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Stockholders' Equity
 6 Months Ended
Jun. 30, 2019
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Cash dividends paid during the six months ended June 30, 2019 for dividends declared on February 19, 2019 and April 24, 2019 were $116.6 million. Cash dividends paid during the six months ended June 30, 2018 was $120.2 million.
As an English public limited company, we are required under U.K. law to have available “distributable reserves” to conduct share repurchases or pay dividends to shareholders. Distributable reserves are a statutory requirement and are not linked to a GAAP reported amount (e.g., retained earnings). The declaration and payment of dividends require the authorization of our Board of Directors, provided that such dividends on issued share capital may be paid only out of our “distributable reserves” on our statutory balance sheet. Therefore, we are not permitted to pay dividends out of share capital, which includes share premium.
In December 2018, our Board of Directors authorized an extension of our share repurchase program for $300.0 million for the purchase of ordinary shares. We repurchased 4.0 million of ordinary shares for a total consideration of $90.1 million during the six months ended June 30, 2019 under our authorized share repurchase program. We intend to cancel repurchased shares and not hold them in treasury. Canceled treasury shares are accounted for using the constructive retirement method.
Accumulated other comprehensive income (loss) consisted of the following:
(In millions)
Foreign Currency
Translation
 
Hedging
 
Defined Pension 
and Other
Post-Retirement
Benefits
 
Accumulated Other
Comprehensive 
Loss attributable to
TechnipFMC plc
 
Accumulated Other
Comprehensive 
Loss attributable
to Noncontrolling interest
December 31, 2018
$
(1,234.4
)
 
$
(32.9
)
 
$
(92.4
)
 
$
(1,359.7
)
 
$
(4.0
)
Other comprehensive income (loss) before reclassifications, net of tax
(2.6
)
 
5.2

 
1.0

 
3.6

 
1.3

Reclassification adjustment for net losses (gains) included in net income, net of tax
—

 
6.4

 
1.4

 
7.8

 
—

Other comprehensive income (loss), net of tax
(2.6
)
 
11.6

 
2.4

 
11.4


1.3

June 30, 2019
$
(1,237.0
)
 
$
(21.3
)
 
$
(90.0
)
 
$
(1,348.3
)
 
$
(2.7
)
Reclassifications out of accumulated other comprehensive income (loss) consisted of the following:
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
(In millions)
2019
 
2018
 
2019
 
2018
 
 
Details about Accumulated Other Comprehensive Income (loss) Components
Amount Reclassified out of Accumulated Other
Comprehensive Loss
 
Affected Line Item in the Condensed Consolidated Statements of Income
Gains (losses) on hedging instruments
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(13.2
)
 
$
1.1

 
$
(12.5
)
 
$
3.6

 
Revenue
 
2.3

 
3.5

 
4.9

 
5.1

 
Cost of sales
 
—

 
(0.1
)
 
0.1

 
—

 
Selling, general and administrative expense
 
1.0

 
(0.1
)
 
(1.4
)
 
(4.7
)
 
Other income (expense), net
 
(9.9
)
 
4.4

 
(8.9
)
 
4.0

 
Income (loss) before income taxes
 
(3.2
)
 
0.8

 
(2.5
)
 
0.6

 
Provision for income taxes (Note 17)
 
$
(6.7
)
 
$
3.6

 
$
(6.4
)
 
$
3.4

 
Net income (loss)
Pension and other post-retirement benefits
 
 
 
 
 
 
 
 
 
Amortization of prior service credit (cost)
(1.5
)
 
(0.3
)
 
(1.9
)
 
(0.3
)
 
(a)
 
(1.5
)
 
(0.3
)
 
(1.9
)
 
(0.3
)
 
Income (loss) before income taxes
 
(0.4
)
 
—

 
(0.5
)
 
—

 
Provision for income taxes (Note 17)
 
$
(1.1
)
 
$
(0.3
)
 
$
(1.4
)
 
$
(0.3
)
 
Net income (loss)

(a)
These accumulated other comprehensive income components are included in the computation of net periodic pension cost.