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 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 12—Debt and Credit Facilities” that relate to project ventures are approximately $76.8 million and $55.0 million at December 31, 2018 and December 31, 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 as or and for the years ended December 31, 2018 and December 31, 2019 (in thousands):

	2018		2019
Current assets	$	287,227	$	255,167
Noncurrent assets		2,689		2,860
Total assets		289,916		258,027
Current liabilities		199,833		193,583
Total liabilities		199,833		193,583
Total joint venture equity	$	90,083	$	64,444

	2017		2018		2019
Revenue	$	446,506	$	540,345	$	473,486
Costs		426,245		376,628		435,947
Net income	$	20,261	$	163,717	$	37,539
Net income attributable to noncontrolling interests	$	14,211	$	17,099	$	16,594

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.

2018 includes reversal of a provisions related to a lawsuit against a joint venture in which the Company is the managing partner. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a description of this matter, which was resolved in favor of the Company on June 13, 2018.

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 as or and for the years ended December 31, 2018 and December 31, 2019 (in thousands):

	2018		2019
Current assets	$	707,457	$	801,335
Noncurrent assets		876,385		564,160
Total assets		1,583,842		1,365,495
Current liabilities		560,306		655,495
Noncurrent liabilities		813,269		507,131
Total liabilities		1,373,575		1,162,626
Total joint venture equity	$	210,267	$	202,869
Investments in and advances to unconsolidated joint ventures	$	63,560	$	68,620

	2017		2018		2019
Revenue	$	2,114,903	$	1,773,037		2,081,341
Costs		1,988,569		1,661,232		1,903,582
Net income	$	126,334	$	111,805		177,759
Equity in earnings of unconsolidated joint ventures	$	40,086	$	36,915		41,721

The Company received net distributions from its unconsolidated joint ventures of $31.8 million, $41.9 million and $38.9 million for the years ended December 29, 2017, December 31, 2018 and December 31, 2019, respectively.