Revenue (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2018:

	Reportable Segments
	Three Months Ended						Six Months Ended
	June 30, 2018						June 30, 2018
(In millions)	Subsea		Onshore/Offshore		Surface Technologies		Subsea		Onshore/Offshore		Surface Technologies
Europe, Russia, Central Asia	$	409.4	$	705.5	$	58.3	714.9		1,706.4		106.5
America	331.3		90.9		237.5		781.9		163.6		445.0
Asia Pacific	137.9		310.6		29.7		249.9		605.9		51.8
Africa	261.6		76.9		11.4		541.4		147.5		27.1
Middle East	43.8		158.5		44.3		50.3		292.4		98.8
Total products and services revenue	$	1,184.0	$	1,342.4	$	381.2	$	2,338.4	$	2,915.8	$	729.2

The following tables represent revenue by contract type for each reportable segment for the three and six months ended June 30, 2018:

	Reportable Segments
	Three Months Ended						Six Months Ended
	June 30, 2018						June 30, 2018
(In millions)	Subsea		Onshore/Offshore		Surface Technologies		Subsea		Onshore/Offshore		Surface Technologies
Services	$	834.4	$	1,342.4	$	67.1	1,640.7		2,915.8		114.8
Products	349.6		—		314.1		697.7		—		614.4
Total products and services revenue	1,184.0		1,342.4		381.2		2,338.4		2,915.8		729.2
Lease and other(a)	33.4		—		19.9		59.2		—		43.5
Total revenue	$	1,217.4	$	1,342.4	$	401.1	$	2,397.6	$	2,915.8	$	772.7

a. Represents revenue not subject to ASC Topic 606.

Contract balances

The following table provides information about net contract assets (liabilities) as of June 30, 2018 and December 31, 2017:

(In millions)	June 30, 2018			December 31, 2017			$ change			% change
Contract assets	$	1,412.9		$	1,755.5		$	(342.6	)	(19.5	)
Contract (liabilities)	(3,973.3		)	(3,314.2		)	(659.1		)	(19.9	)
Net contract assets (liabilities)	$	(2,560.4	)	$	(1,558.7	)	$	(1,001.7	)	(64.3	)

Remaining revenue performance obligations

The following table details the RUPO for each business segment as of June 30, 2018:

(In millions)	2018		2019		Thereafter
Subsea	$	1,883.4	$	2,286.1	$	2,007.5
Onshore/Offshore	2,874.0		3,403.2		2,002.3
Surface Technologies	374.7		40.6		—
Total remaining unsatisfied performance obligations	$	5,132.1	$	5,729.9	$	4,009.8

Impact on primary financial statements

Consolidated Statements of Income for the three and six months ended June 30, 2018:

	Three Months Ended									Six Months Ended
	June 30, 2018									June 30, 2018
(In millions, except per share data)	As reported			Effect of ASC Topic 606			Under ASC Topic 605			As reported			Effect of ASC Topic 606			Under ASC Topic 605
Revenue
Service revenue	$	2,243.9		$	46.2		$	2,290.1		$	4,671.3		$	13.6		$	4,684.9
Product revenue	663.7			0.9			664.6			1,312.1			(2.7		)	1,309.4
Lease and other revenue	53.3			—			53.3			102.7			—			102.7
Total revenue	2,960.9			47.1			3,008.0			6,086.1			10.9			6,097.0
Costs and expenses
Cost of service revenue	1,846.9			(4.8		)	1,842.1			3,799.4			(18.7		)	3,780.7
Cost of product revenue	544.1			2.1			546.2			1,078.9			(0.9		)	1,078.0
Cost of lease and other revenue	31.2			—			31.2			68.5			—			68.5
Selling, general and administrative expense	281.4			—			281.4			584.5			—			584.5
Research and development expense	53.6			—			53.6			94.7			—			94.7
Impairment, restructuring and other expenses (Note 14)	11.4			—			11.4			22.9			—			22.9
Merger transaction and integration costs (Note 2)	9.0			—			9.0			14.6			—			14.6
Total costs and expenses	2,777.6			(2.7		)	2,774.9			5,663.5			(19.6		)	5,643.9
Other income (expense), net	2.2			—			2.2			(23.0		)	—			(23.0		)
Income from equity affiliates	40.2			—			40.2			54.2			—			54.2
Income before net interest expense and income taxes	225.7			49.8			275.5			453.8			30.5			484.3
Net interest expense	(50.9		)	—			(50.9		)	(138.3		)	—			(138.3		)
Income before income taxes	174.8			49.8			224.6			315.5			30.5			346.0
Provision for income taxes (Note 16)	64.7			18.4			83.1			114.0			13.2			127.2
Net income	110.1			31.4			141.5			201.5			17.3			218.8
Net (income) loss attributable to noncontrolling interests	(4.4		)	(0.6		)	(5.0		)	(0.7		)	(0.5		)	(1.2		)
Net income attributable to TechnipFMC plc	$	105.7		$	30.8		$	136.5		$	200.8		$	16.8		$	217.6

Consolidated Balance Sheets as of June 30, 2018:

	June 30, 2018
(In millions, except par value data)	As reported			Effect of ASC Topic 606			Under ASC Topic 605
Assets
Cash and cash equivalents	$	5,555.4		$	—		$	5,555.4
Trade receivables, net	2,198.6			(1,116.4		)	1,082.2
Contract assets	1,412.9			409.9			1,822.8
Inventories, net (Note 7)	1,085.6			25.0			1,110.6
Derivative financial instruments (Note 17)	83.9			—			83.9
Income taxes receivable	338.7			0.1			338.8
Advances paid to suppliers	300.0			—			300.0
Other current assets (Note 8)	866.4			—			866.4
Total current assets	11,841.5			(681.4		)	11,160.1
Investments in equity affiliates	346.6			—			346.6
Property, plant and equipment, net of accumulated depreciation	3,697.8			—			3,697.8
Goodwill	9,009.8			—			9,009.8
Intangible assets, net of accumulated amortization	1,253.8			—			1,253.8
Deferred income taxes	442.0			(23.1		)	418.9
Derivative financial instruments (Note 17)	84.6			—			84.6
Other assets	382.4			(1.0		)	381.4
Total assets	$	27,058.5		$	(705.5	)	$	26,353.0
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 11)	$	78.5		$	—		$	78.5
Accounts payable, trade	2,924.6			20.4			2,945.0
Contract liabilities	3,973.3			(816.8		)	3,156.5
Accrued payroll	350.7			—			350.7
Derivative financial instruments (Note 17)	97.9			—			97.9
Income taxes payable	255.3			18.3			273.6
Other current liabilities (Note 8)	1,477.4			(27.7		)	1,449.7
Total current liabilities	9,157.7			(805.8		)	8,351.9
Long-term debt, less current portion (Note 11)	3,787.5			—			3,787.5
Accrued pension and other post-retirement benefits, less current portion	242.4			—			242.4
Derivative financial instruments (Note 17)	88.3			—			88.3
Deferred income taxes	355.8			(8.4		)	347.4
Other liabilities	379.2			—			379.2
Commitments and contingent liabilities (Note 15)
Mezzanine equity
Redeemable noncontrolling interest	39.7			—			39.7
Stockholders’ equity (Note 12)
Ordinary shares	457.5			—			457.5
Ordinary shares held in employee benefit trust	(3.9		)	—			(3.9		)
Capital in excess of par value of ordinary shares	10,335.5			—			10,335.5
Retained earnings	3,376.5			108.3			3,484.8
Accumulated other comprehensive loss	(1,180.1		)	—			(1,180.1		)
Total TechnipFMC plc stockholders’ equity	12,985.5			108.3			13,093.8
Noncontrolling interests	22.4			0.4			22.8
Total equity	13,007.9			108.7			13,116.6
Total liabilities and equity	$	27,058.5		$	(705.5	)	$	26,353.0