BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2021

Segment Reporting, Measurement Disclosures [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS

Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide, which corresponds to the manner in which our Chairman and Chief Executive Officer, as our chief operating decision maker, reviews and evaluates operating performance to make decisions about resources to be allocated to the segment. Subsequent to the Spin-off, we now operate under two reporting segments: Subsea and Surface Technologies:

•Subsea - designs and manufactures products and systems, and provides services used by oil and gas companies involved in offshore deep water exploration and production of crude oil and natural gas, while developing renewable alternatives to serve new energy industries.

•Surface Technologies - designs and manufactures products and systems and provides services used by oil and gas companies involved in land and shallow water exploration and production of crude oil and natural gas; designs, manufactures, and supplies technologically advanced high-pressure valves and fittings for oilfield service companies; and also provides flowback and well testing services.

Segment operating profit (loss) is defined as total segment revenue less segment operating expenses. Income (loss) from equity method investments is included in computing segment operating profit. The following items have been excluded in computing segment operating profit (loss): corporate staff expense, foreign exchange gains (losses), income from investment in Technip Energies, net interest income (expense) associated with corporate debt facilities and income taxes.

Segment revenue and segment operating profit (loss) were as follows:

	Three Months Ended
	March 31,
(In millions)	2021		2020
Segment revenue
Subsea	$	1,386.5	$	1,253.1
Surface Technologies	245.5		329.5
Total revenue	$	1,632.0	$	1,582.6
Segment operating profit (loss)
Subsea	$	37.0	$	(2,750.7)
Surface Technologies	8.2		(424.0)
Total segment operating profit (loss)	$	45.2	$	(3,174.7)
Corporate items
Corporate expense(a)	(28.8)		(30.3)
Net interest expense	(34.5)		(23.0)
Loss on early extinguishment of debt	(23.5)		—
Income from investment in Technip Energies	470.1		—
Foreign exchange gains (losses)	28.1		(23.1)
Total corporate items	411.4		(76.4)
Income (loss) before income taxes(b)	$	456.6	$	(3,251.1)

(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, impairment, restructuring and other expense, and other employee benefits.

(b)Includes amounts attributable to non-controlling interests.