Construction and Line Item Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2012

Construction and Line Item Joint Ventures [Abstract]

Schedule of Consolidated Joint Ventures [Table Text Block]

The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included in our condensed consolidated financial statements as follows:



(in thousands)	September 30, 2012		December 31, 2011		September 30, 2011
Cash and cash equivalents¹	$	74,020	$	75,122	$	65,350
Other current assets	32,379		33,750		31,215
Total current assets	106,399		108,872		96,565
Noncurrent assets	6,661		8,671		9,821
Total assets²	$	113,060	$	117,543	$	106,386

Accounts payable	$	30,975	$	38,193	$	36,660
Billings in excess of costs and estimated earnings¹	13,955		22,251		17,116
Accrued expenses and other current liabilities	3,495		5,129		5,997
Total current liabilities	48,425		65,573		59,773
Noncurrent liabilities	—		4		33
Total liabilities²	$	48,425	$	65,577	$	59,806

¹The volume and stage of completion of contracts from our consolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods.

²The assets and liabilities of each joint venture relate solely to that joint venture. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite.

Schedule of Unconsolidated Joint Ventures [Table Text Block]

Following is summary financial information related to unconsolidated construction joint ventures:



(in thousands)	September 30, 2012		December 31, 2011		September 30, 2011
Assets:
Cash and cash equivalents¹	$	304,065	$	338,681	$	356,399
Other assets	273,848		264,901		265,549
Less partners’ interest	353,165		364,979		378,523
Granite’s interest	224,748		238,603		243,425
Liabilities:
Accounts payable	94,788		85,075		85,602
Billings in excess of costs and estimated earnings¹	243,578		280,650		302,039
Other liabilities	8,299		8,595		9,460
Less partners’ interest	219,807		236,746		251,091
Granite’s interest	126,858		137,574		146,010
Equity in construction joint ventures	$	97,890	$	101,029	$	97,415

¹The volume and stage of completion of contracts from our unconsolidated construction joint ventures may cause fluctuations in cash and cash equivalents, as well as billings in excess of costs and estimated earnings between periods.



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2012		2011		2012		2011
Revenue:
Total¹	$	286,308	$	243,654	$	776,235	$	667,920
Less partners’ interest^1,2	181,679		158,079		497,743		448,357
Granite’s interest	104,629		85,575		278,492		219,563
Cost of revenue:
Total¹	200,688		212,485		597,689		546,495
Less partners’ interest^1,2	129,840		140,506		389,171		370,865
Granite’s interest	70,848		71,979		208,518		175,630
Granite’s interest in gross profit	$	33,781	$	13,596	$	69,974	$	43,933

¹While Granite’s interest in revenue, cost of revenue and gross profit were correctly stated, total and partners’ interest for revenue and cost of revenue for the three and six month periods ended June 30, 2012 were inadvertently misstated in our Quarterly Report for the quarter ended June 30, 2012. Total revenue, partner’s interest in revenue, total cost of revenue and partners’ interest in cost of revenue reported was (in thousands): $663,536, $563,302, $544,838 and $467,540, respectively, for the three months ended June 30, 2012, and $869,368, $695,505, $714,450 and $576,780, respectively, for the six months ended June 30, 2012. Total revenue, partner’s interest in revenue, total cost of revenue and partners’ interest in cost of revenue should have been (in thousands): $284,095, $183,861, $227,389, and $150,091, respectively, for the three months ended June 30, 2012, and $489,926, $316,064, $397,001, and $259,331, respectively, for the six months ended June 30, 2012.