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Partnerships and Joint Ventures | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Partnerships and Joint Ventures | Partnerships and Joint Ventures The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:
| December 31,
(in millions) | 2022 | 2021
Current assets | $ | 9,702 |  | $ | 10,157 |
Noncurrent assets | 3,435 |  | 3,756 |
Current liabilities | 7,613 |  | 7,860 |
Noncurrent liabilities | 3,036 |  | 3,528 |
The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:
(in millions) | 2022 | 2021 | 2020
Revenue | $ | 2,460 |  | $ | 1,590 |  | $ | 1,209 |
Cost of revenue | 1,749 |  | 1,004 |  | 1,104 |
Net earnings | 106 |  | 51 |  | 54 |
Many of our partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $312 million and $240 million were included in other accrued liabilities as of December 31, 2022 and 2021, respectively, and consisted primarily of provision for anticipated losses on legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $185 million and $205 million as of December 31, 2022 and 2021, respectively. During 2021 and 2020, we evaluated our significant investments and determined that certain of our investments were impaired. As a result, we recognized impairment expense of $28 million and $86 million during 2021 and 2020, respectively. One of our more significant joint ventures is COOEC Fluor, in which we have a 49% ownership interest. COOEC Fluor owns, operates and manages a fabrication yard in China. We made a capital contribution of $26 million to the joint venture during the first quarter of 2021, which satisfied our contractual funding requirements. During 2022, we sold the majority of our interest in an infrastructure joint venture in Canada and recognized a gain of $11 million. During 2021, we sold our 10% ownership interest in an infrastructure joint venture and recognized a gain of $20 million. These gains were included in Urban Solutions' segment profit. Variable Interest Entities The aggregate carrying value of unconsolidated VIEs (classified under both "Investments" and "Other accrued liabilities") was a net asset of $46 million and $68 million as of December 31, 2022 and 2021, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of December 31, 2022 for the unconsolidated VIEs were $57 million. We are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on our balance sheet. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations. We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
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