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Revenue (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2018:
 
Reportable Segments
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2018
(In millions)
Subsea
 
Onshore/Offshore
 
Surface Technologies
 
Subsea
 
Onshore/Offshore
 
Surface Technologies
Europe, Russia, Central Asia
$
421.4

 
$
831.5

 
$
66.0

 
$
1,136.3

 
$
2,537.9

 
$
172.5

America
437.4

 
89.4

 
208.3

 
1,219.3

 
253.0

 
653.3

Asia Pacific
118.2

 
300.6

 
34.1

 
368.1

 
906.5

 
85.9

Africa
162.5

 
54.8

 
16.3

 
703.9

 
202.3

 
43.4

Middle East
38.8

 
256.2

 
47.6

 
89.1

 
548.6

 
146.4

Total products and services revenue
$
1,178.3

 
$
1,532.5

 
$
372.3

 
$
3,516.7

 
$
4,448.3

 
$
1,101.5

The following tables represent revenue by contract type for each reportable segment for the three and nine months ended September 30, 2018:
 
Reportable Segments
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2018
(In millions)
Subsea
 
Onshore/Offshore
 
Surface Technologies
 
Subsea
 
Onshore/Offshore
 
Surface Technologies
Services
$
885.2

 
$
1,532.5

 
$
70.2

 
$
2,525.9

 
$
4,448.3

 
$
185.0

Products
293.1

 
—

 
302.1

 
990.8

 
—

 
916.5

Total products and services revenue
1,178.3

 
1,532.5

 
372.3

 
3,516.7

 
4,448.3

 
1,101.5

Lease and other(a)
30.8

 
—

 
29.9

 
90.0

 
—

 
73.4

Total revenue
$
1,209.1

 
$
1,532.5

 
$
402.2

 
$
3,606.7

 
$
4,448.3

 
$
1,174.9

(a)
Represents revenue not subject to ASC Topic 606.
Contract balances
The following table provides information about net contract assets (liabilities) as of September 30, 2018 and December 31, 2017:
(In millions)
September 30,
2018
 
December 31,
2017
 
$ change
 
% change
Contract assets
$
1,286.9

 
$
1,755.5

 
$
(468.6
)
 
(26.7
)
Contract (liabilities)
(3,711.9
)
 
(3,314.2
)
 
(397.7
)
 
(12.0
)
Net contract assets (liabilities)
$
(2,425.0
)
 
$
(1,558.7
)
 
$
(866.3
)
 
(55.6
)
Remaining revenue performance obligations
The following table details the RUPO for each business segment as of September 30, 2018:
(In millions)
2018
 
2019
 
Thereafter
Subsea
$
1,102.7

 
$
2,798.2

 
$
2,442.5

Onshore/Offshore
1,602.0

 
4,194.7

 
2,582.1

Surface Technologies
352.5

 
103.3

 
—

Total remaining unsatisfied performance obligations
$
3,057.2

 
$
7,096.2

 
$
5,024.6
Impact on primary financial statements
Consolidated Statements of Income for the three and nine months ended September 30, 2018:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 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
$
2,487.9

 
$
5.4

 
$
2,493.3

 
$
7,159.2

 
$
19.0

 
$
7,178.2

Product revenue
595.2

 
0.6

 
595.8

 
1,907.3

 
(2.1
)
 
1,905.2

Lease and other revenue
60.7


—


60.7

 
163.4

 
—

 
163.4

Total revenue
3,143.8

 
6.0

 
3,149.8

 
9,229.9

 
16.9

 
9,246.8

 
 
 
 
 

 
 
 
 
 
 
Costs and expenses
 
 
 
 

 
 
 
 
 
 
Cost of service revenue
2,046.6

 
(2.4
)
 
2,044.2

 
5,846.0

 
(21.1
)
 
5,824.9

Cost of product revenue
481.0

 
1.3

 
482.3

 
1,559.9

 
0.4

 
1,560.3

Cost of lease and other revenue
30.9

 
—

 
30.9

 
99.4

 
—

 
99.4

Selling, general and administrative expense
250.6

 
—

 
250.6

 
835.1

 
—

 
835.1

Research and development expense
38.6

 
—

 
38.6

 
133.3

 
—

 
133.3

Impairment, restructuring and other expenses (Note 14)
9.7

 
—

 
9.7

 
32.6

 
—

 
32.6

Merger transaction and integration costs (Note 2)
6.3

 
—

 
6.3

 
20.9

 
—

 
20.9

Total costs and expenses
2,863.7

 
(1.1
)
 
2,862.6

 
8,527.2

 
(20.7
)
 
8,506.5

 
 
 
 
 


 
 
 
 
 
 
Other income (expense), net
10.4

 
—

 
10.4

 
(12.6
)
 
—

 
(12.6
)
Income from equity affiliates
16.4

 
—

 
16.4

 
70.6

 
—

 
70.6

Income before net interest expense and income taxes
306.9

 
7.1

 
314.0

 
760.7

 
37.6

 
798.3

Net interest expense
(106.0
)
 
—

 
(106.0
)
 
(244.3
)
 
—

 
(244.3
)
Income before income taxes
200.9

 
7.1

 
208.0

 
516.4

 
37.6

 
554.0

Provision for income taxes (Note 16)
66.7

 
(18.5
)
 
48.2

 
180.7

 
(5.3
)
 
175.4

Net income
134.2

 
25.6

 
159.8

 
335.7

 
42.9

 
378.6

Net loss attributable to noncontrolling interests
2.7

 
0.1

 
2.8

 
2.0

 
(0.4
)
 
1.6

Net income attributable to TechnipFMC plc
$
136.9

 
$
25.7

 
$
162.6

 
$
337.7

 
$
42.5

 
$
380.2

Consolidated Balance Sheets as of September 30, 2018:
 
September 30, 2018
(In millions, except par value data)
As reported
 
Effect of ASC Topic 606
 
Under ASC Topic 605
Assets
 
 
 
 
 
Cash and cash equivalents
$
5,553.3

 
$
—

 
$
5,553.3

Trade receivables, net
2,079.3

 
(1,153.2
)
 
926.1

Contract assets
1,286.9

 
519.5

 
1,806.4

Inventories, net (Note 7)
1,171.0

 
23.4

 
1,194.4

Derivative financial instruments (Note 17)
97.0

 
—

 
97.0

Income taxes receivable
333.3

 
—

 
333.3

Advances paid to suppliers
211.5

 
—

 
211.5

Other current assets (Note 8)
830.9


—

 
830.9

Total current assets
11,563.2

 
(610.3
)
 
10,952.9

Investments in equity affiliates
360.3

 
—

 
360.3

Property, plant and equipment, net of accumulated depreciation
3,670.5

 
—

 
3,670.5

Goodwill
9,003.4

 
—

 
9,003.4

Intangible assets, net of accumulated amortization
1,223.1

 
—

 
1,223.1

Deferred income taxes
426.8

 
(13.9
)
 
412.9

Derivative financial instruments (Note 17)
80.0

 
—

 
80.0

Other assets
332.7

 
0.8

 
333.5

Total assets
$
26,660.0

 
$
(623.4
)
 
$
26,036.6

 
 
 
 
 

Liabilities and equity
 
 
 
 

Short-term debt and current portion of long-term debt (Note 11)
$
78.4

 
$
—

 
$
78.4

Accounts payable, trade
2,800.9

 
31.5

 
2,832.4

Contract liabilities
3,711.9

 
(757.3
)
 
2,954.6

Accrued payroll
375.5

 
—

 
375.5

Derivative financial instruments (Note 17)
92.1

 
—

 
92.1

Income taxes payable
208.2

 
4.9

 
213.1

Other current liabilities (Note 8)
1,435.8

 
(32.8
)
 
1,403.0

Total current liabilities
8,702.8

 
(753.7
)
 
7,949.1

Long-term debt, less current portion (Note 11)
4,017.1

 
—

 
4,017.1

Accrued pension and other post-retirement benefits, less current portion
230.1

 
—

 
230.1

Derivative financial instruments (Note 17)
81.2

 
—

 
81.2

Deferred income taxes
351.8

 
(4.0
)
 
347.8

Other liabilities
413.0

 
—

 
413.0

Total liabilities
13,796.0

 
(757.7
)
 
13,038.3

Commitments and contingent liabilities (Note 15)

 

 


Mezzanine equity
 
 
 
 
 
Redeemable noncontrolling interest
39.7

 
—

 
39.7

Stockholders’ equity (Note 12)
 
 
 
 

Ordinary shares
452.9

 
—

 
452.9

Ordinary shares held in employee benefit trust
(2.4
)
 
—

 
(2.4
)
Capital in excess of par value of ordinary shares
10,247.1

 
—

 
10,247.1

Retained earnings
3,421.1

 
134.0

 
3,555.1

Accumulated other comprehensive loss
(1,313.9
)
 
—

 
(1,313.9
)
Total TechnipFMC plc stockholders’ equity
12,804.8

 
134.0

 
12,938.8

Noncontrolling interests
19.5

 
0.3

 
19.8

Total equity
12,824.3

 
134.3

 
12,958.6

Total liabilities and equity
$
26,660.0

 
$
(623.4
)
 
$
26,036.6