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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Sep. 30, 2019
Current assets      
Cash and cash equivalents ($92,587, $78,132 and $77,870 related to consolidated construction joint ventures (“CCJVs”)) $ 388,024 $ 262,273 $ 184,673
Short-term marketable securities 0 27,799 37,918
Receivables, net ($32,028, $29,564 and $30,336 related to CCJVs) 661,948 547,417 712,972
Contract assets ($27,528, $25,034 and $24,481 related to CCJVs) 159,939 211,441 206,407
Inventories 102,111 88,885 95,442
Equity in construction joint ventures 184,980 193,110 203,954
Other current assets ($13,634, $13,350 and $10,765 related to CCJVs) 48,300 46,016 51,925
Total current assets 1,545,302 1,376,941 1,493,291
Property and equipment, net ($25,765, $31,136 and $27,752 related to CCJVs) 536,256 542,297 542,796
Long-term marketable securities 5,700 5,000 10,000
Investments in affiliates 76,464 84,176 84,914
Goodwill 116,691 264,279 264,112
Right of use assets 68,276 72,534 70,472
Deferred income taxes, net 39,439 50,158 30,637
Other noncurrent assets 100,145 106,703 116,438
Total assets 2,488,273 2,502,088 2,612,660
Current liabilities      
Current maturities of long-term debt 8,253 8,244 8,263
Accounts payable ($50,503, $57,795 and $50,625 related to CCJVs) 385,259 400,775 399,743
Contract liabilities ($73,426, $20,994 and $16,951 related to CCJVs) 189,430 95,737 109,299
Accrued expenses and other current liabilities ($4,553, $2,415 and $4,477 related to CCJVs) 391,651 337,300 359,221
Total current liabilities 974,593 842,056 876,526
Long-term debt 405,644 356,108 394,841
Long-term lease liabilities 51,879 58,618 56,740
Deferred income taxes, net 3,417 3,754 4,652
Other long-term liabilities 63,741 63,136 58,433
Commitments and contingencies (Note 18)
Equity      
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding 0 0 0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,655,682 shares as of September 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,741,263 shares as of September 30, 2019 457 456 468
Additional paid-in capital 554,303 549,307 567,033
Accumulated other comprehensive loss (6,000) (2,645) (3,282)
Retained earnings 422,846 594,353 619,690
Total Granite Construction Incorporated shareholders’ equity 971,606 1,141,471 1,183,909
Non-controlling interests 17,393 36,945 37,559
Total equity 988,999 1,178,416 1,221,468
Total liabilities and equity $ 2,488,273 $ 2,502,088 $ 2,612,660