United Kingdom | 98-1283037 | ||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.) | ||||
Hadrian House,
Wincomblee Road |
|||||
Newcastle Upon Tyne | |||||
United Kingdom | NE6 3PL | ||||
(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 | ||||||||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Class | Outstanding at October 26, 2021 | |||||||
Ordinary shares, $1.00 par value per share | 450,700,480 |
Page | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Service revenue | $ | 901.0 | $ | 892.1 | $ | 2,640.6 | $ | 2,459.6 | |||||||||||||||
Product revenue | 640.0 | 805.6 | 2,121.8 | 2,365.0 | |||||||||||||||||||
Lease revenue | 38.4 | 29.8 | 117.8 | 105.7 | |||||||||||||||||||
Total revenue | 1,579.4 | 1,727.5 | 4,880.2 | 4,930.3 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of service revenue | 761.4 | 854.0 | 2,338.5 | 2,353.3 | |||||||||||||||||||
Cost of product revenue | 571.4 | 636.6 | 1,815.0 | 1,930.0 | |||||||||||||||||||
Cost of lease revenue | 31.2 | 28.2 | 94.2 | 90.3 | |||||||||||||||||||
Selling, general and administrative expense | 153.4 | 181.8 | 473.6 | 534.9 | |||||||||||||||||||
Research and development expense | 18.7 | 20.8 | 54.4 | 71.3 | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | 7.3 | 53.5 | 34.8 | 3,356.2 | |||||||||||||||||||
Total costs and expenses | 1,543.4 | 1,774.9 | 4,810.5 | 8,336.0 | |||||||||||||||||||
Other income (expense), net | (5.9) | 7.9 | 28.7 | (20.3) | |||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | (30.0) | 12.9 | (9.5) | 49.7 | |||||||||||||||||||
Income from investment in Technip Energies (Note 11) | 28.5 | — | 351.8 | — | |||||||||||||||||||
Income (loss) before net interest expense and income taxes | 28.6 | (26.6) | 440.7 | (3,376.3) | |||||||||||||||||||
Interest income | 2.1 | 7.7 | 8.9 | 36.4 | |||||||||||||||||||
Interest expense | (41.4) | (30.8) | (117.9) | (109.1) | |||||||||||||||||||
Loss on early extinguishment of debt | (16.0) | — | (39.5) | — | |||||||||||||||||||
Income (loss) before income taxes | (26.7) | (49.7) | 292.2 | (3,449.0) | |||||||||||||||||||
Provision for income taxes (Note 18) | 12.3 | 9.1 | 71.7 | 13.5 | |||||||||||||||||||
Income (loss) from continuing operations | (39.0) | (58.8) | 220.5 | (3,462.5) | |||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | (1.6) | (5.9) | (5.5) | (14.6) | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | (40.6) | (64.7) | 215.0 | (3,477.1) | |||||||||||||||||||
Income (loss) from discontinued operations | 8.4 | 65.2 | (44.1) | 238.5 | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | (4.4) | (1.9) | (9.7) | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (32.2) | $ | (3.9) | $ | 169.0 | $ | (3,248.3) | |||||||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | (0.09) | $ | (0.14) | $ | 0.48 | $ | (7.75) | |||||||||||||||
Diluted | $ | (0.09) | $ | (0.14) | $ | 0.47 | $ | (7.75) | |||||||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic and diluted | $ | 0.02 | $ | 0.14 | $ | (0.10) | $ | 0.51 | |||||||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | (0.07) | $ | (0.01) | $ | 0.38 | $ | (7.24) | |||||||||||||||
Diluted | $ | (0.07) | $ | (0.01) | $ | 0.37 | $ | (7.24) | |||||||||||||||
Weighted average shares outstanding (Note 6) | |||||||||||||||||||||||
Basic | 450.7 | 449.4 | 450.4 | 448.4 | |||||||||||||||||||
Diluted | 450.7 | 449.4 | 454.7 | 448.4 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions)
|
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (32.2) | $ | (3.9) | $ | 169.0 | $ | (3,248.3) | |||||||||||||||
Income from continuing operations attributable to non-controlling interests | (1.6) | (5.9) | (5.5) | (14.6) | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | (4.4) | (1.9) | (9.7) | |||||||||||||||||||
Net Income (loss) attributable to TechnipFMC plc, including non-controlling interest | (30.6) | 6.4 | 176.4 | (3,224.0) | |||||||||||||||||||
Foreign currency translation adjustments(a)
|
(57.2) | (10.4) | (1.8) | (213.2) | |||||||||||||||||||
Net gains (losses) on hedging instruments | |||||||||||||||||||||||
Net gains (losses) arising during the period | (16.8) | 44.7 | (28.8) | (10.6) | |||||||||||||||||||
Reclassification adjustment for net losses included in net income (loss) | 1.3 | 3.9 | 3.3 | 8.7 | |||||||||||||||||||
Net gains (losses) on hedging instruments(b)
|
(15.5) | 48.6 | (25.5) | (1.9) | |||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||
Net gains (losses) arising during the period | 3.2 | (2.6) | 4.4 | (0.4) | |||||||||||||||||||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | 0.1 | 0.3 | 0.4 | 0.8 | |||||||||||||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income (loss) | 4.7 | 2.3 | 14.3 | 6.7 | |||||||||||||||||||
Net pension and other postretirement benefits(c)
|
8.0 | — | 19.1 | 7.1 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (64.7) | 38.2 | (8.2) | (208.0) | |||||||||||||||||||
Comprehensive income (loss) | (95.3) | 44.6 | 168.2 | (3,432.0) | |||||||||||||||||||
Comprehensive income attributable to non-controlling interest | (0.2) | (11.8) | (5.9) | (17.9) | |||||||||||||||||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ | (95.5) | $ | 32.8 | $ | 162.3 | $ | (3,449.9) |
(In millions, except par value data) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 1,034.0 | $ | 1,269.2 | |||||||
Trade receivables, net of allowances of $38.3 in 2021 and $40.2 in 2020
|
1,128.9 | 987.7 | |||||||||
Contract assets, net of allowances of $1.2 in 2021 and $2.4 in 2020
|
1,027.0 | 886.8 | |||||||||
Inventories, net (Note 8) | 1,069.8 | 1,252.8 | |||||||||
Derivative financial instruments (Note 19) | 160.3 | 268.7 | |||||||||
Income taxes receivable | 95.4 | 274.7 | |||||||||
Advances paid to suppliers | 62.6 | 96.3 | |||||||||
Other current assets (Note 9) | 533.9 | 683.4 | |||||||||
Investment in Technip Energies (Note 11) | 485.3 | — | |||||||||
Current assets of discontinued operations | — | 5,725.1 | |||||||||
Total current assets | 5,597.2 | 11,444.7 | |||||||||
Investments in equity affiliates (Note 11) | 295.6 | 305.5 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $2,386.3 in 2021 and $2,154.2 in 2020
|
2,619.0 | 2,756.2 | |||||||||
Operating lease right-of-use assets | 694.3 | 784.9 | |||||||||
Finance lease right-of-use assets | 52.6 | 27.5 | |||||||||
Intangible assets, net of accumulated amortization of $468.9 in 2021 and $493.1 in 2020
|
786.4 | 851.3 | |||||||||
Deferred income taxes | 47.6 | 34.2 | |||||||||
Derivative financial instruments (Note 19) | 6.4 | 29.2 | |||||||||
Other assets | 154.5 | 175.6 | |||||||||
Non-current assets of discontinued operations | — | 3,283.5 | |||||||||
Total assets | $ | 10,253.6 | $ | 19,692.6 | |||||||
Liabilities and equity | |||||||||||
Short-term debt and current portion of long-term debt (Note 13) | $ | 282.2 | $ | 624.7 | |||||||
Operating lease liabilities | 126.2 | 195.5 | |||||||||
Finance lease liabilities | 0.7 | 26.9 | |||||||||
Accounts payable, trade | 1,238.0 | 1,201.0 | |||||||||
Contract liabilities | 914.6 | 1,046.8 | |||||||||
Accrued payroll | 182.6 | 186.8 | |||||||||
Derivative financial instruments (Note 19) | 154.6 | 157.5 | |||||||||
Income taxes payable | 62.5 | 61.2 | |||||||||
Other current liabilities (Note 9) | 729.5 | 818.3 | |||||||||
Current liabilities of discontinued operations | — | 6,096.5 | |||||||||
Total current liabilities | 3,690.9 | 10,415.2 | |||||||||
Long-term debt, less current portion (Note 13) | 1,973.6 | 2,835.5 | |||||||||
Operating lease liabilities, less current portion | 627.1 | 632.8 | |||||||||
Financing lease liabilities, less current portion | 51.3 | — | |||||||||
Deferred income taxes | 62.1 | 79.3 | |||||||||
Accrued pension and other post-retirement benefits, less current portion | 205.0 | 268.4 | |||||||||
Derivative financial instruments (Note 19) | 7.9 | 18.8 | |||||||||
Other liabilities | 116.3 | 103.3 | |||||||||
Non-current liabilities of discontinued operations | — | 1,081.3 | |||||||||
Total liabilities | 6,734.2 | 15,434.6 | |||||||||
Commitments and contingent liabilities (Note 17) | |||||||||||
Mezzanine equity | |||||||||||
Redeemable non-controlling interest | — | 43.7 | |||||||||
Stockholders’ equity (Note 14) | |||||||||||
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2021 and 2020; 450.6 shares and 449.5 shares issued and outstanding in 2021 and 2020, respectively
|
450.6 | 449.5 | |||||||||
Capital in excess of par value of ordinary shares | 9,152.4 | 10,242.4 | |||||||||
Accumulated deficit | (4,747.7) | (4,915.2) | |||||||||
Accumulated other comprehensive loss | (1,358.2) | (1,622.5) | |||||||||
Total TechnipFMC plc stockholders’ equity | 3,497.1 | 4,154.2 | |||||||||
Non-controlling interests | 22.3 | 40.4 | |||||||||
Non-controlling interests of discontinued operations | — | 19.7 | |||||||||
Total equity | 3,519.4 | 4,214.3 | |||||||||
Total liabilities and equity | $ | 10,253.6 | $ | 19,692.6 |
(In millions)
|
Nine Months Ended September 30, | ||||||||||
2021 | 2020 | ||||||||||
Cash provided (required) by operating activities | |||||||||||
Net income (loss) from continuing operations | $ | 220.5 | $ | (3,462.5) | |||||||
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities | |||||||||||
Depreciation | 219.0 | 222.3 | |||||||||
Amortization | 70.7 | 76.0 | |||||||||
Impairments | 20.9 | 3,244.7 | |||||||||
Employee benefit plan and share-based compensation costs | 22.5 | 36.3 | |||||||||
Deferred income tax benefit, net | (39.0) | (5.8) | |||||||||
Income from investment in Technip Energies | (351.8) | — | |||||||||
Unrealized gains on derivative instruments and foreign exchange | (19.3) | (26.9) | |||||||||
(Income) loss from equity affiliates, net of dividends received | 9.4 | (46.5) | |||||||||
Loss on early extinguishment of debt | 39.5 | — | |||||||||
Other | (19.0) | (1.9) | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||
Trade receivables, net and contract assets | (320.0) | (45.3) | |||||||||
Inventories, net | 165.9 | (20.7) | |||||||||
Accounts payable, trade | 78.0 | (236.0) | |||||||||
Contract liabilities | (104.8) | (33.3) | |||||||||
Income taxes payable (receivable), net | 178.9 | (34.4) | |||||||||
Other current assets and liabilities, net | 57.4 | 644.9 | |||||||||
Other non-current assets and liabilities, net | 2.7 | (21.2) | |||||||||
Cash provided by operating activities from continuing operations | 231.5 | 289.7 | |||||||||
Cash provided (required) by operating activities from discontinued operations | 66.3 | (187.6) | |||||||||
Cash provided by operating activities | 297.8 | 102.1 | |||||||||
Cash provided (required) by investing activities | |||||||||||
Capital expenditures | (131.2) | (227.3) | |||||||||
Proceeds from redemption of debt securities | 27.4 | 3.9 | |||||||||
Payment to acquire debt securities | (29.1) | (3.9) | |||||||||
Proceeds from sales of assets | 95.7 | 23.0 | |||||||||
Cash received from divestiture | — | 2.5 | |||||||||
Proceeds from sale of investment in Technip Energies | 784.5 | — | |||||||||
Proceeds from repayment of advances to joint venture | 12.5 | 12.5 | |||||||||
Other | — | (1.0) | |||||||||
Cash provided (required) by investing activities from continuing operations | 759.8 | (190.3) | |||||||||
Cash required by investing activities from discontinued operations | (4.5) | (22.1) | |||||||||
Cash provided (required) by investing activities | 755.3 | (212.4) | |||||||||
Cash provided (required) by financing activities | |||||||||||
Net decrease in short-term debt | (31.3) | (2.0) | |||||||||
Net decrease in commercial paper | (974.3) | (251.3) | |||||||||
Proceeds from issuance of long-term debt | 1,164.4 | 223.2 | |||||||||
Repayments of long-term debt | (1,242.2) | (423.9) | |||||||||
Payments for debt issuance costs | (53.5) | — | |||||||||
Dividends paid | — | (59.2) | |||||||||
Acquisition of non-controlling interest
|
(48.6) | — | |||||||||
Payments related to taxes withheld on share-based compensation | (2.4) | (6.4) | |||||||||
Other | (1.4) | — | |||||||||
Cash required by financing activities from continuing operations | (1,189.3) | (519.6) | |||||||||
Cash required by financing activities from discontinued operations | (3,617.7) | (392.2) | |||||||||
Cash required by financing activities | (4,807.0) | (911.8) | |||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | (19.9) | 75.9 | |||||||||
Change in cash and cash equivalents | (3,773.8) | (946.2) | |||||||||
Cash and cash equivalents, beginning of period | 4,807.8 | 5,190.2 | |||||||||
Cash and cash equivalents, end of period | $ | 1,034.0 | $ | 4,244.0 |
Nine Months Ended September 30, |
|||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash and cash equivalents | $ | 1,034.0 | $ | 968.4 | |||||||
Cash and cash equivalents attributable to discontinued operations | — | 3,275.6 | |||||||||
Total cash and cash equivalents in the statement of cash flows | $ | 1,034.0 | $ | 4,244.0 |
(In millions) | Ordinary Shares | Capital in Excess of Par Value of Ordinary Shares | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 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 15) | — | 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 | |||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 450.6 | $ | 9,144.7 | $ | (4,714.0) | $ | (1,294.9) | $ | 42.9 | $ | 3,629.3 | |||||||||||||||||||||||||||||
Net income (loss) | — | — | (32.2) | — | 1.6 | (30.6) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (63.3) | (1.4) | (64.7) | |||||||||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | 7.7 | — | — | — | 7.7 | |||||||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | — | — | — | — | (15.0) | (15.0) | |||||||||||||||||||||||||||||||||||
Other | — | — | (1.5) | — | (5.8) | (7.3) | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | 450.6 | $ | 9,152.4 | $ | (4,747.7) | $ | (1,358.2) | $ | 22.3 | $ | 3,519.4 |
(In millions) | Ordinary Shares |
Capital in
Excess of Par Value of Ordinary Shares |
Accumulated Deficit |
Accumulated
Other Comprehensive Income (Loss) |
Non-controlling
Interest |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 447.1 | 10,182.8 | (1,563.1) | (1,407.5) | 28.8 | 7,688.1 | |||||||||||||||||||||||||||||
Adoption of accounting standards (Note 3) | — | — | (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 15) | — | 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 | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 449.5 | 10,242.4 | (4,915.2) | (1,622.5) | 60.1 | 4,214.3 | |||||||||||||||||||||||||||||
Net income | — | — | 169.0 | — | 7.4 | 176.4 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (6.7) | (1.5) | (8.2) | |||||||||||||||||||||||||||||
Issuance of ordinary shares | 1.1 | — | — | — | — | 1.1 | |||||||||||||||||||||||||||||
Share-based compensation (Note 15) | — | 18.4 | — | — | — | 18.4 | |||||||||||||||||||||||||||||
Spin-off of Technip Energies (Note 2) | — | (1,108.4) | — | 271.0 | (19.9) | (857.3) | |||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | — | — | — | — | (15.0) | (15.0) | |||||||||||||||||||||||||||||
Other | — | — | (1.5) | — | (8.8) | (10.3) | |||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 450.6 | 9,152.4 | (4,747.7) | (1,358.2) | 22.3 | 3,519.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $ | — | $ | 1,608.2 | $ | 906.0 | $ | 4,694.2 | |||||||||||||||
Costs and expenses | — | (1,480.1) | (889.3) | (4,239.7) | |||||||||||||||||||
Other, net | — | (49.5) | (18.6) | (151.6) | |||||||||||||||||||
Income (loss) from discontinued operations before income taxes | $ | — | $ | 78.6 | $ | (1.9) | $ | 302.9 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 8.4 | $ | 65.2 | $ | (44.1) | $ | 238.5 |
December 31, | ||||||||
(In millions) | 2020 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 3,538.6 | ||||||
Trade receivables, net of allowances | 1,302.1 | |||||||
Contract assets | 380.8 | |||||||
Other current assets | 503.6 | |||||||
Total current assets of discontinued operations | 5,725.1 | |||||||
Property, plant and equipment, net of accumulated depreciation | 105.6 | |||||||
Goodwill | 2,512.5 | |||||||
Other assets | 665.4 | |||||||
Total non-current assets of discontinued operations | 3,283.5 | |||||||
Total assets of discontinued operations | $ | 9,008.6 | ||||||
Liabilities | ||||||||
Accounts payable, trade | $ | 1,539.5 | ||||||
Contract liabilities | 3,689.3 | |||||||
Other current liabilities | 867.7 | |||||||
Total current liabilities of discontinued operations | 6,096.5 | |||||||
Long-term debt, less current portion | 482.2 | |||||||
Operating lease liabilities | 248.2 | |||||||
Other liabilities | 350.9 | |||||||
Total non-current liabilities of discontinued operations | 1,081.3 | |||||||
Total liabilities of discontinued operations | $ | 7,177.8 |
Reportable Segments | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Europe, Russia, Central Asia | $ | 423.2 | $ | 46.3 | $ | 476.5 | $ | 43.0 | |||||||||||||||
North America | 174.7 | 99.3 | 240.5 | 63.5 | |||||||||||||||||||
Latin America | 211.5 | 22.7 | 239.3 | 15.1 | |||||||||||||||||||
Asia Pacific | 244.9 | 20.9 | 230.4 | 28.0 | |||||||||||||||||||
Africa | 257.8 | 8.5 | 263.3 | 11.0 | |||||||||||||||||||
Middle East | — | 69.6 | 51.8 | 65.1 | |||||||||||||||||||
Total revenue | $ | 1,312.1 | $ | 267.3 | $ | 1,501.8 | $ | 225.7 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Europe, Russia, Central Asia | $ | 1,102.9 | $ | 145.2 | $ | 1,329.8 | $ | 145.4 | |||||||||||||||
North America | 594.4 | 266.6 | 660.3 | 292.4 | |||||||||||||||||||
Latin America | 809.7 | 57.8 | 785.1 | 54.9 | |||||||||||||||||||
Asia Pacific | 736.8 | 72.2 | 556.8 | 93.1 | |||||||||||||||||||
Africa | 822.6 | 31.2 | 646.9 | 39.6 | |||||||||||||||||||
Middle East | 26.5 | 214.3 | 154.5 | 171.5 | |||||||||||||||||||
Total revenue | $ | 4,092.9 | $ | 787.3 | $ | 4,133.4 | $ | 796.9 |
Reportable Segments | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Services | $ | 861.7 | $ | 39.3 | $ | 865.2 | $ | 26.9 | |||||||||||||||
Products | 441.6 | 198.4 | 623.6 | 182.0 | |||||||||||||||||||
Lease | 8.8 | 29.6 | 13.0 | 16.8 | |||||||||||||||||||
Total revenue | $ | 1,312.1 | $ | 267.3 | $ | 1,501.8 | $ | 225.7 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||
Services | $ | 2,530.2 | $ | 110.4 | $ | 2,346.9 | $ | 112.7 | |||||||||||||||
Products | 1,526.5 | 595.3 | 1,743.7 | 621.3 | |||||||||||||||||||
Lease | 36.2 | 81.6 | 42.8 | 62.9 | |||||||||||||||||||
Total revenue | $ | 4,092.9 | $ | 787.3 | $ | 4,133.4 | $ | 796.9 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
$ change | % change | |||||||||||||||||||
Contract assets | $ | 1,027.0 | $ | 886.8 | $ | 140.2 | 15.8 | ||||||||||||||||
Contract (liabilities) | (914.6) | (1,046.8) | 132.2 | 12.6 | |||||||||||||||||||
Net contract assets (liabilities) | $ | 112.4 | $ | (160.0) | $ | 272.4 | 170.3 |
(In millions) | 2021 | 2022 | Thereafter | ||||||||||||||
Subsea | $ | 930.8 | $ | 3,241.8 | $ | 2,488.8 | |||||||||||
Surface Technologies | 150.5 | 177.4 | 13.1 | ||||||||||||||
Total order backlog | $ | 1,081.3 | $ | 3,419.2 | $ | 2,501.9 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Segment revenue | |||||||||||||||||||||||
Subsea | $ | 1,312.1 | $ | 1,501.8 | $ | 4,092.9 | $ | 4,133.4 | |||||||||||||||
Surface Technologies | $ | 267.3 | $ | 225.7 | 787.3 | 796.9 | |||||||||||||||||
Total revenue | $ | 1,579.4 | $ | 1,727.5 | $ | 4,880.2 | $ | 4,930.3 | |||||||||||||||
Segment operating profit (loss) | |||||||||||||||||||||||
Subsea | $ | 23.5 | $ | 20.3 | $ | 132.9 | $ | (2,806.0) | |||||||||||||||
Surface Technologies | 12.1 | (7.0) | 33.2 | (444.4) | |||||||||||||||||||
Total segment operating profit (loss) | $ | 35.6 | $ | 13.3 | $ | 166.1 | $ | (3,250.4) | |||||||||||||||
Corporate items | |||||||||||||||||||||||
Corporate expense(a)
|
(29.3) | (25.3) | (88.4) | (72.1) | |||||||||||||||||||
Net interest expense | (39.3) | (23.1) | (109.0) | (72.7) | |||||||||||||||||||
Loss on early extinguishment of debt | (16.0) | — | (39.5) | — | |||||||||||||||||||
Income (loss) from investment in Technip Energies | 28.5 | — | 351.8 | — | |||||||||||||||||||
Foreign exchange gains (losses) | (6.2) | (14.6) | 11.2 | (53.8) | |||||||||||||||||||
Total corporate items | (62.3) | (63.0) | 126.1 | (198.6) | |||||||||||||||||||
Income (loss) before income taxes(b)
|
$ | (26.7) | $ | (49.7) | $ | 292.2 | $ | (3,449.0) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | $ | (40.6) | $ | (64.7) | $ | 215.0 | $ | (3,477.1) | |||||||||||||||
Income (loss) from discontinued operations attributable to TechnipFMC plc | 8.4 | 60.8 | (46.0) | 228.8 | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (32.2) | $ | (3.9) | $ | 169.0 | $ | (3,248.3) | |||||||||||||||
Weighted average number of shares outstanding | 450.7 | 449.4 | 450.4 | 448.4 | |||||||||||||||||||
Dilutive effect of restricted stock units | — | — | 3.9 | — | |||||||||||||||||||
Dilutive effect of performance shares | — | — | 0.4 | — | |||||||||||||||||||
Total shares and dilutive securities | 450.7 | 449.4 | 454.7 | 448.4 | |||||||||||||||||||
Basic and diluted earnings (loss) per share attributable to TechnipFMC plc: | |||||||||||||||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | (0.09) | $ | (0.14) | $ | 0.48 | $ | (7.75) | |||||||||||||||
Diluted | $ | (0.09) | $ | (0.14) | $ | 0.47 | $ | (7.75) | |||||||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic and diluted | $ | 0.02 | $ | 0.14 | $ | (0.10) | $ | 0.51 | |||||||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||||||||
Basic | $ | (0.07) | $ | (0.01) | $ | 0.38 | $ | (7.24) | |||||||||||||||
Diluted | $ | (0.07) | $ | (0.01) | $ | 0.37 | $ | (7.24) |
(In millions) | Year of origination | Balance as of September 30, 2021 | Balance as of December 31, 2020 | ||||||||||||||
Loans receivables, security deposits and other | |||||||||||||||||
Moody’s rating Ba2 | 2019 | $ | 76.1 | $ | 107.6 | ||||||||||||
Debt securities at amortized cost | |||||||||||||||||
Moody’s rating B3 | 2019 | 25.9 | 23.7 | ||||||||||||||
Total financial assets | $ | 102.0 | $ | 131.3 |
Balance as of September 30, 2021 | |||||||||||||||||||||||||||||
(In millions) | Trade receivables | Contract assets | Loans receivable | Security deposit and other | Held-to-maturity debt securities | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2020 | $ | 40.2 | $ | 2.4 | $ | 7.5 | $ | 0.4 | $ | 0.5 | |||||||||||||||||||
Current period provision (release) for expected credit losses | (0.7) | (0.5) | (0.1) | (0.1) | 2.2 | ||||||||||||||||||||||||
Recoveries | (1.2) | (0.7) | — | — | — | ||||||||||||||||||||||||
Allowance for credit losses at September 30, 2021 | $ | 38.3 | $ | 1.2 | $ | 7.4 | $ | 0.3 | $ | 2.7 |
Balance as of September 30, 2020 | |||||||||||||||||||||||||||||
(In millions) | Trade receivables | Contract assets | Loans receivable | Security deposit and other | Held-to-maturity debt securities | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2019 | $ | 59.4 | $ | 4.5 | $ | 9.5 | $ | 0.7 | $ | 1.1 | |||||||||||||||||||
Current period provision for expected credit losses | 35.7 | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||
Recoveries | (6.2) | (2.8) | (0.6) | — | — | ||||||||||||||||||||||||
Allowance for credit losses at September 30, 2020 | $ | 88.9 | $ | 1.8 | $ | 9.0 | $ | 0.7 | $ | 1.1 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Raw materials | $ | 239.5 | $ | 270.3 | |||||||
Work in process | 203.4 | 242.7 | |||||||||
Finished goods | 626.9 | 739.8 | |||||||||
Inventories, net | $ | 1,069.8 | $ | 1,252.8 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Value - added tax receivables | $ | 246.9 | $ | 256.9 | |||||||
Prepaid expenses | 77.2 | 78.1 | |||||||||
Sundry receivables | 67.9 | 138.4 | |||||||||
Other tax receivables | 61.3 | 73.8 | |||||||||
Current financial assets at amortized cost | 36.4 | 40.6 | |||||||||
Held-to-maturity investments | 6.9 | 24.2 | |||||||||
Assets held for sale | 4.0 | 47.3 | |||||||||
Other | 33.3 | 24.1 | |||||||||
Total other current assets | $ | 533.9 | $ | 683.4 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Warranty accruals and project contingencies | $ | 123.4 | $ | 168.8 | |||||||
Legal provisions | 122.5 | 127.6 | |||||||||
Value - added tax and other taxes payable | 90.5 | 109.6 | |||||||||
Compensation accrual | 62.8 | 54.3 | |||||||||
Social security liability | 59.9 | 67.9 | |||||||||
Provisions | 25.9 | 53.0 | |||||||||
Derivative liability | 22.4 | — | |||||||||
Accrued distributions to non-controlling interests | 15.0 | — | |||||||||
Current portion of accrued pension and other post-retirement benefits | 6.1 | 6.9 | |||||||||
Other accrued liabilities | 201.0 | 230.2 | |||||||||
Total other current liabilities | $ | 729.5 | $ | 818.3 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Balance at beginning of period | $ | 104.0 | $ | 112.0 | $ | 109.5 | $ | 121.7 | |||||||||||||||
Warranty expenses | 12.0 | 10.5 | 34.0 | 50.8 | |||||||||||||||||||
Adjustment to existing accruals | (21.0) | 7.2 | (40.9) | (35.5) | |||||||||||||||||||
Claims paid | (3.5) | (7.2) | (11.1) | (14.5) | |||||||||||||||||||
Balance at end of period | $ | 91.5 | $ | 122.5 | $ | 91.5 | $ | 122.5 |
(In millions) |
September 30,
2021 |
December 31, 2020 | |||||||||
Equinor ASA | $ | — | $ | 24.1 | |||||||
Dofcon Navegacao | 23.4 | 4.2 | |||||||||
Techdof Brasil AS | 9.2 | 8.0 | |||||||||
Others | 2.5 | 1.7 | |||||||||
Total accounts receivable | $ | 35.1 | $ | 38.0 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Dofcon Navegacao | $ | 4.4 | $ | 1.5 | |||||||
Others | 2.5 | 3.1 | |||||||||
Total accounts payable | $ | 6.9 | $ | 4.6 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Dofcon Navegacao | 0.1 | 0.8 | 1.3 | 1.4 | |||||||||||||||||||
Techdof Brasil AS | 3.6 | 2.0 | 12.5 | 6.4 | |||||||||||||||||||
Others | 3.4 | 11.6 | 7.8 | 18.3 | |||||||||||||||||||
Total revenue | $ | 7.1 | $ | 14.4 | $ | 21.6 | $ | 26.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Dofcon Navegacao | $ | 8.3 | $ | 5.2 | $ | 21.3 | $ | 17.0 | |||||||||||||||
Magma Global Limited | 5.1 | 1.0 | 9.2 | 2.6 | |||||||||||||||||||
Altus Intervention | 2.2 | 1.5 | 5.0 | 2.6 | |||||||||||||||||||
Others | 16.9 | 0.9 | 25.1 | 14.2 | |||||||||||||||||||
Total expenses | $ | 32.5 | $ | 8.6 | $ | 60.6 | $ | 36.4 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Commercial paper | $ | — | $ | 1,043.7 | |||||||
Synthetic bonds due 2021 | — | 551.2 | |||||||||
3.45% Senior Notes due 2022
|
— | 500.0 | |||||||||
3.40% 2012 Private placement notes due 2022
|
173.6 | 184.0 | |||||||||
3.15% 2013 Private placement notes due 2023
|
295.2 | 312.9 | |||||||||
5.75% 2020 Private placement notes due 2025
|
231.5 | 245.4 | |||||||||
6.50% Senior notes due 2026
|
835.9 | — | |||||||||
4.00% 2012 Private placement notes due 2027
|
86.8 | 92.0 | |||||||||
4.00% 2012 Private placement notes due 2032
|
115.8 | 122.7 | |||||||||
3.75% 2013 Private placement notes due 2033
|
115.8 | 122.7 | |||||||||
Bank borrowings and other | 429.5 | 298.4 | |||||||||
Unamortized debt issuance costs and discounts | (28.3) | (12.8) | |||||||||
Total debt | 2,255.8 | 3,460.2 | |||||||||
Less: current borrowings (a)
|
282.2 | 624.7 | |||||||||
Long-term debt | $ | 1,973.6 | $ | 2,835.5 |
(In millions) |
Foreign Currency
Translation |
Hedging |
Defined Pension
and Other Post-Retirement Benefits |
Accumulated Other
Comprehensive Loss Attributable to TechnipFMC plc |
Accumulated Other
Comprehensive Loss Attributable to Non-Controlling Interest |
||||||||||||||||||||||||||||||
December 31, 2020 | $ | (1,401.2) | $ | 34.0 | $ | (255.3) | $ | (1,622.5) | $ | (4.1) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (0.3) | (28.8) | 4.4 | (24.7) | (1.5) | ||||||||||||||||||||||||||||||
Reclassification adjustment for net losses included in net income (loss), net of tax | — | 3.3 | 14.7 | 18.0 | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (0.3) | (25.5) | 19.1 | (6.7) | (1.5) | ||||||||||||||||||||||||||||||
Spin-off of Technip Energies | 253.5 | (19.7) | 37.2 | 271.0 | — | ||||||||||||||||||||||||||||||
September 30, 2021 | $ | (1,148.0) | $ | (11.2) | $ | (199.0) | $ | (1,358.2) | $ | (5.6) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (loss) Components |
Amount Reclassified out of Accumulated Other
Comprehensive Loss |
Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||||||||||||
Gains (losses) on hedging instruments | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (1.6) | $ | (23.8) | $ | (27.6) | $ | (57.3) | Revenue | ||||||||||||||||||||
0.7 | 18.3 | 12.2 | 48.0 | Cost of sales | |||||||||||||||||||||||||
(0.1) | — | 0.1 | (0.4) | Selling, general and administrative expense | |||||||||||||||||||||||||
(0.7) | (2.0) | 6.2 | (3.2) | Other income (expense), net | |||||||||||||||||||||||||
(1.7) | (7.5) | (9.1) | (12.9) | Income (loss) before income taxes | |||||||||||||||||||||||||
(0.4) | (3.6) | (5.8) | (4.2) | Provision for income taxes | |||||||||||||||||||||||||
$ | (1.3) | $ | (3.9) | $ | (3.3) | $ | (8.7) | Net income (loss) | |||||||||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||||||||||||||
Amortization of prior service credit (cost) | $ | (0.1) | $ | (0.3) | $ | (0.4) | $ | (0.8) | (a) | ||||||||||||||||||||
Amortization of net actuarial loss | (6.8) | (0.6) | (19.8) | (6.5) | (a) | ||||||||||||||||||||||||
(6.9) | (0.9) | (20.2) | (7.3) | Income (loss) before income taxes | |||||||||||||||||||||||||
(2.1) | 1.7 | (5.5) | 0.2 | Provision for income taxes | |||||||||||||||||||||||||
$ | (4.8) | $ | (2.6) | $ | (14.7) | $ | (7.5) | Net income (loss) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | 6.9 | $ | 43.4 | $ | 27.6 | 2,912.8 | ||||||||||||||||
Surface Technologies | — | 8.7 | 3.8 | 439.8 | |||||||||||||||||||
Corporate and other | 0.4 | 1.4 | 3.4 | 3.6 | |||||||||||||||||||
Total impairment, restructuring and other expenses | $ | 7.3 | $ | 53.5 | $ | 34.8 | $ | 3,356.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | 1.3 | $ | 17.6 | $ | 17.6 | $ | 2,826.6 | |||||||||||||||
Surface Technologies | — | 5.4 | 0.3 | 418.1 | |||||||||||||||||||
Corporate and other | — | — | 3.0 | — | |||||||||||||||||||
Total impairments | $ | 1.3 | $ | 23.0 | $ | 20.9 | $ | 3,244.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | Restructuring and other charges | Restructuring and other charges | COVID-19 expenses | Restructuring and other charges | Restructuring and other charges | COVID-19 expenses | |||||||||||||||||||||||||||||
Subsea | $ | 5.6 | 7.1 | $ | 18.7 | $ | 10.0 | $ | 36.1 | $ | 50.1 | ||||||||||||||||||||||||
Surface Technologies | — | 0.9 | 2.4 | 3.5 | 14.0 | 7.7 | |||||||||||||||||||||||||||||
Corporate and other | 0.4 | 1.4 | — | 0.4 | 3.6 | — | |||||||||||||||||||||||||||||
Total | $ | 6.0 | $ | 9.4 | $ | 21.1 | $ | 13.9 | $ | 53.7 | $ | 57.8 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Financial guarantees (a)
|
$ | 177.5 | $ | 104.9 | |||||||
Performance guarantees (b)
|
1,112.2 | 1,353.9 | |||||||||
Maximum potential undiscounted payments | $ | 1,289.7 | $ | 1,458.8 |
Net Notional Amount
Bought (Sold) |
|||||||||||
(In millions) | USD Equivalent | ||||||||||
Euro | 874.2 | 1,012.0 | |||||||||
Brazilian real | 1,108.6 | 203.8 | |||||||||
Australian dollar | 205.6 | 147.9 | |||||||||
British pound | 100.9 | 135.8 | |||||||||
Singapore dollar | 167.7 | 123.2 | |||||||||
Indian rupee | 1,000.7 | 13.5 | |||||||||
Norwegian krone | 113.9 | 13.0 | |||||||||
Russian ruble | 839.0 | 11.5 | |||||||||
Canadian dollar | 11.9 | 9.3 | |||||||||
Mexican peso | (123.6) | (6.0) | |||||||||
Kuwaiti dinar | (3.4) | (11.1) | |||||||||
Indonesian rupiah | (256,884.1) | (18.0) | |||||||||
Malaysian ringgit | (642.9) | (153.5) | |||||||||
U.S. dollar | (329.7) | (329.7) |
Net Notional Amount
Bought (Sold) |
|||||||||||
(In millions) | USD Equivalent | ||||||||||
Brazilian real | 62.9 | 11.6 | |||||||||
Norwegian krone | (26.7) | (3.0) | |||||||||
Euro | (10.2) | (11.8) | |||||||||
U.S. dollar | 4.3 | 4.3 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Current - Derivative financial instruments | $ | 139.7 | $ | 128.2 | $ | 189.5 | $ | 141.9 | |||||||||||||||
Long-term - Derivative financial instruments | 6.2 | 7.9 | 28.9 | 18.8 | |||||||||||||||||||
Total derivatives designated as hedging instruments | 145.9 | 136.1 | 218.4 | 160.7 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Current - Derivative financial instruments | 20.6 | 26.4 | 79.2 | 15.6 | |||||||||||||||||||
Long-term - Derivative financial instruments | 0.2 | — | 0.3 | — | |||||||||||||||||||
Total derivatives not designated as hedging instruments | 20.8 | 26.4 | 79.5 | 15.6 | |||||||||||||||||||
Total derivatives | $ | 166.7 | $ | 162.5 | $ | 297.9 | $ | 176.3 |
(In millions) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives | Revenue | Cost of sales |
Selling,
general and administrative expense |
Other income (expense), net | Revenue | Cost of sales |
Selling,
general and administrative expense |
Other income (expense), net | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI to income | $ | (1.6) | $ | 0.7 | $ | (0.1) | $ | (0.7) | $ | (23.8) | $ | 18.3 | $ | — | $ | (0.6) | |||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | (1.0) | (0.3) | — | (1.2) | 3.5 | (3.2) | 0.1 | (0.4) | |||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (2.6) | 0.4 | (0.1) | (1.9) | (20.3) | 15.1 | 0.1 | (1.0) | |||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | $ | (2.6) | $ | 0.4 | $ | (0.1) | $ | (1.9) | $ | (20.3) | $ | 15.1 | $ | 0.1 | $ | (1.0) | |||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | — | (0.1) | — | (25.2) | (0.1) | 1.4 | — | 10.6 | |||||||||||||||||||||||||||||||||||||||
Total | $ | (2.6) | $ | 0.3 | $ | (0.1) | $ | (27.1) | $ | (20.4) | $ | 16.5 | $ | 0.1 | $ | 9.6 |
(In millions) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives | Revenue | Cost of sales |
Selling,
general and administrative expense |
Other income (expense), net | Revenue | Cost of sales |
Selling,
general and administrative expense |
Other income (expense), net | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI to income | $ | (27.6) | $ | 12.2 | $ | 0.1 | $ | 6.2 | $ | (57.3) | $ | 48.0 | $ | (0.4) | $ | (0.6) | |||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | (0.8) | (3.0) | — | (3.2) | 6.0 | (8.0) | — | 2.0 | |||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (28.4) | 9.2 | 0.1 | 3.0 | (51.3) | 40.0 | (0.4) | 1.4 | |||||||||||||||||||||||||||||||||||||||
Total hedge gain (loss) recognized in income | (28.4) | 9.2 | 0.1 | 3.0 | (51.3) | 40.0 | (0.4) | 1.4 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | 1.4 | 0.5 | — | 8.2 | (0.8) | 2.7 | — | (12.6) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (27.0) | $ | 9.7 | $ | 0.1 | $ | 11.2 | $ | (52.1) | $ | 42.7 | $ | (0.4) | $ | (11.2) |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(In millions) | Gross Amount Recognized | Gross Amounts Not Offset, Permitted Under Master Netting Agreements | Net Amount | Gross Amount Recognized | Gross Amounts Not Offset, Permitted Under Master Netting Agreements | Net Amount | |||||||||||||||||||||||||||||
Derivative assets | $ | 166.7 | $ | (101.9) | $ | 64.8 | $ | 297.9 | $ | (128.7) | $ | 169.2 | |||||||||||||||||||||||
Derivative liabilities | $ | 162.5 | $ | (101.9) | $ | 60.6 | $ | 176.3 | $ | (128.7) | $ | 47.6 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||
Investment in Technip Energies | $ | 485.3 | $ | 485.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Equity securities(a)
|
23.9 | 23.9 | — | — | 23.4 | 23.4 | — | — | |||||||||||||||||||||||||||||||||||||||
Money market fund | 2.6 | — | 2.6 | — | 1.7 | — | 1.7 | — | |||||||||||||||||||||||||||||||||||||||
Stable value fund(b)
|
0.6 | — | — | — | 0.9 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | 24.0 | — | 24.0 | — | 24.2 | — | 24.2 | — | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 166.7 | — | 166.7 | — | 297.9 | — | 297.9 | — | |||||||||||||||||||||||||||||||||||||||
Assets held for sale | 4.0 | — | — | 4.0 | 47.3 | — | — | 47.3 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 707.1 | $ | 509.2 | $ | 193.3 | $ | 4.0 | $ | 395.4 | $ | 23.4 | $ | 323.8 | $ | 47.3 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 162.5 | — | 162.5 | — | 176.3 | — | 176.3 | — | |||||||||||||||||||||||||||||||||||||||
Other current liabilities | 22.4 | 22.4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 184.9 | $ | 22.4 | $ | 162.5 | $ | — | $ | 176.3 | $ | — | $ | 176.3 | $ | — |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | Impairment | Fair Value | Impairment | Fair Value | |||||||||||||||||||
Long-lived assets(a)
|
$ | 20.9 | $ | 31.6 | $ | 161.3 | $ | 353.3 | |||||||||||||||
Equity method investment impairment (b)
|
$ | 36.7 | $ | 85.4 | $ | — | $ | — |
Three Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 1,579.4 | $ | 1,727.5 | (148.1) | (8.6) | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 1,364.0 | 1,518.8 | (154.8) | (10.2) | |||||||||||||||||||
Selling, general and administrative expense | 153.4 | 181.8 | (28.4) | (15.6) | |||||||||||||||||||
Research and development expense | 18.7 | 20.8 | (2.1) | (10.1) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | 7.3 | 53.5 | (46.2) | (86.4) | |||||||||||||||||||
Total costs and expenses | 1,543.4 | 1,774.9 | (231.5) | (13.0) | |||||||||||||||||||
Other income (expense), net | (5.9) | 7.9 | (13.8) | (174.7) | |||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | (30.0) | 12.9 | (42.9) | (332.6) | |||||||||||||||||||
Income from investment in Technip Energies (Note 11) | 28.5 | — | 28.5 | ||||||||||||||||||||
Loss on early extinguishment of debt | (16.0) | — | (16.0) | ||||||||||||||||||||
Net interest expense | (39.3) | (23.1) | (16.2) | (70.1) | |||||||||||||||||||
Loss before income taxes | (26.7) | (49.7) | 23.0 | 46.3 | |||||||||||||||||||
Provision for income taxes (Note 18) | 12.3 | 9.1 | 3.2 | 35.2 | |||||||||||||||||||
Loss from continuing operations | (39.0) | (58.8) | 19.8 | 33.7 | |||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | (1.6) | (5.9) | 4.3 | 72.9 | |||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | (40.6) | (64.7) | 24.1 | 37.2 | |||||||||||||||||||
Income from discontinued operations | 8.4 | 65.2 | (56.8) | (87.1) | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | — | (4.4) | 4.4 | 100.0 | |||||||||||||||||||
Net Income (loss) attributable to TechnipFMC plc | (32.2) | (3.9) | (28.3) | (725.6) |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Change | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 4,880.2 | $ | 4,930.3 | (50.1) | (1.0) | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 4,247.7 | 4,373.6 | (125.9) | (2.9) | |||||||||||||||||||
Selling, general and administrative expense | 473.6 | 534.9 | (61.3) | (11.5) | |||||||||||||||||||
Research and development expense | 54.4 | 71.3 | (16.9) | (23.7) | |||||||||||||||||||
Impairment, restructuring and other expenses (Note 16) | 34.8 | 3,356.2 | (3,321.4) | (99.0) | |||||||||||||||||||
Total costs and expenses | 4,810.5 | 8,336.0 | (3,525.5) | (42.3) | |||||||||||||||||||
Other income (expense), net | 28.7 | (20.3) | 49.0 | 241.4 | |||||||||||||||||||
Income (loss) from equity affiliates (Note 11) | (9.5) | 49.7 | (59.2) | (119.1) | |||||||||||||||||||
Income from investment in Technip Energies (Note 11) | 351.8 | — | 351.8 | ||||||||||||||||||||
Loss on early extinguishment of debt | (39.5) | — | (39.5) | ||||||||||||||||||||
Net interest expense | (109.0) | (72.7) | (36.3) | (49.9) | |||||||||||||||||||
Income (loss) before income taxes | 292.2 | (3,449.0) | 3,741.2 | 108.5 | |||||||||||||||||||
Provision for income taxes (Note 18) | 71.7 | 13.5 | 58.2 | 431.1 | |||||||||||||||||||
Income (loss) from continuing operations | 220.5 | (3,462.5) | 3,683.0 | 106.4 | |||||||||||||||||||
Net income from continuing operations attributable to non-controlling interests | (5.5) | (14.6) | 9.1 | 62.3 | |||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 215.0 | (3,477.1) | 3,692.1 | 106.2 | |||||||||||||||||||
Income (loss) from discontinued operations | (44.1) | 238.5 | (282.6) | (118.5) | |||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | (1.9) | (9.7) | 7.8 | 80.4 | |||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | 169.0 | (3,248.3) | 3,417.3 | 105.2 |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 1,312.1 | $ | 1,501.8 | (189.7) | (12.6) | |||||||||||||||||
Operating profit (loss) | $ | 23.5 | $ | 20.3 | 3.2 | 15.8 | |||||||||||||||||
Operating profit as a percentage of revenue | 1.8 | % | 1.4 | % | 0.4 pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except % and pts.) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 267.3 | $ | 225.7 | 41.6 | 18.4 | |||||||||||||||||
Operating profit (loss) | $ | 12.1 | $ | (7.0) | 19.1 | 272.9 | |||||||||||||||||
Operating profit as a percentage of revenue | 4.5 | % | (3.1) | % | 7.6 pts. |
Three Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (29.3) | $ | (25.3) | (4.0) | (15.8) |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 4,092.9 | $ | 4,133.4 | (40.5) | (1.0) | |||||||||||||||||
Operating profit (loss) | $ | 132.9 | $ | (2,806.0) | 2,938.9 | 104.7 | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | 3.2 | % | (67.9) | % | 71.1 pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Revenue | $ | 787.3 | $ | 796.9 | (9.6) | (1.2) | |||||||||||||||||
Operating profit (loss) | $ | 33.2 | $ | (444.4) | 477.6 | 107.5 | |||||||||||||||||
Operating profit (loss) as a percentage of revenue | 4.2 | % | (55.8) | % | 60.0 pts. |
Nine Months Ended | |||||||||||||||||||||||
September 30, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | $ | % | |||||||||||||||||||
Corporate expenses | $ | (88.4) | $ | (72.1) | (16.3) | (22.6) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (40.6) | $ | 1.6 | $ | 12.3 | $ | 55.3 | $ | 28.6 | $ | 96.5 | $ | 125.1 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges* | 38.0 | — | — | — | 38.0 | — | 38.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 6.1 | — | (0.1) | — | 6.0 | — | 6.0 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (28.5) | — | — | — | (28.5) | — | (28.5) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (25.0) | $ | 1.6 | $ | 12.2 | $ | 55.3 | $ | 44.1 | $ | 96.5 | $ | 140.6 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.09) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.06) |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (64.7) | $ | 5.9 | $ | 9.1 | $ | 23.1 | $ | (26.6) | $ | 94.2 | $ | 67.6 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 19.3 | — | 3.7 | — | 23.0 | — | 23.0 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 8.4 | — | 1.0 | — | 9.4 | — | 9.4 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 17.3 | — | 3.8 | — | 21.1 | — | 21.1 | ||||||||||||||||||||||||||||||||||
Valuation allowance | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (19.7) | $ | 5.9 | $ | 17.6 | $ | 23.1 | $ | 26.9 | $ | 94.2 | $ | 121.1 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (0.14) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.04) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense and loss on early extinguishment of debt | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | 215.0 | $ | 5.5 | $ | 71.7 | $ | 148.5 | $ | 440.7 | $ | 289.7 | $ | 730.4 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges* | 57.6 | — | — | — | 57.6 | — | 57.6 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 13.7 | — | 0.2 | — | 13.9 | — | 13.9 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (351.8) | — | — | — | (351.8) | — | (351.8) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (65.5) | $ | 5.5 | $ | 71.9 | $ | 148.5 | $ | 160.4 | $ | 289.7 | $ | 450.1 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.47 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.14) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations attributable to TechnipFMC plc | Income attributable to non-controlling interests from continuing operations | Provision for income taxes | Net interest expense | Loss before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||||||||||||||||
TechnipFMC plc, as reported | $ | (3,477.1) | $ | 14.6 | $ | 13.5 | $ | 72.7 | $ | (3,376.3) | $ | 298.3 | $ | (3,078.0) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 3,232.7 | — | 12.0 | — | 3,244.7 | — | 3,244.7 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 48.9 | — | 4.8 | — | 53.7 | — | 53.7 | ||||||||||||||||||||||||||||||||||
Direct COVID-19 expenses | 50.9 | — | 6.9 | — | 57.8 | — | 57.8 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Valuation allowance | (3.1) | — | 3.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (141.2) | $ | 14.6 | $ | 42.3 | $ | 72.7 | $ | (11.6) | $ | 289.8 | $ | 278.2 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (7.75) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.31) |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 1,312.1 | $ | 267.3 | $ | — | $ | — | $ | 1,579.4 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 23.5 | $ | 12.1 | $ | (29.3) | $ | 22.3 | $ | 28.6 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges* | 38.0 | — | — | — | 38.0 | ||||||||||||||||||||||||
Restructuring and other charges | 5.6 | — | 0.4 | — | 6.0 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (28.5) | (28.5) | ||||||||||||||||||||||||
Subtotal | 43.6 | — | 0.4 | (28.5) | 15.5 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 67.1 | 12.1 | (28.9) | (6.2) | 44.1 | ||||||||||||||||||||||||
Depreciation and amortization | 79.4 | 16.3 | 0.8 | — | 96.5 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 146.5 | $ | 28.4 | $ | (28.1) | $ | (6.2) | $ | 140.6 | |||||||||||||||||||
Operating profit margin, as reported | 1.8 | % | 4.5 | % | 1.8 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 5.1 | % | 4.5 | % | 2.8 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 11.2 | % | 10.6 | % | 8.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 1,501.8 | $ | 225.7 | $ | — | $ | — | $ | 1,727.5 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 20.3 | $ | (7.0) | $ | (25.3) | $ | (14.6) | $ | (26.6) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 17.6 | 5.4 | — | — | 23.0 | ||||||||||||||||||||||||
Restructuring and other charges | 7.1 | 0.9 | 1.4 | — | 9.4 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 18.7 | 2.4 | — | — | 21.1 | ||||||||||||||||||||||||
Subtotal | 43.4 | 8.7 | 1.4 | — | 53.5 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 63.7 | 1.7 | (23.9) | (14.6) | 26.9 | ||||||||||||||||||||||||
Depreciation and amortization | 82.3 | 15.6 | (3.7) | — | 94.2 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 146.0 | $ | 17.3 | $ | (27.6) | $ | (14.6) | $ | 121.1 | |||||||||||||||||||
Operating profit margin, as reported | 1.4 | % | (3.1) | % | (1.5) | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.2 | % | 0.8 | % | 1.6 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 9.7 | % | 7.7 | % | 7.0 | % |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net and Other | Total | |||||||||||||||||||||||||
Revenue | $ | 4,092.9 | $ | 787.3 | $ | — | $ | — | $ | 4,880.2 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 132.9 | $ | 33.2 | $ | (88.4) | $ | 363.0 | $ | 440.7 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges* | 54.3 | 0.3 | 3.0 | — | 57.6 | ||||||||||||||||||||||||
Restructuring and other charges | 10.0 | 3.5 | 0.4 | — | 13.9 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (351.8) | (351.8) | ||||||||||||||||||||||||
Subtotal | 64.3 | 3.8 | 3.4 | (351.8) | (280.3) | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 197.2 | 37.0 | (85.0) | 11.2 | 160.4 | ||||||||||||||||||||||||
Depreciation and amortization | 238.5 | 48.5 | 2.7 | — | 289.7 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 435.7 | $ | 85.5 | $ | (82.3) | $ | 11.2 | $ | 450.1 | |||||||||||||||||||
Operating profit margin, as reported | 3.2 | % | 4.2 | % | 9.0 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 4.8 | % | 4.7 | % | 3.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.6 | % | 10.9 | % | 9.2 | % |
Nine Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 4,133.4 | $ | 796.9 | $ | — | $ | — | $ | 4,930.3 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | (2,806.0) | $ | (444.4) | $ | (72.1) | $ | (53.8) | $ | (3,376.3) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 2,826.6 | 418.1 | — | — | 3,244.7 | ||||||||||||||||||||||||
Restructuring and other charges | 36.1 | 14.0 | 3.6 | — | 53.7 | ||||||||||||||||||||||||
Direct COVID-19 expenses | 50.1 | 7.7 | — | — | 57.8 | ||||||||||||||||||||||||
Purchase price accounting adjustment | 8.5 | — | — | — | 8.5 | ||||||||||||||||||||||||
Subtotal | 2,921.3 | 439.8 | 3.6 | — | 3,364.7 | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 115.3 | (4.6) | (68.5) | (53.8) | (11.6) | ||||||||||||||||||||||||
Adjusted Depreciation and amortization | 235.1 | 54.7 | — | — | 289.8 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 350.4 | $ | 50.1 | $ | (68.5) | $ | (53.8) | $ | 278.2 | |||||||||||||||||||
Operating profit margin, as reported | -67.9 | % | -55.8 | % | -68.5 | % | |||||||||||||||||||||||
Adjusted Operating profit margin | 2.8 | % | -0.6 | % | -0.2 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 8.5 | % | 6.3 | % | 5.6 | % |
Inbound Orders | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Subsea | $ | 1,116.0 | $ | 1,607.1 | $ | 3,926.1 | $ | 3,290.9 | |||||||||||||||
Surface Technologies | 249.9 | 207.5 | 721.4 | 760.9 | |||||||||||||||||||
Total inbound orders | $ | 1,365.9 | $ | 1,814.6 | $ | 4,647.5 | $ | 4,051.8 |
Order Backlog | |||||||||||
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Subsea | $ | 6,661.4 | $ | 6,876.0 | |||||||
Surface Technologies | 341.0 | 413.5 | |||||||||
Total order backlog | $ | 7,002.4 | $ | 7,289.5 |
(In millions) |
September 30,
2021 |
December 31,
2020 |
|||||||||
Cash and cash equivalents | $ | 1,034.0 | $ | 1,269.2 | |||||||
Short-term debt and current portion of long-term debt | (282.2) | (624.7) | |||||||||
Long-term debt, less current portion | (1,973.6) | (2,835.5) | |||||||||
Net debt | $ | (1,221.8) | $ | (2,191.0) |
Exhibit Number | Exhibit Description | |||||||
10.1 |
Second Amendment, dated October 6, 2021, to the Credit Agreement, dated February 16, 2021, by and among TechnipFMC plc, JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc. or an affiliate, DNB Capital, LLC or an affiliate, Société Générale, Sumitomo Mitsui Banking Corporation, Wells Fargo Securities, LLC and BofA Securities, Inc., collectively, as lead arrangers, JPMorgan Chase Bank, N.A., as administrative agent, Standard Chartered Bank, as documentation agent, and the lenders party thereto.
|
|||||||
31.1 | ||||||||
31.2 | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
/s/ Krisztina Doroghazi | |||||
Krisztina Doroghazi | |||||
Senior Vice President, Controller and Chief Accounting Officer
(Chief Accounting Officer and a Duly Authorized Officer) |
/s/ DOUGLAS J. PFERDEHIRT | ||||||||
Douglas J. Pferdehirt | ||||||||
Executive Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ ALF MELIN | ||||||||
Alf Melin | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ DOUGLAS J. PFERDEHIRT | ||||||||
Douglas J. Pferdehirt | ||||||||
Executive Chairman and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ ALF MELIN | ||||||||
Alf Melin
|
||||||||
Executive Vice President and Chief Financial Officer
|
||||||||
(Principal Financial Officer)
|