Note 12 - Investments in Affiliates

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

12.  Investments in Affiliates

Our investments in affiliates balance consists of equity method investments in the following types of entities:

(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Foreign	$	55,769	$	55,715	$	54,620
Real estate		17,670		19,676		20,930
Asphalt terminal		11,475		8,963		9,290
Total investments in affiliates	$	84,914	$	84,354	$	84,840

The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:

(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Current assets	$	140,487	$	141,930	$	138,887
Noncurrent assets		168,715		170,172		168,402
Total assets		309,202		312,102		307,289
Current liabilities		61,738		55,816		71,940
Long-term liabilities1		60,230		63,098		46,961
Total liabilities		121,968		118,914		118,901
Net assets		187,234		193,188		188,388
Granite’s share of net assets	$	84,914	$	84,354	$	84,840

¹ The balance primarily relates to debt associated with our real estate investments.

Of the $309.2 million in total assets as of September 30, 2019, we had investments in thirteen foreign entities with total assets ranging from $0.2 million to $69.0 million, three real estate entities with total assets ranging from $8.3 million to $43.2 million and the asphalt terminal entity had total assets of $32.5 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25.0% to 50.0% as of September 30, 2019. The equity method investments in real estate affiliates included $14.1 million, $16.3 million and $17.5 million in residential real estate in Texas as of September 30, 2019, December 31, 2018 and September 30, 2018, respectively. The remaining balances were in commercial real estate in Texas.