GVA Granite Construction Inc

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Basis of Presentation: The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” the “Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission, are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at June 30, 2024 and the results of our operations and cash flows for the periods presented. The December 31, 2023 condensed consolidated balance sheet data included herein was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP.

During the first quarter of 2024, we reorganized our operational structure to more closely align with our two reportable segments, Construction and Materials. Previously, leaders within our three former operating groups of California, Central and Mountain managed both Construction and Materials operations within each group. This change allows us to better leverage our expertise within each reportable segment with leadership having direct oversight of their respective segment operations. As a result of the reorganization, we will no longer disclose financial information by operating group. There were no material impacts to our unaudited condensed consolidated financial statements and no changes to our reportable segments.

Due to the changes in our operational structure and the resulting changes to reporting units, we performed quantitative goodwill impairment tests, immediately before and after the reorganization, on the affected reporting units. These reporting units previously aligned with our operating group structure, but have now been combined into two reporting units, Construction and Materials. The reporting units associated with the acquisition of Lehman-Roberts Company and Memphis Stone & Gravel Company (collectively, "LRC/MSG") were not impacted by the reorganization. For each of the affected reporting units, we calculated the estimated fair value consistent with the annual impairment assessment using the discounted cash flows and market multiple methods. These tests indicated that the estimated fair values of the affected reporting units exceeded their carrying amounts with headroom in excess of 25%.

Share Repurchase Program: As announced on February 3, 2022, on February 1, 2022, the Board of Directors authorized us to purchase up to $300.0 million of our common stock at management’s discretion. During the three and six months ended June 30, 2024, we repurchased 225,000 shares under this authorization at an average price of $59.32 per share for $13.3 million. The share repurchases are included in Repurchases of common stock on the Condensed Consolidated Statements of Shareholders’ Equity and within Financing activities on the Condensed Consolidated Statement of Cash Flows. As of June 30, 2024, $218.2 million of the authorization remained available.

Seasonality: Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year.

Subsequent Event: On July 31, 2024, we agreed, subject to customary closing conditions, to acquire Dickerson & Bowen, Inc. with the transaction expected to close in the third quarter. Dickerson & Bowen is an aggregates, asphalt, and highway construction company serving central and southern Mississippi. This acquisition is not expected to have a material impact on our results of operations.

We closely monitor all Accounting Standards Updates issued by the Financial Accounting Standards Board and other authoritative guidance. No new accounting pronouncements were recently issued or adopted in the six months ended June 30, 2024 that had or are expected to have a material impact on our financial statements.

On April 24, 2023, we acquired Coast Mountain Resources (2020) Ltd. which changed its name to Granite Infrastructure Canada, Ltd. ("Granite Canada") on May 13, 2024. Granite Canada is a construction aggregate producer based in British

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Columbia, Canada operating on Malahat First Nation land. Granite Canada results are reported in the Materials segment. This acquisition did not have a material impact on our financial statements.

On November 30, 2023 (“acquisition date”), we completed the acquisition of LRC/MSG for $278.0 million, subject to customary closing adjustments, plus an estimated amount related to tax make-whole agreements with the seller. We purchased all of the outstanding equity interests in LRC/MSG and the purchase price was funded by a $150.0 million senior secured term loan, a draw of $100 million under our existing revolver and the remainder from cash on hand. Both the senior secured term loan and the draw under the revolver were fully repaid during the the six months ended June 30, 2024.

The acquired businesses are longstanding asphalt paving and asphalt and aggregates producers and suppliers. LRC/MSG operates strategically located asphalt plants and sand and gravel mines serving the greater Memphis area and northern Mississippi.

The buyer of LRC/MSG, Granite Southeast, is a wholly-owned subsidiary of Granite Construction Incorporated, and its results have been included in the Construction and Materials segments since the acquisition date. LRC/MSG’s customers are in both the public and private sectors. We have accounted for this transaction in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations (“ASC 805”).

Revenue attributable to LRC/MSG for the three and six months ended June 30, 2024 was $45.5 million and $59.5 million, respectively. Gross profit (loss) attributable to LRC/MSG for the three and six months ended June 30, 2024 was a profit of $7.9 million and a loss of $0.7 million, respectively.

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. These estimates are subject to revision, which may result in adjustments to the values presented below.

We recorded a $22.0 million provisional estimate related to tax make-whole agreements with the seller at the time of the acquisition. In the second quarter of 2024, the former owners of LRC/MSG determined their personal tax burden related to the sale of the businesses which allowed us to finalize our tax make-whole obligation. Our obligation was $7.1 million, which was paid in June 2024.

During the six months ended June 30, 2024, we made measurement period adjustments to reflect facts and circumstances in existence as of the acquisition date. These adjustments included a $4.6 million net increase from net working capital adjustments and a $2.2 million net decrease in the value of the net tangible and identifiable intangible assets acquired, offset by a $14.9 million decrease in the estimated obligation associated with the tax make-whole agreements noted above. The impact of these adjustments was a decrease in goodwill of $8.1 million. We paid $13.2 million during the six months ended June 30, 2024 associated with the acquisition of LRC/MSG, which includes $6.1 million for working capital adjustments and $7.1 million for the tax make-whole obligation.

As we continue to integrate the acquired business, we may obtain additional information on the acquired identifiable intangible assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and resulting fair values. We expect to finalize these amounts within 12 months from the acquisition date.

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The following table presents the preliminary purchase price allocation:

(in thousands)
Assets
Cash and cash equivalents			$	12,798
Receivables			18,373
Contract assets			3,388
Inventories			13,738
Other current assets			1,032
Property and equipment			86,329
Right of use assets			15,539
Other noncurrent assets			3,718
Total tangible assets			154,915
Identifiable intangible assets			107,460
Liabilities
Accounts payable			6,806
Contract liabilities			3,213
Accrued expenses and other current liabilities			10,166
Long-term lease liabilities			15,558
Other long-term liabilities			5,960
Total liabilities assumed			41,703
Total tangible and identifiable intangible net assets acquired			220,672
Goodwill			72,744
Estimated purchase price			$	293,416

Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. Changes in estimates of transaction price and costs to complete may result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. In addition, the estimated or actual recovery related to estimated costs associated with unresolved affirmative claims and back charges may be recorded in future periods or may be at values below the associated cost, which can cause fluctuations in the gross profit impact from revisions in estimates.

When we experience significant revisions in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as revisions in estimates for the current period. For revisions in estimates, generally we use the cumulative catch-up method for changes to the transaction price that are part of a single performance obligation. Under this method, revisions in estimates are accounted for in their entirety in the period of change. There can be no assurance that we will not experience further changes in circumstances or otherwise be required to revise our estimates in the future.

In our review of these changes for the three and six months ended June 30, 2024 and 2023, we did not identify any material amounts that should have been recorded in a prior period.

There were no increases to revisions which individually had an impact of $5.0 million or more on gross profit during the three months ended June 30, 2024 or 2023.

During the six months ended June 30, 2024, there was one project with an increase from revisions in estimates which had an impact to gross profit of $6.1 million and an increase in net income of $4.7 million, none of which was attributable to non-controlling interests. The revision increased the net income per diluted share attributable to common shareholders by $0.11. The increase was due to changes in the estimated transaction price related to unresolved contract modifications resulting from revisions to project work plans, permitting and schedule.

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During the six months ended June 30, 2023, there was one project with an increase from revisions in estimates which had an impact to gross profit of $6.9 million and a reduction of net loss of $5.2 million, with $2.7 million of that amount attributable to non-controlling interests. The revision decreased the net loss per diluted share by $0.06. The increase was due to decreases in estimated costs from mitigated risks.

The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data):

						Three Months Ended June 30,																		Six Months Ended June 30,
									2024									2023									2024									2023
Number of projects with downward estimate changes									2									1									3									2
Range of reduction in gross profit from each project, net						$			5.3 - 10.1						$			20.7						$			5.9 - 17.8						$			5.9 - 32.1
Decrease to project profitability, net						$			15.5						$			20.7						$			30.2						$			38.0
Decrease to net income/increase to net loss						$			11.9						$			15.8						$			23.2						$			29.0
Amounts attributable to non-controlling interests						$			2.7						$			10.4						$			3.2						$			16.0
Decrease to net income/increase to net loss attributable to Granite Construction Incorporated						$			9.2						$			5.4						$			19.9						$			13.0
Decrease to net income/increase to net loss per diluted share attributable to common shareholders						$			0.17						$			0.12						$			0.45						$			0.30

As discussed in Note 1, during the first quarter of 2024, we reorganized our operational structure to more closely align with our two reportable segments, Construction and Materials. Previously, leaders within our three former operating groups of California, Central and Mountain managed both Construction and Materials operations within each group. As a result of the reorganization, we will no longer disclose financial information by operating group and we have updated our presentation of disaggregated revenue. The prior year disaggregation of revenue amounts have been recast to conform with current period presentation.

Revenue is disaggregated by reportable segment (see Note 18) and customer type, which we believe best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Customer Type

Customers in our Construction segment are predominantly in the public sector which includes certain federal agencies, state departments of transportation, local transit authorities, county and city public works departments and school districts. Our private sector customers include, but are not limited to, developers, utilities and private owners of industrial, commercial and residential sites. Customers of our Materials segment include internal usage by our own construction projects, as well as third-party customers. Based on the nature of the Materials business, it is not meaningful to disaggregate revenue by customer type.

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The following table presents our revenue disaggregated by reportable segment and by customer type for the Construction segment:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Construction segment revenue:
Public			$	696,710					$	505,460					$	1,116,527					$	838,552
Private			221,244						243,953						396,640						414,277
Total Construction segment revenue			917,954						749,413						1,513,167						1,252,829
Materials segment revenue			164,532						149,139						241,594						205,791
Total revenue			$	1,082,486					$	898,552					$	1,754,761					$	1,458,620

The following table presents our unearned revenue disaggregated by customer type as of the respective periods:

(in thousands)			June 30, 2024						December 31, 2023
Public			$	3,067,302					$	2,892,255
Private			799,876						704,421
Total			$	3,867,178					$	3,596,676

All unearned revenue is in the Construction segment. Approximately $2.7 billion of the June 30, 2024 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter.

As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $93.1 million and $177.4 million during the three and six months ended June 30, 2024 and $45.5 million and $89.7 million during the three and six months ended June 30, 2023. The changes in contract transaction price for the three and six months ended June 30, 2024 and 2023 were from items such as executed or estimated change orders and unresolved contract modifications and claims.

As of June 30, 2024 and December 31, 2023, the aggregate claim recovery estimates included in contract asset and liability balances were $70.4 million and $77.9 million, respectively.

The components of the contract asset balances as of the respective dates were as follows:

(in thousands)			June 30, 2024						December 31, 2023
Costs in excess of billings and estimated earnings			$	135,326					$	100,106
Contract retention			174,050						162,881
Total contract assets			$	309,376					$	262,987

As of June 30, 2024 and December 31, 2023, contract retention receivable from Brightline Trains Florida LLC represented 9.4% and 11.1%, respectively, of total contract assets. No other contract retention receivable individually exceeded 10% of total contract assets at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year.

As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $55.0 million and $253.3 million during the three and six months ended June 30, 2024, respectively, and $48.1 million and $171.1 million during the three and six months ended June 30, 2023, respectively, that was included in the contract liability balances at December 31, 2023 and 2022, respectively.

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The components of the contract liability balances as of the respective dates were as follows:

(in thousands)			June 30, 2024						December 31, 2023
Billings in excess of costs and estimated earnings, net of retention			$	245,536					$	227,913
Provisions for losses			16,662						15,935
Total contract liabilities			$	262,198					$	243,848

Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not bear interest. The following table presents major categories of receivables:

(in thousands)			June 30, 2024						December 31, 2023
Contracts completed and in progress:
Billed			$	304,766					$	343,190
Unbilled			232,472						119,170
Total contracts completed and in progress			537,238						462,360
Materials sales			86,072						61,808
Other			86,889						76,084
Total gross receivables			710,199						600,252
Less: allowance for credit losses			951						1,547
Total net receivables			$	709,248					$	598,705

Included in other receivables at June 30, 2024 and December 31, 2023 were items such as estimated recovery from back charge claims, notes receivable, fuel tax refunds and income tax refunds. Other receivables at June 30, 2024 and December 31, 2023 also included $25.0 million of working capital contributions in the form of a loan to a partner in one of our unconsolidated construction joint ventures, plus accrued interest. None of our customers had a receivable balance in excess of 10% of our total net receivables as of June 30, 2024 or December 31, 2023.

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The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands):

			Fair Value Measurement at Reporting Date Using
June 30, 2024			Level 1						Level 2						Level 3						Total
Cash equivalents
Money market funds			$	75,458					$	—					$	—					$	75,458
Total assets			$	75,458					$	—					$	—					$	75,458
Accrued and other current liabilities
Heating oil swaps			$	—					$	121					$	—					$	121
Crude oil swaps			—						212						—						212
Diesel collars			—						246						—						246
Total liabilities			$	—					$	579					$	—					$	579

December 31, 2023
Cash equivalents
Money market funds			$	101,275					$	—					$	—					$	101,275
Total assets			$	101,275					$	—					$	—					$	101,275
Accrued and other current liabilities
Interest rate swap			$	—					$	126					$	—					$	126
Heating oil swaps			—						153						—						153
Diesel collars			—						802						—						802
Total liabilities			$	—					$	1,081					$	—					$	1,081

Interest Rate Swap

In connection with entering into Amendment No. 2 to the Fourth Amended and Restated Credit Agreement, as amended (the "Credit Agreement") in November 2023, we entered into an interest rate swap designated as a cash flow hedge with an initial notional amount of $75.0 million and an effective date of December 2023 and a maturity date of June 2027. In conjunction with the payoff of our term loan in June 2024, the interest rate swap was terminated resulting in a gain of $1.4 million.

Commodity Derivatives

In 2023, we entered into collar contracts and commodity swaps to reduce our price exposure on diesel consumption and heating oil consumption, respectively. The collars and swaps were not designated as hedges and will be treated as mark-to-market derivative instruments through their maturity dates. The financial statement impact of the collar contracts and commodity swaps for the three and six months ended June 30, 2024 and 2023 was immaterial.

In April 2024 and December 2022, we entered into commodity swaps designed as a cash flow hedge for crude oil with a notional amount of $9.2 million and $7.0 million, respectively, and maturity dates of October 31, 2024 and October 31, 2023, respectively. The financial statement impact of these swaps during the three and six months ended June 30, 2024 and 2023 was immaterial.

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Other Assets and Liabilities

The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows:

									June 30, 2024												December 31, 2023
(in thousands)			Fair Value Hierarchy						Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Held-to-maturity marketable securities (1)			Level 1						$	10,500					$	10,336					$	35,863					$	35,357
Liabilities (including current maturities):
3.25% Convertible Notes (2)			Level 2						$	373,750					$	388,775					$	—					$	—
3.75% Convertible Notes (2)			Level 2						$	373,750					$	542,369					$	373,750					$	475,601
2.75% Convertible Notes (2)			Level 2						$	420					$	825					$	31,338					$	51,045
Credit Agreement - Term Loan (2)			Level 3						$	—					$	—					$	150,000					$	153,585
Credit Agreement - Revolver (2)			Level 3						$	—					$	—					$	100,000					$	102,317

(1) All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of June 30, 2024 and December 31, 2023.

(2) The fair values of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes"), our 3.25% convertible senior notes due 2030 (the "3.25% Convertible Notes") and our 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes, 3.25% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement.

During the six months ended June 30, 2024 and 2023, we had no material nonfinancial asset and liability fair value adjustments.

We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three and six months ended June 30, 2024, we determined no change was required for existing joint ventures.

Due to the joint and several nature of the performance obligations under the related owner contracts, if any of our partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). We are not able to estimate amounts that may be required beyond the current remaining forecasted cost of the work to be performed. These forecasted costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. See Note 13 for disclosure of the performance guarantee amounts recorded in the condensed consolidated balance sheets.

Consolidated Construction Joint Ventures (“CCJVs”)

As of June 30, 2024, we were engaged in ten active CCJV projects. Our proportionate share of the equity in these joint ventures was between 50.0% and 70.0%. During the three and six months ended June 30, 2024 and 2023, total revenue from CCJVs was $92.2 million, $163.8 million, $70.8 million, and $132.1 million, respectively. During the six months ended June 30, 2024 and 2023, CCJVs provided $8.6 million of operating cash flows and used $48.3 million of operating cash flows, respectively. As of June 30, 2024, our share of revenue remaining to be recognized on these CCJVs was $348.0 million and ranged from $2.6 million to $105.3 million by project.

Unconsolidated Construction Joint Ventures

As of June 30, 2024, we were engaged in five active unconsolidated construction joint venture projects. Our proportionate share of the equity in these unconsolidated construction joint ventures ranged from 30.0% to 50.0%. As of June 30, 2024, our share of the revenue remaining to be recognized on these unconsolidated construction joint ventures was $34.6 million and ranged from $0.9 million to $25.9 million by project.

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The following is summary financial information related to unconsolidated construction joint ventures:

(in thousands)			June 30, 2024						December 31, 2023
Assets
Cash, cash equivalents and marketable securities			$	127,513					$	117,962
Other current assets (1)			605,779						666,536
Noncurrent assets			37,794						52,580
Less: partners’ interest			527,663						574,723
Granite’s interest (1),(2)			$	243,423					$	262,355
Liabilities
Current liabilities			$	157,580					$	191,175
Less: partners’ interest and adjustments (3)			64,623						85,131
Granite’s interest			$	92,957					$	106,044
Equity in construction joint ventures (4)			$	150,466					$	156,311

(1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 was $57.8 million related to performance guarantees (see Note 13).

(2) Included in this balance as of June 30, 2024 and December 31, 2023 was $68.4 million and $66.6 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $1.7 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2024 and December 31, 2023, respectively.

(3) Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences.

(4) Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $6.6 million and $14.9 million as of June 30, 2024 and December 31, 2023, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses.

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Revenue
Total			$	21,648					$	25,211					$	30,365					$	63,385
Less: partners’ interest and adjustments (1)			14,455						15,691						12,942						39,020
Granite’s interest			$	7,193					$	9,520					$	17,423					$	24,365
Cost of revenue
Total			$	27,346					$	40,564					$	46,097					$	84,935
Less: partners’ interest and adjustments (1)			18,106						25,912						28,376						56,316
Granite’s interest			$	9,240					$	14,652					$	17,721					$	28,619
Granite’s interest in gross loss			$	(2,047)					$	(5,132)					$	(298)					$	(4,254)
Net Income (Loss)
Total			$	(3,950)					$	(14,574)					$	(12,099)					$	(20,228)
Less: partners’ interest and adjustments (1)			(2,412)						(9,658)						(12,851)						(16,223)
Granite’s interest in net income (loss) (2)			$	(1,538)					$	(4,916)					$	752					$	(4,005)

(1)Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences.

(2)These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.

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Our investments in affiliates balance consists of equity method investments in the following types of entities:

(in thousands)			June 30, 2024						December 31, 2023
Foreign			$	72,255					$	68,407
Real estate			5,317						7,136
Asphalt terminal			15,927						17,367
Total investments in affiliates			$	93,499					$	92,910

The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:

(in thousands)			June 30, 2024						December 31, 2023
Current assets			$	192,560					$	204,897
Noncurrent assets			141,950						159,694
Total assets			$	334,510					$	364,591
Current liabilities			$	70,078					$	81,899
Long-term liabilities (1)			46,799						54,591
Total liabilities			$	116,877					$	136,490
Net assets			$	217,633					$	228,101
Granite’s share of net assets			$	93,499					$	92,910

(1)This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments.

Of the $334.5 million of total affiliate assets as of June 30, 2024, we had investments in two real estate entities with total assets of $41.7 million, our foreign affiliates had total assets of $254.5 million and the asphalt terminal entity had total assets of $38.3 million. As of June 30, 2024 and December 31, 2023, all of the investments in real estate affiliates were in residential real estate in Texas. As of June 30, 2024, our percent ownership in the real estate entities ranged from 10% to 25%. We have direct and indirect investments in our foreign affiliates, and our percent ownership in foreign affiliates ranged from 25% to 50% as of June 30, 2024. Our percent ownership in the asphalt terminal entity was 50% as of June 30, 2024.

Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows:

(in thousands)			June 30, 2024						December 31, 2023
Equipment and vehicles			$	1,165,523					$	1,140,195
Quarry property			252,633						251,922
Land and land improvements			107,230						105,872
Buildings and leasehold improvements			108,586						102,676
Office furniture and equipment			72,031						72,098
Property and equipment			$	1,706,003					$	1,672,763
Less: accumulated depreciation and depletion			1,035,127						1,009,899
Property and equipment, net			$	670,876					$	662,864

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(in thousands)			June 30, 2024						December 31, 2023
Accrued insurance			$	95,317					$	81,936
Deficits in unconsolidated construction joint ventures			6,604						14,921
Payroll and related employee benefits			81,082						105,418
Performance guarantees			57,849						57,849
Short-term lease liabilities			16,255						16,826
Other			44,932						60,790
Total			$	302,039					$	337,740

Other includes dividends payable, warranty reserves, asset retirement obligations, remediation reserves, legal accruals and other miscellaneous accruals, none of which were greater than 5% of total current liabilities at any of the presented dates. At December 31, 2023, the "other" balance above included the estimated LRC/MSG tax make-whole liability (see Note 3) which was finalized and paid in June 2024.

(in thousands)			June 30, 2024						December 31, 2023
3.25% Convertible Notes			$	373,750					$	—
3.75% Convertible Notes			373,750						373,750
2.75% Convertible Notes			420						31,338
Credit Agreement - Term Loan			—						150,000
Credit Agreement - Revolver			—						100,000
Debt issuance costs and other			(8,974)						(375)
Total debt			$	738,946					$	654,713
Less: current maturities			1,510						39,932
Total long-term debt			$	737,436					$	614,781

Credit Agreement

In June 2022, we entered into the Credit Agreement which matures on June 2, 2027. The Credit Agreement consisted of a $350.0 million senior secured, five-year revolving credit facility (the “Revolver”), including an accordion feature allowing us to increase borrowings up to the greater of (a) $200.0 million and (b) 100% of twelve-month trailing consolidated EBITDA, subject to lender approval. The Credit Agreement includes a $150.0 million sublimit for letters of credit ($75.0 million for financial letters of credit) and a $20.0 million sublimit for swingline loans. In May 2023, we entered into Amendment No. 1 to the Credit Agreement ("Amendment No. 1"). Amendment No. 1 amended the Credit Agreement to, among other things, permit the Company to exchange its 2.75% Convertible Notes for cash and shares of its common stock and to clarify that (i) the issuance of the 3.75% Convertible Notes was permitted under the terms of the Credit Agreement and (ii) that a Swap Contract (as defined in the Credit Agreement) does not include any Permitted Call Spread Transaction (as defined in the Credit Agreement).

In November 2023, we entered into Amendment No. 2 to the Credit Agreement ("Amendment No. 2") which amended the Credit Agreement to, among other things, provide for a $150.0 million senior secured term loan (the “Term Loan”), which was fully drawn on closing to fund the LRC/MSG acquisition. The Term Loan was scheduled to mature on June 2, 2027 and amortize 5% per year, payable in quarterly installments beginning in the first quarter of 2024. At March 31, 2024 there was $148.1 million outstanding on the Term Loan which was fully repaid with the net proceeds from our 3.25% Convertible Notes during the three months ended June 30, 2024.

We may borrow on the Revolver, at our option, at either (a) the Secured Overnight Financing Rate (“SOFR”) term rate plus a credit adjustment spread plus applicable margin ranging from 1.0% to 2.0%, or (b) a base rate plus an applicable margin ranging from zero to 1.0%. The applicable margin is based on our Consolidated Leverage Ratio (as defined in our Credit Agreement), calculated quarterly. As of June 30, 2024, the total unused availability under the Credit Agreement was $333.4 million, resulting from $16.6 million in issued and outstanding letters of credit and nothing drawn under the Revolver. The letters of credit had expiration dates between July 2024 and December 2027.

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3.25% Convertible Notes

On June 11, 2024, we issued $373.8 million aggregate principal amount of our 3.25% Convertible Notes. The 3.25% Convertible Notes bear interest at a rate of 3.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The 3.25% Convertible Notes mature on June 15, 2030, unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding December 15, 2029, the 3.25% Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 3.25% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding their maturity date.

The 3.25% Convertible Notes have an initial conversion rate of 12.8398 shares of Granite’s common stock per $1,000 principal amount of the 3.25% Convertible Notes, which is equivalent to an initial conversion price of approximately $77.88 per share of Granite’s common stock, subject to adjustment if certain events occur. Upon conversion, we will settle the principal amount of the 3.25% Convertible Notes in cash, and any conversion premium in excess of the principal amount in cash, or a combination of cash and shares of common stock, at our election.

In addition, upon the occurrence of a “fundamental change” as defined in the indenture governing the 3.25% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 3.25% Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 3.25% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If certain corporate events that constitute a “make-whole fundamental change” as set forth in the indenture governing the 3.25% Convertible Notes occur prior to the maturity date of the 3.25% Convertible Notes or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.25% Convertible Notes in connection with such event or notice of redemption.

We will not be able to redeem the 3.25% Convertible Notes prior to June 21, 2027. On or after June 21, 2027, we will be able to redeem for cash all or any portion of the 3.25% Convertible Notes, at our option, if the last reported sale price of Granite’s common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 3.25% Convertible Notes to be redeemed, plus accrued but unpaid interest to, but excluding, the redemption date. The indenture governing the 3.25% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 3.25% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 3.25% Convertible Notes then outstanding may declare the 3.25% Convertible Notes due and payable immediately.

The net proceeds from the sale of the 3.25% Convertible Notes were approximately $365.0 million, after deducting the initial purchasers’ discount. We used approximately $46.0 million of the net proceeds from the 3.25% Convertible Notes offering to pay the cost of entering into capped call transactions in connection with the 3.25% Convertible Notes. In addition, we paid approximately $57.6 million of the net proceeds from the 3.25% Convertible Notes offering to repurchase approximately $30.2 million in aggregate principal amount of our 2.75% Convertible Notes in separate and individually negotiated transactions entered into concurrently with the pricing of the offering; repaid amounts outstanding under our Term Loan of $148.1 million; repurchased $13.3 million of shares under our authorized share repurchase program; with the remainder of the net proceeds available for general corporate purposes, which may include acquisitions.

2024 Capped Call Transactions

In June 2024, we entered into privately negotiated capped call transactions in connection with the offering of the 3.25% Convertible Notes (the "2024 capped call transactions"). The 2024 capped call transactions are expected generally to reduce the potential dilution to Granite’s common stock upon any conversion of the 3.25% Convertible Notes and/or offset any cash payments Granite is required to make in excess of the principal amount of converted 3.25% Convertible Notes, as the case may be. If, however, the market price per share of Granite’s common stock, as measured under the terms of the 2024 capped call transactions, exceeds the cap price $119.82 of the 2024 capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the 2024 capped call transactions.

3.75% Convertible Notes

On May 11, 2023, we issued $373.8 million aggregate principal amount of our 3.75% Convertible Notes. The 3.75% Convertible Notes bear interest at a rate of 3.75% per annum payable semiannually in arrears on May 15 and November 15

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of each year, beginning on November 15, 2023 and mature on May 15, 2028, unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding November 15, 2027, the 3.75% Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 3.75% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

The initial conversion rate applicable to the 3.75% Convertible Notes is 21.6807 shares of Granite common stock per $1,000 principal amount of the 3.75% Convertible Notes, which is equivalent to an initial conversion price of approximately $46.12 per share of Granite common stock, subject to adjustment if certain events occur. Upon conversion, we will pay or deliver, as the case may be, cash, shares of Granite common stock or a combination of cash and shares of Granite common stock, at our election. In addition, upon the occurrence of a “fundamental change” as defined in the indenture governing the 3.75% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 3.75% Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 3.75% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If certain corporate events that constitute a “make-whole fundamental change” as set forth in the indenture governing the 3.75% Convertible Notes occur prior to the maturity date of the 3.75% Convertible Notes or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.75% Convertible Notes in connection with such event or notice of redemption.

We will not be able to redeem the 3.75% Convertible Notes prior to May 20, 2026. On or after May 20, 2026, we have the option to redeem for cash all or any portion of the 3.75% Convertible Notes if the last reported sale price of our common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 3.75% Convertible Notes to be redeemed, plus any accrued but unpaid interest to, but excluding, the redemption date. The indenture governing the 3.75% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 3.75% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 3.75% Convertible Notes then outstanding may declare the 3.75% Convertible Notes due and payable immediately.

The net proceeds from the sale of the 3.75% Convertible Notes were approximately $364.4 million, after deducting the initial purchasers’ discount. We used approximately $53.0 million of the net proceeds from the offering to pay the cost of the 2023 capped call transactions (as described below). In addition, we used approximately $198.8 million of the net proceeds and issued 1,390,500 shares of Granite common stock in exchange for approximately $198.7 million aggregate principal amount of our 2.75% Convertible Notes concurrent with the offering in separate and individually negotiated transactions (the "Exchange Transaction"). In connection with the Exchange Transaction, we entered into partial unwind agreements (the "Unwind Agreements") with certain financial institutions to unwind a portion of the convertible note hedge and warrant transactions entered into in connection with the offering of the 2.75% Convertible Notes. Pursuant to the Unwind Agreements, we received 1,390,516 shares of our common stock (and cash in lieu of any fractional shares) in respect of the unwind of the portion of the existing convertible note hedge transactions that correspond to the 2.75% Convertible Notes that were exchanged in the Exchange Transaction described above and paid $13.2 million in cash in respect of the unwind of the portion of the existing warrant transactions that correspond to the 2.75% Convertible Notes that were exchanged in the Exchange Transaction described above.

2023 Capped Call Transactions

In May 2023, we entered into capped call transactions (the "2023 capped call transactions") in connection with the offering of the 3.75% Convertible Notes. The 2023 capped call transactions are expected generally to reduce the potential dilution to Granite’s common stock upon conversion of the 3.75% Convertible Notes and/or offset any cash payments Granite is required to make in excess of the principal amount of converted 3.75% Convertible Notes, as the case may be. If, however, the market price per share of Granite’s common stock, as measured under the terms of the 2023 capped call transactions, exceeds the cap price $79.83 of the 2023 capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the 2023 capped call transactions.

2.75% Convertible Notes

The 2.75% Convertible Notes were issued in November 2019 in an aggregate principal amount of $230.0 million, with an interest rate of 2.75% and a maturity date of November 1, 2024, unless earlier converted, redeemed or repurchased.

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In June 2024, we called the 2.75% Convertible Notes for redemption and will redeem all outstanding aggregate principal amount of the 2.75% Convertible Notes on August 19, 2024. The redemption price per $1,000 principal amount of the 2.75% Convertible Notes is equal to $1,000 plus accrued and unpaid interest, if any, to, but excluding the redemption date. The 2.75% Convertible Notes may be converted, at the election of the holder of such notes, at any time before the close of business on August 15, 2024. The conversion rate for the 2.75% Convertible Notes is 31.7915 shares of Granite common stock per $1,000 principal amount of notes (which includes 0.0139 additional shares to which converting holders are entitled). With respect any 2.75% Convertible Note that is properly surrendered for conversion from and after the date of the redemption notice until the close of business on August 15, 2024, we have elected to settle such conversion by delivering cash of $1,000 per $1,000 principal amount of the 2.75% Convertible Notes and shares of our common stock in respect of the remainder of our conversion obligation in excess of the cash payment.

The indenture governing the 2.75% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 2.75% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 2.75% Convertible Notes then outstanding may declare the notes due and payable immediately.

At June 30, 2024, $0.4 million remained outstanding of our 2.75% Convertible Notes.

Covenants and Events of Default

Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with these covenants would constitute an event of default under the Credit Agreement. Additionally, the 2.75% Convertible Notes, 3.25% Convertible Notes and 3.75% Convertible Notes are governed by the terms and conditions of their respective indentures. Our failure to pay principal, interest or other amounts when due or within the relevant grace period on our 2.75% Convertible Notes, our 3.25% Convertible Notes, our 3.75% Convertible Notes or our Credit Agreement would constitute an event of default under the 2.75% Convertible Notes indenture, the 3.25% Convertible Notes indenture, the 3.75% Convertible Notes indenture or the Credit Agreement. A default under our Credit Agreement could result in (i) us no longer being entitled to borrow under such facility; (ii) termination of such facility; (iii) the requirement that any letters of credit under such facility be cash collateralized; (iv) acceleration of amounts owed under the Credit Agreement; and/or (v) foreclosure on any collateral securing the obligations under such facility. A default under the 2.75% Convertible Notes indenture, the 3.25% Convertible Notes indenture or the 3.75% Convertible Notes indenture could result in acceleration of the maturity of the notes.

The most significant financial covenants under the terms of our Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of June 30, 2024, we were in compliance with all covenants contained in the Credit Agreement. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements.

Debt Issuance Costs

During the three and six months ended June 30, 2024, we recorded $1.5 million and $2.1 million, respectively, of amortization related to debt issuance costs. We also capitalized $9.7 million in third party offering costs related to the issuance of the 3.25% Convertible Notes. These debt issuance costs will be amortized over the expected life of the 3.25% Convertible Notes.

During the three and six months ended June 30, 2023, we recorded $2.1 million and $2.4 million, respectively, of amortization related to debt issuance costs. This included $1.7 million of accelerated amortization of debt issuance costs associated with the 2.75% Convertible Notes that were repaid and are included in the loss on debt extinguishment. We also capitalized $9.8 million in third party offering costs related to the issuance of the 3.75% Convertible Notes. These debt issuance costs will be amortized over the expected life of the 3.75% Convertible Notes.

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The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands, except per share amounts)			2024						2023						2024						2023
Numerator
Net income (loss) attributable to common shareholders for basic earnings per share			$	36,895					$	(17,000)					$	5,912					$	(40,023)
Add: Interest expense related to Convertible Notes (1)			3,074						—						—						—
Net income (loss) attributable to common shareholders for diluted earnings per share			$	39,969					$	(17,000)					$	5,912					$	(40,023)
Denominator
Weighted average common shares outstanding, basic			44,060						43,892						44,024						43,829
Add: Dilutive effect of RSUs			564						—						569						—
Add: Dilutive effect of Convertible Notes (1)			8,103						—						—						—
Weighted average common shares outstanding, diluted			52,727						43,892						44,593						43,829
Net income (loss) per share, basic			$	0.84					$	(0.39)					$	0.13					$	(0.91)
Net income (loss) per share, diluted			$	0.76					$	(0.39)					$	0.13					$	(0.91)

(1) The dilutive effect of the convertible notes was determined using the if-converted method. As the 2.75% Convertible Notes and 3.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2.75% Convertible Notes and 3.75% Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 3.25% Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 3.25% Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

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The following table presents the provision for (benefit from) income taxes for the respective periods:

			Three Months Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2024						2023						2024						2023
Provision for (benefit from) income taxes			$	20,693					$	9,024					$	11,167					$	(445)
Effective tax rate			34.7		%				(60.9		%)				54.3		%				0.9		%

Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. Disclosure is required when a material loss is probable but not reasonably estimable, a material loss is reasonably possible but not probable, or when it is reasonably possible that the amount of a loss will exceed the amount recorded. The total liabilities recorded in our condensed consolidated balance sheets for legal proceedings and government inquiries were immaterial as of June 30, 2024 and December 31, 2023.

It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period.

Ordinary Course Legal Proceedings

In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1 of our Annual Report. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which often cannot be predicted with certainty.

Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed.

Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”), regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer and our Chief Operating Officer. Our reportable segments are: Construction and Materials.

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Summarized segment information is as follows (in thousands):

Three months ended June 30,			Construction						Materials						Total
2024
Total revenue from reportable segments			$	917,954					$	239,468					$	1,157,422
Elimination of intersegment revenue			—						(74,936)						(74,936)
Revenue from external customers			$	917,954					$	164,532					$	1,082,486
Gross profit			$	135,372					$	29,339					$	164,711
Depreciation, depletion and amortization			$	13,501					$	10,917					$	24,418
2023
Total revenue from reportable segments			$	749,413					$	206,832					$	956,245
Elimination of intersegment revenue			—						(57,693)						(57,693)
Revenue from external customers			$	749,413					$	149,139					$	898,552
Gross profit			$	79,154					$	23,932					$	103,086
Depreciation, depletion and amortization			$	10,238					$	7,090					$	17,328

Six Months Ended June 30,			Construction						Materials						Total
2024
Total revenue from reportable segments			$	1,513,167					$	328,172					$	1,841,339
Elimination of intersegment revenue			—						(86,578)						(86,578)
Revenue from external customers			$	1,513,167					$	241,594					$	1,754,761
Gross profit			$	192,200					$	26,796					$	218,996
Depreciation, depletion and amortization			$	27,204					$	21,394					$	48,598
Segment assets as of period end			$	565,222					$	570,908					$	1,136,130
2023
Total revenue from reportable segments			$	1,252,829					$	278,752					$	1,531,581
Elimination of intersegment revenue			—						(72,961)						(72,961)
Revenue from external customers			$	1,252,829					$	205,791					$	1,458,620
Gross profit			$	115,859					$	19,586					$	135,445
Depreciation, depletion and amortization			$	19,993					$	13,213					$	33,206
Segment assets as of period end			$	443,112					$	414,858					$	857,970

A reconciliation of segment gross profit to consolidated income (loss) before income taxes is as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Total gross profit from reportable segments			$	164,711					$	103,086					$	218,996					$	135,445
Selling, general and administrative expenses			70,052						64,563						158,045						137,685
Other costs, net			10,225						13,607						21,235						18,130
Gain on sales of property and equipment, net			(1,387)						(3,944)						(2,805)						(5,981)
Total other expense, net			26,271						43,682						21,939						35,674
Income (loss) before income taxes			$	59,550					$	(14,822)					$	20,582					$	(50,063)

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-12911
Entity Registrant Name	GRANITE CONSTRUCTION INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0239383
Entity Address, Address Line One	585 W. Beach Street
Entity Address, City or Town	Watsonville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95076
City Area Code	831
Local Phone Number	724-1011
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	GVA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,686,890
Entity Central Index Key	0000861459
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents ($121,963 and $120,224 related to consolidated construction joint ventures (“CCJVs”))	$ 366,746	$ 417,663
Short-term marketable securities	10,500	35,863
Receivables, net ($54,659 and $62,040 related to CCJVs)	709,248	598,705
Contract assets ($92,513 and $68,520 related to CCJVs)	309,376	262,987
Inventories	119,060	103,898
Equity in construction joint ventures	157,070	171,233
Other current assets ($5,080 and $5,590 related to CCJVs)	34,168	53,102
Total current assets	1,706,168	1,643,451
Property and equipment, net ($7,295 and $7,557 related to CCJVs)	670,876	662,864
Investments in affiliates	93,499	92,910
Goodwill	146,768	155,004
Intangible assets	107,575	117,322
Right of use assets	78,374	78,176
Deferred income taxes, net	19,989	8,179
Other noncurrent assets	58,120	55,634
Total assets	2,881,369	2,813,540
Current liabilities
Current maturities of long-term debt	1,510	39,932
Accounts payable ($65,499 and $62,755 related to CCJVs)	450,656	408,363
Contract liabilities ($58,170 and $50,929 related to CCJVs)	262,198	243,848
Accrued expenses and other current liabilities ($6,568 and $5,426 related to CCJVs)	302,039	337,740
Total current liabilities	1,016,403	1,029,883
Long-term debt	737,436	614,781
Long-term lease liabilities	64,995	63,548
Deferred income taxes, net	3,272	3,708
Other long-term liabilities	71,848	74,654
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,686,508 shares as of June 30, 2024 and 43,944,118 shares as of December 31, 2023	437	439
Additional paid-in capital	435,271	474,134
Accumulated other comprehensive income	270	881
Retained earnings	495,679	501,844
Total Granite Construction Incorporated shareholders’ equity	931,657	977,298
Non-controlling interests	55,758	49,668
Total equity	987,415	1,026,966
Total liabilities and equity	$ 2,881,369	$ 2,813,540

v3.24.2.u1

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents ($121,963 and $120,224 related to consolidated construction joint ventures (“CCJVs”))	$ 366,746	$ 417,663
Receivables, net ($54,659 and $62,040 related to CCJVs)	709,248	598,705
Contract assets ($92,513 and $68,520 related to CCJVs)	309,376	262,987
Other current assets ($5,080 and $5,590 related to CCJVs)	34,168	53,102
Property and equipment, net ($7,295 and $7,557 related to CCJVs)	670,876	662,864
Accounts payable ($65,499 and $62,755 related to CCJVs)	450,656	408,363
Contract liabilities ($58,170 and $50,929 related to CCJVs)	262,198	243,848
Accrued expenses and other current liabilities ($6,568 and $5,426 related to CCJVs)	$ 302,039	$ 337,740
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	3,000,000	3,000,000
Preferred stock, outstanding (shares)	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	150,000,000	150,000,000
Common stock, issued (shares)	43,686,508	43,944,118
Common stock, outstanding (shares)	43,686,508	43,944,118
Consolidated Construction Corporate Joint Venture
Cash and cash equivalents ($121,963 and $120,224 related to consolidated construction joint ventures (“CCJVs”))	$ 121,963	$ 120,224
Receivables, net ($54,659 and $62,040 related to CCJVs)	54,659	62,040
Contract assets ($92,513 and $68,520 related to CCJVs)	92,513	68,520
Other current assets ($5,080 and $5,590 related to CCJVs)	5,080	5,590
Property and equipment, net ($7,295 and $7,557 related to CCJVs)	7,295	7,557
Accounts payable ($65,499 and $62,755 related to CCJVs)	65,499	62,755
Contract liabilities ($58,170 and $50,929 related to CCJVs)	58,170	50,929
Accrued expenses and other current liabilities ($6,568 and $5,426 related to CCJVs)	$ 6,568	$ 5,426

v3.24.2.u1

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 1,082,486	$ 898,552	$ 1,754,761	$ 1,458,620
Cost of revenue
Total cost of revenue	917,775	795,466	1,535,765	1,323,175
Gross profit	164,711	103,086	218,996	135,445
Selling, general and administrative expenses	70,052	64,563	158,045	137,685
Other costs, net	10,225	13,607	21,235	18,130
Gain on sales of property and equipment, net	(1,387)	(3,944)	(2,805)	(5,981)
Operating income (loss)	85,821	28,860	42,521	(14,389)
Other (income) expense
Loss on debt extinguishment	27,824	51,052	27,824	51,052
Interest income	(3,600)	(3,232)	(10,302)	(6,994)
Interest expense	5,337	4,131	13,420	7,022
Net income from affiliates	(4,557)	(7,044)	(8,527)	(12,231)
Other (income) expense, net	1,267	(1,225)	(476)	(3,175)
Total other expense, net	26,271	43,682	21,939	35,674
Income (loss) before income taxes	59,550	(14,822)	20,582	(50,063)
Provision for (benefit from) income taxes	20,693	9,024	11,167	(445)
Net income (loss)	38,857	(23,846)	9,415	(49,618)
Amount attributable to non-controlling interests	(1,962)	6,846	(3,503)	9,595
Net income (loss) attributable to Granite Construction Incorporated	$ 36,895	$ (17,000)	$ 5,912	$ (40,023)
Net loss per share attributable to common shareholders
Basic (USD per share)	$ 0.84	$ (0.39)	$ 0.13	$ (0.91)
Diluted (USD per share)	$ 0.76	$ (0.39)	$ 0.13	$ (0.91)
Weighted average shares outstanding:
Basic (shares)	44,060	43,892	44,024	43,829
Diluted (shares)	52,727	43,892	44,593	43,829
Construction
Revenue
Total revenue	$ 917,954	$ 749,413	$ 1,513,167	$ 1,252,829
Cost of revenue
Total cost of revenue	782,582	670,259	1,320,967	1,136,970
Materials
Revenue
Total revenue	164,532	149,139	241,594	205,791
Cost of revenue
Total cost of revenue	$ 135,193	$ 125,207	$ 214,798	$ 186,205

v3.24.2.u1

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 38,857	$ (23,846)	$ 9,415	$ (49,618)
Other comprehensive income (loss), net of tax
Net unrealized loss on cash flow hedges, net of tax	(735)	(366)	(146)	(558)
Less: reclassification for net gains (losses) included in interest expense, net of tax	(144)	112	82	112
Net change	(879)	(254)	(64)	(446)
Foreign currency translation adjustments, net	(141)	396	(547)	453
Other comprehensive income (loss), net of tax	(1,020)	142	(611)	7
Comprehensive income (loss), net of tax	37,837	(23,704)	8,804	(49,611)
Non-controlling interests in comprehensive (income) loss, net of tax	(1,962)	6,846	(3,503)	9,595
Comprehensive income (loss) attributable to Granite Construction Incorporated, net of tax	$ 35,875	$ (16,858)	$ 5,301	$ (40,016)

v3.24.2.u1

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands		Total		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Granite Shareholders’ Equity		Non-controlling Interests
Beginning balances (in shares) at Dec. 31, 2022				43,743,907
Beginning balances at Dec. 31, 2022		$ 985,145		$ 437		$ 470,407		$ 788	$ 481,384	$ 953,016		$ 32,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(49,618)							(40,023)	(40,023)		(9,595)
Other comprehensive income (loss)		7						7		7
Repurchases of common stock (shares)	[1]			(93,602)
Repurchases of common stock	[1]	(3,767)				(3,766)				(3,767)
RSUs vested (shares)				261,362
RSUs vested		0		$ 3		(3)
Dividends on common stock		(11,414)				150			(11,564)	(11,414)
RSUs vested		17,374										17,374
Stock-based compensation expense and other (in shares)				7,147
Dividends on common stock ($0.13 per share per quarter)		6,968				6,968				6,968
Capped call transactions		(39,379)				(39,379)				(39,379)
Redemption of warrants		(13,201)				(13,201)				(13,201)
Loss on debt extinguishment (shares)				1,390,500
Extinguishment of debt		49,335		$ 14		49,321				49,335
Exercise of bond hedge (in shares)				(1,390,516)
Exercise of bond hedge		0		$ (14)		14
Ending balances (in shares) at Jun. 30, 2023				43,918,798
Ending balances at Jun. 30, 2023		941,450		$ 439		470,511		795	429,797	901,542		39,908
Beginning balances (in shares) at Mar. 31, 2023				43,880,224
Beginning balances at Mar. 31, 2023		972,411		$ 439		471,782		653	452,583	925,457		46,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(23,846)							(17,000)	(17,000)		(6,846)
Other comprehensive income (loss)		142						142		142
Repurchases of common stock (shares)				(6,342)
Repurchases of common stock		(244)		$ (1)		(243)			0	(244)
RSUs vested (shares)				37,394
RSUs vested		0		$ 1		(1)
Dividends on common stock		(5,710)				76			(5,786)	(5,710)
RSUs vested		(200)										(200)
Stock-based compensation expense and other (in shares)				7,538
Dividends on common stock ($0.13 per share per quarter)		2,142				2,142				2,142
Capped call transactions		(39,379)				(39,379)				(39,379)
Redemption of warrants		(13,201)				(13,201)				(13,201)
Loss on debt extinguishment (shares)				1,390,500
Extinguishment of debt		49,335		$ 14		49,321				49,335
Exercise of bond hedge (in shares)				(1,390,516)
Exercise of bond hedge		0		$ (14)		14
Ending balances (in shares) at Jun. 30, 2023				43,918,798
Ending balances at Jun. 30, 2023		$ 941,450		$ 439		470,511		795	429,797	901,542		39,908
Beginning balances (in shares) at Dec. 31, 2023		43,944,118		43,944,118
Beginning balances at Dec. 31, 2023		$ 1,026,966		$ 439		474,134		881	501,844	977,298		49,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		9,415							5,912	5,912		3,503
Other comprehensive income (loss)		(611)						(611)		(611)
Repurchases of common stock (shares)	[1]			(366,567)
Repurchases of common stock		(21,144)	[1]	$ (3)	[1]	(20,636)	[1]		(505)	(21,144)	[1]
RSUs vested (shares)				365,440
RSUs vested		0		$ 4		(4)
Dividends on common stock		(11,420)				152			(11,572)	(11,420)
RSUs vested		2,587										2,587
Stock-based compensation expense and other (in shares)				4,400
Dividends on common stock ($0.13 per share per quarter)		15,345				15,345				15,345
Capped call transactions		(34,189)				(34,189)				(34,189)
Redemption of warrants		466				466				466
Exercise of bond hedge (in shares)				(260,883)
Exercise of bond hedge		$ 0		$ (3)		3
Ending balances (in shares) at Jun. 30, 2024		43,686,508		43,686,508
Ending balances at Jun. 30, 2024		$ 987,415		$ 437		435,271		270	495,679	931,657		55,758
Beginning balances (in shares) at Mar. 31, 2024				44,149,644
Beginning balances at Mar. 31, 2024		1,004,605		$ 441		479,679		1,290	465,048	946,458		58,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		38,857							36,895	36,895		1,962
Other comprehensive income (loss)		(1,020)						(1,020)		(1,020)
Repurchases of common stock (shares)				(231,133)
Repurchases of common stock		(13,726)		$ (1)		(13,220)			(505)	(13,726)
RSUs vested (shares)				24,046
Dividends on common stock		(5,680)				79			(5,759)	(5,680)
RSUs vested		(4,351)										(4,351)
Stock-based compensation expense and other (in shares)				4,834
Dividends on common stock ($0.13 per share per quarter)		2,453				2,453				2,453
Capped call transactions		(34,189)				(34,189)				(34,189)
Redemption of warrants		466				466				466
Exercise of bond hedge (in shares)				(260,883)
Exercise of bond hedge		$ 0		$ (3)		3
Ending balances (in shares) at Jun. 30, 2024		43,686,508		43,686,508
Ending balances at Jun. 30, 2024		$ 987,415		$ 437		$ 435,271		$ 270	$ 495,679	$ 931,657		$ 55,758
[1] This amount represents employee tax withholding for restricted stock units ("RSUs") vested under our equity incentive plans in 2024 and 2023 and stock repurchased in 2024 under the Board approved repurchase plan. During the six months ended June 30, 2024 and 2023, there were 141,567 shares and 93,602 shares, respectively, withheld related to employee taxes for RSUs. During the six months ended June 30, 2024, we also repurchased 225,000 shares under the share repurchase program.

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)	$ 9,415	$ (49,618)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	58,468	41,528
Amortization related to long-term debt	2,334	988
Loss on debt extinguishment	27,824	51,052
Gain on sales of property and equipment, net	(2,805)	(5,981)
Stock-based compensation	15,084	6,702
Equity in net (income) loss from unconsolidated construction joint ventures	(752)	4,005
Net income from affiliates	(8,527)	(12,231)
Other non-cash adjustments	(348)	(7)
Changes in assets and liabilities:
Receivables	(109,787)	(171,469)
Contract assets, net	(28,028)	(46,469)
Inventories	(15,172)	(3,439)
Contributions to unconsolidated construction joint ventures	(2,000)	(14,710)
Distributions from unconsolidated construction joint ventures and affiliates	15,861	6,246
Other assets, net	16,461	(6,464)
Accounts payable	50,680	51,552
Accrued expenses and other liabilities, net	(6,624)	29,367
Net cash provided by (used in) operating activities	22,084	(118,948)
Investing activities
Maturities of marketable securities	25,000	30,000
Purchases of property and equipment	(66,861)	(79,689)
Proceeds from sales of property and equipment	4,229	10,564
Proceeds from company owned life insurance	0	1,545
Return of investment in affiliates	693	0
Cash paid for purchase price adjustments on business acquisition (See Note 3)	(13,183)	0
Acquisition of business	0	(26,933)
Collection of notes receivable	0	135
Net cash used in investing activities	(50,122)	(64,378)
Financing activities
Proceeds from issuance of convertible notes (See Note 14)	373,750	373,750
Amount drawn under revolver	0	55,000
Debt principal repayments	(309,808)	(249,589)
Capped call transactions	(46,046)	(53,035)
Redemption of warrants	586
Redemption of warrants		(13,201)
Debt issuance costs	(9,654)	(9,806)
Cash dividends paid	(11,452)	(11,391)
Repurchases of common stock	(21,144)	(3,766)
Contributions from non-controlling partners	17,000	22,400
Distributions to non-controlling partners	(16,372)	(6,850)
Other financing activities, net	261	269
Net cash provided by (used in) financing activities	(22,879)	103,781
Net decrease in cash and cash equivalents	(50,917)	(79,545)
Cash and cash equivalents at beginning of period	417,663	293,991
Cash and cash equivalents at end of period	366,746	214,446
Supplementary Information
Right of use assets obtained in exchange for lease obligations	10,849	19,558
Operating lease liabilities	11,197	11,351
Interest	12,444	5,531
Income taxes	2,940	4,851
Deferred taxes related to capped call transactions	11,857	13,656
Non-cash investing and financing activities:
RSUs issued, net of forfeitures	19,992	10,981
Dividends declared but not paid	5,679	5,709
Contributions from non-controlling partners	$ 1,959	$ 1,822

v3.24.2.u1

General	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Basis of Presentation: The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” the “Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission, are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at June 30, 2024 and the results of our operations and cash flows for the periods presented. The December 31, 2023 condensed consolidated balance sheet data included herein was derived from audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. During the first quarter of 2024, we reorganized our operational structure to more closely align with our two reportable segments, Construction and Materials. Previously, leaders within our three former operating groups of California, Central and Mountain managed both Construction and Materials operations within each group. This change allows us to better leverage our expertise within each reportable segment with leadership having direct oversight of their respective segment operations. As a result of the reorganization, we will no longer disclose financial information by operating group. There were no material impacts to our unaudited condensed consolidated financial statements and no changes to our reportable segments. Due to the changes in our operational structure and the resulting changes to reporting units, we performed quantitative goodwill impairment tests, immediately before and after the reorganization, on the affected reporting units. These reporting units previously aligned with our operating group structure, but have now been combined into two reporting units, Construction and Materials. The reporting units associated with the acquisition of Lehman-Roberts Company and Memphis Stone & Gravel Company (collectively, "LRC/MSG") were not impacted by the reorganization. For each of the affected reporting units, we calculated the estimated fair value consistent with the annual impairment assessment using the discounted cash flows and market multiple methods. These tests indicated that the estimated fair values of the affected reporting units exceeded their carrying amounts with headroom in excess of 25%. Share Repurchase Program: As announced on February 3, 2022, on February 1, 2022, the Board of Directors authorized us to purchase up to $300.0 million of our common stock at management’s discretion. During the three and six months ended June 30, 2024, we repurchased 225,000 shares under this authorization at an average price of $59.32 per share for $13.3 million. The share repurchases are included in Repurchases of common stock on the Condensed Consolidated Statements of Shareholders’ Equity and within Financing activities on the Condensed Consolidated Statement of Cash Flows. As of June 30, 2024, $218.2 million of the authorization remained available. Seasonality: Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year. Subsequent Event: On July 31, 2024, we agreed, subject to customary closing conditions, to acquire Dickerson & Bowen, Inc. with the transaction expected to close in the third quarter. Dickerson & Bowen is an aggregates, asphalt, and highway construction company serving central and southern Mississippi. This acquisition is not expected to have a material impact on our results of operations.

v3.24.2.u1

Recently Issued and Adopted Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements We closely monitor all Accounting Standards Updates issued by the Financial Accounting Standards Board and other authoritative guidance. No new accounting pronouncements were recently issued or adopted in the six months ended June 30, 2024 that had or are expected to have a material impact on our financial statements.

v3.24.2.u1

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions	Acquisitions On April 24, 2023, we acquired Coast Mountain Resources (2020) Ltd. which changed its name to Granite Infrastructure Canada, Ltd. ("Granite Canada") on May 13, 2024. Granite Canada is a construction aggregate producer based in British Columbia, Canada operating on Malahat First Nation land. Granite Canada results are reported in the Materials segment. This acquisition did not have a material impact on our financial statements. On November 30, 2023 (“acquisition date”), we completed the acquisition of LRC/MSG for $278.0 million, subject to customary closing adjustments, plus an estimated amount related to tax make-whole agreements with the seller. We purchased all of the outstanding equity interests in LRC/MSG and the purchase price was funded by a $150.0 million senior secured term loan, a draw of $100 million under our existing revolver and the remainder from cash on hand. Both the senior secured term loan and the draw under the revolver were fully repaid during the the six months ended June 30, 2024. The acquired businesses are longstanding asphalt paving and asphalt and aggregates producers and suppliers. LRC/MSG operates strategically located asphalt plants and sand and gravel mines serving the greater Memphis area and northern Mississippi. The buyer of LRC/MSG, Granite Southeast, is a wholly-owned subsidiary of Granite Construction Incorporated, and its results have been included in the Construction and Materials segments since the acquisition date. LRC/MSG’s customers are in both the public and private sectors. We have accounted for this transaction in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations (“ASC 805”). Revenue attributable to LRC/MSG for the three and six months ended June 30, 2024 was $45.5 million and $59.5 million, respectively. Gross profit (loss) attributable to LRC/MSG for the three and six months ended June 30, 2024 was a profit of $7.9 million and a loss of $0.7 million, respectively. 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. These estimates are subject to revision, which may result in adjustments to the values presented below. We recorded a $22.0 million provisional estimate related to tax make-whole agreements with the seller at the time of the acquisition. In the second quarter of 2024, the former owners of LRC/MSG determined their personal tax burden related to the sale of the businesses which allowed us to finalize our tax make-whole obligation. Our obligation was $7.1 million, which was paid in June 2024. During the six months ended June 30, 2024, we made measurement period adjustments to reflect facts and circumstances in existence as of the acquisition date. These adjustments included a $4.6 million net increase from net working capital adjustments and a $2.2 million net decrease in the value of the net tangible and identifiable intangible assets acquired, offset by a $14.9 million decrease in the estimated obligation associated with the tax make-whole agreements noted above. The impact of these adjustments was a decrease in goodwill of $8.1 million. We paid $13.2 million during the six months ended June 30, 2024 associated with the acquisition of LRC/MSG, which includes $6.1 million for working capital adjustments and $7.1 million for the tax make-whole obligation. As we continue to integrate the acquired business, we may obtain additional information on the acquired identifiable intangible assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and resulting fair values. We expect to finalize these amounts within 12 months from the acquisition date. The following table presents the preliminary purchase price allocation: (in thousands) Assets Cash and cash equivalents $ 12,798  Receivables 18,373  Contract assets 3,388  Inventories 13,738  Other current assets 1,032  Property and equipment 86,329  Right of use assets 15,539  Other noncurrent assets 3,718  Total tangible assets 154,915  Identifiable intangible assets 107,460  Liabilities Accounts payable 6,806  Contract liabilities 3,213  Accrued expenses and other current liabilities 10,166  Long-term lease liabilities 15,558  Other long-term liabilities 5,960  Total liabilities assumed 41,703  Total tangible and identifiable intangible net assets acquired 220,672  Goodwill 72,744  Estimated purchase price $ 293,416

v3.24.2.u1

Revisions in Estimates	6 Months Ended
	Jun. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Revisions in Estimates	Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. Changes in estimates of transaction price and costs to complete may result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. In addition, the estimated or actual recovery related to estimated costs associated with unresolved affirmative claims and back charges may be recorded in future periods or may be at values below the associated cost, which can cause fluctuations in the gross profit impact from revisions in estimates. When we experience significant revisions in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as revisions in estimates for the current period. For revisions in estimates, generally we use the cumulative catch-up method for changes to the transaction price that are part of a single performance obligation. Under this method, revisions in estimates are accounted for in their entirety in the period of change. There can be no assurance that we will not experience further changes in circumstances or otherwise be required to revise our estimates in the future. In our review of these changes for the three and six months ended June 30, 2024 and 2023, we did not identify any material amounts that should have been recorded in a prior period. There were no increases to revisions which individually had an impact of $5.0 million or more on gross profit during the three months ended June 30, 2024 or 2023. During the six months ended June 30, 2024, there was one project with an increase from revisions in estimates which had an impact to gross profit of $6.1 million and an increase in net income of $4.7 million, none of which was attributable to non-controlling interests. The revision increased the net income per diluted share attributable to common shareholders by $0.11. The increase was due to changes in the estimated transaction price related to unresolved contract modifications resulting from revisions to project work plans, permitting and schedule. During the six months ended June 30, 2023, there was one project with an increase from revisions in estimates which had an impact to gross profit of $6.9 million and a reduction of net loss of $5.2 million, with $2.7 million of that amount attributable to non-controlling interests. The revision decreased the net loss per diluted share by $0.06. The increase was due to decreases in estimated costs from mitigated risks. The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number of projects with downward estimate changes 2  1  3  2  Range of reduction in gross profit from each project, net $ 5.3 - 10.1 $ 20.7 $ 5.9 - 17.8 $ 5.9 - 32.1 Decrease to project profitability, net $ 15.5  $ 20.7  $ 30.2  $ 38.0  Decrease to net income/increase to net loss $ 11.9  $ 15.8  $ 23.2  $ 29.0  Amounts attributable to non-controlling interests $ 2.7  $ 10.4  $ 3.2  $ 16.0  Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 9.2  $ 5.4  $ 19.9  $ 13.0  Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.17  $ 0.12  $ 0.45  $ 0.30  The decreases during the three and six months ended June 30, 2024 were due to additional costs related to changes in project duration, lower productivity than originally anticipated and increased labor and materials costs. The decreases during the three and six months ended June 30, 2023 were due to additional costs related to changes in project duration and increased labor and materials costs.

v3.24.2.u1

Disaggregation of Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue As discussed in Note 1, during the first quarter of 2024, we reorganized our operational structure to more closely align with our two reportable segments, Construction and Materials. Previously, leaders within our three former operating groups of California, Central and Mountain managed both Construction and Materials operations within each group. As a result of the reorganization, we will no longer disclose financial information by operating group and we have updated our presentation of disaggregated revenue. The prior year disaggregation of revenue amounts have been recast to conform with current period presentation. Revenue is disaggregated by reportable segment (see Note 18) and customer type, which we believe best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Customer Type Customers in our Construction segment are predominantly in the public sector which includes certain federal agencies, state departments of transportation, local transit authorities, county and city public works departments and school districts. Our private sector customers include, but are not limited to, developers, utilities and private owners of industrial, commercial and residential sites. Customers of our Materials segment include internal usage by our own construction projects, as well as third-party customers. Based on the nature of the Materials business, it is not meaningful to disaggregate revenue by customer type. The following table presents our revenue disaggregated by reportable segment and by customer type for the Construction segment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Construction segment revenue: Public $ 696,710  $ 505,460  $ 1,116,527  $ 838,552  Private 221,244  243,953  396,640  414,277  Total Construction segment revenue 917,954  749,413  1,513,167  1,252,829  Materials segment revenue 164,532  149,139  241,594  205,791  Total revenue $ 1,082,486  $ 898,552  $ 1,754,761  $ 1,458,620

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Unearned Revenue	6 Months Ended
	Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Unearned Revenue	Unearned Revenue The following table presents our unearned revenue disaggregated by customer type as of the respective periods: (in thousands) June 30, 2024 December 31, 2023 Public $ 3,067,302  $ 2,892,255  Private 799,876  704,421  Total $ 3,867,178  $ 3,596,676  All unearned revenue is in the Construction segment. Approximately $2.7 billion of the June 30, 2024 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter.

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Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	Contract Assets and Liabilities As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $93.1 million and $177.4 million during the three and six months ended June 30, 2024 and $45.5 million and $89.7 million during the three and six months ended June 30, 2023. The changes in contract transaction price for the three and six months ended June 30, 2024 and 2023 were from items such as executed or estimated change orders and unresolved contract modifications and claims. As of June 30, 2024 and December 31, 2023, the aggregate claim recovery estimates included in contract asset and liability balances were $70.4 million and $77.9 million, respectively. The components of the contract asset balances as of the respective dates were as follows: (in thousands) June 30, 2024 December 31, 2023 Costs in excess of billings and estimated earnings $ 135,326  $ 100,106  Contract retention 174,050  162,881  Total contract assets $ 309,376  $ 262,987  As of June 30, 2024 and December 31, 2023, contract retention receivable from Brightline Trains Florida LLC represented 9.4% and 11.1%, respectively, of total contract assets. No other contract retention receivable individually exceeded 10% of total contract assets at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year. As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $55.0 million and $253.3 million during the three and six months ended June 30, 2024, respectively, and $48.1 million and $171.1 million during the three and six months ended June 30, 2023, respectively, that was included in the contract liability balances at December 31, 2023 and 2022, respectively. The components of the contract liability balances as of the respective dates were as follows: (in thousands) June 30, 2024 December 31, 2023 Billings in excess of costs and estimated earnings, net of retention $ 245,536  $ 227,913  Provisions for losses 16,662  15,935  Total contract liabilities $ 262,198  $ 243,848

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Receivables, net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Receivables, net	Receivables, net Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not bear interest. The following table presents major categories of receivables: (in thousands) June 30, 2024 December 31, 2023 Contracts completed and in progress: Billed $ 304,766  $ 343,190  Unbilled 232,472  119,170  Total contracts completed and in progress 537,238  462,360  Materials sales 86,072  61,808  Other 86,889  76,084  Total gross receivables 710,199  600,252  Less: allowance for credit losses 951  1,547  Total net receivables $ 709,248  $ 598,705  Included in other receivables at June 30, 2024 and December 31, 2023 were items such as estimated recovery from back charge claims, notes receivable, fuel tax refunds and income tax refunds. Other receivables at June 30, 2024 and December 31, 2023 also included $25.0 million of working capital contributions in the form of a loan to a partner in one of our unconsolidated construction joint ventures, plus accrued interest. None of our customers had a receivable balance in excess of 10% of our total net receivables as of June 30, 2024 or December 31, 2023.

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Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 75,458  $ —  $ —  $ 75,458  Total assets $ 75,458  $ —  $ —  $ 75,458  Accrued and other current liabilities Heating oil swaps $ —  $ 121  $ —  $ 121  Crude oil swaps —  212  —  212  Diesel collars —  246  —  246  Total liabilities $ —  $ 579  $ —  $ 579  December 31, 2023 Cash equivalents Money market funds $ 101,275  $ —  $ —  $ 101,275  Total assets $ 101,275  $ —  $ —  $ 101,275  Accrued and other current liabilities Interest rate swap $ —  $ 126  $ —  $ 126  Heating oil swaps —  153  —  153  Diesel collars —  802  —  802  Total liabilities $ —  $ 1,081  $ —  $ 1,081  Interest Rate Swap In connection with entering into Amendment No. 2 to the Fourth Amended and Restated Credit Agreement, as amended (the "Credit Agreement") in November 2023, we entered into an interest rate swap designated as a cash flow hedge with an initial notional amount of $75.0 million and an effective date of December 2023 and a maturity date of June 2027. In conjunction with the payoff of our term loan in June 2024, the interest rate swap was terminated resulting in a gain of $1.4 million. Commodity Derivatives In 2023, we entered into collar contracts and commodity swaps to reduce our price exposure on diesel consumption and heating oil consumption, respectively. The collars and swaps were not designated as hedges and will be treated as mark-to-market derivative instruments through their maturity dates. The financial statement impact of the collar contracts and commodity swaps for the three and six months ended June 30, 2024 and 2023 was immaterial. In April 2024 and December 2022, we entered into commodity swaps designed as a cash flow hedge for crude oil with a notional amount of $9.2 million and $7.0 million, respectively, and maturity dates of October 31, 2024 and October 31, 2023, respectively. The financial statement impact of these swaps during the three and six months ended June 30, 2024 and 2023 was immaterial. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2024 December 31, 2023 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 10,500  $ 10,336  $ 35,863  $ 35,357  Liabilities (including current maturities): 3.25% Convertible Notes (2) Level 2 $ 373,750  $ 388,775  $ —  $ —  3.75% Convertible Notes (2) Level 2 $ 373,750  $ 542,369  $ 373,750  $ 475,601  2.75% Convertible Notes (2) Level 2 $ 420  $ 825  $ 31,338  $ 51,045  Credit Agreement - Term Loan (2) Level 3 $ —  $ —  $ 150,000  $ 153,585  Credit Agreement - Revolver (2) Level 3 $ —  $ —  $ 100,000  $ 102,317  (1) All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of June 30, 2024 and December 31, 2023. (2) The fair values of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes"), our 3.25% convertible senior notes due 2030 (the "3.25% Convertible Notes") and our 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes, 3.25% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement. During the six months ended June 30, 2024 and 2023, we had no material nonfinancial asset and liability fair value adjustments.

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Construction Joint Ventures	6 Months Ended
	Jun. 30, 2024
Guarantees and Product Warranties [Abstract]
Construction Joint Ventures	Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three and six months ended June 30, 2024, we determined no change was required for existing joint ventures. Due to the joint and several nature of the performance obligations under the related owner contracts, if any of our partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). We are not able to estimate amounts that may be required beyond the current remaining forecasted cost of the work to be performed. These forecasted costs could be offset by billings to the customer or by proceeds from our partners’ corporate and/or other guarantees. See Note 13 for disclosure of the performance guarantee amounts recorded in the condensed consolidated balance sheets. Consolidated Construction Joint Ventures (“CCJVs”) As of June 30, 2024, we were engaged in ten active CCJV projects. Our proportionate share of the equity in these joint ventures was between 50.0% and 70.0%. During the three and six months ended June 30, 2024 and 2023, total revenue from CCJVs was $92.2 million, $163.8 million, $70.8 million, and $132.1 million, respectively. During the six months ended June 30, 2024 and 2023, CCJVs provided $8.6 million of operating cash flows and used $48.3 million of operating cash flows, respectively. As of June 30, 2024, our share of revenue remaining to be recognized on these CCJVs was $348.0 million and ranged from $2.6 million to $105.3 million by project. Unconsolidated Construction Joint Ventures As of June 30, 2024, we were engaged in five active unconsolidated construction joint venture projects. Our proportionate share of the equity in these unconsolidated construction joint ventures ranged from 30.0% to 50.0%. As of June 30, 2024, our share of the revenue remaining to be recognized on these unconsolidated construction joint ventures was $34.6 million and ranged from $0.9 million to $25.9 million by project. The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2024 December 31, 2023 Assets Cash, cash equivalents and marketable securities $ 127,513  $ 117,962  Other current assets (1) 605,779  666,536  Noncurrent assets 37,794  52,580  Less: partners’ interest 527,663  574,723  Granite’s interest (1),(2) $ 243,423  $ 262,355  Liabilities Current liabilities $ 157,580  $ 191,175  Less: partners’ interest and adjustments (3) 64,623  85,131  Granite’s interest $ 92,957  $ 106,044  Equity in construction joint ventures (4) $ 150,466  $ 156,311  (1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 was $57.8 million related to performance guarantees (see Note 13). (2) Included in this balance as of June 30, 2024 and December 31, 2023 was $68.4 million and $66.6 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $1.7 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2024 and December 31, 2023, respectively. (3) Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. (4) Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $6.6 million and $14.9 million as of June 30, 2024 and December 31, 2023, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue Total $ 21,648  $ 25,211  $ 30,365  $ 63,385  Less: partners’ interest and adjustments (1) 14,455  15,691  12,942  39,020  Granite’s interest $ 7,193  $ 9,520  $ 17,423  $ 24,365  Cost of revenue Total $ 27,346  $ 40,564  $ 46,097  $ 84,935  Less: partners’ interest and adjustments (1) 18,106  25,912  28,376  56,316  Granite’s interest $ 9,240  $ 14,652  $ 17,721  $ 28,619  Granite’s interest in gross loss $ (2,047) $ (5,132) $ (298) $ (4,254) Net Income (Loss) Total $ (3,950) $ (14,574) $ (12,099) $ (20,228) Less: partners’ interest and adjustments (1) (2,412) (9,658) (12,851) (16,223) Granite’s interest in net income (loss) (2) $ (1,538) $ (4,916) $ 752  $ (4,005) (1)Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences. (2)These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.

v3.24.2.u1

Investments in Affiliates	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2024 December 31, 2023 Foreign $ 72,255  $ 68,407  Real estate 5,317  7,136  Asphalt terminal 15,927  17,367  Total investments in affiliates $ 93,499  $ 92,910  The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2024 December 31, 2023 Current assets $ 192,560  $ 204,897  Noncurrent assets 141,950  159,694  Total assets $ 334,510  $ 364,591  Current liabilities $ 70,078  $ 81,899  Long-term liabilities (1) 46,799  54,591  Total liabilities $ 116,877  $ 136,490  Net assets $ 217,633  $ 228,101  Granite’s share of net assets $ 93,499  $ 92,910  (1)This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. Of the $334.5 million of total affiliate assets as of June 30, 2024, we had investments in two real estate entities with total assets of $41.7 million, our foreign affiliates had total assets of $254.5 million and the asphalt terminal entity had total assets of $38.3 million. As of June 30, 2024 and December 31, 2023, all of the investments in real estate affiliates were in residential real estate in Texas. As of June 30, 2024, our percent ownership in the real estate entities ranged from 10% to 25%. We have direct and indirect investments in our foreign affiliates, and our percent ownership in foreign affiliates ranged from 25% to 50% as of June 30, 2024. Our percent ownership in the asphalt terminal entity was 50% as of June 30, 2024.

v3.24.2.u1

Property and Equipment, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows: (in thousands) June 30, 2024 December 31, 2023 Equipment and vehicles $ 1,165,523  $ 1,140,195  Quarry property 252,633  251,922  Land and land improvements 107,230  105,872  Buildings and leasehold improvements 108,586  102,676  Office furniture and equipment 72,031  72,098  Property and equipment $ 1,706,003  $ 1,672,763  Less: accumulated depreciation and depletion 1,035,127  1,009,899  Property and equipment, net $ 670,876  $ 662,864

v3.24.2.u1

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities (in thousands) June 30, 2024 December 31, 2023 Accrued insurance $ 95,317  $ 81,936  Deficits in unconsolidated construction joint ventures 6,604  14,921  Payroll and related employee benefits 81,082  105,418  Performance guarantees 57,849  57,849  Short-term lease liabilities 16,255  16,826  Other 44,932  60,790  Total $ 302,039  $ 337,740  Other includes dividends payable, warranty reserves, asset retirement obligations, remediation reserves, legal accruals and other miscellaneous accruals, none of which were greater than 5% of total current liabilities at any of the presented dates. At December 31, 2023, the "other" balance above included the estimated LRC/MSG tax make-whole liability (see Note 3) which was finalized and paid in June 2024.

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Long-term Debt and Credit Arrangements	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Credit Arrangements	Long-Term Debt and Credit Arrangements (in thousands) June 30, 2024 December 31, 2023 3.25% Convertible Notes $ 373,750  $ —  3.75% Convertible Notes 373,750  373,750  2.75% Convertible Notes 420  31,338  Credit Agreement - Term Loan —  150,000  Credit Agreement - Revolver —  100,000  Debt issuance costs and other (8,974) (375) Total debt $ 738,946  $ 654,713  Less: current maturities 1,510  39,932  Total long-term debt $ 737,436  $ 614,781  Credit Agreement In June 2022, we entered into the Credit Agreement which matures on June 2, 2027. The Credit Agreement consisted of a $350.0 million senior secured, five-year revolving credit facility (the “Revolver”), including an accordion feature allowing us to increase borrowings up to the greater of (a) $200.0 million and (b) 100% of twelve-month trailing consolidated EBITDA, subject to lender approval. The Credit Agreement includes a $150.0 million sublimit for letters of credit ($75.0 million for financial letters of credit) and a $20.0 million sublimit for swingline loans. In May 2023, we entered into Amendment No. 1 to the Credit Agreement ("Amendment No. 1"). Amendment No. 1 amended the Credit Agreement to, among other things, permit the Company to exchange its 2.75% Convertible Notes for cash and shares of its common stock and to clarify that (i) the issuance of the 3.75% Convertible Notes was permitted under the terms of the Credit Agreement and (ii) that a Swap Contract (as defined in the Credit Agreement) does not include any Permitted Call Spread Transaction (as defined in the Credit Agreement). In November 2023, we entered into Amendment No. 2 to the Credit Agreement ("Amendment No. 2") which amended the Credit Agreement to, among other things, provide for a $150.0 million senior secured term loan (the “Term Loan”), which was fully drawn on closing to fund the LRC/MSG acquisition. The Term Loan was scheduled to mature on June 2, 2027 and amortize 5% per year, payable in quarterly installments beginning in the first quarter of 2024. At March 31, 2024 there was $148.1 million outstanding on the Term Loan which was fully repaid with the net proceeds from our 3.25% Convertible Notes during the three months ended June 30, 2024. We may borrow on the Revolver, at our option, at either (a) the Secured Overnight Financing Rate (“SOFR”) term rate plus a credit adjustment spread plus applicable margin ranging from 1.0% to 2.0%, or (b) a base rate plus an applicable margin ranging from zero to 1.0%. The applicable margin is based on our Consolidated Leverage Ratio (as defined in our Credit Agreement), calculated quarterly. As of June 30, 2024, the total unused availability under the Credit Agreement was $333.4 million, resulting from $16.6 million in issued and outstanding letters of credit and nothing drawn under the Revolver. The letters of credit had expiration dates between July 2024 and December 2027. 3.25% Convertible Notes On June 11, 2024, we issued $373.8 million aggregate principal amount of our 3.25% Convertible Notes. The 3.25% Convertible Notes bear interest at a rate of 3.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The 3.25% Convertible Notes mature on June 15, 2030, unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding December 15, 2029, the 3.25% Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 3.25% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding their maturity date. The 3.25% Convertible Notes have an initial conversion rate of 12.8398 shares of Granite’s common stock per $1,000 principal amount of the 3.25% Convertible Notes, which is equivalent to an initial conversion price of approximately $77.88 per share of Granite’s common stock, subject to adjustment if certain events occur. Upon conversion, we will settle the principal amount of the 3.25% Convertible Notes in cash, and any conversion premium in excess of the principal amount in cash, or a combination of cash and shares of common stock, at our election. In addition, upon the occurrence of a “fundamental change” as defined in the indenture governing the 3.25% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 3.25% Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 3.25% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If certain corporate events that constitute a “make-whole fundamental change” as set forth in the indenture governing the 3.25% Convertible Notes occur prior to the maturity date of the 3.25% Convertible Notes or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.25% Convertible Notes in connection with such event or notice of redemption. We will not be able to redeem the 3.25% Convertible Notes prior to June 21, 2027. On or after June 21, 2027, we will be able to redeem for cash all or any portion of the 3.25% Convertible Notes, at our option, if the last reported sale price of Granite’s common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 3.25% Convertible Notes to be redeemed, plus accrued but unpaid interest to, but excluding, the redemption date. The indenture governing the 3.25% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 3.25% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 3.25% Convertible Notes then outstanding may declare the 3.25% Convertible Notes due and payable immediately. The net proceeds from the sale of the 3.25% Convertible Notes were approximately $365.0 million, after deducting the initial purchasers’ discount. We used approximately $46.0 million of the net proceeds from the 3.25% Convertible Notes offering to pay the cost of entering into capped call transactions in connection with the 3.25% Convertible Notes. In addition, we paid approximately $57.6 million of the net proceeds from the 3.25% Convertible Notes offering to repurchase approximately $30.2 million in aggregate principal amount of our 2.75% Convertible Notes in separate and individually negotiated transactions entered into concurrently with the pricing of the offering; repaid amounts outstanding under our Term Loan of $148.1 million; repurchased $13.3 million of shares under our authorized share repurchase program; with the remainder of the net proceeds available for general corporate purposes, which may include acquisitions. 2024 Capped Call Transactions In June 2024, we entered into privately negotiated capped call transactions in connection with the offering of the 3.25% Convertible Notes (the "2024 capped call transactions"). The 2024 capped call transactions are expected generally to reduce the potential dilution to Granite’s common stock upon any conversion of the 3.25% Convertible Notes and/or offset any cash payments Granite is required to make in excess of the principal amount of converted 3.25% Convertible Notes, as the case may be. If, however, the market price per share of Granite’s common stock, as measured under the terms of the 2024 capped call transactions, exceeds the cap price $119.82 of the 2024 capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the 2024 capped call transactions. 3.75% Convertible Notes On May 11, 2023, we issued $373.8 million aggregate principal amount of our 3.75% Convertible Notes. The 3.75% Convertible Notes bear interest at a rate of 3.75% per annum payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023 and mature on May 15, 2028, unless earlier converted, redeemed or repurchased. Prior to the close of business on the business day immediately preceding November 15, 2027, the 3.75% Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 3.75% Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate applicable to the 3.75% Convertible Notes is 21.6807 shares of Granite common stock per $1,000 principal amount of the 3.75% Convertible Notes, which is equivalent to an initial conversion price of approximately $46.12 per share of Granite common stock, subject to adjustment if certain events occur. Upon conversion, we will pay or deliver, as the case may be, cash, shares of Granite common stock or a combination of cash and shares of Granite common stock, at our election. In addition, upon the occurrence of a “fundamental change” as defined in the indenture governing the 3.75% Convertible Notes, holders may require us to repurchase for cash all or any portion of their 3.75% Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 3.75% Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. If certain corporate events that constitute a “make-whole fundamental change” as set forth in the indenture governing the 3.75% Convertible Notes occur prior to the maturity date of the 3.75% Convertible Notes or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 3.75% Convertible Notes in connection with such event or notice of redemption. We will not be able to redeem the 3.75% Convertible Notes prior to May 20, 2026. On or after May 20, 2026, we have the option to redeem for cash all or any portion of the 3.75% Convertible Notes if the last reported sale price of our common stock is equal to or greater than 130% of the conversion price for a specified period of time at a redemption price equal to 100% of the principal amount of the 3.75% Convertible Notes to be redeemed, plus any accrued but unpaid interest to, but excluding, the redemption date. The indenture governing the 3.75% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 3.75% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 3.75% Convertible Notes then outstanding may declare the 3.75% Convertible Notes due and payable immediately. The net proceeds from the sale of the 3.75% Convertible Notes were approximately $364.4 million, after deducting the initial purchasers’ discount. We used approximately $53.0 million of the net proceeds from the offering to pay the cost of the 2023 capped call transactions (as described below). In addition, we used approximately $198.8 million of the net proceeds and issued 1,390,500 shares of Granite common stock in exchange for approximately $198.7 million aggregate principal amount of our 2.75% Convertible Notes concurrent with the offering in separate and individually negotiated transactions (the "Exchange Transaction"). In connection with the Exchange Transaction, we entered into partial unwind agreements (the "Unwind Agreements") with certain financial institutions to unwind a portion of the convertible note hedge and warrant transactions entered into in connection with the offering of the 2.75% Convertible Notes. Pursuant to the Unwind Agreements, we received 1,390,516 shares of our common stock (and cash in lieu of any fractional shares) in respect of the unwind of the portion of the existing convertible note hedge transactions that correspond to the 2.75% Convertible Notes that were exchanged in the Exchange Transaction described above and paid $13.2 million in cash in respect of the unwind of the portion of the existing warrant transactions that correspond to the 2.75% Convertible Notes that were exchanged in the Exchange Transaction described above. 2023 Capped Call Transactions In May 2023, we entered into capped call transactions (the "2023 capped call transactions") in connection with the offering of the 3.75% Convertible Notes. The 2023 capped call transactions are expected generally to reduce the potential dilution to Granite’s common stock upon conversion of the 3.75% Convertible Notes and/or offset any cash payments Granite is required to make in excess of the principal amount of converted 3.75% Convertible Notes, as the case may be. If, however, the market price per share of Granite’s common stock, as measured under the terms of the 2023 capped call transactions, exceeds the cap price $79.83 of the 2023 capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the 2023 capped call transactions. 2.75% Convertible Notes The 2.75% Convertible Notes were issued in November 2019 in an aggregate principal amount of $230.0 million, with an interest rate of 2.75% and a maturity date of November 1, 2024, unless earlier converted, redeemed or repurchased. In June 2024, we called the 2.75% Convertible Notes for redemption and will redeem all outstanding aggregate principal amount of the 2.75% Convertible Notes on August 19, 2024. The redemption price per $1,000 principal amount of the 2.75% Convertible Notes is equal to $1,000 plus accrued and unpaid interest, if any, to, but excluding the redemption date. The 2.75% Convertible Notes may be converted, at the election of the holder of such notes, at any time before the close of business on August 15, 2024. The conversion rate for the 2.75% Convertible Notes is 31.7915 shares of Granite common stock per $1,000 principal amount of notes (which includes 0.0139 additional shares to which converting holders are entitled). With respect any 2.75% Convertible Note that is properly surrendered for conversion from and after the date of the redemption notice until the close of business on August 15, 2024, we have elected to settle such conversion by delivering cash of $1,000 per $1,000 principal amount of the 2.75% Convertible Notes and shares of our common stock in respect of the remainder of our conversion obligation in excess of the cash payment. The indenture governing the 2.75% Convertible Notes contains customary events of default. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, with respect to us or our significant subsidiaries, all outstanding 2.75% Convertible Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the 2.75% Convertible Notes then outstanding may declare the notes due and payable immediately. At June 30, 2024, $0.4 million remained outstanding of our 2.75% Convertible Notes. Covenants and Events of Default Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants, including the financial covenants described below. Our failure to comply with these covenants would constitute an event of default under the Credit Agreement. Additionally, the 2.75% Convertible Notes, 3.25% Convertible Notes and 3.75% Convertible Notes are governed by the terms and conditions of their respective indentures. Our failure to pay principal, interest or other amounts when due or within the relevant grace period on our 2.75% Convertible Notes, our 3.25% Convertible Notes, our 3.75% Convertible Notes or our Credit Agreement would constitute an event of default under the 2.75% Convertible Notes indenture, the 3.25% Convertible Notes indenture, the 3.75% Convertible Notes indenture or the Credit Agreement. A default under our Credit Agreement could result in (i) us no longer being entitled to borrow under such facility; (ii) termination of such facility; (iii) the requirement that any letters of credit under such facility be cash collateralized; (iv) acceleration of amounts owed under the Credit Agreement; and/or (v) foreclosure on any collateral securing the obligations under such facility. A default under the 2.75% Convertible Notes indenture, the 3.25% Convertible Notes indenture or the 3.75% Convertible Notes indenture could result in acceleration of the maturity of the notes. The most significant financial covenants under the terms of our Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. As of June 30, 2024, we were in compliance with all covenants contained in the Credit Agreement. We are not aware of any non-compliance by any of our unconsolidated real estate entities with the covenants contained in their debt agreements. Debt Issuance Costs During the three and six months ended June 30, 2024, we recorded $1.5 million and $2.1 million, respectively, of amortization related to debt issuance costs. We also capitalized $9.7 million in third party offering costs related to the issuance of the 3.25% Convertible Notes. These debt issuance costs will be amortized over the expected life of the 3.25% Convertible Notes. During the three and six months ended June 30, 2023, we recorded $2.1 million and $2.4 million, respectively, of amortization related to debt issuance costs. This included $1.7 million of accelerated amortization of debt issuance costs associated with the 2.75% Convertible Notes that were repaid and are included in the loss on debt extinguishment. We also capitalized $9.8 million in third party offering costs related to the issuance of the 3.75% Convertible Notes. These debt issuance costs will be amortized over the expected life of the 3.75% Convertible Notes.

v3.24.2.u1

Weighted Average Shares Outstanding and Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding and Net Loss Per Share	Weighted Average Shares Outstanding and Net Income (Loss) Per Share The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator Net income (loss) attributable to common shareholders for basic earnings per share $ 36,895  $ (17,000) $ 5,912  $ (40,023) Add: Interest expense related to Convertible Notes (1) 3,074  —  —  —  Net income (loss) attributable to common shareholders for diluted earnings per share $ 39,969  $ (17,000) $ 5,912  $ (40,023) Denominator Weighted average common shares outstanding, basic 44,060 43,892  44,024 43,829  Add: Dilutive effect of RSUs 564  —  569  —  Add: Dilutive effect of Convertible Notes (1) 8,103  —  —  —  Weighted average common shares outstanding, diluted 52,727 43,892  44,593 43,829  Net income (loss) per share, basic $ 0.84  $ (0.39) $ 0.13  $ (0.91) Net income (loss) per share, diluted $ 0.76  $ (0.39) $ 0.13  $ (0.91) (1) The dilutive effect of the convertible notes was determined using the if-converted method. As the 2.75% Convertible Notes and 3.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2.75% Convertible Notes and 3.75% Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 3.25% Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 3.25% Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the provision for (benefit from) income taxes for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Provision for (benefit from) income taxes $ 20,693  $ 9,024  $ 11,167  $ (445) Effective tax rate 34.7  % (60.9  %) 54.3  % 0.9  % Our effective tax rate for the three and six months ended June 30, 2024 is higher than the prior year primarily due to non-deductible debt extinguishment costs and the related year over year variance in these costs.

v3.24.2.u1

Contingencies - Legal Proceedings	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies - Legal Proceedings	Contingencies - Legal Proceedings Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in the consolidated balance sheets. Disclosure is required when a material loss is probable but not reasonably estimable, a material loss is reasonably possible but not probable, or when it is reasonably possible that the amount of a loss will exceed the amount recorded. The total liabilities recorded in our condensed consolidated balance sheets for legal proceedings and government inquiries were immaterial as of June 30, 2024 and December 31, 2023. It is possible that future developments in our legal proceedings and inquiries could require us to (i) adjust or reverse existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. Ordinary Course Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which often cannot be predicted with certainty. For information on our accounting policies regarding affirmative claims and back charges that we are party to in the ordinary course of business, see Note 1 of our Annual Report. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which often cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed.

v3.24.2.u1

Reportable Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”), regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer and our Chief Operating Officer. Our reportable segments are: Construction and Materials. Summarized segment information is as follows (in thousands): Three months ended June 30, Construction Materials Total 2024 Total revenue from reportable segments $ 917,954  $ 239,468  $ 1,157,422  Elimination of intersegment revenue —  (74,936) (74,936) Revenue from external customers $ 917,954  $ 164,532  $ 1,082,486  Gross profit $ 135,372  $ 29,339  $ 164,711  Depreciation, depletion and amortization $ 13,501  $ 10,917  $ 24,418  2023 Total revenue from reportable segments $ 749,413  $ 206,832  $ 956,245  Elimination of intersegment revenue —  (57,693) (57,693) Revenue from external customers $ 749,413  $ 149,139  $ 898,552  Gross profit $ 79,154  $ 23,932  $ 103,086  Depreciation, depletion and amortization $ 10,238  $ 7,090  $ 17,328  Six Months Ended June 30, Construction Materials Total 2024 Total revenue from reportable segments $ 1,513,167  $ 328,172  $ 1,841,339  Elimination of intersegment revenue —  (86,578) (86,578) Revenue from external customers $ 1,513,167  $ 241,594  $ 1,754,761  Gross profit $ 192,200  $ 26,796  $ 218,996  Depreciation, depletion and amortization $ 27,204  $ 21,394  $ 48,598  Segment assets as of period end $ 565,222  $ 570,908  $ 1,136,130  2023 Total revenue from reportable segments $ 1,252,829  $ 278,752  $ 1,531,581  Elimination of intersegment revenue —  (72,961) (72,961) Revenue from external customers $ 1,252,829  $ 205,791  $ 1,458,620  Gross profit $ 115,859  $ 19,586  $ 135,445  Depreciation, depletion and amortization $ 19,993  $ 13,213  $ 33,206  Segment assets as of period end $ 443,112  $ 414,858  $ 857,970  A reconciliation of segment gross profit to consolidated income (loss) before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total gross profit from reportable segments $ 164,711  $ 103,086  $ 218,996  $ 135,445  Selling, general and administrative expenses 70,052  64,563  158,045  137,685  Other costs, net 10,225  13,607  21,235  18,130  Gain on sales of property and equipment, net (1,387) (3,944) (2,805) (5,981) Total other expense, net 26,271  43,682  21,939  35,674  Income (loss) before income taxes $ 59,550  $ (14,822) $ 20,582  $ (50,063)

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 36,895	$ (17,000)	$ 5,912	$ (40,023)

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2.u1

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Schedule of Purchase Price and Assumed Liabilities	The following table presents the preliminary purchase price allocation: (in thousands) Assets Cash and cash equivalents $ 12,798  Receivables 18,373  Contract assets 3,388  Inventories 13,738  Other current assets 1,032  Property and equipment 86,329  Right of use assets 15,539  Other noncurrent assets 3,718  Total tangible assets 154,915  Identifiable intangible assets 107,460  Liabilities Accounts payable 6,806  Contract liabilities 3,213  Accrued expenses and other current liabilities 10,166  Long-term lease liabilities 15,558  Other long-term liabilities 5,960  Total liabilities assumed 41,703  Total tangible and identifiable intangible net assets acquired 220,672  Goodwill 72,744  Estimated purchase price $ 293,416

v3.24.2.u1

Revisions in Estimates (Tables)	6 Months Ended
	Jun. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Schedule of Change in Accounting Estimates	The projects with decreases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, are summarized as follows (dollars in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Number of projects with downward estimate changes 2  1  3  2  Range of reduction in gross profit from each project, net $ 5.3 - 10.1 $ 20.7 $ 5.9 - 17.8 $ 5.9 - 32.1 Decrease to project profitability, net $ 15.5  $ 20.7  $ 30.2  $ 38.0  Decrease to net income/increase to net loss $ 11.9  $ 15.8  $ 23.2  $ 29.0  Amounts attributable to non-controlling interests $ 2.7  $ 10.4  $ 3.2  $ 16.0  Decrease to net income/increase to net loss attributable to Granite Construction Incorporated $ 9.2  $ 5.4  $ 19.9  $ 13.0  Decrease to net income/increase to net loss per diluted share attributable to common shareholders $ 0.17  $ 0.12  $ 0.45  $ 0.30

v3.24.2.u1

Disaggregation of Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by reportable segment and by customer type for the Construction segment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Construction segment revenue: Public $ 696,710  $ 505,460  $ 1,116,527  $ 838,552  Private 221,244  243,953  396,640  414,277  Total Construction segment revenue 917,954  749,413  1,513,167  1,252,829  Materials segment revenue 164,532  149,139  241,594  205,791  Total revenue $ 1,082,486  $ 898,552  $ 1,754,761  $ 1,458,620

v3.24.2.u1

Unearned Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Schedule Of Unearned Revenue	The following table presents our unearned revenue disaggregated by customer type as of the respective periods: (in thousands) June 30, 2024 December 31, 2023 Public $ 3,067,302  $ 2,892,255  Private 799,876  704,421  Total $ 3,867,178  $ 3,596,676

v3.24.2.u1

Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Components of Contract Asset and Liability Balances	The components of the contract asset balances as of the respective dates were as follows: (in thousands) June 30, 2024 December 31, 2023 Costs in excess of billings and estimated earnings $ 135,326  $ 100,106  Contract retention 174,050  162,881  Total contract assets $ 309,376  $ 262,987  The components of the contract liability balances as of the respective dates were as follows: (in thousands) June 30, 2024 December 31, 2023 Billings in excess of costs and estimated earnings, net of retention $ 245,536  $ 227,913  Provisions for losses 16,662  15,935  Total contract liabilities $ 262,198  $ 243,848

v3.24.2.u1

Receivables, net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Major Categories of Receivables	The following table presents major categories of receivables: (in thousands) June 30, 2024 December 31, 2023 Contracts completed and in progress: Billed $ 304,766  $ 343,190  Unbilled 232,472  119,170  Total contracts completed and in progress 537,238  462,360  Materials sales 86,072  61,808  Other 86,889  76,084  Total gross receivables 710,199  600,252  Less: allowance for credit losses 951  1,547  Total net receivables $ 709,248  $ 598,705

v3.24.2.u1

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 75,458  $ —  $ —  $ 75,458  Total assets $ 75,458  $ —  $ —  $ 75,458  Accrued and other current liabilities Heating oil swaps $ —  $ 121  $ —  $ 121  Crude oil swaps —  212  —  212  Diesel collars —  246  —  246  Total liabilities $ —  $ 579  $ —  $ 579  December 31, 2023 Cash equivalents Money market funds $ 101,275  $ —  $ —  $ 101,275  Total assets $ 101,275  $ —  $ —  $ 101,275  Accrued and other current liabilities Interest rate swap $ —  $ 126  $ —  $ 126  Heating oil swaps —  153  —  153  Diesel collars —  802  —  802  Total liabilities $ —  $ 1,081  $ —  $ 1,081
Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Recorded at Fair Value	The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2024 December 31, 2023 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities (1) Level 1 $ 10,500  $ 10,336  $ 35,863  $ 35,357  Liabilities (including current maturities): 3.25% Convertible Notes (2) Level 2 $ 373,750  $ 388,775  $ —  $ —  3.75% Convertible Notes (2) Level 2 $ 373,750  $ 542,369  $ 373,750  $ 475,601  2.75% Convertible Notes (2) Level 2 $ 420  $ 825  $ 31,338  $ 51,045  Credit Agreement - Term Loan (2) Level 3 $ —  $ —  $ 150,000  $ 153,585  Credit Agreement - Revolver (2) Level 3 $ —  $ —  $ 100,000  $ 102,317  (1) All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations as of June 30, 2024 and December 31, 2023. (2) The fair values of our 2.75% convertible senior notes due 2024 (the "2.75% Convertible Notes"), our 3.25% convertible senior notes due 2030 (the "3.25% Convertible Notes") and our 3.75% convertible senior notes due 2028 (the "3.75% Convertible Notes") are based on the median price of the notes in an active market. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for more information about the 2.75% Convertible Notes, 3.25% Convertible Notes, 3.75% Convertible Notes and the Credit Agreement.

v3.24.2.u1

Construction Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2024
Guarantees and Product Warranties [Abstract]
Schedule of Unconsolidated Joint Ventures Assets and Liabilities	The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2024 December 31, 2023 Assets Cash, cash equivalents and marketable securities $ 127,513  $ 117,962  Other current assets (1) 605,779  666,536  Noncurrent assets 37,794  52,580  Less: partners’ interest 527,663  574,723  Granite’s interest (1),(2) $ 243,423  $ 262,355  Liabilities Current liabilities $ 157,580  $ 191,175  Less: partners’ interest and adjustments (3) 64,623  85,131  Granite’s interest $ 92,957  $ 106,044  Equity in construction joint ventures (4) $ 150,466  $ 156,311  (1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 was $57.8 million related to performance guarantees (see Note 13). (2) Included in this balance as of June 30, 2024 and December 31, 2023 was $68.4 million and $66.6 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $1.7 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2024 and December 31, 2023, respectively. (3) Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. (4) Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $6.6 million and $14.9 million as of June 30, 2024 and December 31, 2023, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses.
Schedule of Unconsolidated Joint Ventures Revenue and Costs	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Revenue Total $ 21,648  $ 25,211  $ 30,365  $ 63,385  Less: partners’ interest and adjustments (1) 14,455  15,691  12,942  39,020  Granite’s interest $ 7,193  $ 9,520  $ 17,423  $ 24,365  Cost of revenue Total $ 27,346  $ 40,564  $ 46,097  $ 84,935  Less: partners’ interest and adjustments (1) 18,106  25,912  28,376  56,316  Granite’s interest $ 9,240  $ 14,652  $ 17,721  $ 28,619  Granite’s interest in gross loss $ (2,047) $ (5,132) $ (298) $ (4,254) Net Income (Loss) Total $ (3,950) $ (14,574) $ (12,099) $ (20,228) Less: partners’ interest and adjustments (1) (2,412) (9,658) (12,851) (16,223) Granite’s interest in net income (loss) (2) $ (1,538) $ (4,916) $ 752  $ (4,005) (1)Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast and/or actual differences. (2)These joint venture net income amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.

v3.24.2.u1

Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2024 December 31, 2023 Foreign $ 72,255  $ 68,407  Real estate 5,317  7,136  Asphalt terminal 15,927  17,367  Total investments in affiliates $ 93,499  $ 92,910
Equity Method Investment Summarized Balance Financial Information	The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2024 December 31, 2023 Current assets $ 192,560  $ 204,897  Noncurrent assets 141,950  159,694  Total assets $ 334,510  $ 364,591  Current liabilities $ 70,078  $ 81,899  Long-term liabilities (1) 46,799  54,591  Total liabilities $ 116,877  $ 136,490  Net assets $ 217,633  $ 228,101  Granite’s share of net assets $ 93,499  $ 92,910  (1)This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments.

v3.24.2.u1

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Balances of major classes of assets and total accumulated depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets as follows: (in thousands) June 30, 2024 December 31, 2023 Equipment and vehicles $ 1,165,523  $ 1,140,195  Quarry property 252,633  251,922  Land and land improvements 107,230  105,872  Buildings and leasehold improvements 108,586  102,676  Office furniture and equipment 72,031  72,098  Property and equipment $ 1,706,003  $ 1,672,763  Less: accumulated depreciation and depletion 1,035,127  1,009,899  Property and equipment, net $ 670,876  $ 662,864

v3.24.2.u1

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Liabilities	(in thousands) June 30, 2024 December 31, 2023 Accrued insurance $ 95,317  $ 81,936  Deficits in unconsolidated construction joint ventures 6,604  14,921  Payroll and related employee benefits 81,082  105,418  Performance guarantees 57,849  57,849  Short-term lease liabilities 16,255  16,826  Other 44,932  60,790  Total $ 302,039  $ 337,740

v3.24.2.u1

Long-term Debt and Credit Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	(in thousands) June 30, 2024 December 31, 2023 3.25% Convertible Notes $ 373,750  $ —  3.75% Convertible Notes 373,750  373,750  2.75% Convertible Notes 420  31,338  Credit Agreement - Term Loan —  150,000  Credit Agreement - Revolver —  100,000  Debt issuance costs and other (8,974) (375) Total debt $ 738,946  $ 654,713  Less: current maturities 1,510  39,932  Total long-term debt $ 737,436  $ 614,781

v3.24.2.u1

Weighted Average Shares Outstanding and Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator Net income (loss) attributable to common shareholders for basic earnings per share $ 36,895  $ (17,000) $ 5,912  $ (40,023) Add: Interest expense related to Convertible Notes (1) 3,074  —  —  —  Net income (loss) attributable to common shareholders for diluted earnings per share $ 39,969  $ (17,000) $ 5,912  $ (40,023) Denominator Weighted average common shares outstanding, basic 44,060 43,892  44,024 43,829  Add: Dilutive effect of RSUs 564  —  569  —  Add: Dilutive effect of Convertible Notes (1) 8,103  —  —  —  Weighted average common shares outstanding, diluted 52,727 43,892  44,593 43,829  Net income (loss) per share, basic $ 0.84  $ (0.39) $ 0.13  $ (0.91) Net income (loss) per share, diluted $ 0.76  $ (0.39) $ 0.13  $ (0.91) (1) The dilutive effect of the convertible notes was determined using the if-converted method. As the 2.75% Convertible Notes and 3.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2.75% Convertible Notes and 3.75% Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 3.25% Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 3.25% Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

v3.24.2.u1

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table presents the provision for (benefit from) income taxes for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2024 2023 2024 2023 Provision for (benefit from) income taxes $ 20,693  $ 9,024  $ 11,167  $ (445) Effective tax rate 34.7  % (60.9  %) 54.3  % 0.9  %

v3.24.2.u1

Reportable Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Summarized segment information is as follows (in thousands): Three months ended June 30, Construction Materials Total 2024 Total revenue from reportable segments $ 917,954  $ 239,468  $ 1,157,422  Elimination of intersegment revenue —  (74,936) (74,936) Revenue from external customers $ 917,954  $ 164,532  $ 1,082,486  Gross profit $ 135,372  $ 29,339  $ 164,711  Depreciation, depletion and amortization $ 13,501  $ 10,917  $ 24,418  2023 Total revenue from reportable segments $ 749,413  $ 206,832  $ 956,245  Elimination of intersegment revenue —  (57,693) (57,693) Revenue from external customers $ 749,413  $ 149,139  $ 898,552  Gross profit $ 79,154  $ 23,932  $ 103,086  Depreciation, depletion and amortization $ 10,238  $ 7,090  $ 17,328  Six Months Ended June 30, Construction Materials Total 2024 Total revenue from reportable segments $ 1,513,167  $ 328,172  $ 1,841,339  Elimination of intersegment revenue —  (86,578) (86,578) Revenue from external customers $ 1,513,167  $ 241,594  $ 1,754,761  Gross profit $ 192,200  $ 26,796  $ 218,996  Depreciation, depletion and amortization $ 27,204  $ 21,394  $ 48,598  Segment assets as of period end $ 565,222  $ 570,908  $ 1,136,130  2023 Total revenue from reportable segments $ 1,252,829  $ 278,752  $ 1,531,581  Elimination of intersegment revenue —  (72,961) (72,961) Revenue from external customers $ 1,252,829  $ 205,791  $ 1,458,620  Gross profit $ 115,859  $ 19,586  $ 135,445  Depreciation, depletion and amortization $ 19,993  $ 13,213  $ 33,206  Segment assets as of period end $ 443,112  $ 414,858  $ 857,970
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of segment gross profit to consolidated income (loss) before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total gross profit from reportable segments $ 164,711  $ 103,086  $ 218,996  $ 135,445  Selling, general and administrative expenses 70,052  64,563  158,045  137,685  Other costs, net 10,225  13,607  21,235  18,130  Gain on sales of property and equipment, net (1,387) (3,944) (2,805) (5,981) Total other expense, net 26,271  43,682  21,939  35,674  Income (loss) before income taxes $ 59,550  $ (14,822) $ 20,582  $ (50,063)

v3.24.2.u1

General - Narrative (Details)	3 Months Ended
	Jun. 30, 2024 reportableSegments operatingGroups
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments | reportableSegments	2
Operating groups | operatingGroups	3
Headroom percentage	25.00%

v3.24.2.u1

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Jun. 30, 2022
Business Acquisition [Line Items]
Amount drawn under revolver			$ 0	$ 55,000
The Credit Agreement
Business Acquisition [Line Items]
Line of credit borrowing capacity						$ 200,000
Revolving Credit Facility | The Credit Agreement
Business Acquisition [Line Items]
Line of credit borrowing capacity						$ 350,000
Amount drawn under revolver	$ 100,000		0
Secured Debt | The Term Loan | Line of Credit
Business Acquisition [Line Items]
Line of credit borrowing capacity	150,000				$ 148,100
LRC/MSG
Business Acquisition [Line Items]
Consideration transferred	$ 278,000
Revenue since acquisition date		$ 45,500	59,500
Net loss before taxes since acquisition date		7,900	$ (700)
Increase in purchase price		4,600
Closing adjustments		$ 13,200

v3.24.2.u1

Acquisitions - Schedule of Purchase Price and Assumed Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Nov. 30, 2023
Liabilities
Goodwill	$ 146,768	$ 155,004
LRC/MSG
Assets
Cash and cash equivalents			$ 12,798
Receivables			18,373
Contract assets			3,388
Inventories			13,738
Other current assets			1,032
Property and equipment			86,329
Right of use assets			15,539
Other noncurrent assets			3,718
Total tangible assets			154,915
Identifiable intangible assets			107,460
Liabilities
Accounts payable			6,806
Contract liabilities			3,213
Accrued expenses and other current liabilities			10,166
Long-term lease liabilities			15,558
Other long-term liabilities			5,960
Total liabilities assumed			41,703
Total tangible and identifiable intangible net assets acquired			220,672
Goodwill			72,744
Estimated purchase price			$ 293,416

v3.24.2.u1

Revisions in Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Accounting Estimate [Line Items]
Gross profit	$ 164,711	$ 103,086	$ 218,996	$ 135,445
Net income (loss)	$ 38,857	$ (23,846)	$ 9,415	$ (49,618)
Net income per share, diluted (USD per share)	$ 0.76	$ (0.39)	$ 0.13	$ (0.91)
Revisions in Estimates, Decrease
Change in Accounting Estimate [Line Items]
Gross profit			$ 5,000
Net income (loss)	$ 11,900	$ 15,800	23,200	$ 29,000
Amounts attributable to non-controlling interests	$ 2,700	$ 10,400	$ 3,200	$ 16,000
Net income per share, diluted (USD per share)	$ 0.17	$ 0.12	$ 0.45	$ 0.30

v3.24.2.u1

Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) project $ / shares	Jun. 30, 2023 USD ($) project $ / shares	Jun. 30, 2024 USD ($) project $ / shares	Jun. 30, 2023 USD ($) project $ / shares
Change in Accounting Estimate [Line Items]
Range of change in gross profit from each project, net	$ 164,711	$ 103,086	$ 218,996	$ 135,445
Changes to project profitability, net	59,550	(14,822)	20,582	(50,063)
Changes to net income (loss)	38,857	(23,846)	9,415	(49,618)
Changes to net income (loss) attributable to Granite Construction Incorporated	$ 36,895	$ (17,000)	$ 5,912	$ (40,023)
Net income per share, diluted (USD per share) | $ / shares	$ 0.76	$ (0.39)	$ 0.13	$ (0.91)
Minimum
Change in Accounting Estimate [Line Items]
Range of change in gross profit from each project, net				$ 5,900
Maximum
Change in Accounting Estimate [Line Items]
Range of change in gross profit from each project, net				$ 32,100
Revisions in Estimates, Decrease
Change in Accounting Estimate [Line Items]
Number of projects with estimate changes | project	2	1	3	2
Range of change in gross profit from each project, net			$ 5,000
Changes to project profitability, net	$ 15,500	$ 20,700	30,200	$ 38,000
Changes to net income (loss)	11,900	15,800	23,200	29,000
Amounts attributable to non-controlling interests	2,700	10,400	3,200	16,000
Changes to net income (loss) attributable to Granite Construction Incorporated	$ 9,200	$ 5,400	$ 19,900	$ 13,000
Net income per share, diluted (USD per share) | $ / shares	$ 0.17	$ 0.12	$ 0.45	$ 0.30
Revisions in Estimates, Decrease | Minimum
Change in Accounting Estimate [Line Items]
Range of change in gross profit from each project, net	$ 5,300	$ 20,700	$ 5,900
Revisions in Estimates, Decrease | Maximum
Change in Accounting Estimate [Line Items]
Range of change in gross profit from each project, net	$ 10,100		$ 17,800

v3.24.2.u1

Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) reportableSegments operatingGroups	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Reportable segments | reportableSegments	2
Operating groups | operatingGroups	3
Revenue	$ 1,082,486	$ 898,552	$ 1,754,761	$ 1,458,620
Construction
Disaggregation of Revenue [Line Items]
Revenue	917,954	749,413	1,513,167	1,252,829
Construction | Public
Disaggregation of Revenue [Line Items]
Revenue	696,710	505,460	1,116,527	838,552
Construction | Private
Disaggregation of Revenue [Line Items]
Revenue	221,244	243,953	396,640	414,277
Materials
Disaggregation of Revenue [Line Items]
Revenue	$ 164,532	$ 149,139	$ 241,594	$ 205,791

v3.24.2.u1

Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,867,178	$ 3,596,676
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,700,000
Expected timing of satisfaction	12 months

v3.24.2.u1

Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 3,867,178	$ 3,596,676
Public
Disaggregation of Revenue [Line Items]
Remaining performance obligation	3,067,302	2,892,255
Private
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 799,876	$ 704,421

v3.24.2.u1

Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Claim recovery estimates	$ 70.4			$ 70.4		$ 77.9
Revenue recognized	55.0		$ 48.1	$ 253.3	$ 171.1
Customer Concentration Risk | Accounts Receivable | Brightline Trains Florida LLC
Product Information [Line Items]
Concentration risk		11.10%		9.40%
Performance Obligations
Product Information [Line Items]
Revenue adjustment	$ 93.1		$ 45.5	$ 177.4	$ 89.7

v3.24.2.u1

Contract Assets and Liabilities - Component of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs in excess of billings and estimated earnings	$ 135,326	$ 100,106
Contract retention	174,050	162,881
Total contract assets	309,376	262,987
Billings in excess of costs and estimated earnings, net of retention	245,536	227,913
Provisions for losses	16,662	15,935
Total contract liabilities	$ 262,198	$ 243,848

v3.24.2.u1

Receivables, net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Working capital contributions	$ 25.0	$ 25.0
Percentage of receivables	10.00%	10.00%

v3.24.2.u1

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 710,199	$ 600,252
Less: allowance for credit losses	951	1,547
Total net receivables	709,248	598,705
Contracts completed and in progress:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed	304,766	343,190
Unbilled	232,472	119,170
Receivables	537,238	462,360
Materials sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	86,072	61,808
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 86,889	$ 76,084

v3.24.2.u1

Fair Value Measurement (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2024	Nov. 30, 2023	Dec. 31, 2022
2.75% Convertible Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	2.75%
Diesel collars
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Realized gain (loss)	$ 0.0	$ 0.0
Interest rate swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notional amount				$ 75.0
Commodity Contract, Maturing October 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on commodity swap		$ 0.0
Commodity Contract, Maturing October 31, 2023 | Designated as Hedging Instrument
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notional amount			$ 9.2		$ 7.0

v3.24.2.u1

Fair Value Measurement - Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 75,458	$ 101,275
Total liabilities	579	1,081
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities		126
Heating oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	121
Accrued and other current liabilities		153
Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	246	802
Crude oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	212
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	75,458	101,275
Total liabilities	0	0
Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities		0
Level 1 | Heating oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	0
Accrued and other current liabilities		0
Level 1 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	0	0
Level 1 | Crude oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	579	1,081
Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities		126
Level 2 | Heating oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	121
Accrued and other current liabilities		153
Level 2 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	246	802
Level 2 | Crude oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	212
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities		0
Level 3 | Heating oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	0
Accrued and other current liabilities		0
Level 3 | Diesel collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued and other current liabilities	0	0
Level 3 | Crude oil swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	75,458	101,275
Money Market Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	75,458	101,275
Money Market Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money Market Funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

v3.24.2.u1

Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	May 11, 2023
3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.75%		3.75%
2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	2.75%
3.25% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.25%
Carrying Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity marketable securities	$ 10,500	$ 35,863
Carrying Value | Level 2 | 3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	373,750	373,750
Carrying Value | Level 2 | 2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	420	31,338
Carrying Value | Level 2 | 3.25% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	373,750	0
Carrying Value | Level 3 | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement	0	150,000
Carrying Value | Level 3 | Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement	0	100,000
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity marketable securities	10,336	35,357
Fair Value | Level 2 | 3.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	542,369	475,601
Fair Value | Level 2 | 2.75% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	825	51,045
Fair Value | Level 2 | 3.25% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes	388,775	0
Fair Value | Level 3 | Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement	0	153,585
Fair Value | Level 3 | Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit agreement	$ 0	$ 102,317

v3.24.2.u1

Construction Joint Ventures - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) project	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) project	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Total revenue	$ 1,082,486	$ 898,552	$ 1,754,761	$ 1,458,620
Contract liabilities	262,198		262,198		$ 243,848
Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	34,600		34,600
Minimum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	$ 900		$ 900
Ownership in joint venture	30.00%		30.00%
Maximum | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Contract liabilities	$ 25,900		$ 25,900
Ownership in joint venture	50.00%		50.00%
Variable Interest Entity, Primary Beneficiary | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Total revenue	$ 92,200	$ 70,800	$ 163,800	132,100
Operating cash flows			$ 8,600	$ (48,300)
Variable Interest Entity, Primary Beneficiary | Minimum | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Share in equity of joint venture			50.00%
Variable Interest Entity, Primary Beneficiary | Maximum | Consolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Share in equity of joint venture			70.00%
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary
Guarantor Obligations [Line Items]
Number of projects | project	10		10
Contract liabilities	$ 348,000		$ 348,000
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Minimum
Guarantor Obligations [Line Items]
Contract liabilities	2,600		2,600
Consolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Maximum
Guarantor Obligations [Line Items]
Contract liabilities	$ 105,300		$ 105,300
Unconsolidated Construction Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary
Guarantor Obligations [Line Items]
Number of projects | project	5,000,000		5,000,000

v3.24.2.u1

Construction Joint Ventures - Unconsolidated Construction Joint Ventures Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Cash, cash equivalents and marketable securities	$ 127,513	$ 117,962
Other current assets	605,779	666,536
Noncurrent assets	37,794	52,580
Current liabilities	157,580	191,175
Equity in construction joint ventures	150,466	156,311
Accumulated deficit	(495,679)	(501,844)
Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Customer affirmative claims	68,400	68,400
Back charge claims	1,700	1,700
Accumulated deficit	6,600	14,900
Performance Guarantee | Unconsolidated Construction Corporate Joint Venture
Guarantor Obligations [Line Items]
Performance guarantees	57,800	57,800
Other Partners Interest in Partnerships
Guarantor Obligations [Line Items]
Unconsolidated construction joint venture assets	527,663	574,723
Unconsolidated construction joint venture liabilities	64,623	85,131
Reporting Entitys Interest in Joint Venture
Guarantor Obligations [Line Items]
Unconsolidated construction joint venture assets	243,423	262,355
Unconsolidated construction joint venture liabilities	$ 92,957	$ 106,044

v3.24.2.u1

Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Guarantor Obligations [Line Items]
Cost of revenue	$ 917,775	$ 795,466	$ 1,535,765	$ 1,323,175
Changes to net income (loss)	38,857	(23,846)	9,415	(49,618)
Granite’s interest in net income (loss)			(752)	4,005
Collaborative Arrangement
Guarantor Obligations [Line Items]
Revenue	7,193	9,520	17,423	24,365
Cost of revenue	9,240	14,652	17,721	28,619
Granite’s interest in gross loss	(2,047)	(5,132)	(298)	(4,254)
Granite’s interest in net income (loss)	(1,538)	(4,916)	752	(4,005)
Collaborative Arrangement | Corporate Joint Venture
Guarantor Obligations [Line Items]
Revenue	21,648	25,211	30,365	63,385
Cost of revenue	27,346	40,564	46,097	84,935
Changes to net income (loss)	(3,950)	(14,574)	(12,099)	(20,228)
Collaborative Arrangement | Co-venturer | Other Partners Interest in Partnerships
Guarantor Obligations [Line Items]
Revenue	14,455	15,691	12,942	39,020
Cost of revenue	18,106	25,912	28,376	56,316
Changes to net income (loss)	$ (2,412)	$ (9,658)	$ (12,851)	$ (16,223)

v3.24.2.u1

Investments in Affiliates - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) entity	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Assets	$ 2,881,369	$ 2,813,540
Real estate | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	10.00%
Real estate | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	25.00%
Foreign | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	25.00%
Foreign | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	50.00%
Asphalt terminal
Schedule of Equity Method Investments [Line Items]
Ownership in joint venture	50.00%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Assets	$ 334,510	$ 364,591
Real estate
Schedule of Equity Method Investments [Line Items]
Assets	$ 41,700
Number of real estate entities | entity	2
Foreign
Schedule of Equity Method Investments [Line Items]
Assets	$ 254,500
Asphalt terminal
Schedule of Equity Method Investments [Line Items]
Assets	$ 38,300

v3.24.2.u1

Investments in Affiliates - Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 93,499	$ 92,910
Foreign
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	72,255	68,407
Real estate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	5,317	7,136
Asphalt terminal
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 15,927	$ 17,367

v3.24.2.u1

Investments in Affiliates - Summarized Balance Sheet Information for Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets	$ 1,706,168	$ 1,643,451
Total assets	2,881,369	2,813,540
Current liabilities	1,016,403	1,029,883
Granite’s share of net assets	93,499	92,910
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	192,560	204,897
Noncurrent assets	141,950	159,694
Total assets	334,510	364,591
Current liabilities	70,078	81,899
Long-term liabilities	46,799	54,591
Total liabilities	116,877	136,490
Net assets	$ 217,633	$ 228,101

v3.24.2.u1

Property and Equipment, net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,706,003	$ 1,672,763
Less: accumulated depreciation and depletion	1,035,127	1,009,899
Property and equipment, net	670,876	662,864
Equipment and vehicles
Property, Plant and Equipment [Line Items]
Property and equipment	1,165,523	1,140,195
Quarry property
Property, Plant and Equipment [Line Items]
Property and equipment	252,633	251,922
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment	107,230	105,872
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	108,586	102,676
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 72,031	$ 72,098

v3.24.2.u1

Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued insurance	$ 95,317	$ 81,936
Deficits in unconsolidated construction joint ventures	6,604	14,921
Payroll and related employee benefits	81,082	105,418
Performance guarantees	57,849	57,849
Short-term lease liabilities	16,255	16,826
Other	44,932	60,790
Total	$ 302,039	$ 337,740

v3.24.2.u1

Long-term Debt and Credit Arrangements (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended
	Nov. 30, 2023 USD ($)	May 11, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Nov. 30, 2019 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2023
Debt Instrument [Line Items]
Capped call transactions							$ 46,046	$ 53,035
Extinguishment of debt						$ 49,335		49,335
Proceeds from warrants								13,201
Outstanding debt					$ 738,946		738,946			$ 654,713
Amount drawn under revolver							$ 0	55,000
Common Stock
Debt Instrument [Line Items]
Extinguishment of debt						$ 14		$ 14
Exercise of bond hedge (in shares) | shares		1,390,516			260,883	1,390,516	260,883	1,390,516
The 3.75% Convertible Notes
Debt Instrument [Line Items]
Default percentage											25.00%
The 3.75% Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate					3.75%		3.75%				3.75%
Principal amount		$ 373,800
Conversion ratio		0.0216807
Conversion price (USD per share) | $ / shares		$ 46.12
Debt instrument, redemption price, percentage		100.00%
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt proceeds		$ 364,400
2.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate					2.75%		2.75%
Principal amount				$ 230,000
Conversion ratio				0.0317776
Amortization of debt issuance costs					$ 2,100			$ 1,500
Default percentage				25.00%
2.75% Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Interest rate				2.75%	2.75%		2.75%
Termination fees		$ 198,800
Loss on debt extinguishment (in shares) | shares		1,390,500
Extinguishment of debt		$ 198,700
Proceeds from warrants		13,200
Outstanding debt					$ 420		$ 420			31,338
The Credit Agreement
Debt Instrument [Line Items]
Line of credit borrowing capacity			$ 200,000
Sublimit for letters of credit			150,000
Outstanding letters of credit					16,600		$ 16,600
The Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Variable interest rate							1.00%
The Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Variable interest rate							2.00%
The Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Variable interest rate							0.00%
The Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Variable interest rate							1.00%
The Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Outstanding debt					0		$ 0			100,000
The Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing capacity			$ 350,000
Debt term			5 years
Percent of EBITDA			100.00%
Line of credit remaining borrowing capacity					333,400		333,400
Amount drawn under revolver	$ 100,000						0
The Credit Agreement | Financial Standby Letter of Credit
Debt Instrument [Line Items]
Line of credit borrowing capacity			$ 75,000
The Credit Agreement | Swingline Loans
Debt Instrument [Line Items]
Sublimit for swingline loans			$ 20,000
Capped Call Transaction
Debt Instrument [Line Items]
Capped call transactions		$ 53,000
The Term Loan | Line of Credit
Debt Instrument [Line Items]
Outstanding debt					$ 0		$ 0			$ 150,000
The Term Loan | Secured Debt | Line of Credit
Debt Instrument [Line Items]
Interest rate	5.00%
Line of credit borrowing capacity	$ 150,000								$ 148,100

v3.24.2.u1

Long-term Debt and Credit Arrangements - Schedule of Long-term Debt and Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	May 31, 2023	May 11, 2023	Nov. 30, 2019
Debt Instrument [Line Items]
Total debt	$ 738,946	$ 654,713
Debt issuance costs and other	(8,974)	(375)
Less: current maturities	1,510	39,932
Total long-term debt	$ 737,436	614,781
3.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate	3.75%			3.75%
2.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate	2.75%
3.25% Convertible Notes
Debt Instrument [Line Items]
Interest rate	3.25%
Convertible Debt | 3.75% Convertible Notes
Debt Instrument [Line Items]
Total debt	$ 373,750	373,750
Convertible Debt | 2.75% Convertible Notes
Debt Instrument [Line Items]
Total debt	$ 420	31,338
Interest rate	2.75%				2.75%
Convertible Debt | The 3.75% Convertible Notes
Debt Instrument [Line Items]
Interest rate	3.75%		3.75%
Convertible Debt | 3.25% Convertible Notes
Debt Instrument [Line Items]
Total debt	$ 373,750	0
Line of Credit | The Term Loan
Debt Instrument [Line Items]
Total debt	0	150,000
Line of Credit | The Credit Agreement
Debt Instrument [Line Items]
Total debt	$ 0	$ 100,000

v3.24.2.u1

Weighted Average Shares Outstanding and Net Loss Per Share - Reconciliation of the Weighted Average Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income (loss) attributable to common shareholders for diluted earnings per share	$ 36,895	$ (17,000)	$ 5,912	$ (40,023)
Add: Interest expense related to 2.75% Convertible Notes	3,074	0	0	0
Net income (loss) attributable to common shareholders for diluted earnings per share	$ 39,969	$ (17,000)	$ 5,912	$ (40,023)
Denominator
Weighted average common shares outstanding, basic (in shares)	44,060	43,892	44,024	43,829
Dilutive effect of RSUs (in shares)	564	0	569	0
Dilutive effect of 2.75% Convertible Notes (in shares)	8,103	0	0	0
Weighted average common shares outstanding, diluted (in shares)	52,727	43,892	44,593	43,829
Net income per share, basic (USD per share)	$ 0.84	$ (0.39)	$ 0.13	$ (0.91)
Net income per share, diluted (USD per share)	$ 0.76	$ (0.39)	$ 0.13	$ (0.91)

v3.24.2.u1

Weighted Average Shares Outstanding and Net Loss Per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024
Convertible Debt Securities | 2.75% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		8,138,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	584,000

v3.24.2.u1

Income Taxes - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 20,693	$ 9,024	$ 11,167	$ (445)
Effective tax rate	34.70%	(60.90%)	54.30%	0.90%

v3.24.2.u1

Contingencies - Legal Proceedings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Total liabilities for legal proceedings	$ 0	$ 0

v3.24.2.u1

Reportable Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 1,082,486	$ 898,552	$ 1,754,761	$ 1,458,620
Gross profit	164,711	103,086	218,996	135,445
Assets	2,881,369		2,881,369		$ 2,813,540
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	1,157,422	956,245	1,841,339	1,531,581
Gross profit	164,711	103,086	218,996	135,445
Depreciation, depletion and amortization	24,418	17,328	48,598	33,206
Assets	1,136,130	857,970	1,136,130	857,970
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	(74,936)	(57,693)	(86,578)	(72,961)
Construction
Segment Reporting Information [Line Items]
Total revenue	917,954	749,413	1,513,167	1,252,829
Construction | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	917,954	749,413	1,513,167	1,252,829
Gross profit	135,372	79,154	192,200	115,859
Depreciation, depletion and amortization	13,501	10,238	27,204	19,993
Assets	565,222	443,112	565,222	443,112
Construction | Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Materials
Segment Reporting Information [Line Items]
Total revenue	164,532	149,139	241,594	205,791
Materials | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	239,468	206,832	328,172	278,752
Gross profit	29,339	23,932	26,796	19,586
Depreciation, depletion and amortization	10,917	7,090	21,394	13,213
Assets	570,908	414,858	570,908	414,858
Materials | Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	$ (74,936)	$ (57,693)	$ (86,578)	$ (72,961)

v3.24.2.u1

Reportable Segment Information - Reconciliation of Segment Gross (Loss) Profit to Consolidated Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Gross profit	$ 164,711	$ 103,086	$ 218,996	$ 135,445
Selling, general and administrative expenses	70,052	64,563	158,045	137,685
Other costs, net	10,225	13,607	21,235	18,130
Gain on sales of property and equipment, net	(1,387)	(3,944)	(2,805)	(5,981)
Total other expense, net	26,271	43,682	21,939	35,674
Income (loss) before income taxes	$ 59,550	$ (14,822)	$ 20,582	$ (50,063)

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