Note 12 - Investments in Affiliates

3 Months Ended

Mar. 31, 2020

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)	March 31, 2020		December 31, 2019		March 31, 2019
Foreign	$	45,598	$	55,335	$	56,082
Real estate		16,651		17,229		16,433
Asphalt terminal		11,000		11,612		8,519
Total investments in affiliates	$	73,249	$	84,176	$	81,034

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

(in thousands)	March 31, 2020		December 31, 2019		March 31, 2019
Current assets	$	112,426	$	122,348	$	137,041
Noncurrent assets		163,452		165,331		179,377
Total assets		275,878		287,679		316,418
Current liabilities		45,617		48,322		65,848
Long-term liabilities (1)		57,182		61,078		75,949
Total liabilities		102,799		109,400		141,797
Net assets		173,079		178,279		174,621
Granite’s share of net assets	$	73,249	$	84,176	$	81,034

(1) The balance primarily related to local bank debt for equipment purchases and working capital in our foreign affiliates and debt associated with our real estate investments.

Of the $275.9 million of total affiliate assets as of March 31, 2020, we had investments in thirteen foreign entities with total assets ranging from $0.2 million to $62.5 million, three real estate entities with total assets ranging from $8.2 million to $33.6 million and the asphalt terminal entity had total assets of $25.9 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of  March 31, 2020. During the three months ended March 31, 2020, we recorded an $9.6 million impairment charge related to our investment in foreign affiliates. See Note 4 for further discussion of the impairment charge. The equity method investments in real estate affiliates included $13.3 million, $13.6 million and $13.1 million in residential real estate in Texas as of  March 31, 2020, December 31, 2019 and  March 31, 2019, respectively. Our percent ownership in the real estate entities ranged from 18% to 47% as of March 31, 2020. The remaining balances were in commercial real estate in Texas.