FMC 10-Q 3 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenue	1088.4	1127.6	3245.2	3345.8
Costs and expenses:
Cost of sales	835.7	888.2	2536.1	2664.7
Selling, general and administrative expense	98.4	82.2	281	257.8
Research and development expense	13.1	12.2	34.4	32.9
Total costs and expenses	947.2	982.6	2851.5	2955.4
Other expense, net	-5.7	-6.2	-2.4	-11.5
Income before net interest expense and income taxes	135.5	138.8	391.3	378.9
Net interest expense	-2.1	-0.9	-6.5	-0.8
Income from continuing operations before income taxes	133.4	137.9	384.8	378.1
Provision for income taxes	41.6	45.1	114.8	117.7
Income from continuing operations	91.8	92.8	270	260.4
Income (loss) from discontinued operations, net of income taxes	0.4	-9.7	0.2	11
Net income	92.2	83.1	270.2	271.4
Less: net income attributable to noncontrolling interests	-0.6	-0.4	-1.6	-1.4
Net income attributable to FMC Technologies, Inc.	91.6	82.7	268.6	270
Basic earnings per share attributable to FMC Technologies, Inc. (Note 4):
Income from continuing operations	0.74	0.73	2.15	2.01
Income (loss) from discontinued operations	$0	-0.08	$0	0.09
Basic earnings per share	0.74	0.65	2.15	2.1
Diluted earnings per share attributable to FMC Technologies, Inc. (Note 4):
Income from continuing operations	0.73	0.72	2.13	1.99
Income (loss) from discontinued operations	$0	-0.08	$0	0.08
Diluted earnings per share	0.73	0.64	2.13	2.07
Weighted average shares outstanding (Note 4):
Basic	123.3	127	124.7	128.5
Diluted	124.7	129	126.1	130.5
Net income attributable to FMC Technologies, Inc.:
Income from continuing operations	91.2	92.4	268.4	259
Income (loss) from discontinued operations, net of income taxes	0.4	-9.7	0.2	11
Net income attributable to FMC Technologies, Inc.	91.6	82.7	268.6	$270

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Dec. 31, 2008
Current assets:
Cash and cash equivalents	397.4	340.1
Trade receivables, net of allowances of $9.7 in 2009 and $9.4 in 2008	935.1	996.1
Inventories (Note 5)	609.4	559.3
Derivative financial instruments (Note 6)	186.6	354.6
Prepaid expenses	28.6	24.2
Other current assets	168.2	164
Total current assets	2325.3	2438.3
Investments	140.5	151.2
Property, plant and equipment, net of accumulated depreciation of $401.7 in 2009 and $332.2 in 2008	564.2	494.9
Goodwill	144.7	128.7
Intangible assets, net	66.7	70.2
Deferred income taxes	115	123.4
Derivative financial instruments (Note 6)	42.4	142.4
Other assets	32.3	31.8
Total assets	3431.1	3580.9
Current liabilities:
Short-term debt and current portion of long-term debt	9.5	23
Accounts payable, trade	350.5	439.8
Advance payments and progress billings	761.4	770.3
Derivative financial instruments (Note 6)	189.4	444.4
Other current liabilities	350.7	261.4
Income taxes payable	14.7	0
Current portion of accrued pension and other postretirement benefits	3	20.8
Deferred income taxes	76.9	0.1
Liabilities of discontinued operations (Note 3)	2.2	3.5
Total current liabilities	1758.3	1963.3
Long-term debt, less current portion (Note 8)	309.9	472
Accrued pension and other postretirement benefits, less current portion	202.2	182.1
Derivative financial instruments (Note 6)	46.2	175.8
Other liabilities	97.3	89
Commitments and contingent liabilities (Note 14)	-	-
Stockholders' equity (Note 12):
Preferred stock, $0.01 par value, 12.0 shares authorized; no shares issued in 2009 or 2008	0	0
Common stock, $0.01 par value, 300.0 and 195.0 shares authorized in 2009 and 2008, respectively; 143.2 shares issued in 2009 and 2008; 122.1 and 124.9 shares outstanding in 2009 and 2008, respectively	1.4	1.4
Common stock held in employee benefit trust, at cost; 0.1 shares outstanding in 2009 and 2008	-5.8	-6.3
Common stock held in treasury, at cost; 21.0 and 18.1 shares in 2009 and 2008, respectively	-800.5	(706)
Capital in excess of par value of common stock	706.6	728.7
Retained earnings	1345.7	1,081
Accumulated other comprehensive loss	-240.1	-408.4
Total FMC Technologies, Inc. stockholders' equity	1007.3	690.4
Noncontrolling interests	9.9	8.3
Total equity	1017.2	698.7
Total liabilities and equity	3431.1	3580.9

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Per Share data	Sep. 30, 2009	Dec. 31, 2008
Trade receivables, allowances	9.7	9.4
Property, plant and equipment, accumulated depreciation	401.7	332.2
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	12	12
Preferred stock, shares issued	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	300	195
Common stock, shares issued	143.2	143.2
Common stock, shares outstanding	122.1	124.9
Common stock held in employee benefit trust, shares outstanding	0.1	0.1
Common stock held in treasury, shares	21	18.1

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash provided (required) by operating activities of continuing operations:
Net income attributable to FMC Technologies, Inc.	268.6	$270
Income from discontinued operations, net of income taxes	-0.2	(11)
Income from continuing operations	268.4	259
Adjustments to reconcile net income to cash provided (required) by operating activities of continuing operations:
Depreciation	54.6	42.8
Amortization	10.1	10.6
Employee benefit plan costs	61.5	38
Deferred income tax provision	22.9	61.5
Unrealized loss on derivative instruments	14.7	3.7
Net (gain) loss on disposal of assets	-0.6	0.2
Other	10.5	7.2
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade receivables, net	143.4	-167.3
Inventories	-22.5	(69)
Accounts payable, trade	-132.1	25.2
Advance payments and progress billings	-83.7	148.5
Other assets and liabilities, net	70.3	-40.2
Income taxes payable	26.5	-84.8
Accrued pension and other postretirement benefits, net	-28.7	-20.6
Cash provided by operating activities of continuing operations	415.3	214.8
Cash required by discontinued operations - operating	-1.2	-9.5
Cash provided by operating activities	414.1	205.3
Cash provided (required) by investing activities:
Capital expenditures	(76)	-117.8
Proceeds from disposal of assets	18.8	3.1
Cash required by investing activities of continuing operations	-57.2	-114.7
Cash required by discontinued operations - investing	0	-4.7
Cash required by investing activities	-57.2	-119.4
Cash provided (required) by financing activities:
Net increase (decrease) in short-term debt and current portion of long-term debt	-11.3	7.4
Net increase (decrease) in commercial paper	40	(2)
Net increase (decrease) in long-term debt	-205.5	241
Issuance of capital stock	1.4	4.9
Purchase of treasury stock	-134.2	(324)
Excess tax benefits	-0.4	23.1
Proceeds on spin-off of JBT Corporation and affiliates	0	157.8
Other	-6.8	-18.3
Cash provided (required) by financing activities	-316.8	89.9
Effect of exchange rate changes on cash and cash equivalents	17.2	0.7
Increase in cash and cash equivalents	57.3	176.5
Cash and cash equivalents, beginning of period	340.1	129.5
Cash and cash equivalents, end of period	397.4	$306

Note 1: Basis of Presentation

Note 1: Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1: Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of FMC Technologies, Inc. and its consolidated subsidiaries (FMC) have been prepared in accordance with United States generally accepted accounting principles (GAAP) and rules and regulations of the Securities and Exchange Commission (SEC) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by United States GAAP can be condensed or omitted. Therefore, these statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December31, 2008. Our accounting policies are in accordance with United States GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our financial condition and operating results as of and for the periods presented. We have evaluated subsequent events through November3, 2009, which is the date that these financial statements were issued. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these statements may not be representative of those for the full year. Certain reclassifications have been made to prior period amounts to conform to the current periods presentation. We have corrected an immaterial error in the accompanying consolidated statement of cash flows for the nine months ended September30, 2008. The correction relates to the minimum tax withholding paid to taxing authorities on behalf of employees for share-based compensation awards that is required to be classified as a financing activity in the statement of cash flows.The correction increased cash provided by operating activities for the nine months ended September30, 2009 by $17.1 million, with an offsetting decrease of $17.1 million in cash required by financing activities.The correction of error does not impact the net change in cash and cash equivalents and is not material to our previously reported consolidated statement of cash flows. Additionally, we have corrected an immaterial error in the accompanying consolidated balance sheet at December31, 2008, related to tax items associated with the spin-off of John Bean Technologies Corporation (JBT) that duplicated certain amounts provided for in the loss on distribution of JBT. The correction decreased equity by $6.2 million, with an offsetting decrease of $5.4 million in other current assets and an increase in liabilities of discontinued operations of $0.8 million.The correction of error is not material to our previously reported consolidated balance sheet.

Note 2: Recently Adopted Accoun

Note 2: Recently Adopted Accounting Standards
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2: Recently Adopted Accounting Standards	Note 2: Recently Adopted Accounting Standards Effective July1, 2009, we adopted the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 105-10, Generally Accepted Accounting Principles. ASC 105-10 establishes the FASB Accounting Standards Codification (Codification) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification supersedes all existing non-SEC accounting and reporting standards. The FASB will now issue new standards in the form of Accounting Standards Updates (ASUs). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions on the changes in the Codification. References made to FASB guidance have been updated for the Codification throughout this document. Effective June30, 2009, we adopted guidance issued by the FASB and included in ASC 855-10, Subsequent Events, which establishes general standards of accounting for and disclosures of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events (see Note 1). Effective April1, 2009, we adopted guidance issued by the FASB that requires disclosure about the fair value of financial instruments for interim financial statements of publicly traded companies, which is included in the Codification in ASC 825-10-65, Financial Instruments. The adoption of ASC 825-10-65 did not have an impact on our consolidated results of operations or financial condition. See Note 13 for additional disclosures included in accordance with ASC 825-10-65. Effective January1, 2009, we adopted guidance issued by the FASB that relates to the presentation and accounting for noncontrolling interests, which is included in the Codification in ASC 810-10-65, Consolidation. In accordance with ASC 810-10-65, noncontrolling interests (previously shown as minority interest) are reported below net income under the heading Net income attributable to noncontrolling interests in the consolidated statements of income and shown as a component of equity in the consolidated balance sheets. Effective January1, 2009, we adopted guidance issued by the FASB that requires enhanced disclosures regarding derivative instruments and hedging activities, enabling a better understanding of their effects on an entitys financial position, financial performance and cash flows. The guidance is included in the Codification in ASC 815-10, Derivatives and Hedging. See Note 6 for additional disclosures included in accordance with ASC 815-10. Effective January1, 2008, we adopted ASC 820-10, Fair Value Measurements and Disclosures, with respect to recurring financial assets and liabilities. We adopted ASC 820-10 on January1, 2009, as it relates to nonrecurring fai

Note 3: Discontinued Operations

Note 3: Discontinued Operations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 3: Discontinued Operations	Note 3: Discontinued Operations In October 2007, we announced the intention to spin-off 100% of our FoodTech and Airport Systems businesses (now JBT). On July12, 2008, our Board of Directors approved the spin-off of the businesses to our shareholders. The spin-off was accomplished on July31, 2008, through a tax-free dividend to our shareholders. We distributed 0.216 shares of JBT common stock for every share of our stock outstanding as of the close of business on July22, 2008. We did not retain any shares of JBT common stock. JBT is now an independent public company traded on the New York Stock Exchange (NYSE: JBT). The results of JBT have been reported as discontinued operations for all periods presented. Prior to the spin-off, we received necessary regulatory approvals, including a private letter ruling from the Internal Revenue Service (IRS) regarding the tax-free status of the transaction for U.S. federal income tax purposes and a declaration of effectiveness from the SEC for JBTs registration statement on Form 10. In connection with this transaction, JBT distributed $196.2 million to us which was used to repurchase stock and reduce our outstanding debt, pursuant to certain terms of the IRS private letter ruling. Liabilities of businesses reported as discontinued operations included in the accompanying consolidated balance sheets represent other liabilities of $2.2 million and $3.5 million at September30, 2009, and December31, 2008, respectively. The consolidated statements of income include the following in discontinued operations: (In millions) ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Revenue $ $ 82.0 $ $ 612.5 Income (loss) before income taxes $ (0.1 ) $ (3.4 ) $ (0.3 ) $ 35.6 Income tax (benefit) provision (0.5 ) 6.3 (0.5 ) 24.6 Income (loss) from discontinued operations, net of income taxes $ 0.4 $ (9.7 ) $ 0.2 $ 11.0

Note 4: Earnings Per Share

Note 4: Earnings Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4: Earnings Per Share	Note 4: Earnings Per Share Basic earnings per share (EPS) is computed using the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for stock options and restricted stock awards under the treasury stock method. There were no outstanding stock-based awards excluded from the computation of diluted EPS for the three and nine months ended September30, 2009 and 2008. The following schedule is a reconciliation of the basic and diluted EPS computations: (In millions, except per share data) ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Basic earnings per share attributable to FMC Technologies, Inc.: Income from continuing operations $ 91.2 $ 92.4 $ 268.4 $ 259.0 Weighted average number of shares outstanding 123.3 127.0 124.7 128.5 Basic earnings per share from continuing operations $ 0.74 $ 0.73 $ 2.15 $ 2.01 Diluted earnings per share attributable to FMC Technologies, Inc.: Income from continuing operations $ 91.2 $ 92.4 $ 268.4 $ 259.0 Weighted average number of shares outstanding 123.3 127.0 124.7 128.5 Effect of dilutive securities: Options on common stock 0.3 0.5 0.4 0.5 Restricted stock 1.1 1.5 1.0 1.5 Total shares and dilutive securities 124.7 129.0 126.1 130.5 Diluted earnings per share from continuing operations $ 0.73 $ 0.72 $ 2.13 $ 1.99

Note 5: Inventories

Note 5: Inventories
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5: Inventories	Note 5: Inventories Inventories consisted of the following: (In millions) September30, 2009 December31, 2008 Raw materials $ 108.9 $ 124.8 Work in process 121.0 84.7 Finished goods 522.9 472.2 Gross inventories before LIFO reserves and valuation adjustments 752.8 681.7 LIFO reserves and valuation adjustments (143.4 ) (122.4 ) Net inventories $ 609.4 $ 559.3

Note 6: Derivative Financial In

Note 6: Derivative Financial Instruments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6: Derivative Financial Instruments	Note 6: 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: Interest rate swap instruments The purpose of these instruments is to hedge the uncertainty of anticipated interest expense from variable-rate debt obligations and achieve a fixed net interest rate. At September30, 2009, we held three instruments which in aggregate hedge the interest expense on $100.0 million of variable-rate debt. 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 September30, 2009, we held the following material positions: (In millions) Notional Amount Bought (Sold) USDEquivalent Argentinean Peso 96.5 25.1 Australian Dollar 16.3 14.1 Brazilian Real (31.1 ) (17.4 ) Euro 11.5 16.9 British Pound 119.9 190.0 Malaysian Ringgit 29.8 8.6 Norwegian Krone 3,642.6 626.2 Singapore Dollar 116.7 82.3 U.S.Dollar (934.2 ) (934.2 ) Foreign exchange rate instruments embedded in purchase and sale contracts The purpose of these instruments is to match offsetting currency payments for particular projects, or comply with government restrictions on the currency used to purchase goods in certain countries. At September30, 2009, our portfolio of these instruments included the following material positions: (In millions) Notional Amount Bought (Sold) USDEquivalent Brazilian Real (52.6 ) (29.4 ) Euro 7.1 10.4 British Pound 11.6 18.4 Norwegian Krone (40.5 ) (7.0 ) The purpose of our foreign currency hedging activities is to manage the volatility associated with anticipated foreign currency purchases and sales created in the normal course of business. We primarily utilize forward exchange contracts with maturities of less than three years. Our policy is to hold derivatives only for the purpose of hedging risks and not for trading purposes where the objective is solely to generate profit. Generally, we enter into hedging relationships such that changes in the fair values or cash flows of the transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments that qualify as a cash flow hedge, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported as a component of other comprehensive income (OCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The following tables of all outstanding derivative instruments are based on estimated fair value amounts that have been

Note 7: Income Taxes

Note 7: Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7: Income Taxes	Note 7: Income Taxes As of September30, 2009, we had gross unrecognized tax benefits of $33.2 million. This amount did not change significantly during the current quarter. In March 2009, the IRS concluded an examination of our U.S. federal income tax returns for our 2004 and 2005 tax years.We filed an appeal with the IRS Office of Appeals with respect to proposed adjustments for these years related to our treatment of intercompany transfer pricing.In October 2009, we participated in an opening conference with the IRS Office of Appeals on this matter. We expect to continue active discussions with the IRS on this matter during the first quarter of next year.At this time the ultimate outcome of this matter remains uncertain. However, management believes we were adequately reserved for this matter as of September30, 2009. It is reasonably possible that within 12 months, unrecognized tax benefits related to certain tax reporting positions taken in prior periods could decrease by up to $3.1 million due to the resolution of other tax matters under current examination in certain foreign jurisdictions.

Note 8: Debt

Note 8: Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8: Debt	Note 8: Debt Long-term debt consisted of the following: (In millions) September30, 2009 December31, 2008 Revolving credit facilities $ 205.0 $ 407.0 Commercial paper (1) 92.0 52.0 Property financing 8.2 8.5 Other 5.1 8.4 Total long-term debt 310.3 475.9 Less: current portion (0.4 ) (3.9 ) Long-term debt, less current portion $ 309.9 $ 472.0 (1) Committed credit available under our five-year revolving credit facility maturing in December 2012 provides the ability to issue our commercial paper obligations on a long-term basis. Therefore, at September30, 2009, as we had both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term on the consolidated balance sheets. Commercial paper borrowings as of September30, 2009, had an average interest rate of 0.46%. On January13, 2009, we entered into a $350 million 364-day revolving committed credit agreement maturing in January 2010. Borrowings under the credit agreement accrue interest at a rate equal to, at our option, either (a)a base rate determined by reference to the higher of (1)the agents prime rate, (2)the federal funds rate plus 1/2 of 1% or (3)the London Interbank Offered Rate (LIBOR) plus 1.00%; or (b)LIBOR plus 2.25%. The margin over LIBOR is variable and is determined based on our credit rating. Among other restrictions, the terms of the credit agreement include negative covenants related to liens and a financial covenant related to the debt-to-earnings ratio. We now have combined committed bank lines of $950 million, including a $600 million, five-year revolving credit facility that matures in December 2012.

Note 9: Warranty Obligations

Note 9: Warranty Obligations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 9: Warranty Obligations	Note 9: Warranty Obligations We provide warranties of various lengths and terms to certain of our customers based on standard terms and conditions and negotiated agreements. We provide for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exists. We also provide warranty liability when additional specific obligations are identified. The obligation reflected in other current liabilities in the consolidated balance sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information is as follows: (In millions) ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Balance at beginning of period $ 18.5 $ 15.6 $ 13.5 $ 12.4 Expense for new warranties 11.4 0.7 18.7 8.8 Adjustments to existing accruals (4.0 ) 0.3 (1.4 ) 0.2 Claims paid (0.8 ) (2.3 ) (5.7 ) (7.1 ) Balance at end of period $ 25.1 $ 14.3 $ 25.1 $ 14.3

Note 10: Pension and Other Post

Note 10: Pension and Other Postretirement Benefits
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 10: Pension and Other Postretirement Benefits	Note 10: Pension and Other Postretirement Benefits The components of net periodic benefit cost were as follows: (In millions) Pension Benefits ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Service cost $ 9.3 $ 8.5 $ 26.9 $ 25.6 Interest cost 10.0 10.2 29.4 30.4 Expected return on plan assets (11.6 ) (13.1 ) (34.1 ) (39.3 ) Amortization of transition asset (0.2 ) (0.1 ) (0.4 ) (0.4 ) Amortization of prior service cost (0.1 ) 0.1 (0.2 ) 0.2 Amortization of actuarial losses, net 4.1 0.9 12.0 2.9 Net periodic benefit cost $ 11.5 $ 6.5 $ 33.6 $ 19.4 (In millions) Other Postretirement Benefits ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Service cost $ $ 0.1 $ 0.1 $ 0.1 Interest cost 0.2 0.1 0.5 0.5 Amortization of prior service benefit (0.3 ) (0.4 ) (0.9 ) (1.1 ) Recognized net loss (0.1 ) Net periodic benefit (income) $ (0.1 ) $ (0.2 ) $ (0.3 ) $ (0.6 )

Note 11: Stock-Based Compensati

Note 11: Stock-Based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 11: Stock-Based Compensation	Note 11: Stock-Based Compensation We sponsor a stock-based compensation plan and have granted awards primarily in the form of nonvested stock awards (also known as restricted stock in the plan document). We recognize compensation expense for awards under the plan and the corresponding income tax benefits related to the expense. Stock-based compensation expense for nonvested stock awards was $7.2 million and $7.7 million for the three months ended September30, 2009 and 2008, respectively, and $23.9 million and $21.0 million for the nine months ended September30, 2009 and 2008, respectively. In the nine months ended September30, 2009, we granted the following restricted stock awards to employees: (Number of restricted stock shares in thousands) Shares Weighted- averagegrant datefairvalue Time-based 435 Performance-based 195 * Market-based 98 * Granted during the nine months ended September 30, 2009 728 $ 27.51 * Assumes target payout We granted time-based restricted stock awards that cliff vest after three years. The fair value of these time-based awards was determined using the market value of our common stock on the grant date. We also granted restricted stock awards with performance-based and market-based conditions. The vesting period for these awards is three years. Compensation cost is recognized over the lesser of the stated vesting period or the period until the employee reaches age 62, the retirement-eligible age under the plan. For current-year performance-based awards, actual payouts may vary from zero to 391thousand shares and will be dependent upon our performance relative to a peer group of companies with respect to earnings growth and return on investment for the year ending December31, 2009. Compensation cost is measured based on the current expected outcome of the performance conditions and may be adjusted until the performance period ends. For current-year market-based awards, actual payouts may vary from zero to 196thousand shares, contingent upon our performance relative to the same peer group of companies with respect to total shareholder return (TSR) and whether the TSR is positive or negative for the year ending December31, 2009. Compensation cost for these awards is calculated using the grant date fair market value, as estimated using a Monte Carlo simulation, and is not subject to change based on future events.

Note 12: Stockholders' Equity

Note 12: Stockholders' Equity
	1/1/2009 - 9/30/2009 USD / shares
Notes to Financial Statements [Abstract]
Note 12: Stockholders' Equity	Note 12: Stockholders Equity On May15, 2009, we amended our Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 195million shares to 300million shares. There were no cash dividends declared during the nine months ended September30, 2009 or 2008. We have been authorized by our Board of Directors to repurchase up to 30million shares and $95.0 million of our issued and outstanding common stock. We completed the purchases under the $95.0 million authorized plan in 2008. Total shares of common stock purchased under the $95.0 million authorized plan were 1.8 million. We purchased 0.9million shares under the 30million share repurchase program during the third quarter of 2009. Through September30, 2009, we made the following purchases under the buyback programs: (In millions, except share data) 2009 2008 Shares $ Shares $ Total purchased to date January1, 22,125,164 $ 817.8 16,422,053 $ 493.8 Treasury stock repurchases first quarter 1,537,800 43.5 1,621,056 88.8 Total purchased to date March31, 23,662,964 $ 861.3 18,043,109 $ 582.6 Treasury stock repurchases second quarter 1,439,304 52.2 1,239,340 81.0 Total purchased to date June30, 25,102,268 $ 913.5 19,282,449 $ 663.6 Treasury stock repurchases third quarter 917,083 38.5 2,842,715 154.2 Total purchased to date September30, 26,019,351 $ 952.0 22,125,164 $ 817.8 Treasury stock repurchases fourth quarter * * Total purchased to date December31, * * 22,125,164 $ 817.8 * Not yet applicable We intend to hold repurchased shares in treasury for general corporate purposes, including issuances under our stock-based compensation plan. The treasury shares are accounted for using the cost method. During the nine months ended September30, 2009, 1.0million shares were issued from treasury stock in connection with our stock-based compensation plan. During the year ended December31, 2008, 1.3million shares were issued from treasury stock. Comprehensive income (loss) consisted of the following: (In millions) ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Net income attributable to FMC Technologies, Inc. $ 91.6 $ 82.7 $ 268.6 $ 270.0 Foreign currency translation adjustments 31.3 (63.6 ) 87.8 (19.8 ) Net deferral of hedging gains, net of tax (1) 16.6 (96.6 ) 71.8 (66.6 ) Amortization of pension and other postretirement benefit losses, net of tax 2.3 (47.6 ) 6.8 (47.3 ) Deferral of unrealized losses on investments, net of tax 1.9 Comprehensive income (loss) $ 141.8 $ (125.1 ) $ 436.9 $ 136.3 (1) See additional disclosure related to hedging activity in Note 6. Accumulated other comprehens

Note 13: Fair Value Measurement

Note 13: Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 13: Fair Value Measurements	Note 13: Fair Value Measurements 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 those 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 managements own assumptions about the inputs used in pricing the asset or liability. Assets and liabilities measured at fair value on a recurring basis at September30, 2009, are as follows: (In millions) Total Level1 Level 2 Level3 Assets Investments $ 24.5 $ 24.5 $ $ Derivatives (1) 229.0 229.0 Total assets $ 253.5 $ 24.5 $ 229.0 $ Liabilities Derivatives (1) $ 235.6 $ $ 235.6 $ (1) See additional disclosure related to derivative financial instruments in Note 6. By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. 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. We mitigate credit risk 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. Fair value measurements for assets or liabilities are valued based on quoted prices that we have the ability to access in public markets. 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 derivatives fair value in asset positions by the result of multiplying the present value of the portfolio by the counterpartys 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. The derivative asset values presented in the preceding table were reduced by $0.2 million, and the derivative liabil

Note 14: Commitments and Contin

Note 14: Commitments and Contingent Liabilities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 14: Commitments and Contingent Liabilities	Note 14: Commitments and Contingent Liabilities We are a defendant in various legal proceedings arising in the ordinary course of business. Management does not expect these matters to have a material adverse effect on our consolidated financial position, results of operations or cash flows. In the ordinary course of business with customers, vendors and others, we issue standby letters of credit, performance bonds, surety bonds and other guarantees.The majority of these financial instruments represent guarantees of our future performance. Additionally, we are the named guarantor on certain letters of credit and performance bonds issued by our former subsidiary, JBT; however, we are fully indemnified by JBT pursuant to the terms and conditions of the Separation and Distribution Agreement, dated July31, 2008, by and between FMC and JBT.Management does not expect any of these financial instruments to result in losses that, if incurred, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Note 15: Business Segment Infor

Note 15: Business Segment Information
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 15: Business Segment Information	Note 15: Business Segment Information Segment revenue and segment operating profit were as follows: (In millions) ThreeMonthsEnded September30, Nine Months Ended September30, 2009 2008 2009 2008 Revenue Energy Production Systems $ 926.9 $ 896.2 $ 2,733.1 $ 2,697.9 Energy Processing Systems 166.2 229.0 521.3 653.6 Other revenue (1)and intercompany eliminations (4.7 ) 2.4 (9.2 ) (5.7 ) Total revenue $ 1,088.4 $ 1,127.6 $ 3,245.2 $ 3,345.8 Income before income taxes: Segment operating profit: Energy Production Systems $ 140.4 $ 101.6 $ 384.9 $ 301.6 Energy Processing Systems 24.8 42.7 81.8 124.8 Total segment operating profit 165.2 144.3 466.7 426.4 Corporate items: Corporate expense (2) (9.3 ) (9.9 ) (25.2 ) (28.4 ) Other revenue (1)and other expense, net (3) (21.0 ) 4.0 (51.8 ) (20.5 ) Net interest income (expense) (2.1 ) (0.9 ) (6.5 ) (0.8 ) Total corporate items (32.4 ) (6.8 ) (83.5 ) (49.7 ) Income from continuing operations before income taxes attributable to FMC Technologies, Inc. $ 132.8 $ 137.5 $ 383.2 $ 376.7 (1) Other revenue comprises certain unrealized gains and losses on derivative instruments related to unexecuted sales contracts. (2) Corporate expense primarily includes corporate staff expenses. (3) Other expense, net, generally includes stock-based compensation, other employee benefits, LIFO adjustments, certain foreign exchange gains and losses and the impact of unusual or strategic transactions not representative of segment operations. Segment operating capital employed and assets were as follows: (In millions) September30, 2009 December31, 2008 Segment operating capital employed (1): Energy Production Systems $ 1,022.2 $ 917.2 Energy Processing Systems 228.2 243.0 Intercompany eliminations (0.1 ) (0.1 ) Total segment operating capital employed 1,250.3 1,160.1 Segment liabilities included in total segment operating capital employed (2) 1,479.6 1,493.7 Corporate (3) 701.2 927.1 Total assets $ 3,431.1 $ 3,580.9 Segment assets: Energy Production Systems $ 2,370.3 $ 2,242.1 Energy Processing Systems 364.6 413.7 Intercompany eliminations (5.0 ) (2.0 ) Total segment assets 2,729.9 2,653.8 Corporate (3) 701.2 927.1 Total assets $ 3,431.1 $ 3,580.9 (1)

Note 16: Subsequent Events

Note 16: Subsequent Events
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 16: Subsequent Events	Note 16: Subsequent Events Amendment to Qualified and Non-Qualified Defined Benefit Pension Plans and Savings and Investment Plans On October2, 2009, the Board of Directors amended the 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 January1, 2010, and current non-union employees with less than five years of vesting service as of December31, 2009. For current nonunion employees with less than five years of vesting service as of December31, 2009, benefits accrued under the U.S. Pension Plans and earned as of that date will be frozen based on credited service and pay as of December31, 2009. On October2, 2009, the Board of Directors also approved amendments to the U.S. Qualified and Non-Qualified Savings and Investment Plans (Amended Plans). Under the Amended Plans, we will make a nonelective contribution equal to four percent of an employees eligible earnings every pay period to all new nonunion employees hired on or after January1, 2010, and current nonunion employees with less than five years of vesting service as of December31, 2009. The vesting schedule for the four percent nonelective contribution under the Amended Plans is three years of continuous service with FMC. Acquisitions On October20, 2009, we acquired 100 percent ownership of Multi Phase Meters AS (MPM) for an initial cash payment of $33.2 million and two earn-out payments based on 6.6 times 2012 and 2013 earnings before income taxes, depreciation and amortization (EBITDA). We acquired MPM, a global leader in the development and manufacture of high-performance multiphase flow meters, to further enhance and expand our portfolio of subsea technologies. On October30, 2009, we acquired all of the equity interests of Direct Drive Systems, Inc. (DDS) for $120.0 million. The purchase price is subject to potential post-closing adjustments related to working capital. We acquired DDS, a world leader in the development and manufacture of high-performance permanent magnet motors and bearings for the oil and gas industry, to leverage our experience as a systems integrator and technology leader and to further strengthen our capabilities in the subsea processing market. The acquisitions will be accounted for in the fourth quarter of 2009 using the acquisition method, in accordance with ASC 805, Business Combinations. Accordingly, the net assets acquired will be recorded at their fair values at the acquisition date, and operating results will be included in our financial statements from the date of acquisition.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 29, 2009
Entity [Text Block]
Trading Symbol	FTI
Entity Registrant Name	FMC TECHNOLOGIES INC
Entity Central Index Key	0001135152
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		122,173,816