Noncontrolling Interests

12 Months Ended

Dec. 31, 2019

Noncontrolling Interests

Noncontrolling Interests

Note 11 — Noncontrolling Interests

We own a 50% interest in the Carlsbad joint venture and we owned a 50% interest in the Wilmington joint venture, 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, only the tax effect of 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 operating activities began in 2015 and are included in our Consolidated Statements of Income as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
Revenue	$	5,970	$	102,868	$	110,669
Net income attributable to noncontrolling interests		1,770		9,483		1,780

The Carlsbad joint venture made distributions of $3.5 million to the noncontrolling interest and $3.5 million to us during the year ended December 31, 2019. The Carlsbad joint venture made distributions of $9.0 million to the noncontrolling interest and $9.0 million to us during the year ended December 31, 2018. The Carlsbad joint venture made no distributions to the partners during the year ending December 31, 2017. In addition, we did not make any capital contributions to the Carlsbad joint venture during the years ended December 31, 2019, 2018, and 2017. The project was substantially complete as of December 31, 2018 and the warranty period expires in December 2020.

Wilmington Joint Venture

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

	Year Ended December 31,
	2019		2018		2017
Revenue	$	—	$	2,133	$	31,638
Net income attributable to noncontrolling interests		—		649		2,716

The project is complete, the warranty period expired in October 2018, and dissolution of the joint venture was completed in the first quarter of 2019. The Wilmington joint venture made a final immaterial distribution to the noncontrolling interest and to us during the first quarter of 2019. The Wilmington joint venture made distributions of $4.1 million to the noncontrolling interest and $4.1 million to us during the year ended December 31, 2018. No distributions were made during the year ended December 31, 2017. In addition, we did not make any capital contributions to the Wilmington joint venture during the years ended December 31, 2019, 2018, and 2017. The carrying value of the assets and liabilities associated with the operations of the Wilmington joint venture were included in our Condensed Consolidated Balance Sheet and were immaterial at December 31, 2018.

Summary – Joint Venture Balance Sheets

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, 2019	Amounts		Amounts
Cash	$	2,124	$	120,286
Accounts receivable	$	—	$	404,911
Contract assets	$	—	$	344,806
Accounts payable	$	38	$	235,972
Contract liabilities	$	425	$	192,397
At December 31, 2018
Cash	$	3,127	$	151,063
Accounts receivable	$	4,451	$	372,695
Contract assets	$	8,158	$	364,245
Accounts payable	$	2,279	$	249,217
Contract liabilities	$	5,946	$	189,539