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Consolidated 50% Owned Subsidiaries, including Variable Interest Entities ("VIE") | 12 Months Ended
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Dec. 31, 2018
Noncontrolling Interest [Abstract] |
Consolidated 50% Owned Subsidiaries, including Variable Interest Entities (VIE) |
5. | Consolidated 50% Owned Subsidiaries, including Variable Interest Entities ("VIE")
The Company has two 50% owned subsidiaries, Myers and RHB, for which it is obligated to purchase its partners’ interests totaling $40.0 million, due to circumstances outlined in the partner agreements that are certain to occur. Therefore, the Company has consolidated these two entities and classified these obligations as mandatorily redeemable and has recorded a liability in “Members" interest subject to mandatory redemption and undistributed earnings” on the consolidated balance sheets. In addition, all undistributed earnings at the time of the noncontrolling owners’ death or permanent disability are also mandatorily payable. In the event of either Mr. Buenting’s or Mr. Myers’ death, the Company has purchased two separate $20.0 million death and permanent total disability insurance policies to mitigate the Company’s cash draw if such events were to occur. The liability consists of the following (amounts in thousands):
| As of December 31,
| 2018 |  | 2017
Members’ interest subject to mandatory redemption | $ | 40,000 |  |  | $ | 40,000 |
Net accumulated earnings | 9,343 |  |  | 7,386 |
Total liability | $ | 49,343 |  |  | $ | 47,386 |
Fifty percent of the earnings of these consolidated 50% owned subsidiaries for 2018, 2017 and 2016 was $15.1 million, $11.5 million and $8.9 million, respectively, and were recorded in “Other operating expense, net,” on the Company’s consolidated statements of operations. The Company must determine whether each entity, including these two 50% owned subsidiaries, in which it participates, is a VIE. This determination focuses on identifying which owner or entity 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. The Company determined Myers is a VIE and we are the primary beneficiary as we exercise primary control over activities of the partnership as the operating/general partner and, pursuant to the terms of the Myers Operating Agreement, are exposed to the majority of potential losses of the partnership. As such, the following table presents the condensed financial information of Myers, which is reflected in the Company’s consolidated balance sheets and statements of operations, as follows (amounts in thousands):
| As of December 31,
| 2018 |  | 2017
Assets: |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 8,745 |  |  | $ | 8,590 |
Contracts receivable, including retainage | 24,109 |  |  | 26,844 |
Other current assets | 14,533 |  |  | 15,672 |
Total current assets | 47,387 |  |  | 51,106 |
Property and equipment, net | 7,219 |  |  | 9,001 |
Goodwill | 1,501 |  |  | 1,501 |
Total assets | $ | 56,107 |  |  | $ | 61,608 |
Liabilities: |  |  |  |  |
Current liabilities: |  |  |  |  |
Accounts payable | $ | 22,211 |  |  | $ | 28,448 |
Other current liabilities | 9,811 |  |  | 11,798 |
Total current liabilities | 32,022 |  |  | 40,246 |
Long-term liabilities: |  |  |  |  |
Other long-term liabilities | 1,976 |  |  | 3,491 |
Total liabilities | $ | 33,998 |  |  | $ | 43,737 |
| Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Revenues | $ | 193,677 |  |  | $ | 181,589 |  |  | $ | 156,202 |
Operating income | 8,819 |  |  | 9,069 |  |  | 6,005 |
Net income attributable to Sterling common stockholders | $ | 4,415 |  |  | $ | 4,531 |  |  | $ | 2,993 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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