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Investments in Affiliates
 9 Months Ended
Sep. 30, 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)September 30, 2024December 31, 2023
Foreign$72,790 $68,407 
Real estate4,522 7,136 
Asphalt terminal17,609 17,367 
Total investments in affiliates$94,921 $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)September 30, 2024December 31, 2023
Current assets$205,698 $204,897 
Noncurrent assets131,912 159,694 
Total assets$337,610 $364,591 
Current liabilities$74,533 $81,899 
Long-term liabilities (1)45,156 54,591 
Total liabilities$119,689 $136,490 
Net assets$217,921 $228,101 
Granite’s share of net assets$94,921 $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 $337.6 million of total affiliate assets as of September 30, 2024, we had investments in two real estate entities with total assets of $34.1 million, our foreign affiliates had total assets of $262.1 million and the asphalt terminal entity had total assets of $41.4 million. As of September 30, 2024 and December 31, 2023, all of the investments in real estate affiliates were in residential real estate in Texas. As of September 30, 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 September 30, 2024. Our percent ownership in the asphalt terminal entity was 50% as of September 30, 2024.