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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combinations [Abstract] |
Schedule of Acquired Indefinite-Lived Intangible Assets | The following table lists identifiable intangible assets from the D&B acquisition that are included in intangible assets in the consolidated balance sheets as of December 31, 2024 (in thousands):
| Useful Lives (Years) |  | Gross Value |  | Accumulated Amortization |  | Net Value
Customer relationships | 20 |  | $ | 18,200 |  |  | $ | (379) |  |  | $ | 17,821 |
Backlog | 1 |  | 600 |  |  | (231) |  |  | 369 |
Trademarks/trade name | 10 |  | 7,500 |  |  | (312) |  |  | 7,188 |
Permits | 10 |  | 1,600 |  |  | (58) |  |  | 1,542 |
Total intangible assets |  |  | $ | 27,900 |  |  | $ | (980) |  |  | $ | 26,920 |
The following table lists identifiable intangible assets from the LRC/MSG acquisition that are included in intangible assets in the consolidated balance sheets as of December 31, 2024 (in thousands):
| Useful Lives (Years) |  | Gross Value |  | Accumulated Amortization |  | Net Value
Customer relationships | 20 |  | $ | 78,860 |  |  | $ | (4,272) |  |  | $ | 74,588 |
Backlog | 1 |  | 6,500 |  |  | (6,500) |  |  | — |
Trademarks/trade name | 10 |  | 15,100 |  |  | (1,636) |  |  | 13,464 |
Permits | 10 |  | 7,000 |  |  | (758) |  |  | 6,242 |
Total intangible assets |  |  | $ | 107,460 |  |  | $ | (13,166) |  |  | $ | 94,294 |
Schedule of Purchase Price and Assumed Liabilities | The following table presents the final purchase price allocation:
(in thousands) |
Assets |
Cash and cash equivalents | $ | 12,798 |
Receivables | 18,373 |
Contract assets | 3,388 |
Inventories | 13,738 |
Other current assets | 1,032 |
Property and equipment | 86,329 |
Right of use assets | 15,539 |
Other noncurrent assets | 3,718 |
Total tangible assets | $ | 154,915 |
Identifiable intangible assets | $ | 107,460 |
Liabilities |
Accounts payable | $ | 6,806 |
Contract liabilities | 3,213 |
Accrued expenses and other current liabilities | 10,166 |
Long-term lease liabilities | 15,558 |
Other long-term liabilities | 5,960 |
Total liabilities assumed | $ | 41,703 |
Total tangible and identifiable net assets acquired | $ | 220,672 |
Goodwill | 72,744 |
Purchase price | $ | 293,416 |
Pro Forma Financial Information | The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and D&B as though the companies had been combined as of January 1, 2023. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2023, nor does it intend to be a projection of future results.
Years Ended December 31, | 2024 |  | 2023
(unaudited, in thousands, except per share amounts) |  |  |
Revenue | $ | 4,062,791 |  |  | $ | 3,614,443 |
Net income attributable to Granite Construction Incorporated | $ | 134,470 |  |  | $ | 41,119 |
Basic net income per share attributable to common shareholders | $ | 3.07 |  |  | $ | 0.94 |
Diluted net income per share attributable to common shareholders | $ | 2.56 |  |  | $ | 0.78 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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