XML 17 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Current assets      
Cash and cash equivalents ($91,903, $94,359 and $60,406 related to consolidated construction joint ventures (“CCJVs”)) $ 193,581 $ 233,711 $ 169,501
Short-term marketable securities 39,961 67,775 67,824
Receivables, net ($17,598, $52,031 and $55,215 related to CCJVs) 330,192 479,791 351,091
Contract assets ($23,889, $0 and $0 related to CCJVs) 178,663 0 0
Costs and estimated earnings in excess of billings ($0, $1,437 and $2,965 related to CCJVs) 0 103,965 90,112
Inventories 71,295 62,497 58,781
Equity in construction joint ventures 254,816 247,826 235,683
Other current assets ($14,180, $10,384 and $7,047 related to CCJVs) 43,125 36,513 54,542
Total current assets 1,111,633 1,232,078 1,027,534
Property and equipment, net ($44,655, $38,361 and $26,161 related to CCJVs) 409,708 407,418 412,490
Long-term marketable securities 67,305 65,015 59,989
Investments in affiliates 38,682 38,469 36,410
Goodwill 53,799 53,799 53,799
Deferred income taxes, net 3,718 0 0
Other noncurrent assets 74,382 75,199 87,997
Total assets 1,759,227 1,871,978 1,678,219
Current liabilities      
Current maturities of long-term debt 47,298 46,048 14,796
Accounts payable ($31,854, $34,795 and $19,386 related to CCJVs) 226,253 237,673 170,006
Contract liabilities ($33,760, $0 and $0 related to CCJVs) 71,030 0 0
Billings in excess of costs and estimated earnings ($0, $37,701 and $34,467 related to CCJVs) 0 135,146 91,527
Accrued expenses and other current liabilities ($2,090, $2,126 and $1,426 related to CCJVs) 233,637 236,407 224,850
Total current liabilities 578,218 655,274 501,179
Long-term debt 176,011 178,453 228,306
Deferred income taxes, net 0 1,361 5,609
Other long-term liabilities 40,104 44,085 47,066
Commitments and contingencies 0 0 0
Equity      
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding 0 0 0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 40,047,187 shares as of March 31, 2018, 39,871,314 shares as of December 31, 2017 and 39,815,232 shares as of March 31, 2017 400 399 398
Additional paid-in capital 162,038 160,376 152,805
Accumulated other comprehensive income (loss) 1,197 634 (257)
Retained earnings 751,801 783,699 706,571
Total Granite Construction Incorporated shareholders’ equity 915,436 945,108 859,517
Non-controlling interests 49,458 47,697 36,542
Total equity 964,894 992,805 896,059
Total liabilities and equity $ 1,759,227 $ 1,871,978 $ 1,678,219