Construction Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2016

Construction and Line Item Joint Ventures [Abstract]

Schedule of Unconsolidated Joint Ventures Assets and Liabilities [Table Text Block]

The following tables present summary financial information related to unconsolidated construction joint ventures:



(in thousands)	September 30, 2016		December 31, 2015		September 30, 2015
Assets:
Cash and cash equivalents	$	509,644	$	439,871	$	460,668
Other assets	896,474		859,749		818,609
Less partners’ interest	942,183		881,183		875,629
Granite’s interest¹	463,935		418,437		403,648
Liabilities:
Accounts payable	271,348		218,790		228,695
Billings in excess of costs and estimated earnings	278,987		341,609		321,103
Other liabilities	106,286		89,901		88,905
Less partners’ interest	449,044		447,926		441,627
Granite’s interest¹	207,577		202,374		197,076
Equity in construction joint ventures^2,3	$	256,358	$	216,063	$	206,572

¹Included in this balance as of September 30, 2016, December 31, 2015 and September 30, 2015 was $62.5 million, $39.7 million and $34.9 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $5.9 million related to Granite’s share of estimated recovery of back charge claims as of September 30, 2016. There were no estimated recovery of back charge claims as of December 31, 2015 and September 30, 2015.

²As of September 30, 2016, December 31, 2015 and September 30, 2015 this balance included $6.8 million, $8.6 million and $13.1 million, respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

³Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of September 30, 2016, December 31, 2015 and September 30, 2015 was $83.1 million, $65.5 million and $65.1 million, respectively, related to performance guarantees.

Schedule of Unconsolidated Joint Ventures Revenue and Costs [Table Text Block]



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2016		2015 As Revised		2016		2015 As Revised
Revenue:
Total^1,3	$	550,296	$	485,639	$	1,520,342	$	1,395,190
Less partners’ interest and adjustments^1,2,3	390,775		337,889		1,085,546		973,989
Granite’s interest	159,521		147,750		434,796		421,201
Cost of revenue:
Total³	510,579		469,069		1,451,189		1,315,370
Less partners’ interest and adjustments^2,3	360,965		332,361		1,032,667		924,230
Granite’s interest	149,614		136,708		418,522		391,140
Granite’s interest in gross profit	$	9,907	$	11,042	$	16,274	$	30,061

¹While Granite’s interest in revenue, cost of revenue and gross profit were correctly stated, Total revenue and revenue for partners’ interest and adjustments for the three months ended March 31, 2016 and June 30, 2016 were misstated in our Quarterly Reports for the quarter ended March 31, 2016 and June 30, 2016. Total revenue and revenue for partner’s interest and adjustments as reported was (in thousands): $288,044 and $141,785, respectively, for the three months ended March 31, 2016 and was $682,002 and $552,986, respectively, for the three months ended June 30, 2016. Total revenue and revenue for partner’s interest and adjustments should have been (in thousands): $494,167 and $347,908, respectively, for the three months ended March 31, 2016 and $475,879 and $346,863, respectively, for the three months ended June 30, 2016. The misstatements did not have any impact on the consolidated financial statements in any period. We assessed the materiality of the errors in accordance with the SEC’s Staff Accounting Bulletin 99 and concluded that the errors were not material to either of these previously issued financial statements. Accordingly, we will revise our previously issued financial statements prospectively to correct these errors.

²Partners’ interest and adjustments 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 and estimates.

³While 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 nine month periods ended September 30, 2015 were misstated in our Quarterly Report for the quarter ended September 30, 2015 and have been revised. Total revenue, partner’s interest in revenue, total cost of revenue and partners’ interest in cost of revenue reported were (in thousands): $530,215, $382,465, $424,492 and $287,784, respectively, for the three months ended September 30, 2015, and $1,439,766, $1,018,565, $1,270,793 and $879,653, respectively, for the nine months ended September 30, 2015. The misstatements did not have an impact on the consolidated financial statements. We assessed the materiality of the errors in accordance with the SEC’s Staff Accounting Bulletin 99 and concluded that the errors were not material to the previously issued financial statements.