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Joint Ventures and Variable Interest Entities | 6 Months Ended
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Jun. 28, 2024
Joint Ventures and Variable Interest Entities Disclosure [Abstract] |
Joint Ventures and Variable Interest Entities | Note 4. Joint Ventures and Variable Interest Entities A summary of financial information of the consolidated joint ventures is as follows:
|  | June 28, |  |  | December 29, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Current assets |  | $ | 46,977 |  |  | $ | 34,071 |
Non-current assets |  |  | - |  |  |  | 8,971 |
Total assets |  |  | 46,977 |  |  |  | 43,042 |
Current liabilities |  |  | 55,984 |  |  |  | 59,602 |
Non-current liabilities |  |  | 2,082 |  |  |  | 2,013 |
Total liabilities |  | $ | 58,066 |  |  | $ | 61,615 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 3,354 |  |  | $ | 8,859 |  |  | $ | 7,358 |  |  | $ | 13,473 |
The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company. A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows:
|  | June 28, |  |  | December 29, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Current assets |  | $ | 73,367 |  |  | $ | 74,498 |
Non-current assets |  |  | 10,398 |  |  |  | 14,333 |
Total assets |  |  | 83,765 |  |  |  | 88,831 |
Current liabilities |  |  | 36,351 |  |  |  | 42,817 |
Total liabilities |  | $ | 36,351 |  |  | $ | 42,817 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 11,169 |  |  | $ | 13,708 |  |  | $ | 31,625 |  |  | $ | 42,596 |
Cost of revenue |  |  | 17,894 |  |  |  | (1,861 | ) |  |  | 38,825 |  |  |  | 32,111 |
Gross margin |  |  | (6,725 | ) |  |  | 15,569 |  |  |  | (7,200 | ) |  |  | 10,485 |
Net (loss) income |  | $ | (6,725 | ) |  | $ | 15,569 |  |  | $ | (7,200 | ) |  | $ | 10,051 |
As of June 28, 2024 and December 29, 2023, the Company’s investment in unconsolidated joint ventures was $22 million and $21 million, respectively. The Company recognized equity in loss of unconsolidated joint ventures of $2 million for each of the three and six months ended June 28, 2024 and equity in earnings of unconsolidated joint ventures of $8 million and $7 million for the three and six months ended June 30, 2023, respectively. Contractually required support provided to the Company’s joint ventures is discussed in Note 11 - Commitments and Contingencies. Related Party Transactions We often provide construction management and other subcontractor services to the Company’s joint ventures and revenue includes amounts related to these services which is eliminated to the extent of our ownership. Revenue included related to services provided to unconsolidated joint venture related parties is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 255 |  |  | $ | 1,124 |  |  | $ | 733 |  |  | $ | 2,169 |
Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of June 28, 2024 and December 29, 2023 are as follows:
|  | June 28, |  |  | December 29, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Accounts receivable, net |  | $ | 1,876 |  |  | $ | 2,092 |

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