XML 24 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Basis of Presentation and Summary of Significant Accounting Policies (Policy)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation—The consolidated financial statements were prepared in U.S. dollars and in accordance with U.S. generally accepted accounting principles (“GAAP”).
Use of estimates
Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions to be made that may affect the assessment and disclosure of assets and liabilities at the date of the financial statements, as well as the income and the reported expenses regarding this financial year. Estimates may be revised if the circumstances and the assumptions on which they were based change, if new information becomes available, or as a result of greater experience. Consequently, the actual result from operations may differ from these estimates.
Cash equivalents
Cash equivalents—Cash equivalents are highly-liquid, short-term instruments with original maturities of three months or less from their date of purchase.
Foreign currency
Foreign Currency —Foreign currency transactions are translated into the functional currency at the exchange rate applicable on the transaction date. At the closing date, monetary assets and liabilities stated in foreign currencies are translated into the functional currency at the exchange rate prevailing on that date. Resulting exchange gains or losses are directly recorded in the income statement, except exchange gains or losses on cash accounts eligible for future cash flow hedging and for hedging on net foreign currency investments.

Fair value measurement
Fair Value Measurement—Due to their short maturities, the fair value of cash, cash equivalents, receivables and payables are considered as being equivalent to carrying value.
Earnings per common share (“EPS”)
Earnings per common share (“EPS”)—Basic EPS is computed using the weighted-average number of common shares outstanding during the year. TechnipFMC has 50,001 shares outstanding, consisting of one ordinary share carrying a single vote and 50,000 non-voting redeemable shares. The redeemable shares are not entitled to any economics rights. Refer to Note 5 for additional disclosure related to these shares.