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Noncontrolling Interests
6 Months Ended
Jun. 30, 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 Income as follows (in thousands):

Three Months Ended June 30, 

Six Months Ended June 30, 

2020

    

2019

    

2020

    

2019

 

Revenue

$

$

227

$

$

4,251

Net income attributable to noncontrolling interests

3

37

6

1,026

The Carlsbad joint venture made distributions of $1.0 million to the noncontrolling interest and $1.0 million to us during the three and six months ended June 30, 2020. The Carlsbad joint venture made distributions of $3.5 million to the noncontrolling interest and $3.5 million to us during the three and six months ended June 30, 2019. In addition, we did not

make any capital contributions to the Carlsbad joint venture during the six months ended June 30, 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 June 30, 2020

    

Amounts

    

Amounts

 

Cash

$

474

$

155,670

Due to Primoris

9

Accounts payable

256,980

Contract liabilities

391

223,077

At December 31, 2019

Cash

$

2,124

$

120,286

Accounts payable

38

235,972

Contract liabilities

425

192,397