Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | fti | ||
Entity Registrant Name | FMC TECHNOLOGIES INC | ||
Entity Central Index Key | 1135152 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 231,444,593 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $7,923,489,042 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Product revenue | $6,335.70 | $5,724.70 | $5,198.20 |
Service revenue | 1,276.50 | 1,066 | 656.6 |
Lease and other revenue | 330.4 | 335.5 | 296.6 |
Total revenue | 7,942.60 | 7,126.20 | 6,151.40 |
Costs and expenses: | |||
Cost of product revenue | 4,860 | 4,562.40 | 4,155.70 |
Cost of service revenue | 925 | 792.7 | 486.8 |
Cost of lease and other revenue | 214.8 | 216.3 | 190.4 |
Selling, general and administrative expense | 750.6 | 694.8 | 596.9 |
Research and development expense | 123.7 | 112.4 | 116.8 |
Total costs and expenses | 6,874.10 | 6,378.60 | 5,546.60 |
Gain on sale of Material Handling Products (Note 5) | 84.3 | ||
Other income (expense), net | -54 | 5.3 | 23 |
Income before interest income, interest expense and income taxes | 1,098.80 | 752.9 | 627.8 |
Interest income | 1.1 | 0.7 | -0.4 |
Interest expense | -33.6 | -34.4 | -26.2 |
Income before income taxes | 1,066.30 | 719.2 | 601.2 |
Provision for income taxes | 361 | 212.6 | 166.4 |
Net income | 705.3 | 506.6 | 434.8 |
Net income attributable to noncontrolling interests | -5.4 | -5.2 | -4.8 |
Net income attributable to FMC Technologies, Inc. | $699.90 | $501.40 | $430 |
Earnings per share attributable to FMC Technologies, Inc. (Note 3): | |||
Basic (in dollars per share) | $2.96 | $2.10 | $1.79 |
Diluted (in dollars per share) | $2.95 | $2.10 | $1.78 |
Weighted average shares outstanding (Note 3): | |||
Basic (in shares) | 236.3 | 238.3 | 239.7 |
Diluted (in shares) | 236.9 | 239.1 | 240.9 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net income | $705.30 | $506.60 | $434.80 | |||
Other comprehensive income (loss), net of tax: | ||||||
Foreign currency translation adjustments | -107.6 | [1] | -99.7 | [1] | -1.8 | [1] |
Net gains (losses) on hedging instruments: | ||||||
Net gains (losses) arising during the period | -108.4 | 27.1 | 29 | |||
Reclassification adjustment for net gains included in net income | -0.8 | -5.2 | -2.3 | |||
Net gains (losses) on hedging instruments | -109.2 | [2] | 21.9 | [2] | 26.7 | [2] |
Pension and other post-retirement benefits: | ||||||
Net actuarial gain (loss) arising during the period | -152.7 | 112.5 | -5.1 | |||
Prior service cost arising during the period | -1.7 | -0.4 | ||||
Reclassification adjustment for settlement losses included in net income | 15.7 | 3.2 | 9.6 | |||
Reclassification adjustment for amortization of prior service cost (credit) included in net income | 0.3 | -0.3 | -0.7 | |||
Reclassification adjustment for amortization of net actuarial loss included in net income | 12.3 | 18.2 | 19.3 | |||
Reclassification adjustment for amortization of transition asset included in net income | -0.1 | -0.1 | -0.2 | |||
Net pension and other post-retirement benefits | -126.2 | [3] | 133.1 | [3] | 22.9 | [3] |
Other comprehensive income (loss), net of tax | -343 | 55.3 | 47.8 | |||
Comprehensive income | 362.3 | 561.9 | 482.6 | |||
Comprehensive income attributable to noncontrolling interest | -5.4 | -5.2 | -4.8 | |||
Comprehensive income attributable to FMC Technologies, Inc. | $356.90 | $556.70 | $477.80 | |||
[1] | Net of income tax (expense) benefit of $7.2, $(1.6) and $(2.2) for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
[2] | Net of income tax (expense) benefit of $25.7, $1.0 and $(12.3) for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
[3] | Net of income tax (expense) benefit of $56.9, $(81.8) and $(6.5) for the years ended December 31, 2014, 2013 and 2012, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation adjustments, tax (expense) benefit | $7.20 | ($1.60) | ($2.20) |
Net gains (losses) on hedging instruments, tax (expense) benefit | 25.7 | 1 | -12.3 |
Net pension and other post-retirement benefits, tax (expense) benefit | $56.90 | ($81.80) | ($6.50) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $638.80 | $399.10 |
Trade receivables, net of allowances of $9.4 in 2014 and $7.4 in 2013 (Note 21) | 2,127 | 2,067.20 |
Inventories, net (Note 6) | 1,021.20 | 980.4 |
Derivative financial instruments (Note 15) | 197.6 | 165.9 |
Prepaid expenses | 48.5 | 41.5 |
Deferred income taxes (Note 11) | 70.8 | 59.1 |
Other current assets | 332.5 | 309.8 |
Total current assets | 4,436.40 | 4,023 |
Investments | 35.9 | 44.3 |
Property, plant and equipment, net (Note 7) | 1,458.40 | 1,349.10 |
Goodwill (Note 8) | 552.1 | 580.7 |
Intangible assets, net (Note 8) | 282.9 | 315.3 |
Deferred income taxes (Note 11) | 106.5 | 36.9 |
Derivative financial instruments (Note 15) | 134.9 | 68.5 |
Other assets | 168.5 | 187.8 |
Total assets | 7,175.60 | 6,605.60 |
Liabilities and equity | ||
Short-term debt and current portion of long-term debt (Note 10) | 11.7 | 42.5 |
Accounts payable, trade | 723.5 | 750.7 |
Advance payments and progress billings | 965.2 | 803.2 |
Accrued payroll | 256.8 | 222 |
Derivative financial instruments (Note 15) | 230.2 | 171.3 |
Income taxes payable | 152.9 | 138.1 |
Deferred income taxes (Note 11) | 54.2 | 66.4 |
Other current liabilities | 389.1 | 420.5 |
Total current liabilities | 2,783.60 | 2,614.70 |
Long-term debt, less current portion (Note 10) | 1,297.20 | 1,329.80 |
Accrued pension and other post-retirement benefits, less current portion (Note 12) | 236.7 | 84 |
Derivative financial instruments (Note 15) | 220.2 | 47.1 |
Deferred income taxes (Note 11) | 54.3 | 90.3 |
Other liabilities | 105.9 | 103.4 |
Commitments and contingent liabilities (Note 18) | ||
Stockholders’ equity (Note 14): | ||
Preferred stock, $0.01 par value, 12.0 shares authorized; no shares issued in 2014 or 2013 | 0 | 0 |
Common stock, $0.01 par value, 600.0 shares authorized in 2014 and 2013; 286.3 shares issued in 2014 and 2013; and 231.5 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 | -8 | -7.7 |
Treasury stock, at cost, 54.6 and 50.3 shares in 2014 and 2013, respectively | -1,431.10 | -1,196.60 |
Capital in excess of par value of common stock | 731.9 | 713.2 |
Retained earnings | 3,844.30 | 3,146.10 |
Accumulated other comprehensive loss | -683.7 | -340.7 |
Total FMC Technologies, Inc. stockholders’ equity | 2,456.30 | 2,317.20 |
Noncontrolling interests | 21.4 | 19.1 |
Total equity | 2,477.70 | 2,336.30 |
Total liabilities and equity | $7,175.60 | $6,605.60 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Trade receivables, allowances | $9.40 | $7.40 |
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) | 231,500,000 | 235,800,000 |
Common stock held in employee benefit trust at cost (in shares) | 200,000 | 200,000 |
Treasury stock, at cost (in shares) | 54,600,000 | 50,300,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash provided (required) by operating activities: | |||
Net income | $705.30 | $506.60 | $434.80 |
Adjustments to reconcile net income to cash provided (required) by operating activities: | |||
Depreciation | 170.8 | 156 | 113.1 |
Amortization | 61.7 | 53.8 | 33.1 |
Employee benefit plan and stock-based compensation costs | 89.3 | 93.5 | 110.4 |
Deferred income tax benefit | -18.1 | -20.4 | -9.8 |
Unrealized loss (gain) on derivative instruments | 54.4 | -5.7 | 13.5 |
Gain on sale of Material Handling Products | -84.3 | ||
Multi Phase Meters contingent earn-out consideration obligation | 3.7 | 28.8 | 42 |
Other | 7.1 | 1.6 | -6.2 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Trade receivables, net | -243 | -391 | -337.3 |
Inventories, net | -99.4 | -28.9 | -206.6 |
Accounts payable, trade | 33.8 | 103.8 | 83 |
Advance payments and progress billings | 225 | 329 | 25.9 |
Income taxes | 4.4 | 77.6 | -71.4 |
Payment of Multi Phase Meters earn-out consideration | -43.6 | -32.2 | |
Accrued pension and other post-retirement benefits, net | -32 | -60.1 | -63.1 |
Other assets and liabilities, net | 57.4 | -17 | -23 |
Cash provided by operating activities | 892.5 | 795.4 | 138.4 |
Cash provided (required) by investing activities: | |||
Capital expenditures | -404.4 | -314.1 | -405.6 |
Acquisitions, net of cash and cash equivalents acquired | -615.5 | ||
Proceeds from sale of Material Handling Products, net of cash divested | 105.6 | ||
Proceeds from disposal of assets | 16.2 | 7.4 | 3.2 |
Other | -2.5 | -4.9 | -2 |
Cash required by investing activities | -285.1 | -311.6 | -1,019.90 |
Cash provided (required) by financing activities: | |||
Net increase (decrease) in short-term debt | -25.8 | 8.5 | 13.4 |
Net increase (decrease) in commercial paper | -32.3 | -168.4 | 189.7 |
Proceeds from issuance of long-term debt | 26.2 | 1,068.90 | |
Repayments of long-term debt | -1.6 | -136 | -288.8 |
Purchase of treasury stock | -247.6 | -116.3 | -91.1 |
Payment of Multi Phase Meters earn-out consideration | -31 | -25.1 | |
Payments related to taxes withheld on stock-based compensation | -13 | -17.5 | -34.8 |
Excess tax benefits | 2.3 | 8 | 27.1 |
Other | -6.4 | -1.7 | -3 |
Cash provided (required) by financing activities | -355.4 | -422.3 | 881.4 |
Effect of exchange rate changes on cash and cash equivalents | -12.3 | -4.5 | -1.8 |
Increase (decrease) in cash and cash equivalents | 239.7 | 57 | -1.9 |
Cash and cash equivalents, beginning of year | 399.1 | 342.1 | 344 |
Cash and cash equivalents, end of year | $638.80 | $399.10 | $342.10 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders Equity (USD $) | Total | Common Stock | Common Stock Held in Treasury and Employee Benefit Trust | Capital in Excess of Par Value of Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest |
In Millions | |||||||
Beginning balance at Dec. 31, 2011 | $1,437.70 | $2.90 | ($1,047.70) | $698.50 | $2,214.70 | ($443.80) | $13.10 |
Net income | 434.8 | 430 | 4.8 | ||||
Other comprehensive income (loss) | 47.8 | 47.8 | |||||
Issuance of common stock | 0.7 | 0.7 | |||||
Excess tax benefits on stock-based payment arrangements | 27.1 | 27.1 | |||||
Taxes withheld on issuance of stock-based awards | -34.8 | -34.8 | |||||
Purchases of treasury stock (Note 14) | -91.1 | -91.1 | |||||
Reissuances of treasury stock (Note 14) | 30.4 | -30.4 | |||||
Net purchases of common stock for employee benefit trust | -1.4 | -2 | 0.6 | ||||
Stock-based compensation (Note 13) | 34 | 34 | |||||
Other | -1.6 | -1.6 | |||||
Ending balance at Dec. 31, 2012 | 1,853.20 | 2.9 | -1,110.40 | 695.7 | 2,644.70 | -396 | 16.3 |
Net income | 506.6 | 501.4 | 5.2 | ||||
Other comprehensive income (loss) | 55.3 | 55.3 | |||||
Issuance of common stock | 0.6 | 0.6 | |||||
Excess tax benefits on stock-based payment arrangements | 8 | 8 | |||||
Taxes withheld on issuance of stock-based awards | -17.5 | -17.5 | |||||
Purchases of treasury stock (Note 14) | -116.3 | -116.3 | |||||
Reissuances of treasury stock (Note 14) | 22.3 | -22.3 | |||||
Net purchases of common stock for employee benefit trust | 1.1 | 0.1 | 1 | ||||
Stock-based compensation (Note 13) | 47.7 | 47.7 | |||||
Other | -2.4 | -2.4 | |||||
Ending balance at Dec. 31, 2013 | 2,336.30 | 2.9 | -1,204.30 | 713.2 | 3,146.10 | -340.7 | 19.1 |
Net income | 705.3 | 699.9 | 5.4 | ||||
Other comprehensive income (loss) | -343 | -343 | |||||
Issuance of common stock | 0.2 | 0.2 | |||||
Excess tax benefits on stock-based payment arrangements | 2.3 | 2.3 | |||||
Taxes withheld on issuance of stock-based awards | -13 | -13 | |||||
Purchases of treasury stock (Note 14) | -247.6 | -247.6 | |||||
Reissuances of treasury stock (Note 14) | 13.1 | -13.1 | |||||
Net purchases of common stock for employee benefit trust | 0.2 | -0.3 | 0.5 | ||||
Stock-based compensation (Note 13) | 44.9 | 44.9 | |||||
Purchase of noncontrolling interest | -3 | -3.1 | 0.1 | ||||
Other | -4.9 | -1.7 | -3.2 | ||||
Ending balance at Dec. 31, 2014 | $2,477.70 | $2.90 | ($1,439.10) | $731.90 | $3,844.30 | ($683.70) | $21.40 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of operations—FMC Technologies, Inc. and consolidated subsidiaries (“FMC Technologies,” “we” or “us”) designs, manufactures and services technologically sophisticated systems and products for our customers in the energy industry through our business segments: Subsea Technologies, Surface Technologies and Energy Infrastructure. We have manufacturing operations worldwide, strategically located to facilitate delivery of our products, systems and services to our customers. | ||
Basis of presentation—Our consolidated financial statements have been prepared in U.S. dollars and in accordance with U.S. generally accepted accounting principles (“GAAP”). | ||
On February 25, 2011, our Board of Directors approved a two-for-one 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. | ||
Principles of consolidation—The consolidated financial statements include the accounts of FMC Technologies and its majority-owned subsidiaries and affiliates. Intercompany accounts and transactions are eliminated in consolidation. | ||
Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimates include, but are not limited to, estimates of total contract profit or loss on long-term construction-type contracts; estimated realizable value on excess and obsolete inventory; estimates related to pension accounting; estimates related to fair value for purposes of assessing goodwill, long-lived assets and intangible assets for impairment; estimates related to income taxes; and estimates related to contingencies, including liquidated damages. | ||
Investments in the common stock of unconsolidated affiliates—The investments in, and the operating results of, unconsolidated affiliates are included in the consolidated financial statements on the basis of the equity method of accounting or the cost method of accounting, depending on specific facts and circumstances. | ||
Investments in unconsolidated affiliates are assessed for impairment whenever events or changes in facts and circumstances indicate the carrying value of the investments may not be fully recoverable. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. Management’s assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments and completes its assessments for impairment with a long-term viewpoint. | ||
Reclassifications—Certain prior-year amounts have been reclassified to conform to the current year’s presentation. | ||
Revenue recognition—Revenue is generally recognized once the following four criteria are met: i) persuasive evidence of an arrangement exists, ii) delivery of the equipment has occurred (which is upon shipment or when customer-specific acceptance requirements are met) or services have been rendered, iii) the price of the equipment or service is fixed and determinable, and iv) collectibility is reasonably assured. We record our sales net of any value added, sales or use tax. | ||
For certain construction-type manufacturing and assembly projects that involve significant design and engineering efforts in order to satisfy detailed customer-supplied specifications, revenue is recognized using the percentage of completion method of accounting. Under the percentage of completion method, revenue is recognized as work progresses on each contract. We primarily apply the ratio of costs incurred to date to total estimated contract costs at completion to measure this ratio. If it is not possible to form a reliable estimate of progress toward completion, no revenue or costs are recognized until the project is complete or substantially complete. Any expected losses on construction-type contracts in progress are charged to earnings, in total, in the period the losses are identified. | ||
Modifications to construction-type contracts, referred to as “change orders,” effectively change the provisions of the original contract, and may, for example, alter the specifications or design, method or manner of performance, equipment, materials, sites and/or period for completion of the work. If a change order represents a firm price commitment from a customer, we account for the revised estimate as if it had been included in the original estimate, effectively recognizing the pro rata impact of the new estimate on our calculation of progress toward completion in the period in which the firm commitment is received. If a change order is unpriced: (1) we include the costs of contract performance in our calculation of progress toward completion in the period in which the costs are incurred or become probable; and (2) when it is determined that the revenue is probable of recovery, we include the change order revenue, limited to the costs incurred to date related to the change order, in our calculation of progress toward completion. Unpriced change orders included in revenue were immaterial to our consolidated revenue for all periods presented. Margin is not recorded on unpriced change orders unless realization is assured beyond a reasonable doubt. The assessment of realization may be based upon our previous experience with the customer or based upon our receipt of a firm price commitment from the customer. | ||
Progress billings are generally issued upon completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings are reported in trade receivables in our consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance payments and progress billings within current liabilities in our consolidated balance sheets. Revenue generated from the installation portion of construction-type contracts is included in product revenue in our consolidated statements of income. | ||
Shipping and handling costs—Shipping and handling costs are recorded as cost of product revenue in our consolidated statements of income. Shipping and handling costs billed to customers are recorded as a component of revenue. | ||
Cash equivalents—Cash equivalents are highly-liquid, short-term instruments with original maturities of three months or less from their date of purchase. | ||
Trade receivables, net of allowances—An allowance for doubtful accounts is provided on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | ||
Inventories—Inventories are stated at the lower of cost or net realizable value. Inventory costs include those costs directly attributable to products, including all manufacturing overhead, but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all significant domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | ||
Investments—The appropriate classification of investments in marketable equity securities is determined at the time of purchase and re-evaluated as of each subsequent reporting date. Securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses on these securities recognized in accumulated other comprehensive income (loss), net of related income tax. We did not have any available-for-sale securities at December 31, 2014 or 2013. | ||
Securities classified as trading securities are carried at fair value with gains and losses on these securities recognized through other income (expense), net. Trading securities are primarily comprised of marketable equity mutual funds that approximate a portion of our liability under our Non-Qualified Savings and Investment Plan (“Non-Qualified Plan”). | ||
Property, plant, and equipment—Property, plant, and equipment is recorded at cost. Depreciation is principally provided on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are realized upon the sale or retirement of assets and are recorded in other income (expense), net on our consolidated statements of income. Maintenance and repair costs are expensed as incurred. Expenditures that extend the useful lives of property, plant and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | ||
Impairment of property, plant, and equipment—Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the impairment loss is measured as the amount by which the carrying value of the long-lived asset exceeds its fair value. | ||
Long-lived assets held for sale are reported at the lower of carrying value or fair value less cost to sell. | ||
Capitalized software costs—Other assets on the consolidated balance sheets include the capitalized cost of internal use software (including Internet websites). The assets are stated at cost less accumulated amortization. These software costs include significant purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet website costs, the estimated useful lives do not exceed three years. | ||
Goodwill and other intangible assets—Goodwill is not subject to amortization but is tested for impairment on an annual basis (or more frequently if impairment indicators arise). We have established October 31 as the date of our annual test for impairment of goodwill. Reporting units with goodwill are tested for impairment by first assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, or based on management’s judgment, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two-step impairment test is performed. The first step compares the fair value of the reporting unit (measured as the present value of expected future cash flows) to its carrying amount. If the fair value of the reporting unit is less than its carrying amount, a second step is performed. In this step, the fair value of the reporting unit is allocated to its assets and liabilities to determine the implied fair value of goodwill, which is used to measure the impairment loss. | ||
Our acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which generally range from 7 to 40 years. Our acquired intangible assets do not have indefinite lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||
Fair value measurements—We record our financial assets and financial liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | |
• | Level 2: Observable inputs other than quoted prices included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the assumptions market participants would use in pricing the asset or liability. | |
Income taxes—Current income taxes are provided on income reported for financial statement purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred tax assets and liabilities are measured using enacted tax rates for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | ||
U.S. income taxes are not provided on our equity in undistributed earnings of foreign subsidiaries or affiliates to the extent we have determined that the earnings are indefinitely reinvested. U.S. income taxes are provided on such earnings in the period in which we can no longer support that such earnings are indefinitely reinvested. | ||
Tax benefits related to uncertain tax positions are recognized when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. | ||
We classify interest expense and penalties recognized on underpayments of income taxes as income tax expense. | ||
Stock-based employee compensation—We measure stock-based compensation expense on restricted stock awards based on the market price at the grant date and the number of shares awarded. The stock-based compensation expense for each award is recognized ratably over the applicable service period, after taking into account estimated forfeitures, or the period beginning at the start of the service period and ending when an employee becomes eligible for retirement. | ||
Common stock held in employee benefit trust—Shares of our common stock are purchased by the plan administrator of the Non-Qualified Plan and placed in a trust owned by us. Purchased shares are recorded at cost and classified as a reduction of stockholders’ equity on the consolidated balance sheets. | ||
Earnings per common share (“EPS”)—Basic EPS is computed using the weighted-average number of common shares outstanding during the year. Diluted EPS gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for stock option exercises and restricted stock under the treasury stock method. The treasury stock method assumes proceeds that would be obtained upon exercise of common stock options and issuance of restricted stock are used to buy back outstanding common stock at the average market price during the period. | ||
Warranty obligations—We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. Estimated cost of warranties are accrued at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists or when additional specific obligations are identified. The obligation reflected in other current liabilities on the consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Should actual product failure rates or repair costs differ from our current estimates, revisions to the estimated warranty liability would be required. | ||
Foreign currency—Financial statements of operations for which the U.S. dollar is not the functional currency, and are located in non-highly inflationary countries, are translated into U.S. dollars prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity until the foreign entity is sold or liquidated. For operations in highly inflationary countries and where the local currency is not the functional currency, inventories, property, plant and equipment, and other non-current assets are converted to U.S. dollars at historical exchange rates, and all gains or losses from conversion are included in net income. Foreign currency effects on cash, cash equivalents and debt in hyperinflationary economies are included in interest income or expense. | ||
Derivative instruments—Derivatives are recognized on the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. Each instrument is accounted for individually and assets and liabilities are not offset. | ||
Hedge accounting is only applied when the derivative is deemed to be highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in operating earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges are assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in operating earnings as incurred. We document our risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. | ||
We also use forward contracts to hedge foreign currency assets and liabilities, for which we do not apply hedge accounting. The changes in fair value of these contracts are recognized in other income (expense), net on our consolidated statements of income, as they occur and offset gains or losses on the remeasurement of the related asset or liability. | ||
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Recently_Adopted_Accounting_St
Recently Adopted Accounting Standards | 12 Months Ended |
Dec. 31, 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 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 consolidated financial statements. | |
Effective December 31, 2014, we adopted ASU No. 2014-15, “Presentation of Financial Statements - Going Concern.” This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and on determining when and how entities must disclose going concern uncertainties in the financial statements. The update requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. The amendments in this ASU are effective for the Company for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of this update concerns disclosure only and did not have any financial impact on our consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to FMC Technologies, Inc. | $ | 699.9 | $ | 501.4 | $ | 430 | ||||||
Weighted average number of shares outstanding | 236.3 | 238.3 | 239.7 | |||||||||
Dilutive effect of restricted stock units and stock options | 0.6 | 0.8 | 1.2 | |||||||||
Total shares and dilutive securities | 236.9 | 239.1 | 240.9 | |||||||||
Basic earnings per share attributable to FMC Technologies, Inc. | $ | 2.96 | $ | 2.1 | $ | 1.79 | ||||||
Diluted earnings per share attributable to FMC Technologies, Inc. | $ | 2.95 | $ | 2.1 | $ | 1.78 | ||||||
Business_Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS |
Schilling Robotics, LLC—On January 3, 2012, we exercised our option to purchase the remaining 55% of outstanding shares of Schilling Robotics, LLC (“Schilling Robotics”), a Delaware limited liability company, for $282.8 million in cash, and closed the transaction on April 25, 2012. Prior to April 25, 2012, we owned 45% of Schilling Robotics. Schilling Robotics is a supplier of advanced robotic intervention products, including a line of remotely operated vehicle systems (“ROV”), manipulator systems and subsea control systems. The acquisition of the remaining interests in Schilling Robotics is allowing us to grow in the expanding subsea environment, where demand for ROVs and the need for maintenance activities of subsea equipment is expected to increase. | |
Schilling Robotics is included among the consolidated subsidiaries reported in our Subsea Technologies segment. The acquisition-date fair value of our previously held equity interest in Schilling Robotics was $144.9 million with the fair value primarily estimated through an income approach valuation. In 2012 we recorded a gain of $20.0 million in other income (expense), net on the consolidated statement of income related to the fair value remeasurement of our previously held equity interest in Schilling Robotics. | |
Control Systems International, Inc.—On April 30, 2012, we acquired 100% of Control Systems International, Inc. (“CSI”) for $59.0 million in consideration transferred, comprised of $49.0 million in cash and $10.0 million withheld ("holdback") pursuant to the terms of the stock purchase agreement. The holdback amount will be held and maintained by FMC Technologies as security for the payment of any and all amounts to which CSI indemnifies us, including final working capital adjustments and other indemnifications as listed in the stock purchase agreement. We may deduct from the holdback any eligible amounts and pay CSI the net amount three years after the closing date. | |
CSI is included among the consolidated subsidiaries reported in our Energy Infrastructure segment. Our acquisition of CSI is enhancing our automation and controls technologies and is benefiting production and processing businesses such as measurement solutions through comprehensive fuel terminal and pipeline automation systems. Additionally, the acquired technologies support our long-term strategy to expand our subsea production and processing systems. | |
Pure Energy Services Ltd.—On October 1, 2012, we acquired 100% of Pure Energy Services Ltd. (“Pure Energy”) for $287.0 million in cash, which is included among the consolidated subsidiaries reported in our Surface Technologies segment. Based in Calgary, Alberta, Canada, and operating in multiple field locations in both Canada and the United States, Pure Energy is a provider of flowback services and wireline services. The acquisition of Pure Energy is complementing the existing products and services of our Surface Technologies segment and is expected to create client value by providing an integrated well site solution. | |
Goodwill recognized for Schilling Robotics, CSI and Pure Energy as of the acquisition dates were $215.7 million, $30.7 million, and $85.5 million, respectively. The goodwill recognized is primarily attributable to expected synergies and assembled workforce acquired. The majority of the combined goodwill recognized for Schilling Robotics and CSI is deductible for tax purposes. Goodwill recognized for Pure Energy is not deductible for tax purposes. |
Sale_of_Material_Handling_Prod
Sale of Material Handling Products | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2014. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
Inventories consisted of the following: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Raw materials | $ | 196.6 | $ | 186.3 | ||||
Work in process | 166.1 | 141.4 | ||||||
Finished goods | 849.9 | 830.3 | ||||||
1,212.60 | 1,158.00 | |||||||
LIFO and valuation adjustments | (191.4 | ) | (177.6 | ) | ||||
Inventory, net | $ | 1,021.20 | $ | 980.4 | ||||
Net inventories accounted for under the LIFO method totaled $370.8 million and $336.4 million at December 31, 2014 and 2013, respectively. The current replacement costs of LIFO inventories exceeded their recorded values by $94.6 million and $91.5 million at December 31, 2014 and 2013, respectively. There were no reductions to the base LIFO inventory in 2014 or 2012. In 2013 there was a reduction in certain LIFO inventories which were carried at costs lower than current replacement costs. The result was a decrease in the cost of sales by $0.1 million for 2013. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consisted of the following: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Land and land improvements | $ | 83.8 | $ | 83 | ||||
Buildings | 410.6 | 379.4 | ||||||
Machinery and equipment | 1,530.50 | 1,438.60 | ||||||
Construction in process | 266.9 | 218.3 | ||||||
2,291.80 | 2,119.30 | |||||||
Accumulated depreciation | (833.4 | ) | (770.2 | ) | ||||
Property, plant and equipment, net | $ | 1,458.40 | $ | 1,349.10 | ||||
Depreciation expense was $170.8, million, $156.0 million and $113.1 million in 2014, 2013 and 2012, respectively. The amount of interest cost capitalized was $0.9 million, $0.7 million and $1.4 million in 2014, 2013 and 2012, respectively. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||
Goodwill —The carrying amount of goodwill by reporting segment was as follows: | ||||||||||||||||
(In millions) | Subsea | Surface | Energy | Total | ||||||||||||
Technologies | Technologies | Infrastructure | ||||||||||||||
31-Dec-13 | $ | 396.9 | $ | 92.4 | $ | 91.4 | $ | 580.7 | ||||||||
Material Handling Products divestiture (1) | — | — | (6.0 | ) | (6.0 | ) | ||||||||||
Translation | (18.1 | ) | (4.5 | ) | — | (22.6 | ) | |||||||||
31-Dec-14 | $ | 378.8 | $ | 87.9 | $ | 85.4 | $ | 552.1 | ||||||||
______________________________ | ||||||||||||||||
(1) | See Note 5 for additional disclosure. | |||||||||||||||
We have not recognized any impairment for the years ended December 31, 2014 or 2013, as the fair values of our reporting units with goodwill balances exceeded our carrying amounts. In addition, there were no negative conditions, or triggering events, that occurred in 2014 or 2013 requiring us to perform additional impairment reviews. | ||||||||||||||||
Intangible assets—The components of intangible assets were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer lists | $ | 142.4 | $ | 33.5 | $ | 148.6 | $ | 27.7 | ||||||||
Patents and acquired technology | 217.9 | 70.8 | 221.8 | 56.5 | ||||||||||||
Trademarks | 35.9 | 9.4 | 36.2 | 7.6 | ||||||||||||
Other | 5.9 | 5.5 | 6 | 5.5 | ||||||||||||
Total intangible assets | $ | 402.1 | $ | 119.2 | $ | 412.6 | $ | 97.3 | ||||||||
We did not have any material additions to our intangible assets during 2014 or 2013. All of our acquired identifiable intangible assets are subject to amortization and, where applicable, foreign currency translation adjustments. We recorded $25.9 million, $26.9 million and $20.8 million in amortization expense related to intangible assets during the years ended December 31, 2014, 2013 and 2012, respectively. During the years 2015 through 2019, annual amortization expense is expected to be as follows: $24.9 million in 2015, $24.3 million in 2016, $23.5 million in 2017, $23.3 million in 2018, $23.2 million in 2019 and $163.7 million thereafter. |
Sale_Leaseback_Transaction
Sale Leaseback Transaction | 12 Months Ended |
Dec. 31, 2014 | |
Sale Leaseback Transaction [Abstract] | |
SALE LEASEBACK TRANSACTION | SALE LEASEBACK TRANSACTION |
In March 2007, we sold and leased back property in Houston, Texas, consisting of land, offices and production facilities primarily related to the Subsea Technologies and Surface Technologies segments. We received net proceeds of $58.1 million in connection with the sale. The carrying value of the property sold was $20.3 million. We accounted for the transaction as a sale leaseback resulting in (i) first quarter 2007 recognition of $1.3 million of the $37.4 million gain on the transaction and (ii) the deferral of the remaining $36.1 million of the gain, which will be amortized to rent expense over the lease term. The deferred gain is presented in other liabilities in the consolidated balance sheet. The lease expires in 2022 and provides for two 5-year optional extensions. Annual rent of $4.2 million escalates 2.0% per year, and beginning in April 2017, annual rent will be re-established at $4.5 million and escalate 2.0% per year. The lease was recorded as an operating lease. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Instruments [Abstract] | ||||||||
DEBT | DEBT | |||||||
Credit facility—On March 26, 2012, we entered into a $1.5 billion revolving credit agreement (“credit agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent. The credit agreement is a five-year, revolving credit facility expiring in March 2017. Subject to certain conditions, at our request and with the approval of the Administrative Agent, the aggregate commitments under the credit agreement may be increased by an additional $500.0 million. | ||||||||
Borrowings under the credit agreement bear interest at a base rate or the London interbank offered rate (“LIBOR”), at our option, plus an applicable margin. Depending on our total leverage ratio, the applicable margin for revolving loans varies (i) in the case of LIBOR loans, from 1.125% to 1.750% and (ii) in the case of base rate loans, from 0.125% to 0.750%. The base rate is the highest of (1) the prime rate announced by JPMorgan Chase Bank, N.A., (2) the Federal Funds Rate plus 0.5% or (3) one-month LIBOR plus 1.0%. | ||||||||
Senior Notes—On September 21, 2012, we completed the public offering of $300.0 million aggregate principal amount of 2.00% senior notes due October 2017 (the “2017 Notes”) and $500.0 million aggregate principal amount of 3.45% senior notes due October 2022 (the “2022 Notes” and, collectively with the 2017 Notes, the “Senior Notes”). Interest on the Senior Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2013. Net proceeds from the offering of $793.8 million were used for the repayment of outstanding commercial paper and indebtedness under our revolving credit facility. | ||||||||
The terms of the Senior Notes are governed by the indenture (the “Base Indenture”), dated as of September 21, 2012 between FMC Technologies and U.S. Bank National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture between FMC Technologies and the Trustee (the “First Supplemental Indenture”) relating to the issuance of the 2017 Notes and the Second Supplemental Indenture between FMC Technologies and the Trustee (the “Second Supplemental Indenture”) relating to the issuance of the 2022 Notes. | ||||||||
At any time prior to their maturity in the case of the 2017 Notes, and at any time prior to July 1, 2022, in the case of the 2022 Notes, we may redeem some or all of the Senior Notes at the redemption prices specified in the First Supplemental Indenture and Second Supplemental Indenture, respectively. At any time on or after July 1, 2022, we may redeem some or all of the 2022 Notes at the redemption price equal to 100% of the principal amount of the 2022 Notes redeemed. The Senior Notes are our senior unsecured obligations. The Senior Notes will rank equally in right of payment with all of our existing and future unsubordinated debt, and will rank senior in right of payment to all of our future subordinated debt. | ||||||||
Commercial paper—Under our commercial paper program, we have the ability to access $1.0 billion of short-term financing through our commercial paper dealers subject to the limit of unused capacity of our revolving credit agreement. Commercial paper borrowings are issued at market interest rates. Commercial paper borrowings as of December 31, 2014, had a weighted average interest rate of 0.52%. | ||||||||
Term loan—In August 2013, we entered into a R$60.7 million term loan agreement in Brazil maturing on August 15, 2016, with Itaú BBA., as Administrative Agent. Under the loan agreement, interest accrues at an annual rate of 5.50%. Principal is due at maturity and interest is paid quarterly. | ||||||||
Property financing—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 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 were amortizing 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. In addition, property financing includes our obligations under capital lease arrangements. | ||||||||
Uncommitted credit—We have uncommitted credit lines at many of our international subsidiaries for immaterial amounts. We utilize these facilities to provide a more efficient daily source of liquidity. The effective interest rates depend upon the local national market. | ||||||||
Short-term debt and current portion of long-term debt—Short-term debt and current portion of long-term debt consisted of the following: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Property financing | $ | 3.8 | $ | 10.5 | ||||
Foreign uncommitted credit facilities | 7.9 | 31.9 | ||||||
Other | — | 0.1 | ||||||
Total short-term debt and current portion of long-term debt | $ | 11.7 | $ | 42.5 | ||||
Long-term debt—Long-term debt consisted of the following: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Revolving credit facility | $ | — | $ | — | ||||
Commercial paper (1) | 469.1 | 501.4 | ||||||
2.00% Notes due 2017 | 299.6 | 299.5 | ||||||
3.45% Notes due 2022 | 499.7 | 499.6 | ||||||
Term loan | 22.9 | 25.9 | ||||||
Property financing | 9.7 | 13.9 | ||||||
Total long-term debt | 1,301.00 | 1,340.30 | ||||||
Less: current portion | (3.8 | ) | (10.5 | ) | ||||
Long-term debt, less current portion | $ | 1,297.20 | $ | 1,329.80 | ||||
_______________________ | ||||||||
-1 | At December 31, 2014 and 2013, 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 consolidated balance sheets at December 31, 2014 and 2013. | |||||||
Maturities of total long-term debt as of December 31, 2014, are payable as follows: $3.8 million in 2015, $25.7 million in 2016, $771.7 million in 2017, $0.1 million in 2018, and $499.7 million in 2022. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
Domestic and foreign components of income before income taxes are shown below: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 353.2 | $ | 150.7 | $ | 125.5 | ||||||
Foreign | 707.7 | 563.3 | 470.9 | |||||||||
Income before income taxes attributable to FMC Technologies, Inc. | $ | 1,060.90 | $ | 714 | $ | 596.4 | ||||||
The provision for income taxes consisted of: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 139.6 | $ | 77.8 | $ | 41.5 | ||||||
State | 11.7 | 5.6 | 2.9 | |||||||||
Foreign | 227.8 | 149.6 | 131.8 | |||||||||
Total current | 379.1 | 233 | 176.2 | |||||||||
Deferred: | ||||||||||||
Increase in the valuation allowance for deferred tax assets | 34.1 | 0.5 | 0.5 | |||||||||
Decrease of deferred tax liability for change in tax rates | (2.3 | ) | (4.3 | ) | (1.3 | ) | ||||||
Other deferred tax (benefit) expense | (49.9 | ) | (16.6 | ) | (9.0 | ) | ||||||
Total deferred | (18.1 | ) | (20.4 | ) | (9.8 | ) | ||||||
Provision for income taxes | $ | 361 | $ | 212.6 | $ | 166.4 | ||||||
Significant components of our deferred tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets attributable to: | ||||||||||||
Accrued expenses | $ | 58 | $ | 56.6 | ||||||||
Non deductible interest | 29.2 | — | ||||||||||
Foreign tax credit carryforwards | 29.3 | 14 | ||||||||||
Accrued pension and other post-retirement benefits | 91.8 | 26.5 | ||||||||||
Stock-based compensation | 28.9 | 25.3 | ||||||||||
Net operating loss carryforwards | 48.7 | 47.8 | ||||||||||
Inventories | 31.7 | 25.9 | ||||||||||
Norwegian correction tax | 50.4 | 61.9 | ||||||||||
Foreign exchange | 40.2 | 3.7 | ||||||||||
Deferred tax assets | 408.2 | 261.7 | ||||||||||
Valuation allowance | (38.9 | ) | (4.7 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 369.3 | 257 | ||||||||||
Deferred tax liabilities attributable to: | ||||||||||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 105.2 | 137 | ||||||||||
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 52.5 | 43.5 | ||||||||||
Property, plant and equipment, goodwill and other assets | 142.8 | 137.2 | ||||||||||
Deferred tax liabilities | 300.5 | 317.7 | ||||||||||
Net deferred tax assets (liabilities) | $ | 68.8 | $ | (60.7 | ) | |||||||
At December 31, 2014 and 2013, the carrying amount of net deferred tax assets and the related valuation allowance included the impact of foreign currency translation adjustments. Included in our deferred tax assets at December 31, 2014 were U.S. foreign tax credit carryforwards of $29.3 million, which, if not utilized, will begin to expire after 2015. Realization of these deferred tax assets is dependent on the generation of sufficient U.S. taxable income prior to the above date. Based on long-term forecasts of operating results, management believes that it is more likely than not that domestic earnings over the forecast period will result in sufficient U.S. taxable income to fully realize these deferred tax assets. In its analysis, management has considered the effect of foreign deemed dividends and other expected adjustments to domestic earnings that are required in determining U.S. taxable income. Foreign earnings taxable to us as dividends, including deemed dividends for U.S. tax purposes, were $186.6 million, $196.2 million and $118.3 million, in 2014, 2013 and 2012, respectively. | ||||||||||||
Also included in deferred tax assets are tax benefits related to net operating loss carryforwards attributable to foreign entities. If not utilized, these net operating loss carryforwards will begin to expire in 2017. Management believes it is more likely than not that we will not be able to utilize certain of these operating loss carryforwards before expiration; therefore, we have established a valuation allowance against the related deferred tax assets. | ||||||||||||
Deferred tax assets also include tax benefits of $29.2 million related to certain intercompany interest costs which are not currently deductible, but which may be deductible in future periods. If not deducted, these costs will become permanently nondeductible beginning in 2025. Management believes that it is more likely than not that we will not be able to deduct these costs before expiration of the carry forward period; therefore, we have established a valuation allowance against the related deferred tax assets. | ||||||||||||
The following table presents a summary of changes in our unrecognized tax benefits and associated interest and penalties: | ||||||||||||
(In millions) | Federal, | Accrued | Total Gross | |||||||||
State and | Interest | Unrecognized | ||||||||||
Foreign | and | Income Tax | ||||||||||
Tax | Penalties | Benefits | ||||||||||
Balance at December 31, 2011 | $ | 39.9 | $ | 6.2 | $ | 46.1 | ||||||
Additions for tax positions related to prior years | (0.1 | ) | 2.1 | 2 | ||||||||
Reductions for tax positions due to settlements | (9.3 | ) | (1.9 | ) | (11.2 | ) | ||||||
Balance at December 31, 2012 | $ | 30.5 | $ | 6.4 | $ | 36.9 | ||||||
Additions for tax positions related to prior years | 3.1 | 0.4 | 3.5 | |||||||||
Additions for tax positions related to current year | 3.5 | 0.3 | 3.8 | |||||||||
Balance at December 31, 2013 | $ | 37.1 | $ | 7.1 | $ | 44.2 | ||||||
Additions for tax positions related to prior years | 0.6 | 0.4 | 1 | |||||||||
Reductions for tax positions due to settlements | (1.4 | ) | (0.3 | ) | (1.7 | ) | ||||||
Balance at December 31, 2014 | $ | 36.3 | $ | 7.2 | $ | 43.5 | ||||||
At December 31, 2014, 2013 and 2012, there were $43.1 million, $41.7 million and $36.4 million, respectively, of unrecognized tax benefits that if recognized would affect the annual effective tax rate. | ||||||||||||
It is reasonably possible that within twelve months unrecognized tax benefits related to certain tax reporting positions taken in prior periods could decrease by up to $41.0 million, due to either the expiration of the statute of limitations in certain jurisdictions or the resolution of current income tax examinations, or both. | ||||||||||||
Our U.S. federal income tax returns for our 2010 and 2011 tax years are under examination by the IRS. Management believes that we are adequately reserved for any matters that may arise from this examination. | ||||||||||||
In April 2013 we filed a protest with the IRS Appeals Office with respect to proposed adjustments to our federal income tax returns for our 2007, 2008 and 2009 tax years related to our treatment of intercompany transfer pricing. The ultimate outcome of this matter is uncertain. However, management believes we are adequately reserved for this matter as of December 31, 2014. | ||||||||||||
The following tax years and thereafter remain subject to examination: 2004 for Norway, 2009 for Brazil and 2007 for the United States. | ||||||||||||
The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Net difference resulting from: | ||||||||||||
Foreign earnings subject to different tax rates | (8 | ) | (13 | ) | (12 | ) | ||||||
Foreign earnings subject to U.S. tax | 2 | 2 | 4 | |||||||||
Non deductible Multi Phase Meters earn-out adjustments | — | 1 | 2 | |||||||||
Settlement of foreign audits | — | 1 | — | |||||||||
Foreign withholding taxes | 2 | 3 | — | |||||||||
Change in valuation allowance | 3 | — | — | |||||||||
Other | — | 1 | (1 | ) | ||||||||
Effective income tax rate | 34 | % | 30 | % | 28 | % | ||||||
We have provided U.S. income taxes on $1,571.6 million of cumulative undistributed earnings of certain foreign subsidiaries where we have determined that the foreign subsidiaries’ earnings are not indefinitely reinvested. No provision for U.S. income taxes has been recorded on earnings of foreign subsidiaries that are indefinitely reinvested. The cumulative balance of foreign earnings with respect to which no provision for U.S. income taxes has been recorded was $1,619.2 million at December 31, 2014. The amount of applicable U.S. income taxes that would be incurred if these earnings were repatriated is approximately $491.5 million. | ||||||||||||
We benefit from income tax holidays in Singapore and Malaysia which will expire after 2018 for Singapore and 2015 and 2018 for Malaysia. For the years ended December 31, 2014 and 2013, these tax holidays reduced our provision for income taxes by $1.3 million, or $0.01 per share on a diluted basis, and $12.7 million, or $0.05 per share on a diluted basis, respectively. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS | |||||||||||||||||||||||||||||||||||
We have funded and unfunded defined benefit pension plans which provide defined benefits based on years of service and final average salary. 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”). For current nonunion employees with less than five years of vesting service as of December 31, 2009, benefits accrued under the U.S. Pension Plans and earned as of that date were frozen based on credited service and pay as of December 31, 2009. | ||||||||||||||||||||||||||||||||||||
In 2014 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”). Under the Frozen Plan, participants had the option to accept cash or an annuity upon the Frozen Plan’s termination. In December 2014, settlement payments were made based on frozen participants’ elections and settlement costs were recorded during 2014. | ||||||||||||||||||||||||||||||||||||
Foreign-based employees are eligible to participate in FMC Technologies-sponsored or government-sponsored benefit plans to which we contribute. Several of the foreign defined benefit pension plans sponsored by us provide for employee contributions; the remaining plans are noncontributory. | ||||||||||||||||||||||||||||||||||||
We have other post-retirement benefit plans covering substantially all of our U.S. employees who were hired prior to January 1, 2003. The post-retirement health care plans are contributory; the post-retirement life insurance plans are noncontributory. | ||||||||||||||||||||||||||||||||||||
We are required to recognize the funded status of defined benefit post-retirement plans as an asset or liability in the consolidated balance sheet and recognize changes in that funded status in comprehensive income in the year in which the changes occur. Further, we are required to measure the plan’s assets and its obligations that determine its funded status as of the date of the consolidated balance sheet. We have applied this guidance to our domestic pension and other post-retirement benefit plans as well as for many of our non-U.S. plans, including those in the United Kingdom, Norway, Germany, France and Canada. Pension expense measured in compliance with GAAP for the other non-U.S. pension plans is not materially different from the locally reported pension expense. | ||||||||||||||||||||||||||||||||||||
The funded status of our U.S. Pension Plans, certain foreign pension plans and U.S. post-retirement health care and life insurance benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2014 and 2013, were as follows: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 552.4 | $ | 406.3 | $ | 513.3 | $ | 360.1 | ||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 585 | $ | 438.8 | $ | 692.9 | $ | 372.3 | $ | 6.7 | $ | 8.7 | ||||||||||||||||||||||||
Service cost | 13.8 | 16.7 | 16.5 | 14.7 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 29.1 | 18.5 | 25.8 | 16.1 | 0.3 | 0.2 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 101.8 | 71.6 | (119.8 | ) | 45.6 | 4 | (1.7 | ) | ||||||||||||||||||||||||||||
Amendments | 2.4 | 0.3 | — | 0.6 | (0.1 | ) | — | |||||||||||||||||||||||||||||
Settlements | (63.8 | ) | — | (11.1 | ) | — | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (53.6 | ) | — | (2.5 | ) | — | — | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 2.4 | — | 2.2 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (27.7 | ) | (12.2 | ) | (19.3 | ) | (10.2 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||||||||
Projected benefit obligation at December 31 | 640.6 | 482.5 | 585 | 438.8 | 10.4 | 6.7 | ||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 576.8 | 400.8 | 462.5 | 327.9 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 8.5 | 13.5 | 115.2 | 52.2 | — | — | ||||||||||||||||||||||||||||||
Company contributions | 11 | 22.6 | 29.5 | 30.1 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (40.4 | ) | — | (1.4 | ) | — | — | ||||||||||||||||||||||||||||
Settlements | (63.8 | ) | — | (11.1 | ) | — | — | — | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 2.4 | — | 2.2 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (27.7 | ) | (12.2 | ) | (19.3 | ) | (10.2 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | 504.8 | 386.7 | 576.8 | 400.8 | — | — | ||||||||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (135.8 | ) | $ | (95.8 | ) | $ | (8.2 | ) | $ | (38.0 | ) | $ | (10.4 | ) | $ | (6.7 | ) | ||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | — | $ | 38.3 | $ | 3.8 | $ | — | $ | — | ||||||||||||||||||||||||
Current portion of accrued pension and other post-retirement benefits | (4.1 | ) | (0.4 | ) | (9.1 | ) | (1.3 | ) | (0.8 | ) | (0.6 | ) | ||||||||||||||||||||||||
Accrued pension and other post-retirement benefits, net of current portion | (131.7 | ) | (95.4 | ) | (37.4 | ) | (40.5 | ) | (9.6 | ) | (6.1 | ) | ||||||||||||||||||||||||
Funded status recognized in the consolidated balance sheets at December 31 | $ | (135.8 | ) | $ | (95.8 | ) | $ | (8.2 | ) | $ | (38.0 | ) | $ | (10.4 | ) | $ | (6.7 | ) | ||||||||||||||||||
The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss at December 31, 2014 and 2013 that have not been recognized as components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | ||||||||||||||||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 234.9 | $ | 187.8 | $ | 130.1 | $ | 113.6 | $ | 1.1 | $ | (3.2 | ) | |||||||||||||||||||||||
Unrecognized prior service (credit) cost | 0.2 | 1.3 | 0.1 | 1.5 | (0.1 | ) | — | |||||||||||||||||||||||||||||
Unrecognized transition asset | — | (0.2 | ) | — | (0.4 | ) | — | — | ||||||||||||||||||||||||||||
Accumulated other comprehensive (income) loss at December 31 | $ | 235.1 | $ | 188.9 | $ | 130.2 | $ | 114.7 | $ | 1 | $ | (3.2 | ) | |||||||||||||||||||||||
The following tables summarize the projected and accumulated benefit obligations and fair values of plan assets where the projected or accumulated benefit obligation exceeds the fair value of plan assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Plans with underfunded or non-funded projected benefit obligation: | ||||||||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 640.6 | $ | 482.5 | $ | 46.4 | $ | 151.8 | $ | 10.4 | $ | 6.7 | ||||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 504.8 | $ | 386.7 | $ | — | $ | 110.1 | $ | — | $ | — | ||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Plans with underfunded or non-funded accumulated benefit obligation: | ||||||||||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | $ | 552.4 | $ | 145 | $ | 36.2 | $ | 28.9 | ||||||||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 504.8 | $ | 103.1 | $ | — | $ | 9 | ||||||||||||||||||||||||||||
The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Pensions | Other Post-retirement | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 13.8 | $ | 16.7 | $ | 16.5 | $ | 14.7 | $ | 14.6 | $ | 37.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 29.1 | 18.5 | 25.8 | 16.1 | 26.9 | 21.4 | 0.3 | 0.2 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (46.3 | ) | (30.0 | ) | (41.6 | ) | (23.7 | ) | (39.9 | ) | (26.4 | ) | — | — | — | |||||||||||||||||||||
Settlement cost | 22.5 | — | 5.1 | — | 5.6 | 8.5 | — | — | — | |||||||||||||||||||||||||||
Curtailment cost | 2.4 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.1 | ) | 0.4 | (0.1 | ) | 0.1 | (0.1 | ) | 0.1 | — | (0.5 | ) | (1.1 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 12.2 | 6.7 | 26.6 | 5.3 | 23.9 | 8.1 | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 33.6 | $ | 12.2 | $ | 32.3 | $ | 12.4 | $ | 31 | $ | 48.7 | $ | 0.1 | $ | (0.4 | ) | $ | (0.8 | ) | ||||||||||||||||
The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Pensions | Other Post-retirement | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) arising during period | $ | (139.6 | ) | $ | (80.9 | ) | $ | 193.3 | $ | (15.6 | ) | $ | (68.9 | ) | $ | 53.8 | $ | (4.0 | ) | $ | 1.7 | $ | — | |||||||||||||
Prior service (cost) credit arising during period | (2.3 | ) | (0.3 | ) | — | (0.6 | ) | — | — | 0.1 | — | — | ||||||||||||||||||||||||
Settlements and curtailments | 24.9 | — | 5.1 | — | 5.6 | 8.5 | — | — | — | |||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 12.2 | 6.7 | 26.6 | 5.3 | 23.9 | 8 | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.1 | ) | 0.4 | (0.1 | ) | 0.1 | (0.1 | ) | 0.1 | — | (0.5 | ) | (1.1 | ) | ||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (104.9 | ) | $ | (74.2 | ) | $ | 224.9 | $ | (10.9 | ) | $ | (39.5 | ) | $ | 70.2 | $ | (4.2 | ) | $ | 1 | $ | (1.3 | ) | ||||||||||||
Included in accumulated other comprehensive income (loss) at December 31, 2014, are noncash, pre-tax charges which have not yet been recognized in net periodic benefit cost (income). The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) as a component of net period benefit cost (income), during the next fiscal year are as follows: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | ||||||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | 19.5 | $ | 13 | $ | — | ||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | 0.1 | $ | — | ||||||||||||||||||||||||||||||
Transition asset | $ | — | $ | (0.1 | ) | $ | — | |||||||||||||||||||||||||||||
Key assumptions—The following weighted-average assumptions were used to determine the benefit obligations: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 3.21 | % | 5.1 | % | 4.3 | % | 4.2 | % | 5.1 | % | ||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 3.84 | % | 4 | % | 4.29 | % | — | — | ||||||||||||||||||||||||||
The following weighted-average assumptions were used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.3 | % | 3.9 | % | 4.46 | % | 4.6 | % | 4.54 | % | 5.1 | % | 3.9 | % | 4.6 | % | ||||||||||||||||||
Rate of compensation increase | 4 | % | 4.29 | % | 4 | % | 3.98 | % | 4 | % | 4.05 | % | — | — | — | |||||||||||||||||||||
Expected rate of return on plan assets | 9 | % | 7.61 | % | 9 | % | 7.44 | % | 9 | % | 7.62 | % | — | — | — | |||||||||||||||||||||
Our estimate of expected rate of return on plan assets is primarily based on the historical performance of plan assets, current market conditions, our asset allocation and long-term growth expectations. | ||||||||||||||||||||||||||||||||||||
Plan assets—Our pension investment strategy emphasizes maximizing returns consistent with balancing risk. Excluding our international plans with insurance-based investments, 89% of our total pension plan assets represent the U.S. qualified plan, the U.K. plan and the Canadian plan. These plans are primarily invested in equity securities to maximize the long-term returns of the plans. The investment managers of these assets, including the hedge funds and limited partnerships, use Graham and Dodd fundamental investment analysis to select securities that have a margin of safety between the price of the security and the estimated value of the security. This value-oriented approach tends to mitigate the risk of a large equity allocation. | ||||||||||||||||||||||||||||||||||||
The following is a description of the valuation methodologies used for the pension plan assets. There have been no changes in the methodologies used at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||
• | Cash is valued at cost, which approximates fair value. | |||||||||||||||||||||||||||||||||||
• | Equity securities are comprised of common stock, preferred stock, registered investment companies and common/collective trusts. The fair values of equity securities are valued at the closing price reported on the active market on which the securities are traded. The fair values of registered investment companies and common/collective trusts are valued based on quoted market prices, which represent the net asset value (“NAV”) of shares held, and primarily include investments in equity securities. | |||||||||||||||||||||||||||||||||||
• | The fair values of hedge funds are valued using the NAV as determined by the administrator or custodian of the fund. | |||||||||||||||||||||||||||||||||||
• | The fair values of limited partnerships are valued using the NAV as determined by the administrator or custodian of the fund. | |||||||||||||||||||||||||||||||||||
• | Insurance contracts are valued at book value, which approximates fair value, and is calculated using the prior-year balance plus or minus investment returns and changes in cash flows. | |||||||||||||||||||||||||||||||||||
• | Emerging market bonds are comprised of registered investment companies. The fair values of registered investment companies are valued based on quoted market prices, which represent the NAV of shares held. | |||||||||||||||||||||||||||||||||||
Our pension plan assets measured at fair value are as follows at December 31, 2014 and 2013. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels. | ||||||||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||||||||
December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Cash | $ | 121.2 | $ | 121.2 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
U.S. companies: | ||||||||||||||||||||||||||||||||||||
Large cap | 54.7 | 54.7 | — | — | 44 | 44 | — | — | ||||||||||||||||||||||||||||
Mid cap | 13.1 | 13.1 | — | — | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||
Small cap | 102.1 | 102.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International companies | 83.3 | 83.3 | — | — | 241.9 | 241.9 | — | — | ||||||||||||||||||||||||||||
Hedge funds | 65.3 | — | — | 65.3 | — | — | — | — | ||||||||||||||||||||||||||||
Limited partnerships | 60.3 | — | — | 60.3 | — | — | — | — | ||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 100.4 | — | 100.4 | — | ||||||||||||||||||||||||||||
Emerging market bonds | 4.8 | 4.8 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 504.8 | $ | 379.2 | $ | — | $ | 125.6 | $ | 386.7 | $ | 286.3 | $ | 100.4 | $ | — | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Cash | $ | 32.4 | $ | 32.4 | $ | — | $ | — | $ | 1.1 | $ | 1.1 | $ | — | $ | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
U.S. companies: | ||||||||||||||||||||||||||||||||||||
Large cap | 169.9 | 169.9 | — | — | 60.7 | 60.7 | — | — | ||||||||||||||||||||||||||||
Mid cap | 12.1 | 12.1 | — | — | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||
Small cap | 98 | 98 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International companies | 142.9 | 142.9 | — | — | 231.9 | 231.9 | — | — | ||||||||||||||||||||||||||||
Hedge funds | 64.9 | — | — | 64.9 | — | — | — | — | ||||||||||||||||||||||||||||
Limited partnerships | 52.1 | — | — | 52.1 | — | — | — | — | ||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 107 | — | 107 | — | ||||||||||||||||||||||||||||
Emerging market bonds | 4.5 | 4.5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 576.8 | $ | 459.8 | $ | — | $ | 117 | $ | 400.8 | $ | 293.8 | $ | 107 | $ | — | ||||||||||||||||||||
The summary of changes in the fair value of the pension plan Level 3 assets for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||||||
(In millions) | Level 3 Assets | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 95.7 | ||||||||||||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 21.3 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 117 | ||||||||||||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 1.6 | |||||||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | 7 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 125.6 | ||||||||||||||||||||||||||||||||||
Contributions—We expect to contribute approximately $15.9 million to our international pension plans, representing primarily the U.K. and Norway qualified pension plans, and approximately $4.0 million to our U.S. Non-Qualified Defined Benefit Pension Plan in 2015. All of the contributions are expected to be in the form of cash. In 2014 we contributed $33.6 million to the pension plans. In 2013 we contributed $59.6 million to the pension plans, which included $18.0 million to the U.S. Qualified Defined Benefit Pension Plan. | ||||||||||||||||||||||||||||||||||||
Estimated future benefit payments—The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2024. Actual benefit payments may differ from expected benefit payments. | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | ||||||||||||||||||||||||||||||||||
2015 | $ | 24.7 | $ | 10.8 | $ | 0.7 | ||||||||||||||||||||||||||||||
2016 | $ | 26 | $ | 11.3 | $ | 0.8 | ||||||||||||||||||||||||||||||
2017 | $ | 39.9 | $ | 12.1 | $ | 0.8 | ||||||||||||||||||||||||||||||
2018 | $ | 26.6 | $ | 13.6 | $ | 0.8 | ||||||||||||||||||||||||||||||
2019 | $ | 28.2 | $ | 14.7 | $ | 0.8 | ||||||||||||||||||||||||||||||
2020-2024 | $ | 162.7 | $ | 92.9 | $ | 3.6 | ||||||||||||||||||||||||||||||
Savings plans—The FMC Technologies, Inc. Savings and Investment Plan (“Qualified Plan”), a qualified salary reduction plan under Section 401(k) of the Internal Revenue Code, is a defined contribution plan. Additionally, we have a non-qualified deferred compensation plan, the Non-Qualified Plan, which allows certain highly compensated employees the option to defer the receipt of a portion of their salary. We match a portion of the participants’ deferrals to both plans. In October 2009, the Board of Directors approved amendments to the U.S. Qualified Plan and Non-Qualified Plan (“Amended Plans”). Under the Amended Plans, we are required to make a nonelective contribution every pay period to 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. Nonelective contributions under the Amended Plans vest with three years of service with FMC Technologies. | ||||||||||||||||||||||||||||||||||||
Participants in the Non-Qualified Plan earn a return based on hypothetical investments in the same options as our 401(k) plan, including FMC Technologies stock. Changes in the market value of these participant investments are reflected as an adjustment to the deferred compensation liability with an offset to other income (expense), net. As of both December 31, 2014 and 2013, our liability for the Non-Qualified Plan was $38.5 million and was recorded in other non-current liabilities. We hedge the financial impact of changes in the participants’ hypothetical investments by purchasing the investments that the participants have chosen. With the exception of FMC Technologies stock, which is maintained at its cost basis, changes in the fair value of these investments are recognized as an offset to other income (expense), net. As of December 31, 2014 and 2013, we had investments for the Non-Qualified Plan totaling $30.7 million and $29.1 million, respectively, at fair market value and FMC Technologies stock held in trust of $8.0 million and $7.7 million, respectively, at its cost basis. Refer to Note 16 to these consolidated financial statements for fair value disclosure of the Non-Qualified Plan investments. | ||||||||||||||||||||||||||||||||||||
We recognized expense of $28.4 million, $23.5 million and $18.4 million, for matching contributions to these plans in 2014, 2013 and 2012, respectively. Additionally, we recognized expense of $18.9 million, $16.2 million and $11.8 million for nonelective contributions in 2014, 2013 and 2012, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | |||||||||||
We sponsor a stock-based compensation plan, which is described below, and have primarily granted awards in the form of nonvested stock units (also known as restricted stock units in the plan document) and stock options. The compensation expense for awards under the plan is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Stock-based compensation expense | $ | 44.9 | $ | 47.7 | $ | 34 | ||||||
Income tax benefits related to stock-based compensation expense | $ | 14.5 | $ | 16.2 | $ | 11.5 | ||||||
Stock-based compensation expense is recognized over the lesser of the stated vesting period (three or four years) or the period until the employee reaches age 62 (the retirement eligible age under the plan). As of December 31, 2014, a portion of the stock-based compensation expense related to outstanding awards remains to be recognized in future periods. The compensation expense related to nonvested awards to employees yet to be recognized totaled $43.6 million for restricted stock units. These costs are expected to be recognized over a weighted average period of 1.2 years. | ||||||||||||
Incentive compensation and stock plan—The Amended and Restated FMC Technologies, Inc. Incentive Compensation and Stock Plan (the “Plan”) provides certain incentives and awards to officers, employees, directors and consultants of FMC Technologies or its affiliates. The Plan allows our Board of Directors to make various types of awards to non-employee directors and the Compensation Committee (the “Committee”) of the Board of Directors to make various types of awards to other eligible individuals. Awards include management incentive awards, stock options, stock appreciation rights, performance units, stock units, restricted stock or other awards authorized under the Plan. All awards are subject to the Plan’s provisions. | ||||||||||||
Under the Plan, 48.0 million shares of our common stock were authorized for awards. These shares are in addition to shares previously granted by FMC Corporation and converted into approximately 18.0 million shares of our common stock. As of December 31, 2014, 3.3 million shares were reserved to satisfy existing awards and 20.3 million shares were available for future awards. | ||||||||||||
Management incentive awards may be awards of cash, common stock, restricted stock or a combination thereof. Grants of stock options may be incentive and/or nonqualified stock options. The exercise price for options are determined by the Committee but cannot be less than the fair market value of our common stock at the grant date. Restricted stock and restricted stock unit grants specify any applicable performance goals, the time and rate of vesting and such other provisions as determined by the Committee. Restricted stock unit grants generally vest after three to four years of service. Additionally, most awards immediately vest upon a change of control as defined in the Plan document. | ||||||||||||
Under the Plan, our Board of Directors has the authority to grant non-employee directors stock options, restricted stock and restricted stock units. Unless otherwise determined by our Board of Directors, awards to non-employee directors generally vest on the date of our annual stockholder meeting following the date of grant. Restricted stock units are settled when a director ceases services to the Board of Directors. However, a director may elect to settle restricted stock units either (i) in a calendar year no later than a year for which such restricted stock units are payable or (ii) in annual installments over a period of time with such installments commencing no later than a year for which such restricted stock units are payable. At December 31, 2014, outstanding awards to active and retired non-employee directors included 861 thousand stock units. | ||||||||||||
Restricted stock units—A summary of the nonvested restricted stock units to employees as of December 31, 2014, and changes during the year is presented below: | ||||||||||||
(Shares in thousands) | Shares | Weighted-Average Grant | ||||||||||
Date Fair Value | ||||||||||||
Nonvested at December 31, 2013 | 2,464 | $ | 48.04 | |||||||||
Granted | 953 | $ | 51.2 | |||||||||
Vested | (749 | ) | $ | 40.15 | ||||||||
Cancelled/forfeited | (114 | ) | $ | 49.66 | ||||||||
Nonvested at December 31, 2014 | 2,554 | $ | 51.46 | |||||||||
For current-year performance-based awards, the payout was dependent upon our performance relative to a peer group of companies with respect to earnings growth and return on investment for the year ended December 31, 2014. Based on results for the performance period, the payout will be 342 thousand shares at the vesting date in January 2017. Compensation cost was measured for 2014 based on the actual outcome of the performance conditions. | ||||||||||||
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. In 2012, the Committee changed the payout with respect to the TSR metric to make it possible to have a payout regardless of whether our TSR for the year is positive or negative. If our TSR for any given year is not positive, the payout with respect to the TSR is limited to the target previously established by the Committee. In 2014, the Committee changed the performance evaluation period from one year to three years. Compensation cost for these awards was 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. | ||||||||||||
The following summarizes values for restricted stock unit activity to employees: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average grant date fair value of restricted stock units granted | $ | 51.2 | $ | 53.01 | $ | 49.84 | ||||||
Vest date fair value of restricted stock units vested (in millions) | $ | 39.1 | $ | 51.5 | $ | 100.8 | ||||||
On January 2, 2015, restricted stock units vested and approximately 0.5 million shares were issued to employees. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY | |||||||||||||||
Capital stock—The following is a summary of our capital stock activity for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
(Number of shares in thousands) | Common | Common Stock | Treasury Stock | |||||||||||||
Stock Issued | Held in | |||||||||||||||
Employee | ||||||||||||||||
Benefit Trust | ||||||||||||||||
December 31, 2011 | 286,318 | 169 | 48,316 | |||||||||||||
Stock awards | — | — | (1,393 | ) | ||||||||||||
Treasury stock purchases | — | — | 2,138 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | 27 | — | |||||||||||||
31-Dec-12 | 286,318 | 196 | 49,061 | |||||||||||||
Stock awards | — | — | (998 | ) | ||||||||||||
Treasury stock purchases | — | — | 2,255 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | (16 | ) | — | ||||||||||||
31-Dec-13 | 286,318 | 180 | 50,318 | |||||||||||||
Stock awards | — | — | (547 | ) | ||||||||||||
Treasury stock purchases | — | — | 4,855 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | (13 | ) | — | ||||||||||||
31-Dec-14 | 286,318 | 167 | 54,626 | |||||||||||||
The plan administrator of the Non-Qualified Plan purchases shares of our common stock on the open market. Such shares are placed in a trust owned by FMC Technologies. | ||||||||||||||||
As of December 31, 2014, the Board of Directors had authorized 75 million shares for repurchase. We repurchased $247.6 million, $116.3 million and $91.1 million of common stock during 2014, 2013 and 2012, respectively, under the authorized repurchase program. As of December 31, 2014, approximately 8.0 million shares remained available for purchase under the current program 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 employee incentive compensation and stock plans. Treasury shares are accounted for using the cost method. | ||||||||||||||||
No cash dividends were declared on our common stock in 2014, 2013 or 2012. | ||||||||||||||||
Accumulated other comprehensive loss—Accumulated other comprehensive loss consisted of the following: | ||||||||||||||||
(In millions) | Foreign Currency | Hedging | Defined Pension and Other | Accumulated Other | ||||||||||||
Translation | Post-Retirement Benefits | Comprehensive Loss | ||||||||||||||
December 31, 2012 | $ | (104.6 | ) | $ | 10 | $ | (301.4 | ) | $ | (396.0 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax | (99.7 | ) | 27.1 | 112.1 | 39.5 | |||||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | (5.2 | ) | 21 | 15.8 | |||||||||||
Other comprehensive income (loss), net of tax | (99.7 | ) | 21.9 | 133.1 | 55.3 | |||||||||||
December 31, 2013 | (204.3 | ) | 31.9 | (168.3 | ) | (340.7 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (107.6 | ) | (108.4 | ) | (154.4 | ) | (370.4 | ) | ||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | (0.8 | ) | 28.2 | 27.4 | |||||||||||
Other comprehensive income (loss), net of tax | (107.6 | ) | (109.2 | ) | (126.2 | ) | (343.0 | ) | ||||||||
December 31, 2014 | $ | (311.9 | ) | $ | (77.3 | ) | $ | (294.5 | ) | $ | (683.7 | ) | ||||
Reclassifications out of accumulated other comprehensive loss—Reclassifications out of accumulated other comprehensive loss consisted of the following: | ||||||||||||||||
Year Ended | ||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||
Gains (losses) on hedging instruments | ||||||||||||||||
Foreign exchange contracts: | $ | (36.2 | ) | $ | (11.7 | ) | Revenue | |||||||||
34.2 | 14.8 | Costs of sales | ||||||||||||||
(0.2 | ) | — | Selling, general and administrative expense | |||||||||||||
(2.2 | ) | 3.1 | Income before income taxes | |||||||||||||
3 | 2.1 | Income tax (expense) benefit | ||||||||||||||
$ | 0.8 | $ | 5.2 | Net income | ||||||||||||
Defined pension and other post-retirement benefits | ||||||||||||||||
Settlements | $ | (24.9 | ) | $ | (5.1 | ) | (a) | |||||||||
Amortization of actuarial loss | (18.6 | ) | (31.7 | ) | (a) | |||||||||||
Amortization of prior service credit | (0.3 | ) | 0.5 | (a) | ||||||||||||
Amortization of transition asset | 0.1 | 0.1 | (a) | |||||||||||||
(43.7 | ) | (36.2 | ) | Income before income taxes | ||||||||||||
15.5 | 15.2 | Income tax (expense) benefit | ||||||||||||||
$ | (28.2 | ) | $ | (21.0 | ) | Net income | ||||||||||
_______________________ | ||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 and interest 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 December 31, 2014, we held the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Australian dollar | 31.9 | 26.1 | ||||||||||||||||||||||
British pound | 73.3 | 114.1 | ||||||||||||||||||||||
Canadian dollar | (150.0 | ) | (129.1 | ) | ||||||||||||||||||||
Euro | 151.4 | 183.2 | ||||||||||||||||||||||
Kuwaiti dinar | (5.9 | ) | (20.1 | ) | ||||||||||||||||||||
Malaysian ringgit | 107.8 | 30.8 | ||||||||||||||||||||||
Norwegian krone | 2,859.00 | 383.6 | ||||||||||||||||||||||
Singapore dollar | 222.3 | 167.7 | ||||||||||||||||||||||
U.S. dollar | (929.1 | ) | (929.1 | ) | ||||||||||||||||||||
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 December 31, 2014, our portfolio of these instruments included the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Brazilian real | (105.6 | ) | (39.7 | ) | ||||||||||||||||||||
Norwegian krone | (77.6 | ) | (10.4 | ) | ||||||||||||||||||||
U.S. dollar | 34.6 | 34.6 | ||||||||||||||||||||||
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. 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 16 to these consolidated financial statements 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. | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | $ | 172.1 | $ | 207.1 | $ | 149.3 | $ | 152.5 | ||||||||||||||||
Long-term – Derivative financial instruments | 129.4 | 214.6 | 65.4 | 44.1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 301.5 | 421.7 | 214.7 | 196.6 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | 25.5 | 23.1 | 16.6 | 18.8 | ||||||||||||||||||||
Long-term – Derivative financial instruments | 5.5 | 5.6 | 3.1 | 3 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | 31 | 28.7 | 19.7 | 21.8 | ||||||||||||||||||||
Total derivatives | $ | 332.5 | $ | 450.4 | $ | 234.4 | $ | 218.4 | ||||||||||||||||
We recognized gains of $0.9 million, $0.1 million and $4.4 million on cash flow hedges for the years ended December 31, 2014, 2013 and 2012, respectively, due to hedge ineffectiveness as it was probable that the original forecasted transaction would not occur. Cash flow hedges of forecasted transactions, net of tax, resulted in accumulated other comprehensive loss of $77.3 million and gain of $31.9 million at December 31, 2014 and 2013, respectively. We expect to transfer an approximate $17.3 million loss from accumulated OCI to earnings during the next 12 months when the anticipated transactions actually occur. All anticipated transactions currently being hedged are expected to occur by the end of 2016. | ||||||||||||||||||||||||
The following tables present the impact of derivative instruments in cash flow hedging relationships and their location within the accompanying consolidated statements of income. | ||||||||||||||||||||||||
Gain (Loss) Recognized in OCI (Effective Portion) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | 1.6 | ||||||||||||||||||
Foreign exchange contracts | (137.1 | ) | 24.1 | 41.9 | ||||||||||||||||||||
Total | $ | (137.1 | ) | $ | 24.1 | $ | 43.5 | |||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified From Accumulated | |||||||||||||||||||||||
OCI into Income (Effective Portion) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (36.2 | ) | $ | (11.7 | ) | $ | 6.6 | ||||||||||||||||
Cost of sales | 34.2 | 14.8 | (1.9 | ) | ||||||||||||||||||||
Selling, general and administrative expense | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||
Total | $ | (2.2 | ) | $ | 3.1 | $ | 4.5 | |||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion | |||||||||||||||||||||||
and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | 24.7 | $ | 2.7 | $ | 13.7 | ||||||||||||||||||
Cost of sales | (24.9 | ) | (11.0 | ) | (17.6 | ) | ||||||||||||||||||
Total | $ | (0.2 | ) | $ | (8.3 | ) | $ | (3.9 | ) | |||||||||||||||
Instruments that are not designated as hedging instruments are executed to hedge the effect of exposures in the 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) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (4.0 | ) | $ | 0.6 | $ | 4.9 | |||||||||||||||||
Cost of sales | 0.7 | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Other income (expense), net | 35.4 | (15.0 | ) | 6.4 | ||||||||||||||||||||
Total | $ | 32.1 | $ | (14.6 | ) | $ | 11.1 | |||||||||||||||||
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 December 31, 2014 and 2013, we had no collateralized derivative contracts. The following tables present both gross information and net information of recognized derivative instruments: | ||||||||||||||||||||||||
December 31, 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 | $ | 332.5 | $ | (321.5 | ) | $ | 11 | $ | 234.4 | $ | (198.5 | ) | $ | 35.9 | ||||||||||
December 31, 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 | $ | 450.4 | $ | (321.5 | ) | $ | 128.9 | $ | 218.4 | $ | (198.5 | ) | $ | 19.9 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities | $ | 22.5 | $ | 22.5 | $ | — | $ | — | $ | 21.2 | $ | 21.2 | $ | — | $ | — | ||||||||||||||||
Fixed income | 7.1 | 7.1 | — | — | 13.2 | 13.2 | — | — | ||||||||||||||||||||||||
Money market fund | 3.4 | — | 3.4 | — | 3.8 | — | 3.8 | — | ||||||||||||||||||||||||
Stable value fund | 0.7 | — | 0.7 | — | 1 | — | 1 | — | ||||||||||||||||||||||||
Other | 2.1 | 2.1 | — | — | 2.4 | 2.4 | — | — | ||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 332.5 | — | 332.5 | — | 234.4 | — | 234.4 | — | ||||||||||||||||||||||||
Total assets | $ | 368.3 | $ | 31.7 | $ | 336.6 | $ | — | $ | 276 | $ | 36.8 | $ | 239.2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 450.4 | — | 450.4 | — | 218.4 | — | 218.4 | — | ||||||||||||||||||||||||
Contingent earn-out consideration | — | — | — | — | 70.1 | — | — | 70.1 | ||||||||||||||||||||||||
Total liabilities | $ | 450.4 | $ | — | $ | 450.4 | $ | — | $ | 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 year, which is based on the fair value of the underlying investments using information reported by the investment advisor at year-end. See Note 12 to these consolidated financial statements for additional disclosure related to our non-qualified deferred compensation plan investments. | ||||||||||||||||||||||||||||||||
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 15 to these consolidated financial statements 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 revenue in our consolidated statements of income. | ||||||||||||||||||||||||||||||||
Changes in the fair value of our Level 3 contingent earn-out consideration obligation were as follows: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 70.1 | $ | 105.3 | ||||||||||||||||||||||||||||
Remeasurement adjustment | 3.6 | 28.7 | ||||||||||||||||||||||||||||||
Payment | (74.6 | ) | (57.3 | ) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 0.9 | (6.6 | ) | |||||||||||||||||||||||||||||
Balance at end of year | $ | — | $ | 70.1 | ||||||||||||||||||||||||||||
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 $779.5 million and $767.6 million as of December 31, 2014 and 2013, respectively, as compared to the $800.0 million face value of the debt, net of issue discounts, recorded in the 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, revolving credit facility 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 the gross derivative assets against the gross derivative liabilities. |
Warranty_Obligations
Warranty Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
WARRANTY OBLIGATIONS | WARRANTY OBLIGATIONS | |||||||
Warranty cost and accrual information is as follows: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Balance at beginning of year | $ | 18 | $ | 15.4 | ||||
Expenses for new warranties | 30.5 | 27 | ||||||
Adjustments to existing accruals | 0.7 | 1.5 | ||||||
Claims paid | (26.2 | ) | (25.9 | ) | ||||
Balance at end of year | $ | 23 | $ | 18 | ||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES | |||
Commitments associated with leases—We lease office space, manufacturing facilities and various types of manufacturing and data processing equipment. Leases of real estate generally provide for payment of property taxes, insurance and repairs by us. Substantially all of our leases are classified as operating leases. Rent expense under operating leases amounted to $136.8 million, $149.7 million and $133.9 million in 2014, 2013 and 2012, respectively. | ||||
In March 2014 we entered into construction and operating lease agreements to finance the construction of manufacturing and office facilities located in Houston, TX. Upon expiration of the lease term in September 2021, we have the option to renew the lease, purchase the facilities or re-market the facilities on behalf of the lessor, including certain guarantees of residual value under the re-marketing option. | ||||
At December 31, 2014, future minimum rental payments under noncancellable operating leases were: | ||||
(In millions) | ||||
2015 | $ | 108.8 | ||
2016 | 87.7 | |||
2017 | 67.9 | |||
2018 | 55.3 | |||
2019 | 45.6 | |||
Thereafter | 282.4 | |||
Total | 647.7 | |||
Less income from subleases | 1.2 | |||
Net minimum operating lease payments | $ | 646.5 | ||
Contingent liabilities associated with guarantees—In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments at December 31, 2014, represented $755.4 million for guarantees of our future performance and $78.4 million of bank guarantees and letters of credit to secure a portion of our existing financial obligations. The majority of these financial instruments expire within three years, and we expect to replace them through the issuance of new or the extension of existing letters of credit and surety bonds. | ||||
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 believes the ultimate resolution of our known contingencies will not materially affect 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. | ||||
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 December 31, 2014 and 2013, and that the ultimate resolution of such matters will not materially affect our consolidated financial position, results of operations, or cash flows. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS | |||||||||||||||||||||||||||||||||||
We report the results of operations in the following segments: Subsea Technologies, Surface Technologies and Energy Infrastructure. Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and corresponds to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to the segment. | ||||||||||||||||||||||||||||||||||||
Our reportable segments are: | ||||||||||||||||||||||||||||||||||||
• | Subsea Technologies—designs and manufactures products and systems and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas. | |||||||||||||||||||||||||||||||||||
• | Surface Technologies—designs and manufactures systems and provides services used by oil and gas companies involved in land and offshore exploration and production of crude oil and gas; designs, manufactures and supplies technologically advanced high pressure valves and fittings for oilfield service companies; and also provides flowback and wireline services for exploration companies in the oil and gas industry. | |||||||||||||||||||||||||||||||||||
• | Energy Infrastructure—manufactures and supplies liquid and gas measurement and transportation equipment and systems to customers involved in the production, transportation and processing of crude oil, natural gas and petroleum-based refined products and the mining industry. | |||||||||||||||||||||||||||||||||||
Beginning in the third quarter of 2013 and in conjunction with management's efforts to accelerate the development and commercialization of subsea boosting technology for subsea markets, our direct drive systems technology development, previously reported in Energy Infrastructure, is now reported in Subsea Technologies. All prior-year information has been adjusted to reflect the current presentation. | ||||||||||||||||||||||||||||||||||||
Total revenue by segment includes intersegment sales, which are made at prices approximating those that the selling entity is able to obtain on external sales. Segment operating profit is defined as total segment revenue less segment operating expenses. The following items have been excluded in computing segment operating profit: corporate staff expense, net interest income (expense) associated with corporate debt facilities, income taxes, and other revenue and other expense, net. | ||||||||||||||||||||||||||||||||||||
Segment revenue and segment operating profit | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Segment revenue | ||||||||||||||||||||||||||||||||||||
Subsea Technologies (1) | $ | 5,266.40 | $ | 4,726.90 | $ | 4,006.80 | ||||||||||||||||||||||||||||||
Surface Technologies | 2,130.70 | 1,806.80 | 1,598.10 | |||||||||||||||||||||||||||||||||
Energy Infrastructure | 557.4 | 617.2 | 574.1 | |||||||||||||||||||||||||||||||||
Other revenue (2) and intercompany eliminations | (11.9 | ) | (24.7 | ) | (27.6 | ) | ||||||||||||||||||||||||||||||
Total revenue | $ | 7,942.60 | $ | 7,126.20 | $ | 6,151.40 | ||||||||||||||||||||||||||||||
Income before income taxes: | ||||||||||||||||||||||||||||||||||||
Segment operating profit: | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 748.2 | $ | 548.2 | $ | 432.2 | ||||||||||||||||||||||||||||||
Surface Technologies | 393 | 257.2 | 284.3 | |||||||||||||||||||||||||||||||||
Energy Infrastructure | 52.5 | 74.3 | 68.2 | |||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.3 | ) | (0.1 | ) | — | |||||||||||||||||||||||||||||||
Total segment operating profit | 1,193.40 | 879.6 | 784.7 | |||||||||||||||||||||||||||||||||
Corporate items: | ||||||||||||||||||||||||||||||||||||
Corporate expense (3) | (66.3 | ) | (46.3 | ) | (41.8 | ) | ||||||||||||||||||||||||||||||
Other revenue (2) and other expense, net (4) | (33.7 | ) | (85.6 | ) | (119.9 | ) | ||||||||||||||||||||||||||||||
Net interest expense | (32.5 | ) | (33.7 | ) | (26.6 | ) | ||||||||||||||||||||||||||||||
Total corporate items | (132.5 | ) | (165.6 | ) | (188.3 | ) | ||||||||||||||||||||||||||||||
Income before income taxes attributable to FMC Technologies, Inc. (5) | $ | 1,060.90 | $ | 714 | $ | 596.4 | ||||||||||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||||||||||
(1) | We had one customer in our Subsea Technologies segment that comprised approximately $875.9 million and $625.9 million of our consolidated revenue for the year ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
(2) | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||||||||||||||||||||||||||||
(3) | Corporate expense primarily includes corporate staff expenses. | |||||||||||||||||||||||||||||||||||
(4) | 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. | |||||||||||||||||||||||||||||||||||
(5) | Excludes amounts attributable to noncontrolling interests. | |||||||||||||||||||||||||||||||||||
Segment operating capital employed and segment assets | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 2,175.20 | $ | 2,126.30 | ||||||||||||||||||||||||||||||||
Surface Technologies | 1,183.60 | 1,139.10 | ||||||||||||||||||||||||||||||||||
Energy Infrastructure | 313.9 | 345.4 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 3,672.70 | 3,610.80 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 2,402.30 | 2,272.80 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 1,100.60 | 722 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 7,175.60 | $ | 6,605.60 | ||||||||||||||||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 4,066.10 | $ | 3,923.60 | ||||||||||||||||||||||||||||||||
Surface Technologies | 1,587.80 | 1,484.00 | ||||||||||||||||||||||||||||||||||
Energy Infrastructure | 442.3 | 496.4 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (21.2 | ) | (20.4 | ) | ||||||||||||||||||||||||||||||||
Total segment assets | 6,075.00 | 5,883.60 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 1,100.60 | 722 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 7,175.60 | $ | 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, certain investments, 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. | |||||||||||||||||||||||||||||||||||
Geographic segment information | ||||||||||||||||||||||||||||||||||||
Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets represent property, plant and equipment, net. | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||
United States | $ | 2,245.30 | $ | 1,940.40 | $ | 1,541.60 | ||||||||||||||||||||||||||||||
Norway | 1,023.30 | 1,217.70 | 1,231.10 | |||||||||||||||||||||||||||||||||
Brazil | 831.6 | 689 | 561.2 | |||||||||||||||||||||||||||||||||
Nigeria | 627 | 335 | 192.7 | |||||||||||||||||||||||||||||||||
Angola | 406.7 | 516 | 598 | |||||||||||||||||||||||||||||||||
All other countries | 2,808.70 | 2,428.10 | 2,026.80 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 7,942.60 | $ | 7,126.20 | $ | 6,151.40 | ||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Long-lived assets: | ||||||||||||||||||||||||||||||||||||
United States | $ | 490.5 | $ | 443.4 | ||||||||||||||||||||||||||||||||
Norway | 250.8 | 223.3 | ||||||||||||||||||||||||||||||||||
Brazil | 169.1 | 166.3 | ||||||||||||||||||||||||||||||||||
United Kingdom | 147 | 137.2 | ||||||||||||||||||||||||||||||||||
Malaysia | 112.6 | 100.8 | ||||||||||||||||||||||||||||||||||
All other countries | 288.4 | 278.1 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 1,458.40 | $ | 1,349.10 | ||||||||||||||||||||||||||||||||
Other business segment information | ||||||||||||||||||||||||||||||||||||
Capital Expenditures | Depreciation and | Research and | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Amortization | Development Expense | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Subsea Technologies | $ | 268.7 | $ | 235 | $ | 257.9 | $ | 138 | $ | 119.5 | $ | 89.3 | $ | 92.2 | $ | 87.1 | $ | 93.9 | ||||||||||||||||||
Surface Technologies | 124.6 | 70.1 | 110.1 | 72 | 68 | 38.8 | 21.6 | 15.6 | 12.2 | |||||||||||||||||||||||||||
Energy Infrastructure | 10.5 | 8.3 | 10.3 | 16.6 | 16.5 | 14 | 11.3 | 12.2 | 10.7 | |||||||||||||||||||||||||||
Corporate | 0.6 | 0.7 | 27.3 | 5.9 | 5.8 | 4.1 | — | — | — | |||||||||||||||||||||||||||
Intercompany eliminations | — | — | — | — | — | — | (1.4 | ) | (2.5 | ) | — | |||||||||||||||||||||||||
Total | $ | 404.4 | $ | 314.1 | $ | 405.6 | $ | 232.5 | $ | 209.8 | $ | 146.2 | $ | 123.7 | $ | 112.4 | $ | 116.8 | ||||||||||||||||||
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In millions, except per share | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | ||||||||||||||||||||||||
data) | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,156.20 | $ | 1,976.70 | $ | 1,985.30 | $ | 1,824.40 | $ | 2,047.80 | $ | 1,724.50 | $ | 1,707.90 | $ | 1,646.00 | ||||||||||||||||
Cost of sales | 1,608.90 | 1,479.60 | 1,507.80 | 1,403.50 | 1,560.30 | 1,353.80 | 1,350.10 | 1,307.20 | ||||||||||||||||||||||||
Net income | 170.6 | 170.5 | 227.7 | 136.5 | 179.1 | 117.4 | 106.5 | 103.6 | ||||||||||||||||||||||||
Net income attributable to FMC Technologies, Inc. | $ | 168.6 | $ | 169.8 | $ | 226.3 | $ | 135.2 | $ | 177.8 | $ | 116 | $ | 105.2 | $ | 102.4 | ||||||||||||||||
Basic earnings per share (1) | $ | 0.72 | $ | 0.72 | $ | 0.96 | $ | 0.57 | $ | 0.75 | $ | 0.49 | $ | 0.44 | $ | 0.43 | ||||||||||||||||
Diluted earnings per share (1) | $ | 0.72 | $ | 0.72 | $ | 0.95 | $ | 0.57 | $ | 0.74 | $ | 0.49 | $ | 0.44 | $ | 0.43 | ||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||||||
(1) | Basic and diluted EPS are independently computed for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Other_Information_Notes
Other Information (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Cash Flow Information and Other Information [Abstract] | ||||||||||||
OTHER INFORMATION | OTHER INFORMATION | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest (net of interest capitalized) | $ | 31.6 | $ | 27.1 | $ | 18.5 | ||||||
Cash paid for income taxes (net of refunds received) | $ | 370 | $ | 137.3 | $ | 225.4 | ||||||
December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Other reportable information: | ||||||||||||
Unbilled receivables included in trade receivables | $ | 804.3 | $ | 777 | ||||||||
Trading securities included in investments | $ | 35.8 | $ | 41.6 | ||||||||
Net capitalized software costs included in other assets | $ | 57.3 | $ | 56.9 | ||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||||
(In thousands) | Additions | |||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||
Beginning of | Costs | Other | and Adjustments (b) | End of Period | ||||||||||||||||
Period | and Expenses | Accounts (a) | ||||||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,799 | $ | 1,753 | $ | 71 | $ | 3,477 | $ | 6,146 | ||||||||||
Inventory valuation reserve | $ | 63,773 | $ | 30,660 | $ | 1,352 | $ | 25,929 | $ | 69,856 | ||||||||||
Valuation allowance for deferred tax assets | $ | 3,697 | $ | 1,732 | $ | 9 | $ | 1,173 | $ | 4,265 | ||||||||||
Year ended December 31, 2013: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,146 | $ | 3,038 | $ | 144 | $ | 1,887 | $ | 7,441 | ||||||||||
Inventory valuation reserve | $ | 69,856 | $ | 37,629 | $ | (314 | ) | $ | 21,135 | $ | 86,036 | |||||||||
Valuation allowance for deferred tax assets | $ | 4,265 | $ | 1,779 | $ | (15 | ) | $ | 1,302 | $ | 4,727 | |||||||||
Year ended December 31, 2014: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,441 | $ | 3,574 | $ | (555 | ) | $ | 1,039 | $ | 9,421 | |||||||||
Inventory valuation reserve | $ | 86,036 | $ | 47,578 | $ | (8,686 | ) | $ | 28,118 | $ | 96,810 | |||||||||
Valuation allowance for deferred tax assets | $ | 4,727 | $ | 39,932 | $ | — | $ | 5,762 | $ | 38,897 | ||||||||||
______________________________ | ||||||||||||||||||||
(a) | “Additions charged to other accounts” includes translation adjustments and allowances acquired through business combinations. | |||||||||||||||||||
(b) | “Deductions and adjustments” includes write-offs, net of recoveries, and reductions in the allowances credited to expense. | |||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of presentation—Our consolidated financial statements have been prepared in U.S. dollars and in accordance with U.S. generally accepted accounting principles (“GAAP”). | |
On February 25, 2011, our Board of Directors approved a two-for-one 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. | ||
Principles of consolidation | Principles of consolidation—The consolidated financial statements include the accounts of FMC Technologies and its majority-owned subsidiaries and affiliates. Intercompany accounts and transactions are eliminated in consolidation. | |
Use of estimates | Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimates include, but are not limited to, estimates of total contract profit or loss on long-term construction-type contracts; estimated realizable value on excess and obsolete inventory; estimates related to pension accounting; estimates related to fair value for purposes of assessing goodwill, long-lived assets and intangible assets for impairment; estimates related to income taxes; and estimates related to contingencies, including liquidated damages. | |
Investments in the common stock of unconsolidated affiliates | Investments in the common stock of unconsolidated affiliates—The investments in, and the operating results of, unconsolidated affiliates are included in the consolidated financial statements on the basis of the equity method of accounting or the cost method of accounting, depending on specific facts and circumstances. | |
Investments in unconsolidated affiliates are assessed for impairment whenever events or changes in facts and circumstances indicate the carrying value of the investments may not be fully recoverable. When such a condition is judgmentally determined to be other than temporary, the carrying value of the investment is written down to fair value. Management’s assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. Management generally considers our investments in equity method investees to be strategic long-term investments and completes its assessments for impairment with a long-term viewpoint. | ||
Reclassifications | Reclassifications—Certain prior-year amounts have been reclassified to conform to the current year’s presentation. | |
Revenue recognition | Revenue recognition—Revenue is generally recognized once the following four criteria are met: i) persuasive evidence of an arrangement exists, ii) delivery of the equipment has occurred (which is upon shipment or when customer-specific acceptance requirements are met) or services have been rendered, iii) the price of the equipment or service is fixed and determinable, and iv) collectibility is reasonably assured. We record our sales net of any value added, sales or use tax. | |
For certain construction-type manufacturing and assembly projects that involve significant design and engineering efforts in order to satisfy detailed customer-supplied specifications, revenue is recognized using the percentage of completion method of accounting. Under the percentage of completion method, revenue is recognized as work progresses on each contract. We primarily apply the ratio of costs incurred to date to total estimated contract costs at completion to measure this ratio. If it is not possible to form a reliable estimate of progress toward completion, no revenue or costs are recognized until the project is complete or substantially complete. Any expected losses on construction-type contracts in progress are charged to earnings, in total, in the period the losses are identified. | ||
Modifications to construction-type contracts, referred to as “change orders,” effectively change the provisions of the original contract, and may, for example, alter the specifications or design, method or manner of performance, equipment, materials, sites and/or period for completion of the work. If a change order represents a firm price commitment from a customer, we account for the revised estimate as if it had been included in the original estimate, effectively recognizing the pro rata impact of the new estimate on our calculation of progress toward completion in the period in which the firm commitment is received. If a change order is unpriced: (1) we include the costs of contract performance in our calculation of progress toward completion in the period in which the costs are incurred or become probable; and (2) when it is determined that the revenue is probable of recovery, we include the change order revenue, limited to the costs incurred to date related to the change order, in our calculation of progress toward completion. Unpriced change orders included in revenue were immaterial to our consolidated revenue for all periods presented. Margin is not recorded on unpriced change orders unless realization is assured beyond a reasonable doubt. The assessment of realization may be based upon our previous experience with the customer or based upon our receipt of a firm price commitment from the customer. | ||
Progress billings are generally issued upon completion of certain phases of the work as stipulated in the contract. Revenue in excess of progress billings are reported in trade receivables in our consolidated balance sheets. Progress billings and cash collections in excess of revenue recognized on a contract are classified as advance payments and progress billings within current liabilities in our consolidated balance sheets. Revenue generated from the installation portion of construction-type contracts is included in product revenue in our consolidated statements of income. | ||
Shipping and handling costs | Shipping and handling costs—Shipping and handling costs are recorded as cost of product revenue in our consolidated statements of income. Shipping and handling costs billed to customers are recorded as a component of revenue. | |
Cash equivalents | Cash equivalents—Cash equivalents are highly-liquid, short-term instruments with original maturities of three months or less from their date of purchase. | |
Trade receivables | Trade receivables, net of allowances—An allowance for doubtful accounts is provided on trade receivables equal to the estimated uncollectible amounts. This estimate is based on historical collection experience and a specific review of each customer’s trade receivable balance. | |
Inventories | Inventories—Inventories are stated at the lower of cost or net realizable value. Inventory costs include those costs directly attributable to products, including all manufacturing overhead, but excluding costs to distribute. Cost is determined on the last-in, first-out (“LIFO”) basis for all significant domestic inventories, except certain inventories relating to construction-type contracts, which are stated at the actual production cost incurred to date, reduced by the portion of these costs identified with revenue recognized. The first-in, first-out (“FIFO”) method is used to determine the cost for all other inventories. | |
Investments | Investments—The appropriate classification of investments in marketable equity securities is determined at the time of purchase and re-evaluated as of each subsequent reporting date. Securities classified as available-for-sale are carried at fair value with unrealized holding gains and losses on these securities recognized in accumulated other comprehensive income (loss), net of related income tax. We did not have any available-for-sale securities at December 31, 2014 or 2013. | |
Securities classified as trading securities are carried at fair value with gains and losses on these securities recognized through other income (expense), net. Trading securities are primarily comprised of marketable equity mutual funds that approximate a portion of our liability under our Non-Qualified Savings and Investment Plan (“Non-Qualified Plan”). | ||
Property, plant, and equipment | Property, plant, and equipment—Property, plant, and equipment is recorded at cost. Depreciation is principally provided on the straight-line basis over the estimated useful lives of the assets (land improvements—20 to 35 years; buildings—20 to 50 years; and machinery and equipment—3 to 20 years). Gains and losses are realized upon the sale or retirement of assets and are recorded in other income (expense), net on our consolidated statements of income. Maintenance and repair costs are expensed as incurred. Expenditures that extend the useful lives of property, plant and equipment are capitalized and depreciated over the estimated new remaining life of the asset. | |
Impairment of property, plant, and equipment | Impairment of property, plant, and equipment—Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the impairment loss is measured as the amount by which the carrying value of the long-lived asset exceeds its fair value. | |
Long-lived assets held for sale are reported at the lower of carrying value or fair value less cost to sell. | ||
Capitalized software costs | Capitalized software costs—Other assets on the consolidated balance sheets include the capitalized cost of internal use software (including Internet websites). The assets are stated at cost less accumulated amortization. These software costs include significant purchases of software and internal and external costs incurred during the application development stage of software projects. These costs are amortized on a straight-line basis over the estimated useful lives of the assets. For internal use software, the useful lives range from three to ten years. For Internet website costs, the estimated useful lives do not exceed three years. | |
Goodwill and other intangible assets | Goodwill and other intangible assets—Goodwill is not subject to amortization but is tested for impairment on an annual basis (or more frequently if impairment indicators arise). We have established October 31 as the date of our annual test for impairment of goodwill. Reporting units with goodwill are tested for impairment by first assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If after assessing the totality of events or circumstances, or based on management’s judgment, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a two-step impairment test is performed. The first step compares the fair value of the reporting unit (measured as the present value of expected future cash flows) to its carrying amount. If the fair value of the reporting unit is less than its carrying amount, a second step is performed. In this step, the fair value of the reporting unit is allocated to its assets and liabilities to determine the implied fair value of goodwill, which is used to measure the impairment loss. | |
Our acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which generally range from 7 to 40 years. Our acquired intangible assets do not have indefinite lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. | ||
Fair value measurements | Fair value measurements—We record our financial assets and financial liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | |
• | Level 2: Observable inputs other than quoted prices included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | |
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the assumptions market participants would use in pricing the asset or liability. | |
Income taxes | Income taxes—Current income taxes are provided on income reported for financial statement purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred tax assets and liabilities are measured using enacted tax rates for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is established whenever management believes that it is more likely than not that deferred tax assets may not be realizable. | |
U.S. income taxes are not provided on our equity in undistributed earnings of foreign subsidiaries or affiliates to the extent we have determined that the earnings are indefinitely reinvested. U.S. income taxes are provided on such earnings in the period in which we can no longer support that such earnings are indefinitely reinvested. | ||
Tax benefits related to uncertain tax positions are recognized when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. | ||
We classify interest expense and penalties recognized on underpayments of income taxes as income tax expense. | ||
Stock-based employee compensation | Stock-based employee compensation—We measure stock-based compensation expense on restricted stock awards based on the market price at the grant date and the number of shares awarded. The stock-based compensation expense for each award is recognized ratably over the applicable service period, after taking into account estimated forfeitures, or the period beginning at the start of the service period and ending when an employee becomes eligible for retirement. | |
Common stock held in employee benefit trust | Common stock held in employee benefit trust—Shares of our common stock are purchased by the plan administrator of the Non-Qualified Plan and placed in a trust owned by us. Purchased shares are recorded at cost and classified as a reduction of stockholders’ equity on the consolidated balance sheets. | |
Earnings per common share (“EPSâ€) | Earnings per common share (“EPS”)—Basic EPS is computed using the weighted-average number of common shares outstanding during the year. Diluted EPS gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for stock option exercises and restricted stock under the treasury stock method. The treasury stock method assumes proceeds that would be obtained upon exercise of common stock options and issuance of restricted stock are used to buy back outstanding common stock at the average market price during the period. | |
Warranty obligations | Warranty obligations—We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. Estimated cost of warranties are accrued at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists or when additional specific obligations are identified. The obligation reflected in other current liabilities on the consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Should actual product failure rates or repair costs differ from our current estimates, revisions to the estimated warranty liability would be required. | |
Foreign currency | Foreign currency—Financial statements of operations for which the U.S. dollar is not the functional currency, and are located in non-highly inflationary countries, are translated into U.S. dollars prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the average exchange rate for each period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity until the foreign entity is sold or liquidated. For operations in highly inflationary countries and where the local currency is not the functional currency, inventories, property, plant and equipment, and other non-current assets are converted to U.S. dollars at historical exchange rates, and all gains or losses from conversion are included in net income. Foreign currency effects on cash, cash equivalents and debt in hyperinflationary economies are included in interest income or expense. | |
Derivative instruments | Derivative instruments—Derivatives are recognized on the consolidated balance sheets at fair value, with classification as current or non-current based upon the maturity of the derivative instrument. Changes in the fair value of derivative instruments are recorded in current earnings or deferred in accumulated other comprehensive income (loss), depending on the type of hedging transaction and whether a derivative is designated as, and is effective as, a hedge. Each instrument is accounted for individually and assets and liabilities are not offset. | |
Hedge accounting is only applied when the derivative is deemed to be highly effective at offsetting changes in anticipated cash flows of the hedged item or transaction. Changes in fair value of derivatives that are designated as cash flow hedges are deferred in accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings. At such time, related deferred hedging gains or losses are also recorded in operating earnings on the same line as the hedged item. Effectiveness is assessed at the inception of the hedge and on a quarterly basis. Effectiveness of forward contract cash flow hedges are assessed based solely on changes in fair value attributable to the change in the spot rate. The change in the fair value of the contract related to the change in forward rates is excluded from the assessment of hedge effectiveness. Changes in this excluded component of the derivative instrument, along with any ineffectiveness identified, are recorded in operating earnings as incurred. We document our risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. | ||
We also use forward contracts to hedge foreign currency assets and liabilities, for which we do not apply hedge accounting. The changes in fair value of these contracts are recognized in other income (expense), net on our consolidated statements of income, as they occur and offset gains or losses on the remeasurement of the related asset or liability. | ||
Cash flows from derivative contracts are reported in the consolidated statements of cash flows in the same categories as the cash flows from the underlying transactions. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions, except per share data) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to FMC Technologies, Inc. | $ | 699.9 | $ | 501.4 | $ | 430 | ||||||
Weighted average number of shares outstanding | 236.3 | 238.3 | 239.7 | |||||||||
Dilutive effect of restricted stock units and stock options | 0.6 | 0.8 | 1.2 | |||||||||
Total shares and dilutive securities | 236.9 | 239.1 | 240.9 | |||||||||
Basic earnings per share attributable to FMC Technologies, Inc. | $ | 2.96 | $ | 2.1 | $ | 1.79 | ||||||
Diluted earnings per share attributable to FMC Technologies, Inc. | $ | 2.95 | $ | 2.1 | $ | 1.78 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ||||||||
Schedule of components of inventories | Inventories consisted of the following: | |||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Raw materials | $ | 196.6 | $ | 186.3 | ||||
Work in process | 166.1 | 141.4 | ||||||
Finished goods | 849.9 | 830.3 | ||||||
1,212.60 | 1,158.00 | |||||||
LIFO and valuation adjustments | (191.4 | ) | (177.6 | ) | ||||
Inventory, net | $ | 1,021.20 | $ | 980.4 | ||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following: | |||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Land and land improvements | $ | 83.8 | $ | 83 | ||||
Buildings | 410.6 | 379.4 | ||||||
Machinery and equipment | 1,530.50 | 1,438.60 | ||||||
Construction in process | 266.9 | 218.3 | ||||||
2,291.80 | 2,119.30 | |||||||
Accumulated depreciation | (833.4 | ) | (770.2 | ) | ||||
Property, plant and equipment, net | $ | 1,458.40 | $ | 1,349.10 | ||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | The carrying amount of goodwill by reporting segment was as follows: | |||||||||||||||
(In millions) | Subsea | Surface | Energy | Total | ||||||||||||
Technologies | Technologies | Infrastructure | ||||||||||||||
31-Dec-13 | $ | 396.9 | $ | 92.4 | $ | 91.4 | $ | 580.7 | ||||||||
Material Handling Products divestiture (1) | — | — | (6.0 | ) | (6.0 | ) | ||||||||||
Translation | (18.1 | ) | (4.5 | ) | — | (22.6 | ) | |||||||||
31-Dec-14 | $ | 378.8 | $ | 87.9 | $ | 85.4 | $ | 552.1 | ||||||||
______________________________ | ||||||||||||||||
(1) | See Note 5 for additional disclosure. | |||||||||||||||
Schedule of finite-lived intangible assets | The components of intangible assets were as follows: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Customer lists | $ | 142.4 | $ | 33.5 | $ | 148.6 | $ | 27.7 | ||||||||
Patents and acquired technology | 217.9 | 70.8 | 221.8 | 56.5 | ||||||||||||
Trademarks | 35.9 | 9.4 | 36.2 | 7.6 | ||||||||||||
Other | 5.9 | 5.5 | 6 | 5.5 | ||||||||||||
Total intangible assets | $ | 402.1 | $ | 119.2 | $ | 412.6 | $ | 97.3 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Instruments [Abstract] | ||||||||
Schedule of short-term debt and current portion of long-term debt | Short-term debt and current portion of long-term debt consisted of the following: | |||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Property financing | $ | 3.8 | $ | 10.5 | ||||
Foreign uncommitted credit facilities | 7.9 | 31.9 | ||||||
Other | — | 0.1 | ||||||
Total short-term debt and current portion of long-term debt | $ | 11.7 | $ | 42.5 | ||||
Long-term debt | Long-term debt consisted of the following: | |||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Revolving credit facility | $ | — | $ | — | ||||
Commercial paper (1) | 469.1 | 501.4 | ||||||
2.00% Notes due 2017 | 299.6 | 299.5 | ||||||
3.45% Notes due 2022 | 499.7 | 499.6 | ||||||
Term loan | 22.9 | 25.9 | ||||||
Property financing | 9.7 | 13.9 | ||||||
Total long-term debt | 1,301.00 | 1,340.30 | ||||||
Less: current portion | (3.8 | ) | (10.5 | ) | ||||
Long-term debt, less current portion | $ | 1,297.20 | $ | 1,329.80 | ||||
_______________________ | ||||||||
-1 | At December 31, 2014 and 2013, 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 consolidated balance sheets at December 31, 2014 and 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of domestic and foreign components of income before taxes | Domestic and foreign components of income before income taxes are shown below: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Domestic | $ | 353.2 | $ | 150.7 | $ | 125.5 | ||||||
Foreign | 707.7 | 563.3 | 470.9 | |||||||||
Income before income taxes attributable to FMC Technologies, Inc. | $ | 1,060.90 | $ | 714 | $ | 596.4 | ||||||
Provision for income taxes | The provision for income taxes consisted of: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
Federal | $ | 139.6 | $ | 77.8 | $ | 41.5 | ||||||
State | 11.7 | 5.6 | 2.9 | |||||||||
Foreign | 227.8 | 149.6 | 131.8 | |||||||||
Total current | 379.1 | 233 | 176.2 | |||||||||
Deferred: | ||||||||||||
Increase in the valuation allowance for deferred tax assets | 34.1 | 0.5 | 0.5 | |||||||||
Decrease of deferred tax liability for change in tax rates | (2.3 | ) | (4.3 | ) | (1.3 | ) | ||||||
Other deferred tax (benefit) expense | (49.9 | ) | (16.6 | ) | (9.0 | ) | ||||||
Total deferred | (18.1 | ) | (20.4 | ) | (9.8 | ) | ||||||
Provision for income taxes | $ | 361 | $ | 212.6 | $ | 166.4 | ||||||
Deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities were as follows: | |||||||||||
December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets attributable to: | ||||||||||||
Accrued expenses | $ | 58 | $ | 56.6 | ||||||||
Non deductible interest | 29.2 | — | ||||||||||
Foreign tax credit carryforwards | 29.3 | 14 | ||||||||||
Accrued pension and other post-retirement benefits | 91.8 | 26.5 | ||||||||||
Stock-based compensation | 28.9 | 25.3 | ||||||||||
Net operating loss carryforwards | 48.7 | 47.8 | ||||||||||
Inventories | 31.7 | 25.9 | ||||||||||
Norwegian correction tax | 50.4 | 61.9 | ||||||||||
Foreign exchange | 40.2 | 3.7 | ||||||||||
Deferred tax assets | 408.2 | 261.7 | ||||||||||
Valuation allowance | (38.9 | ) | (4.7 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 369.3 | 257 | ||||||||||
Deferred tax liabilities attributable to: | ||||||||||||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 105.2 | 137 | ||||||||||
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 52.5 | 43.5 | ||||||||||
Property, plant and equipment, goodwill and other assets | 142.8 | 137.2 | ||||||||||
Deferred tax liabilities | 300.5 | 317.7 | ||||||||||
Net deferred tax assets (liabilities) | $ | 68.8 | $ | (60.7 | ) | |||||||
Unrecognized tax benefits and associated interest and penalties | The following table presents a summary of changes in our unrecognized tax benefits and associated interest and penalties: | |||||||||||
(In millions) | Federal, | Accrued | Total Gross | |||||||||
State and | Interest | Unrecognized | ||||||||||
Foreign | and | Income Tax | ||||||||||
Tax | Penalties | Benefits | ||||||||||
Balance at December 31, 2011 | $ | 39.9 | $ | 6.2 | $ | 46.1 | ||||||
Additions for tax positions related to prior years | (0.1 | ) | 2.1 | 2 | ||||||||
Reductions for tax positions due to settlements | (9.3 | ) | (1.9 | ) | (11.2 | ) | ||||||
Balance at December 31, 2012 | $ | 30.5 | $ | 6.4 | $ | 36.9 | ||||||
Additions for tax positions related to prior years | 3.1 | 0.4 | 3.5 | |||||||||
Additions for tax positions related to current year | 3.5 | 0.3 | 3.8 | |||||||||
Balance at December 31, 2013 | $ | 37.1 | $ | 7.1 | $ | 44.2 | ||||||
Additions for tax positions related to prior years | 0.6 | 0.4 | 1 | |||||||||
Reductions for tax positions due to settlements | (1.4 | ) | (0.3 | ) | (1.7 | ) | ||||||
Balance at December 31, 2014 | $ | 36.3 | $ | 7.2 | $ | 43.5 | ||||||
Reconciliation of effective tax rate | The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Net difference resulting from: | ||||||||||||
Foreign earnings subject to different tax rates | (8 | ) | (13 | ) | (12 | ) | ||||||
Foreign earnings subject to U.S. tax | 2 | 2 | 4 | |||||||||
Non deductible Multi Phase Meters earn-out adjustments | — | 1 | 2 | |||||||||
Settlement of foreign audits | — | 1 | — | |||||||||
Foreign withholding taxes | 2 | 3 | — | |||||||||
Change in valuation allowance | 3 | — | — | |||||||||
Other | — | 1 | (1 | ) | ||||||||
Effective income tax rate | 34 | % | 30 | % | 28 | % |
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The funded status of our U.S. Pension Plans, certain foreign pension plans and U.S. post-retirement health care and life insurance benefit plans, together with the associated balances recognized in our consolidated financial statements as of December 31, 2014 and 2013, were as follows: | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 552.4 | $ | 406.3 | $ | 513.3 | $ | 360.1 | ||||||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 585 | $ | 438.8 | $ | 692.9 | $ | 372.3 | $ | 6.7 | $ | 8.7 | ||||||||||||||||||||||||
Service cost | 13.8 | 16.7 | 16.5 | 14.7 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 29.1 | 18.5 | 25.8 | 16.1 | 0.3 | 0.2 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | 101.8 | 71.6 | (119.8 | ) | 45.6 | 4 | (1.7 | ) | ||||||||||||||||||||||||||||
Amendments | 2.4 | 0.3 | — | 0.6 | (0.1 | ) | — | |||||||||||||||||||||||||||||
Settlements | (63.8 | ) | — | (11.1 | ) | — | — | — | ||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (53.6 | ) | — | (2.5 | ) | — | — | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 2.4 | — | 2.2 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (27.7 | ) | (12.2 | ) | (19.3 | ) | (10.2 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||||||||
Projected benefit obligation at December 31 | 640.6 | 482.5 | 585 | 438.8 | 10.4 | 6.7 | ||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | 576.8 | 400.8 | 462.5 | 327.9 | — | — | ||||||||||||||||||||||||||||||
Actual return on plan assets | 8.5 | 13.5 | 115.2 | 52.2 | — | — | ||||||||||||||||||||||||||||||
Company contributions | 11 | 22.6 | 29.5 | 30.1 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | (40.4 | ) | — | (1.4 | ) | — | — | ||||||||||||||||||||||||||||
Settlements | (63.8 | ) | — | (11.1 | ) | — | — | — | ||||||||||||||||||||||||||||
Plan participants’ contributions | — | 2.4 | — | 2.2 | — | — | ||||||||||||||||||||||||||||||
Benefits paid | (27.7 | ) | (12.2 | ) | (19.3 | ) | (10.2 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | 504.8 | 386.7 | 576.8 | 400.8 | — | — | ||||||||||||||||||||||||||||||
Funded status of the plans (liability) at December 31 | $ | (135.8 | ) | $ | (95.8 | ) | $ | (8.2 | ) | $ | (38.0 | ) | $ | (10.4 | ) | $ | (6.7 | ) | ||||||||||||||||||
Funded Status Recognized In The Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | — | $ | 38.3 | $ | 3.8 | $ | — | $ | — | ||||||||||||||||||||||||
Current portion of accrued pension and other post-retirement benefits | (4.1 | ) | (0.4 | ) | (9.1 | ) | (1.3 | ) | (0.8 | ) | (0.6 | ) | ||||||||||||||||||||||||
Accrued pension and other post-retirement benefits, net of current portion | (131.7 | ) | (95.4 | ) | (37.4 | ) | (40.5 | ) | (9.6 | ) | (6.1 | ) | ||||||||||||||||||||||||
Funded status recognized in the consolidated balance sheets at December 31 | $ | (135.8 | ) | $ | (95.8 | ) | $ | (8.2 | ) | $ | (38.0 | ) | $ | (10.4 | ) | $ | (6.7 | ) | ||||||||||||||||||
Accumulated Other Comprehensive (Income) Loss | The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss at December 31, 2014 and 2013 that have not been recognized as components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | ||||||||||||||||||||||||||||||||||||
Unrecognized actuarial (gain) loss | $ | 234.9 | $ | 187.8 | $ | 130.1 | $ | 113.6 | $ | 1.1 | $ | (3.2 | ) | |||||||||||||||||||||||
Unrecognized prior service (credit) cost | 0.2 | 1.3 | 0.1 | 1.5 | (0.1 | ) | — | |||||||||||||||||||||||||||||
Unrecognized transition asset | — | (0.2 | ) | — | (0.4 | ) | — | — | ||||||||||||||||||||||||||||
Accumulated other comprehensive (income) loss at December 31 | $ | 235.1 | $ | 188.9 | $ | 130.2 | $ | 114.7 | $ | 1 | $ | (3.2 | ) | |||||||||||||||||||||||
Plans With Underfunded Or Non-Funded Projected Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Plans with underfunded or non-funded projected benefit obligation: | ||||||||||||||||||||||||||||||||||||
Aggregate projected benefit obligation | $ | 640.6 | $ | 482.5 | $ | 46.4 | $ | 151.8 | $ | 10.4 | $ | 6.7 | ||||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 504.8 | $ | 386.7 | $ | — | $ | 110.1 | $ | — | $ | — | ||||||||||||||||||||||||
Plans With Underfunded Or Non-Funded Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||||
Plans with underfunded or non-funded accumulated benefit obligation: | ||||||||||||||||||||||||||||||||||||
Aggregate accumulated benefit obligation | $ | 552.4 | $ | 145 | $ | 36.2 | $ | 28.9 | ||||||||||||||||||||||||||||
Aggregate fair value of plan assets | $ | 504.8 | $ | 103.1 | $ | — | $ | 9 | ||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||
Pensions | Other Post-retirement | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||
Components of net periodic benefit cost (income): | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 13.8 | $ | 16.7 | $ | 16.5 | $ | 14.7 | $ | 14.6 | $ | 37.2 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 29.1 | 18.5 | 25.8 | 16.1 | 26.9 | 21.4 | 0.3 | 0.2 | 0.4 | |||||||||||||||||||||||||||
Expected return on plan assets | (46.3 | ) | (30.0 | ) | (41.6 | ) | (23.7 | ) | (39.9 | ) | (26.4 | ) | — | — | — | |||||||||||||||||||||
Settlement cost | 22.5 | — | 5.1 | — | 5.6 | 8.5 | — | — | — | |||||||||||||||||||||||||||
Curtailment cost | 2.4 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.1 | ) | 0.4 | (0.1 | ) | 0.1 | (0.1 | ) | 0.1 | — | (0.5 | ) | (1.1 | ) | ||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 12.2 | 6.7 | 26.6 | 5.3 | 23.9 | 8.1 | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 33.6 | $ | 12.2 | $ | 32.3 | $ | 12.4 | $ | 31 | $ | 48.7 | $ | 0.1 | $ | (0.4 | ) | $ | (0.8 | ) | ||||||||||||||||
Changes In Plan Assets And Benefit Obligations Recognized In OCI | The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||
Pensions | Other Post-retirement | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | ||||||||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) arising during period | $ | (139.6 | ) | $ | (80.9 | ) | $ | 193.3 | $ | (15.6 | ) | $ | (68.9 | ) | $ | 53.8 | $ | (4.0 | ) | $ | 1.7 | $ | — | |||||||||||||
Prior service (cost) credit arising during period | (2.3 | ) | (0.3 | ) | — | (0.6 | ) | — | — | 0.1 | — | — | ||||||||||||||||||||||||
Settlements and curtailments | 24.9 | — | 5.1 | — | 5.6 | 8.5 | — | — | — | |||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | 12.2 | 6.7 | 26.6 | 5.3 | 23.9 | 8 | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | (0.1 | ) | 0.4 | (0.1 | ) | 0.1 | (0.1 | ) | 0.1 | — | (0.5 | ) | (1.1 | ) | ||||||||||||||||||||||
Amortization of transition asset | — | (0.1 | ) | — | (0.1 | ) | — | (0.2 | ) | — | — | — | ||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (104.9 | ) | $ | (74.2 | ) | $ | 224.9 | $ | (10.9 | ) | $ | (39.5 | ) | $ | 70.2 | $ | (4.2 | ) | $ | 1 | $ | (1.3 | ) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) To Be Recognized Over Next Fiscal Year | The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) as a component of net period benefit cost (income), during the next fiscal year are as follows: | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | Int’l | ||||||||||||||||||||||||||||||||||
Net actuarial losses (gains) | $ | 19.5 | $ | 13 | $ | — | ||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | 0.1 | $ | — | ||||||||||||||||||||||||||||||
Transition asset | $ | — | $ | (0.1 | ) | $ | — | |||||||||||||||||||||||||||||
Pension Plan Assets Measured At Fair Value | Our pension plan assets measured at fair value are as follows at December 31, 2014 and 2013. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels. | |||||||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||||||||
December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Cash | $ | 121.2 | $ | 121.2 | $ | — | $ | — | $ | 0.3 | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
U.S. companies: | ||||||||||||||||||||||||||||||||||||
Large cap | 54.7 | 54.7 | — | — | 44 | 44 | — | — | ||||||||||||||||||||||||||||
Mid cap | 13.1 | 13.1 | — | — | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||
Small cap | 102.1 | 102.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International companies | 83.3 | 83.3 | — | — | 241.9 | 241.9 | — | — | ||||||||||||||||||||||||||||
Hedge funds | 65.3 | — | — | 65.3 | — | — | — | — | ||||||||||||||||||||||||||||
Limited partnerships | 60.3 | — | — | 60.3 | — | — | — | — | ||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 100.4 | — | 100.4 | — | ||||||||||||||||||||||||||||
Emerging market bonds | 4.8 | 4.8 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 504.8 | $ | 379.2 | $ | — | $ | 125.6 | $ | 386.7 | $ | 286.3 | $ | 100.4 | $ | — | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Cash | $ | 32.4 | $ | 32.4 | $ | — | $ | — | $ | 1.1 | $ | 1.1 | $ | — | $ | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
U.S. companies: | ||||||||||||||||||||||||||||||||||||
Large cap | 169.9 | 169.9 | — | — | 60.7 | 60.7 | — | — | ||||||||||||||||||||||||||||
Mid cap | 12.1 | 12.1 | — | — | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||
Small cap | 98 | 98 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International companies | 142.9 | 142.9 | — | — | 231.9 | 231.9 | — | — | ||||||||||||||||||||||||||||
Hedge funds | 64.9 | — | — | 64.9 | — | — | — | — | ||||||||||||||||||||||||||||
Limited partnerships | 52.1 | — | — | 52.1 | — | — | — | — | ||||||||||||||||||||||||||||
Insurance contracts | — | — | — | — | 107 | — | 107 | — | ||||||||||||||||||||||||||||
Emerging market bonds | 4.5 | 4.5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 576.8 | $ | 459.8 | $ | — | $ | 117 | $ | 400.8 | $ | 293.8 | $ | 107 | $ | — | ||||||||||||||||||||
Changes In Fair Value Of Pension Plan Level 3 Assets | The summary of changes in the fair value of the pension plan Level 3 assets for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||
(In millions) | Level 3 Assets | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 95.7 | ||||||||||||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 21.3 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 117 | ||||||||||||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the reporting date | 1.6 | |||||||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | 7 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 125.6 | ||||||||||||||||||||||||||||||||||
Expected Benefit Payments | The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2024. Actual benefit payments may differ from expected benefit payments. | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | ||||||||||||||||||||||||||||||||||
2015 | $ | 24.7 | $ | 10.8 | $ | 0.7 | ||||||||||||||||||||||||||||||
2016 | $ | 26 | $ | 11.3 | $ | 0.8 | ||||||||||||||||||||||||||||||
2017 | $ | 39.9 | $ | 12.1 | $ | 0.8 | ||||||||||||||||||||||||||||||
2018 | $ | 26.6 | $ | 13.6 | $ | 0.8 | ||||||||||||||||||||||||||||||
2019 | $ | 28.2 | $ | 14.7 | $ | 0.8 | ||||||||||||||||||||||||||||||
2020-2024 | $ | 162.7 | $ | 92.9 | $ | 3.6 | ||||||||||||||||||||||||||||||
Benefit obligations | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Weighted-Average Assumptions Used | The following weighted-average assumptions were used to determine the benefit obligations: | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||||
Discount rate | 4.2 | % | 3.21 | % | 5.1 | % | 4.3 | % | 4.2 | % | 5.1 | % | ||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 3.84 | % | 4 | % | 4.29 | % | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | ||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||
Weighted-Average Assumptions Used | The following weighted-average assumptions were used to determine net periodic benefit cost: | |||||||||||||||||||||||||||||||||||
Pensions | Other | |||||||||||||||||||||||||||||||||||
Post-retirement | ||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
U.S. | Int’l | U.S. | Int’l | U.S. | Int’l | |||||||||||||||||||||||||||||||
Discount rate | 5.1 | % | 4.3 | % | 3.9 | % | 4.46 | % | 4.6 | % | 4.54 | % | 5.1 | % | 3.9 | % | 4.6 | % | ||||||||||||||||||
Rate of compensation increase | 4 | % | 4.29 | % | 4 | % | 3.98 | % | 4 | % | 4.05 | % | — | — | — | |||||||||||||||||||||
Expected rate of return on plan assets | 9 | % | 7.61 | % | 9 | % | 7.44 | % | 9 | % | 7.62 | % | — | — | — | |||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Schedule of compensation expense under stock based compensation plan | The compensation expense for awards under the plan is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Stock-based compensation expense | $ | 44.9 | $ | 47.7 | $ | 34 | ||||||
Income tax benefits related to stock-based compensation expense | $ | 14.5 | $ | 16.2 | $ | 11.5 | ||||||
Summary of changes in nonvested restricted stock awards | A summary of the nonvested restricted stock units to employees as of December 31, 2014, and changes during the year is presented below: | |||||||||||
(Shares in thousands) | Shares | Weighted-Average Grant | ||||||||||
Date Fair Value | ||||||||||||
Nonvested at December 31, 2013 | 2,464 | $ | 48.04 | |||||||||
Granted | 953 | $ | 51.2 | |||||||||
Vested | (749 | ) | $ | 40.15 | ||||||||
Cancelled/forfeited | (114 | ) | $ | 49.66 | ||||||||
Nonvested at December 31, 2014 | 2,554 | $ | 51.46 | |||||||||
Summary of restricted stock activity | The following summarizes values for restricted stock unit activity to employees: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average grant date fair value of restricted stock units granted | $ | 51.2 | $ | 53.01 | $ | 49.84 | ||||||
Vest date fair value of restricted stock units vested (in millions) | $ | 39.1 | $ | 51.5 | $ | 100.8 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Schedule of Capital Stock Activity | The following is a summary of our capital stock activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
(Number of shares in thousands) | Common | Common Stock | Treasury Stock | |||||||||||||
Stock Issued | Held in | |||||||||||||||
Employee | ||||||||||||||||
Benefit Trust | ||||||||||||||||
December 31, 2011 | 286,318 | 169 | 48,316 | |||||||||||||
Stock awards | — | — | (1,393 | ) | ||||||||||||
Treasury stock purchases | — | — | 2,138 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | 27 | — | |||||||||||||
31-Dec-12 | 286,318 | 196 | 49,061 | |||||||||||||
Stock awards | — | — | (998 | ) | ||||||||||||
Treasury stock purchases | — | — | 2,255 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | (16 | ) | — | ||||||||||||
31-Dec-13 | 286,318 | 180 | 50,318 | |||||||||||||
Stock awards | — | — | (547 | ) | ||||||||||||
Treasury stock purchases | — | — | 4,855 | |||||||||||||
Net stock purchased for (sold from) employee benefit trust | — | (13 | ) | — | ||||||||||||
31-Dec-14 | 286,318 | 167 | 54,626 | |||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following: | |||||||||||||||
(In millions) | Foreign Currency | Hedging | Defined Pension and Other | Accumulated Other | ||||||||||||
Translation | Post-Retirement Benefits | Comprehensive Loss | ||||||||||||||
December 31, 2012 | $ | (104.6 | ) | $ | 10 | $ | (301.4 | ) | $ | (396.0 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax | (99.7 | ) | 27.1 | 112.1 | 39.5 | |||||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | (5.2 | ) | 21 | 15.8 | |||||||||||
Other comprehensive income (loss), net of tax | (99.7 | ) | 21.9 | 133.1 | 55.3 | |||||||||||
December 31, 2013 | (204.3 | ) | 31.9 | (168.3 | ) | (340.7 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (107.6 | ) | (108.4 | ) | (154.4 | ) | (370.4 | ) | ||||||||
Reclassification adjustment for net (gains) losses included in net income, net of tax | — | (0.8 | ) | 28.2 | 27.4 | |||||||||||
Other comprehensive income (loss), net of tax | (107.6 | ) | (109.2 | ) | (126.2 | ) | (343.0 | ) | ||||||||
December 31, 2014 | $ | (311.9 | ) | $ | (77.3 | ) | $ | (294.5 | ) | $ | (683.7 | ) | ||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive loss consisted of the following: | |||||||||||||||
Year Ended | ||||||||||||||||
(In millions) | December 31, 2014 | December 31, 2013 | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified out of Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||
Gains (losses) on hedging instruments | ||||||||||||||||
Foreign exchange contracts: | $ | (36.2 | ) | $ | (11.7 | ) | Revenue | |||||||||
34.2 | 14.8 | Costs of sales | ||||||||||||||
(0.2 | ) | — | Selling, general and administrative expense | |||||||||||||
(2.2 | ) | 3.1 | Income before income taxes | |||||||||||||
3 | 2.1 | Income tax (expense) benefit | ||||||||||||||
$ | 0.8 | $ | 5.2 | Net income | ||||||||||||
Defined pension and other post-retirement benefits | ||||||||||||||||
Settlements | $ | (24.9 | ) | $ | (5.1 | ) | (a) | |||||||||
Amortization of actuarial loss | (18.6 | ) | (31.7 | ) | (a) | |||||||||||
Amortization of prior service credit | (0.3 | ) | 0.5 | (a) | ||||||||||||
Amortization of transition asset | 0.1 | 0.1 | (a) | |||||||||||||
(43.7 | ) | (36.2 | ) | Income before income taxes | ||||||||||||
15.5 | 15.2 | Income tax (expense) benefit | ||||||||||||||
$ | (28.2 | ) | $ | (21.0 | ) | Net income | ||||||||||
_______________________ | ||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | 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 December 31, 2014, our portfolio of these instruments included the following material positions: | |||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Brazilian real | (105.6 | ) | (39.7 | ) | ||||||||||||||||||||
Norwegian krone | (77.6 | ) | (10.4 | ) | ||||||||||||||||||||
U.S. dollar | 34.6 | 34.6 | ||||||||||||||||||||||
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 December 31, 2014, we held the following material positions: | ||||||||||||||||||||||||
Notional Amount | ||||||||||||||||||||||||
Bought (Sold) | ||||||||||||||||||||||||
(In millions) | USD Equivalent | |||||||||||||||||||||||
Australian dollar | 31.9 | 26.1 | ||||||||||||||||||||||
British pound | 73.3 | 114.1 | ||||||||||||||||||||||
Canadian dollar | (150.0 | ) | (129.1 | ) | ||||||||||||||||||||
Euro | 151.4 | 183.2 | ||||||||||||||||||||||
Kuwaiti dinar | (5.9 | ) | (20.1 | ) | ||||||||||||||||||||
Malaysian ringgit | 107.8 | 30.8 | ||||||||||||||||||||||
Norwegian krone | 2,859.00 | 383.6 | ||||||||||||||||||||||
Singapore dollar | 222.3 | 167.7 | ||||||||||||||||||||||
U.S. dollar | (929.1 | ) | (929.1 | ) | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 16 to these consolidated financial statements 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. | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | $ | 172.1 | $ | 207.1 | $ | 149.3 | $ | 152.5 | ||||||||||||||||
Long-term – Derivative financial instruments | 129.4 | 214.6 | 65.4 | 44.1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | 301.5 | 421.7 | 214.7 | 196.6 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Current – Derivative financial instruments | 25.5 | 23.1 | 16.6 | 18.8 | ||||||||||||||||||||
Long-term – Derivative financial instruments | 5.5 | 5.6 | 3.1 | 3 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments | 31 | 28.7 | 19.7 | 21.8 | ||||||||||||||||||||
Total derivatives | $ | 332.5 | $ | 450.4 | $ | 234.4 | $ | 218.4 | ||||||||||||||||
Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Gain (Loss) Recognized in OCI (Effective Portion) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | 1.6 | ||||||||||||||||||
Foreign exchange contracts | (137.1 | ) | 24.1 | 41.9 | ||||||||||||||||||||
Total | $ | (137.1 | ) | $ | 24.1 | $ | 43.5 | |||||||||||||||||
Derivative Instruments, Gain (Loss) | ||||||||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified From Accumulated | |||||||||||||||||||||||
OCI into Income (Effective Portion) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (36.2 | ) | $ | (11.7 | ) | $ | 6.6 | ||||||||||||||||
Cost of sales | 34.2 | 14.8 | (1.9 | ) | ||||||||||||||||||||
Selling, general and administrative expense | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||
Total | $ | (2.2 | ) | $ | 3.1 | $ | 4.5 | |||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income (Ineffective Portion | |||||||||||||||||||||||
and Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | 24.7 | $ | 2.7 | $ | 13.7 | ||||||||||||||||||
Cost of sales | (24.9 | ) | (11.0 | ) | (17.6 | ) | ||||||||||||||||||
Total | $ | (0.2 | ) | $ | (8.3 | ) | $ | (3.9 | ) | |||||||||||||||
Instruments that are not designated as hedging instruments are executed to hedge the effect of exposures in the 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) | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Revenue | $ | (4.0 | ) | $ | 0.6 | $ | 4.9 | |||||||||||||||||
Cost of sales | 0.7 | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Other income (expense), net | 35.4 | (15.0 | ) | 6.4 | ||||||||||||||||||||
Total | $ | 32.1 | $ | (14.6 | ) | $ | 11.1 | |||||||||||||||||
Offsetting Assets | ||||||||||||||||||||||||
December 31, 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 | $ | 332.5 | $ | (321.5 | ) | $ | 11 | $ | 234.4 | $ | (198.5 | ) | $ | 35.9 | ||||||||||
Offsetting Liabilities | ||||||||||||||||||||||||
December 31, 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 | $ | 450.4 | $ | (321.5 | ) | $ | 128.9 | $ | 218.4 | $ | (198.5 | ) | $ | 19.9 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
(In millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities | $ | 22.5 | $ | 22.5 | $ | — | $ | — | $ | 21.2 | $ | 21.2 | $ | — | $ | — | ||||||||||||||||
Fixed income | 7.1 | 7.1 | — | — | 13.2 | 13.2 | — | — | ||||||||||||||||||||||||
Money market fund | 3.4 | — | 3.4 | — | 3.8 | — | 3.8 | — | ||||||||||||||||||||||||
Stable value fund | 0.7 | — | 0.7 | — | 1 | — | 1 | — | ||||||||||||||||||||||||
Other | 2.1 | 2.1 | — | — | 2.4 | 2.4 | — | — | ||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 332.5 | — | 332.5 | — | 234.4 | — | 234.4 | — | ||||||||||||||||||||||||
Total assets | $ | 368.3 | $ | 31.7 | $ | 336.6 | $ | — | $ | 276 | $ | 36.8 | $ | 239.2 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 450.4 | — | 450.4 | — | 218.4 | — | 218.4 | — | ||||||||||||||||||||||||
Contingent earn-out consideration | — | — | — | — | 70.1 | — | — | 70.1 | ||||||||||||||||||||||||
Total liabilities | $ | 450.4 | $ | — | $ | 450.4 | $ | — | $ | 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: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 70.1 | $ | 105.3 | ||||||||||||||||||||||||||||
Remeasurement adjustment | 3.6 | 28.7 | ||||||||||||||||||||||||||||||
Payment | (74.6 | ) | (57.3 | ) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 0.9 | (6.6 | ) | |||||||||||||||||||||||||||||
Balance at end of year | $ | — | $ | 70.1 | ||||||||||||||||||||||||||||
Warranty_Obligations_Tables
Warranty Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Warranty cost and accrual information | Warranty cost and accrual information is as follows: | |||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Balance at beginning of year | $ | 18 | $ | 15.4 | ||||
Expenses for new warranties | 30.5 | 27 | ||||||
Adjustments to existing accruals | 0.7 | 1.5 | ||||||
Claims paid | (26.2 | ) | (25.9 | ) | ||||
Balance at end of year | $ | 23 | $ | 18 | ||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of future minimum rental payments for operating leases | At December 31, 2014, future minimum rental payments under noncancellable operating leases were: | |||
(In millions) | ||||
2015 | $ | 108.8 | ||
2016 | 87.7 | |||
2017 | 67.9 | |||
2018 | 55.3 | |||
2019 | 45.6 | |||
Thereafter | 282.4 | |||
Total | 647.7 | |||
Less income from subleases | 1.2 | |||
Net minimum operating lease payments | $ | 646.5 | ||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Segment revenue, segment operating profit and corporate items | Segment revenue and segment operating profit | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Segment revenue | ||||||||||||||||||||||||||||||||||||
Subsea Technologies (1) | $ | 5,266.40 | $ | 4,726.90 | $ | 4,006.80 | ||||||||||||||||||||||||||||||
Surface Technologies | 2,130.70 | 1,806.80 | 1,598.10 | |||||||||||||||||||||||||||||||||
Energy Infrastructure | 557.4 | 617.2 | 574.1 | |||||||||||||||||||||||||||||||||
Other revenue (2) and intercompany eliminations | (11.9 | ) | (24.7 | ) | (27.6 | ) | ||||||||||||||||||||||||||||||
Total revenue | $ | 7,942.60 | $ | 7,126.20 | $ | 6,151.40 | ||||||||||||||||||||||||||||||
Income before income taxes: | ||||||||||||||||||||||||||||||||||||
Segment operating profit: | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 748.2 | $ | 548.2 | $ | 432.2 | ||||||||||||||||||||||||||||||
Surface Technologies | 393 | 257.2 | 284.3 | |||||||||||||||||||||||||||||||||
Energy Infrastructure | 52.5 | 74.3 | 68.2 | |||||||||||||||||||||||||||||||||
Intercompany eliminations | (0.3 | ) | (0.1 | ) | — | |||||||||||||||||||||||||||||||
Total segment operating profit | 1,193.40 | 879.6 | 784.7 | |||||||||||||||||||||||||||||||||
Corporate items: | ||||||||||||||||||||||||||||||||||||
Corporate expense (3) | (66.3 | ) | (46.3 | ) | (41.8 | ) | ||||||||||||||||||||||||||||||
Other revenue (2) and other expense, net (4) | (33.7 | ) | (85.6 | ) | (119.9 | ) | ||||||||||||||||||||||||||||||
Net interest expense | (32.5 | ) | (33.7 | ) | (26.6 | ) | ||||||||||||||||||||||||||||||
Total corporate items | (132.5 | ) | (165.6 | ) | (188.3 | ) | ||||||||||||||||||||||||||||||
Income before income taxes attributable to FMC Technologies, Inc. (5) | $ | 1,060.90 | $ | 714 | $ | 596.4 | ||||||||||||||||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||||||||||
(1) | We had one customer in our Subsea Technologies segment that comprised approximately $875.9 million and $625.9 million of our consolidated revenue for the year ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
(2) | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||||||||||||||||||||||||||||
(3) | Corporate expense primarily includes corporate staff expenses. | |||||||||||||||||||||||||||||||||||
(4) | 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. | |||||||||||||||||||||||||||||||||||
(5) | Excludes amounts attributable to noncontrolling interests. | |||||||||||||||||||||||||||||||||||
Segment operating capital employed and segment assets | Segment operating capital employed and segment assets | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Segment operating capital employed (1): | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 2,175.20 | $ | 2,126.30 | ||||||||||||||||||||||||||||||||
Surface Technologies | 1,183.60 | 1,139.10 | ||||||||||||||||||||||||||||||||||
Energy Infrastructure | 313.9 | 345.4 | ||||||||||||||||||||||||||||||||||
Total segment operating capital employed | 3,672.70 | 3,610.80 | ||||||||||||||||||||||||||||||||||
Segment liabilities included in total segment operating capital employed (2) | 2,402.30 | 2,272.80 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 1,100.60 | 722 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 7,175.60 | $ | 6,605.60 | ||||||||||||||||||||||||||||||||
Segment assets: | ||||||||||||||||||||||||||||||||||||
Subsea Technologies | $ | 4,066.10 | $ | 3,923.60 | ||||||||||||||||||||||||||||||||
Surface Technologies | 1,587.80 | 1,484.00 | ||||||||||||||||||||||||||||||||||
Energy Infrastructure | 442.3 | 496.4 | ||||||||||||||||||||||||||||||||||
Intercompany eliminations | (21.2 | ) | (20.4 | ) | ||||||||||||||||||||||||||||||||
Total segment assets | 6,075.00 | 5,883.60 | ||||||||||||||||||||||||||||||||||
Corporate (3) | 1,100.60 | 722 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 7,175.60 | $ | 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, certain investments, 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. | |||||||||||||||||||||||||||||||||||
Geographic segment information | Geographic segment information | |||||||||||||||||||||||||||||||||||
Geographic segment sales were identified based on the location where our products and services were delivered. Geographic segment long-lived assets represent property, plant and equipment, net. | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||
United States | $ | 2,245.30 | $ | 1,940.40 | $ | 1,541.60 | ||||||||||||||||||||||||||||||
Norway | 1,023.30 | 1,217.70 | 1,231.10 | |||||||||||||||||||||||||||||||||
Brazil | 831.6 | 689 | 561.2 | |||||||||||||||||||||||||||||||||
Nigeria | 627 | 335 | 192.7 | |||||||||||||||||||||||||||||||||
Angola | 406.7 | 516 | 598 | |||||||||||||||||||||||||||||||||
All other countries | 2,808.70 | 2,428.10 | 2,026.80 | |||||||||||||||||||||||||||||||||
Total revenue | $ | 7,942.60 | $ | 7,126.20 | $ | 6,151.40 | ||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Long-lived assets: | ||||||||||||||||||||||||||||||||||||
United States | $ | 490.5 | $ | 443.4 | ||||||||||||||||||||||||||||||||
Norway | 250.8 | 223.3 | ||||||||||||||||||||||||||||||||||
Brazil | 169.1 | 166.3 | ||||||||||||||||||||||||||||||||||
United Kingdom | 147 | 137.2 | ||||||||||||||||||||||||||||||||||
Malaysia | 112.6 | 100.8 | ||||||||||||||||||||||||||||||||||
All other countries | 288.4 | 278.1 | ||||||||||||||||||||||||||||||||||
Total long-lived assets | $ | 1,458.40 | $ | 1,349.10 | ||||||||||||||||||||||||||||||||
Reconciliation of other significant reconciling items from segments to consolidated | Other business segment information | |||||||||||||||||||||||||||||||||||
Capital Expenditures | Depreciation and | Research and | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Amortization | Development Expense | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Subsea Technologies | $ | 268.7 | $ | 235 | $ | 257.9 | $ | 138 | $ | 119.5 | $ | 89.3 | $ | 92.2 | $ | 87.1 | $ | 93.9 | ||||||||||||||||||
Surface Technologies | 124.6 | 70.1 | 110.1 | 72 | 68 | 38.8 | 21.6 | 15.6 | 12.2 | |||||||||||||||||||||||||||
Energy Infrastructure | 10.5 | 8.3 | 10.3 | 16.6 | 16.5 | 14 | 11.3 | 12.2 | 10.7 | |||||||||||||||||||||||||||
Corporate | 0.6 | 0.7 | 27.3 | 5.9 | 5.8 | 4.1 | — | — | — | |||||||||||||||||||||||||||
Intercompany eliminations | — | — | — | — | — | — | (1.4 | ) | (2.5 | ) | — | |||||||||||||||||||||||||
Total | $ | 404.4 | $ | 314.1 | $ | 405.6 | $ | 232.5 | $ | 209.8 | $ | 146.2 | $ | 123.7 | $ | 112.4 | $ | 116.8 | ||||||||||||||||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of quarterly financial information | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In millions, except per share | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | 4th Qtr. | 3rd Qtr. | 2nd Qtr. | 1st Qtr. | ||||||||||||||||||||||||
data) | ||||||||||||||||||||||||||||||||
Revenue | $ | 2,156.20 | $ | 1,976.70 | $ | 1,985.30 | $ | 1,824.40 | $ | 2,047.80 | $ | 1,724.50 | $ | 1,707.90 | $ | 1,646.00 | ||||||||||||||||
Cost of sales | 1,608.90 | 1,479.60 | 1,507.80 | 1,403.50 | 1,560.30 | 1,353.80 | 1,350.10 | 1,307.20 | ||||||||||||||||||||||||
Net income | 170.6 | 170.5 | 227.7 | 136.5 | 179.1 | 117.4 | 106.5 | 103.6 | ||||||||||||||||||||||||
Net income attributable to FMC Technologies, Inc. | $ | 168.6 | $ | 169.8 | $ | 226.3 | $ | 135.2 | $ | 177.8 | $ | 116 | $ | 105.2 | $ | 102.4 | ||||||||||||||||
Basic earnings per share (1) | $ | 0.72 | $ | 0.72 | $ | 0.96 | $ | 0.57 | $ | 0.75 | $ | 0.49 | $ | 0.44 | $ | 0.43 | ||||||||||||||||
Diluted earnings per share (1) | $ | 0.72 | $ | 0.72 | $ | 0.95 | $ | 0.57 | $ | 0.74 | $ | 0.49 | $ | 0.44 | $ | 0.43 | ||||||||||||||||
______________________________ | ||||||||||||||||||||||||||||||||
(1) | Basic and diluted EPS are independently computed for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Other_Information_Tables
Other Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Cash Flow Information and Other Information [Abstract] | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest (net of interest capitalized) | $ | 31.6 | $ | 27.1 | $ | 18.5 | ||||||
Cash paid for income taxes (net of refunds received) | $ | 370 | $ | 137.3 | $ | 225.4 | ||||||
Other Reportable Information | ||||||||||||
December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Other reportable information: | ||||||||||||
Unbilled receivables included in trade receivables | $ | 804.3 | $ | 777 | ||||||||
Trading securities included in investments | $ | 35.8 | $ | 41.6 | ||||||||
Net capitalized software costs included in other assets | $ | 57.3 | $ | 56.9 | ||||||||
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ||||||||||||||||||||
(In thousands) | Additions | |||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||
Beginning of | Costs | Other | and Adjustments (b) | End of Period | ||||||||||||||||
Period | and Expenses | Accounts (a) | ||||||||||||||||||
Year ended December 31, 2012: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,799 | $ | 1,753 | $ | 71 | $ | 3,477 | $ | 6,146 | ||||||||||
Inventory valuation reserve | $ | 63,773 | $ | 30,660 | $ | 1,352 | $ | 25,929 | $ | 69,856 | ||||||||||
Valuation allowance for deferred tax assets | $ | 3,697 | $ | 1,732 | $ | 9 | $ | 1,173 | $ | 4,265 | ||||||||||
Year ended December 31, 2013: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 6,146 | $ | 3,038 | $ | 144 | $ | 1,887 | $ | 7,441 | ||||||||||
Inventory valuation reserve | $ | 69,856 | $ | 37,629 | $ | (314 | ) | $ | 21,135 | $ | 86,036 | |||||||||
Valuation allowance for deferred tax assets | $ | 4,265 | $ | 1,779 | $ | (15 | ) | $ | 1,302 | $ | 4,727 | |||||||||
Year ended December 31, 2014: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 7,441 | $ | 3,574 | $ | (555 | ) | $ | 1,039 | $ | 9,421 | |||||||||
Inventory valuation reserve | $ | 86,036 | $ | 47,578 | $ | (8,686 | ) | $ | 28,118 | $ | 96,810 | |||||||||
Valuation allowance for deferred tax assets | $ | 4,727 | $ | 39,932 | $ | — | $ | 5,762 | $ | 38,897 | ||||||||||
______________________________ | ||||||||||||||||||||
(a) | “Additions charged to other accounts” includes translation adjustments and allowances acquired through business combinations. | |||||||||||||||||||
(b) | “Deductions and adjustments” includes write-offs, net of recoveries, and reductions in the allowances credited to expense. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 0 Months Ended | 12 Months Ended |
Feb. 25, 2011 | Dec. 31, 2014 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |
Minimum [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 7 years | |
Minimum [Member] | Land improvements | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Minimum [Member] | Buildings | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Minimum [Member] | Machinery and equipment | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Minimum [Member] | Software and Software Development Costs [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 3 years | |
Maximum [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 40 years | |
Maximum [Member] | Land improvements | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 35 years | |
Maximum [Member] | Buildings | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 50 years | |
Maximum [Member] | Machinery and equipment | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum [Member] | Internet Website Costs [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 3 years | |
Maximum [Member] | Software and Software Development Costs [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 10 years |
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 | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income attributable to FMC Technologies, Inc. | $168.60 | $169.80 | $226.30 | $135.20 | $177.80 | $116 | $105.20 | $102.40 | $699.90 | $501.40 | $430 | ||||||||
Weighted average number of shares outstanding | 236.3 | 238.3 | 239.7 | ||||||||||||||||
Dilutive effect of restricted stock units and stock options | 0.6 | 0.8 | 1.2 | ||||||||||||||||
Total shares and dilutive securities | 236.9 | 239.1 | 240.9 | ||||||||||||||||
Basic earnings per share attributable to FMC Technologies, Inc. | $0.72 | [1] | $0.72 | [1] | $0.96 | [1] | $0.57 | [1] | $0.75 | [1] | $0.49 | [1] | $0.44 | [1] | $0.43 | [1] | $2.96 | $2.10 | $1.79 |
Diluted earnings per share attributable to FMC Technologies, Inc. | $0.72 | [1] | $0.72 | [1] | $0.95 | [1] | $0.57 | [1] | $0.74 | [1] | $0.49 | [1] | $0.44 | [1] | $0.43 | [1] | $2.95 | $2.10 | $1.78 |
[1] | Basic and diluted EPS are independently computed for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 8 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Apr. 25, 2012 | Apr. 30, 2012 | Oct. 03, 2012 |
Schilling Robotics | |||||||
Business Acquisition | |||||||
Goodwill, gross | $215.70 | ||||||
Voting interests acquired (as a percent) | 55.00% | ||||||
Payments to acquire businesses, gross | 282.8 | ||||||
Previously held equity interest in acquiree (as a percent) | 45.00% | ||||||
Fair value of previously held equity interest | 144.9 | ||||||
Remeasurement gain on previously held equity interest | 20 | ||||||
CSI | |||||||
Business Acquisition | |||||||
Goodwill, gross | 30.7 | ||||||
Voting interests acquired (as a percent) | 100.00% | ||||||
Payments to acquire businesses, gross | 49 | ||||||
Period after transaction date net purchase price amount withheld may be paid to acquiree | 3 years | ||||||
Consideration transferred | 59 | ||||||
Indemnification assets, amount | 10 | ||||||
Pure Energy | |||||||
Business Acquisition | |||||||
Goodwill, gross | 85.5 | ||||||
Voting interests acquired (as a percent) | 100.00% | ||||||
Payments to acquire businesses, gross | $287 |
Sale_of_Material_Handling_Prod1
Sale of Material Handling Products (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Disposal Group [Abstract] | |
Gain on sale of Material Handling Products | $84.30 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory, Finished Goods and Work in Process, Gross [Abstract] | |||
Raw materials | $196.60 | $186.30 | |
Work in process | 166.1 | 141.4 | |
Finished goods | 849.9 | 830.3 | |
Inventory, gross | 1,212.60 | 1,158 | |
LIFO and valuation adjustments | -191.4 | -177.6 | |
Inventory, net | 1,021.20 | 980.4 | |
LIFO inventory amount | 370.8 | 336.4 | |
Excess of replacement or current costs over stated LIFO value | 94.6 | 91.5 | |
Effect of LIFO inventory liquidation on income | $0 | $0.10 | $0 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $2,291.80 | $2,119.30 | |
Accumulated depreciation | -833.4 | -770.2 | |
Property, plant and equipment, net | 1,458.40 | 1,349.10 | |
Depreciation expense | 170.8 | 156 | 113.1 |
Interest costs capitalized | 0.9 | 0.7 | 1.4 |
Land and land improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 83.8 | 83 | |
Buildings | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 410.6 | 379.4 | |
Machinery and equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,530.50 | 1,438.60 | |
Construction in process | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $266.90 | $218.30 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $25.90 | $26.90 | $20.80 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 24.9 | ||
2016 | 24.3 | ||
2017 | 23.5 | ||
2018 | 23.3 | ||
2019 | 23.2 | ||
Thereafter | $163.70 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
31-Dec-13 | $580.70 | |
Material Handling Products divestiture | -6 | [1] |
Translation | -22.6 | |
31-Dec-14 | 552.1 | |
Subsea Technologies | ||
Goodwill [Roll Forward] | ||
31-Dec-13 | 396.9 | |
Translation | -18.1 | |
31-Dec-14 | 378.8 | |
Surface Technologies | ||
Goodwill [Roll Forward] | ||
31-Dec-13 | 92.4 | |
Translation | -4.5 | |
31-Dec-14 | 87.9 | |
Energy Infrastructure | ||
Goodwill [Roll Forward] | ||
31-Dec-13 | 91.4 | |
Material Handling Products divestiture | -6 | [1] |
31-Dec-14 | $85.40 | |
[1] | See Note 5 for additional disclosure. |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $402.10 | $412.60 |
Intangible assets, accumulated amortization | 119.2 | 97.3 |
Customer lists | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 142.4 | 148.6 |
Intangible assets, accumulated amortization | 33.5 | 27.7 |
Patents and acquired technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 217.9 | 221.8 |
Intangible assets, accumulated amortization | 70.8 | 56.5 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 35.9 | 36.2 |
Intangible assets, accumulated amortization | 9.4 | 7.6 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 5.9 | 6 |
Intangible assets, accumulated amortization | $5.50 | $5.50 |
Sale_Leaseback_Transaction_Det
Sale Leaseback Transaction (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2007 | Sep. 30, 2004 | Dec. 31, 2014 |
extension | |||
Sale Leaseback Transaction [Abstract] | |||
Sale leaseback transaction, net proceeds | $58.10 | $9.70 | |
Sales leaseback transaction, carrying value of property sold | 20.3 | 8.5 | |
Sales leaseback transaction, transaction gain recognized | 1.3 | ||
Sale leaseback transaction, total transaction gain | 37.4 | ||
Sale leaseback transaction, transaction gain deferred | 36.1 | ||
Lease expiration date | 2022 | ||
Number of option lease extensions | 2 | ||
Option lease extension period (in years) | 5 years | ||
Sale leaseback transaction, annual rental payments | 4.2 | ||
Sale leaseback transaction, annual rent escalation percentage (as a percent) | 2.00% | ||
Sale leaseback transaction, future annual rental payments beginning on April First Two Thousand and Seventeen | $4.50 | ||
Sale leaseback transaction, future annual rent increase prcentage beginning on April First Two Thousand and Seventeen (as a percent) | 2.00% |
Debt_Credit_Facilities_Senior_
Debt (Credit Facilities, Senior Notes, Commercial Paper and Term Loans) (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 21, 2012 | Dec. 31, 2014 | Sep. 21, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 26, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
SeniorNotes2017 [Member] | SeniorNotes2017 [Member] | SeniorNotes2022 [Member] | SeniorNotes2022 [Member] | Senior Notes Total [Member] | Senior Notes Total [Member] | Senior Notes Total [Member] | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | Commercial Paper | Term loan | Term loan | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Federal Funds Rate [Member] | One Month Libor [Member] | USD ($) | BRL | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | Revolving credit facility maturing on March 2017 | ||||
LIBOR | Base Rate Loans [Member] | LIBOR | Base Rate Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, initiation date | 26-Mar-12 | |||||||||||||||||
Maximum capacity under credit facility | $1,500 | $1,000 | ||||||||||||||||
Term of debt (in years) | 5 years | |||||||||||||||||
Line of credit facility, expiration date | 1-Mar-17 | |||||||||||||||||
Conditional increase in maximum borrowing capacity under line of credit facility | 500 | |||||||||||||||||
Interest rate (as a percent) | 0.50% | 1.00% | 1.13% | 0.13% | 1.75% | 0.75% | ||||||||||||
Senior notes issuance date | 21-Sep-12 | 8-Aug-13 | ||||||||||||||||
Debt instrument face amount | 300 | 500 | 800 | 800 | 60.7 | |||||||||||||
Annual interest rate (as a percent) | 2.00% | 3.45% | 5.50% | |||||||||||||||
Debt instrument, maturity date | 1-Oct-17 | 1-Oct-22 | 15-Aug-16 | |||||||||||||||
Senior notes frequency of periodic interest payment | semi-annually in arrears on April 1 and October 1 | |||||||||||||||||
Date of first required interest payment on senior notes | 1-Apr-13 | |||||||||||||||||
Net proceeds from the offering | $793.80 | |||||||||||||||||
Notes redemption feature | At any time prior to their maturity in the case of the 2017 Notes, and at any time prior to July 1, 2022, in the case of the 2022 Notes, we may redeem some or all of the Senior Notes at the redemption prices specified in the First Supplemental Indenture and Second Supplemental Indenture, respectively. At any time on or after July 1, 2022, we may redeem some or all of the 2022 Notes at the redemption price equal to 100% of the principal amount of the 2022 Notes redeemed. | |||||||||||||||||
Commercial paper borrowings weighted average interest rate (as a percent) | 0.52% |
Debt_Property_Financing_Uncomm
Debt (Property Financing, Uncommitted Credit and Long-term Debt) (Narrative) (Details) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2007 | Sep. 30, 2004 | Dec. 31, 2014 |
Debt [Abstract] | |||
Sale leaseback transaction, net book value | $20.30 | $8.50 | |
Sale leaseback transaction, net proceeds | 58.1 | 9.7 | |
Sales leaseback transaction, lease term (in years) | 10 | ||
Sales leaseback transaction, effective interest rate (as a percent) | 5.37% | ||
Long-term debt, repayments of principal in next twelve months | 3.8 | ||
Long-term debt, repayments of principal in year two | 25.7 | ||
Long-term debt, repayments of principal in year three | 771.7 | ||
Long-term debt, repayments of principal in year four | 0.1 | ||
Long-term debt, repayments of principal thereafter | $499.70 |
Debt_ShortTerm_Debt_And_Curren
Debt (Short-Term Debt And Current Portion Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Total short-term debt and current portion of long-term debt | $11.70 | $42.50 |
Property financing | ||
Short-term Debt [Line Items] | ||
Total short-term debt and current portion of long-term debt | 3.8 | 10.5 |
Foreign uncommitted credit facilities | ||
Short-term Debt [Line Items] | ||
Total short-term debt and current portion of long-term debt | 7.9 | 31.9 |
Other short-term debt | ||
Short-term Debt [Line Items] | ||
Total short-term debt and current portion of long-term debt | $0.10 |
Debt_Schedule_Of_LongTerm_Debt
Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility | $0 | $0 | ||
Commercial paper | 469.1 | [1] | 501.4 | [1] |
Term loan | 22.9 | 25.9 | ||
Property financing | 9.7 | 13.9 | ||
Total long-term debt | 1,301 | 1,340.30 | ||
Less: current portion | -3.8 | -10.5 | ||
Long-term debt, less current portion | 1,297.20 | 1,329.80 | ||
SeniorNotes2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, noncurrent | 299.6 | 299.5 | ||
SeniorNotes2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, noncurrent | $499.70 | $499.60 | ||
[1] | At December 31, 2014 and 2013, 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 consolidated balance sheets at December 31, 2014 and 2013. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Foreign tax credit carryforwards | $29.30 | $14 | |
Foreign tax credit carryforwards, expiration date | 31-Dec-15 | ||
Foreign earnings taxable as dividend | 186.6 | 196.2 | 118.3 |
Net operating loss carryforwards, expiration date | 31-Dec-17 | ||
Unrecognized tax benefits that would impact effective tax rate | 43.1 | 41.7 | 36.4 |
Reasonably possible change in unrecognized tax benefits | 41 | ||
Income tax expense (benefit), undistributed foreign earnings not indefinitely reinvested | 1,571.60 | ||
Undistributed foreign earnings indefinitely reinvested | 1,619.20 | ||
Income tax expense (benefit), repatriated foreign earnings | 491.5 | ||
Income tax benefit from tax holidays | $1.30 | $12.70 | |
Income tax benefit from tax holidays (dollars per share) | $0.01 | $0.05 | |
Norway | |||
Income Taxes [Line Items] | |||
Open tax year | 2004 | ||
Brazil | |||
Income Taxes [Line Items] | |||
Open tax year | 2009 | ||
United States | |||
Income Taxes [Line Items] | |||
Open tax year | 2007 | ||
Tax year 2015 [Member] | Malaysia | |||
Income Taxes [Line Items] | |||
Income tax holiday, termination year | 12/31/15 | ||
Tax year 2018 [Member] | Singapore | |||
Income Taxes [Line Items] | |||
Income tax holiday, termination year | 12/31/18 | ||
Tax year 2018 [Member] | Malaysia | |||
Income Taxes [Line Items] | |||
Income tax holiday, termination year | 12/31/18 |
Income_Taxes_Domestic_And_Fore
Income Taxes (Domestic And Foreign Components Of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $353.20 | $150.70 | $125.50 |
Foreign | 707.7 | 563.3 | 470.9 |
Income before income taxes attributable to FMC Technologies, Inc. | $1,060.90 | $714 | $596.40 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $139.60 | $77.80 | $41.50 |
State | 11.7 | 5.6 | 2.9 |
Foreign | 227.8 | 149.6 | 131.8 |
Total current | 379.1 | 233 | 176.2 |
Deferred: | |||
Increase in the valuation allowance for deferred tax assets | 34.1 | 0.5 | 0.5 |
Decrease of deferred tax liability for change in tax rates | -2.3 | -4.3 | -1.3 |
Other deferred tax (benefit) expense | -49.9 | -16.6 | -9 |
Total deferred | -18.1 | -20.4 | -9.8 |
Provision for income taxes | $361 | $212.60 | $166.40 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets attributable to: | ||
Accrued expenses | $58 | $56.60 |
Non deductible interest | 29.2 | |
Foreign tax credit carryforwards | 29.3 | 14 |
Accrued pension and other post-retirement benefits | 91.8 | 26.5 |
Stock-based compensation | 28.9 | 25.3 |
Net operating loss carryforwards | 48.7 | 47.8 |
Inventories | 31.7 | 25.9 |
Norwegian correction tax | 50.4 | 61.9 |
Foreign exchange | 40.2 | 3.7 |
Deferred tax assets | 408.2 | 261.7 |
Valuation allowance | -38.9 | -4.7 |
Deferred tax assets, net of valuation allowance | 369.3 | 257 |
Deferred tax liabilities attributable to: | ||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 105.2 | 137 |
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 52.5 | 43.5 |
Property, plant and equipment, goodwill and other assets | 142.8 | 137.2 |
Deferred tax liabilities | 300.5 | 317.7 |
Net deferred tax assets (liabilities) | $68.80 | ($60.70) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits And Associated Interest And Penalties) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $44.20 | $36.90 | $46.10 |
Additions for tax positions related to prior years | 1 | 3.5 | 2 |
Additions for tax positions related to current year | 3.8 | ||
Reductions for tax positions due to settlements | -1.7 | -11.2 | |
Unrecognized tax benefits, ending balance | 43.5 | 44.2 | 36.9 |
Federal, State and Foreign Tax | |||
Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 37.1 | 30.5 | 39.9 |
Additions for tax positions related to prior years | 0.6 | 3.1 | -0.1 |
Additions for tax positions related to current year | 3.5 | ||
Reductions for tax positions due to settlements | -1.4 | -9.3 | |
Unrecognized tax benefits, ending balance | 36.3 | 37.1 | 30.5 |
Accrued Interest and Penalties | |||
Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 7.1 | 6.4 | 6.2 |
Additions for tax positions related to prior years | 0.4 | 0.4 | 2.1 |
Additions for tax positions related to current year | 0.3 | ||
Reductions for tax positions due to settlements | -0.3 | -1.9 | |
Unrecognized tax benefits, ending balance | $7.20 | $7.10 | $6.40 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign earnings subject to different tax rates | -8.00% | -13.00% | -12.00% |
Foreign earnings subject to U.S. tax | 2.00% | 2.00% | 4.00% |
Non deductible Multi Phase Meters earn-out adjustments | 1.00% | 2.00% | |
Settlement of foreign audits | 1.00% | ||
Foreign withholding taxes | 2.00% | 3.00% | |
Change in valuation allowance | 3.00% | ||
Other | 1.00% | -1.00% | |
Effective income tax rate | 34.00% | 30.00% | 28.00% |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefit Plans (Defined Benefit Plans Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Company contributions | $33.60 | $59.60 |
U.S. Pension | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Company contributions | 11 | 29.5 |
U S qualified plan U K and Canadian plans | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Item as a percentage of total pension assets (as a percent) | 89.00% | |
International pension plans | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Expected contributions | 15.9 | |
Company contributions | 22.6 | 30.1 |
U.S. nonqualified pension plan | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Expected contributions | 4 | |
U S qualified pension plan | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Company contributions | $18 | |
Maximum [Member] | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Requisite Service Period For Current Nonunion Employee | 5 years | |
Maximum [Member] | U.S. Pension | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Requisite Service Period For Current Nonunion Employee | 5 years |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefit Plans Pension and Other Post-Retirement Benefit Plans (Defined Contribution Plans Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan Disclosure [Line Items] | |||
Nonelective contribution vesting period | 3 years | ||
Deferred compensation investments | $35.80 | $41.60 | |
FMC Technologies stock held in trust | 8 | 7.7 | |
Nonelective Contributions [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses recognized | 18.9 | 16.2 | 11.8 |
Matching Contribution [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses recognized | 28.4 | 23.5 | 18.4 |
Non Qualified Deferred Compensation Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Deferred compensation liability | 38.5 | 38.5 | |
Deferred compensation investments | $30.70 | $29.10 | |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Requisite Service Period For Current Nonunion Employee | 5 years |
Pension_and_Other_PostRetireme4
Pension and Other Post-Retirement Benefit Plans (Associated Balances Recognized Consolidated Financial Statements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contributions | $33.60 | $59.60 | |
Amounts recognized in balance sheet | |||
Accrued pension and other post-retirement benefits, net of current portion | -236.7 | -84 | |
U.S. | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Accumulated benefit obligation | 552.4 | 513.3 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 585 | 692.9 | |
Service cost | 13.8 | 16.5 | 14.6 |
Interest cost | 29.1 | 25.8 | 26.9 |
Actuarial (gain) loss | 101.8 | -119.8 | |
Amendments | 2.4 | ||
Settlements | -63.8 | -11.1 | |
Benefits paid | -27.7 | -19.3 | |
Projected benefit obligation at December 31 | 640.6 | 585 | 692.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 576.8 | 462.5 | |
Actual return on plan assets | 8.5 | 115.2 | |
Company contributions | 11 | 29.5 | |
Settlements | -63.8 | -11.1 | |
Benefits paid | -27.7 | -19.3 | |
Fair value of plan assets at December 31 | 504.8 | 576.8 | 462.5 |
Funded status of the plans (liability) at December 31 | -135.8 | -8.2 | |
Amounts recognized in balance sheet | |||
Other assets | 38.3 | ||
Current portion of accrued pension and other post-retirement benefits | -4.1 | -9.1 | |
Accrued pension and other post-retirement benefits, net of current portion | -131.7 | -37.4 | |
Funded status of the plans (liability) at December 31 | -135.8 | -8.2 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | |||
Unrecognized actuarial (gain) loss | 234.9 | 130.1 | |
Unrecognized prior service (credit) cost | 0.2 | 0.1 | |
Accumulated other comprehensive (income) loss at December 31 | 235.1 | 130.2 | |
Plans with underfunded or non-funded projected benefit obligation: | |||
Aggregate projected benefit obligation | 640.6 | 46.4 | |
Aggregate fair value of plan assets | 504.8 | ||
Plans with underfunded or non-funded accumulated benefit obligation: | |||
Aggregate accumulated benefit obligation | 552.4 | 36.2 | |
Aggregate fair value of plan assets | 504.8 | ||
International | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Accumulated benefit obligation | 406.3 | 360.1 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 438.8 | 372.3 | |
Service cost | 16.7 | 14.7 | 37.2 |
Interest cost | 18.5 | 16.1 | 21.4 |
Actuarial (gain) loss | 71.6 | 45.6 | |
Amendments | 0.3 | 0.6 | |
Foreign currency exchange rate changes | -53.6 | -2.5 | |
Plan participants’ contributions | 2.4 | 2.2 | |
Benefits paid | -12.2 | -10.2 | |
Projected benefit obligation at December 31 | 482.5 | 438.8 | 372.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 400.8 | 327.9 | |
Actual return on plan assets | 13.5 | 52.2 | |
Company contributions | 22.6 | 30.1 | |
Foreign currency exchange rate changes | -40.4 | -1.4 | |
Plan participants’ contributions | 2.4 | 2.2 | |
Benefits paid | -12.2 | -10.2 | |
Fair value of plan assets at December 31 | 386.7 | 400.8 | 327.9 |
Funded status of the plans (liability) at December 31 | -95.8 | -38 | |
Amounts recognized in balance sheet | |||
Other assets | 3.8 | ||
Current portion of accrued pension and other post-retirement benefits | -0.4 | -1.3 | |
Accrued pension and other post-retirement benefits, net of current portion | -95.4 | -40.5 | |
Funded status of the plans (liability) at December 31 | -95.8 | -38 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | |||
Unrecognized actuarial (gain) loss | 187.8 | 113.6 | |
Unrecognized prior service (credit) cost | 1.3 | 1.5 | |
Unrecognized transition asset | -0.2 | -0.4 | |
Accumulated other comprehensive (income) loss at December 31 | 188.9 | 114.7 | |
Plans with underfunded or non-funded projected benefit obligation: | |||
Aggregate projected benefit obligation | 482.5 | 151.8 | |
Aggregate fair value of plan assets | 386.7 | 110.1 | |
Plans with underfunded or non-funded accumulated benefit obligation: | |||
Aggregate accumulated benefit obligation | 145 | 28.9 | |
Aggregate fair value of plan assets | 103.1 | 9 | |
Other Post-retirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at January 1 | 6.7 | 8.7 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.2 | 0.4 |
Actuarial (gain) loss | 4 | -1.7 | |
Amendments | -0.1 | ||
Benefits paid | -0.6 | -0.6 | |
Projected benefit obligation at December 31 | 10.4 | 6.7 | 8.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contributions | 0.6 | 0.6 | |
Benefits paid | -0.6 | -0.6 | |
Funded status of the plans (liability) at December 31 | -10.4 | -6.7 | |
Amounts recognized in balance sheet | |||
Current portion of accrued pension and other post-retirement benefits | -0.8 | -0.6 | |
Accrued pension and other post-retirement benefits, net of current portion | -9.6 | -6.1 | |
Funded status of the plans (liability) at December 31 | -10.4 | -6.7 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss: | |||
Unrecognized actuarial (gain) loss | 1.1 | -3.2 | |
Unrecognized prior service (credit) cost | -0.1 | ||
Accumulated other comprehensive (income) loss at December 31 | 1 | -3.2 | |
Plans with underfunded or non-funded projected benefit obligation: | |||
Aggregate projected benefit obligation | $10.40 | $6.70 |
Pension_and_Other_PostRetireme5
Pension and Other Post-Retirement Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. | |||
Components of net annual benefit cost: | |||
Service cost | $13.80 | $16.50 | $14.60 |
Interest cost | 29.1 | 25.8 | 26.9 |
Expected return on plan assets | -46.3 | -41.6 | -39.9 |
Settlement cost | 22.5 | 5.1 | 5.6 |
Curtailment cost | 2.4 | ||
Amortization of prior service cost (credit) | -0.1 | -0.1 | -0.1 |
Amortization of net actuarial loss (gain) | 12.2 | 26.6 | 23.9 |
Net periodic benefit cost (income) | 33.6 | 32.3 | 31 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial gain (loss) arising during period | -139.6 | 193.3 | -68.9 |
Prior service (cost) credit arising during period | -2.3 | ||
Settlements and curtailments | 24.9 | 5.1 | 5.6 |
Amortization of net actuarial loss (gain) | 12.2 | 26.6 | 23.9 |
Amortization of prior service cost (credit) | -0.1 | -0.1 | -0.1 |
Total recognized in other comprehensive income (loss) | -104.9 | 224.9 | -39.5 |
International | |||
Components of net annual benefit cost: | |||
Service cost | 16.7 | 14.7 | 37.2 |
Interest cost | 18.5 | 16.1 | 21.4 |
Expected return on plan assets | -30 | -23.7 | -26.4 |
Settlement cost | 8.5 | ||
Amortization of transition asset | -0.1 | -0.1 | -0.2 |
Amortization of prior service cost (credit) | 0.4 | 0.1 | 0.1 |
Amortization of net actuarial loss (gain) | 6.7 | 5.3 | 8.1 |
Net periodic benefit cost (income) | 12.2 | 12.4 | 48.7 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial gain (loss) arising during period | -80.9 | -15.6 | 53.8 |
Prior service (cost) credit arising during period | -0.3 | -0.6 | |
Settlements and curtailments | 8.5 | ||
Amortization of net actuarial loss (gain) | 6.7 | 5.3 | 8 |
Amortization of prior service cost (credit) | 0.4 | 0.1 | 0.1 |
Amortization of transition asset | -0.1 | -0.1 | -0.2 |
Total recognized in other comprehensive income (loss) | -74.2 | -10.9 | 70.2 |
Other Post-retirement Benefits | |||
Components of net annual benefit cost: | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.3 | 0.2 | 0.4 |
Amortization of prior service cost (credit) | -0.5 | -1.1 | |
Amortization of net actuarial loss (gain) | -0.3 | -0.2 | -0.2 |
Net periodic benefit cost (income) | 0.1 | -0.4 | -0.8 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial gain (loss) arising during period | -4 | 1.7 | |
Prior service (cost) credit arising during period | 0.1 | ||
Amortization of net actuarial loss (gain) | -0.3 | -0.2 | -0.2 |
Amortization of prior service cost (credit) | -0.5 | -1.1 | |
Total recognized in other comprehensive income (loss) | ($4.20) | $1 | ($1.30) |
Pension_and_Other_PostRetireme6
Pension and Other Post-Retirement Benefit Plans (Accumulated Other Comprehensive Income As A Component Of Net Period Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Net actuarial losses (gains) | $19.50 |
International | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Net actuarial losses (gains) | 13 |
Prior service cost (credit) | 0.1 |
Transition asset | ($0.10) |
Pension_and_Other_PostRetireme7
Pension and Other Post-Retirement Benefit Plans (Weighted-Average Assumptions Used Benefit Obligations) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 4.20% | 5.10% |
Rate of compensation increase | 4.00% | 4.00% |
International | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 3.21% | 4.30% |
Rate of compensation increase | 3.84% | 4.29% |
Other Post-retirement Benefits | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 4.20% | 5.10% |
Pension_and_Other_PostRetireme8
Pension and Other Post-Retirement Benefit Plans (Weighted-Average Assumptions Used Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 5.10% | 3.90% | 4.60% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Expected rate of return on plan assets | 9.00% | 9.00% | 9.00% |
International | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 4.30% | 4.46% | 4.54% |
Rate of compensation increase | 4.29% | 3.98% | 4.05% |
Expected rate of return on plan assets | 7.61% | 7.44% | 7.62% |
Other Post-retirement Benefits | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 5.10% | 3.90% | 4.60% |
Pension_and_Other_PostRetireme9
Pension and Other Post-Retirement Benefit Plans (Pension Plan Assets Measured At Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Level 3 | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | $125.60 | $117 | $95.70 |
U.S. | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 504.8 | 576.8 | 462.5 |
U.S. | Cash | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 121.2 | 32.4 | |
U.S. | Large cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 54.7 | 169.9 | |
U.S. | Mid cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 13.1 | 12.1 | |
U.S. | Small cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 102.1 | 98 | |
U.S. | International companies | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 83.3 | 142.9 | |
U.S. | Hedge funds | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 65.3 | 64.9 | |
U.S. | Limited partnerships | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 60.3 | 52.1 | |
U.S. | Emerging market bonds | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 4.8 | 4.5 | |
U.S. | Level 1 | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 379.2 | 459.8 | |
U.S. | Level 1 | Cash | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 121.2 | 32.4 | |
U.S. | Level 1 | Large cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 54.7 | 169.9 | |
U.S. | Level 1 | Mid cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 13.1 | 12.1 | |
U.S. | Level 1 | Small cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 102.1 | 98 | |
U.S. | Level 1 | International companies | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 83.3 | 142.9 | |
U.S. | Level 1 | Emerging market bonds | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 4.8 | 4.5 | |
U.S. | Level 3 | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 125.6 | 117 | |
U.S. | Level 3 | Hedge funds | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 65.3 | 64.9 | |
U.S. | Level 3 | Limited partnerships | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 60.3 | 52.1 | |
International | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 386.7 | 400.8 | 327.9 |
International | Cash | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 0.3 | 1.1 | |
International | Large cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 44 | 60.7 | |
International | Mid cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 0.1 | 0.1 | |
International | International companies | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 241.9 | 231.9 | |
International | Insurance contracts | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 100.4 | 107 | |
International | Level 1 | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 286.3 | 293.8 | |
International | Level 1 | Cash | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 0.3 | 1.1 | |
International | Level 1 | Large cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 44 | 60.7 | |
International | Level 1 | Mid cap | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 0.1 | 0.1 | |
International | Level 1 | International companies | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 241.9 | 231.9 | |
International | Level 2 | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | 100.4 | 107 | |
International | Level 2 | Insurance contracts | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Total plan assets | $100.40 | $107 |
Recovered_Sheet1
Pension and Other Post-Retirement Benefit Plans (Changes In Fair Value Of Pension Plan Level 3 Assets) (Details) (Level 3, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Level 3 | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Fair value of plan assets at January 1 | $117 | $95.70 |
Unrealized gains relating to instruments still held at the reporting date | 1.6 | 21.3 |
Purchases, sales, and settlements, net | 7 | |
Fair value of plan assets at December 31 | $125.60 | $117 |
Recovered_Sheet2
Pension and Other Post-Retirement Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
2015 | $24.70 |
2016 | 26 |
2017 | 39.9 |
2018 | 26.6 |
2019 | 28.2 |
2020-2024 | 162.7 |
International | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
2015 | 10.8 |
2016 | 11.3 |
2017 | 12.1 |
2018 | 13.6 |
2019 | 14.7 |
2020-2024 | 92.9 |
Other Post-retirement Benefits | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
2015 | 0.7 |
2016 | 0.8 |
2017 | 0.8 |
2018 | 0.8 |
2019 | 0.8 |
2020-2024 | $3.60 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Y | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Retirement eligible age under the plan | 62 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $43.60 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months |
Shares reserved to satisfy existing awards (in shares) | 3,300,000 |
Shares available for future awards (in shares) | 20,300,000 |
Share-based compensation arrangement by share-based payment award, award measurement period beginning in Two Thousand and Fourteen | 3 years |
Share-based compensation arrangement by share-based payment award, award measurement period prior Two Thousand and Fourteen | 1 year |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting service | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting service | 4 years |
Incentive compensation and stock plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock shares authorized for awards (in shares) | 48,000,000 |
Shares converted to common stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock shares authorized for awards (in shares) | 18,000,000 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock units outstanding to active and nonemployee directors (in units) | 861,000 |
Restricted Stock Units (RSUs) | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting service | 3 years |
Restricted Stock Units (RSUs) | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting service | 4 years |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected payout shares (in shares) | 342,000 |
Vesting date | Jan-17 |
Market based award | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected payout shares (in shares) | 0 |
Market based award | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected payout shares (in shares) | 172,000 |
Subsequent event information | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting date | 1/2/15 |
Restricted stock awards vested and issued subsequent event | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares issued to employees under restricted stock awards (in shares) | 500,000 |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expenses Under Stock Based Compensation Plan) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $44.90 | $47.70 | $34 |
Income tax benefits related to stock-based compensation expense | $14.50 | $16.20 | $11.50 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Changes In Nonvested Restricted Stock Units) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) | |||
Shares [Roll Forward] | |||
Nonvested at beginning of period (in shares) | 2,464 | ||
Granted (in shares) | 953 | ||
Vested (in shares) | -749 | ||
Cancelled/forfeited (in shares) | -114 | ||
Nonvested at period end (in shares) | 2,554 | 2,464 | |
Weighted-Average Grant Date Fair Value [Roll Forward] | |||
Granted, weighted-average grant date fair value, beginning of period (in dollars per share) | $48.04 | ||
Granted, weighted-average grant date fair value (in dollars per share) | $51.20 | $53.01 | $49.84 |
Vested, weighted average grant date fair value (in dollars per share) | $40.15 | ||
Cancelled/forfeited, weighted-average grant date fair value (in dollars per share) | $49.66 | ||
Granted, weighted-average grant date fair value, period end ( in dollars per share) | $51.46 | $48.04 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of restricted stock units granted | $51.20 | $53.01 | $49.84 |
Vest date fair value of restricted stock units vested (in millions) | $39.10 | $51.50 | $100.80 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity [Line Items] | |||
Cash dividends declared | $0 | $0 | $0 |
Authorized stock repurchase, shares | 75,000,000 | ||
Value of common stock repurchased | $247.60 | $116.30 | $91.10 |
Remaining shares available for purchase (in shares) | 8,000,000 | ||
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Capital Stock Activity) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Stock Activity [Line Items] | ||||
Common Stock, Issued Shares, Ending Balance | 286,300 | 286,300 | ||
Common Stock Issued | ||||
Capital Stock Activity [Line Items] | ||||
Common Stock, Issued Shares, Beginning Balance | 286,318 | |||
Common Stock, Issued Shares, Ending Balance | 286,318 | 286,318 | 286,318 | 286,318 |
Common Stock Held In Employee Benefit Trust | ||||
Capital Stock Activity [Line Items] | ||||
Common Stock, Issued Shares, Beginning Balance | 180 | 196 | 169 | |
Net Stock Purchased for (Sold from) Employee Benefit Trust | -13 | -16 | 27 | |
Common Stock, Issued Shares, Ending Balance | 167 | 180 | 196 | |
Common Stock Held in Treasury | ||||
Capital Stock Activity [Line Items] | ||||
Common Stock, Issued Shares, Beginning Balance | 50,318 | 49,061 | 48,316 | |
Stock Awards | -547 | -998 | -1,393 | |
Treasury Stock Purchases | 4,855 | 2,255 | 2,138 | |
Common Stock, Issued Shares, Ending Balance | 54,626 | 50,318 | 49,061 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax | ($683.70) | ($340.70) | ($396) | ||
Other comprehensive income (loss) before reclassifications, net of tax | -370.4 | 39.5 | |||
Reclassification adjustment for net (gains) losses included in net income, net of tax | 27.4 | 15.8 | |||
Other comprehensive income (loss), net of tax | -343 | 55.3 | 47.8 | ||
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax | -311.9 | -204.3 | -104.6 | ||
Other comprehensive income (loss) before reclassifications, net of tax | -107.6 | -99.7 | |||
Other comprehensive income (loss), net of tax | -107.6 | [1] | -99.7 | [1] | |
Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax | -77.3 | 31.9 | 10 | ||
Other comprehensive income (loss) before reclassifications, net of tax | -108.4 | 27.1 | |||
Reclassification adjustment for net (gains) losses included in net income, net of tax | -0.8 | -5.2 | |||
Other comprehensive income (loss), net of tax | -109.2 | [2] | 21.9 | [2] | |
Defined Pension and Other Post-retirement Benefits | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax | -294.5 | -168.3 | -301.4 | ||
Other comprehensive income (loss) before reclassifications, net of tax | -154.4 | 112.1 | |||
Reclassification adjustment for net (gains) losses included in net income, net of tax | 28.2 | 21 | |||
Other comprehensive income (loss), net of tax | ($126.20) | [3] | $133.10 | [3] | |
[1] | Net of income tax (expense) benefit of $7.2, $(1.6) and $(2.2) for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
[2] | Net of income tax (expense) benefit of $25.7, $1.0 and $(12.3) for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
[3] | Net of income tax (expense) benefit of $56.9, $(81.8) and $(6.5) for the years ended December 31, 2014, 2013 and 2012, respectively. |
Stockholders_Equity_Reclassifi
Stockholders' Equity Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Revenue | $2,156.20 | $1,976.70 | $1,985.30 | $1,824.40 | $2,047.80 | $1,724.50 | $1,707.90 | $1,646 | $7,942.60 | $7,126.20 | $6,151.40 | ||
Costs of sales | -1,608.90 | -1,479.60 | -1,507.80 | -1,403.50 | -1,560.30 | -1,353.80 | -1,350.10 | -1,307.20 | |||||
Selling, general and administrative expense | -750.6 | -694.8 | -596.9 | ||||||||||
Income before income taxes | 1,066.30 | 719.2 | 601.2 | ||||||||||
Income tax (expense) benefit | -361 | -212.6 | -166.4 | ||||||||||
Net income | 170.6 | 170.5 | 227.7 | 136.5 | 179.1 | 117.4 | 106.5 | 103.6 | 705.3 | 506.6 | 434.8 | ||
Defined Pension and Other Post-retirement Benefits | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Income before income taxes | -43.7 | -36.2 | |||||||||||
Income tax (expense) benefit | 15.5 | 15.2 | |||||||||||
Net income | -28.2 | -21 | |||||||||||
Settlements and curtailments | -24.9 | [1] | -5.1 | [1] | |||||||||
Amortization of actuarial loss | -18.6 | [1] | -31.7 | [1] | |||||||||
Amortization of prior service credit | -0.3 | [1] | 0.5 | [1] | |||||||||
Amortization of transition asset | 0.1 | [1] | 0.1 | [1] | |||||||||
Foreign Exchange Contract | Hedging | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Revenue | -36.2 | -11.7 | |||||||||||
Costs of sales | 34.2 | 14.8 | |||||||||||
Selling, general and administrative expense | -0.2 | ||||||||||||
Income before income taxes | -2.2 | 3.1 | |||||||||||
Income tax (expense) benefit | 3 | 2.1 | |||||||||||
Net income | $0.80 | $5.20 | |||||||||||
[1] | (a)Â These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Liability contracts collateral | $0 | $0 | |
Assets contracts collateral | 0 | 0 | |
Total derivative contracts, maturity year | 2016 | ||
Gain (Loss) On Discontinuation Of Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring, Net | 0.9 | 0.1 | 4.4 |
Cash Flow Hedges Of Forecasted Transactions, Net Of Tax, In Accumulated OCI Gain (Loss) | -77.3 | 31.9 | |
Cash Flow Hedge Gain (Loss) Expected To Be Reclassified Within 12 Months | ($17.30) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Notional Amounts Of Outstanding Derivative Positions (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 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 | 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 | Malaysian ringgit | Malaysian ringgit | Norwegian krone | Norwegian krone | Singapore dollar | Singapore dollar | 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 bought | Notional amount bought | Notional amount sold | Notional amount sold | Notional amount sold | Notional amount sold | Notional amount sold | Notional amount bought | |
USD ($) | AUD | USD ($) | GBP (£) | USD ($) | CAD | USD ($) | EUR (€) | USD ($) | KWD | USD ($) | MYR | USD ($) | NOK | USD ($) | SGD | USD ($) | USD ($) | BRL | USD ($) | NOK | USD ($) | |
Derivative [Line Items] | ||||||||||||||||||||||
Derivative, Notional Amount | $26.10 | 31.9 | $114.10 | £ 73.3 | $129.10 | 150 | $183.20 | € 151.40 | $20.10 | 5.9 | $30.80 | 107.8 | $383.60 | 2,859 | $167.70 | 222.3 | $929.10 | $39.70 | 105.6 | $10.40 | 77.6 | $34.60 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Value Of Derivative Instruments In Statement Of Financial Position) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $332.50 | $234.40 |
Derivative Liabilities | 450.4 | 218.4 |
Derivatives Designated As Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 301.5 | 214.7 |
Derivative Liabilities | 421.7 | 196.6 |
Derivatives Designated As Hedging Instruments | Foreign Exchange Contracts | Current – Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 172.1 | 149.3 |
Derivative Liabilities | 207.1 | 152.5 |
Derivatives Designated As Hedging Instruments | Foreign Exchange Contracts | Long-term – Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 129.4 | 65.4 |
Derivative Liabilities | 214.6 | 44.1 |
Derivatives Not Designated As Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 31 | 19.7 |
Derivative Liabilities | 28.7 | 21.8 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contracts | Current – Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 25.5 | 16.6 |
Derivative Liabilities | 23.1 | 18.8 |
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contracts | Long-term – Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 5.5 | 3.1 |
Derivative Liabilities | $5.60 | $3 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Derivative Instruments In Cash Flow Hedging Relationships Gain (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | $32.10 | ($14.60) | $11.10 |
Foreign Exchange Contracts | Revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | -4 | 0.6 | 4.9 |
Foreign Exchange Contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | 0.7 | -0.2 | -0.2 |
Foreign Exchange Contracts | Other income (expense), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | 35.4 | -15 | 6.4 |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI (effective portion) | -137.1 | 24.1 | 43.5 |
Gain (loss) reclassified from accumulated OCI into income (effective portion) | -2.2 | 3.1 | 4.5 |
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | -0.2 | -8.3 | -3.9 |
Cash Flow Hedging | Foreign Exchange Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI (effective portion) | -137.1 | 24.1 | 41.9 |
Cash Flow Hedging | Foreign Exchange Contracts | Revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | -36.2 | -11.7 | 6.6 |
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | 24.7 | 2.7 | 13.7 |
Cash Flow Hedging | Foreign Exchange Contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | 34.2 | 14.8 | -1.9 |
Gain (loss) recognized in income (ineffective portion and amount excluded from effectiveness testing) | -24.9 | -11 | -17.6 |
Cash Flow Hedging | Foreign Exchange Contracts | Selling, general and administrative expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) reclassified from accumulated OCI into income (effective portion) | -0.2 | -0.2 | |
Cash Flow Hedging | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in OCI (effective portion) | $1.60 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Derivative Instruments (Offsetting Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets [Abstract] | ||
Gross Amount Recognized | $332.50 | $234.40 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | -321.5 | -198.5 |
Net Amount | $11 | $35.90 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Derivative Instruments (Offsetting Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amount Recognized | $450.40 | $218.40 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | -321.5 | -198.5 |
Net Amount | $128.90 | $19.90 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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 | |
Senior Notes Total [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes, fair value | 779.5 | $767.60 |
Senior notes, face amount | 800 | $800 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $22.50 | $21.20 |
Fixed income | 7.1 | 13.2 |
Money market fund | 3.4 | 3.8 |
Stable value fund | 0.7 | 1 |
Other | 2.1 | 2.4 |
Foreign exchange contracts | 332.5 | 234.4 |
Total assets | 368.3 | 276 |
Foreign exchange contracts | 450.4 | 218.4 |
Contingent earn-out consideration | 70.1 | |
Total liabilities | 450.4 | 288.5 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 22.5 | 21.2 |
Fixed income | 7.1 | 13.2 |
Other | 2.1 | 2.4 |
Total assets | 31.7 | 36.8 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 3.4 | 3.8 |
Stable value fund | 0.7 | 1 |
Foreign exchange contracts | 332.5 | 234.4 |
Total assets | 336.6 | 239.2 |
Foreign exchange contracts | 450.4 | 218.4 |
Total liabilities | 450.4 | 218.4 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earn-out consideration | 70.1 | |
Total liabilities | $70.10 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Fair Value Of Level 3 Contingent Earn-Out Consideration Obligation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year | $70.10 | $105.30 |
Remeasurement adjustment | 3.6 | 28.7 |
Payment | -74.6 | -57.3 |
Foreign currency translation adjustment | 0.9 | -6.6 |
Balance at end of year | $70.10 |
Warranty_Obligations_Schedule_
Warranty Obligations (Schedule Of Warranty Cost And Accrual Information) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Warranty Obligations | ||
Balance at beginning of year | $18 | $15.40 |
Expenses for new warranties | 30.5 | 27 |
Adjustments to existing accruals | 0.7 | 1.5 |
Claims paid | -26.2 | -25.9 |
Balance at end of year | $23 | $18 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Rent expense under operating leases | $136.80 | $149.70 | $133.90 |
Financial instruments expiration period | 3 years | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 108.8 | ||
2016 | 87.7 | ||
2017 | 67.9 | ||
2018 | 55.3 | ||
2019 | 45.6 | ||
Thereafter | 282.4 | ||
Total | 647.7 | ||
Less income from subleases | 1.2 | ||
Net minimum operating lease payments | 646.5 | ||
Bank Guarantees And Letters Of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Financial instruments | 78.4 | ||
Performance Guarantee [Member] | |||
Loss Contingencies [Line Items] | |||
Financial instruments | 755.4 | ||
Indirect Guarantee of Indebtedness [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Term | two years | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $40 |
Business_Segment_Information_S
Business Segment Information (Schedule Of Segment Revenue And Segment Operating Profit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | $2,156.20 | $1,976.70 | $1,985.30 | $1,824.40 | $2,047.80 | $1,724.50 | $1,707.90 | $1,646 | $7,942.60 | $7,126.20 | $6,151.40 | |||
Total segment operating profit | 1,193.40 | 879.6 | 784.7 | |||||||||||
Income before income taxes attributable to FMC Technologies, Inc. | 1,060.90 | [1] | 714 | [1] | 596.4 | [1] | ||||||||
Subsea Technologies | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Number of major customers in business segment | 1 | 1 | ||||||||||||
Major customer one | Subsea Technologies | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | 875.9 | 625.9 | ||||||||||||
Operating Segments | Subsea Technologies | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | 5,266.40 | [2] | 4,726.90 | [2] | 4,006.80 | [2] | ||||||||
Total segment operating profit | 748.2 | 548.2 | 432.2 | |||||||||||
Operating Segments | Surface Technologies | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | 2,130.70 | 1,806.80 | 1,598.10 | |||||||||||
Total segment operating profit | 393 | 257.2 | 284.3 | |||||||||||
Operating Segments | Energy Infrastructure | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | 557.4 | 617.2 | 574.1 | |||||||||||
Total segment operating profit | 52.5 | 74.3 | 68.2 | |||||||||||
Segment Reconciling Items | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenue | -11.9 | [3] | -24.7 | [3] | -27.6 | [3] | ||||||||
Intercompany Eliminations | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Total segment operating profit | -0.3 | -0.1 | ||||||||||||
Corporate Items | ||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||
Corporate expense | -66.3 | [4] | -46.3 | [4] | -41.8 | [4] | ||||||||
Other revenue and other expense, net | -33.7 | [3],[5] | -85.6 | [3],[5] | -119.9 | [3],[5] | ||||||||
Net interest expense | -32.5 | -33.7 | -26.6 | |||||||||||
Total Corporate Items | ($132.50) | ($165.60) | ($188.30) | |||||||||||
[1] | Excludes amounts attributable to noncontrolling interests. | |||||||||||||
[2] | We had one customer in our Subsea Technologies segment that comprised approximately $875.9 million and $625.9 million of our consolidated revenue for the year ended December 31, 2013 | |||||||||||||
[3] | Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. | |||||||||||||
[4] | Corporate expense primarily includes corporate staff expenses. | |||||||||||||
[5] | 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. |
Business_Segment_Information_S1
Business Segment Information (Segment Operating Capital Employed And Segment Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | $7,175.60 | $6,605.60 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment Operating Capital Employed | 3,672.70 | [1] | 3,610.80 | [1] |
Total Assets | 6,075 | 5,883.60 | ||
Operating Segments | Subsea Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment Operating Capital Employed | 2,175.20 | [1] | 2,126.30 | [1] |
Total Assets | 4,066.10 | 3,923.60 | ||
Operating Segments | Surface Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment Operating Capital Employed | 1,183.60 | [1] | 1,139.10 | [1] |
Total Assets | 1,587.80 | 1,484 | ||
Operating Segments | Energy Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment Operating Capital Employed | 313.9 | [1] | 345.4 | [1] |
Total Assets | 442.3 | 496.4 | ||
Segment liabilities included in total segment operating capital employed | ||||
Segment Reporting Information [Line Items] | ||||
Segment liabilities included in total segment operating capital employed | 2,402.30 | [2] | 2,272.80 | [2] |
Intercompany Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | -21.2 | -20.4 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | $1,100.60 | [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, certain investments, 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. |
Business_Segment_Information_G
Business Segment Information (Geographic Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $2,156.20 | $1,976.70 | $1,985.30 | $1,824.40 | $2,047.80 | $1,724.50 | $1,707.90 | $1,646 | $7,942.60 | $7,126.20 | $6,151.40 |
Total Long-lived Assets | 1,458.40 | 1,349.10 | 1,458.40 | 1,349.10 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,245.30 | 1,940.40 | 1,541.60 | ||||||||
Total Long-lived Assets | 490.5 | 443.4 | 490.5 | 443.4 | |||||||
Norway | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,023.30 | 1,217.70 | 1,231.10 | ||||||||
Total Long-lived Assets | 250.8 | 223.3 | 250.8 | 223.3 | |||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 831.6 | 689 | 561.2 | ||||||||
Total Long-lived Assets | 169.1 | 166.3 | 169.1 | 166.3 | |||||||
Angola | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 627 | 335 | 192.7 | ||||||||
Angola | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 406.7 | 516 | 598 | ||||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Long-lived Assets | 147 | 137.2 | 147 | 137.2 | |||||||
Malaysia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Long-lived Assets | 112.6 | 100.8 | 112.6 | 100.8 | |||||||
All other countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,808.70 | 2,428.10 | 2,026.80 | ||||||||
Total Long-lived Assets | $288.40 | $278.10 | $288.40 | $278.10 |
Business_Segment_Information_O
Business Segment Information (Other Business Segment Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $404.40 | $314.10 | $405.60 |
Depreciation and amortization | 232.5 | 209.8 | 146.2 |
Research and development expense | 123.7 | 112.4 | 116.8 |
Operating Segments | Subsea Technologies | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 268.7 | 235 | 257.9 |
Depreciation and amortization | 138 | 119.5 | 89.3 |
Research and development expense | 92.2 | 87.1 | 93.9 |
Operating Segments | Surface Technologies | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 124.6 | 70.1 | 110.1 |
Depreciation and amortization | 72 | 68 | 38.8 |
Research and development expense | 21.6 | 15.6 | 12.2 |
Operating Segments | Energy Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 10.5 | 8.3 | 10.3 |
Depreciation and amortization | 16.6 | 16.5 | 14 |
Research and development expense | 11.3 | 12.2 | 10.7 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 0.6 | 0.7 | 27.3 |
Depreciation and amortization | 5.9 | 5.8 | 4.1 |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Research and development expense | ($1.40) | ($2.50) |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenue | $2,156.20 | $1,976.70 | $1,985.30 | $1,824.40 | $2,047.80 | $1,724.50 | $1,707.90 | $1,646 | $7,942.60 | $7,126.20 | $6,151.40 | ||||||||
Cost of sales | 1,608.90 | 1,479.60 | 1,507.80 | 1,403.50 | 1,560.30 | 1,353.80 | 1,350.10 | 1,307.20 | |||||||||||
Net income | 170.6 | 170.5 | 227.7 | 136.5 | 179.1 | 117.4 | 106.5 | 103.6 | 705.3 | 506.6 | 434.8 | ||||||||
Net income attributable to FMC Technologies, Inc. | $168.60 | $169.80 | $226.30 | $135.20 | $177.80 | $116 | $105.20 | $102.40 | $699.90 | $501.40 | $430 | ||||||||
Basic (in dollars per share) | $0.72 | [1] | $0.72 | [1] | $0.96 | [1] | $0.57 | [1] | $0.75 | [1] | $0.49 | [1] | $0.44 | [1] | $0.43 | [1] | $2.96 | $2.10 | $1.79 |
Diluted (in dollars per share) | $0.72 | [1] | $0.72 | [1] | $0.95 | [1] | $0.57 | [1] | $0.74 | [1] | $0.49 | [1] | $0.44 | [1] | $0.43 | [1] | $2.95 | $2.10 | $1.78 |
[1] | Basic and diluted EPS are independently computed for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the annual total. |
Other_Information_Details
Other Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash Flow Information and Other Information [Abstract] | ||
Unbilled receivables included in trade receivables | $804.30 | $777 |
Trading securities included in investments | 35.8 | 41.6 |
Net capitalized software costs included in other assets | $57.30 | $56.90 |
Other_Information_Cash_Flow_In
Other Information Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest (net of interest capitalized) | $31.60 | $27.10 | $18.50 |
Cash paid for income taxes (net of refunds received) | $370 | $137.30 | $225.40 |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for doubtful accounts | ||||||
Change in the Valuation and Qualifying Accounts [Abstract] | ||||||
Balance at Beginning of Period | $7,441 | $6,146 | $7,799 | |||
Charged to Costs and Expenses | 3,574 | 3,038 | 1,753 | |||
Charged to Other Accounts | -555 | [1] | 144 | [1] | 71 | [1] |
Deductions and Adjustments | 1,039 | [2] | 1,887 | [2] | 3,477 | [2] |
Balance at End of Period | 9,421 | 7,441 | 6,146 | |||
Inventory valuation reserve | ||||||
Change in the Valuation and Qualifying Accounts [Abstract] | ||||||
Balance at Beginning of Period | 86,036 | 69,856 | 63,773 | |||
Charged to Costs and Expenses | 47,578 | 37,629 | 30,660 | |||
Charged to Other Accounts | -8,686 | [1] | -314 | [1] | 1,352 | [1] |
Deductions and Adjustments | 28,118 | [2] | 21,135 | [2] | 25,929 | [2] |
Balance at End of Period | 96,810 | 86,036 | 69,856 | |||
Valuation allowance for deferred tax assets | ||||||
Change in the Valuation and Qualifying Accounts [Abstract] | ||||||
Balance at Beginning of Period | 4,727 | 4,265 | 3,697 | |||
Charged to Costs and Expenses | 39,932 | 1,779 | 1,732 | |||
Charged to Other Accounts | -15 | [1] | 9 | [1] | ||
Deductions and Adjustments | 5,762 | [2] | 1,302 | [2] | 1,173 | [2] |
Balance at End of Period | $38,897 | $4,727 | $4,265 | |||
[1] | “Additions charged to other accounts†includes translation adjustments and allowances acquired through business combinations. | |||||
[2] | “Deductions and adjustments†includes write-offs, net of recoveries, and reductions in the allowances credited to expense. |