Note 23 (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

	As Restated							As Restated and Recast
	September 30, 2022						June 30, 2022						March 31, 2022
	Three months ended			Nine months ended			Three months ended			Six months ended			Three months ended
Revenue
Construction	$	847,371		$	2,138,858		$	713,221		$	1,291,487		$	578,266
Materials		161,539			373,185			136,026			211,646			75,620
Total revenue		1,008,910			2,512,043			849,247			1,503,133			653,886
Cost of revenue
Construction		754,354			1,907,110			632,969			1,152,756			519,787
Materials		139,501			332,220			118,712			192,719			74,007
Total cost of revenue		893,855			2,239,330			751,681			1,345,475			593,794
Gross profit		115,055			272,713			97,566			157,658			60,092
Selling, general and administrative expenses		61,795			192,036			60,121			130,241			70,120
Other costs, net		(490	)		22,401			16,612			22,891			6,279
Gain on sales of property and equipment, net		(949	)		(10,462	)		(8,915	)		(9,513	)		(598	)
Operating income (loss)		54,699			68,738			29,748			14,039			(15,709	)
Other (income) expense
Interest income		(1,894	)		(3,246	)		(782	)		(1,352	)		(570	)
Interest expense		2,519			10,003			3,899			7,484			3,585
Equity in income of affiliates		(3,491	)		(9,656	)		(4,876	)		(6,165	)		(1,289	)
Other income, net		77			4,646			3,261			4,569			1,308
Total other (income) expense, net		(2,789	)		1,747			1,502			4,536			3,034
Income (loss) before income taxes		57,488			66,991			28,246			9,503			(18,743	)
Provision for (benefit from) income taxes		(7,710	)		7,310			8,668			15,020			6,352
Net income (loss)		65,198			59,681			19,578			(5,517	)		(25,095	)
Amount attributable to non-controlling interests		4,104			1,569			(897	)		(2,535	)		(1,638	)
Net income (loss) attributable to Granite Construction Incorporated	$	69,302		$	61,250		$	18,681		$	(8,052	)	$	(26,733	)
Net income per share attributable to common shareholders
Basic earnings (loss) per share	$	1.58		$	1.37		$	0.42		$	(0.18	)	$	(0.58	)
Diluted earnings (loss) per share	$	1.36		$	1.25		$	0.39		$	(0.18	)	$	(0.58	)
Weighted average shares outstanding:
Basic		43,973			44,739			44,534			45,128			45,730
Diluted		51,863			52,613			52,295			45,128			45,730

	As Restated
	September 30, 2022		June 30, 2022		March 31, 2022
ASSETS
Current assets
Cash and cash equivalents	$	255,084	$	175,022	$	360,911
Short-term marketable securities		39,873		45,000		14,953
Receivables, net		618,144		527,277		380,502
Contract asset		237,407		190,187		172,641
Inventories		81,296		78,634		74,356
Equity in construction joint ventures		185,343		187,028		191,183
Other current assets		157,231		160,923		167,679
Current assets held for sale		-		222,779		211,639
Total current assets		1,574,378		1,586,850		1,573,864
Property and equipment, net		500,827		464,593		450,250
Long-term marketable securities		21,575		21,675		21,775
Investment in affiliates		78,663		23,203		22,987
Goodwill		73,704		53,715		53,715
Right of use assets		49,590		45,404		48,920
Deferred income taxes, net		45,650		25,458		25,880
Other noncurrent assets		58,265		64,008		65,888
Total assets	$	2,402,652	$	2,284,906	$	2,263,279
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	1,438	$	1,429	$	8,735
Accounts payable		398,285		331,728		285,390
Contract liabilities		191,037		179,322		160,994
Accrued Expenses and other current liabilities		461,266		440,899		438,441
Current liabilities held for sale		-		46,706		42,106
Total current liabilities		1,052,026		1,000,084		935,666
Long-term debt		286,872		286,801		290,549
Lease liabilities		32,701		31,182		32,682
Other long-term liabilities		60,664		61,868		62,493
Commitments and contingencies
Equity
Preferred stock		-		-		-
Common stock		437		441		454
Additional Paid In Capital		468,662		467,159		515,262
Accumulated other comprehensive income		535		2,388		1,573
Retained Earnings		465,134		401,667		388,756
Total Granite Construction Incorporated shareholders’ equity		934,768		871,655		906,045
Non-controlling interest		35,621		33,316		35,844
Total equity		970,389		904,971		941,889
Total liabilities and equity	$	2,402,652	$	2,284,906	$	2,263,279

	Three months ended September 30, 2022
	As Previously Reported			Restatement Impacts			As Restated
Revenue
Construction	$	848,267		$	(896	)	$	847,371
Materials		161,539			-			161,539
Total revenue		1,009,806			(896	)		1,008,910
Cost of revenue
Construction		749,938			4,416			754,354
Materials		139,501			-			139,501
Total cost of revenue		889,439			4,416			893,855
Gross profit		120,367			(5,312	)		115,055
Selling, general and administrative expenses		61,795			-			61,795
Other costs, net		(490	)		-			(490	)
Gain on sales of property and equipment, net		(949	)		-			(949	)
Operating income		60,011			(5,312	)		54,699
Other (income) expense
Interest income		(1,894	)		-			(1,894	)
Interest expense		2,519			-			2,519
Equity in income of affiliates		(3,491	)		-			(3,491	)
Other income, net		77			-			77
Total other (income), net		(2,789	)		-			(2,789	)
Income before income taxes		62,800			(5,312	)		57,488
Provision for (benefit from) income taxes		(6,489	)		(1,221	)		(7,710	)
Net income		69,289			(4,091	)		65,198
Amount attributable to non-controlling interests		4,104			-			4,104
Net income attributable to Granite Construction Incorporated	$	73,393		$	(4,091	)	$	69,302
Net income per share attributable to common shareholders
Basic earnings per share	$	1.67		$	(0.09	)	$	1.58
Diluted earnings per share	$	1.44		$	(0.08	)	$	1.36
Weighted average shares outstanding:
Basic		43,973			-			43,973
Diluted		51,863			-			51,863

	Nine months ended September 30, 2022
	As Previously Reported			Restatement Impacts			As Restated
Revenue
Construction	$	2,141,009		$	(2,151	)	$	2,138,858
Materials		373,185			-			373,185
Total revenue		2,514,194			(2,151	)		2,512,043
Cost of revenue
Construction		1,903,949			3,161			1,907,110
Materials		332,220			-			332,220
Total cost of revenue		2,236,169			3,161			2,239,330
Gross profit		278,025			(5,312	)		272,713
Selling, general and administrative expenses		192,036			-			192,036
Other costs, net		19,445			2,956			22,401
Gain on sales of property and equipment, net		(10,462	)		-			(10,462	)
Operating income		77,006			(8,268	)		68,738
Other (income) expense
Interest income		(3,246	)		-			(3,246	)
Interest expense		10,003			-			10,003
Equity in income of affiliates		(9,656	)		-			(9,656	)
Other income, net		4,646			-			4,646
Total other expense, net		1,747			-			1,747
Income before income taxes		75,259			(8,268	)		66,991
Provision for (benefit from) income taxes		(777	)		8,087			7,310
Net income		76,036			(16,355	)		59,681
Amount attributable to non-controlling interests		1,569			-			1,569
Net income attributable to Granite Construction Incorporated	$	77,605		$	(16,355	)	$	61,250
Net income per share attributable to common shareholders
Basic earnings per share	$	1.73		$	(0.36	)	$	1.37
Diluted earnings per share	$	1.56		$	(0.31	)	$	1.25
Weighted average shares outstanding:
Basic		44,739			-			44,739
Diluted		52,613			-			52,613

	Three months ended June 30, 2022
	As Previously Reported			Restatement Impacts			As Restated			Discontinued Operations Reclassification Impacts			As Restated and Recast
Revenue
Construction	$	632,260		$	(1,893	)	$	630,367		$	82,854		$	713,221
Materials		136,026			-			136,026			-			136,026
Total revenue		768,286			(1,893	)		766,393			82,854			849,247
Cost of revenue
Construction		571,094			(6,018	)		565,076			67,893			632,969
Materials		118,712			-			118,712			-			118,712
Total cost of revenue		689,806			(6,018	)		683,788			67,893			751,681
Gross profit		78,480			4,125			82,605			14,961			97,566
Selling, general and administrative expenses		53,162			-			53,162			6,959			60,121
Other costs, net		20,177			-			20,177			(3,565	)		16,612
Gain on sales of property and equipment, net		(385	)		-			(385	)		(8,530	)		(8,915	)
Operating income		5,526			4,125			9,651			20,097			29,748
Other (income) expense
Interest income		(782	)		-			(782	)		-			(782	)
Interest expense		3,896			-			3,896			3			3,899
Equity in income of affiliates		(541	)		-			(541	)		(4,335	)		(4,876	)
Other income, net		3,357			-			3,357			(96	)		3,261
Total other expense, net		5,930			-			5,930			(4,428	)		1,502
Income (loss) from continuing operations before income taxes		(404	)		4,125			3,721			24,525			28,246
Provision for (benefit from) income taxes on continuing operations		2,549			911			3,460			5,208			8,668
Net income (loss) from continuing operations		(2,953	)		3,214			261			19,317			19,578
Net Income (loss) from discontinued operations		19,521			(204	)		19,317			(19,317	)		-
Net income		16,568			3,010			19,578			-			19,578
Amount attributable to non-controlling interests		583			(1,480	)		(897	)		-			(897	)
Net income (loss) attributable to Granite Construction Incorporated from continuing operations		(2,370	)		1,734			(636	)		19,317			18,681
Net income attributable to Granite Construction Incorporated from discontinued operations		19,521			(204	)		19,317			(19,317	)		-
Net income attributable to Granite Construction Incorporated	$	17,151		$	1,530		$	18,681		$	-		$	18,681
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share	$	(0.05	)	$	0.04		$	(0.01	)	$	0.43		$	0.42
Basic discontinued operations per share		0.44			(0.01	)		0.43			(0.43	)		-
Basic earnings per share	$	0.39		$	0.03		$	0.42		$	-		$	0.42
Diluted continuing operations per share	$	(0.05	)	$	0.04		$	(0.01	)	$	0.40		$	0.39
Diluted discontinued operations per share		0.44			(0.01	)		0.43			(0.43	)		-
Diluted earnings per share	$	0.39		$	0.03		$	0.42		$	(0.03	)	$	0.39
Weighted average shares outstanding:
Basic		44,534			-			44,534			-			44,534
Diluted		44,534			-			44,534			-			52,295

	Six months ended June 30, 2022
	As Previously Reported			Restatement Impacts			As Restated			Discontinued Operations Reclassification Impacts			As Restated and Recast
Revenue
Construction	$	1,107,195		$	-		$	1,107,195		$	184,292		$	1,291,487
Materials		208,677			-			208,677			2,969			211,646
Total revenue		1,315,872			-			1,315,872			187,261			1,503,133
Cost of revenue
Construction		997,837			-			997,837			154,919			1,152,756
Materials		189,780			-			189,780			2,939			192,719
Total cost of revenue		1,187,617			-			1,187,617			157,858			1,345,475
Gross profit		128,255			-			128,255			29,403			157,658
Selling, general and administrative expenses		111,663			-			111,663			18,578			130,241
Other costs, net		28,391			-			28,391			(5,500	)		22,891
Gain on sales of property and equipment, net		(717	)		-			(717	)		(8,796	)		(9,513	)
Operating income (loss)		(11,082	)		-			(11,082	)		25,121			14,039
Other (income) expense
Interest income		(1,405	)		-			(1,405	)		53			(1,352	)
Interest expense		7,471			-			7,471			13			7,484
Equity in income of affiliates		(235	)		-			(235	)		(5,930	)		(6,165	)
Other income, net		4,739			-			4,739			(170	)		4,569
Total other expense, net		10,570			-			10,570			(6,034	)		4,536
Income (loss) from continuing operations before income taxes		(21,652	)		-			(21,652	)		31,155			9,503
Provision for (benefit from) income taxes on continuing operations		(2,782	)		(48	)		(2,830	)		17,850			15,020
Net (loss) from continuing operations		(18,870	)		48			(18,822	)		13,305			(5,517	)
Net Income from discontinued operations		25,617			(12,312	)		13,305			(13,305	)		-
Net income (loss)		6,747			(12,264	)		(5,517	)		-			(5,517	)
Amount attributable to non-controlling interests		(2,535	)		-			(2,535	)		-			(2,535	)
Net (loss) attributable to Granite Construction Incorporated from continuing operations		(21,405	)		48			(21,357	)		13,305			(8,052	)
Net income attributable to Granite Construction Incorporated from discontinued operations		25,617			(12,312	)		13,305			(13,305	)		-
Net income (loss) attributable to Granite Construction Incorporated	$	4,212		$	(12,264	)	$	(8,052	)	$	-		$	(8,052	)
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share	$	(0.47	)	$	-		$	(0.47	)	$	0.29		$	(0.18	)
Basic discontinued operations per share		0.57			(0.28	)		0.29			(0.29	)		-
Basic earnings (loss) per share	$	0.10		$	(0.28	)	$	(0.18	)	$	-		$	(0.18	)
Diluted continuing operations per share	$	(0.47	)	$	-		$	(0.47	)	$	0.29		$	(0.18	)
Diluted discontinued operations per share		0.57			(0.28	)		0.29			(0.29	)		-
Diluted earnings (loss) per share	$	0.10		$	(0.28	)	$	(0.18	)	$	-		$	(0.18	)
Weighted average shares outstanding:
Basic		45,128			-			45,128			-			45,128
Diluted		45,128			-			45,128			-			45,128

	Three months ended March 31, 2022
	As Previously Reported			Restatement Impacts			As Restated			Discontinued Operations Reclassification Impacts			As Restated and Recast
Revenue
Construction	$	474,935		$	1,893		$	476,828		$	101,438		$	578,266
Materials		72,651			-			72,651			2,969			75,620
Total revenue		547,586			1,893			549,479			104,407			653,886
Cost of revenue
Construction		426,743			6,019			432,762			87,025			519,787
Materials		71,068			-			71,068			2,939			74,007
Total cost of revenue		497,811			6,019			503,830			89,964			593,794
Gross profit		49,775			(4,126	)		45,649			14,443			60,092
Selling, general and administrative expenses		58,501			-			58,501			11,619			70,120
Other costs, net		8,214			-			8,214			(1,935	)		6,279
Gain on sales of property and equipment, net		(332	)		-			(332	)		(266	)		(598	)
Operating loss		(16,608	)		(4,126	)		(20,734	)		5,025			(15,709	)
Other (income) expense
Interest income		(623	)		-			(623	)		53			(570	)
Interest expense		3,575			-			3,575			10			3,585
Equity in income (loss) of affiliates		306			-			306			(1,595	)		(1,289	)
Other income, net		1,382			-			1,382			(74	)		1,308
Total other expense, net		4,640			-			4,640			(1,606	)		3,034
Loss from continuing operations before income taxes		(21,248	)		(4,126	)		(25,374	)		6,631			(18,743	)
Provision for (benefit from) income taxes on continuing operations		(5,331	)		(958	)		(6,289	)		12,641			6,352
Net loss from continuing operations		(15,917	)		(3,168	)		(19,085	)		(6,010	)		(25,095	)
Net Income (loss) from discontinued operations		6,096			(12,106	)		(6,010	)		6,010			-
Net (loss)		(9,821	)		(15,274	)		(25,095	)		-			(25,095	)
Amount attributable to non-controlling interests		(3,118	)		1,480			(1,638	)		-			(1,638	)
Net loss attributable to Granite Construction Incorporated from continuing operations		(19,035	)		(1,688	)		(20,723	)		(6,010	)		(26,733	)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations		6,096			(12,106	)		(6,010	)		6,010			-
Net loss attributable to Granite Construction Incorporated	$	(12,939	)	$	(13,794	)	$	(26,733	)	$	-		$	(26,733	)
Net income (loss) per share attributable to common shareholders
Basic continuing operations per share	$	(0.42	)	$	(0.03	)	$	(0.45	)	$	(0.13	)	$	(0.58	)
Basic discontinued operations per share		0.13			(0.26	)		(0.13	)		0.13			-
Basic loss per share	$	(0.29	)	$	(0.29	)	$	(0.58	)	$	-		$	(0.58	)
Diluted continuing operations per share	$	(0.42	)	$	(0.03	)	$	(0.45	)	$	(0.13	)	$	(0.58	)
Diluted discontinued operations per share		0.13			(0.26	)		(0.13	)		0.13			-
Diluted loss per share	$	(0.29	)	$	(0.29	)	$	(0.58	)	$	-		$	(0.58	)
Weighted average shares outstanding:
Basic		45,730			-			45,730			-			45,730
Diluted		45,730			-			45,730			-			45,730

	September 30, 2022
	As Previously Reported		Restatement Impacts			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	255,084	$	-		$	255,084
Short-term marketable securities		39,873		-			39,873
Receivables, net		618,144		-			618,144
Contract asset		241,238		(3,831	)		237,407
Inventories		81,296		-			81,296
Equity in construction joint ventures		186,824		(1,481	)		185,343
Other current assets		157,231		-			157,231
Total current assets		1,579,690		(5,312	)		1,574,378
Property and equipment, net		500,827		-			500,827
Long-term marketable securities		21,575		-			21,575
Investment in affiliates		78,663		-			78,663
Goodwill		73,704		-			73,704
Right of use assets		49,590		-			49,590
Deferred income taxes, net		45,650		-			45,650
Other noncurrent assets		58,265		-			58,265
Total assets	$	2,407,964	$	(5,312	)	$	2,402,652
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	1,438	$	-		$	1,438
Accounts payable		398,285		-			398,285
Contract liabilities		191,037		-			191,037
Accrued Expenses and other current liabilities		450,223		11,043			461,266
Total current liabilities		1,040,983		11,043			1,052,026
Long-term debt		286,872		-			286,872
Lease liabilities		32,701		-			32,701
Other long-term liabilities		60,664		-			60,664
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: 43,723,658 shares as of September 30, 2022		437		-			437
Additional Paid In Capital		468,662		-			468,662
Accumulated other comprehensive income		535		-			535
Retained Earnings		481,489		(16,355	)		465,134
Total Granite Construction Incorporated shareholders’ equity		951,123		(16,355	)		934,768
Non-controlling interest		35,621		-			35,621
Total equity		986,744		(16,355	)		970,389
Total liabilities and equity	$	2,407,964	$	(5,312	)	$	2,402,652

	June 30, 2022
	As Previously Reported		Restatement Impacts			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	175,022	$	-		$	175,022
Short-term marketable securities		45,000		-			45,000
Receivables, net		527,277		-			527,277
Contract asset		190,187		-			190,187
Inventories		78,634		-			78,634
Equity in construction joint ventures		187,028		-			187,028
Other current assets		167,349		(6,426	)		160,923
Current assets held for sale		222,779		-			222,779
Total current assets		1,593,276		(6,426	)		1,586,850
Property and equipment, net		464,593		-			464,593
Long-term marketable securities		21,675		-			21,675
Investment in affiliates		23,203		-			23,203
Goodwill		53,715		-			53,715
Right of use assets		45,404		-			45,404
Deferred income taxes, net		25,458		-			25,458
Other noncurrent assets		64,008		-			64,008
Total assets	$	2,291,332	$	(6,426	)	$	2,284,906
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	1,429	$	-		$	1,429
Accounts payable		331,728		-			331,728
Contract liabilities		179,322		-			179,322
Accrued Expenses and other current liabilities		435,061		5,838			440,899
Current liabilities held for sale		46,706		-			46,706
Total current liabilities		994,246		5,838			1,000,084
Long-term debt		286,801		-			286,801
Lease liabilities		31,182		-			31,182
Other long-term liabilities		61,868		-			61,868
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: 44,078,469 shares as of June 30, 2022		441		-			441
Additional Paid In Capital		467,159		-			467,159
Accumulated other comprehensive income		2,388		-			2,388
Retained Earnings		413,931		(12,264	)		401,667
Total Granite Construction Incorporated shareholders’ equity		883,919		(12,264	)		871,655
Non-controlling interest		33,316		-			33,316
Total equity		917,235		(12,264	)		904,971
Total liabilities and equity	$	2,291,332	$	(6,426	)	$	2,284,906

	March 31, 2022
	As Previously Reported		Restatement Impacts			As Restated
ASSETS
Current assets
Cash and cash equivalents	$	360,911	$	-		$	360,911
Short-term marketable securities		14,953		-			14,953
Receivables, net		380,502		-			380,502
Contract asset		180,023		(7,382	)		172,641
Inventories		74,356		-			74,356
Equity in construction joint ventures		191,183		-			191,183
Other current assets		179,024		(11,345	)		167,679
Current assets held for sale		211,774		(135	)		211,639
Total current assets		1,592,726		(18,862	)		1,573,864
Property and equipment, net		450,250		-			450,250
Long-term marketable securities		21,775		-			21,775
Investment in affiliates		22,987		-			22,987
Goodwill		53,715		-			53,715
Right of use assets		48,920		-			48,920
Deferred income taxes, net		25,880		-			25,880
Other noncurrent assets		65,888		-			65,888
Total assets	$	2,282,141	$	(18,862	)	$	2,263,279
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	8,735	$	-		$	8,735
Accounts payable		285,390		-			285,390
Contract liabilities		165,358		(4,364	)		160,994
Accrued Expenses and other current liabilities		439,525		(1,084	)		438,441
Current liabilities held for sale		40,246		1,860			42,106
Total current liabilities		939,254		(3,588	)		935,666
Long-term debt		290,549		-			290,549
Lease liabilities		32,682		-			32,682
Other long-term liabilities		62,493		-			62,493
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: 45,364,137 shares as of March 31, 2022		454		-			454
Additional Paid In Capital		515,262		-			515,262
Accumulated other comprehensive income		1,573		-			1,573
Retained Earnings		402,550		(13,794	)		388,756
Total Granite Construction Incorporated shareholders’ equity		919,839		(13,794	)		906,045
Non-controlling interest		37,324		(1,480	)		35,844
Total equity		957,163		(15,274	)		941,889
Total liabilities and equity	$	2,282,141	$	(18,862	)	$	2,263,279