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 11—Debt and Credit Facilities” that relate to project ventures are approximately $106.8 million and $73.2 million at December 31, 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 as of and for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 (in thousands):

	2022		2021
Current assets	$	289,837	$	246,342
Noncurrent assets		9,961		2,180
Total assets		299,798		248,522
Current liabilities		198,464		175,637
Total liabilities		198,464		175,637
Total joint venture equity	$	101,334	$	72,885

	2022		2021		2020
Revenue	$	483,888	$	402,078	$	450,530
Costs		422,559		351,670		408,319
Net income	$	61,329	$	50,408	$	42,211
Net income attributable to noncontrolling interests	$	29,901	$	24,880	$	20,380

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 as of and for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Current assets	$	1,610,246	$	1,620,735
Noncurrent assets		491,658		531,261
Total assets		2,101,904		2,151,996
Current liabilities		1,255,297		1,088,985
Noncurrent liabilities		468,056		669,911
Total liabilities		1,723,353		1,758,896
Total joint venture equity	$	378,551	$	393,100
Investments in and advances to unconsolidated joint ventures	$	107,425	$	110,688

	2022		2021		2020
Revenue	$	2,406,407	$	2,709,305	$	1,830,802
Costs		2,325,472		2,536,403		1,709,933
Net income	$	80,935	$	172,902	$	120,869
Equity in earnings of unconsolidated joint ventures	$	16,347	$	36,862	$	30,059

The Company received net distribution from its unconsolidated joint ventures of $20.2 million and $30.5 million for the years ended December 31, 2022 and December 31, 2020, respectively, and had net contributions to its unconsolidated joint ventures of $13.2 million for the year ended December 31, 2021.

For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company recorded a $13.8 million, $15.6 million and $15.5 million write-down, respectively, on an unconsolidated joint venture in the Critical Infrastructure segment as a result of changes in estimates made by the managing partner. For the year ended December 31, 2022, this write-down decreased operating and net income by $13.8 million and $10.3 million, respectively, and decreased diluted earnings per share by $0.09. For the year ended December 31, 2021, this write-down decreased operating and net income by $15.6 million and $11.6 million, respectively, and decreased diluted earnings per share by $0.10. For the year ended December 31, 2020, this write-down decreased operating and net income by $15.5 million and $11.5 million, respectively, and decreased diluted earnings per share by $0.11.