Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following tables present products and services revenue by geography for each reportable segment for the three months ended March 31, 2018:

	Three Months Ended March 31, 2018
	Reportable Segments
(In millions)	Subsea		Onshore/Offshore		Surface Technologies
Europe, Russia, Central Asia	$	305.5	$	1,000.9	$	48.2
America	450.6		72.7		207.5
Asia Pacific	112.0		295.3		22.1
Africa	279.8		70.6		15.7
Middle East	6.5		133.9		54.5
Total products and services revenue	$	1,154.4	$	1,573.4	$	348.0

The following tables represent revenue by contract type for each reportable segment for the three months ended March 31, 2018:

	Three Months Ended March 31, 2018
	Reportable Segments
(In millions)	Subsea		Onshore/Offshore		Surface Technologies
Services	$	806.3	$	1,573.4	$	47.7
Products	348.1		—		300.3
Total products and services revenue	1,154.4		1,573.4		348.0
Lease and other(a)	25.8		—		23.6
Total revenue	$	1,180.2	$	1,573.4	$	371.6

a. Represents revenue not subject to ASC Topic 606.

Contract balances

The following table provides information about net contract assets (liabilities) as of March 31, 2018 and December 31, 2017:

(In millions)	March 31, 2018			December 31, 2017			$ change			% change
Contract assets	$	1,470.1		$	1,755.5		$	(285.4	)	(16.3	)
Contract liabilities	3,914.2			3,314.2			600.0			18.1
Net contract assets (liabilities)	$	(2,444.1	)	$	(1,558.7	)	$	(885.4	)	56.8

Remaining revenue performance obligations

The following table details the RUPO for each business segment as of March 31, 2018:

(In millions)	2018		2019		Thereafter
Subsea	$	2,868.8	$	1,665.5	$	1,576.6
Onshore/Offshore	3,918.2		2,501.1		1,072.3
Surface Technologies	409.5		—		—
Total remaining unsatisfied performance obligations	$	7,196.5	$	4,166.6	$	2,648.9

Impact on primary financial statements

Consolidated Statements of Income for the three months ended March 31, 2018:

	Three Months Ended
	March 31, 2018
(In millions, except per share data)	As reported			Effect of ASC Topic 606			Under ASC Topic 605
Revenue
Service revenue	$	2,427.4		$	(32.6	)	$	2,394.8
Product revenue	648.4			(3.6		)	644.8
Lease and other revenue	49.4			—			49.4
Total revenue	3,125.2			(36.2		)	3,089.0
Costs and expenses
Cost of service revenue	1,952.5			(13.9		)	1,938.6
Cost of product revenue	534.8			(3.0		)	531.8
Cost of lease and other revenue	37.3			—			37.3
Selling, general and administrative expense	303.1			—			303.1
Research and development expense	41.1			—			41.1
Impairment, restructuring and other expenses	11.5			—			11.5
Merger transaction and integration costs	5.6			—			5.6
Total costs and expenses	2,885.9			(16.9		)	2,869.0
Other income (expense), net	(25.2		)	—			(25.2		)
Income from equity affiliates	14.0			—			14.0
Income before net interest expense and income taxes	228.1			(19.3		)	208.8
Net interest expense	(87.4		)	—			(87.4		)
Income before income taxes	140.7			(19.3		)	121.4
Provision for income taxes	49.3			(5.2		)	44.1
Net income	91.4			(14.1		)	77.3
Net loss attributable to noncontrolling interests	3.7			0.1			3.8
Net income attributable to TechnipFMC plc	$	95.1		$	(14.0	)	$	81.1

Consolidated Balance Sheets as of March 31, 2018:

	March 31, 2018
(In millions, except par value data)	As reported			Effect of ASC Topic 606			Under ASC Topic 605
Assets
Cash and cash equivalents	$	6,220.6		$	—		$	6,220.6
Trade receivables, net	2,444.0			(846.3		)	1,597.7
Contract assets	1,470.1			356.5			1,826.6
Inventories, net	1,036.8			28.3			1,065.1
Derivative financial instruments	104.6			—			104.6
Income taxes receivable	319.0			0.7			319.7
Advances paid to suppliers	424.7			—			424.7
Other current assets	1,153.7			—			1,153.7
Total current assets	13,173.5			(460.8		)	12,712.7
Investments in equity affiliates	287.1			—			287.1
Property, plant and equipment, net of accumulated depreciation	3,900.3			—			3,900.3
Goodwill	9,012.2			—			9,012.2
Intangible assets, net of accumulated amortization	1,301.6			—			1,301.6
Deferred income taxes	480.2			(23.8		)	456.4
Derivative financial instruments	74.5			—			74.5
Other assets	298.4			1.0			299.4
Total assets	$	28,527.8		$	(483.6	)	$	28,044.2
Liabilities and equity
Short-term debt and current portion of long-term debt	$	87.2		$	—		$	87.2
Accounts payable, trade	3,729.2			20.1			3,749.3
Contract liabilities	3,914.2			(549.7		)	3,364.5
Accrued payroll	401.8			—			401.8
Derivative financial instruments	63.2			—			63.2
Income taxes payable	233.0			(2.0		)	231.0
Other current liabilities	1,842.1			(26.7		)	1,815.4
Total current liabilities	10,270.7			(558.3		)	9,712.4
Long-term debt, less current portion	3,735.8			—			3,735.8
Accrued pension and other post-retirement benefits, less current portion	266.2			—			266.2
Derivative financial instruments	52.7			—			52.7
Deferred income taxes	412.7			(2.6		)	410.1
Other liabilities	507.9			—			507.9
Commitments and contingent liabilities
Stockholders’ equity
Ordinary shares	462.2			—			462.2
Ordinary shares held in employee benefit trust	(4.0		)	—			(4.0		)
Capital in excess of par value of ordinary shares	10,429.3			—			10,429.3
Retained earnings	3,369.5			77.5			3,447.0
Accumulated other comprehensive loss	(991.9		)	—			(991.9		)
Total TechnipFMC plc stockholders’ equity	13,265.1			77.5			13,342.6
Noncontrolling interests	16.7			(0.2		)	16.5
Total equity	13,281.8			77.3			13,359.1
Total liabilities and equity	$	28,527.8		$	(483.6	)	$	28,044.2