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Revisions in Estimates (Tables)

6 Months Ended

Jun. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Schedule of Change in Accounting Estimates

The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data):

						Three Months Ended June 30,																		Six Months Ended June 30,
									2024									2023									2024									2023
Number of projects with downward estimate changes									2									1									3									2
Range of reduction in gross profit from each project, net						$			5.3 - 10.1						$			20.7						$			5.9 - 17.8						$			5.9 - 32.1
Decrease to project profitability, net						$			15.5						$			20.7						$			30.2						$			38.0
Decrease to net income/increase to net loss						$			11.9						$			15.8						$			23.2						$			29.0
Amounts attributable to non-controlling interests						$			2.7						$			10.4						$			3.2						$			16.0
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated						$			9.2						$			5.4						$			19.9						$			13.0
Decrease to net income/increase to net loss per diluted share attributable to common shareholders						$			0.17						$			0.12						$			0.45						$			0.30

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- References

No definition available.

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- Definition

Tabular disclosure of the change in an accounting estimate, including a change that occurs in an interim period. If a change in accounting estimate affects several future periods (for example, a change in the service life of a depreciable asset) disclose the effect on income from continuing operations, net income (or other appropriate captions of changes in the applicable net assets or performance indicator), and any related per-share amounts of the current period. Disclosure of the effects of a change in an accounting estimate that occurs in the ordinary course of business (such as uncollectible accounts or inventory obsolescence) is not required, unless the effect is material.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482989/270-10-45-14

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

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