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Investments in and Advances to Joint Ventures (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024

 

 

December 31, 2023

 

Current assets

 

$

441,446

 

 

$

426,633

 

Noncurrent assets

 

 

13,011

 

 

 

14,295

 

Total assets

 

 

454,457

 

 

 

440,928

 

Current liabilities

 

 

263,690

 

 

 

260,286

 

Noncurrent liabilities

 

 

4,211

 

 

 

5,132

 

Total liabilities

 

 

267,901

 

 

 

265,418

 

Total joint venture equity

 

$

186,556

 

 

$

175,510

 

 

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Revenue

 

$

202,017

 

 

$

161,484

 

Costs

 

 

171,148

 

 

 

141,598

 

Net income

 

$

30,869

 

 

$

19,886

 

Net income attributable to noncontrolling interests

 

$

15,243

 

 

$

9,723

 

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, 2024

 

 

December 31, 2023

 

Current assets

 

$

1,620,565

 

 

$

1,607,953

 

Noncurrent assets

 

 

475,188

 

 

 

483,693

 

Total assets

 

 

2,095,753

 

 

 

2,091,646

 

Current liabilities

 

 

1,040,231

 

 

 

1,057,113

 

Noncurrent liabilities

 

 

509,299

 

 

 

518,647

 

Total liabilities

 

 

1,549,530

 

 

 

1,575,760

 

Total joint venture equity

 

$

546,223

 

 

$

515,886

 

Investments in and advances to unconsolidated joint ventures

 

$

145,043

 

 

$

128,204

 

 

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Revenue

 

$

473,532

 

 

$

349,157

 

Costs

 

 

476,750

 

 

 

359,395

 

Net income (loss)

 

$

(3,218

)

 

$

(10,238

)

Equity in losses of unconsolidated joint ventures

 

$

(2,060

)

 

$

(5,840

)

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.

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Operating loss

 

$

(8,361

)

 

$

(6,840

)

Net loss

 

 

(6,258

)

 

 

(5,121

)

Diluted loss per share

 

$

(0.06

)

 

$

(0.04

)