Construction Joint Ventures (Tables)

12 Months Ended

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.