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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenues [1] $ 2,137 $ 1,735 $ 4,348 $ 2,343
Costs and Expenses:        
Cost of operations 1,949 1,486 3,967 1,962
Project intangibles and inventory-related amortization 10 12 20 12
Total cost of operations 1,959 1,498 3,987 1,974
Research and development expenses 8 5 16 5
Selling, general and administrative expenses 77 75 149 124
Other intangibles amortization 22 10 44 10
Transaction costs 11 37 15 40
Restructuring and integration costs 20 63 89 75
Loss on asset disposals 102 1 103 1
Total expenses 2,199 1,689 4,403 2,229
Income (loss) from investments in unconsolidated affiliates 3 3 12 (1)
Investment in unconsolidated affiliates-related amortization (2)   (5)  
Operating (loss) income [2] (61) 49 (48) 113
Other expense:        
Interest expense, net (100) (72) (192) (83)
Other non-operating expense, net (2) (16) (1) (14)
Total other expense, net (102) (88) (193) (97)
(Loss) income before provision for income taxes (163) (39) (241) 16
Income tax benefit (49) (84) (70) (63)
Net (loss) income (114) 45 (171) 79
Less: Net income (loss) attributable to noncontrolling interests 18 (2) 17 (3)
Net (loss) income attributable to McDermott (132) 47 (188) [3] 82 [4]
Dividends on redeemable preferred stock (10)   (20) [3]  
Accretion of redeemable preferred stock (4)   (8) [3]  
Net (loss) income attributable to common stockholders $ (146) $ 47 $ (216) [3] $ 82 [4]
Net (loss) income per share attributable to common stockholders        
Basic $ (0.80) $ 0.33 $ (1.19) [3] $ 0.68 [4]
Diluted $ (0.80) $ 0.33 $ (1.19) [3] $ 0.68 [4]
Shares used in the computation of net (loss) income per share        
Basic 182 144 181 [3] 120 [4]
Diluted 182 144 181 [3] 120 [4]
[1] Intercompany amounts have been eliminated in consolidation.
[2]

(1)    NCSA operating results for the three and six months ended June 30, 2019 included $101 million loss on the sale of APP, discussed in Note 4, Disposition of Alloy Piping Products, LLC.

Corporate operating results for the three and six months ended June 30, 2019 included:

 

$20 million and $89 million of restructuring and integration costs, respectively; and

 

$11 million and $15 million of transaction costs, respectively.

Corporate operating results for the six months ended June 30, 2018 included:

 

$63 million and $75 million of restructuring and integration costs, respectively; and

 

$37 million and $40 million of transaction costs, respectively.

See Note 11, Restructuring and Integration Costs and Transaction Costs, for further discussion.

[3] The effects of stock-based awards, warrants and redeemable preferred stock were not included in the calculation of diluted earnings per share for the three and six months ended June 30, 2019 due to the net loss for the periods.
[4] Approximately 0.5 million shares underlying outstanding stock-based awards for the three and six months ended June 30, 2018 were excluded from the computation of diluted earnings per share during the periods because the exercise price of those awards was greater than the average market price of our common stock, and the inclusion of such shares would have been antidilutive in each of those periods.