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Other Liabilities
3 Months Ended
Mar. 31, 2020
Other Liabilities Disclosure [Abstract]  
OTHER LIABILITIES OTHER LIABILITIES
We have a mandatorily redeemable financial liability which is recorded at its fair value. The mandatorily redeemable financial liability relates to our voting control interests in legal Technip Energies contract entities which own and account for the design, engineering and construction of the Yamal LNG plant.
A mandatorily redeemable financial liability of $246.6 million and $268.8 million was recognized as of December 31, 2020 and 2019, respectively, of which $141.9 million and $129.1 million, respectively, was recorded as other current liabilities. During the year ended December 31, 2020 we revalued the liability to reflect current expectations about the obligation which resulted in the recognition of an expense of $202.0 million for the year ended December 31, 2020. Changes in the fair value of the financial liability are recorded as interest expense on the consolidated statements of income. See Notes 10 and 25 for further details.