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Investments in Affiliates (Tables)
 12 Months Ended
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, 2024December 31, 2023
Foreign$72,075 $68,407 
Real estate4,552 7,136 
Asphalt terminal17,404 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, 2024December 31, 2023
Current assets$205,235 $204,897 
Noncurrent assets130,451 159,694 
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 31,202420232022
(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