Note 11 - Investments in Affiliates

6 Months Ended

Jun. 30, 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)	June 30, 2021		December 31, 2020		June 30, 2020
Foreign	$	50,308	$	47,650	$	45,487
Real estate		11,914		12,777		16,578
Asphalt terminal		13,403		14,860		12,446
Total investments in affiliates	$	75,625	$	75,287	$	74,511

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

(in thousands)	June 30, 2021		December 31, 2020		June 30, 2020
Current assets	$	155,442	$	133,882	$	122,608
Noncurrent assets		160,598		164,620		163,790
Total assets		316,040		298,502		286,398
Current liabilities		71,267		52,583		54,044
Long-term liabilities (1)		57,911		66,108		60,714
Total liabilities		129,178		118,691		114,758
Net assets		186,862		179,811		171,640
Granite’s share of net assets	$	75,625	$	75,287	$	74,511

(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 $316.0 million of total affiliate assets as of June 30, 2021, we had investments in thirteen foreign entities with total assets ranging from $0.1 million to $82.1 million, two real estate entities with total assets of $66.2 million and the asphalt terminal entity had total assets of $35.3 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of June 30, 2021. During the six months ended  June 30, 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  June 30, 2021 and  December 31, 2020, all of the investments in real estate affiliates were in residential real estate in Texas. As of  June 30, 2020, $13.2 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  June 30, 2021.