XML 56 R44.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investments in and Advances to Joint Ventures (Tables)
12 Months Ended
Dec. 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 as of and for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 (in thousands):

 

 

 

2023

 

 

2022

 

Current assets

 

$

426,633

 

 

$

289,837

 

Noncurrent assets

 

 

14,295

 

 

 

9,961

 

Total assets

 

 

440,928

 

 

 

299,798

 

Current liabilities

 

 

260,286

 

 

 

198,464

 

Noncurrent liabilities

 

 

5,132

 

 

 

-

 

Total liabilities

 

 

265,418

 

 

 

198,464

 

Total joint venture equity

 

$

175,510

 

 

$

101,334

 

 

 

 

2023

 

 

2022

 

 

2021

 

Revenue

 

$

708,391

 

 

$

483,888

 

 

$

402,078

 

Costs

 

 

613,186

 

 

 

422,559

 

 

 

351,670

 

Net income

 

$

95,205

 

 

$

61,329

 

 

$

50,408

 

Net income attributable to noncontrolling interests

 

$

46,766

 

 

$

29,901

 

 

$

24,880

 

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 as of and for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 (in thousands):

 

 

 

2023

 

 

2022

 

Current assets

 

$

1,607,953

 

 

$

1,610,246

 

Noncurrent assets

 

 

483,693

 

 

 

491,658

 

Total assets

 

 

2,091,646

 

 

 

2,101,904

 

Current liabilities

 

 

1,057,113

 

 

 

1,255,297

 

Noncurrent liabilities

 

 

518,647

 

 

 

468,056

 

Total liabilities

 

 

1,575,760

 

 

 

1,723,353

 

Total joint venture equity

 

$

515,886

 

 

$

378,551

 

Investments in and advances to unconsolidated joint
   ventures

 

$

128,204

 

 

$

107,425

 

 

 

 

2023

 

 

2022

 

 

2021

 

Revenue

 

$

2,313,420

 

 

$

2,406,407

 

 

$

2,709,305

 

Costs

 

 

2,310,114

 

 

 

2,325,472

 

 

 

2,536,403

 

Net income

 

$

3,306

 

 

$

80,935

 

 

$

172,902

 

Equity in (losses) earnings of unconsolidated joint ventures

 

$

(47,751

)

 

$

16,347

 

 

$

36,862

 

Summary of Financial Statement Impact From Changes In Estimates on an Unconsolidated Joint Ventures

The following table presents certain financial statement impacts from changes in estimates on unconsolidated joint ventures in the Critical Infrastructure segment.

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2021

 

Operating loss

 

$

(83,398

)

 

$

(13,817

)

 

$

(15,593

)

Net loss

 

 

(61,842

)

 

 

(10,335

)

 

 

(11,626

)

Diluted loss per share

 

$

(0.54

)

 

$

(0.09

)

 

$

(0.10

)