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Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2017
Noncontrolling Interests |
Noncontrolling Interests | Note 12 — Noncontrolling Interests We are currently participating in two joint ventures, each of which operates in the Power segment. Both joint ventures have been determined to be a VIE and we were determined to be the primary beneficiary as a result of our significant influence over the joint venture operations. Each joint venture is a partnership, and consequently, no tax effect was recognized for the income. The net assets of the joint ventures are restricted for use by the specific project and are not available for our general operations. The Carlsbad joint venture operating activities began in 2015 and are included in our Consolidated Statements of Income as follows for the years ended December 31 (in thousands):
|  | 2017 |  | 2016 |  | 2015
Revenues |  | $ | 110,669 |  | $ | 7,254 |  | $ | 2,887
Net income attributable to noncontrolling interests |  |  | 1,780 |  |  | 325 |  |  | 172
The Carlsbad joint venture made no distributions to the partners and we made no capital contributions to the Carlsbad joint venture during the years ending December 31, 2017 and 2016. The project is expected to be completed in 2018. The carrying value of the assets and liabilities associated with the operations of the Carlsbad joint venture are included in our Consolidated Balance Sheets at December 31 as follows (in thousands):
|  | 2017 |  | 2016 |
Cash |  | $ | 44,308 |  | $ | 4,630 |
Accounts receivable |  | $ | 15,343 |  | $ | — |
Costs and estimated earnings in excess of billings |  | $ | — |  | $ | 124 |
Billings in excess of costs and estimated earnings |  | $ | 42,743 |  | $ | 3,426 |
Accounts payable |  | $ | 12,352 |  | $ | 286 |
Due to Primoris |  | $ | — |  | $ | 46 |
The Wilmington joint venture operating activities began in 2015 and are included in our Consolidated Statements of Income as follows for the years ended December 31 (in thousands):
|  | 2017 |  | 2016 |  | 2015 |
Revenues |  | $ | 31,638 |  | $ | 19,781 |  | $ | 1,364 |
Net income attributable to noncontrolling interests |  |  | 2,716 |  |  | 677 |  |  | 48 |
The Wilmington joint venture made no distributions to the partners and we made no capital contributions to the Wilmington joint venture during the years ending December 31, 2017 and 2016. The project is expected to be completed in 2018. The carrying value of the assets and liabilities associated with the operations of the Wilmington joint venture are included in our Consolidated Balance Sheets at December 31 as follows (in thousands):
|  | 2017 |  | 2016 |
Cash |  | $ | 15,948 |  | $ | 2,415 |
Accounts receivable |  | $ | 598 |  | $ | 4,242 |
Billings in excess of costs and estimated earnings |  | $ | 1,480 |  | $ | 2,572 |
Accounts payable |  | $ | 759 |  | $ | 602 |
Due to Primoris |  | $ | 7,428 |  | $ | 2,035 |
We participated in the Blythe joint venture created for the installation of a parabolic trough solar field and steam generation system in California, which was also determined to be a VIE and we were determined to be the primary beneficiary as a result of our significant influence over the joint venture operations. The Blythe joint venture project was completed; the project warranty expired in May 2015 and dissolution of the joint venture was completed in the third quarter 2015. Revenues and net income attributable to the joint venture were immaterial in 2015. The following table summarizes the total balance sheet amounts for the two joint ventures, which are included in our Consolidated Balance Sheets( in thousands):
|  | Joint Venture |  | Consolidated |
At December 31, 2017 |  | Amounts |  | Amounts |
Cash |  | $ | 60,256 |  | $ | 170,385 |
Accounts receivable |  | $ | 15,941 |  | $ | 358,175 |
Accounts payable |  | $ | 13,111 |  | $ | 140,943 |
Billings in excess of costs and estimated earnings |  | $ | 44,223 |  | $ | 159,034 |
At December 31, 2016 |  |  |  |  |  |  |
Cash |  | $ | 7,045 |  | $ | 135,823 |
Accounts receivable |  | $ | 4,242 |  | $ | 388,000 |
Costs and estimated earnings in excess of billings |  | $ | 124 |  | $ | 138,618 |
Accounts payable |  | $ | 888 |  | $ | 168,110 |
Billings in excess of costs and estimated earnings |  | $ | 5,998 |  | $ | 112,606 |

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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://www.xbrl.org/2003/role/presentationRef -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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