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Investments in and Advances to Joint Ventures (Tables)
3 Months Ended
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Information of Consolidated Joint Ventures

The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Current assets

 

$

331,742

 

 

$

289,837

 

Noncurrent assets

 

 

10,693

 

 

 

9,961

 

Total assets

 

 

342,435

 

 

 

299,798

 

Current liabilities

 

 

216,682

 

 

 

194,701

 

Noncurrent liabilities

 

 

3,871

 

 

 

3,763

 

Total liabilities

 

 

220,553

 

 

 

198,464

 

Total joint venture equity

 

$

121,882

 

 

$

101,334

 

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Revenue

 

$

161,484

 

 

$

95,534

 

Costs

 

 

141,598

 

 

 

88,842

 

Net income

 

$

19,886

 

 

$

6,692

 

Net income attributable to noncontrolling interests

 

$

9,723

 

 

$

3,176

 

Summary of Financial Information for Unconsolidated Joint Ventures

The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Current assets

 

$

1,291,910

 

 

$

1,610,246

 

Noncurrent assets

 

 

493,501

 

 

 

491,658

 

Total assets

 

 

1,785,411

 

 

 

2,101,904

 

Current liabilities

 

 

848,105

 

 

 

1,255,297

 

Noncurrent liabilities

 

 

540,967

 

 

 

468,056

 

Total liabilities

 

 

1,389,072

 

 

 

1,723,353

 

Total joint venture equity

 

$

396,339

 

 

$

378,551

 

Investments in and advances to unconsolidated joint ventures

 

$

107,416

 

 

$

107,425

 

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Revenue

 

$

349,157

 

 

$

384,581

 

Costs

 

 

359,395

 

 

 

373,286

 

Net income

 

$

(10,238

)

 

$

11,295

 

Equity in (losses) earnings of unconsolidated joint ventures

 

$

(5,840

)

 

$

5,598