XML 41 R29.htm IDEA: XBRL DOCUMENT v3.25.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Schedule of Purchase Price and Assumed Liabilities
The following table presents the preliminary purchase price allocation:
(in thousands)
Assets:
Cash and cash equivalents$4,217 
Receivables39,120 
Contract assets609 
Inventories28,425 
Other current assets112 
Property and equipment419,079 
Right of use assets55,767 
Other noncurrent assets4,436 
Total tangible assets551,765 
Identifiable intangible assets46,600 
Liabilities:
Accounts payable19,139 
Contract liabilities2,218 
Accrued expenses and other current liabilities14,682 
Long-term lease liabilities47,353 
Deferred income taxes, net103,760 
Other long-term liabilities7,000 
Total liabilities assumed194,152 
Total tangible and identifiable net assets acquired404,213 
Goodwill137,749 
Preliminary purchase price (1)$541,962 
(1)The preliminary purchase price includes customary closing adjustments.
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class
The following table lists identifiable intangible assets from the Warren Paving acquisition that are included in intangible assets in the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
Useful Lives (Years)Gross ValueAccumulated AmortizationNet Value
Customer relationships20$12,500 $(104)$12,396 
Trademarks/trade name109,700 (162)9,538 
Permits1020,000 (333)19,667 
Backlog14,400 (518)3,882 
Total intangible assets$46,600 $(1,117)$45,483 
Business Combination, Pro Forma Information
The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and Warren Paving as though the companies had been combined as of January 1, 2024. 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, 2024, nor does it intend to be a projection of future results.
Three Months Ended September 30,Nine Months Ended September 30,
(unaudited, in thousands)
2025202420252024
Revenue$1,464,436 $1,337,974 $3,408,831 $3,210,608 
Net income attributable to Granite Construction Incorporated
$111,068 $74,902 $147,580 $61,114 
The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and Papich Construction as though the companies had been combined as of January 1, 2024. 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, 2024, nor does it intend to be a projection of future results.
Three Months Ended September 30,Nine Months Ended September 30,
(unaudited, in thousands)
2025202420252024
Revenue$1,452,705 $1,319,863 $3,364,348 $3,133,256 
Net income attributable to Granite Construction Incorporated
$104,014 $79,401 $148,374 $87,475