Construction Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2017

Construction and Line Item Joint Ventures [Abstract]

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

perations.

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



(in thousands)	June 30, 2017		December 31, 2016		June 30, 2016
Assets:
Cash, cash equivalents and marketable securities	$	388,542	$	537,991	$	435,098
Other current assets¹	632,166		644,809		679,920
Noncurrent assets	230,633		207,240		216,722
Less partners’ interest	828,237		935,615		894,017
Granite’s interest^1,2	423,104		454,425		437,723
Liabilities:
Current liabilities	668,630		696,215		634,796
Less partners’ interest and adjustments³	460,052		472,324		434,371
Granite’s interest	208,578		223,891		200,425
Equity in construction joint ventures⁴	$	214,526	$	230,534	$	237,298

¹Included in this balance and in accrued and other current liabilities on our condensed consolidated balance sheets as of June 30, 2017, December 31, 2016 and June 30, 2016 was $88.9 million, $83.1 million and $76.8 million, respectively, related to performance guarantees.

²Included in this balance as of June 30, 2017, December 31, 2016 and June 30, 2016 was $81.7 million, $65.4 million and $57.8 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $9.8 million, $5.6 million and $4.3 million related to Granite’s share of estimated recovery of back charge claims as of June 30, 2017, December 31, 2016 and June 30, 2016, respectively.

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 June 30, 2017, December 31, 2016 and June 30, 2016 this balance included $15.9 million, $16.6 million and $8.2 million, respectively, of deficit in construction joint ventures that is included in accrued expenses and other current liabilities on the condensed consolidated bal

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

nce sheets.



	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2017			2016			2017			2016
Revenue:
Total¹	$	515,983		$	475,879		$	967,304		$	970,046
Less partners’ interest and adjustments^1,2	376,332			346,863			700,162			694,771
Granite’s interest	139,651			129,016			267,142			275,275
Cost of revenue:
Total	498,932			479,113			941,922			940,610
Less partners’ interest and adjustments^1,2	349,557			347,661			666,552			671,702
Granite’s interest	149,375			131,452			275,370			268,908
Granite’s interest in gross (loss) profit	$	(9,724	)	$	(2,436	)	$	(8,228	)	$	6,367

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 June 30, 2016 were misstated in our Quarterly Report for the quarter ended June 30, 2016. Total revenue and revenue for partner’s interest and adjustments as reported was (in thousands): $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): $475,879 and $346,863, respectively, for the three months ended June 30, 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