United Kingdom | 98-1283037 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
Wincomblee Road | |||||
United Kingdom | |||||
(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 February | ||||||||
Ordinary shares, $1.00 par value per share |
Page | |||||
PART I | |||||
PART II | |||||
PART III | |||||
PART IV | |||||
As of December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Permanent employees | 19,103 | 19,078 | 21,522 | ||||||||||||||
Temporary employees (fixed-term) | 1,507 | 1,054 | 1,637 | ||||||||||||||
Employees on payroll | 20,610 | 20,132 | 23,159 | ||||||||||||||
Contracted workforce | 1,392 | 635 | 2,560 | ||||||||||||||
Total workforce | 22,002 | 20,767 | 25,719 |
Name | Age | Current Position and Business Experience (Start Date) | ||||||||||||
Douglas J. Pferdehirt | Chief Executive Officer (2017) | |||||||||||||
Executive Vice President and Chief Financial Officer Senior Vice President, Surface Americas (2017) | ||||||||||||||
Executive Vice President, Chief Legal Officer and Secretary Senior Vice President, General Counsel and Corporate Secretary of Executive Counsel, M&A of General Electric (2019) Associate General Counsel of Baker Hughes, a GE Company (2018) Associate General Counsel of GE Oil & Gas (2017) | ||||||||||||||
Luana Duffé (a) | 40 | Executive Vice President, New Energy Ventures (2021) Vice President, Subsea Projects & Commercial and Country Manager for Brazil (2020) Vice President, Subsea Projects and Brazil Country Manager (2019) Vice President, Subsea Strategy (2018) Corporate Development Director (2018) | ||||||||||||
Nisha Rai (a) | 46 | Executive Vice President, People and Culture (2021) Vice President of Total Rewards (2020) Vice President, Head of Human Resources of MRC Global (2017) | ||||||||||||
Justin Rounce | Executive Vice President and Chief Technology Officer (2018) Senior Vice | |||||||||||||
Senior Vice | ||||||||||||||
Barry Glickman | President, | |||||||||||||
Krisztina Doroghazi | Senior Vice President, Controller, and Chief Accounting Officer (2018) Senior Vice President, Financing Planning and Reporting of MOL Group (2015) |
Location | Segment | |||||||
Africa | ||||||||
Hassi Messaoud, Algeria | Surface | |||||||
Lagos, Nigeria | Subsea | |||||||
Lobito, Angola | Subsea | |||||||
Luanda, Angola | Subsea | |||||||
Malabo, Equatorial Guinea | Subsea | |||||||
Port Harcourt, Nigeria | Subsea | |||||||
Takoradi, Ghana | Subsea | |||||||
Asia | ||||||||
Chennai, India | Subsea | |||||||
Hyderabad, India | Surface | |||||||
Jakarta, Indonesia | Surface | |||||||
Johor, Malaysia | Subsea | |||||||
Kuala Lumpur, Malaysia | Subsea | |||||||
Segment | ||||||||
Subsea, Surface | ||||||||
Subsea, Surface | ||||||||
Subsea | ||||||||
Subsea | ||||||||
Aberdeen, United Kingdom | ||||||||
Aktau, Kazakhstan | Subsea, Surface | |||||||
Arnhem, The Netherlands | Surface | |||||||
Bergen, Norway | Subsea | |||||||
Courbevoie (Paris - La Défense), France | Subsea | |||||||
Dunfermline, United Kingdom | Subsea, Surface | |||||||
Ellerbek, Germany | Surface | |||||||
Evanton, United Kingdom | Subsea | |||||||
Horten, Norway | Subsea | |||||||
Kongsberg, Norway | Subsea, Surface | |||||||
Krakow, Poland | Subsea | |||||||
Le Trait, France | Subsea |
Lisbon, Portugal | Subsea | |||||||
Lysaker, Norway | Subsea | |||||||
Moscow, Russia | Subsea, Surface | |||||||
Newcastle, United Kingdom | Subsea | |||||||
Orkanger, Norway | Subsea | |||||||
Sens, France | Surface | |||||||
Stavanger, Norway | Subsea, Surface | |||||||
Veenord, Netherlands | Surface | |||||||
Westhill, United Kingdom | Subsea | |||||||
Middle East | ||||||||
Abu Dhabi, United Arab Emirates | ||||||||
Dammam, Saudi Arabia | Surface | |||||||
Surface | ||||||||
North America | ||||||||
Brighton (Colorado), United States | Surface | |||||||
Surface | ||||||||
Davis (California), United States | Subsea | |||||||
Erie (Pennsylvania), United States | Surface | |||||||
Houston (Texas), United States | Subsea, | |||||||
Odessa (Texas), United States | Surface | |||||||
Oklahoma City (Oklahoma), United States | Surface | |||||||
San Antonio (Texas), United States | Surface | |||||||
Stephenville (Texas), United States | Surface | |||||||
St. John’s (Newfoundland), Canada | Subsea | |||||||
Theodore (Alabama), United States | Subsea | |||||||
South America | ||||||||
Macaé, Brazil | Subsea | |||||||
Neuquén, Argentina | Surface |
Location | Segment | |||||||
Rio de Janeiro, Brazil | Subsea, Surface | |||||||
São João da Barra, Brazil | Subsea | |||||||
Yopal, Columbia | Surface |
Vessel Name | Vessel Type | Special Equipment | ||||||||||||
Deep Blue | PLSV | Reeled pipelay/flexible pipelay/umbilical systems | ||||||||||||
Deep Energy | PLSV | Reeled pipelay/flexible pipelay/umbilical systems | ||||||||||||
Apache II | PLSV | Reeled pipelay/umbilical systems | ||||||||||||
North Sea Atlantic | HCV | Construction/installation systems | ||||||||||||
Skandi Africa | HCV | Construction/installation systems | ||||||||||||
Deep Arctic | DSV/HCV | Diver support systems | ||||||||||||
Deep Discoverer | DSV/HCV | Diver support systems | ||||||||||||
Deep Explorer | DSV/HCV | Diver support systems | ||||||||||||
Skandi Vitória | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Skandi Niterói | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Coral do Atlantico | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Deep Star | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Skandi Açu | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Skandi Búzios | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Skandi Olinda | PLSV | Flexible pipelay/umbilical systems | ||||||||||||
Skandi Recife | PLSV | Flexible pipelay/umbilical systems |
As of December 31, | |||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||
TechnipFMC plc | $ | 87.76 | $ | 55.89 | $ | 62.63 | $ | 28.03 | $ | 23.73 | |||||||||||||||||||
S&P 500 Index | 119.82 | 114.56 | 150.62 | 178.32 | 229.46 | ||||||||||||||||||||||||
PHLX Oil Services Index | 82.00 | 44.93 | 44.68 | 25.88 | 31.25 |
December 31 | |||||||||||
2017 | 2018 | 2019 | |||||||||
TechnipFMC plc | $ | 87.76 | $ | 55.89 | $ | 62.63 | |||||
S&P 500 Index | 119.82 | 114.56 | 150.62 | ||||||||
PHLX Oil Services Index | 82.00 | 44.93 | 44.68 |
Year Ended December 31, | |||||||||||||||||||
(In millions, except per share data) | 2019(a) | 2018 (a) | 2017(b) | 2016 | 2015 | ||||||||||||||
Statement of income data | |||||||||||||||||||
Total revenue | $ | 13,409.1 | $ | 12,552.9 | $ | 15,056.9 | $ | 9,199.6 | $ | 11,471.9 | |||||||||
Total costs and expenses | $ | 14,935.8 | $ | 13,470.5 | $ | 14,091.7 | $ | 8,743.6 | $ | 11,198.3 | |||||||||
Net income (loss) | $ | (2,412.1 | ) | $ | (1,910.8 | ) | $ | 134.2 | $ | 371.1 | $ | 14.0 | |||||||
Net income (loss) attributable to TechnipFMC plc | $ | (2,415.2 | ) | $ | (1,921.6 | ) | $ | 113.3 | $ | 393.3 | $ | 14.4 | |||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||||
Basic earnings (loss) per share | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 | $ | 3.29 | $ | 0.13 | |||||||
Diluted earnings (loss) per share | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 | $ | 3.16 | $ | 0.13 |
December 31, | |||||||||||||||||||
(In millions) | 2019(a) | 2018(a) | 2017(b) | 2016 | 2015 | ||||||||||||||
Balance sheet data | |||||||||||||||||||
Total assets | $ | 23,518.8 | $ | 24,784.5 | $ | 28,263.7 | $ | 18,679.3 | $ | 14,953.6 | |||||||||
Long-term debt, less current portion | $ | 3,980.0 | $ | 4,124.3 | $ | 3,777.9 | $ | 1,869.3 | $ | 2,005.0 | |||||||||
Total TechnipFMC plc stockholders’ equity | $ | 7,659.3 | $ | 10,357.6 | $ | 13,345.9 | $ | 5,013.8 | $ | 4,947.2 |
Year Ended December 31, | |||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 (b) | 2016 | 2015 | ||||||||||||||
Other financial information | |||||||||||||||||||
Capital expenditures | $ | 454.4 | $ | 368.1 | $ | 255.7 | $ | 312.9 | $ | 325.5 | |||||||||
Cash flows provided (required) by operating activities | $ | 848.5 | $ | (185.4 | ) | $ | 210.7 | $ | 493.8 | $ | 700.3 | ||||||||
Net cash (c) | $ | 714.8 | $ | 1,348.3 | $ | 2,882.4 | $ | 3,716.4 | $ | 370.4 | |||||||||
Order backlog (d) | $ | 24,251.1 | $ | 14,560.0 | $ | 12,982.8 | $ | 15,002.0 | $ | 18,475.5 |
Year Ended December 31, | Change | Year Ended December 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | (In millions, except percentages) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 13,409.1 | $ | 12,552.9 | $ | 15,056.9 | $ | 856.2 | 6.8 | % | $ | (2,504.0 | ) | (16.6 | )% | Revenue | $ | 6,403.5 | $ | 6,530.6 | $ | 6,950.2 | $ | (127.1) | (1.9) | % | $ | (419.6) | (6.0) | % | ||||||||||||||||||||||||||||||||||||
Costs and expenses | Costs and expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 10,950.7 | 10,273.0 | 12,524.6 | 677.7 | 6.6 | % | (2,251.6 | ) | (18.0 | )% | Cost of sales | 5,579.6 | 5,835.8 | 5,892.1 | (256.2) | (4.4) | % | (56.3) | (1.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 1,228.1 | 1,140.6 | 1,060.9 | 87.5 | 7.7 | % | 79.7 | 7.5 | % | Selling, general and administrative expense | 644.9 | 724.1 | 795.7 | (79.2) | (10.9) | % | (71.6) | (9.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Research and development expense | 162.9 | 189.2 | 212.9 | (26.3 | ) | (13.9 | )% | (23.7 | ) | (11.1 | )% | Research and development expense | 78.4 | 75.3 | 149.5 | 3.1 | 4.1 | % | (74.2) | (49.6) | % | |||||||||||||||||||||||||||||||||||||||||||||
Impairment, restructuring and other expense | 2,490.8 | 1,831.2 | 191.5 | 659.6 | 36.0 | % | 1,639.7 | 856.2 | % | Impairment, restructuring and other expense | 66.7 | 3,402.0 | 2,456.7 | (3,335.3) | (98.0) | % | 945.3 | 38.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Separation costs | 72.1 | — | — | 72.1 | n/a | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger transaction and integration costs (a) | 31.2 | 36.5 | 101.8 | (5.3 | ) | (14.5 | )% | (65.3 | ) | (64.1 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger transaction and integration costs | Merger transaction and integration costs | — | — | 14.2 | — | — | % | (14.2) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 14,935.8 | 13,470.5 | 14,091.7 | 1,465.3 | 10.9 | % | (621.2 | ) | (4.4 | )% | Total costs and expenses | 6,369.6 | 10,037.2 | 9,308.2 | (3,667.6) | (36.5) | % | 729.0 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (220.7 | ) | (323.9 | ) | (25.9 | ) | 103.2 | 31.9 | % | (298.0 | ) | (1,150.6 | )% | Other income (expense), net | 46.6 | 25.1 | (181.6) | 21.5 | 85.7 | % | 206.7 | 113.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Income from equity affiliates | 62.9 | 114.3 | 55.6 | (51.4 | ) | (45.0 | )% | 58.7 | 105.6 | % | Income from equity affiliates | 0.6 | 64.6 | 59.8 | (64.0) | (99.1) | % | 4.8 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | Income from investment in Technip Energies | 322.2 | — | — | 322.2 | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (61.9) | — | — | (61.9) | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest expense | (451.3 | ) | (360.9 | ) | (315.2 | ) | (90.4 | ) | (25.0 | )% | (45.7 | ) | (14.5 | )% | Net interest expense | (143.3) | (81.8) | (91.3) | (61.5) | (75.2) | % | 9.5 | 10.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (2,135.8 | ) | (1,488.1 | ) | 679.7 | (647.7 | ) | (43.5 | )% | (2,167.8 | ) | (318.9 | )% | Income (loss) before income taxes | 198.1 | (3,498.7) | (2,571.1) | 3,696.8 | 105.7 | % | (927.6) | (36.1) | % | |||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 276.3 | 422.7 | 545.5 | (146.4 | ) | (34.6 | )% | (122.8 | ) | (22.5 | )% | Provision for income taxes | 111.1 | 19.4 | 79.0 | 91.7 | 472.7 | % | (59.6) | (75.4) | % | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (2,412.1 | ) | (1,910.8 | ) | 134.2 | (501.3 | ) | (26.2 | )% | (2,045.0 | ) | (1,523.8 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (3.1 | ) | (10.8 | ) | (20.9 | ) | 7.7 | 71.3 | % | 10.1 | 48.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 87.0 | (3,518.1) | (2,650.1) | 3,605.1 | 102.5 | % | (868.0) | (32.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | (Income) loss from continuing operations attributable to non-controlling interests | 0.8 | (34.5) | 4.6 | 35.3 | 102.3 | % | (39.1) | (850.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Income (loss) from continuing operations attributable to TechnipFMC plc | 87.8 | (3,552.6) | (2,645.5) | 3,640.4 | 102.5 | % | (907.1) | (34.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations | Income (loss) from discontinued operations | (72.6) | 280.2 | 238.0 | (352.8) | (125.9) | % | 42.2 | 17.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations attributable to non-controlling interests | Income from discontinued operations attributable to non-controlling interests | (1.9) | (15.2) | (7.7) | 13.3 | 87.5 | % | (7.5) | (97.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (2,415.2 | ) | $ | (1,921.6 | ) | $ | 113.3 | $ | (493.6 | ) | (25.7 | )% | $ | (2,034.9 | ) | (1,796.0 | )% | Net income (loss) attributable to TechnipFMC plc | $ | 13.3 | $ | (3,287.6) | $ | (2,415.2) | $ | 3,300.9 | 100.4 | % | $ | (872.4) | (36.1) | % |
Year Ended December 31, | Favorable/(Unfavorable) | |||||||||||||||||||||
(In millions, except %) | 2019 | 2018 | 2017(a) | 2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||
Revenue | $ | 5,523.0 | $ | 4,840.0 | $ | 5,877.4 | $ | 683.0 | 14% | $(1,037.4) | (18)% | |||||||||||
Operating profit (loss) | $ | (1,447.7 | ) | $(1,529.5) | $ | 460.5 | $ | 81.8 | 5% | $(1,990.0) | (432)% | |||||||||||
Operating profit (loss) as a percent of revenue | (26.2 | )% | (31.6 | )% | 7.8 | % | 5.4 | pts. | n/a |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 5,329.1 | $ | 5,471.4 | $ | 5,419.5 | $ | (142.3) | (2.6) | % | $ | 51.9 | 1.0 | % | |||||||||||||||||||||||||||
Operating profit (loss) | $ | 141.4 | $ | (2,815.5) | $ | (1,442.7) | $ | 2,956.9 | 105.0 | % | $ | (1,372.8) | (95.2) | % | |||||||||||||||||||||||||||
Operating profit (loss) as a percentage of revenue | 2.7 | % | (51.5) | % | (26.6) | % | 54.2 | pts. | (24.9) | pts. |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,074.4 | $ | 1,059.2 | $ | 1,530.7 | $ | 15.2 | 1.4 | % | $ | (471.5) | (30.8) | % | |||||||||||||||||||||||||||
Operating profit (loss) | $ | 42.0 | $ | (429.3) | $ | (662.7) | $ | 471.3 | 109.8 | % | $ | 233.4 | 35.2 | % | |||||||||||||||||||||||||||
Operating profit (loss) as a percentage of revenue | 3.9 | % | (40.5) | % | (43.3) | % | 44.4 | pts. | 2.8 | pts. |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||||
(In millions, except %) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||||||||
Revenue | $ | 6,268.8 | $ | 6,120.7 | $ | 7,904.5 | $ | 148.1 | 2% | $(1,783.8) | (23)% | ||||||||||||||
Operating profit | $ | 959.6 | $ | 824.0 | $ | 810.9 | $ | 135.6 | 16% | $ | 13.1 | 2% | |||||||||||||
Operating profit as a percent of revenue | 15.3 | % | 13.5 | % | 10.3 | % | 1.8 | pts. | 3.2 | pts. |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||||
(In millions, except %) | 2019 | 2018 | 2017(a) | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||||||||
Revenue | $ | 1,617.3 | $ | 1,592.2 | $ | 1,274.6 | $ | 25.1 | 2% | $ | 317.6 | 25% | |||||||||||||
Operating profit (loss) | $ | (656.1 | ) | $ | 172.8 | $ | 82.7 | $ | (828.9 | ) | (480)% | $ | 90.1 | 109% | |||||||||||
Operating profit (loss) as a percent of revenue | (40.6 | )% | 10.9 | % | 6.5 | % | (51.5 | ) pts. | 4.4 | pts. |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||||||||||||||||||||
(In millions, except %) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||
Corporate expense | $ | (118.1) | $ | (131.9) | $ | (238.9) | $ | 13.8 | 10.5 | % | $ | 107.0 | 44.8 | % |
Year Ended December 31, | Favorable/(Unfavorable) | ||||||||||||||||||||||
(In millions, except %) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | ||||||||||||||||||
Corporate expense | $ | (540.3 | ) | $ | (594.5 | ) | $ | (359.2 | ) | $ | 54.2 | 9% | $ | (235.3 | ) | (66)% |
Year Ended | |||||||
December 31, | |||||||
2019 | 2018 | ||||||
Corporate expense, reported | $ | 540.3 | $ | 594.5 | |||
Less charges and (credits) | 184.5 | 335.2 | |||||
Corporate expense, adjusted | 355.8 | 259.3 | |||||
Less foreign exchange losses | 146.9 | 116.5 | |||||
Corporate expense, adjusted and before foreign exchange losses | $ | 208.9 | $ | 142.8 |
Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | Loss 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 | $ | 87.8 | $ | (0.8) | $ | 111.1 | $ | 205.2 | $ | 403.3 | $ | 385.4 | $ | 788.7 | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges* | 85.8 | — | — | — | 85.8 | — | 85.8 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges** | 27.3 | — | 0.8 | — | 28.1 | — | 28.1 | ||||||||||||||||||||||||||||||||||
Income from investment in Technip Energies | (322.2) | — | — | — | (322.2) | — | (322.2) | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (121.3) | $ | (0.8) | $ | 111.9 | $ | 205.2 | $ | 195.0 | $ | 385.4 | $ | 580.4 | |||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to TechnipFMC plc, as reported | $ | 0.19 | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.27) |
Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 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 | $ | (3,552.6) | $ | 34.5 | $ | 19.4 | $ | 81.8 | $ | (3,416.9) | $ | 412.1 | $ | (3,004.8) | |||||||||||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||||||||||||||
Impairment and other charges | 3,260.4 | — | 13.4 | — | 3,273.8 | — | 3,273.8 | ||||||||||||||||||||||||||||||||||
Restructuring and other charges | 65.4 | — | 5.0 | — | 70.4 | — | 70.4 | ||||||||||||||||||||||||||||||||||
Direct Covid-19 expenses | 51.6 | — | 6.2 | — | 57.8 | — | 57.8 | ||||||||||||||||||||||||||||||||||
Purchase price accounting adjustment | 6.6 | — | 1.9 | — | 8.5 | (8.5) | — | ||||||||||||||||||||||||||||||||||
Adjusted financial measures | $ | (168.6) | $ | 34.5 | $ | 45.9 | $ | 81.8 | $ | (6.4) | $ | 403.6 | $ | 397.2 | |||||||||||||||||||||||||||
Diluted loss per share from continuing operations attributable to TechnipFMC plc, as reported | $ | (7.92) | |||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share from continuing operations attributable to TechnipFMC plc | $ | (0.38) |
Year Ended | |||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | 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 | $ | (2,415.2 | ) | $ | 3.1 | $ | 276.3 | $ | 451.3 | $ | (1,684.5 | ) | $ | 509.6 | $ | (1,174.9 | ) | ||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 2,364.2 | — | 119.9 | — | 2,484.1 | — | 2,484.1 | ||||||||||||||||||||
Restructuring and other charges | 27.7 | — | 9.3 | — | 37.0 | — | 37.0 | ||||||||||||||||||||
Business combination transaction and integration costs | 23.1 | — | 8.1 | — | 31.2 | — | 31.2 | ||||||||||||||||||||
Separation costs | 54.2 | — | 17.9 | — | 72.1 | — | 72.1 | ||||||||||||||||||||
Reorganization | 17.2 | — | 8.1 | — | 25.3 | — | 25.3 | ||||||||||||||||||||
Legal provision, net | 46.3 | — | 8.3 | — | 54.6 | — | 54.6 | ||||||||||||||||||||
Purchase price accounting adjustment | 26.0 | — | 8.0 | — | 34.0 | (34.0 | ) | — | |||||||||||||||||||
Valuation allowance | 187.0 | — | (187.0 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 330.5 | $ | 3.1 | $ | 268.9 | $ | 451.3 | $ | 1,053.8 | $ | 475.6 | $ | 1,529.4 | |||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (5.39 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.74 |
Year Ended | |||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | 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 | $ | (1,921.6 | ) | $ | (10.8 | ) | $ | 422.7 | $ | (360.9 | ) | $ | (1,127.2 | ) | $ | 550.4 | $ | (576.8 | ) | ||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 1,698.2 | — | 94.4 | — | 1,792.6 | — | 1,792.6 | ||||||||||||||||||||
Restructuring and other severance charges | 23.9 | — | 14.7 | — | 38.6 | — | 38.6 | ||||||||||||||||||||
Business combination transaction and integration costs | 22.6 | — | 13.9 | — | 36.5 | — | 36.5 | ||||||||||||||||||||
Legal provision | 280.0 | — | — | — | 280.0 | — | 280.0 | ||||||||||||||||||||
Gain on divestitures | (19.5 | ) | — | (12.1 | ) | — | (31.6 | ) | — | (31.6 | ) | ||||||||||||||||
Purchase price accounting adjustment | 67.9 | — | 20.9 | — | 88.8 | (91.3 | ) | (2.5 | ) | ||||||||||||||||||
Tax reform | 11.8 | — | (11.8 | ) | — | — | — | — | |||||||||||||||||||
Valuation allowance | 213.8 | — | (213.8 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 377.1 | $ | 10.8 | $ | 328.9 | $ | 360.9 | $ | 1,077.7 | $ | 459.1 | $ | 1,536.8 | |||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported | $ | (4.20 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.82 |
Year Ended | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 5,523.0 | $ | 6,268.8 | $ | 1,617.3 | $ | — | $ | 13,409.1 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,447.7 | ) | $ | 959.6 | $ | (656.1 | ) | $ | (540.3 | ) | $ | (1,684.5 | ) | |||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges* | 1,798.6 | — | 685.5 | — | 2,484.1 | ||||||||||||||
Restructuring and other charges* | (46.4 | ) | 17.0 | 39.8 | 26.6 | 37.0 | |||||||||||||
Business combination transaction and integration costs | — | — | — | 31.2 | 31.2 | ||||||||||||||
Separation costs | — | — | — | 72.1 | 72.1 | ||||||||||||||
Reorganization | — | 25.3 | — | — | 25.3 | ||||||||||||||
Legal provision, net | — | — | — | 54.6 | 54.6 | ||||||||||||||
Purchase price accounting adjustments | 34.0 | — | — | — | 34.0 | ||||||||||||||
Subtotal | 1,786.2 | 42.3 | 725.3 | 184.5 | 2,738.3 | ||||||||||||||
Adjusted Operating profit (loss) | 338.5 | 1,001.9 | 69.2 | (355.8 | ) | 1,053.8 | |||||||||||||
Adjusted Depreciation and amortization | 311.6 | 38.7 | 107.9 | 17.4 | 475.6 | ||||||||||||||
Adjusted EBITDA | $ | 650.1 | $ | 1,040.6 | $ | 177.1 | $ | (338.4 | ) | $ | 1,529.4 | ||||||||
Operating profit margin | (26.2 | )% | 15.3 | % | (40.6 | )% | (12.6 | )% | |||||||||||
Adjusted Operating profit margin | 6.1 | % | 16.0 | % | 4.3 | % | 7.9 | % | |||||||||||
Adjusted EBITDA margin | 11.8 | % | 16.6 | % | 11.0 | % | 11.4 | % |
Year Ended | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 4,840.0 | $ | 6,120.7 | $ | 1,592.2 | $ | — | $ | 12,552.9 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,529.5 | ) | $ | 824.0 | $ | 172.8 | $ | (594.5 | ) | $ | (1,127.2 | ) | ||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 1,784.2 | — | 4.5 | 3.9 | 1,792.6 | ||||||||||||||
Restructuring and other severance charges | 17.7 | (3.4 | ) | 9.3 | 15.0 | 38.6 | |||||||||||||
Business combination transaction and integration costs | — | — | — | 36.5 | 36.5 | ||||||||||||||
Legal provision | — | — | — | 280.0 | 280.0 | ||||||||||||||
Gain on divestitures | (3.3 | ) | (28.3 | ) | — | — | (31.6 | ) | |||||||||||
Purchase price accounting adjustments - non-amortization related | (9.4 | ) | — | 7.1 | (0.2 | ) | (2.5 | ) | |||||||||||
Purchase price accounting adjustments - amortization related | 91.3 | — | — | — | 91.3 | ||||||||||||||
Subtotal | 1,880.5 | (31.7 | ) | 20.9 | 335.2 | 2,204.9 | |||||||||||||
Adjusted Operating profit (loss) | 351.0 | 792.3 | 193.7 | (259.3 | ) | 1,077.7 | |||||||||||||
Adjusted Depreciation and amortization | 349.2 | 38.1 | 66.6 | 5.2 | 459.1 | ||||||||||||||
Adjusted EBITDA | $ | 700.2 | $ | 830.4 | $ | 260.3 | $ | (254.1 | ) | $ | 1,536.8 | ||||||||
Operating profit margin | -31.6 | % | 13.5 | % | 10.9 | % | -9.0 | % | |||||||||||
Adjusted Operating profit margin | 7.3 | % | 12.9 | % | 12.2 | % | 8.6 | % | |||||||||||
Adjusted EBITDA margin | 14.5 | % | 13.6 | % | 16.3 | % | 12.2 | % |
Year Ended | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 5,329.1 | $ | 1,074.4 | $ | — | $ | — | $ | 6,403.5 | |||||||||||||||||||
Operating profit (loss), as reported (pre-tax) | $ | 141.4 | $ | 42.0 | $ | (118.1) | $ | 338.0 | $ | 403.3 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges* | 80.9 | 1.9 | 3.0 | — | 85.8 | ||||||||||||||||||||||||
Restructuring and other charges** | 19.8 | 5.7 | 2.6 | — | 28.1 | ||||||||||||||||||||||||
Income from investment in Technip Energies | — | — | — | (322.2) | (322.2) | ||||||||||||||||||||||||
Subtotal | 100.7 | 7.6 | 5.6 | (322.2) | (208.3) | ||||||||||||||||||||||||
Adjusted Operating profit (loss) | 242.1 | 49.6 | (112.5) | 15.8 | 195.0 | ||||||||||||||||||||||||
Depreciation and amortization | 317.2 | 64.8 | 3.4 | — | 385.4 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 559.3 | $ | 114.4 | $ | (109.1) | $ | 15.8 | $ | 580.4 | |||||||||||||||||||
Operating profit margin, as reported | 2.7 | % | 3.9 | % | 6.3 | % | |||||||||||||||||||||||
Adjusted operating profit margin | 4.5 | % | 4.6 | % | 3.0 | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 10.5 | % | 10.6 | % | 9.1 | % |
Year Ended | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Subsea | Surface Technologies | Corporate Expense | Foreign Exchange, net | Total | |||||||||||||||||||||||||
Revenue | $ | 5,471.4 | $ | 1,059.2 | $ | — | $ | — | $ | 6,530.6 | |||||||||||||||||||
Operating loss, as reported (pre-tax) | $ | (2,815.5) | $ | (429.3) | $ | (131.9) | $ | (40.2) | $ | (3,416.9) | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||||
Impairment and other charges | 2,854.5 | 419.3 | — | — | 3,273.8 | ||||||||||||||||||||||||
Restructuring and other charges | 52.9 | 13.2 | 4.3 | — | 70.4 | ||||||||||||||||||||||||
Direct COVID - 19 expenses | 50.1 | 7.7 | — | — | 57.8 | ||||||||||||||||||||||||
Purchase price accounting adjustments | 8.5 | — | — | — | 8.5 | ||||||||||||||||||||||||
Subtotal | 2,966.0 | 440.2 | 4.3 | — | 3,410.5 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 150.5 | 10.9 | (127.6) | (40.2) | (6.4) | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 316.4 | 70.1 | 17.1 | — | 403.6 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 466.9 | $ | 81.0 | $ | (110.5) | $ | (40.2) | $ | 397.2 | |||||||||||||||||||
Operating profit margin, as reported | (51.5) | % | (40.5) | % | (52.3) | % | |||||||||||||||||||||||
Adjusted operating profit margin | 2.8 | % | 1.0 | % | (0.1) | % | |||||||||||||||||||||||
Adjusted EBITDA margin | 8.5 | % | 7.6 | % | 6.1 | % |
Inbound Orders Year Ended December 31, | Inbound Orders Year Ended December 31, | |||||||||||||||||
(In millions) | 2019 | 2018 | (In millions) | 2021 | 2020 | |||||||||||||
Subsea | $ | 7,992.6 | $ | 5,178.5 | Subsea | $ | 4,960.9 | $ | 4,003.0 | |||||||||
Onshore/Offshore | 13,080.5 | 7,425.9 | ||||||||||||||||
Surface Technologies | 1,619.9 | 1,686.6 | Surface Technologies | 1,793.3 | 1,061.2 | |||||||||||||
Total inbound orders | $ | 22,693.0 | $ | 14,291.0 | Total inbound orders | $ | 6,754.2 | $ | 5,064.2 |
Order Backlog December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Subsea | $ | 6,533.0 | $ | 6,876.0 | |||||||
Surface Technologies | 1,124.7 | 413.5 | |||||||||
Total order backlog | $ | 7,657.7 | $ | 7,289.5 |
Order Backlog December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Subsea | $ | 8,479.8 | $ | 5,999.6 | |||
Onshore/Offshore | 15,298.1 | 8,090.5 | |||||
Surface Technologies | 473.2 | 469.9 | |||||
Total order backlog | $ | 24,251.1 | $ | 14,560.0 |
Non-consolidated backlog | |||
(In millions) | December 31, 2019 | ||
Subsea | $ | 799.2 | |
Onshore/Offshore | 2,976.0 | ||
Total order backlog | $ | 3,775.2 |
(In millions) | December 31, 2019 | December 31, 2018 | (In millions) | December 31, 2021 | December 31, 2020 | |||||||||||||
Cash and cash equivalents | $ | 5,190.2 | $ | 5,540.0 | Cash and cash equivalents | $ | 1,327.4 | $ | 1,269.2 | |||||||||
Short-term debt and current portion of long-term debt | (495.4 | ) | (67.4 | ) | Short-term debt and current portion of long-term debt | (277.6) | (624.7) | |||||||||||
Long-term debt, less current portion | (3,980.0 | ) | (4,124.3 | ) | Long-term debt, less current portion | (1,727.3) | (2,835.5) | |||||||||||
Net cash | $ | 714.8 | $ | 1,348.3 | ||||||||||||||
Net debt | Net debt | $ | (677.5) | $ | (2,191.0) |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Cash provided (required) by operating activities | $ | 848.5 | $ | (185.4 | ) | $ | 210.7 | ||||
Cash provided (required) by investing activities | (419.8 | ) | (460.2 | ) | 1,250.0 | ||||||
Cash required by financing activities | (784.4 | ) | (444.8 | ) | (1,054.8 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 5.9 | (107.0 | ) | 62.2 | |||||||
Increase (decrease) in cash and cash equivalents | $ | (349.8 | ) | $ | (1,197.4 | ) | $ | 468.1 | |||
Working capital | $ | (82.2 | ) | $ | (759.0 | ) | $ | (725.2 | ) |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash provided by operating activities from continuing operations | $ | 715.0 | $ | 772.4 | $ | 357.7 | |||||||||||
Cash provided (required) by investing activities from continuing operations | 821.8 | (120.8) | (378.5) | ||||||||||||||
Cash required by financing activities from continuing operations | (1,447.3) | (651.9) | (165.6) | ||||||||||||||
Net cash attributable to discontinued operations | (3,555.9) | (605.6) | (169.3) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (14.0) | 223.5 | 5.9 | ||||||||||||||
Decrease in cash and cash equivalents | $ | (3,480.4) | $ | (382.4) | $ | (349.8) | |||||||||||
Working capital from continuing operations | $ | 497.5 | $ | 717.7 | $ | 91.0 | |||||||||||
Free cash flow (deficit) from continuing operations | $ | 523.3 | $ | 516.3 | $ | (55.0) |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash provided by operating activities from continuing operations | $ | 715.0 | $ | 772.4 | $ | 357.7 | |||||||||||
Capital expenditures | (191.7) | (256.1) | (412.7) | ||||||||||||||
Free cash flow (deficit) from continuing operations | $ | 523.3 | $ | 516.3 | $ | (55.0) |
(In millions) | December 31, 2019 | December 31, 2018 | |||||
Commercial paper | 1,967.0 | 1,916.1 | |||||
Synthetic bonds due 2021 | 492.9 | 490.9 | |||||
3.45% Senior Notes due 2022 | 500.0 | 500.0 | |||||
5.00% Notes due 2020 | 224.6 | 229.0 | |||||
3.40% Notes due 2022 | 168.5 | 171.8 | |||||
3.15% Notes due 2023 | 146.0 | 148.9 | |||||
3.15% Notes due 2023 | 140.4 | 143.1 | |||||
4.00% Notes due 2027 | 84.2 | 85.9 | |||||
4.00% Notes due 2032 | 112.3 | 114.5 | |||||
3.75% Notes due 2033 | 112.3 | 114.5 | |||||
Bank borrowings | 513.3 | 265.2 | |||||
Other | 23.0 | 23.2 | |||||
Unamortized debt issuance costs and discounts | (9.1 | ) | (11.4 | ) | |||
Total borrowings | $ | 4,475.4 | $ | 4,191.7 |
(In millions) Description | Amount | Debt Outstanding | Commercial Paper Outstanding (a) | Letters of Credit | Unused Capacity | Maturity | |||||||||||||||
Five-year revolving credit facility | $ | 2,500.0 | $ | — | $ | 1,967.0 | $ | — | $ | 533.0 | January 2023 |
Repayment of Debt The proceeds from the debt issuance described above along with the |
Payments Due by Period | |||||||||||||||||||||||||||||
(In millions) | Total payments | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||||||||||||
Purchase obligations | $ | 636.4 | $ | 564.9 | $ | 71.2 | $ | 0.3 | $ | — |
Payments Due by Period | |||||||||||||||||||
(In millions) | Total payments | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||
Debt (a) | $ | 4,475.4 | $ | 495.4 | $ | 3,392.4 | $ | 285.6 | $ | 302.0 | |||||||||
Interest on debt (a) | 232.6 | 54.9 | 68.6 | 31.3 | 77.8 | ||||||||||||||
Operating leases (b) | 956.8 | 291.2 | 279.0 | 155.1 | 231.5 | ||||||||||||||
Purchase obligations (c) | 6,025.9 | 3,872.0 | 1,995.7 | 125.1 | 33.1 | ||||||||||||||
Pension and other post-retirement benefits (d) | 18.8 | 18.8 | — | — | — | ||||||||||||||
Unrecognized tax benefits (e) | 62.7 | 2.1 | 13.8 | 46.8 | — | ||||||||||||||
Other contractual obligations (f) | 268.8 | 129.1 | 107.8 | 31.9 | — | ||||||||||||||
Total contractual obligations | $ | 12,041.0 | $ | 4,863.5 | $ | 5,857.3 | $ | 675.8 | $ | 644.4 |
Amount of Commitment Expiration per Period | |||||||||||||||||||
(In millions) | Total amount | Less than 1 year | 1-3 years | 3-5 years | After 5 years | ||||||||||||||
Letters of credit and bank guarantees (a) | $ | 5,857.5 | $ | 2,240.8 | $ | 2,150.3 | $ | 894.9 | $ | 571.5 | |||||||||
Surety bonds (a) | 4.0 | 3.9 | — | — | 0.1 | ||||||||||||||
Total other off-balance sheet arrangements | $ | 5,861.5 | $ | 2,244.7 | $ | 2,150.3 | $ | 894.9 | $ | 571.6 |
(In millions, except basis points) | Increase (Decrease) in 2019 Pension Expense Before Income Taxes | Increase (Decrease) in Projected Benefit Obligation at December 31, 2019 | (In millions, except basis points) | Increase (Decrease) in 2021 Pension Expense Before Income Taxes | Increase (Decrease) in Projected Benefit Obligation as of December 31, 2021 | |||||||||||||
25 basis point decrease in discount rate | $ | 3.0 | $ | 58.9 | 25 basis point decrease in discount rate | $ | 0.9 | $ | (2.2) | |||||||||
25 basis point increase in discount rate | $ | (1.4 | ) | $ | (55.8 | ) | 25 basis point increase in discount rate | $ | (0.9) | $ | 2.1 | |||||||
25 basis point decrease in expected long-term rate of return on plan assets | $ | (2.9 | ) | N/A | 25 basis point decrease in expected long-term rate of return on plan assets | $ | 2.8 | N/A | ||||||||||
25 basis point increase in expected long-term rate of return on plan assets | $ | 2.9 | N/A | 25 basis point increase in expected long-term rate of return on plan assets | $ | (2.8) | N/A |
Year Ended | |||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Revenue | |||||||||||||||||
Service revenue | $ | 3,440.7 | $ | 3,266.8 | $ | 3,412.0 | |||||||||||
Product revenue | 2,804.4 | 3,121.8 | 3,271.7 | ||||||||||||||
Lease revenue | 158.4 | 142.0 | 266.5 | ||||||||||||||
Total revenue | 6,403.5 | 6,530.6 | 6,950.2 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Cost of service revenue | 3,084.7 | 2,946.9 | 2,769.5 | ||||||||||||||
Cost of product revenue | 2,366.5 | 2,772.2 | 2,954.7 | ||||||||||||||
Cost of lease revenue | 128.4 | 116.7 | 167.9 | ||||||||||||||
Selling, general and administrative expense | 644.9 | 724.1 | 795.7 | ||||||||||||||
Research and development expense | 78.4 | 75.3 | 149.5 | ||||||||||||||
Impairment, restructuring and other expense (Note 20) | 66.7 | 3,402.0 | 2,456.7 | ||||||||||||||
Merger transaction and integration costs | — | — | 14.2 | ||||||||||||||
Total costs and expenses | 6,369.6 | 10,037.2 | 9,308.2 | ||||||||||||||
Other income (expense), net | 46.6 | 25.1 | (181.6) | ||||||||||||||
Income from equity affiliates (Note 13) | 0.6 | 64.6 | 59.8 | ||||||||||||||
Income from Investment in Technip Energies | 322.2 | — | — | ||||||||||||||
Income (loss) before net interest expense and income taxes | 403.3 | (3,416.9) | (2,479.8) | ||||||||||||||
Interest income | 14.0 | 52.3 | 43.6 | ||||||||||||||
Interest expense | (157.3) | (134.1) | (134.9) | ||||||||||||||
Loss on early extinguishment of debt | (61.9) | — | — | ||||||||||||||
Income (loss) before income taxes | 198.1 | (3,498.7) | (2,571.1) | ||||||||||||||
Provision for income taxes (Note 22) | 111.1 | 19.4 | 79.0 | ||||||||||||||
Income (loss) from continuing operations | 87.0 | (3,518.1) | (2,650.1) | ||||||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | 0.8 | (34.5) | 4.6 | ||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | 87.8 | (3,552.6) | (2,645.5) | ||||||||||||||
Income (loss) from discontinued operations | (72.6) | 280.2 | 238.0 | ||||||||||||||
Income from discontinued operations attributable to non-controlling interests | (1.9) | (15.2) | (7.7) | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 13.3 | $ | (3,287.6) | $ | (2,415.2) | |||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||
Basic | $ | 0.19 | $ | (7.92) | $ | (5.91) | |||||||||||
Diluted | $ | 0.19 | $ | (7.92) | $ | (5.91) | |||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC | |||||||||||||||||
Basic | $ | (0.17) | $ | 0.59 | $ | 0.51 | |||||||||||
Diluted | $ | (0.16) | $ | 0.59 | $ | 0.51 | |||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||
Basic | $ | 0.03 | $ | (7.33) | $ | (5.39) | |||||||||||
Diluted | $ | 0.03 | $ | (7.33) | $ | (5.39) | |||||||||||
Weighted average shares outstanding (Note 8) | |||||||||||||||||
Basic | 450.5 | 448.7 | 448.0 | ||||||||||||||
Diluted | 454.6 | 448.7 | 448.0 | ||||||||||||||
Year Ended | |||||||||||
(In millions, except per share data) | 2019 | 2018 | 2017 | ||||||||
Revenue | |||||||||||
Service revenue | $ | 9,789.7 | $ | 9,057.6 | $ | 11,445.9 | |||||
Product revenue | 3,352.9 | 3,272.6 | 3,416.4 | ||||||||
Lease revenue | 266.5 | 222.7 | 194.6 | ||||||||
Total revenue | 13,409.1 | 12,552.9 | 15,056.9 | ||||||||
Costs and expenses | |||||||||||
Cost of service revenue | 7,767.2 | 7,452.7 | 9,433.1 | ||||||||
Cost of product revenue | 3,015.6 | 2,676.9 | 2,954.3 | ||||||||
Cost of lease revenue | 167.9 | 143.4 | 137.2 | ||||||||
Selling, general and administrative expense | 1,228.1 | 1,140.6 | 1,060.9 | ||||||||
Research and development expense | 162.9 | 189.2 | 212.9 | ||||||||
Impairment, restructuring and other expense (Note 20) | 2,490.8 | 1,831.2 | 191.5 | ||||||||
Separation costs (Note 3) | 72.1 | — | — | ||||||||
Merger transaction and integration costs (Note 2) | 31.2 | 36.5 | 101.8 | ||||||||
Total costs and expenses | 14,935.8 | 13,470.5 | 14,091.7 | ||||||||
Other income (expense), net | (220.7 | ) | (323.9 | ) | (25.9 | ) | |||||
Income from equity affiliates (Note 12) | 62.9 | 114.3 | 55.6 | ||||||||
Income (loss) before interest income, interest expense and income taxes | (1,684.5 | ) | (1,127.2 | ) | 994.9 | ||||||
Interest income | 116.5 | 121.4 | 140.8 | ||||||||
Interest expense | (567.8 | ) | (482.3 | ) | (456.0 | ) | |||||
Income (loss) before income taxes | (2,135.8 | ) | (1,488.1 | ) | 679.7 | ||||||
Provision for income taxes (Note 22) | 276.3 | 422.7 | 545.5 | ||||||||
Net income (loss) | (2,412.1 | ) | (1,910.8 | ) | 134.2 | ||||||
Net profit attributable to noncontrolling interests | (3.1 | ) | (10.8 | ) | (20.9 | ) | |||||
Net income (loss) attributable to TechnipFMC plc | $ | (2,415.2 | ) | $ | (1,921.6 | ) | $ | 113.3 | |||
Earnings (loss) per share attributable to TechnipFMC plc (Note 8) | |||||||||||
Basic | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 | |||
Diluted | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 | |||
Weighted average shares outstanding (Note 8) | |||||||||||
Basic | 448.0 | 458.0 | 466.7 | ||||||||
Diluted | 448.0 | 458.0 | 468.3 |
Year Ended | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 13.3 | $ | (3,287.6) | $ | (2,415.2) | |||||||||||
(Income) loss from continuing operations attributable to non-controlling interests | 0.8 | (34.5) | 4.6 | ||||||||||||||
Income from discontinued operations attributable to non-controlling interests | (1.9) | (15.2) | (7.7) | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc, including non-controlling interests | 14.4 | (3,237.9) | (2,412.1) | ||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||
Net gains (losses) arising during the period | 27.6 | (169.1) | 15.6 | ||||||||||||||
Reclassification adjustment for net gains included in net loss | — | — | (12.0) | ||||||||||||||
Foreign currency translation adjustments(a) | 27.6 | (169.1) | 3.6 | ||||||||||||||
Net gains (losses) on hedging instruments | |||||||||||||||||
Net gains (losses) arising during the period | (19.8) | 25.4 | 8.9 | ||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | (11.8) | 13.0 | 18.2 | ||||||||||||||
Net gains (losses) on hedging instruments (b) | (31.6) | 38.4 | 27.1 | ||||||||||||||
Pension and other post-retirement benefits | |||||||||||||||||
Net gains (losses) arising during the period | 71.2 | (88.3) | (81.5) | ||||||||||||||
Prior service cost arising during the period | (0.4) | (4.6) | (0.7) | ||||||||||||||
Reclassification adjustment for settlement losses included in net income | 2.7 | 1.4 | 0.2 | ||||||||||||||
Reclassification adjustment for amortization of prior service cost included in net income | 0.4 | 0.9 | 2.0 | ||||||||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income | 14.9 | 6.9 | 0.8 | ||||||||||||||
Net pension and other post-retirement benefits (c) | 88.8 | (83.7) | (79.2) | ||||||||||||||
Other comprehensive income (loss), net of tax | 84.8 | (214.4) | (48.5) | ||||||||||||||
Comprehensive income (loss) | 99.2 | (3,452.3) | (2,460.6) | ||||||||||||||
Comprehensive income attributable to non-controlling interests | 0.5 | (50.3) | (2.4) | ||||||||||||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ | 99.7 | $ | (3,502.6) | $ | (2,463.0) |
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||||||
(In millions, except par value data) | December 31, | ||||||||||
Assets | 2021 | 2020 | |||||||||
Cash and cash equivalents | $ | 1,327.4 | $ | 1,269.2 | |||||||
Trade receivables, net of allowances of $38.1 in 2021 and $40.2 in 2020 | 911.9 | 987.7 | |||||||||
Contract assets, net of allowances of $1.1 in 2021 and $2.4 in 2020 | 966.0 | 886.8 | |||||||||
Inventories, net (Note 10) | 1,031.9 | 1,252.8 | |||||||||
Derivative financial instruments (Note 24) | 110.3 | 268.7 | |||||||||
Income taxes receivable | 85.0 | 274.7 | |||||||||
Advances paid to suppliers | 79.4 | 96.3 | |||||||||
Other current assets (Note 11) | 512.3 | 683.4 | |||||||||
Investment in Technip Energies | 317.3 | — | |||||||||
Current assets of discontinued operations | — | 5,725.1 | |||||||||
Total current assets | 5,341.5 | 11,444.7 | |||||||||
Investments in equity affiliates (Note 13) | 292.4 | 305.5 | |||||||||
Property, plant and equipment, net (Note 15) | 2,597.2 | 2,756.2 | |||||||||
Operating lease right-of-use assets (Note 5) | 707.9 | 784.9 | |||||||||
Finance lease right-of-use assets (Note 5) | 52.2 | 27.5 | |||||||||
Intangible assets, net (Note 16) | 813.7 | 851.3 | |||||||||
Deferred income taxes (Note 22) | 74.3 | 34.2 | |||||||||
Derivative financial instruments (Note 24) | 10.5 | 29.2 | |||||||||
Other assets | 130.4 | 175.6 | |||||||||
Non-current assets of discontinued operations | — | 3,283.5 | |||||||||
Total assets | $ | 10,020.1 | $ | 19,692.6 | |||||||
Liabilities and equity | |||||||||||
Short-term debt and current portion of long-term debt (Note 17) | $ | 277.6 | $ | 624.7 | |||||||
Operating lease liabilities (Note 5) | 126.2 | 195.5 | |||||||||
Finance lease liabilities (Note 5) | 0.7 | 26.9 | |||||||||
Accounts payable, trade | 1,294.3 | 1,201.0 | |||||||||
Contract liabilities | 1,012.9 | 1,046.8 | |||||||||
Accrued payroll | 194.1 | 186.8 | |||||||||
Derivative financial instruments (Note 24) | 161.0 | 157.5 | |||||||||
Income taxes payable | 124.6 | 61.2 | |||||||||
Other current liabilities (Note 11) | 660.4 | 818.3 | |||||||||
Current liabilities of discontinued operations | — | 6,096.5 | |||||||||
Total current liabilities | 3,851.8 | 10,415.2 | |||||||||
Long-term debt, less current portion (Note 17) | 1,727.3 | 2,835.5 | |||||||||
Operating lease liabilities, less current portion (Note 5) | 646.8 | 632.8 | |||||||||
Finance lease liabilities (Note 5) | 51.1 | — | |||||||||
Deferred income taxes (Note 22) | 47.5 | 79.3 | |||||||||
Accrued pension and other post-retirement benefits, less current portion (Note 23) | 113.4 | 268.4 | |||||||||
Derivative financial instruments (Note 24) | 15.5 | 18.8 | |||||||||
Other liabilities | 148.3 | 103.3 | |||||||||
Non-current liabilities of discontinued operations | — | 1,081.3 | |||||||||
Total liabilities | 6,601.7 | 15,434.6 | |||||||||
Commitments and contingent liabilities (Note 21) | 0 | 0 | |||||||||
Mezzanine equity | |||||||||||
Redeemable non-controlling interest | — | 43.7 | |||||||||
Stockholders’ equity (Note 18) | |||||||||||
Ordinary shares, $1 par value; 618.3 shares authorized in 2021 and 2020; 450.7 shares and 449.5 shares issued and outstanding in 2021 and 2020, respectively; nil shares canceled in 2021 and 2020, respectively | 450.7 | 449.5 | |||||||||
Capital in excess of par value of ordinary shares | 9,160.8 | 10,242.4 | |||||||||
Accumulated deficit | (4,903.8) | (4,915.2) | |||||||||
Accumulated other comprehensive loss | (1,305.0) | (1,622.5) | |||||||||
Total TechnipFMC plc stockholders’ equity | 3,402.7 | 4,154.2 | |||||||||
Non-controlling interests | 15.7 | 40.4 | |||||||||
Non-controlling interests of discontinued operations | — | 19.7 | |||||||||
Total equity | 3,418.4 | 4,214.3 | |||||||||
Total liabilities and equity | $ | 10,020.1 | $ | 19,692.6 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash provided (required) by operating activities | |||||||||||||||||
Net income (loss) | $ | 14.4 | $ | (3,237.9) | $ | (2,412.1) | |||||||||||
Net (income) loss from discontinued operations | 72.6 | (280.2) | (238.0) | ||||||||||||||
Adjustments to reconcile net loss to cash provided (required) by operating activities | |||||||||||||||||
Depreciation | 291.3 | 308.7 | 363.0 | ||||||||||||||
Amortization | 94.1 | 103.4 | 104.7 | ||||||||||||||
Impairments (Note 20) | 49.1 | 3,273.8 | 2,480.3 | ||||||||||||||
Employee benefit plan and share-based compensation costs | 34.3 | 36.4 | 48.6 | ||||||||||||||
Deferred income tax provision (benefit), net | (95.1) | (31.8) | 27.9 | ||||||||||||||
Income from investment in Technip Energies | (322.2) | — | — | ||||||||||||||
Unrealized loss (gain) on derivative instruments and foreign exchange | 30.8 | (13.3) | 22.4 | ||||||||||||||
Loss from equity affiliates, net of dividends received | (0.6) | (58.2) | (58.9) | ||||||||||||||
Loss on early extinguishment of debt | 61.9 | — | — | ||||||||||||||
Other | (5.5) | (32.7) | (97.1) | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||||||||
Trade receivables, net and contract assets | (73.1) | 433.4 | (142.5) | ||||||||||||||
Inventories, net | 197.7 | 87.4 | (173.3) | ||||||||||||||
Accounts payable, trade | 93.8 | (236.4) | (56.1) | ||||||||||||||
Contract liabilities | 0.9 | (61.8) | 352.0 | ||||||||||||||
Income taxes payable (receivable), net | 214.7 | (56.1) | (31.1) | ||||||||||||||
Other current assets and liabilities, net | 63.5 | 551.2 | 142.0 | ||||||||||||||
Other non-current assets and liabilities, net | (7.6) | (13.5) | 25.9 | ||||||||||||||
Cash provided by operating activities from continuing operations | 715.0 | 772.4 | 357.7 | ||||||||||||||
Cash provided (required) by operating activities from discontinued operations | 66.3 | (115.5) | 490.8 | ||||||||||||||
Cash provided by operating activities | 781.3 | 656.9 | 848.5 | ||||||||||||||
Cash provided (required) by investing activities | |||||||||||||||||
Capital expenditures | (191.7) | (256.1) | (412.7) | ||||||||||||||
Payment to acquire debt securities | (29.1) | (3.9) | (71.6) | ||||||||||||||
Proceeds from sale of debt securities | 27.4 | 51.5 | 18.9 | ||||||||||||||
Acquisitions, net of cash acquired | (15.3) | — | 16.0 | ||||||||||||||
Proceeds from sale of assets | 104.6 | 45.5 | 7.4 | ||||||||||||||
Proceeds from sales of investment in Technip Energies | 900.9 | — | — | ||||||||||||||
Proceeds from repayment of advance to joint venture | 25.0 | 26.7 | 62.0 | ||||||||||||||
Other | — | 15.5 | 1.5 | ||||||||||||||
Cash provided (required) by investing activities from continuing operations | 821.8 | (120.8) | (378.5) | ||||||||||||||
Cash required by investing activities from discontinued operations | (4.5) | (59.8) | (41.3) | ||||||||||||||
Cash provided (required) by investing activities | 817.3 | (180.6) | (419.8) | ||||||||||||||
Cash required by financing activities | |||||||||||||||||
Net decrease in short-term debt | (62.0) | (31.9) | (49.6) | ||||||||||||||
Net increase (decrease) in commercial paper | (974.3) | (340.9) | 113.3 | ||||||||||||||
Proceeds from issuance of long-term debt | 1,164.4 | 223.2 | 96.2 | ||||||||||||||
Repayments of long-term debt | (1,462.2) | (423.9) | — | ||||||||||||||
Payments for debt issuance cost | (60.4) | — | — | ||||||||||||||
Purchase of ordinary shares | — | — | (92.7) | ||||||||||||||
Dividends paid | — | (59.2) | (232.8) | ||||||||||||||
Acquisition of non-controlling interest | (48.6) | — | — | ||||||||||||||
Other | (4.2) | (19.2) | — | ||||||||||||||
Cash required by financing activities from continuing operations | (1,447.3) | (651.9) | (165.6) | ||||||||||||||
Cash required by financing activities from discontinued operations | (3,617.7) | (430.3) | (618.8) | ||||||||||||||
Cash required by financing activities | (5,065.0) | (1,082.2) | (784.4) | ||||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | (14.0) | 223.5 | 5.9 | ||||||||||||||
Decrease in cash and cash equivalents | (3,480.4) | (382.4) | (349.8) | ||||||||||||||
Cash and cash equivalents in the statement of cash flows, beginning of year | 4,807.8 | 5,190.2 | 5,540.0 | ||||||||||||||
Cash and cash equivalents in the statement of cash flows, end of year | $ | 1,327.4 | $ | 4,807.8 | $ | 5,190.2 |
Year Ended | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Net income (loss) | $ | (2,412.1 | ) | $ | (1,910.8 | ) | $ | 134.2 | |||
Foreign currency translation adjustments | |||||||||||
Net gain (losses) arising during the period | 15.6 | (183.3 | ) | (87.2 | ) | ||||||
Reclassification adjustment for net gains included in net income | (12.0 | ) | (41.1 | ) | — | ||||||
Foreign currency translation adjustments(a) | 3.6 | (224.4 | ) | (87.2 | ) | ||||||
Net gains (losses) on hedging instruments | |||||||||||
Net gains (losses) arising during the period | 8.9 | (58.7 | ) | 53.8 | |||||||
Reclassification adjustment for net losses (gains) included in net income | 18.2 | (2.0 | ) | 101.2 | |||||||
Net gains (losses) on hedging instruments (b) | 27.1 | (60.7 | ) | 155.0 | |||||||
Pension and other post-retirement benefits | |||||||||||
Net gains (losses) arising during the period | (81.5 | ) | (72.4 | ) | 43.2 | ||||||
Prior service cost arising during the period | (0.7 | ) | (2.1 | ) | — | ||||||
Reclassification adjustment for settlement losses (gains) included in net income | 0.2 | (2.5 | ) | (15.2 | ) | ||||||
Reclassification adjustment for amortization of prior service cost included in net income | 2.0 | 1.2 | 0.7 | ||||||||
Reclassification adjustment for amortization of net actuarial loss included in net income | 0.8 | 0.3 | 1.8 | ||||||||
Net pension and other post-retirement benefits (c) | (79.2 | ) | (75.5 | ) | 30.5 | ||||||
Other comprehensive income (loss), net of tax | (48.5 | ) | (360.6 | ) | 98.3 | ||||||
Comprehensive income (loss) | (2,460.6 | ) | (2,271.4 | ) | 232.5 | ||||||
Comprehensive income attributable to noncontrolling interest | (2.4 | ) | (6.2 | ) | (21.3 | ) | |||||
Comprehensive income (loss) attributable to TechnipFMC plc | $ | (2,463.0 | ) | $ | (2,277.6 | ) | $ | 211.2 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Supplemental disclosures of cash flow information attributable to continuing operations | |||||||||||||||||
Cash paid for interest (net of interest capitalized) | $ | 104.1 | $ | 96.0 | $ | 91.5 | |||||||||||
Cash paid for income taxes (net of refunds received) | $ | 25.1 | $ | 107.8 | $ | 104.2 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash and cash equivalents | $ | 1,327.4 | $ | 1,269.2 | $ | 1,563.1 | |||||||||||
Cash and cash equivalents attributable to discontinued operations | — | 3,538.6 | 3,627.1 | ||||||||||||||
Total cash and cash equivalents in the statement of cash flows | $ | 1,327.4 | $ | 4,807.8 | $ | 5,190.2 |
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
(In millions, except par value data) | December 31, | ||||||
Assets | 2019 | 2018 | |||||
Cash and cash equivalents | $ | 5,190.2 | $ | 5,540.0 | |||
Trade receivables, net of allowances of $95.4 in 2019 and $119.6 in 2018 | 2,287.1 | 2,469.7 | |||||
Contract assets | 1,520.0 | 1,295.0 | |||||
Inventories, net (Note 9) | 1,416.0 | 1,251.2 | |||||
Derivative financial instruments (Note 24) | 101.9 | 95.7 | |||||
Income taxes receivable | 264.6 | 284.3 | |||||
Advances paid to suppliers | 242.9 | 189.7 | |||||
Other current assets (Note 10) | 863.7 | 655.6 | |||||
Total current assets | 11,886.4 | 11,781.2 | |||||
Investments in equity affiliates (Note 12) | 300.4 | 394.5 | |||||
Property, plant and equipment, net (Note 14) | 3,162.0 | 3,259.8 | |||||
Operating lease right-of-use assets (Note 5) | 892.6 | — | |||||
Goodwill (Note 15) | 5,598.3 | 7,607.6 | |||||
Intangible assets, net (Note 15) | 1,086.6 | 1,176.7 | |||||
Deferred income taxes (Note 22) | 260.5 | 232.4 | |||||
Derivative financial instruments (Note 24) | 39.5 | 18.3 | |||||
Other assets | 292.5 | 314.0 | |||||
Total assets | $ | 23,518.8 | $ | 24,784.5 | |||
Liabilities and equity | |||||||
Short-term debt and current portion of long-term debt (Note 16) | $ | 495.4 | $ | 67.4 | |||
Operating lease liabilities (Note 5) | 275.1 | — | |||||
Accounts payable, trade | 2,659.8 | 2,600.3 | |||||
Contract liabilities | 4,585.1 | 4,085.1 | |||||
Accrued payroll | 411.5 | 394.7 | |||||
Derivative financial instruments (Note 24) | 141.3 | 138.4 | |||||
Income taxes payable | 75.7 | 81.9 | |||||
Other current liabilities (Note 10) | 1,494.5 | 1,771.6 | |||||
Total current liabilities | 10,138.4 | 9,139.4 | |||||
Long-term debt, less current portion (Note 16) | 3,980.0 | 4,124.3 | |||||
Operating lease liabilities (Note 5) | 681.7 | — | |||||
Deferred income taxes (Note 22) | 138.2 | 209.2 | |||||
Accrued pension and other post-retirement benefits, less current portion (Note 23) | 368.6 | 298.9 | |||||
Derivative financial instruments (Note 24) | 52.7 | 44.9 | |||||
Other liabilities | 430.0 | 540.4 | |||||
Total liabilities | 15,789.6 | 14,357.1 | |||||
Commitments and contingent liabilities (Note 21) | |||||||
Mezzanine equity | |||||||
Redeemable noncontrolling interest | 41.1 | 38.5 | |||||
Stockholders’ equity (Note 18) | |||||||
Ordinary shares, $1.00 par value; 618.3 shares and 618.3 shares authorized in 2019 and 2018, respectively; 447.1 shares and 450.5 shares issued and outstanding in 2019 and 2018, respectively; 4.0 and 14.8 shares canceled in 2019 and 2018, respectively | 447.1 | 450.5 | |||||
Ordinary shares held in employee benefit trust, at cost; nil and 0.1 shares in 2019 and 2018, respectively | — | (2.4 | ) | ||||
Capital in excess of par value of ordinary shares | 10,182.8 | 10,197.0 | |||||
(Accumulated deficit) retained earnings | (1,563.1 | ) | 1,072.2 | ||||
Accumulated other comprehensive loss | (1,407.5 | ) | (1,359.7 | ) | |||
Total TechnipFMC plc stockholders’ equity | 7,659.3 | 10,357.6 | |||||
Noncontrolling interests | 28.8 | 31.3 | |||||
Total equity | 7,688.1 | 10,388.9 | |||||
Total liabilities and equity | $ | 23,518.8 | $ | 24,784.5 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Cash provided (required) by operating activities | |||||||||||
Net income (loss) | $ | (2,412.1 | ) | $ | (1,910.8 | ) | $ | 134.2 | |||
Adjustments to reconcile net income to cash provided (required) by operating activities | |||||||||||
Depreciation | 383.5 | 367.8 | 370.2 | ||||||||
Amortization | 126.1 | 182.6 | 244.5 | ||||||||
Impairments (Note 20) | 2,484.1 | 1,792.6 | 34.3 | ||||||||
Employee benefit plan and share-based compensation costs | 63.3 | 22.4 | 18.7 | ||||||||
Deferred income tax provision (benefit), net | (75.4 | ) | 48.8 | 141.6 | |||||||
Unrealized loss (gain) on derivative instruments and foreign exchange | 32.5 | 102.7 | (73.5 | ) | |||||||
Income from equity affiliates, net of dividends received | (58.8 | ) | (110.7 | ) | (37.9 | ) | |||||
Other | 364.4 | 291.8 | 4.7 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||||||
Trade receivables, net and contract assets | (39.7 | ) | (664.1 | ) | 286.8 | ||||||
Inventories, net | (169.6 | ) | (339.4 | ) | 130.9 | ||||||
Accounts payable, trade | 26.1 | (1,248.7 | ) | (525.8 | ) | ||||||
Contract liabilities | 520.1 | 762.7 | (1,111.4 | ) | |||||||
Income taxes payable (receivable), net | 12.7 | (190.7 | ) | (152.2 | ) | ||||||
Other current assets and liabilities, net | (431.8 | ) | 921.2 | 646.5 | |||||||
Other noncurrent assets and liabilities, net | 23.1 | (213.6 | ) | 99.1 | |||||||
Cash provided (required) by operating activities | 848.5 | (185.4 | ) | 210.7 | |||||||
Cash provided (required) by investing activities | |||||||||||
Capital expenditures | (454.4 | ) | (368.1 | ) | (255.7 | ) | |||||
Cash acquired in merger of FMC Technologies, Inc. and Technip S.A. (Note 2) | — | — | 1,479.2 | ||||||||
Payment to acquire debt securities | (71.6 | ) | — | — | |||||||
Proceeds from sale of debt securities | 18.9 | — | — | ||||||||
Acquisitions, net of cash acquired | 16.0 | (104.9 | ) | — | |||||||
Cash divested from deconsolidation | (2.1 | ) | (6.7 | ) | — | ||||||
Proceeds from sale of assets | 7.8 | 19.5 | 14.4 | ||||||||
Proceeds from repayment of advance to joint venture | 62.0 | — | — | ||||||||
Other | 3.6 | — | 12.1 | ||||||||
Cash provided (required) by investing activities | (419.8 | ) | (460.2 | ) | 1,250.0 | ||||||
Cash provided (required) by financing activities | |||||||||||
Net decrease in short-term debt | (49.6 | ) | (34.9 | ) | (106.4 | ) | |||||
Net increase in commercial paper | 57.3 | 496.6 | 234.9 | ||||||||
Proceeds from issuance of long-term debt | 96.2 | — | 25.7 | ||||||||
Repayments of long-term debt | — | — | (888.0 | ) | |||||||
Purchase of ordinary shares | (92.7 | ) | (442.6 | ) | (58.5 | ) | |||||
Dividends paid | (232.8 | ) | (238.1 | ) | (60.6 | ) | |||||
Payments related to taxes withheld on share-based compensation | — | — | (46.6 | ) | |||||||
Settlements of mandatorily redeemable financial liability | (562.8 | ) | (225.8 | ) | (156.5 | ) | |||||
Other | — | — | 1.2 | ||||||||
Cash provided (required) by financing activities | (784.4 | ) | (444.8 | ) | (1,054.8 | ) | |||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 5.9 | (107.0 | ) | 62.2 | |||||||
Increase (decrease) in cash and cash equivalents | (349.8 | ) | (1,197.4 | ) | 468.1 | ||||||
Cash and cash equivalents, beginning of year | 5,540.0 | 6,737.4 | 6,269.3 | ||||||||
Cash and cash equivalents, end of year | $ | 5,190.2 | $ | 5,540.0 | $ | 6,737.4 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for interest (net of interest capitalized) | $ | 109.4 | $ | 99.0 | $ | 50.3 | |||||
Cash paid for income taxes (net of refunds received) | $ | 374.5 | $ | 410.6 | $ | 424.7 |
(In millions) | Ordinary Shares | Ordinary Shares Held in Treasury and Employee Benefit Trust | Capital in Excess of Par Value of Ordinary Shares | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total Stockholders’ Equity | (In millions) | Ordinary Shares | Ordinary Shares Held in Treasury and Employee Benefit Trust | Capital in Excess of Par Value of Ordinary Shares | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 114.7 | $ | (44.5 | ) | $ | 2,683.1 | $ | 3,362.1 | $ | (1,101.6 | ) | $ | (11.7 | ) | $ | 5,002.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 113.3 | — | 20.9 | 134.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 97.9 | 0.4 | 98.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares due to the merger of FMC Technologies and Technip | 351.9 | (6.6 | ) | 7,825.4 | — | — | — | 8,170.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury shares due to the merger of FMC Technologies and Technip | — | 44.5 | (23.3 | ) | — | — | — | 21.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation treasury shares (Note 18) | (2.1 | ) | — | (47.6 | ) | (8.8 | ) | — | — | (58.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales of ordinary shares for employee benefit trust | — | 1.8 | — | — | — | — | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 0.6 | — | 0.6 | — | — | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.13 per share) (Note 18) | — | — | — | (60.6 | ) | — | — | (60.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 19) | — | — | 44.4 | — | — | — | 44.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 0.7 | — | — | 11.9 | 12.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 465.1 | $ | (4.8 | ) | $ | 10,483.3 | $ | 3,406.0 | $ | (1,003.7 | ) | $ | 21.5 | $ | 13,367.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of accounting standards (Note 6) | — | — | — | (91.5 | ) | — | 0.1 | (91.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 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 | Adoption of accounting standards | — | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (1,921.6 | ) | — | 10.8 | (1,910.8 | ) | Net income (loss) | — | — | — | (2,415.2) | — | 3.1 | (2,412.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (356.0 | ) | (4.6 | ) | (360.6 | ) | Other comprehensive loss | — | — | — | — | (47.8) | (0.7) | (48.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury shares (Note 18) | (14.8 | ) | — | (333.5 | ) | (94.5 | ) | — | — | (442.8 | ) | Cancellation of treasury shares (Note 18) | (4.0) | — | (88.7) | — | — | — | (92.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 0.2 | — | — | — | — | — | 0.2 | Issuance of ordinary shares | 0.6 | — | — | — | — | — | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales of ordinary shares for employee benefit trust | — | 2.4 | — | — | — | — | 2.4 | Net sales of ordinary shares for employee benefit trust | — | 2.4 | — | — | — | — | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.52 per share) (Note 18) | — | — | — | (238.1 | ) | — | — | (238.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 19) | — | — | 49.1 | — | — | — | 49.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (1.9 | ) | 11.9 | — | 3.5 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 5) | — | — | — | 1.8 | — | — | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (2,415.2 | ) | — | 3.1 | (2,412.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (47.8 | ) | (0.7 | ) | (48.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of treasury shares (Note 18) | (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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.52 per share) (Note 18) | — | — | — | (232.8 | ) | — | — | (232.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.52 per share) (Note 18) | Cash dividends declared ($0.52 per share) (Note 18) | — | — | — | (232.8) | — | — | (232.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 19) | — | — | 74.5 | — | — | — | 74.5 | Share-based compensation (Note 19) | — | — | 74.5 | — | — | — | 74.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 10.9 | — | (4.9 | ) | 6.0 | Other | — | — | — | 10.9 | — | (4.9) | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 447.1 | $ | — | $ | 10,182.8 | $ | (1,563.1 | ) | $ | (1,407.5 | ) | $ | 28.8 | $ | 7,688.1 | 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 | Adoption of accounting standards | — | — | — | (7.8) | — | — | (7.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | (3,287.6) | — | 49.7 | (3,237.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | (215.0) | 0.6 | (214.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | Issuance of ordinary shares | 2.4 | — | (9.4) | — | — | — | (7.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.13 per share) (Note 18) | Cash dividends declared ($0.13 per share) (Note 18) | — | — | — | (59.2) | — | — | (59.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 19) | Share-based compensation (Note 19) | — | — | 69.0 | — | — | — | 69.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | — | — | — | (9.4) | — | (2.1) | (11.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | 11.9 | — | (16.9) | (5.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | $ | 449.5 | $ | — | $ | 10,242.4 | $ | (4,915.2) | $ | (1,622.5) | $ | 60.1 | $ | 4,214.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 13.3 | — | 1.1 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | 86.4 | (1.6) | 84.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | Issuance of ordinary shares | 1.2 | — | — | — | — | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 19) | Share-based compensation (Note 19) | — | — | 26.8 | — | — | — | 26.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spin-off of Technip Energies (Note 2) | Spin-off of Technip Energies (Note 2) | — | — | (1,108.4) | — | 231.1 | (19.9) | (897.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued distributions to non-controlling interest | Accrued distributions to non-controlling interest | — | — | — | — | — | (15.0) | (15.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | (1.9) | — | (9.0) | (10.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | $ | 450.7 | $ | — | $ | 9,160.8 | $ | (4,903.8) | $ | (1,305.0) | $ | 15.7 | $ | 3,418.4 |
•Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. |
Year Ended | |||||||||||||||||||||||
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
(In millions, except per share data) | As Previously Reported | Adjustments | As Revised | As Previously Reported | Adjustments | As Revised | |||||||||||||||||
Revenue | |||||||||||||||||||||||
Service revenue | $ | 9,765.0 | $ | (707.4 | ) | $ | 9,057.6 | $ | 12,210.5 | $ | (764.6 | ) | $ | 11,445.9 | |||||||||
Product revenue | 2,565.2 | 707.4 | 3,272.6 | 2,651.8 | 764.6 | 3,416.4 | |||||||||||||||||
Total revenue | 12,552.9 | — | 12,552.9 | 15,056.9 | — | 15,056.9 | |||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of service revenue | 7,895.1 | (442.4 | ) | 7,452.7 | 9,984.0 | (550.9 | ) | 9,433.1 | |||||||||||||||
Cost of product revenue | 2,234.5 | 442.4 | 2,676.9 | 2,403.4 | 550.9 | 2,954.3 | |||||||||||||||||
Total costs and expenses | 13,470.5 | — | 13,470.5 | 14,091.7 | — | 14,091.7 | |||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (1,921.6 | ) | $ | — | $ | (1,921.6 | ) | $ | 113.3 | $ | — | $ | 113.3 | |||||||||
Earnings (loss) per share attributable to TechnipFMC plc (Note 8) | |||||||||||||||||||||||
Basic | $ | (4.20 | ) | $ | — | $ | (4.20 | ) | $ | 0.24 | $ | — | $ | 0.24 | |||||||||
Diluted | $ | (4.20 | ) | $ | — | $ | (4.20 | ) | $ | 0.24 | $ | — | $ | 0.24 | |||||||||
Weighted average shares outstanding (Note 8) | |||||||||||||||||||||||
Basic | 458.0 | — | 458.0 | 466.7 | — | 466.7 | |||||||||||||||||
Diluted | 458.0 | — | 458.0 | 468.3 | — | 468.3 |
(In millions, except per share data) | ||||
Total FMC Technologies, Inc. shares subject to exchange as of January 16, 2017 | 228.9 | |||
FMC Technologies, Inc. exchange ratio (a) | 0.5 | |||
Shares of TechnipFMC issued | 114.4 | |||
Value per share of Technip as of January 16, 2017 (b) | $ | 71.4 | ||
Total purchase consideration | $ | 8,170.7 |
Year Ended | ||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Revenue | $ | 906.0 | $ | 6,520.0 | $ | 6,458.9 | ||||||||||||||
Costs and expenses | (932.0) | (5,899.0) | (5,627.6) | |||||||||||||||||
Other income and (expense), net | (18.6) | (206.8) | (396.0) | |||||||||||||||||
Income (loss) from discontinued operations before income taxes | $ | (44.6) | $ | 414.2 | $ | 435.3 | ||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (72.6) | $ | 280.2 | $ | 238.0 |
Year Ended | ||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Capital expenditures | $ | 5.1 | $ | 35.7 | $ | 41.7 | ||||||||||||||
Depreciation and amortization expense | 17.1 | 35.1 | 41.9 | |||||||||||||||||
Research and development expense | 4.4 | 44.5 | 13.4 | |||||||||||||||||
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 |
(In millions) | ||||
Assets | ||||
Cash | $ | 1,479.2 | ||
Accounts receivable | 647.8 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | 599.6 | |||
Inventory | 764.8 | |||
Income taxes receivable | 139.2 | |||
Other current assets | 282.2 | |||
Property, plant and equipment | 1,293.3 | |||
Intangible assets | 1,390.3 | |||
Other long-term assets | 167.3 | |||
Total identifiable assets acquired | 6,763.7 | |||
Liabilities | ||||
Short-term and current portion of long-term debt | 319.5 | |||
Accounts payable, trade | 386.0 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 454.0 | |||
Income taxes payable | 92.1 | |||
Other current liabilities | 524.3 | |||
Long-term debt, less current portion | 1,444.2 | |||
Accrued pension and other post-retirement benefits, less current portion | 195.5 | |||
Deferred income taxes | 219.4 | |||
Other long-term liabilities | 138.7 | |||
Total liabilities assumed | 3,773.7 | |||
Net identifiable assets acquired | 2,990.0 | |||
Goodwill | 5,180.7 | |||
Net assets acquired | $ | 8,170.7 |
(In millions) | Allocated Goodwill | ||
Subsea | $ | 2,527.7 | |
Onshore/Offshore | 1,635.5 | ||
Surface Technologies | 1,017.5 | ||
Total | $ | 5,180.7 |
(In millions, except estimated useful lives) | Fair Value | Estimated Useful Lives | |||
Acquired technology | $ | 240.0 | 10 | ||
Backlog | 175.0 | 2 | |||
Customer relationships | 285.0 | 10 | |||
Tradenames | 635.0 | 20 | |||
Software | 55.3 | Various | |||
Total identifiable intangible assets acquired | $ | 1,390.3 |
Unaudited | |||
Year Ended December 31, | |||
(In millions, except per share data) | 2017 Pro Forma | ||
Revenue | $ | 15,169.8 | |
Net income attributable to TechnipFMC adjusted for dilutive effects | $ | 28.5 | |
Diluted earnings per share | 0.06 |
Year Ended | |||
In millions | December 31, 2019 | ||
Operating lease cost including variable costs | $ | 362.4 | |
Short-term lease costs | 20.8 | ||
Less: sublease income | 8.9 | ||
Net lease cost | $ | 374.3 |
Year Ended December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Operating lease costs including variable costs | $ | 175.9 | $ | 195.6 | |||||||
Short-term lease costs | 5.2 | 11.0 | |||||||||
Less: sublease income | 2.4 | 2.8 | |||||||||
Net lease cost | $ | 178.7 | $ | 203.8 |
Year Ended | |||
In millions | December 31, 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ | 384.7 | |
Right-of-use assets obtained in exchange for lease liabilities | |||
Operating leases | $ | 125.4 |
Year Ended December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | 176.5 | $ | 206.5 | |||||||
Right-of-use assets obtained in exchange for lease liabilities | |||||||||||
Operating leases | $ | 114.9 | $ | 421.3 | |||||||
Finance leases | $ | 24.6 | $ | 26.9 |
December 31, | |||||||||||
(In millions, except lease term and discount rate) | 2021 | 2020 | |||||||||
Weighted average remaining lease term | |||||||||||
Operating leases | 13.3 years | 13.6 years | |||||||||
Finance leases | 1.1 years | 0.6 years | |||||||||
Weighted average discount rate | |||||||||||
Operating leases | 5.86 | % | 5.35 | % | |||||||
Finance leases | 1.2 | % | 2.1 | % |
(in millions) | Operating Leases | ||
2020 | $ | 305.3 | |
2021 | 184.6 | ||
2022 | 128.0 | ||
2023 | 101.9 | ||
2024 | 89.7 | ||
Thereafter | 330.4 | ||
Total lease payments | 1,139.9 | ||
Less: Imputed interest (a) | 183.1 | ||
Total lease liabilities (b) | $ | 956.8 |
(In millions) | Maturity of Operating Lease Liabilities | Maturity of Finance Lease Liabilities | |||||||||
2022 | $ | 150.2 | $ | 1.0 | |||||||
2023 | 108.3 | 103.0 | |||||||||
2024 | 102.3 | — | |||||||||
2025 | 83.1 | — | |||||||||
2026 | 74.7 | — | |||||||||
Thereafter | 675.9 | — | |||||||||
Total lease payments | 1,194.5 | 104.0 | |||||||||
Less: Imputed interest (a) | 421.5 | 52.2 | |||||||||
Total lease liabilities (b) | $ | 773.0 | $ | 51.8 |
(In millions) | |||
2019 | $ | 329.8 | |
2020 | 286.1 | ||
2021 | 192.3 | ||
2022 | 123.8 | ||
2023 | 102.1 | ||
Thereafter | 485.6 | ||
Total lease payment | 1,519.7 | ||
Less: income from sub-leases | 25.6 | ||
Net minimum operating lease payments | $ | 1,494.1 |
Year Ended | |||
(In millions) | December 31, 2019 | ||
Operating lease revenue including variable revenue | $ | 266.5 |
(in millions) | Operating Leases | ||
2020 | $ | 29.4 | |
2021 | 17.5 | ||
2022 | 14.3 | ||
2023 | 1.0 | ||
2024 | — | ||
Thereafter | — | ||
Total undiscounted cash flows | $ | 62.2 |
Reportable Segments | Reportable Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Subsea | Onshore/ Offshore | Surface Technologies | Subsea | Onshore/ Offshore | Surface Technologies | (In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||||||||||||||||||||||||||||
Europe, Russia, Central Asia | $ | 1,745.2 | $ | 2,813.1 | $ | 236.7 | $ | 1,528.1 | $ | 3,506.1 | $ | 227.7 | ||||||||||||||||||||||||||||||||||||||||||||||
America | 1,770.0 | 766.2 | 732.1 | 1,721.5 | 365.1 | 865.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe, Central Asia | Europe, Central Asia | $ | 1,404.4 | $ | 191.5 | $ | 1,664.1 | $ | 192.7 | 1,690.2 | 160.1 | |||||||||||||||||||||||||||||||||||||||||||||||
North America | North America | 753.6 | 372.7 | 899.7 | 367.9 | 660.8 | 751.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America | Latin America | 1,157.7 | 86.7 | 1,042.4 | 76.6 | 1,139.5 | 108.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 659.9 | 1,152.5 | 189.3 | 532.9 | 1,236.1 | 123.2 | Asia Pacific | 927.4 | 104.2 | 772.1 | 131.0 | 673.3 | 195.4 | |||||||||||||||||||||||||||||||||||||||||||||
Africa | 824.8 | 526.0 | 61.1 | 758.1 | 252.7 | 57.9 | Africa | 1,057.3 | 44.0 | 908.6 | 46.9 | 836.4 | 62.7 | |||||||||||||||||||||||||||||||||||||||||||||
Middle East | 407.1 | 1,011.0 | 247.6 | 181.2 | 760.7 | 213.4 | Middle East | 28.7 | 275.3 | 184.5 | 244.1 | 419.3 | 252.0 | |||||||||||||||||||||||||||||||||||||||||||||
Total products and services revenue | $ | 5,407.0 | $ | 6,268.8 | $ | 1,466.8 | $ | 4,721.8 | $ | 6,120.7 | $ | 1,487.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 5,329.1 | $ | 1,074.4 | $ | 5,471.4 | $ | 1,059.2 | $ | 5,419.5 | $ | 1,530.7 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(In millions) | Subsea | Surface Technologies | Subsea | Surface Technologies | Subsea | Surface Technologies | |||||||||||||||||||||||||||||
Services | $ | 3,282.0 | $ | 158.7 | $ | 3,121.1 | $ | 150.2 | $ | 3,141.0 | $ | 271.0 | |||||||||||||||||||||||
Products | 2,002.5 | 801.9 | 2,295.4 | 821.9 | 2,162.5 | 1,109.2 | |||||||||||||||||||||||||||||
Lease(a) | 44.6 | 113.8 | 54.9 | 87.1 | 116.0 | 150.5 | |||||||||||||||||||||||||||||
Total revenue | $ | 5,329.1 | $ | 1,074.4 | $ | 5,471.4 | $ | 1,059.2 | $ | 5,419.5 | $ | 1,530.7 |
Reportable Segments | |||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(In millions) | Subsea | Onshore/ Offshore | Surface Technologies | Subsea(b) | Onshore/ Offshore | Surface Technologies | |||||||||||||||||
Services | $ | 3,244.5 | $ | 6,268.8 | $ | 276.4 | $ | 2,687.1 | $ | 6,120.7 | $ | 249.8 | |||||||||||
Products | 2,162.5 | — | 1,190.4 | 2,034.7 | — | 1,237.9 | |||||||||||||||||
Total products and services revenue | 5,407.0 | 6,268.8 | 1,466.8 | 4,721.8 | 6,120.7 | 1,487.7 | |||||||||||||||||
Lease and other(a) | 116.0 | — | 150.5 | 118.2 | — | 104.5 | |||||||||||||||||
Total revenue | $ | 5,523.0 | $ | 6,268.8 | $ | 1,617.3 | $ | 4,840.0 | $ | 6,120.7 | $ | 1,592.2 |
(In millions) | December 31, 2019 | December 31, 2018 | $ change | % change | ||||||||||
Contract assets | $ | 1,520.0 | $ | 1,295.0 | $ | 225.0 | 17.4 | |||||||
Contract (liabilities) | (4,585.1 | ) | (4,085.1 | ) | (500.0 | ) | (12.2 | ) | ||||||
Net contract assets (liabilities) | $ | (3,065.1 | ) | $ | (2,790.1 | ) | $ | (275.0 | ) | (9.9 | ) |
December 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | $ change | % change | |||||||||||||||||||
Contract assets | $ | 966.0 | $ | 886.8 | $ | 79.2 | 8.9 | ||||||||||||||||
Contract (liabilities) | (1,012.9) | (1,046.8) | 33.9 | 3.2 | |||||||||||||||||||
Net contract (liabilities) | $ | (46.9) | $ | (160.0) | $ | 113.1 | 70.7 |
(In millions) | 2020 | 2021 | Thereafter | (In millions) | 2022 | 2023 | Thereafter | |||||||||||||||||||||
Subsea | $ | 4,506.8 | $ | 2,472.4 | $ | 1,500.6 | Subsea | $ | 3,372.8 | $ | 2,227.5 | $ | 932.7 | |||||||||||||||
Onshore/Offshore | 6,581.3 | 5,127.8 | 3,589.0 | |||||||||||||||||||||||||
Surface Technologies | 411.7 | 61.5 | — | Surface Technologies | 376.8 | 95.2 | 652.7 | |||||||||||||||||||||
Total remaining unsatisfied performance obligations | $ | 11,499.8 | $ | 7,661.7 | $ | 5,089.6 | Total remaining unsatisfied performance obligations | $ | 3,749.6 | $ | 2,322.7 | $ | 1,585.4 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Segment revenue | |||||||||||||||||
Subsea | $ | 5,329.1 | $ | 5,471.4 | $ | 5,419.5 | |||||||||||
Surface Technologies | 1,074.4 | 1,059.2 | 1,530.7 | ||||||||||||||
Total revenue | $ | 6,403.5 | $ | 6,530.6 | $ | 6,950.2 | |||||||||||
Segment operating profit (loss) | |||||||||||||||||
Subsea | $ | 141.4 | $ | (2,815.5) | $ | (1,442.7) | |||||||||||
Surface Technologies | 42.0 | (429.3) | (662.7) | ||||||||||||||
Total segment operating profit (loss) | 183.4 | (3,244.8) | (2,105.4) | ||||||||||||||
Corporate items | |||||||||||||||||
Merger transaction and integration costs | — | — | (14.2) | ||||||||||||||
Legal expenses | — | — | (33.0) | ||||||||||||||
Other corporate expenses (a) | (118.1) | (131.9) | (191.7) | ||||||||||||||
Net interest expense | (143.3) | (81.8) | (91.3) | ||||||||||||||
Loss on early extinguishment of debt | (61.9) | — | — | ||||||||||||||
Income from investment in Technip Energies | 322.2 | — | — | ||||||||||||||
Foreign exchange gains (losses) | 15.8 | (40.2) | (135.5) | ||||||||||||||
Total corporate items | 14.7 | (253.9) | (465.7) | ||||||||||||||
Income (loss) before income taxes(b) | $ | 198.1 | $ | (3,498.7) | $ | (2,571.1) |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Segment revenue | |||||||||||
Subsea | $ | 5,523.0 | $ | 4,840.0 | $ | 5,877.4 | |||||
Onshore/Offshore | 6,268.8 | 6,120.7 | 7,904.5 | ||||||||
Surface Technologies | 1,617.3 | 1,592.2 | 1,274.6 | ||||||||
Other revenue and intercompany eliminations | — | — | 0.4 | ||||||||
Total revenue | $ | 13,409.1 | $ | 12,552.9 | $ | 15,056.9 | |||||
Segment operating profit (loss) | |||||||||||
Subsea | $ | (1,447.7 | ) | $ | (1,529.5 | ) | $ | 460.5 | |||
Onshore/Offshore | 959.6 | 824.0 | 810.9 | ||||||||
Surface Technologies | (656.1 | ) | 172.8 | 82.7 | |||||||
Total segment operating profit (loss) | (1,144.2 | ) | (532.7 | ) | 1,354.1 | ||||||
Corporate items | |||||||||||
Corporate expense (a) | (540.3 | ) | (594.5 | ) | (359.2 | ) | |||||
Interest income | 116.5 | 121.4 | 140.8 | ||||||||
Interest expense | (567.8 | ) | (482.3 | ) | (456.0 | ) | |||||
Total corporate items | (991.6 | ) | (955.4 | ) | (674.4 | ) | |||||
Income (loss) before income taxes (b) | $ | (2,135.8 | ) | $ | (1,488.1 | ) | $ | 679.7 |
December 31, | December 31, | |||||||||||||||||
(In millions) | 2019 | 2018 | (In millions) | 2021 | 2020 | |||||||||||||
Segment assets | Segment assets | |||||||||||||||||
Subsea | $ | 10,824.2 | $ | 11,037.8 | Subsea | $ | 6,532.5 | $ | 6,796.6 | |||||||||
Onshore/Offshore | 4,448.8 | 4,355.2 | ||||||||||||||||
Surface Technologies | 2,246.4 | 2,825.6 | Surface Technologies | 1,420.0 | 1,758.3 | |||||||||||||
Intercompany eliminations | (33.9 | ) | (26.4 | ) | ||||||||||||||
Total segment assets | 17,485.5 | 18,192.2 | Total segment assets | 7,952.5 | 8,554.9 | |||||||||||||
Corporate (a) | 6,033.3 | 6,592.3 | Corporate (a) | 2,067.6 | 2,129.1 | |||||||||||||
Assets from discontinued operations | Assets from discontinued operations | — | 9,008.6 | |||||||||||||||
Total assets | $ | 23,518.8 | $ | 24,784.5 | Total assets | $ | 10,020.1 | $ | 19,692.6 |
Capital Expenditures | Depreciation and Amortization | Research and Development Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Subsea | $ | 149.4 | $ | 213.6 | $ | 287.5 | $ | 317.2 | $ | 324.9 | $ | 345.0 | $ | 73.2 | $ | 66.5 | $ | 134.2 | |||||||||||||||||||||||||||||||||||
Surface Technologies | 36.8 | 38.5 | 96.0 | 64.8 | 70.1 | 107.1 | 5.2 | 8.8 | 15.3 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 5.5 | 4.0 | 29.2 | 3.4 | 17.1 | 15.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 191.7 | $ | 256.1 | $ | 412.7 | $ | 385.4 | $ | 412.1 | $ | 467.7 | $ | 78.4 | $ | 75.3 | $ | 149.5 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Revenue | |||||||||||||||||
United States | $ | 1,137.2 | $ | 1,320.1 | $ | 1,458.6 | |||||||||||
Norway | 979.9 | 1,216.6 | 1,352.6 | ||||||||||||||
Brazil | 767.8 | 600.6 | 1,086.2 | ||||||||||||||
United Kingdom | 542.5 | 489.0 | 535.8 | ||||||||||||||
Mozambique | 472.0 | 320.4 | 80.0 | ||||||||||||||
Australia | 419.8 | 122.5 | 133.4 | ||||||||||||||
Angola | 406.3 | 482.8 | 498.1 | ||||||||||||||
Guyana | 314.7 | 330.1 | 7.2 | ||||||||||||||
Indonesia | 224.9 | 280.0 | 262.6 | ||||||||||||||
Singapore | 216.3 | 219.9 | 190.5 | ||||||||||||||
Malaysia | 206.9 | 190.0 | 197.2 | ||||||||||||||
India | 109.8 | 26.8 | — | ||||||||||||||
Trinidad | 78.1 | 106.3 | 42.8 | ||||||||||||||
Israel | 26.8 | 179.3 | 319.6 | ||||||||||||||
All other countries | 500.5 | 646.2 | 785.6 | ||||||||||||||
Total revenue | $ | 6,403.5 | $ | 6,530.6 | $ | 6,950.2 |
(In millions) | Year Ended December 31, | ||||||||||
Revenue: | 2019 | 2018 | 2017 | ||||||||
Russia | $ | 2,378.0 | $ | 2,773.3 | $ | 4,894.2 | |||||
USA | 1,931.2 | 1,275.8 | 1,534.7 | ||||||||
Norway | 1,371.1 | 1,202.6 | 971.2 | ||||||||
Brazil | 1,099.7 | 1,478.7 | 911.1 | ||||||||
Israel | 757.0 | 243.8 | 6.9 | ||||||||
United Kingdom | 540.8 | 442.1 | 465.9 | ||||||||
India | 518.0 | 214.0 | 135.2 | ||||||||
Angola | 447.8 | 385.7 | 1,016.2 | ||||||||
Australia | 372.8 | 926.6 | 953.9 | ||||||||
United Arab Emirates | 327.2 | 460.3 | 308.5 | ||||||||
Malaysia | 283.8 | 362.3 | 374.8 | ||||||||
China | 272.9 | 112.3 | 104.7 | ||||||||
Indonesia | 237.6 | 130.7 | 295.4 | ||||||||
All other countries | 2,871.2 | 2,544.7 | 3,084.2 | ||||||||
Total revenue | $ | 13,409.1 | $ | 12,552.9 | $ | 15,056.9 |
December 31, | December 31, | |||||||||||||||||
(In millions) | 2019 | 2018 | (In millions) | 2021 | 2020 | |||||||||||||
Long-lived assets | Long-lived assets | |||||||||||||||||
United Kingdom | $ | 957.1 | $ | 925.6 | United Kingdom | $ | 882.9 | $ | 928.8 | |||||||||
Netherlands | Netherlands | 414.7 | 417.6 | |||||||||||||||
United States | 558.1 | 589.9 | United States | 383.4 | 439.1 | |||||||||||||
Netherlands | 493.0 | 360.5 | ||||||||||||||||
Norway | 333.0 | 311.4 | Norway | 271.9 | 312.1 | |||||||||||||
Brazil | 313.2 | 325.8 | Brazil | 265.5 | 259.9 | |||||||||||||
All other countries | 507.6 | 746.6 | All other countries | 378.8 | 398.7 | |||||||||||||
Total long-lived assets | $ | 3,162.0 | $ | 3,259.8 | Total long-lived assets | $ | 2,597.2 | $ | 2,756.2 |
Capital Expenditures | Depreciation and Amortization | Research and Development Expense | |||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Subsea | $ | 287.7 | $ | 223.2 | $ | 179.1 | $ | 345.6 | $ | 440.4 | $ | 507.2 | $ | 134.4 | $ | 145.2 | $ | 169.2 | |||||||||||||||||
Onshore/Offshore | 22.6 | 7.6 | 16.2 | 38.7 | 38.2 | 41.1 | 13.2 | 29.7 | 31.4 | ||||||||||||||||||||||||||
Surface Technologies | 96.6 | 111.9 | 35.4 | 107.9 | 66.6 | 63.6 | 15.3 | 14.3 | 12.3 | ||||||||||||||||||||||||||
Corporate | 47.5 | 25.4 | 25.0 | 17.4 | 5.2 | 2.8 | — | — | — | ||||||||||||||||||||||||||
Total | $ | 454.4 | $ | 368.1 | $ | 255.7 | $ | 509.6 | $ | 550.4 | $ | 614.7 | $ | 162.9 | $ | 189.2 | $ | 212.9 |
Year Ended December 31, | |||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Income (loss) from continuing operations attributable to TechnipFMC plc | $ | 87.8 | $ | (3,552.6) | $ | (2,645.5) | |||||||||||
Income (loss) from discontinued operations attributable to TechnipFMC plc | (74.5) | 265.0 | 230.3 | ||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 13.3 | $ | (3,287.6) | $ | (2,415.2) | |||||||||||
Weighted average number of shares outstanding | 450.5 | 448.7 | 448.0 | ||||||||||||||
Dilutive effect of restricted stock units | 4.1 | — | — | ||||||||||||||
Total shares and dilutive securities | 454.6 | 448.7 | 448.0 | ||||||||||||||
Basic and diluted earnings (loss) per share attributable to TechnipFMC plc: | |||||||||||||||||
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc | |||||||||||||||||
Basic | $ | 0.19 | $ | (7.92) | $ | (5.91) | |||||||||||
Diluted | $ | 0.19 | $ | (7.92) | $ | (5.91) | |||||||||||
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc | |||||||||||||||||
Basic | $ | (0.17) | $ | 0.59 | $ | 0.51 | |||||||||||
Diluted | $ | (0.16) | $ | 0.59 | $ | 0.51 | |||||||||||
Total earnings (loss) per share attributable to TechnipFMC plc | |||||||||||||||||
Basic and diluted | $ | 0.03 | $ | (7.33) | $ | (5.39) | |||||||||||
Year Ended December 31, | |||||||||||
(In millions, except per share data) | 2019 | 2018 | 2017 | ||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (2,415.2 | ) | $ | (1,921.6 | ) | $ | 113.3 | |||
Weighted average number of shares outstanding | 448.0 | 458.0 | 466.7 | ||||||||
Dilutive effect of restricted stock units | — | — | 0.2 | ||||||||
Dilutive effect of performance shares | — | — | 1.4 | ||||||||
Total shares and dilutive securities | 448.0 | 458.0 | 468.3 | ||||||||
Basic earnings (loss) per share attributable to TechnipFMC plc | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 | |||
Diluted earnings (loss) per share attributable to TechnipFMC plc | $ | (5.39 | ) | $ | (4.20 | ) | $ | 0.24 |
Year Ended December 31, | |||||||||||||||||
(millions of shares) | 2021 | 2020 | 2019 | ||||||||||||||
Share option awards | 1.7 | 4.6 | 4.0 | ||||||||||||||
Restricted share units | 0.1 | 1.8 | — | ||||||||||||||
Performance shares | — | 1.9 | 1.6 | ||||||||||||||
Total | 1.8 | 8.3 | 5.6 |
(In millions) | Year of origination | Balance as of December 31, 2021 | Balance as of December 31, 2020 | ||||||||||||||
Loans receivables, security deposits and other | |||||||||||||||||
Moody’s rating Ba2 | 2019 | $ | 50.9 | $ | 107.6 | ||||||||||||
Debt securities at amortized cost | |||||||||||||||||
Moody’s rating B3 | 2019 | 24.0 | 23.7 | ||||||||||||||
Total financial assets | $ | 74.9 | $ | 131.3 |
Balance as of December 31, 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 | 3.5 | (1.3) | (7.2) | (0.1) | 2.2 | ||||||||||||||||||||||||
Recoveries | (5.6) | — | — | — | — | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2021 | $ | 38.1 | $ | 1.1 | $ | 0.3 | $ | 0.3 | $ | 2.7 |
Balance as of December 31, 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 | 27.2 | 0.5 | (0.2) | (0.3) | (0.6) | ||||||||||||||||||||||||
Write-offs charged against the allowance | (43.0) | — | — | — | — | ||||||||||||||||||||||||
Recoveries | (3.4) | (2.6) | (1.8) | — | — | ||||||||||||||||||||||||
Allowance for credit losses at December 31, 2020 | $ | 40.2 | $ | 2.4 | $ | 7.5 | $ | 0.4 | $ | 0.5 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Raw materials | $ | 347.5 | $ | 366.4 | |||
Work in process | 290.2 | 146.4 | |||||
Finished goods | 778.3 | 738.4 | |||||
Inventory, net | $ | 1,416.0 | $ | 1,251.2 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Raw materials | $ | 250.1 | $ | 270.3 | |||||||
Work in process | 178.7 | 242.7 | |||||||||
Finished goods | 603.1 | 739.8 | |||||||||
Inventories, net | $ | 1,031.9 | $ | 1,252.8 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Value-added tax receivables | $ | 395.2 | $ | 305.8 | |||
Other taxes receivables | 100.7 | 85.0 | |||||
Sundry receivables | 69.6 | 87.0 | |||||
Prepaid expenses | 66.8 | 91.3 | |||||
Held-to-maturity investments | 49.7 | — | |||||
Current financial assets at amortized cost | 42.0 | — | |||||
Asset held for sale | 25.8 | 9.6 | |||||
Other | 113.9 | 76.9 | |||||
Other current assets | $ | 863.7 | $ | 655.6 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Value - added tax receivables | $ | 222.4 | $ | 256.9 | |||||||
Sundry receivables | 106.1 | 138.4 | |||||||||
Other taxes receivables | 70.6 | 73.8 | |||||||||
Prepaid expenses | 50.7 | 78.1 | |||||||||
Current financial assets at amortized cost | 21.9 | 40.6 | |||||||||
Held-to-maturity investments | 8.8 | 24.2 | |||||||||
Assets held for sale | 5.0 | 47.3 | |||||||||
Other | 26.8 | 24.1 | |||||||||
Total other current assets | $ | 512.3 | $ | 683.4 |
December 31, | December 31, | |||||||||||||||||
(In millions) | 2019 | 2018 | (In millions) | 2021 | 2020 | |||||||||||||
Warranty accruals and project contingencies | $ | 310.1 | $ | 418.2 | Warranty accruals and project contingencies | $ | 119.5 | $ | 168.8 | |||||||||
Value added tax and other taxes payable | 240.4 | 214.3 | ||||||||||||||||
Legal provisions | 183.6 | 418.2 | Legal provisions | 121.7 | 127.6 | |||||||||||||
Value - added tax and other taxes payable | Value - added tax and other taxes payable | 71.0 | 109.6 | |||||||||||||||
Compensation accrual | Compensation accrual | 85.7 | 54.3 | |||||||||||||||
Social security liability | 116.5 | 112.3 | Social security liability | 70.4 | 67.9 | |||||||||||||
Redeemable financial liability | 129.1 | 173.0 | ||||||||||||||||
Compensation accrual | 89.6 | 87.3 | ||||||||||||||||
Provision | 53.2 | 135.5 | ||||||||||||||||
Provisions | Provisions | 23.6 | 53.0 | |||||||||||||||
Current portion of accrued pension and other post-retirement benefits | 14.9 | 14.0 | Current portion of accrued pension and other post-retirement benefits | 5.2 | 6.9 | |||||||||||||
Liabilities held for sale | 9.3 | 16.2 | ||||||||||||||||
Other accrued liabilities | 347.8 | 182.6 | Other accrued liabilities | 163.3 | 230.2 | |||||||||||||
Total other current liabilities | $ | 1,494.5 | $ | 1,771.6 | Total other current liabilities | $ | 660.4 | $ | 818.3 |
Year Ended December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Balance at beginning of period | $ | 109.6 | $ | 121.7 | |||||||
Warranty expenses | 54.0 | 52.0 | |||||||||
Adjustment to existing accruals | (56.5) | (48.2) | |||||||||
Claims paid | (20.9) | (15.9) | |||||||||
Balance at end of period | $ | 86.2 | $ | 109.6 |
December 31, 2019 | ||||||
Percentage Owned | Carrying Value (in millions) | |||||
Dofcon Brasil AS | 50.0 | % | 167.4 | |||
Serimax Holdings SAS | 20.0 | % | 21.5 | |||
Magma Global Limited | 25.0 | % | 50.2 | |||
Other | 61.3 | |||||
Investments in equity affiliates | $ | 300.4 |
December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
(In millions, except %) | Percentage Owned | Carrying Value | |||||||||||||||
Dofcon Brasil AS | 50.0 | % | 276.9 | 234.7 | |||||||||||||
Magma Global Limited | — | % | — | 51.4 | |||||||||||||
Serimax Holdings SAS | 20.0 | % | 15.0 | 18.8 | |||||||||||||
Other | 0.5 | 0.6 | |||||||||||||||
Investments in equity affiliates | $ | 292.4 | $ | 305.5 |
December 31, 2018 | ||||||
Percentage Owned | Carrying Value (in millions) | |||||
Technip Odebrecht PLSV CV (“TOP CV”) | 50.0 | % | $ | 136.1 | ||
Dofcon Brasil AS | 50.0 | % | 126.2 | |||
Serimax Holdings SAS | 20.0 | % | 23.2 | |||
Magma Global Limited | 25.0 | % | 49.8 | |||
Other | 59.2 | |||||
Investments in equity affiliates | $ | 394.5 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Subsea | $ | 59.8 | $ | 80.9 | $ | 55.3 | |||||
Onshore/Offshore | 3.1 | 33.4 | 0.3 | ||||||||
Income from equity affiliates | $ | 62.9 | $ | 114.3 | $ | 55.6 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Equinor ASA | $ | — | $ | 24.1 | |||||||
Dofcon Navegacao | 22.7 | 4.2 | |||||||||
Techdof Brasil AS | 4.5 | 8.0 | |||||||||
Others | 2.5 | 1.7 | |||||||||
Total trade receivables | $ | 29.7 | $ | 38.0 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Crescent Energy | $ | 2.7 | $ | — | |||||||
Dofcon Navegacao | $ | — | $ | 1.5 | |||||||
Arkema S.A. | 0.9 | 0.5 | |||||||||
Others | 1.9 | 2.6 | |||||||||
Total trade payables | $ | 5.5 | $ | 4.6 |
December 31, | Year Ended December 31, | |||||||||||||||||||||||
(In millions) | 2019 | 2018 | (In millions) | 2021 | 2020 | 2019 | ||||||||||||||||||
TP JGC Coral France SNC | $ | 40.1 | $ | 31.6 | ||||||||||||||||||||
TTSJV WLL | 22.4 | — | ||||||||||||||||||||||
Equinor ASA | Equinor ASA | $ | — | $ | 119.6 | $ | — | |||||||||||||||||
Anadarko Petroleum Company | Anadarko Petroleum Company | — | — | 67.1 | ||||||||||||||||||||
TOP CV | — | 10.9 | TOP CV | — | — | 11.9 | ||||||||||||||||||
Anadarko Petroleum Company | — | 4.9 | ||||||||||||||||||||||
Dofcon Navegacao | Dofcon Navegacao | 9.9 | 3.4 | 8.4 | ||||||||||||||||||||
Techdof Brasil AS | Techdof Brasil AS | 15.8 | 11.2 | 8.3 | ||||||||||||||||||||
Others | 14.3 | 14.3 | Others | 14.0 | 18.5 | 14.4 | ||||||||||||||||||
Total trade receivables | $ | 76.8 | $ | 61.7 | ||||||||||||||||||||
Total revenue | Total revenue | $ | 39.7 | $ | 152.7 | $ | 110.1 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Chiyoda | $ | 24.8 | $ | 70.0 | |||
JGC Corporation | 15.1 | 69.5 | |||||
IFP Energies nouvelles | 2.4 | 2.4 | |||||
Dofcon Navegacao | 2.1 | 2.5 | |||||
Magma Global Limited | — | 0.6 | |||||
Anadarko Petroleum Company | — | 0.7 | |||||
Others | 6.7 | 2.9 | |||||
Total trade payables | $ | 51.1 | $ | 148.6 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
TTSJV W.L.L. | $ | 127.9 | $ | — | $ | — | |||||
TP JGC Coral France SNC | 110.4 | 118.2 | 69.9 | ||||||||
Anadarko Petroleum Company | 67.1 | 124.8 | 111.3 | ||||||||
TOP CV | 11.9 | 7.2 | — | ||||||||
Storengy | 8.8 | — | — | ||||||||
Dofcon Navegacao | 8.4 | 2.9 | — | ||||||||
Techdof Brasil AS | 8.3 | 7.0 | — | ||||||||
JGC Corporation | 6.7 | — | — | ||||||||
Others | 30.1 | 33.2 | 56.9 | ||||||||
Total revenue | $ | 379.6 | $ | 293.3 | $ | 238.1 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Chiyoda | $ | 25.1 | $ | 53.0 | $ | 44.1 | |||||
JGC Corporation | 20.8 | 81.2 | 46.8 | ||||||||
Arkema S.A. | 18.9 | 2.6 | — | ||||||||
Serimax Holdings SAS | 17.7 | 0.1 | — | ||||||||
Magma Global Limited | 7.3 | 3.0 | — | ||||||||
TP JGC Coral France SNC | 5.0 | — | — | ||||||||
Jumbo Shipping | 4.5 | — | — | ||||||||
IFP Energies nouvelles | 3.8 | 4.4 | — | ||||||||
Creowave OY | 2.6 | 1.9 | 4.7 | ||||||||
Amaja Oil | 2.0 | — | — | ||||||||
Altus Intervention | 1.8 | — | — | ||||||||
Competentia | 1.6 | — | — | ||||||||
Others | 31.3 | 8.5 | 45.8 | ||||||||
Total expenses | $ | 142.4 | $ | 154.7 | $ | 141.4 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Arkema S.A. | $ | 3.8 | $ | 1.5 | $ | 3.8 | |||||||||||
Serimax Holdings SAS | 7.6 | 0.4 | 17.7 | ||||||||||||||
Magma Global Limited | 8.8 | 14.0 | 7.3 | ||||||||||||||
Jumbo Shipping | — | 16.0 | 4.5 | ||||||||||||||
Dofcon Navegacao | 26.7 | 24.0 | 1.8 | ||||||||||||||
Altus Intervention | — | 3.6 | 1.8 | ||||||||||||||
Others | 18.5 | 17.6 | 17.8 | ||||||||||||||
Total expenses | $ | 65.4 | $ | 77.1 | $ | 54.7 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Land and land improvements | $ | 108.4 | $ | 103.5 | |||
Buildings | 626.9 | 656.7 | |||||
Vessels | 2,091.9 | 1,893.3 | |||||
Machinery and equipment | 1,930.6 | 1,905.7 | |||||
Office fixtures and furniture | 285.0 | 300.0 | |||||
Construction in process | 130.9 | 179.0 | |||||
Other | 277.1 | 290.1 | |||||
5,450.8 | 5,328.3 | ||||||
Accumulated depreciation | (2,288.8 | ) | (2,068.5 | ) | |||
Property, plant and equipment, net | $ | 3,162.0 | $ | 3,259.8 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Land and land improvements | $ | 79.4 | $ | 80.0 | |||||||
Buildings | 471.6 | 514.6 | |||||||||
Vessels | 1,979.0 | 1,968.1 | |||||||||
Machinery and equipment | 1,849.0 | 1,871.8 | |||||||||
Office fixtures and furniture | 121.9 | 125.4 | |||||||||
Construction in process | 110.5 | 147.3 | |||||||||
Other | 189.8 | 203.2 | |||||||||
4,801.2 | 4,910.4 | ||||||||||
Accumulated depreciation | (2,204.0) | (2,154.2) | |||||||||
Property, plant and equipment, net | $ | 2,597.2 | $ | 2,756.2 |
2019 | 2018 | ||
Year of cash flows before terminal value | 4 | 5 | |
Discount rates | 12.5% to 15.0% | 12% to 13.0% | |
EBITDA multiples | 6.0 - 8.5x | 7.0 - 8.5x |
(In millions) | Subsea | Onshore/Offshore | Surface Technologies | Total | |||||||||||
December 31, 2016 | $ | 2,931.1 | $ | 787.2 | $ | — | $ | 3,718.3 | |||||||
Additions due to business combinations | 2,532.6 | 1,635.5 | 997.8 | 5,165.9 | |||||||||||
Impairment | — | — | — | — | |||||||||||
Translation | 6.7 | 38.9 | — | 45.6 | |||||||||||
December 31, 2017 | 5,470.4 | 2,461.6 | 997.8 | 8,929.8 | |||||||||||
Additions due to business combinations | 85.0 | — | — | 85.0 | |||||||||||
Impairment | (1,383.0 | ) | — | — | (1,383.0 | ) | |||||||||
Purchase accounting adjustments | — | — | 19.7 | 19.7 | |||||||||||
Translation | (30.0 | ) | (13.9 | ) | — | (43.9 | ) | ||||||||
December 31, 2018 | 4,142.4 | 2,447.7 | 1,017.5 | 7,607.6 | |||||||||||
Impairments | (1,321.9 | ) | — | (666.8 | ) | (1,988.7 | ) | ||||||||
Purchase accounting adjustment | — | — | 9.9 | 9.9 | |||||||||||
Other | — | (17.7 | ) | — | (17.7 | ) | |||||||||
Translation | (6.4 | ) | (6.4 | ) | — | (12.8 | ) | ||||||||
December 31, 2019 | $ | 2,814.1 | $ | 2,423.6 | $ | 360.6 | $ | 5,598.3 |
(In millions) | Subsea | Surface Technologies | Total | ||||||||||||||
December 31, 2019 | $ | 2,792.8 | $ | 335.7 | $ | 3,128.5 | |||||||||||
Impairments | (2,747.5) | (335.9) | (3,083.4) | ||||||||||||||
Translation | (45.3) | 0.2 | (45.1) | ||||||||||||||
December 31, 2020 | $ | — | $ | — | $ | — |
December 31, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(In millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||
Acquired technology | $ | 246.7 | $ | 73.6 | $ | 246.7 | $ | 49.3 | |||||||
Backlog | 175.0 | 175.0 | 175.0 | 175.0 | |||||||||||
Customer relationships | 285.4 | 85.9 | 285.0 | 57.4 | |||||||||||
Licenses, patents and trademarks | 811.1 | 227.6 | 812.6 | 194.8 | |||||||||||
Software | 215.9 | 151.1 | 232.1 | 159.1 | |||||||||||
Other | 115.9 | 50.2 | 84.3 | 23.4 | |||||||||||
Total intangible assets | $ | 1,850.0 | $ | 763.4 | $ | 1,835.7 | $ | 659.0 |
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||
Acquired technology | $ | 247.0 | $ | 122.4 | $ | 247.1 | $ | 98.1 | |||||||||||||||
Customer relationships | 285.4 | 142.9 | 285.3 | 114.4 | |||||||||||||||||||
Licenses, patents and trademarks | 694.6 | 220.7 | 690.3 | 189.3 | |||||||||||||||||||
Software | 108.2 | 84.8 | 111.3 | 81.1 | |||||||||||||||||||
Other | 54.0 | 4.7 | 10.4 | 10.2 | |||||||||||||||||||
Total intangible assets | $ | 1,389.2 | $ | 575.5 | $ | 1,344.4 | $ | 493.1 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Bank borrowings | 247.8 | 44.2 | |||||
5.00% 2010 Private placement notes due 2020 | 224.6 | — | |||||
Other | 23.0 | 23.2 | |||||
Total short-term debt and current portion of long-term debt | $ | 495.4 | $ | 67.4 |
December 31, | |||||||||||
(In millions) | 2021 | 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 | 169.9 | 184.0 | |||||||||
3.15% 2013 Private placement notes due 2023 | 288.8 | 312.9 | |||||||||
5.75% 2020 Private placement notes due 2025 | 226.5 | 245.4 | |||||||||
6.50% Senior notes due 2026 | 633.1 | — | |||||||||
4.00% 2012 Private placement notes due 2027 | 84.9 | 92.0 | |||||||||
4.00% 2012 Private placement notes due 2032 | 113.3 | 122.7 | |||||||||
3.75% 2013 Private placement notes due 2033 | 113.3 | 122.7 | |||||||||
Bank borrowings and other | 397.4 | 298.4 | |||||||||
Unamortized debt issuance costs and discounts | (22.3) | (12.8) | |||||||||
Total debt | 2,004.9 | 3,460.2 | |||||||||
Less: current borrowings | 277.6 | 624.7 | |||||||||
Long-term debt | $ | 1,727.3 | $ | 2,835.5 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Revolving credit facility | $ | — | $ | — | |||
Bilateral credit facilities | — | — | |||||
Commercial paper | 1,967.0 | 1,916.1 | |||||
Synthetic bonds due 2021 | 492.9 | 490.9 | |||||
3.45% Senior Notes due 2022 | 500.0 | 500.0 | |||||
5.00% 2010 Private placement notes due 2020 | 224.6 | 229.0 | |||||
3.40% 2012 Private placement notes due 2022 | 168.5 | 171.8 | |||||
3.15% 2013 Private placement notes due 2023 | 146.0 | 148.9 | |||||
3.15% 2013 Private placement notes due 2023 | 140.4 | 143.1 | |||||
4.00% 2012 Private placement notes due 2027 | 84.2 | 85.9 | |||||
4.00% 2012 Private placement notes due 2032 | 112.3 | 114.5 | |||||
3.75% 2013 Private placement notes due 2033 | 112.3 | 114.5 | |||||
Bank borrowings | 513.3 | 265.2 | |||||
Other | 23.0 | 23.2 | |||||
Unamortized issuing fees | (9.1 | ) | (11.4 | ) | |||
Total debt | 4,475.4 | 4,191.7 | |||||
Less: current borrowings | 495.4 | 67.4 | |||||
Long-term debt | $ | 3,980.0 | $ | 4,124.3 |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Total payments | Less than 1 year | 1-3 years | 3-5 years | After 5 years | (In millions) | Total payments | Less than 1 year | 1-3 years | 3-5 years | After 5 years | |||||||||||||||||||||||||||||||||||||
Total debt | $ | 4,475.4 | $ | 495.4 | $ | 3,392.4 | $ | 285.6 | $ | 302.0 | Total debt | $ | 2,004.9 | $ | 277.6 | $ | 402.1 | $ | 942.9 | $ | 382.3 |
(Number of shares in millions) | Ordinary Shares Issued | Ordinary Shares Held in Employee Benefit Trust | Treasury Stock | (Number of shares in millions) | Ordinary Shares Issued | Ordinary Shares Held in Employee Benefit Trust | Treasury Stock | ||||||||||||||||||
December 31, 2016 | 119.2 | — | 0.3 | ||||||||||||||||||||||
Net capital increases due to the merger of FMC Technologies and Technip | 347.4 | — | — | ||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 450.5 | 0.1 | — | |||||||||||||||||||||
Stock awards | 0.6 | — | — | Stock awards | 0.6 | — | — | ||||||||||||||||||
Treasury stock cancellation due to the merger of FMC Technologies and Technip | — | — | (0.3 | ) | |||||||||||||||||||||
Treasury stock purchases | — | — | 2.1 | ||||||||||||||||||||||
Treasury stock cancellation | (2.1 | ) | — | (2.1 | ) | ||||||||||||||||||||
Net stock purchased for employee benefit trust | — | 0.1 | — | ||||||||||||||||||||||
December 31, 2017 | 465.1 | 0.1 | — | ||||||||||||||||||||||
Stock awards | 0.2 | — | — | ||||||||||||||||||||||
Treasury stock purchases | — | — | 14.8 | ||||||||||||||||||||||
Treasury stock cancellation | (14.8 | ) | — | (14.8 | ) | ||||||||||||||||||||
Net stock purchased for employee benefit trust | — | — | — | ||||||||||||||||||||||
December 31, 2018 | 450.5 | 0.1 | — | ||||||||||||||||||||||
Stock awards | 0.6 | — | — | ||||||||||||||||||||||
Treasury stock purchases | — | — | 4.0 | Treasury stock purchases | — | — | 4.0 | ||||||||||||||||||
Treasury stock cancellation | (4.0 | ) | — | (4.0 | ) | Treasury stock cancellation | (4.0) | — | (4.0) | ||||||||||||||||
Net stock purchased for employee benefit trust | — | (0.1 | ) | — | Net stock purchased for employee benefit trust | — | (0.1) | — | |||||||||||||||||
December 31, 2019 | 447.1 | — | — | December 31, 2019 | 447.1 | — | — | ||||||||||||||||||
Stock awards | Stock awards | 2.4 | — | — | |||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 449.5 | — | — | |||||||||||||||||||||
Stock awards | Stock awards | 1.2 | — | — | |||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 450.7 | — | — |
(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 | (171.1) | 26.8 | (92.9) | (237.2) | 0.6 | ||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | 13.0 | 9.2 | 22.2 | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (171.1) | 39.8 | (83.7) | (215.0) | 0.6 | ||||||||||||||||||||||||||||||
December 31, 2020 | $ | (1,401.2) | $ | 34.0 | $ | (255.3) | $ | (1,622.5) | $ | (4.1) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 29.2 | (19.8) | 70.8 | 80.2 | (1.6) | ||||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | (11.8) | 18.0 | 6.2 | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 29.2 | (31.6) | 88.8 | 86.4 | (1.6) | ||||||||||||||||||||||||||||||
Spin-off of Technip Energies | 213.6 | (19.7) | 37.2 | 231.1 | — | ||||||||||||||||||||||||||||||
December 31, 2021 | $ | (1,158.4) | $ | (17.3) | $ | (129.3) | $ | (1,305.0) | $ | (5.7) |
(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 Noncontrolling interest | ||||||||||||||
December 31, 2017 | $ | (1,014.6 | ) | $ | 27.8 | $ | (16.9 | ) | $ | (1,003.7 | ) | $ | 0.6 | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | (178.7 | ) | (58.7 | ) | (74.5 | ) | (311.9 | ) | (4.6 | ) | |||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | (41.1 | ) | (2.0 | ) | (1.0 | ) | (44.1 | ) | — | ||||||||||
Other comprehensive income (loss), net of tax | (219.8 | ) | (60.7 | ) | (75.5 | ) | (356.0 | ) | (4.6 | ) | |||||||||
December 31, 2018 | (1,234.4 | ) | (32.9 | ) | (92.4 | ) | (1,359.7 | ) | (4.0 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 16.3 | 8.9 | (82.2 | ) | (57.0 | ) | (0.7 | ) | |||||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | (12.0 | ) | 18.2 | 3.0 | 9.2 | — | |||||||||||||
Other comprehensive income (loss), net of tax | 4.3 | 27.1 | (79.2 | ) | (47.8 | ) | (0.7 | ) | |||||||||||
December 31, 2019 | $ | (1,230.1 | ) | $ | (5.8 | ) | $ | (171.6 | ) | $ | (1,407.5 | ) | $ | (4.7 | ) |
Year Ended December 31, | ||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||||||||||
Gains on foreign currency translation | $ | — | $ | — | $ | 12.0 | Other income (expense), net | |||||||||||||||||||
Gains (losses) on hedging instruments | ||||||||||||||||||||||||||
Foreign exchange contracts | $ | (29.7) | $ | (83.7) | $ | (26.6) | Revenue | |||||||||||||||||||
10.7 | 68.5 | 12.0 | Costs of sales | |||||||||||||||||||||||
0.2 | (0.4) | — | Selling, general and administrative expense | |||||||||||||||||||||||
32.9 | (4.4) | (9.1) | Other Income (expense), net | |||||||||||||||||||||||
14.1 | (20.0) | (23.7) | Income (loss) before income taxes | |||||||||||||||||||||||
2.3 | (7.0) | (5.5) | Provision (benefit) for income taxes | |||||||||||||||||||||||
$ | 11.8 | $ | (13.0) | $ | (18.2) | Net income (loss) | ||||||||||||||||||||
Pension and other post-retirement benefits | ||||||||||||||||||||||||||
Settlements and curtailments | $ | (3.3) | $ | (2.2) | $ | (0.3) | (a) | |||||||||||||||||||
Amortization of actuarial gain (loss) | (18.2) | (9.0) | (2.5) | (a) | ||||||||||||||||||||||
Amortization of prior service credit (cost) | (0.5) | (1.2) | (1.0) | (a) | ||||||||||||||||||||||
(22.0) | (12.4) | (3.8) | Income (loss) before income taxes | |||||||||||||||||||||||
(4.0) | (3.2) | (0.8) | Provision (benefit) for income taxes | |||||||||||||||||||||||
$ | (18.0) | $ | (9.2) | $ | (3.0) | Net income (loss) |
Year Ended | ||||||||||||||
(In millions) | December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||
Gains on foreign currency translation | $ | 12.0 | $ | 41.1 | $ | — | Other income (expense), net | |||||||
Gains (losses) on hedging instruments | ||||||||||||||
Foreign exchange contracts | $ | (26.6 | ) | $ | (2.4 | ) | $ | (39.3 | ) | Revenue | ||||
12.0 | 3.4 | 5.3 | Costs of sales | |||||||||||
— | (0.1 | ) | 0.8 | Selling, general and administrative expense | ||||||||||
(9.1 | ) | 1.0 | (102.2 | ) | Other Income (expense), net | |||||||||
(23.7 | ) | 1.9 | (135.4 | ) | Income (loss) before income taxes | |||||||||
(5.5 | ) | (0.1 | ) | (34.2 | ) | Provision (benefit) for income taxes | ||||||||
$ | (18.2 | ) | $ | 2.0 | $ | (101.2 | ) | Net income (loss) | ||||||
Pension and other post-retirement benefits | ||||||||||||||
Settlements and curtailments | (0.3 | ) | 3.0 | 25.3 | (a) | |||||||||
Amortization of actuarial gain (loss) | (2.5 | ) | (0.6 | ) | (2.5 | ) | (a) | |||||||
Amortization of prior service credit (cost) | (1.0 | ) | (1.3 | ) | (1.0 | ) | (a) | |||||||
(3.8 | ) | 1.1 | 21.8 | Income (loss) before income taxes | ||||||||||
(0.8 | ) | 0.1 | 9.1 | Provision (benefit) for income taxes | ||||||||||
$ | (3.0 | ) | $ | 1.0 | $ | 12.7 | Net income (loss) |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Share-based compensation expense | $ | 74.5 | $ | 49.1 | $ | 44.4 | |||||
Income tax benefits related to share-based compensation expense | $ | 20.1 | $ | 13.2 | $ | 12.0 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Share-based compensation expense | $ | 26.8 | $ | 38.3 | $ | 44.4 | |||||||||||
Income tax benefits related to share-based compensation expense | 7.2 | 10.3 | 12.0 |
December 31, 2019 | |||
Share-based compensation expense not yet recognized (in millions) | $ | 76.9 | |
Weighted-average recognition period (in years) | 1.7 |
December 31, 2021 | |||||
Share-based compensation expense not yet recognized (in millions) | $ | 51.6 | |||
Weighted-average recognition period (in years) | 1.4 |
(Shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | ||||
Non-vested at December 31, 2018 | 2,977.4 | $ | 30.10 | |||
Granted | 1,969.1 | $ | 21.24 | |||
Vested | (347.1 | ) | $ | 29.44 | ||
Cancelled/forfeited | (73.5 | ) | $ | 27.79 | ||
Non-vested at December 31, 2019 | 4,525.9 | $ | 27.44 |
(Shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | |||||||||
Non-vested as of December 31, 2020 | 6,121.9 | $ | 18.43 | ||||||||
Granted | 2,893.0 | $ | 7.97 | ||||||||
Vested | (667.1) | $ | 37.57 | ||||||||
Cancelled/forfeited | (882.6) | $ | 13.75 | ||||||||
Adjustment due to the Spin-off | 2,124.3 | $ | 12.37 | ||||||||
Non-vested as of December 31, 2021 | 9,589.5 | $ | 11.35 |
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | ||||||||||||||||||||
Weighted-average fair value (a) | $29.04 | $41.97 | $34.42 | Weighted-average fair value (a) | $11.50 | $10.02 | $29.04 | ||||||||||||||||||
Expected volatility (b) | 34.00 | % | 34.00 | % | 34.87 | % | Expected volatility (b) | 62.70 | % | 38.30 | % | 34.00 | % | ||||||||||||
Risk-free interest rate (c) | 2.42 | % | 2.37 | % | 1.50 | % | Risk-free interest rate (c) | 0.35 | % | 0.40 | % | 2.42 | % | ||||||||||||
Expected performance period in years (d) | 3.0 | 3.0 | 3.0 | Expected performance period in years (d) | 2.9 | 3.0 | 3.0 |
(Shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | ||||
Non-vested at December 31, 2018 | 3,043.8 | $ | 27.02 | |||
Granted | 1,514.7 | $ | 24.99 | |||
Vested | (597.6 | ) | $ | 22.30 | ||
Cancelled/forfeited | (143.2 | ) | $ | 27.94 | ||
Non-vested at December 31, 2019 | 3,817.7 | $ | 28.52 |
(Shares in thousands) | Shares | Weighted-Average Grant Date Fair Value | |||||||||
Non-vested as of December 31, 2020 | 4,840.7 | $ | 17.55 | ||||||||
Granted | 2,426.2 | $ | 11.50 | ||||||||
Vested | (111.3) | $ | 30.42 | ||||||||
Cancelled/forfeited | (1,723.2) | $ | 16.03 | ||||||||
Adjustment due to the Spin-off | (3,122.8) | $ | 12.37 | ||||||||
Non-vested as of December 31, 2021 | 2,309.6 | $ | 13.26 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Weighted-average fair value (a) | $ | 5.64 | $ | 9.07 | $ | 8.79 | |||||
Expected volatility (b) | 32.5 | % | 32.5 | % | 35.7 | % | |||||
Risk-free interest rate (c) | 2.5 | % | 2.7 | % | 2.1 | % | |||||
Expected dividend yield (d) | 2.6 | % | 2.0 | % | 2.0 | % | |||||
Expected term in years (e) | 6.5 | 6.5 | 6.5 |
December 31, 2019 | ||||||||
Weighted-average fair value |
$ | 5.64 | ||||
Expected volatility |
32.5 | % | ||||
Risk-free interest rate |
2.5 | % | ||||
2.6 | % | |||||||
Expected term in years (d) | 6.5 |
Number of Shares | Weighted average exercise price | Weighted average remaining life (in years) | |||||||||||||||||||||||||||||
Number of Shares | Weighted average exercise price | Weighted average remaining life (in years) | |||||||||||||||||||||||||||||
Balance as of December 31, 2016 | 2,188.8 | € | 61.72 | 5.0 | |||||||||||||||||||||||||||
Adjustments due to Merger (a) | 2,188.8 | € | — | ||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | 4,598.4 | $ | 29.77 | 4.2 | ||||||||||||||||||||||||||
Granted | 798.4 | € | 29.29 | Granted | — | $ | — | ||||||||||||||||||||||||
Exercised | — | € | — | Exercised | — | $ | — | ||||||||||||||||||||||||
Cancelled | (292.2 | ) | € | 47.60 | Cancelled | (532.0) | $ | 24.10 | |||||||||||||||||||||||
Balance as of December 31, 2017 | 4,883.8 | € | 36.35 | 4.6 | |||||||||||||||||||||||||||
Granted | 602.2 | $ | 30.70 | ||||||||||||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||||||||||||
Cancelled | (827.6 | ) | $ | 47.20 | |||||||||||||||||||||||||||
Balance as of December 31, 2018 | 4,658.4 | $ | 33.68 | 4.8 | |||||||||||||||||||||||||||
Granted | 800.0 | $ | 20.98 | ||||||||||||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||||||||||||
Cancelled | (616.0 | ) | $ | 48.65 | |||||||||||||||||||||||||||
Balance as of December 31, 2019 | 4,842.4 | $ | 29.68 | 5.3 | |||||||||||||||||||||||||||
Exercisable at December 31, 2019 | 1,617.7 | $ | 35.92 | 3.0 | |||||||||||||||||||||||||||
Adjustment due to the Spin-off | Adjustment due to the Spin-off | (2,490.3) | $ | — | |||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 1,576.1 | $ | 20.17 | 6.3 | ||||||||||||||||||||||||||
Exercisable as of December 31, 2021 | Exercisable as of December 31, 2021 | 939.3 | $ | 22.99 | 5.6 |
Options Outstanding | Options Exercisable | ||||||||||||||
Exercise Price Range | Number of options (in thousands) | Weighted average remaining life (in years) | Weighted average exercise price | Number of options (in thousands) | Weighted average exercise price | ||||||||||
$20.00-$33.00 | 4,330.4 | 5.7 | $ | 26.55 | 1,105.7 | $ | 26.54 | ||||||||
$45.00-$51.00 | 33.0 | 2.0 | $ | 45.49 | 33.0 | $ | 45.49 | ||||||||
$55.00-$57.00 | 479.0 | 1.4 | $ | 56.93 | 479.0 | $ | 56.93 | ||||||||
Total | 4,842.4 | 5.3 | $ | 29.68 | 1,617.7 | $ | 35.92 |
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Exercise Price Range | Number of options (in thousands) | Weighted average remaining life (in years) | Weighted average exercise price | Number of options (in thousands) | Weighted average exercise price | ||||||||||||||||||||||||
$16.00-$19.00 | 636.7 | 7.2 | $ | 16.46 | — | $ | — | ||||||||||||||||||||||
$20.00-$24.00 | 721.2 | 5.6 | $ | 22.28 | 721.2 | $ | 22.28 | ||||||||||||||||||||||
$25.00-$26.00 | 218.2 | 5.6 | $ | 25.32 | 218.1 | $ | 25.32 | ||||||||||||||||||||||
Total | 1,576.1 | 6.3 | $ | 20.17 | 939.3 | $ | 22.99 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | (In millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||
Impairment expense | ||||||||||||||||||||||||||||
Subsea | $ | 1,798.6 | $ | 1,784.2 | $ | 11.5 | Subsea | $ | 53.5 | $ | 2,957.5 | $ | 1,748.4 | |||||||||||||||
Onshore/Offshore | — | — | — | |||||||||||||||||||||||||
Surface Technologies | 685.5 | 4.5 | 10.2 | Surface Technologies | 7.6 | 440.2 | 704.2 | |||||||||||||||||||||
Corporate and other | — | 3.9 | 12.6 | Corporate and other | 5.6 | 4.3 | 4.1 | |||||||||||||||||||||
Total impairment expense | 2,484.1 | 1,792.6 | 34.3 | |||||||||||||||||||||||||
Restructuring and other expense | ||||||||||||||||||||||||||||
Subsea | $ | (46.4 | ) | $ | 17.7 | $ | 88.4 | |||||||||||||||||||||
Onshore/Offshore | 17.0 | (3.4 | ) | 27.0 | ||||||||||||||||||||||||
Surface Technologies | 18.7 | 9.3 | 9.0 | |||||||||||||||||||||||||
Corporate and other | 17.4 | 15.0 | 32.8 | |||||||||||||||||||||||||
Total restructuring and other expense | 6.7 | 38.6 | 157.2 | |||||||||||||||||||||||||
Total impairment, restructuring and other expense | $ | 2,490.8 | $ | 1,831.2 | $ | 191.5 | ||||||||||||||||||||||
Total impairment, restructuring and other expenses | Total impairment, restructuring and other expenses | $ | 66.7 | $ | 3,402.0 | $ | 2,456.7 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Subsea | $ | 44.2 | $ | 2,854.5 | $ | 1,794.8 | |||||||||||
Surface Technologies | 1.9 | 419.3 | 685.5 | ||||||||||||||
Corporate and other | 3.0 | — | — | ||||||||||||||
Total impairments | $ | 49.1 | $ | 3,273.8 | $ | 2,480.3 |
Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||
(In millions) | Restructuring and other charges | Restructuring and other charges | COVID-19 expenses | Restructuring and other charges | |||||||||||||||||||
Subsea | $ | 9.3 | $ | 52.9 | $ | 50.1 | $ | (46.4) | |||||||||||||||
Surface Technologies | 5.7 | 13.2 | 7.7 | 18.7 | |||||||||||||||||||
Corporate and other | 2.6 | 4.3 | — | 4.1 | |||||||||||||||||||
Total | $ | 17.6 | $ | 70.4 | $ | 57.8 | $ | (23.6) |
(In millions) | December 31, 2019 | ||
Financial guarantees (a) | $ | 945.5 | |
Performance guarantees (b) | 4,916.0 | ||
Maximum potential undiscounted payments | $ | 5,861.5 |
December 31, 2021 | |||||
Financial guarantees |
$ | 177.4 | |||||
Performance guarantees | 1,069.0 | |||||
Maximum potential undiscounted payments | $ | 1,246.4 |
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
United States | $ | (1,406.5 | ) | $ | (197.0 | ) | $ | 284.3 | |||
Outside United States | $ | (729.3 | ) | $ | (1,291.1 | ) | $ | 395.4 | |||
Income (loss) before income taxes | $ | (2,135.8 | ) | $ | (1,488.1 | ) | $ | 679.7 |
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
United States | $ | (288.2) | $ | (2,169.3) | $ | (2,376.4) | |||||||||||
Outside United States | 486.3 | (1,329.4) | (194.7) | ||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 198.1 | $ | (3,498.7) | $ | (2,571.1) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | (In millions) | 2021 | 2020 | 2019 | |||||||||||||||||||||
Current | Current | |||||||||||||||||||||||||||
United States | $ | 34.7 | $ | 52.1 | $ | 30.2 | United States | $ | 0.2 | $ | (18.3) | $ | 39.1 | |||||||||||||||
Outside United States | 317.0 | 321.8 | 373.7 | Outside United States | 206.0 | 69.5 | 12.0 | |||||||||||||||||||||
Total current | 351.7 | 373.9 | 403.9 | |||||||||||||||||||||||||
Total current income taxes | Total current income taxes | 206.2 | 51.2 | 51.1 | ||||||||||||||||||||||||
Deferred | Deferred | |||||||||||||||||||||||||||
United States | 2.6 | 19.5 | 71.4 | United States | — | (2.8) | 3.8 | |||||||||||||||||||||
Outside United States | (78.0 | ) | 29.3 | 70.2 | Outside United States | (95.1) | (29.0) | 24.1 | ||||||||||||||||||||
Total deferred | (75.4 | ) | 48.8 | 141.6 | ||||||||||||||||||||||||
Total deferred income taxes | Total deferred income taxes | (95.1) | (31.8) | 27.9 | ||||||||||||||||||||||||
Provision for income taxes | $ | 276.3 | $ | 422.7 | $ | 545.5 | Provision for income taxes | $ | 111.1 | $ | 19.4 | $ | 79.0 |
December 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Deferred tax assets attributable to | |||||||
Accrued expenses | $ | 124.4 | $ | 128.0 | |||
Capital Loss | 21.1 | 21.2 | |||||
Non-deductible interest | 84.7 | 89.3 | |||||
Foreign tax credit carryforwards | 135.3 | 105.9 | |||||
Other tax credits | 113.2 | — | |||||
Net operating loss carryforwards | 430.5 | 382.8 | |||||
Inventories | 6.3 | 3.2 | |||||
Research and development credit | 7.6 | 6.5 | |||||
Foreign exchange | 20.4 | 32.5 | |||||
Provisions for pensions and other long-term employee benefits | 84.1 | 72.4 | |||||
Contingencies related to contracts | 89.9 | 83.7 | |||||
Other contingencies | 73.4 | 28.7 | |||||
Margin recognition on construction contracts | 115.9 | 34.4 | |||||
Leasing | 219.8 | — | |||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 10.9 | — | |||||
Other | 6.9 | 15.2 | |||||
Deferred tax assets | 1,544.4 | 1,003.8 | |||||
Valuation allowance | (916.9 | ) | (683.4 | ) | |||
Deferred tax assets, net of valuation allowance | 627.5 | 320.4 | |||||
Deferred tax liabilities attributable to | |||||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | — | 9.2 | |||||
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 10.4 | 9.4 | |||||
Property, plant and equipment, intangibles and other assets | 279.6 | 278.6 | |||||
Leasing | 215.2 | — | |||||
Deferred tax liabilities | 505.2 | 297.2 | |||||
Net deferred tax assets/(liabilities) | $ | 122.3 | $ | 23.2 |
December 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Deferred tax assets attributable to | |||||||||||
Accrued expenses | $ | 173.0 | $ | 133.0 | |||||||
Capital loss | 21.1 | 21.1 | |||||||||
Non-deductible interest | 95.4 | 77.0 | |||||||||
Foreign tax credit carryforwards | 136.5 | 134.4 | |||||||||
Other tax credits | 146.0 | 163.8 | |||||||||
Net operating loss carryforwards | 455.5 | 383.5 | |||||||||
Inventories | 1.2 | 16.6 | |||||||||
Research and development credit | 3.8 | 2.9 | |||||||||
Foreign exchange | 17.2 | — | |||||||||
Provisions for pensions and other long-term employee benefits | 31.9 | 66.1 | |||||||||
Contingencies | 38.3 | 2.9 | |||||||||
Margin recognition on construction contracts | 18.0 | 20.6 | |||||||||
Leases | 183.4 | 170.4 | |||||||||
Other | 5.4 | 0.6 | |||||||||
Deferred tax assets | 1,326.7 | 1,192.9 | |||||||||
Valuation allowance | (935.5) | (815.1) | |||||||||
Deferred tax assets, net of valuation allowance | 391.2 | 377.8 | |||||||||
Deferred tax liabilities attributable to | |||||||||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 32.2 | 33.6 | |||||||||
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | — | 4.2 | |||||||||
Property, plant and equipment, intangibles and other assets | 162.8 | 180.1 | |||||||||
Foreign exchange | — | 43.9 | |||||||||
Leases | 169.4 | 161.1 | |||||||||
Deferred tax liabilities | 364.4 | 422.9 | |||||||||
Net deferred tax assets/(liabilities) | $ | 26.8 | $ | (45.1) |
(In millions) | Net Operating Loss | ||||
2022 – 2026 | $ | 55.4 | |||
2027 – 2031 | 42.0 | ||||
2032 – 2042 | 70.1 | ||||
Non-Expiring | 288.0 | ||||
$ | 455.5 |
(In millions) | Federal, State and Foreign Tax | ||
Balance as of December 31, 2017 | $ | 90.4 | |
Reductions for tax positions related to prior years | (11.5 | ) | |
Additions for tax positions related to current year | 21.1 | ||
Reductions for tax positions due to settlements | (9.0 | ) | |
Balance as of December 31, 2018 | $ | 91.0 | |
Reductions for tax positions related to prior years | (62.4 | ) | |
Additions for tax positions related to current year | 72.9 | ||
Reductions for tax positions due to settlements | (20.8 | ) | |
Balance as of December 31, 2019 | $ | 80.7 |
(In millions) | Federal, State and Foreign Tax | ||||||||||||||||
Balance at December 31, 2019 | $ | 57.6 | |||||||||||||||
Reductions for tax positions related to prior years | (7.9) | ||||||||||||||||
Reductions for tax positions related to current year | (2.9) | ||||||||||||||||
Reductions for tax positions due to settlements | (0.6) | ||||||||||||||||
Balance at December 31, 2020 | 46.2 | ||||||||||||||||
Reductions for tax positions related to prior years | (15.2) | ||||||||||||||||
Additions for tax positions related to current year | 39.9 | ||||||||||||||||
Reductions for tax positions due to settlements | (2.1) | ||||||||||||||||
Balance at December 31, 2021 | $ | 68.8 |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Statutory income tax rate | 19.0 | % | 19.0 | % | 19.3 | % | ||
Net difference resulting from | ||||||||
Foreign earnings subject to different tax rates | 0.3 | % | (9.7 | )% | 18.2 | % | ||
Net change in unrecognized tax benefits | 1.3 | % | (0.7 | )% | 4.3 | % | ||
Adjustments on prior year taxes | (0.4 | )% | (0.7 | )% | (4.4 | )% | ||
Change in valuation allowance | (8.8 | )% | (14.4 | )% | 19.3 | % | ||
Deferred tax asset/liability revaluation for tax rate change | (0.5 | )% | (1.7 | )% | 1.4 | % | ||
U.S. transition tax | — | % | (0.8 | )% | 17.1 | % | ||
Impairments | (21.9 | )% | (16.5 | )% | — | % | ||
Non-deductible legal provision | (0.8 | )% | (3.8 | )% | — | % | ||
Other | (1.1 | )% | 0.9 | % | 5.1 | % | ||
Effective income tax rate | (12.9 | )% | (28.4 | )% | 80.3 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Statutory income tax rate | 19.0 | % | 19.0 | % | 19.0 | % | |||||||||||
Net difference resulting from | |||||||||||||||||
Foreign earnings subject to different tax rates | 24.4 | % | 1.3 | % | 3.4 | % | |||||||||||
Adjustments to prior year taxes | (52.4) | % | (1.2) | % | 0.8 | % | |||||||||||
Net change in unrecognized tax benefits | 12.3 | % | — | % | — | % | |||||||||||
Changes in valuation allowance | 65.4 | % | (0.9) | % | (7.2) | % | |||||||||||
Deferred tax asset/liability revaluation for tax rate change | (12.2) | % | 0.3 | % | (0.4) | % | |||||||||||
Impairments | — | % | (19.5) | % | (19.7) | % | |||||||||||
Non-deductible legal provision | — | % | 0.3 | % | 1.1 | % | |||||||||||
Other | (0.4) | % | 0.1 | % | (0.1) | % | |||||||||||
Effective income tax rate | 56.1 | % | (0.6) | % | (3.1) | % |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Accumulated benefit obligation | $ | 669.6 | $ | 773.3 | $ | 598.1 | $ | 664.3 | |||||||||||||||
Projected benefit obligation at January 1 | $ | 598.1 | $ | 753.4 | $ | 659.8 | $ | 898.1 | $ | 9.5 | $ | 10.0 | |||||||||||
Service cost | — | 16.3 | 0.2 | 21.2 | — | — | |||||||||||||||||
Interest cost | 25.6 | 18.3 | 23.8 | 20.9 | 0.5 | 0.4 | |||||||||||||||||
Actuarial (gain) loss | 80.7 | 102.8 | (47.9 | ) | (40.0 | ) | 1.4 | (0.2 | ) | ||||||||||||||
Amendments | — | 0.9 | 0.3 | 2.7 | — | 0.1 | |||||||||||||||||
Curtailments | — | — | — | (4.0 | ) | — | — | ||||||||||||||||
Settlements | — | (0.6 | ) | (5.3 | ) | (89.0 | ) | — | (0.1 | ) | |||||||||||||
Foreign currency exchange rate changes | — | 11.1 | — | (25.7 | ) | (0.1 | ) | — | |||||||||||||||
Plan participants’ contributions | — | 1.1 | — | 1.2 | — | — | |||||||||||||||||
Benefits paid | (34.7 | ) | (25.7 | ) | (32.8 | ) | (31.7 | ) | (0.5 | ) | (0.5 | ) | |||||||||||
Other | — | 3.4 | — | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||
Projected benefit obligation at December 31 | 669.7 | 881.0 | 598.1 | 753.4 | 10.6 | 9.5 | |||||||||||||||||
Fair value of plan assets at January 1 | 477.4 | 570.6 | 576.4 | 699.2 | — | — | |||||||||||||||||
Actual return on plan assets | 72.0 | 89.1 | (70.7 | ) | (16.0 | ) | — | — | |||||||||||||||
Company contributions | — | 6.9 | — | 18.5 | — | — | |||||||||||||||||
Foreign currency exchange rate changes | — | 13.5 | — | (20.9 | ) | — | — | ||||||||||||||||
Settlements | — | — | — | (87.6 | ) | — | — | ||||||||||||||||
Plan participants’ contributions | — | 1.1 | — | 1.2 | — | — | |||||||||||||||||
Benefits paid | (29.4 | ) | (19.6 | ) | (28.3 | ) | (23.3 | ) | — | — | |||||||||||||
Other | — | (3.8 | ) | — | (0.5 | ) | — | — | |||||||||||||||
Fair value of plan assets at December 31 | 520.0 | 657.8 | 477.4 | 570.6 | — | — | |||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (149.7 | ) | $ | (223.2 | ) | $ | (120.7 | ) | $ | (182.8 | ) | $ | (10.6 | ) | $ | (9.5 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Current portion of accrued pension and other post-retirement benefits | (5.5 | ) | (8.8 | ) | (5.5 | ) | (7.9 | ) | (0.6 | ) | (0.7 | ) | |||||||||||
Accrued pension and other post-retirement benefits, net of current portion | (144.2 | ) | (214.4 | ) | (115.2 | ) | (174.9 | ) | (10.0 | ) | (8.8 | ) | |||||||||||
Funded status recognized in the consolidated balance sheets at December 31 | $ | (149.7 | ) | $ | (223.2 | ) | $ | (120.7 | ) | $ | (182.8 | ) | $ | (10.6 | ) | $ | (9.5 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 653.6 | $ | 589.1 | $ | 684.7 | $ | 598.1 | |||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 684.7 | $ | 656.4 | $ | 669.7 | $ | 585.1 | $ | 9.4 | $ | 10.2 | |||||||||||||||||||||||
Service cost | — | 10.0 | — | 10.4 | — | — | |||||||||||||||||||||||||||||
Interest cost | 18.0 | 9.8 | 22.2 | 11.3 | 0.3 | 0.4 | |||||||||||||||||||||||||||||
Actuarial (gain) loss | 7.1 | (32.5) | 53.9 | 30.4 | (0.7) | (0.2) | |||||||||||||||||||||||||||||
Settlements | (22.6) | — | (25.6) | (2.6) | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (11.9) | — | 23.6 | (0.2) | (0.6) | |||||||||||||||||||||||||||||
Plan participants’ contributions | — | 0.9 | — | 1.1 | — | — | |||||||||||||||||||||||||||||
Benefits paid | (33.6) | (22.0) | (35.5) | (17.8) | (0.4) | (0.4) | |||||||||||||||||||||||||||||
Other | — | (9.1) | — | 14.9 | — | — | |||||||||||||||||||||||||||||
Projected benefit obligation as of December 31 | 653.6 | 601.6 | 684.7 | 656.4 | 8.4 | 9.4 | |||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 483.7 | 591.5 | 520.0 | 521.2 | — | — | |||||||||||||||||||||||||||||
Actual return on plan assets | 61.1 | 46.4 | 14.3 | 40.1 | — | — | |||||||||||||||||||||||||||||
Company contributions | 28.9 | 19.6 | — | 27.1 | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (8.9) | — | 20.4 | — | — | |||||||||||||||||||||||||||||
Settlements | (22.6) | — | (19.6) | (1.9) | — | — | |||||||||||||||||||||||||||||
Plan participants’ contributions | — | 0.9 | — | 1.1 | — | — | |||||||||||||||||||||||||||||
Benefits paid | (33.6) | (22.0) | (31.0) | (15.8) | — | — | |||||||||||||||||||||||||||||
Other | — | — | — | (0.7) | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets as of December 31 | 517.5 | 627.5 | 483.7 | 591.5 | — | — | |||||||||||||||||||||||||||||
Funded status of the plans (liability) as of December 31 | $ | (136.1) | $ | 25.9 | $ | (201.0) | $ | (64.9) | $ | (8.4) | $ | (9.4) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Current portion of accrued pension and other post-retirement benefits | $ | (2.9) | $ | (1.7) | $ | (4.6) | $ | (1.6) | $ | (0.6) | $ | (0.7) | |||||||||||||||||||||||
Accrued pension and other post-retirement benefits, net of current portion | (133.2) | 27.6 | (196.4) | (63.3) | (7.8) | (8.7) | |||||||||||||||||||||||||||||
Funded status as of December 31 | $ | (136.1) | $ | 25.9 | $ | (201.0) | $ | (64.9) | $ | (8.4) | $ | (9.4) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive (income) loss | |||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 121.6 | $ | 90.7 | $ | 73.2 | $ | 43.7 | $ | 1.9 | $ | 0.6 | |||||||||||
Unrecognized prior service (credit) cost | — | 7.0 | — | 7.0 | — | — | |||||||||||||||||
Accumulated other comprehensive (income) loss at December 31 | $ | 121.6 | $ | 97.7 | $ | 73.2 | $ | 50.7 | $ | 1.9 | $ | 0.6 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive (income) loss | |||||||||||||||||||||||||||||||||||
Unrecognized actuarial loss | $ | 156.6 | $ | 15.9 | $ | 198.4 | $ | 79.1 | $ | 0.4 | $ | 1.3 | |||||||||||||||||||||||
Unrecognized prior service cost | — | 3.4 | — | 3.9 | — | — | |||||||||||||||||||||||||||||
Accumulated other comprehensive (income) loss as of December 31 | $ | 156.6 | $ | 19.3 | $ | 198.4 | $ | 83.0 | $ | 0.4 | $ | 1.3 |
Pensions | Other Post-retirement Benefits | Pensions | Other Post-retirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | (In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||||||||||||||||||||
Plans with underfunded or non-funded projected benefit obligation | Plans with underfunded or non-funded projected benefit obligation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 668.4 | $ | 741.2 | $ | 598.1 | $ | 621.1 | $ | 10.7 | $ | 9.5 | Aggregate projected benefit obligation | $ | 652.2 | $ | 57.9 | $ | 684.7 | $ | 513.1 | $ | 8.4 | $ | 9.4 | |||||||||||||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 518.8 | $ | 522.8 | $ | 477.4 | $ | 439.8 | $ | — | $ | — | Aggregate fair value of plan assets | $ | 516.0 | $ | — | $ | 483.7 | $ | 442.7 | $ | — | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Plans with underfunded or non-funded accumulated benefit obligation | |||||||||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | $ | 652.2 | $ | 46.7 | $ | 684.7 | $ | 50.8 | $ | — | $ | — | |||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 516.0 | $ | — | $ | 483.7 | $ | — | $ | — | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||
Plans with underfunded or non-funded accumulated benefit obligation | |||||||||||||||||||||||
Aggregate accumulated benefit obligation | $ | 668.4 | $ | 292.1 | $ | 598.1 | $ | 269.2 | $ | — | $ | — | |||||||||||
Aggregate fair value of plan assets | $ | 518.8 | $ | 140.3 | $ | 477.4 | $ | 126.6 | $ | — | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 16.3 | $ | 0.2 | $ | 21.2 | $ | 10.3 | $ | 21.0 | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | 25.6 | 18.3 | 23.8 | 20.9 | 26.7 | 19.6 | 0.5 | 0.4 | 0.3 | ||||||||||||||||||||||||||
Expected return on plan assets | (41.6 | ) | (33.5 | ) | (50.1 | ) | (41.2 | ) | (45.5 | ) | (36.3 | ) | — | — | — | ||||||||||||||||||||
Settlement cost | — | 0.3 | 0.4 | 0.4 | — | 1.5 | — | — | — | ||||||||||||||||||||||||||
Curtailment benefit | — | — | — | (3.8 | ) | (26.8 | ) | — | — | — | — | ||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 1.8 | 0.7 | — | 0.6 | — | 2.5 | — | — | — | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | 1.0 | — | 1.3 | — | 1.0 | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | (14.2 | ) | $ | 3.1 | $ | (25.7 | ) | $ | (0.6 | ) | $ | (35.3 | ) | $ | 9.3 | $ | 0.5 | $ | 0.4 | $ | 0.3 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 10.0 | $ | — | $ | 10.4 | $ | — | $ | 7.0 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Interest cost | 18.0 | 9.8 | 22.2 | 11.3 | 25.6 | 13.7 | 0.3 | 0.4 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (31.9) | (25.0) | (45.4) | (36.5) | (41.6) | (31.3) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Settlement cost | 2.8 | — | 1.4 | 0.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Curtailment benefit | — | 0.4 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 16.8 | 1.4 | 6.9 | 0.6 | 1.8 | 0.3 | 0.1 | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | 0.5 | — | 0.6 | — | 0.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 5.7 | $ | (2.9) | $ | (14.9) | $ | (13.1) | $ | (14.2) | $ | (9.9) | $ | 0.4 | $ | 0.5 | $ | 0.5 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) arising during period | $ | (50.2 | ) | $ | (47.3 | ) | $ | (73.5 | ) | $ | (15.3 | ) | $ | 26.7 | $ | 43.3 | $ | — | $ | — | $ | (0.8 | ) | ||||||||||||
Prior service (cost) credit arising during period | — | (0.9 | ) | 0.2 | (2.7 | ) | (0.2 | ) | 0.1 | — | — | — | |||||||||||||||||||||||
Settlements and curtailments | — | 0.3 | 0.4 | (3.4 | ) | (26.8 | ) | 1.5 | — | — | — | ||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 1.8 | 0.7 | — | 0.6 | — | 2.5 | — | — | — | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | 1.0 | — | 1.3 | — | 1.0 | — | — | — | ||||||||||||||||||||||||||
Other | — | (0.8 | ) | — | 1.4 | — | (5.1 | ) | (0.1 | ) | (0.1 | ) | — | ||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (48.4 | ) | $ | (47.0 | ) | $ | (72.9 | ) | $ | (18.1 | ) | $ | (0.3 | ) | $ | 43.3 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.8 | ) |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) arising during period | $ | (22.1) | $ | (58.4) | $ | (85.1) | $ | (26.8) | $ | (50.2) | $ | (37.5) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Prior service (cost) credit arising during period | — | 0.6 | — | — | — | (0.9) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Settlements and curtailments | (2.8) | (0.4) | 1.4 | 0.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | (16.8) | (1.4) | 6.9 | 0.6 | 1.8 | 0.3 | — | (0.1) | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | (0.5) | — | 0.6 | — | 0.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (7.5) | — | (1.5) | (0.9) | (0.6) | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (41.7) | $ | (60.1) | $ | (76.8) | $ | (32.7) | $ | (48.4) | $ | (39.2) | $ | (0.9) | $ | (0.7) | $ | 1.5 |
Pensions | Other Post-retirement Benefits | ||||||||||
(In millions) | U.S. | Int’l | |||||||||
Net actuarial losses (gains) | $ | 6.9 | $ | 1.9 | $ | — | |||||
Prior service cost (credit) | $ | — | $ | 1.1 | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||||||||
(In millions) | U.S. | Int’l | |||||||||||||||
Net actuarial losses | $ | 12.0 | $ | — | $ | — | |||||||||||
Prior service cost | $ | — | $ | 0.4 | $ | — | |||||||||||
Pensions | Other Post-retirement Benefits | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
U.S. | Int’l | U.S. | Int’l | ||||||||||||||
Discount rate | 3.40 | % | 1.70 | % | 4.40 | % | 2.54 | % | 4.31 | % | 5.04 | % | |||||
Rate of compensation increase | N/A | 2.39 | % | N/A | 2.24 | % | 4.00 | % | 4.00 | % |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Discount rate | 2.90 | % | 1.99 | % | 2.70 | % | 1.48 | % | 5.26 | % | 3.63 | % | |||||||||||||||||||||||
Rate of compensation increase | N/A | 3.15 | % | N/A | 2.93 | % | 4.00 | % | 4.00 | % | |||||||||||||||||||||||||
Pensions | Other Post-retirement Benefits | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||
Discount rate | 4.40 | % | 2.56 | % | 3.70 | % | 2.39 | % | 4.30 | % | 2.37 | % | 5.04 | % | 4.33 | % | 4.05 | % | ||||||||
Rate of compensation increase | N/A | 2.34 | % | N/A | 2.39 | % | 4.00 | % | 2.39 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||
Expected rate of return on plan assets | 8.65 | % | 5.04 | % | 8.57 | % | 4.90 | % | 9.00 | % | 6.24 | % | N/A | N/A | N/A |
Pensions | Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 2.70 | % | 3.09 | % | 3.40 | % | 2.01 | % | 4.40 | % | 2.89 | % | 4.46 | % | 4.48 | % | 5.32 | % | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3.15 | % | N/A | 3.84 | % | N/A | 3.80 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 6.75 | % | 2.22 | % | 7.75 | % | 7.27 | % | 8.65 | % | 7.15 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | (In millions) | U.S. | International | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | Total | Level 1 | Level 2 | Level 3 | Net Asset Value (a) | Total | Level 1 | Level 2 | Level 3 | Net Asset Value (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50.5 | $ | 50.5 | $ | — | $ | — | $ | 10.0 | $ | 10.0 | $ | — | $ | — | Cash and cash equivalents | $ | 43.4 | $ | 43.4 | $ | — | $ | — | $ | — | $ | 40.5 | $ | 40.5 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. companies | 110.3 | 110.3 | — | — | 70.4 | 70.4 | — | — | U.S. companies | 102.1 | 102.1 | — | — | — | 45.5 | 45.5 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International companies | 5.4 | 5.4 | — | — | 251.5 | 251.5 | — | — | International companies | 2.1 | 2.1 | — | — | — | 143.4 | 143.4 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered investment companies (a) | 36.3 | — | — | — | 63.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common/collective trusts (a) | 12.5 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered investment companies | Registered investment companies | 37.9 | — | — | — | 37.9 | 36.0 | — | — | — | 36.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 138.5 | — | 138.5 | — | Insurance contracts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds | Hedge funds | 138.8 | — | — | — | 138.8 | 291.0 | — | — | — | 291.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | Limited partnerships | 192.5 | — | — | — | 192.5 | 3.6 | — | — | — | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and other investments | Real estate and other investments | 0.6 | 0.6 | — | — | — | 69.7 | 69.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 517.4 | $ | 148.2 | $ | — | $ | — | $ | 369.2 | $ | 629.7 | $ | 299.1 | $ | — | $ | — | $ | 330.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 38.1 | $ | 38.1 | $ | — | $ | — | $ | — | $ | 66.3 | $ | 66.3 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. companies | U.S. companies | 83.3 | 83.3 | — | — | — | 96.3 | 96.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International companies | International companies | 1.1 | 1.1 | — | — | — | 208.4 | 208.4 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered investment companies | Registered investment companies | 38.4 | — | — | — | 38.4 | 68.2 | — | — | — | 68.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds (a) | 164.3 | — | — | — | 82.0 | — | — | — | 160.9 | — | — | — | 160.9 | 98.3 | — | — | — | 98.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships (a) | 139.4 | — | — | — | 7.9 | — | — | — | 160.9 | — | — | — | 160.9 | 14.5 | — | — | — | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and other investments | 1.3 | 1.3 | — | — | 36.0 | 36.0 | — | — | Real estate and other investments | 1.0 | 1.0 | — | — | — | 39.5 | 39.5 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 520.0 | $ | 167.5 | $ | — | $ | — | $ | 659.7 | $ | 367.9 | $ | 138.5 | $ | — | Total assets | $ | 483.7 | $ | 123.5 | $ | — | $ | — | $ | 360.2 | $ | 591.5 | $ | 410.5 | $ | — | $ | — | $ | 181.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 46.8 | $ | 46.8 | $ | — | $ | — | $ | 11.1 | $ | 11.1 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. companies | 109.4 | 109.4 | — | — | 92.2 | 92.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International companies | 8.5 | 8.5 | — | — | 186.8 | 186.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registered investment companies (a) | 32.6 | — | — | — | 44.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common/collective trusts (a) | 11.7 | — | — | — | 10.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 125.0 | — | 125.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 176.5 | — | — | — | 99.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | 89.7 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and other investments | 2.2 | 2.2 | — | — | 1.2 | 1.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 477.4 | $ | 166.9 | $ | — | $ | — | $ | 569.8 | $ | 291.3 | $ | 125.0 | $ | — |
Pensions | Other Post-retirement Benefits | ||||||||||
(In millions) | U.S. | International | |||||||||
2020 | $ | 35.9 | $ | 32.8 | $ | 0.6 | |||||
2021 | 36.3 | 28.4 | 0.6 | ||||||||
2022 | 35.7 | 29.5 | 0.6 | ||||||||
2023 | 34.1 | 31.1 | 0.6 | ||||||||
2024 | 34.6 | 33.2 | 0.6 | ||||||||
2025-2029 | $ | 177.1 | $ | 181.5 | $ | 2.6 |
Pensions | Other Post-retirement Benefits | ||||||||||||||||
(In millions) | U.S. | International | |||||||||||||||
2022 | $ | 33.3 | $ | 22.0 | $ | 0.6 | |||||||||||
2023 | 31.4 | 22.4 | 0.6 | ||||||||||||||
2024 | 31.7 | 23.8 | 0.6 | ||||||||||||||
2025 | 32.3 | 24.4 | 0.5 | ||||||||||||||
2026 | 32.7 | 25.6 | 0.5 | ||||||||||||||
2027-2031 | 165.9 | 149.9 | 2.3 |
Net Notional Amount Bought (Sold) | |||||
(In millions) | USD Equivalent | ||||
Euro | 1,109.3 | 1,245.8 | |||
British pound | 114.8 | 151.5 | |||
Norwegian krone | 2,682.6 | 305.4 | |||
Brazilian real | 798.6 | 198.1 | |||
Singapore dollar | 208.1 | 154.7 | |||
Malaysian ringgit | 413.6 | 101.2 | |||
Japanese yen | 4,376.7 | 40.3 | |||
Australian dollar | 51.3 | 36.0 | |||
Indonesian rupiah | 240,584.6 | 17.3 | |||
Swedish krona | 105.7 | 11.4 | |||
Mexican peso | (300.0 | ) | (15.9 | ) | |
Honk Kong dollar | (138.0 | ) | (17.7 | ) | |
Canadian dollar | (89.9 | ) | (69.1 | ) | |
U.S. dollar | (1,078.8 | ) | (1,078.8 | ) |
Net Notional Amount Bought (Sold) | |||||||||||
(In millions) | USD Equivalent | ||||||||||
Euro | 775.4 | 878.2 | |||||||||
British pound | (197.2) | (265.9) | |||||||||
Malaysian ringgit | (627.4) | (150.5) | |||||||||
Norwegian krone | 967.9 | 109.8 | |||||||||
Brazilian real | 1,299.8 | 232.9 | |||||||||
Singapore dollar | 125.4 | 92.9 | |||||||||
Mexican peso | (116.7) | (5.7) | |||||||||
Australian dollar | 182.4 | 132.2 | |||||||||
Indian rupee | 881.4 | 11.8 | |||||||||
Kuwaiti Dinar | (3.3) | (10.9) | |||||||||
Russian Ruble | 925.0 | 12.5 | |||||||||
Canadian dollar | 19.2 | 15.1 | |||||||||
Indonesian rupiah | (45,656.9) | (3.2) | |||||||||
U.S. dollar | (1,119.9) | (1,119.9) |
Net Notional Amount Bought (Sold) | |||||
(In millions) | USD Equivalent | ||||
Brazilian real | 57.6 | 14.3 | |||
Euro | (6.8 | ) | (7.6 | ) | |
Norwegian krone | (124.7 | ) | (14.2 | ) | |
U.S. dollar | 7.9 | 7.9 |
Net Notional Amount Bought (Sold) | |||||||||||
(In millions) | USD Equivalent | ||||||||||
Brazilian real | 52.5 | 9.4 | |||||||||
Euro | (7.3) | (8.3) | |||||||||
Norwegian krone | 6.1 | 0.7 | |||||||||
U.S. dollar | (1.2) | (1.2) |
December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | (In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||
Current - Derivative financial instruments | $ | 94.3 | $ | 125.0 | $ | 83.8 | $ | 127.7 | Current - Derivative financial instruments | $ | 106.4 | $ | 139.5 | $ | 189.5 | $ | 141.9 | |||||||||||||||||||||
Long-term - Derivative financial instruments | 34.8 | 48.0 | 9.0 | 35.6 | Long-term - Derivative financial instruments | 10.5 | 15.5 | 28.9 | 18.8 | |||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 129.1 | 173.0 | 92.8 | 163.3 | Total derivatives designated as hedging instruments | 116.9 | 155.0 | 218.4 | 160.7 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | |||||||||||||||||||||||||||||||||||||
Current - Derivative financial instruments | 7.6 | 16.3 | 11.9 | 10.7 | Current - Derivative financial instruments | 3.9 | 21.5 | 79.2 | 15.6 | |||||||||||||||||||||||||||||
Long-term - Derivative financial instruments | 0.4 | 0.4 | 0.1 | 0.1 | Long-term - Derivative financial instruments | — | — | 0.3 | — | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 8.0 | 16.7 | 12.0 | 10.8 | Total derivatives not designated as hedging instruments | 3.9 | 21.5 | 79.5 | 15.6 | |||||||||||||||||||||||||||||
Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium | 4.3 | — | 9.2 | — | ||||||||||||||||||||||||||||||||||
Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives | — | 4.3 | — | 9.2 | ||||||||||||||||||||||||||||||||||
Total derivatives | $ | 141.4 | $ | 194.0 | $ | 114.0 | $ | 183.3 | Total derivatives | $ | 120.8 | $ | 176.5 | $ | 297.9 | $ | 176.3 |
Gain (Loss) Recognized in OCI | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Foreign exchange contracts | $ | (26.3) | $ | 3.8 | $ | 12.2 |
Gain (Loss) Recognized in OCI | |||||||||||
Year Ended December 31, | |||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||
Foreign exchange contracts | $ | 10.3 | $ | (75.4 | ) | $ | 72.1 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 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 | Revenue | Cost of sales | Other income (expense), net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated OCI to income (loss) | $ | (29.7) | $ | 10.7 | $ | 0.2 | $ | 32.9 | $ | (83.7) | $ | 68.5 | $ | (0.4) | $ | (0.2) | $ | (26.6) | $ | 12.0 | $ | (1.3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amounts excluded from effectiveness testing | (1.8) | (3.3) | — | 3.8 | 7.7 | (9.8) | (0.2) | 0.3 | 0.6 | (7.6) | (7.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (31.5) | 7.4 | 0.2 | 36.7 | (76.0) | 58.7 | (0.6) | 0.1 | (26.0) | 4.4 | (8.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | 1.3 | 0.3 | — | (13.3) | (0.8) | 3.4 | — | 35.9 | (1.6) | 0.2 | (21.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (30.2) | $ | 7.7 | $ | 0.2 | $ | 23.4 | $ | (76.8) | $ | 62.1 | $ | (0.6) | $ | 36.0 | $ | (27.6) | $ | 4.6 | $ | (29.9) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 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 (loss) | $ | (26.6 | ) | $ | 12.0 | $ | — | $ | (9.1 | ) | $ | (2.4 | ) | $ | 3.4 | $ | (0.1 | ) | $ | 1.0 | $ | (39.3 | ) | $ | 5.3 | $ | 0.8 | $ | (102.2 | ) | |||||||||||||||||
Amounts excluded from effectiveness testing | 0.6 | (7.6 | ) | — | (34.9 | ) | (2.2 | ) | (4.8 | ) | — | (12.3 | ) | 9.5 | (9.0 | ) | 0.1 | 23.0 | |||||||||||||||||||||||||||||
Total cash flow hedge gain (loss) recognized in income | (26.0 | ) | 4.4 | — | (44.0 | ) | (4.6 | ) | (1.4 | ) | (0.1 | ) | (11.3 | ) | (29.8 | ) | (3.7 | ) | 0.9 | (79.2 | ) | ||||||||||||||||||||||||||
Gain (loss) recognized in income on derivatives not designated as hedging instruments | (1.6 | ) | 0.2 | — | (10.2 | ) | (1.7 | ) | 0.2 | — | (11.4 | ) | 0.9 | (0.3 | ) | — | 43.0 | ||||||||||||||||||||||||||||||
Total | $ | (27.6 | ) | $ | 4.6 | $ | — | $ | (54.2 | ) | $ | (6.3 | ) | $ | (1.2 | ) | $ | (0.1 | ) | $ | (22.7 | ) | $ | (28.9 | ) | $ | (4.0 | ) | $ | 0.9 | $ | (36.2 | ) |
December 31, 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 | $ | 120.8 | $ | (78.6) | $ | 42.2 | $ | 297.9 | $ | (128.7) | $ | 169.2 | |||||||||||||||||||||||
Derivative liabilities | $ | 176.5 | $ | (78.6) | $ | 97.9 | $ | 176.3 | $ | (128.7) | $ | 47.6 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(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 | $ | 141.4 | $ | (112.5 | ) | $ | 28.9 | $ | 114.0 | $ | (105.9 | ) | $ | 8.1 | |||||||||
Derivative liabilities | $ | 194.0 | $ | (112.5 | ) | $ | 81.5 | $ | 183.3 | $ | (105.9 | ) | $ | 77.4 |
December 31, 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 | $ | 317.3 | $ | 317.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Equity securities(a) | 25.0 | 25.0 | — | — | 23.4 | 23.4 | — | — | |||||||||||||||||||||||||||||||||||||||
Money market fund | 2.4 | — | 2.4 | — | 1.7 | — | 1.7 | — | |||||||||||||||||||||||||||||||||||||||
Stable value fund(b) | 0.3 | — | — | — | 0.9 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | 24.0 | — | 24.0 | — | 24.2 | — | 24.2 | — | |||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 120.8 | — | 120.8 | — | 297.9 | — | 297.9 | — | |||||||||||||||||||||||||||||||||||||||
Assets held for sale | 5.0 | — | — | 5.0 | 47.3 | — | — | 47.3 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 494.8 | $ | 342.3 | $ | 147.2 | $ | 5.0 | $ | 395.4 | $ | 23.4 | $ | 323.8 | $ | 47.3 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 176.5 | — | 176.5 | — | 176.3 | — | 176.3 | — | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 176.5 | $ | — | $ | 176.5 | $ | — | $ | 176.3 | $ | — | $ | 176.3 | $ | — |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||
Equity securities(a) | $ | 54.8 | $ | 54.8 | $ | — | $ | — | $ | 40.4 | $ | 40.4 | $ | — | $ | — | |||||||||||||||
Money market fund | 1.5 | — | 1.5 | — | 1.6 | — | 1.6 | — | |||||||||||||||||||||||
Stable value fund(b) | 2.1 | — | — | — | 0.5 | — | — | — | |||||||||||||||||||||||
Held to maturity | 71.9 | — | 71.9 | — | 20.0 | — | 20.0 | — | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||
Synthetic bonds - call option premium | 4.3 | — | 4.3 | — | 9.2 | — | 9.2 | — | |||||||||||||||||||||||
Foreign exchange contracts | 137.1 | — | 137.1 | — | 104.8 | — | 104.8 | — | |||||||||||||||||||||||
Assets held for sale | 25.8 | — | — | 25.8 | 9.6 | — | — | 9.6 | |||||||||||||||||||||||
Total assets | $ | 297.5 | $ | 54.8 | $ | 214.8 | $ | 25.8 | $ | 186.1 | $ | 40.4 | $ | 135.6 | $ | 9.6 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Redeemable financial liability | $ | 268.8 | $ | — | $ | — | $ | 268.8 | $ | 408.5 | $ | — | $ | — | $ | 408.5 | |||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||||
Synthetic bonds - embedded derivatives | 4.3 | — | 4.3 | — | 9.2 | — | 9.2 | — | |||||||||||||||||||||||
Foreign exchange contracts | 189.7 | — | 189.7 | — | 174.1 | — | 174.1 | — | |||||||||||||||||||||||
Liabilities held for sale | 9.3 | — | — | 9.3 | 16.2 | — | — | 16.2 | |||||||||||||||||||||||
Total liabilities | $ | 472.1 | $ | — | $ | 194.0 | $ | 278.1 | $ | 608.0 | $ | — | $ | 183.3 | $ | 424.7 |
Year Ended December 31, | ||||||||||||
(In millions) | 2019 | 2018 | 2017 | |||||||||
Balance at beginning of period | $ | 408.5 | $ | 312.0 | $ | 174.8 | ||||||
Less: Expenses recognized in net interest expense | (423.1 | ) | (322.3 | ) | (293.7 | ) | ||||||
Less: Settlements | 562.8 | 225.8 | 156.5 | |||||||||
Balance at end of period | $ | 268.8 | $ | 408.5 | $ | 312.0 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
(In millions) | Impairment | Fair Value | Impairment | Fair Value | ||||||||||||||||||||||||||||
Long-lived assets(a) | $ | 49.1 | $ | 25.5 | $ | 190.4 | $ | 452.5 | ||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||
(In millions) | Carrying Amount (a) | Fair Value (b) | Carrying Amount (a) | Fair Value (b) | |||||||||||
Synthetic bonds due 2021 | $ | 492.9 | $ | 513.1 | $ | 490.9 | $ | 532.4 | |||||||
3.45% Senior Notes due 2022 | 500.0 | 499.2 | 500.0 | 489.7 | |||||||||||
5.00% Notes due 2020 | 224.6 | 230.0 | 229.0 | 244.0 | |||||||||||
3.40% Notes due 2022 | 168.5 | 180.6 | 171.8 | 186.9 | |||||||||||
3.15% Notes due 2023 | 146.0 | 156.8 | 148.9 | 161.3 | |||||||||||
3.15% Notes due 2023 | 140.4 | 150.5 | 143.1 | 153.3 | |||||||||||
4.00% Notes due 2027 | 84.2 | 96.4 | 85.9 | 95.8 | |||||||||||
4.00% Notes due 2032 | 112.3 | 127.8 | 114.5 | 120.2 | |||||||||||
3.75% Notes due 2033 | 112.3 | 123.8 | 114.5 | 126.1 |
2019 | 2018 | ||||||||||||||||||||||||||||||
(In millions, except per share data) | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | |||||||||||||||||||||||
Revenue | $ | 3,726.8 | $ | 3,335.1 | $ | 3,434.2 | $ | 2,913.0 | $ | 3,323.0 | $ | 3,143.8 | $ | 2,960.9 | $ | 3,125.2 | |||||||||||||||
Cost of sales | 3,067.2 | 2,726.4 | 2,745.2 | 2,411.9 | 2,767.7 | 2,558.5 | 2,422.2 | 2,524.6 | |||||||||||||||||||||||
Net income (loss) | (2,430.3 | ) | (115.3 | ) | 113.7 | 19.8 | (2,246.5 | ) | 134.2 | 110.1 | 91.4 | ||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | (2,414.0 | ) | $ | (119.1 | ) | $ | 97.0 | $ | 20.9 | $ | (2,259.3 | ) | $ | 136.9 | $ | 105.7 | $ | 95.1 | ||||||||||||
Basic earnings (loss) per share (1) | $ | (5.40 | ) | $ | (0.27 | ) | $ | 0.22 | $ | 0.05 | $ | (5.00 | ) | $ | 0.30 | $ | 0.23 | $ | 0.20 | ||||||||||||
Diluted earnings (loss) per share (1) | $ | (5.40 | ) | $ | (0.27 | ) | $ | 0.21 | $ | 0.05 | $ | (5.00 | ) | $ | 0.30 | $ | 0.23 | $ | 0.20 |
shares, representing 7.1% of Technip Energies’ issued and outstanding share capital. As of February 25, 2022, the value of our investment in Technip Energies was $155.3 million. On January 14, 2022 we paid £6 million, or $8.3 million for 750,000 ordinary shares in Orbital Marine Power (Orbital) to complete the investment in accordance with the Memorandum of Understanding between Technip Holding Benelux B.V. and Orbital. Orbital is a Scotland-based renewable energy company focused on the development and global application of its floating turbine technology. Upon completion of the investment, we will hold approximately 10.2% of the ordinary shares in Orbital. |
Name | Principal Occupation | ||||||||||
Douglas J. Pferdehirt | |||||||||||
Eleazar de Carvalho Filho | Founding Partner of Virtus BR Partners Assessoria Corporativa Ltda. and Founding Partner of Sinfonia Consultoria Financeira e Participações Ltda., financial advisory and consulting | ||||||||||
Claire S. Farley | Former Vice Chairman in the Energy & Infrastructure business of KKR & Co. L.P., a global investment | ||||||||||
Peter Mellbye | Former Executive Vice President, Development & Production, International, of Statoil ASA, an international oil and gas | ||||||||||
John O’Leary | Chief Executive Officer of Strand Energy, a Dubai-based company specializing in business development in the oil and gas | ||||||||||
Former | |||||||||||
Kay G. Priestly | Former Chief Executive Officer of Turquoise Hill Resources Ltd., an international mining | ||||||||||
John Yearwood | Former Chief Executive Officer, President, and Chief Operating Officer of Smith International, Inc., a supplier of services and manufactured products to oil and gas exploration and production | ||||||||||
Sophie Zurquiyah | Chief Executive Officer of CGG S.A., a global geoscience technology leader. |
(shares in thousands) | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans | (shares in thousands) | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans | |||||||||||||||||||
Equity compensation plans approved by security holders | 4,842.4 | $ | 29.68 | 21,350.2 | Equity compensation plans approved by security holders | 1,576.1 | $ | 20.17 | 14,352.3 | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||||
Total | 4,842.4 | $ | 29.68 | 21,350.2 | Total | 1,576.1 | $ | 20.17 | 14,352.3 |
(In millions) | Additions | ||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts (a) | Deductions and Adjustments (b) | Balance at End of Period | ||||||||||||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Trade receivables allowance for doubtful accounts | $ | 58.7 | $ | 27.7 | $ | 3.5 | $ | (32.5) | $ | 57.4 | |||||||||||||||||||
Valuation allowance for deferred tax assets | $ | 496.6 | $ | 184.9 | $ | — | $ | 47.6 | $ | 729.1 | |||||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Trade receivables allowance for doubtful accounts (c) | $ | 57.4 | $ | 38.0 | $ | 1.3 | $ | (56.5) | $ | 40.2 | |||||||||||||||||||
Valuation allowance for deferred tax assets | $ | 729.1 | $ | 104.4 | $ | (11.3) | $ | (7.1) | $ | 815.1 | |||||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
Trade receivables allowance for doubtful accounts | $ | 40.2 | $ | 17.0 | $ | (10.8) | $ | (8.3) | $ | 38.1 | |||||||||||||||||||
Valuation allowance for deferred tax assets | $ | 815.1 | $ | 129.7 | $ | (12.0) | $ | 2.7 | $ | 935.5 |
(In millions) | Additions | ||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts (a) | Deductions and Adjustments (b) | Balance at End of Period | ||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 85.6 | $ | 15.5 | $ | 19.8 | $ | (3.5 | ) | $ | 117.4 | ||||||||
Valuation allowance for deferred tax assets | $ | 172.7 | $ | 258.7 | $ | 4.4 | $ | (5.8 | ) | $ | 430.0 | ||||||||
Year Ended December 31, 2018 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 117.4 | $ | 54.7 | $ | 0.3 | $ | (52.8 | ) | $ | 119.6 | ||||||||
Valuation allowance for deferred tax assets | $ | 430.0 | $ | 213.8 | $ | (21.3 | ) | $ | 60.9 | $ | 683.4 | ||||||||
Year Ended December 31, 2019 | |||||||||||||||||||
Allowance for doubtful accounts | $ | 119.6 | $ | 22.0 | $ | (2.9 | ) | $ | (43.3 | ) | $ | 95.4 | |||||||
Valuation allowance for deferred tax assets | $ | 683.4 | $ | 187.0 | $ | (2.1 | ) | $ | 48.6 | $ | 916.9 |
Exhibit Number | Exhibit Description | |||||||
2.1 | ||||||||
2.1.a | ||||||||
3.1 | ||||||||
4.1 | ||||||||
4.1.a | ||||||||
4.2 | ||||||||
4.2.a | ||||||||
4.3 | ||||||||
10.1* | ||||||||
10.2* | ||||||||
10.3* | ||||||||
10.4* | ||||||||
10.25 | ||||||||
10.28 | ||||||||
10.28a | ||||||||
10.29 | ||||||||
10.29a | ||||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41 | ||||||||
10.41a | ||||||||
10.41b | ||||||||
10.42 | ||||||||
10.43 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
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). |
TechnipFMC plc (Registrant) | ||||||||
By: | /S/ KRISZTINA DOROGHAZI | |||||||
Krisztina Doroghazi Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer and a Duly Authorized Officer) |
Signature | Title | Date | ||||||||||||
/S/ DOUGLAS J. PFERDEHIRT | Chair and Chief Executive Officer (Principal Executive Officer) | February 28, 2022 | ||||||||||||
Douglas J. Pferdehirt | ||||||||||||||
/S/ ALF MELIN | ||||||||||||||
Executive Vice President, (Principal Financial Officer) | February 28, 2022 | |||||||||||||
Alf Melin | ||||||||||||||
/S/ ELEAZAR DE CARVALHO FILHO | Director | February 28, 2022 | ||||||||||||
Eleazar de Carvalho Filho | ||||||||||||||
Claire S. Farley | ||||||||||||||
Peter Mellbye | ||||||||||||||
John O’Leary | ||||||||||||||
Margareth Øvrum | ||||||||||||||
Kay G. Priestly | ||||||||||||||
John Yearwood | ||||||||||||||
Sophie Zurquiyah | ||||||||||||||