(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
Wincomblee Road | |||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Class | Outstanding at October 26, 2021 | |||||||
Ordinary shares, $1.00 par value per share |
Page | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Service revenue | $ | $ | $ | $ | |||||||||||||||||||
Product revenue | |||||||||||||||||||||||
Lease revenue | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of service revenue | |||||||||||||||||||||||
Cost of product revenue | |||||||||||||||||||||||
Cost of lease revenue | |||||||||||||||||||||||
Selling, general and administrative expense | |||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Other income (expense), net | ( | ( | |||||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | ( | ( | |||||||||||||||||||||
Income from investment in Technip Energies (Note 11) | |||||||||||||||||||||||
Income (loss) before net interest expense and income taxes | ( | ( | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on early extinguishment of debt | ( | ( | |||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||
Provision for income taxes (Note 18) | |||||||||||||||||||||||
Income (loss) from continuing operations | ( | ( | ( | ||||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | ( | ( | ( | ||||||||||||||||||||
Income (loss) from discontinued operations | ( | ||||||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | ( | ( | ( | ||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic and diluted | $ | $ | $ | ( | $ | ||||||||||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Weighted average shares outstanding (Note 6) | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Income from continuing operations attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | ( | ( | ( | ||||||||||||||||||||
Net Income (loss) attributable to TechnipFMC plc, including non-controlling interest | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustments(a) | ( | ( | ( | ( | |||||||||||||||||||
Net gains (losses) on hedging instruments | |||||||||||||||||||||||
Net gains (losses) arising during the period | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for net losses included in net income (loss) | |||||||||||||||||||||||
Net gains (losses) on hedging instruments(b) | ( | ( | ( | ||||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||
Net gains (losses) arising during the period | ( | ( | |||||||||||||||||||||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | |||||||||||||||||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income (loss) | |||||||||||||||||||||||
Net pension and other postretirement benefits(c) | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income attributable to non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ | ( | $ | $ | $ | ( |
(In millions, except par value data) | September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, net of allowances of $ | |||||||||||
Contract assets, net of allowances of $ | |||||||||||
Inventories, net (Note 8) | |||||||||||
Derivative financial instruments (Note 19) | |||||||||||
Income taxes receivable | |||||||||||
Advances paid to suppliers | |||||||||||
Other current assets (Note 9) | |||||||||||
Investment in Technip Energies (Note 11) | |||||||||||
Current assets of discontinued operations | |||||||||||
Total current assets | |||||||||||
Investments in equity affiliates (Note 11) | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Finance lease right-of-use assets | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
Deferred income taxes | |||||||||||
Derivative financial instruments (Note 19) | |||||||||||
Other assets | |||||||||||
Non-current assets of discontinued operations | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Short-term debt and current portion of long-term debt (Note 13) | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Finance lease liabilities | |||||||||||
Accounts payable, trade | |||||||||||
Contract liabilities | |||||||||||
Accrued payroll | |||||||||||
Derivative financial instruments (Note 19) | |||||||||||
Income taxes payable | |||||||||||
Other current liabilities (Note 9) | |||||||||||
Current liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current portion (Note 13) | |||||||||||
Operating lease liabilities, less current portion | |||||||||||
Financing lease liabilities, less current portion | |||||||||||
Deferred income taxes | |||||||||||
Accrued pension and other post-retirement benefits, less current portion | |||||||||||
Derivative financial instruments (Note 19) | |||||||||||
Other liabilities | |||||||||||
Non-current liabilities of discontinued operations | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities (Note 17) | |||||||||||
Mezzanine equity | |||||||||||
Redeemable non-controlling interest | |||||||||||
Stockholders’ equity (Note 14) | |||||||||||
Ordinary shares, $ | |||||||||||
Capital in excess of par value of ordinary shares | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total TechnipFMC plc stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Non-controlling interests of discontinued operations | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
(In millions) | Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash provided (required) by operating activities | |||||||||||
Net income (loss) from continuing operations | $ | $ | ( | ||||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Impairments | |||||||||||
Employee benefit plan and share-based compensation costs | |||||||||||
Deferred income tax benefit, net | ( | ( | |||||||||
Income from investment in Technip Energies | ( | ||||||||||
Unrealized gains on derivative instruments and foreign exchange | ( | ( | |||||||||
(Income) loss from equity affiliates, net of dividends received | ( | ||||||||||
Loss on early extinguishment of debt | |||||||||||
Other | ( | ( | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||
Trade receivables, net and contract assets | ( | ( | |||||||||
Inventories, net | ( | ||||||||||
Accounts payable, trade | ( | ||||||||||
Contract liabilities | ( | ( | |||||||||
Income taxes payable (receivable), net | ( | ||||||||||
Other current assets and liabilities, net | |||||||||||
Other non-current assets and liabilities, net | ( | ||||||||||
Cash provided by operating activities from continuing operations | |||||||||||
Cash provided (required) by operating activities from discontinued operations | ( | ||||||||||
Cash provided by operating activities | |||||||||||
Cash provided (required) by investing activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from redemption of debt securities | |||||||||||
Payment to acquire debt securities | ( | ( | |||||||||
Proceeds from sales of assets | |||||||||||
Cash received from divestiture | |||||||||||
Proceeds from sale of investment in Technip Energies | |||||||||||
Proceeds from repayment of advances to joint venture | |||||||||||
Other | ( | ||||||||||
Cash provided (required) by investing activities from continuing operations | ( | ||||||||||
Cash required by investing activities from discontinued operations | ( | ( | |||||||||
Cash provided (required) by investing activities | ( | ||||||||||
Cash provided (required) by financing activities | |||||||||||
Net decrease in short-term debt | ( | ( | |||||||||
Net decrease in commercial paper | ( | ( | |||||||||
Proceeds from issuance of long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Payments for debt issuance costs | ( | ||||||||||
Dividends paid | ( | ||||||||||
Acquisition of non-controlling interest | ( | ||||||||||
Payments related to taxes withheld on share-based compensation | ( | ( | |||||||||
Other | ( | ||||||||||
Cash required by financing activities from continuing operations | ( | ( | |||||||||
Cash required by financing activities from discontinued operations | ( | ( | |||||||||
Cash required by financing activities | ( | ( | |||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | ( | ||||||||||
Change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and cash equivalents attributable to discontinued operations | |||||||||||
Total cash and cash equivalents in the statement of cash flows | $ | $ |
(In millions) | Ordinary Shares | Capital in Excess of Par Value of Ordinary Shares | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | — | — | — | |||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | — | — | ( | ( | |||||||||||||||||||||||||||||||
Other | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | $ |
(In millions) | Ordinary Shares | Capital in Excess of Par Value of Ordinary Shares | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Balance as of December 31, 2019 | ( | ( | |||||||||||||||||||||||||||||||||
Adoption of accounting standards (Note 3) | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Issuance of ordinary shares | ( | — | — | — | ( | ||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of September 30, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | — | — | — | |||||||||||||||||||||||||||||||
Spin-off of Technip Energies (Note 2) | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Other | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of September 30, 2021 | ( | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Costs and expenses | ( | ( | ( | ||||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||
Income (loss) from discontinued operations before income taxes | $ | $ | $ | ( | $ | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | $ | $ | ( | $ |
December 31, | ||||||||
(In millions) | 2020 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | |||||||
Trade receivables, net of allowances | ||||||||
Contract assets | ||||||||
Other current assets | ||||||||
Total current assets of discontinued operations | ||||||||
Property, plant and equipment, net of accumulated depreciation | ||||||||
Goodwill | ||||||||
Other assets | ||||||||
Total non-current assets of discontinued operations | ||||||||
Total assets of discontinued operations | $ | |||||||
Liabilities | ||||||||
Accounts payable, trade | $ | |||||||
Contract liabilities | ||||||||
Other current liabilities | ||||||||
Total current liabilities of discontinued operations | ||||||||
Long-term debt, less current portion | ||||||||
Operating lease liabilities | ||||||||
Other liabilities | ||||||||
Total non-current liabilities of discontinued operations | ||||||||
Total liabilities of discontinued operations | $ |
Reportable Segments | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Europe, Russia, Central Asia | $ | $ | $ | $ | |||||||||||||||||||
North America | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Africa | |||||||||||||||||||||||
Middle East | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Europe, Russia, Central Asia | $ | $ | $ | $ | |||||||||||||||||||
North America | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Africa | |||||||||||||||||||||||
Middle East | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Reportable Segments | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Services | $ | $ | $ | $ | |||||||||||||||||||
Products | |||||||||||||||||||||||
Lease | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Services | $ | $ | $ | $ | |||||||||||||||||||
Products | |||||||||||||||||||||||
Lease | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | $ change | % change | |||||||||||||||||||
Contract assets | $ | $ | $ | ||||||||||||||||||||
Contract (liabilities) | ( | ( | |||||||||||||||||||||
Net contract assets (liabilities) | $ | $ | ( | $ |
(In millions) | 2021 | 2022 | Thereafter | ||||||||||||||
Subsea | $ | $ | $ | ||||||||||||||
Surface Technologies | |||||||||||||||||
Total order backlog | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Segment revenue | |||||||||||||||||||||||
Subsea | $ | $ | $ | $ | |||||||||||||||||||
Surface Technologies | $ | $ | |||||||||||||||||||||
Total revenue | $ | $ | $ | $ | |||||||||||||||||||
Segment operating profit (loss) | |||||||||||||||||||||||
Subsea | $ | $ | $ | $ | ( | ||||||||||||||||||
Surface Technologies | ( | ( | |||||||||||||||||||||
Total segment operating profit (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Corporate items | |||||||||||||||||||||||
Corporate expense(a) | ( | ( | ( | ( | |||||||||||||||||||
Net interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on early extinguishment of debt | ( | ( | |||||||||||||||||||||
Income (loss) from investment in Technip Energies | |||||||||||||||||||||||
Foreign exchange gains (losses) | ( | ( | ( | ||||||||||||||||||||
Total corporate items | ( | ( | ( | ||||||||||||||||||||
Income (loss) before income taxes(b) | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Income (loss) from discontinued operations attributable to TechnipFMC plc | ( | ||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Weighted average number of shares outstanding | |||||||||||||||||||||||
Dilutive effect of restricted stock units | |||||||||||||||||||||||
Dilutive effect of performance shares | — | — | — | ||||||||||||||||||||
Total shares and dilutive securities | |||||||||||||||||||||||
Basic and diluted earnings (loss) per share attributable to TechnipFMC plc: | |||||||||||||||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic and diluted | $ | $ | $ | ( | $ | ||||||||||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(millions of shares) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Share option awards | |||||||||||||||||||||||
Restricted share units | |||||||||||||||||||||||
Performance shares | |||||||||||||||||||||||
Total |
(In millions) | Year of origination | Balance as of September 30, 2021 | Balance as of December 31, 2020 | ||||||||||||||
Loans receivables, security deposits and other | |||||||||||||||||
Moody’s rating Ba2 | 2019 | $ | $ | ||||||||||||||
Debt securities at amortized cost | |||||||||||||||||
Moody’s rating B3 | 2019 | ||||||||||||||||
Total financial assets | $ | $ |
Balance as of September 30, 2021 | |||||||||||||||||||||||||||||
(In millions) | Trade receivables | Contract assets | Loans receivable | Security deposit and other | Held-to-maturity debt securities | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current period provision (release) for expected credit losses | ( | ( | ( | ( | |||||||||||||||||||||||||
Recoveries | ( | ( | |||||||||||||||||||||||||||
Allowance for credit losses at September 30, 2021 | $ | $ | $ | $ | $ |
Balance as of September 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Trade receivables | Contract assets | Loans receivable | Security deposit and other | Held-to-maturity debt securities | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current period provision for expected credit losses | |||||||||||||||||||||||||||||
Recoveries | ( | ( | ( | ||||||||||||||||||||||||||
Allowance for credit losses at September 30, 2020 | $ | $ | $ | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Inventories, net | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Value - added tax receivables | $ | $ | |||||||||
Prepaid expenses | |||||||||||
Sundry receivables | |||||||||||
Other tax receivables | |||||||||||
Current financial assets at amortized cost | |||||||||||
Held-to-maturity investments | |||||||||||
Assets held for sale | |||||||||||
Other | |||||||||||
Total other current assets | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Warranty accruals and project contingencies | $ | $ | |||||||||
Legal provisions | |||||||||||
Value - added tax and other taxes payable | |||||||||||
Compensation accrual | |||||||||||
Social security liability | |||||||||||
Provisions | |||||||||||
Derivative liability | |||||||||||
Accrued distributions to non-controlling interests | |||||||||||
Current portion of accrued pension and other post-retirement benefits | |||||||||||
Other accrued liabilities | |||||||||||
Total other current liabilities | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Warranty expenses | |||||||||||||||||||||||
Adjustment to existing accruals | ( | ( | ( | ||||||||||||||||||||
Claims paid | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Equinor ASA | $ | $ | |||||||||
Dofcon Navegacao | |||||||||||
Techdof Brasil AS | |||||||||||
Others | |||||||||||
Total accounts receivable | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Dofcon Navegacao | $ | $ | |||||||||
Others | |||||||||||
Total accounts payable | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Dofcon Navegacao | |||||||||||||||||||||||
Techdof Brasil AS | |||||||||||||||||||||||
Others | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Dofcon Navegacao | $ | $ | $ | $ | |||||||||||||||||||
Magma Global Limited | |||||||||||||||||||||||
Altus Intervention | |||||||||||||||||||||||
Others | |||||||||||||||||||||||
Total expenses | $ | $ | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Commercial paper | $ | $ | |||||||||
Synthetic bonds due 2021 | |||||||||||
Bank borrowings and other | |||||||||||
Unamortized debt issuance costs and discounts | ( | ( | |||||||||
Total debt | |||||||||||
Less: current borrowings (a) | |||||||||||
Long-term debt | $ | $ |
(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 Non-Controlling Interest | ||||||||||||||||||||||||
December 31, 2020 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||
Reclassification adjustment for net losses included in net income (loss), net of tax | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||
Spin-off of Technip Energies | ( | ||||||||||||||||||||||||||||
September 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
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 | $ | ( | $ | ( | $ | ( | $ | ( | Revenue | ||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||
( | ( | Selling, general and administrative expense | |||||||||||||||||||||||||||
( | ( | ( | Other income (expense), net | ||||||||||||||||||||||||||
( | ( | ( | ( | Income (loss) before income taxes | |||||||||||||||||||||||||
( | ( | ( | ( | Provision for income taxes | |||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( | Net income (loss) | |||||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | $ | ( | $ | ( | $ | ( | $ | ( | (a) | ||||||||||||||||||||
Amortization of net actuarial loss | ( | ( | ( | ( | (a) | ||||||||||||||||||||||||
( | ( | ( | ( | Income (loss) before income taxes | |||||||||||||||||||||||||
( | ( | Provision for income taxes | |||||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( | Net income (loss) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | $ | $ | ||||||||||||||||||||
Surface Technologies | |||||||||||||||||||||||
Corporate and other | |||||||||||||||||||||||
Total impairment, restructuring and other expenses | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | $ | $ | $ | |||||||||||||||||||
Surface Technologies | |||||||||||||||||||||||
Corporate and other | |||||||||||||||||||||||
Total impairments | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | Restructuring and other charges | Restructuring and other charges | COVID-19 expenses | Restructuring and other charges | Restructuring and other charges | COVID-19 expenses | |||||||||||||||||||||||||||||
Subsea | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Surface Technologies | |||||||||||||||||||||||||||||||||||
Corporate and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Financial guarantees (a) | $ | $ | |||||||||
Performance guarantees (b) | |||||||||||
Maximum potential undiscounted payments | $ | $ |
Net Notional Amount Bought (Sold) | |||||||||||
(In millions) | USD Equivalent | ||||||||||
Euro | |||||||||||
Brazilian real | |||||||||||
Australian dollar | |||||||||||
British pound | |||||||||||
Singapore dollar | |||||||||||
Indian rupee | |||||||||||
Norwegian krone | |||||||||||
Russian ruble | |||||||||||
Canadian dollar | |||||||||||
Mexican peso | ( | ( | |||||||||
Kuwaiti dinar | ( | ( | |||||||||
Indonesian rupiah | ( | ( | |||||||||
Malaysian ringgit | ( | ( | |||||||||
U.S. dollar | ( | ( |
Net Notional Amount Bought (Sold) | |||||||||||
(In millions) | USD Equivalent | ||||||||||
Brazilian real | |||||||||||
Norwegian krone | ( | ( | |||||||||
Euro | ( | ( | |||||||||
U.S. dollar |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Current - Derivative financial instruments | $ | $ | $ | $ | |||||||||||||||||||
Long-term - Derivative financial instruments | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Current - Derivative financial instruments | |||||||||||||||||||||||
Long-term - Derivative financial instruments | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Gain (Loss) Recognized in OCI | Gain (Loss) Recognized in OCI | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | $ | ( | $ | ( |
(In millions) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives | Revenue | Cost of sales | Selling, general and administrative expense | Other income (expense), net | Revenue | Cost of sales | Selling, general and administrative expense | Other income (expense), net | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI to income | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | ( | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
(In millions) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives | Revenue | Cost of sales | Selling, general and administrative expense | Other income (expense), net | Revenue | Cost of sales | Selling, general and administrative expense | Other income (expense), net | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI to income | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(In millions) | Gross Amount Recognized | Gross Amounts Not Offset, Permitted Under Master Netting Agreements | Net Amount | Gross Amount Recognized | Gross Amounts Not Offset, Permitted Under Master Netting Agreements | Net Amount | |||||||||||||||||||||||||||||
Derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Derivative liabilities | $ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in Technip Energies | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Equity securities(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Money market fund | |||||||||||||||||||||||||||||||||||||||||||||||
Stable value fund(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | Impairment | Fair Value | Impairment | Fair Value | |||||||||||||||||||
Long-lived assets(a) | $ | $ | $ | $ | |||||||||||||||||||
Equity method investment impairment (b) | $ | $ | $ | $ |
Three Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 1,579.4 | $ | 1,727.5 | (148.1) | (8.6) | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 1,364.0 | 1,518.8 | (154.8) | (10.2) | |||||||||||||||||||
Selling, general and administrative expense | 153.4 | 181.8 | (28.4) | (15.6) | |||||||||||||||||||
Research and development expense | 18.7 | 20.8 | (2.1) | (10.1) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | 7.3 | 53.5 | (46.2) | (86.4) | |||||||||||||||||||
Total costs and expenses | 1,543.4 | 1,774.9 | (231.5) | (13.0) | |||||||||||||||||||
Other income (expense), net | (5.9) | 7.9 | (13.8) | (174.7) | |||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | (30.0) | 12.9 | (42.9) | (332.6) | |||||||||||||||||||
Income from investment in Technip Energies (Note 11) | 28.5 | — | 28.5 | ||||||||||||||||||||
Loss on early extinguishment of debt | (16.0) | — | (16.0) | ||||||||||||||||||||
Net interest expense | (39.3) | (23.1) | (16.2) | (70.1) | |||||||||||||||||||
Loss before income taxes | (26.7) | (49.7) | 23.0 | 46.3 | |||||||||||||||||||
Provision for income taxes (Note 18) | 12.3 | 9.1 | 3.2 | 35.2 | |||||||||||||||||||
Loss from continuing operations | (39.0) | (58.8) | 19.8 | 33.7 | |||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | (1.6) | (5.9) | 4.3 | 72.9 | |||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | (40.6) | (64.7) | 24.1 | 37.2 | |||||||||||||||||||
Income from discontinued operations | 8.4 | 65.2 | (56.8) | (87.1) | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | (4.4) | 4.4 | 100.0 | |||||||||||||||||||
Net Income (loss) attributable to TechnipFMC plc | (32.2) | (3.9) | (28.3) | (725.6) |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 4,880.2 | $ | 4,930.3 | (50.1) | (1.0) | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 4,247.7 | 4,373.6 | (125.9) | (2.9) | |||||||||||||||||||
Selling, general and administrative expense | 473.6 | 534.9 | (61.3) | (11.5) | |||||||||||||||||||
Research and development expense | 54.4 | 71.3 | (16.9) | (23.7) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | 34.8 | 3,356.2 | (3,321.4) | (99.0) | |||||||||||||||||||
Total costs and expenses | 4,810.5 | 8,336.0 | (3,525.5) | (42.3) | |||||||||||||||||||
Other income (expense), net | 28.7 | (20.3) | 49.0 | 241.4 | |||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | (9.5) | 49.7 | (59.2) | (119.1) | |||||||||||||||||||
Income from investment in Technip Energies (Note 11) | 351.8 | — | 351.8 | ||||||||||||||||||||
Loss on early extinguishment of debt | (39.5) | — | (39.5) | ||||||||||||||||||||
Net interest expense | (109.0) | (72.7) | (36.3) | (49.9) | |||||||||||||||||||
Income (loss) before income taxes | 292.2 | (3,449.0) | 3,741.2 | 108.5 | |||||||||||||||||||
Provision for income taxes (Note 18) | 71.7 | 13.5 | 58.2 | 431.1 | |||||||||||||||||||
Income (loss) from continuing operations | 220.5 | (3,462.5) | 3,683.0 | 106.4 | |||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | (5.5) | (14.6) | 9.1 | 62.3 | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 215.0 | (3,477.1) | 3,692.1 | 106.2 | |||||||||||||||||||
Income (loss) from discontinued operations | (44.1) | 238.5 | (282.6) | (118.5) | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | (1.9) | (9.7) | 7.8 | 80.4 | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | 169.0 | (3,248.3) | 3,417.3 | 105.2 |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 1,312.1 | $ | 1,501.8 | (189.7) | (12.6) | |||||||||||||||||
Operating profit (loss) | $ | 23.5 | $ | 20.3 | 3.2 | 15.8 | |||||||||||||||||
Operating profit as a percentage of revenue | 1.8 | % | 1.4 | % | 0.4 pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 267.3 | $ | 225.7 | 41.6 | 18.4 | |||||||||||||||||
Operating profit (loss) | $ | 12.1 | $ | (7.0) | 19.1 | 272.9 | |||||||||||||||||
Operating profit as a percentage of revenue | 4.5 | % | (3.1) | % | 7.6 pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (29.3) | $ | (25.3) | (4.0) | (15.8) |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 4,092.9 | $ | 4,133.4 | (40.5) | (1.0) | |||||||||||||||||
Operating profit (loss) | $ | 132.9 | $ | (2,806.0) | 2,938.9 | 104.7 | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | 3.2 | % | (67.9) | % | 71.1 pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 787.3 | $ | 796.9 | (9.6) | (1.2) | |||||||||||||||||
Operating profit (loss) | $ | 33.2 | $ | (444.4) | 477.6 | 107.5 | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | 4.2 | % | (55.8) | % | 60.0 pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (88.4) | $ | (72.1) | (16.3) | (22.6) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (40.6) | $ | 1.6 | $ | 12.3 | $ | 55.3 | $ | 28.6 | $ | 96.5 | $ | 125.1 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges* | 38.0 | — | — | — | 38.0 | — | 38.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 6.1 | — | (0.1) | — | 6.0 | — | 6.0 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (28.5) | — | — | — | (28.5) | — | (28.5) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (25.0) | $ | 1.6 | $ | 12.2 | $ | 55.3 | $ | 44.1 | $ | 96.5 | $ | 140.6 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.09) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.06) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (64.7) | $ | 5.9 | $ | 9.1 | $ | 23.1 | $ | (26.6) | $ | 94.2 | $ | 67.6 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 19.3 | — | 3.7 | — | 23.0 | — | 23.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 8.4 | — | 1.0 | — | 9.4 | — | 9.4 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 17.3 | — | 3.8 | — | 21.1 | — | 21.1 | ||||||||||||||||||||||||||||||||||
Valuation allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (19.7) | $ | 5.9 | $ | 17.6 | $ | 23.1 | $ | 26.9 | $ | 94.2 | $ | 121.1 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.14) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.04) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 215.0 | $ | 5.5 | $ | 71.7 | $ | 148.5 | $ | 440.7 | $ | 289.7 | $ | 730.4 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges* | 57.6 | — | — | — | 57.6 | — | 57.6 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 13.7 | — | 0.2 | — | 13.9 | — | 13.9 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (351.8) | — | — | — | (351.8) | — | (351.8) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (65.5) | $ | 5.5 | $ | 71.9 | $ | 148.5 | $ | 160.4 | $ | 289.7 | $ | 450.1 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.47 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.14) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Loss before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (3,477.1) | $ | 14.6 | $ | 13.5 | $ | 72.7 | $ | (3,376.3) | $ | 298.3 | $ | (3,078.0) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 3,232.7 | — | 12.0 | — | 3,244.7 | — | 3,244.7 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 48.9 | — | 4.8 | — | 53.7 | — | 53.7 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 50.9 | — | 6.9 | — | 57.8 | — | 57.8 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | (3.1) | — | 3.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (141.2) | $ | 14.6 | $ | 42.3 | $ | 72.7 | $ | (11.6) | $ | 289.8 | $ | 278.2 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (7.75) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.31) |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,312.1 | $ | 267.3 | $ | — | $ | — | $ | 1,579.4 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 23.5 | $ | 12.1 | $ | (29.3) | $ | 22.3 | $ | 28.6 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges* | 38.0 | — | — | — | 38.0 | ||||||||||||||||||||||||
Restructuring and other charges | 5.6 | — | 0.4 | — | 6.0 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (28.5) | (28.5) | ||||||||||||||||||||||||
Subtotal | 43.6 | — | 0.4 | (28.5) | 15.5 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 67.1 | 12.1 | (28.9) | (6.2) | 44.1 | ||||||||||||||||||||||||
Depreciation and amortization | 79.4 | 16.3 | 0.8 | — | 96.5 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 146.5 | $ | 28.4 | $ | (28.1) | $ | (6.2) | $ | 140.6 | |||||||||||||||||||
Operating profit margin, as reported | 1.8 | % | 4.5 | % | 1.8 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 5.1 | % | 4.5 | % | 2.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.2 | % | 10.6 | % | 8.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,501.8 | $ | 225.7 | $ | — | $ | — | $ | 1,727.5 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 20.3 | $ | (7.0) | $ | (25.3) | $ | (14.6) | $ | (26.6) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 17.6 | 5.4 | — | — | 23.0 | ||||||||||||||||||||||||
Restructuring and other charges | 7.1 | 0.9 | 1.4 | — | 9.4 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 18.7 | 2.4 | — | — | 21.1 | ||||||||||||||||||||||||
Subtotal | 43.4 | 8.7 | 1.4 | — | 53.5 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 63.7 | 1.7 | (23.9) | (14.6) | 26.9 | ||||||||||||||||||||||||
Depreciation and amortization | 82.3 | 15.6 | (3.7) | — | 94.2 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 146.0 | $ | 17.3 | $ | (27.6) | $ | (14.6) | $ | 121.1 | |||||||||||||||||||
Operating profit margin, as reported | 1.4 | % | (3.1) | % | (1.5) | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.2 | % | 0.8 | % | 1.6 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 9.7 | % | 7.7 | % | 7.0 | % |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 4,092.9 | $ | 787.3 | $ | — | $ | — | $ | 4,880.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 132.9 | $ | 33.2 | $ | (88.4) | $ | 363.0 | $ | 440.7 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges* | 54.3 | 0.3 | 3.0 | — | 57.6 | ||||||||||||||||||||||||
Restructuring and other charges | 10.0 | 3.5 | 0.4 | — | 13.9 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (351.8) | (351.8) | ||||||||||||||||||||||||
Subtotal | 64.3 | 3.8 | 3.4 | (351.8) | (280.3) | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 197.2 | 37.0 | (85.0) | 11.2 | 160.4 | ||||||||||||||||||||||||
Depreciation and amortization | 238.5 | 48.5 | 2.7 | — | 289.7 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 435.7 | $ | 85.5 | $ | (82.3) | $ | 11.2 | $ | 450.1 | |||||||||||||||||||
Operating profit margin, as reported | 3.2 | % | 4.2 | % | 9.0 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.8 | % | 4.7 | % | 3.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.6 | % | 10.9 | % | 9.2 | % |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 4,133.4 | $ | 796.9 | $ | — | $ | — | $ | 4,930.3 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | (2,806.0) | $ | (444.4) | $ | (72.1) | $ | (53.8) | $ | (3,376.3) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 2,826.6 | 418.1 | — | — | 3,244.7 | ||||||||||||||||||||||||
Restructuring and other charges | 36.1 | 14.0 | 3.6 | — | 53.7 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 50.1 | 7.7 | — | — | 57.8 | ||||||||||||||||||||||||
Purchase price accounting adjustment | 8.5 | — | — | — | 8.5 | ||||||||||||||||||||||||
Subtotal | 2,921.3 | 439.8 | 3.6 | — | 3,364.7 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 115.3 | (4.6) | (68.5) | (53.8) | (11.6) | ||||||||||||||||||||||||
Adjusted Depreciation and amortization | 235.1 | 54.7 | — | — | 289.8 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 350.4 | $ | 50.1 | $ | (68.5) | $ | (53.8) | $ | 278.2 | |||||||||||||||||||
Operating profit margin, as reported | -67.9 | % | -55.8 | % | -68.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 2.8 | % | -0.6 | % | -0.2 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 8.5 | % | 6.3 | % | 5.6 | % |
Inbound Orders | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | 1,116.0 | $ | 1,607.1 | $ | 3,926.1 | $ | 3,290.9 | |||||||||||||||
Surface Technologies | 249.9 | 207.5 | 721.4 | 760.9 | |||||||||||||||||||
Total inbound orders | $ | 1,365.9 | $ | 1,814.6 | $ | 4,647.5 | $ | 4,051.8 |
Order Backlog | |||||||||||
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Subsea | $ | 6,661.4 | $ | 6,876.0 | |||||||
Surface Technologies | 341.0 | 413.5 | |||||||||
Total order backlog | $ | 7,002.4 | $ | 7,289.5 |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Cash and cash equivalents | $ | 1,034.0 | $ | 1,269.2 | |||||||
Short-term debt and current portion of long-term debt | (282.2) | (624.7) | |||||||||
Long-term debt, less current portion | (1,973.6) | (2,835.5) | |||||||||
Net debt | $ | (1,221.8) | $ | (2,191.0) |
Exhibit Number | Exhibit Description | |||||||
10.1 | Second Amendment, dated October 6, 2021, to the Credit Agreement, dated February 16, 2021, by and among TechnipFMC plc, JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc. or an affiliate, DNB Capital, LLC or an affiliate, Société Générale, Sumitomo Mitsui Banking Corporation, Wells Fargo Securities, LLC and BofA Securities, Inc., collectively, as lead arrangers, JPMorgan Chase Bank, N.A., as administrative agent, Standard Chartered Bank, as documentation agent, and the lenders party thereto. | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
/s/ Krisztina Doroghazi | |||||
Krisztina Doroghazi | |||||
Senior Vice President, Controller and Chief Accounting Officer (Chief Accounting Officer and a Duly Authorized Officer) |
/s/ DOUGLAS J. PFERDEHIRT | ||||||||
Douglas J. Pferdehirt | ||||||||
Executive Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ ALF MELIN | ||||||||
Alf Melin | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ DOUGLAS J. PFERDEHIRT | ||||||||
Douglas J. Pferdehirt | ||||||||
Executive Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ ALF MELIN | ||||||||
Alf Melin | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||
Statement of Comprehensive Income [Abstract] | ||||||||||
Net income (loss) attributable to TechnipFMC plc | $ (32.2) | $ (3.9) | $ 169.0 | $ (3,248.3) | ||||||
Income from continuing operations attributable to non-controlling interests | (1.6) | (5.9) | (5.5) | (14.6) | ||||||
Income from discontinued operations attributable to non-controlling interests | 0.0 | (4.4) | (1.9) | (9.7) | ||||||
Net income (loss) | (30.6) | 6.4 | 176.4 | (3,224.0) | ||||||
Foreign currency translation adjustments | ||||||||||
Foreign currency translation adjustments | [1] | (57.2) | (10.4) | (1.8) | (213.2) | |||||
Net gains (losses) on hedging instruments | ||||||||||
Net gains (losses) arising during the period | (16.8) | 44.7 | (28.8) | (10.6) | ||||||
Reclassification adjustment for net losses included in net income (loss) | 1.3 | 3.9 | 3.3 | 8.7 | ||||||
Net gains (losses) on hedging instruments | [2] | (15.5) | 48.6 | (25.5) | (1.9) | |||||
Pension and other post-retirement benefits | ||||||||||
Net gains (losses) arising during the period | 3.2 | (2.6) | 4.4 | (0.4) | ||||||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | 0.1 | 0.3 | 0.4 | 0.8 | ||||||
Reclassification adjustment for amortization of net actuarial loss included in net income (loss) | 4.7 | 2.3 | 14.3 | 6.7 | ||||||
Net pension and other postretirement benefits | [3] | 8.0 | 0.0 | 19.1 | 7.1 | |||||
Other comprehensive income (loss), net of tax | (64.7) | 38.2 | (8.2) | (208.0) | ||||||
Comprehensive income (loss) | (95.3) | 44.6 | 168.2 | (3,432.0) | ||||||
Comprehensive income attributable to non-controlling interest | (0.2) | (11.8) | (5.9) | (17.9) | ||||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ (95.5) | $ 32.8 | $ 162.3 | $ (3,449.9) | ||||||
|
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Net gains (losses) on hedging instruments, tax benefit | 3.6 | (13.1) | 6.6 | 2.7 |
Net pension and other post-retirement benefits, tax (expense) benefit | $ (2.1) | $ 1.7 | $ (5.5) | $ 0.2 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 38.3 | $ 40.2 |
Allowance for contract assets | 1.2 | 2.4 |
Property, plant and equipment, accumulated depreciation | 2,386.3 | 2,154.2 |
Intangible assets, accumulated amortization | $ 468.9 | $ 493.1 |
Ordinary shares, par value (in dollars) | $ 1.00 | $ 1.00 |
Ordinary shares, shares authorized (in shares) | 618.3 | 618.3 |
Ordinary shares, shares issued (in shares) | 450.6 | 449.5 |
Ordinary shares, shares outstanding (in shares) | 450.6 | 449.5 |
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Millions |
Total |
Technip Energies |
Cumulative Effect, Period of Adoption, Adjustment |
Ordinary Shares |
Capital in Excess of Par Value of Ordinary Shares |
Accumulated Deficit |
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated Other Comprehensive Income (Loss) |
Non-controlling Interest |
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 7,688.1 | $ (7.8) | $ 447.1 | $ 10,182.8 | $ (1,563.1) | $ (7.8) | $ (1,407.5) | $ 28.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (3,224.0) | (3,248.3) | 24.3 | ||||||
Other comprehensive income (loss) | (208.0) | (201.6) | (6.4) | ||||||
Issuance of ordinary shares | (5.3) | 2.3 | (7.6) | ||||||
Cash dividends declared | (59.2) | (59.2) | |||||||
Share-based compensation (Note 15) | 52.6 | 52.6 | |||||||
Other | (2.7) | (0.6) | (2.1) | ||||||
Ending balance at Sep. 30, 2020 | 4,233.7 | 449.4 | 10,227.8 | (4,879.0) | (1,609.1) | 44.6 | |||
Beginning balance at Jun. 30, 2020 | 4,175.6 | 449.3 | 10,213.6 | (4,876.0) | (1,645.8) | 34.5 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 6.4 | (3.9) | 10.3 | ||||||
Other comprehensive income (loss) | 38.2 | 36.7 | 1.5 | ||||||
Issuance of ordinary shares | 0.1 | 0.1 | |||||||
Share-based compensation (Note 15) | 14.2 | 14.2 | |||||||
Other | (0.8) | 0.9 | (1.7) | ||||||
Ending balance at Sep. 30, 2020 | 4,233.7 | 449.4 | 10,227.8 | (4,879.0) | (1,609.1) | 44.6 | |||
Beginning balance at Dec. 31, 2020 | 4,214.3 | 449.5 | 10,242.4 | (4,915.2) | (1,622.5) | 60.1 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 176.4 | 169.0 | 7.4 | ||||||
Other comprehensive income (loss) | (8.2) | (6.7) | (1.5) | ||||||
Issuance of ordinary shares | 1.1 | 1.1 | |||||||
Share-based compensation (Note 15) | 18.4 | 18.4 | |||||||
Spin-off of Technip Energies (Note 2) | $ (857.3) | (1,108.4) | 271.0 | (19.9) | |||||
Accrued distributions to non-controlling interest | (15.0) | 0.0 | (15.0) | ||||||
Other | (10.3) | (1.5) | (8.8) | ||||||
Ending balance at Sep. 30, 2021 | 3,519.4 | 450.6 | 9,152.4 | (4,747.7) | (1,358.2) | 22.3 | |||
Beginning balance at Jun. 30, 2021 | 3,629.3 | 450.6 | 9,144.7 | (4,714.0) | (1,294.9) | 42.9 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (30.6) | (32.2) | 1.6 | ||||||
Other comprehensive income (loss) | (64.7) | (63.3) | (1.4) | ||||||
Share-based compensation (Note 15) | 7.7 | 7.7 | |||||||
Accrued distributions to non-controlling interest | $ (15.0) | 0.0 | 0.0 | (15.0) | |||||
Other | (7.3) | (1.5) | (5.8) | ||||||
Ending balance at Sep. 30, 2021 | $ 3,519.4 | $ 450.6 | $ 9,152.4 | $ (4,747.7) | $ (1,358.2) | $ 22.3 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) |
3 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Common stock, dividends (in usd per share) | $ 0.13 |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of TechnipFMC plc and its consolidated subsidiaries (“TechnipFMC,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2020. Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments as well as adjustments to our financial position pursuant to a business combination, necessary for a fair statement of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2021.
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DISCONTINUED OPERATIONS |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS The Spin-off On February 16, 2021, we completed our separation into two independent publicly traded companies: TechnipFMC, a fully integrated technology and service provider, and Technip Energies, a leading engineering and technology player (“Technip Energies”). The transaction was structured as a spin-off, which occurred by way of a pro rata dividend (the “Distribution”) to our shareholders of 50.1% of the outstanding shares in Technip Energies N.V. Each of our shareholders received one ordinary share of Technip Energies N.V. for every five ordinary shares of TechnipFMC held at 5:00 p.m., Eastern Standard Time, on the record date, February 17, 2021. Technip Energies N.V. is now an independent public company and its shares trade under the ticker symbol “TE” on the Euronext Paris Stock Exchange. In connection with the Spin-off, TechnipFMC and Technip Energies entered into a separation and distribution agreement, as well as various other agreements, including among others a tax matters agreement, an employee matters agreement and a transition services agreement and certain agreements relating to intellectual property. These agreements provide for the allocation between TechnipFMC and Technip Energies of assets, employees, taxes, liabilities and obligations attributable to periods prior to, at and after the Spin-off. Discontinued Operations The Spin-off represented a strategic shift that will have a major impact to our operations and consolidated financial statements. Accordingly, historical results of Technip Energies prior to the Distribution on February 16, 2021 have been presented as discontinued operations in our condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows for the three and nine months ended September 30, 2021 and 2020. Our condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows and notes to the condensed consolidated financial statements have been updated to reflect continuing operations only. The following table summarizes the components of income from discontinued operations, net of tax:
Assets and liabilities of discontinued operations are summarized below:
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NEW ACCOUNTING STANDARDS |
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Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards under GAAP In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post-retirement plans. We adopted this amendment as of January 1, 2021, which did not have a material impact on our condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes to Topic 740—Simplifying the Accounting for Income Taxes.” The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This update also improves and simplifies areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. We adopted this amendment as of January 1, 2021, which did not have a material impact on our condensed consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments—Equity Securities (Topic 321),” “Investments—Equity Method and Joint Ventures (Topic 323),” and “Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” and made targeted improvements to address certain aspects of accounting for financial instruments. This update clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The new ASU also clarifies that, when determining the accounting for certain forward contracts and purchased options, a company should not consider whether underlying securities would be accounted for under the equity method or fair value option upon settlement or exercise. We adopted this amendment as of January 1, 2021, which did not have a material impact on our condensed consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements.” The amendments in this update improve consistency by amending the accounting standards codification (the “Codification”) to include all disclosure guidance in the appropriate sections and clarify the application of various provisions in the Codification by amending and adding new headings, cross-referencing to other guidance, and refining or correcting terminology. We adopted this update at January 1, 2021, which did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards under GAAP In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).” In addition, in January 2021, FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848)” which clarifies the scope of Topic 848. The amendments in these updates apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this update were issued as of March 12, 2020, effective through December 31, 2022. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This update simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The amendments to this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We do not anticipate the adoption of this update to have a material impact on our condensed consolidated financial statements.
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REVENUE | REVENUE The majority of our revenue is from long-term contracts associated with designing and manufacturing products and systems and providing services to customers involved in exploration and production of crude oil and natural gas. Disaggregation of Revenue Revenues are disaggregated by geographic location and contract types. The following tables present total revenue by geography for each reportable segment for the three and nine months ended September 30, 2021 and 2020:
The following tables present total revenue by contract type for each reportable segment for the three and nine months ended September 30, 2021 and 2020:
Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the condensed consolidated balance sheets. Contract Assets - Contract assets include unbilled amounts typically resulting from sales under long-term contracts when revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs and estimated earnings in excess of billings on uncompleted contracts are generally classified as current. Contract Liabilities - We sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities. The following table provides information about net contract assets (liabilities) as of September 30, 2021 and December 31, 2020:
The increase in our contract assets from December 31, 2020 to September 30, 2021 was primarily due to the timing of project milestones. The decrease in our contract liabilities was primarily due to completion of performance obligations for contracts, for which consideration was received in advance of the work performed during the period. In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases contract asset balance. Revenue recognized for the three months ended September 30, 2021 and 2020 that was included in the contract liabilities balance at December 31, 2020 and 2019 was $53.4 million and $69.7 million, respectively, and $250.5 million and $424.1 million for the nine months ended September 30, 2021 and 2020, respectively. For the three months ended September 30, 2021 and 2020, we recognized $4.3 million and $(2.3) million, respectively, and for the nine months ended September 30, 2021 and 2020, we recognized $6.9 million and $(17.2) million, respectively, related to the favorable (unfavorable) changes in estimates of contract revenue. Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations Remaining unsatisfied performance obligations (“RUPO” or “order backlog”) represent the transaction price for products and services for which we have a material right but work has not been performed. The transaction price of the order backlog includes the base transaction price, variable consideration and changes in transaction price. The order backlog table does not include contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of September 30, 2021, the aggregate amount of the transaction price allocated to order backlog was $7,002.4 million. We expect to recognize revenue on approximately 15.4% of the order backlog through 2021 and 84.6% thereafter. The following table details the order backlog for each business segment as of September 30, 2021:
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BUSINESS SEGMENTS |
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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:
(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, long-lived assets impairment, restructuring and other expenses, and other employee benefits. (b)Includes amounts attributable to non-controlling interests.
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EARNINGS (LOSS) PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:
For the three months ended September 30, 2021 and September 30, 2020, we incurred a loss from continuing operations; therefore, the impact of 4.3 million and 0.6 million shares were anti-dilutive. For the nine months ended September 30, 2020, we incurred a loss from continuing operations; therefore, the impact of 3.6 million shares were anti-dilutive. Weighted average shares of the following share-based compensation awards were excluded from the calculation of diluted weighted average number of shares, where the assumed proceeds exceed the average market price from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive:
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RECEIVABLES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RECEIVABLES | RECEIVABLESWe manage our receivables portfolios using published default risk as a key credit quality indicator for our loans and receivables. Our loans receivable and security deposits were related to sales of long-lived assets or businesses, loans to related parties for capital expenditure purposes, or security deposits for lease arrangements. We manage our held-to-maturity debt securities using published credit ratings as a key credit quality indicator as our held-to-maturity debt securities consist of government bonds. The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is updated as of September 30, 2021.
Credit Losses For contract assets, trade receivables, loans receivable, and security deposits and other, we have elected to calculate an expected credit loss based on loss rates from historical data. We develop loss-rate statistics on the basis of the amount written-off over the life of the financial assets and contract assets and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses. For held-to-maturity debt securities at amortized cost, we evaluate whether the debt securities are considered to have low credit risk at the reporting date using available, reasonable and supportable information. The table below shows the roll-forward of allowance for credit losses as of September 30, 2021 and 2020, respectively.
Certain trade receivables are due in one year or less. We do not have any financial assets that are past due or are on non-accrual status.
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INVENTORIES |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories consisted of the following:
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OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES |
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Other Current Assets and Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES | OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES Other current assets consisted of the following:
Other current liabilities consisted of the following:
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WARRANTY OBLIGATIONS |
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WARRANTY OBLIGATIONS | WARRANTY OBLIGATIONS Warranty obligations are included within Other current liabilities in our consolidated balance sheets as of September 30, 2021 and December 31, 2020. A reconciliation of warranty obligations for the three and nine months ended September 30, 2021 and 2020 is as follows:
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EQUITY METHOD INVESTMENTS |
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Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS Our income (loss) from equity affiliates is included in our Subsea segment. During the three and nine months ended September 30, 2021, our loss from equity affiliates was $30.0 million and $9.5 million, respectively. Our income from equity affiliates during the three and nine months ended September 30, 2020 was $12.9 million and $49.7 million, respectively. In 2018, we entered into a collaboration agreement with Magma Global Ltd. (“Magma Global”) to develop a new generation of hybrid flexible pipe for use in the traditional and new energy industries. As part of the collaboration, we purchased a minority ownership interest in Magma Global. In October 2021, we purchased the remaining ownership interest in Magma Global for $64.0 million. The cash consideration will be paid to the shareholders of Magma Global in three annual installments. The first payment of $23.9 million was paid on October 12, 2021. Magma technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistant to corrosive compounds, such as CO2. With the step acquisition of the remaining outstanding shares of Magma Global and our resulting control of the company, we recorded a $36.7 million impairment during the third quarter of 2021 to adjust our equity method investment to its estimated fair value. The impairment charge is included in income/loss from equity affiliates line in our condensed consolidated statement of income. Investment in Technip Energies As discussed in Note 2, immediately following the completion of the Spin-off, we owned 49.9% of the outstanding shares of Technip Energies. On January 7, 2021, Bpifrance Participations SA (“BPI”) entered into the Share Purchase Agreement with us pursuant to which BPI agreed to purchase a portion of our retained stake in Technip Energies N.V. (the “BPI Investment”) for $200.0 million (the “Purchase Price”), subject to certain adjustments. On March 31, 2021, BPI ultimately purchased 7.5 million shares in Technip Energies from us for $100.0 million. Accordingly, on April 8, 2021, we refunded $100.0 million to BPI as a result of their revised level of investment. On April 27, 2021 we sold 25.0 million Technip Energies shares, representing 14% of Technip Energies’ share capital, through a private placement by way of an accelerated bookbuild offering (the “April Placement”). The sale price of the shares in the April Placement was set at €11.10 per share, yielding total gross proceeds of €277.5 million, or $335.2 million. Concurrently with the April Placement, Technip Energies purchased from us 1.8 million shares of Technip Energies (equivalent to 1% of share capital) at €11.10 per share, corresponding to the price of the April Placement (the “Concurrent Sale to Technip Energies”). The sale of shares to Technip Energies yielded total gross proceeds of €20.0 million or $24.2 million. This purchase was separate from the April Placement. On July 29, 2021 we announced the launch and pricing of the sale of 16.0 million Technip Energies shares, representing approximately 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering (the “July Placement”). The sale price of the shares in the July Placement was set at €11.20 per share, yielding total gross proceeds of €179.2 million, or $213.1 million. We agreed to a 60-day lock-up for our remaining shares in Technip Energies, subject to waiver from the Joint Global Coordinators and certain other customary exceptions. On September 2, 2021 we announced the sale of 17.6 million Technip Energies shares, representing approximately 10% of Technip Energies’ issued and outstanding share capital, through a private sale transaction with HAL Investments, the Dutch investment subsidiary of HAL Holding, N.V. (the “September Sale”). The sale price of the shares in the September Sale was set at €11.15 per share, yielding total gross proceeds of €196.2 million, or $231.5 million. The Joint Global Coordinators from the July Placement granted a waiver of the 60-day lock-up solely for the purpose of the September Sale. The original 60-day lock-up applicable to the July Placement remained in effect in all other respects until October 2, 2021. The September Sale was completed in two tranches. The first tranche of 8.6 million shares was sold and settled in September for gross proceeds of €96.3 million, or $114.4 million. The second tranche of 9.0 million shares was settled on October 22, 2021 for gross proceeds of €99.9 million, or $116.4 million. As of September 30, 2021, we retained 17.1% ownership interest in Technip Energies’ issued and outstanding share capital. As a result of the reduced ownership interest in Technip Energies and related loss of significant influence, we discontinued the use of equity method of accounting for our interest in Technip Energies. Following the September sale, we account for our remaining ownership interest in Technip Energies as equity security at fair value. As of October 26, 2021, we retain a direct stake of 21.9 million shares, representing 12.3% of Technip Energies’ issued and outstanding share capital. There is no lock-up associated with our remaining stake in Technip Energies. At the Spin-off date, on initial recognition of the investment, we elected to account for our investment in Technip Energies at fair value with all subsequent changes in fair value for the investment reported in our consolidated statement of income. For the three and nine months ended September 30, 2021, we recognized $28.5 million and $351.8 million of income related to our investment in Technip Energies, respectively. The amounts recognized include purchase price discounts on the sales of shares and a fair value revaluation gains of our investment. Income for the three months ended September 30, 2021 also included a $22.4 million loss on the forward sale contract associated with the September sale of the second tranche of Technip Energies shares. The loss represents the difference between the agreed upon sales price for the September sale and the market price used to determine the carrying amount of the investment in the condensed consolidated financial statements. As of September 30, 2021, the $22.4 million loss was recorded as the derivative liability associated with the forward sale and was included in other current liabilities in our condensed consolidated balance sheet. The carrying amount of our investment in Technip Energies as of September 30, 2021 was $485.3 million.
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RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Receivables, payables, revenues and expenses, which are included in our condensed consolidated financial statements for all transactions with related parties, defined as entities related to our directors and main shareholders as well as the partners of our consolidated joint ventures, were as follows. Accounts receivable consisted of receivables due from the following related parties:
Dofcon Navegacao is an equity method investment. Techdof Brasil AS is a wholly owned subsidiary of Dofcon Brasil AS, our equity method affiliate. In October 2020, we added a new member to our Board of Directors who was an executive of Equinor ASA. Accounts payable consisted of payables due to the following related parties:
Additionally, we have a note receivable from Dofcon Brasil AS for $25.2 million and $37.6 million as of September 30, 2021 and December 31, 2020, respectively. Dofcon Brasil AS is a variable interest entity and accounted for as an equity method investment. Revenue included amounts from the following related parties:
Expenses included amounts to the following related parties:
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Overview Long-term debt consisted of the following:
(a) As of September 30, 2021 and December 31, 2020, current borrowings consisted primarily of bank borrowings and notes with current maturities of 12 months. Debt Financing Transactions in Connection with the Spin-off In connection with the Spin-off, we executed a series of refinancing transactions, in order to provide a capital structure with sufficient cash resources to support future operating and investment plans. Debt Issuance •On February 16, 2021, we entered into a credit agreement, which provides for a $1.0 billion three-year senior secured multicurrency revolving credit facility (“Revolving Credit Facility”) including a $450.0 million letter of credit subfacility; and •On January 29, 2021, we issued $1.0 billion of 6.50% senior notes due 2026 (the “2021 Notes”). Repayment of Debt The proceeds from the debt issuance described above along with the available cash on hand, were used to fund: •the repayment of all $542.4 million of the outstanding Synthetic Convertible Bonds that matured in January 2021; •the repayment of all $500.0 million aggregate principal amount of outstanding 3.45% Senior Notes due 2022. In connection with the repayment, we recorded a loss on extinguishment of debt of $23.5 million related to the difference between the amount paid and the net carrying value of the debt; and •the termination of the $2.5 billion senior unsecured revolving credit facility entered into on January 17, 2017; the termination of the €500.0 million Euro Facility entered into on May 19, 2020, and the termination of the CCFF Program entered into on May 19, 2020. In connection with the termination of these credit facilities, we repaid $830.9 million of the outstanding commercial paper borrowings. Credit Facilities and Debt Revolving Credit Facility - On February 16, 2021, we entered into a credit agreement, which provides for a $1.0 billion three-year senior secured multicurrency Revolving Credit Facility including a $450.0 million letter of credit subfacility. We incurred $27.9 million of debt issuance costs in connection with the Revolving Credit Facility. These debt issuance costs are deferred and are included in Other Assets in our condensed consolidated balance sheet as of September 30, 2021. The deferred debt issuance costs are amortized to interest expense over the term of the Revolving Credit Facility. Availability of borrowings under the Revolving Credit Facility is reduced by the outstanding letters of credit issued against the facility. As of September 30, 2021, there were $72.9 million letters of credit outstanding and availability of borrowings under the Revolving Credit Facility was $927.1 million. Borrowings under the Revolving Credit Facility bear interest at the following rates, plus an applicable margin, depending on currency: •U.S. dollar-denominated loans bear interest, at the Company’s option, at a base rate or an adjusted rate linked to the London interbank offered rate (“Adjusted LIBOR”); •Sterling denominated loans bear interest at Adjusted LIBOR; and •Euro-denominated loans bear interest on an adjusted rate linked to the Euro interbank offered rate. The applicable margin for borrowings under the Revolving Credit Facility ranges from 2.50% to 3.50% for Eurocurrency loans and 1.50% to 2.50% for base rate loans, depending on a total leverage ratio. The Revolving Credit Facility is subject to customary representations and warranties, covenants, events of default, mandatory repayment provisions and financial covenants. 2021 Notes - On January 29, 2021, we issued $1.0 billion of 6.50% senior notes due 2026. The interest on the 2021 Notes is paid semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The 2021 Notes are senior unsecured obligations and are guaranteed on a senior unsecured basis by substantially all of our wholly-owned U.S. subsidiaries and non-U.S. subsidiaries in Brazil, the Netherlands, Norway, Singapore and the United Kingdom. We incurred $25.7 million of debt issuance costs in connection with issuance of the 2021 Notes. These debt issuance costs are deferred and are included in long-term debt in our condensed consolidated balance sheet as of September 30, 2021. The deferred debt issuance costs are amortized to interest expense over the term of the 2021 Notes, which approximates the effective interest method. In September 2021, we completed a tender offer and purchased for cash $164.1 million of the outstanding 2021 Notes. We paid a cash premium of $12.3 million to the note holders who tendered and wrote-off $3.7 million of bond issuance costs. In October 2021, we purchased an additional $2.8 million of the outstanding 2021 Notes. Subsequent to September 30, 2021 we amended the Credit Agreement to amend covenants for the tender offer and early debt repurchases of these 2021 Notes. We are in compliance with the restrictive covenants of the Credit Agreement. Commercial paper - As of December 31, 2020, we had $1,043.7 million of commercial paper outstanding. Commercial paper borrowings were issued at market interest rates. In accordance with the terms of the new Revolving Credit Facility, we do not have an ability to issue any new commercial paper notes going forward. Bank borrowings - Include term loans issued in connection with financing for certain of our vessels and amounts outstanding under our foreign committed credit lines.
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STOCKHOLDERS’ EQUITY |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Accumulated other comprehensive income (loss) consisted of the following:
Reclassifications out of accumulated other comprehensive income (loss) consisted of the following:
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost.
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SHARE-BASED COMPENSATION |
9 Months Ended |
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Sep. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATIONUnder the Amended and Restated TechnipFMC plc Incentive Award Plan (the “Plan”), we may grant certain incentives and awards to our officers, employees, non-employee directors and consultants of the Company and its subsidiaries. Awards may include share options, share appreciation rights, performance stock units, restricted stock units, restricted shares or other awards authorized under the Plan. Under the Plan, 24.1 million ordinary shares were authorized for awards in 2017. On the record date of the Spin-off, 11.9 million shares remained available under the Plan, which were adjusted to reflect the Spin-off using an adjustment ratio, calculated as the ratio of the closing price of shares of TechnipFMC common stock on the NYSE on the date immediately prior to the Spin-off to the closing price of shares of TechnipFMC on the NYSE on the date immediately after the Spin-off. After this adjustment, 15.2 million ordinary shares remained authorized for awards under the Plan as of February 17, 2021.We recognize compensation expense and the corresponding tax benefits for awards under the Plan. Share-based compensation expense for non-vested share options and time-based and performance-based restricted stock units was $7.7 million and $14.2 million for the three months ended September 30, 2021 and 2020, respectively, and $18.4 million and $52.6 million for the nine months ended September 30, 2021 and 2020, respectively. |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES | IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES Impairment, restructuring and other expenses were as follows:
Goodwill and Long-Lived Assets Impairments Goodwill and long-lived assets impairments were as follows:
During the nine months ended September 30, 2021, subsequent to the Spin-off, certain real estate realization actions were taken, and as a result, we recorded $19.6 million of impairment charges relating to our operating lease right-of-use assets. During the three and nine months ended September 30, 2020, triggering events were identified that led to impairments of certain long-lived assets, including goodwill. During the three and nine months ended September 30, 2020, impairment charges of $23.0 million and $3,244.7 million, respectively, were recorded. These charges included goodwill impairment charges of $2,747.5 million and $335.9 million in our Subsea and Surface Technologies segments, respectively. For other long-lived assets, a conclusion was made that the market uncertainty was a triggering event for certain asset groups that serve short-cycle businesses in our Subsea and Surface Technologies segments. Assessing these asset groups for recoverability required the use of unobservable inputs that require significant judgment. Such judgments include expected future asset utilization while taking into account reduced future capital spending by certain customers in response to market conditions. As a result of this assessment, for the three and nine months ended September 30, 2020, we recorded impairment charges of $17.6 million and $79.1 million, respectively, in our Subsea segment, consisting primarily of installation and service equipment. For the three and nine months ended September 30, 2020, we recorded impairment charges of $5.4 million and $82.2 million, respectively, in our Surface Technologies segment, consisting primarily of North America-based fracturing and wellhead assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts of such assets may not be recoverable. Assessing the recoverability of assets to be held and used requires the use of unobservable inputs, which involves significant judgment. Such judgments include expected future asset utilization while taking into account reduced future capital spending by certain customers in response to market conditions. In addition, during the three and nine months ended September 30, 2021, we recorded a $36.7 million impairment to adjust our equity method investment in Magma Global to its estimated fair market value. The impairment charge is included in income/loss from equity affiliates line in our condensed consolidated statement of income. See Note 11 for further information. Restructuring and Other Expenses Restructuring and other charges primarily consisted of severance and other employee related costs across both segments. Restructuring and other expenses were as follows:
During the three and nine months ended September 30, 2020, we incurred $21.1 million and $57.8 million, respectively, of COVID-19 related expenses. These expenses represent unplanned, one-off, incremental and non-recoverable costs incurred solely as a result of the COVID-19 pandemic situation, which would not have been incurred otherwise. Prolonged uncertainty in energy markets could lead to further reductions in capital spending from our customer base. In turn, this may lead to changes in our strategy. We will continue to take actions to mitigate the adverse effects of the changing market environment and expect to continue to adjust our cost structure to market conditions. If market conditions deteriorate, we may record additional restructuring charges and additional impairments of our long-lived assets, operating lease right-of-use assets and equity method investments.
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COMMITMENTS AND CONTINGENT LIABILITIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Contingent liabilities associated with guarantees - In the ordinary course of business, we enter into standby letters of credit, performance bonds, surety bonds and other guarantees with financial institutions for the benefit of our customers, vendors and other parties. The majority of these financial instruments expire within five years. Management does not expect any of these financial instruments to result in losses that, if incurred, would have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows. Guarantees consisted of the following:
(a)Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations. (b)Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service. We believe the ultimate resolution of our known contingencies will not materially adversely affect our consolidated financial position, results of operations, or cash flows. Contingent liabilities associated with legal and tax matters - We are involved in various pending or potential legal and tax actions or disputes in the ordinary course of our business. These actions and disputes can involve our agents, suppliers, clients and venture partners, and can include claims related to payment of fees, service quality and ownership arrangements. We are unable to predict the ultimate outcome of these actions because of their inherent uncertainty. However, we believe that the most probable, ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. On March 28, 2016, FMC Technologies received an inquiry from the U.S. Department of Justice (“DOJ”) related to the DOJ's investigation of whether certain services Unaoil S.A.M. provided to its clients, including FMC Technologies, violated the U.S. Foreign Corrupt Practices Act (“FCPA”). On March 29, 2016, Technip S.A. also received an inquiry from the DOJ related to Unaoil. We cooperated with the DOJ's investigations and, with regard to FMC Technologies, a related investigation by the SEC. In late 2016, Technip S.A. was contacted by the DOJ regarding its investigation of offshore platform projects awarded between 2003 and 2007, performed in Brazil by a joint venture company in which Technip S.A. was a minority participant, and we have also raised with the DOJ certain other projects performed by Technip S.A. subsidiaries in Brazil between 2002 and 2013. The DOJ has also inquired about projects in Ghana and Equatorial Guinea that were awarded to Technip S.A. subsidiaries in 2008 and 2009, respectively. We cooperated with the DOJ in its investigation into potential violations of the FCPA in connection with these projects. We contacted and cooperated with the Brazilian authorities (Federal Prosecution Service (“MPF”), the Comptroller General of Brazil (“CGU”) and the Attorney General of Brazil (“AGU”)) with their investigation concerning the projects in Brazil and have also contacted and are cooperating with French authorities (the Parquet National Financier (“PNF”)) with their investigation about these existing matters. On June 25, 2019, we announced a global resolution to pay a total of $301.3 million to the DOJ, the SEC, the MPF and the CGU/AGU to resolve these anti-corruption investigations. We will not be required to have a monitor and will, instead, provide reports on our anti-corruption program to the Brazilian and U.S. authorities for and three years, respectively. As part of this resolution, we entered into a three-year Deferred Prosecution Agreement (“DPA”) with the DOJ related to charges of conspiracy to violate the FCPA related to conduct in Brazil and with Unaoil. In addition, Technip USA, Inc., a U.S. subsidiary, pled guilty to one count of conspiracy to violate the FCPA related to conduct in Brazil. We will also provide the DOJ reports on our anti-corruption program during the term of the DPA. In Brazil, our subsidiaries, Technip Brasil - Engenharia, Instalações E Apoio Marítimo Ltda. and Flexibrás Tubos Flexíveis Ltda., entered into leniency agreements with both the MPF and the CGU/AGU. We have committed, as part of those agreements, to make certain enhancements to their compliance programs in Brazil during a two-year self-reporting period, which aligns with our commitment to cooperation and transparency with the compliance community in Brazil and globally. In September 2019, the SEC approved our previously disclosed agreement in principle with the SEC Staff and issued an Administrative Order, pursuant to which we paid the SEC $5.1 million, which was included in the global resolution of $301.3 million. To date, the investigation by PNF related to historical projects in Equatorial Guinea and Ghana has not reached a resolution. We remain committed to finding a resolution with the PNF and will maintain a $70.0 million provision related to this investigation. Additionally, the PNF recently informed us that it is reviewing historical projects in Angola. We are not aware of any evidence that would support a finding of liability with respect to these projects, or whether the PNF would seek any additional penalty. As we continue our discussions with PNF towards a potential resolution of all of these matters, the amount of a settlement could exceed this provision. There is no certainty that a settlement with PNF will be reached or that the settlement will not exceed current accruals. The PNF has a broad range of potential sanctions under anti-corruption laws and regulations that it may seek to impose in appropriate circumstances including, but not limited to, fines, penalties, confiscations and modifications to business practices and compliance programs. Any of these measures, if applicable to us, as well as potential customer reaction to such measures, could have a material adverse impact on our business, results of operations and financial condition. If we cannot reach a resolution with the PNF, we could be subject to criminal proceedings in France, the outcome of which cannot be predicted. Contingent liabilities associated with liquidated damages - Some of our contracts contain provisions that require us to pay liquidated damages if we are responsible for the failure to meet specified contractual milestone dates and the applicable customer asserts a conforming claim under these provisions. These contracts define the conditions under which our customers may make claims against us for liquidated damages. Based upon the evaluation of our performance and other commercial and legal analysis, management believes we have appropriately recognized probable liquidated damages at September 30, 2021 and December 31, 2020, and that the ultimate resolution of such matters will not materially affect our consolidated financial position, results of operations or cash flows.
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INCOME TAXES |
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Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our provision for income taxes for the three months ended September 30, 2021 and 2020 reflected effective tax rates of (46.1)% and (18.3)% respectively. The year-over-year decrease in the effective tax rate was primarily due to the increased impact of losses in jurisdictions with a full valuation allowance, and a change in geographical profit mix year over year. Our provision for income taxes for the nine months ended September 30, 2021 and 2020 reflected effective tax rates of 24.5% and (0.4)%, respectively. The year-over-year increase in the effective tax rate was primarily due to the increased impact of losses in jurisdictions with a full valuation allowance, a change in geographical profit mix year over year and the impact of nondeductible goodwill impairments. Our effective tax rate can fluctuate depending on our country mix of earnings, since our foreign earnings are generally subject to higher tax rates than in the United Kingdom.
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS For purposes of mitigating the effect of changes in exchange rates, we hold derivative financial instruments to hedge the risks of certain identifiable and anticipated transactions and recorded assets and liabilities in our condensed consolidated balance sheets. The types of risks hedged are those relating to the variability of future earnings and cash flows caused by movements in foreign currency exchange rates. Our policy is to hold derivatives only for the purpose of hedging risks associated with anticipated foreign currency purchases and sales created in the normal course of business, and not for trading purposes where the objective is solely to generate profit. Generally, we enter into hedging relationships such that changes in the fair values or cash flows of the transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments that qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments not designated as hedging instruments, any change in the fair value of those instruments is reflected in earnings in the period such change occurs. We hold the following types of derivative instruments: Foreign exchange rate forward contracts - The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies and recorded assets and liabilities in our condensed consolidated balance sheets. As of September 30, 2021, we held the following material net positions:
Foreign exchange rate instruments embedded in purchase and sale contracts - The purpose of these instruments is to match offsetting currency payments and receipts for particular projects or comply with government restrictions on the currency used to purchase goods in certain countries. As of September 30, 2021, our portfolio of these instruments included the following material net positions:
Fair value amounts for all outstanding derivative instruments have been determined using available market information and commonly accepted valuation methodologies. See Note 20 for further details. Accordingly, the estimates presented may not be indicative of the amounts we would realize in a current market exchange and may not be indicative of the gains or losses we may ultimately incur when these contracts are settled. The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets:
Cash flow hedges of forecasted transactions qualifying for hedge accounting, net of tax, resulted in accumulated other comprehensive (losses) gains of $(12.6) million and $12.9 million as of September 30, 2021 and December 31, 2020, respectively. We expect to transfer an approximate $32.0 million gain from accumulated OCI to earnings during the next 12 months when the anticipated transactions actually occur. All anticipated transactions currently being hedged are expected to occur by the second half of 2024. The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
The following tables represent the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
Balance Sheet Offsetting - We execute derivative contracts with counterparties that consent to a master netting agreement, which permits net settlement of the gross derivative assets against gross derivative liabilities. Each instrument is accounted for individually and assets and liabilities are not offset. As of September 30, 2021 and December 31, 2020, we had no collateralized derivative contracts. The following tables present both gross information and net information of recognized derivative instruments:
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis were as follows:
(a)Includes fixed income and other investments measured at fair value. (b)Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Investment in Technip Energies - The fair value of our investment in Technip Energies is based on quoted prices that we have the ability to access in public markets, see Note 11 for further details. Equity securities - The fair value measurement of our traded securities is based on quoted prices that we have the ability to access in public markets. Stable value fund and Money market fund - The stable value fund and money market fund are valued at the net asset value of the shares held at the end of the quarter, which is based on the fair value of the underlying investments using information reported by our investment advisor at quarter-end. Held-to-maturity debt securities - Held-to-maturity debt securities consist of government bonds. These investments are stated at amortized cost, which approximates fair value. Assets held for sale - The fair value of our assets held for sale was determined using a market approach that took into consideration the expected sales price. As of December 31, 2020, our G1200 vessel is classified as held for sale. In March 2021, we entered into a Memorandum of Agreement to sell the vessel. We completed the sale and received $48.0 million in cash proceeds during the second quarter of 2021. Redeemable non-controlling interest - In accordance with the Share Purchase Agreement between Technip-Coflexip UK Holdings Limited (“TUK”) and Island Offshore Management AS (“Island Offshore”) that was executed on March 12, 2018, whereby TUK initially purchased 51% of the shares of TIOS AS, a joint venture between TUK and Island Offshore (“TIOS”), TUK acquired the remaining 49% interest in TIOS at a total price of $48.6 million during the third quarter of 2021. As of December 31, 2020, we owned a 51% share in TIOS and the redeemable non-controlling interest was recorded as mezzanine equity at fair value of $43.7 million. Derivative financial instruments - We use the income approach as the valuation technique to measure the fair value of foreign currency derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change from the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values. Credit risk is then incorporated by reducing the derivative’s fair value in asset positions by the result of multiplying the present value of the portfolio by the counterparty’s published credit spread. Portfolios in a liability position are adjusted by the same calculation; however, a spread representing our credit spread is used. Our credit spread, and the credit spread of other counterparties not publicly available, are approximated by using the spread of similar companies in the same industry, of similar size and with the same credit rating. We currently have no credit-risk-related contingent features in our agreements with the financial institutions that would require us to post collateral for derivative positions in a liability position. See Note 19 for further details. Other current liabilities - Includes mark-to-market on the forward sale contract associated with the September Sale of the second tranche of Technip Energies shares, see Note 11 for further details. The liability was valued using the end of the quarter market share price for Technip Energies and therefore is presented in Level 1 of the fair value hierarchy. Nonrecurring Fair Value Measurements Fair value of long-lived, non-financial assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts of such assets may not be recoverable. The following summarizes impairments of equity investment and long-lived assets and related post-impairment fair value for the nine months ended September 30, 2021 and 2020:
(a)Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. (b)Measured as of the impairment date using the estimated fair value of the consideration transferred, resulting in a Level 3 fair value measurement. Other fair value disclosures The carrying amounts of cash and cash equivalents, trade receivables, accounts payable, short-term debt, commercial paper, debt associated with our bank borrowings, credit facilities, as well as amounts included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair value. Fair value of debt - We use a market approach to determine the fair value of our fixed-rate debt using observable market data, which results in a Level 2 fair value measurement. The estimated fair value of our private placement notes, senior notes and synthetic bonds was $1,954.2 million and $2,199.2 million as of September 30, 2021 and December 31, 2020, respectively. Credit risk - By their nature, financial instruments involve risk, including credit risk, for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with what management believes are financially secure counterparties, requiring credit approvals and credit limits and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses on trade receivables are established based on collectability assessments. We mitigate credit risk on derivative contracts by executing contracts only with counterparties that consent to a master netting agreement, which permits the net settlement of gross derivative assets against gross derivative liabilities.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements of TechnipFMC plc and its consolidated subsidiaries (“TechnipFMC,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2020. Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments as well as adjustments to our financial position pursuant to a business combination, necessary for a fair statement of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2021.
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DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income, Assets and liabilities of discontinued operations | The following table summarizes the components of income from discontinued operations, net of tax:
Assets and liabilities of discontinued operations are summarized below:
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue | The following tables present total revenue by geography for each reportable segment for the three and nine months ended September 30, 2021 and 2020:
The following tables present total revenue by contract type for each reportable segment for the three and nine months ended September 30, 2021 and 2020:
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Schedule of contract balances | The following table provides information about net contract assets (liabilities) as of September 30, 2021 and December 31, 2020:
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Schedule of remaining revenue performance obligations | The following table details the order backlog for each business segment as of September 30, 2021:
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BUSINESS SEGMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenue and segment operating profit | Segment revenue and segment operating profit (loss) were as follows:
(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, long-lived assets impairment, restructuring and other expenses, and other employee benefits. (b)Includes amounts attributable to non-controlling interests.
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EARNINGS (LOSS) PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the number of shares used for the basic and diluted earnings per share | A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:
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Schedule of antidilutive securities excluded from computation of earnings per share | Weighted average shares of the following share-based compensation awards were excluded from the calculation of diluted weighted average number of shares, where the assumed proceeds exceed the average market price from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive:
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RECEIVABLES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing receivable credit quality indicators | The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is updated as of September 30, 2021.
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Financing receivable, allowance for credit loss | The table below shows the roll-forward of allowance for credit losses as of September 30, 2021 and 2020, respectively.
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INVENTORIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of inventories | Inventories consisted of the following:
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OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets and Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other current assets | Other current assets consisted of the following:
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Schedule of other current liabilities | Other current liabilities consisted of the following:
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WARRANTY OBLIGATIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of product warranty liability | A reconciliation of warranty obligations for the three and nine months ended September 30, 2021 and 2020 is as follows:
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RELATED PARTY TRANSACTIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions receivables | Accounts receivable consisted of receivables due from the following related parties:
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Schedule of related party transactions payables | Accounts payable consisted of payables due to the following related parties:
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Schedule of related party transactions revenue and expenses | Revenue included amounts from the following related parties:
Expenses included amounts to the following related parties:
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DEBT (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | Long-term debt consisted of the following:
(a) As of September 30, 2021 and December 31, 2020, current borrowings consisted primarily of bank borrowings and notes with current maturities of 12 months.
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STOCKHOLDERS’ EQUITY (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss |
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Reclassifications out of accumulated other comprehensive loss | Reclassifications out of accumulated other comprehensive income (loss) consisted of the following:
(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost.
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IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of impairment, restructuring and other expenses | Impairment, restructuring and other expenses were as follows:
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Schedule of goodwill and long-lived assets impairment | Goodwill and long-lived assets impairments were as follows:
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Schedule of restructuring, other and COVID-19 expenses | Restructuring and other expenses were as follows:
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COMMITMENTS AND CONTINGENT LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of guarantor obligations | Guarantees consisted of the following:
(a)Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations. (b)Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service.
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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2021, we held the following material net positions:
Foreign exchange rate instruments embedded in purchase and sale contracts - The purpose of these instruments is to match offsetting currency payments and receipts for particular projects or comply with government restrictions on the currency used to purchase goods in certain countries. As of September 30, 2021, our portfolio of these instruments included the following material net positions:
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Schedule of fair value of derivative instruments | The following table presents the location and fair value amounts of derivative instruments reported in the condensed consolidated balance sheets:
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Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges | The following table presents the gains (losses) recognized in other comprehensive income related to derivative instruments designated as cash flow hedges:
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Schedule of gain (loss) recognized in income related to hedges and derivatives | The following tables represent the effect of cash flow hedge accounting in the condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
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Schedule of derivative assets, gross and net | The following tables present both gross information and net information of recognized derivative instruments:
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Schedule of derivative liabilities, gross and net | The following tables present both gross information and net information of recognized derivative instruments:
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis were as follows:
(a)Includes fixed income and other investments measured at fair value. (b)Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
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Schedule of fair value measurements, nonrecurring | The following summarizes impairments of equity investment and long-lived assets and related post-impairment fair value for the nine months ended September 30, 2021 and 2020:
(a)Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. (b)Measured as of the impairment date using the estimated fair value of the consideration transferred, resulting in a Level 3 fair value measurement.
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DISCONTINUED OPERATIONS - Narratives (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
Feb. 17, 2021 |
Feb. 16, 2021
company
|
---|---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Spin off, number of companies | company | 2 | ||
Spin-off, share conversion ratio | 0.2 | ||
Accounts receivable | $ 65.1 | ||
Accounts payable | $ 44.8 | ||
Technip Energies N.V. | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Spin off, ownership interest percentage by parent | 50.10% |
DISCONTINUED OPERATIONS - Income from discontinued operations, net of tax (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of income taxes | $ 8.4 | $ 65.2 | $ (44.1) | $ 238.5 |
Spinoff | Technip Energies N.V. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0.0 | 1,608.2 | 906.0 | 4,694.2 |
Costs and expenses | 0.0 | (1,480.1) | (889.3) | (4,239.7) |
Other, net | 0.0 | (49.5) | (18.6) | (151.6) |
Income (loss) from discontinued operations before income taxes | 0.0 | 78.6 | (1.9) | 302.9 |
Income (loss) from discontinued operations, net of income taxes | $ 8.4 | $ 65.2 | $ (44.1) | $ 238.5 |
REVENUE - Contract Balances (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||||
Contract assets | $ 1,027.0 | $ 1,027.0 | $ 886.8 | ||
Contract (liabilities) | (914.6) | (914.6) | (1,046.8) | ||
Net contract assets (liabilities) | 112.4 | 112.4 | $ (160.0) | ||
Contract assets, increase (decrease) | $ 140.2 | ||||
Contract with customer, asset, net, current, increase (decrease), (in percent) | 15.80% | ||||
Contract (liabilities), (increase) decrease | $ 132.2 | ||||
Contract with customer liability, current, increase (decrease), (in percent) | 12.60% | ||||
Net contract assets (liabilities), increase (decrease) | $ 272.4 | ||||
Contract assets (liabilities), current, net, increase (decrease), (in percent) | 170.30% | ||||
Contract with customer, liability, revenue recognized | 53.4 | $ 69.7 | $ 250.5 | $ 424.1 | |
Contract with customer, performance obligation satisfied in previous period | $ 4.3 | $ (2.3) | $ 6.9 | $ (17.2) |
RECEIVABLES - Amortized cost basis of financial assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, originated in fiscal year before latest fiscal year | $ 102.0 | $ 131.3 |
Moody's, Ba2 Rating | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, originated in fiscal year before latest fiscal year | 76.1 | 107.6 |
Moody's, B3 Rating | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, originated in fiscal year before latest fiscal year | $ 25.9 | $ 23.7 |
INVENTORIES (Components Of Inventories) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ||
Raw materials | $ 239.5 | $ 270.3 |
Work in process | 203.4 | 242.7 |
Finished goods | 626.9 | 739.8 |
Inventories, net | $ 1,069.8 | $ 1,252.8 |
OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES - Other Current Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Current Assets and Other Current Liabilities [Abstract] | ||
Value - added tax receivables | $ 246.9 | $ 256.9 |
Prepaid expenses | 77.2 | 78.1 |
Sundry receivables | 67.9 | 138.4 |
Other tax receivables | 61.3 | 73.8 |
Current financial assets at amortized cost | 36.4 | 40.6 |
Assets held for sale | 4.0 | 47.3 |
Held-to-maturity investments | 6.9 | 24.2 |
Other | 33.3 | 24.1 |
Total other current assets | $ 533.9 | $ 683.4 |
OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES - Other Current Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Current Assets and Other Current Liabilities [Abstract] | ||
Warranty accruals and project contingencies | $ 123.4 | $ 168.8 |
Legal provisions | 122.5 | 127.6 |
Value - added tax and other taxes payable | 90.5 | 109.6 |
Compensation accrual | 62.8 | 54.3 |
Social security liability | 59.9 | 67.9 |
Provisions | 25.9 | 53.0 |
Derivative liability | 22.4 | 0.0 |
Accrued distributions to non-controlling interests | 15.0 | 0.0 |
Current portion of accrued pension and other post-retirement benefits | 6.1 | 6.9 |
Other accrued liabilities | 201.0 | 230.2 |
Total other current liabilities | $ 729.5 | $ 818.3 |
WARRANTY OBLIGATIONS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||
Balance at beginning of period | $ 104.0 | $ 112.0 | $ 109.5 | $ 121.7 |
Warranty expenses | 12.0 | 10.5 | 34.0 | 50.8 |
Adjustment to existing accruals | (21.0) | 7.2 | (40.9) | (35.5) |
Claims paid | (3.5) | (7.2) | (11.1) | (14.5) |
Balance at end of period | $ 91.5 | $ 122.5 | $ 91.5 | $ 122.5 |
RELATED PARTY TRANSACTIONS - Trade Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
Total accounts receivable | $ 35.1 | $ 38.0 |
Equinor ASA | Director | ||
Related Party Transaction [Line Items] | ||
Total accounts receivable | 0.0 | 24.1 |
Dofcon Navegacao | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Total accounts receivable | 23.4 | 4.2 |
Techdof Brasil AS | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Total accounts receivable | 9.2 | 8.0 |
Others | Other Affiliates | ||
Related Party Transaction [Line Items] | ||
Total accounts receivable | $ 2.5 | $ 1.7 |
RELATED PARTY TRANSACTIONS - Trade Payables (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transaction [Line Items] | ||
Total accounts payable | $ 6.9 | $ 4.6 |
Dofcon Navegacao | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Total accounts payable | 4.4 | 1.5 |
Others | Other Affiliates | ||
Related Party Transaction [Line Items] | ||
Total accounts payable | $ 2.5 | $ 3.1 |
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Dofcon Brasil AS | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Note receivables | $ 25.2 | $ 37.6 |
RELATED PARTY TRANSACTIONS - Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Related Party Transaction [Line Items] | ||||
Revenue | $ 7.1 | $ 14.4 | $ 21.6 | $ 26.1 |
Dofcon Navegacao | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 0.1 | 0.8 | 1.3 | 1.4 |
Techdof Brasil AS | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Revenue | 3.6 | 2.0 | 12.5 | 6.4 |
Others | Other Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 3.4 | $ 11.6 | $ 7.8 | $ 18.3 |
RELATED PARTY TRANSACTIONS - Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Related Party Transaction [Line Items] | ||||
Expenses | $ 32.5 | $ 8.6 | $ 60.6 | $ 36.4 |
Dofcon Navegacao | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 8.3 | 5.2 | 21.3 | 17.0 |
Magma Global Limited | Equity Method Investee | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 5.1 | 1.0 | 9.2 | 2.6 |
Altus Intervention | Other Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 2.2 | 1.5 | 5.0 | 2.6 |
Others | Other Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Expenses | $ 16.9 | $ 0.9 | $ 25.1 | $ 14.2 |
DEBT (Commercial Paper) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commercial Paper | ||
Debt Instrument | ||
Long-term debt, gross | $ 0.0 | $ 1,043.7 |
SHARE-BASED COMPENSATION - (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Feb. 17, 2021 |
Feb. 16, 2021 |
Jan. 11, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of additional shares authorized (in shares) | 11,900,000 | ||||||
TechnipFMC plc Incentive Award Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares authorized (in shares) | 15,200,000 | 24,100,000 | |||||
Stock-based compensation expense for nonvested stock units | $ 7.7 | $ 14.2 | $ 18.4 | $ 52.6 |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES - Restructuring, Settlement and Impairment Provisions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Total impairment, restructuring and other expenses | $ 7.3 | $ 53.5 | $ 34.8 | $ 3,356.2 |
Subsea | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairment, restructuring and other expenses | 6.9 | 43.4 | 27.6 | 2,912.8 |
Surface Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairment, restructuring and other expenses | 0.0 | 8.7 | 3.8 | 439.8 |
Corporate and other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairment, restructuring and other expenses | $ 0.4 | $ 1.4 | $ 3.4 | $ 3.6 |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES - Goodwill and Long-Lived Assets Impairments Goodwill and Long-Lived Assets Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Total impairments | $ 1.3 | $ 23.0 | $ 20.9 | $ 3,244.7 |
Subsea | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairments | 1.3 | 17.6 | 17.6 | 2,826.6 |
Surface Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairments | 0.0 | 5.4 | 0.3 | 418.1 |
Corporate and other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total impairments | $ 0.0 | $ 0.0 | $ 3.0 | $ 0.0 |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring and Impairment | ||||
Impairment of Leasehold | $ 19.6 | |||
Total impairments | $ 1.3 | $ 23.0 | 20.9 | $ 3,244.7 |
COVID-19 expenses | 21.1 | 57.8 | ||
Magma Global Limited | ||||
Restructuring and Impairment | ||||
Impairment to adjust our equity method investment | 36.7 | 36.7 | ||
Property, Plant and Equipment | ||||
Restructuring and Impairment | ||||
Total impairments | 161.3 | |||
Subsea | ||||
Restructuring and Impairment | ||||
Total impairments | 1.3 | 17.6 | 17.6 | 2,826.6 |
Impairments | 2,747.5 | |||
COVID-19 expenses | 18.7 | 50.1 | ||
Subsea | Property, Plant and Equipment | ||||
Restructuring and Impairment | ||||
Other asset impairment charges | 17.6 | 79.1 | ||
Surface Technologies | ||||
Restructuring and Impairment | ||||
Total impairments | $ 0.0 | 5.4 | $ 0.3 | 418.1 |
Impairments | 335.9 | |||
COVID-19 expenses | 2.4 | 7.7 | ||
Surface Technologies | Property, Plant and Equipment | ||||
Restructuring and Impairment | ||||
Other asset impairment charges | $ 5.4 | $ 82.2 |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES - Restructuring and Other Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 6.0 | $ 9.4 | $ 13.9 | $ 53.7 |
COVID-19 expenses | 21.1 | 57.8 | ||
Subsea | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5.6 | 7.1 | 10.0 | 36.1 |
COVID-19 expenses | 18.7 | 50.1 | ||
Surface Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0.0 | 0.9 | 3.5 | 14.0 |
COVID-19 expenses | 2.4 | 7.7 | ||
Corporate and other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 0.4 | 1.4 | $ 0.4 | 3.6 |
COVID-19 expenses | $ 0.0 | $ 0.0 |
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 25, 2019 |
Sep. 30, 2019 |
Sep. 30, 2021 |
|
Guarantor Obligations | |||
Litigation settlement, amount awarded to other party | $ 301.3 | ||
Litigation settlement, expense | $ 5.1 | ||
Estimated litigation liability | $ 70.0 | ||
Brazilian Authorities | |||
Guarantor Obligations | |||
Period anti-corruption program reports will be provided | 2 years | ||
Self reporting period under leniency agreement | 2 years | ||
U.S. Authorities | |||
Guarantor Obligations | |||
Period anti-corruption program reports will be provided | 3 years | ||
DOJ | |||
Guarantor Obligations | |||
Deferred Prosecution Agreement term | 3 years | ||
Indirect guarantee of indebtedness | |||
Guarantor Obligations | |||
Guarantor obligations, term of obligation (in years) | five years |
COMMITMENTS AND CONTINGENT LIABILITIES - Guarantees of our Consolidated Subsidiaries (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Guarantor Obligations | ||
Guarantor obligations, maximum exposure, undiscounted | $ 1,289.7 | $ 1,458.8 |
Financial guarantees | ||
Guarantor Obligations | ||
Guarantor obligations, maximum exposure, undiscounted | 177.5 | 104.9 |
Performance guarantees | ||
Guarantor Obligations | ||
Guarantor obligations, maximum exposure, undiscounted | $ 1,112.2 | $ 1,353.9 |
INCOME TAXES (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (46.10%) | (0.40%) | 24.50% | (18.30%) |
DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Derivative | ||
Accumulated other comprehensive gains (losses) on forecasted cash flow hedges | $ 3,497.1 | $ 4,154.2 |
Cash flow hedge gain (loss) expected to be reclassified within 12 months | $ 32.0 | |
Hedges maturity year | 2024 | |
Hedging | ||
Derivative | ||
Accumulated other comprehensive gains (losses) on forecasted cash flow hedges | $ (12.6) | $ 12.9 |
DERIVATIVE FINANCIAL INSTRUMENTS (Offsetting Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative assets | ||
Gross Amount Recognized | $ 166.7 | $ 297.9 |
Gross Amounts Not Offset, Permitted Under Master Netting Agreements | (101.9) | (128.7) |
Net Amount | 64.8 | 169.2 |
Derivative liabilities | ||
Gross Amount Recognized | 162.5 | 176.3 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | (101.9) | (128.7) |
Net Amount | $ 60.6 | $ 47.6 |
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