 19,800 | 33,781 | 4,925 | $ 13,373 | |
Asset Retirement Obligation, Current, Ending Balance | 1,700 | 1,700 | 6,000 | ||
Asset Retirement Obligations, Noncurrent, Total | 23,300 | 23,300 | 17,900 | ||
Asset Retirement Obligation, Liabilities Expected to Be Settled by 2027 | 8,200 | ||||
Operating Lease, Liability, Noncurrent | 32,928 | 32,928 | $ 39,816 | ||
Sale-leaseback Associated with Two Properties in California [Member] | |||||
Sale Leaseback Transaction, Net Book Value, Total | $ 11,100 | 3,100 | 3,100 | ||
Operating Lease, Right-of-Use Asset | 2,400 | 1,400 | 1,400 | ||
Gain (Loss) on Disposition of Assets, Total | $ 29,700 | ||||
Operating Lease, Liability, Noncurrent | $ 1,400 | $ 1,400 |
Note 11 - Property and Equipm_4
Note 11 - Property and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 1,342,395 | $ 1,300,757 |
Less: accumulated depreciation and depletion | 908,891 | 879,608 |
Property and equipment, net | 433,504 | 421,149 |
Equipment and Vehicles [Member] | ||
Property and equipment, gross | 870,672 | 812,388 |
Mining Properties and Mineral Rights [Member] | ||
Property and equipment, gross | 191,982 | 206,073 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 108,518 | 117,714 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 96,180 | 94,754 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 75,043 | $ 69,828 |
Note 11 - Property and Equipm_5
Note 11 - Property and Equipment, Net - Reconciliation of Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 23,853 | $ 21,750 |
Revisions to estimates | 1,596 | 2,484 |
Liabilities settled | (1,708) | (1,521) |
Accretion | 1,209 | 1,140 |
Balance | $ 24,950 | $ 23,853 |
Note 12 - Intangible Assets (De
Note 12 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 9.5 | $ 10.6 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 14.5 | $ 13.5 | |
Amortization of Intangible Assets, Total | 1 | $ 1 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 4.5 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 1 |
Note 12 - Intangible Assets - G
Note 12 - Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 53,715 | $ 53,715 |
Constructions [Member] | ||
Goodwill | 51,769 | 51,769 |
Materials [Member] | ||
Goodwill | $ 1,946 | $ 1,946 |
Note 13 - Accrued Expenses an_3
Note 13 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued insurance | $ 76,999 | $ 65,404 |
Deficits in unconsolidated construction joint ventures (see Note 9) | 28,636 | 82,463 |
Payroll and related employee benefits | 87,460 | 100,035 |
Performance guarantees (see Note 1) | 82,112 | 82,280 |
Accrued legal settlement (see Note 20) | 129,000 | 0 |
Other | 48,622 | 51,565 |
Total | $ 452,829 | $ 381,747 |
Note 14 - Long-term Debt (Detai
Note 14 - Long-term Debt (Details Textual) $ / shares in Units, $ in Thousands | Nov. 12, 2020 | Mar. 26, 2020USD ($) | Mar. 25, 2020USD ($) | Oct. 29, 2019USD ($)$ / shares | Nov. 30, 2019USD ($)$ / shares | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 31, 2018USD ($) |
Long-Term Debt, Maturity, Year One | $ 8,900 | |||||||||||
Long-Term Debt, Maturity, Year Two | 117,700 | |||||||||||
Long-Term Debt, Maturity, Year Three | 231,500 | |||||||||||
Long-Term Debt, Maturity, Year Four | 1,100 | |||||||||||
Long-Term Debt, Maturity, Year Five | 6,800 | |||||||||||
Long-term Debt, Current Maturities, Total | 8,727 | $ 8,278 | ||||||||||
Long-term Debt, Excluding Current Maturities, Total | $ 331,191 | 330,522 | ||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 31.47 | |||||||||||
Proceeds from Issuance of Warrants | $ 0 | 0 | $ 11,500 | |||||||||
Warrants Issued With 2.75% Convertible Notes [Member] | ||||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 53.44 | $ 53.44 | ||||||||||
Proceeds from Issuance of Warrants | $ 11,200 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.76% | |||||||||||
The 2.75% Convertible Notes [Member] | ||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 37,400 | $ 37,400 | $ 22,600 | $ 29,700 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | |||||||||
Debt Instrument, Face Amount | $ 230,000 | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.62% | |||||||||||
Debt Instrument, Convertible, Conversion Ratio | 31.7776 | |||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 31.47 | |||||||||||
Debt Instrument, Convertible, Sale Price to Conversion Price, Percentage | 130.00% | |||||||||||
Debt Instrument, Redemption Price, Percentage Occurence of Fundamental Change | 100.00% | |||||||||||
Long-term Debt, Gross | $ 192,600 | $ 207,400 | $ 200,300 | |||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component, Tax Amount | $ 9,500 | 9,500 | ||||||||||
Debt Issuance Costs, Net, Total | $ 6,400 | 3,200 | 4,300 | |||||||||
Amortization of Debt Discount (Premium) | 14,800 | 7,700 | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 22,600 | 29,700 | ||||||||||
Share Price, Potential Dilutive Effect (in dollars per share) | $ / shares | $ 31.47 | $ 31.47 | ||||||||||
The 2.75% Convertible Notes [Member] | Interest Expense [Member] | ||||||||||||
Amortization of Debt Discount (Premium) | $ 7,100 | 6,600 | ||||||||||
The 2.75% Convertible Notes [Member] | Other (Income) Expense [Member] | ||||||||||||
Amortization of Debt Discount (Premium) | 2,400 | 2,100 | ||||||||||
The 2.75% Convertible Notes [Member] | Forecast [Member] | ||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 6,300 | $ 7,500 | $ 6,300 | |||||||||
The Credit Agreement [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||||||
Line of Credit, Covenant, Minimum Cash Balance | 150,000 | |||||||||||
Debt Instrument, Covenant, Minimum Acquisition Cash Consideration for Leverage Ratio | 100,000 | |||||||||||
Letters of Credit Outstanding, Amount | $ 43,000 | |||||||||||
Consolidated Leverage Ratio, Actual | 2.39 | |||||||||||
Consolidated Leverage Ratio, Covenant Maximum | 3 | |||||||||||
Consolidated Interest Coverage Ratio, Actual | 6.69 | |||||||||||
Debt Instrument, Covenant, Minimum Consolidated Interest Coverage Ratio | 4 | |||||||||||
The Credit Agreement [Member] | Forecast [Member] | ||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 2,400 | $ 5,900 | ||||||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | |||||||||||
The Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.0075% | |||||||||||
The Credit Agreement [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | |||||||||||
The Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 232,000 | |||||||||||
Proceeds from Lines of Credit, Total | 0 | 50,000 | ||||||||||
Long-term Line of Credit, Total | 0 | |||||||||||
The Credit Agreement [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||||
Debt Instrument, Periodic Payment, Principal Balance Percentage | 1.25% | |||||||||||
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 | ||||||||||
Long-term Debt, Excluding Current Maturities, Total | $ 116,300 | $ 123,800 | ||||||||||
The Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | $ 350,000 | ||||||||||
The Credit Agreement [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | 2.00% |
Note 14 - Long-term Debt - Sche
Note 14 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total debt | $ 339,918 | $ 338,800 |
Debt issuance costs and other | 8,814 | 7,247 |
Long-term Debt, Current Maturities, Total | 8,727 | 8,278 |
Long-term Debt, Excluding Current Maturities, Total | 331,191 | 330,522 |
Convertible Debt [Member] | The 2.75% Convertible Notes [Member] | ||
Total debt | 207,354 | 200,303 |
Term Loan [Member] | The Credit Agreement [Member] | ||
Total debt | 123,750 | 131,250 |
Long-term Debt, Current Maturities, Total | 7,500 | 7,500 |
Long-term Debt, Excluding Current Maturities, Total | $ 116,300 | $ 123,800 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Expense | $ 18.6 | $ 17.9 | $ 15 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 8 months 19 days | 4 years 5 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.58% | 3.88% | |
Royalty Requirements [Member] | |||
Other Commitment, to be Paid, Year One | $ 2 | ||
Other Commitment, to be Paid, Year Two | 1.5 | ||
Other Commitment, to be Paid, Year Three | 1.4 | ||
Other Commitment, to be Paid, Year Four | 0.7 | ||
Other Commitment, to be Paid, Year Five | 0.7 | ||
Other Commitment, to be Paid, after Year Five | 2.3 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Operating Lease, Liability, Current | $ 18.8 | $ 16.3 | |
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 20 years |
Note 15 - Leases - Schedule of
Note 15 - Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 20,556 |
2023 | 15,395 |
2024 | 8,049 |
2025 | 2,949 |
2026 | 1,982 |
2027 through 2035 | 7,874 |
Total future minimum lease payments | 56,805 |
Less imputed interest | (4,849) |
Total | $ 51,956 |
Note 16 - Employee Benefit Pl_3
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Cost | $ 14,200 | $ 13,300 | $ 12,800 |
Multiemployer Plans, Maximum Percent Funded Status for Red Zone | 65.00% | ||
Multiemployer Plans, Maximum Percent Funded Status for Orange Zone | 80.00% | ||
Multiemployer Plans, Maximum Percent Funded Status for Yellow Zone | 80.00% | ||
Multiemployer Plans, Maximum Percent Funded Status for Green Zone | 80.00% | ||
Non-Qualified Deferred Compensation Plan [Member] | |||
Deferred Compensation Liability, Current, Total | $ 32,700 | 30,000 | |
Deferred Compensation Liability, Classified, Noncurrent, Total | 4,900 | 5,300 | |
Deferred Profit Sharing [Member] | |||
Defined Contribution Plan, Cost | $ 0 | $ 0 | $ 0 |
Note 16 - Employee Benefit Pl_4
Note 16 - Employee Benefit Plans - Multi-employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contributions | $ 39,097 | $ 37,767 | $ 44,216 |
Operating Engineers Pension Trust Fund [Member] | |||
Contributions | 5,266 | 5,239 | 4,508 |
Locals 302 and 612 iUOE-Employers Construction Industry Retirement Plan [Member] | |||
Contributions | 336 | 263 | 5,479 |
Pension Trust Fund for Operating Engineers Pension Plan [Member] | |||
Contributions | 10,095 | 10,001 | 10,569 |
All Other Funds [Member] | |||
Contributions | $ 23,400 | $ 22,264 | $ 23,660 |
Note 17 - Shareholders' Equit_2
Note 17 - Shareholders' Equity (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 01, 2022 | Apr. 07, 2016 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,915,665 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,321,541 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 1,059,941 | ||||
Stock Repurchased During Period, Shares (in shares) | 0 | ||||
Share Purchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 200 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 157.2 | ||||
Share Purchase Program [Member] | Subsequent Event [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Payment Arrangement, Expense | $ 6.1 | $ 5.9 | $ 9.4 | ||
Share-based Payment Arrangement, Expense, after Tax | 4.5 | 4.4 | 7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 6.8 | $ 6.5 | $ 12.7 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6.6 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days |
Note 17 - Shareholders' Equit_3
Note 17 - Shareholders' Equity - Changes in RSUs (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, RSUs (in shares) | 601 | 387 | 443 |
Outstanding, weighted-average grant date fair value per RSU (in dollars per share) | $ 24.96 | $ 43.99 | $ 47.65 |
Granted, RSUs (in shares) | 254 | 462 | 241 |
Granted, weighted-average grant date fair value per RSU (in dollars per share) | $ 40.34 | $ 12.89 | $ 43.12 |
Vested, RSUs (in shares) | (235) | (190) | (263) |
Vested, weighted-average grant date fair value per RSU (in dollars per share) | $ 28.77 | $ 34.36 | $ 48.63 |
Forfeited, RSUs (in shares) | (67) | (58) | (34) |
Forfeited, weighted-average grant date fair value per RSU (in dollars per share) | $ 22.50 | $ 24.76 | $ 50.65 |
Outstanding, RSUs (in shares) | 553 | 601 | 387 |
Outstanding, weighted-average grant date fair value per RSU (in dollars per share) | $ 30.09 | $ 24.96 | $ 43.99 |
Note 18 - Weighted Average Sh_3
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share (Details Textual) - $ / shares | Oct. 29, 2019 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | Nov. 30, 2019 |
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | ||||
The 2.75% Convertible Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | ||
Share Price, Potential Dilutive Effect (in dollars per share) | $ 31.47 | $ 31.47 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 533,000 | 388,000 |
Note 18 - Weighted Average Sh_4
Note 18 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share - Reconciliation of the 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 | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income (loss) from continuing operations allocated to common shareholders | $ 6,814 | $ 31,023 | $ 24,859 | $ (63,273) | $ 4,836 | $ 39,860 | $ 8,023 | $ (33,437) | $ (577) | $ 19,282 | $ (31,425) | |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations | 10,673 | (164,399) | (28,766) | |||||||||
Net income (loss) allocated to common shareholders | $ 10,096 | $ (145,117) | $ (60,191) | |||||||||
Weighted average common shares outstanding, basic (in shares) | 45,788 | 45,614 | 46,559 | |||||||||
Dilutive effect of RSUs and convertible notes (1)(2) (in shares) | [1],[2] | 0 | 589 | 0 | ||||||||
Weighted average common shares outstanding, diluted (in shares) | 45,788 | 46,203 | 46,559 | |||||||||
Basic continuing operations per share (in dollars per share) | $ 0.15 | $ 0.68 | $ 0.54 | $ (1.38) | $ 0.11 | $ 0.87 | $ 0.18 | $ (0.73) | $ (0.01) | $ 0.42 | $ (0.67) | |
Basic discontinued operations per share (in dollars per share) | (0.44) | 0.08 | 0.65 | (0.07) | 0.07 | (2.87) | (0.11) | (0.71) | 0.23 | (3.60) | (0.62) | |
Basic earnings per share (in dollars per share) | (0.29) | 0.76 | 1.19 | (1.45) | 0.18 | (2) | 0.07 | (1.44) | 0.22 | (3.18) | (1.29) | |
Diluted continuing operations per share (in dollars per share) | 0.14 | 0.65 | 0.52 | (1.38) | 0.10 | 0.86 | 0.17 | (0.73) | (0.01) | 0.42 | (0.67) | |
Diluted discontinued operations per share (in dollars per share) | (0.42) | 0.08 | 0.62 | (0.07) | 0.07 | (2.83) | (0.10) | (0.71) | 0.23 | (3.56) | (0.62) | |
Diluted earnings per share (in dollars per share) | $ (0.28) | $ 0.73 | $ 1.14 | $ (1.45) | $ 0.17 | $ (1.97) | $ 0.07 | $ (1.44) | $ 0.22 | $ (3.14) | $ (1.29) | |
[1] | Due to the net losses from continuing operations for the years ended December 31, 2021 and 2019, RSUs representing approximately 533,000 and 388,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net income (loss) per share, as their inclusion would be antidilutive. | |||||||||||
[2] | The number of shares used in calculating diluted net income (loss) per share for the year ended December 31, 2021 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock due to the net loss from continuing operations for the period. The number of shares used in calculating diluted net income per share for the years ended December 31, 2020 and 2019 excluded potential dilution from the 2.75% Convertible Notes converting into shares of common stock since the average stock price did not exceed $31.47. (See Note 14 for further details). |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ 21,000 | $ (10,200) | $ (8,100) | |
Disposal Group, Effective Income Tax Rate, Discontinued Operations | 66.20% | 5.80% | 21.90% | |
Unrecognized Tax Benefits, Ending Balance | $ 22,724 | $ 22,728 | $ 24,406 | $ 19,348 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,400 | 5,400 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,800 | |||
Decrease in Unrecognized Tax Benefits that Would Impact Effective Tax Rate is Reasonably Possible | 1,600 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 400 | 500 | $ 300 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 6,100 | $ 5,800 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2013 2014 2015 2016 2017 2018 2019 2020 2021 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | |||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 2021 |
Note 19 - Income Taxes - Summar
Note 19 - Income Taxes - Summary of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Domestic | $ (17,914) | $ (292) | $ (47,867) |
Foreign | 8,418 | 8,437 | 7,643 |
Income (loss) from continuing operations before provision for (benefit from) income taxes | $ (9,496) | $ 8,145 | $ (40,224) |
Note 19 - Income Taxes - Provis
Note 19 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current, Federal | $ 434 | $ (9,151) | $ 116 |
Deferred, Federal | (1,637) | 15,644 | (12,085) |
Total federal | (1,203) | 6,493 | (11,969) |
Current, State | (947) | (1,109) | 719 |
Deferred, State | (569) | 3,938 | (2,250) |
Total state | (1,516) | 2,829 | (1,531) |
Current, Foreign | 1,322 | 229 | 361 |
Deferred, Foreign | 160 | 376 | 851 |
Total foreign | 1,482 | 605 | 1,212 |
Total, amount | $ (1,237) | $ 9,927 | $ (12,288) |
Note 19 - Income Taxes - Schedu
Note 19 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal statutory tax, amount | $ (1,994) | $ 1,681 | $ (8,366) |
Federal statutory tax, rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal tax benefit, amount | $ (1,412) | $ 3,056 | $ (1,328) |
State taxes, net of federal tax benefit, rate | 14.90% | 38.20% | 3.30% |
Foreign Taxes, amount | $ 966 | $ 915 | $ 1,395 |
Foreign Taxes, rate | (10.20%) | 11.40% | (3.50%) |
Percentage depletion deduction, amount | $ (1,015) | $ (1,096) | $ (932) |
Percentage depletion deduction, rate | 10.70% | (13.70%) | 2.30% |
Non-controlling interests, amount | $ 1,613 | $ 4,423 | $ (733) |
Non-controlling interests, rate | (17.00%) | 55.30% | 1.80% |
Nondeductible expenses, amount | $ 1,300 | $ 584 | $ 1,462 |
Nondeductible expenses, rate | (13.70%) | 7.30% | (3.70%) |
Company-owned life insurance, amount | $ (731) | $ (591) | $ (870) |
Company-owned life insurance, rate | 7.70% | (7.40%) | 2.20% |
Stock-based Compensation, amount | $ (660) | $ 502 | $ 0 |
Stock-based compensation, rate | 6.90% | 6.30% | 0.00% |
Changes in uncertain tax positions, amount | $ 0 | $ (1,662) | $ (923) |
Changes in uncertain tax positions, rate | 0.00% | (20.80%) | 2.30% |
Valuation allowance, amount | $ 0 | $ 3,550 | $ 0 |
Valuation allowance, rate | 0.00% | 44.40% | 0.00% |
Purchase Price Accounting, amount | $ 0 | $ 0 | $ (1,308) |
Purchase Price Accounting, rate | 0.00% | 0.00% | 3.30% |
Provision to return adjustments, amount | $ 702 | $ (1,456) | $ (640) |
Provision to return adjustments, rate | (7.40%) | (18.20%) | 1.60% |
Other, amount | $ (6) | $ 21 | $ (45) |
Other, rate | 0.10% | (1.90%) | (0.10%) |
Total, amount | $ (1,237) | $ 9,927 | $ (12,288) |
Total, rate | 13.00% | 121.90% | 30.50% |
Note 19 - Income Taxes - Deferr
Note 19 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables | $ 3,173 | $ 3,044 | |
Insurance | 14,334 | 12,654 | |
Deferred compensation | 11,133 | 11,187 | |
Accrued compensation | 3,792 | 9,721 | |
Other accrued liabilities | 1,088 | 1,283 | |
Contract income recognition | 11,453 | 15,638 | |
Lease liabilities | 16,351 | 16,342 | |
Net operating loss carryforwards | 59,760 | 52,181 | |
Valuation allowance | (26,533) | (29,547) | $ (25,271) |
Other | 8,440 | 10,531 | |
Total long-term deferred tax assets | 102,991 | 103,034 | |
Property and equipment | 64,915 | 46,153 | |
Right of use assets | 15,791 | 15,792 | |
Total long-term deferred tax liabilities | 80,706 | 61,945 | |
Net long-term deferred tax assets | $ 22,285 | $ 41,089 |
Note 19 - Income Taxes - Net Op
Note 19 - Income Taxes - Net Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Tax effected carryforward | $ 59,760 |
Domestic Tax Authority [Member] | |
Gross carryforward | 65,395 |
Tax effected carryforward | 13,733 |
Gross carryforward, no expiration | 110,139 |
Tax effected carryforward, no expiration | 23,129 |
State and Local Jurisdiction [Member] | |
Gross carryforward | 230,164 |
Tax effected carryforward | 11,708 |
Foreign Tax Authority [Member] | |
Gross carryforward | 41,992 |
Tax effected carryforward | $ 11,190 |
Note 19 - Income Taxes - Change
Note 19 - Income Taxes - Change in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 29,547 | $ 25,271 |
Additions (deductions), net | (3,014) | 4,276 |
Balance | $ 26,533 | $ 29,547 |
Note 19 - Income Taxes - Reconc
Note 19 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 22,728 | $ 24,406 | $ 19,348 |
Gross increases - acquisitions | 0 | 0 | 5,812 |
Gross increases – current period tax positions | 0 | 0 | 0 |
Gross decreases – current period tax positions | 0 | 0 | 0 |
Gross increases – prior period tax positions | 0 | 22 | 169 |
Gross decreases – prior period tax positions | 0 | 0 | (7) |
Settlements with taxing authorities/lapse of statute of limitations | (4) | (1,700) | (916) |
Balance | $ 22,724 | $ 22,728 | $ 24,406 |
Note 20 - Contingencies - Leg_2
Note 20 - Contingencies - Legal Proceedings (Details Textual) - USD ($) $ in Millions | Feb. 04, 2022 | Feb. 03, 2022 | Apr. 29, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 |
Loss Contingency Accrual, Ending Balance | $ 129 | |||||
Loss Contingency Accrual, Payments | 66 | |||||
Loss Contingency, Estimate of Possible Loss | 4,000 | |||||
Police Retirement System of St. Louis v. Granite Construction Incorporated, et al. [Member] | ||||||
Loss Contingency, Proceeds From Insurance Recovery | $ 63 | 63 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 129 | |||||
Payment to Contingency Settlement Fund | 129 | |||||
Loss Contingency Accrual, Payments | 66 | |||||
Litigation Settlement, Settlement Fund Amount | $ 129 | |||||
Gain (Loss) Related to Litigation Settlement, Total | $ 66 | |||||
Damages Related to Salesforce Tower Office Building in San Francisco [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 100 | |||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Steadfast [Member] | Subsequent Event [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 70 | |||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | CHDJV [Member] | Subsequent Event [Member] | ||||||
Loss Contingency, Damages Sought, Value | $ 30 | |||||
Steadfast Insurance Company (“Steadfast”), a subrogee of Clark/Hathaway Dinwiddie, a Joint Venture (“CHDJV”) v. Layne Christensen Company [Member] | Potential Legal Action Not Yet Taken Against the Company [Member] | Subsequent Event [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 100 |
Note 21 - Reportable Segment _3
Note 21 - Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 683,196 | $ 925,854 | $ 834,671 | $ 566,332 | $ 830,390 | $ 955,761 | $ 811,866 | $ 530,862 | $ 3,010,053 | $ 3,128,879 | $ 2,914,877 |
Range of increase in gross profit from each project, net | 51,652 | $ 101,960 | $ 98,232 | $ 53,712 | 93,319 | $ 113,015 | $ 81,048 | $ 17,271 | 305,556 | 304,653 | 189,785 |
Segment assets | 2,494,927 | 2,379,996 | 2,494,927 | 2,379,996 | |||||||
Transportation [Member] | |||||||||||
Total revenue | 2,602,306 | 2,764,094 | 2,575,791 | ||||||||
Range of increase in gross profit from each project, net | 248,350 | 241,444 | 146,472 | ||||||||
Depreciation, depletion and amortization | 32,691 | 33,155 | 32,857 | ||||||||
Water [Member] | |||||||||||
Total revenue | 407,747 | 364,785 | 339,086 | ||||||||
Range of increase in gross profit from each project, net | 57,206 | 63,209 | 43,313 | ||||||||
Depreciation, depletion and amortization | 24,905 | 21,198 | 22,292 | ||||||||
Specialty [Member] | |||||||||||
Total revenue | 3,010,053 | 3,128,879 | 2,914,877 | ||||||||
Range of increase in gross profit from each project, net | 305,556 | 304,653 | 189,785 | ||||||||
Depreciation, depletion and amortization | 57,596 | 54,353 | 55,149 | ||||||||
Operating Segments [Member] | |||||||||||
Segment assets | 691,650 | 687,643 | 691,650 | 687,643 | |||||||
Operating Segments [Member] | Transportation [Member] | |||||||||||
Total revenue | 2,602,306 | 2,764,094 | 2,575,791 | ||||||||
Segment assets | 358,561 | 371,479 | 358,561 | 371,479 | |||||||
Operating Segments [Member] | Water [Member] | |||||||||||
Total revenue | 552,548 | 513,546 | 490,098 | ||||||||
Segment assets | 333,089 | 316,164 | 333,089 | 316,164 | |||||||
Operating Segments [Member] | Specialty [Member] | |||||||||||
Total revenue | 3,154,854 | 3,277,640 | 3,065,889 | ||||||||
Segment assets | $ 691,650 | $ 687,643 | 691,650 | 687,643 | |||||||
Consolidation, Eliminations [Member] | Transportation [Member] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Consolidation, Eliminations [Member] | Water [Member] | |||||||||||
Total revenue | (144,801) | (148,761) | (151,012) | ||||||||
Consolidation, Eliminations [Member] | Specialty [Member] | |||||||||||
Total revenue | $ (144,801) | $ (148,761) | $ (151,012) |
Note 21 - Reportable Segment _4
Note 21 - Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Range of increase in gross profit from each project, net | $ 51,652 | $ 101,960 | $ 98,232 | $ 53,712 | $ 93,319 | $ 113,015 | $ 81,048 | $ 17,271 | $ 305,556 | $ 304,653 | $ 189,785 | |
Selling, general and administrative expenses | 243,083 | 252,879 | 238,147 | |||||||||
Other costs (see Note 1) | 95,155 | 36,964 | 6,735 | |||||||||
Gain on sales of property and equipment (see Note 11) | $ (19,800) | (33,781) | (4,925) | (13,373) | ||||||||
Total other expense (income), net | 10,595 | 11,590 | (1,500) | |||||||||
Income (loss) from continuing operations before provision for (benefit from) income taxes | $ (9,496) | $ 8,145 | $ (40,224) |
Note 21 - Reportable Segment _5
Note 21 - Reportable Segment Information - Reconciliation of Segment Assets to Total Consolidated Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets for reportable segments | $ 2,494,927 | $ 2,379,996 | |
Cash and cash equivalents | 395,647 | 425,292 | $ 252,345 |
Receivables, net | 464,588 | 437,558 | |
Other current assets, excluding segment assets | 177,210 | 37,767 | |
Current assets held-for-sale | 392,641 | 171,263 | |
Property and equipment, net, excluding segment assets | 433,504 | 421,149 | |
Long-term marketable securities | 15,600 | 5,200 | |
Investments in affiliates | 23,368 | 27,637 | |
Right of use assets | 49,312 | 52,987 | |
Deferred income taxes, net | 24,141 | 43,111 | |
Other noncurrent assets, excluding segment assets | 67,888 | 68,847 | |
Noncurrent assets held for sale | 0 | 252,104 | |
Operating Segments [Member] | |||
Total assets for reportable segments | 691,650 | 687,643 | |
Segment Reconciling Items [Member] | |||
Cash and cash equivalents | 395,647 | 425,292 | |
Receivables, net | 464,588 | 437,558 | |
Other current assets, excluding segment assets | 323,051 | 170,006 | |
Property and equipment, net, excluding segment assets | 56,658 | 48,941 | |
Investments in affiliates | 23,368 | 27,637 | |
Deferred income taxes, net | 24,141 | 43,111 | |
Other noncurrent assets, excluding segment assets | $ 58,271 | $ 58,254 |
Note 22 - Unaudited Quarterly F
Note 22 - Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 683,196 | $ 925,854 | $ 834,671 | $ 566,332 | $ 830,390 | $ 955,761 | $ 811,866 | $ 530,862 | $ 3,010,053 | $ 3,128,879 | $ 2,914,877 |
Range of increase in gross profit from each project, net | $ 51,652 | $ 101,960 | $ 98,232 | $ 53,712 | $ 93,319 | $ 113,015 | $ 81,048 | $ 17,271 | 305,556 | 304,653 | 189,785 |
As a percent of revenue | 7.60% | 11.00% | 11.80% | 9.50% | 11.20% | 11.80% | 10.00% | 3.30% | |||
Net income (loss) from continuing operations | $ (406) | $ 28,403 | $ 26,145 | $ (62,401) | $ 2,513 | $ 32,665 | $ 3,645 | $ (40,605) | (8,259) | (1,782) | (27,936) |
Net income (loss) from discontinued operations | (20,027) | 4,020 | 29,602 | (2,922) | 3,174 | (131,022) | (4,618) | (31,933) | 10,673 | (164,399) | (28,766) |
Net income (loss) | (20,433) | 32,423 | 55,747 | (65,323) | 5,687 | (98,357) | (973) | (72,538) | 2,414 | (166,181) | (56,702) |
Net income (loss) from continuing operations allocated to common shareholders | 6,814 | 31,023 | 24,859 | (63,273) | 4,836 | 39,860 | 8,023 | (33,437) | (577) | 19,282 | (31,425) |
Net income (loss) attributable to Granite | $ (13,213) | $ 35,043 | $ 54,461 | $ (66,195) | $ 8,010 | $ (91,162) | $ 3,405 | $ (65,370) | $ 10,096 | $ (145,117) | $ (60,191) |
Basic continuing operations per share (in dollars per share) | $ 0.15 | $ 0.68 | $ 0.54 | $ (1.38) | $ 0.11 | $ 0.87 | $ 0.18 | $ (0.73) | $ (0.01) | $ 0.42 | $ (0.67) |
Basic discontinued operations per share (in dollars per share) | (0.44) | 0.08 | 0.65 | (0.07) | 0.07 | (2.87) | (0.11) | (0.71) | 0.23 | (3.60) | (0.62) |
Basic earnings per share (in dollars per share) | (0.29) | 0.76 | 1.19 | (1.45) | 0.18 | (2) | 0.07 | (1.44) | 0.22 | (3.18) | (1.29) |
Diluted continuing operations per share (in dollars per share) | 0.14 | 0.65 | 0.52 | (1.38) | 0.10 | 0.86 | 0.17 | (0.73) | (0.01) | 0.42 | (0.67) |
Diluted discontinued operations per share (in dollars per share) | (0.42) | 0.08 | 0.62 | (0.07) | 0.07 | (2.83) | (0.10) | (0.71) | 0.23 | (3.56) | (0.62) |
Diluted earnings per share (in dollars per share) | $ (0.28) | $ 0.73 | $ 1.14 | $ (1.45) | $ 0.17 | $ (1.97) | $ 0.07 | $ (1.44) | $ 0.22 | $ (3.14) | $ (1.29) |