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Note 12 - Investments in Affiliates

6 Months Ended

Jun. 30, 2020

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, 2020*		*December 31, 2019*		*June 30, 2019*
Foreign	$	45,487	$	55,335	$	55,563
Real estate		16,578		17,229		17,781
Asphalt terminal		12,446		11,612		8,765
Total investments in affiliates	$	74,511	$	84,176	$	82,109

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, 2020*		*December 31, 2019*		*June 30, 2019*
Current assets	$	122,608	$	122,348	$	138,564
Noncurrent assets		163,790		165,331		182,561
Total assets		286,398		287,679		321,125
Current liabilities		54,044		48,322		70,435
Long-term liabilities (1)		60,714		61,078		70,381
Total liabilities		114,758		109,400		140,816
Net assets		171,640		178,279		180,309
Granite’s share of net assets	$	74,511	$	84,176	$	82,109

(1)The balance primarily related to local bank debt for equipment purchases and working capital in our foreign affiliates and debt associated with our real estate investments.

Of the $286.4 million of total affiliate assets as of June 30, 2020, we had investments in thirteen foreign entities with total assets ranging from $0.2 million to $72.2 million, three real estate entities with total assets ranging from $8.1 million to $35.1 million and the asphalt terminal entity had total assets of $28.6 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25% to 50% as of June 30, 2020. During the six months ended June 30, 2020 we recorded an $9.6 million impairment charge related to our investment in foreign affiliates. See Note 4 for further discussion of the impairment charge. The equity method investments in real estate affiliates included $13.2 million, $13.6 million and $14.2 million in residential real estate in Texas as of June 30, 2020, December 31, 2019 and June 30, 2019, respectively. Our percent ownership in the real estate entities ranged from 18% to 47% as of June 30, 2020. The remaining balances were in commercial real estate in Texas.