Note 11 - Investments in Affiliates

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

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

11.  Investments in Affiliates

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

(in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Foreign	$	47,399	$	47,650	$	45,598
Real estate		13,105		12,777		16,651
Asphalt terminal		14,655		14,860		11,000
Total investments in affiliates	$	75,159	$	75,287	$	73,249

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, 2021		December 31, 2020		March 31, 2020
Current assets	$	136,672	$	133,882	$	112,426
Noncurrent assets		161,416		164,620		163,452
Total assets		298,088		298,502		275,878
Current liabilities		55,971		52,583		45,617
Long-term liabilities (1)		59,718		66,108		57,182
Total liabilities		115,689		118,691		102,799
Net assets		182,399		179,811		173,079
Granite’s share of net assets	$	75,159	$	75,287	$	73,249

(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 $298.1 million of total affiliate assets as of March 31, 2021, we had investments in thirteen foreign entities with total assets ranging from $0.1 million to $77.9 million, two real estate entities with total assets between $24.5 million and $44.7 million and the asphalt terminal entity had total assets of $33.1 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of March 31, 2021. During the three months ended  March 31, 2020, we recorded a $9.6 million impairment charge related to our investment in foreign affiliates. See Note 3 for further discussion of the impairment charge. As of  March 31, 2021 and  December 31, 2020, all of the investments in real estate affiliates were in residential real estate in Texas. As of  March 31, 2020, $13.3 million of the investments in real estate affiliates was in residential real estate in Texas and the remaining balance was in commercial real estate in Texas. Our percent ownership in the real estate entities was between 10% and 25% as of  March 31, 2021.