Basis of Presentation (Tables)

9 Months Ended

Sep. 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 cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands).

Nine Months Ended September 30,	2018		2017
Cash and cash equivalents, beginning of period	$	233,711	$	189,326
End of the period
Cash and cash equivalents		230,259		185,516
Restricted cash		5,599		—
Total cash, cash equivalents and restricted cash, end of period		235,858		185,516
Net increase (decrease) in cash, cash equivalents and restricted cash	$	2,147	$	(3,810	)

Schedule of Goodwill

The following table presents the goodwill balance by reportable segment:

(in thousands)	September 30, 2018		December 31, 2017		September 30, 2017
Transportation	$	19,798	$	19,798	$	19,798
Water		135,230		618		618
Specialty		39,821		31,437		31,437
Materials		49,847		1,946		1,946
Total goodwill	$	244,696	$	53,799	$	53,799

Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and intangible assets. The factors that contributed to the recognition of goodwill from the acquisitions of Layne and LiquiForce include acquiring a workforce with capabilities in the global water management, construction and drilling markets, cost savings opportunities and synergies. For the Layne acquisition, we recorded $128.9 million, $47.9 million, and $8.4 million of goodwill allocated to our Water, Materials and Specialty reportable segments, respectively. For the LiquiForce acquisition, we recorded $19.2 million in goodwill that was allocated to our Water reportable segment. The goodwill from both acquisitions is not expected to be deductible for income tax purposes. The following table presents the changes in goodwill since December 31, 2017 (in thousands):

Balance at December 31, 2017	$	53,799
Layne acquisition goodwill		185,228
LiquiForce acquisition goodwill		19,264
Reclassification of goodwill to assets held for sale		(13,450	)
Goodwill translation adjustment		(145	)
Balance at September 30, 2018	$	244,696

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 September 30, 2018 and condensed consolidated statement of operations line item for the three and nine months ended September 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.

September 30, 2018

Condensed Consolidated Balance Sheet	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher/(Lower)
Assets
Receivables, net	$	618,070	$	733,368	$	(115,298	)
Contract assets		213,989		—		213,989
Costs and estimated earnings in excess of billings		—		141,525		(141,525	)
Deferred income taxes, net		6,408		1,136		5,272
Liabilities and equity
Contract liabilities	$	117,759	$	—	$	117,759
Billings in excess of costs and estimated earnings		—		158,228		(158,228	)
Accrued expenses and other current liabilities		296,033		286,681		9,352
Retained earnings		786,936		793,381		(6,445	)

Three Months Ended September 30, 2018

Condensed Consolidated Statement of Operations	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher/(Lower)
Revenue
Transportation	$	610,847	$	607,413	$	3,434
Water		124,292		119,977		4,315
Specialty		190,836		192,158		(1,322	)
Materials		129,616		129,616		—
Total revenue		1,055,591		1,049,164		6,427
Cost of revenue
Transportation	$	539,871	$	541,934	$	(2,063	)
Water		100,189		100,189		—
Specialty		162,737		162,737		—
Materials		108,303		108,303		—
Total cost of revenue		911,100		913,163		(2,063	)
Gross profit		144,491		136,001		8,490
Operating income		67,406		58,916		8,490
Provision for income taxes		8,692		6,603		2,089
Net income		59,097		52,697		6,400
Net income attributable to Granite Construction Incorporated		55,672		49,272		6,400

Nine Months Ended September 30, 2018

Condensed Consolidated Statement of Operations	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher/(Lower)
Revenue
Transportation	$	1,472,703	$	1,468,253	$	4,450
Water		215,951		213,157		2,794
Specialty		461,149		461,977		(828	)
Materials		276,286		276,286		—
Total revenue		2,426,089		2,419,673		6,416
Cost of revenue
Transportation	$	1,334,302	$	1,339,443	$	(5,141	)
Water		174,834		174,834		—
Specialty		395,838		395,838		—
Materials		239,972		239,972		—
Total cost of revenue		2,144,946		2,150,087		(5,141	)
Gross profit		281,143		269,585		11,558
Operating income		48,842		37,284		11,558
Provision for income taxes		7,357		4,554		2,803
Net income		43,354		34,599		8,755
Net income attributable to Granite Construction Incorporated		35,864		27,109		8,755