The Company participates in joint ventures to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the Company meets the criteria under the consolidation model, as described below.

The Company performs an analysis to determine whether its variable interests give the Company a controlling financial interest in a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary and should, therefore, be consolidated. Such analysis requires the Company to assess whether it has the power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Company analyzed all of its joint ventures and classified them into two groups: (1) joint ventures that must be consolidated because they are either not VIEs and the Company holds the majority voting interest, or because they are VIEs and the Company is the primary beneficiary; and (2) joint ventures that do not need to be consolidated because they are either not VIEs and the Company holds a minority voting interest, or because they are VIEs and the Company is not the primary beneficiary.

Many of the Company’s joint venture agreements provide for capital calls to fund operations, as necessary; however, such funding is infrequent and is not anticipated to be material.

Letters of credit outstanding described in “Note 11 – Debt and Credit Facilities” that relate to project ventures are $76.8 million and $72.4 million at December 31, 2018 and September 30, 2019, respectively.

In the table below, aggregated financial information relating to the Company’s joint ventures is provided because their nature, risk and reward characteristics are similar. None of the Company’s current joint ventures that meet the characteristics of a VIE are individually significant to the consolidated financial statements.

The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):

	December 31, 2018		September 30, 2019
Current assets	$	287,227	$	254,204
Noncurrent assets		2,689		2,836
Total assets		289,916		257,040
Current liabilities		199,833		198,079
Total liabilities		199,833		198,079
Total joint venture equity	$	90,083	$	58,961

	Three Months Ended				Nine Months Ended
	September 28, 2018		September 30, 2019		September 28, 2018		September 30, 2019
Revenue	$	126,480	$	117,611	$	413,548	$	341,719
Costs		116,468		108,839		262,146		322,826
Net income	$	10,012	$	8,772	$	151,402	$	18,893
Net income attributable to noncontrolling interests	$	4,844	$	4,481	$	10,316	$	8,012

The assets of the consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the Company’s general operations.

The Company accounts for its unconsolidated joint ventures using the equity method of accounting. Under this method, the Company recognizes its proportionate share of the net earnings of these joint ventures as “Equity in earnings (loss) of unconsolidated joint ventures” in the consolidated statements of income. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments.

The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):

	December 31, 2018		September 30, 2019
Current assets	$	707,457	$	778,876
Noncurrent assets		876,385		956,367
Total assets		1,583,842		1,735,243
Current liabilities		560,306		625,949
Noncurrent liabilities		813,269		895,514
Total liabilities		1,373,575		1,521,463
Total joint venture equity		210,267		213,780
Investments in and advances to unconsolidated joint ventures	$	63,560	$	66,584

	Three Months Ended				Nine Months Ended
	September 28, 2018		September 30, 2019		September 28, 2018		September 30, 2019
Revenue	$	482,634	$	474,600	$	1,234,946	$	1,225,284
Costs		462,042		452,001		1,186,184		1,166,008
Net income	$	20,592	$	22,599	$	48,762	$	59,276
Equity in earnings of unconsolidated joint ventures	$	12,707	$	7,274	$	25,577	$	29,305

The Company received net distributions from (made contributions to) its unconsolidated joint ventures for the three months ended September 28, 2018 and September 30, 2019 of $20.1 million and $13.7 million, respectively, and $28.6 million and $28.0 million for the nine months ended September 28, 2018 and September 30, 2019, respectively.