Note 11 - Investments in Affiliates

9 Months Ended

Sep. 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)	September 30, 2021		December 31, 2020		September 30, 2020
Foreign	$	49,089	$	47,650	$	46,000
Real estate		9,743		12,777		16,535
Asphalt terminal		13,583		14,860		13,929
Total investments in affiliates	$	72,415	$	75,287	$	76,464

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, 2021		December 31, 2020		September 30, 2020
Current assets	$	162,503	$	133,882	$	116,712
Noncurrent assets		161,700		164,620		165,292
Total assets		324,203		298,502		282,004
Current liabilities		80,145		52,583		48,478
Long-term liabilities (1)		59,501		66,108		55,206
Total liabilities		139,646		118,691		103,684
Net assets		184,557		179,811		178,320
Granite’s share of net assets	$	72,415	$	75,287	$	76,464

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

Of the $324.2 million of total affiliate assets as of September 30, 2021, we had investments in thirteen foreign entities with total assets ranging from $0.1 million to $84.4 million, two real estate entities with total assets of $75.5 million and the asphalt terminal entity that had total assets of $33.4 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of September 30, 2021. During the nine months ended September 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  September 30, 2021 and  December 31, 2020, all of the investments in real estate affiliates were in residential real estate in Texas. As of  September 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  September 30, 2021.