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Partnerships and Joint Ventures | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Partnerships and Joint Ventures | Partnerships and Joint Ventures In the normal course of business, we form partnerships or joint ventures primarily for the execution of single contracts or projects. The majority of these partnerships or joint ventures are characterized by a 50 percent or less, noncontrolling ownership or participation interest, with decision making and distribution of expected gains and losses typically being proportionate to the ownership or participation interest. Many of the partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $218 million and $149 million as of December 31, 2020 and 2019, respectively. The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:
| December 31,
(in millions) | 2020 | 2019
Current assets | $ | 8,138 |  | $ | 6,927 |
Noncurrent assets | 4,745 |  | 5,109 |
Current liabilities | 6,307 |  | 4,605 |
Noncurrent liabilities | 4,354 |  | 5,256 |
The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:
(in millions) | 2020 | 2019 | 2018
Revenue | $ | 1,209 |  | $ | 1,258 |  | $ | 1,465 |
Cost of revenue | 1,104 |  | 1,151 |  | 1,338 |
Net earnings | 54 |  | 45 |  | 35 |
During 2020 and 2019, we evaluated our significant investments and determined that certain of our investments were impaired. As a result, we recognized impairment expense of $86 million and $257 million during 2020 and 2019, respectively. One of our more significant joint ventures is COOEC Fluor, in which we have a 49% ownership interest. COOEC Fluor owns, operates and manages the Zhuhai Fabrication Yard in China’s Guangdong province. We completed our final funding commitment to the joint venture of $26 million during 2021. During 2020, we sold our interests in three infrastructure joint ventures and recognized a gain of $8 million. We also sold our 50% interest in an Energy & Chemicals joint venture during 2020 and recognized a loss of $11 million. Variable Interest Entities The net carrying value of the unconsolidated VIEs (classified under both investments and other accrued liabilities) was a net asset of $174 million and $217 million as of December 31, 2020 and 2019, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of December 31, 2020 for the unconsolidated VIEs were $72 million. In some cases, we are required to consolidate certain VIEs. As of December 31, 2020, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.3 billion and $703 million, respectively. As of December 31, 2019, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.1 billion and $798 million, respectively. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations. We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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