XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Noncontrolling Interests | 12 Months Ended
--- | ---
Dec. 31, 2018
Noncontrolling Interests |
Noncontrolling Interests | Note 11 — 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, the tax effect of our share of the income was recognized by us. 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):
|  | 2018 |  | 2017 |  | 2016
Revenue |  | $ | 102,868 |  | $ | 110,669 |  | $ | 7,254
Net income attributable to noncontrolling interests |  |  | 9,483 |  |  | 1,780 |  |  | 325
The Carlsbad joint venture made distributions of $9.0 million to the noncontrolling interest and $9.0 million to us during the year ended December 31, 2018. The Carlsbad joint venture made no distributions to the partners during the year ending December 31, 2017. In addition, we did not make any capital contributions to the Carlsbad joint venture during the years ended December 31, 2018 and 2017. The project was substantially complete as of December 31, 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):
|  | December 31, |  | December 31, |
|  | 2018 |  | 2017 |
Cash |  | $ | 3,117 |  | $ | 44,308 |
Accounts receivable |  | $ | 4,451 |  | $ | 15,343 |
Contract assets |  | $ | 8,158 |  | $ | — |
Accounts payable |  | $ | 2,279 |  | $ | 12,352 |
Contract liabilities |  | $ | 5,946 |  | $ | 42,743 |
Due to Primoris |  | $ | 1,979 |  | $ | — |
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):
|  | 2018 |  | 2017 |  | 2016 |
Revenue |  | $ | 2,133 |  | $ | 31,638 |  | $ | 19,781 |
Net income attributable to noncontrolling interests |  |  | 649 |  |  | 2,716 |  |  | 677 |
The Wilmington joint venture made distributions of $4.1 million to the noncontrolling interest and $4.1 million to us during the year ended December 31, 2018. No distributions were made during the year ended December 31, 2017. In addition, we did not make any capital contributions to the Wilmington joint venture during the years ended December 31, 2018 and 2017. The project is complete, the warranty period expired in October 2018, and dissolution of the joint venture is expected to occur in 2019. 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):
|  | December 31, |  | December 31, |
|  | 2018 |  | 2017 |
Cash |  | $ | 10 |  | $ | 15,948 |
Accounts receivable |  | $ | — |  | $ | 598 |
Accounts payable |  | $ | — |  | $ | 759 |
Contract liabilities |  | $ | — |  | $ | 1,480 |
Due to Primoris |  | $ | — |  | $ | 7,428 |
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, 2018 |  | Amounts |  | Amounts |
Cash |  | $ | 3,127 |  | $ | 151,063 |
Accounts receivable |  | $ | 4,451 |  | $ | 372,695 |
Contract assets |  | $ | 8,158 |  | $ | 364,245 |
Accounts payable |  | $ | 2,279 |  | $ | 249,217 |
Contract liabilities |  | $ | 5,946 |  | $ | 189,539 |
At December 31, 2017 |  |  |  |  |  |  |
Cash |  | $ | 60,256 |  | $ | 170,385 |
Accounts receivable |  | $ | 15,941 |  | $ | 291,589 |
Accounts payable |  | $ | 13,111 |  | $ | 140,943 |
Contract liabilities |  | $ | 44,223 |  | $ | 169,377 |

X
- 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
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration