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JOINT VENTURE AND CONSORTIUM ARRANGEMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Summarized Balance Sheet Information for Proportionately Consolidated Consortiums

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

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

(In millions)

 

   Current assets (1)

 

$

377

 

 

$

299

 

   Non-current assets

 

 

11

 

 

 

10

 

      Total assets

 

$

388

 

 

$

309

 

 

 

 

 

 

 

 

 

 

   Current liabilities

 

$

816

 

 

$

992

 

 

(1)

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. As of March 31, 2019 and December 31, 2018, Accounts receivable-other included $33 million and $44 million, respectively, related to our proportionate share of advances from the consortiums to the other consortium participants.

Summary of Aggregate Financial Information

Aggregate summarized financial information for CLG and McDermott/CTCI is as follows:

 

 

 

Three Months Ended March 31, 2019

 

 

 

(In millions)

 

Revenues

 

$

225

 

Cost of operations

 

 

195

 

Gross profit

 

 

30

 

Operating income

 

 

25

 

Net income (1)

 

$

28

 

 

(1)

The results of CLG and McDermott/CTCI for the three months ended March 31, 2018 were prior to the Combination Date and are not presented.  

Summarized Balance Sheet Information for Consolidated Joint Venture

The following table presents summarized balance sheet information for our consolidated joint ventures, including other consolidated joint ventures that are not individually material to our financial results:

 

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

(In millions)

 

   Current assets

 

$

104

 

 

$

102

 

   Non-current assets

 

 

14

 

 

 

15

 

      Total assets

 

$

118

 

 

$

117

 

 

 

 

 

 

 

 

 

 

   Current liabilities

 

$

145

 

 

$

138

 

Collaborative Arrangement [Member]  
Summarized Balance Sheet Information for Proportionately Consolidated Collaborative Arrangement

The following table presents summarized balance sheet information for our share of that proportionately consolidated collaborative arrangement:

 

 

 

March 31, 2019

 

 

 

(In millions)

 

   Current assets

 

$

70

 

   Non-current assets

 

 

-

 

      Total assets

 

$

70

 

 

 

 

 

 

   Current liabilities

 

$

69