Note 12 - Investments in Affiliates

6 Months Ended

Jun. 30, 2022

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)	June 30, 2022		December 31, 2021		June 30, 2021
Real estate	$	9,619	$	9,619	$	11,914
Asphalt terminal		13,584		13,749		13,403
Total investments in affiliates	$	23,203	$	23,368	$	25,317

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, 2022		December 31, 2021		June 30, 2021
Current assets	$	34,822	$	34,374	$	32,528
Noncurrent assets		75,679		78,829		68,929
Total assets	$	110,501	$	113,203	$	101,457
Current liabilities	$	21,182	$	23,685	$	18,794
Long-term liabilities (1)		32,364		48,104		29,596
Total liabilities	$	53,546	$	71,789	$	48,390
Net assets	$	56,955	$	41,414	$	53,067
Granite’s share of net assets	$	23,203	$	23,368	$	25,317

(1) This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments.

Of the $110.5 million of total affiliate assets as of June 30, 2022, we had investments in two real estate entities with total assets of $77.4 million and the asphalt terminal entity had total assets of $33.1 million. As of  June 30, 2022,  December 31, 2021 and  June 30, 2021, all of the investments in real estate affiliates were in residential real estate in Texas. As of June 30, 2022, our percent ownership in the real estate entities ranged from 10% to 25%.