Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

Noncontrolling Interests

Noncontrolling Interests

Note 10 — Noncontrolling Interests

We own a 50% interest in the Carlsbad joint venture which operates in the Power segment. The joint venture has 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.

The 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 venture are restricted for use by the specific project and are not available for our general operations.

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

	Three Months Ended March 31,
	2020		2019
Revenue	$	—	$	4,024
Net income attributable to noncontrolling interests		3		989

The Carlsbad joint venture made no distributions to the partners and we made no capital contributions to the Carlsbad joint venture during the three months ended March 31, 2020 and 2019. The project was substantially complete as of December 31, 2018 and the warranty period expires in December 2020.

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

	Joint Venture		Consolidated
At March 31, 2020	Amounts		Amounts
Cash	$	2,026	$	93,474
Accounts receivable		—		416,412
Contract assets		—		359,370
Due from Primoris		476		—
Accounts payable		—		258,962
Contract liabilities		434		176,847
At December 31, 2019
Cash	$	2,124	$	120,286
Accounts receivable		—		404,911
Contract assets		—		344,806
Accounts payable		38		235,972
Contract liabilities		425		192,397