Joint Ventures and Variable Interest Entities

9 Months Ended

Sep. 27, 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:


	September 27,		December 29,
	2024		2023
(In thousands)
Current assets	$	82,389	$	34,071
Non-current assets		-		8,971
Total assets		82,389		43,042
Current liabilities		74,129		59,602
Non-current liabilities		2,223		2,013
Total liabilities	$	76,352	$	61,615


	Three Months Ended				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
(In thousands)
Revenue	$	38,136	$	5,277	$	45,494	$	18,750

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:


	September 27,		December 29,
	2024		2023
(In thousands)
Current assets	$	84,541	$	74,498
Non-current assets		406		14,333
Total assets		84,947		88,831
Current liabilities		39,536		42,817
Total liabilities	$	39,536	$	42,817


	Three Months Ended					Nine Months Ended
	September 27,			September 29,		September 27,			September 29,
	2024			2023		2024			2023
(In thousands)
Revenue	$	21,393		$	16,862	$	53,018		$	59,458
Cost of revenue		22,996			12,003		61,821			44,114
Gross margin		(1,603	)		4,859		(8,803	)		15,344
Net (loss) income	$	(1,603	)	$	4,909	$	(8,803	)	$	14,960

The Company recognized equity in earnings (loss) of unconsolidated joint ventures of $1 million and $(1) million for the three and nine months ended September 27, 2024, respectively, and equity in earnings of unconsolidated joint ventures of $3 million and $10 million for the three and nine months ended September 29, 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				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
(In thousands)
Revenue	$	474	$	604	$	1,207	$	2,677

Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of September 27, 2024 and December 29, 2023 are as follows:


	September 27,		December 29,
	2024		2023
(In thousands)
Accounts receivable, net	$	2,155	$	2,092