Construction Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025		December 31, 2024
Assets
Cash, cash equivalents and marketable securities	$	114,035	$	94,856
Other current assets (1)	592,351		599,625
Noncurrent assets	33,328		35,886
Less: partners’ interest	505,669		498,872
Granite’s interest (1),(2)	$	234,045	$	231,495
Liabilities
Current liabilities	$	140,105	$	151,655
Less: partners’ interest and adjustments (3)	54,651		57,437
Granite’s interest	$	85,454	$	94,218
Equity in construction joint ventures (4)	$	148,591	$	137,277

(1) Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 was $55.5 million related to performance guarantees (see Note 13).

(2) Included in this balance as of March 31, 2025 and December 31, 2024 was $66.9 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, 2025 and December 31, 2024.

(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 $2.9 million and $3.7 million as of March 31, 2025 and December 31, 2024, 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)		2025		2024
Revenue
Total		$	4,071	$	8,717
Less: partners’ interest and adjustments (1)		(846)		(1,513)
Granite’s interest		$	4,917	$	10,230
Cost of revenue
Total		$	17,534	$	18,751
Less: partners’ interest and adjustments (1)		13,584		10,270
Granite’s interest		$	3,950	$	8,481
Granite’s interest in gross profit		$	967	$	1,749
Net Income (Loss)
Total		$	(12,462)	$	(8,149)
Less: partners’ interest and adjustments (1)		(13,678)		(10,439)
Granite’s interest in net income (2)		$	1,216	$	2,290

(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.