Joint Ventures and VIEs

For consolidated joint ventures, the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, are included in the Company's result of operations. Likewise, the entire amount of each of the assets and liabilities are included in the Company’s consolidated balance sheet. For the consolidated VIEs, the carrying value of assets and liabilities was $199.9 million and $125.6 million, respectively, as of September 28, 2018 and $9.6 million and $8.3 million, respectively as of September 29, 2017. There are no consolidated VIEs that have debt or credit facilities.

Unconsolidated joint ventures are accounted for under the equity method or proportionate consolidation. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenue, and costs are included in the Company’s balance sheet and results of operations. For the proportionate consolidated VIEs, the carrying value of assets and liabilities was $88.6 million and $79.3 million as of September 28, 2018, respectively and $50.3 million and $44.1 million as of September 29, 2017, respectively. For those joint ventures accounted for under the equity method, the Company's investment balances for the joint venture is included in Other Noncurrent Assets: Miscellaneous on the balance sheet and the Company’s pro rata share of net income is included in revenue. In limited cases, there are basis differences between the equity in the joint venture and Jacobs' investment created when Jacobs purchased their share of the joint venture. These basis differences are amortized based on an internal allocation to underlying net assets. As of September 28, 2018, the Company’s equity method investments exceeded its share of venture net assets by $82.8 million. Our investments in equity method joint ventures on the Consolidated Balance Sheets as of September 28, 2018 and September 29, 2017 was a net asset of $219.1 million and $131.4 million, respectively. During the years ended September 28, 2018, September 29, 2017, and September 30, 2016, we recognized income from equity method joint ventures of $55.4 million, $44.7 million, and $51.1 million, respectively.

Summary of financial information of the unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions):



	For the Years Ended
	September 28, 2018		September 29, 2017
Current assets	$	1,736.0	$	1,385.7
Non-Current assets	51.5		55.9
Total assets	$	1,787.5	$	1,441.6
Current liabilities	$	944.9	$	415.8
Non-current liabilities	664.1		845
Total liabilities	1,609		1,260.8
Joint ventures' equity	178.5		180.8
Total liabilities & joint venture equity	$	1,787.5	$	1,441.6



	For the Years Ended
	September 28, 2018		September 29, 2017		September 30, 2016
Revenue	$	3,334.5	$	2,015.6	$	2,199.1
Cost of revenue	3,034.1		1,829.5		1,998.0
Gross profit	$	300.4	$	186.1	$	201.1
Net income	$	233.2	$	140	$	136.5

Accounts receivable from unconsolidated joint ventures accounted for under the equity method is $13.0 million and $6.3 million as of September 28, 2018 and September 29, 2017, respectively.

In September 2018, the Company sold its 45% share of its equity method investment in the Guimar joint venture in Brazil. The interest was sold to the other partners in the venture. The Company recorded a $21.0 million loss, of which $9.0 million related to the reclassification of foreign currency translation losses accumulated in other comprehensive income.