Joint Ventures and Variable Interest Entities

12 Months Ended

Dec. 29, 2023

Joint Ventures and Variable Interest Entities Disclosure [Abstract]

Joint Ventures and Variable Interest Entities

Note 4. Joint Ventures and Variable Interest Entities

A summary of financial information of the consolidated joint ventures is as follows:

	December 29,		December 30,
	2023		2022
(In thousands)
Current assets	$	34,071	$	29,485
Non-current assets		8,971		8,235
Total assets		43,042		37,720
Current liabilities		59,602		22,603
Non-current liabilities		2,013		56,595
Total liabilities	$	61,615	$	79,198

	Fiscal Year Ended
	December 29,		December 30,
	2023		2022
(In thousands)
Revenue	$	23,599	$	27,190

The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.

A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows:

	December 29,		December 30,
	2023		2022
(In thousands)
Current assets	$	74,498	$	78,228
Non-current assets		14,333		25,026
Total assets		88,831		103,254
Current liabilities		42,817		63,240
Total liabilities	$	42,817	$	63,240

	Fiscal Year Ended
	December 29,		December 30,
	2023		2022
(In thousands)
Revenue	$	80,727	$	430,634
Cost of revenue		64,793		332,528
Gross margin		15,934		98,106
Net income	$	15,934	$	98,106

Contractually required support provided to the Company’s joint ventures is discussed in Note 12 - Commitments and Contingencies.

Related Party Transactions

We often provide construction management and other subcontractor services to the Company’s joint ventures and revenue includes amounts related to these services which is eliminated to the extent of our ownership. Revenue included related to services provided to unconsolidated joint venture related parties is as follows:

	Fiscal Year Ended
	December 29,		December 30,
	2023		2022
(In thousands)
Revenue	$	3,415	$	7,420

Amounts included in the consolidated balance sheets related to services provided to unconsolidated joint ventures for the periods ended December 29, 2023 and December 30, 2022 are as follows:

	December 29,		December 30,
	2023		2022
(In thousands)
Accounts receivable, net	$	2,092	$	5,045