Investments in Affiliates

3 Months Ended

Mar. 31, 2019

Investments In And Advances To Affiliates Schedule Of Investments [Abstract]

Investments in Affiliates

12.  Investments in Affiliates

Our investments in affiliates balance consists of equity method investments in the following types of entities:

(in thousands)	March 31, 2019		December 31, 2018		March 31, 2018
Foreign	$	56,082	$	55,715	$	—
Real estate		16,433		19,676		29,829
Asphalt terminal		8,519		8,963		8,853
Total investments in affiliates	$	81,034	$	84,354	$	38,682

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, 2019		December 31, 2018		March 31, 2018
Current assets	$	137,041	$	141,930	$	27,674
Noncurrent assets		179,377		170,172		95,888
Total assets		316,418		312,102		123,562
Current liabilities		65,848		55,816		36,625
Long-term liabilities1		75,949		63,098		17,300
Total liabilities		141,797		118,914		53,925
Net assets		174,621		193,188		69,637
Granite’s share of net assets	$	81,034	$	84,354	$	38,682

¹The balance primarily relates to debt associated with our real estate investments. The increase in the balance since March 31, 2018 is related to debt of our foreign affiliates associated with purchases of equipment and buildings. 

Of the $316.4 million in total assets as of March 31, 2019, we had investments in thirteen foreign entities with total assets ranging from $0.2 million to $71.0 million, four real estate entities with total assets ranging from $0.3 million to $53.7 million and the asphalt terminal entity had total assets of $23.9 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25.0% to 50.0% as of March 31, 2019. The equity method investments in real estate affiliates included $13.1 million, $16.3 million and $24.6 million in residential real estate in Texas as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively. The remaining balances were in commercial real estate in Texas.