Note 9 - Receivables, Net

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Financing Receivables [Text Block]

9.  Receivables, net 

Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not bear interest. The following table presents major categories of receivables:

(in thousands)	June 30, 2022		December 31, 2021		June 30, 2021
Contracts completed and in progress:
Billed	$	221,084	$	236,053	$	187,188
Unbilled		160,336		126,371		189,332
Total contracts completed and in progress		381,420		362,424		376,520
Materials sales		75,634		43,746		64,017
Other		71,352		59,496		104,756
Total gross receivables		528,406		465,666		545,293
Less: allowance for credit losses		1,129		1,078		1,379
Total net receivables	$	527,277	$	464,588	$	543,914

Included in other receivables at  June 30, 2022, December 31, 2021 and June 30, 2021, were items such as estimated recovery from back charge claims, notes receivable, insurance receivable, fuel tax refunds and income tax refunds. Other receivables at June 30, 2022 and December 31, 2021 also included $24.9 million and $20.4 million, respectively, of working capital contributions in the form of a loan to a partner in one of our unconsolidated joint ventures that bears interest at prime plus 3.0% per annum. Other than the $63.0 million insurance receivable recorded as of June 30, 2021 related to the settlement discussed in Note 18, which was collected in October 2021 and is in a settlement escrow account included in Other current assets in the Condensed Consolidated Balance Sheets as of June 30, 2022, no other receivable individually exceeded 10% of total net receivables at any of these dates.

GRANITE CONSTRUCTION INCORPORATED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(Unaudited)