Consolidated Ventures

3 Months Ended

Mar. 28, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company consolidates an investment when it has determined that the investment is a variable interest entity (“VIE”) and that the Company is the primary beneficiary. As the primary beneficiary, the Company has a risk and obligation to absorb any losses significant to the VIE and the power, through voting rights or similar rights, to direct the activities that could impact economic performance of the VIE. The use of the assets of the VIEs to settle the Company’s liabilities is subject to the approval of the managing body of each VIE.

The cash flows generated by these VIEs are included within the Company’s condensed consolidated statements of cash flows. The condensed consolidated balance sheets include the following amounts from these consolidated VIEs as of the dates presented (in thousands):


	March 28,		December 31,
	2021		2020
Assets
Total assets	$	145,862	$	145,664

Liabilities and equity
Total liabilities	$	97,461	$	96,318
Total equity	48,401		49,346
Total liabilities and equity	$	145,862	$	145,664

The condensed consolidated statements of operations include the following amounts from consolidated VIEs for the periods presented (in thousands):


	Three Months Ended
		March 28,		March 29,
		2021		2020
Income statements
Revenues		$	91,527	$	87,191
Cost of revenues		75,111		68,525
Selling, general and administrative expenses		17,497		18,017
Total operating expenses		92,608		86,542
Program (loss) income		(1,081)		649
Other loss, net		(225)		(1,049)
Net loss		$	(1,306)	$	(400)

DZSP 21 LLC

On January 31, 2021, the Company, acquired the 49% minority interest in the DZSP 21 LLC joint venture from Parsons Government Services, Inc. for total consideration of $15.8 million. Following the completion of this transaction, the Company owns 100% of DZSP 21 LLC.