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 10 – Debt and Credit Facilities” that relate to project ventures are $67.4 million and $59.3 million at March 31, 2021 and December 31, 2020, 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):

	March 31, 2021		December 31, 2020
Current assets	$	299,764	$	292,407
Noncurrent assets		2,888		2,990
Total assets		302,652		295,397
Current liabilities		214,015		201,270
Total liabilities		214,015		201,270
Total joint venture equity	$	88,637	$	94,127

	Three Months Ended
	March 31, 2021		March 31, 2020
Revenue	$	96,624	$	100,278
Costs		86,306		97,150
Net income	$	10,318	$	3,128
Net income attributable to noncontrolling interests	$	4,975	$	1,398

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 joint ventures 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):

	March 31, 2021		December 31, 2020
Current assets	$	740,595	$	774,646
Noncurrent assets		580,224		585,802
Total assets		1,320,819		1,360,448
Current liabilities		673,872		703,287
Noncurrent liabilities		528,168		517,697
Total liabilities		1,202,040		1,220,984
Total joint venture equity	$	118,779	$	139,464
Investments in and advances to unconsolidated joint ventures	$	76,017	$	68,975

	Three Months Ended
	March 31, 2021		March 31, 2020
Revenue	$	236,517	$	238,188
Costs		210,847		223,686
Net income	$	25,670	$	14,502
Equity in earnings of unconsolidated joint ventures	$	7,530	$	6,114

The Company received net distributions from and sale proceeds for its unconsolidated joint ventures for the three months ended March 31, 2021 and March 31, 2020 of $5.4 million and $6.5 million, respectively.