|
|
|
|
|
United Kingdom
|
98-1283037
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
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|
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One St. Paul’s Churchyard
|
|
London
|
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United Kingdom
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EC4M 8AP
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(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
|
||
Ordinary shares, $1.00 par value per share
|
FTI
|
New York Stock Exchange
|
||
Securities registered pursuant to Section 12(g) of the Act: None.
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
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Class
|
|
Outstanding at April 29, 2020
|
Ordinary shares, $1.00 par value per share
|
|
448,303,413
|
|
|
Page
|
•
|
risks associated with disease outbreaks and other public health issues, including the coronavirus disease 2019 (“COVID-19”), their impact on the global economy and the business of our company, customers, suppliers and other partners, changes in, and the administration of, treaties, laws, and regulations, including in response to such issues and the potential for such issues to exacerbate other risks we face, including those related to the factors listed or referenced below;
|
•
|
risks associated with our ability to consummate our proposed separation and spin-off;
|
•
|
unanticipated changes relating to competitive factors in our industry;
|
•
|
demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets;
|
•
|
our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets;
|
•
|
potential liabilities arising out of the installation or use of our products;
|
•
|
cost overruns related to our fixed price contracts or capital asset construction projects that may affect revenues;
|
•
|
our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers;
|
•
|
our reliance on subcontractors, suppliers and joint venture partners in the performance of our contracts;
|
•
|
our ability to hire and retain key personnel;
|
•
|
piracy risks for our maritime employees and assets;
|
•
|
the potential impacts of seasonal and weather conditions;
|
•
|
the cumulative loss of major contracts or alliances;
|
•
|
U.S. and international laws and regulations, including existing or future environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
|
•
|
disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business;
|
•
|
risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the NYSE and Euronext Paris, respectively;
|
•
|
the United Kingdom’s withdrawal from the European Union;
|
•
|
risks associated with being an English public limited company, including the need for “distributable profits”, shareholder approval of certain capital structure decisions, and the risk that we may not be able to pay dividends or repurchase shares in accordance with our announced capital allocation plan;
|
•
|
compliance with covenants under our debt instruments and conditions in the credit markets;
|
•
|
downgrade in the ratings of our debt could restrict our ability to access the debt capital markets;
|
•
|
the outcome of uninsured claims and litigation against us;
|
•
|
the risks of currency exchange rate fluctuations associated with our international operations;
|
•
|
risks related to our acquisition and divestiture activities;
|
•
|
failure of our information technology infrastructure or any significant breach of security, including related to cyber attacks, and actual or perceived failure to comply with data security and privacy obligations;
|
•
|
risks associated with tax liabilities, changes in U.S. federal or international tax laws or interpretations to which we are subject; and
|
•
|
such other risk factors as set forth in our filings with the U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions, except per share data)
|
2020
|
|
2019
|
||||
Revenue
|
|
|
|
||||
Service revenue
|
$
|
2,307.7
|
|
|
$
|
2,051.1
|
|
Product revenue
|
771.6
|
|
|
799.3
|
|
||
Lease revenue
|
51.0
|
|
|
62.6
|
|
||
Total revenue
|
3,130.3
|
|
|
2,913.0
|
|
||
|
|
|
|
||||
Costs and expenses
|
|
|
|
||||
Cost of service revenue
|
1,991.4
|
|
|
1,644.2
|
|
||
Cost of product revenue
|
672.3
|
|
|
721.7
|
|
||
Cost of lease revenue
|
38.0
|
|
|
46.0
|
|
||
Selling, general and administrative expense
|
293.9
|
|
|
297.8
|
|
||
Research and development expense
|
35.2
|
|
|
39.9
|
|
||
Impairment, restructuring and other expenses (Note 17)
|
3,208.4
|
|
|
16.5
|
|
||
Separation costs (Note 2)
|
27.1
|
|
|
—
|
|
||
Merger transaction and integration costs
|
—
|
|
|
12.1
|
|
||
Total costs and expenses
|
6,266.3
|
|
|
2,778.2
|
|
||
|
|
|
|
||||
Other income (expense), net
|
(28.5
|
)
|
|
(26.2
|
)
|
||
Income from equity affiliates (Note 11)
|
28.8
|
|
|
13.9
|
|
||
Income (Loss) before net interest expense and income taxes
|
(3,135.7
|
)
|
|
122.5
|
|
||
Net interest expense
|
(72.3
|
)
|
|
(88.2
|
)
|
||
Income (loss) before income taxes
|
(3,208.0
|
)
|
|
34.3
|
|
||
Provision for income taxes (Note 19)
|
37.7
|
|
|
14.5
|
|
||
Net income (loss)
|
(3,245.7
|
)
|
|
19.8
|
|
||
Net (income) loss attributable to non-controlling interests
|
(10.4
|
)
|
|
1.1
|
|
||
Net income (loss) attributable to TechnipFMC plc
|
$
|
(3,256.1
|
)
|
|
$
|
20.9
|
|
|
|
|
|
||||
Earnings (loss) per share attributable to TechnipFMC plc (Note 7)
|
|
|
|
||||
Basic
|
$
|
(7.28
|
)
|
|
$
|
0.05
|
|
Diluted
|
$
|
(7.28
|
)
|
|
$
|
0.05
|
|
|
|
|
|
||||
Weighted average shares outstanding (Note 7)
|
|
|
|
||||
Basic
|
447.5
|
|
|
450.1
|
|
||
Diluted
|
447.5
|
|
|
453.3
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Net income (loss)
|
$
|
(3,245.7
|
)
|
|
$
|
19.8
|
|
Foreign currency translation adjustments(a)
|
(217.9
|
)
|
|
20.9
|
|
||
|
|
|
|
||||
Net gains (losses) on hedging instruments
|
|
|
|
||||
Net gains (losses) arising during the period
|
(89.3
|
)
|
|
16.0
|
|
||
Reclassification adjustment for net losses included in net income
|
0.1
|
|
|
(0.3
|
)
|
||
Net gains (losses) on hedging instruments(b)
|
(89.2
|
)
|
|
15.7
|
|
||
|
|
|
|
||||
Pension and other post-retirement benefits
|
|
|
|
||||
Net gains (losses) arising during the period
|
(0.7
|
)
|
|
0.5
|
|
||
Reclassification adjustment for amortization of prior service cost included in net income
|
0.3
|
|
|
0.3
|
|
||
Reclassification adjustment for amortization of net actuarial loss included in net income
|
2.2
|
|
|
—
|
|
||
Net pension and other postretirement benefits(c)
|
1.8
|
|
|
0.8
|
|
||
Other comprehensive (income) losses, net of tax
|
(305.3
|
)
|
|
37.4
|
|
||
Comprehensive income (loss)
|
(3,551.0
|
)
|
|
57.2
|
|
||
Comprehensive loss attributable to non-controlling interest
|
0.7
|
|
|
0.4
|
|
||
Comprehensive income (loss) attributable to TechnipFMC plc
|
$
|
(3,550.3
|
)
|
|
$
|
57.6
|
|
(a)
|
Net of income tax (expense) benefit of nil and nil for the three months ended March 31, 2020 and 2019, respectively.
|
(b)
|
Net of income tax (expense) benefit of $22.5 million and $0.1 million for the three months ended March 31, 2020 and 2019, respectively.
|
(c)
|
Net of income tax (expense) benefit of $(0.6) million and $(0.1) million for the three months ended March 31, 2020 and 2019, respectively.
|
(In millions, except par value data)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
4,999.4
|
|
|
$
|
5,190.2
|
|
Trade receivables, net of allowances of $100.8 in 2020 and $95.4 in 2019
|
2,208.8
|
|
|
2,287.1
|
|
||
Contract assets
|
1,402.9
|
|
|
1,520.0
|
|
||
Inventories, net (Note 8)
|
1,347.5
|
|
|
1,416.0
|
|
||
Derivative financial instruments (Note 20)
|
353.3
|
|
|
101.9
|
|
||
Income taxes receivable
|
269.9
|
|
|
264.6
|
|
||
Advances paid to suppliers
|
279.7
|
|
|
242.9
|
|
||
Other current assets (Note 9)
|
968.6
|
|
|
863.7
|
|
||
Total current assets
|
11,830.1
|
|
|
11,886.4
|
|
||
Investments in equity affiliates
|
321.3
|
|
|
300.4
|
|
||
Property, plant and equipment, net of accumulated depreciation of $2,355.0 in 2020 and $2,288.8 in 2019
|
2,852.5
|
|
|
3,162.0
|
|
||
Operating lease right-of-use assets
|
826.4
|
|
|
892.6
|
|
||
Goodwill
|
2,461.0
|
|
|
5,598.3
|
|
||
Intangible assets, net of accumulated amortization of $779.7 in 2020 and $763.4 in 2019
|
1,049.5
|
|
|
1,086.6
|
|
||
Deferred income taxes
|
238.5
|
|
|
260.5
|
|
||
Derivative financial instruments (Note 20)
|
84.0
|
|
|
39.5
|
|
||
Other assets
|
264.3
|
|
|
292.5
|
|
||
Total assets
|
$
|
19,927.6
|
|
|
$
|
23,518.8
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Short-term debt and current portion of long-term debt (Note 14)
|
$
|
586.7
|
|
|
$
|
495.4
|
|
Operating lease liabilities
|
245.0
|
|
|
275.1
|
|
||
Accounts payable, trade
|
2,551.2
|
|
|
2,659.8
|
|
||
Contract liabilities
|
4,653.5
|
|
|
4,585.1
|
|
||
Accrued payroll
|
368.7
|
|
|
411.5
|
|
||
Derivative financial instruments (Note 20)
|
485.6
|
|
|
141.3
|
|
||
Income taxes payable
|
120.4
|
|
|
75.7
|
|
||
Other current liabilities (Note 9)
|
1,403.5
|
|
|
1,494.5
|
|
||
Total current liabilities
|
10,414.6
|
|
|
10,138.4
|
|
||
Long-term debt, less current portion (Note 14)
|
3,823.9
|
|
|
3,980.0
|
|
||
Operating lease liabilities
|
644.9
|
|
|
681.7
|
|
||
Deferred income taxes
|
57.7
|
|
|
138.2
|
|
||
Accrued pension and other post-retirement benefits, less current portion
|
347.4
|
|
|
368.6
|
|
||
Derivative financial instruments (Note 20)
|
98.2
|
|
|
52.7
|
|
||
Other liabilities
|
416.6
|
|
|
430.0
|
|
||
Total liabilities
|
15,803.3
|
|
|
15,789.6
|
|
||
Commitments and contingent liabilities (Note 18)
|
|
|
|
||||
Mezzanine equity
|
|
|
|
||||
Redeemable non-controlling interest
|
39.5
|
|
|
41.1
|
|
||
Stockholders’ equity (Note 15)
|
|
|
|
||||
Ordinary shares, $1.00 par value; 618.3 shares and 618.3 shares authorized in 2020 and 2019, respectively; 448.3 shares and 447.1 shares issued and outstanding in 2020 and 2019, respectively; 0.0 and 4.0 shares canceled in 2020 and 2019, respectively
|
448.3
|
|
|
447.1
|
|
||
Capital in excess of par value of ordinary shares
|
10,196.8
|
|
|
10,182.8
|
|
||
(Accumulated deficit) retained earnings
|
(4,887.0
|
)
|
|
(1,563.1
|
)
|
||
Accumulated other comprehensive loss
|
(1,701.7
|
)
|
|
(1,407.5
|
)
|
||
Total TechnipFMC plc stockholders’ equity
|
4,056.4
|
|
|
7,659.3
|
|
||
Non-controlling interests
|
28.4
|
|
|
28.8
|
|
||
Total equity
|
4,084.8
|
|
|
7,688.1
|
|
||
Total liabilities and equity
|
$
|
19,927.6
|
|
|
$
|
23,518.8
|
|
(In millions)
|
Three Months Ended
|
||||||
March 31,
|
|||||||
2020
|
|
2019
|
|||||
Cash provided (required) by operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
(3,245.7
|
)
|
|
$
|
19.8
|
|
Adjustments to reconcile net income to cash provided (required) by operating activities
|
|
|
|
||||
Depreciation
|
89.5
|
|
|
88.9
|
|
||
Amortization
|
30.9
|
|
|
30.5
|
|
||
Impairments
|
3,188.0
|
|
|
0.9
|
|
||
Employee benefit plan and share-based compensation costs
|
18.3
|
|
|
20.9
|
|
||
Deferred income tax provision (benefit), net
|
(54.3
|
)
|
|
(90.8
|
)
|
||
Unrealized loss on derivative instruments and foreign exchange
|
105.6
|
|
|
29.2
|
|
||
Income from equity affiliates, net of dividends received
|
(25.4
|
)
|
|
(9.9
|
)
|
||
Other
|
47.2
|
|
|
72.7
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
||||
Trade receivables, net and contract assets
|
(50.5
|
)
|
|
131.8
|
|
||
Inventories, net
|
(30.2
|
)
|
|
(61.5
|
)
|
||
Accounts payable, trade
|
(4.2
|
)
|
|
(148.6
|
)
|
||
Contract liabilities
|
181.5
|
|
|
186.1
|
|
||
Income taxes payable (receivable), net
|
34.0
|
|
|
20.8
|
|
||
Other current assets and liabilities, net
|
(375.2
|
)
|
|
(126.3
|
)
|
||
Other noncurrent assets and liabilities, net
|
118.4
|
|
|
(43.1
|
)
|
||
Cash provided by operating activities
|
27.9
|
|
|
121.4
|
|
||
|
|
|
|
||||
Cash provided (required) by investing activities
|
|
|
|
||||
Capital expenditures
|
(83.5
|
)
|
|
(178.2
|
)
|
||
Payment to acquire debt securities
|
—
|
|
|
(59.7
|
)
|
||
Cash received from divestiture
|
2.5
|
|
|
—
|
|
||
Proceeds from sale of assets
|
7.5
|
|
|
0.9
|
|
||
Cash required by investing activities
|
(73.5
|
)
|
|
(237.0
|
)
|
||
|
|
|
|
||||
Cash required by financing activities
|
|
|
|
||||
Net increase in short-term debt
|
87.0
|
|
|
114.5
|
|
||
Net decrease in commercial paper
|
(578.5
|
)
|
|
(450.4
|
)
|
||
Proceeds from revolving credit facility
|
500.0
|
|
|
—
|
|
||
Proceeds from issuance of long-term debt
|
—
|
|
|
96.2
|
|
||
Purchase of ordinary shares
|
—
|
|
|
(33.0
|
)
|
||
Payments related to taxes withheld on share-based compensation
|
(3.2
|
)
|
|
—
|
|
||
Settlements of mandatorily redeemable financial liability
|
(4.2
|
)
|
|
(174.9
|
)
|
||
Cash provided (required) by financing activities
|
1.1
|
|
|
(447.6
|
)
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents
|
(146.3
|
)
|
|
(11.5
|
)
|
||
Decrease in cash and cash equivalents
|
(190.8
|
)
|
|
(574.7
|
)
|
||
Cash and cash equivalents, beginning of period
|
5,190.2
|
|
|
5,540.0
|
|
||
Cash and cash equivalents, end of period
|
$
|
4,999.4
|
|
|
$
|
4,965.3
|
|
(In millions)
|
Ordinary Shares
|
|
Ordinary Shares Held in
Treasury and Employee Benefit Trust |
|
Capital in
Excess of Par Value of Ordinary Shares |
|
(Accumulated deficit) retained earnings
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Non-controlling
Interest |
|
Total
Stockholders’ Equity |
||||||||||||||
Balance as of December 31, 2018
|
$
|
450.5
|
|
|
$
|
(2.4
|
)
|
|
$
|
10,197.0
|
|
|
$
|
1,072.2
|
|
|
$
|
(1,359.7
|
)
|
|
$
|
31.3
|
|
|
$
|
10,388.9
|
|
Adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
20.9
|
|
|
—
|
|
|
(1.1
|
)
|
|
19.8
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36.7
|
|
|
0.7
|
|
|
37.4
|
|
|||||||
Cancellation of ordinary shares
|
(2.2
|
)
|
|
—
|
|
|
(47.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50.1
|
)
|
|||||||
Net sales of ordinary shares for employee benefit trust
|
—
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|||||||
Cash dividends declared ($0.13 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(58.5
|
)
|
|
—
|
|
|
—
|
|
|
(58.5
|
)
|
|||||||
Share-based compensation (Note 16)
|
—
|
|
|
—
|
|
|
20.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.4
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
11.5
|
|
|
—
|
|
|
—
|
|
|
11.5
|
|
|||||||
Balance as of March 31, 2019
|
$
|
448.3
|
|
|
$
|
—
|
|
|
$
|
10,169.5
|
|
|
$
|
1,047.9
|
|
|
$
|
(1,323.0
|
)
|
|
$
|
30.9
|
|
|
$
|
10,373.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance as of December 31, 2019
|
$
|
447.1
|
|
|
$
|
—
|
|
|
$
|
10,182.8
|
|
|
$
|
(1,563.1
|
)
|
|
$
|
(1,407.5
|
)
|
|
$
|
28.8
|
|
|
$
|
7,688.1
|
|
Adoption of accounting standards (Note 4)
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
|
—
|
|
|
—
|
|
|
(7.8
|
)
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,256.1
|
)
|
|
—
|
|
|
10.4
|
|
|
(3,245.7
|
)
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(294.2
|
)
|
|
(11.1
|
)
|
|
(305.3
|
)
|
|||||||
Issuance of ordinary shares
|
1.2
|
|
|
—
|
|
|
(7.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.4
|
)
|
|||||||
Cash dividends declared ($0.13 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.2
|
)
|
|
—
|
|
|
—
|
|
|
(59.2
|
)
|
|||||||
Share-based compensation (Note 16)
|
—
|
|
|
—
|
|
|
21.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21.6
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
0.3
|
|
|
(0.5
|
)
|
|||||||
Balance as of March 31, 2020
|
$
|
448.3
|
|
|
$
|
—
|
|
|
$
|
10,196.8
|
|
|
$
|
(4,887.0
|
)
|
|
$
|
(1,701.7
|
)
|
|
$
|
28.4
|
|
|
$
|
4,084.8
|
|
(In millions)
|
As reported at December 31, 2019
|
|
Impact of ASC 326
|
|
Balance at January 1, 2020
|
||||||
Asset category
|
|
|
|
|
|
||||||
Loans and Receivables:
|
|
|
|
|
|
||||||
Trade receivables, net
|
2,287.1
|
|
|
$
|
(3.8
|
)
|
|
$
|
2,283.3
|
|
|
Loans receivable, net
|
138.5
|
|
|
(1.5
|
)
|
|
137.0
|
|
|||
Security deposits and other, net
|
36.6
|
|
|
(1.0
|
)
|
|
35.6
|
|
|||
Held-to-maturity
|
|
|
|
|
|
||||||
Debt securities at amortized cost
|
71.9
|
|
|
(1.1
|
)
|
|
70.8
|
|
|||
Total financial assets
|
$
|
2,534.1
|
|
|
$
|
(7.4
|
)
|
|
$
|
2,526.7
|
|
|
|
|
|
|
|
||||||
Non-financial assets
|
|
|
|
|
|
||||||
Contract assets, net
|
$
|
1,520.0
|
|
|
$
|
(2.5
|
)
|
|
$
|
1,517.5
|
|
(In millions)
|
Year of origination
|
|
Balance at March 31, 2020
|
||
Loans receivables, security deposits and other
|
|
|
|
||
Moody’s rating Ba2
|
2019
|
|
$
|
169.3
|
|
|
|
|
|
||
Debt securities at amortized cost
|
|
|
|
||
Moody’s rating B3
|
2019
|
|
70.8
|
|
|
Total financial assets
|
|
|
$
|
240.1
|
|
|
Balance at March 31, 2020
|
||||||||||||||||||
(In millions)
|
Trade receivables
|
|
Contract assets
|
|
Loans receivable
|
|
Security deposit and other
|
|
Held-to-maturity debt securities
|
||||||||||
Beginning balance in allowance for credit losses
|
$
|
99.2
|
|
|
$
|
4.0
|
|
|
$
|
9.5
|
|
|
$
|
1.6
|
|
|
$
|
1.1
|
|
Current period provision for expected credit losses
|
3.7
|
|
|
1.4
|
|
|
(0.5
|
)
|
|
(0.2
|
)
|
|
—
|
|
|||||
Write-offs charged against the allowance
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Recoveries
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Ending balance in the allowance for credit losses
|
$
|
100.8
|
|
|
$
|
5.4
|
|
|
$
|
9.0
|
|
|
$
|
1.4
|
|
|
$
|
1.1
|
|
|
Reportable Segments
|
||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||
|
March 31, 2020
|
|
March 31, 2019
|
||||||||||||||||||||
(In millions)
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
||||||||||||
Europe, Russia, Central Asia
|
$
|
423.1
|
|
|
$
|
607.3
|
|
|
$
|
50.3
|
|
|
$
|
399.6
|
|
|
$
|
641.6
|
|
|
$
|
55.8
|
|
Americas
|
436.5
|
|
|
296.7
|
|
|
149.3
|
|
|
377.1
|
|
|
160.4
|
|
|
193.2
|
|
||||||
Asia Pacific
|
137.6
|
|
|
283.8
|
|
|
34.3
|
|
|
99.7
|
|
|
301.9
|
|
|
45.0
|
|
||||||
Africa
|
214.6
|
|
|
209.8
|
|
|
13.6
|
|
|
145.8
|
|
|
60.4
|
|
|
11.3
|
|
||||||
Middle East
|
21.8
|
|
|
150.1
|
|
|
50.5
|
|
|
135.2
|
|
|
170.8
|
|
|
52.6
|
|
||||||
Total products and services revenue
|
$
|
1,233.6
|
|
|
$
|
1,547.7
|
|
|
$
|
298.0
|
|
|
$
|
1,157.4
|
|
|
$
|
1,335.1
|
|
|
$
|
357.9
|
|
|
Reportable Segments
|
||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||
|
March 31, 2020
|
|
March 31, 2019
|
||||||||||||||||||||
(In millions)
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
||||||||||||
Services
|
$
|
717.5
|
|
|
$
|
1,534.1
|
|
|
$
|
56.1
|
|
|
$
|
645.6
|
|
|
$
|
1,335.1
|
|
|
$
|
70.4
|
|
Products
|
516.1
|
|
|
13.6
|
|
|
241.9
|
|
|
511.8
|
|
|
—
|
|
|
287.5
|
|
||||||
Total products and services revenue
|
1,233.6
|
|
|
1,547.7
|
|
|
298.0
|
|
|
1,157.4
|
|
|
1,335.1
|
|
|
357.9
|
|
||||||
Lease
|
19.5
|
|
|
—
|
|
|
31.5
|
|
|
27.9
|
|
|
—
|
|
|
34.7
|
|
||||||
Total revenue
|
$
|
1,253.1
|
|
|
$
|
1,547.7
|
|
|
$
|
329.5
|
|
|
$
|
1,185.3
|
|
|
$
|
1,335.1
|
|
|
$
|
392.6
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
|
$ change
|
|
% change
|
|||||||
Contract assets
|
$
|
1,402.9
|
|
|
$
|
1,520.0
|
|
|
$
|
(117.1
|
)
|
|
(7.7
|
)
|
Contract (liabilities)
|
(4,653.5
|
)
|
|
(4,585.1
|
)
|
|
(68.4
|
)
|
|
(1.5
|
)
|
|||
Net contract liabilities
|
$
|
(3,250.6
|
)
|
|
$
|
(3,065.1
|
)
|
|
$
|
(185.5
|
)
|
|
(6.1
|
)
|
(In millions)
|
2020
|
|
2021
|
|
Thereafter
|
||||||
Subsea
|
$
|
3,100.0
|
|
|
$
|
2,800.0
|
|
|
$
|
1,873.5
|
|
Technip Energies
|
4,828.3
|
|
|
5,232.0
|
|
|
3,706.3
|
|
|||
Surface Technologies
|
283.8
|
|
|
136.8
|
|
|
1.4
|
|
|||
Total order backlog
|
$
|
8,212.1
|
|
|
$
|
8,168.8
|
|
|
$
|
5,581.2
|
|
•
|
Subsea - designs and manufactures products and systems, performs engineering, procurement and project management, and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas.
|
•
|
Technip Energies - offers extensive experience, knowledge and unique project management capabilities in Onshore and Offshore hydrocarbon infrastructure businesses; it also combines its leading engineering and construction capabilities with its technological know-how, products and services to develop new solutions that will support the world’s energy transition.
|
•
|
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.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Segment revenue
|
|
|
|
||||
Subsea
|
$
|
1,253.1
|
|
|
$
|
1,185.3
|
|
Technip Energies
|
1,547.7
|
|
|
1,335.1
|
|
||
Surface Technologies
|
329.5
|
|
|
392.6
|
|
||
Total revenue
|
$
|
3,130.3
|
|
|
$
|
2,913.0
|
|
|
|
|
|
||||
Segment operating profit (loss)
|
|
|
|
||||
Subsea
|
$
|
(2,750.7
|
)
|
|
$
|
49.9
|
|
Technip Energies
|
151.2
|
|
|
155.7
|
|
||
Surface Technologies
|
(424.0
|
)
|
|
10.5
|
|
||
Total segment operating profit (loss)
|
$
|
(3,023.5
|
)
|
|
$
|
216.1
|
|
|
|
|
|
||||
Corporate items
|
|
|
|
||||
Corporate expense(a)
|
$
|
(112.2
|
)
|
|
$
|
(93.6
|
)
|
Net interest expense
|
(72.3
|
)
|
|
(88.2
|
)
|
||
Total corporate items
|
(184.5
|
)
|
|
(181.8
|
)
|
||
Income (loss) before income taxes(b)
|
$
|
(3,208.0
|
)
|
|
$
|
34.3
|
|
(a)
|
Corporate expense primarily includes corporate staff expenses, legal reserve, stock-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, and merger transaction integration and separation expenses.
|
(b)
|
Includes amounts attributable to non-controlling interests.
|
(In millions)
|
March 31,
2020 |
|
December 31, 2019
|
||||
Segment assets
|
|
|
|
||||
Subsea
|
$
|
7,510.5
|
|
|
$
|
10,824.2
|
|
Technip Energies
|
4,747.7
|
|
|
4,448.8
|
|
||
Surface Technologies
|
1,739.6
|
|
|
2,246.4
|
|
||
Intercompany eliminations
|
(26.4
|
)
|
|
(33.9
|
)
|
||
Total segment assets
|
13,971.4
|
|
|
17,485.5
|
|
||
Corporate (a)
|
5,956.2
|
|
|
6,033.3
|
|
||
Total assets
|
$
|
19,927.6
|
|
|
$
|
23,518.8
|
|
(a)
|
Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions, except per share data)
|
2020
|
|
2019
|
||||
Net income (loss) attributable to TechnipFMC plc
|
$
|
(3,256.1
|
)
|
|
$
|
20.9
|
|
|
|
|
|
||||
Weighted average number of shares outstanding
|
447.5
|
|
|
450.1
|
|
||
Dilutive effect of restricted stock units
|
—
|
|
|
1.0
|
|
||
Dilutive effect of performance shares
|
—
|
|
|
2.2
|
|
||
Total shares and dilutive securities
|
447.5
|
|
|
453.3
|
|
||
|
|
|
|
||||
Basic earnings (loss) per share attributable to TechnipFMC plc
|
$
|
(7.28
|
)
|
|
$
|
0.05
|
|
Diluted earnings (loss) per share attributable to TechnipFMC plc
|
$
|
(7.28
|
)
|
|
$
|
0.05
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Raw materials
|
$
|
301.4
|
|
|
$
|
347.5
|
|
Work in process
|
304.9
|
|
|
290.2
|
|
||
Finished goods
|
741.2
|
|
|
778.3
|
|
||
Inventories, net
|
$
|
1,347.5
|
|
|
$
|
1,416.0
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Value-added tax receivables
|
438.0
|
|
|
395.2
|
|
||
Sundry receivables
|
112.0
|
|
|
69.6
|
|
||
Prepaid expenses
|
110.1
|
|
|
66.8
|
|
||
Other taxes receivables
|
89.7
|
|
|
100.7
|
|
||
Held-to-maturity investments
|
49.7
|
|
|
49.7
|
|
||
Current financial assets at amortized cost
|
41.1
|
|
|
42.0
|
|
||
Asset held for sale
|
11.2
|
|
|
25.8
|
|
||
Other
|
116.8
|
|
|
113.9
|
|
||
Total other current assets
|
$
|
968.6
|
|
|
$
|
863.7
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Value added tax and other taxes payable
|
257.7
|
|
|
240.4
|
|
||
Warranty accruals and project contingencies
|
219.6
|
|
|
310.1
|
|
||
Legal provisions
|
173.1
|
|
|
183.6
|
|
||
Redeemable financial liability
|
131.4
|
|
|
129.1
|
|
||
Social security liability
|
121.5
|
|
|
116.5
|
|
||
Provision
|
43.1
|
|
|
53.2
|
|
||
Compensation accrual
|
21.6
|
|
|
89.6
|
|
||
Current portion of accrued pension and other post-retirement benefits
|
19.8
|
|
|
14.9
|
|
||
Liabilities held for sale
|
9.3
|
|
|
9.3
|
|
||
Other accrued liabilities
|
406.4
|
|
|
347.8
|
|
||
Total other current liabilities
|
$
|
1,403.5
|
|
|
$
|
1,494.5
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Balance at beginning of period
|
$
|
193.5
|
|
|
$
|
234.4
|
|
Warranty expenses
|
10.6
|
|
|
7.2
|
|
||
Adjustment to existing accruals
|
(52.4
|
)
|
|
(56.1
|
)
|
||
Claims paid
|
(3.1
|
)
|
|
(4.0
|
)
|
||
Balance at end of period
|
$
|
148.6
|
|
|
$
|
181.5
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Subsea
|
$
|
21.1
|
|
|
$
|
15.1
|
|
Technip Energies
|
7.7
|
|
|
(1.2
|
)
|
||
Income from equity affiliates
|
$
|
28.8
|
|
|
$
|
13.9
|
|
(In millions)
|
March 31,
2020 |
|
December 31, 2019
|
||||
TP JGC Coral France SNC
|
$
|
45.8
|
|
|
$
|
40.1
|
|
TTSJV W.L.L.
|
23.0
|
|
|
22.4
|
|
||
Others
|
12.6
|
|
|
14.3
|
|
||
Total trade receivables
|
$
|
81.4
|
|
|
$
|
76.8
|
|
(In millions)
|
March 31,
2020 |
|
December 31, 2019
|
||||
Chiyoda
|
$
|
26.5
|
|
|
$
|
24.8
|
|
JGC Corporation
|
15.1
|
|
|
15.1
|
|
||
IFP Energies nouvelles
|
1.2
|
|
|
2.4
|
|
||
Dofcon Navegacao
|
0.2
|
|
|
2.1
|
|
||
Others
|
2.7
|
|
|
6.7
|
|
||
Total trade payables
|
$
|
45.7
|
|
|
$
|
51.1
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
TTSJV W.L.L.
|
$
|
15.6
|
|
|
$
|
52.8
|
|
TP JGC Coral France SNC
|
12.6
|
|
|
26.7
|
|
||
Anadarko Petroleum Company
|
—
|
|
|
44.5
|
|
||
TOP CV
|
—
|
|
|
1.3
|
|
||
Others
|
8.7
|
|
|
14.2
|
|
||
Total revenue
|
$
|
36.9
|
|
|
$
|
139.5
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Dofcon Navegacao
|
$
|
8.0
|
|
|
$
|
—
|
|
Chiyoda
|
3.5
|
|
|
14.2
|
|
||
IFP Energies nouvelles
|
1.1
|
|
|
1.0
|
|
||
Magma Global Limited
|
0.7
|
|
|
1.9
|
|
||
Arkema S.A.
|
0.4
|
|
|
—
|
|
||
JGC Corporation
|
0.2
|
|
|
14.3
|
|
||
Serimax Holdings SAS
|
0.2
|
|
|
17.5
|
|
||
Others
|
6.4
|
|
|
3.8
|
|
||
Total expenses
|
$
|
20.5
|
|
|
$
|
52.7
|
|
(In millions)
|
Subsea
|
|
Technip Energies
|
|
Surface
|
|
Total
|
||||||||
December 31, 2019
|
2,814.1
|
|
|
2,423.6
|
|
|
$
|
360.6
|
|
|
5,598.3
|
|
|||
Transfers (a)
|
(21.2
|
)
|
|
46.1
|
|
|
(24.9
|
)
|
|
—
|
|
||||
Impairments
|
(2,747.5
|
)
|
|
—
|
|
|
(335.9
|
)
|
|
(3,083.4
|
)
|
||||
Translation
|
(45.4
|
)
|
|
(8.7
|
)
|
|
0.2
|
|
|
(53.9
|
)
|
||||
March 31, 2020
|
$
|
—
|
|
|
$
|
2,461.0
|
|
|
$
|
—
|
|
|
$
|
2,461.0
|
|
(a)
|
Beginning in the first quarter of 2020, Technip Energies includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. Refer to Note 6 for more information.
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Revolving credit facility
|
$
|
500.0
|
|
|
$
|
—
|
|
Bilateral credit facilities
|
—
|
|
|
—
|
|
||
Commercial paper
|
1,374.1
|
|
|
1,967.0
|
|
||
Synthetic bonds due 2021
|
483.5
|
|
|
492.9
|
|
||
3.45% Senior Notes due 2022
|
500.0
|
|
|
500.0
|
|
||
5.00% 2010 Private placement notes due 2020
|
218.9
|
|
|
224.6
|
|
||
3.40% 2012 Private placement notes due 2022
|
164.3
|
|
|
168.5
|
|
||
3.15% 2013 Private placement notes due 2023
|
141.9
|
|
|
146.0
|
|
||
3.15% 2013 Private placement notes due 2023
|
136.9
|
|
|
140.4
|
|
||
4.00% 2012 Private placement notes due 2027
|
82.2
|
|
|
84.2
|
|
||
4.00% 2012 Private placement notes due 2032
|
109.5
|
|
|
112.3
|
|
||
3.75% 2013 Private placement notes due 2033
|
109.5
|
|
|
112.3
|
|
||
Bank borrowings
|
555.6
|
|
|
513.3
|
|
||
Other
|
41.7
|
|
|
23.0
|
|
||
Unamortized issuing fees
|
(7.5
|
)
|
|
(9.1
|
)
|
||
Total debt
|
4,410.6
|
|
|
4,475.4
|
|
||
Less: current borrowings
|
586.7
|
|
|
495.4
|
|
||
Long-term debt
|
$
|
3,823.9
|
|
|
$
|
3,980.0
|
|
•
|
U.S. dollar-denominated loans bear interest, at the Borrowers’ 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 at the Euro interbank offered rate (“EURIBOR”).
|
(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, 2019
|
$
|
(1,230.1
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
(171.6
|
)
|
|
$
|
(1,407.5
|
)
|
|
$
|
(4.7
|
)
|
Other comprehensive income (loss) before reclassifications, net of tax
|
(206.8
|
)
|
|
(89.3
|
)
|
|
(0.7
|
)
|
|
(296.8
|
)
|
|
(11.1
|
)
|
|||||
Reclassification adjustment for net losses (gains) included in net income (loss), net of tax
|
—
|
|
|
0.1
|
|
|
2.5
|
|
|
2.6
|
|
|
—
|
|
|||||
Other comprehensive income (loss), net of tax
|
(206.8
|
)
|
|
(89.2
|
)
|
|
1.8
|
|
|
(294.2
|
)
|
|
(11.1
|
)
|
|||||
March 31, 2020
|
$
|
(1,436.9
|
)
|
|
$
|
(95.0
|
)
|
|
$
|
(169.8
|
)
|
|
$
|
(1,701.7
|
)
|
|
$
|
(15.8
|
)
|
|
Three Months Ended
|
|
|
||||||
|
March 31,
|
|
|
||||||
(In millions)
|
2020
|
|
2019
|
|
|
||||
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
|
$
|
(11.1
|
)
|
|
$
|
0.7
|
|
|
Revenue
|
|
9.8
|
|
|
2.6
|
|
|
Cost of sales
|
||
|
—
|
|
|
0.1
|
|
|
Selling, general and administrative expense
|
||
|
1.0
|
|
|
(2.4
|
)
|
|
Other income (expense), net
|
||
|
(0.3
|
)
|
|
1.0
|
|
|
Income (loss) before income taxes
|
||
|
(0.2
|
)
|
|
0.7
|
|
|
Provision for income taxes (Note 19)
|
||
|
$
|
(0.1
|
)
|
|
$
|
0.3
|
|
|
Net income (loss)
|
Pension and other post-retirement benefits
|
|
|
|
|
|
||||
Amortization of prior service credit (cost)
|
(0.3
|
)
|
|
(0.4
|
)
|
|
(a)
|
||
Amortization of net actuarial loss
|
(2.8
|
)
|
|
—
|
|
|
(a)
|
||
|
(3.1
|
)
|
|
(0.4
|
)
|
|
Income (loss) before income taxes
|
||
|
(0.6
|
)
|
|
(0.1
|
)
|
|
Provision for income taxes (Note 19)
|
||
|
$
|
(2.5
|
)
|
|
$
|
(0.3
|
)
|
|
Net income (loss)
|
(a)
|
These accumulated other comprehensive income components are included in the computation of net periodic pension cost.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Subsea
|
$
|
2,773.6
|
|
|
$
|
2.3
|
|
Technip Energies
|
6.8
|
|
|
3.8
|
|
||
Surface Technologies
|
424.4
|
|
|
1.5
|
|
||
Corporate and other
|
3.6
|
|
|
8.9
|
|
||
Total impairment, restructuring and other expenses
|
$
|
3,208.4
|
|
|
$
|
16.5
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Financial guarantees (a)
|
$
|
930.0
|
|
|
$
|
945.5
|
|
Performance guarantees (b)
|
4,969.2
|
|
|
4,916.0
|
|
||
Maximum potential undiscounted payments
|
$
|
5,899.2
|
|
|
$
|
5,861.5
|
|
(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.
|
|
Net Notional Amount
Bought (Sold)
|
||||
(In millions)
|
|
|
USD Equivalent
|
||
Brazilian real
|
59.6
|
|
|
11.5
|
|
Euro
|
(7.1
|
)
|
|
(7.7
|
)
|
Norwegian krone
|
(109.9
|
)
|
|
(10.5
|
)
|
U.S. dollar
|
6.1
|
|
|
6.1
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
(In millions)
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Current - Derivative financial instruments
|
$
|
342.8
|
|
|
$
|
465.8
|
|
|
$
|
94.3
|
|
|
$
|
125.0
|
|
Long-term - Derivative financial instruments
|
82.7
|
|
|
97.7
|
|
|
34.8
|
|
|
48.0
|
|
||||
Total derivatives designated as hedging instruments
|
425.5
|
|
|
563.5
|
|
|
129.1
|
|
|
173.0
|
|
||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Current - Derivative financial instruments
|
10.5
|
|
|
19.8
|
|
|
7.6
|
|
|
16.3
|
|
||||
Long-term - Derivative financial instruments
|
1.0
|
|
|
0.2
|
|
|
0.4
|
|
|
0.4
|
|
||||
Total derivatives not designated as hedging instruments
|
11.5
|
|
|
20.0
|
|
|
8.0
|
|
|
16.7
|
|
||||
Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium
|
0.3
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
||||
Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives
|
—
|
|
|
0.3
|
|
|
—
|
|
|
4.3
|
|
||||
Total derivatives
|
$
|
437.3
|
|
|
$
|
583.8
|
|
|
$
|
141.4
|
|
|
$
|
194.0
|
|
|
Gain (Loss) Recognized in OCI
|
||||||
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Foreign exchange contracts
|
$
|
(112.0
|
)
|
|
$
|
16.6
|
|
(In millions)
|
Three Months Ended March 31, 2020
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||
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
|
||||||||||||||||
Cash Flow hedge gain (loss) recognized in income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Amounts reclassified from accumulated OCI to income
|
$
|
(11.1
|
)
|
|
$
|
9.8
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
0.7
|
|
|
$
|
2.6
|
|
|
$
|
0.1
|
|
|
$
|
(2.4
|
)
|
Amounts excluded from effectiveness testing
|
1.2
|
|
|
(2.2
|
)
|
|
—
|
|
|
(11.6
|
)
|
|
(0.3
|
)
|
|
(4.1
|
)
|
|
—
|
|
|
(9.6
|
)
|
||||||||
Total cash flow hedge gain (loss) recognized in income
|
(9.9
|
)
|
|
7.6
|
|
|
—
|
|
|
(10.6
|
)
|
|
0.4
|
|
|
(1.5
|
)
|
|
0.1
|
|
|
(12.0
|
)
|
||||||||
Total hedge gain (loss) recognized in income
|
$
|
(9.9
|
)
|
|
$
|
7.6
|
|
|
$
|
—
|
|
|
$
|
(10.6
|
)
|
|
$
|
0.4
|
|
|
$
|
(1.5
|
)
|
|
$
|
0.1
|
|
|
$
|
(12.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments
|
(0.1
|
)
|
|
0.6
|
|
|
—
|
|
|
(8.7
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
||||||||
Total
|
$
|
(10.0
|
)
|
|
$
|
8.2
|
|
|
$
|
—
|
|
|
$
|
(19.3
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
0.1
|
|
|
$
|
(15.3
|
)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
(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
|
$
|
437.3
|
|
|
$
|
(349.2
|
)
|
|
$
|
88.1
|
|
|
$
|
141.4
|
|
|
$
|
(112.5
|
)
|
|
$
|
28.9
|
|
Derivative liabilities
|
$
|
583.8
|
|
|
$
|
(349.2
|
)
|
|
$
|
234.6
|
|
|
$
|
194.0
|
|
|
$
|
(112.5
|
)
|
|
$
|
81.5
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||||||||
(In millions)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity securities(a)
|
$
|
35.9
|
|
|
$
|
35.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54.8
|
|
|
$
|
54.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market fund
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
||||||||
Stable value fund(b)
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Held-to-maturity debt securities
|
71.9
|
|
|
—
|
|
|
71.9
|
|
|
—
|
|
|
71.9
|
|
|
—
|
|
|
71.9
|
|
|
—
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Synthetic bonds - call option premium
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
||||||||
Foreign exchange contracts
|
437.0
|
|
|
—
|
|
|
437.0
|
|
|
—
|
|
|
137.1
|
|
|
—
|
|
|
137.1
|
|
|
—
|
|
||||||||
Assets held for sale
|
11.2
|
|
|
—
|
|
|
—
|
|
|
11.2
|
|
|
25.8
|
|
|
—
|
|
|
—
|
|
|
25.8
|
|
||||||||
Total assets
|
$
|
559.8
|
|
|
$
|
35.9
|
|
|
$
|
510.9
|
|
|
$
|
11.2
|
|
|
$
|
297.5
|
|
|
$
|
54.8
|
|
|
$
|
214.8
|
|
|
$
|
25.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Redeemable financial liability
|
$
|
300.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
300.1
|
|
|
$
|
268.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
268.8
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Synthetic bonds - embedded derivatives
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
||||||||
Foreign exchange contracts
|
583.5
|
|
|
—
|
|
|
583.5
|
|
|
—
|
|
|
189.7
|
|
|
—
|
|
|
189.7
|
|
|
—
|
|
||||||||
Liabilities held for sale
|
9.3
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|
9.3
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
||||||||
Total liabilities
|
$
|
893.2
|
|
|
$
|
—
|
|
|
$
|
583.8
|
|
|
$
|
309.4
|
|
|
$
|
472.1
|
|
|
$
|
—
|
|
|
$
|
194.0
|
|
|
$
|
278.1
|
|
(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.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Balance at beginning of period
|
$
|
268.8
|
|
|
$
|
408.5
|
|
Less: Gains (losses) recognized in net interest expense
|
(35.5
|
)
|
|
(84.7
|
)
|
||
Less: Settlements
|
4.2
|
|
|
174.9
|
|
||
Balance at end of period
|
$
|
300.1
|
|
|
$
|
318.3
|
|
–
|
Established a thorough Business Continuity Planning process, which included the work from home initiative, when practical, to support continuity of operations;
|
–
|
Adopted enhanced sanitation practices across all offices and facilities, implemented personal hygiene protocols and measures to restrict non-essential business travel, and restricted non-essential visitors from visiting our offices and facilities;
|
–
|
Provided personal protective equipment and performed proactive health screening and testing of offshore personnel and required employees to self-quarantine when they may have been exposed to, or shown any symptoms of COVID-19;
|
–
|
Collaborated more closely with clients to mitigate COVID-19 impacts in order to advance projects and meet customer requirements, albeit at reduced productivity in some instances; and
|
–
|
Engaged with critical vendors regarding their own pandemic preparedness plans to minimize the impact to our business operations.
|
|
Three Months Ended
|
|
|
||||||||||
|
March 31,
|
|
Change
|
||||||||||
(In millions, except %)
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Revenue
|
$
|
3,130.3
|
|
|
$
|
2,913.0
|
|
|
217.3
|
|
|
7.5
|
|
|
|
|
|
|
|
|
|
||||||
Costs and expenses
|
|
|
|
|
|
|
|
|
|||||
Cost of sales
|
2,701.7
|
|
|
2,411.9
|
|
|
289.8
|
|
|
12.0
|
|
||
Selling, general and administrative expense
|
293.9
|
|
|
297.8
|
|
|
(3.9
|
)
|
|
(1.3
|
)
|
||
Research and development expense
|
35.2
|
|
|
39.9
|
|
|
(4.7
|
)
|
|
(11.8
|
)
|
||
Impairment, restructuring and other expenses (Note 17)
|
3,208.4
|
|
|
16.5
|
|
|
3,191.9
|
|
|
19,344.8
|
|
||
Separation costs (Note 2)
|
27.1
|
|
|
—
|
|
|
27.1
|
|
|
n/a
|
|
||
Merger transaction and integration costs
|
—
|
|
|
12.1
|
|
|
(12.1
|
)
|
|
n/a
|
|
||
Total costs and expenses
|
6,266.3
|
|
|
2,778.2
|
|
|
3,488.1
|
|
|
125.6
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||
Other income (expense), net
|
(28.5
|
)
|
|
(26.2
|
)
|
|
(2.3
|
)
|
|
(8.8
|
)
|
||
Income from equity affiliates (Note 11)
|
28.8
|
|
|
13.9
|
|
|
14.9
|
|
|
107.2
|
|
||
Net interest expense
|
(72.3
|
)
|
|
(88.2
|
)
|
|
15.9
|
|
|
18.0
|
|
||
Income (loss) before income taxes
|
(3,208.0
|
)
|
|
34.3
|
|
|
(3,242.3
|
)
|
|
(9,452.8
|
)
|
||
Provision for income taxes (Note 19)
|
37.7
|
|
|
14.5
|
|
|
23.2
|
|
|
160.0
|
|
||
Net income (loss)
|
(3,245.7
|
)
|
|
19.8
|
|
|
(3,265.5
|
)
|
|
(16,492.4
|
)
|
||
Net (income) loss attributable to non-controlling interests
|
(10.4
|
)
|
|
1.1
|
|
|
(11.5
|
)
|
|
(1,045.5
|
)
|
||
Net income (loss) attributable to TechnipFMC plc
|
$
|
(3,256.1
|
)
|
|
$
|
20.9
|
|
|
(3,277.0
|
)
|
|
(15,679.4
|
)
|
|
Three Months Ended
|
|
|
|||||||||
|
March 31,
|
|
Favorable/(Unfavorable)
|
|||||||||
(In millions, except %)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||
Revenue
|
$
|
1,253.1
|
|
|
$
|
1,185.3
|
|
|
67.8
|
|
|
5.7
|
Operating profit (loss)
|
$
|
(2,750.7
|
)
|
|
$
|
49.9
|
|
|
(2,800.6
|
)
|
|
n/a
|
|
|
|
|
|
|
|
|
|||||
Operating profit (loss) as a percentage of revenue
|
(219.5
|
)%
|
|
4.2
|
%
|
|
|
|
(223.7) pts.
|
|
Three Months Ended
|
|
|
||||||||||
|
March 31,
|
|
Favorable/(Unfavorable)
|
||||||||||
(In millions, except %)
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Revenue
|
$
|
1,547.7
|
|
|
$
|
1,335.1
|
|
|
212.6
|
|
|
15.9
|
|
Operating profit
|
$
|
151.2
|
|
|
$
|
155.7
|
|
|
(4.5
|
)
|
|
(2.9
|
)
|
|
|
|
|
|
|
|
|
||||||
Operating profit as a percentage of revenue
|
9.8
|
%
|
|
11.7
|
%
|
|
|
|
(1.9) pts.
|
|
|
Three Months Ended
|
|
|
||||||||||
|
March 31,
|
|
Favorable/(Unfavorable)
|
||||||||||
(In millions, except %)
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Revenue
|
$
|
329.5
|
|
|
$
|
392.6
|
|
|
(63.1
|
)
|
|
(16.1
|
)
|
Operating profit (loss)
|
$
|
(424.0
|
)
|
|
$
|
10.5
|
|
|
(434.5
|
)
|
|
n/a
|
|
|
|
|
|
|
|
|
|
||||||
Operating profit (loss) as a percentage of revenue
|
(128.7
|
)%
|
|
2.7
|
%
|
|
|
|
(131.4) pts.
|
|
|
Three Months Ended
|
|
|
||||||||||
|
March 31,
|
|
Favorable/(Unfavorable)
|
||||||||||
(In millions, except %)
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||
Corporate expense
|
$
|
(112.2
|
)
|
|
$
|
(93.6
|
)
|
|
(18.6
|
)
|
|
(19.9
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Corporate expense, reported
|
$
|
112.2
|
|
|
$
|
93.6
|
|
Less charges and (credits)
|
30.7
|
|
|
21.0
|
|
||
Corporate expense, adjusted
|
81.5
|
|
|
72.6
|
|
||
Less foreign exchange losses
|
43.3
|
|
|
11.6
|
|
||
Corporate expense, adjusted and before foreign exchange losses
|
$
|
38.2
|
|
|
$
|
61.0
|
|
–
|
Net income, excluding charges and credits, as well as measures derived from it (excluding charges and credits;
|
–
|
Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit");
|
–
|
Depreciation and amortization, excluding charges and credits (“Adjusted Depreciation and amortization”);
|
–
|
Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA");
|
–
|
Corporate expenses excluding charges and credits and excluding foreign exchange losses; and
|
–
|
Net (debt) cash
|
|
Three Months Ended
|
||||||||||||||||||||||||||
|
March 31, 2020
|
||||||||||||||||||||||||||
|
Net income (loss) attributable to TechnipFMC plc
|
|
Net income (loss) attributable to non-controlling interests
|
|
Provision (benefit) 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
|
$
|
(3,256.1
|
)
|
|
$
|
10.4
|
|
|
$
|
37.7
|
|
|
$
|
72.3
|
|
|
$
|
(3,135.7
|
)
|
|
$
|
120.4
|
|
|
$
|
(3,015.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges
|
3,159.9
|
|
|
—
|
|
|
28.1
|
|
|
—
|
|
|
3,188.0
|
|
|
—
|
|
|
3,188.0
|
|
|||||||
Restructuring and other charges
|
8.6
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
11.4
|
|
|
—
|
|
|
11.4
|
|
|||||||
Direct COVID-19 expenses
|
6.8
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
9.0
|
|
|||||||
Separation costs
|
20.2
|
|
|
—
|
|
|
6.9
|
|
|
—
|
|
|
27.1
|
|
|
—
|
|
|
27.1
|
|
|||||||
Purchase price accounting adjustment
|
6.5
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
8.5
|
|
|
(8.5
|
)
|
|
—
|
|
|||||||
Valuation allowance
|
5.0
|
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Adjusted financial measures
|
$
|
(49.1
|
)
|
|
$
|
10.4
|
|
|
$
|
74.7
|
|
|
$
|
72.3
|
|
|
$
|
108.3
|
|
|
$
|
111.9
|
|
|
$
|
220.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported
|
$
|
(7.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||
|
March 31, 2019
|
||||||||||||||||||||||||||
|
Net income (loss) attributable to TechnipFMC plc
|
|
Net income (loss) attributable to non-controlling interests
|
|
Provision (benefit) 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
|
$
|
20.9
|
|
|
$
|
(1.1
|
)
|
|
$
|
14.5
|
|
|
$
|
88.2
|
|
|
$
|
122.5
|
|
|
$
|
119.4
|
|
|
$
|
241.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Charges and (credits):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Impairment and other charges
|
0.5
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|||||||
Restructuring and other severance charges
|
11.6
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
15.8
|
|
|
—
|
|
|
15.8
|
|
|||||||
Business combinations transaction and integration costs
|
8.9
|
|
|
—
|
|
|
3.2
|
|
|
—
|
|
|
12.1
|
|
|
—
|
|
|
12.1
|
|
|||||||
Reorganization
|
19.2
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
25.3
|
|
|
—
|
|
|
25.3
|
|
|||||||
Purchase price accounting adjustment
|
6.5
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
8.5
|
|
|
(8.5
|
)
|
|
—
|
|
|||||||
Valuation allowance
|
(40.3
|
)
|
|
—
|
|
|
40.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Adjusted financial measures
|
$
|
27.3
|
|
|
$
|
(1.1
|
)
|
|
$
|
70.5
|
|
|
$
|
88.2
|
|
|
$
|
184.9
|
|
|
$
|
110.9
|
|
|
$
|
295.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31, 2020
|
||||||||||||||||||
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
|
Corporate and Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,253.1
|
|
|
$
|
1,547.7
|
|
|
$
|
329.5
|
|
|
$
|
—
|
|
|
$
|
3,130.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax)
|
$
|
(2,750.7
|
)
|
|
$
|
151.2
|
|
|
$
|
(424.0
|
)
|
|
$
|
(112.2
|
)
|
|
$
|
(3,135.7
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits):
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges
|
2,776.5
|
|
|
—
|
|
|
411.5
|
|
|
—
|
|
|
3,188.0
|
|
|||||
Restructuring and other charges*
|
(6.9
|
)
|
|
2.9
|
|
|
11.8
|
|
|
3.6
|
|
|
11.4
|
|
|||||
Direct COVID-19 expenses
|
4.0
|
|
|
3.9
|
|
|
1.1
|
|
|
—
|
|
|
9.0
|
|
|||||
Separation costs
|
—
|
|
|
—
|
|
|
—
|
|
|
27.1
|
|
|
27.1
|
|
|||||
Reorganization
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Legal provision, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase price accounting adjustments
|
8.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|||||
Subtotal
|
2,782.1
|
|
|
6.8
|
|
|
424.4
|
|
|
30.7
|
|
|
3,244.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss)
|
31.4
|
|
|
158.0
|
|
|
0.4
|
|
|
(81.5
|
)
|
|
108.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization
|
73.4
|
|
|
9.1
|
|
|
24.1
|
|
|
5.3
|
|
|
111.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA
|
$
|
104.8
|
|
|
$
|
167.1
|
|
|
$
|
24.5
|
|
|
$
|
(76.2
|
)
|
|
$
|
220.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported
|
(219.5
|
)%
|
|
9.8
|
%
|
|
(128.7
|
)%
|
|
|
|
(100.2
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin
|
2.5
|
%
|
|
10.2
|
%
|
|
0.1
|
%
|
|
|
|
3.5
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin
|
8.4
|
%
|
|
10.8
|
%
|
|
7.4
|
%
|
|
|
|
7.0
|
%
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31, 2019
|
||||||||||||||||||
|
Subsea
|
|
Technip Energies
|
|
Surface Technologies
|
|
Corporate and Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,185.3
|
|
|
$
|
1,335.1
|
|
|
$
|
392.6
|
|
|
$
|
—
|
|
|
$
|
2,913.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit (loss), as reported (pre-tax)
|
$
|
49.9
|
|
|
$
|
155.7
|
|
|
$
|
10.5
|
|
|
$
|
(93.6
|
)
|
|
$
|
122.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charges and (credits):
|
|
|
|
|
|
|
|
|
|
||||||||||
Impairment and other charges
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|||||
Restructuring and other severance charges
|
1.6
|
|
|
3.8
|
|
|
1.5
|
|
|
8.9
|
|
|
15.8
|
|
|||||
Business combination transaction and integration costs
|
—
|
|
|
—
|
|
|
—
|
|
|
12.1
|
|
|
12.1
|
|
|||||
Reorganization
|
—
|
|
|
25.3
|
|
|
—
|
|
|
—
|
|
|
25.3
|
|
|||||
Purchase price accounting adjustments - amortization related
|
8.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|||||
Subtotal
|
10.8
|
|
|
29.1
|
|
|
1.5
|
|
|
21.0
|
|
|
62.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit (loss)
|
60.7
|
|
|
184.8
|
|
|
12.0
|
|
|
(72.6
|
)
|
|
184.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Depreciation and amortization
|
79.0
|
|
|
10.0
|
|
|
18.1
|
|
|
3.8
|
|
|
110.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA
|
$
|
139.7
|
|
|
$
|
194.8
|
|
|
$
|
30.1
|
|
|
$
|
(68.8
|
)
|
|
$
|
295.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin, as reported
|
4.2
|
%
|
|
11.7
|
%
|
|
2.7
|
%
|
|
|
|
4.2
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Operating profit margin
|
5.1
|
%
|
|
13.8
|
%
|
|
3.1
|
%
|
|
|
|
6.3
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin
|
11.8
|
%
|
|
14.6
|
%
|
|
7.7
|
%
|
|
|
|
10.2
|
%
|
|
Inbound Orders
|
||||||
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Subsea
|
$
|
1,172.1
|
|
|
2,677.6
|
|
|
Technip Energies
|
560.6
|
|
|
3,138.9
|
|
||
Surface Technologies
|
366.3
|
|
|
368.0
|
|
||
Total inbound orders
|
$
|
2,099.0
|
|
|
$
|
6,184.5
|
|
|
Order Backlog
|
||||||
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Subsea
|
$
|
7,773.5
|
|
|
$
|
8,479.8
|
|
Technip Energies
|
13,766.6
|
|
|
15,298.1
|
|
||
Surface Technologies
|
422.0
|
|
|
473.2
|
|
||
Total order backlog
|
$
|
21,962.1
|
|
|
$
|
24,251.1
|
|
|
Non-consolidated backlog
|
||
(In millions)
|
March 31,
2020 |
||
Subsea
|
$
|
761.6
|
|
Technip Energies
|
2,350.2
|
|
|
Total order backlog
|
$
|
3,111.8
|
|
(In millions)
|
March 31,
2020 |
|
December 31,
2019 |
||||
Cash and cash equivalents
|
$
|
4,999.4
|
|
|
$
|
5,190.2
|
|
Short-term debt and current portion of long-term debt
|
(586.7
|
)
|
|
(495.4
|
)
|
||
Long-term debt, less current portion
|
(3,823.9
|
)
|
|
(3,980.0
|
)
|
||
Net cash
|
$
|
588.8
|
|
|
$
|
714.8
|
|
(In millions)
Description
|
Amount
|
|
Debt
Outstanding
|
|
Commercial
Paper
Outstanding(a)
|
|
Letters
of
Credit
|
|
Unused
Capacity
|
|
Maturity
|
||||||||||
Five-year revolving credit facility
|
$
|
2,500.0
|
|
|
$
|
500.0
|
|
|
$
|
1,374.1
|
|
|
$
|
—
|
|
|
$
|
625.9
|
|
|
January 2023
|
(a)
|
Under our commercial paper program, we have the ability to access up to $1.5 billion and €1.0 billion of financing through our commercial paper dealers. Our available capacity under our revolving credit facility is reduced by any outstanding commercial paper.
|
Period
|
|
Total Number
of Shares Purchased
|
|
Average Price
Paid per
Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
|
|
Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs (a)
|
|||||
January 1, 2020 – January 31, 2020
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
14,286,427
|
|
February 1, 2020 – February 29, 2020
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
14,286,427
|
|
March 1, 2020 – March 31, 2020
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
14,286,427
|
|
Total
|
|
—
|
|
|
|
|
—
|
|
|
14,286,427
|
|
(a)
|
In December 2018, our Board of Directors authorized an extension of our share repurchase program for $300 million for the purchase of ordinary shares.
|
Exhibit Number
|
|
Exhibit Description
|
10.1**
|
|
|
10.2**
|
|
|
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).
|
*
|
Furnished with this Quarterly Report on Form 10-Q.
|
**
|
Indicates a management contract or compensatory plan or arrangement.
|
|
|
/s/ Krisztina Doroghazi
|
|
Krisztina Doroghazi
|
|
Senior Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer and a Duly Authorized Officer)
|
|
By:
|
Agnieszka KMIECIAK
|
|
|
|
Executive Vice President, People & Culture
|
<<Signed Electronically>>
|
|
|
|
|
|
|
|
<<Acceptance Date>>
|
(i)
|
solicit, entice, or induce any Person that at any time during the last year of Participant’s employment with the Employer (that period referred to as the “Relevant Period”) was a supplier of the Company or a Subsidiary (and with whom Participant or one of Participant’s direct reports was actively involved during that time or in respect of which Participant is in possession of Confidential Information) to reduce the level of business between the supplier and the Company or such Subsidiary and Participant will not approach any supplier for that purpose or authorize or approve the taking of such actions by any other Person;
|
(ii)
|
solicit business that is of the same or similar nature as that part of the Business with which Participant was materially concerned at any time during the Relevant Period or in respect of which Participant is in possession of Confidential Information as a result of Participant’s employment during the Relevant Period (such business referred to as the “Restricted Business”) from any Person that at any time during the Relevant Period was a customer or client of the Company or a Subsidiary (and with whom Participant or one of Participant’s direct reports was actively involved during that time or in respect of which Participant is in possession of Confidential Information) and Participant will not approach any client or customer for that purpose or authorize or approve the taking of such actions by any other Person. For the purposes of this restriction, the expression “customer or client” shall include all Persons from whom the Company or a Subsidiary has received inquiries for the provision of goods or services with respect to the Business where such inquiries have not been concluded;
|
(iii)
|
within the Restricted Area (as defined below) during the Restricted Period or for any period which Participant is privy to any Confidential Information, be employed or engaged in or actively providing Participant’s services to any Restricted Entity, or business which is the same as or similar to the Business. The Restricted Area means each country, territory, county, parish, borough, or equivalent thereof in which (A) the Company or a Subsidiary that employs the Participant has customers or service assignments about which Participant received or obtained Confidential Information during his/her employment; (B) the Participant had a customer or service assignment for the Company or any Subsidiary in the one-year period preceding, or (C) in which the Company or any Subsidiary had a work site, job site, facility, or office at which the Participant had work activity for the Company or any Subsidiary in the one-year period preceding (the “Restricted Area”). The restrictions of this
|
I.
|
GLOBAL PROVISIONS APPLICABLE TO ALL PARTICIPANTS
|
II.
|
COUNTRY SPECIFIC PROVISIONS APPLICABLE TO PARTICIPANTS WHO PROVIDE SERVICES IN THE IDENTIFIED COUNTRIES
|
By:
|
Agnieszka KMIECIAK
|
|
|
|
Executive Vice President, People & Culture
|
<<Signed Electronically>>
|
|
|
|
|
|
|
|
<<Acceptance Date>>
|
(i)
|
solicit, entice, or induce any Person that at any time during the last year of Participant’s employment with the Employer (that period referred to as the “Relevant Period”) was a supplier of the Company or a Subsidiary (and with whom Participant or one of Participant’s direct reports was actively involved during that time or in respect of which Participant is in possession of Confidential Information) to reduce the level of business between the supplier and the Company or such Subsidiary and Participant will not approach any supplier for that purpose or authorize or approve the taking of such actions by any other Person;
|
(ii)
|
solicit business that is of the same or similar nature as that part of the Business with which Participant was materially concerned at any time during the Relevant Period or in respect of which Participant is in possession of Confidential Information as a result of Participant’s employment during the Relevant Period (such business referred to as the “Restricted Business”) from any Person that at any time during the Relevant Period was a customer or client of the Company or a Subsidiary (and with whom Participant or one of Participant’s direct reports was actively involved during that time or in respect of which Participant is in possession of Confidential Information) and Participant will not approach any client or customer for that purpose or authorize or approve the taking of such actions by any other Person. For the purposes of this restriction, the expression “customer or client” shall include all Persons from whom the Company or a Subsidiary has received inquiries for the provision of goods or services with respect to the Business where such inquiries have not been concluded;
|
(iii)
|
within the Restricted Area (as defined below) during the Restricted Period or for any period which Participant is privy to any Confidential Information, be employed or engaged in or actively providing Participant’s services to any Restricted Entity, or business which is the same as or similar to the Business. The Restricted Area means each country, territory, county, parish, borough, or equivalent thereof in which (A) the Company or a Subsidiary that employs the Participant has customers or service assignments about which Participant received or obtained Confidential Information during his/her employment; (B) the Participant had a customer or service assignment for the Company or any Subsidiary in the one-year period preceding, or (C) in which the Company or any Subsidiary had a work site, job site, facility, or office at which the Participant had work activity for the Company or any Subsidiary in the one-year period preceding (the “Restricted Area”). The restrictions of this Clause 2 shall likewise apply if, although Participant’s place of work is located outside the Restricted Area, Participant’s activity is performed for the benefit of a Restricted Business located in the Restricted Area.
|
I.
|
GLOBAL PROVISIONS APPLICABLE TO All PARTICIPANTS
|
II.
|
COUNTRY SPECIFIC PROVISIONS APPLICABLE TO PARTICIPANTS WHO PROVIDE SERVICES IN THE IDENTIFIED COUNTRIES
|
1.
|
I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2020 of TechnipFMC plc (the “registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ DOUGLAS J. PFERDEHIRT
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Douglas J. Pferdehirt
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Executive Chairman and Chief Executive Officer
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(Principal Executive Officer)
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1.
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I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2020 of TechnipFMC plc (the “registrant”);
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ MARYANN T. MANNEN
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Maryann T. Mannen
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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|
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/s/ DOUGLAS J. PFERDEHIRT
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|
|
Douglas J. Pferdehirt
|
|
|
Executive Chairman and Chief Executive Officer
|
|
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(Principal Executive Officer)
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|
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/s/ MARYANN T. MANNEN
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Maryann T. Mannen
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer)
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