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Investments in Affiliates | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Affiliates | Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities:
(in thousands) | March 31, 2024 |  | December 31, 2023
Foreign | $ | 69,945 |  |  | $ | 68,407 |
Real estate | 5,425 |  |  | 7,136 |
Asphalt terminal | 17,307 |  |  | 17,367 |
Total investments in affiliates | $ | 92,677 |  |  | $ | 92,910 |
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, 2024 |  | December 31, 2023
Current assets | $ | 186,450 |  |  | $ | 204,897 |
Noncurrent assets | 142,342 |  |  | 159,694 |
Total assets | $ | 328,792 |  |  | $ | 364,591 |
Current liabilities | $ | 64,786 |  |  | $ | 81,899 |
Long-term liabilities (1) | 47,805 |  |  | 54,591 |
Total liabilities | $ | 112,591 |  |  | $ | 136,490 |
Net assets | $ | 216,201 |  |  | $ | 228,101 |
Granite’s share of net assets | $ | 92,677 |  |  | $ | 92,910 |
(1)This balance is primarily related to local bank debt for equipment purchases and debt associated with our real estate investments. Of the $328.8 million of total affiliate assets as of March 31, 2024, we had investments in two real estate entities with total assets of $40.6 million, our foreign affiliates had total assets of $250.2 million and the asphalt terminal entity had total assets of $38.0 million. As of March 31, 2024 and December 31, 2023, all of the investments in real estate affiliates were in residential real estate in Texas. As of March 31, 2024, 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, 2024. Our percent ownership in the asphalt terminal entity was 50% as of March 31, 2024.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent + Details
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