CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Jun. 30, 2019		Dec. 31, 2018
Current assets:
Cash and cash equivalents ($252 and $146 related to variable interest entities ("VIEs"))		$ 455		$ 520
Restricted cash and cash equivalents	[1]	327		325
Accounts receivable—trade, net ($45 and $29 related to VIEs)		1,002		932
Accounts receivable—other ($61 and $57 related to VIEs)		235		175
Contracts in progress ($167 and $144 related to VIEs)		932		704
Project-related intangible assets, net		94		137
Inventory		42		101
Other current assets ($31 and $24 related to VIEs)		152		139
Total current assets		3,239		3,033
Property, plant and equipment, net		2,054		2,067
Operating lease right-of-use assets		383
Accounts receivable—long-term retainages		68		62
Investments in unconsolidated affiliates		446		452
Goodwill		2,704	[2]	2,654
Other intangibles, net		948		1,009
Other non-current assets		156		163
Total assets		9,998		9,440
Current liabilities:
Revolving credit facility		379
Short-term borrowing and current maturities of long-term debt		62		30
Current portion of long-term lease obligations		96		8
Accounts payable ($307 and $277 related to VIEs)		1,206		595
Advance billings on contracts ($389 and $717 related to VIEs)		1,438		1,954
Project-related intangible liabilities, net		38		66
Accrued liabilities ($76 and $136 related to VIEs)		1,467		1,564
Total current liabilities		4,686		4,217
Long-term debt		3,388		3,393
Long-term lease obligations		379		66
Deferred income taxes		46		47
Other non-current liabilities		705		664
Total liabilities		9,204		8,387
Commitments and contingencies
Mezzanine equity:
Redeemable preferred stock		257		230
Stockholders' equity:
Common stock, par value $1.00 per share, authorized 255 shares; issued 185 and 183 shares, respectively		185		183
Capital in excess of par value		3,549		3,539
Accumulated deficit		(2,935)		(2,719)
Accumulated other comprehensive loss		(181)		(107)
Treasury stock, at cost: 3 and 3 shares, respectively		(96)		(96)
Total McDermott Stockholders' Equity		522		800
Noncontrolling interest		15		23
Total stockholders' equity		537		823
Total liabilities and stockholders' equity		$ 9,998		$ 9,440

[1] ^{Our restricted cash balances primarily serve as cash collateral deposits for our letter of credit facilities. See Note 12, Debt, for further discussion.}

[2] At June 30, 2019, we had approximately $2.2 billion of cumulative impairment charges recorded in conjunction with our impairment analysis performed during the fourth quarter of 2018, as further described in the 2018 Form 10-K.