Construction Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2017

Construction and Line Item Joint Ventures [Abstract]

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

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



(in thousands)	March 31, 2017		December 31, 2016		March 31, 2016
Assets:
Cash, cash equivalents and marketable securities	$	399,445	$	537,991	$	408,393
Other current assets¹	703,498		644,809		710,747
Noncurrent assets	205,517		207,240		224,178
Less partners’ interest	876,118		935,615		904,600
Granite’s interest^1,2	432,342		454,425		438,718
Liabilities:
Current liabilities	660,537		696,215		658,486
Less partners’ interest and adjustments³	447,502		472,324		455,403
Granite’s interest	213,035		223,891		203,083
Equity in construction joint ventures⁴	$	219,307	$	230,534	$	235,635

¹Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of March 31, 2017, December 31, 2016 and March 31, 2016 was $83.1 million, $83.1 million and $77.4 million, respectively, related to performance guarantees.

²Included in this balance as of March 31, 2017, December 31, 2016 and March 31, 2016 was $69.7 million, $65.4 million and $43.7 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $7.9 million and $5.6 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2017 and December 31, 2016, respectively. There was no estimated recovery of back charge claims as of March 31, 2016.

³Partners’ interest and adjustments includes amounts to reconcile total liabilities as reported by our partners to Granite’s interest adjusted to reflect our accounting policies.

⁴As of March 31, 2017, December 31, 2016 and March 31, 2016 this balance included $16.4 million, $16.6 million and $4.8 million, respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

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



	Three Months Ended March 31,
(in thousands)	2017		2016
Revenue:
Total¹	$	451,321	$	494,167
Less partners’ interest and adjustments^1,2	323,830		347,908
Granite’s interest	127,491		146,259
Cost of revenue:
Total	442,990		461,497
Less partners’ interest and adjustments¹	316,995		324,041
Granite’s interest	125,995		137,456
Granite’s interest in gross profit	$	1,496	$	8,803

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 were misstated in our Quarterly Report for the quarter ended March 31, 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. 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 are reflected in the table. 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.