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Variable Interest Entities (VIEs)

6 Months Ended

Jun. 30, 2019

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities (VIEs)

Variable Interest Entities (VIEs)

The combined assets and liabilities in the financial statements of the VIEs as at June 30, 2019 (Successor) and as at December 31, 2018 (Successor) are as follows:



		Successor			Successor
(In $ millions)		As at June 30, 2019			As at December 31, 2018
Cash and cash equivalents		9			2
Investment in finance lease		990			1,024
Amount due from related parties		3			—
Total assets of the VIEs		1,002			1,026

Short-term interest bearing debt ⁽¹⁾		48			33
Long-term interest bearing debt ⁽¹⁾		573			593
Other liabilities		2			2
Short-term amounts due to related parties		4			31
Long-term debt due to related parties ⁽²⁾		232			222
Total liabilities of the VIEs		859			881
Equity of the VIEs		143			145
Book value of units in the Company's consolidated financial statements		805			823


⁽¹⁾	Total interest bearing debt comprises principal outstanding of $645 million offset by $24 million debt discount (December 31, 2018: $655 million principal outstanding offset by $29 million debt discount).


⁽²⁾	We present balances due to/from Ship Finance on a net basis, due to the fact that there is a right to offset established in the long-term loan agreements, and the balances are intended to be settled on a net basis as shown in the table below:



	Successor			Successor
(In $ millions)	As at June 30, 2019			As at December 31, 2018
Debt principal outstanding	314			314
Debt discount	(82	)		(88	)
Trading asset positions held against long-term loan	—			(4	)
Long-term loan due to related parties	232			222