ACQUISITION AND DISPOSITION TRANSACTIONS

12 Months Ended

Dec. 31, 2019

Acquisition And Disposition Transactions [Abstract]

ACQUISITION AND DISPOSITION TRANSACTIONS

NOTE 4— ACQUISITION AND DISPOSITION TRANSACTIONS

Siluria Technologies acquisition—On July 15, 2019, we acquired the assets of Siluria Technologies (“Siluria”), including various intellectual property and research and development assets, for approximately $7 million. In connection with the acquisition we recorded approximately $6 million of intangible assets within our Technology segment.

APP disposition—On June 27, 2019, we completed the sale of APP, the distribution and manufacturing arm of our pipe fabrication business, previously included in our NCSA segment.

Loss on the APP sale is included in Loss on asset disposals in our Statement of Operations and is summarized as follows:

	(In millions)
Assets
Inventory	$	69
Property and equipment		25
Goodwill		90
Other assets		11
Assets sold	$	195
Liabilities
Accounts payable	$	8
Other liabilities		3
Liabilities sold	$	11
Net assets sold	$	184
Sale proceeds (net of transaction costs of $2)		83
Loss on net assets sold	$	101

Results of APP’s operations during the years ended December 31, 2019 and 2018 were not material to McDermott, as a whole. We are continuing to pursue the sale of the remaining portion of the pipe fabrication business, subject to approval by our Board of Directors.