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Note 6 - Variable Interest Entities | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Variable Interest Entities [Text Block] |
| 6. | Variable Interest Entities
Under GAAP, the Company must determine whether each entity, including joint ventures in which it participates, is a VIE. This determination focuses on identifying which owner or joint venture partner, if any, has the power to direct the activities of the entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity disproportionate to its interest in the entity, which could have the effect of requiring the Company to consolidate the entity in which we have a noncontrolling variable interest. Where the Company has determined that it is appropriate to consolidate a VIE in which it owns a 50% or less interest, the equity held by the remaining owners and their portions of net income (loss) are reflected in the balance sheet line item “Noncontrolling interests” in “Equity” and the statement of operations line item “Noncontrolling owners’ interests in earnings of subsidiaries and joint ventures,” unless the equity interest is deemed to be mandatorily redeemable. Refer to Note 4 regarding the Company’s mandatorily redeemable obligations. The Company owns a 50% interest in Myers, a construction limited partnership located in California. Because the Company exercises primary control over activities of the partnership and it is exposed to the majority of potential losses of the partnership, Myers has been determined to be a VIE and the Company has consolidated this partnership within the Company’s financial statements since the date of acquisition. The financial information of Myers, which is included in our consolidated balance sheets and statements of operations, is as follows (amounts in thousands):
|  | As of December 31,
|  | 2016 |  | 2015
Assets: |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,655 |  |  | $ | 3,226 |
Contracts receivable, including retainage |  |  | 15,046 |  |  |  | 19,941 |
Other current assets |  |  | 10,208 |  |  |  | 15,887 |
Total current assets |  |  | 34,909 |  |  |  | 39,054 |
Property and equipment, net |  |  | 9,824 |  |  |  | 10,080 |
Goodwill |  |  | 1,501 |  |  |  | 1,501 |
Total assets |  | $ | 46,234 |  |  | $ | 50,635 |
Liabilities: |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 21,274 |  |  | $ | 20,596 |
Other current liabilities |  |  | 8,782 |  |  |  | 10,986 |
Total current liabilities |  |  | 30,056 |  |  |  | 31,582 |
Long-term liabilities: |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 5,373 |  |  |  | 3,370 |
Total liabilities |  | $ | 35,429 |  |  | $ | 34,952 |
|  | Year Ended December 31,
|  | 2016 |  | 2015 |  | 2014
Revenues |  | $ | 156,202 |  |  | $ | 175,691 |  |  | $ | 144,837 |
Operating income |  |  | 6,005 |  |  |  | 7,371 |  |  |  | 9,319 |
Net income attributable to Sterling common stockholders |  |  | 2,993 |  |  |  | 3,681 |  |  |  | 4,657 |

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- Definition Disclosure of variable interest entities (VIE), including, but not limited to the nature, purpose, size, and activities of the VIE, the carrying amount and classification of consolidated assets that are collateral for the VIE's obligations, lack of recourse if creditors (or beneficial interest holders) of a consolidated VIE have no recourse to the general credit of the primary beneficiary. + References No definition available. + Details
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- References No definition available. + Details
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Data Type: | xbrli:stringItemType
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