Note 10 — 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, the tax effect of only our share of the income was recognized by us. The net assets of the joint ventures are restricted for use by the specific project and are not available for our general operations.

Carlsbad Joint Venture

The Carlsbad joint venture’s operating activities began in 2015 and are included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenue	$	29,437	$	26,203	$	71,257	$	37,003
Net income attributable to noncontrolling interests	$	2,330	$	12	$	5,444	$	380

The Carlsbad joint venture made no distributions to the partners, and we made no capital contributions to the Carlsbad joint venture during the six months ended June 30, 2018. 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 Condensed Consolidated Balance Sheets as follows (in thousands):


	June 30,		December 31,
	2018		2017
Cash	$	29,988	$	44,308
Accounts receivable	$	—	$	15,343
Contract assets	$	16,269	$	—
Contract liabilities	$	19,124	$	42,743
Accounts payable	$	4,703	$	12,352
Due to Primoris	$	6,986	$	—

Wilmington Joint Venture

The Wilmington joint venture’s operating activities began in October 2015 and are included in our Condensed Consolidated Statements of Income as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenue	$	437	$	12,289	$	1,921	$	24,599
Net income attributable to noncontrolling interests	$	146	$	839	$	560	$	1,292

The Wilmington joint venture made no distributions to the partners, and we made no capital contributions to the Wilmington joint venture during the six months ended June 30, 2018. The project was substantially complete as of December 31, 2017.

The carrying value of the assets and liabilities associated with the operations of the Wilmington joint venture are included in our Condensed Consolidated Balance Sheets as follows (in thousands):


	June 30,		December 31,
	2018		2017
Cash	$	8,762	$	15,948
Accounts receivable	$	8	$	598
Contract liabilities	$	212	$	1,480
Accounts payable	$	154	$	759
Due to Primoris	$	405	$	7,428

Summary – Joint Venture Balance Sheets

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


	Joint Venture		Consolidated
At June 30, 2018	Amounts		Amounts
Cash	$	38,750	$	139,404
Accounts receivable	$	8	$	375,763
Contract assets	$	16,269	$	360,710
Accounts payable	$	4,857	$	219,180
Contract liabilities	$	19,336	$	195,326

At December 31, 2017
Cash	$	60,256	$	170,385
Accounts receivable	$	15,941	$	291,589
Accounts payable	$	13,111	$	140,943
Contract liabilities	$	44,223	$	169,377