Note 11 - Investments in Affiliates

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Foreign	$	61,919	$	58,579
Real estate		8,022		8,517
Asphalt terminal		13,394		13,629
Total investments in affiliates	$	83,335	$	80,725

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, 2023		December 31, 2022
Current assets	$	197,485	$	194,210
Noncurrent assets		176,039		172,560
Total assets	$	373,524	$	366,770
Current liabilities	$	102,546	$	106,780
Long-term liabilities (1)		62,881		59,356
Total liabilities	$	165,427	$	166,136
Net assets	$	208,097	$	200,634
Granite’s share of net assets	$	83,335	$	80,725

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

Of the $373.5 million of total affiliate assets as of March 31, 2023, we had investments in two real estate entities with total assets of $73.3 million, our foreign affiliates had total assets of $269.7 million and the asphalt terminal entity had total assets of $30.5 million. As of  March 31, 2023 and  December 31, 2022, all of the investments in real estate affiliates were in residential real estate in Texas. As of March 31, 2023, our percent ownership in the real estate entities ranged from 10% to 25%. We have direct and indirect investments in our foreign affiliates, and our percent ownership in foreign affiliates ranged from 25% to 50% as of March 31, 2023.