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Note 3 - Restatement (Tables)

6 Months Ended

Jun. 30, 2020

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

June 30, 2019		As Previously Reported				Investigation Adjustments				Other Adjustments				As Restated
ASSETS
Current assets
Cash and cash equivalents		$	144,958			$	—			$	—			$	144,958
Short-term marketable securities			41,037				—				—				41,037
Receivables, net			551,958				10,567				2,018				564,543
Contract assets			257,650				(30,286	)			(2,975	)			224,389
Inventories			102,163				—				(477	)			101,686
Equity in construction joint ventures			241,786				(18,401	)			(3,138	)			220,247
Other current assets			63,056				16,919				585				80,560
Total current assets			1,402,608				(21,201	)			(3,987	)			1,377,420
Property and equipment, net			557,118				—				1,260				558,378
Long-term marketable securities			20,000				—				—				20,000
Investments in affiliates			82,109				—				—				82,109
Goodwill			264,107				—				—				264,107
Right of use assets			73,439				—				—				73,439
Deferred income taxes, net			36,055				(8,580	)			774				28,249
Other noncurrent assets			122,705				—				(1,790	)			120,915
Total assets		$	2,558,141			$	(29,781	)		$	(3,743	)		$	2,524,617
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt		$	48,397			$	—			$	—			$	48,397
Accounts payable			303,128				—				(477	)			302,651
Contract liabilities			119,289				9,154				—				128,443
Accrued expenses and other current liabilities			339,047				21,184				—				360,231
Total current liabilities			809,861				30,338				(477	)			839,722
Long-term debt			366,896				—				—				366,896
Long-term lease liabilities			60,868				—				—				60,868
Deferred income taxes, net			4,680				—				—				4,680
Other long-term liabilities			58,268				—				—				58,268
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding			—				—				—				—
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,838,199 shares as of June 30, 2019			468				—				—				468
Additional paid-in capital			568,264				—				—				568,264
Accumulated other comprehensive (loss) income			(3,448	)			—				1,261				(2,187	)
Retained earnings			642,124				(58,719	)			(3,485	)			579,920
Total Granite Construction Incorporated shareholders’ equity			1,207,408				(58,719	)			(2,224	)			1,146,465
Non-controlling interests			50,160				(1,400	)			(1,042	)			47,718
Total equity			1,257,568				(60,119	)			(3,266	)			1,194,183
Total liabilities and equity		$	2,558,141			$	(29,781	)		$	(3,743	)		$	2,524,617

		Three Months Ended June 30, 2019																Six Months Ended June 30, 2019
		As Previously Reported				Investigation Adjustments				Other Adjustments				As Restated				As Reported				Investigation Adjustments				Other Adjustments				As Restated
Revenue
Transportation		$	403,978			$	76,255			$	1,513			$	481,746			$	742,188			$	48,233			$	(6,711	)		$	783,710
Water			112,831				(728	)			(33	)			112,070				212,086				(898	)			(36	)			211,152
Specialty			175,084				—				(455	)			174,629				315,777				—				(2,024	)			313,753
Materials			97,647				—				—				97,647				139,290				—				—				139,290
Total revenue			789,540				75,527				1,025				866,092				1,409,341				47,335				(8,771	)			1,447,905
Cost of revenue
Transportation			503,857				(22,610	)			—				481,247				820,817				(16,402	)			(4,856	)			799,559
Water			101,568				—				—				101,568				192,704				—				—				192,704
Specialty			152,874				—				—				152,874				278,700				—				—				278,700
Materials			83,645				—				—				83,645				129,046				—				—				129,046
Total cost of revenue			841,944				(22,610	)			—				819,334				1,421,267				(16,402	)			(4,856	)			1,400,009
Gross (loss) profit			(52,404	)			98,137				1,025				46,758				(11,926	)			63,737				(3,915	)			47,896
Selling, general and administrative expenses			69,998				—				1,000				70,998				151,153				—				—				151,153
Acquisition and integration expenses			9,177				—				—				9,177				12,500				—				(1,475	)			11,025
Gain on sales of property and equipment			(4,935	)			—				—				(4,935	)			(6,835	)			—				—				(6,835	)
Operating loss			(126,644	)			98,137				25				(28,482	)			(168,744	)			63,737				(2,440	)			(107,447	)
Other (income) expense
Interest income			(1,728	)			—				—				(1,728	)			(4,544	)			—				—				(4,544	)
Interest expense			4,158				—				—				4,158				8,172				—				—				8,172
Equity in income of affiliates, net			(2,594	)			—				—				(2,594	)			(3,884	)			—				—				(3,884	)
Other income, net			(759	)			—				—				(759	)			(2,521	)			—				—				(2,521	)
Total other income			(923	)			—				—				(923	)			(2,777	)			—				—				(2,777	)
Loss before benefit from income taxes			(125,721	)			98,137				25				(27,559	)			(165,967	)			63,737				(2,440	)			(104,670	)
Benefit from income taxes			(31,760	)			25,874				(27	)			(5,913	)			(40,925	)			18,247				(585	)			(23,263	)
Net loss			(93,961	)			72,263				52				(21,646	)			(125,042	)			45,490				(1,855	)			(81,407	)
Amount attributable to non-controlling interests			(3,875	)			1,341				(62	)			(2,596	)			(7,368	)			1,400				663				(5,305	)
Net loss attributable to Granite Construction Incorporated		$	(97,836	)		$	73,604			$	(10	)		$	(24,242	)		$	(132,410	)		$	46,890			$	(1,192	)		$	(86,712	)
Net loss per share attributable to common shareholders
Basic		$	(2.09	)		$	1.57			$	(0.00	)		$	(0.52	)		$	(2.83	)		$	1.00			$	(0.03	)		$	(1.85	)
Diluted		$	(2.09	)		$	1.57			$	(0.00	)		$	(0.52	)		$	(2.83	)		$	1.00			$	(0.03	)		$	(1.85	)
Weighted average shares of common stock
Basic			46,824				46,824				46,824				46,824				46,762				46,762				46,762				46,762
Diluted			46,824				46,824				46,824				46,824				46,762				46,762				46,762				46,762

Six Months Ended June 30, 2019		As Previously Reported				Investigation Adjustments				Other Adjustments				As Restated
Operating activities
Net loss		$	(125,042	)		$	45,490			$	(1,855	)		$	(81,407	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization			61,747				—				—				61,747
Gain on sales of property and equipment, net			(6,835	)			—				—				(6,835	)
Deferred income taxes			(35,192	)			35,189				—				(3	)
Stock-based compensation			7,221				—				—				7,221
Equity in net loss from unconsolidated joint ventures			105,834				(60,073	)			27,074				72,835
Net income from affiliates			(3,884	)			—				—				(3,884	)
Other non-cash adjustments			4,630				—				—				4,630
Changes in assets and liabilities:
Receivables			(78,081	)			—				(1,009	)			(79,090	)
Contract assets, net			(23,775	)			(3,687	)			7,036				(20,426	)
Inventories			(12,905	)			—				576				(12,329	)
Contributions to unconsolidated construction joint ventures			(45,500	)			—				—				(45,500	)
Distributions from unconsolidated construction joint ventures			830				—				—				830
Other assets, net			(15,361	)			(16,919	)			(505	)			(32,785	)
Accounts payable			48,230				—				(5,753	)			42,477
Accrued expenses and other current liabilities, net			24,568				—				(25,564	)			(996	)
Net cash used in operating activities		$	(93,515	)		$	—			$	—			$	(93,515	)

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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