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JOINT VENTURE AND CONSORTIUM ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments And Joint Ventures [Abstract]

Summarized Balance Sheet Information for Proportionately Consolidated Consortiums

The following table presents summarized balance sheet information for our share of our proportionately consolidated consortiums:

	June 30, 2018 ⁽¹⁾
	(In millions)
Current assets ⁽²⁾	$	382
Non-current assets		8
Total assets	$	390

Current liabilities	$	433

⁽¹⁾	All balances at June 30, 2018 resulted from the Combination and are subject to change when additional information is obtained during the measurement period.

⁽²⁾

Our consortium arrangements allow for excess working capital of the consortium to be advanced to the consortium participants. Such advances are returned to the ventures for working capital needs as necessary. Accordingly, at a reporting period end a consortium may have advances to its participants which are reflected as an advance receivable within current assets of the consortium. At June 30, 2018, Accounts receivable-other included $43 million related to our proportionate share of advances from the consortiums to the consortium participants.

Summary of Aggregate Financial Information

Aggregate summarized financial information for CLG and Qingdao McDermott Wuchuan Offshore Engineering Company Ltd. is as follows:

	Three months ended June 30,						Six months ended
	2018			2017			2018			2017
	(In millions)
Revenues	$	56		$	2		$	56		$	2
Cost of operations		(45	)		-			(45	)		-
Gross profit		11			2			11			2
Income (loss) from operations		4			(2	)		1			(4	)
Net income (loss) ⁽¹⁾	$	3		$	(3	)	$	(2	)	$	(8	)

⁽¹⁾

Includes results for CLG from the Combination Date.

Summarized Balance Sheet Information for Consolidated Joint Ventures

The following table presents summarized balance sheet information for our consolidated joint ventures:

	June 30, 2018 ⁽¹⁾
	(In millions)
Current assets	$	74
Non-current assets		15
Total assets	$	89

Current liabilities	$	81

⁽¹⁾	All balances at June 30, 2018 resulted from the Combination and are subject to change when additional information is obtained during the measurement period.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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