Joint Ventures and Variable Interest Entities

9 Months Ended

Oct. 03, 2025

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:


	October 3,		January 3,
	2025		2025
(In thousands)
Current assets	$	9,628	$	11,063
Total assets	$	9,628	$	11,063
Current liabilities	$	35,753	$	63,512
Non-current liabilities		3,460		2,433
Total liabilities	$	39,213	$	65,945


	Three Months Ended				Nine Months Ended
	October 3,		September 27,		October 3,		September 27,
	2025		2024		2025		2024
(In thousands)
Revenue	$	4,860	$	38,136	$	17,089	$	45,494

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:


	October 3,		January 3,
	2025		2025
(In thousands)
Current assets	$	46,194	$	60,738
Non-current assets		3,103		9,573
Total assets	$	49,297	$	70,311
Current liabilities	$	23,361	$	28,351
Total liabilities	$	23,361	$	28,351


	Three Months Ended						Nine Months Ended
	October 3,			September 27,			October 3,			September 27,
	2025			2024			2025			2024
(In thousands)
Revenue	$	16,400		$	21,393		$	47,869		$	53,018
Cost of revenue		16,719			22,996			48,318			61,821
Gross margin	$	(319	)	$	(1,603	)	$	(449	)	$	(8,803	)
Net loss	$	(319	)	$	(1,603	)	$	(449	)	$	(8,803	)

The Company recognized equity in earnings of unconsolidated joint ventures of $312 thousand and $1 million for the three and nine months ended October 3, 2025, respectively, and 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.

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
	October 3,		September 27,		October 3,		September 27,
	2025		2024		2025		2024
(In thousands)
Revenue	$	150	$	474	$	590	$	1,207

Amounts included in the condensed consolidated balance sheets related to services provided to unconsolidated joint ventures as of October 3, 2025 and January 3, 2025 are as follows:


	October 3,		January 3,
	2025		2025
(In thousands)
Accounts receivable, net	$	2,260	$	2,098