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Investments in Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments in and Advances to Affiliates [Abstract] |
Equity Method Investments | Our investments in affiliates balance consists of equity method investments in the following types of entities:
(in thousands) | December 31, 2024 |  | December 31, 2023
Foreign | $ | 72,075 |  |  | $ | 68,407 |
Real estate | 4,552 |  |  | 7,136 |
Asphalt terminal | 17,404 |  |  | 17,367 |
Total investments in affiliates | $ | 94,031 |  |  | $ | 92,910 |
Equity Method Investment Summarized Balance Financial Information | The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:
(in thousands) | December 31, 2024 |  | December 31, 2023
Current assets | $ | 205,235 |  |  | $ | 204,897 |
Noncurrent assets | 130,451 |  |  | 159,694 |
Total assets | $ | 335,686 |  |  | $ | 364,591 |
Current liabilities | $ | 68,679 |  |  | $ | 81,899 |
Long-term liabilities (1) | 45,007 |  |  | 54,591 |
Total liabilities | $ | 113,686 |  |  | $ | 136,490 |
Net assets | $ | 222,000 |  |  | $ | 228,101 |
Granite’s share of net assets | $ | 94,031 |  |  | $ | 92,910 |
(1)This balance is primarily related to local bank debt for equipment purchases, working capital in our foreign affiliates and debt associated with our real estate investments.
Equity Method Investment, Summarized Income Statement Information | The following table provides summarized statements of operations information for our affiliates accounted for under the equity method on a combined basis (in thousands):
Years Ended December 31, | 2024 |  | 2023 |  | 2022
(in thousands) |  |  |  |  |
Revenue | $ | 395,492 |  |  | $ | 476,361 |  |  | $ | 377,256 |
Gross profit | $ | 94,618 |  |  | $ | 142,139 |  |  | $ | 95,816 |
Income before taxes | $ | 58,080 |  |  | $ | 99,108 |  |  | $ | 60,513 |
Net income | $ | 49,521 |  |  | $ | 86,124 |  |  | $ | 47,331 |
Granite’s interest in affiliates’ net income | $ | 16,982 |  |  | $ | 25,748 |  |  | $ | 13,571 |

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