REVENUE (Tables)

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022:

	Reportable segments
	Three Months Ended
	March 31, 2023				March 31, 2022
(In millions)	Subsea		Surface Technologies		Subsea		Surface Technologies
Latin America	$	440.4	$	27.2	$	324.8	$	21.6
Europe and Central Asia	378.5		44.2		356.0		39.2
North America	249.9		146.1		200.4		116.2
Africa	210.5		9.7		183.1		8.5
Asia Pacific	71.9		17.9		221.5		23.6
Middle East	36.4		84.7		3.3		57.6
Total revenue	$	1,387.6	$	329.8	$	1,289.1	$	266.7

The following tables present total revenue by contract type for each reportable segment for the three months ended March 31, 2023 and 2022:

	Reportable segments
	Three Months Ended
	March 31, 2023				March 31, 2022
(In millions)	Subsea		Surface Technologies		Subsea		Surface Technologies
Services	$	815.3	$	52.8	$	845.6	$	51.1
Products	564.8		230.3		431.5		182.6
Lease	7.5		46.7		12.0		33.0
Total revenue	$	1,387.6	$	329.8	$	1,289.1	$	266.7

Schedule of Contract Balances

The following table provides information about net contract assets (liabilities) as of March 31, 2023 and December 31, 2022:

(In millions)	March 31, 2023		December 31, 2022		$ change		% change
Contract assets	$	1,221.5	$	981.6	$	239.9	24.4
Contract liabilities	(1,172.6)		(1,156.4)		(16.2)		-1.4
Net contract assets (liabilities)	$	48.9	$	(174.8)	$	223.7	128.0

Schedule of Remaining Revenue Performance Obligations

The following table details the order backlog for each business segment as of March 31, 2023:

(In millions)	2023		2024		Thereafter
Subsea	$	3,340.0	$	3,898.0	$	2,157.3
Surface Technologies	505.5		140.7		565.9
Total order backlog	$	3,845.5	$	4,038.7	$	2,723.2