Joint Ventures and Variable Interest Entities

6 Months Ended

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