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Joint Ventures
3 Months Ended
Dec. 30, 2012
Joint Ventures  
Joint Ventures

11.                               Joint Ventures

 

Consolidated Joint Ventures

 

The aggregate revenue of our consolidated joint ventures was $4.0 million and $4.5 million for the first quarters of fiscal 2013 and 2012, respectively.  The assets and liabilities of these consolidated joint ventures were immaterial for the first quarter of fiscal 2013 and 2012 year-end.  These assets are restricted for use only by those joint ventures and are not available for our general operations.  Cash and cash equivalents maintained by the consolidated joint ventures at December 30, 2012 and September 30, 2012 were $4.0 million and $1.6 million, respectively.

 

Unconsolidated Joint Ventures

 

We account for the majority of our unconsolidated joint ventures using the equity method of accounting.  Under this method, we recognize our proportionate share of the net earnings of these joint ventures within “Other costs of revenue” in our condensed consolidated statements of income.  For the first quarters of fiscal 2013 and 2012, we reported $0.6 million and $1.0 million of equity in earnings of unconsolidated joint ventures, respectively.  Our maximum exposure to loss as a result of our investments in unconsolidated joint ventures is typically limited to the aggregate of the carrying value of the investment.  Future funding commitments for our unconsolidated joint ventures are immaterial.  The unconsolidated joint ventures are, individually and in aggregate, immaterial to our consolidated financial statements.

 

The aggregate carrying values of the assets and liabilities of the unconsolidated joint ventures were $16.2 million and $13.3 million, respectively, at December 30, 2012, and $19.0 million and $15.7 million, respectively, at September 30, 2012.