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Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2018
New Accounting Pronouncement Early Adoption [Line Items]  
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets

The table below presents changes in restricted cash and cash equivalents on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands).

Six Months Ended June 30,

 

2018

 

 

2017

 

Cash and cash equivalents, beginning of period

 

$

233,711

 

 

$

189,326

 

End of the period

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

195,515

 

 

 

178,068

 

Restricted cash

 

 

5,746

 

 

 

 

Total cash, cash equivalents and restricted cash, end of period

 

 

201,261

 

 

 

178,068

 

Net decrease in cash, cash equivalents and restricted cash

 

$

(32,450

)

 

$

(11,258

)

 

Accounting Standards Update 2014-09 [Member]  
New Accounting Pronouncement Early Adoption [Line Items]  
Summary of Impact of Adoption of Accounting Standards

The amounts by which each condensed consolidated balance sheet line item as of June 30, 2018 and condensed consolidated statement of operations line item for the three and six months ended June 30, 2018 was affected by the adoption of Topic 606 relative to the previous revenue guidance are presented in the tables below (in thousands). The changes are primarily related to reclassifications on the condensed consolidated balance sheet and the impact on the condensed consolidated statement of operations from the new requirements under Topic 606. The change in retained earnings is net of the cumulative effect of initially applying Topic 606.

 


June 30, 2018

 

Condensed Consolidated Balance Sheet

As Reported

 

Balances Without

Adoption of Topic

606

 

Effect of Change Higher/(Lower)

 

Assets

 

 

 

 

 

 

 

 

 

Receivables, net

$

492,718

 

$

615,782

 

$

(123,064

)

Contract assets

 

265,190

 

 

 

 

265,190

 

Costs and estimated earnings in excess of billings

 

 

 

175,265

 

 

(175,265

)

Other current assets

 

49,100

 

 

49,813

 

 

(713

)

Deferred income taxes, net

 

25,135

 

 

19,863

 

 

5,272

 

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

Contract liabilities

$

91,864

 

$

 

$

91,864

 

Billings in excess of costs and estimated earnings

 

 

 

119,335

 

 

(119,335

)

Accrued expenses and other current liabilities

 

293,959

 

 

282,222

 

 

11,737

 

Deferred income taxes, net

 

5,759

 

 

5,759

 

 

 

Retained earnings

 

737,417

 

 

750,263

 

 

(12,846

)

 

Three Months Ended June 30, 2018

 

Condensed Consolidated Statement of Operations

As Reported

 

Balances Without

Adoption of Topic

606

 

Effect of Change Higher/(Lower)

 

Revenue

 

 

 

 

 

 

 

 

 

Construction

$

432,225

 

$

433,509

 

$

(1,284

)

Large Project Construction

 

273,946

 

 

274,228

 

 

(282

)

Cost of revenue

 

 

 

 

 

 

 

 

 

Construction

$

370,674

 

$

370,674

 

$

 

Large Project Construction

 

272,608

 

 

274,450

 

 

(1,842

)

Gross profit

 

80,369

 

 

80,093

 

 

276

 

Operating (loss) income

 

(5,729

)

 

(6,005

)

 

276

 

Provision for income taxes

 

2,796

 

 

2,746

 

 

50

 

Net (loss) income

 

(6,081

)

 

(6,307

)

 

226

 

Net (loss) income attributable to Granite Construction Incorporated

 

(8,385

)

 

(8,611

)

 

226

 

 


Six Months Ended June 30, 2018

 

Condensed Consolidated Statement of Operations

As Reported

 

Balances Without

Adoption of Topic

606

 

Effect of Change Higher/(Lower)

 

Revenue

 

 

 

 

 

 

 

 

 

Construction

$

701,468

 

$

702,989

 

$

(1,521

)

Large Project Construction

 

522,360

 

 

520,849

 

 

1,511

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Construction

$

601,521

 

$

601,521

 

$

 

Large Project Construction

 

500,656

 

 

503,734

 

 

(3,078

)

Gross profit

 

136,652

 

 

133,584

 

 

3,068

 

Operating (loss) income

 

(18,564

)

 

(21,632

)

 

3,068

 

(Benefit from) provision for income taxes

 

(1,335

)

 

(2,048

)

 

713

 

Net (loss) income

 

(15,743

)

 

(18,098

)

 

2,355

 

Net (loss) income attributable to Granite Construction Incorporated

 

(19,808

)

 

(22,163

)

 

2,355