Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Preliminary Purchase Price Allocation

In accordance with ASC 805, the total purchase price and assumed liabilities were allocated to the net tangible and identifiable intangible assets based on their estimated fair values as of the acquisition date as presented in the table below (in thousands).Although no further adjustments are anticipated, we expect to finalize these amounts within 12 months from the acquisition date.

Assets
Cash	$	2,995
Receivables		70,160
Contract assets		44,947
Inventories		23,424
Other current assets		5,533
Property and equipment		183,030
Investments in affiliates		55,400
Deferred income taxes		20,959
Other noncurrent assets (including $5,906 of restricted cash)		17,868
Total tangible assets		424,316
Identifiable intangible assets		61,548
Liabilities
Identifiable intangible liabilities		6,800
Accounts payable		38,321
Contract liabilities		7,854
Accrued expenses and other current liabilities		47,583
Long-term debt		191,500
Other long-term liabilities		31,585
Total liabilities assumed		323,643
Total identifiable net assets acquired		162,221
Goodwill		187,619
Estimated purchase price	$	349,840

Summary of amortized intangible assets and liabilities

The following table lists amortized intangible assets and liabilities from the Layne and LiquiForce acquisitions that are included in other noncurrent assets and other long-term liabilities in the consolidated balance sheets as of December 31, 2018 (in thousands):

	Weighted Average Useful Lives (Years)		Gross Value		Accumulated Amortization			Net Value
Assets
Customer relationships		3	$	35,937	$	(5,880	)	$	30,057
Backlog		2		9,713		(5,795	)		3,918
Developed technologies		4		9,233		(1,384	)		7,849
Trademarks/trade name		4		9,075		(1,382	)		7,693
Favorable contracts, covenants not to compete and other		1		5,731		(2,461	)		3,270
Intangible assets			$	69,689	$	(16,902	)	$	52,787
Liabilities
Unfavorable contracts and leases		2	$	7,000	$	(4,726	)	$	2,274
Intangible liabilities			$	7,000	$	(4,726	)	$	2,274

Schedule of Pro Forma Financial Information

The financial information in the table below summarizes the unaudited combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of January 1, 2017 (unaudited, in thousands, except per share amounts). The pro forma financial information is unaudited and presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017.

Years Ended December 31,	2018		2017
Revenue	$	3,530,989	$	3,456,656
Net income		103,594		(5,759	)
Net income (loss) attributable to Granite		92,263		(12,462	)
Basic net income (loss) per share attributable to common shareholders		2.00		(0.27	)
Diluted net income (loss) per share attributable to common shareholders		2.00		(0.27	)

Summary of Acquisition and Integration Expenses

Acquisition and integration expenses primarily associated with both the Layne and LiquiForce acquisitions for the year ended December 31, 2018 were comprised of the following (in thousands):

(in thousands)
Professional services and other expenses	$	46,898
Severance and personnel costs		13,147
Total	$	60,045