United Kingdom | 98-1283037 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
One St. Paul’s Churchyard | |||||
London | |||||
United Kingdom | EC4M 8AP | ||||
(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 | ☐ |
Class | Outstanding at October 28, 2020 | |||||||
Ordinary shares, $1.00 par value per share | 449,408,233 |
Page | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Service revenue | $ | 2,479.0 | $ | 2,409.6 | $ | 7,101.9 | $ | 7,009.5 | |||||||||||||||
Product revenue | 826.9 | 839.8 | 2,416.9 | 2,471.9 | |||||||||||||||||||
Lease revenue | 29.8 | 85.7 | 105.7 | 200.9 | |||||||||||||||||||
Total revenue | 3,335.7 | 3,335.1 | 9,624.5 | 9,682.3 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of service revenue | 2,195.1 | 1,926.0 | 6,158.0 | 5,520.1 | |||||||||||||||||||
Cost of product revenue | 652.3 | 743.9 | 1,970.0 | 2,237.2 | |||||||||||||||||||
Cost of lease revenue | 28.2 | 56.5 | 90.3 | 126.2 | |||||||||||||||||||
Selling, general and administrative expense | 252.0 | 298.1 | 780.8 | 919.7 | |||||||||||||||||||
Research and development expense | 35.4 | 40.6 | 108.8 | 110.0 | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 17) | 92.0 | 140.3 | 3,440.7 | 166.0 | |||||||||||||||||||
Separation costs (Note 2) | — | 9.4 | 27.1 | 9.4 | |||||||||||||||||||
Merger transaction and integration costs | — | 6.2 | — | 31.2 | |||||||||||||||||||
Total costs and expenses | 3,255.0 | 3,221.0 | 12,575.7 | 9,119.8 | |||||||||||||||||||
Other income (expense), net | 28.9 | (57.7) | (9.3) | (156.5) | |||||||||||||||||||
Income from equity affiliates (Note 11) | 11.1 | 25.9 | 52.9 | 54.0 | |||||||||||||||||||
Income (loss) before net interest expense and income taxes | 120.7 | 82.3 | (2,907.6) | 460.0 | |||||||||||||||||||
Net interest expense | (91.8) | (116.5) | (238.5) | (345.3) | |||||||||||||||||||
Income (loss) before income taxes | 28.9 | (34.2) | (3,146.1) | 114.7 | |||||||||||||||||||
Provision for income taxes (Note 19) | 22.5 | 81.1 | 77.9 | 96.5 | |||||||||||||||||||
Net income (loss) | 6.4 | (115.3) | (3,224.0) | 18.2 | |||||||||||||||||||
Net income attributable to non-controlling interests | (10.3) | (3.8) | (24.3) | (19.4) | |||||||||||||||||||
Net loss attributable to TechnipFMC plc | $ | (3.9) | $ | (119.1) | $ | (3,248.3) | $ | (1.2) | |||||||||||||||
Earnings (loss) per share attributable to TechnipFMC plc (Note 7) | |||||||||||||||||||||||
Basic | $ | (0.01) | $ | (0.27) | $ | (7.24) | $ | — | |||||||||||||||
Diluted | $ | (0.01) | $ | (0.27) | $ | (7.24) | $ | — | |||||||||||||||
Weighted average shares outstanding (Note 7) | |||||||||||||||||||||||
Basic | 449.4 | 446.9 | 448.4 | 448.6 | |||||||||||||||||||
Diluted | 449.4 | 446.9 | 448.4 | 448.6 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions)
|
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income (loss) | $ | 6.4 | $ | (115.3) | $ | (3,224.0) | $ | 18.2 | |||||||||||||||
Foreign currency translation adjustments(a)
|
(10.4) | (42.5) | (213.2) | (43.8) | |||||||||||||||||||
Net gains (losses) on hedging instruments | |||||||||||||||||||||||
Net gains (losses) arising during the period | 44.7 | (37.3) | (10.6) | (32.1) | |||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | 3.9 | (17.1) | 8.7 | (10.7) | |||||||||||||||||||
Net gains (losses) on hedging instruments(b)
|
48.6 | (54.4) | (1.9) | (42.8) | |||||||||||||||||||
Net pension and other post-retirement benefits | |||||||||||||||||||||||
Net gains (losses) arising during the period | (2.6) | 0.4 | (0.4) | 1.4 | |||||||||||||||||||
Reclassification adjustment for amortization of prior service cost included in net income | 0.3 | 0.9 | 0.8 | 2.3 | |||||||||||||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income | 2.3 | — | 6.7 | — | |||||||||||||||||||
Net pension and other postretirement benefits(c)
|
— | 1.3 | 7.1 | 3.7 | |||||||||||||||||||
Other comprehensive income (losses), net of tax | 38.2 | (95.6) | (208.0) | (82.9) | |||||||||||||||||||
Comprehensive income (loss) | 44.6 | (210.9) | (3,432.0) | (64.7) | |||||||||||||||||||
Comprehensive (income) loss attributable to non-controlling interest | (11.8) | 0.6 | (17.9) | (16.3) | |||||||||||||||||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ | 32.8 | $ | (210.3) | $ | (3,449.9) | $ | (81.0) |
(In millions, except par value data) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 4,244.0 | $ | 5,190.2 | |||||||
Trade receivables, net of allowances of $137.6 in 2020 and $95.4 in 2019
|
2,127.8 | 2,287.1 | |||||||||
Contract assets, net of allowances of $2.6 in 2020 and nil in 2019
|
1,470.0 | 1,520.0 | |||||||||
Inventories, net (Note 8) | 1,339.1 | 1,416.0 | |||||||||
Derivative financial instruments (Note 20) | 310.7 | 101.9 | |||||||||
Income taxes receivable | 285.4 | 264.6 | |||||||||
Advances paid to suppliers | 219.2 | 242.9 | |||||||||
Other current assets (Note 9) | 1,037.9 | 863.7 | |||||||||
Total current assets | 11,034.1 | 11,886.4 | |||||||||
Investments in equity affiliates | 351.2 | 300.4 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $2,433.9 in 2020 and $2,288.8 in 2019
|
2,806.4 | 3,162.0 | |||||||||
Operating lease right-of-use assets | 742.1 | 892.6 | |||||||||
Goodwill (Note 13) | 2,488.7 | 5,598.3 | |||||||||
Intangible assets, net of accumulated amortization of $670.4 in 2020 and $763.4 in 2019
|
1,002.3 | 1,086.6 | |||||||||
Deferred income taxes | 228.1 | 260.5 | |||||||||
Derivative financial instruments (Note 20) | 22.9 | 39.5 | |||||||||
Other assets | 235.4 | 292.5 | |||||||||
Total assets | $ | 18,911.2 | $ | 23,518.8 | |||||||
Liabilities and equity | |||||||||||
Short-term debt and current portion of long-term debt (Note 14) | $ | 612.2 | $ | 495.4 | |||||||
Operating lease liabilities | 206.1 | 275.1 | |||||||||
Accounts payable, trade | 2,498.4 | 2,659.8 | |||||||||
Contract liabilities | 4,643.4 | 4,585.1 | |||||||||
Accrued payroll | 384.5 | 411.5 | |||||||||
Derivative financial instruments (Note 20) | 280.2 | 141.3 | |||||||||
Income taxes payable | 65.7 | 75.7 | |||||||||
Other current liabilities (Note 9) | 1,326.7 | 1,494.5 | |||||||||
Total current liabilities | 10,017.2 | 10,138.4 | |||||||||
Long-term debt, less current portion (Note 14) | 3,248.0 | 3,980.0 | |||||||||
Operating lease liabilities, less current portion | 626.2 | 681.7 | |||||||||
Deferred income taxes | 78.5 | 138.2 | |||||||||
Accrued pension and other post-retirement benefits, less current portion | 320.4 | 368.6 | |||||||||
Derivative financial instruments (Note 20) | 35.7 | 52.7 | |||||||||
Other liabilities | 309.4 | 430.0 | |||||||||
Total liabilities | 14,635.4 | 15,789.6 | |||||||||
Commitments and contingent liabilities (Note 18) | |||||||||||
Mezzanine equity | |||||||||||
Redeemable non-controlling interest | 42.1 | 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; 449.4 shares and 447.1 shares issued and outstanding in 2020 and 2019, respectively; nil and 4 shares canceled in 2020 and 2019, respectively
|
449.4 | 447.1 | |||||||||
Capital in excess of par value of ordinary shares | 10,227.8 | 10,182.8 | |||||||||
Accumulated deficit | (4,879.0) | (1,563.1) | |||||||||
Accumulated other comprehensive loss | (1,609.1) | (1,407.5) | |||||||||
Total TechnipFMC plc stockholders’ equity | 4,189.1 | 7,659.3 | |||||||||
Non-controlling interests | 44.6 | 28.8 | |||||||||
Total equity | 4,233.7 | 7,688.1 | |||||||||
Total liabilities and equity | $ | 18,911.2 | $ | 23,518.8 |
(In millions)
|
Nine Months Ended | ||||||||||
September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash provided (required) by operating activities | |||||||||||
Net income (loss) | $ | (3,224.0) | $ | 18.2 | |||||||
Adjustments to reconcile net income to cash provided (required) by operating activities | |||||||||||
Depreciation | 244.5 | 282.5 | |||||||||
Amortization | 91.0 | 96.0 | |||||||||
Impairments | 3,253.0 | 127.5 | |||||||||
Employee benefit plan and share-based compensation costs | 43.0 | 54.2 | |||||||||
Deferred income tax benefit, net | (33.5) | (122.6) | |||||||||
Unrealized loss (gain) on derivative instruments and foreign exchange | (26.1) | 108.2 | |||||||||
Income from equity affiliates, net of dividends received | (48.0) | (49.6) | |||||||||
Other | 182.4 | 307.6 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||
Trade receivables, net and contract assets | 120.4 | (23.0) | |||||||||
Inventories, net | (23.8) | (190.6) | |||||||||
Accounts payable, trade | (84.6) | 19.4 | |||||||||
Contract liabilities | (14.3) | 124.8 | |||||||||
Income taxes payable (receivable), net | (37.0) | (45.3) | |||||||||
Other current assets and liabilities, net | (351.9) | (431.1) | |||||||||
Other noncurrent assets and liabilities, net | 11.0 | 13.2 | |||||||||
Cash provided by operating activities | 102.1 | 289.4 | |||||||||
Cash provided (required) by investing activities | |||||||||||
Capital expenditures | (250.8) | (368.4) | |||||||||
Payment to acquire debt securities | (3.9) | (59.7) | |||||||||
Proceeds from sale of debt securities | 3.9 | 18.9 | |||||||||
Cash received from divestiture | 2.5 | — | |||||||||
Proceeds from sale of assets | 23.4 | 5.6 | |||||||||
Proceeds from repayment of advances to joint venture | 12.5 | 46.4 | |||||||||
Cash required by investing activities | (212.4) | (357.2) | |||||||||
Cash required by financing activities | |||||||||||
Net decrease in short-term debt | (7.2) | (28.5) | |||||||||
Net decrease in commercial paper | (503.0) | (255.5) | |||||||||
Proceeds from issuance of long-term debt | 223.2 | 96.2 | |||||||||
Repayments of long-term debt | (423.9) | — | |||||||||
Purchase of ordinary shares | — | (92.7) | |||||||||
Dividends paid | (59.2) | (174.7) | |||||||||
Payments related to taxes withheld on share-based compensation | (6.4) | — | |||||||||
Settlements of mandatorily redeemable financial liability | (135.3) | (443.7) | |||||||||
Cash required by financing activities | (911.8) | (898.9) | |||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 75.9 | (68.9) | |||||||||
Decrease in cash and cash equivalents | (946.2) | (1,035.6) | |||||||||
Cash and cash equivalents, beginning of period | 5,190.2 | 5,540.0 | |||||||||
Cash and cash equivalents, end of period | $ | 4,244.0 | $ | 4,504.4 |
(In millions) | Ordinary Shares | 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 June 30, 2019 | $ | 446.5 | $ | 10,152.4 | $ | 1,084.0 | $ | (1,348.3) | $ | 45.8 | $ | 10,380.4 | |||||||||||||||||||||||||||||
Net income (loss) | — | — | (119.1) | — | 3.8 | (115.3) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (91.2) | (4.4) | (95.6) | |||||||||||||||||||||||||||||||||||
Cancellation of treasury shares | — | (2.6) | — | — | — | (2.6) | |||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 0.6 | — | — | — | — | 0.6 | |||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.13 per share)
|
— | — | (58.1) | — | — | (58.1) | |||||||||||||||||||||||||||||||||||
Share-based compensation (Note 16) | — | 19.9 | — | — | — | 19.9 | |||||||||||||||||||||||||||||||||||
Other | — | — | (5.2) | — | (0.3) | (5.5) | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | $ | 447.1 | $ | 10,169.7 | $ | 901.6 | $ | (1,439.5) | $ | 44.9 | $ | 10,123.8 | |||||||||||||||||||||||||||||
Balance as of June 30,2020 | $ | 449.3 | $ | 10,213.6 | $ | (4,876.0) | $ | (1,645.8) | $ | 34.5 | $ | 4,175.6 | |||||||||||||||||||||||||||||
Net income (loss) | — | — | (3.9) | — | 10.3 | 6.4 | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 36.7 | 1.5 | 38.2 | |||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||
Share-based compensation (Note 16) | — | 14.2 | — | — | — | 14.2 | |||||||||||||||||||||||||||||||||||
Other | — | — | 0.9 | — | (1.7) | (0.8) | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | 449.4 | $ | 10,227.8 | $ | (4,879.0) | $ | (1,609.1) | $ | 44.6 | $ | 4,233.7 |
(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 (Note 4) | — | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (1.2) | — | 19.4 | 18.2 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (79.8) | (3.1) | (82.9) | ||||||||||||||||||||||||||||||||||
Cancellation of treasury shares | (4.0) | — | (88.7) | — | — | — | (92.7) | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 0.6 | — | — | — | — | — | 0.6 | ||||||||||||||||||||||||||||||||||
Net sales of ordinary shares for employee benefit trust | — | 2.4 | — | — | — | — | 2.4 | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.39 per share)
|
— | — | — | (174.7) | — | — | (174.7) | ||||||||||||||||||||||||||||||||||
Share-based compensation (Note 16) | — | — | 61.4 | — | — | — | 61.4 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | 3.5 | — | (2.7) | 0.8 | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | $ | 447.1 | $ | — | $ | 10,169.7 | $ | 901.6 | $ | (1,439.5) | $ | 44.9 | $ | 10,123.8 | |||||||||||||||||||||||||||
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) | — | — | — | (3,248.3) | — | 24.3 | (3,224.0) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (201.6) | (6.4) | (208.0) | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 2.3 | — | (7.6) | — | — | — | (5.3) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.13 per share)
|
— | — | — | (59.2) | — | — | (59.2) | ||||||||||||||||||||||||||||||||||
Share-based compensation (Note 16) | — | — | 52.6 | — | — | — | 52.6 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.6) | — | (2.1) | (2.7) | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | 449.4 | $ | — | $ | 10,227.8 | $ | (4,879.0) | $ | (1,609.1) | $ | 44.6 | $ | 4,233.7 |
(In millions) | As reported at December 31, 2019 | Impact of ASC 326 | Balance at January 1, 2020 | ||||||||||||||
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 September 30, 2020 | |||||||||
Loans receivables, security deposits and other | |||||||||||
Moody’s rating Ba2 | 2019 | $ | 154.6 | ||||||||
Debt securities at amortized cost | |||||||||||
Moody’s rating B3 | 2019 | 70.8 | |||||||||
Total financial assets | $ | 225.4 |
Balance at September 30, 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 | $ | 5.0 | $ | 9.5 | $ | 1.6 | $ | 1.1 | |||||||||||||||||||
Current period provision for expected credit losses | 45.0 | 0.1 | 0.2 | 0.8 | — | ||||||||||||||||||||||||
Write-offs charged against the allowance | (1.8) | — | — | — | — | ||||||||||||||||||||||||
Recoveries | (4.8) | (2.5) | (0.7) | (0.9) | — | ||||||||||||||||||||||||
Ending balance in the allowance for credit losses | $ | 137.6 | $ | 2.6 | $ | 9.0 | $ | 1.5 | $ | 1.1 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
(In millions) | Subsea | Technip Energies | Surface Technologies | Subsea | Technip Energies | Surface Technologies | |||||||||||||||||||||||||||||
Europe, Russia, Central Asia | $ | 478.3 | $ | 821.5 | $ | 43.6 | $ | 390.8 | $ | 682.4 | $ | 55.5 | |||||||||||||||||||||||
Americas | 493.5 | 199.1 | 64.8 | 513.1 | 156.9 | 171.0 | |||||||||||||||||||||||||||||
Asia Pacific | 220.6 | 255.9 | 25.7 | 171.0 | 311.7 | 50.3 | |||||||||||||||||||||||||||||
Africa | 254.2 | 248.6 | 10.5 | 143.6 | 158.6 | 14.9 | |||||||||||||||||||||||||||||
Middle East | 42.2 | 83.1 | 64.3 | 81.2 | 286.7 | 61.7 | |||||||||||||||||||||||||||||
Total products and services revenue | $ | 1,488.8 | $ | 1,608.2 | $ | 208.9 | $ | 1,299.7 | $ | 1,596.3 | $ | 353.4 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
(In millions) | Subsea | Technip Energies | Surface Technologies | Subsea | Technip Energies | Surface Technologies | |||||||||||||||||||||||||||||
Europe, Russia, Central Asia | $ | 1,327.9 | $ | 2,074.6 | $ | 142.2 | $ | 1,250.0 | $ | 1,975.2 | $ | 171.3 | |||||||||||||||||||||||
Americas | 1,437.9 | 794.6 | 295.2 | 1,232.0 | 514.2 | 564.1 | |||||||||||||||||||||||||||||
Asia Pacific | 543.7 | 804.5 | 88.0 | 448.4 | 889.1 | 139.4 | |||||||||||||||||||||||||||||
Africa | 637.0 | 660.5 | 38.8 | 663.2 | 330.1 | 41.1 | |||||||||||||||||||||||||||||
Middle East | 144.1 | 360.0 | 169.8 | 352.0 | 727.8 | 183.5 | |||||||||||||||||||||||||||||
Total products and services revenue | $ | 4,090.6 | $ | 4,694.2 | $ | 734.0 | $ | 3,945.6 | $ | 4,436.4 | $ | 1,099.4 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
(In millions) | Subsea | Technip Energies | Surface Technologies | Subsea | Technip Energies | Surface Technologies | |||||||||||||||||||||||||||||
Services | $ | 865.2 | $ | 1,584.6 | $ | 29.2 | $ | 743.8 | $ | 1,596.3 | $ | 69.5 | |||||||||||||||||||||||
Products | 623.6 | 23.6 | 179.7 | 555.9 | — | 283.9 | |||||||||||||||||||||||||||||
Total products and services revenue | 1,488.8 | 1,608.2 | 208.9 | 1,299.7 | 1,596.3 | 353.4 | |||||||||||||||||||||||||||||
Lease | 13.0 | — | 16.8 | 42.5 | — | 43.2 | |||||||||||||||||||||||||||||
Total revenue | $ | 1,501.8 | $ | 1,608.2 | $ | 225.7 | $ | 1,342.2 | $ | 1,596.3 | $ | 396.6 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
(In millions) | Subsea | Technip Energies | Surface Technologies | Subsea | Technip Energies | Surface Technologies | |||||||||||||||||||||||||||||
Services | $ | 2,346.9 | $ | 4,639.3 | $ | 115.7 | $ | 2,359.6 | $ | 4,436.4 | $ | 213.5 | |||||||||||||||||||||||
Products | 1,743.7 | 54.9 | 618.3 | 1,586.0 | — | 885.9 | |||||||||||||||||||||||||||||
Total products and services revenue | 4,090.6 | 4,694.2 | 734.0 | 3,945.6 | 4,436.4 | 1,099.4 | |||||||||||||||||||||||||||||
Lease | 42.8 | — | 62.9 | 90.6 | — | 110.3 | |||||||||||||||||||||||||||||
Total revenue | $ | 4,133.4 | $ | 4,694.2 | $ | 796.9 | $ | 4,036.2 | $ | 4,436.4 | $ | 1,209.7 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
$ change | % change | |||||||||||||||||||
Contract assets | $ | 1,470.0 | $ | 1,520.0 | $ | (50.0) | (3.3) | ||||||||||||||||
Contract (liabilities) | (4,643.4) | (4,585.1) | (58.3) | (1.3) | |||||||||||||||||||
Net contract liabilities | $ | (3,173.4) | $ | (3,065.1) | $ | (108.3) | (3.5) |
(In millions) | 2020 | 2021 | Thereafter | ||||||||||||||
Subsea | $ | 1,068.0 | $ | 3,402.5 | $ | 2,747.5 | |||||||||||
Technip Energies | 1,611.0 | 5,790.1 | 4,658.1 | ||||||||||||||
Surface Technologies | 146.4 | 203.7 | 18.8 | ||||||||||||||
Total order backlog | $ | 2,825.4 | $ | 9,396.3 | $ | 7,424.4 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Segment revenue | |||||||||||||||||||||||
Subsea | $ | 1,501.8 | $ | 1,342.2 | $ | 4,133.4 | $ | 4,036.2 | |||||||||||||||
Technip Energies | 1,608.2 | 1,596.3 | 4,694.2 | 4,436.4 | |||||||||||||||||||
Surface Technologies | 225.7 | 396.6 | 796.9 | 1,209.7 | |||||||||||||||||||
Total revenue | $ | 3,335.7 | $ | 3,335.1 | $ | 9,624.5 | $ | 9,682.3 | |||||||||||||||
Segment operating profit (loss) | |||||||||||||||||||||||
Subsea | $ | 20.3 | $ | (79.6) | $ | (2,806.0) | $ | 65.0 | |||||||||||||||
Technip Energies | 129.5 | 284.6 | 512.0 | 714.3 | |||||||||||||||||||
Surface Technologies | (7.0) | 6.1 | (444.4) | 42.1 | |||||||||||||||||||
Total segment operating profit (loss) | $ | 142.8 | $ | 211.1 | $ | (2,738.4) | $ | 821.4 | |||||||||||||||
Corporate items | |||||||||||||||||||||||
Impairment, restructuring and other expenses | (3.8) | (3.2) | (9.3) | (13.5) | |||||||||||||||||||
Separation costs | — | (9.4) | (27.1) | (9.4) | |||||||||||||||||||
Merger transaction costs | — | (6.2) | — | (31.2) | |||||||||||||||||||
Legal expenses | — | 0.6 | — | (54.6) | |||||||||||||||||||
Other corporate expenses(a)
|
(23.9) | (57.4) | (89.3) | (169.9) | |||||||||||||||||||
Corporate expense | (27.7) | (75.6) | (125.7) | (278.6) | |||||||||||||||||||
Net interest expense | (91.8) | (116.5) | (238.5) | (345.3) | |||||||||||||||||||
Foreign exchange gains (losses) | 5.6 | (53.2) | (43.5) | (82.8) | |||||||||||||||||||
Total corporate items | (113.9) | (245.3) | (407.7) | (706.7) | |||||||||||||||||||
Income (loss) before income taxes(b)
|
$ | 28.9 | $ | (34.2) | $ | (3,146.1) | $ | 114.7 |
(In millions) |
September 30,
2020 |
December 31, 2019 | |||||||||
Segment assets | |||||||||||
Subsea | $ | 7,218.6 | $ | 10,824.2 | |||||||
Technip Energies | 4,696.7 | 4,448.8 | |||||||||
Surface Technologies | 1,450.5 | 2,246.4 | |||||||||
Total segment assets | 13,365.8 | 17,519.4 | |||||||||
Corporate (a)
|
5,545.4 | 5,999.4 | |||||||||
Total assets | $ | 18,911.2 | $ | 23,518.8 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net loss attributable to TechnipFMC plc | $ | (3.9) | $ | (119.1) | $ | (3,248.3) | $ | (1.2) | |||||||||||||||
Weighted average number of shares outstanding | 449.4 | 446.9 | 448.4 | 448.6 | |||||||||||||||||||
Dilutive effect of restricted stock units | — | — | — | — | |||||||||||||||||||
Dilutive effect of performance shares | — | — | — | — | |||||||||||||||||||
Total shares and dilutive securities | 449.4 | 446.9 | 448.4 | 448.6 | |||||||||||||||||||
Basic earnings (loss) per share attributable to TechnipFMC plc | $ | (0.01) | $ | (0.27) | $ | (7.24) | $ | — | |||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc | $ | (0.01) | $ | (0.27) | $ | (7.24) | $ | — |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(millions of shares) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Share option awards | 4.7 | 4.3 | 4.7 | 3.5 | |||||||||||||||||||
Restricted share units | 4.5 | — | 1.8 | 0.1 | |||||||||||||||||||
Performance shares | 4.5 | 0.6 | 2.0 | 0.3 | |||||||||||||||||||
Total | 13.7 | 4.9 | 8.5 | 3.9 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Raw materials | $ | 272.8 | $ | 347.5 | |||||||
Work in process | 246.8 | 290.2 | |||||||||
Finished goods | 819.5 | 778.3 | |||||||||
Inventories, net | $ | 1,339.1 | $ | 1,416.0 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Value-added tax receivables | $ | 437.7 | $ | 395.2 | |||||||
Sundry receivables | 160.8 | 69.6 | |||||||||
Prepaid expenses | 130.5 | 66.8 | |||||||||
Other taxes receivables | 73.4 | 100.7 | |||||||||
Held-to-maturity investments | 71.9 | 49.7 | |||||||||
Asset held for sale | 56.8 | 25.8 | |||||||||
Current financial assets at amortized cost | 39.2 | 42.0 | |||||||||
Other | 67.6 | 113.9 | |||||||||
Total other current assets | $ | 1,037.9 | $ | 863.7 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Warranty accruals and project contingencies (Note 10) | $ | 250.5 | $ | 310.1 | |||||||
Value added tax and other taxes payable | 216.9 | 240.4 | |||||||||
Legal provisions | 176.7 | 183.6 | |||||||||
Redeemable financial liability | 165.9 | 129.1 | |||||||||
Social security liability | 112.9 | 116.5 | |||||||||
Provisions | 90.5 | 86.6 | |||||||||
Compensation accrual | 38.2 | 89.6 | |||||||||
Current portion of accrued pension and other post-retirement benefits | 16.1 | 14.9 | |||||||||
Liabilities held for sale | — | 9.3 | |||||||||
Other accrued liabilities | 259.0 | 314.4 | |||||||||
Total other current liabilities | $ | 1,326.7 | $ | 1,494.5 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Balance at beginning of period | $ | 172.6 | $ | 206.0 | $ | 193.5 | $ | 234.4 | |||||||||||||||
Warranty expenses | 27.9 | 21.7 | 74.3 | 59.1 | |||||||||||||||||||
Adjustment to existing accruals | (12.1) | 8.2 | (69.0) | (36.7) | |||||||||||||||||||
Claims paid | (10.0) | (32.9) | (20.4) | (53.8) | |||||||||||||||||||
Balance at end of period | $ | 178.4 | $ | 203.0 | $ | 178.4 | $ | 203.0 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Subsea | $ | 12.9 | $ | 23.3 | $ | 49.7 | $ | 49.5 | |||||||||||||||
Technip Energies | (1.8) | 2.6 | 3.2 | 4.5 | |||||||||||||||||||
Income from equity affiliates | $ | 11.1 | $ | 25.9 | $ | 52.9 | $ | 54.0 |
(In millions) |
September 30,
2020 |
December 31, 2019 | |||||||||
TP JGC Coral France SNC | $ | 34.0 | $ | 40.1 | |||||||
TTSJV W.L.L. | 21.8 | 22.4 | |||||||||
Novarctic SNC | 9.8 | — | |||||||||
Others | 15.4 | 14.3 | |||||||||
Total trade receivables | $ | 81.0 | $ | 76.8 |
(In millions) |
September 30,
2020 |
December 31, 2019 | |||||||||
Chiyoda | $ | 15.0 | $ | 24.8 | |||||||
JGC Corporation | 2.5 | 15.1 | |||||||||
IFP Energies nouvelles | — | 2.4 | |||||||||
Dofcon Navegacao | 0.3 | 2.1 | |||||||||
Others | 1.6 | 6.7 | |||||||||
Total trade payables | $ | 19.4 | $ | 51.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
TTSJV W.L.L. | $ | 9.7 | $ | 27.9 | $ | 38.3 | $ | 107.4 | |||||||||||||||
TP JGC Coral France SNC | 12.3 | 17.7 | 31.5 | 95.4 | |||||||||||||||||||
Novarctic SNC | 3.5 | — | 9.2 | — | |||||||||||||||||||
Techdof Brasil AS | 2.0 | 5.2 | 6.4 | 8.5 | |||||||||||||||||||
Dofcon Navegacao | 0.8 | 1.4 | 1.4 | 7.1 | |||||||||||||||||||
Anadarko Petroleum Company | — | 26.3 | — | 67.1 | |||||||||||||||||||
TOP CV | — | 2.1 | — | 6.1 | |||||||||||||||||||
Others | 19.1 | 11.7 | 27.0 | 26.9 | |||||||||||||||||||
Total revenue | $ | 47.4 | $ | 92.3 | $ | 113.8 | $ | 318.5 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Dofcon Navegacao | $ | 5.2 | $ | — | $ | 17.0 | $ | 0.4 | |||||||||||||||
Chiyoda | 0.9 | 7.7 | 0.9 | 25.3 | |||||||||||||||||||
Arkema S.A. | 0.7 | 6.4 | 3.5 | 16.2 | |||||||||||||||||||
JGC Corporation | 0.3 | 1.0 | 0.7 | 19.9 | |||||||||||||||||||
Serimax Holdings SAS | — | — | — | 17.7 | |||||||||||||||||||
Others | 6.1 | 14.7 | 20.8 | 28.1 | |||||||||||||||||||
Total expenses | $ | 13.2 | $ | 29.8 | $ | 42.9 | $ | 107.6 |
(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) | 19.0 | 0.2 | (26.2) | |||||||||||||||||||
September 30, 2020 | $ | — | $ | 2,488.7 | $ | — | $ | 2,488.7 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Commercial paper | $ | 1,507.3 | $ | 1,967.0 | |||||||
Synthetic bonds due 2021 | 522.8 | 492.9 | |||||||||
3.45% Senior Notes due 2022
|
500.0 | 500.0 | |||||||||
5.00% 2010 Private placement notes due 2020
|
— | 224.6 | |||||||||
3.40% 2012 Private placement notes due 2022
|
175.6 | 168.5 | |||||||||
3.15% 2013 Private placement notes due 2023
|
152.2 | 146.0 | |||||||||
3.15% 2013 Private placement notes due 2023
|
146.3 | 140.4 | |||||||||
4.50% 2020 Private placement notes due 2025
|
234.2 | — | |||||||||
4.00% 2012 Private placement notes due 2027
|
87.8 | 84.2 | |||||||||
4.00% 2012 Private placement notes due 2032
|
117.1 | 112.3 | |||||||||
3.75% 2013 Private placement notes due 2033
|
117.1 | 112.3 | |||||||||
Bank borrowings and other | 314.3 | 536.3 | |||||||||
Unamortized issuing fees
|
(14.5) | (9.1) | |||||||||
Total debt | 3,860.2 | 4,475.4 | |||||||||
Less: current borrowings (a)
|
612.2 | 495.4 | |||||||||
Long-term debt | $ | 3,248.0 | $ | 3,980.0 |
(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 | (208.3) | (9.1) | (0.4) | (217.8) | (6.4) | ||||||||||||||||||||||||||||||
Reclassification adjustment for net losses included in net income (loss), net of tax | — | 8.7 | 7.5 | 16.2 | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (208.3) | (0.4) | 7.1 | (201.6) | (6.4) | ||||||||||||||||||||||||||||||
September 30, 2020 | $ | (1,438.4) | $ | (6.2) | $ | (164.5) | $ | (1,609.1) | $ | (11.1) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(In millions) | 2020 | 2019 | 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 | $ | (23.8) | $ | (3.1) | $ | (57.3) | $ | (15.6) | Revenue | ||||||||||||||||||||
18.3 | 1.6 | 48.0 | 6.5 | Cost of sales | |||||||||||||||||||||||||
— | — | (0.4) | 0.1 | Selling, general and administrative expense | |||||||||||||||||||||||||
(2.0) | 23.3 | (3.2) | 21.9 | Other income (expense), net | |||||||||||||||||||||||||
(7.5) | 21.8 | (12.9) | 12.9 | Loss before income taxes | |||||||||||||||||||||||||
(3.6) | 4.7 | (4.2) | 2.2 | Provision for income taxes (Note 19) | |||||||||||||||||||||||||
$ | (3.9) | $ | 17.1 | $ | (8.7) | $ | 10.7 | Net loss | |||||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.3) | (1.0) | (0.8) | (2.7) | (a) | ||||||||||||||||||||||||
Amortization of net actuarial loss | (0.6) | — | (6.5) | — | (a) | ||||||||||||||||||||||||
(0.9) | (1.0) | (7.3) | (2.7) | Loss before income taxes | |||||||||||||||||||||||||
1.7 | (0.1) | 0.2 | (0.4) | Provision for income taxes (Note 19) | |||||||||||||||||||||||||
$ | (2.6) | $ | (0.9) | $ | (7.5) | $ | (2.3) | Net loss |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Subsea | $ | 43.4 | $ | 131.2 | $ | 2,912.8 | $ | 138.0 | |||||||||||||||
Technip Energies | 36.1 | 5.2 | 78.8 | 11.1 | |||||||||||||||||||
Surface Technologies | 8.7 | 0.7 | 439.8 | 3.4 | |||||||||||||||||||
Corporate and other | 3.8 | 3.2 | 9.3 | 13.5 | |||||||||||||||||||
Total impairment, restructuring and other expenses | $ | 92.0 | $ | 140.3 | $ | 3,440.7 | $ | 166.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Subsea | $ | 17.6 | $ | 126.3 | $ | 2,826.6 | $ | 126.9 | |||||||||||||||
Technip Energies | 5.7 | — | 5.7 | — | |||||||||||||||||||
Surface Technologies | 5.4 | — | 418.1 | 0.6 | |||||||||||||||||||
Corporate and other | 2.6 | — | 2.6 | — | |||||||||||||||||||
Total impairments | $ | 31.3 | $ | 126.3 | $ | 3,253.0 | $ | 127.5 |
Three Months Ended September 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
(In millions) | Restructuring and other charges | COVID-19 expenses | Restructuring and other charges | ||||||||||||||
Subsea | $ | 7.1 | $ | 18.7 | $ | 4.9 | |||||||||||
Technip Energies | 15.1 | 15.3 | 5.2 | ||||||||||||||
Surface Technologies | 0.9 | 2.4 | 0.7 | ||||||||||||||
Corporate and other | 1.2 | — | 3.2 | ||||||||||||||
Total | $ | 24.3 | $ | 36.4 | $ | 14.0 |
Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
(In millions) | Restructuring and other charges | COVID-19 expenses | Restructuring and other charges | ||||||||||||||
Subsea | $ | 36.1 | $ | 50.1 | $ | 11.1 | |||||||||||
Technip Energies | 29.1 | 44.0 | 11.1 | ||||||||||||||
Surface Technologies | 14.0 | 7.7 | 2.8 | ||||||||||||||
Corporate and other | 6.7 | — | 13.5 | ||||||||||||||
Total | $ | 85.9 | $ | 101.8 | $ | 38.5 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Financial guarantees (a)
|
$ | 960.3 | $ | 945.5 | |||||||
Performance guarantees (b)
|
4,656.3 | 4,916.0 | |||||||||
Maximum potential undiscounted payments | $ | 5,616.6 | $ | 5,861.5 |
Net Notional Amount
Bought (Sold) |
|||||||||||
(In millions) | USD Equivalent | ||||||||||
Euro | 1,717.0 | 2,010.2 | |||||||||
British pound | 880.1 | 1,128.9 | |||||||||
Australian dollar | 173.5 | 123.5 | |||||||||
Singapore dollar | 105.6 | 77.1 | |||||||||
Malaysian ringgit | 252.8 | 60.8 | |||||||||
Norwegian krone | 564.5 | 59.5 | |||||||||
Indian rupee | 2,994.9 | 40.6 | |||||||||
Japanese yen | 2,157.7 | 20.4 | |||||||||
Kuwait dinar | 5.1 | 16.6 | |||||||||
Saudi riyal | (41.2) | (11.0) | |||||||||
Hong Kong dollar | (90.6) | (11.7) | |||||||||
Mexican peso | (831.4) | (37.2) | |||||||||
Brazilian real | (1,145.7) | (203.1) | |||||||||
U.S. dollar | (2,378.1) | (2,378.1) |
Net Notional Amount
Bought (Sold) |
|||||||||||
(In millions) | USD Equivalent | ||||||||||
Brazilian real | 60.5 | 10.7 | |||||||||
Euro | (1.7) | (2.0) | |||||||||
Norwegian krone | (100.0) | (10.5) | |||||||||
U.S. dollar | 0.6 | 0.6 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Current - Derivative financial instruments | $ | 289.8 | $ | 245.8 | $ | 94.3 | $ | 125.0 | |||||||||||||||||||||||||||
Long-term - Derivative financial instruments | 22.9 | 35.6 | 34.8 | 48.0 | |||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 312.7 | 281.4 | 129.1 | 173.0 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||||||||||||||
Current - Derivative financial instruments | 20.9 | 34.4 | 7.6 | 16.3 | |||||||||||||||||||||||||||||||
Long-term - Derivative financial instruments | — | 0.1 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 20.9 | 34.5 | 8.0 | 16.7 | |||||||||||||||||||||||||||||||
Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium | — | — | 4.3 | — | |||||||||||||||||||||||||||||||
Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives | — | — | — | 4.3 | |||||||||||||||||||||||||||||||
Total derivatives | $ | 333.6 | $ | 315.9 | $ | 141.4 | $ | 194.0 |
Gain (Loss) Recognized in OCI | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Foreign exchange contracts | $ | 54.1 | $ | (47.0) | $ | (17.5) | $ | (44.0) |
(In millions) | Three Months Ended September 30, 2020 | Three Months Ended September 30, 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 | $ | (23.8) | $ | 18.3 | $ | — | $ | (2.0) | $ | (3.1) | $ | 1.6 | $ | — | $ | 23.3 | |||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | 3.5 | (3.2) | 0.1 | 13.1 | 2.6 | (2.9) | — | (8.6) | |||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (20.3) | 15.1 | 0.1 | 11.1 | (0.5) | (1.3) | — | 14.7 | |||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | $ | (20.3) | $ | 15.1 | $ | 0.1 | $ | 11.1 | $ | (0.5) | $ | (1.3) | $ | — | $ | 14.7 | |||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | (0.1) | 1.4 | — | 4.6 | (0.1) | 0.1 | — | (19.4) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (20.4) | $ | 16.5 | $ | 0.1 | $ | 15.7 | $ | (0.6) | $ | (1.2) | $ | — | $ | (4.7) |
(In millions) | Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 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 | $ | (57.3) | $ | 48.0 | $ | (0.4) | $ | (3.2) | $ | (15.6) | $ | 6.5 | $ | 0.1 | $ | 21.9 | |||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | 6.0 | (8.0) | — | 21.6 | 1.5 | (5.1) | — | (30.7) | |||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (51.3) | 40.0 | (0.4) | 18.4 | (14.1) | 1.4 | 0.1 | (8.8) | |||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | $ | (51.3) | $ | 40.0 | $ | (0.4) | $ | 18.4 | $ | (14.1) | $ | 1.4 | $ | 0.1 | $ | (8.8) | |||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | (0.8) | 2.7 | — | (24.4) | (1.2) | — | — | (14.4) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (52.1) | $ | 42.7 | $ | (0.4) | $ | (6.0) | $ | (15.3) | $ | 1.4 | $ | 0.1 | $ | (23.2) |
September 30, 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 | $ | 333.6 | $ | (184.4) | $ | 149.2 | $ | 141.4 | $ | (112.5) | $ | 28.9 | |||||||||||||||||||||||
Derivative liabilities | $ | 315.9 | $ | (184.4) | $ | 131.5 | $ | 194.0 | $ | (112.5) | $ | 81.5 |
September 30, 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)
|
$ | 33.2 | $ | 33.2 | $ | — | $ | — | $ | 54.8 | $ | 54.8 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Money market fund | 1.6 | — | 1.6 | — | 1.5 | — | 1.5 | — | |||||||||||||||||||||||||||||||||||||||
Stable value fund(b)
|
0.8 | — | — | — | 2.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | 71.9 | — | 71.9 | — | 71.9 | — | 71.9 | — | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Synthetic bonds - call option premium | — | — | — | — | 4.3 | — | 4.3 | — | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 333.6 | — | 333.6 | — | 137.1 | — | 137.1 | — | |||||||||||||||||||||||||||||||||||||||
Assets held for sale | 56.8 | — | — | 56.8 | 25.8 | — | — | 25.8 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 497.9 | $ | 33.2 | $ | 407.1 | $ | 56.8 | $ | 297.5 | $ | 54.8 | $ | 214.8 | $ | 25.8 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable financial liability | $ | 281.7 | $ | — | $ | — | $ | 281.7 | $ | 268.8 | $ | — | $ | — | $ | 268.8 | |||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Synthetic bonds - embedded derivatives | — | — | — | — | 4.3 | — | 4.3 | — | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 315.9 | — | 315.9 | — | 189.7 | — | 189.7 | — | |||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | — | — | — | — | 9.3 | — | — | 9.3 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 597.6 | $ | — | $ | 315.9 | $ | 281.7 | $ | 472.1 | $ | — | $ | 194.0 | $ | 278.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Balance at beginning of period | $ | 219.8 | $ | 412.8 | $ | 268.8 | $ | 408.5 | |||||||||||||||
Expenses recognized in net interest expense | (61.9) | (99.1) | (148.2) | (324.0) | |||||||||||||||||||
Less: Settlements | — | 223.1 | 135.3 | 443.7 | |||||||||||||||||||
Balance at end of period | $ | 281.7 | $ | 288.8 | $ | 281.7 | $ | 288.8 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(In millions) | Impairment |
Fair Value (a)
|
Impairment |
Fair Value (a)
|
||||||||||||||||||||||
Long-lived assets | $ | 169.6 | $ | 353.3 | $ | 127.5 | $ | 104.0 | (b) |
Three Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 3,335.7 | $ | 3,335.1 | 0.6 | — | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 2,875.6 | 2,726.4 | 149.2 | 5.5 | |||||||||||||||||||
Selling, general and administrative expense | 252.0 | 298.1 | (46.1) | (15.5) | |||||||||||||||||||
Research and development expense | 35.4 | 40.6 | (5.2) | (12.8) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 17) | 92.0 | 140.3 | (48.3) | (34.4) | |||||||||||||||||||
Separation costs (Note 2) | — | 9.4 | (9.4) | n/a | |||||||||||||||||||
Merger transaction and integration costs | — | 6.2 | (6.2) | n/a | |||||||||||||||||||
Total costs and expenses | 3,255.0 | 3,221.0 | 34.0 | 1.1 | |||||||||||||||||||
Other income (expense), net | 28.9 | (57.7) | 86.6 | 150.1 | |||||||||||||||||||
Income from equity affiliates (Note 12) | 11.1 | 25.9 | (14.8) | (57.1) | |||||||||||||||||||
Net interest expense | (91.8) | (116.5) | 24.7 | 21.2 | |||||||||||||||||||
Income (loss) before income taxes | 28.9 | (34.2) | 63.1 | 184.5 | |||||||||||||||||||
Provision for income taxes (Note 19) | 22.5 | 81.1 | (58.6) | (72.3) | |||||||||||||||||||
Net income (loss) | 6.4 | (115.3) | 121.7 | 105.6 | |||||||||||||||||||
Net income attributable to non-controlling interests | (10.3) | (3.8) | (6.5) | (171.1) | |||||||||||||||||||
Net loss attributable to TechnipFMC plc | $ | (3.9) | $ | (119.1) | 115.2 | 96.7 |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 9,624.5 | $ | 9,682.3 | (57.8) | (0.6) | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 8,218.3 | 7,883.5 | 334.8 | 4.2 | |||||||||||||||||||
Selling, general and administrative expense | 780.8 | 919.7 | (138.9) | (15.1) | |||||||||||||||||||
Research and development expense | 108.8 | 110.0 | (1.2) | (1.1) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 17) | 3,440.7 | 166.0 | 3,274.7 | 1,972.7 | |||||||||||||||||||
Separation costs (Note 2) | 27.1 | 9.4 | 17.7 | n/a | |||||||||||||||||||
Merger transaction and integration costs | — | 31.2 | (31.2) | n/a | |||||||||||||||||||
Total costs and expenses | 12,575.7 | 9,119.8 | 3,455.9 | 37.9 | |||||||||||||||||||
Other income (expense), net | (9.3) | (156.5) | 147.2 | 94.1 | |||||||||||||||||||
Income from equity affiliates (Note 11) | 52.9 | 54.0 | (1.1) | (2.0) | |||||||||||||||||||
Net interest expense | (238.5) | (345.3) | 106.8 | 30.9 | |||||||||||||||||||
Income (loss) before income taxes | (3,146.1) | 114.7 | (3,260.8) | (2,842.9) | |||||||||||||||||||
Provision for income taxes (Note 19) | 77.9 | 96.5 | (18.6) | (19.3) | |||||||||||||||||||
Net income (loss) | (3,224.0) | 18.2 | (3,242.2) | (17,814.3) | |||||||||||||||||||
Net income attributable to non-controlling interests | (24.3) | (19.4) | (4.9) | (25.3) | |||||||||||||||||||
Net loss attributable to TechnipFMC plc | $ | (3,248.3) | $ | (1.2) | (3,247.1) | (270,591.7) |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 1,501.8 | $ | 1,342.2 | 159.6 | 11.9 | |||||||||||||||||
Operating profit (loss) | $ | 20.3 | $ | (79.6) | 99.9 | 125.5 | |||||||||||||||||
Operating profit as a percentage of revenue | 1.4 | % | (5.9) | % | 7.3 pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 1,608.2 | $ | 1,596.3 | 11.9 | 0.7 | |||||||||||||||||
Operating profit | $ | 129.5 | $ | 284.6 | (155.1) | (54.5) | |||||||||||||||||
Operating profit as a percentage of revenue | 8.1 | % | 17.8 | % | (9.7) pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 225.7 | $ | 396.6 | (170.9) | (43.1) | |||||||||||||||||
Operating profit (loss) | $ | (7.0) | $ | 6.1 | (13.1) | (214.8) | |||||||||||||||||
Operating profit as a percentage of revenue | (3.1) | % | 1.5 | % | (4.6) pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (27.7) | $ | (75.6) | 47.9 | 63.4 |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 4,133.4 | $ | 4,036.2 | 97.2 | 2.4 | |||||||||||||||||
Operating profit (loss) | $ | (2,806.0) | $ | 65.0 | (2,871.0) | n/a | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | (67.9) | % | 1.6 | % | (69.5) pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 4,694.2 | $ | 4,436.4 | 257.8 | 5.8 | |||||||||||||||||
Operating profit | $ | 512.0 | $ | 714.3 | (202.3) | (28.3) | |||||||||||||||||
Operating profit as a percentage of revenue | 10.9 | % | 16.1 | % | (5.2) pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Revenue | $ | 796.9 | $ | 1,209.7 | (412.8) | (34.1) | |||||||||||||||||
Operating profit (loss) | $ | (444.4) | $ | 42.1 | (486.5) | n/a | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | (55.8) | % | 3.5 | % | (59.3) pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2020 | 2019 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (125.7) | $ | (278.6) | 152.9 | 54.9 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 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 | $ | (3.9) | $ | 10.3 | $ | 22.5 | $ | 91.8 | $ | 120.7 | $ | 108.5 | $ | 229.2 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 26.0 | — | 5.3 | — | 31.3 | — | 31.3 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 21.6 | — | 2.7 | — | 24.3 | — | 24.3 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 28.5 | — | 7.9 | — | 36.4 | — | 36.4 | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 72.2 | $ | 10.3 | $ | 38.4 | $ | 91.8 | $ | 212.7 | $ | 108.5 | $ | 321.2 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (0.01) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.16 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 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 | $ | (119.1) | $ | 3.8 | $ | 81.1 | $ | 116.5 | $ | 82.3 | $ | 141.6 | $ | 223.9 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 126.1 | — | 0.2 | — | 126.3 | — | 126.3 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 12.3 | — | 1.7 | — | 14.0 | — | 14.0 | ||||||||||||||||||||||||||||||||||
Business combinations transaction and integration costs | 6.1 | — | 0.1 | — | 6.2 | — | 6.2 | ||||||||||||||||||||||||||||||||||
Separation costs | 7.5 | — | 1.9 | 9.4 | — | 9.4 | |||||||||||||||||||||||||||||||||||
Legal provision, net | (0.6) | — | — | — | (0.6) | — | (0.6) | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | 15.0 | — | (15.0) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 53.8 | $ | 3.8 | $ | 72.0 | $ | 116.5 | $ | 246.1 | $ | 133.1 | $ | 379.2 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (0.27) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.12 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 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 | $ | (3,248.3) | $ | 24.3 | $ | 77.9 | $ | 238.5 | $ | (2,907.6) | $ | 335.5 | $ | (2,572.1) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 3,239.4 | — | 13.6 | — | 3,253.0 | — | 3,253.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 77.8 | — | 8.1 | — | 85.9 | — | 85.9 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 83.1 | — | 18.7 | — | 101.8 | — | 101.8 | ||||||||||||||||||||||||||||||||||
Litigation settlement | (113.2) | — | — | — | (113.2) | — | (113.2) | ||||||||||||||||||||||||||||||||||
Separation costs | 20.2 | — | 6.9 | — | 27.1 | — | 27.1 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | (0.2) | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 65.3 | $ | 24.3 | $ | 127.4 | $ | 238.5 | $ | 455.5 | $ | 327.0 | $ | 782.5 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (7.24) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.15 |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 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 | $ | (1.2) | $ | 19.4 | $ | 96.5 | $ | 345.3 | $ | 460.0 | $ | 378.5 | $ | 838.5 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 127.0 | — | 0.5 | — | 127.5 | — | 127.5 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 30.6 | — | 7.9 | — | 38.5 | — | 38.5 | ||||||||||||||||||||||||||||||||||
Business combinations transaction and integration costs | 24.8 | — | 6.4 | — | 31.2 | — | 31.2 | ||||||||||||||||||||||||||||||||||
Separation costs | 7.5 | — | 1.9 | — | 9.4 | — | 9.4 | ||||||||||||||||||||||||||||||||||
Reorganization | 19.2 | — | 6.1 | — | 25.3 | — | 25.3 | ||||||||||||||||||||||||||||||||||
Legal provision, net | 54.6 | — | — | — | 54.6 | — | 54.6 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 19.5 | — | 6.0 | — | 25.5 | (25.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | (25.3) | — | 25.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | 256.7 | $ | 19.4 | $ | 150.6 | $ | 345.3 | $ | 772.0 | $ | 353.0 | $ | 1,125.0 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | — | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.57 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Subsea | Technip Energies | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | ||||||||||||||||||||||||||||||
Revenue | $ | 1,501.8 | $ | 1,608.2 | $ | 225.7 | $ | — | $ | — | $ | 3,335.7 | |||||||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 20.3 | $ | 129.5 | $ | (7.0) | $ | (27.7) | $ | 5.6 | $ | 120.7 | |||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||
Impairment and other charges | 17.6 | 5.7 | 5.4 | 2.6 | — | 31.3 | |||||||||||||||||||||||||||||
Restructuring and other charges | 7.1 | 15.1 | 0.9 | 1.2 | — | 24.3 | |||||||||||||||||||||||||||||
Direct COVID-19 expenses | 18.7 | 15.3 | 2.4 | — | — | 36.4 | |||||||||||||||||||||||||||||
Subtotal | 43.4 | 36.1 | 8.7 | 3.8 | — | 92.0 | |||||||||||||||||||||||||||||
Adjusted Operating profit (loss) | 63.7 | 165.6 | 1.7 | (23.9) | 5.6 | 212.7 | |||||||||||||||||||||||||||||
Depreciation and amortization | 82.3 | 8.9 | 15.6 | 1.7 | — | 108.5 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 146.0 | $ | 174.5 | $ | 17.3 | $ | (22.2) | $ | 5.6 | $ | 321.2 | |||||||||||||||||||||||
Operating profit margin, as reported | 1.4 | % | 8.1 | % | (3.1) | % | 3.6 | % | |||||||||||||||||||||||||||
Adjusted Operating profit margin | 4.2 | % | 10.3 | % | 0.8 | % | 6.4 | % | |||||||||||||||||||||||||||
Adjusted EBITDA margin | 9.7 | % | 10.9 | % | 7.7 | % | 9.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||
Subsea | Technip Energies | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | ||||||||||||||||||||||||||||||
Revenue | $ | 1,342.2 | $ | 1,596.3 | $ | 396.6 | $ | — | $ | — | $ | 3,335.1 | |||||||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (79.6) | $ | 284.6 | $ | 6.1 | $ | (75.6) | $ | (53.2) | $ | 82.3 | |||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||
Impairment and other charges | 126.3 | — | — | — | — | 126.3 | |||||||||||||||||||||||||||||
Restructuring and other charges | 4.9 | 5.2 | 0.7 | 3.2 | — | 14.0 | |||||||||||||||||||||||||||||
Business combination transaction and integration costs | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||||||||||||||
Separation costs | — | — | — | 9.4 | — | 9.4 | |||||||||||||||||||||||||||||
Legal provision, net | — | — | — | (0.6) | — | (0.6) | |||||||||||||||||||||||||||||
Purchase price accounting adjustments - amortization related | 8.5 | — | — | — | — | 8.5 | |||||||||||||||||||||||||||||
Subtotal | 139.7 | 5.2 | 0.7 | 18.2 | — | 163.8 | |||||||||||||||||||||||||||||
Adjusted Operating profit (loss) | 60.1 | 289.8 | 6.8 | (57.4) | (53.2) | 246.1 | |||||||||||||||||||||||||||||
Adjusted Depreciation and amortization | 79.0 | 14.4 | 37.6 | 2.1 | — | 133.1 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 139.1 | $ | 304.2 | $ | 44.4 | $ | (55.3) | $ | (53.2) | $ | 379.2 | |||||||||||||||||||||||
Operating profit margin, as reported | (5.9)% | 17.8% | 1.5% | 2.5% | |||||||||||||||||||||||||||||||
Adjusted Operating profit margin | 4.5% | 18.2% | 1.7% | 7.4% | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 10.4% | 19.1% | 11.2% | 11.4% |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Subsea | Technip Energies | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | ||||||||||||||||||||||||||||||
Revenue | $ | 4,133.4 | $ | 4,694.2 | $ | 796.9 | $ | — | $ | — | $ | 9,624.5 | |||||||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | (2,806.0) | $ | 512.0 | $ | (444.4) | $ | (125.7) | $ | (43.5) | $ | (2,907.6) | |||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||
Impairment and other charges | 2,826.6 | 5.7 | 418.1 | 2.6 | — | 3,253.0 | |||||||||||||||||||||||||||||
Restructuring and other charges* | 36.1 | 29.1 | 14.0 | 6.7 | — | 85.9 | |||||||||||||||||||||||||||||
Direct COVID-19 expenses | 50.1 | 44.0 | 7.7 | — | — | 101.8 | |||||||||||||||||||||||||||||
Litigation settlement | — | (113.2) | — | — | — | (113.2) | |||||||||||||||||||||||||||||
Separation costs | — | — | — | 27.1 | — | 27.1 | |||||||||||||||||||||||||||||
Purchase price accounting adjustments | 8.5 | — | — | — | — | 8.5 | |||||||||||||||||||||||||||||
Subtotal | 2,921.3 | (34.4) | 439.8 | 36.4 | — | 3,363.1 | |||||||||||||||||||||||||||||
Adjusted Operating profit (loss) | 115.3 | 477.6 | (4.6) | (89.3) | (43.5) | 455.5 | |||||||||||||||||||||||||||||
Adjusted Depreciation and amortization | 235.1 | 26.6 | 54.7 | 10.6 | — | 327.0 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 350.4 | $ | 504.2 | $ | 50.1 | $ | (78.7) | $ | (43.5) | $ | 782.5 | |||||||||||||||||||||||
Operating profit margin, as reported | (67.9) | % | 10.9 | % | (55.8) | % | (30.2) | % | |||||||||||||||||||||||||||
Adjusted Operating profit margin | 2.8 | % | 10.2 | % | -0.6 | % | 4.7 | % | |||||||||||||||||||||||||||
Adjusted EBITDA margin | 8.5 | % | 10.7 | % | 6.3 | % | 8.1 | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||
Subsea | Technip Energies | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | ||||||||||||||||||||||||||||||
Revenue | $ | 4,036.2 | $ | 4,436.4 | $ | 1,209.7 | $ | — | $ | — | $ | 9,682.3 | |||||||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 65.0 | $ | 714.3 | $ | 42.1 | $ | (278.6) | $ | (82.8) | $ | 460.0 | |||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||
Impairment and other charges | 126.9 | — | 0.6 | — | — | 127.5 | |||||||||||||||||||||||||||||
Restructuring and other charges | 11.1 | 11.1 | 2.8 | 13.5 | — | 38.5 | |||||||||||||||||||||||||||||
Business combination transaction and integration costs | — | — | — | 31.2 | — | 31.2 | |||||||||||||||||||||||||||||
Separation costs | — | — | — | 9.4 | — | 9.4 | |||||||||||||||||||||||||||||
Reorganization | — | 25.3 | — | — | — | 25.3 | |||||||||||||||||||||||||||||
Legal provision, net | — | — | — | 54.6 | — | 54.6 | |||||||||||||||||||||||||||||
Purchase price accounting adjustments - amortization related | 25.5 | — | — | — | — | 25.5 | |||||||||||||||||||||||||||||
Subtotal | 163.5 | 36.4 | 3.4 | 108.7 | — | 312.0 | |||||||||||||||||||||||||||||
Adjusted Operating profit (loss) | 228.5 | 750.7 | 45.5 | (169.9) | (82.8) | 772.0 | |||||||||||||||||||||||||||||
Adjusted Depreciation and amortization | 236.6 | 30.2 | 75.7 | 10.5 | — | 353.0 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 465.1 | $ | 780.9 | $ | 121.2 | $ | (159.4) | $ | (82.8) | $ | 1,125.0 | |||||||||||||||||||||||
Operating profit margin, as reported | 1.6% | 16.1% | 3.5% | 4.8% | |||||||||||||||||||||||||||||||
Adjusted Operating profit margin | 5.7% | 16.9% | 3.8% | 8.0% | |||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 11.5% | 17.6% | 10.0% | 11.6% |
Inbound Orders | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Subsea | $ | 1,607.1 | $ | 1,509.9 | $ | 3,290.9 | $ | 6,820.3 | |||||||||||||||
Technip Energies | 412.8 | 696.0 | 1,809.2 | 11,966.0 | |||||||||||||||||||
Surface Technologies | 207.5 | 404.7 | 760.9 | 1,188.3 | |||||||||||||||||||
Total inbound orders | $ | 2,227.4 | $ | 2,610.6 | $ | 5,861.0 | $ | 19,974.6 |
Order Backlog | |||||||||||
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Subsea | $ | 7,218.0 | $ | 8,479.8 | |||||||
Technip Energies | 12,059.2 | 15,298.1 | |||||||||
Surface Technologies | 368.9 | 473.2 | |||||||||
Total order backlog | $ | 19,646.1 | $ | 24,251.1 |
Non-consolidated order backlog | |||||
(In millions) |
September 30,
2020 |
||||
Subsea | $ | 674.0 | |||
Technip Energies | 1,998.7 | ||||
Total order backlog | $ | 2,672.7 |
(In millions) |
September 30,
2020 |
December 31,
2019 |
|||||||||
Cash and cash equivalents | $ | 4,244.0 | $ | 5,190.2 | |||||||
Short-term debt and current portion of long-term debt | (612.2) | (495.4) | |||||||||
Long-term debt, less current portion | (3,248.0) | (3,980.0) | |||||||||
Net cash | $ | 383.8 | $ | 714.8 |
(In millions)
Description
|
Amount |
Debt
Outstanding |
Commercial
Paper
Outstanding(a)
|
Letters
of Credit |
Unused
Capacity |
Maturity | |||||||||||||||||||||||||||||
Revolving credit facility | $ | 2,500.0 | $ | — | $ | 737.8 | $ | — | $ | 1,762.2 | January 2023 | ||||||||||||||||||||||||
CCFF Program | £ | 600.0 | £ | — | £ | 600.0 | £ | — | £ | — | March 2021 | ||||||||||||||||||||||||
Euro Facility | € | 500.0 | € | — | € | — | € | — | € | 500.0 | November 2020 | ||||||||||||||||||||||||
Bilateral credit facility | € | 100.0 | € | — | € | — | € | — | € | 100.0 | May 2021 |
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)
|
||||||||||||||||||||||
July 1, 2020 – July 31, 2020 | — | $ | — | — | 14,286,427 | |||||||||||||||||||||
August 1, 2020 – August 31, 2020 | — | $ | — | — | 14,286,427 | |||||||||||||||||||||
September 1, 2020 – September 30, 2020 | — | $ | — | — | 14,286,427 | |||||||||||||||||||||
Total | — | — | 14,286,427 |
Exhibit Number | Exhibit Description | |||||||
10.1* | ||||||||
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
(Principal Accounting Officer and a Duly Authorized Officer) |
/s/ DOUGLAS J. PFERDEHIRT | ||||||||
Douglas J. Pferdehirt | ||||||||
Executive Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ MARYANN T. MANNEN | ||||||||
Maryann T. Mannen | ||||||||
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/ MARYANN T. MANNEN | ||||||||
Maryann T. Mannen | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |