Construction Joint Ventures (Tables)

3 Months Ended

Mar. 31, 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)	March 31, 2024		December 31, 2023
Assets
Cash, cash equivalents and marketable securities	$	131,579	$	117,962
Other current assets (1)	604,489		666,536
Noncurrent assets	51,157		52,580
Less: partners’ interest	538,637		574,723
Granite’s interest (1),(2)	$	248,588	$	262,355
Liabilities
Current liabilities	$	158,449	$	191,175
Less: partners’ interest and adjustments (3)	66,078		85,131
Granite’s interest	$	92,371	$	106,044
Equity in construction joint ventures (4)	$	156,217	$	156,311

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

(2) Included in this balance as of March 31, 2024 and December 31, 2023 was $66.6 million 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 March 31, 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 $12.8 million and $14.9 million as of March 31, 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 March 31,
(in thousands)		2024		2023
Revenue
Total		$	8,717	$	38,174
Less: partners’ interest and adjustments (1)		(1,513)		23,329
Granite’s interest		$	10,230	$	14,845
Cost of revenue
Total		$	18,751	$	44,371
Less: partners’ interest and adjustments (1)		10,270		30,404
Granite’s interest		$	8,481	$	13,967
Granite’s interest in gross profit		$	1,749	$	878
Net Income (Loss)
Total		$	(8,149)	$	(5,654)
Less: partners’ interest and adjustments (1)		(10,439)		(6,565)
Granite’s interest in net income (2)		$	2,290	$	911

(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.