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Joint Ventures
6 Months Ended
Mar. 30, 2014
Joint Ventures  
Joint Ventures

12.          Joint Ventures

 

Consolidated Joint Ventures

 

The aggregate revenue of our consolidated joint ventures for the three and six months ended March 30, 2014 was $3.5 million and $6.2 million, respectively, compared to $3.0 million and $7.0 million for the same periods last year.  The assets and liabilities of these consolidated joint ventures were immaterial at March 30, 2014 and September 29, 2013.  These assets are restricted for use only by those joint ventures and are not available for our general operations.  For both March 30, 2014 and September 29, 2013, cash and cash equivalents maintained by the consolidated joint ventures were $1.2 million.

 

Unconsolidated Joint Ventures

 

We account for 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 three and six months ended March 30, 2014, we reported $0.8 million and $1.5 million of equity in earnings of unconsolidated joint ventures, respectively, compared to $1.3 million and $1.9 million for the same periods last year.  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 $21.3 million and $18.8 million, respectively, at March 30, 2014, and $24.0 million and $21.8 million, respectively, at September 29, 2013.