Construction and Line Item Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

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)	June 30, 2013		December 31, 2012		June 30, 2012
Cash and cash equivalents¹	$	63,806	$	105,865	$	67,685
Receivables, net	59,807		43,902		26,903
Other current assets	3,592		4,008		2,125
Total current assets	127,205		153,775		96,713
Property and equipment, net	34,891		41,114		6,919
Other noncurrent assets	1,253		1,700		—
Total assets²	$	163,349	$	196,589	$	103,632

Accounts payable	$	18,297	$	34,536	$	31,135
Billings in excess of costs and estimated earnings¹	72,094		72,490		17,979
Accrued expenses and other current liabilities	9,153		8,312		3,027
Total liabilities²	$	99,544	$	115,338	$	52,141

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 until distributed.

Schedule of Unconsolidated Joint Ventures [Table Text Block]

As of June 30, 2013, one of our unconsolidated construction joint ventures was located in Canada and, therefore, the associated disclosures throughout this footnote include amounts that were translated from Canadian dollars to U.S. dollars using the spot rate in effect as of the reporting date for balance sheet items, or the average rate in effect during the reporting period for results of operations. The associated foreign currency translation adjustments did not have a material impact on the financial statements for any of the periods presented.

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



(in thousands)	June 30, 2013		December 31, 2012		June 30, 2012
Assets:
Cash and cash equivalents¹	$	342,534	$	244,686	$	337,102
Other assets	439,812		301,412		300,744
Less partners’ interest	512,775		342,545		392,139
Granite’s interest	269,571		203,553		245,707
Liabilities:
Accounts payable	115,606		114,039		101,782
Billings in excess of costs and estimated earnings¹	262,259		161,268		265,883
Other liabilities	25,733		6,106		8,455
Less partners’ interest	282,521		183,432		238,234
Granite’s interest	121,077		97,981		137,886
Equity in construction joint ventures²	$	148,494	$	105,572	$	107,821

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. 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 until distributed.

²As of June 30, 2013 and December 31, 2012, this balance included $0.2 million of deficit in unconsolidated construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2013		2012		2013		2012
Revenue:
Total¹	$	259,255	$	284,095	$	484,558	$	489,926
Less partners’ interest^1,2	172,656		183,861		326,361		316,064
Granite’s interest	86,599		100,234		158,197		173,862
Cost of revenue:
Total¹	212,779		227,389		371,475		397,001
Less partners’ interest^1,2	141,659		150,091		248,980		259,331
Granite’s interest	71,120		77,298		122,495		137,670
Granite’s interest in gross profit	$	15,479	$	22,936	$	35,702	$	36,192

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 were (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.

²Partners’ interest represents 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.