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Investments in Affiliates
 3 Months Ended
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, 2024December 31, 2023
Foreign$69,945 $68,407 
Real estate5,425 7,136 
Asphalt terminal17,307 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, 2024December 31, 2023
Current assets$186,450 $204,897 
Noncurrent assets142,342 159,694 
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.