Note 11 — Noncontrolling Interests

The Company is currently participating in two joint ventures, each of which has been determined to be a variable interest entity (“VIE”), with the Company as the primary beneficiary as a result of its significant influence over the joint venture operations.

Each joint venture is a partnership, and consequently, no tax effect has been recognized for the income. The net assets of the joint ventures are restricted for use by the specific project and are not available for general operations of the Company.

Carlsbad Joint Venture

The Carlsbad joint venture operating activities began in 2015 and are included in the Company’s consolidated statements of income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenues	$	28,722	$	608	$	65,725	$	7,276
Net income attributable to noncontrolling interests		550		41		930		327

The Carlsbad joint venture made no distributions to the partners, and the Company made no capital contributions to the Carlsbad joint venture during the nine months ended September 30, 2017. The project is expected to be completed in 2018.

The carrying value of the assets and liabilities associated with the operations of the Carlsbad joint venture are included in the Company's consolidated balance sheets as follows:

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	September 30,		December 31,
	2017		2016
Cash	$	51,869	$	4,630
Accounts receivable	$	10,832	$	—
Costs and estimated earnings in excess of billings	$	—	$	124
Billings in excess of costs and estimated earnings	$	42,964	$	3,426
Accounts payable	$	16,882	$	286
Due to Primoris	$	—	$	46

Wilmington Joint Venture

The Wilmington joint venture operating activities began in October 2015 and are included in the Company's consolidated statements of income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenues	$	5,143	$	6,140	$	29,742	$	11,057
Net income attributable to noncontrolling interests		987		211		2,279		379

The Wilmington joint venture made no distributions to the partners, and the Company made no capital contributions to the Wilmington joint venture during the nine months ended September 30, 2017. The project is expected to be completed in 2018.

The carrying value of the assets and liabilities associated with the operations of the Wilmington joint venture are included in the Company’s consolidated balance sheets as follows:


	September 30,		December 31,
	2017		2016
Cash	$	15,165	$	2,415
Accounts receivable	$	239	$	4,242
Billings in excess of costs and estimated earnings	$	1,822	$	2,572
Accounts payable	$	2,766	$	602
Due to Primoris	$	4,809	$	2,035

Summary – Joint Venture Balance Sheets

The following table summarizes the total balance sheet amounts for the two joint ventures, which are included in the Company’s condensed consolidated balance sheets:


	Joint Venture		Consolidated
At September 30, 2017	Amounts		Amounts
Cash	$	67,034	$	143,235
Accounts receivable	$	11,071	$	356,851
Costs and estimated earnings in excess of billings	$	—	$	177,662
Accounts payable	$	19,648	$	153,677
Billings in excess of costs and estimated earnings	$	44,786	$	159,120

At December 31, 2016
Cash	$	7,045	$	135,823
Accounts receivable	$	4,242	$	388,000
Costs and estimated earnings in excess of billings	$	124	$	138,618
Accounts payable	$	888	$	168,110
Billings in excess of costs and estimated earnings	$	5,998	$	112,606