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 $99.2 million and $73.2 million at September 30, 2022 and December 31, 2021, 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):

	September 30, 2022		December 31, 2021
Current assets	$	268,561	$	246,342
Noncurrent assets		7,885		2,180
Total assets		276,446		248,522
Current liabilities		169,233		175,637
Total liabilities		169,233		175,637
Total joint venture equity	$	107,213	$	72,885

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Revenue	$	130,344	$	101,816	$	333,967	$	296,685
Costs		101,882		86,726		289,485		260,129
Net income	$	28,462	$	15,090	$	44,482	$	36,556
Net income attributable to noncontrolling interests	$	14,024	$	7,411	$	21,685	$	17,711

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):

	September 30, 2022		December 31, 2021
Current assets	$	1,770,762	$	1,620,735
Noncurrent assets		487,823		531,261
Total assets		2,258,585		2,151,996
Current liabilities		1,357,131		1,088,985
Noncurrent liabilities		467,030		669,911
Total liabilities		1,824,161		1,758,896
Total joint venture equity	$	434,424	$	393,100
Investments in and advances to unconsolidated joint ventures	$	99,424	$	110,688

	Three Months Ended					Nine Months Ended
	September 30, 2022			September 30, 2021		September 30, 2022		September 30, 2021
Revenue	$	782,880		$	728,461	$	1,762,420	$	1,701,262
Costs		774,030			697,493		1,711,555		1,604,538
Net income	$	8,850		$	30,968	$	50,865	$	96,724
Equity in earnings of unconsolidated joint ventures	$	(974	)	$	9,570	$	10,237	$	26,528

The Company received net distributions from its unconsolidated joint ventures for the three months ended September 30, 2022 and September 30, 2021 of $13.2 million and $7.3 million, respectively. The Company received net distributions from its unconsolidated joint ventures for the nine months ended September 30, 2022 of $21.4 million and had net contributions to its unconsolidated joint ventures for the nine months ended September 30, 2021 of $0.5 million.

For the three and nine months ended September 30, 2022, the Company recorded write-downs of $6.4 million and $9.4 million, respectively, on an unconsolidated joint venture in the Critical Infrastructure segment as a result of changes in estimates made by the managing partner. The write-downs decreased operating and net income by $6.4 million and $4.8 million, respectively for the three months ended September 2022. Operating and net income were decreased by $9.4 million and $7.0 million, respectively, for the nine months ended September 30, 2022. The write-downs decreased diluted earnings per share by $0.04 and $0.06 for the three and nine months ended September 30, 2022.

For the three and nine months ended September 30, 2021, the Company recorded write-downs of $5.5 million and $10.6 million, respectively, on an unconsolidated joint venture in the Critical Infrastructure segment as a result of changes in estimates made by the managing partner. The write-downs decreased operating and net income by $5.5 million and $4.1 million, respectively for the three months ended September 2021. Operating and net income were decreased by $10.6 million and $7.9 million, respectively, for the nine months ended September 30, 2021. The write-downs decreased diluted earnings per share by $0.04 and $0.07 for the three and nine months ended September 30, 2021.