Note 3 - Restatement (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

March 31, 2019	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	200,263		$	—		$	—		$	200,263
Short-term marketable securities		36,049			—			—			36,049
Receivables, net		368,215			10,566			2,204			380,985
Contract assets		260,250			(45,011	)		(2,216	)		213,023
Inventories		96,862			—			—			96,862
Equity in construction joint ventures		300,489			(74,557	)		(6,024	)		219,908
Other current assets		54,590			7,606			559			62,755
Total current assets		1,316,718			(101,396	)		(5,477	)		1,209,845
Property and equipment, net		552,504			—			—			552,504
Long-term marketable securities		30,000			—			—			30,000
Investments in affiliates		81,034			—			—			81,034
Goodwill		259,695			—			—			259,695
Right of use assets		71,480			—			—			71,480
Deferred income taxes, net		—			26,608			3,880			30,488
Other noncurrent assets		128,349			—			(4,792	)		123,557
Total assets	$	2,439,780		$	(74,788	)	$	(6,389	)	$	2,358,603
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	47,281		$	—		$	—		$	47,281
Accounts payable		216,966			—			(816	)		216,150
Contract liabilities		90,752			14,561			(1,053	)		104,260
Accrued expenses and other current liabilities		265,102			43,035			(51	)		308,086
Total current liabilities		620,101			57,596			(1,920	)		675,777
Long-term debt		333,290			—			—			333,290
Long-term lease liabilities		60,237			—			—			60,237
Deferred income taxes, net		—			—			4,913			4,913
Other long-term liabilities		64,219			—			(4,352	)		59,867
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: 46,812,366 shares as of March 31, 2019		468			—			—			468
Additional paid-in capital		566,497			—			—			566,497
Accumulated other comprehensive loss		(626	)		—			(455	)		(1,081	)
Retained earnings		746,100			(132,325	)		(3,473	)		610,302
Total Granite Construction Incorporated shareholders’ equity		1,312,439			(132,325	)		(3,928	)		1,176,186
Non-controlling interests		49,494			(59	)		(1,102	)		48,333
Total equity		1,361,933			(132,384	)		(5,030	)		1,224,519
Total liabilities and equity	$	2,439,780		$	(74,788	)	$	(6,389	)	$	2,358,603

Three Months Ended March 31, 2019	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Revenue
Transportation	$	338,210		$	(28,022	)	$	(8,224	)	$	301,964
Water		99,255			(170	)		(3	)		99,082
Specialty		140,693			—			(1,569	)		139,124
Materials		41,643			—			—			41,643
Total revenue		619,801			(28,192	)		(9,796	)		581,813
Cost of revenue
Transportation		316,960			6,208			(4,856	)		318,312
Water		91,136			—			—			91,136
Specialty		125,826			—			—			125,826
Materials		45,401			—			—			45,401
Total cost of revenue		579,323			6,208			(4,856	)		580,675
Gross profit (loss)		40,478			(34,400	)		(4,940	)		1,138
Selling, general and administrative expenses		81,155			—			(1,000	)		80,155
Acquisition and integration expenses		3,323			—			(1,475	)		1,848
Gain on sales of property and equipment		(1,900	)		—			—			(1,900	)
Operating loss		(42,100	)		(34,400	)		(2,465	)		(78,965	)
Other (income) expense
Interest income		(2,816	)		—			—			(2,816	)
Interest expense		4,014			—			—			4,014
Equity in income of affiliates, net		(1,290	)		—			—			(1,290	)
Other income, net		(1,762	)		—			—			(1,762	)
Total other income		(1,854	)		—			—			(1,854	)
Loss before benefit from income taxes		(40,246	)		(34,400	)		(2,465	)		(77,111	)
Benefit from income taxes		(9,165	)		(7,627	)		(558	)		(17,350	)
Net loss		(31,081	)		(26,773	)		(1,907	)		(59,761	)
Amount attributable to non-controlling interests		(3,493	)		59			725			(2,709	)
Net loss attributable to Granite Construction Incorporated	$	(34,574	)	$	(26,714	)	$	(1,182	)	$	(62,470	)
Net loss per share attributable to common shareholders
Basic	$	(0.74	)	$	(0.57	)	$	(0.03	)	$	(1.34	)
Diluted	$	(0.74	)	$	(0.57	)	$	(0.03	)	$	(1.34	)
Weighted average shares of common stock
Basic		46,699			46,699			46,699			46,699
Diluted		46,699			46,699			46,699			46,699

Three Months Ended March 31, 2019	As Previously Reported			Investigation Adjustments			Other Adjustments			As Restated
Operating activities
Net loss	$	(31,081	)	$	(26,773	)	$	(1,907	)	$	(59,761	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization		28,846			—			209			29,055
Gain on sales of property and equipment, net		(1,900	)		—			—			(1,900	)
Stock-based compensation		5,748			—			—			5,748
Equity in net loss from unconsolidated joint ventures		(455	)		17,879			2,960			20,384
Net income in affiliates		—			—			(1,290	)		(1,290	)
Changes in assets and liabilities:
Receivables		105,086			—			(1,602	)		103,484
Contract assets, net		(55,550	)		16,479			5,726			(33,345	)
Inventories		(8,238	)		—			—			(8,238	)
Contributions to unconsolidated construction joint ventures		(26,933	)		—			—			(26,933	)
Distributions from unconsolidated construction joint ventures		330			—			—			330
Other assets, net		(4,189	)		(7,585	)		126			(11,648	)
Accounts payable		(34,110	)		—			(6,478	)		(40,588	)
Accrued expenses and other current liabilities, net		(13,918	)		—			2,256			(11,662	)
Net cash used in operating activities	$	(36,364	)	$	—		$	—		$	(36,364	)