The Company participates in joint ventures to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the Company meets the criteria under the consolidation model, as described below.

The Company performs an analysis to determine whether its variable interests give the Company a controlling financial interest in a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary and should, therefore, be consolidated. Such analysis requires the Company to assess whether it has the power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Company analyzed all of its joint ventures and classified them into two groups: (1) joint ventures that must be consolidated because they are either not VIEs and the Company holds the majority voting interest, or because they are VIEs and the Company is the primary beneficiary; and (2) joint ventures that do not need to be consolidated because they are either not VIEs and the Company holds a minority voting interest, or because they are VIEs and the Company is not the primary beneficiary.

Many of the Company’s joint venture agreements provide for capital calls to fund operations, as necessary; however, such funding is infrequent and is not anticipated to be material.

Letters of credit outstanding described in “Note 10 – Debt and Credit Facilities” that relate to project ventures are $83.0 million and $73.2 million at June 30, 2022 and December 31, 2021, respectively.

In the table below, aggregated financial information relating to the Company’s joint ventures is provided because their nature, risk and reward characteristics are similar. None of the Company’s current joint ventures that meet the characteristics of a VIE are individually significant to the consolidated financial statements.

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

	June 30, 2022		December 31, 2021
Current assets	$	232,052	$	246,342
Noncurrent assets		5,996		2,180
Total assets		238,048		248,522
Current liabilities		163,961		175,637
Total liabilities		163,961		175,637
Total joint venture equity	$	74,087	$	72,885

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Revenue	$	108,089	$	98,245	$	203,623	$	194,869
Costs		98,761		87,097		187,603		173,403
Net income	$	9,328	$	11,148	$	16,020	$	21,466
Net income attributable to noncontrolling interests	$	4,485	$	5,325	$	7,661	$	10,300

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

The Company accounts for its unconsolidated joint ventures using the equity method of accounting. Under this method, the Company recognizes its proportionate share of the net earnings of these joint ventures as “Equity in earnings (loss) of unconsolidated joint ventures” in the consolidated statements of income. The Company’s maximum exposure to loss as a result of its investments in unconsolidated joint ventures is typically limited to the aggregate of the carrying value of the investment and future funding commitments.

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

	June 30, 2022		December 31, 2021
Current assets	$	1,670,402	$	1,620,735
Noncurrent assets		523,440		531,261
Total assets		2,193,842		2,151,996
Current liabilities		1,283,227		1,088,985
Noncurrent liabilities		496,487		669,911
Total liabilities		1,779,714		1,758,896
Total joint venture equity	$	414,128	$	393,100
Investments in and advances to unconsolidated joint ventures	$	115,478	$	110,688

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Revenue	$	594,959	$	736,284	$	979,540	$	972,801
Costs		564,239		696,198		937,525		907,045
Net income	$	30,720	$	40,086	$	42,015	$	65,756
Equity in earnings of unconsolidated joint ventures	$	5,613	$	9,428	$	11,211	$	16,958

The Company received net distributions from its unconsolidated joint ventures for the three months ended June 30, 2022 and June 30, 2021 of $5.4 million and $1.5 million, respectively, and $8.2 million and $6.8 million for the six months ended June 30, 2022 and June 30, 2021, respectively.