Note 12 - Investments in Affiliates

3 Months Ended

Mar. 31, 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)	March 31, 2022		December 31, 2021		March 31, 2021
Real estate	$	9,629	$	9,619	$	13,105
Asphalt terminal		13,358		13,749		14,655
Total investments in affiliates	$	22,987	$	23,368	$	27,760

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, 2022		December 31, 2021		March 31, 2021
Current assets	$	34,389	$	34,374	$	29,912
Noncurrent assets		72,589		78,829		72,388
Total assets	$	106,978	$	113,203	$	102,300
Current liabilities	$	18,414	$	23,685	$	13,652
Long-term liabilities (1)		35,687		48,104		31,302
Total liabilities	$	54,101	$	71,789	$	44,954
Net assets	$	52,877	$	41,414	$	57,346
Granite’s share of net assets	$	22,987	$	23,368	$	27,760

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

Of the $107.0 million of total affiliate assets as of March 31, 2022, we had investments in two real estate entities with total assets of $76.9 million and the asphalt terminal entity had total assets of $30.1 million. As of  March 31, 2022,  December 31, 2021 and  March 31, 2021, all of the investments in real estate affiliates were in residential real estate in Texas. As of March 31, 2022, our percent ownership in the real estate entities ranged from 10% to 25%.