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Construction Joint Ventures | 9 Months Ended
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Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Construction Joint Ventures |
5. | Construction Joint Ventures
The Company participates in various construction joint ventures. Generally, each construction joint venture is formed to construct a specific project and is jointly controlled by the joint venture partners. Refer to Note 5 of the Notes to Consolidated Financial Statements in the 2016 Form 10-K for further information about our joint ventures. Condensed combined financial amounts of joint ventures in which the Company has a noncontrolling interest and the Company’s share of such amounts which are included in the Company’s condensed consolidated financial statements are shown below (amounts in thousands):
|  | September 30, 2017 |  | December 31, 2016
Total combined: |  |  |  |  |  |
Current assets |  | $ | 42,129 |  |  | $ | 32,592 |
Less current liabilities |  | (61,079 | ) |  | (57,598 | )
Net liabilities |  | $ | (18,950 | ) |  | $ | (25,006 | )
Backlog |  | $ | 51,110 |  |  | $ | 107,333 |
Sterling’s noncontrolling interest in backlog |  | $ | 26,659 |  |  | $ | 52,992 |
Sterling’s receivables from and equity in construction joint ventures |  | $ | 9,069 |  |  | $ | 7,130 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Total combined: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 27,703 |  |  | $ | 15,520 |  |  | $ | 61,210 |  |  | $ | 44,074 |
Income before tax |  | (6,281 | ) |  | 1,925 |  |  | (3,611 | ) |  | 3,838 |
Sterling’s noncontrolling interest: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 13,664 |  |  | $ | 6,103 |  |  | $ | 28,826 |  |  | $ | 17,567 |
Income before tax |  | (1,629 | ) |  | 519 |  |  | (358 | ) |  | 1,370 |
Approximately $26.7 million of the Company’s backlog at September 30, 2017 was attributable to projects performed by joint ventures. The majority of this amount is attributable to the Company’s joint venture with Steve P. Rados, Inc., where the Company has a 50% interest. The caption “Receivables from and equity in construction joint ventures” includes undistributed earnings and receivables owed to the Company. Undistributed earnings are typically released to the joint venture partners after the customer accepts the project as complete and the warranty period, if any, has passed.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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