XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 12 - Investments in Affiliates

9 Months Ended

Sep. 30, 2022

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)	*September 30, 2022*		*December 31, 2021 (1)*		*September 30, 2021*
Foreign	$	55,851	$	—	$	49,089
Real estate		9,141		9,619		9,743
Asphalt terminal		13,671		13,749		13,583
Total investments in affiliates	$	78,663	$	23,368	$	72,415

(1) These balances do not include amounts held for sale (see Note 3).

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, 2022*		*December 31, 2021 (1)*		*September 30, 2021*
Current assets	$	183,637	$	34,374	$	162,503
Noncurrent assets		173,494		78,829		161,700
Total assets	$	357,131	$	113,203	$	324,203
Current liabilities	$	99,535	$	23,685	$	80,145
Long-term liabilities (2)		61,140		48,104		59,501
Total liabilities	$	160,675	$	71,789	$	139,646
Net assets	$	196,456	$	41,414	$	184,557
Granite’s share of net assets	$	78,663	$	23,368	$	72,415

(1) These balances do not include amounts held for sale (see Note 3).

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

Of the $357.1 million of total affiliate assets as of September 30, 2022, we had investments in two real estate entities with total assets of $72.6 million, our foreign affiliates had total assets of $251.0 million and the asphalt terminal entity had total assets of $33.5 million. As of September 30, 2022, December 31, 2021 and September 30, 2021, all of the investments in real estate affiliates were in residential real estate in Texas. As of September 30, 2022, our percent ownership in the real estate entities ranged from 10% to 25% and our percent ownership in foreign affiliates ranged from 25% to 50%.