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Construction Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities | The following is summary financial information related to unconsolidated construction joint ventures:
(in thousands) | December 31, 2024 |  | December 31, 2023
Assets: |  |  |
Cash, cash equivalents and marketable securities | $ | 94,856 |  |  | $ | 117,962 |
Other current assets (1) | 599,625 |  |  | 666,536 |
Noncurrent assets | 35,886 |  |  | 52,580 |
Less: partners’ interest | 498,872 |  |  | 574,723 |
Granite’s interest (1),(2) | $ | 231,495 |  |  | $ | 262,355 |
Liabilities: |  |  |
Current liabilities | $ | 151,655 |  |  | $ | 191,175 |
Less: partners’ interest and adjustments (3) | 57,437 |  |  | 85,131 |
Granite’s interest | $ | 94,218 |  |  | $ | 106,044 |
Equity in construction joint ventures (4) | $ | 137,277 |  |  | $ | 156,311 |
(1)Included in this balance and in accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2024 and 2023 was $55.5 million and $57.8 million, respectively, related to performance guarantees (see Note 13). (2)Included in this balance as of December 31, 2024 and 2023 was $66.9 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 December 31, 2024 and 2023. (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 consolidated balance sheets was $3.7 million and $14.9 million as of December 31, 2024 and 2023, respectively, related to deficits in unconsolidated construction joint ventures which includes provisions for losses.
Schedule of Unconsolidated Joint Ventures Revenue and Costs |
Years Ended December 31, | 2024 |  | 2023 |  | 2022
(in thousands) |  |  |  |  |
Revenue |  |  |  |  |
Total | $ | 66,871 |  |  | $ | 66,738 |  |  | $ | 330,835 |
Less: partners’ interest and adjustments (1) | 39,081 |  |  | 42,230 |  |  | 210,678 |
Granite’s interest | $ | 27,790 |  |  | $ | 24,508 |  |  | $ | 120,157 |
Cost of revenue |  |  |  |  |
Total | $ | 95,448 |  |  | $ | 95,448 |  |  | $ | 378,237 |
Less: partners’ interest and adjustments (1) | 60,603 |  |  | 51,359 |  |  | 238,699 |
Granite’s interest | $ | 34,845 |  |  | $ | 44,089 |  |  | $ | 139,538 |
Granite’s interest in gross loss | $ | (7,055) |  |  | $ | (19,581) |  |  | $ | (19,381) |
Net Loss |  |  |  |  |
Total | $ | (21,837) |  |  | $ | (24,843) |  |  | $ | (47,904) |
Less: partners’ interest and adjustments (1) | (16,735) |  |  | (6,226) |  |  | (28,228) |
Granite’s interest in net loss (2) | $ | (5,102) |  |  | $ | (18,617) |  |  | $ | (19,676) |
(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 ventures' net loss 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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