XML 123 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investments in Affiliates (Tables)
 12 Months Ended
Dec. 31, 2023
Investments in and Advances to Affiliates [Abstract]  
Equity Method Investments
Our investments in affiliates balance consists of equity method investments in the following types of entities:
(in thousands)December 31, 2023December 31, 2022
Foreign$68,407 $58,579 
Real estate7,136 8,517 
Asphalt terminal17,367 13,629 
Total investments in affiliates$92,910 $80,725 
Equity Method Investment Summarized Balance Financial Information
The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:
(in thousands)December 31, 2023December 31, 2022
Current assets$204,897 $194,210 
Noncurrent assets159,694 172,560 
Total assets$364,591 $366,770 
Current liabilities$81,899 $106,780 
Long-term liabilities (1)54,591 59,356 
Total liabilities$136,490 $166,136 
Net assets$228,101 $200,634 
Granite’s share of net assets$92,910 $80,725 
(1)This balance is primarily related to local bank debt for equipment purchases, working capital in our foreign affiliates and debt associated with our real estate investments.
Equity Method Investment, Summarized Income Statement Information
The following table provides summarized statements of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands):
Years Ended December 31,202320222021
(in thousands)
Revenue$476,361 $377,256 $302,084 
Gross profit$142,139 $95,816 $74,939 
Income before taxes$99,108 $60,513 $38,261 
Net income$86,124 $47,331 $33,864 
Granite’s interest in affiliates’ net income$25,748 $13,571 $12,586