v3.25.4
Joint Ventures and Variable Interest Entities
12 Months Ended
Jan. 02, 2026
Joint Ventures and Variable Interest Entities Disclosure [Abstract]  
Joint Ventures and Variable Interest Entities

Note 4. Joint Ventures and Variable Interest Entities

A summary of financial information of the consolidated joint ventures is as follows:

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Current assets

 

$

2,586

 

 

$

11,063

 

Non-current assets

 

 

 

 

 

 

Total assets

 

 

2,586

 

 

 

11,063

 

Current liabilities

 

 

32,427

 

 

 

63,512

 

Non-current liabilities

 

 

 

 

 

2,433

 

Total liabilities

 

$

32,427

 

 

$

65,945

 

 

 

 

Fiscal Year Ended

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Revenue

 

$

20,084

 

 

$

49,454

 

 

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

A summary of financial information of the unconsolidated joint ventures, as derived from their financial statements, is as follows:

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Current assets

 

$

46,309

 

 

$

60,738

 

Non-current assets

 

 

2,166

 

 

 

9,573

 

Total assets

 

 

48,475

 

 

 

70,311

 

Current liabilities

 

 

23,288

 

 

 

28,351

 

Total liabilities

 

$

23,288

 

 

$

28,351

 

 

 

 

Fiscal Year Ended

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Revenue

 

$

62,907

 

 

$

58,249

 

Cost of revenue

 

 

62,392

 

 

 

77,003

 

Gross margin

 

 

515

 

 

 

(18,754

)

Other expense

 

 

 

 

 

2,500

 

Net income (loss)

 

$

515

 

 

$

(21,254

)

 

Contractually required support provided to the Company’s joint ventures is discussed in Note 12 - Commitments and Contingencies.

Related Party Transactions

We often provide construction management and other subcontractor services to the Company’s joint ventures and revenue includes amounts related to these services which is eliminated to the extent of our ownership. Revenue included related to services provided to unconsolidated joint venture related parties is as follows:

 

 

 

Fiscal Year Ended

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Revenue

 

$

703

 

 

$

2,625

 

 

Amounts included in the consolidated balance sheets related to services provided to unconsolidated joint ventures for the years ended January 2, 2026 and January 3, 2025 are as follows:

 

 

 

January 2,

 

 

January 3,

 

 

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Accounts receivable, net

 

$

1,869

 

 

$

2,098