Construction Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Unconsolidated Joint Ventures Assets and Liabilities

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

(in thousands)	December 31, 2023		December 31, 2022
Assets
Cash, cash equivalents and marketable securities	$	117,962	$	130,635
Other current assets (1)	666,536		681,221
Noncurrent assets	52,580		76,204
Less: partners’ interest	574,723		604,741
Granite’s interest (1),(2)	$	262,355	$	283,319
Liabilities
Current liabilities	$	191,175	$	244,411
Less: partners’ interest and adjustments (3)	85,131		130,911
Granite’s interest	$	106,044	$	113,500
Equity in construction joint ventures (4)	$	156,311	$	169,819

(1)Included in this balance and in accrued and other current liabilities on the consolidated balance sheets as of December 31, 2023 and 2022 was $57.8 million and $64.7 million, respectively, related to performance guarantees (see Note 13).

(2)Included in this balance as of December 31, 2023 and 2022 was $66.6 million and $104.3 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $1.7 million and $2.7 million related to Granite’s share of estimated recovery of back charge claims as of December 31, 2023 and 2022, respectively.

(3)Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences.

(4)Included in this balance and in accrued expenses and other current liabilities on the consolidated balance sheets was $14.9 million and $14.0 million as of December 31, 2023 and 2022, respectively, related to deficits in unconsolidated construction joint ventures which includes provisions for losses.

Schedule of Unconsolidated Joint Ventures Revenue and Costs

Years Ended December 31,	2023		2022		2021
(in thousands)
Revenue
Total	$	66,738	$	330,835	$	820,586
Less: partners’ interest and adjustments (1)	42,230		210,678		526,522
Granite’s interest	$	24,508	$	120,157	$	294,064
Cost of revenue
Total	$	95,448	$	378,237	$	835,899
Less: partners’ interest and adjustments (1)	51,359		238,699		540,854
Granite’s interest	$	44,089	$	139,538	$	295,045
Granite’s interest in gross loss	$	(19,581)	$	(19,381)	$	(981)
Net Loss
Total	$	(24,843)	$	(47,904)	$	(15,533)
Less: partners’ interest and adjustments (1)	(6,226)		(28,228)		(14,765)
Granite’s interest in net loss (2)	$	(18,617)	$	(19,676)	$	(768)

(1)Partners’ interest and adjustments includes 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 primarily related to contract forecast and/or actual differences.

(2)These joint ventures' net loss amounts exclude our corporate overhead required to manage the joint ventures and include taxes only to the extent the applicable states have joint venture level taxes.