Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 21, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'fti | ' |
Entity Registrant Name | 'FMC TECHNOLOGIES INC | ' |
Entity Central Index Key | '0001135152 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 233,846,456 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Product revenue | $1,559 | $1,370.50 | $4,598.50 | $4,070 |
Service and other revenue | 417.7 | 354 | 1,187.90 | 1,008.40 |
Total revenue | 1,976.70 | 1,724.50 | 5,786.40 | 5,078.40 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product revenue | 1,198.90 | 1,106.60 | 3,545.30 | 3,280.80 |
Cost of service and other revenue | 280.7 | 247.2 | 845.6 | 730.3 |
Selling, general and administrative expense | 170.8 | 165.9 | 542 | 508.8 |
Research and development expense | 29.9 | 27.2 | 84.6 | 84.9 |
Total costs and expenses | 1,680.30 | 1,546.90 | 5,017.50 | 4,604.80 |
Gain on sale of Material Handling Products (Note 4) | -1.3 | ' | 84.3 | ' |
Other income (expense), net | -26.5 | -0.2 | -29.2 | 1 |
Income before net interest expense and income taxes | 268.6 | 177.4 | 824 | 474.6 |
Net interest expense | -8 | -8.2 | -24.5 | -25.1 |
Income before income taxes | 260.6 | 169.2 | 799.5 | 449.5 |
Provision for income taxes | 90.1 | 51.8 | 264.8 | 122 |
Net income | 170.5 | 117.4 | 534.7 | 327.5 |
Net income attributable to noncontrolling interests | -0.7 | -1.4 | -3.4 | -3.9 |
Net income attributable to FMC Technologies, Inc. | $169.80 | $116 | $531.30 | $323.60 |
Earnings per share attributable to FMC Technologies, Inc. (Note 3): | ' | ' | ' | ' |
Basic | $0.72 | $0.49 | $2.24 | $1.36 |
Diluted | $0.72 | $0.49 | $2.24 | $1.35 |
Weighted average shares outstanding (Note 3): | ' | ' | ' | ' |
Basic | 236.4 | 238.2 | 236.8 | 238.4 |
Diluted | 237 | 238.9 | 237.3 | 239.2 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net income | $170.50 | $117.40 | $534.70 | $327.50 | ||||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ||||
Foreign currency translation adjustments (1) | -60.8 | [1] | 8.9 | [1] | -44.4 | [1] | -70.1 | [1] |
Net gains (losses) on hedging instruments: | ' | ' | ' | ' | ||||
Net gains (losses) arising during the period | -40.7 | 23.3 | -49.1 | 17.1 | ||||
Reclassification adjustment for net losses (gains) included in net income | 2 | -0.6 | -4.9 | -1.7 | ||||
Net gains (losses) on hedging instruments (2) | -38.7 | [2] | 22.7 | [2] | -54 | [2] | 15.4 | [2] |
Pension and other post-retirement benefits: | ' | ' | ' | ' | ||||
Reclassification adjustment for amortization of prior service credit included in net income | ' | -0.1 | -0.1 | -0.3 | ||||
Reclassification adjustment for amortization of net actuarial loss included in net income | 3.1 | 5.1 | 9.1 | 15.3 | ||||
Net pension and other post-retirement benefits (3) | 3.1 | [3] | 5 | [3] | 9 | [3] | 15 | [3] |
Other comprehensive income (loss), net of tax | -96.4 | 36.6 | -89.4 | -39.7 | ||||
Comprehensive income | 74.1 | 154 | 445.3 | 287.8 | ||||
Comprehensive income attributable to noncontrolling interest | -0.7 | -1.4 | -3.4 | -3.9 | ||||
Comprehensive income attributable to FMC Technologies, Inc. | $73.40 | $152.60 | $441.90 | $283.90 | ||||
[1] | Net of income tax (expense) benefit of $5.5 and $(0.8) for the three months ended September 30, 2014 and 2013, respectively, and $4.3 and $1.2 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | Net of income tax (expense) benefit of $9.9 and $(11.2) for the three months ended September 30, 2014 and 2013, respectively, and $9.0 and $2.8 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[3] | Net of income tax (expense) benefit of $(1.4) and $(2.7) for the three months ended September 30, 2014 and 2013, respectively, and $(4.8) and $(8.1) for the nine months ended September 30, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Foreign currency translation adjustments, tax (expense) benefit | $5.50 | ($0.80) | $4.30 | $1.20 |
Net gains (losses) on hedging instruments, tax (expense) benefit | 9.9 | -11.2 | 9 | 2.8 |
Net pensions and other post-retirement benefits, tax (expense) benefit | ($1.40) | ($2.70) | ($4.80) | ($8.10) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $511.50 | $399.10 |
Trade receivables, net of allowances of $9.4 in 2014 and $7.4 in 2013 | 2,268.80 | 2,067.20 |
Inventories, net (Note 5) | 1,046.10 | 980.4 |
Derivative financial instruments (Note 12) | 125.8 | 165.9 |
Prepaid expenses | 64.8 | 41.5 |
Deferred income taxes | 55 | 59.1 |
Other current assets | 331.4 | 309.8 |
Total current assets | 4,403.40 | 4,023 |
Investments | 38.3 | 44.3 |
Property, plant and equipment, net of accumulated depreciation of $835.9 in 2014 and $770.2 in 2013 | 1,447 | 1,349.10 |
Goodwill | 566.2 | 580.7 |
Intangible assets, net of accumulated amortization of $114.4 in 2014 and $97.3 in 2013 | 292.9 | 315.3 |
Deferred income taxes | 37.7 | 36.9 |
Derivative financial instruments (Note 12) | 41.8 | 68.5 |
Other assets | 207.1 | 187.8 |
Total assets | 7,034.40 | 6,605.60 |
Liabilities and equity | ' | ' |
Short-term debt and current portion of long-term debt | 10 | 42.5 |
Accounts payable, trade | 707.8 | 750.7 |
Advance payments and progress billings | 1,036.60 | 803.2 |
Accrued payroll | 257 | 222 |
Derivative financial instruments (Note 12) | 136 | 171.3 |
Income taxes payable | 95.3 | 138.1 |
Deferred income taxes | 73.5 | 66.4 |
Other current liabilities | 381.9 | 420.5 |
Total current liabilities | 2,698.10 | 2,614.70 |
Long-term debt, less current portion (Note 6) | 1,337 | 1,329.80 |
Accrued pension and other post-retirement benefits, less current portion | 79.2 | 84 |
Derivative financial instruments (Note 12) | 67.9 | 47.1 |
Deferred income taxes | 75.7 | 90.3 |
Other liabilities | 102.9 | 103.4 |
Commitments and contingent liabilities (Note 14) | ' | ' |
Stockholders’ equity (Note 11): | ' | ' |
Preferred stock, $0.01 par value, 12.0 shares authorized in 2014 and 2013; no shares issued in 2014 or 2013 | ' | ' |
Common stock, $0.01 par value, 600.0 shares authorized in 2014 and 2013; 286.3 shares issued in 2014 and 2013; 233.9 and 235.8 shares outstanding in 2014 and 2013, respectively | 2.9 | 2.9 |
Common stock held in employee benefit trust, at cost; 0.2 shares in 2014 and 2013 | -9.2 | -7.7 |
Treasury stock, at cost; 52.2 and 50.3 shares in 2014 and 2013, respectively | -1,313.20 | -1,196.60 |
Capital in excess of par value of common stock | 727.4 | 713.2 |
Retained earnings | 3,675.70 | 3,146.10 |
Accumulated other comprehensive loss | -430.1 | -340.7 |
Total FMC Technologies, Inc. stockholders’ equity | 2,653.50 | 2,317.20 |
Noncontrolling interests | 20.1 | 19.1 |
Total equity | 2,673.60 | 2,336.30 |
Total liabilities and equity | $7,034.40 | $6,605.60 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Trade receivables, allowances | $9.40 | $7.40 |
Property, plant and equipment, accumulated depreciation | 835.9 | 770.2 |
Intangible assets, accumulated amortization | $114.40 | $97.30 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 12,000,000 | 12,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 286,300,000 | 286,300,000 |
Common stock, shares outstanding (in shares) | 233,900,000 | 235,800,000 |
Common stock, held in employee benefit trust (in shares) | 200,000 | 200,000 |
Treasury stock (in shares) | 52,159,000 | 50,318,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash provided (required) by operating activities: | ' | ' |
Net income | $534.70 | $327.50 |
Adjustments to reconcile net income to cash provided (required) by operating activities: | ' | ' |
Depreciation | 129.5 | 117.4 |
Amortization | 43.9 | 35.6 |
Employee benefit plan and stock-based compensation costs | 53.1 | 71.9 |
Deferred income tax provision | 7 | 69.2 |
Unrealized loss on derivative instruments | 31.8 | 3.7 |
Gain on sale of Material Handling Products | -84.3 | ' |
Other | 14.4 | 24.3 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Trade receivables, net | -276.2 | -218.3 |
Inventories, net | -105.4 | -104.1 |
Accounts payable, trade | -13.4 | 4 |
Advance payments and progress billings | 253.1 | 311 |
Income taxes | -53.2 | -58 |
Payment of Multi Phase Meters earn-out consideration | -41.5 | -32.2 |
Accrued pension and other post-retirement benefits, net | -27.3 | -53.2 |
Other assets and liabilities, net | 17.1 | -73.6 |
Cash provided by operating activities | 483.3 | 425.2 |
Cash provided (required) by investing activities: | ' | ' |
Capital expenditures | -283.7 | -237.5 |
Proceeds from sale of Material Handling Products, net of cash divested | 105.6 | ' |
Other | 8.9 | 2.3 |
Cash required by investing activities | -169.2 | -235.2 |
Cash provided (required) by financing activities: | ' | ' |
Net increase (decrease) in short-term debt | -25.3 | 2.2 |
Net increase in commercial paper | 6.6 | 41 |
Repayments of long-term debt | -1.9 | -136 |
Purchase of treasury stock | -129.8 | -70.8 |
Payment of Multi Phase Meters earn-out consideration | -31 | -25.1 |
Payments related to taxes withheld on stock-based compensation | -13 | -17.2 |
Excess tax benefits | 2.2 | 7.7 |
Other | -3.7 | 27.9 |
Cash required by financing activities | -195.9 | -170.3 |
Effect of exchange rate changes on cash and cash equivalents | -5.8 | -1.6 |
Increase in cash and cash equivalents | 112.4 | 18.1 |
Cash and cash equivalents, beginning of period | 399.1 | 342.1 |
Cash and cash equivalents, end of period | $511.50 | $360.20 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of FMC Technologies, Inc. and its consolidated subsidiaries (“FMC Technologies”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
On February 25, 2011, our Board of Directors approved a stock split of our outstanding shares of common stock. The stock split was completed in the form of a stock dividend; however, upon issuance of the common stock pursuant to the stock split, an amount equal to the aggregate par value of the additional shares of common stock issued was not reclassified from capital in excess of par value to common stock during the first quarter of 2011. This adjustment was made during the first quarter of 2014. All prior-year amounts have been revised to conform to the current year presentation. This adjustment had no overall effect on total equity and did not impact our overall financial position or results of operations for any period presented. | |
On April 10, 2012, we executed an intercompany foreign currency transaction in the form of a loan from one subsidiary to another. The loan is considered a long-term investment subject to the foreign currency remeasurement exception under GAAP; however, the interest receivable on the lending subsidiary’s financial statements subject to foreign currency remeasurement was inadvertently recorded with the related intercompany loan and was not remeasured using current foreign currency exchange rates at each quarterly period and recorded in income. Additionally, intercompany interest penalties and related income tax benefits were not recorded by the borrowing subsidiary when such penalties were incurred. As a result, the effect of the correction during the three months ended September 30, 2014 was an $8.1 million, or $0.03 per diluted share, reduction to net income. | |
Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. | |
In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these statements may not be representative of the results that may be expected for the year ending December 31, 2014. |
Recently_Adopted_Accounting_St
Recently Adopted Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Adopted Accounting Standards | ' |
RECENTLY ADOPTED ACCOUNTING STANDARDS | |
Effective January 1, 2014, we adopted Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” issued by the Financial Accounting Standards Board (“FASB”). This update requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. Under the amended guidance, unrecognized tax benefits are netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The updated guidance is applied prospectively, effective January 1, 2014. The adoption of this update concerns presentation and disclosure only as it relates to our condensed consolidated financial statements. | |
Effective January 1, 2014, we adopted ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of | |
Disposals of Components of an Entity” issued by the FASB. This update changes the requirements of reporting discontinued operations. Under the amended guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amendments in this update are effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, with early adoption permitted. The adoption of this update concerns presentation and disclosure only as it relates to our condensed consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
A reconciliation of the number of shares used for the basic and diluted earnings per share calculation was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to FMC Technologies, Inc. | $ | 169.8 | $ | 116 | $ | 531.3 | $ | 323.6 | ||||||||
Weighted average number of shares outstanding | 236.4 | 238.2 | 236.8 | 238.4 | ||||||||||||
Dilutive effect of restricted stock units and stock options | 0.6 | 0.7 | 0.5 | 0.8 | ||||||||||||
Total shares and dilutive securities | 237 | 238.9 | 237.3 | 239.2 | ||||||||||||
Basic earnings per share attributable to FMC Technologies, Inc. | $ | 0.72 | $ | 0.49 | $ | 2.24 | $ | 1.36 | ||||||||
Diluted earnings per share attributable to FMC Technologies, Inc. | $ | 0.72 | $ | 0.49 | $ | 2.24 | $ | 1.35 | ||||||||
Sale_of_Material_Handling_Prod
Sale of Material Handling Products | 9 Months Ended |
Sep. 30, 2014 | |
Disposal Group [Abstract] | ' |
Sale of Material Handling Products | ' |
SALE OF MATERIAL HANDLING PRODUCTS | |
On April 30, 2014, we completed the sale of our equity interests of Technisys, Inc., a Utah corporation, and FMC Technologies Energy Holdings Ltd., a private limited liability company organized under the laws of Hong Kong, and assets primarily representing a product line of our material handling business (“Material Handling Products”) to Syntron Material Handling, LLC, an affiliate of Levine Leichtman Capital Partners Private Capital Solutions II, L.P. Material Handling Products was historically reported in our Energy Infrastructure segment. Net of working capital adjustments, we recognized a pretax gain of $84.3 million on the sale during the nine months ended September 30, 2014. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following: | ||||||||
(In millions) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 190.6 | $ | 186.3 | ||||
Work in process | 193.3 | 141.4 | ||||||
Finished goods | 860.5 | 830.3 | ||||||
1,244.40 | 1,158.00 | |||||||
LIFO and valuation adjustments | (198.3 | ) | (177.6 | ) | ||||
Inventories, net | $ | 1,046.10 | $ | 980.4 | ||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
In September 2004, we entered into agreements for the sale and leaseback of an office building having a net book value of $8.5 million. Under the terms of the agreement, the building was sold for $9.7 million in net proceeds and leased back to us under a 10-year lease. We subleased this property to a third party under a lease agreement that was accounted for as an operating lease. We accounted for the transaction as a financing transaction and amortized the related obligation using an effective annual interest rate of 5.37%. In September 2014, the sale and leaseback expired and resulted in an immaterial noncash gain. | ||||||||
Long-term debt consisted of the following: | ||||||||
(In millions) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Commercial paper (1) | $ | 508 | $ | 501.4 | ||||
2.00% Notes due 2017 | 299.6 | 299.5 | ||||||
3.45% Notes due 2022 | 499.7 | 499.6 | ||||||
Term loan | 24.7 | 25.9 | ||||||
Property financing | 8.9 | 13.9 | ||||||
Total long-term debt | 1,340.90 | 1,340.30 | ||||||
Less: current portion | (3.9 | ) | (10.5 | ) | ||||
Long-term debt, less current portion | $ | 1,337.00 | $ | 1,329.80 | ||||
_______________________ | ||||||||
(1) | Committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets at September 30, 2014 and December 31, 2013. As of September 30, 2014, our commercial paper borrowings had a weighted average interest rate of 0.30%. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
Our income tax provisions for the three months ended September 30, 2014 and 2013, reflected effective tax rates of 34.7% and 30.9%, respectively. The year-over-year increase was primarily due to changes in U.S. and foreign tax law effective from 2014 and an unfavorable change in the forecasted country mix of earnings, partially offset by lower charges related to settlements of tax examinations outside the US and the tax impact of the remeasurement of the Multi Phase Meters earn-out consideration in 2013. | |
Our income tax provisions for the nine months ended September 30, 2014 and 2013, reflected effective tax rates of 33.3% and 27.4%, respectively. Excluding a retroactive benefit related to the American Taxpayer Relief Act of 2012 recorded in the first quarter of 2013, our effective tax rate for the nine months ended September 30, 2013 was 28.9%. The year-over-year increase from this adjusted rate was primarily due to changes in U.S. and foreign tax law effective from 2014 and an unfavorable change in the forecasted country mix of earnings, partially offset by lower charges related to settlements of tax examinations outside the US and the tax impact of the remeasurement of the Multi Phase Meters earn-out consideration in 2013. | |
Our effective tax rate can fluctuate depending on our country mix of earnings, since our foreign earnings are generally subject to lower tax rates than in the United States. In certain jurisdictions, primarily Singapore and Malaysia, our tax rate is significantly less than the relevant statutory rate due to tax holidays. |
Warranty_Obligations
Warranty Obligations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Warranty Obligations | ' | |||||||||||||||
WARRANTY OBLIGATIONS | ||||||||||||||||
Warranty cost and accrual information was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 19.4 | $ | 15.9 | $ | 18 | $ | 15.4 | ||||||||
Expense for new warranties | 7.4 | 4.8 | 18.3 | 18.7 | ||||||||||||
Adjustments to existing accruals | (0.3 | ) | — | 0.3 | 0.6 | |||||||||||
Claims paid | (4.7 | ) | (4.6 | ) | (14.8 | ) | (18.6 | ) | ||||||||
Balance at end of period | $ | 21.8 | $ | 16.1 | $ | 21.8 | $ | 16.1 | ||||||||
Pension_And_Other_Postretireme
Pension And Other Post-retirement Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension And Other Post-retirement Benefits | ' | |||||||||||||||||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFITS | ||||||||||||||||||||||||||||||||
In October 2009, the Board of Directors amended the U.S. Qualified and Non-Qualified Defined Benefit Pension Plans (“U.S. Pension Plans”) to freeze participation in the U.S. Pension Plans for all new nonunion employees hired on or after January 1, 2010, and current nonunion employees with less than five years of vesting service as of December 31, 2009 (“frozen participants”). The Company amended the U.S. Qualified Pension Plan, and effective June 1, 2014, the assets and liabilities attributable to participants who are (i) either frozen participants or participants that had terminated service and subsequently became re-employed on or after January 1, 2010, and (ii) active employees of FMC Technologies as of June 1, 2014 were transferred from the U.S. Qualified Pension Plan to the FMC Technologies, Inc. Frozen Retirement Plan (“Frozen Plan”). As of June 1, 2014, the benefits under the Frozen Plan were actuarially equivalent to the benefits each participant would have received under the U.S. Qualified Pension Plan. Under the Frozen Plan, participants have the option to accept cash or an annuity upon the Frozen Plan’s termination. | ||||||||||||||||||||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||
Service cost | $ | 3.4 | $ | 4.2 | $ | 4.1 | $ | 3.6 | $ | 10.3 | $ | 12.8 | $ | 12.4 | $ | 11 | ||||||||||||||||
Interest cost | 7.2 | 4.6 | 6.4 | 3.9 | 21.8 | 14 | 19.3 | 12 | ||||||||||||||||||||||||
Expected return on plan assets | (11.5 | ) | (7.5 | ) | (10.4 | ) | (5.8 | ) | (34.7 | ) | (22.8 | ) | (31.2 | ) | (17.6 | ) | ||||||||||||||||
Amortization of prior service cost (credit) | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||||||
Amortization of actuarial loss (gain), net | 3.1 | 1.8 | 6.7 | 1.4 | 9.2 | 5.2 | 20.1 | 4 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.2 | $ | 3 | $ | 6.8 | $ | 3 | $ | 6.6 | $ | 9.2 | $ | 20.6 | $ | 9.3 | ||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||
Interest cost | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | (0.2 | ) | — | (0.4 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss (gain), net | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | (0.1 | ) | $ | 0.1 | $ | (0.3 | ) | ||||||||||||||||||||||
During the nine months ended September 30, 2014, we contributed $8.4 million to our domestic pension benefit plans and $18.5 million to our international pension benefit plans. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Stock-based Compensation | ' | ||||||
STOCK-BASED COMPENSATION | |||||||
Under the Amended and Restated FMC Technologies, Inc. Incentive Compensation and Stock Plan (the “Plan”), we have primarily granted awards in the form of nonvested stock units (also known as restricted stock units in the plan document). We recognize compensation expense and the corresponding tax benefits for awards under the Plan. Stock-based compensation expense for nonvested stock units was $9.5 million and $13.5 million for the three months ended September 30, 2014 and 2013, respectively, and $37.3 million and $40.0 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
During the nine months ended September 30, 2014, we granted the following restricted stock units to employees: | |||||||
(Number of restricted stock shares in thousands) | Shares | Weighted- | |||||
Average Grant | |||||||
Date Fair Value (per share) | |||||||
Time-based | 456 | ||||||
Performance-based | 171 | * | |||||
Market-based | 86 | * | |||||
Total granted | 713 | $ | 50.66 | ||||
_______________________ | |||||||
* | Assumes grant date expected payout | ||||||
For current-year performance-based awards, actual payouts may vary from zero to 342 thousand shares, contingent upon our performance relative to a peer group of companies with respect to earnings growth and return on investment for the year ending December 31, 2014. Compensation cost is measured based on the current expected outcome of the performance conditions and may be adjusted until the performance period ends. | |||||||
For current-year market-based awards, actual payouts may vary from zero to 172 thousand shares, contingent upon our performance relative to the same peer group of companies with respect to total shareholder return (“TSR”) for a three year period ending December 31, 2016. The payout for the TSR metric is determined based on our performance relative to the peer group, however a payout is possible regardless of whether our TSR for the three year period is positive or negative. If our TSR for the three years is not positive, the payout with respect to TSR is limited to the target previously established by the Compensation Committee of the Board of Directors. Compensation cost for these awards is calculated using the grant date fair market value, as estimated using a Monte Carlo simulation, and is not subject to change based on future events. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||
There were no cash dividends declared during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||
The following is a summary of our treasury stock activity for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
(Number of shares in thousands) | Treasury Stock | ||||||||||||||||||
Balance as of December 31, 2012 | 49,061 | ||||||||||||||||||
Stock awards | (944 | ) | |||||||||||||||||
Treasury stock purchases | 1,371 | ||||||||||||||||||
Balance as of September 30, 2013 | 49,488 | ||||||||||||||||||
Balance as of December 31, 2013 | 50,318 | ||||||||||||||||||
Stock awards | (547 | ) | |||||||||||||||||
Treasury stock purchases | 2,388 | ||||||||||||||||||
Balance as of September 30, 2014 | 52,159 | ||||||||||||||||||
We repurchased $129.8 million and $70.8 million of common stock during the nine months ended September 30, 2014 and September 30, 2013, respectively, under the authorized repurchase program. As of September 30, 2014, our Board of Directors had authorized 75.0 million shares of common stock under our share repurchase program, and approximately 10.5 million shares of common stock remained available for purchase, which may be executed from time to time in the open market. We intend to hold repurchased shares in treasury for general corporate purposes, including issuances under our stock-based compensation plan. Treasury shares are accounted for using the cost method. | |||||||||||||||||||
Accumulated other comprehensive loss consisted of the following: | |||||||||||||||||||
(In millions) | Foreign Currency | Hedging | Defined Pension and Other Post-retirement Benefits | Accumulated Other | |||||||||||||||
Translation | Comprehensive Loss | ||||||||||||||||||
December 31, 2013 | $ | (204.3 | ) | $ | 31.9 | $ | (168.3 | ) | $ | (340.7 | ) | ||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (44.4 | ) | (49.1 | ) | — | (93.5 | ) | ||||||||||||
Reclassification adjustment for net losses (gains) included in net income, net of tax | — | (4.9 | ) | 9 | 4.1 | ||||||||||||||
Other comprehensive income (loss), net of tax | (44.4 | ) | (54.0 | ) | 9 | (89.4 | ) | ||||||||||||
September 30, 2014 | $ | (248.7 | ) | $ | (22.1 | ) | $ | (159.3 | ) | $ | (430.1 | ) | |||||||
Reclassifications out of accumulated other comprehensive loss consisted of the following: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Condensed Consolidated Statement of Income | |||||||||||||||||
Gains (losses) on hedging instruments | |||||||||||||||||||
Foreign exchange contracts: | $ | (12.2 | ) | $ | (3.6 | ) | $ | (27.0 | ) | $ | (5.1 | ) | Revenue | ||||||
9.1 | 3.4 | 29.4 | 6.4 | Cost of sales | |||||||||||||||
— | — | — | 0.1 | Selling, general and administrative expense | |||||||||||||||
(3.1 | ) | (0.2 | ) | 2.4 | 1.4 | Income before income taxes | |||||||||||||
1.1 | 0.8 | 2.5 | 0.3 | Income tax (expense) benefit | |||||||||||||||
$ | (2.0 | ) | $ | 0.6 | $ | 4.9 | $ | 1.7 | Net income | ||||||||||
Defined pension and other post-retirement benefits | |||||||||||||||||||
Amortization of actuarial gain (loss) | $ | (4.7 | ) | $ | (7.8 | ) | $ | (14.0 | ) | $ | (23.5 | ) | (a) | ||||||
Amortization of prior service credit (cost) | 0.1 | 0.1 | 0.2 | 0.4 | (a) | ||||||||||||||
(4.6 | ) | (7.7 | ) | (13.8 | ) | (23.1 | ) | Income before income taxes | |||||||||||
1.5 | 2.7 | 4.8 | 8.1 | Income tax (expense) benefit | |||||||||||||||
$ | (3.1 | ) | $ | (5.0 | ) | $ | (9.0 | ) | $ | (15.0 | ) | Net income | |||||||
_______________________ | |||||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||
We hold derivative financial instruments for the purpose of hedging the risks of certain identifiable and anticipated transactions. The types of risks hedged are those relating to the variability of future earnings and cash flows caused by movements in foreign currency exchange rates. We hold the following types of derivative instruments: | ||||||||||||||||||||||||
Foreign exchange rate forward contracts—The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies. At September 30, 2014, we held the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Australian dollar | 18.7 | 16.3 | ||||||||||||||||||||||
British pound | 92.2 | 149.3 | ||||||||||||||||||||||
Canadian dollar | (141.3 | ) | (126.4 | ) | ||||||||||||||||||||
Euro | 196.7 | 247.7 | ||||||||||||||||||||||
Kuwaiti dinar | (6.5 | ) | (22.6 | ) | ||||||||||||||||||||
Malaysian ringgit | 159.4 | 48.6 | ||||||||||||||||||||||
Norwegian krone | 2,711.50 | 420.9 | ||||||||||||||||||||||
Russian ruble | (849.1 | ) | (22.1 | ) | ||||||||||||||||||||
Singapore dollar | 270.5 | 212.1 | ||||||||||||||||||||||
Swedish krona | 113.6 | 15.7 | ||||||||||||||||||||||
U.S. dollar | (996.9 | ) | (996.9 | ) | ||||||||||||||||||||
Foreign exchange rate instruments embedded in purchase and sale contracts—The purpose of these instruments is to match offsetting currency payments and receipts for particular projects, or comply with government restrictions on the currency used to purchase goods in certain countries. At September 30, 2014, our portfolio of these instruments included the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Brazilian real | (88.3 | ) | (36.0 | ) | ||||||||||||||||||||
Norwegian krone | 71.6 | 11.1 | ||||||||||||||||||||||
U.S. dollar | 21.6 | 21.6 | ||||||||||||||||||||||
The purpose of our foreign currency hedging activities is to manage the volatility associated with anticipated foreign currency purchases and sales created in the normal course of business. We primarily utilize forward exchange contracts with maturities of less than three years. | ||||||||||||||||||||||||
Our policy is to hold derivatives only for the purpose of hedging risks and not for trading purposes where the objective is solely to generate profit. Generally, we enter into hedging relationships such that changes in the fair values or cash flows of the transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments that qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | ||||||||||||||||||||||||
The following table of all outstanding derivative instruments is based on estimated fair value amounts that have been determined using available market information and commonly accepted valuation methodologies. Refer to Note 13 for further disclosures related to the fair value measurement process. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a current market exchange and may not be indicative of the gains or losses we may ultimately incur when these contracts settle or mature. | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | $ | 104.5 | $ | 112 | $ | 149.3 | $ | 152.5 | ||||||||||||||||
Long-term – Derivative financial instruments | 40.6 | 66 | 65.4 | 44.1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 145.1 | 178 | 214.7 | 196.6 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | 21.3 | 24 | 16.6 | 18.8 | ||||||||||||||||||||
Long-term – Derivative financial instruments | 1.2 | 1.9 | 3.1 | 3 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | 22.5 | 25.9 | 19.7 | 21.8 | ||||||||||||||||||||
Total derivatives | $ | 167.6 | $ | 203.9 | $ | 234.4 | $ | 218.4 | ||||||||||||||||
We recognized losses of $0.1 million and $0.2 million on cash flow hedges for the three months ended September 30, 2014 and 2013, respectively, and losses of $0.6 million and $0.3 million for the nine months ended September 30, 2014 and 2013, respectively, as a result of the discontinuance of cash flow hedges because it was probable that the original forecasted transaction would not occur or would not occur by the originally specified time period. Cash flow hedges of forecasted transactions, net of tax, resulted in an accumulated other comprehensive loss of $22.1 million and gain of $31.9 million at September 30, 2014, and December 31, 2013, respectively. We expect to transfer an approximate $0.3 million loss from accumulated OCI to earnings during the next 12 months when the anticipated transactions actually occur. | ||||||||||||||||||||||||
The following tables present the impact of derivative instruments in cash flow hedging relationships and their location within the accompanying condensed consolidated statements of income. | ||||||||||||||||||||||||
Gain (Loss) Recognized in | ||||||||||||||||||||||||
OCI (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | (51.6 | ) | $ | 33.7 | (60.5 | ) | 14 | ||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from Accumulated | |||||||||||||||||||||||
OCI into Income (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (12.2 | ) | $ | (3.6 | ) | $ | (27.0 | ) | $ | (5.1 | ) | ||||||||||||
Cost of sales | 9.1 | 3.4 | 29.4 | 6.4 | ||||||||||||||||||||
Selling, general and administrative expense | — | — | — | 0.1 | ||||||||||||||||||||
Total | $ | (3.1 | ) | $ | (0.2 | ) | $ | 2.4 | $ | 1.4 | ||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion | |||||||||||||||||||||||
and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | 7.2 | $ | (0.6 | ) | $ | 15.9 | $ | (0.1 | ) | ||||||||||||||
Cost of sales | (5.9 | ) | (3.0 | ) | (19.0 | ) | (7.2 | ) | ||||||||||||||||
Total | $ | 1.3 | $ | (3.6 | ) | $ | (3.1 | ) | $ | (7.3 | ) | |||||||||||||
Instruments that are not designated as hedging instruments are executed to hedge the effect of exposures in the condensed consolidated balance sheets, and occasionally, forward foreign currency contracts or currency options are executed to hedge exposures which do not meet all of the criteria to qualify for hedge accounting. | ||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||
(Instruments Not Designated as Hedging Instruments) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (1.3 | ) | $ | 0.3 | $ | (3.3 | ) | $ | 1.4 | ||||||||||||||
Cost of sales | — | 0.2 | 0.3 | (0.4 | ) | |||||||||||||||||||
Other income (expense), net | 12.5 | (10.6 | ) | 10.2 | (10.3 | ) | ||||||||||||||||||
Total | $ | 11.2 | $ | (10.1 | ) | $ | 7.2 | $ | (9.3 | ) | ||||||||||||||
Balance Sheet Offsetting—We execute derivative contracts only with counterparties that consent to a master netting agreement which permits net settlement of the gross derivative assets against gross derivative liabilities. Each instrument is accounted for individually and assets and liabilities are not offset. As of September 30, 2014, and December 31, 2013, we had no collateralized derivative contracts. The following tables present both gross information and net information of recognized derivative instruments: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 | $ | 167.6 | $ | (156.6 | ) | $ | 11 | $ | 234.4 | $ | (198.5 | ) | $ | 35.9 | ||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 liabilities | $ | 203.9 | $ | (156.6 | ) | $ | 47.3 | $ | 218.4 | $ | (198.5 | ) | $ | 19.9 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities | $ | 22 | $ | 22 | $ | — | $ | — | $ | 21.2 | $ | 21.2 | $ | — | $ | — | ||||||||||||||||
Fixed income | 8.3 | 8.3 | — | — | 13.2 | 13.2 | — | — | ||||||||||||||||||||||||
Money market fund | 3.2 | — | 3.2 | — | 3.8 | — | 3.8 | — | ||||||||||||||||||||||||
Stable value fund | 0.6 | — | 0.6 | — | 1 | — | 1 | — | ||||||||||||||||||||||||
Other | 2.3 | 2.3 | — | — | 2.4 | 2.4 | — | — | ||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 167.6 | — | 167.6 | — | 234.4 | — | 234.4 | — | ||||||||||||||||||||||||
Total assets | $ | 204 | $ | 32.6 | $ | 171.4 | $ | — | $ | 276 | $ | 36.8 | $ | 239.2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 203.9 | — | 203.9 | — | 218.4 | — | 218.4 | — | ||||||||||||||||||||||||
Contingent earn-out consideration | 1.6 | — | — | 1.6 | 70.1 | — | — | 70.1 | ||||||||||||||||||||||||
Total liabilities | $ | 205.5 | $ | — | $ | 203.9 | $ | 1.6 | $ | 288.5 | $ | — | $ | 218.4 | $ | 70.1 | ||||||||||||||||
Investments—The fair value measurement of our equity securities, fixed income and other investment assets is based on quoted prices that we have the ability to access in public markets. Our stable value fund and money market fund are valued at the net asset value of the shares held at the end of the quarter, which is based on the fair value of the underlying investments using information reported by the investment advisor at quarter-end. | ||||||||||||||||||||||||||||||||
Derivative financial instruments—We use the income approach as the valuation technique to measure the fair value of foreign currency derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change from the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values. Credit risk is then incorporated by reducing the derivative’s fair value in asset positions by the result of multiplying the present value of the portfolio by the counterparty’s published credit spread. Portfolios in a liability position are adjusted by the same calculation; however, a spread representing our credit spread is used. Our credit spread, and the credit spread of other counterparties not publicly available are approximated by using the spread of similar companies in the same industry, of similar size and with the same credit rating. | ||||||||||||||||||||||||||||||||
At the present time, we have no credit-risk-related contingent features in our agreements with the financial institutions that would require us to post collateral for derivative positions in a liability position. | ||||||||||||||||||||||||||||||||
See Note 12 for additional disclosure related to derivative financial instruments. | ||||||||||||||||||||||||||||||||
Multi Phase Meters contingent earn-out consideration—We determined the fair value of the contingent earn-out consideration using a discounted cash flow model. The key assumptions used in applying the income approach were the expected profitability and debt, net of cash, of the acquired company during the earn-out period and the discount rate which approximates our debt credit rating. The fair value measurement was based upon significant inputs not observable in the market. Changes in the value of the contingent earn-out consideration were recorded as cost of service and other revenue in our condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||
Changes in the fair value of our Level 3 contingent earn-out consideration obligation were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 0.7 | $ | 50.5 | $ | 70.1 | $ | 105.3 | ||||||||||||||||||||||||
Remeasurement adjustment | 1.6 | 8.5 | 3.6 | 17.6 | ||||||||||||||||||||||||||||
Payment | — | — | (72.5 | ) | (57.3 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment | (0.7 | ) | 0.4 | 0.4 | (6.2 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 1.6 | $ | 59.4 | $ | 1.6 | $ | 59.4 | ||||||||||||||||||||||||
Fair value of debt—The fair value, based on Level 1 quoted market rates, of our 2.00% Notes due 2017 and 3.45% Notes due 2022 (collectively, “Senior Notes”) was approximately $794.7 million at September 30, 2014 and approximately $767.6 million at December 31, 2013, as compared to the $800.0 million face value of the debt, net of issue discounts, recorded in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||
Other fair value disclosures—The carrying amounts of cash and cash equivalents, trade receivables, accounts payable, short-term debt, commercial paper, debt associated with our term loan, as well as amounts included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair value. | ||||||||||||||||||||||||||||||||
Credit risk—By their nature, financial instruments involve risk, including credit risk, for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with what management believes are financially secure counterparties, requiring credit approvals and credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses on trade receivables are established based on collectability assessments. We mitigate credit risk on derivative contracts by executing contracts only with counterparties that consent to a master netting agreement which permits the net settlement of gross derivative assets against gross derivative liabilities. |
Commitments_And_Contingent_Lia
Commitments And Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingent Liabilities | ' |
COMMITMENTS AND CONTINGENT LIABILITIES | |
In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. The majority of these financial instruments represent guarantees of our future performance. Additionally, we were the named guarantor on certain letters of credit and performance bonds issued by our former subsidiary, John Bean Technologies Corporation (“JBT”). Pursuant to the terms of the Separation and Distribution Agreement, dated July 31, 2008, between FMC Technologies and JBT (the “JBT Separation and Distribution Agreement”), we are fully indemnified by JBT with respect to certain residual obligations. | |
In August 2014, FMC Technologies entered into an arrangement to guarantee the debt obligations under a revolving credit facility of FMC Technologies Offshore, LLC (“FTO Services”), our joint venture with Edison Chouest Offshore LLC. Under the terms of the guarantee, FMC Technologies and Edison Chouest Offshore LLC jointly and severally guaranteed amounts under the revolving credit facility with a maximum potential amount of future payments of $40.0 million that would become payable if FTO Services defaults in payment under the terms of the revolving credit facility. The approximate term of the guarantee is two years. The liability recognized at inception for the fair value of our obligation as a guarantor was not material, and we expect our future performance under the guarantee to be remote. | |
Management does not expect any of these financial instruments to result in losses that, if incurred, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. | |
Contingent liabilities associated with legal matters—We are involved in various pending or potential legal actions in the ordinary course of our business. Management is unable to predict the ultimate outcome of these actions, because of the inherent uncertainty of litigation. However, management believes that the most probable, ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. | |
In addition, under the Separation and Distribution Agreement, dated May 31, 2001, between FMC Corporation and FMC Technologies, FMC Corporation is required to indemnify us for certain claims made prior to our spin-off from FMC Corporation, as well as for other claims related to discontinued operations. Under the JBT Separation and Distribution Agreement, JBT is required to indemnify us for certain claims made prior to the spin-off of our Airport and FoodTech businesses, as well as for certain other claims related to JBT products or business operations. We expect that FMC Corporation will bear responsibility for a majority of these claims initiated subsequent to the spin-off, and that JBT will bear most, if not substantially all, of any responsibility for certain other claims initiated subsequent to the spin-off. | |
Contingent liabilities associated with liquidated damages—Some of our contracts contain penalty provisions that require us to pay liquidated damages if we are responsible for the failure to meet specified contractual milestone dates and the applicable customer asserts a conforming claim under these provisions. These contracts define the conditions under which our customers may make claims against us for liquidated damages. Based upon the evaluation of our performance and other commercial and legal analysis, management believes we have appropriately accrued for probable liquidated damages at September 30, 2014, and December 31, 2013, and that the ultimate resolution of such matters will not materially affect our consolidated financial position, results of operations or cash flows for the year ending December 31, 2014. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Business Segment Information | ' | |||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||
Segment revenue and segment operating profit were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment revenue | ||||||||||||||||
Subsea Technologies | $ | 1,300.40 | $ | 1,119.90 | $ | 3,831.00 | $ | 3,336.90 | ||||||||
Surface Technologies | 556 | 455.9 | 1,546.40 | 1,317.80 | ||||||||||||
Energy Infrastructure | 124.9 | 152.4 | 419.6 | 444.6 | ||||||||||||
Other revenue (1) and intercompany eliminations | (4.6 | ) | (3.7 | ) | (10.6 | ) | (20.9 | ) | ||||||||
Total revenue | $ | 1,976.70 | $ | 1,724.50 | $ | 5,786.40 | $ | 5,078.40 | ||||||||
Income before income taxes: | ||||||||||||||||
Segment operating profit: | ||||||||||||||||
Subsea Technologies | $ | 204.4 | $ | 121.1 | $ | 539.8 | $ | 338.7 | ||||||||
Surface Technologies | 109.5 | 74.5 | 276.6 | 189.1 | ||||||||||||
Energy Infrastructure (5) | 5.1 | 17.9 | 38.8 | 51.7 | ||||||||||||
Intercompany eliminations | 0.1 | — | — | — | ||||||||||||
Total segment operating profit | 319.1 | 213.5 | 855.2 | 579.5 | ||||||||||||
Corporate items: | ||||||||||||||||
Corporate expense (2) | (16.1 | ) | (10.4 | ) | (47.8 | ) | (33.2 | ) | ||||||||
Other revenue (1) and other expense, net (3) | (35.1 | ) | (27.1 | ) | 13.2 | (75.6 | ) | |||||||||
Net interest expense | (8.0 | ) | (8.2 | ) | (24.5 | ) | (25.1 | ) | ||||||||
Total corporate items | (59.2 | ) | (45.7 | ) | (59.1 | ) | (133.9 | ) | ||||||||
Income before income taxes attributable to FMC Technologies, Inc. (4) | $ | 259.9 | $ | 167.8 | $ | 796.1 | $ | 445.6 | ||||||||
_______________________ | ||||||||||||||||
(1) | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||||||||
(2) | Corporate expense primarily includes corporate staff expenses. | |||||||||||||||
(3) | Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. | |||||||||||||||
(4) | Excludes amounts attributable to noncontrolling interests. | |||||||||||||||
(5) | Energy Infrastructure segment operating profit for the three months ended September 30, 2014 was reduced by $6.7 million related to a correction of prior quarters' operating results in 2014 in our automation and control business. | |||||||||||||||
Segment operating capital employed and assets were as follows: | ||||||||||||||||
(In millions) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Segment operating capital employed (1): | ||||||||||||||||
Subsea Technologies | $ | 2,039.40 | $ | 2,126.30 | ||||||||||||
Surface Technologies | 1,185.60 | 1,139.10 | ||||||||||||||
Energy Infrastructure | 331.8 | 345.4 | ||||||||||||||
Total segment operating capital employed | 3,556.80 | 3,610.80 | ||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 2,679.40 | 2,272.80 | ||||||||||||||
Corporate (3) | 798.2 | 722 | ||||||||||||||
Total assets | $ | 7,034.40 | $ | 6,605.60 | ||||||||||||
Segment assets: | ||||||||||||||||
Subsea Technologies | $ | 4,221.50 | $ | 3,923.60 | ||||||||||||
Surface Technologies | 1,580.50 | 1,484.00 | ||||||||||||||
Energy Infrastructure | 469.8 | 496.4 | ||||||||||||||
Intercompany eliminations | (35.6 | ) | (20.4 | ) | ||||||||||||
Total segment assets | 6,236.20 | 5,883.60 | ||||||||||||||
Corporate (3) | 798.2 | 722 | ||||||||||||||
Total assets | $ | 7,034.40 | $ | 6,605.60 | ||||||||||||
_______________________ | ||||||||||||||||
(1) | FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, income taxes, and LIFO and valuation adjustments. | |||||||||||||||
(2) | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance payments and progress billings, accrued payroll and other liabilities. | |||||||||||||||
(3) | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting | ' |
The accompanying unaudited condensed consolidated financial statements of FMC Technologies, Inc. and its consolidated subsidiaries (“FMC Technologies”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Use Of Estimates | ' |
Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. | |
In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these statements may not be representative of the results that may be expected for the year ending December 31, 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation Of Basic And Diluted EPS | ' | |||||||||||||||
A reconciliation of the number of shares used for the basic and diluted earnings per share calculation was as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to FMC Technologies, Inc. | $ | 169.8 | $ | 116 | $ | 531.3 | $ | 323.6 | ||||||||
Weighted average number of shares outstanding | 236.4 | 238.2 | 236.8 | 238.4 | ||||||||||||
Dilutive effect of restricted stock units and stock options | 0.6 | 0.7 | 0.5 | 0.8 | ||||||||||||
Total shares and dilutive securities | 237 | 238.9 | 237.3 | 239.2 | ||||||||||||
Basic earnings per share attributable to FMC Technologies, Inc. | $ | 0.72 | $ | 0.49 | $ | 2.24 | $ | 1.36 | ||||||||
Diluted earnings per share attributable to FMC Technologies, Inc. | $ | 0.72 | $ | 0.49 | $ | 2.24 | $ | 1.35 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
(In millions) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 190.6 | $ | 186.3 | ||||
Work in process | 193.3 | 141.4 | ||||||
Finished goods | 860.5 | 830.3 | ||||||
1,244.40 | 1,158.00 | |||||||
LIFO and valuation adjustments | (198.3 | ) | (177.6 | ) | ||||
Inventories, net | $ | 1,046.10 | $ | 980.4 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Long-Term debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
(In millions) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Commercial paper (1) | $ | 508 | $ | 501.4 | ||||
2.00% Notes due 2017 | 299.6 | 299.5 | ||||||
3.45% Notes due 2022 | 499.7 | 499.6 | ||||||
Term loan | 24.7 | 25.9 | ||||||
Property financing | 8.9 | 13.9 | ||||||
Total long-term debt | 1,340.90 | 1,340.30 | ||||||
Less: current portion | (3.9 | ) | (10.5 | ) | ||||
Long-term debt, less current portion | $ | 1,337.00 | $ | 1,329.80 | ||||
_______________________ | ||||||||
(1) | Committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets at September 30, 2014 and December 31, 2013. As of September 30, 2014, our commercial paper borrowings had a weighted average interest rate of 0.30%. |
Warranty_Obligations_Tables
Warranty Obligations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Warranty Cost And Accrual Information | ' | |||||||||||||||
Warranty cost and accrual information was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance at beginning of period | $ | 19.4 | $ | 15.9 | $ | 18 | $ | 15.4 | ||||||||
Expense for new warranties | 7.4 | 4.8 | 18.3 | 18.7 | ||||||||||||
Adjustments to existing accruals | (0.3 | ) | — | 0.3 | 0.6 | |||||||||||
Claims paid | (4.7 | ) | (4.6 | ) | (14.8 | ) | (18.6 | ) | ||||||||
Balance at end of period | $ | 21.8 | $ | 16.1 | $ | 21.8 | $ | 16.1 | ||||||||
Pension_And_Other_Postretireme1
Pension And Other Post-retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||||||||||
The components of net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||
Service cost | $ | 3.4 | $ | 4.2 | $ | 4.1 | $ | 3.6 | $ | 10.3 | $ | 12.8 | $ | 12.4 | $ | 11 | ||||||||||||||||
Interest cost | 7.2 | 4.6 | 6.4 | 3.9 | 21.8 | 14 | 19.3 | 12 | ||||||||||||||||||||||||
Expected return on plan assets | (11.5 | ) | (7.5 | ) | (10.4 | ) | (5.8 | ) | (34.7 | ) | (22.8 | ) | (31.2 | ) | (17.6 | ) | ||||||||||||||||
Amortization of prior service cost (credit) | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||||||
Amortization of actuarial loss (gain), net | 3.1 | 1.8 | 6.7 | 1.4 | 9.2 | 5.2 | 20.1 | 4 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 2.2 | $ | 3 | $ | 6.8 | $ | 3 | $ | 6.6 | $ | 9.2 | $ | 20.6 | $ | 9.3 | ||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||
Interest cost | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | — | (0.2 | ) | — | (0.4 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss (gain), net | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | (0.1 | ) | $ | 0.1 | $ | (0.3 | ) | ||||||||||||||||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Restricted Stock Units Granted Disclosure | ' | ||||||
During the nine months ended September 30, 2014, we granted the following restricted stock units to employees: | |||||||
(Number of restricted stock shares in thousands) | Shares | Weighted- | |||||
Average Grant | |||||||
Date Fair Value (per share) | |||||||
Time-based | 456 | ||||||
Performance-based | 171 | * | |||||
Market-based | 86 | * | |||||
Total granted | 713 | $ | 50.66 | ||||
_______________________ | |||||||
* | Assumes grant date expected payout |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||
Treasury stock activity | ' | ||||||||||||||||||
The following is a summary of our treasury stock activity for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
(Number of shares in thousands) | Treasury Stock | ||||||||||||||||||
Balance as of December 31, 2012 | 49,061 | ||||||||||||||||||
Stock awards | (944 | ) | |||||||||||||||||
Treasury stock purchases | 1,371 | ||||||||||||||||||
Balance as of September 30, 2013 | 49,488 | ||||||||||||||||||
Balance as of December 31, 2013 | 50,318 | ||||||||||||||||||
Stock awards | (547 | ) | |||||||||||||||||
Treasury stock purchases | 2,388 | ||||||||||||||||||
Balance as of September 30, 2014 | 52,159 | ||||||||||||||||||
Accumulated other comprehensive loss | ' | ||||||||||||||||||
Accumulated other comprehensive loss consisted of the following: | |||||||||||||||||||
(In millions) | Foreign Currency | Hedging | Defined Pension and Other Post-retirement Benefits | Accumulated Other | |||||||||||||||
Translation | Comprehensive Loss | ||||||||||||||||||
December 31, 2013 | $ | (204.3 | ) | $ | 31.9 | $ | (168.3 | ) | $ | (340.7 | ) | ||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (44.4 | ) | (49.1 | ) | — | (93.5 | ) | ||||||||||||
Reclassification adjustment for net losses (gains) included in net income, net of tax | — | (4.9 | ) | 9 | 4.1 | ||||||||||||||
Other comprehensive income (loss), net of tax | (44.4 | ) | (54.0 | ) | 9 | (89.4 | ) | ||||||||||||
September 30, 2014 | $ | (248.7 | ) | $ | (22.1 | ) | $ | (159.3 | ) | $ | (430.1 | ) | |||||||
Reclassifications out of accumulated other comprehensive loss | ' | ||||||||||||||||||
Reclassifications out of accumulated other comprehensive loss consisted of the following: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Condensed Consolidated Statement of Income | |||||||||||||||||
Gains (losses) on hedging instruments | |||||||||||||||||||
Foreign exchange contracts: | $ | (12.2 | ) | $ | (3.6 | ) | $ | (27.0 | ) | $ | (5.1 | ) | Revenue | ||||||
9.1 | 3.4 | 29.4 | 6.4 | Cost of sales | |||||||||||||||
— | — | — | 0.1 | Selling, general and administrative expense | |||||||||||||||
(3.1 | ) | (0.2 | ) | 2.4 | 1.4 | Income before income taxes | |||||||||||||
1.1 | 0.8 | 2.5 | 0.3 | Income tax (expense) benefit | |||||||||||||||
$ | (2.0 | ) | $ | 0.6 | $ | 4.9 | $ | 1.7 | Net income | ||||||||||
Defined pension and other post-retirement benefits | |||||||||||||||||||
Amortization of actuarial gain (loss) | $ | (4.7 | ) | $ | (7.8 | ) | $ | (14.0 | ) | $ | (23.5 | ) | (a) | ||||||
Amortization of prior service credit (cost) | 0.1 | 0.1 | 0.2 | 0.4 | (a) | ||||||||||||||
(4.6 | ) | (7.7 | ) | (13.8 | ) | (23.1 | ) | Income before income taxes | |||||||||||
1.5 | 2.7 | 4.8 | 8.1 | Income tax (expense) benefit | |||||||||||||||
$ | (3.1 | ) | $ | (5.0 | ) | $ | (9.0 | ) | $ | (15.0 | ) | Net income | |||||||
_______________________ | |||||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | |||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||||||||||||
Foreign exchange rate forward contracts—The purpose of these instruments is to hedge the risk of changes in future cash flows of anticipated purchase or sale commitments denominated in foreign currencies. At September 30, 2014, we held the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Australian dollar | 18.7 | 16.3 | ||||||||||||||||||||||
British pound | 92.2 | 149.3 | ||||||||||||||||||||||
Canadian dollar | (141.3 | ) | (126.4 | ) | ||||||||||||||||||||
Euro | 196.7 | 247.7 | ||||||||||||||||||||||
Kuwaiti dinar | (6.5 | ) | (22.6 | ) | ||||||||||||||||||||
Malaysian ringgit | 159.4 | 48.6 | ||||||||||||||||||||||
Norwegian krone | 2,711.50 | 420.9 | ||||||||||||||||||||||
Russian ruble | (849.1 | ) | (22.1 | ) | ||||||||||||||||||||
Singapore dollar | 270.5 | 212.1 | ||||||||||||||||||||||
Swedish krona | 113.6 | 15.7 | ||||||||||||||||||||||
U.S. dollar | (996.9 | ) | (996.9 | ) | ||||||||||||||||||||
Foreign exchange rate instruments embedded in purchase and sale contracts—The purpose of these instruments is to match offsetting currency payments and receipts for particular projects, or comply with government restrictions on the currency used to purchase goods in certain countries. At September 30, 2014, our portfolio of these instruments included the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Brazilian real | (88.3 | ) | (36.0 | ) | ||||||||||||||||||||
Norwegian krone | 71.6 | 11.1 | ||||||||||||||||||||||
U.S. dollar | 21.6 | 21.6 | ||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | $ | 104.5 | $ | 112 | $ | 149.3 | $ | 152.5 | ||||||||||||||||
Long-term – Derivative financial instruments | 40.6 | 66 | 65.4 | 44.1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 145.1 | 178 | 214.7 | 196.6 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | 21.3 | 24 | 16.6 | 18.8 | ||||||||||||||||||||
Long-term – Derivative financial instruments | 1.2 | 1.9 | 3.1 | 3 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | 22.5 | 25.9 | 19.7 | 21.8 | ||||||||||||||||||||
Total derivatives | $ | 167.6 | $ | 203.9 | $ | 234.4 | $ | 218.4 | ||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Gain (Loss) Recognized in | ||||||||||||||||||||||||
OCI (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts | $ | (51.6 | ) | $ | 33.7 | (60.5 | ) | 14 | ||||||||||||||||
Derivative Instruments, Gain (Loss) in Income | ' | |||||||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from Accumulated | |||||||||||||||||||||||
OCI into Income (Effective Portion) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (12.2 | ) | $ | (3.6 | ) | $ | (27.0 | ) | $ | (5.1 | ) | ||||||||||||
Cost of sales | 9.1 | 3.4 | 29.4 | 6.4 | ||||||||||||||||||||
Selling, general and administrative expense | — | — | — | 0.1 | ||||||||||||||||||||
Total | $ | (3.1 | ) | $ | (0.2 | ) | $ | 2.4 | $ | 1.4 | ||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion | |||||||||||||||||||||||
and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | 7.2 | $ | (0.6 | ) | $ | 15.9 | $ | (0.1 | ) | ||||||||||||||
Cost of sales | (5.9 | ) | (3.0 | ) | (19.0 | ) | (7.2 | ) | ||||||||||||||||
Total | $ | 1.3 | $ | (3.6 | ) | $ | (3.1 | ) | $ | (7.3 | ) | |||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||
(Instruments Not Designated as Hedging Instruments) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (1.3 | ) | $ | 0.3 | $ | (3.3 | ) | $ | 1.4 | ||||||||||||||
Cost of sales | — | 0.2 | 0.3 | (0.4 | ) | |||||||||||||||||||
Other income (expense), net | 12.5 | (10.6 | ) | 10.2 | (10.3 | ) | ||||||||||||||||||
Total | $ | 11.2 | $ | (10.1 | ) | $ | 7.2 | $ | (9.3 | ) | ||||||||||||||
Offsetting Assets | ' | |||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 | $ | 167.6 | $ | (156.6 | ) | $ | 11 | $ | 234.4 | $ | (198.5 | ) | $ | 35.9 | ||||||||||
Offsetting Liabilities | ' | |||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 liabilities | $ | 203.9 | $ | (156.6 | ) | $ | 47.3 | $ | 218.4 | $ | (198.5 | ) | $ | 19.9 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value | ' | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities | $ | 22 | $ | 22 | $ | — | $ | — | $ | 21.2 | $ | 21.2 | $ | — | $ | — | ||||||||||||||||
Fixed income | 8.3 | 8.3 | — | — | 13.2 | 13.2 | — | — | ||||||||||||||||||||||||
Money market fund | 3.2 | — | 3.2 | — | 3.8 | — | 3.8 | — | ||||||||||||||||||||||||
Stable value fund | 0.6 | — | 0.6 | — | 1 | — | 1 | — | ||||||||||||||||||||||||
Other | 2.3 | 2.3 | — | — | 2.4 | 2.4 | — | — | ||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 167.6 | — | 167.6 | — | 234.4 | — | 234.4 | — | ||||||||||||||||||||||||
Total assets | $ | 204 | $ | 32.6 | $ | 171.4 | $ | — | $ | 276 | $ | 36.8 | $ | 239.2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 203.9 | — | 203.9 | — | 218.4 | — | 218.4 | — | ||||||||||||||||||||||||
Contingent earn-out consideration | 1.6 | — | — | 1.6 | 70.1 | — | — | 70.1 | ||||||||||||||||||||||||
Total liabilities | $ | 205.5 | $ | — | $ | 203.9 | $ | 1.6 | $ | 288.5 | $ | — | $ | 218.4 | $ | 70.1 | ||||||||||||||||
Changes In Fair Value Of Level 3 Contingent Earn-Out Consideration Obligation | ' | |||||||||||||||||||||||||||||||
Changes in the fair value of our Level 3 contingent earn-out consideration obligation were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 0.7 | $ | 50.5 | $ | 70.1 | $ | 105.3 | ||||||||||||||||||||||||
Remeasurement adjustment | 1.6 | 8.5 | 3.6 | 17.6 | ||||||||||||||||||||||||||||
Payment | — | — | (72.5 | ) | (57.3 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment | (0.7 | ) | 0.4 | 0.4 | (6.2 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 1.6 | $ | 59.4 | $ | 1.6 | $ | 59.4 | ||||||||||||||||||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||
Segment Revenue, Segment Operating Profit And Corporate Items | ' | |||||||||||||||
Segment revenue and segment operating profit were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment revenue | ||||||||||||||||
Subsea Technologies | $ | 1,300.40 | $ | 1,119.90 | $ | 3,831.00 | $ | 3,336.90 | ||||||||
Surface Technologies | 556 | 455.9 | 1,546.40 | 1,317.80 | ||||||||||||
Energy Infrastructure | 124.9 | 152.4 | 419.6 | 444.6 | ||||||||||||
Other revenue (1) and intercompany eliminations | (4.6 | ) | (3.7 | ) | (10.6 | ) | (20.9 | ) | ||||||||
Total revenue | $ | 1,976.70 | $ | 1,724.50 | $ | 5,786.40 | $ | 5,078.40 | ||||||||
Income before income taxes: | ||||||||||||||||
Segment operating profit: | ||||||||||||||||
Subsea Technologies | $ | 204.4 | $ | 121.1 | $ | 539.8 | $ | 338.7 | ||||||||
Surface Technologies | 109.5 | 74.5 | 276.6 | 189.1 | ||||||||||||
Energy Infrastructure (5) | 5.1 | 17.9 | 38.8 | 51.7 | ||||||||||||
Intercompany eliminations | 0.1 | — | — | — | ||||||||||||
Total segment operating profit | 319.1 | 213.5 | 855.2 | 579.5 | ||||||||||||
Corporate items: | ||||||||||||||||
Corporate expense (2) | (16.1 | ) | (10.4 | ) | (47.8 | ) | (33.2 | ) | ||||||||
Other revenue (1) and other expense, net (3) | (35.1 | ) | (27.1 | ) | 13.2 | (75.6 | ) | |||||||||
Net interest expense | (8.0 | ) | (8.2 | ) | (24.5 | ) | (25.1 | ) | ||||||||
Total corporate items | (59.2 | ) | (45.7 | ) | (59.1 | ) | (133.9 | ) | ||||||||
Income before income taxes attributable to FMC Technologies, Inc. (4) | $ | 259.9 | $ | 167.8 | $ | 796.1 | $ | 445.6 | ||||||||
_______________________ | ||||||||||||||||
(1) | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||||||||
(2) | Corporate expense primarily includes corporate staff expenses. | |||||||||||||||
(3) | Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. | |||||||||||||||
(4) | Excludes amounts attributable to noncontrolling interests. | |||||||||||||||
(5) | Energy Infrastructure segment operating profit for the three months ended September 30, 2014 was reduced by $6.7 million related to a correction of prior quarters' operating results in 2014 in our automation and control business. | |||||||||||||||
Segment Operating Capital Employed And Segment Assets | ' | |||||||||||||||
Segment operating capital employed and assets were as follows: | ||||||||||||||||
(In millions) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Segment operating capital employed (1): | ||||||||||||||||
Subsea Technologies | $ | 2,039.40 | $ | 2,126.30 | ||||||||||||
Surface Technologies | 1,185.60 | 1,139.10 | ||||||||||||||
Energy Infrastructure | 331.8 | 345.4 | ||||||||||||||
Total segment operating capital employed | 3,556.80 | 3,610.80 | ||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 2,679.40 | 2,272.80 | ||||||||||||||
Corporate (3) | 798.2 | 722 | ||||||||||||||
Total assets | $ | 7,034.40 | $ | 6,605.60 | ||||||||||||
Segment assets: | ||||||||||||||||
Subsea Technologies | $ | 4,221.50 | $ | 3,923.60 | ||||||||||||
Surface Technologies | 1,580.50 | 1,484.00 | ||||||||||||||
Energy Infrastructure | 469.8 | 496.4 | ||||||||||||||
Intercompany eliminations | (35.6 | ) | (20.4 | ) | ||||||||||||
Total segment assets | 6,236.20 | 5,883.60 | ||||||||||||||
Corporate (3) | 798.2 | 722 | ||||||||||||||
Total assets | $ | 7,034.40 | $ | 6,605.60 | ||||||||||||
_______________________ | ||||||||||||||||
(1) | FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, income taxes, and LIFO and valuation adjustments. | |||||||||||||||
(2) | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance payments and progress billings, accrued payroll and other liabilities. | |||||||||||||||
(3) | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($170.50) | ($117.40) | ($534.70) | ($327.50) | |
Earnings Per Share, Diluted | ($0.72) | ($0.49) | ($2.24) | ($1.35) | |
Restatement Adjustment [Member] | ' | ' | ' | ' | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $8.10 | [1] | ' | ' | ' |
Earnings Per Share, Diluted | $0.03 | ' | ' | ' | |
[1] | Energy Infrastructure segment operating profit for the three months ended September 30, 2014 was reduced by $6.7 million related to a correction of prior quarters' operating results in 2014 in our automation and control business. |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Number Of Shares Used For Basic And Diluted Earnings Per Share ("EPS") Calculation ) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to FMC Technologies, Inc. | $169.80 | $116 | $531.30 | $323.60 |
Weighted average number of shares outstanding | 236.4 | 238.2 | 236.8 | 238.4 |
Dilutive effect of restricted stock units and stock options | 0.6 | 0.7 | 0.5 | 0.8 |
Total shares and dilutive securities | 237 | 238.9 | 237.3 | 239.2 |
Basic earnings per share attributable to FMC Technologies, Inc. | $0.72 | $0.49 | $2.24 | $1.36 |
Diluted earnings per share attributable to FMC Technologies, Inc. | $0.72 | $0.49 | $2.24 | $1.35 |
Sale_of_Material_Handling_Prod1
Sale of Material Handling Products (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Disposal Group [Abstract] | ' | ' |
Gain on Sale of Material Handling Products | ($1.30) | $84.30 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ' | ' |
Raw materials | $190.60 | $186.30 |
Work in process | 193.3 | 141.4 |
Finished goods | 860.5 | 830.3 |
Inventory, gross | 1,244.40 | 1,158 |
LIFO and valuation adjustments | -198.3 | -177.6 |
Inventories, net | $1,046.10 | $980.40 |
Debt_Schedule_Of_LongTerm_Debt
Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 1 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2004 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Sale leaseback transaction, net proceeds | $9.70 | ' | ' | ||
Commercial paper (1) | ' | 508 | [1] | 501.4 | [1] |
Term loan | ' | 24.7 | 25.9 | ||
Property financing | ' | 8.9 | 13.9 | ||
Total long-term debt | ' | 1,340.90 | 1,340.30 | ||
Less: current portion | ' | -3.9 | -10.5 | ||
Long-term debt, less current portion | ' | 1,337 | 1,329.80 | ||
Sale leaseback transaction, net book value | 8.5 | ' | ' | ||
Sale leaseback transaction, lease terms | 'P10Y | ' | ' | ||
Sale leaseback transaction, imputed interest rate, as a percent | 5.37% | ' | ' | ||
Commercial Paper [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Commercial paper borrowings weighted average interest rate, as a percent | ' | 0.30% | ' | ||
Senior Notes 2017 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Senior notes, interest rate, as a percent | ' | 2.00% | 2.00% | ||
Senior notes, noncurrent | ' | 299.6 | 299.5 | ||
Senior Notes 2022 | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Senior notes, interest rate, as a percent | ' | 3.45% | 3.45% | ||
Senior notes, noncurrent | ' | $499.70 | $499.60 | ||
[1] | Committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets at September 30, 2014 and December 31, 2013. As of September 30, 2014, our commercial paper borrowings had a weighted average interest rate of 0.30%. |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate excluding effects of change in tax law, as a percent | ' | ' | ' | 28.90% |
Effective tax rate, as a percent | 34.70% | 30.90% | 33.30% | 27.40% |
Warranty_Obligations_Schedule_
Warranty Obligations (Schedule Of Warranty Cost And Accrual Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $19.40 | $15.90 | $18 | $15.40 |
Expense for new warranties | 7.4 | 4.8 | 18.3 | 18.7 |
Adjustments to existing accruals | -0.3 | ' | 0.3 | 0.6 |
Claims paid | -4.7 | -4.6 | -14.8 | -18.6 |
Balance at end of period | $21.80 | $16.10 | $21.80 | $16.10 |
Pension_And_Other_Postretireme2
Pension And Other Post-retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
U.S. Defined Benefit Plan, Description of Plan Amendment | ' | ' | 'In October 2009, the Board of Directors amended the U.S. Qualified and Non-Qualified Defined Benefit Pension Plans (“U.S. Pension Plansâ€) to freeze participation in the U.S. Pension Plans for all new nonunion employees hired on or after January 1, 2010, and current nonunion employees with less than five years of vesting service as of December 31, 2009 (“frozen participantsâ€). The Company amended the U.S. Qualified Pension Plan, and effective June 1, 2014, the assets and liabilities attributable to participants who are (i) either frozen participants or participants that had terminated service and subsequently became re-employed on or after January 1, 2010, and (ii) active employees of FMC Technologies as of June 1, 2014 were transferred from the U.S. Qualified Pension Plan to the FMC Technologies, Inc. Frozen Retirement Plan (“Frozen Planâ€). As of June 1, 2014, the benefits under the Frozen Plan were actuarially equivalent to the benefits each participant would have received under the U.S. Qualified Pension Plan. Under the Frozen Plan, participants have the option to accept cash or an annuity upon the Frozen Plan’s termination. | ' |
United States Pension Plans of US Entity, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service cost | $3.40 | $4.10 | $10.30 | $12.40 |
Interest cost | 7.2 | 6.4 | 21.8 | 19.3 |
Expected return on plan assets | -11.5 | -10.4 | -34.7 | -31.2 |
Amortization of prior service cost (credit) | ' | ' | ' | ' |
Amortization of transition asset | ' | ' | ' | ' |
Amortization of actuarial loss (gain), net | 3.1 | 6.7 | 9.2 | 20.1 |
Net periodic benefit cost | 2.2 | 6.8 | 6.6 | 20.6 |
Pension contributions | ' | ' | 8.4 | ' |
Foreign Pension Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service cost | 4.2 | 3.6 | 12.8 | 11 |
Interest cost | 4.6 | 3.9 | 14 | 12 |
Expected return on plan assets | -7.5 | -5.8 | -22.8 | -17.6 |
Amortization of prior service cost (credit) | ' | ' | 0.1 | ' |
Amortization of transition asset | -0.1 | -0.1 | -0.1 | -0.1 |
Amortization of actuarial loss (gain), net | 1.8 | 1.4 | 5.2 | 4 |
Net periodic benefit cost | 3 | 3 | 9.2 | 9.3 |
Pension contributions | ' | ' | 18.5 | ' |
Other Post-retirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service cost | ' | 0.1 | ' | 0.1 |
Interest cost | 0.1 | 0.1 | 0.3 | 0.2 |
Amortization of prior service cost (credit) | ' | -0.2 | ' | -0.4 |
Amortization of actuarial loss (gain), net | -0.1 | -0.1 | -0.2 | -0.2 |
Net periodic benefit cost | ' | ($0.10) | $0.10 | ($0.30) |
Stockbased_Compensation_Schedu
Stock-based Compensation (Schedule Of Restricted Stock) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | |
Number of restricted stock units granted (in shares) | 713 | |
Weighted-average grant date fair value (in dollars per share) | $50.66 | |
Time-based Restricted Stock Units | ' | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | |
Number of restricted stock units granted (in shares) | 456 | |
Performance-based Restricted Stock Units | ' | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | |
Number of restricted stock units granted (in shares) | 171 | [1] |
Market-based Restricted Stock Units | ' | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | |
Number of restricted stock units granted (in shares) | 86 | [1] |
[1] | *Assumes grant date expected payout |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units, award measurement period | ' | ' | '3 years | ' |
Restricted Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Stock-based compensation expense for nonvested stock units | $9.50 | $13.50 | $37.30 | $40 |
Performance-based Restricted Stock Units | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units, expected payout (in shares) | ' | ' | 0 | ' |
Performance-based Restricted Stock Units | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units, expected payout (in shares) | ' | ' | 342,000 | ' |
Market-based Restricted Stock Units | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units, expected payout (in shares) | ' | ' | 0 | ' |
Market-based Restricted Stock Units | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units, expected payout (in shares) | ' | ' | 172,000 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Cash dividends declared | $0 | $0 | $0 | $0 |
Value of common stock repurchased | ' | ' | $129.80 | $70.80 |
Authorized stock repurchase (in shares) | 75 | ' | 75 | ' |
Remaining shares of common stock available for purchase (in shares) | 10.5 | ' | 10.5 | ' |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Treasury stock activity) (Details) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Treasury stock (in shares) | 52,159 | 49,488 | 50,318 | 49,061 |
Stock awards (in shares) | -547 | -944 | ' | ' |
Treasury stock purchases (in shares) | 2,388 | 1,371 | ' | ' |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ($93.50) | ' | ' | |
Reclassification adjustment for net losses (gains) included in net income, net of tax | ' | ' | 4.1 | ' | ' | |
Other comprehensive income (loss), net of tax | -96.4 | 36.6 | -89.4 | -39.7 | ' | |
Accumulated other comprehensive income (loss), net of tax | -430.1 | ' | -430.1 | ' | -340.7 | |
Foreign Currency Translation | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -44.4 | ' | ' | |
Reclassification adjustment for net losses (gains) included in net income, net of tax | ' | ' | ' | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | -44.4 | [1] | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -248.7 | ' | -248.7 | ' | -204.3 | |
Hedging | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -49.1 | ' | ' | |
Reclassification adjustment for net losses (gains) included in net income, net of tax | ' | ' | -4.9 | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | -54 | [2] | ' | ' |
Accumulated other comprehensive income (loss), net of tax | -22.1 | ' | -22.1 | ' | 31.9 | |
Defined Pension and Other Post-retirement Benefits | ' | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' | ' | |
Reclassification adjustment for net losses (gains) included in net income, net of tax | ' | ' | 9 | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | 9 | [3] | ' | ' |
Accumulated other comprehensive income (loss), net of tax | ($159.30) | ' | ($159.30) | ' | ($168.30) | |
[1] | Net of income tax (expense) benefit of $5.5 and $(0.8) for the three months ended September 30, 2014 and 2013, respectively, and $4.3 and $1.2 for the nine months ended September 30, 2014 and 2013, respectively. | |||||
[2] | Net of income tax (expense) benefit of $9.9 and $(11.2) for the three months ended September 30, 2014 and 2013, respectively, and $9.0 and $2.8 for the nine months ended September 30, 2014 and 2013, respectively. | |||||
[3] | Net of income tax (expense) benefit of $(1.4) and $(2.7) for the three months ended September 30, 2014 and 2013, respectively, and $(4.8) and $(8.1) for the nine months ended September 30, 2014 and 2013, respectively. |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholder's Equity (Reclassification out of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Revenue | $1,976.70 | $1,724.50 | $5,786.40 | $5,078.40 | ||||
Selling, general and administrative expense | -170.8 | -165.9 | -542 | -508.8 | ||||
Income before income taxes | 260.6 | 169.2 | 799.5 | 449.5 | ||||
Income tax (expense) benefit | -90.1 | -51.8 | -264.8 | -122 | ||||
Net income | 170.5 | 117.4 | 534.7 | 327.5 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Revenue | -12.2 | -3.6 | -27 | -5.1 | ||||
Cost of sales | 9.1 | 3.4 | 29.4 | 6.4 | ||||
Selling, general and administrative expense | ' | ' | ' | 0.1 | ||||
Income before income taxes | -3.1 | -0.2 | 2.4 | 1.4 | ||||
Income tax (expense) benefit | 1.1 | 0.8 | 2.5 | 0.3 | ||||
Net income | -2 | 0.6 | 4.9 | 1.7 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Defined Pension and Other Post-retirement Benefits | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Amortization of actuarial gain (loss) | -4.7 | [1] | -7.8 | [1] | -14 | [1] | -23.5 | [1] |
Amortization of prior service credit (cost) | 0.1 | [1] | 0.1 | [1] | 0.2 | [1] | 0.4 | [1] |
Income before income taxes | -4.6 | -7.7 | -13.8 | -23.1 | ||||
Income tax (expense) benefit | 1.5 | 2.7 | 4.8 | 8.1 | ||||
Net income | ($3.10) | ($5) | ($9) | ($15) | ||||
[1] | (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivative | ' | ' | ' | ' | ' |
Forward exchange contracts maturity term (less than) (in years) | ' | ' | '3 years | ' | ' |
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | ($0.10) | ($0.20) | ($0.60) | ($0.30) | ' |
Cash flow hedges of forecasted transactions, net of tax, in accumulated OCI gain (loss) | -22.1 | ' | -22.1 | ' | 31.9 |
Cash flow hedge gain (loss) expected to be reclassified within 12 months | ' | ' | ($0.30) | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Notional Amounts Of Outstanding Derivative Positions) (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments |
Australia, Dollars | Australia, Dollars | British pound | British pound | Canadian dollar | Canadian dollar | Euro | Euro | Kuwaiti dinar | Kuwaiti dinar | Malaysia, Ringgits | Malaysia, Ringgits | Norwegian krone | Norwegian krone | Russian ruble | Russian ruble | Singapore dollar | Singapore dollar | Swedish krona | Swedish krona | U.S. dollar | Brazilian real | Brazilian real | Norwegian krone | Norwegian krone | U.S. dollar | |
Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Sold | Notional Amount Sold | Notional Amount Bought | Notional Amount Bought | Notional Amount Sold | Notional Amount Sold | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Sold | Notional Amount Sold | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | Notional Amount Sold | Notional Amount Sold | Notional Amount Sold | Notional Amount Bought | Notional Amount Bought | Notional Amount Bought | |
USD ($) | AUD | USD ($) | GBP (£) | USD ($) | CAD | USD ($) | EUR (€) | USD ($) | KWD | USD ($) | MYR | USD ($) | NOK | USD ($) | RUB | USD ($) | SGD | USD ($) | SEK | USD ($) | USD ($) | BRL | USD ($) | NOK | USD ($) | |
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | $16.30 | 18.7 | $149.30 | £ 92.2 | $126.40 | 141.3 | $247.70 | € 196.70 | $22.60 | 6.5 | $48.60 | 159.4 | $420.90 | 2,711.50 | $22.10 | 849.1 | $212.10 | 270.5 | $15.70 | 113.6 | $996.90 | $36 | 88.3 | $11.10 | 71.6 | $21.60 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Value Of Derivative Instruments In Statement Of Financial Position) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Derivative assets | $167.60 | $234.40 |
Derivative liabilities | 203.9 | 218.4 |
Derivatives Designated As Hedging Instruments | Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 145.1 | 214.7 |
Derivative liabilities | 178 | 196.6 |
Derivatives Designated As Hedging Instruments | Foreign Exchange Contract | Current - Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 104.5 | 149.3 |
Derivative liabilities | 112 | 152.5 |
Derivatives Designated As Hedging Instruments | Foreign Exchange Contract | Long-Term - Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 40.6 | 65.4 |
Derivative liabilities | 66 | 44.1 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 22.5 | 19.7 |
Derivative liabilities | 25.9 | 21.8 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contract | Current - Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 21.3 | 16.6 |
Derivative liabilities | 24 | 18.8 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contract | Long-Term - Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets | 1.2 | 3.1 |
Derivative liabilities | $1.90 | $3 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Derivative Instruments In Cash Flow Hedging Relationships Gain (Loss)) (Details) (Foreign Exchange Contract, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments) | $11.20 | ($10.10) | $7.20 | ($9.30) |
Revenue | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments) | -1.3 | 0.3 | -3.3 | 1.4 |
Cost of Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments) | ' | 0.2 | 0.3 | -0.4 |
Other Income (Expense), Net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments) | 12.5 | -10.6 | 10.2 | -10.3 |
Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI (Effective Portion) | -51.6 | 33.7 | -60.5 | 14 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -3.1 | -0.2 | 2.4 | 1.4 |
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1.3 | -3.6 | -3.1 | -7.3 |
Cash Flow Hedging | Revenue | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -12.2 | -3.6 | -27 | -5.1 |
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 7.2 | -0.6 | 15.9 | -0.1 |
Cash Flow Hedging | Cost of Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 9.1 | 3.4 | 29.4 | 6.4 |
Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | -5.9 | -3 | -19 | -7.2 |
Cash Flow Hedging | Selling, General and Administrative Expenses | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ' | ' | $0.10 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Offsetting Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets [Abstract] | ' | ' |
Derivative Assets Collateral | $0 | $0 |
Gross Amount Recognized | 167.6 | 234.4 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | -156.6 | -198.5 |
Net Amount | $11 | $35.90 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Offsetting Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Derivative Liability Collateral | $0 | $0 |
Gross Amount Recognized | 203.9 | 218.4 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | -156.6 | -198.5 |
Net Amount | $47.30 | $19.90 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Senior Notes Total | Senior Notes Total | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' |
Senior notes, fair value | ' | $794.70 | $767.60 |
Senior notes, face value | ' | $800 | $800 |
Credit-risk-related contingent features | 'we have no credit-risk-related contingent features in our agreements with the financial institutions that would require us to post collateral for derivative positions in a liability position. | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Equity securities | $22 | $21.20 |
Fixed income | 8.3 | 13.2 |
Money market fund | 3.2 | 3.8 |
Stable value fund | 0.6 | 1 |
Other | 2.3 | 2.4 |
Foreign exchange contracts | 167.6 | 234.4 |
Total assets | 204 | 276 |
Foreign exchange contracts | 203.9 | 218.4 |
Contingent earn-out consideration | 1.6 | 70.1 |
Total liabilities | 205.5 | 288.5 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Equity securities | 22 | 21.2 |
Fixed income | 8.3 | 13.2 |
Other | 2.3 | 2.4 |
Total assets | 32.6 | 36.8 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Money market fund | 3.2 | 3.8 |
Stable value fund | 0.6 | 1 |
Foreign exchange contracts | 167.6 | 234.4 |
Total assets | 171.4 | 239.2 |
Foreign exchange contracts | 203.9 | 218.4 |
Total liabilities | 203.9 | 218.4 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Contingent earn-out consideration | 1.6 | 70.1 |
Total liabilities | $1.60 | $70.10 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Fair Value Of Level 3 Contingent Earn-Out Consideration Obligation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $0.70 | $50.50 | $70.10 | $105.30 |
Remeasurement adjustment | 1.6 | 8.5 | 3.6 | 17.6 |
Payment | ' | ' | -72.5 | -57.3 |
Foreign currency translation adjustment | -0.7 | 0.4 | 0.4 | -6.2 |
Balance at end of period | $1.60 | $59.40 | $1.60 | $59.40 |
Commitments_And_Contingent_Lia1
Commitments And Contingent Liabilities Guarantees (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Maximum potential amount of future payments | $40 |
Guarantor obligations, approximate term | 'P2Y |
Business_Segment_Information_S
Business Segment Information (Schedule Of Segment Revenue And Segment Operating Profit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Total revenue | $1,976.70 | $1,724.50 | $5,786.40 | $5,078.40 | ' | |||||
Total segment operating profit | 319.1 | 213.5 | 855.2 | 579.5 | ' | |||||
Net interest expense | -8 | -8.2 | -24.5 | -25.1 | ' | |||||
Income before income taxes attributable to FMC Technologies, Inc. | 259.9 | [1] | 167.8 | [1] | 796.1 | [1] | 445.6 | [1] | ' | |
Assets | 7,034.40 | ' | 7,034.40 | ' | 6,605.60 | |||||
Operating segments | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Segment Reporting Segment Operating Capital Employed | 3,556.80 | [2] | ' | 3,556.80 | [2] | ' | 3,610.80 | [2] | ||
Assets | 6,236.20 | ' | 6,236.20 | ' | 5,883.60 | |||||
Operating segments | Subsea Technologies | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Segment Reporting Segment Operating Capital Employed | 2,039.40 | [2] | ' | 2,039.40 | [2] | ' | 2,126.30 | [2] | ||
Total revenue | 1,300.40 | 1,119.90 | 3,831 | 3,336.90 | ' | |||||
Total segment operating profit | 204.4 | 121.1 | 539.8 | 338.7 | ' | |||||
Assets | 4,221.50 | ' | 4,221.50 | ' | 3,923.60 | |||||
Operating segments | Surface Technologies | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Segment Reporting Segment Operating Capital Employed | 1,185.60 | [2] | ' | 1,185.60 | [2] | ' | 1,139.10 | [2] | ||
Total revenue | 556 | 455.9 | 1,546.40 | 1,317.80 | ' | |||||
Total segment operating profit | 109.5 | 74.5 | 276.6 | 189.1 | ' | |||||
Assets | 1,580.50 | ' | 1,580.50 | ' | 1,484 | |||||
Operating segments | Energy Infrastructure | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Segment Reporting Segment Operating Capital Employed | 331.8 | [2] | ' | 331.8 | [2] | ' | 345.4 | [2] | ||
Total revenue | 124.9 | 152.4 | 419.6 | 444.6 | ' | |||||
Total segment operating profit | 5.1 | [3] | 17.9 | 38.8 | 51.7 | ' | ||||
Assets | 469.8 | ' | 469.8 | ' | 496.4 | |||||
Other revenue and intercompany eliminations | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Total revenue | -4.6 | [4] | -3.7 | [4] | -10.6 | [4] | -20.9 | [4] | ' | |
Segment liabilities included in total segment operating capital employed | 2,679.40 | [5] | ' | 2,679.40 | [5] | ' | 2,272.80 | [5] | ||
Intercompany eliminations | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Total segment operating profit | 0.1 | ' | ' | ' | ' | |||||
Assets | -35.6 | ' | -35.6 | ' | -20.4 | |||||
Corporate items | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Corporate expense | -16.1 | [6] | -10.4 | [6] | -47.8 | [6] | -33.2 | [6] | ' | |
Other revenue and other expense, net | -35.1 | [4],[7] | -27.1 | [4],[7] | 13.2 | [4],[7] | -75.6 | [4],[7] | ' | |
Net interest expense | -8 | -8.2 | -24.5 | -25.1 | ' | |||||
Total corporate items | -59.2 | -45.7 | -59.1 | -133.9 | ' | |||||
Assets | 798.2 | [8] | ' | 798.2 | [8] | ' | 722 | [8] | ||
Restatement Adjustment | Operating segments | Energy Infrastructure | ' | ' | ' | ' | ' | |||||
Segment Reporting Information | ' | ' | ' | ' | ' | |||||
Total segment operating profit | ($6.70) | [3] | ' | ' | ' | ' | ||||
[1] | Excludes amounts attributable to noncontrolling interests. | |||||||||
[2] | FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, income taxes, and LIFO and valuation adjustments. | |||||||||
[3] | Energy Infrastructure segment operating profit for the three months ended September 30, 2014 was reduced by $6.7 million related to a correction of prior quarters' operating results in 2014 in our automation and control business. | |||||||||
[4] | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||
[5] | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance payments and progress billings, accrued payroll and other liabilities. | |||||||||
[6] | Corporate expense primarily includes corporate staff expenses. | |||||||||
[7] | Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses, and the impact of unusual or strategic transactions not representative of segment operations. | |||||||||
[8] | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Business_Segment_Information_S1
Business Segment Information (Segment Operating Capital Employed And Segment Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information | ' | ' | ||
Total assets | $7,034.40 | $6,605.60 | ||
Operating segments | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total segment operating capital employed | 3,556.80 | [1] | 3,610.80 | [1] |
Total assets | 6,236.20 | 5,883.60 | ||
Operating segments | Subsea Technologies | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total segment operating capital employed | 2,039.40 | [1] | 2,126.30 | [1] |
Total assets | 4,221.50 | 3,923.60 | ||
Operating segments | Surface Technologies | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total segment operating capital employed | 1,185.60 | [1] | 1,139.10 | [1] |
Total assets | 1,580.50 | 1,484 | ||
Operating segments | Energy Infrastructure | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total segment operating capital employed | 331.8 | [1] | 345.4 | [1] |
Total assets | 469.8 | 496.4 | ||
Segment reconciling items | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Segment liabilities included in total segment operating capital employed | 2,679.40 | [2] | 2,272.80 | [2] |
Intercompany eliminations | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total assets | -35.6 | -20.4 | ||
Corporate | ' | ' | ||
Segment Reporting Information | ' | ' | ||
Total assets | $798.20 | [3] | $722 | [3] |
[1] | FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, income taxes, and LIFO and valuation adjustments. | |||
[2] | Segment liabilities included in total segment operating capital employed consist of trade and other accounts payable, advance payments and progress billings, accrued payroll and other liabilities. | |||
[3] | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |