Construction Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Construction And Line Item 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)	March 31, 2019		December 31, 2018		March 31, 2018
Assets
Cash, cash equivalents and marketable securities	$	281,355	$	229,562	$	325,157
Other current assets1		847,789		814,979		627,602
Noncurrent assets		215,129		204,090		219,435
Less partners’ interest		885,901		822,215		757,537
Granite’s interest1,2		458,372		426,416		414,657
Liabilities
Current liabilities		533,325		525,036		605,639
Less partners’ interest and adjustments3		372,770		369,782		423,518
Granite’s interest		160,555		155,254		182,121
Equity in construction joint ventures4	$	297,817	$	271,162	$	232,536

¹Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $88.2 million related to performance guarantees as of both March 31, 2019 and December 31, 2018 and $88.6 million as of March 31, 2018.

²Included in this balance as of March 31, 2019, December 31, 2018 and March 31, 2018 was $80.8 million, $78.1 million and $65.0 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $16.0 million, $15.6 million and $11.3 million related to Granite’s share of estimated recovery of back charge claims as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

³Partners’ 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.

⁴Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets were amounts related to deficits in construction joint ventures that were $2.7 million, $11.5 million and $22.3 million as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

Schedule of Unconsolidated Joint Ventures Revenue and Costs

	Three Months Ended March 31,
(in thousands)	2019		2018
Revenue
Total	$	415,934	$	239,441
Less partners’ interest and adjustments1		283,441		121,032
Granite’s interest		132,493		118,409
Cost of revenue
Total		411,485		380,889
Less partners’ interest and adjustments1		280,006		266,501
Granite’s interest		131,479		114,388
Granite’s interest in gross profit	$	1,014	$	4,021

¹Partners’ 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 differences.