Note 12 — Noncontrolling Interests

We are currently participating in two joint ventures, each of which operates in the Power segment. Both joint ventures have been determined to be a VIE and we were determined to be the primary beneficiary as a result of our significant influence over the joint venture operations.

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

The Carlsbad joint venture operating activities began in 2015 and are included in our Consolidated Statements of Income as follows for the years ended December 31 (in thousands):


	2017		2016		2015
Revenues	$	110,669	$	7,254	$	2,887
Net income attributable to noncontrolling interests		1,780		325		172

The Carlsbad joint venture made no distributions to the partners and we made no capital contributions to the Carlsbad joint venture during the years ending December 31, 2017 and 2016. 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 our Consolidated Balance Sheets at December 31 as follows (in thousands):


	2017		2016
Cash	$	44,308	$	4,630
Accounts receivable	$	15,343	$	—
Costs and estimated earnings in excess of billings	$	—	$	124
Billings in excess of costs and estimated earnings	$	42,743	$	3,426
Accounts payable	$	12,352	$	286
Due to Primoris	$	—	$	46

The Wilmington joint venture operating activities began in 2015 and are included in our Consolidated Statements of Income as follows for the years ended December 31 (in thousands):


	2017		2016		2015
Revenues	$	31,638	$	19,781	$	1,364
Net income attributable to noncontrolling interests		2,716		677		48

The Wilmington joint venture made no distributions to the partners and we made no capital contributions to the Wilmington joint venture during the years ending December 31, 2017 and 2016. 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 our Consolidated Balance Sheets at December 31 as follows (in thousands):


	2017		2016
Cash	$	15,948	$	2,415
Accounts receivable	$	598	$	4,242
Billings in excess of costs and estimated earnings	$	1,480	$	2,572
Accounts payable	$	759	$	602
Due to Primoris	$	7,428	$	2,035

We participated in the Blythe joint venture created for the installation of a parabolic trough solar field and steam generation system in California, which was also determined to be a VIE and we were determined to be the primary beneficiary as a result of our significant influence over the joint venture operations. The Blythe joint venture project was completed; the project warranty expired in May 2015 and dissolution of the joint venture was completed in the third quarter 2015. Revenues and net income attributable to the joint venture were immaterial in 2015.

The following table summarizes the total balance sheet amounts for the two joint ventures, which are included in our Consolidated Balance Sheets( in thousands):


	Joint Venture		Consolidated
At December 31, 2017	Amounts		Amounts
Cash	$	60,256	$	170,385
Accounts receivable	$	15,941	$	358,175
Accounts payable	$	13,111	$	140,943
Billings in excess of costs and estimated earnings	$	44,223	$	159,034

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