Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Title of 12(b) Security | Ordinary shares, $1.00 par value per share | ||
Entity Incorporation, State or Country Code | X0 | ||
Entity Registrant Name | TechnipFMC plc | ||
Country Region | 44 | ||
Local Phone Number | 429-3950 | ||
City Area Code | 203 | ||
Entity Central Index Key | 0001681459 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-37983 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FTI | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 450,433,770 | ||
Entity Tax Identification Number | 98-1283037 | ||
Entity Address, Address Line One | One St. Paul’s Churchyard | ||
Entity Address, City or Town | London | ||
Entity Address, Country | GB | ||
Entity Address, Postal Zip Code | EC4M 8AP | ||
Security Exchange Name | NYSE | ||
Entity Public Float | $ 2.7 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue | ||||
Lease Income | $ 142 | $ 266.5 | $ 222.7 | |
Total revenue | 13,050.6 | 13,409.1 | 12,552.9 | |
Costs and expenses | ||||
Leases, Income Statement, Cost | 116.7 | 167.9 | 143.4 | |
Selling, general and administrative expense | 1,066.2 | 1,228.1 | 1,140.6 | |
Research and development expense | 119.8 | 162.9 | 189.2 | |
Restructuring, Settlement and Impairment Provisions | 3,501.3 | 2,490.8 | 1,831.2 | |
Merger transaction and integration costs | 31.2 | 36.5 | ||
Total costs and expenses | 15,936.2 | 14,935.8 | 13,470.5 | |
Other income (expense), net | 31.1 | (220.7) | (323.9) | |
Income from equity affiliates (Note 12) | 63 | 62.9 | 114.3 | |
Loss before interest income, interest expense and income taxes | (2,791.5) | (1,684.5) | (1,127.2) | |
Interest income | 56.6 | 116.5 | 121.4 | |
Interest expense | (349.6) | (567.8) | (482.3) | |
Loss before income taxes | [1] | (3,084.5) | (2,135.8) | (1,488.1) |
Provision for income taxes (Note 21) | 153.4 | 276.3 | 422.7 | |
Net loss | (3,237.9) | (2,412.1) | (1,910.8) | |
Net profit attributable to non-controlling interests | $ (49.7) | (3.1) | (10.8) | |
Net loss attributable to TechnipFMC plc | $ (2,415.2) | $ (1,921.6) | ||
Earnings (loss) per share attributable to TechnipFMC plc (Note 8) | ||||
Basic earnings (loss) per share (usd per share) | $ (7.33) | $ (5.39) | ||
Diluted earnings (loss) per share (usd per share) | $ (7.33) | $ (5.39) | $ (4.20) | |
Weighted average shares outstanding (Note 8) | ||||
Basic (in shares) | 448.7 | 448 | 458 | |
Diluted (in shares) | 448.7 | 448 | 458 | |
Separation costs | $ 39.5 | $ 72.1 | $ 0 | |
Service [Member] | ||||
Revenue | ||||
Revenue | 9,708.2 | 9,789.7 | 9,057.6 | |
Costs and expenses | ||||
Cost of product revenue | 8,261.9 | 7,767.2 | 7,452.7 | |
Product [Member] | ||||
Revenue | ||||
Revenue | 3,200.4 | 3,352.9 | 3,272.6 | |
Costs and expenses | ||||
Cost of product revenue | $ 2,830.8 | $ 3,015.6 | $ 2,676.9 | |
[1] | Includes amounts attributable to non-controlling interests. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Net income (loss) | $ (3,237.9) | $ (2,412.1) | $ (1,910.8) | |
Foreign currency translation adjustments | ||||
Foreign currency translation adjustments | (169.1) | 15.6 | (183.3) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | [1] | (169.1) | 3.6 | (224.4) |
Net gains (losses) on hedging instruments | ||||
Net gains (losses) arising during the period | 25.4 | 8.9 | (58.7) | |
Reclassification adjustment for net losses (gains) included in net income | 13 | 18.2 | (2) | |
Net gains (losses) on hedging instruments | [2] | 38.4 | 27.1 | (60.7) |
Pension and other post-retirement benefits | ||||
Net losses arising during the period | (88.3) | (81.5) | (72.4) | |
Prior service cost arising during the period | (4.6) | (0.7) | (2.1) | |
Reclassification adjustment for settlement losses (gains) included in net income | 1.4 | 0.2 | (2.5) | |
Reclassification adjustment for amortization of prior service cost included in net income | 0.9 | 2 | 1.2 | |
Reclassification adjustment for amortization of net actuarial loss included in net income | 6.9 | 0.8 | 0.3 | |
Net pension and other post-retirement benefits | [3] | (83.7) | (79.2) | (75.5) |
Other comprehensive loss, net of tax | (214.4) | (48.5) | (360.6) | |
Comprehensive loss | (3,452.3) | (2,460.6) | (2,271.4) | |
Comprehensive income attributable to non-controlling interest | (50.4) | (2.4) | (6.2) | |
Comprehensive loss attributable to TechnipFMC plc | $ (3,502.7) | $ (2,463) | $ (2,277.6) | |
[1] | Net of income tax (expense) benefit of nil, $7.9 and $3.6 for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[2] | Net of income tax (expense) benefit of $(9.7), $(6.9) and $16.6 for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[3] | Net of income tax (expense) benefit of $25.5, $20.3 and $15.5 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Foreign currency translation adjustments, tax (expense) benefit | $ 0 | $ 7.9 | $ 3.6 |
Net gains (losses) on hedging instruments, tax benefit | (9.7) | (6.9) | 16.6 |
Net pension and other post-retirement benefits, tax (expense) benefit | $ 25.5 | $ (20.3) | $ 15.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 4,807.8 | $ 5,190.2 |
Accounts and Other Receivables, Net, Current | 2,289.8 | 2,287.1 |
Contract assets, net of allowances of $1.0 in 2020 and $2.5 in 2019 | 1,267.6 | 1,520 |
Inventories, net (Note 9) | 1,268.5 | 1,416 |
Derivative financial instruments | 301.4 | 101.9 |
Income taxes receivable | 313.4 | 264.6 |
Advances paid to suppliers | 203.6 | 242.9 |
Other current assets (Note 10) | 992.6 | 863.7 |
Total current assets | 11,444.7 | 11,886.4 |
Investments in equity affiliates (Note 12) | 358.9 | 300.4 |
Property, plant and equipment, net (Note 14) | 2,861.8 | 3,162 |
Operating Lease, Right-of-Use Asset | 1,016.7 | 892.6 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 27.5 | 0 |
Goodwill (Note 15) | 2,512.5 | 5,598.3 |
Intangible assets, net (Note 15) | 981.1 | 1,086.6 |
Deferred income taxes (Note 21) | 217.9 | 260.5 |
Derivative financial instruments (Note 23) | 35.9 | 39.5 |
Other assets | 235.6 | 292.5 |
Total assets | 19,692.6 | 23,518.8 |
Liabilities and equity | ||
Short-term debt and current portion of long-term debt (Note 16) | 636.2 | 495.4 |
Operating Lease, Liability, Current | 247 | 275.1 |
Finance Lease, Liability | 26.9 | 0 |
Accounts payable, trade | 2,740.3 | 2,659.8 |
Contract liabilities | 4,736.1 | 4,585.1 |
Accrued payroll | 418.8 | 411.5 |
Derivative financial instruments (Note 23) | 167.2 | 141.3 |
Income taxes payable | 74.1 | 75.7 |
Other current liabilities (Note 10) | 1,368.6 | 1,494.5 |
Total current liabilities | 10,415.2 | 10,138.4 |
Long-term debt, less current portion (Note 16) | 3,317.7 | 3,980 |
Operating Lease, Liability, Noncurrent | 881 | 681.7 |
Deferred income taxes (Note 21) | 79.5 | 138.2 |
Accrued pension and other post-retirement benefits, less current portion (Note 22) | 420.8 | 368.6 |
Derivative financial instruments (Note 23) | 23.3 | 52.7 |
Other liabilities | 297.1 | 430 |
Total liabilities | 15,434.6 | 15,789.6 |
Commitments and contingent liabilities (Note 20) | ||
Redeemable non-controlling interest | 43.7 | 41.1 |
Stockholders’ equity (Note 17) | ||
Ordinary shares, $1 par value; 618.3 shares and 618.3 shares authorized in 2020 and 2019, respectively; 449.5 shares and 447.1 shares issued and outstanding in 2020 and 2019, respectively; 0 and 4 shares canceled in 2020 and 2019, respectively | 449.5 | 447.1 |
Capital in excess of par value of ordinary shares | 10,242.4 | 10,182.8 |
Accumulated deficit | (4,915.2) | (1,563.1) |
Accumulated other comprehensive loss | (1,622.5) | (1,407.5) |
Total TechnipFMC plc stockholders’ equity | 4,154.2 | 7,659.3 |
Non-controlling interests | 60.1 | 28.8 |
Total equity | 4,214.3 | 7,688.1 |
Total liabilities and equity | 19,692.6 | 23,518.8 |
Contract with Customer, Asset, Allowance for Credit Loss | $ 1 | $ 2.5 |
Ordinary shares, shares authorized (in shares) | 618,300,000 | 618,300,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 108.9 | $ 95.4 |
Ordinary shares, par value (in dollars) | $ 1 | $ 1 |
Ordinary shares, shares authorized (in shares) | 618,300,000 | 618,300,000 |
Common Stock, Shares, Issued | 447,100,000 | |
Ordinary shares, shares outstanding (in shares) | 449,500,000 | 447,100,000 |
Canceled shares (in shares) | 0 | 4,000,000 |
Ordinary shares, held in employee benefit trust (in shares) | 0 | 100,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash provided (required) by operating activities: | |||
Net income (loss) | $ (3,237.9) | $ (2,412.1) | $ (1,910.8) |
Adjustments to reconcile net income to cash provided (required) by operating activities | |||
Depreciation | 323.5 | 383.5 | 367.8 |
Amortization | 123.7 | 126.1 | 182.6 |
Employee benefit plan and share-based compensation costs | 47.5 | 63.3 | 22.4 |
Deferred income tax provision (benefit), net | (6.7) | (75.4) | 48.8 |
Unrealized loss (gain) on derivative instruments and foreign exchange | (41.2) | 32.5 | 102.7 |
Impairments (Note 17) | 3,287.4 | 2,484.1 | 1,792.6 |
Income from equity affiliates, net of dividends received | (58.1) | (58.8) | (110.7) |
Other | 195.5 | 364.4 | 291.8 |
Changes in operating assets and liabilities, net of effects of acquisitions | |||
Trade receivables, net and contract assets | 348.1 | (39.7) | (664.1) |
Inventories, net | 82.8 | (169.6) | (339.4) |
Accounts payable, trade | 18.4 | 26.1 | (1,248.7) |
Contract liabilities | (75.2) | 520.1 | 762.7 |
Income taxes payable (receivable), net | (52.8) | 12.7 | (190.7) |
Other current assets and liabilities, net | (267.3) | (431.8) | 921.2 |
Other noncurrent assets and liabilities, net | (30.8) | 23.1 | (213.6) |
Cash provided (required) by operating activities | 656.9 | 848.5 | (185.4) |
Cash required by investing activities | |||
Capital expenditures | (291.8) | (454.4) | (368.1) |
Payments to Acquire Investments | (3.9) | (71.6) | 0 |
Proceeds from Sale of Debt Securities, Available-for-sale | 51.5 | 18.9 | 0 |
Payments to Acquire Marketable Securities | (17.9) | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 16 | (104.9) |
Cash received from (used by) divestitures | (8.8) | 2.1 | 6.7 |
Proceeds from sale of assets | 46 | 7.8 | 19.5 |
Proceeds from Collection of Advance to Affiliate | 26.7 | 62 | |
Other | 3.6 | 0 | |
Cash required by investing activities | (180.6) | (419.8) | (460.2) |
Cash required by financing activities | |||
Proceeds from (Repayments of) Short-term Debt less Commercial Paper | (24.4) | (49.6) | (34.9) |
Net increase (decrease) in commercial paper | (554.5) | 57.3 | 496.6 |
Proceeds from issuance of long-term debt | 223.2 | 96.2 | |
Repayments of long-term debt | (423.9) | 0 | 0 |
Purchase of ordinary shares | 92.7 | 442.6 | |
Dividends paid | (59.2) | (232.8) | (238.1) |
Payments related to taxes withheld on share-based compensation | (7.4) | 0 | |
Settlements of mandatorily redeemable financial liability | (224.2) | (562.8) | (225.8) |
Proceeds from (Payments to) Noncontrolling Interests | 11.8 | 0 | 0 |
Cash required by financing activities | (1,082.2) | (784.4) | (444.8) |
Effect of changes in foreign exchange rates on cash and cash equivalents | 223.5 | 5.9 | (107) |
Decrease in cash and cash equivalents | (382.4) | (349.8) | (1,197.4) |
Cash and cash equivalents, beginning of year | 5,190.2 | 5,540 | 6,737.4 |
Cash and cash equivalents, end of year | 4,807.8 | 5,190.2 | 5,540 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest (net of interest capitalized) | 107 | 109.4 | 99 |
Cash paid for income taxes (net of refunds received) | $ 219.7 | $ 374.5 | $ 410.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders Equity € in Millions, $ in Millions | USD ($)$ / shares | EUR (€) | Ordinary Shares IssuedUSD ($) | Ordinary Shares Held In Treasury And Employee Benefit TrustUSD ($) | Capital in Excess of Par Value of Ordinary SharesUSD ($) | Retained EarningsUSD ($) | Accumulated Other Comprehensive Income (Loss)USD ($) | Noncontrolling InterestUSD ($) |
Beginning balance at Dec. 31, 2017 | $ 13,367.4 | $ 465.1 | $ (4.8) | $ 10,483.3 | $ 3,406 | $ (1,003.7) | $ 21.5 | |
Net income (loss) | (1,910.8) | 10.8 | ||||||
Net Income (Loss) Attributable to Parent | (1,921.6) | (1,921.6) | ||||||
Other comprehensive loss | (360.6) | (356) | (4.6) | |||||
Issuance of ordinary shares | (442.8) | (14.8) | (333.5) | (94.5) | ||||
Cash dividends declared ($0.52 per share) (Note 17) | 0.2 | 0.2 | ||||||
Net sales of ordinary shares for employee benefit trust | 2.4 | 2.4 | ||||||
Dividends (Note 15) | (238.1) | € (238.1) | (238.1) | |||||
Share-based compensation (Note 18) | 49.1 | 49.1 | ||||||
Other | 13.5 | (1.9) | (11.9) | 3.5 | ||||
Ending balance at Dec. 31, 2018 | $ 10,388.9 | 450.5 | (2.4) | 10,197 | 1,072.2 | (1,359.7) | 31.3 | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.52 | |||||||
Net income (loss) | $ (2,412.1) | 3.1 | ||||||
Net Income (Loss) Attributable to Parent | (2,415.2) | (2,415.2) | ||||||
Other comprehensive loss | (48.5) | (47.8) | (0.7) | |||||
Issuance of ordinary shares | (92.7) | (4) | (88.7) | |||||
Cash dividends declared ($0.52 per share) (Note 17) | 0.6 | 0.6 | ||||||
Net sales of ordinary shares for employee benefit trust | 2.4 | 2.4 | ||||||
Dividends (Note 15) | (232.8) | € (232.8) | (232.8) | |||||
Share-based compensation (Note 18) | 74.5 | 74.5 | ||||||
Other | 6 | (10.9) | (4.9) | |||||
Ending balance at Dec. 31, 2019 | $ 7,688.1 | 447.1 | 0 | 10,182.8 | (1,563.1) | (1,407.5) | 28.8 | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.52 | |||||||
Stockholders' Equity Attributable to Parent | $ 7,659.3 | |||||||
Net income (loss) | (3,237.9) | 49.7 | ||||||
Net Income (Loss) Attributable to Parent | (3,287.6) | |||||||
Other comprehensive loss | (214.4) | (215) | 0.6 | |||||
Issuance of ordinary shares | 0 | |||||||
Cash dividends declared ($0.52 per share) (Note 17) | (7) | 2.4 | (9.4) | |||||
Dividends (Note 15) | (59.2) | (59.2) | ||||||
Share-based compensation (Note 18) | 69 | 69 | ||||||
Noncontrolling Interest, Increase from Business Combination | 11.5 | 9.4 | 2.1 | |||||
Other | (5) | (11.9) | (16.9) | |||||
Ending balance at Dec. 31, 2020 | $ 4,214.3 | $ 449.5 | $ 0 | $ 10,242.4 | $ (4,915.2) | $ (1,622.5) | $ 60.1 | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.13 | |||||||
Stockholders' Equity Attributable to Parent | $ 4,154.2 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders Equity Consolidated Statements of Changes in Stockholders Equity (Parentheticals) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017€ / shares | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | (per share) | $ 0.13 | $ 0.52 | $ 0.13 | $ 0.52 | $ 0.52 | € 0.52 |
Other Current Assets & Other Cu
Other Current Assets & Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Current Assets & Other Current Liabilities [Abstract] | |
Other Current Assets & Other Current Liabilities | OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES Other current assets consisted of the following: December 31, (In millions) 2020 2019 Value - added tax receivables $ 450.5 $ 395.2 Sundry receivables 179.3 69.6 Prepaid expenses 111.7 66.8 Other taxes receivables 90.1 100.7 Assets held for sale 47.3 25.8 Current financial assets at amortized cost 40.6 42.0 Held-to-maturity investments 24.2 49.7 Other 48.9 113.9 Total other current assets $ 992.6 $ 863.7 Other current liabilities consisted of the following: December 31, (In millions) 2020 2019 Warranty accruals and project contingencies 285.9 310.1 Value - added tax and other taxes payable $ 221.3 $ 240.4 Legal provisions 188.5 183.6 Redeemable financial liability 141.9 129.1 Social security liability 108.9 116.5 Provisions 75.5 86.6 Compensation accrual 54.3 89.6 Current portion of accrued pension and other post-retirement benefits 13.9 14.9 Liabilities classified as held for sale — 9.3 Other accrued liabilities 278.4 314.4 Total other current liabilities $ 1,368.6 $ 1,494.5 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Cash dividends paid during the years ended December 31, 2020, 2019 and 2018 were $59.2 million, $232.8 million and $238.1 million, respectively. In April 2020, our Board of Directors announced its decision to lower the annual dividend by 75% to $0.13 per share. As an English public limited company, we are required under U.K. law to have available “distributable reserves” to conduct share repurchases or pay dividends to shareholders. Distributable reserves are a statutory requirement and are not linked to a GAAP reported amount (e.g. retained earnings). The declaration and payment of dividends require the authorization of our Board of Directors, provided that such dividends on issued share capital may be paid only out of our “distributable reserves” on our statutory balance sheet. Therefore, we are not permitted to pay dividends out of share capital, which includes share premium. On November 27, 2019, we redeemed 50,000 redeemable shares of £1 each and cancelled one deferred ordinary share of £1 in the capital of TechnipFMC. The following is a summary of our capital stock activity for the years ended December 31, 2020, 2019 and 2018: (Number of shares in millions) Ordinary Ordinary Shares Treasury Stock December 31, 2017 465.1 — — Stock awards 0.2 — — Treasury stock purchases — — 14.8 Treasury stock cancellation (14.8) — (14.8) Net stock purchased for employee benefit trust — 0.1 — December 31, 2018 450.5 0.1 — Stock awards 0.6 — — Treasury stock purchases — — 4.0 Treasury stock cancellation (4.0) — (4.0) Net stock purchased for employee benefit trust — (0.1) — December 31, 2019 447.1 — — Stock awards 2.4 — — December 31, 2020 449.5 — — In 2017, the Board of Directors authorized a share repurchase program of up to $500.0 million in ordinary shares. In December 2018, the Board of Directors authorized an extension of the share repurchase program of up to $300.0 million of additional shares. During the years ended December 31, 2020, 2019 and 2018, we repurchased $0.0 million, $92.7 million and $442.8 million of shares, respectively. As of December 31, 2020, we had $207.8 million of shares authorized for repurchase. Repurchased shares are canceled and not held in treasury. Canceled treasury shares are accounted for using the constructive retirement method. Accumulated other comprehensive income (loss) - Accumulated other comprehensive income (loss) consisted of the following: (In millions) Foreign Currency Hedging Defined Pension Accumulated Other Accumulated Other December 31, 2018 $ (1,234.4) $ (32.9) $ (92.4) $ (1,359.7) $ (4.0) Other comprehensive income (loss) before reclassifications, net of tax 16.3 8.9 (82.2) (57.0) (0.7) Reclassification adjustment for net (gains) losses included in net income, net of tax (12.0) 18.2 3.0 9.2 — Other comprehensive income (loss), net of tax 4.3 27.1 (79.2) (47.8) (0.7) December 31, 2019 (1,230.1) (5.8) (171.6) (1,407.5) (4.7) Other comprehensive income (loss) before reclassifications, net of tax (171.1) 26.8 (92.9) (237.2) 0.6 Reclassification adjustment for net (gains) losses included in net income, net of tax — 13.0 9.2 22.2 — Other comprehensive income (loss), net of tax (171.1) 39.8 (83.7) (215.0) 0.6 December 31, 2020 $ (1,401.2) $ 34.0 $ (255.3) $ (1,622.5) $ (4.1) Reclassifications out of accumulated other comprehensive income (loss) - Reclassifications out of accumulated other comprehensive income (loss) consisted of the following: Year Ended December 31, (In millions) 2020 2019 2018 Details about Accumulated Other Comprehensive Loss Components Amount Reclassified out of Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Income Gains on foreign currency translation $ — $ 12.0 $ 41.1 Other income (expense), net Gains (losses) on hedging instruments Foreign exchange contracts $ (83.7) $ (26.6) $ (2.4) Revenue 68.5 12.0 3.4 Costs of sales (0.4) — (0.1) Selling, general and administrative expense (4.4) (9.1) 1.0 Other Income (expense), net (20.0) (23.7) 1.9 Income (loss) before income taxes (7.0) (5.5) (0.1) Provision (benefit) for income taxes $ (13.0) $ (18.2) $ 2.0 Net income (loss) Pension and other post-retirement benefits Settlements and curtailments (2.2) (0.3) 3.0 (a) Amortization of actuarial gain (loss) (9.0) (2.5) (0.6) (a) Amortization of prior service credit (cost) (1.2) (1.0) (1.3) (a) (12.4) (3.8) 1.1 Income (loss) before income taxes (3.2) (0.8) 0.1 Provision (benefit) for income taxes $ (9.2) $ (3.0) $ 1.0 Net income (loss) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 22 for further details). |
Other Current Assets & Other _2
Other Current Assets & Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Current Assets & Other Current Liabilities [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: December 31, (In millions) 2020 2019 Value - added tax receivables $ 450.5 $ 395.2 Sundry receivables 179.3 69.6 Prepaid expenses 111.7 66.8 Other taxes receivables 90.1 100.7 Assets held for sale 47.3 25.8 Current financial assets at amortized cost 40.6 42.0 Held-to-maturity investments 24.2 49.7 Other 48.9 113.9 Total other current assets $ 992.6 $ 863.7 |
Other Current Liabilities | Other current liabilities consisted of the following: December 31, (In millions) 2020 2019 Warranty accruals and project contingencies 285.9 310.1 Value - added tax and other taxes payable $ 221.3 $ 240.4 Legal provisions 188.5 183.6 Redeemable financial liability 141.9 129.1 Social security liability 108.9 116.5 Provisions 75.5 86.6 Compensation accrual 54.3 89.6 Current portion of accrued pension and other post-retirement benefits 13.9 14.9 Liabilities classified as held for sale — 9.3 Other accrued liabilities 278.4 314.4 Total other current liabilities $ 1,368.6 $ 1,494.5 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018: (Number of shares in millions) Ordinary Ordinary Shares Treasury Stock December 31, 2017 465.1 — — Stock awards 0.2 — — Treasury stock purchases — — 14.8 Treasury stock cancellation (14.8) — (14.8) Net stock purchased for employee benefit trust — 0.1 — December 31, 2018 450.5 0.1 — Stock awards 0.6 — — Treasury stock purchases — — 4.0 Treasury stock cancellation (4.0) — (4.0) Net stock purchased for employee benefit trust — (0.1) — December 31, 2019 447.1 — — Stock awards 2.4 — — December 31, 2020 449.5 — — |
Schedule of accumulated other comprehensive loss | Accumulated other comprehensive income (loss) - Accumulated other comprehensive income (loss) consisted of the following: (In millions) Foreign Currency Hedging Defined Pension Accumulated Other Accumulated Other December 31, 2018 $ (1,234.4) $ (32.9) $ (92.4) $ (1,359.7) $ (4.0) Other comprehensive income (loss) before reclassifications, net of tax 16.3 8.9 (82.2) (57.0) (0.7) Reclassification adjustment for net (gains) losses included in net income, net of tax (12.0) 18.2 3.0 9.2 — Other comprehensive income (loss), net of tax 4.3 27.1 (79.2) (47.8) (0.7) December 31, 2019 (1,230.1) (5.8) (171.6) (1,407.5) (4.7) Other comprehensive income (loss) before reclassifications, net of tax (171.1) 26.8 (92.9) (237.2) 0.6 Reclassification adjustment for net (gains) losses included in net income, net of tax — 13.0 9.2 22.2 — Other comprehensive income (loss), net of tax (171.1) 39.8 (83.7) (215.0) 0.6 December 31, 2020 $ (1,401.2) $ 34.0 $ (255.3) $ (1,622.5) $ (4.1) |
Reclassification out of accumulated other comprehensive income | Reclassifications out of accumulated other comprehensive income (loss) - Reclassifications out of accumulated other comprehensive income (loss) consisted of the following: Year Ended December 31, (In millions) 2020 2019 2018 Details about Accumulated Other Comprehensive Loss Components Amount Reclassified out of Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Income Gains on foreign currency translation $ — $ 12.0 $ 41.1 Other income (expense), net Gains (losses) on hedging instruments Foreign exchange contracts $ (83.7) $ (26.6) $ (2.4) Revenue 68.5 12.0 3.4 Costs of sales (0.4) — (0.1) Selling, general and administrative expense (4.4) (9.1) 1.0 Other Income (expense), net (20.0) (23.7) 1.9 Income (loss) before income taxes (7.0) (5.5) (0.1) Provision (benefit) for income taxes $ (13.0) $ (18.2) $ 2.0 Net income (loss) Pension and other post-retirement benefits Settlements and curtailments (2.2) (0.3) 3.0 (a) Amortization of actuarial gain (loss) (9.0) (2.5) (0.6) (a) Amortization of prior service credit (cost) (1.2) (1.0) (1.3) (a) (12.4) (3.8) 1.1 Income (loss) before income taxes (3.2) (0.8) 0.1 Provision (benefit) for income taxes $ (9.2) $ (3.0) $ 1.0 Net income (loss) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 22 for further details). |
Other Current Assets & Other _3
Other Current Assets & Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Assets & Other Current Liabilities [Abstract] | ||
Value Added Tax Receivable, Current | $ 450.5 | $ 395.2 |
Sundry Receivables | 179.3 | 69.6 |
Prepaid Expense, Current | 111.7 | 66.8 |
Deferred Income Taxes and Other Tax Receivable, Current | 90.1 | 100.7 |
Debt Securities, Held-to-maturity, Current | 24.2 | 49.7 |
Other Assets, Miscellaneous, Current | 48.9 | 113.9 |
Other Assets, Current | 992.6 | 863.7 |
Estimated Litigation Liability, Current | 188.5 | 183.6 |
Product Warranty Accrual, Current | 285.9 | 310.1 |
Accrual for Taxes Other than Income Taxes, Current | 221.3 | 240.4 |
Redeemable Financial Liability | 141.9 | 129.1 |
Provisions for Restructuring, Insurance Claims, and Other | 75.5 | 86.6 |
Social security liability current | 108.9 | 116.5 |
Deferred Compensation Liability, Current | 54.3 | 89.6 |
Liabilities Held For Sale, Current | 0 | 9.3 |
Accrued Employee Benefits, Current | 13.9 | 14.9 |
Other Accrued Liabilities, Current | 278.4 | 314.4 |
Other Liabilities, Current | 1,368.6 | 1,494.5 |
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | 47.3 | 25.8 |
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $ 40.6 | $ 42 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)shares | Dec. 11, 2018USD ($) | Apr. 25, 2017USD ($) | |
Stockholders' Equity Note [Abstract] | |||
Dividends | $ 59,200,000 | ||
Stock repurchase program, authorized amount | $ | $ 207,800,000 | $ 300,000,000 | $ 500,000,000 |
Canceled shares (in shares) | shares | 0 |
Stockholders' Equity (Capital S
Stockholders' Equity (Capital Stock Activity) (Details) - shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ordinary shares, shares outstanding (in shares) | 449.5 | 447.1 | ||
Ordinary Shares Issued | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ordinary shares, shares outstanding (in shares) | 449.5 | 447.1 | 450.5 | 465.1 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 2.4 | 0.6 | 0.2 | |
Treasury Stock, Shares, Retired | (4) | (14.8) | ||
Ordinary Shares Held in Employee Benefit Trust | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ordinary shares, shares outstanding (in shares) | 0.1 | |||
Stock Issued During Period, Shares, New Issues | 0.1 | (0.1) | ||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Treasury Stock, Shares, Acquired | 4 | 14.8 | ||
Treasury Stock, Shares, Retired | (4) | (14.8) |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 7,688.1 | $ 10,388.9 | $ 13,367.4 |
Other comprehensive income (loss), net of tax | (214.4) | (48.5) | (360.6) |
Ending balance | 4,214.3 | 7,688.1 | 10,388.9 |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,230.1) | (1,234.4) | |
Other comprehensive income (loss) before reclassifications, net of tax | (171.1) | 16.3 | |
Reclassification adjustment for net (gains) losses included in net income, net of tax | (12) | (41.1) | |
Other comprehensive income (loss), net of tax | (171.1) | 4.3 | |
Ending balance | (1,401.2) | (1,230.1) | (1,234.4) |
Hedging | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (5.8) | (32.9) | |
Other comprehensive income (loss) before reclassifications, net of tax | 26.8 | 8.9 | |
Reclassification adjustment for net (gains) losses included in net income, net of tax | 13 | 18.2 | |
Other comprehensive income (loss), net of tax | 39.8 | 27.1 | |
Ending balance | 34 | (5.8) | (32.9) |
Defined Pension and Other Post-Retirement Benefits | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (171.6) | (92.4) | |
Other comprehensive income (loss) before reclassifications, net of tax | (92.9) | (82.2) | |
Reclassification adjustment for net (gains) losses included in net income, net of tax | 9.2 | 3 | |
Other comprehensive income (loss), net of tax | (83.7) | (79.2) | |
Ending balance | (255.3) | (171.6) | (92.4) |
Accumulated Other Comprehensive Loss Attributable to TechnipFMC plc | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (1,407.5) | (1,359.7) | |
Other comprehensive income (loss) before reclassifications, net of tax | (237.2) | (57) | |
Reclassification adjustment for net (gains) losses included in net income, net of tax | 22.2 | 9.2 | |
Other comprehensive income (loss), net of tax | (215) | (47.8) | |
Ending balance | (1,622.5) | (1,407.5) | (1,359.7) |
Accumulated Other Comprehensive Loss Attributable to Non-Controlling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (4.7) | (4) | |
Other comprehensive income (loss) before reclassifications, net of tax | 0.6 | (0.7) | |
Other comprehensive income (loss), net of tax | 0.6 | (0.7) | |
Ending balance | $ (4.1) | $ (4.7) | $ (4) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Revenues | $ (13,050.6) | $ (13,409.1) | $ (12,552.9) | ||
Selling, general and administrative expense | (1,066.2) | (1,228.1) | (1,140.6) | ||
Other income (expense), net | 31.1 | (220.7) | (323.9) | ||
Loss before income taxes | [1] | (3,084.5) | (2,135.8) | (1,488.1) | |
Provision (benefit) for income taxes | 153.4 | 276.3 | 422.7 | ||
Net income (loss) | (3,237.9) | (2,412.1) | (1,910.8) | ||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Provision (benefit) for income taxes | (3.2) | (0.8) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Other income (expense), net | 0 | 12 | 41.1 | ||
Defined pension and other post-retirement benefits | Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Loss before income taxes | (12.4) | (3.8) | 1.1 | ||
Provision (benefit) for income taxes | 0.1 | ||||
Net income (loss) | (9.2) | (3) | 1 | ||
Settlements and curtailments | 2.2 | 0.3 | 3 | [2] | |
Amortization of actuarial gain (loss) | 9 | 2.5 | 0.6 | [2] | |
Amortization of prior service credit (cost) | (1.2) | (1) | (1.3) | [2] | |
Foreign exchange contract | Hedging | Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income (loss) | (13) | (18.2) | 2 | ||
International | Pensions | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Settlements and curtailments | 0.8 | 0.3 | (3.4) | ||
Amortization of actuarial gain (loss) | 2.1 | 0.7 | 0.6 | ||
Amortization of prior service credit (cost) | (1.2) | (1) | (1.3) | ||
Cash flow hedging | Foreign exchange contract | Hedging | Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Revenues | 83.7 | 26.6 | 2.4 | ||
Costs of sales | 68.5 | 12 | 3.4 | ||
Selling, general and administrative expense | (0.4) | 0 | (0.1) | ||
Other income (expense), net | (4.4) | (9.1) | 1 | ||
Loss before income taxes | (20) | (23.7) | 1.9 | ||
Provision (benefit) for income taxes | $ (7) | $ (5.5) | $ (0.1) | ||
[1] | Includes amounts attributable to non-controlling interests. | ||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 22 for further details). |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2019Rate | Dec. 31, 2018Rate | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Weighted Average Discount Rate | 15.00% | ||
Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Weighted Average Discount Rate | 12.50% | 12.00% | |
Market Multiple | 600.00% | 700.00% | |
Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Weighted Average Discount Rate | 15.00% | 13.00% | |
Market Multiple | 850.00% | 850.00% |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations - TechnipFMC plc and consolidated subsidiaries (“TechnipFMC,” “we,” “us” or “our”) is a global leader in oil and gas projects, technologies, systems and services through our business segments: Subsea, Technip Energies and Surface Technologies. We have manufacturing operations worldwide, strategically located to facilitate delivery of our products, systems and services to our customers. On February 16, 2021, we completed the separation of Technip Energies segment (the “Spin-off”). Subsequent to the Spin-off, we will operate under two reporting segments: Subsea and Surface Technologies. In this Annual Report on Form 10-K, we are reporting the results of our operations for the year ended December 31, 2020. Beginning in the first quarter of 2021, Technip Energies’ historical financial results for periods prior to the Spin-off will be reflected in our consolidated financial statements as discontinued operations. Basis of presentation - Our consolidated financial statements were prepared in U.S. dollars and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to annual financial information. 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. Principles of consolidation - The consolidated financial statements include the accounts of TechnipFMC 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 of fair value in business combinations and estimates related to income taxes. Investments in the common stock of unconsolidated affiliates - The equity method of accounting is used to account for investments in unconsolidated affiliates where we have the ability to exert significant influence over the affiliates’ operating and financial policies. We measure equity investments not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For certain construction joint ventures, we use the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues and expenses are included in the appropriate classifications in the consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. 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 subjectively 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. Investments in which ownership is less than 20% or that do not represent significant investments are reported in other assets in the consolidated balance sheets. Where no active market exists and where no other valuation method can be used, these financial assets are maintained at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We determine whether investments involve a variable interest entity (“VIE”) based on the characteristics of the subject entity. If the entity is determined to be a VIE, then management determines if we are the primary beneficiary of the entity and whether or not consolidation of the VIE is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb significant losses of or the right to receive significant benefits from the VIE. If we are deemed to be the primary beneficiary, the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a non-controlling interest. Our unconsolidated VIEs are accounted for using the equity method of accounting. Business combinations - Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. The purchase price is allocated to the acquired assets, assumed liabilities and identifiable intangible assets based on their estimated fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Transaction related costs are expensed as incurred. Leases - The majority of our leases are operating leases. We account for leases in accordance with Accounting Standard Codification (“ASC”)Topic 842, Leases, which we adopted on January 1, 2019 using the modified retrospective method. See Note 5 for further details. Revenue recognition - The majority of our revenue is derived from long-term contracts that can span several years. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018, using the modified retrospective method. See Note 6 for further details. Contract costs to obtain a contract - Our incremental direct costs of obtaining a contract are deferred and amortized over the period of contract performance or a longer period, generally the estimated life of the customer relationship, if renewals are expected and the renewal commission is not commensurate with the initial commission. We classify deferred commissions as current or noncurrent based on the timing of when we expect to recognize the expense. The current and noncurrent portions of deferred commissions are included in other current assets and other assets , respectively, in our consolidated balance sheets. Amortization of deferred commissions is included in selling, general and administrative expenses in our consolidated statements of income. Cash equivalents - Cash equivalents are highly-liquid, short-term investments 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 receivables equal to the estimated uncollectible amounts and is calculated based on loss rates from historical data. We develop loss-rate statistics on the basis of the amount written off over the life of the receivable and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses. Inventories - Inventories are stated at the lower of cost or net realizable value, except as it relates to inventory measured using the last-in, first-out (“LIFO”) method, for which the inventories are stated at the lower of cost or market. Inventory costs include those costs directly attributable to products, including all manufacturing overhead, but excluding costs to distribute. Cost for a significant portion of the U.S. domiciled inventories is determined on the LIFO method. The first-in, first-out (“FIFO”) or weighted average methods are used to determine the cost for the remaining inventories. Write-down of inventories is recorded when the net realizable value of inventories is lower than their net book value. 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 (vessels - 10 to 30 years; buildings - 10 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 an asset group 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 classified as held for sale are reported at the lower of carrying value or fair value less cost to sell. Goodwill - Goodwill is not subject to amortization but is tested for impairment on an annual basis (or more frequently if impairment indicators arise) by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. A reporting unit is defined as an operating segment or one level below the operating segment. We have established October 31 as the date of our annual test for impairment of goodwill. Reporting units with goodwill are tested for impairment using a quantitative impairment test known as the income approach, which estimates fair value by discounting each reporting unit’s estimated future cash flows using a weighted-average cost of capital that reflects current market conditions and the risk profile of the reporting unit. To arrive at our future cash flows, we use estimates of economic and market assumptions, including growth rates in revenues, costs, estimates of future expected changes in operating margins, tax rates and cash expenditures. Future revenues are also adjusted to match changes in our business strategy. If the fair value of the reporting unit is less than its carrying amount as a result of this method, then an impairment loss is recorded. A lower fair value estimate in the future for any of our reporting units could result in goodwill impairments. Factors that could trigger a lower fair value estimate include sustained price declines of the reporting unit’s products and services, cost increases, regulatory or political environment changes, changes in customer demand, and other changes in market conditions, which may affect certain market participant assumptions used in the discounted future cash flow model. Intangible assets - Our acquired intangible assets are generally amortized on a straight-line basis over their estimated useful lives, which generally range from 2 to 20 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. Capitalized software costs are recorded at cost. Capitalized software costs include 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. For internal use software, the useful lives range fro m 3 to 10 years. For Internet website costs, the estimated useful lives do not exceed 3 years. Research and development expense is expensed as incurred. Research and development expense includes improvement of existing products and services, design and development of new products and services and test of new technologies. Debt instruments - Debt instruments include synthetic bonds, senior and private placement notes and other borrowings. Issuance fees and redemption premium on debt instruments are included in the cost of debt in the consolidated balance sheets, as an adjustment to the nominal amount of the debt. Loan origination costs for revolving credit facilities are recorded as an asset and amortized over the life of the underlying debt. Fair value measurements - 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 measured at fair value into three levels based upon the assumptions (inputs) used to price the assets or liabilities, with the exception of certain assets and liabilities measured using the net asset value practical expedient, which are not required to be leveled. 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 basis 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. 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. 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. Share-based compensation - The measurement of share-based compensation expense on restricted share awards and performance share awards is based on the market price at the grant date and the number of shares awarded. We use Black-Scholes options pricing model to measure the fair value of stock options granted on or after January 1, 2017. The stock-based compensation expense for each award is recognized ratably over the applicable service period or the period beginning at the start of the service period and ending when an employee becomes eligible for retirement, after taking into account estimated forfeitures. Earnings per ordinary share (“EPS”) - Basic EPS is computed using the weighted-average number of ordinary shares outstanding during the year. We use the treasury stock method to compute diluted EPS which gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for awards granted under our incentive compensation and stock plan. The treasury stock method assumes proceeds that would be obtained upon exercise of awards granted under our incentive compensation and stock plan are used to purchase outstanding ordinary shares at the average market price during the period. Foreign currency - Financial statements of operations for which the U.S. dollar is not the functional currency, and which 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 highly inflationary economies are included in interest income or expense. For certain committed and anticipated future cash flows and recognized assets and liabilities which are denominated in a foreign currency, we may choose to manage our risk against changes in the exchange rates, when compared against the functional currency, through the economic netting of exposures instead of derivative instruments. Cash outflows or liabilities in a foreign currency are matched against cash inflows or assets in the same currency, such that movements in exchange rates will result in offsetting gains or losses. Due to the inherent unpredictability of the timing of cash flows, gains and losses in the current period may be economically offset by gains and losses in a future period. All gains and losses are recorded in our consolidated statements of income in the period in which they are incurred. Gains and losses from the remeasurement of assets and liabilities are recognized in other income (expense), net. During 2018, Argentina’s three year cumulative inflation rate exceeded 100% based on published inflation data, and effective July 1, 2018, Argentina’s currency was considered highly inflationary. Our local operations in Argentina use U.S. dollars as the functional currency and both monetary and non-monetary assets and liabilities denominated in Argentina pesos were remeasured into U.S. dollars with gains and losses resulting from foreign currency transactions included in current results of operations. This event did not have a material impact on TechnipFMC’s consolidated financial statements. 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 recorded in 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 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. Reclassifications - Certain prior-year amounts have been reclassified to conform to the current year’s presentation. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards under GAAP Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” This update modifies the disclosure requirement on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. The adoption of this update concerns presentation and disclosure only as it relates to our consolidated financial statements. See Note 24 for our fair value measurements disclosure. Effective January 1, 2020, we adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” This update requires that the implementation costs incurred in a cloud computing arrangement under a service contract are deferred, not capitalized. The adoption of this update did not have a material impact on our consolidated financial statements. Effective January 1, 2020, we adopted ASU No. 2018-18, “Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and Topic 606.” This update clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. The adoption of this update concerns presentation and disclosure only with no material impact to our consolidated financial statements. Effective January 1, 2020, we adopted ASU No. 2019-04, “Codification Improvements to • Topic 326, Financial Instruments—Credit Losses; • Topic 815, Derivatives and Hedging; and • Topic 825, Financial Instruments .” The update clarifies and improves areas of guidance related to the recently issued standards including • ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities”; • ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”; and • ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The adoption of this update concerns presentation and disclosure only with no material impact to our consolidated financial statements. Adoption of ASU No. 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Effective January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” This ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The guidance applies to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. In June 2016, the Financial Accounting Standards Board (“FASB”) issued an update of the ASU to provide a practical expedient for transition and targeted improvements. We adopted Topic 326 using a modified retrospective transition method through a cumulative-effect adjustment to beginning retained earnings in the period of adoption. The effect of adopting Topic 326 was an increase in accumulated deficit of $7.8 million, which includes a $2.1 million increase in noncurrent deferred tax assets, with a corresponding decrease in trade receivables, loans, and debt notes receivable. Financial assets at amortized cost include trade receivables, loans issued to third or related parties, and held to maturity debt securities. These financial assets were presented under other current assets or other assets, as applicable. Contract assets are subject to the credit losses standard per revenue recognition standard. Trade receivables and contract assets constitute a homogeneous portfolio, and therefore, to measure the expected credit losses, trade receivables and contract assets have been grouped together. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. We have therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The following table summarizes the balances of financial assets and non-financial assets at amortized cost as of January 1, 2020: (In millions) As reported as of December 31, 2019 Impact of ASC 326 Balance as of January 1, 2020 Trade receivables, net $ 2,287.1 $ (3.8) $ 2,283.3 Loans receivable, net 138.5 (1.5) 137.0 Security deposits and other, net 36.6 (1.0) 35.6 Held-to-maturity Debt securities at amortized cost 71.9 (1.1) 70.8 Total financial assets $ 2,534.1 $ (7.4) $ 2,526.7 Non-financial assets Contract assets, net $ 1,520.0 $ (2.5) $ 1,517.5 We manage our receivables portfolios using published default risk as a key credit quality indicator for our loans and receivables. Our loans receivable and security deposits were related to sales of long-lived assets or businesses, loans to related parties for capital expenditure purposes, or security deposits for lease arrangements. We manage our held-to-maturity debt securities using published credit ratings as a key credit quality indicator as our held-to-maturity debt securities consist of government bonds. The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is updated as of December 31, 2020. (In millions) Year of origination Balance as of December 31, 2020 Loans receivables, security deposits and other Moody’s rating Ba2 2019 $ 133.0 Debt securities at amortized cost Moody’s rating B3 2019 23.7 Total financial assets $ 156.7 Credit Losses For contract assets and trade receivables, we have elected to calculate an expected credit loss based on loss rates from historical data. We develop loss-rate statistics on the basis of the amount written off over the life of the financial assets and contract assets and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses. For short-term notes receivable an expected credit loss is calculated assuming the maximum possible loss in the event of a default (that is, the loan is fully drawn and no amount is recovered). Management established a probability of default based on the counterparty’s credit risk as determined by external credit rating agencies and the maximum loss given default (average recovery rate of sovereign bond issuers as published by credit rating agencies). Based on these factors we determine the expected credit loss for our short-term loans receivable. For held-to-maturity debt securities at amortized cost, we evaluate whether the debt securities are considered to have low credit risk at the reporting date using available, reasonable, and supportable information. The table below shows the roll-forward of allowance for credit losses for the year ended December 31, 2020. Balance as of December 31, 2020 (In millions) Trade receivables Contract assets Loans receivable Security deposit and other Held-to-maturity debt securities Beginning balance in allowance for credit losses $99.2 $5.0 $9.5 $1.6 $1.1 Current period provision for expected credit losses 54.3 (0.2) (0.1) 0.9 (0.6) Write-offs charged against the allowance (46.9) — — — — Recoveries 2.3 (3.8) (0.9) (1.4) — Ending balance in the allowance for credit losses $ 108.9 $ 1.0 $ 8.5 $ 1.1 $ 0.5 Other than certain trade receivables due in one year or less, we do not have any financial assets that are past due or are on non-accrual status. Recently Issued Accounting Standards under GAAP In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The amendments in this update are required to be adopted retrospectively. We adopted this amendment as of January 1, 2021. The adoption of this update did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “ Income Taxes to Topic 740—Simplifying the Accounting for Income Taxes.” The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. This update also improves and simplifies areas of generally accepted accounting principles (GAAP) for which costs and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. We adopted this amendment as of January 1, 2021. The adoption of this update did not have a material impact on our consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, " Investments—Equity Securities (Topic 321),” “Investments—Equity Method and Joint Ventures (Topic 323),” and “Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” and made targeted improvements to address certain aspects of accounting for financial instruments. This update clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The new ASU also clarifies that, when determining the accounting for certain forward contracts and purchased options, a company should not consider whether underlying securities would be accounted for under the equity method or fair value option upon settlement or exercise. We adopted this amendment as of January 1, 2021. The adoption of this update did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848),” |
Business Combination Transactio
Business Combination Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Transactions | BUSINESS COMBINATION AND OTHER TRANSACTIONS On October 7, 2020, we signed a Memorandum of Understanding with McPhy Energy S.A. (“McPhy”), a leading manufacturer and supplier of carbon-free hydrogen production and distribution equipment, pursuant to which we will jointly work on technology development and project implementation. In October 2020, we subscribed to 638,297 shares for €15 million that represents 2.29% of McPhy’s capital. The investment was recorded at the fair value. On December 30, 2019, we completed the acquisition of the remaining 50% interest in Technip Odebrecht PLSV CV (“TOP CV”). TOP CV was formed as a joint venture between Technip SA and Ocyan SA to provide pipeline installation ships to Petroleo Brasileiro SA (“Petrobras”) for their work in oil and gas fields offshore Brazil with results reported in our Subsea segment using the equity method of accounting. Subsequent to this transaction the investment became a fully consolidated entity. In connection with the acquisition, we acquired $391.0 million in assets, including two vessels valued at $335.2 million. In addition, we assumed $239.9 million of liabilities, including a $203.1 million term loan. As a result of the acquisition, we recorded a net loss of $0.9 million. The net loss on acquisition was comprised of the impairment charge of $84.2 million and a gain on bargain purchase of $83.3 million included within restructuring and other charges in our consolidated statement of income. In February 2018, we signed an agreement with the Island Offshore Group to acquire a 51% stake in Island Offshore’s wholly-owned subsidiary, Island Offshore Subsea AS. Island Offshore Subsea AS provides RLWI project management and engineering services for plug and abandonment (“P&A”), riserless coiled tubing, and well completion operations. In connection with the acquisition of the controlling interest, TechnipFMC and Island Offshore entered into a strategic cooperation agreement to deliver RLWI services on a worldwide basis, which also include TechnipFMC’s RLWI capabilities. Island Offshore Subsea AS has been rebranded to TIOS AS and is now the operating unit for TechnipFMC’s RLWI activities worldwide. The acquisition was completed on April 18, 2018 for total cash consideration of $42.4 million. As a result of the acquisition, we recorded a redeemable financial liability equal to the fair value of a written put option and a goodwill of $85.0 million. On July 18, 2018, we entered into a share sale and purchase agreement with POC Holding Oy to sell 100% of the outstanding shares of Technip Offshore Finland Oy. The total pre-tax gain recognized in 2018 was $27.8 million. Additional acquisitions, including purchased interests in equity method investments, during 2018 totaled $62.5 million in consideration paid. |
Separation Transaction (Notes)
Separation Transaction (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Separation Transaction [Abstract] | |
Spin-off [Text Block] | SEPARATION TRANSACTION On August 26, 2019, we announced our intention to separate into two diversified pure-play market leaders – TechnipFMC, focused on subsea and surface hydrocarbon production, and Technip Energies, focused on downstream engineering, procurement, and construction project execution. Due to the COVID-19 pandemic, a significant decline in commodity prices, and the heightened volatility in global equity markets, on March 15, 2020, we announced the postponement of the completion of the transaction until the markets sufficiently recover. On January 7, 2021, we announced the resumption of activity toward completion of the transaction based on increased clarity in the market outlook and our demonstrated ability to successfully execute projects. On February 16, 2021, we completed the separation of the Technip Energies business segment. The transaction was structured as a spin-off (the “Spin-off”), which occurred by way of a pro rata dividend (the “Distribution”) to our shareholders of 50.1 percent of the outstanding shares in Technip Energies N.V. Each of our shareholders received one ordinary share of Technip Energies N.V. for every five ordinary shares of TechnipFMC held at 5:00 p.m., New York City time on the record date, February 17, 2021. Technip Energies N.V. is now an independent public company and its shares trade under the ticker symbol “TE” on the Euronext Paris stock exchange. In connection with the Spin-off, on January 7, 2021, Bpifrance Participations SA (“BPI”), which has been one of our substantial shareholders since 2009, entered into a share purchase agreement with us (the “Share Purchase Agreement”) pursuant to which BPI agreed to purchase a portion of our retained stake in Technip Energies N.V. (the “BPI Investment”) for $200.0 million (the “Purchase Price”). On February 25, 2021, BPI paid $200.0 million in connection with the Share Purchase Agreement. The Purchase Price is subject to adjustment, and BPI’s ownership stake will be determined based upon a thirty day volume-weighted average price of Technip Energies N.V.’s shares (with BPI’s ownership collared between an 11.82 percentage floor and a 17.25 percentage cap), less a six percent discount. The BPI Investment is subject to customary conditions and regulatory approval. We intend to significantly reduce our shareholding in Technip Energies N.V. over the 18 months following the Spin-off, including in connection with the sale of shares to BPI pursuant to the BPI Investment. Beginning in the first quarter of 2021, Technip Energies’ historical financial results for periods prior to the Distribution will be reflected in our consolidated financial statements as discontinued operations, as the Spin-off represented a strategic shift that will have a major impact to our operations and consolidated financial statements. Following the completion of the Spin-off, we elected to apply a fair value option to account for our equity method investment in Technip Energies N.V. During the years ended December 31, 2020 and 2019, we incurred $39.5 million and $72.1 million of separation costs associated with the Spin-off transaction, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES Lessee Arrangements We lease real estate, including land, buildings and warehouses, machinery/equipment, vessels, vehicles, and various types of manufacturing and data processing equipment, from a lessee perspective. Leases of real estate generally provide for payment of property taxes, insurance, and repairs by us. Substantially all our leases are classified as operating leases. We determine if an arrangement is a lease at inception by assessing whether an identified asset exists and if we have the right to control the use of the identified asset. Operating leases are included in Operating lease right-of-use assets, Operating lease liabilities (current), and Operating lease liabilities (non-current) in our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term. With the exception of rare cases in which the implicit rate is readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Operating lease right-of-use assets also includes any lease prepayments made and excludes lease incentives we received from the lessor. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Several of our leases provide for certain guarantees of residual value. We estimate and include in the determination of lease payments any amount probable of being owed under these residual value guarantees. Lease terms within our lessee arrangements may include options to extend/renew or terminate the lease and/or purchase the underlying asset when it is reasonably certain that we will exercise that option. TechnipFMC applies a portfolio approach by asset class to determine lease term renewals. The leases within these portfolios are categorized by asset class and have initial lease terms that vary depending on the asset class. The renewal terms range from 60 days to 5 years for asset classes such as temporary residential housing, forklifts, vehicles, vessels, office and IT equipment, and tool rentals, and up to 15 years or more for commercial real estate. Short-term leases with an initial term of 12 months or less that do not include a purchase option are not recorded on the balance sheet. Lease costs for short-term leases are recognized on a straight-line basis over the lease term and amounts related to short-term leases are disclosed within our financial statements. TechnipFMC has variable lease payments, including adjustments to lease payments based on an index or rate (such as the Consumer Price Index), fair value adjustments to lease payments, and common area maintenance, real estate taxes, and insurance payments in triple-net real estate leases. Variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are included when measuring consideration within our lease arrangements using the payments’ base rate or index. Variable payments that do not depend on an index or rate are recognized in the consolidated income statements and are disclosed as “variable lease costs” in the period they are incurred. We adopted the practical expedient to not separate lease and non-lease components for all asset classes except for vessels, which have significant non-lease components. TechnipFMC currently subleases certain of its leased real estate and vessels to third parties. The following table is a summary of the Company’s components of net lease cost for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease costs including variable costs $ 312.1 $ 362.4 Short-term lease costs 13.7 20.8 Less: sublease income 7.3 8.9 Net lease cost $ 318.5 $ 374.3 Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 314.2 $ 384.7 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 535.9 $ 125.4 Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 is as follows: December 31, (In millions, except lease term and discount rate) 2020 2019 Weighted average remaining lease term Operating leases 11.8 years 7.5 years Finance leases 0.6 years $ — Weighted average discount rate Operating leases 5.1 % 4.4 % Finance leases 2.1 % — % Maturities of operating lease liabilities as of December 31, 2020 are as follows: (In millions) Operating Leases 2021 $ 252.5 2022 191.5 2023 137.1 2024 117.6 2025 79.2 Thereafter 471.4 Total lease payments 1,249.3 Less: Imputed interest (a) 121.3 Total lease liabilities (b) $ 1,128.0 Note: For leases that commenced prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Calculated using the interest rate for each lease. (b) Includes the current portion of $247.0 million for operating leases. In December 2020, TechnipFMC sold its leased office building at Gremp Campus in Houston, Texas on behalf of the existing lessor to Oak Street Real Estate Capital, LLC (“New Lessor”). TechnipFMC also sold the land underneath Gremp Campus which the Company owned to the New Lessor. TechnipFMC concurrently executed a new lease agreement for both land and the office building (collectively, “Gremp Campus Properties”) with New Lessor. The new lease agreement of Gremp Campus Properties commenced on December 11, 2020 and the initial term ends on December 31, 2042. TechnipFMC has 4 renewal periods of 10 years each after the expiration of initial term. At inception of the new lease agreement, TechnipFMC did not consider any renewal period as probable of being exercised. TechnipFMC paid net cash of $1.8 million in connection with the new lease agreement, and recognized a loss of $3.1 million from derecognition of the existing lease. There was no gain or loss from the sale of the land at Gremp Campus. Lessor Arrangements We lease real estate including land, buildings and warehouses, machinery/equipment, and vessels from a lessor perspective. We determine if an arrangement is a lease at inception by assessing whether an identified asset exists and if the customer has the right to control the use of the identified asset. We use our implicit rate for our lessor arrangements. We have elected the practical expedient available for lessors to not separate lease and non-lease components for vessels. If the non-lease component is predominant in our contracts, we account for the contracts under the revenue recognition guidance in ASU 2014-09, “ Revenue from Contracts with Customers” (Topic 606). If the lease component is predominant in our contracts, we account for the contracts under the lease guidance in Topic 842. We estimate the amount we expect to derive from the underlying asset following the end of the lease term based on remaining economic life. Our lessor arrangements generally do not include any residual value guarantees. We recognize lessee payments of lessor costs such as taxes and insurance on a net basis when the lessee pays those costs directly to a third party or when the amount paid by the lessee is not readily determinable. The following table is a summary of components of lease revenue for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease revenue including variable revenue $ 142.0 $ 266.5 The following table is a summary of the maturity analysis of the undiscounted cash flows to be received on an annual basis for each of the first five years, and a total of the amounts for the remaining years: (In millions) Operating Leases 2021 $ 21.4 2022 14.3 2023 1.0 2024 — 2025 — Thereafter — Total undiscounted cash flows $ 36.7 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The majority of our revenue is from long-term contracts associated with designing and manufacturing products and systems and providing services to customers involved in exploration and production of crude oil and natural gas. On January 1, 2018, we adopted Topic 606 of GAAP using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018 resulting in a $91.5 million reduction to retained earnings. Significant Revenue Recognition Criteria Explained Allocation of transaction price to performance obligations - A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue, when, or as, the performance obligation is satisfied. To determine the proper revenue recognition method, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment; some of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Variable consideration - Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. It is common for our long-term contracts to contain variable considerations that can either increase or decrease the transaction price. Variability in the transaction price arises primarily due to liquidated damages. We consider our experience with similar transactions and expectations regarding the contract in estimating the amount of variable consideration to which we will be entitled, and determining whether the estimated variable consideration should be constrained. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Payment terms - Progress billings are generally issued upon completion of certain phases of the work as stipulated in the contract. Payment terms may either be fixed, lump-sum or driven by time and materials (e.g., daily or hourly rates, plus materials). Because typically the customer retains a small portion of the contract price until completion of the contract, our contracts generally result in revenue recognized in excess of billings which we present as contract assets on the balance sheet. Amounts billed and due from our customers are classified as receivables in the consolidated balance sheets. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For some contracts, we may be entitled to receive an advance payment. We recognize a liability for these advance payments in excess of revenue recognized and present it as contract liabilities in the consolidated balance sheets. The advance payment typically is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Warranty - Certain contracts include an assurance-type warranty clause, typically between 18 to 36 months, to guarantee that the products comply with agreed specifications. A service-type warranty may also be provided to the customer; in such a case, management allocates a portion of the transaction price to the warranty based on the estimated stand-alone selling price of the service-type warranty. Revenue recognized over time - Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for approximately 86.0%, 81.7% and 82.4% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Cost-to-cost method - For our long-term contracts, because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on construction-type contracts in progress are charged to earnings, in total, in the period the losses are identified. Right to invoice practical expedient - The right-to-invoice practical expedient can be applied to a performance obligation satisfied over time if we have a right to invoice the customer for an amount that corresponds directly with the value transferred to the customer for our performance completed to date. When this practical expedient is used, we do not estimate variable consideration at the inception of the contract to determine the transaction price or for disclosure purposes. We have contracts which have payment terms dictated by daily or hourly rates where some contracts may have mixed pricing terms which include a fixed fee portion. For contracts in which we charge the customer a fixed rate based on the time or materials spent during the project that correspond to the value transferred to the customer, we recognize revenue in the amount to which we have the right to invoice. Contract modifications - Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Revenue Recognition by Segment The following is a description of principal activities separated by reportable segments from which TechnipFMC generates its revenue. See Note 7 for more detailed information about reportable segments. Subsea Our Subsea segment manufactures and designs products and systems, performs engineering, procurement and project management and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas. Systems and services may be sold separately or as combined integrated systems and services offered within one contract. Many of the systems and products TechnipFMC supplies for subsea applications are highly engineered to meet the unique demands of our customers’ field properties and are typically ordered one to two years prior to installation. We often receive advance payments and progress billings from our customers in order to fund initial development and working capital requirements. Under Subsea engineering, procurement, construction and installation contracts, revenue is principally generated from long-term contracts with customers. We have determined these contracts generally have one performance obligation as the delivered product is highly customized to customer and field specifications. We generally recognize revenue over time for such contracts as the customized products do not have an alternative use for TechnipFMC and we have an enforceable right to payment plus a reasonable profit for performance completed to date. Our Subsea segment also performs an array of subsea services including (i) installation services, (ii) asset management services (iii) product optimization, (iv) inspection, maintenance and repair services, and (v) well access and intervention services, where revenue is generally earned through the execution of either installation-type or maintenance-type contracts. For either contract-type, management has determined that the performance of the service generally represents one single performance obligation. We have determined that revenue from these contracts is recognized over time as the customer simultaneously receives and consumes the benefit of the services. Technip Energies Our Technip Energies segment designs and builds onshore facilities related to the production, treatment, transformation and transportation of hydrocarbons and renewable feedstock; and designs, manufactures and installs fixed and floating platforms for the offshore production and processing of oil and gas reserves. Our onshore business combines the design, engineering, procurement, construction and project management of the entire range of onshore facilities. Our onshore activity covers all types of onshore facilities related to the production, treatment and transportation of oil and gas, as well as transformation with petrochemicals such as ethylene, polymers and fertilizers. Some of the onshore activities include the development of onshore fields, refining, natural gas treatment and liquefaction, and design and construction of hydrogen and synthesis gas production units. Many of these contracts provide a combination of engineering, procurement, construction, project management and installation services, which may last several years. We have determined that contracts of this nature have generally one performance obligation. In these contracts, the final product is highly customized to the specifications of the field and the customer’s requirements. Therefore, the customer obtains control of the asset over time, and thus revenue is recognized over time. Our offshore business combines the design, engineering, procurement, construction and project management within the entire range of fixed and floating offshore oil and gas facilities, many of which were the first of their kind, including the development of floating liquefied natural gas (“FLNG”) facilities. Similar to onshore contracts, contracts grouped under this segment provide a combination of services, which may last several years. We have determined that contracts of this nature have one performance obligation. In these contracts, the final product is highly customized to the specifications of the field and the customer’s requirements. We have determined that the customer obtains control of the asset over time, and thus revenue is recognized over time as the customized products do not have an alternative use for us and we have an enforceable right to payment plus reasonable profit for performance completed to date. Subsequent to the Spin-off, we operate under two reporting segments: Subsea and Surface Technologies, for further details see Note 3 for further details. Surface Technologies Our Surface Technologies segment designs, manufactures and supplies technologically advanced wellhead systems and high pressure valves and pumps used in stimulation activities for oilfield service companies and provides installation, flowback and other services for exploration and production companies. We provide a full range of drilling, completion and production wellhead systems for both standard and custom-engineered applications. Under pressure control product contracts, we design and manufacture flowline products, under the Weco®/Chiksan® trademarks, articulating frac arm manifold trailers, well service pumps, compact valves and reciprocating pumps used in well completion and stimulation activities by major oilfield service companies. Performance obligations within these systems are satisfied either through delivery of a standardized product or equipment or the delivery of a customized product or equipment. For contracts with a standardized product or equipment performance obligation, management has determined that because there is limited customization to products sold within such contracts and the asset delivered can be resold to another customer, revenue should be recognized as of a point in time, upon transfer of control to the customer and after the customer acceptance provisions have been met. For contracts with a customized product or equipment performance obligation, the revenue is recognized over time, as the manufacturing of our product does not create an asset with an alternative use for us. This segment also designs, manufactures and services measurement products globally. Contract-types include standard product or equipment and maintenance-type services where we have determined that each contract under this product line represents one performance obligation. Revenue from standard measurement equipment contracts is recognized at a point in time, while maintenance-type contracts are typically priced at a daily or hourly rate. We have determined that revenue for these contracts is recognized over time because the customer simultaneously receives and consumes the benefit of the services. Disaggregation of Revenue We disaggregate revenue by geographic location and contract type. The following table presents products and services revenue by geography for each reportable segment for the years ended December 31, 2020, 2019 and 2018: Reportable Segments Year Ended December 31, 2020 2019 2018 (In millions) Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Europe, Russia, Central Asia $ 1,641.9 $ 3,111.6 $ 188.2 $ 1,745.2 $ 2,813.1 $ 236.7 $ 1,528.1 $ 3,506.1 $ 227.7 Americas 1,957.7 982.6 373.1 1,770.0 766.2 732.1 1,721.5 365.1 865.5 Asia Pacific 753.2 1,094.3 123.4 659.9 1,152.5 189.3 532.9 1,236.1 123.2 Africa 893.9 884.4 45.8 824.8 526.0 61.1 758.1 252.7 57.9 Middle East 169.8 447.1 241.6 407.1 1,011.0 247.6 181.2 760.7 213.4 Total products and services revenue $ 5,416.5 $ 6,520.0 $ 972.1 $ 5,407.0 $ 6,268.8 $ 1,466.8 $ 4,721.8 $ 6,120.7 $ 1,487.7 The following table represents revenue by contract type for each reportable segment for the years ended December 31, 2020, 2019 and 2018: Reportable Segments Year Ended December 31, 2020 2019 2018 (In millions) Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Services $ 3,121.1 $ 6,436.9 $ 150.2 $ 3,244.5 $ 6,268.8 $ 276.4 $ 2,687.1 $ 6,120.7 $ 249.8 Products 2,295.4 83.1 821.9 2,162.5 — 1,190.4 2,034.7 — 1,237.9 Total products and services revenue 5,416.5 6,520.0 972.1 5,407.0 6,268.8 1,466.8 4,721.8 6,120.7 1,487.7 Lease and other (a) 54.9 — 87.1 116.0 — 150.5 118.2 — 104.5 Total revenue $ 5,471.4 $ 6,520.0 $ 1,059.2 $ 5,523.0 $ 6,268.8 $ 1,617.3 $ 4,840.0 $ 6,120.7 $ 1,592.2 (a) Represents revenue not subject to ASC Topic 606. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in the consolidated balance sheets. Contract Assets - Contract Assets include unbilled amounts typically resulting from sales under long-term contracts when revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs and estimated earnings in excess of billings on uncompleted contracts are generally classified as current. Contract Liabilities - We sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities. The following table provides information about net contract assets (liabilities) as of December 31, 2020 and 2019: December 31, (In millions) 2020 2019 $ change % change Contract assets $ 1,267.6 $ 1,520.0 $ (252.4) (16.6) Contract (liabilities) (4,736.1) (4,585.1) (151.0) (3.3) Net contract liabilities $ (3,468.5) $ (3,065.1) $ (403.4) (13.2) The decrease in our contract assets from December 31, 2019 to December 31, 2020 was primarily due to the timing of milestones. The increase in our contract liabilities was primarily due to additional cash received, excluding amounts recognized as revenue during the period. In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases contract asset balance. Revenue recognized for the years ended December 31, 2020 and 2019 that were included in the contract liabilities balance as of December 31, 2019 and 2018 was $1,267.5 million and $2,414.0 million, respectively. In addition, net revenue recognized for the years ended December 31, 2020 and 2019 from our performance obligations satisfied in previous periods had favorable impacts of $470.8 million and $1,176.5 million, respectively. This primarily relates to the changes in the estimate of the stage of completion that impacted revenue. Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations Remaining unsatisfied performance obligations (“RUPO” or “order backlog”) represent the transaction price for products and services for which we have a material right, but work has not been performed. Transaction price of the order backlog includes the base transaction price, variable consideration and changes in transaction price. The order backlog table does not include contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of December 31, 2020, the aggregate amount of the transaction price allocated to order backlog was $21,388.2 million. TechnipFMC expects to recognize revenue on approximately 51.2% of the order backlog through 2021 and 48.8% thereafter. The following table details the order backlog for each business segment as of December 31, 2020: (In millions) 2021 2022 Thereafter Subsea $ 3,585.4 $ 2,217.2 $ 1,073.4 Technip Energies 7,016.2 4,081.7 3,000.8 Surface Technologies 343.6 69.4 0.5 Total remaining unsatisfied performance obligations $ 10,945.2 $ 6,368.3 $ 4,074.7 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide, which corresponds to the manner in which our Chairman and Chief Executive Officer, as our chief operating decision maker, reviews and evaluates operating performance to make decisions about resources to be allocated to the segment. We report the results of operations in the following segments: • Subsea - designs and manufactures products and systems, performs engineering, procurement and project management, and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas. • Technip Energies - offers extensive experience, knowledge and unique project management capabilities in onshore and offshore hydrocarbon infrastructure businesses; it also combines its leading engineering and construction capabilities with its technological know-how, products and services to develop new solutions that will support the world’s energy transition. • Surface Technologies - designs and manufactures products and systems and provides services used by oil and gas companies involved in land and shallow water exploration and production of crude oil and natural gas; designs, manufactures, and supplies technologically advanced high-pressure valves and fittings for oilfield service companies; and also provides flowback and well testing services. Beginning in the first quarter of 2020, in anticipation of our separation transaction, we renamed our Onshore/Offshore segment to Technip Energies, which includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. Prior year information has not been restated due to these businesses not being material. Subsequent to the Spin-off, we operate under two reporting segments: Subsea and Surface Technologies, for further details see Note 3 for further details. Segment operating profit (loss) is defined as total segment revenue less segment operating expenses. Income (loss) from equity method investments is included in computing segment operating profit. The following items have been excluded in computing segment operating profit (loss): corporate staff expense, net interest income (expense) associated with corporate debt facilities, income taxes, and other revenue and other expense, net. Information by business segment Segment revenue and segment operating profit (loss) were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Segment revenue Subsea $ 5,471.4 $ 5,523.0 $ 4,840.0 Technip Energies 6,520.0 6,268.8 6,120.7 Surface Technologies 1,059.2 1,617.3 1,592.2 Total revenue $ 13,050.6 $ 13,409.1 $ 12,552.9 Segment operating profit (loss) Subsea $ (2,815.5) $ (1,447.7) $ (1,529.5) Technip Energies 683.6 959.6 824.0 Surface Technologies (429.3) (656.1) 172.8 Total segment operating loss (2,561.2) (1,144.2) (532.7) Corporate items Impairment, restructuring and other expenses (10.0) (17.4) (18.9) Separation costs (39.5) (72.1) — Merger transaction and integration costs — (31.2) (36.5) Legal expenses — (54.6) (280.0) Other corporate expenses (a) (152.0) (218.1) (142.6) Corporate expense (201.5) (393.4) (478.0) Interest income 56.6 116.5 121.4 Interest expense (349.6) (567.8) (482.3) Foreign exchange losses (28.8) (146.9) (116.5) Total corporate items (523.3) (991.6) (955.4) Loss before income taxes (b) $ (3,084.5) $ (2,135.8) $ (1,488.1) (a) Other corporate expenses primarily include corporate staff expenses, share-based compensation expenses, and other employee benefits. (b) Includes amounts attributable to non-controlling interests. During the year ended December 31, 2020, revenue from Arctic LNG exceeded 10% of our consolidated revenue. During the years ended December 31, 2019 and 2018, revenue from Yamal LNG exceeded 10% of our consolidated revenue. Segment assets were as follows: December 31, (In millions) 2020 2019 Segment assets Subsea $ 6,796.6 $ 10,824.2 Technip Energies 5,058.3 4,448.8 Surface Technologies 1,758.3 2,246.4 Total segment assets 13,613.2 17,519.4 Corporate (a) 6,079.4 5,999.4 Total assets $ 19,692.6 $ 23,518.8 (a) Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment and intercompany eliminations not associated with a specific segment, pension assets and the fair value of derivative financial instruments. Other business segment information is as follows: Capital Expenditures Depreciation and Research and Year Ended December 31, Year Ended December 31, Year Ended December 31, (In millions) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Subsea $ 213.6 $ 287.7 $ 223.2 $ 324.9 $ 345.6 $ 440.4 $ 66.5 $ 134.4 $ 145.2 Technip Energies 13.0 22.6 7.6 34.2 38.7 38.2 44.5 13.2 29.7 Surface Technologies 38.5 96.6 111.9 70.1 107.9 66.6 8.8 15.3 14.3 Corporate 26.7 47.5 25.4 18.0 17.4 5.2 — — — Total $ 291.8 $ 454.4 $ 368.1 $ 447.2 $ 509.6 $ 550.4 $ 119.8 $ 162.9 $ 189.2 Information by geography Sales by geography were identified based on the country where our products and services were delivered, and are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Revenue Russia $ 2,451.5 $ 2,378.0 $ 2,773.3 United States 2,141.4 1,931.2 1,275.8 Norway 1,393.5 1,371.1 1,202.6 Brazil 698.8 1,099.7 1,478.7 United Kingdom 513.8 540.8 442.1 Angola 488.5 447.8 385.7 Egypt 445.9 177.6 13.2 Mozambique 391.4 166.1 116.2 India 386.4 518.0 214.0 Senegal 353.0 176.5 1.2 Vietnam 340.7 72.1 34.7 Israel 333.6 757.0 243.8 Guyana 330.1 7.2 7.6 Australia 320.8 372.8 926.6 Singapore 312.2 64.9 23.4 Indonesia 286.9 237.6 130.7 Malaysia 281.7 283.8 362.3 France 186.9 92.8 138.9 China 151.4 272.9 112.3 United Arab Emirates 147.9 327.2 460.3 All other countries 1,094.2 2,114.0 2,209.5 Total revenue $ 13,050.6 $ 13,409.1 $ 12,552.9 Long-lived assets by geography represent property, plant and equipment, net, and are as follows: December 31, (In millions) 2020 2019 Long-lived assets United Kingdom $ 936.2 $ 957.1 United States 467.5 558.1 Netherlands 419.5 493.0 Norway 312.2 333.0 Brazil 260.0 313.2 All other countries 466.4 507.6 Total long-lived assets $ 2,861.8 $ 3,162.0 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS (LOSS) 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) 2020 2019 2018 Net loss attributable to TechnipFMC plc $ (3,287.6) $ (2,415.2) $ (1,921.6) Weighted average number of shares outstanding 448.7 448.0 458.0 Dilutive effect of restricted stock units — — — Dilutive effect of performance shares — — — Total shares and dilutive securities 448.7 448.0 458.0 Basic loss per share attributable to TechnipFMC plc $ (7.33) $ (5.39) $ (4.20) Diluted loss per share attributable to TechnipFMC plc $ (7.33) $ (5.39) $ (4.20) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Finished Goods and Work in Process, Gross [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: December 31, (In millions) 2020 2019 Raw materials $ 272.4 $ 347.5 Work in process 245.2 290.2 Finished goods 750.9 778.3 Inventories, net $ 1,268.5 $ 1,416.0 All amounts in the table above are reported net of obsolescence reserves of $162.8 million and $135.7 million as of December 31, 2020 and 2019, respectively. |
Warranty Obligations
Warranty Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY OBLIGATIONS | WARRANTY OBLIGATIONS Warranty obligations are included within “Other current liabilities” in our consolidated balance sheets as of December 31, 2020 and 2019. A reconciliation of warranty obligations for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (In millions) 2020 2019 Balance at beginning of period $ 193.5 $ 234.4 Warranty expenses 95.6 78.8 Adjustment to existing accruals (86.2) (57.5) Claims paid (28.1) (62.2) Balance at end of period $ 174.8 $ 193.5 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS The equity method of accounting is used to account for investments in unconsolidated affiliates where we can have the ability to exert significant influence over the affiliates operating and financial policies. For certain construction joint ventures, we use the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues, and expenses are included in the appropriate classifications in the consolidated financial statements. None of our proportionate consolidation investments, individually or in the aggregate, are significant to our consolidated results for 2020, 2019, or 2018. Our equity investments were as follows as of December 31, 2020 and 2019: December 31 2020 2019 (In millions, except %) Percentage Owned Carrying Value Dofcon Brasil AS 50.0 % 234.7 167.4 Magma Global Limited 25.0 % 51.4 50.2 Serimax Holdings SAS 20.0 % 18.8 21.5 Other 54.0 61.3 Investments in equity affiliates $ 358.9 $ 300.4 Our major equity method investments are as follows: Dofcon Brasil AS (“Dofcon”) - is an affiliated company in the form of a joint venture between TechnipFMC and DOF Subsea and was founded in 2006. Dofcon provides Pipe-Laying Support Vessels (PLSVs) for work in oil and gas fields offshore Brazil. Dofcon is considered a VIE because it does not have sufficient equity to finance its activities without additional subordinated financial support from other parties. We are not the primary beneficiary of the VIE. As such, we have accounted for our 50% investment using the equity method of accounting with results reported in our Subsea segment. Magma Global Limited (“Magma Global”) - is an affiliated company in the form of a collaborative agreement signed in 2018 between Technip-Coflexip UK Holdings Limited and Magma Global to develop hybrid flexible pipe for use in offshore applications. As part of the collaboration, TechnipFMC holds a minority stake. We have accounted for our 25% investment using the equity method investment of accounting with results reported in our Subsea segment. Serimax Holdings SAS (“Serimax”) - is an affiliated company in the form of a joint venture between TechnipFMC and Vallourec SA and was founded in 2016. Serimax is headquartered in Paris, France and provides rigid pipes welding services for work in oil and gas fields around the world. We have accounted for our 20% investment using the equity method of accounting with results reported in our Subsea segment. Our income from equity affiliates included in each of our reporting segments was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 64.6 $ 59.8 $ 80.9 Technip Energies (1.6) 3.1 33.4 Income from equity affiliates $ 63.0 $ 62.9 $ 114.3 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Receivables, payables, revenues and expenses which are included in our consolidated financial statements for all transactions with related parties, defined as entities related to our directors and main shareholders as well as the partners of our consolidated joint ventures, were as follows. Trade receivables consisted of receivables due from following related parties: December 31, (In millions) 2020 2019 TP JGC Coral France SNC $ 38.1 $ 40.1 Equinor ASA 24.1 — TTSJV W.L.L. 14.9 22.4 Novarctic SNC 9.7 — Dofcon Navegacao 4.2 — Techdof Brasil AS 8.0 4.3 Storengy 6.1 3.1 Others 8.4 6.9 Total trade receivables $ 113.5 $ 76.8 TP JGC Coral France SNC, TTSJV W.L.L., Dofcon Navegacao, and Novarctic SNC are equity method affiliates. Techdof Brasil AS is a wholly owned subsidiary of Dofcon Brasil AS, our equity method affiliate. A member of our Board of Directors serves on the Board of Directors for Storengy. In October 2020, we added a new member of our Board of Directors who is an executive of Equinor ASA. Trade payables consisted of payables due to following related parties: December 31, (In millions) 2020 2019 Chiyoda $ 14.2 $ 24.8 Nipigas 14.2 — Saipem 23.7 — JGC Corporation 1.9 15.1 IFP Energies nouvelles — 2.4 Dofcon Navegacao 1.5 2.1 Others 5.7 6.7 Total trade payables $ 61.2 $ 51.1 Chiyoda and JGC Corporation are joint venture partners on our Yamal project. Saipem and Nipigas are joint venture partners on our Arctic LNG project. A member of our Board of Directors serves as an executive officer of IFP Energies nouvelles until June 2020. Additionally, we have note receivable balance of $40.3 million and $65.2 million as of December 31, 2020 and 2019, respectively. The note receivable balance includes $37.6 million and $62.5 million with Dofcon Brasil AS as of December 31, 2020 and 2019, respectively. Dofcon Brasil AS is a VIE and accounted for as an equity method affiliate. These are included in other assets in our consolidated balance sheets. Revenue consisted of amount from following related parties: Year Ended December 31, (In millions) 2020 2019 2018 TTSJV W.L.L. $ 47.2 $ 127.9 $ — TP JGC Coral France SNC 44.2 110.4 118.2 Equinor ASA 81.1 — — Equinor Brasil 38.5 — — Anadarko Petroleum Company — 67.1 124.8 TOP CV — 11.9 7.2 Storengy 10.7 8.8 — Novarctic SNC 10.7 0.4 — Dofcon Navegacao 3.4 8.4 2.9 Techdof Brasil AS 11.2 8.3 7.0 JGC Corporation — 6.7 — Others 27.2 29.7 33.2 Total revenue $ 274.2 $ 379.6 $ 293.3 A member of our Board of Directors (the “Director”) served on the Board of Directors of Anadarko Petroleum Company (“Anadarko”) until August 2019. In August 2019, Anadarko was acquired by Occidental Petroleum Corporation (“Occidental”). As a result, the Director no longer serves as a member of the Board of Directors of Anadarko. The Director is not an officer or director of Occidental. TOP CV was previously an equity method affiliate that became a fully consolidated subsidiary on December 30, 2019. See Note 2 for further details. Equinor Brasil is a subsidiary of Equinor ASA in Brazil. Expenses consisted of amounts to following related parties: Year Ended December 31, (In millions) 2020 2019 2018 Chiyoda $ 1.4 $ 25.1 $ 53.0 JGC Corporation 0.4 20.8 81.2 Arkema S.A. 5.3 18.9 2.6 Serimax Holdings SAS 0.4 17.7 0.1 Saipem 26.8 — — Nipigas 36.8 — — Magma Global Limited 14.0 7.3 3.0 TP JGC Coral France SNC — 5.0 — Jumbo Shipping 16.0 4.5 — Dofcon Navegacao 24.0 1.8 — Others 24.6 41.3 14.8 Total expenses $ 149.7 $ 142.4 $ 154.7 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Land and land improvements $ 88.4 $ 108.4 Buildings 611.0 626.9 Vessels 1,968.1 2,091.9 Machinery and equipment 1,919.4 1,930.6 Office fixtures and furniture 292.0 285.0 Construction in process 148.1 130.9 Other 243.5 277.1 5,270.5 5,450.8 Accumulated depreciation (2,408.7) (2,288.8) Property, plant and equipment, net $ 2,861.8 $ 3,162.0 Depreciation expense was $323.5 million, $383.5 million and $367.8 million in 2020, 2019 and 2018, respectively. The amount of interest cost capitalized was not material for the years presented. During 2020 and 2019, we determined the carrying amount of certain of our long-lived assets exceeded their fair value and recorded an impairment. See Note 19 for further details. In December 2020, we declared our intent to sell our G1200 vessel as part of our overall strategy to optimize the profile and size of our subsea fleet and classified it as an asset held for sale in Other Current Assets in our consolidated balance sheet. We also evaluated the vessel’s book value and recorded an impairment charge of $8.3 million within Impairment, Restructuring and Other Expenses in our consolidated statement of income for the year ended December 31, 2020. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill - We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. We test goodwill for impairment annually as of October 31 of each year, or more frequently if circumstances indicate possible impairment. We identify a potential impairment by comparing the fair value of the applicable reporting unit (which is consistent with our business segments) to its net book value, including goodwill. If the net book value exceeds the fair value of the reporting unit, we measure the impairment by comparing the carrying value of the reporting unit to its fair value. We test our goodwill for impairment by comparing the fair value of each of our reporting units to their net carrying value. Our impairment analysis is quantitative; however, it includes subjective estimates based on assumptions regarding future growth rates, interest rates and operating expenses. A lower fair value estimate in the future for any of our reporting units could result in goodwill impairments. Factors that could trigger a lower fair value estimate include sustained price declines of the reporting unit’s products and services, cost increases, regulatory or political environment changes, changes in customer demand, and other changes in market conditions, which may affect certain market participant assumptions used in the discounted future cash flow model based on internal forecasts of revenues and expenses over a specified period plus a terminal value (the income approach). The income approach estimates fair value by discounting each reporting unit’s estimated future cash flows using a weighted-average cost of capital that reflects current market conditions and the risk profile of the reporting unit. To arrive at our future cash flows, we use estimates of economic and market assumptions, including growth rates in revenues, costs, estimates of future expected changes in operating margins, tax rates and cash expenditures. Future revenues are also adjusted to match changes in our business strategy. We believe this approach is an appropriate valuation method. Under the market multiple approach, we determine the estimated fair value of each of our reporting units by applying transaction multiples to each reporting unit’s projected EBITDA and then averaging that estimate with similar historical calculations using either a one, two or three year average. Our reporting unit valuations were determined primarily by utilizing the income approach and the market multiple approach. During the first quarter of 2020, triggering events were identified which led to performing interim goodwill impairment testing in our reporting units as of March 31, 2020. These events included the COVID-19 pandemic breakout, commodity price declines, and a significant decrease in our market capitalization as well as those of our peers and customers. The fair value for our reporting units for the interim testing was valued using a market approach. An appropriate control premium was considered for each of the reporting units and applied to the output of the market approach. An interim impairment test during the first quarter of 2020 resulted in $2,747.5 million and $335.9 million of goodwill impairment charges recorded in our Subsea and Surface Technologies segments, respectively. During our annual impairment tests the following significant estimates were used by management in determining the fair values of reporting units in order to test the goodwill at October 31: 2020 2019 2018 Year of cash flows before terminal value 4 4 5 Discount rates 15.0% 12.5% to 15.0% 12.0% to 13.0% EBITDA multiples N/A 6.0 - 8.5x 7.0 - 8.5x During the year ended December 31, 2020, the significant estimates used by management in determining the fair value described above relate to Technip Energies reporting unit only. The fair value over carrying amount for our Technip Energies segment was in excess of 300% of its carrying amount at October 31, 2020. Based on the impairment tests performed during the year ended December 31, 2020 we recorded $2,747.5 million and $335.9 million of goodwill impairment charges recorded in our Subsea and Surface Technologies reporting units, respectively. No goodwill impairment charges were recorded in our Technip Energies reporting unit. During the year ended December 31, 2019, we recorded $1,321.9 million and $666.8 million of goodwill impairment charges in our Subsea and Surface Technologies reporting units, respectively. See Note 19 for further details. The carrying amount of goodwill by reporting segment was as follows: (In millions) Subsea Technip Energies Surface Technologies Total December 31, 2018 4,142.4 2,447.7 1,017.5 7,607.6 Impairments (1,321.9) — (666.8) (1,988.7) Purchase accounting adjustment — — 9.9 9.9 Other — (17.7) — (17.7) Translation (6.4) (6.4) — (12.8) December 31, 2019 2,814.1 2,423.6 360.6 5,598.3 Impairments (2,747.5) — (335.9) (3,083.4) Transfers (a) (21.2) 46.1 (24.9) — Translation (45.4) 42.8 0.2 (2.4) December 31, 2020 $ — $ 2,512.5 $ — $ 2,512.5 (a) Beginning in the first quarter of 2020, Technip Energies includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. See Note 7 for further details. As of December 31, 2020 and 2019, accumulated goodwill impairment was $6,455.1 million and $3,371.7 million, respectively. Intangible assets - The components of intangible assets were as follows: December 31, 2020 2019 (In millions) Gross Accumulated Gross Accumulated Acquired technology $ 247.1 $ 98.1 $ 246.7 $ 73.6 Backlog — — 175.0 175.0 Customer relationships 285.4 114.4 285.4 85.9 Licenses, patents and trademarks 816.8 264.0 811.1 227.6 Software 232.1 178.9 215.9 151.1 Other 120.2 65.1 115.9 50.2 Total intangible assets $ 1,701.6 $ 720.5 $ 1,850.0 $ 763.4 We recorded $123.7 million, $126.1 million and $182.6 million in amortization expense related to intangible assets during the years ended December 31, 2020, 2019 and 2018, respectively. During the years 2021 through 2025, annual amortization expense is expected to be as follows: $117 million in 2021, $114 million in 2022, $110 million in 2023, $96 million in 2024, $93 million in 2025 and $451 million thereafter. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instruments [Abstract] | |
DEBT | DEBT Overview 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) 2020 2019 Bank borrowings and other $ 85.0 $ 270.8 Synthetic bonds due 2021 551.2 — 5.00% 2010 Private placement notes due 2020 — 224.6 Total short-term debt and current portion of long-term debt $ 636.2 $ 495.4 Long-term debt consisted of the following: December 31, (In millions) 2020 2019 Commercial paper $ 1,525.9 $ 1,967.0 Synthetic bonds due 2021 551.2 492.9 3.45% Senior Notes due 2022 500.0 500.0 5.00% 2010 Private placement notes due 2020 — 224.6 3.40% 2012 Private placement notes due 2022 184.0 168.5 3.15% 2013 Private placement notes due 2023 159.5 146.0 3.15% 2013 Private placement notes due 2023 153.4 140.4 4.50% 2020 Private placement notes due 2025 245.4 — 4.00% 2012 Private placement notes due 2027 92.0 84.2 4.00% 2012 Private placement notes due 2032 122.7 112.3 3.75% 2013 Private placement notes due 2033 122.7 112.3 Bank borrowings and other 309.9 536.3 Unamortized debt issuance costs and discounts (12.8) (9.1) Total debt 3,953.9 4,475.4 Less: current borrowings 636.2 495.4 Long-term debt $ 3,317.7 $ 3,980.0 Debt maturities as of December 31, 2020, are as follows: Payments Due by Period (In millions) Total Less than 1-3 3-5 After 5 Total debt $ 3,953.9 $ 636.2 $ 2,589.1 $ 294.0 $ 434.6 Subsequent to the Spin-off, we expect the total future principal payments on debt to be approximately $2,376.8 million. Refer to Note 26 for further details. Significant Funding and Liquidity Activities During 2020, we completed the following transactions in order to enhance our total liquidity position: • Repaid $233.9 million of 5.00% 2010 private placement notes; • Repaid the remaining outstanding balance of $190.0 million of the term loan assumed in connection with the acquisition of the remaining 50% interest in TOP CV. • Issued €200 million aggregate principal amount of 4.500% 2020 Private Placement Notes due June 30, 2025. Within three months of the effective date of the Spin-off of Technip Energies, if there is a downgrade by a nationally recognized rating agency of the corporate rating of TechnipFMC from an investment grade to a non-investment grade rating or a withdrawal of any such rating, the interest rate applicable to the 2020 Private Placement Notes will be increased to 5.75%; • Entered into a new, six-month €500 million senior unsecured revolving credit facility agreement, which may be extended for two additional three-month periods (the “Euro Facility”); and • Entered into the Bank of England’s COVID Corporate Financing Facility program (the “CCFF Program”), which allows us to issue up to £600 million of unsecured commercial paper notes. Credit Facilities and Debt Revolving credit facility - On January 17, 2017, we acceded to a new $2.5 billion senior unsecured revolving credit facility agreement (“Facility Agreement”) between FMC Technologies, Inc., Technip Eurocash SNC (the “Borrowers”), and TechnipFMC plc (the “Additional Borrower”) with JPMorgan Chase Bank, National Association (“JPMorgan”), as agent and an arranger, SG Americas Securities LLC as an arranger, and the lenders party thereto. The Facility Agreement provides for the establishment of a multicurrency, revolving credit facility, which includes a $1.5 billion letter of credit subfacility. Subject to certain conditions, the Borrowers may request the aggregate commitments under the facility agreement be increased by an additional $500.0 million. On November 26, 2018, we entered into an extension which extends the expiration date to January 2023. Borrowings under the facility agreement bear interest at the following rates, plus an applicable margin, depending on currency: • U.S. dollar-denominated loans bear interest, at the Borrowers’ option, at a base rate or an adjusted rate linked to the London interbank offered rate (“Adjusted LIBOR”); • sterling-denominated loans bear interest at Adjusted LIBOR; and • euro-denominated loans bear interest at the Euro interbank offered rate (“EURIBOR”). Depending on the credit rating of TechnipFMC, the applicable margin for revolving loans varies (i) in the case of Adjusted LIBOR and EURIBOR loans, from 0.820% to 1.300% and (ii) in the case of base rate loans, from 0.000% to 0.300%. The “base rate” is the highest of (a) the prime rate announced by JPMorgan, (b) the greater of the Federal Funds Rate and the Overnight Bank Funding Rate plus 0.5% or (c) one-month Adjusted LIBOR plus 1.0%. As of December 31, 2020, there were no outstanding borrowings under our revolving credit facility. Euro Facility – On May 19, 2020, we entered into the Euro Facility with HSBC France, as agent, and the lenders party thereto, which provides for the establishment of a six-month revolving credit facility denominated in Euros with total commitments of €500 million, which may be extended by us for two additional three-month periods. Borrowings under the Euro Facility bear interest at the Euro interbank offered rate for a period equal in length to the interest period of a given loan (which may be three or six months), plus an applicable margin. As of December 31, 2020, there were no outstanding borrowings under Euro Facility. On June 12, 2020, we entered into Amendment No. 1 to the Facility Agreement and into an Amendment and Restatement Agreement to our Euro Facility. The amendments, which are effective through the respective expirations of the Facility Agreement and Euro Facility, permit us to include the gross book value of $3.2 billion of goodwill (fully impaired in the quarter ended March 31, 2020) in the calculation of consolidated net worth, which is used in the calculation of our quarterly compliance with the total capitalization ratio under the Facility Agreement and Euro Facility. The Facility Agreement and Euro Facility contain usual and customary covenants, representations and warranties, and events of default for credit facilities of this type, including financial covenants requiring that our total capitalization ratio not exceed 60% at the end of any financial quarter. The Facility Agreement and Euro Facility also contain covenants restricting our ability and our subsidiaries’ ability to incur additional liens and indebtedness, enter into asset sales, or make certain investments. As of December 31, 2020, we were in compliance with all restrictive covenants under our credit facilities. CCFF Program - On May 19, 2020, we entered into a dealer agreement (the “Dealer Agreement”) with Bank of America Merrill Lynch International DAC (the “Dealer”) and an Issuing and Paying Agency Agreement (the “Agency Agreement”, and together with the Dealer Agreement, the “Agreements”) with Bank of America, National Association, London Branch, relating to the European commercial paper program established under the CCFF Program as a source of additional liquidity. The Agreements provide the terms under which we may issue, and the Dealer will arrange for, the sale of short-term, unsecured commercial paper notes (the “Notes”) to reduce existing debt or decrease overall borrowing costs. The Notes contain customary representations, warranties, covenants, defaults, and indemnification provisions, and will be sold at such discounts from their face amounts as shall be agreed between us and the Dealer. The Notes will be fully payable at maturity, and the maturities of the Notes will vary but may not exceed 364 days. The principal amount of outstanding Notes may not exceed £600 million. The Agency Agreement provides for the terms of issuance and payment of the Notes. As of December 31, 2020, our commercial paper borrowings under the CCFF Program had a weighted average interest rate of 0.43%. As of December 31, 2020, we had $817.9 million of Notes outstanding and recorded as long-term borrowings under the CCFF Program. When we have both the ability and intent to refinance certain obligations on a long-term basis, the obligations are classified as long-term, as such, the outstanding borrowings of the CCFF Program were classified as long-term debt in our consolidated balance sheet as of December 31, 2020. Bilateral credit facility - We have access to a €100.0 million bilateral credit facility expiring in May 2021. The bilateral credit facility contains usual and customary covenants, representations and warranties and events of default for credit facilities of this type. As of December 31, 2020, there were no outstanding borrowings under our bilateral credit facility. Commercial paper - Under our commercial paper program, we have the ability to access $1.5 billion and €1.0 billion of short-term financing through our commercial paper dealers, subject to the limit of unused capacity of our facility agreement. When we have both the ability and intent to refinance certain obligations on a long-term basis, the obligations are classified as long-term, as such, the commercial paper borrowings were classified as long-term debt in our consolidated balance sheets as of December 31, 2020 and 2019. Commercial paper borrowings are issued at market interest rates. As of December 31, 2020, our commercial paper borrowings had a weighted average interest rate of 0.34% on the U.S. dollar denominated borrowings and (0.06)% on the Euro denominated borrowings. As of December 31, 2020, we had $708.0 million of outstanding commercial paper borrowings under this program. Synthetic bonds - On January 25, 2016, we issued €375.0 million principal amount of 0.875% convertible bonds with a maturity date of January 25, 2021 and a redemption at par of the bonds which have not been converted. On March 3, 2016, we issued additional convertible bonds for a principal amount of €75.0 million issued on the same terms, fully fungible with and assimilated to the bonds issued on January 25, 2016. The issuance of these non-dilutive cash-settled convertible bonds (“Synthetic Bonds”), which are linked to our ordinary shares were backed simultaneously by the purchase of cash-settled equity call options in order to hedge our economic exposure to the potential exercise of the conversion rights embedded in the Synthetic Bonds. As the Synthetic Bonds could only be cash settled, they did not result in the issuance of new ordinary shares or the delivery of existing ordinary shares upon conversion. Interest on the Synthetic Bonds is payable semi-annually in arrears on January 25 and July 25 of each year, beginning July 26, 2016. The synthetic bonds were repaid during the first quarter of 2021. Senior Notes - We have outstanding 3.45% $500.0 million senior notes due October 1, 2022 (the “Senior Notes”). The terms of the Senior Notes are governed by the indenture, dated as of March 29, 2017 between TechnipFMC and U.S. Bank National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture between TechnipFMC and the Trustee (the “First Supplemental Indenture”) relating to the issuance of the 2017 Notes and the Second Supplemental Indenture between TechnipFMC and the Trustee (the “Second Supplemental Indenture”) relating to the issuance of the 2022 Notes. 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 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. Private Placement Notes 2020 Issuance: During 2020, we completed the private placement of €200 million aggregate principal amount of the 2020 Private Placement Notes. The 2020 Private Placement Notes bear interest of 4.50% and are due June 2025. Interest on the notes is payable annually in arrears on June 30 of each year beginning June 30, 2020. The 2020 Private Placement Notes contain usual and customary covenants and events of default for notes of this type. In addition, within three months of the effective date of the Spin-off of Technip Energies, if there is a downgrade by a nationally recognized rating agency of the corporate rating of TechnipFMC from an investment grade to a non-investment grade rating or a withdrawal of any such rating, the interest rate applicable to the 2020 Private Placement Notes will be increased to 5.75%. 2013 Issuances: In October 2013, we completed the private placement of €355.0 million aggregate principal amount of senior notes. The notes were issued in three tranches with €100.0 million bearing interest at 3.75% and due October 2033 (the “Tranche A 2033 Notes”), €130.0 million bearing interest of 3.15% and due October 2023 (the “Tranche B 2023 Notes) and €125.0 million bearing interest of 3.15% and due October 2023 (the “Tranche C 2023 Notes” and, collectively with the “Tranche A 2033 Notes and the “Tranche B 2023 Notes”, the “2013 Private Placement Notes”). Interest on the Tranche A 2033 Notes is payable annually in arrears on October 7 each year, beginning October 7, 2014. Interest on the Tranche B 2023 Notes is payable annually in arrears on October 16 of each year beginning October 16, 2014. Interest on the Tranche C 2023 Notes is payable annually in arrears on October 18 of each year, beginning October 18, 2014. 2012 Issuances: In June 2012, we completed the private placement of €325.0 million aggregate principal amount of notes. The notes were issued in three tranches with €150.0 million bearing interest at 3.40% and due June 2022 (the “Tranche A 2022 Notes”), €75.0 million bearing interest of 4.0% and due June 2027 (the “Tranche B 2027 Notes”) and €100.0 million bearing interest of 4.0% and due June 2032 (the “Tranche C 2032 Notes” and, collectively with the “Tranche A 2022 Notes and the “Tranche B 2027 Notes,” the “2012 Private Placement Notes”). Interest on the Tranche A 2022 Notes and the Tranche C 2032 Notes is payable annually in arrears on June 14 of each year beginning June 14, 2013. Interest on the Tranche B 2027 Notes is payable annually in arrears on June 15 of each year, beginning June 15, 2013. The 2013 and 2012 Private Placement Notes contain usual and customary covenants and events of default for notes of this type. In the event of a change of control resulting in a downgrade in the rating of the notes below BBB-, the 2013 and 2012 Private Placement Notes may be redeemed early at the request of any bondholder, at its sole discretion. The 2013 and 2012 Private Placement Notes are our unsecured obligations. The 2013 and 2012 Private Placement Notes will rank equally in right of payment with all of our existing and future unsubordinated debt. Term loan - In December 2016, we entered into a £160.0 million term loan agreement to finance the Deep Explorer, a diving support vessel (“DSV”), maturing December 2028. Under the loan agreement, interest accrues at an annual rate of 2.813%. This loan agreement contains usual and customary covenants and events of default for loans of this type. Bank borrowings - In January 2019, we executed a sale-leaseback transaction to finance the purchase of a deepwater dive support vessel, Deep Discoverer (the “Vessel”) for the full transaction price of $116.8 million. The sale-leaseback agreement (“Charter”) was entered into with a French joint-stock company, owned by Credit Industrial et Commercial (“CIC”) which was formed for the sole purpose to purchase and act as the lessor of the Vessel. It is a variable interest entity, which is fully consolidated in our condensed consolidated financial statements. The transaction was funded through debt of $96.2 million which is primarily long-term, expiring on January 8, 2031. Foreign committed credit - We have committed credit lines at many of our international subsidiaries for immaterial amounts. We utilize these facilities for asset financing and to provide a more efficient daily source of liquidity. The effective interest rates depend upon the local national market. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES We have a mandatorily redeemable financial liability which is recorded at its fair value. The mandatorily redeemable financial liability relates to our voting control interests in legal Technip Energies contract entities which own and account for the design, engineering and construction of the Yamal LNG plant. A mandatorily redeemable financial liability of $246.6 million and $268.8 million was recognized as of December 31, 2020 and 2019, respectively, of which $141.9 million and $129.1 million, respectively, was recorded as other current liabilities. During the year ended December 31, 2020 we revalued the liability to reflect current expectations about the obligation which resulted in the recognition of an expense of $202.0 million for the year ended December 31, 2020. Changes in the fair value of the financial liability are recorded as interest expense on the consolidated statements of income. See Notes 10 and 25 for further details. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Incentive compensation and award plan - On January 11, 2017, we adopted the TechnipFMC plc Incentive Award Plan (the “Plan”). The Plan provides certain incentives and awards to officers, employees, non-employee directors and consultants of TechnipFMC and its subsidiaries. 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 may include share options, share appreciation rights, performance share units, restricted share units, restricted shares or other awards authorized under the Plan. All awards are subject to the Plan’s provisions, including all share-based grants previously issued prior to consummation of the merger of FMC Technologies and Technip S.A. (the “Merger”). Under the Plan, 24.1 million ordinary shares were authorized for awards. As of December 31, 2020, 8.5 million ordinary shares were available for future grant. The exercise price for options is determined by the Committee but cannot be less than the fair market value of our ordinary shares at the grant date. Restricted share and performance share unit grants generally vest after three years of service. Under the Plan, our Board of Directors has the authority to grant non-employee directors share options, restricted shares, restricted share units and performance shares. Unless otherwise determined by our Board of Directors, awards to non-employee directors generally vest one year from the date of grant. All restricted share units awarded prior to 2020 will be settled when a non-executive director ceases services on the Board of Directors. Beginning with the 2020 equity award, non-executive directors now have the opportunity to elect the year in which they will take receipt of the equity grants from either (a) a period of 1 to 10 years from the grant date or (b) upon their separation from Board service. The elections are made prior to the beginning of the grant year and are irrevocable after December 31 of the year prior to grant. Restricted share units are settled when a director ceases services to the Board of Directors. As of December 31, 2020, outstanding awards to active and retired non-employee directors included 254.3 thousand of share units. The measurement of share-based compensation expense on restricted share awards is based on the market price and fair value at the grant date and the number of shares awarded. The fair value of performance shares is estimated using a combination of the closing stock price on the grant date and the Monte Carlo simulation model. We use Black-Scholes options pricing model to measure the fair value of stock options granted on or after January 1, 2017. The share-based compensation expense for each award is recognized ratably over the applicable service period or the period beginning at the start of the service period and ending when an employee becomes eligible for retirement (currently age 62 under the Plan), after taking into account estimated forfeitures. We recognize compensation expense and the corresponding tax benefits for awards under the Plan. The compensation expense under the Plan was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Share-based compensation expense $ 69.0 $ 74.5 $ 49.1 Income tax benefits related to share-based compensation expense $ 18.6 $ 20.1 $ 13.2 As of December 31, 2020, the portion of share-based compensation expense related to outstanding awards to be recognized in future periods is as follows: December 31, 2020 Share-based compensation expense not yet recognized (in millions) $ 68.1 Weighted-average recognition period (in years) 1.8 Restricted Share Units A summary of the non-vested restricted share units’ activity is as follows: (Shares in thousands) Shares Weighted-Average Non-vested as of December 31, 2019 4,525.9 $ 27.44 Granted 3,836.0 $ 9.27 Vested (1,909.1) $ 27.16 Cancelled/forfeited (330.9) $ 15.71 Non-vested as of December 31, 2020 6,121.9 $ 18.43 The total grant date fair value of restricted stock share units vested during the years ended December 31, 2020 and 2019 was $51.8 million and $10.2 million, respectively. Performance Share Units The Board of Directors has granted certain employees, senior executives and directors performance share units that vest subject to achieving satisfactory performances. For performance share units issued on or after January 1, 2017, performance is based on results of return on invested capital and total shareholder return (“TSR”). For the performance share units which vest based on TSR, the fair value of performance shares is estimated using a combination of the closing stock price on the grant date and the Monte Carlo simulation model. The weighted-average fair value and the assumptions used to measure the fair value of performance share units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were as follows: Year Ended December 31, 2020 2019 2018 Weighted-average fair value (a) $10.02 $29.04 $41.97 Expected volatility (b) 38.30 % 34.00 % 34.00 % Risk-free interest rate (c) 0.40 % 2.42 % 2.37 % Expected performance period in years (d) 3.0 3.0 3.0 (a) The weighted-average fair value was based on performance share units granted during the period. (b) Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the performance share units. (c) The risk-free rate for the expected term of the performance share units is based on the U.S. Treasury yield curve in effect at the time of grant. (d) For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. A summary of the non-vested performance share units’ activity is as follows: (Shares in thousands) Shares Weighted-Average Non-vested as of December 31, 2019 3,817.7 $ 28.52 Granted 2,828.4 $ 10.02 Vested (1,364.4) $ 31.65 Cancelled/forfeited (441.0) $ 20.62 Non-vested as of December 31, 2020 4,840.7 $ 17.55 The total grant date fair value of performance share units vested during years ended December 31, 2020, 2019 and 2018 was $43.2 million, $13.3 million and $7.0 million, respectively. Share Option Awards The fair value of each share option award is estimated as of the date of grant using the Black-Scholes options pricing model. Share options awarded prior to 2017 were granted subject to performance criteria based upon certain targets, such as TSR, return on capital employed, and operating income from recurring activities. Subsequent share options granted are time-based awards vesting over three years. The weighted-average fair value and the assumptions used to measure fair value are as follows: Year Ended December 31, 2020 2019 2018 Weighted-average fair value (a) $ — $ 5.64 $ 9.07 Expected volatility (b) — % 32.5 % 32.5 % Risk-free interest rate (c) — % 2.5 % 2.7 % Expected dividend yield (d) — % 2.6 % 2.0 % Expected term in years (e) 0 6.5 6.5 (a) The weighted-average fair value was based on stock options granted during the period. (b) Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the option. (c) The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. (d) There were no share options awarded in 2020. Share options awarded in 2019 and 2018 were valued using an expected dividend yield of 2.6% and 2.0%, respectively. (e) For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. The following is a summary of share option transactions during the year ended December 31, 2020: Number of Shares Weighted average exercise price Weighted average remaining life Balance as of December 31, 2019 4,842.4 $ 29.68 5.3 Granted — $ — Exercised — $ — Cancelled (244.0) $ 28.08 Balance as of December 31, 2020 4,598.4 $ 29.77 4.2 Exercisable as of December 31, 2020 3,460.8 $ 31.47 3.0 The aggregate intrinsic value of stock options outstanding and stock options exercisable as of December 31, 2020 was nil and nil, respectively. Cash received from the share option exercises was nil, during each of the years ended December 31, 2020, 2019 and 2018. The total intrinsic value of share options exercised during each of the years ended December 31, 2020, 2019 and 2018 was nil. To exercise share options, an employee may choose (1) to pay, either directly or by way of the group savings plan, the share option strike price to obtain shares, or (2) to sell the shares immediately after having exercised the share option (in this case, the employee does not pay the strike price but instead receives the intrinsic value of the share options in cash). The following summarizes significant ranges of outstanding and exercisable share options as of December 31, 2020: Options Outstanding Options Exercisable Exercise Price Range Number of options Weighted average remaining life (in years) Weighted average exercise price Number of options Weighted average exercise price $20.00-$33.00 4,087.2 4.6 $ 26.68 2,949.5 $ 26.90 $45.00-$51.00 33.0 1.0 $ 45.49 33.0 $ 45.49 $55.00-$57.00 478.2 0.4 $ 56.93 478.3 $ 56.93 Total 4,598.4 4.2 $ 29.77 3,460.8 $ 31.47 |
Impairment, Restructuring and O
Impairment, Restructuring and Other Expense | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSE | IMPAIRMENT, RESTRUCTURING AND OTHER EXPENSES Impairment, restructuring and other expenses were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 2,957.5 $ 1,752.2 $ 1,801.9 Technip Energies 93.6 17.0 (3.4) Surface Technologies 440.2 704.2 13.8 Corporate and other 10.0 17.4 18.9 Total impairment, restructuring and other expenses $ 3,501.3 $ 2,490.8 $ 1,831.2 Goodwill and Long-Lived Assets Impairments Goodwill and long-lived assets impairments were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 2,854.5 $ 1,798.6 $ 1,784.2 Technip Energies 10.3 — — Surface Technologies 419.3 685.5 4.5 Corporate and other 3.3 — 3.9 Total impairments $ 3,287.4 $ 2,484.1 $ 1,792.6 Due to the substantial decline in global demand for oil caused by the COVID-19 pandemic in 2020 we reviewed the future utilization of our vessels and service potential of our subsea service and surface equipment and determined that the carrying amount of our goodwill and some of our long-lived assets exceeded their respective fair values. We recorded $3,083.4 million and $204.0 million, respectively, related to goodwill and long-lived assets impairments. The $204.0 million of long-lived asset impairments during the year ended December 31, 2020 consisted of $88.4 million attributable to plant, equipment and various machinery infrastructure in our Subsea operating segment; $82.0 million mainly related to building and surface equipment in our Surface reportable segment; and $33.6 million of operating lease right-of-use assets impairments. The prolonged downturn in the energy market and its corresponding impact on our business outlook in 2019 led us to conclude the carrying amount of certain of our assets in our Subsea and Surface Technologies segments exceeded their fair value as of December 31, 2019. During the 2019 year we recorded $1,988.7 million and $495.4 million, respectively, related to goodwill and long-lived assets impairments. The $495.4 million of long-lived asset impairments during the year ended December 31, 2019 primarily consisted of $153.8 million related to vessels in our Subsea operating segment and $168.9 million related to our flexible pipe and umbilical manufacturing facilities in our Surface reportable segment due to the prolonged downturn in the energy market and its corresponding impact on our business outlook. The prolonged downturn in the energy market and its corresponding impact on our business outlook in 2018 led us to conclude the carrying amount of certain of our assets in our Subsea operating segment exceeded their fair value as of December 31, 2018. During the year ended December 31, 2018, we recorded $1,383.0 million and $372.9 million, respectively, related to goodwill and vessel impairments in our Subsea operating segment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts of such assets may not be recoverable. Assessing the recoverability of assets to be held and used involves significant judgement, when determining the present value of expected future cash flows. Significant judgements included expected revenue, operating costs and capital decisions that were available at the time of the assessment. Restructuring and Other Expenses Restructuring and other charges primarily consisted of severance and other employee related costs and COVID-19 related expenses across all segments. Restructuring and other expenses were as follows: Year Ended December 31, 2020 2019 2018 (In millions) Restructuring and other charges COVID-19 expenses Restructuring and other charges Restructuring and other charges Subsea $ 52.9 $ 50.1 $ (46.4) $ 17.7 Technip Energies 39.3 44.0 17.0 (3.4) Surface Technologies 13.2 7.7 18.7 9.3 Corporate and other 6.7 — 17.4 15.0 Total $ 112.1 $ 101.8 $ 6.7 $ 38.6 COVID-19 related expenses represent unplanned, one-off, incremental and non-recoverable costs incurred solely as a result of the COVID-19 pandemic situation, which would not have been incurred otherwise. COVID-19 related expenses primarily included (a) employee payroll and travel, operational disruptions associated with quarantining, personnel travel restrictions to job sites, and shutdown of manufacturing plants and sites; (b) supply chain and related expediting costs of accelerated shipments for previously ordered and undelivered products; (c) costs associated with implementing additional information technology to support remote working environments; and (d) facilities-related expenses to ensure safe working environments. Prolonged uncertainty in energy markets could lead to further future reductions in capital spending from our customer base. In turn, this may lead to changes in our strategy. We will continue to take actions designed to mitigate the adverse effects of the rapidly changing market environment and expect to continue to adjust our cost structure to market conditions. If market conditions continue to deteriorate, we may record additional restructuring charges and additional impairments of our long-lived assets, operating lease right-of-use assets and equity method investments. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Contingent liabilities associated with guarantees - In the ordinary course of business, we enter into standby letters of credit, performance bonds, surety bonds, and other guarantees with financial institutions for the benefit of our customers, vendors, and other parties. The majority of these financial instruments expire within five years. 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. Guarantees of our consolidated subsidiaries consisted of the following: (In millions) December 31, 2020 Financial guarantees (a) $ 310.1 Performance guarantees (b) 4,659.6 Maximum potential undiscounted payments $ 4,969.7 (a) Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations. (b) Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service. We believe the ultimate resolution of our known contingencies will not materially adversely affect our consolidated financial position, results of operations, or cash flows. Contingent liabilities associated with legal and tax matters - We are involved in various pending or potential legal and tax actions or disputes in the ordinary course of our business. These actions and disputes can involve our agents, suppliers, clients, and venture partners, and can include claims related to payment of fees, service quality, and ownership arrangements, including certain put or call options. We are unable to predict the ultimate outcome of these actions because of their inherent uncertainty. However, we believe 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. On March 28, 2016, FMC Technologies received an inquiry from the U.S. Department of Justice (“DOJ”) related to the DOJ's investigation of whether certain services Unaoil S.A.M. provided to its clients, including FMC Technologies, violated the U.S. Foreign Corrupt Practices Act (“FCPA”). On March 29, 2016, Technip S.A. also received an inquiry from the DOJ related to Unaoil. We cooperated with the DOJ's investigations and, with regard to FMC Technologies, a related investigation by the SEC. In late 2016, Technip S.A. was contacted by the DOJ regarding its investigation of offshore platform projects awarded between 2003 and 2007, performed in Brazil by a joint venture company in which Technip S.A. was a minority participant, and we have also raised with the DOJ certain other projects performed by Technip S.A. subsidiaries in Brazil between 2002 and 2013. The DOJ has also inquired about projects in Ghana and Equatorial Guinea that were awarded to Technip S.A. subsidiaries in 2008 and 2009, respectively. We cooperated with the DOJ in its investigation into potential violations of the FCPA in connection with these projects. We contacted and cooperated with the Brazilian authorities (Federal Prosecution Service (“MPF”), the Comptroller General of Brazil (“CGU”) and the Attorney General of Brazil (“AGU”)) with their investigation concerning the projects in Brazil and have also contacted and are cooperating with French authorities (the Parquet National Financier (“PNF”)) with their investigation about these existing matters. On June 25, 2019, we announced a global resolution to pay a total of $301.3 million to the DOJ, the SEC, the MPF, and the CGU/AGU to resolve these anti-corruption investigations. We will not be required to have a monitor and will, instead, provide reports on our anti-corruption program to the Brazilian and U.S. authorities for two and three years, respectively. As part of this resolution, we entered into a three-year Deferred Prosecution Agreement (“DPA”) with the DOJ related to charges of conspiracy to violate the FCPA related to conduct in Brazil and with Unaoil. In addition, Technip USA, Inc., a U.S. subsidiary, pled guilty to one count of conspiracy to violate the FCPA related to conduct in Brazil. We will also provide the DOJ reports on our anti-corruption program during the term of the DPA. In Brazil, our subsidiaries Technip Brasil - Engenharia, Instalações E Apoio Marítimo Ltda. and Flexibrás Tubos Flexíveis Ltda. entered into leniency agreements with both the MPF and the CGU/AGU. We have committed, as part of those agreements, to make certain enhancements to their compliance programs in Brazil during a two-year self-reporting period, which aligns with our commitment to cooperation and transparency with the compliance community in Brazil and globally. In September 2019, the SEC approved our previously disclosed agreement in principle with the SEC Staff and issued an Administrative Order, pursuant to which we paid the SEC $5.1 million, which was included in the global resolution of $301.3 million. To date, the investigation by PNF related to historical projects in Equatorial Guinea and Ghana has not reached resolution. We remain committed to finding a resolution with the PNF and will maintain a $70.0 million provision related to this investigation. As we continue to progress our discussions with PNF towards resolution, the amount of a settlement could exceed this provision. There is no certainty that a settlement with PNF will be reached or that the settlement will not exceed current accruals. The PNF has a broad range of potential sanctions under anticorruption laws and regulations that it may seek to impose in appropriate circumstances including, but not limited to, fines, penalties, and modifications to business practices and compliance programs. Any of these measures, if applicable to us, as well as potential customer reaction to such measures, could have a material adverse impact on our business, results of operations, and financial condition. If we cannot reach a resolution with the PNF, we could be subject to criminal proceedings in France, the outcome of which cannot be predicted. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Components of income (loss) before income taxes - U.S. and outside U.S. components of income (loss) before income taxes were as follows: Year Ended December 31, (In millions) 2020 2019 2018 United States $ (3,073.5) $ (1,406.5) $ (197.0) Outside United States $ (11.5) $ (729.3) $ (1,291.1) Loss before income taxes $ (3,085.0) $ (2,135.8) $ (1,488.1) Provision for income tax - The provision for income taxes consisted of: Year Ended December 31, (In millions) 2020 2019 2018 Current United States $ (4.7) $ 34.7 $ 52.1 Outside United States 164.8 317.0 321.8 Total current income taxes 160.1 351.7 373.9 Deferred United States (3.1) 2.6 19.5 Outside United States (3.6) (78.0) 29.3 Total deferred income taxes (6.7) (75.4) 48.8 Provision for income taxes $ 153.4 $ 276.3 $ 422.7 Deferred tax assets and liabilities - Significant components of deferred tax assets and liabilities were as follows: December 31, (In millions) 2020 2019 Deferred tax assets attributable to Accrued expenses $ 147.8 $ 124.4 Capital loss 21.1 21.1 Non-deductible interest 77.0 84.7 Foreign tax credit carryforwards 145.8 135.3 Other tax credits 166.8 113.2 Net operating loss carryforwards 489.0 430.5 Inventories 16.5 6.3 Research and development credit 3.4 7.6 Foreign exchange — 20.4 Provisions for pensions and other long-term employee benefits 96.1 84.1 Contingencies 43.4 163.3 Margin recognition on construction contracts 113.9 115.9 Leases 254.9 219.8 Revenue in excess of billings on contracts accounted for under the percentage of completion method — 10.9 Other — 6.9 Deferred tax assets 1,575.7 1,544.4 Valuation allowance (935.3) (916.9) Deferred tax assets, net of valuation allowance 640.4 627.5 Deferred tax liabilities attributable to Revenue in excess of billings on contracts accounted for under the percentage of completion method 42.6 — U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested 4.2 10.4 Property, plant and equipment, intangibles and other assets 185.8 279.6 Foreign exchange 27.8 — Leases 237.0 215.2 Other 4.7 — Deferred tax liabilities 502.1 505.2 Net deferred tax assets $ 138.3 $ 122.3 At December 31, 2020 and 2019, the carrying amount of net deferred tax assets and the related valuation allowance included the impact of foreign currency translation adjustments. Non-deductible interest. At December 31, 2020, deferred tax assets include tax benefits related to certain intercompany interest costs which are not currently deductible, but which may be deductible in future periods. If not utilized, these costs will become permanently non-deductible 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. Foreign tax credit carryforwards. At December 31, 2020, deferred tax assets included U.S. foreign tax credit carryforwards of $145.8 million, which, if not utilized, will begin to expire in 2024. 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 our U.S. earnings over the forecast period will not result in sufficient U.S. taxable income to fully realize these deferred tax assets; therefore, we have established a valuation allowance against the related deferred tax assets. In its analysis, management has considered the effect of deemed dividends and other expected adjustments to U.S. earnings that are required in determining U.S. taxable income. Non-U.S. earnings subject to U.S. tax, including deemed dividends for U.S. tax purposes, were $61 thousand in 2020, $3.8 million in 2019 and $307.6 million in 2018. Net operating loss carryforwards. As of December 31, 2020, deferred tax assets include tax benefits relating to net operating loss carryforwards. If not utilized, these net operating loss carryforward will begin to expire in 2021. Except in Norway (net operating losses of $373.7 million), management believes it is more likely than not that we will not be able to utilize these operating loss carryforwards before expiration; thus, we have established a valuation allowance against the related deferred tax assets (inclusive of NOL’s generated in United Kingdom, Saudi Arabia, Netherlands, Mexico, Brazil, Canada, United States, Luxembourg, and Germany). Except in Canada, Mexico, and Netherlands, all of these tax loss carryforwards extend indefinitely. Certain Adjustments to Valuation Allowance. The net increase in valuation allowance from December 31, 2019 to December 31, 2020 includes certain adjustments which did not impact net tax expense. These adjustments include $62.0 million of deferred tax assets which were recorded in 2020 and are related to certain previously unrecorded tax credits in the Netherlands that are subject to a full valuation allowance. In addition, the Company wrote off $15.3 million and $11.3 million of deferred tax assets in Italy and Mexico, respectively, that had been subject to a full valuation allowance. Unrecognized tax benefits - The following table presents a summary of changes in our unrecognized tax benefits: (In millions) Federal, Balance at December 31, 2018 $ 91.0 Reductions for tax positions related to prior years (62.4) Additions for tax positions related to current year 72.9 Reductions for tax positions due to settlements (20.8) Balance at December 31, 2019 $ 80.7 Reductions for tax positions related to prior years (7.9) Additions for tax positions related to current year 0.9 Reductions for tax positions due to settlements (2.6) Balance at December 31, 2020 $ 71.1 The amounts reported above for uncertain tax positions excludes interest and penalties of $3.7 million, $0.1 million, and $2.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. Interest and penalties relating to these uncertain tax positions were included in income tax expense in our consolidated statements of income. It is reasonably possible that within twelve months, $4.2 million of liabilities for unrecognized tax benefits will be settled. This amount is reflected in income taxes payable, the remaining balance of the unrecognized tax benefits is recorded in other long term liabilities. We operate in numerous jurisdictions around the world and could be subject to multiple tax audits at any given time. Most notably, the following tax years and thereafter remain subject to examination: 2010 for Norway, 2016 for Nigeria, 2016 for Brazil, 2017 for France, and 2016 for the United States. TechnipFMC plc is a public limited company incorporated under the laws of England and Wales. Therefore, our earnings are subject to the U.K. statutory rate which is 19.0% for 2020, 2019, and 2018. Effective income tax rate reconciliation - The effective income tax rate was different from the statutory U.K. income tax rate due to the following: Year Ended December 31, 2020 2019 2018 Statutory income tax rate 19.0 % 19.0 % 19.0 % Net difference resulting from Foreign earnings subject to different tax rates (1.5) % 0.3 % (9.7) % Adjustments to prior year taxes (1.3) % (0.4) % (0.7) % Changes in valuation allowance — % (8.8) % (14.4) % Deferred tax asset/liability revaluation for tax rate change — % (0.5) % (1.7) % Impairments (22.5) % (21.9) % (16.5) % Non-deductible legal provision — % (0.8) % (3.8) % Other 1.3 % 0.2 % (0.6) % Effective income tax rate (5.0) % (12.9) % (28.4) % |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract [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. On December 31, 2017, we amended the U.S. retirement plans (the “Plans”) to freeze benefit accruals for all participants of the Plans as of December 31, 2017. After that date, participants in the Plans will no longer accrue any further benefits and participants’ benefits under the Plans will be determined based on credited service and eligible earnings as of December 31, 2017. Foreign-based employees are eligible to participate in TechnipFMC-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. The most significant of these plans are in the Netherlands, France, and the United Kingdom. We have other post-retirement benefit plans covering substantially all of our U.S. unionized employees. 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 (loss) 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, 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 balance sheets as of December 31, 2020 and 2019, were as follows: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Accumulated benefit obligation $ 684.7 $ 873.0 $ 669.6 $ 773.3 Projected benefit obligation at January 1 $ 669.7 $ 881.0 $ 598.1 $ 753.4 $ 10.6 $ 9.5 Service cost — 19.1 — 16.3 — — Interest cost 22.2 14.1 25.6 18.3 0.4 0.5 Actuarial (gain) loss 53.9 35.5 80.7 102.8 (0.2) 1.4 Amendments — 0.1 — 0.9 — — Curtailments — (0.2) — — — — Settlements (25.6) (3.5) — (0.6) — — Foreign currency exchange rate changes — 48.0 — 11.1 (0.5) (0.1) Plan participants’ contributions — 1.1 — 1.1 — — Benefits paid (35.5) (27.2) (34.7) (25.7) (0.5) (0.5) Other — 2.1 — 3.4 — (0.2) Projected benefit obligation as of December 31 684.7 970.1 669.7 881.0 9.8 10.6 Fair value of plan assets at January 1 520.0 657.8 477.4 570.6 — — Actual return on plan assets 14.3 45.9 72.0 89.1 — — Company contributions — 28.7 — 6.9 — — Foreign currency exchange rate changes — 33.4 — 13.5 — — Settlements (19.6) (1.9) — — — — Plan participants’ contributions — 1.1 — 1.1 — — Benefits paid (31.0) (20.8) (29.4) (19.6) — — Other — 2.0 — (3.8) — — Fair value of plan assets as of December 31 483.7 746.2 520.0 657.8 — — Funded status of the plans (liability) as of December 31 $ (201.0) $ (223.9) $ (149.7) $ (223.2) $ (9.8) $ (10.6) Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Current portion of accrued pension and other post-retirement benefits (4.6) (8.6) (5.5) (8.8) (0.7) (0.6) Accrued pension and other post-retirement benefits, net of current portion (196.4) (215.3) (144.2) (214.4) (9.1) (10.0) Funded status as of December 31 $ (201.0) $ (223.9) $ (149.7) $ (223.2) $ (9.8) $ (10.6) The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss as of December 31, 2020 and 2019 that have not been recognized as components of net periodic benefit cost: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Pre-tax amounts recognized in accumulated other comprehensive (income) loss Unrecognized actuarial loss $ 198.4 $ 122.3 $ 121.6 $ 90.7 $ 1.3 $ 1.9 Unrecognized prior service cost — 6.2 — 7.0 — — Accumulated other comprehensive (income) loss as of December 31 $ 198.4 $ 128.5 $ 121.6 $ 97.7 $ 1.3 $ 1.9 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 as of December 31, 2020 and 2019: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Plans with underfunded or non-funded projected benefit obligation Aggregate projected benefit obligation $ 684.7 $ 818.7 $ 668.4 $ 741.2 $ 9.8 $ 10.7 Aggregate fair value of plan assets $ 483.7 $ 596.7 $ 518.8 $ 522.8 $ — $ — Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Plans with underfunded or non-funded accumulated benefit obligation Aggregate accumulated benefit obligation $ 684.7 $ 325.7 $ 668.4 $ 292.1 $ — $ — Aggregate fair value of plan assets $ 483.7 $ 154.0 $ 518.8 $ 140.3 $ — $ — The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2020, 2019 and 2018: Pensions Other Post-retirement 2020 2019 2018 2020 2019 2018 (In millions) U.S. Int’l U.S. Int’l U.S. Int’l Components of net periodic benefit cost (income) Service cost $ — $ 19.1 $ — $ 16.3 $ 0.2 $ 21.2 $ — $ — $ — Interest cost 22.2 14.1 25.6 18.3 23.8 20.9 0.4 0.5 0.4 Expected return on plan assets (45.4) (37.9) (41.6) (33.5) (50.1) (41.2) — — — Settlement cost 1.4 0.8 — 0.3 0.4 0.4 — — — Curtailment benefit — — — — — (3.8) — — — Amortization of net actuarial loss (gain) 6.9 2.1 1.8 0.7 — 0.6 0.1 — — Amortization of prior service cost (credit) — 1.2 — 1.0 — 1.3 — — — Net periodic benefit cost (income) $ (14.9) $ (0.6) $ (14.2) $ 3.1 $ (25.7) $ (0.6) $ 0.5 $ 0.5 $ 0.4 The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018: Pensions Other Post-retirement 2020 2019 2018 2020 2019 2018 (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 $ (85.1) $ (27.2) $ (50.2) $ (47.3) $ (73.5) $ (15.3) $ — $ — $ — Prior service (cost) credit arising during period — (0.1) — (0.9) 0.2 (2.7) — — — Settlements and curtailments 1.4 0.8 — 0.3 0.4 (3.4) — — — Amortization of net actuarial loss (gain) 6.9 2.1 1.8 0.7 — 0.6 (0.1) — — Amortization of prior service cost (credit) — 1.2 — 1.0 — 1.3 — — — Other — (7.5) — (0.8) — 1.4 (0.6) (0.1) (0.1) Total recognized in other comprehensive income (loss) $ (76.8) $ (30.7) $ (48.4) $ (47.0) $ (72.9) $ (18.1) $ (0.7) $ (0.1) $ (0.1) Included in accumulated other comprehensive income (loss) as of December 31, 2020, 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 (In millions) U.S. Int’l Net actuarial losses $ 16.8 $ 4.0 $ — Prior service cost $ — $ 1.2 $ — Key assumptions - The following weighted-average assumptions were used to determine the benefit obligations: Pensions Other 2020 2019 2020 2019 U.S. Int’l U.S. Int’l Discount rate 2.70 % 1.23 % 3.40 % 1.70 % 3.47 % 4.31 % Rate of compensation increase N/A 1.92 % N/A 2.39 % 4.00 % 4.00 % The following weighted-average assumptions were used to determine net periodic benefit cost: Pensions Other 2020 2019 2018 2020 2019 2018 U.S. Int’l U.S. Int’l U.S. Int’l Discount rate 3.40 % 1.65 % 4.40 % 2.56 % 3.70 % 2.39 % 4.31 % 5.04 % 4.33 % Rate of compensation increase N/A 2.33 % N/A 2.34 % N/A 2.39 % 4.00 % 4.00 % 4.00 % Expected rate of return on plan assets 7.75 % 4.84 % 8.65 % 5.04 % 8.57 % 4.90 % N/A N/A N/A 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 - We actively monitor how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. We have not changed the processes used to manage its risks from previous periods. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets . Our pension investment strategy emphasizes maximizing returns consistent with balancing risk. Excluding our international plans with insurance-based investments, 86% of our total pension plan assets represent the U.S. qualified plan and the U.K. 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 as of December 31, 2020 and 2019. • Cash is valued at cost, which approximates fair value. • Equity securities are comprised of common stock and preferred stock. The fair values of equity securities are valued at the closing price reported on the active market on which the securities are traded. • 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. Registered investment companies primarily include investments in emerging market bonds. Common/collective trusts primarily includes money market instruments with short maturities. • 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. • The fair values of hedge funds are valued using the NAV as determined by the administrator or custodian of the fund. The funds primarily invest in U.S. and international equities, debt securities and other hedge funds. • The fair values of limited partnerships are valued using the NAV as determined by the administrator or custodian of the fund. The partnerships primarily invest in U.S. and international equities and debt securities. • Real estate and other investments primarily consist of real estate investment trusts and other investments. These investments are measured at quoted market prices, which represent the NAV of the securities held in such funds at year end. Our pension plan assets measured at fair value on a recurring basis are as follows as of December 31, 2020 and 2019. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels. (In millions) U.S. International December 31, 2020 Total Level 1 Level 2 Level 3 Net Asset Value (a) Total Level 1 Level 2 Level 3 Net Asset Value (a) Cash and cash equivalents $ 38.1 $ 38.1 $ — $ — $ — $ 66.3 $ 66.3 $ — $ — $ — Equity securities U.S. companies 83.3 83.3 — — — 96.3 96.3 — — — International companies 1.1 1.1 — — — 209.1 209.1 — — — Registered investment companies 38.4 — — — 38.4 68.2 — — — 68.2 Insurance contracts — — — — — 154.0 — 154.0 — — Hedge funds 160.9 — — — 160.9 98.3 — — — 98.3 Limited partnerships 160.9 — — — 160.9 14.5 — — — 14.5 Real estate and other investments 1.0 1.0 — — — 39.5 39.5 — — — Total assets $ 483.7 $ 123.5 $ — $ — $ 360.2 $ 746.2 $ 411.2 $ 154.0 $ — $ 181.0 December 31, 2019 Cash and cash equivalents $ 50.5 $ 50.5 $ — $ — $ — $ 10.0 $ 10.0 $ — $ — $ — Equity securities U.S. companies 110.3 110.3 — — — 70.4 70.4 — — — International companies 5.4 5.4 — — — 251.5 251.5 — — — Registered investment companies 36.3 — — — 36.3 63.4 — — — 63.4 Common/collective trusts 12.5 — — — 12.5 — — — — — Insurance contracts — — — — — 138.5 — 138.5 — — Hedge funds 164.3 — — — 164.3 82.0 — — — 82.0 Limited partnerships 139.4 — — — 139.4 7.9 — — — 7.9 Real estate and other investments 1.3 1.3 — — — 36.0 36.0 — — — Total assets $ 520.0 $ 167.5 $ — $ — $ 352.5 $ 659.7 $ 367.9 $ 138.5 $ — $ 153.3 (a) Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Contributions - We expect to contribute approximately $20.7 million to our international pension plans, representing primarily the Netherlands qualified pension plans and U.K. qualified pension plans. We do not expect to make any contributions to our U.S. Qualified Pension Plan and our U.S. Non-Qualified Defined Benefit Pension Plan in 2021. All of the contributions are expected to be in the form of cash. In 2020 and 2019, we contributed $28.7 million and $6.9 million to all pension plans, respectively. Subsequent to the Spin-off, we expect to contribute approximately $18.9 million to our non-U.S. pension plans. Estimated future benefit payments - The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2028. Actual benefit payments may differ from expected benefit payments. Pensions Other (In millions) U.S. International 2021 $ 47.6 $ 36.6 $ 0.6 2022 32.4 30.6 0.6 2023 31.0 32.8 0.6 2024 31.7 34.8 0.6 2025 31.9 34.8 0.6 2025-2029 $ 164.3 $ 198.3 $ 2.6 Savings plans - The TechnipFMC Retirement Savings 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. Both plans relate to FMC Technologies, Inc. Participants in the Non-Qualified Plan earn a return based on hypothetical investments in the same options as our 401(k) plan. 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 December 31, 2020 and 2019, our liability for the Non-Qualified Plan was $22.8 million and $26.3 million, respectively, and was recorded in other liabilities in our consolidated balance sheets. We hedge the financial impact of changes in the participants’ hypothetical investments by purchasing the investments that the participants have chosen. Changes in the fair value of these investments are recognized as an offset to other income (expense), net in our consolidated statements of income. As of December 31, 2020 and 2019, we had investments for the Non-Qualified Plan totaling $22.8 million and $26.3 million at fair market value, respectively. During the years ended December 31, 2020, and 2019 we recognized expense of $29.9 million and $34.0 million, respectively for matching contributions to these plans in 2020 and 2019, respectively. Additionally, during the years ended December 31, 2020 and 2019, we recognized expense of $12.1 million and $13.2 million, respectively, for non-elective contributions. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS For purposes of mitigating the effect of changes in exchange rates, we hold derivative financial instruments to hedge the risks of certain identifiable and anticipated transactions and recorded assets and liabilities in our consolidated balance sheets. 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. Our policy is to hold derivatives only for the purpose of hedging risks associated with anticipated foreign currency purchases and sales created in the normal course of business, 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. For derivative instruments not designated as hedging instruments, any change in the fair value of those instruments is reflected in earnings in the period such change occurs. 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 and recorded assets and liabilities in our consolidated balance sheets. As of December 31, 2020, we held the following material net positions: Net Notional Amount (In millions) USD Equivalent Euro 1,794.5 2,201.8 British pound 771.7 1,054.3 Malaysian ringgit 891.0 221.5 Norwegian krone 1,721.6 201.7 Brazilian real 681.4 131.1 Singapore dollar 171.2 129.4 Mexican peso 1,288.0 64.7 Australian dollar 78.2 60.3 Indian rupee 3,172.0 43.4 Japanese yen 1,124.4 10.9 Columbian peso 37,142.2 10.8 Hong Kong dollar (97.6) (12.6) Indonesian rupiah (201,679.7) (14.3) U.S. dollar (2,922.1) (2,922.1) 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. As of December 31, 2020, our portfolio of these instruments included the following material net positions: Net Notional Amount (In millions) USD Equivalent Brazilian real 77.9 15.0 Hong Kong dollar 48.3 6.2 Euro (8.7) (10.7) Norwegian krone (142.8) (16.7) U.S. dollar 5.2 5.2 Fair value amounts for all outstanding derivative instruments have been determined using available market information and commonly accepted valuation methodologies. See Note 24 for further details. 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 are settled. The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets: December 31, 2020 December 31, 2019 (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Foreign exchange contracts Current - Derivative financial instruments $ 215.8 $ 151.6 $ 94.3 $ 125.0 Long-term - Derivative financial instruments 35.6 23.3 34.8 48.0 Total derivatives designated as hedging instruments 251.4 174.9 129.1 173.0 Derivatives not designated as hedging instruments Foreign exchange contracts Current - Derivative financial instruments 85.6 15.6 7.6 16.3 Long-term - Derivative financial instruments 0.3 — 0.4 0.4 Total derivatives not designated as hedging instruments 85.9 15.6 8.0 16.7 Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium — — 4.3 — Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives — — — 4.3 Total derivatives $ 337.3 $ 190.5 $ 141.4 $ 194.0 Cash flow hedges of forecasted transactions, net of tax, which qualify for hedge accounting, resulted in accumulated other comprehensive gains (losses) of $32.5 million and $(5.8) million as of December 31, 2020 and 2019, respectively. We expect to transfer an approximately $107.6 million gain 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 second half of 2025. The following tables present the location of gains (losses) in the consolidated statements of income related to derivative instruments designated as cash flow hedges. Gain (Loss) Recognized in OCI Year Ended December 31, (In millions) 2020 2019 2018 Foreign exchange contracts $ 28.0 $ 10.3 $ (75.4) The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives Revenue Cost of sales Selling, Other income (expense), net Revenue Cost of sales Selling, Other income (expense), net Revenue Cost of sales Selling, Other income (expense), net Cash Flow hedge gain (loss) recognized in income Foreign Exchange Contracts Amounts reclassified from accumulated OCI to income (loss) $ (83.7) $ 68.5 $ (0.4) $ (4.4) $ (26.6) $ 12.0 $ — $ (9.1) $ (2.4) $ 3.4 $ (0.1) $ 1.0 Amounts excluded from effectiveness testing 7.7 (9.8) (0.2) 34.2 0.6 (7.6) — (34.9) (2.2) (4.8) — (12.3) Total cash flow hedge gain (loss) recognized in income (76.0) 58.7 (0.6) 29.8 (26.0) 4.4 — (44.0) (4.6) (1.4) (0.1) (11.3) Gain (loss) recognized in income on derivatives not designated as hedging instruments (0.8) 3.4 — 22.7 (1.6) 0.2 — (10.2) (1.7) 0.2 — (11.4) Total $ (76.8) $ 62.1 $ (0.6) $ 52.5 $ (27.6) $ 4.6 $ — $ (54.2) $ (6.3) $ (1.2) $ (0.1) $ (22.7) Balance Sheet Offsetting - We execute derivative contracts 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, 2020 and 2019, we had no collateralized derivative contracts. The following tables present both gross information and net information of recognized derivative instruments: December 31, 2020 December 31, 2019 (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 $ 337.3 $ (134.0) $ 203.3 $ 141.4 $ (112.5) $ 28.9 Derivative liabilities $ 190.5 $ (134.0) $ 56.5 $ 194.0 $ (112.5) $ 81.5 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis were as follows: December 31, 2020 December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Investments Equity securities (a) $ 65.6 $ 65.6 $ — $ — $ 54.8 $ 54.8 $ — $ — Money market fund 1.7 — 1.7 — 1.5 — 1.5 — Stable value fund (b) 0.9 — — — 2.1 — — — Held-to-maturity debt securities 24.2 — 24.2 — 71.9 — 71.9 — Derivative financial instruments Synthetic bonds - call option premium — — — — 4.3 — 4.3 — Foreign exchange contracts 337.3 — 337.3 — 137.1 — 137.1 — Assets held for sale 47.3 — — 47.3 25.8 — — 25.8 Total assets $ 477.0 $ 65.6 $ 363.2 $ 47.3 $ 297.5 $ 54.8 $ 214.8 $ 25.8 Liabilities Redeemable financial liability $ 246.6 $ — $ — $ 246.6 $ 268.8 $ — $ — $ 268.8 Derivative financial instruments Synthetic bonds - embedded derivatives — — — — 4.3 — 4.3 — Foreign exchange contracts 190.5 — 190.5 — 189.7 — 189.7 — Liabilities held for sale — — — — 9.3 — — 9.3 Total liabilities $ 437.1 $ — $ 190.5 $ 246.6 $ 472.1 $ — $ 194.0 $ 278.1 (a) Includes fixed income and other investments measured at fair value. (b) Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Equity securities and Available-for-sale Securities - The fair value measurement of our traded securities and Available-for-sale-Securities is based on quoted prices that we have the ability to access in public markets. Stable value fund and Money market fund - Stable value fund and money market fund are valued at the net asset value of the shares held at the end of the quarter, which is based on the fair value of the underlying investments using information reported by our investment advisor at quarter-end. Held-to-maturity debt securities - Held-to-maturity debt securities consist of government bonds. These investments are stated at amortized cost, which approximates fair value. Assets and liabilities held for sale - The fair value of our assets and liabilities held for sale was determined using a market approach that took into consideration the expected sales price. Mandatorily redeemable financial liability - We have a mandatorily redeemable financial liability which is recorded at its fair value. The mandatorily redeemable financial liability relates to our voting control interests in legal Technip Energies contract entities which own and account for the design, engineering and construction of the Yamal LNG plant. The fair value is determined using a discounted cash flow model. The key assumptions used in applying the income approach are the selected discount rates and the expected dividends to be distributed in the future to the non-controlling interest holders. Expected dividends to be distributed are based on the non-controlling interests’ share of the expected profitability of the underlying contract, a 15.0% discount rate and the overall timing of completion of the project. A mandatorily redeemable financial liability of $246.6 million, $268.8 million and $408.5 million was recognized as of December 31, 2020, 2019 and 2018, respectively, to account for the fair value of the non-controlling interests. During the years ended December 31, 2020, 2019 and 2018, we revalued the liability to reflect current expectations about the obligation, which resulted in the recognition of a loss of $202.0 million, $423.1 million and $322.3 million, respectively. A decrease of one percentage point in the discount rate would have increased the liability by $2.0 million as of December 31, 2020. The fair value measurement is based upon significant unobservable inputs not observable in the market and is consequently classified as a Level 3 fair value measurement. Change in the fair value of our Level 3 mandatorily redeemable financial liability is recorded as interest expense on the consolidated statements of income and was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Balance at beginning of period $ 268.8 $ 408.5 $ 312.0 Less: Expenses recognized in net interest expense (202.0) (423.1) (322.3) Less: Settlements 224.2 562.8 225.8 Balance at end of period $ 246.6 $ 268.8 $ 408.5 Redeemable non-controlling interest - We own a 51% share in Island Offshore Subsea AS that was subsequently renamed to TIOS AS. The non-controlling interest is recorded as mezzanine equity at fair value. The fair value measurement is based upon significant unobservable inputs not observable in the market and is consequently classified as a Level 3 fair value measurement. As of December 31, 2020 and 2019, the fair value of our redeemable non-controlling interest was $43.7 million and $41.1 million, respectively. See Note 2 for further details. 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. 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 23 for further details. Nonrecurring Fair Value Measurements Fair value of long-lived, non-financial assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts of such assets may not be recoverable. The following summarizes impairments of long-lived assets and related post-impairment fair value for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (In millions) Impairment Fair Value (a) Impairment Fair Value (a) Long-lived assets $ 204.0 $ 464.7 $ 495.4 $ 342.5 (b) (a) Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. (b) Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement. Other fair value disclosures Fair value of debt - The fair value of our Synthetic Bonds, Senior Notes and private placement notes are as follows: December 31, 2020 December 31, 2019 (In millions) Carrying Amount (a) Fair Value (b) Carrying Amount (a) Fair Value (b) Synthetic bonds due 2021 $ 551.2 $ 552.0 $ 492.9 $ 513.1 3.45% Senior Notes due 2022 500.0 513.2 500.0 499.2 5.00% Notes due 2020 — — 224.6 230.0 3.40% Notes due 2022 184.0 188.8 168.5 180.6 3.15% Notes due 2023 159.5 163.7 146.0 156.8 3.15% Notes due 2023 153.4 161.8 140.4 150.5 4.50% Notes due 2025 245.4 256.8 — — 4.00% Notes due 2027 92.0 99.7 84.2 96.4 4.00% Notes due 2032 122.7 136.8 112.3 127.8 3.75% Notes due 2033 122.7 126.4 112.3 123.8 (a) Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $12.8 million and $9.1 million as of December 31, 2020, and 2019, respectively. (b) Fair values are based on Level 2 quoted market prices. 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 bank borrowings, credit facilities, as well as amounts included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair value. Credit risk - By their nature, financial instruments involve risk, including credit risk, for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables and derivative contracts. We manage the credit risk on financial instruments by transacting only with what management believes are financially secure counterparties, requiring credit approvals and credit limits, and monitoring counterparties’ financial condition. Our maximum exposure to credit loss in the event of non-performance by the counterparty is limited to the amount drawn and outstanding on the financial instrument. Allowances for losses on trade receivables are established based on collectability assessments. We mitigate credit risk on derivative contracts by executing contracts only with counterparties that consent to a master netting agreement, which permits the net settlement of gross derivative assets against gross derivative liabilities. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) 2020 2019 (In millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Revenue $ 3,426.1 $ 3,335.7 $ 3,158.5 $ 3,130.3 $ 3,726.8 $ 3,335.1 $ 3,434.2 $ 2,913.0 Cost of sales 2,973.8 2,882.3 2,647.0 2,706.3 3,067.2 2,726.4 2,745.2 2,411.9 Net income (loss) (13.9) 6.4 15.3 (3,245.7) (2,430.3) (115.3) 113.7 19.8 Net income (loss) attributable to TechnipFMC plc $ (39.3) $ (3.9) $ 11.7 $ (3,256.1) $ (2,414.0) $ (119.1) $ 97.0 $ 20.9 Basic earnings (loss) per share (1) $ (0.09) $ (0.01) $ 0.03 $ (7.28) $ (5.40) $ (0.27) $ 0.22 $ 0.05 Diluted earnings (loss) per share (1) $ (0.09) $ (0.01) $ 0.03 $ (7.28) $ (5.40) $ (0.27) $ 0.21 $ 0.05 (1) Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings (loss) per share. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENT On February 16, 2021, we completed the Spin-off, see Note 3 for further details. In connection with the Spin-off, we executed a series of refinancing transactions, in order to provide a capital structure with sufficient cash resources to support future operating and investment plans. On February 16, 2021, we entered into a new senior secured revolving credit facility (the “Revolving Credit Facility”) that provides for aggregate revolving capacity of up to $1.0 billion. Availability of borrowings under the Revolving Credit Facility is reduced by any outstanding letters of credit issued against the facility. At February 25, 2021, there were no outstanding letters of credit and availability of borrowings under the Revolving Credit Facility was $800 million. On January 29, 2021, we issued $1.0 billion of 6.5% senior notes due 2026 (the “2021 Notes”). The interest on the 2021 Notes is paid semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The 2021 Notes are senior unsecured obligations and are guaranteed on a senior unsecured basis by substantially all of our wholly-owned U.S. subsidiaries and non-U.S. subsidiaries in Brazil, the Netherlands, Norway, Singapore and the United Kingdom. The proceeds from the debt issuance described above along with the available cash on hand were used to fund the repayment of all $522.8 million of the outstanding Synthetic Convertible Bonds that matured in January 2021 and the repayment of all $500.0 million aggregate principal amount of outstanding 3.45% Senior Notes due 2022. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | Schedule II—Valuation and Qualifying Accounts (In millions) Additions Description Balance at Charged to Charged to Other Accounts (a) Deductions and Adjustments (b) Balance at Year Ended December 31, 2018 Trade receivables allowance for doubtful accounts $ 117.4 $ 54.7 $ 0.3 $ (52.8) $ 119.6 Valuation allowance for deferred tax assets $ 430.0 $ 213.8 $ (21.3) $ 60.9 $ 683.4 Year Ended December 31, 2019 Trade receivables allowance for doubtful accounts $ 119.6 $ 22.0 $ (2.9) $ (43.3) $ 95.4 Valuation allowance for deferred tax assets $ 683.4 $ 187.0 $ (2.1) $ 48.6 $ 916.9 Year Ended December 31, 2020 Trade receivables allowance for doubtful accounts (c) $ 95.4 $ 66.8 $ 11.9 $ (65.2) $ 108.9 Valuation allowance for deferred tax assets $ 916.9 $ 94.7 $ (7.3) $ (69.0) $ 935.3 (a) "Additions charged to other accounts” includes translation adjustments. (b) “Deductions and adjustments” includes write-offs, net of recoveries, increases in allowances offset by increases to deferred tax assets, and reductions in the allowances credited to expense. (c) On January 1, 2020, we adopted ASU 2016-13, resulting in a $3.8 million increase to our trade receivables allowance for doubtful accounts. See Note 4 for further details. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation - Our consolidated financial statements were prepared in U.S. dollars and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to annual financial information. 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. |
Principles of consolidation | Principles of consolidation - The consolidated financial statements include the accounts of TechnipFMC 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 of fair value in business combinations and estimates related to income taxes. |
Variable interest entity | We determine whether investments involve a variable interest entity (“VIE”) based on the characteristics of the subject entity. If the entity is determined to be a VIE, then management determines if we are the primary beneficiary of the entity and whether or not consolidation of the VIE is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb significant losses of or the right to receive significant benefits from the VIE. If we are deemed to be the primary beneficiary, the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a non-controlling interest. Our unconsolidated VIEs are accounted for using the equity method of accounting. |
Business combinations | Business combinations - Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. The purchase price is allocated to the acquired assets, assumed liabilities and identifiable intangible assets based on their estimated fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Transaction related costs are expensed as incurred. |
Lessor, Leases | Leases - The majority of our leases are operating leases. We account for leases in accordance with Accounting Standard Codification (“ASC”)Topic 842, Leases, which we adopted on January 1, 2019 using the modified retrospective method. See Note 5 for further details. Lessor Arrangements We lease real estate including land, buildings and warehouses, machinery/equipment, and vessels from a lessor perspective. We determine if an arrangement is a lease at inception by assessing whether an identified asset exists and if the customer has the right to control the use of the identified asset. We use our implicit rate for our lessor arrangements. We have elected the practical expedient available for lessors to not separate lease and non-lease components for vessels. If the non-lease component is predominant in our contracts, we account for the contracts under the revenue recognition guidance in ASU 2014-09, “ Revenue from Contracts with Customers” (Topic 606). If the lease component is predominant in our contracts, we account for the contracts under the lease guidance in Topic 842. We estimate the amount we expect to derive from the underlying asset following the end of the lease term based on remaining economic life. Our lessor arrangements generally do not include any residual value guarantees. We recognize lessee payments of lessor costs such as taxes and insurance on a net basis when the lessee pays those costs directly to a third party or when the amount paid by the lessee is not readily determinable. |
Revenue recognition | Revenue recognition - The majority of our revenue is derived from long-term contracts that can span several years. We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers , which we adopted on January 1, 2018, using the modified retrospective method. See Note 6 for further details. Contract costs to obtain a contract - Our incremental direct costs of obtaining a contract are deferred and amortized over the period of contract performance or a longer period, generally the estimated life of the customer relationship, if renewals are expected and the renewal commission is not commensurate with the initial commission. We classify deferred commissions as current or noncurrent based on the timing of when we expect to recognize the expense. The current and noncurrent portions of deferred commissions are included in other current assets and other assets , respectively, in our consolidated balance sheets. Amortization of deferred commissions is included in selling, general and administrative expenses in our consolidated statements of income. |
Cash equivalents | Cash equivalents - Cash equivalents are highly-liquid, short-term investments with original maturities of three months or less from their date of purchase. |
Trade receivables, net of allowances | Trade receivables, net of allowances - An allowance for doubtful accounts is provided on receivables equal to the estimated uncollectible amounts and is calculated based on loss rates from historical data. We develop loss-rate statistics on the basis of the amount written off over the life of the receivable and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses. |
Inventories | Inventories - Inventories are stated at the lower of cost or net realizable value, except as it relates to inventory measured using the last-in, first-out (“LIFO”) method, for which the inventories are stated at the lower of cost or market. Inventory costs include those costs directly attributable to products, including all manufacturing overhead, but excluding costs to distribute. Cost for a significant portion of the U.S. domiciled inventories is determined on the LIFO method. The first-in, first-out (“FIFO”) or weighted average methods are used to determine the cost for the remaining inventories. Write-down of inventories is recorded when the net realizable value of inventories is lower than their net book value. |
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 (vessels - 10 to 30 years; buildings - 10 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 an asset group 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 classified as held for sale are reported at the lower of carrying value or fair value less cost to sell. |
Goodwill | Goodwill - Goodwill is not subject to amortization but is tested for impairment on an annual basis (or more frequently if impairment indicators arise) by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. A reporting unit is defined as an operating segment or one level below the operating segment. We have established October 31 as the date of our annual test for impairment of goodwill. Reporting units with goodwill are tested for impairment using a quantitative impairment test known as the income approach, which estimates fair value by discounting each reporting unit’s estimated future cash flows using a weighted-average cost of capital that reflects current market conditions and the risk profile of the reporting unit. To arrive at our future cash flows, we use estimates of economic and market assumptions, including growth rates in revenues, costs, estimates of future expected changes in operating margins, tax rates and cash expenditures. Future revenues are also adjusted to match changes in our business strategy. If the fair value of the reporting unit is less than its carrying amount as a result of this method, then an impairment loss is recorded. A lower fair value estimate in the future for any of our reporting units could result in goodwill impairments. Factors that could trigger a lower fair value estimate include sustained price declines of the reporting unit’s products and services, cost increases, regulatory or political environment changes, changes in customer demand, and other changes in market conditions, which may affect certain market participant assumptions used in the discounted future cash flow model. |
Intangible assets | Intangible assets - Our acquired intangible assets are generally amortized on a straight-line basis over their estimated useful lives, which generally range from 2 to 20 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. Capitalized software costs are recorded at cost. Capitalized software costs include 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. For internal use software, the useful lives range fro m 3 to 10 years. For Internet website costs, the estimated useful lives do not exceed 3 years. |
Debt instruments | Debt instruments - Debt instruments include synthetic bonds, senior and private placement notes and other borrowings. Issuance fees and redemption premium on debt instruments are included in the cost of debt in the consolidated balance sheets, as an adjustment to the nominal amount of the debt. Loan origination costs for revolving credit facilities are recorded as an asset and amortized over the life of the underlying debt. |
Fair value measurements | Fair value measurements - 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 measured at fair value into three levels based upon the assumptions (inputs) used to price the assets or liabilities, with the exception of certain assets and liabilities measured using the net asset value practical expedient, which are not required to be leveled. 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 basis 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. 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. 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 | Share-based compensation - The measurement of share-based compensation expense on restricted share awards and performance share awards is based on the market price at the grant date and the number of shares awarded. We use Black-Scholes options pricing model to measure the fair value of stock options granted on or after January 1, 2017. The stock-based compensation expense for each award is recognized ratably over the applicable service period or the period beginning at the start of the service period and ending when an employee becomes eligible for retirement, after taking into account estimated forfeitures. |
Earnings per common share (“EPS”) | Earnings per ordinary share (“EPS”) - Basic EPS is computed using the weighted-average number of ordinary shares outstanding during the year. We use the treasury stock method to compute diluted EPS which gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for awards granted under our incentive compensation and stock plan. The treasury stock method assumes proceeds that would be obtained upon exercise of awards granted under our incentive compensation and stock plan are used to purchase outstanding ordinary shares at the average market price during the period. |
Foreign currency | Foreign currency - Financial statements of operations for which the U.S. dollar is not the functional currency, and which 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 highly inflationary economies are included in interest income or expense. For certain committed and anticipated future cash flows and recognized assets and liabilities which are denominated in a foreign currency, we may choose to manage our risk against changes in the exchange rates, when compared against the functional currency, through the economic netting of exposures instead of derivative instruments. Cash outflows or liabilities in a foreign currency are matched against cash inflows or assets in the same currency, such that movements in exchange rates will result in offsetting gains or losses. Due to the inherent unpredictability of the timing of cash flows, gains and losses in the current period may be economically offset by gains and losses in a future period. All gains and losses are recorded in our consolidated statements of income in the period in which they are incurred. Gains and losses from the remeasurement of assets and liabilities are recognized in other income (expense), net. During 2018, Argentina’s three year cumulative inflation rate exceeded 100% based on published inflation data, and effective July 1, 2018, Argentina’s currency was considered highly inflationary. Our local operations in Argentina use U.S. dollars as the functional currency and both monetary and non-monetary assets and liabilities denominated in Argentina pesos were remeasured into U.S. dollars with gains and losses resulting from foreign currency transactions included in current results of operations. This event did not have a material impact on TechnipFMC’s consolidated financial statements. |
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 recorded in 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 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. |
Reclassification | Reclassifications - Certain prior-year amounts have been reclassified to conform to the current year’s presentation. |
Equity Method Investments | Investments in the common stock of unconsolidated affiliates - The equity method of accounting is used to account for investments in unconsolidated affiliates where we have the ability to exert significant influence over the affiliates’ operating and financial policies. We measure equity investments not accounted for under the equity method at fair value and recognize any changes in fair value in net income. For certain construction joint ventures, we use the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues and expenses are included in the appropriate classifications in the consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. 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 subjectively 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. Investments in which ownership is less than 20% or that do not represent significant investments are reported in other assets in the consolidated balance sheets. Where no active market exists and where no other valuation method can be used, these financial assets are maintained at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. |
Leases Leases (Policies)
Leases Leases (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Leases | Lessee Arrangements We lease real estate, including land, buildings and warehouses, machinery/equipment, vessels, vehicles, and various types of manufacturing and data processing equipment, from a lessee perspective. Leases of real estate generally provide for payment of property taxes, insurance, and repairs by us. Substantially all our leases are classified as operating leases. We determine if an arrangement is a lease at inception by assessing whether an identified asset exists and if we have the right to control the use of the identified asset. Operating leases are included in Operating lease right-of-use assets, Operating lease liabilities (current), and Operating lease liabilities (non-current) in our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term. With the exception of rare cases in which the implicit rate is readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Operating lease right-of-use assets also includes any lease prepayments made and excludes lease incentives we received from the lessor. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Several of our leases provide for certain guarantees of residual value. We estimate and include in the determination of lease payments any amount probable of being owed under these residual value guarantees. Lease terms within our lessee arrangements may include options to extend/renew or terminate the lease and/or purchase the underlying asset when it is reasonably certain that we will exercise that option. TechnipFMC applies a portfolio approach by asset class to determine lease term renewals. The leases within these portfolios are categorized by asset class and have initial lease terms that vary depending on the asset class. The renewal terms range from 60 days to 5 years for asset classes such as temporary residential housing, forklifts, vehicles, vessels, office and IT equipment, and tool rentals, and up to 15 years or more for commercial real estate. Short-term leases with an initial term of 12 months or less that do not include a purchase option are not recorded on the balance sheet. Lease costs for short-term leases are recognized on a straight-line basis over the lease term and amounts related to short-term leases are disclosed within our financial statements. TechnipFMC has variable lease payments, including adjustments to lease payments based on an index or rate (such as the Consumer Price Index), fair value adjustments to lease payments, and common area maintenance, real estate taxes, and insurance payments in triple-net real estate leases. Variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are included when measuring consideration within our lease arrangements using the payments’ base rate or index. Variable payments that do not depend on an index or rate are recognized in the consolidated income statements and are disclosed as “variable lease costs” in the period they are incurred. We adopted the practical expedient to not separate lease and non-lease components for all asset classes except for vessels, which have significant non-lease components. |
Lessor, Leases | Leases - The majority of our leases are operating leases. We account for leases in accordance with Accounting Standard Codification (“ASC”)Topic 842, Leases, which we adopted on January 1, 2019 using the modified retrospective method. See Note 5 for further details. Lessor Arrangements We lease real estate including land, buildings and warehouses, machinery/equipment, and vessels from a lessor perspective. We determine if an arrangement is a lease at inception by assessing whether an identified asset exists and if the customer has the right to control the use of the identified asset. We use our implicit rate for our lessor arrangements. We have elected the practical expedient available for lessors to not separate lease and non-lease components for vessels. If the non-lease component is predominant in our contracts, we account for the contracts under the revenue recognition guidance in ASU 2014-09, “ Revenue from Contracts with Customers” (Topic 606). If the lease component is predominant in our contracts, we account for the contracts under the lease guidance in Topic 842. We estimate the amount we expect to derive from the underlying asset following the end of the lease term based on remaining economic life. Our lessor arrangements generally do not include any residual value guarantees. We recognize lessee payments of lessor costs such as taxes and insurance on a net basis when the lessee pays those costs directly to a third party or when the amount paid by the lessee is not readily determinable. |
Revenue Basis Of Presentation a
Revenue Basis Of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue recognition | Significant Revenue Recognition Criteria Explained Allocation of transaction price to performance obligations - A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue, when, or as, the performance obligation is satisfied. To determine the proper revenue recognition method, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment; some of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Variable consideration - Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. It is common for our long-term contracts to contain variable considerations that can either increase or decrease the transaction price. Variability in the transaction price arises primarily due to liquidated damages. We consider our experience with similar transactions and expectations regarding the contract in estimating the amount of variable consideration to which we will be entitled, and determining whether the estimated variable consideration should be constrained. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Payment terms - Progress billings are generally issued upon completion of certain phases of the work as stipulated in the contract. Payment terms may either be fixed, lump-sum or driven by time and materials (e.g., daily or hourly rates, plus materials). Because typically the customer retains a small portion of the contract price until completion of the contract, our contracts generally result in revenue recognized in excess of billings which we present as contract assets on the balance sheet. Amounts billed and due from our customers are classified as receivables in the consolidated balance sheets. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For some contracts, we may be entitled to receive an advance payment. We recognize a liability for these advance payments in excess of revenue recognized and present it as contract liabilities in the consolidated balance sheets. The advance payment typically is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Warranty - Certain contracts include an assurance-type warranty clause, typically between 18 to 36 months, to guarantee that the products comply with agreed specifications. A service-type warranty may also be provided to the customer; in such a case, management allocates a portion of the transaction price to the warranty based on the estimated stand-alone selling price of the service-type warranty. Revenue recognized over time - Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for approximately 86.0%, 81.7% and 82.4% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Typically, revenue is recognized over time using an input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress. Cost-to-cost method - For our long-term contracts, because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on construction-type contracts in progress are charged to earnings, in total, in the period the losses are identified. Right to invoice practical expedient - The right-to-invoice practical expedient can be applied to a performance obligation satisfied over time if we have a right to invoice the customer for an amount that corresponds directly with the value transferred to the customer for our performance completed to date. When this practical expedient is used, we do not estimate variable consideration at the inception of the contract to determine the transaction price or for disclosure purposes. We have contracts which have payment terms dictated by daily or hourly rates where some contracts may have mixed pricing terms which include a fixed fee portion. For contracts in which we charge the customer a fixed rate based on the time or materials spent during the project that correspond to the value transferred to the customer, we recognize revenue in the amount to which we have the right to invoice. Contract modifications - Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Revenue Recognition by Segment The following is a description of principal activities separated by reportable segments from which TechnipFMC generates its revenue. See Note 7 for more detailed information about reportable segments. Subsea Our Subsea segment manufactures and designs products and systems, performs engineering, procurement and project management and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas. Systems and services may be sold separately or as combined integrated systems and services offered within one contract. Many of the systems and products TechnipFMC supplies for subsea applications are highly engineered to meet the unique demands of our customers’ field properties and are typically ordered one to two years prior to installation. We often receive advance payments and progress billings from our customers in order to fund initial development and working capital requirements. Under Subsea engineering, procurement, construction and installation contracts, revenue is principally generated from long-term contracts with customers. We have determined these contracts generally have one performance obligation as the delivered product is highly customized to customer and field specifications. We generally recognize revenue over time for such contracts as the customized products do not have an alternative use for TechnipFMC and we have an enforceable right to payment plus a reasonable profit for performance completed to date. Our Subsea segment also performs an array of subsea services including (i) installation services, (ii) asset management services (iii) product optimization, (iv) inspection, maintenance and repair services, and (v) well access and intervention services, where revenue is generally earned through the execution of either installation-type or maintenance-type contracts. For either contract-type, management has determined that the performance of the service generally represents one single performance obligation. We have determined that revenue from these contracts is recognized over time as the customer simultaneously receives and consumes the benefit of the services. Technip Energies Our Technip Energies segment designs and builds onshore facilities related to the production, treatment, transformation and transportation of hydrocarbons and renewable feedstock; and designs, manufactures and installs fixed and floating platforms for the offshore production and processing of oil and gas reserves. Our onshore business combines the design, engineering, procurement, construction and project management of the entire range of onshore facilities. Our onshore activity covers all types of onshore facilities related to the production, treatment and transportation of oil and gas, as well as transformation with petrochemicals such as ethylene, polymers and fertilizers. Some of the onshore activities include the development of onshore fields, refining, natural gas treatment and liquefaction, and design and construction of hydrogen and synthesis gas production units. Many of these contracts provide a combination of engineering, procurement, construction, project management and installation services, which may last several years. We have determined that contracts of this nature have generally one performance obligation. In these contracts, the final product is highly customized to the specifications of the field and the customer’s requirements. Therefore, the customer obtains control of the asset over time, and thus revenue is recognized over time. Our offshore business combines the design, engineering, procurement, construction and project management within the entire range of fixed and floating offshore oil and gas facilities, many of which were the first of their kind, including the development of floating liquefied natural gas (“FLNG”) facilities. Similar to onshore contracts, contracts grouped under this segment provide a combination of services, which may last several years. We have determined that contracts of this nature have one performance obligation. In these contracts, the final product is highly customized to the specifications of the field and the customer’s requirements. We have determined that the customer obtains control of the asset over time, and thus revenue is recognized over time as the customized products do not have an alternative use for us and we have an enforceable right to payment plus reasonable profit for performance completed to date. Subsequent to the Spin-off, we operate under two reporting segments: Subsea and Surface Technologies, for further details see Note 3 for further details. Surface Technologies Our Surface Technologies segment designs, manufactures and supplies technologically advanced wellhead systems and high pressure valves and pumps used in stimulation activities for oilfield service companies and provides installation, flowback and other services for exploration and production companies. We provide a full range of drilling, completion and production wellhead systems for both standard and custom-engineered applications. Under pressure control product contracts, we design and manufacture flowline products, under the Weco®/Chiksan® trademarks, articulating frac arm manifold trailers, well service pumps, compact valves and reciprocating pumps used in well completion and stimulation activities by major oilfield service companies. Performance obligations within these systems are satisfied either through delivery of a standardized product or equipment or the delivery of a customized product or equipment. For contracts with a standardized product or equipment performance obligation, management has determined that because there is limited customization to products sold within such contracts and the asset delivered can be resold to another customer, revenue should be recognized as of a point in time, upon transfer of control to the customer and after the customer acceptance provisions have been met. For contracts with a customized product or equipment performance obligation, the revenue is recognized over time, as the manufacturing of our product does not create an asset with an alternative use for us. This segment also designs, manufactures and services measurement products globally. Contract-types include standard product or equipment and maintenance-type services where we have determined that each contract under this product line represents one performance obligation. Revenue from standard measurement equipment contracts is recognized at a point in time, while maintenance-type contracts are typically priced at a daily or hourly rate. We have determined that revenue for these contracts is recognized over time because the customer simultaneously receives and consumes the benefit of the services. Disaggregation of Revenue |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes the balances of financial assets and non-financial assets at amortized cost as of January 1, 2020: (In millions) As reported as of December 31, 2019 Impact of ASC 326 Balance as of January 1, 2020 Trade receivables, net $ 2,287.1 $ (3.8) $ 2,283.3 Loans receivable, net 138.5 (1.5) 137.0 Security deposits and other, net 36.6 (1.0) 35.6 Held-to-maturity Debt securities at amortized cost 71.9 (1.1) 70.8 Total financial assets $ 2,534.1 $ (7.4) $ 2,526.7 Non-financial assets Contract assets, net $ 1,520.0 $ (2.5) $ 1,517.5 |
Financing Receivable Credit Quality Indicators | The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is updated as of December 31, 2020. (In millions) Year of origination Balance as of December 31, 2020 Loans receivables, security deposits and other Moody’s rating Ba2 2019 $ 133.0 Debt securities at amortized cost Moody’s rating B3 2019 23.7 Total financial assets $ 156.7 |
Financing Receivable, Allowance for Credit Loss | The table below shows the roll-forward of allowance for credit losses for the year ended December 31, 2020. Balance as of December 31, 2020 (In millions) Trade receivables Contract assets Loans receivable Security deposit and other Held-to-maturity debt securities Beginning balance in allowance for credit losses $99.2 $5.0 $9.5 $1.6 $1.1 Current period provision for expected credit losses 54.3 (0.2) (0.1) 0.9 (0.6) Write-offs charged against the allowance (46.9) — — — — Recoveries 2.3 (3.8) (0.9) (1.4) — Ending balance in the allowance for credit losses $ 108.9 $ 1.0 $ 8.5 $ 1.1 $ 0.5 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following table is a summary of the Company’s components of net lease cost for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease costs including variable costs $ 312.1 $ 362.4 Short-term lease costs 13.7 20.8 Less: sublease income 7.3 8.9 Net lease cost $ 318.5 $ 374.3 |
Schedule of supplemental cash flow information related to leases | Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (In millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 314.2 $ 384.7 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 535.9 $ 125.4 |
Schedule of supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 is as follows: December 31, (In millions, except lease term and discount rate) 2020 2019 Weighted average remaining lease term Operating leases 11.8 years 7.5 years Finance leases 0.6 years $ — Weighted average discount rate Operating leases 5.1 % 4.4 % Finance leases 2.1 % — % |
Schedule of maturities of operating and finance leases liabilities | Maturities of operating lease liabilities as of December 31, 2020 are as follows: (In millions) Operating Leases 2021 $ 252.5 2022 191.5 2023 137.1 2024 117.6 2025 79.2 Thereafter 471.4 Total lease payments 1,249.3 Less: Imputed interest (a) 121.3 Total lease liabilities (b) $ 1,128.0 Note: For leases that commenced prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Calculated using the interest rate for each lease. (b) Includes the current portion of $247.0 million for operating leases. |
Lease revenue | The following table is a summary of components of lease revenue for the years ended December 31, 2020 and 2019: Year Ended December 31, (In millions) 2020 2019 Operating lease revenue including variable revenue $ 142.0 $ 266.5 |
Schedule of maturities of operating and finance leases receivables | The following table is a summary of the maturity analysis of the undiscounted cash flows to be received on an annual basis for each of the first five years, and a total of the amounts for the remaining years: (In millions) Operating Leases 2021 $ 21.4 2022 14.3 2023 1.0 2024 — 2025 — Thereafter — Total undiscounted cash flows $ 36.7 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents products and services revenue by geography for each reportable segment for the years ended December 31, 2020, 2019 and 2018: Reportable Segments Year Ended December 31, 2020 2019 2018 (In millions) Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Europe, Russia, Central Asia $ 1,641.9 $ 3,111.6 $ 188.2 $ 1,745.2 $ 2,813.1 $ 236.7 $ 1,528.1 $ 3,506.1 $ 227.7 Americas 1,957.7 982.6 373.1 1,770.0 766.2 732.1 1,721.5 365.1 865.5 Asia Pacific 753.2 1,094.3 123.4 659.9 1,152.5 189.3 532.9 1,236.1 123.2 Africa 893.9 884.4 45.8 824.8 526.0 61.1 758.1 252.7 57.9 Middle East 169.8 447.1 241.6 407.1 1,011.0 247.6 181.2 760.7 213.4 Total products and services revenue $ 5,416.5 $ 6,520.0 $ 972.1 $ 5,407.0 $ 6,268.8 $ 1,466.8 $ 4,721.8 $ 6,120.7 $ 1,487.7 The following table represents revenue by contract type for each reportable segment for the years ended December 31, 2020, 2019 and 2018: Reportable Segments Year Ended December 31, 2020 2019 2018 (In millions) Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Subsea Technip Energies Surface Technologies Services $ 3,121.1 $ 6,436.9 $ 150.2 $ 3,244.5 $ 6,268.8 $ 276.4 $ 2,687.1 $ 6,120.7 $ 249.8 Products 2,295.4 83.1 821.9 2,162.5 — 1,190.4 2,034.7 — 1,237.9 Total products and services revenue 5,416.5 6,520.0 972.1 5,407.0 6,268.8 1,466.8 4,721.8 6,120.7 1,487.7 Lease and other (a) 54.9 — 87.1 116.0 — 150.5 118.2 — 104.5 Total revenue $ 5,471.4 $ 6,520.0 $ 1,059.2 $ 5,523.0 $ 6,268.8 $ 1,617.3 $ 4,840.0 $ 6,120.7 $ 1,592.2 (a) Represents revenue not subject to ASC Topic 606. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about net contract assets (liabilities) as of December 31, 2020 and 2019: December 31, (In millions) 2020 2019 $ change % change Contract assets $ 1,267.6 $ 1,520.0 $ (252.4) (16.6) Contract (liabilities) (4,736.1) (4,585.1) (151.0) (3.3) Net contract liabilities $ (3,468.5) $ (3,065.1) $ (403.4) (13.2) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table details the order backlog for each business segment as of December 31, 2020: (In millions) 2021 2022 Thereafter Subsea $ 3,585.4 $ 2,217.2 $ 1,073.4 Technip Energies 7,016.2 4,081.7 3,000.8 Surface Technologies 343.6 69.4 0.5 Total remaining unsatisfied performance obligations $ 10,945.2 $ 6,368.3 $ 4,074.7 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment revenue, segment operating profit and corporate items | Segment revenue and segment operating profit (loss) were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Segment revenue Subsea $ 5,471.4 $ 5,523.0 $ 4,840.0 Technip Energies 6,520.0 6,268.8 6,120.7 Surface Technologies 1,059.2 1,617.3 1,592.2 Total revenue $ 13,050.6 $ 13,409.1 $ 12,552.9 Segment operating profit (loss) Subsea $ (2,815.5) $ (1,447.7) $ (1,529.5) Technip Energies 683.6 959.6 824.0 Surface Technologies (429.3) (656.1) 172.8 Total segment operating loss (2,561.2) (1,144.2) (532.7) Corporate items Impairment, restructuring and other expenses (10.0) (17.4) (18.9) Separation costs (39.5) (72.1) — Merger transaction and integration costs — (31.2) (36.5) Legal expenses — (54.6) (280.0) Other corporate expenses (a) (152.0) (218.1) (142.6) Corporate expense (201.5) (393.4) (478.0) Interest income 56.6 116.5 121.4 Interest expense (349.6) (567.8) (482.3) Foreign exchange losses (28.8) (146.9) (116.5) Total corporate items (523.3) (991.6) (955.4) Loss before income taxes (b) $ (3,084.5) $ (2,135.8) $ (1,488.1) (a) Other corporate expenses primarily include corporate staff expenses, share-based compensation expenses, and other employee benefits. (b) Includes amounts attributable to non-controlling interests. During the year ended December 31, 2020, revenue from Arctic LNG exceeded 10% of our consolidated revenue. During the years ended December 31, 2019 and 2018, revenue from Yamal LNG exceeded 10% of our consolidated revenue. |
Segment operating capital employed and segment assets | Segment assets were as follows: December 31, (In millions) 2020 2019 Segment assets Subsea $ 6,796.6 $ 10,824.2 Technip Energies 5,058.3 4,448.8 Surface Technologies 1,758.3 2,246.4 Total segment assets 13,613.2 17,519.4 Corporate (a) 6,079.4 5,999.4 Total assets $ 19,692.6 $ 23,518.8 (a) Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment and intercompany eliminations not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Geographic segment information | were identified based on the country where our products and services were delivered, and are as follows: Year Ended December 31, (In millions) 2020 2019 2018 Revenue Russia $ 2,451.5 $ 2,378.0 $ 2,773.3 United States 2,141.4 1,931.2 1,275.8 Norway 1,393.5 1,371.1 1,202.6 Brazil 698.8 1,099.7 1,478.7 United Kingdom 513.8 540.8 442.1 Angola 488.5 447.8 385.7 Egypt 445.9 177.6 13.2 Mozambique 391.4 166.1 116.2 India 386.4 518.0 214.0 Senegal 353.0 176.5 1.2 Vietnam 340.7 72.1 34.7 Israel 333.6 757.0 243.8 Guyana 330.1 7.2 7.6 Australia 320.8 372.8 926.6 Singapore 312.2 64.9 23.4 Indonesia 286.9 237.6 130.7 Malaysia 281.7 283.8 362.3 France 186.9 92.8 138.9 China 151.4 272.9 112.3 United Arab Emirates 147.9 327.2 460.3 All other countries 1,094.2 2,114.0 2,209.5 Total revenue $ 13,050.6 $ 13,409.1 $ 12,552.9 Long-lived assets by geography represent property, plant and equipment, net, and are as follows: December 31, (In millions) 2020 2019 Long-lived assets United Kingdom $ 936.2 $ 957.1 United States 467.5 558.1 Netherlands 419.5 493.0 Norway 312.2 333.0 Brazil 260.0 313.2 All other countries 466.4 507.6 Total long-lived assets $ 2,861.8 $ 3,162.0 |
Reconciliation of other significant reconciling items from segments to consolidated | Other business segment information is as follows: Capital Expenditures Depreciation and Research and Year Ended December 31, Year Ended December 31, Year Ended December 31, (In millions) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Subsea $ 213.6 $ 287.7 $ 223.2 $ 324.9 $ 345.6 $ 440.4 $ 66.5 $ 134.4 $ 145.2 Technip Energies 13.0 22.6 7.6 34.2 38.7 38.2 44.5 13.2 29.7 Surface Technologies 38.5 96.6 111.9 70.1 107.9 66.6 8.8 15.3 14.3 Corporate 26.7 47.5 25.4 18.0 17.4 5.2 — — — Total $ 291.8 $ 454.4 $ 368.1 $ 447.2 $ 509.6 $ 550.4 $ 119.8 $ 162.9 $ 189.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Net loss attributable to TechnipFMC plc $ (3,287.6) $ (2,415.2) $ (1,921.6) Weighted average number of shares outstanding 448.7 448.0 458.0 Dilutive effect of restricted stock units — — — Dilutive effect of performance shares — — — Total shares and dilutive securities 448.7 448.0 458.0 Basic loss per share attributable to TechnipFMC plc $ (7.33) $ (5.39) $ (4.20) Diluted loss per share attributable to TechnipFMC plc $ (7.33) $ (5.39) $ (4.20) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Finished Goods and Work in Process, Gross [Abstract] | |
Schedule of components of inventories | Inventories consisted of the following: December 31, (In millions) 2020 2019 Raw materials $ 272.4 $ 347.5 Work in process 245.2 290.2 Finished goods 750.9 778.3 Inventories, net $ 1,268.5 $ 1,416.0 |
Warranty Obligations (Tables)
Warranty Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranty cost and accrual information | A reconciliation of warranty obligations for the years ended December 31, 2020 and 2019 is as follows: Year Ended December 31, (In millions) 2020 2019 Balance at beginning of period $ 193.5 $ 234.4 Warranty expenses 95.6 78.8 Adjustment to existing accruals (86.2) (57.5) Claims paid (28.1) (62.2) Balance at end of period $ 174.8 $ 193.5 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments (Percentage Owned and Carrying Value) | Our equity investments were as follows as of December 31, 2020 and 2019: December 31 2020 2019 (In millions, except %) Percentage Owned Carrying Value Dofcon Brasil AS 50.0 % 234.7 167.4 Magma Global Limited 25.0 % 51.4 50.2 Serimax Holdings SAS 20.0 % 18.8 21.5 Other 54.0 61.3 Investments in equity affiliates $ 358.9 $ 300.4 |
Equity Method Investments (Income (Loss) From Equity Affiliates by Segment) | Our income from equity affiliates included in each of our reporting segments was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 64.6 $ 59.8 $ 80.9 Technip Energies (1.6) 3.1 33.4 Income from equity affiliates $ 63.0 $ 62.9 $ 114.3 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Receivables | Trade receivables consisted of receivables due from following related parties: December 31, (In millions) 2020 2019 TP JGC Coral France SNC $ 38.1 $ 40.1 Equinor ASA 24.1 — TTSJV W.L.L. 14.9 22.4 Novarctic SNC 9.7 — Dofcon Navegacao 4.2 — Techdof Brasil AS 8.0 4.3 Storengy 6.1 3.1 Others 8.4 6.9 Total trade receivables $ 113.5 $ 76.8 |
Related Party Transactions Payables | Trade payables consisted of payables due to following related parties: December 31, (In millions) 2020 2019 Chiyoda $ 14.2 $ 24.8 Nipigas 14.2 — Saipem 23.7 — JGC Corporation 1.9 15.1 IFP Energies nouvelles — 2.4 Dofcon Navegacao 1.5 2.1 Others 5.7 6.7 Total trade payables $ 61.2 $ 51.1 |
Related Party Transactions Revenue and Expenses, Details | Revenue consisted of amount from following related parties: Year Ended December 31, (In millions) 2020 2019 2018 TTSJV W.L.L. $ 47.2 $ 127.9 $ — TP JGC Coral France SNC 44.2 110.4 118.2 Equinor ASA 81.1 — — Equinor Brasil 38.5 — — Anadarko Petroleum Company — 67.1 124.8 TOP CV — 11.9 7.2 Storengy 10.7 8.8 — Novarctic SNC 10.7 0.4 — Dofcon Navegacao 3.4 8.4 2.9 Techdof Brasil AS 11.2 8.3 7.0 JGC Corporation — 6.7 — Others 27.2 29.7 33.2 Total revenue $ 274.2 $ 379.6 $ 293.3 A member of our Board of Directors (the “Director”) served on the Board of Directors of Anadarko Petroleum Company (“Anadarko”) until August 2019. In August 2019, Anadarko was acquired by Occidental Petroleum Corporation (“Occidental”). As a result, the Director no longer serves as a member of the Board of Directors of Anadarko. The Director is not an officer or director of Occidental. TOP CV was previously an equity method affiliate that became a fully consolidated subsidiary on December 30, 2019. See Note 2 for further details. Equinor Brasil is a subsidiary of Equinor ASA in Brazil. Expenses consisted of amounts to following related parties: Year Ended December 31, (In millions) 2020 2019 2018 Chiyoda $ 1.4 $ 25.1 $ 53.0 JGC Corporation 0.4 20.8 81.2 Arkema S.A. 5.3 18.9 2.6 Serimax Holdings SAS 0.4 17.7 0.1 Saipem 26.8 — — Nipigas 36.8 — — Magma Global Limited 14.0 7.3 3.0 TP JGC Coral France SNC — 5.0 — Jumbo Shipping 16.0 4.5 — Dofcon Navegacao 24.0 1.8 — Others 24.6 41.3 14.8 Total expenses $ 149.7 $ 142.4 $ 154.7 Serimax Holdings SAS and Magma Global Limited are equity method affiliates. Members of our Board of Directors serve on the Board of Directors for Arkema S.A. and Jumbo Shipping. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following: December 31, (In millions) 2020 2019 Land and land improvements $ 88.4 $ 108.4 Buildings 611.0 626.9 Vessels 1,968.1 2,091.9 Machinery and equipment 1,919.4 1,930.6 Office fixtures and furniture 292.0 285.0 Construction in process 148.1 130.9 Other 243.5 277.1 5,270.5 5,450.8 Accumulated depreciation (2,408.7) (2,288.8) Property, plant and equipment, net $ 2,861.8 $ 3,162.0 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fair Value Measurement Inputs | During our annual impairment tests the following significant estimates were used by management in determining the fair values of reporting units in order to test the goodwill at October 31: 2020 2019 2018 Year of cash flows before terminal value 4 4 5 Discount rates 15.0% 12.5% to 15.0% 12.0% to 13.0% EBITDA multiples N/A 6.0 - 8.5x 7.0 - 8.5x |
Schedule of goodwill | The carrying amount of goodwill by reporting segment was as follows: (In millions) Subsea Technip Energies Surface Technologies Total December 31, 2018 4,142.4 2,447.7 1,017.5 7,607.6 Impairments (1,321.9) — (666.8) (1,988.7) Purchase accounting adjustment — — 9.9 9.9 Other — (17.7) — (17.7) Translation (6.4) (6.4) — (12.8) December 31, 2019 2,814.1 2,423.6 360.6 5,598.3 Impairments (2,747.5) — (335.9) (3,083.4) Transfers (a) (21.2) 46.1 (24.9) — Translation (45.4) 42.8 0.2 (2.4) December 31, 2020 $ — $ 2,512.5 $ — $ 2,512.5 (a) Beginning in the first quarter of 2020, Technip Energies includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. See Note 7 for further details. |
Schedule of finite-lived intangible assets | Intangible assets - The components of intangible assets were as follows: December 31, 2020 2019 (In millions) Gross Accumulated Gross Accumulated Acquired technology $ 247.1 $ 98.1 $ 246.7 $ 73.6 Backlog — — 175.0 175.0 Customer relationships 285.4 114.4 285.4 85.9 Licenses, patents and trademarks 816.8 264.0 811.1 227.6 Software 232.1 178.9 215.9 151.1 Other 120.2 65.1 115.9 50.2 Total intangible assets $ 1,701.6 $ 720.5 $ 1,850.0 $ 763.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instruments [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following: December 31, (In millions) 2020 2019 Commercial paper $ 1,525.9 $ 1,967.0 Synthetic bonds due 2021 551.2 492.9 3.45% Senior Notes due 2022 500.0 500.0 5.00% 2010 Private placement notes due 2020 — 224.6 3.40% 2012 Private placement notes due 2022 184.0 168.5 3.15% 2013 Private placement notes due 2023 159.5 146.0 3.15% 2013 Private placement notes due 2023 153.4 140.4 4.50% 2020 Private placement notes due 2025 245.4 — 4.00% 2012 Private placement notes due 2027 92.0 84.2 4.00% 2012 Private placement notes due 2032 122.7 112.3 3.75% 2013 Private placement notes due 2033 122.7 112.3 Bank borrowings and other 309.9 536.3 Unamortized debt issuance costs and discounts (12.8) (9.1) Total debt 3,953.9 4,475.4 Less: current borrowings 636.2 495.4 Long-term debt $ 3,317.7 $ 3,980.0 |
Schedule of maturities of long-term debt | Debt maturities as of December 31, 2020, are as follows: Payments Due by Period (In millions) Total Less than 1-3 3-5 After 5 Total debt $ 3,953.9 $ 636.2 $ 2,589.1 $ 294.0 $ 434.6 |
Schedule of Short-term Debt | Short-term debt and current portion of long-term debt consisted of the following: December 31, (In millions) 2020 2019 Bank borrowings and other $ 85.0 $ 270.8 Synthetic bonds due 2021 551.2 — 5.00% 2010 Private placement notes due 2020 — 224.6 Total short-term debt and current portion of long-term debt $ 636.2 $ 495.4 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of compensation expense under stock based compensation plan | The compensation expense under the Plan was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Share-based compensation expense $ 69.0 $ 74.5 $ 49.1 Income tax benefits related to share-based compensation expense $ 18.6 $ 20.1 $ 13.2 |
Schedule of unrecognized compensation cost, nonvested awards | As of December 31, 2020, the portion of share-based compensation expense related to outstanding awards to be recognized in future periods is as follows: December 31, 2020 Share-based compensation expense not yet recognized (in millions) $ 68.1 Weighted-average recognition period (in years) 1.8 |
Summary of changes in nonvested stock awards | A summary of the non-vested restricted share units’ activity is as follows: (Shares in thousands) Shares Weighted-Average Non-vested as of December 31, 2019 4,525.9 $ 27.44 Granted 3,836.0 $ 9.27 Vested (1,909.1) $ 27.16 Cancelled/forfeited (330.9) $ 15.71 Non-vested as of December 31, 2020 6,121.9 $ 18.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The weighted-average fair value and the assumptions used to measure the fair value of performance share units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were as follows: Year Ended December 31, 2020 2019 2018 Weighted-average fair value (a) $10.02 $29.04 $41.97 Expected volatility (b) 38.30 % 34.00 % 34.00 % Risk-free interest rate (c) 0.40 % 2.42 % 2.37 % Expected performance period in years (d) 3.0 3.0 3.0 (a) The weighted-average fair value was based on performance share units granted during the period. (b) Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the performance share units. (c) The risk-free rate for the expected term of the performance share units is based on the U.S. Treasury yield curve in effect at the time of grant. (d) For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of the non-vested performance share units’ activity is as follows: (Shares in thousands) Shares Weighted-Average Non-vested as of December 31, 2019 3,817.7 $ 28.52 Granted 2,828.4 $ 10.02 Vested (1,364.4) $ 31.65 Cancelled/forfeited (441.0) $ 20.62 Non-vested as of December 31, 2020 4,840.7 $ 17.55 |
Schedule of weighted average assumptions | The weighted-average fair value and the assumptions used to measure fair value are as follows: Year Ended December 31, 2020 2019 2018 Weighted-average fair value (a) $ — $ 5.64 $ 9.07 Expected volatility (b) — % 32.5 % 32.5 % Risk-free interest rate (c) — % 2.5 % 2.7 % Expected dividend yield (d) — % 2.6 % 2.0 % Expected term in years (e) 0 6.5 6.5 (a) The weighted-average fair value was based on stock options granted during the period. (b) Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the option. (c) The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. (d) There were no share options awarded in 2020. Share options awarded in 2019 and 2018 were valued using an expected dividend yield of 2.6% and 2.0%, respectively. (e) For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. |
Summary of option transactions | The following is a summary of share option transactions during the year ended December 31, 2020: Number of Shares Weighted average exercise price Weighted average remaining life Balance as of December 31, 2019 4,842.4 $ 29.68 5.3 Granted — $ — Exercised — $ — Cancelled (244.0) $ 28.08 Balance as of December 31, 2020 4,598.4 $ 29.77 4.2 Exercisable as of December 31, 2020 3,460.8 $ 31.47 3.0 |
Summary of additional information concerning outstanding and exercisable options | The following summarizes significant ranges of outstanding and exercisable share options as of December 31, 2020: Options Outstanding Options Exercisable Exercise Price Range Number of options Weighted average remaining life (in years) Weighted average exercise price Number of options Weighted average exercise price $20.00-$33.00 4,087.2 4.6 $ 26.68 2,949.5 $ 26.90 $45.00-$51.00 33.0 1.0 $ 45.49 33.0 $ 45.49 $55.00-$57.00 478.2 0.4 $ 56.93 478.3 $ 56.93 Total 4,598.4 4.2 $ 29.77 3,460.8 $ 31.47 |
Restructuring and Related Activ
Restructuring and Related Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Impairment, restructuring and other expenses | Impairment, restructuring and other expenses were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 2,957.5 $ 1,752.2 $ 1,801.9 Technip Energies 93.6 17.0 (3.4) Surface Technologies 440.2 704.2 13.8 Corporate and other 10.0 17.4 18.9 Total impairment, restructuring and other expenses $ 3,501.3 $ 2,490.8 $ 1,831.2 |
Schedule of Goodwill and Long-Lived Assets Impairment | Goodwill and long-lived assets impairments were as follows: Year Ended December 31, (In millions) 2020 2019 2018 Subsea $ 2,854.5 $ 1,798.6 $ 1,784.2 Technip Energies 10.3 — — Surface Technologies 419.3 685.5 4.5 Corporate and other 3.3 — 3.9 Total impairments $ 3,287.4 $ 2,484.1 $ 1,792.6 |
Restructuring, other and COVID-19 expenses | Restructuring and other charges primarily consisted of severance and other employee related costs and COVID-19 related expenses across all segments. Restructuring and other expenses were as follows: Year Ended December 31, 2020 2019 2018 (In millions) Restructuring and other charges COVID-19 expenses Restructuring and other charges Restructuring and other charges Subsea $ 52.9 $ 50.1 $ (46.4) $ 17.7 Technip Energies 39.3 44.0 17.0 (3.4) Surface Technologies 13.2 7.7 18.7 9.3 Corporate and other 6.7 — 17.4 15.0 Total $ 112.1 $ 101.8 $ 6.7 $ 38.6 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of guarantor obligations | Guarantees of our consolidated subsidiaries consisted of the following: (In millions) December 31, 2020 Financial guarantees (a) $ 310.1 Performance guarantees (b) 4,659.6 Maximum potential undiscounted payments $ 4,969.7 (a) Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations. (b) Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of domestic and foreign components of income before taxes | U.S. and outside U.S. components of income (loss) before income taxes were as follows: Year Ended December 31, (In millions) 2020 2019 2018 United States $ (3,073.5) $ (1,406.5) $ (197.0) Outside United States $ (11.5) $ (729.3) $ (1,291.1) Loss before income taxes $ (3,085.0) $ (2,135.8) $ (1,488.1) |
Provision for income taxes | The provision for income taxes consisted of: Year Ended December 31, (In millions) 2020 2019 2018 Current United States $ (4.7) $ 34.7 $ 52.1 Outside United States 164.8 317.0 321.8 Total current income taxes 160.1 351.7 373.9 Deferred United States (3.1) 2.6 19.5 Outside United States (3.6) (78.0) 29.3 Total deferred income taxes (6.7) (75.4) 48.8 Provision for income taxes $ 153.4 $ 276.3 $ 422.7 |
Deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities were as follows: December 31, (In millions) 2020 2019 Deferred tax assets attributable to Accrued expenses $ 147.8 $ 124.4 Capital loss 21.1 21.1 Non-deductible interest 77.0 84.7 Foreign tax credit carryforwards 145.8 135.3 Other tax credits 166.8 113.2 Net operating loss carryforwards 489.0 430.5 Inventories 16.5 6.3 Research and development credit 3.4 7.6 Foreign exchange — 20.4 Provisions for pensions and other long-term employee benefits 96.1 84.1 Contingencies 43.4 163.3 Margin recognition on construction contracts 113.9 115.9 Leases 254.9 219.8 Revenue in excess of billings on contracts accounted for under the percentage of completion method — 10.9 Other — 6.9 Deferred tax assets 1,575.7 1,544.4 Valuation allowance (935.3) (916.9) Deferred tax assets, net of valuation allowance 640.4 627.5 Deferred tax liabilities attributable to Revenue in excess of billings on contracts accounted for under the percentage of completion method 42.6 — U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested 4.2 10.4 Property, plant and equipment, intangibles and other assets 185.8 279.6 Foreign exchange 27.8 — Leases 237.0 215.2 Other 4.7 — Deferred tax liabilities 502.1 505.2 Net deferred tax assets $ 138.3 $ 122.3 |
Unrecognized tax benefits and associated interest and penalties | The following table presents a summary of changes in our unrecognized tax benefits: (In millions) Federal, Balance at December 31, 2018 $ 91.0 Reductions for tax positions related to prior years (62.4) Additions for tax positions related to current year 72.9 Reductions for tax positions due to settlements (20.8) Balance at December 31, 2019 $ 80.7 Reductions for tax positions related to prior years (7.9) Additions for tax positions related to current year 0.9 Reductions for tax positions due to settlements (2.6) Balance at December 31, 2020 $ 71.1 |
Reconciliation of effective tax rate | The effective income tax rate was different from the statutory U.K. income tax rate due to the following: Year Ended December 31, 2020 2019 2018 Statutory income tax rate 19.0 % 19.0 % 19.0 % Net difference resulting from Foreign earnings subject to different tax rates (1.5) % 0.3 % (9.7) % Adjustments to prior year taxes (1.3) % (0.4) % (0.7) % Changes in valuation allowance — % (8.8) % (14.4) % Deferred tax asset/liability revaluation for tax rate change — % (0.5) % (1.7) % Impairments (22.5) % (21.9) % (16.5) % Non-deductible legal provision — % (0.8) % (3.8) % Other 1.3 % 0.2 % (0.6) % Effective income tax rate (5.0) % (12.9) % (28.4) % |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract [Abstract] | |
Schedule of funded status | 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 balance sheets as of December 31, 2020 and 2019, were as follows: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Accumulated benefit obligation $ 684.7 $ 873.0 $ 669.6 $ 773.3 Projected benefit obligation at January 1 $ 669.7 $ 881.0 $ 598.1 $ 753.4 $ 10.6 $ 9.5 Service cost — 19.1 — 16.3 — — Interest cost 22.2 14.1 25.6 18.3 0.4 0.5 Actuarial (gain) loss 53.9 35.5 80.7 102.8 (0.2) 1.4 Amendments — 0.1 — 0.9 — — Curtailments — (0.2) — — — — Settlements (25.6) (3.5) — (0.6) — — Foreign currency exchange rate changes — 48.0 — 11.1 (0.5) (0.1) Plan participants’ contributions — 1.1 — 1.1 — — Benefits paid (35.5) (27.2) (34.7) (25.7) (0.5) (0.5) Other — 2.1 — 3.4 — (0.2) Projected benefit obligation as of December 31 684.7 970.1 669.7 881.0 9.8 10.6 Fair value of plan assets at January 1 520.0 657.8 477.4 570.6 — — Actual return on plan assets 14.3 45.9 72.0 89.1 — — Company contributions — 28.7 — 6.9 — — Foreign currency exchange rate changes — 33.4 — 13.5 — — Settlements (19.6) (1.9) — — — — Plan participants’ contributions — 1.1 — 1.1 — — Benefits paid (31.0) (20.8) (29.4) (19.6) — — Other — 2.0 — (3.8) — — Fair value of plan assets as of December 31 483.7 746.2 520.0 657.8 — — Funded status of the plans (liability) as of December 31 $ (201.0) $ (223.9) $ (149.7) $ (223.2) $ (9.8) $ (10.6) |
Schedule of funded status recognized in the consolidated balance sheets | Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Current portion of accrued pension and other post-retirement benefits (4.6) (8.6) (5.5) (8.8) (0.7) (0.6) Accrued pension and other post-retirement benefits, net of current portion (196.4) (215.3) (144.2) (214.4) (9.1) (10.0) Funded status as of December 31 $ (201.0) $ (223.9) $ (149.7) $ (223.2) $ (9.8) $ (10.6) |
Schedule of pre-tax amounts in accumulated other comprehensive (income) loss | The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss as of December 31, 2020 and 2019 that have not been recognized as components of net periodic benefit cost: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Pre-tax amounts recognized in accumulated other comprehensive (income) loss Unrecognized actuarial loss $ 198.4 $ 122.3 $ 121.6 $ 90.7 $ 1.3 $ 1.9 Unrecognized prior service cost — 6.2 — 7.0 — — Accumulated other comprehensive (income) loss as of December 31 $ 198.4 $ 128.5 $ 121.6 $ 97.7 $ 1.3 $ 1.9 |
Schedule of plans with underfunded or non-funded projected benefit obligation | 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 as of December 31, 2020 and 2019: Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Plans with underfunded or non-funded projected benefit obligation Aggregate projected benefit obligation $ 684.7 $ 818.7 $ 668.4 $ 741.2 $ 9.8 $ 10.7 Aggregate fair value of plan assets $ 483.7 $ 596.7 $ 518.8 $ 522.8 $ — $ — |
Schedule of plans with underfunded or non-funded accumulated benefit obligation | Pensions Other 2020 2019 2020 2019 (In millions) U.S. Int’l U.S. Int’l Plans with underfunded or non-funded accumulated benefit obligation Aggregate accumulated benefit obligation $ 684.7 $ 325.7 $ 668.4 $ 292.1 $ — $ — Aggregate fair value of plan assets $ 483.7 $ 154.0 $ 518.8 $ 140.3 $ — $ — |
Schedule of components of net periodic benefit cost (income) | The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2020, 2019 and 2018: Pensions Other Post-retirement 2020 2019 2018 2020 2019 2018 (In millions) U.S. Int’l U.S. Int’l U.S. Int’l Components of net periodic benefit cost (income) Service cost $ — $ 19.1 $ — $ 16.3 $ 0.2 $ 21.2 $ — $ — $ — Interest cost 22.2 14.1 25.6 18.3 23.8 20.9 0.4 0.5 0.4 Expected return on plan assets (45.4) (37.9) (41.6) (33.5) (50.1) (41.2) — — — Settlement cost 1.4 0.8 — 0.3 0.4 0.4 — — — Curtailment benefit — — — — — (3.8) — — — Amortization of net actuarial loss (gain) 6.9 2.1 1.8 0.7 — 0.6 0.1 — — Amortization of prior service cost (credit) — 1.2 — 1.0 — 1.3 — — — Net periodic benefit cost (income) $ (14.9) $ (0.6) $ (14.2) $ 3.1 $ (25.7) $ (0.6) $ 0.5 $ 0.5 $ 0.4 |
Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018: Pensions Other Post-retirement 2020 2019 2018 2020 2019 2018 (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 $ (85.1) $ (27.2) $ (50.2) $ (47.3) $ (73.5) $ (15.3) $ — $ — $ — Prior service (cost) credit arising during period — (0.1) — (0.9) 0.2 (2.7) — — — Settlements and curtailments 1.4 0.8 — 0.3 0.4 (3.4) — — — Amortization of net actuarial loss (gain) 6.9 2.1 1.8 0.7 — 0.6 (0.1) — — Amortization of prior service cost (credit) — 1.2 — 1.0 — 1.3 — — — Other — (7.5) — (0.8) — 1.4 (0.6) (0.1) (0.1) Total recognized in other comprehensive income (loss) $ (76.8) $ (30.7) $ (48.4) $ (47.0) $ (72.9) $ (18.1) $ (0.7) $ (0.1) $ (0.1) |
Schedule of estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) | 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 (In millions) U.S. Int’l Net actuarial losses $ 16.8 $ 4.0 $ — Prior service cost $ — $ 1.2 $ — |
Schedule of weighted-average assumptions | The following weighted-average assumptions were used to determine the benefit obligations: Pensions Other 2020 2019 2020 2019 U.S. Int’l U.S. Int’l Discount rate 2.70 % 1.23 % 3.40 % 1.70 % 3.47 % 4.31 % Rate of compensation increase N/A 1.92 % N/A 2.39 % 4.00 % 4.00 % The following weighted-average assumptions were used to determine net periodic benefit cost: Pensions Other 2020 2019 2018 2020 2019 2018 U.S. Int’l U.S. Int’l U.S. Int’l Discount rate 3.40 % 1.65 % 4.40 % 2.56 % 3.70 % 2.39 % 4.31 % 5.04 % 4.33 % Rate of compensation increase N/A 2.33 % N/A 2.34 % N/A 2.39 % 4.00 % 4.00 % 4.00 % Expected rate of return on plan assets 7.75 % 4.84 % 8.65 % 5.04 % 8.57 % 4.90 % N/A N/A N/A |
Schedule of pension plan assets | Our pension plan assets measured at fair value on a recurring basis are as follows as of December 31, 2020 and 2019. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels. (In millions) U.S. International December 31, 2020 Total Level 1 Level 2 Level 3 Net Asset Value (a) Total Level 1 Level 2 Level 3 Net Asset Value (a) Cash and cash equivalents $ 38.1 $ 38.1 $ — $ — $ — $ 66.3 $ 66.3 $ — $ — $ — Equity securities U.S. companies 83.3 83.3 — — — 96.3 96.3 — — — International companies 1.1 1.1 — — — 209.1 209.1 — — — Registered investment companies 38.4 — — — 38.4 68.2 — — — 68.2 Insurance contracts — — — — — 154.0 — 154.0 — — Hedge funds 160.9 — — — 160.9 98.3 — — — 98.3 Limited partnerships 160.9 — — — 160.9 14.5 — — — 14.5 Real estate and other investments 1.0 1.0 — — — 39.5 39.5 — — — Total assets $ 483.7 $ 123.5 $ — $ — $ 360.2 $ 746.2 $ 411.2 $ 154.0 $ — $ 181.0 December 31, 2019 Cash and cash equivalents $ 50.5 $ 50.5 $ — $ — $ — $ 10.0 $ 10.0 $ — $ — $ — Equity securities U.S. companies 110.3 110.3 — — — 70.4 70.4 — — — International companies 5.4 5.4 — — — 251.5 251.5 — — — Registered investment companies 36.3 — — — 36.3 63.4 — — — 63.4 Common/collective trusts 12.5 — — — 12.5 — — — — — Insurance contracts — — — — — 138.5 — 138.5 — — Hedge funds 164.3 — — — 164.3 82.0 — — — 82.0 Limited partnerships 139.4 — — — 139.4 7.9 — — — 7.9 Real estate and other investments 1.3 1.3 — — — 36.0 36.0 — — — Total assets $ 520.0 $ 167.5 $ — $ — $ 352.5 $ 659.7 $ 367.9 $ 138.5 $ — $ 153.3 (a) Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
Schedule of estimated future benefit payments | The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2028. Actual benefit payments may differ from expected benefit payments. Pensions Other (In millions) U.S. International 2021 $ 47.6 $ 36.6 $ 0.6 2022 32.4 30.6 0.6 2023 31.0 32.8 0.6 2024 31.7 34.8 0.6 2025 31.9 34.8 0.6 2025-2029 $ 164.3 $ 198.3 $ 2.6 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Schedule of notional amounts of outstanding derivative positions | As of December 31, 2020, we held the following material net positions: Net Notional Amount (In millions) USD Equivalent Euro 1,794.5 2,201.8 British pound 771.7 1,054.3 Malaysian ringgit 891.0 221.5 Norwegian krone 1,721.6 201.7 Brazilian real 681.4 131.1 Singapore dollar 171.2 129.4 Mexican peso 1,288.0 64.7 Australian dollar 78.2 60.3 Indian rupee 3,172.0 43.4 Japanese yen 1,124.4 10.9 Columbian peso 37,142.2 10.8 Hong Kong dollar (97.6) (12.6) Indonesian rupiah (201,679.7) (14.3) U.S. dollar (2,922.1) (2,922.1) 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. As of December 31, 2020, our portfolio of these instruments included the following material net positions: Net Notional Amount (In millions) USD Equivalent Brazilian real 77.9 15.0 Hong Kong dollar 48.3 6.2 Euro (8.7) (10.7) Norwegian krone (142.8) (16.7) U.S. dollar 5.2 5.2 |
Schedule of fair value of derivative instruments | The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets: December 31, 2020 December 31, 2019 (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments Foreign exchange contracts Current - Derivative financial instruments $ 215.8 $ 151.6 $ 94.3 $ 125.0 Long-term - Derivative financial instruments 35.6 23.3 34.8 48.0 Total derivatives designated as hedging instruments 251.4 174.9 129.1 173.0 Derivatives not designated as hedging instruments Foreign exchange contracts Current - Derivative financial instruments 85.6 15.6 7.6 16.3 Long-term - Derivative financial instruments 0.3 — 0.4 0.4 Total derivatives not designated as hedging instruments 85.9 15.6 8.0 16.7 Long-term - Derivative financial instruments - Synthetic Bonds - Call Option Premium — — 4.3 — Long-term - Derivative financial instruments - Synthetic Bonds - Embedded Derivatives — — — 4.3 Total derivatives $ 337.3 $ 190.5 $ 141.4 $ 194.0 |
Schedule of location of gains (losses) related to derivative instruments designated as cash flow hedges | The following tables present the location of gains (losses) in the consolidated statements of income related to derivative instruments designated as cash flow hedges. Gain (Loss) Recognized in OCI Year Ended December 31, (In millions) 2020 2019 2018 Foreign exchange contracts $ 28.0 $ 10.3 $ (75.4) |
Schedule of cash flow hedge | The following represents the effect of cash flow hedge accounting on the consolidated statements of income for the year ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In millions) 2020 2019 2018 Total amount of income (expense) presented in the consolidated statements of income associated with hedges and derivatives Revenue Cost of sales Selling, Other income (expense), net Revenue Cost of sales Selling, Other income (expense), net Revenue Cost of sales Selling, Other income (expense), net Cash Flow hedge gain (loss) recognized in income Foreign Exchange Contracts Amounts reclassified from accumulated OCI to income (loss) $ (83.7) $ 68.5 $ (0.4) $ (4.4) $ (26.6) $ 12.0 $ — $ (9.1) $ (2.4) $ 3.4 $ (0.1) $ 1.0 Amounts excluded from effectiveness testing 7.7 (9.8) (0.2) 34.2 0.6 (7.6) — (34.9) (2.2) (4.8) — (12.3) Total cash flow hedge gain (loss) recognized in income (76.0) 58.7 (0.6) 29.8 (26.0) 4.4 — (44.0) (4.6) (1.4) (0.1) (11.3) Gain (loss) recognized in income on derivatives not designated as hedging instruments (0.8) 3.4 — 22.7 (1.6) 0.2 — (10.2) (1.7) 0.2 — (11.4) Total $ (76.8) $ 62.1 $ (0.6) $ 52.5 $ (27.6) $ 4.6 $ — $ (54.2) $ (6.3) $ (1.2) $ (0.1) $ (22.7) |
Schedule of derivative assets, gross and net | The following tables present both gross information and net information of recognized derivative instruments: December 31, 2020 December 31, 2019 (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 $ 337.3 $ (134.0) $ 203.3 $ 141.4 $ (112.5) $ 28.9 Derivative liabilities $ 190.5 $ (134.0) $ 56.5 $ 194.0 $ (112.5) $ 81.5 |
Schedule of derivative liabilities, gross and net | The following tables present both gross information and net information of recognized derivative instruments: December 31, 2020 December 31, 2019 (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 $ 337.3 $ (134.0) $ 203.3 $ 141.4 $ (112.5) $ 28.9 Derivative liabilities $ 190.5 $ (134.0) $ 56.5 $ 194.0 $ (112.5) $ 81.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis were as follows: December 31, 2020 December 31, 2019 (In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Investments Equity securities (a) $ 65.6 $ 65.6 $ — $ — $ 54.8 $ 54.8 $ — $ — Money market fund 1.7 — 1.7 — 1.5 — 1.5 — Stable value fund (b) 0.9 — — — 2.1 — — — Held-to-maturity debt securities 24.2 — 24.2 — 71.9 — 71.9 — Derivative financial instruments Synthetic bonds - call option premium — — — — 4.3 — 4.3 — Foreign exchange contracts 337.3 — 337.3 — 137.1 — 137.1 — Assets held for sale 47.3 — — 47.3 25.8 — — 25.8 Total assets $ 477.0 $ 65.6 $ 363.2 $ 47.3 $ 297.5 $ 54.8 $ 214.8 $ 25.8 Liabilities Redeemable financial liability $ 246.6 $ — $ — $ 246.6 $ 268.8 $ — $ — $ 268.8 Derivative financial instruments Synthetic bonds - embedded derivatives — — — — 4.3 — 4.3 — Foreign exchange contracts 190.5 — 190.5 — 189.7 — 189.7 — Liabilities held for sale — — — — 9.3 — — 9.3 Total liabilities $ 437.1 $ — $ 190.5 $ 246.6 $ 472.1 $ — $ 194.0 $ 278.1 (a) Includes fixed income and other investments measured at fair value. (b) Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. | |
Schedule of changes in fair value of level 3 mandatorily redeemable financial liabilities | Change in the fair value of our Level 3 mandatorily redeemable financial liability is recorded as interest expense on the consolidated statements of income and was as follows: Year Ended December 31, (In millions) 2020 2019 2018 Balance at beginning of period $ 268.8 $ 408.5 $ 312.0 Less: Expenses recognized in net interest expense (202.0) (423.1) (322.3) Less: Settlements 224.2 562.8 225.8 Balance at end of period $ 246.6 $ 268.8 $ 408.5 | |
Schedule of fair value of debt | The fair value of our Synthetic Bonds, Senior Notes and private placement notes are as follows: December 31, 2020 December 31, 2019 (In millions) Carrying Amount (a) Fair Value (b) Carrying Amount (a) Fair Value (b) Synthetic bonds due 2021 $ 551.2 $ 552.0 $ 492.9 $ 513.1 3.45% Senior Notes due 2022 500.0 513.2 500.0 499.2 5.00% Notes due 2020 — — 224.6 230.0 3.40% Notes due 2022 184.0 188.8 168.5 180.6 3.15% Notes due 2023 159.5 163.7 146.0 156.8 3.15% Notes due 2023 153.4 161.8 140.4 150.5 4.50% Notes due 2025 245.4 256.8 — — 4.00% Notes due 2027 92.0 99.7 84.2 96.4 4.00% Notes due 2032 122.7 136.8 112.3 127.8 3.75% Notes due 2033 122.7 126.4 112.3 123.8 (a) Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $12.8 million and $9.1 million as of December 31, 2020, and 2019, respectively. (b) Fair values are based on Level 2 quoted market prices. | |
Fair Value Measurements, Nonrecurring | The following summarizes impairments of long-lived assets and related post-impairment fair value for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (In millions) Impairment Fair Value (a) Impairment Fair Value (a) Long-lived assets $ 204.0 $ 464.7 $ 495.4 $ 342.5 (b) (a) Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. (b) Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement. |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2020 2019 (In millions, except per share data) 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Revenue $ 3,426.1 $ 3,335.7 $ 3,158.5 $ 3,130.3 $ 3,726.8 $ 3,335.1 $ 3,434.2 $ 2,913.0 Cost of sales 2,973.8 2,882.3 2,647.0 2,706.3 3,067.2 2,726.4 2,745.2 2,411.9 Net income (loss) (13.9) 6.4 15.3 (3,245.7) (2,430.3) (115.3) 113.7 19.8 Net income (loss) attributable to TechnipFMC plc $ (39.3) $ (3.9) $ 11.7 $ (3,256.1) $ (2,414.0) $ (119.1) $ 97.0 $ 20.9 Basic earnings (loss) per share (1) $ (0.09) $ (0.01) $ 0.03 $ (7.28) $ (5.40) $ (0.27) $ 0.22 $ 0.05 Diluted earnings (loss) per share (1) $ (0.09) $ (0.01) $ 0.03 $ (7.28) $ (5.40) $ (0.27) $ 0.21 $ 0.05 (1) Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings (loss) per share. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Total revenue | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | $ 13,050.6 | $ 13,409.1 | $ 12,552.9 | ||||||||
Total costs and expenses | $ 15,936.2 | 14,935.8 | 13,470.5 | ||||||||||||||||
Net Income (Loss) Attributable to Parent | $ (39.3) | $ (3.9) | $ 11.7 | $ (3,256.1) | $ (2,414) | $ (119.1) | $ 97 | $ 20.9 | $ (2,415.2) | $ (1,921.6) | |||||||||
Basic earnings (loss) per share (usd per share) | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.22 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | |
Earnings Per Share, Diluted | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.21 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | $ (4.20) |
Basic (in shares) | 448.7 | 448 | 458 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 448.7 | 448 | 458 | ||||||||||||||||
Service [Member] | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Product and service revenue | $ 9,708.2 | $ 9,789.7 | $ 9,057.6 | ||||||||||||||||
Cost of product revenue | 8,261.9 | 7,767.2 | 7,452.7 | ||||||||||||||||
Product [Member] | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Product and service revenue | 3,200.4 | 3,352.9 | 3,272.6 | ||||||||||||||||
Cost of product revenue | $ 2,830.8 | $ 3,015.6 | $ 2,676.9 | ||||||||||||||||
Restatement Adjustment | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Basic earnings (loss) per share (usd per share) | $ (4.20) | ||||||||||||||||||
Minimum | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||||||||||||||
Minimum | Vessels | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||||||
Minimum | Buildings | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||||||||||
Minimum | Machinery and equipment | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||||||
Minimum | Software and software development costs | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||||||||||
Maximum | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||||||||
Maximum | Vessels | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||||||||||
Maximum | Buildings | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 50 years | ||||||||||||||||||
Maximum | Machinery and equipment | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | ||||||||||||||||||
Maximum | Software and software development costs | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||||||||
Maximum | Internet website costs | |||||||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||||||||||
[1] | Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings (loss) per share. |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity Attributable to Parent | $ 4,154.2 | $ 7,659.3 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | 40.6 | 42 | |
Accounts and Financing Receivable, after Allowance for Credit Loss | $ 2,526.7 | 2,534.1 | |
Contract with Customer, Asset, Allowance for Credit Loss | 1 | 2.5 | |
Financial Asset Originated [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 156.7 | ||
Moody's, Ba2 Rating [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 133 | ||
Moody's, B3 Rating [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23.7 | ||
Trade Accounts Receivable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 2,283.3 | 2,287.1 | |
Accounts Receivable, Allowance for Credit Loss | 108.9 | 99.2 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 54.3 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (46.9) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 2.3 | ||
Loans Receivable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss, Current | 137 | 138.5 | |
Loans and Leases Receivable, Allowance | 8.5 | 9.5 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (0.1) | ||
Allowance for Loan and Lease Losses, Write-offs | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (0.9) | ||
Security deposit and other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | 35.6 | 36.6 | |
Security Deposits and Other Allowance for Credit Losses | 1.1 | 1.6 | |
Security Deposit and Other Credit Loss Expense (Reversal) | 0.9 | ||
Security Deposits and Other Allowance for Credit Losses Writeoff | 0 | ||
Security Deposit and Other Asset, Allowance for Credit Loss Recoveries | (1.4) | ||
Held-to-maturity Securities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Available-for-sale and Held-to-maturity | 70.8 | 71.9 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0.5 | 1.1 | |
Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal) | (0.6) | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Writeoff | 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery | 0 | ||
Contract assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | 1,517.5 | $ 1,520 | |
Contract with Customer, Asset, Allowance for Credit Loss | 1 | 5 | |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | (0.2) | ||
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff | 0 | ||
Contract with Customer, Asset, Allowance for Credit Loss, Recovery | $ (3.8) | ||
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss | (7.4) | ||
Accounting Standards Update 2016-13 [Member] | Trade Accounts Receivable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | (3.8) | ||
Accounting Standards Update 2016-13 [Member] | Loans Receivable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss, Current | (1.5) | ||
Accounting Standards Update 2016-13 [Member] | Security deposit and other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Current | (1) | ||
Accounting Standards Update 2016-13 [Member] | Held-to-maturity Securities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Securities, Available-for-sale and Held-to-maturity | (1.1) | ||
Accounting Standards Update 2016-13 [Member] | Contract assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | (2.5) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity Attributable to Parent | (7.8) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Tax Deferred Asset Noncurrent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity Attributable to Parent | 2.1 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity Attributable to Parent | $ (7.8) |
Business Combination Transact_2
Business Combination Transactions (Narrative) (Details) € in Millions | Apr. 18, 2018USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 07, 2020EUR (€)shares | Jan. 29, 2018Rate | |
Business Acquisition [Line Items] | |||||||||
Other Asset Impairment Charges | $ 204,000,000 | $ 495,400,000 | |||||||
Goodwill, Purchase Accounting Adjustments | 9,900,000 | ||||||||
Merger transaction and integration costs | $ 31,200,000 | $ 36,500,000 | |||||||
Marketable Securities | € | € 15 | ||||||||
Investment Owned, Balance, Shares | shares | 638,297 | ||||||||
Percentage of capital owned | 0.0229 | ||||||||
Technip Odebrecht PLSV CV [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired assets | $ 391,000,000 | ||||||||
Vessels acquired | 335,200,000 | ||||||||
Liability assumed | 239,900,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 203,100,000 | ||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | (900,000) | ||||||||
Other Asset Impairment Charges | 84,200,000 | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 83,300,000 | ||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 62,500,000 | ||||||||
Island Offshore Subsea AS | |||||||||
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | ||||||||
Technip Offshore Finland Oy [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 27,800,000 | ||||||||
Noncontrolling Interest | Island Offshore Subsea AS | |||||||||
Business Acquisition [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | Rate | 51.00% | ||||||||
Payments to Acquire Businesses, Gross | $ 42,400,000 | ||||||||
Goodwill, Acquired During Period | $ 85,000,000 | ||||||||
Subsea [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Purchase Accounting Adjustments | [1] | $ (21,200,000) | |||||||
Technip Odebrecht PLSV CV [Member] | Subsea [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | ||||||||
[1] | Beginning in the first quarter of 2020, Technip Energies includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. See Note 7 for further details. |
Business Combination Transact_3
Business Combination Transactions (Acquisition Date Fair Value) (Details) - shares shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||
Shares subject to exchange (in shares) | 449.5 | 447.1 |
Business Combination Transact_4
Business Combination Transactions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,512.5 | $ 5,598.3 | $ 7,607.6 |
Business Combination Transact_5
Business Combination Transactions (Goodwill Allocation) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,512.5 | $ 5,598.3 | $ 7,607.6 |
Subsea [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 2,814.1 | 4,142.4 | |
Surface Technologies [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 360.6 | $ 1,017.5 |
Separation Transaction (Details
Separation Transaction (Details) - USD ($) $ in Millions | Feb. 25, 2021 | Feb. 16, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||
Separation costs | $ 39.5 | $ 72.1 | $ 0 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Spin-off, Shares Received for Each Share Owned | 1 | ||||
Spin-off, shares given for share received | 5 | ||||
Ownership stake, floor | 1182.00% | ||||
Ownership stake, cap | 1725.00% | ||||
Ownership stake, discount | 600.00% | ||||
Technip Energies N.V. | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 5010.00% | ||||
BPI France | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Business Combination, Consideration Transferred | $ 200 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease [Abstract] | ||
Operating Lease, Cost | $ 312.1 | $ 362.4 |
Short-term Lease, Cost | 13.7 | 20.8 |
Sublease Income | 7.3 | 8.9 |
Net lease cost | $ 318.5 | $ 374.3 |
Leases Maturities of lease liab
Leases Maturities of lease liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) | |
Maturities of lease liabilities [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 252.5 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 191.5 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 137.1 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 117.6 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 79.2 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 471.4 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,249.3 | |
Lessee, Operating Lease, Imputed Interest | 121.3 | [1] |
Operating Lease, Liability | $ 1,128 | [2] |
[1] | Calculated using the interest rate for each lease. | |
[2] | Includes the current portion of $247.0 million for operating leases. |
Leases Lease Additional Informa
Leases Lease Additional Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | [1] | $ 1,128 | |
Operating Lease, Right-of-Use Asset | 1,016.7 | $ 892.6 | |
Other current liabilities (Note 10) | 1,368.6 | 1,494.5 | |
Accumulated deficit | (4,915.2) | (1,563.1) | |
Operating Lease, Liability, Current | 247 | $ 275.1 | |
sale lease back initial payment [Line Items] | |||
Gain (Loss) on Termination of Lease | 3.1 | ||
Lease Initial Direct Cost Expense Commencement [Line Items] | 1.8 | ||
Lease Initial Direct Cost Expense Commencement [Line Items] | $ 1.8 | ||
[1] | Includes the current portion of $247.0 million for operating leases. |
Leases Lease Revenue (Details)
Leases Lease Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases Revenue [Abstract] | ||
Operating lease revenue including variable lease revenue | $ 142 | $ 266.5 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Operating cash flows from operating leases | $ 314.2 | $ 384.7 |
Operating leases | $ 535.9 | $ 125.4 |
Leases Maturity of Lease Receiv
Leases Maturity of Lease Receivables (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 21.4 |
Lessor, Operating Lease, Payments to be Received, Two Years | 14.3 |
Lessor, Operating Lease, Payments to be Received, Three Years | 1 |
Lessor, Operating Lease, Payments to be Received, Four Years | 0 |
Lessor, Operating Lease, Payments to be Received, Five Years | 0 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 0 |
Lessor, Operating Lease, Payments to be Received | $ 36.7 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information Related to Leases (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Supplemental Balance Sheet Information [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 11 years 9 months 18 days | 7 years 6 months |
Lessee, Finance Lease, Remaining Lease Term | 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.10% | 4.40% |
Finance Lease, Weighted Average Discount Rate, Percent | 2.10% |
Revenue Additional Information
Revenue Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, Performance Obligation, Warranty, Term | 18 years |
Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue, Performance Obligation, Warranty, Term | 36 months |
Transferred over Time [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue Recognized, Percent | 86.00% |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue, Geographical (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 470.8 | $ 1,176.5 | |||||||||||
Lease Income | 142 | 266.5 | $ 222.7 | ||||||||||
Total revenue | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | 13,050.6 | 13,409.1 | 12,552.9 | ||
Service [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 9,708.2 | 9,789.7 | 9,057.6 | ||||||||||
Product [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 3,200.4 | 3,352.9 | 3,272.6 | ||||||||||
Subsea [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 5,416.5 | 5,407 | 4,721.8 | ||||||||||
Lease Income | 54.9 | [1] | 116 | [1] | 118.2 | ||||||||
Total revenue | 5,471.4 | 5,523 | 4,840 | ||||||||||
Subsea [Member] | Service [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 3,121.1 | 3,244.5 | 2,687.1 | ||||||||||
Subsea [Member] | Product [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 2,295.4 | 2,162.5 | 2,034.7 | ||||||||||
Subsea [Member] | Europe, Russia, Central Asia [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 1,641.9 | 1,745.2 | 1,528.1 | ||||||||||
Subsea [Member] | Americas [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 1,957.7 | 1,770 | 1,721.5 | ||||||||||
Subsea [Member] | Asia Pacific [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 753.2 | 659.9 | 532.9 | ||||||||||
Subsea [Member] | Africa [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 893.9 | 824.8 | 758.1 | ||||||||||
Subsea [Member] | Middle East [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 169.8 | 407.1 | 181.2 | ||||||||||
Surface Technologies [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 972.1 | 1,466.8 | 1,487.7 | ||||||||||
Lease Income | 87.1 | [1] | 150.5 | [1] | 104.5 | ||||||||
Total revenue | 1,059.2 | 1,617.3 | 1,592.2 | ||||||||||
Surface Technologies [Member] | Service [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 150.2 | 276.4 | 249.8 | ||||||||||
Surface Technologies [Member] | Product [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 821.9 | 1,190.4 | 1,237.9 | ||||||||||
Surface Technologies [Member] | Europe, Russia, Central Asia [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 188.2 | 236.7 | 227.7 | ||||||||||
Surface Technologies [Member] | Americas [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 373.1 | 732.1 | 865.5 | ||||||||||
Surface Technologies [Member] | Asia Pacific [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 123.4 | 189.3 | 123.2 | ||||||||||
Surface Technologies [Member] | Africa [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 45.8 | 61.1 | 57.9 | ||||||||||
Surface Technologies [Member] | Middle East [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 241.6 | 247.6 | 213.4 | ||||||||||
Technip Energies | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 6,520 | 6,268.8 | 6,120.7 | ||||||||||
Lease Income | 0 | [1] | 0 | [1] | 0 | ||||||||
Total revenue | 6,520 | 6,268.8 | 6,120.7 | ||||||||||
Technip Energies | Service [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 6,436.9 | 6,268.8 | 6,120.7 | ||||||||||
Technip Energies | Product [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 83.1 | 0 | 0 | ||||||||||
Technip Energies | Europe, Russia, Central Asia [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 3,111.6 | 2,813.1 | 3,506.1 | ||||||||||
Technip Energies | Americas [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 982.6 | 766.2 | 365.1 | ||||||||||
Technip Energies | Asia Pacific [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 1,094.3 | 1,152.5 | 1,236.1 | ||||||||||
Technip Energies | Africa [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | 884.4 | 526 | 252.7 | ||||||||||
Technip Energies | Middle East [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Product and service revenue | $ 447.1 | $ 1,011 | $ 760.7 | ||||||||||
[1] | Represents revenue not subject to ASC Topic 606. |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets, net of allowances of $1.0 in 2020 and $2.5 in 2019 | $ 1,267.6 | $ 1,520 |
Contract with Customer, Asset, Net, Current, Increase (Decrease) | $ (252.4) | |
Contract with Customer, Asset, Net, Current, Increase (Decrease), Percent | (16.60%) | |
Contract liabilities | $ 4,736.1 | 4,585.1 |
Contract with Customer Liability, Current, Increase (Decrease) | $ 151 | |
Contract with Customer Liability, Current, Increase (Decrease), Percent | 3.30% | |
Contract assets (liabilities), Current, Net | $ (3,468.5) | (3,065.1) |
Contract assets (liabilities), Current, Net, Increase (Decrease) | $ (403.4) | |
Costs in Excess of Billings (Billings in Excess of Cost), Current, Net, Increase (Decrease), Percent | (13.20%) | |
Contract with Customer, Liability, Revenue Recognized | $ 1,267.5 | 2,414 |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 470.8 | $ 1,176.5 |
Revenue Performance Obligations
Revenue Performance Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, total amount | $ 21,388.2 |
Revenue, Remaining Performance Obligation, Amount | $ 10,945.2 |
Revenue, Remaining Performance Obligation, Percentage | 51.20% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Subsea [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,585.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Technip Energies | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 7,016.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Surface Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 343.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 6,368.3 |
Revenue, Remaining Performance Obligation, Percentage | 48.80% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Subsea [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,217.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Technip Energies | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 4,081.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Surface Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 69.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 4,074.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Subsea [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,073.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Technip Energies | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,000.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Surface Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Revenue And Segment Operating Profit) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | $ 13,050.6 | $ 13,409.1 | $ 12,552.9 | |
Total segment operating profit | (2,561.2) | (1,144.2) | (532.7) | |||||||||
Corporate expense | (201.5) | (393.4) | (478) | |||||||||
Interest income | 56.6 | 116.5 | 121.4 | |||||||||
Interest expense | (349.6) | (567.8) | (482.3) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | [1] | (3,084.5) | (2,135.8) | (1,488.1) | ||||||||
Other Corporate Expenses | [2] | (152) | (218.1) | (142.6) | ||||||||
Restructuring, Settlement and Impairment Provisions | (3,501.3) | (2,490.8) | (1,831.2) | |||||||||
Separation costs | (39.5) | (72.1) | 0 | |||||||||
Business Combination, Integration Related Costs | (31.2) | (36.5) | ||||||||||
Legal Fees | (54.6) | (280) | ||||||||||
Foreign Currency Transaction Gain (Loss), Realized | $ (28.8) | $ (146.9) | $ (116.5) | |||||||||
Yamal | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment Reporting, Disclosure of Major Customers | 10 | 10 | ||||||||||
Arctic LNG | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment Reporting, Disclosure of Major Customers | 10 | |||||||||||
Subsea [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 5,471.4 | $ 5,523 | $ 4,840 | |||||||||
Restructuring, Settlement and Impairment Provisions | (2,957.5) | (1,752.2) | (1,801.9) | |||||||||
Surface Technologies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,059.2 | 1,617.3 | 1,592.2 | |||||||||
Restructuring, Settlement and Impairment Provisions | (440.2) | (704.2) | (13.8) | |||||||||
Technip Energies | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 6,520 | 6,268.8 | 6,120.7 | |||||||||
Restructuring, Settlement and Impairment Provisions | (93.6) | (17) | 3.4 | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring, Settlement and Impairment Provisions | (10) | (17.4) | (18.9) | |||||||||
Operating segments | Subsea [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 5,471.4 | 5,523 | 4,840 | |||||||||
Total segment operating profit | (2,815.5) | (1,447.7) | (1,529.5) | |||||||||
Operating segments | Surface Technologies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,059.2 | 1,617.3 | 1,592.2 | |||||||||
Total segment operating profit | (429.3) | (656.1) | 172.8 | |||||||||
Operating segments | Technip Energies | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 6,520 | 6,268.8 | 6,120.7 | |||||||||
Total segment operating profit | 683.6 | 959.6 | 824 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total corporate items | $ (523.3) | $ (991.6) | $ (955.4) | |||||||||
[1] | Includes amounts attributable to non-controlling interests. | |||||||||||
[2] | Other corporate expenses primarily include corporate staff expenses, share-based compensation expenses, and other employee benefits. |
Business Segments (Segment Asse
Business Segments (Segment Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 19,692.6 | $ 23,518.8 | |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 13,613.2 | 17,519.4 | |
Operating segments | Subsea [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,796.6 | 10,824.2 | |
Operating segments | Surface Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,758.3 | 2,246.4 | |
Operating segments | Technip Energies | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 5,058.3 | 4,448.8 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Assets | [1] | $ 6,079.4 | $ 5,999.4 |
[1] | Corporate includes cash, LIFO adjustments, deferred income tax balances, property, plant and equipment and intercompany eliminations not associated with a specific segment, pension assets and the fair value of derivative financial instruments. |
Business Segments (Geographic S
Business Segments (Geographic Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | $ 13,050.6 | $ 13,409.1 | $ 12,552.9 |
Property, Plant and Equipment, Net | 2,861.8 | 3,162 | 2,861.8 | 3,162 | |||||||
Russia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,451.5 | 2,378 | 2,773.3 | ||||||||
Norway | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,393.5 | 1,371.1 | 1,202.6 | ||||||||
Property, Plant and Equipment, Net | 312.2 | 333 | 312.2 | 333 | |||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 698.8 | 1,099.7 | 1,478.7 | ||||||||
Property, Plant and Equipment, Net | 260 | 313.2 | 260 | 313.2 | |||||||
ISRAEL | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 333.6 | 757 | 243.8 | ||||||||
UNITED KINGDOM | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 513.8 | 540.8 | 442.1 | ||||||||
Property, Plant and Equipment, Net | 936.2 | 957.1 | 936.2 | 957.1 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,141.4 | 1,931.2 | 1,275.8 | ||||||||
Property, Plant and Equipment, Net | 467.5 | 558.1 | 467.5 | 558.1 | |||||||
INDIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 386.4 | 518 | 214 | ||||||||
ANGOLA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 488.5 | 447.8 | 385.7 | ||||||||
AUSTRALIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 320.8 | 372.8 | 926.6 | ||||||||
UNITED ARAB EMIRATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 147.9 | 327.2 | 460.3 | ||||||||
MALAYSIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 281.7 | 283.8 | 362.3 | ||||||||
CHINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 151.4 | 272.9 | 112.3 | ||||||||
INDONESIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 286.9 | 237.6 | 130.7 | ||||||||
NETHERLANDS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, Plant and Equipment, Net | 419.5 | 493 | 419.5 | 493 | |||||||
All Other Countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,094.2 | 2,114 | 2,209.5 | ||||||||
Property, Plant and Equipment, Net | $ 466.4 | $ 507.6 | 466.4 | 507.6 | |||||||
EGYPT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 445.9 | 177.6 | 13.2 | ||||||||
MOZAMBIQUE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 391.4 | 166.1 | 116.2 | ||||||||
SENEGAL | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 353 | 176.5 | 1.2 | ||||||||
VIET NAM | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 340.7 | 72.1 | 34.7 | ||||||||
GUYANA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 330.1 | 7.2 | 7.6 | ||||||||
SINGAPORE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 312.2 | 64.9 | 23.4 | ||||||||
FRANCE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 186.9 | $ 92.8 | $ 138.9 |
Business Segments (Other Busine
Business Segments (Other Business Segment Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 291.8 | $ 454.4 | $ 368.1 |
Depreciation and amortization | 447.2 | 509.6 | 550.4 |
Research and development expense | 119.8 | 162.9 | 189.2 |
Operating segments | Subsea [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 213.6 | 287.7 | 223.2 |
Depreciation and amortization | 324.9 | 345.6 | 440.4 |
Research and development expense | 66.5 | 134.4 | 145.2 |
Operating segments | Surface Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 38.5 | 96.6 | 111.9 |
Depreciation and amortization | 70.1 | 107.9 | 66.6 |
Research and development expense | 8.8 | 15.3 | 14.3 |
Operating segments | Technip Energies | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 13 | 22.6 | 7.6 |
Depreciation and amortization | 34.2 | 38.7 | 38.2 |
Research and development expense | 44.5 | 13.2 | 29.7 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 26.7 | 47.5 | 25.4 |
Depreciation and amortization | $ 18 | $ 17.4 | $ 5.2 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Number Of Shares Used For Basic And Diluted Earnings Per Share ("EPS") Calculation ) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ (39.3) | $ (3.9) | $ 11.7 | $ (3,256.1) | $ (2,414) | $ (119.1) | $ 97 | $ 20.9 | $ (2,415.2) | $ (1,921.6) | |||||||||
Weighted average number of shares outstanding | 448,700 | 448,000 | 458,000 | ||||||||||||||||
Total shares and dilutive securities (in shares) | 448,700 | 448,000 | 458,000 | ||||||||||||||||
Basic earnings per share attributable to TechnipFMC plc (usd per share) | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.22 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | |
Diluted earnings (loss) per share (usd per share) | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.21 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | $ (4.20) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,300 | 5,600 | 3,500 | ||||||||||||||||
Stock options | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,600 | 4,000 | 3,500 | ||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,800 | 0 | 0 | ||||||||||||||||
Performance shares | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,900 | 1,600 | 0 | ||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Dilutive effect of share-based payment arrangements (in shares) | 0 | 0 | |||||||||||||||||
Performance shares | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Dilutive effect of share-based payment arrangements (in shares) | 0 | ||||||||||||||||||
Stock options | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,800 | 4,300 | 2,700 | ||||||||||||||||
[1] | Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings (loss) per share. |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Finished Goods and Work in Process, Gross [Abstract] | ||
Inventory, gross | $ 1,268.5 | $ 1,416 |
Inventory [Line Items] | ||
Inventory, Finished Goods, Net of Reserves | 750.9 | 778.3 |
Inventory, Work in Process, Net of Reserves | 245.2 | 290.2 |
Inventory, Raw Materials, Net of Reserves | $ 272.4 | $ 347.5 |
Inventories Narrative (Details)
Inventories Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |||
Inventory Valuation Reserves | $ 162,800,000 | $ 135,700,000 | |
LIFO inventory amount | 408,500,000 | 386,600,000 | |
Replacement costs over stated LIFO value | $ 11,600,000 | $ 10,900,000 | |
Effect of LIFO inventory liquidation on income | $ 0 |
Warranty Obligations (Schedule
Warranty Obligations (Schedule Of Warranty Cost And Accrual Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warranty Obligations | |||
Standard and Extended Product Warranty Accrual | $ 174.8 | $ 193.5 | $ 234.4 |
Expenses for new warranties | 95.6 | 78.8 | |
Adjustments to existing accruals | (86.2) | (57.5) | |
Claims paid | (28.1) | (62.2) | |
Product Warranty Liability [Line Items] | |||
Standard and Extended Product Warranty Accrual | 174.8 | 193.5 | $ 234.4 |
Expenses for new warranties | 95.6 | 78.8 | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | (86.2) | (57.5) | |
Standard and Extended Product Warranty Accrual, Decrease for Payments | $ 28.1 | $ 62.2 |
Equity Method Investments (Perc
Equity Method Investments (Percentage Owned and Carrying Value) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in equity affiliates | $ 358.9 | $ 300.4 |
Techdof Brasil AS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | |
Investments in equity affiliates | $ 234.7 | 167.4 |
Serimax Holdings SAS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 20.00% | |
Investments in equity affiliates | $ 18.8 | 21.5 |
Magma Global Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 25.00% | |
Investments in equity affiliates | $ 51.4 | 50.2 |
Other Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in equity affiliates | $ 54 | $ 61.3 |
Serimax Holdings SAS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 20.00% |
Equity Method Investments (Inco
Equity Method Investments (Income (Loss) From Equity Affiliates by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from equity affiliates | $ 63 | $ 62.9 | $ 114.3 | |
Subsea [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income from equity affiliates | 64.6 | 59.8 | 80.9 | |
Technip Energies | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income from equity affiliates | $ (1.6) | $ 3.1 | $ 33.4 | |
Technip Odebrecht PLSV CV [Member] | Subsea [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 50.00% | |||
Serimax Holdings SAS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Trade receivables | $ 113.5 | $ 76.8 | |
Trade payables | 61.2 | 51.1 | |
Note receivables | 40.3 | 65.2 | |
Revenue | 274.2 | 379.6 | $ 293.3 |
Expenses | 149.7 | 142.4 | 154.7 |
TP JGC Coral France SNC | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 38.1 | 40.1 | |
Revenue | 44.2 | 110.4 | 118.2 |
Expenses | 5 | ||
Jumbo Shipping [Member] | Director | |||
Related Party Transaction [Line Items] | |||
Expenses | 16 | 4.5 | |
TTSJV W.L.L. [Member] | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 14.9 | 22.4 | |
Revenue | 47.2 | 127.9 | 0 |
Techdof Brasil AS | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 8 | 4.3 | |
Revenue | 11.2 | 8.3 | 7 |
Technip Odebrecht PLSV CV [Member] | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Revenue | 11.9 | 7.2 | |
Anadarko Petroleum Company [Member] | Director | |||
Related Party Transaction [Line Items] | |||
Revenue | 67.1 | 124.8 | |
Dofcon Navegacao Ltda | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 4.2 | 0 | |
Trade payables | 1.5 | 2.1 | |
Revenue | 3.4 | 8.4 | 2.9 |
Expenses | 24 | 1.8 | 0 |
Chiyoda | |||
Related Party Transaction [Line Items] | |||
Trade payables | 14.2 | 24.8 | |
Expenses | 1.4 | 25.1 | 53 |
JGC Corporation | |||
Related Party Transaction [Line Items] | |||
Trade payables | 1.9 | 15.1 | |
Revenue | 6.7 | 0 | |
Expenses | 0.4 | 20.8 | 81.2 |
Serimax Holdings SAS [Member] | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Expenses | 0.4 | 17.7 | 0.1 |
IFP Energies nouvelles | Director | |||
Related Party Transaction [Line Items] | |||
Trade payables | 2.4 | ||
Arkema S.A. | Director | |||
Related Party Transaction [Line Items] | |||
Expenses | 5.3 | 18.9 | 2.6 |
Magma Global Limited | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Expenses | 14 | 7.3 | 3 |
Others | Other Affiliates | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 8.4 | 6.9 | |
Trade payables | 5.7 | 6.7 | |
Revenue | 27.2 | 29.7 | 33.2 |
Expenses | 24.6 | 41.3 | 14.8 |
Storengy | Director | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 6.1 | 3.1 | |
Revenue | 10.7 | 8.8 | |
Equinor ASA | Director | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 24.1 | 0 | |
Revenue | 81.1 | 0 | 0 |
Novarctic SNC | Equity Method Investee | |||
Related Party Transaction [Line Items] | |||
Trade receivables | 9.7 | 0 | |
Revenue | 10.7 | 0.4 | 0 |
Nipigas | |||
Related Party Transaction [Line Items] | |||
Trade payables | 14.2 | ||
Expenses | 36.8 | 0 | 0 |
Saipem | |||
Related Party Transaction [Line Items] | |||
Trade payables | 23.7 | ||
Expenses | 26.8 | 0 | 0 |
Equinor Brasil | Director | |||
Related Party Transaction [Line Items] | |||
Revenue | $ 38.5 | $ 0 | $ 0 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Note receivables | $ 40.3 | $ 65.2 |
Dofcon Brasil AS | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Note receivables | $ 37.6 | $ 62.5 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 5,270.5 | $ 5,450.8 | |
Accumulated depreciation | (2,408.7) | (2,288.8) | |
Property, plant and equipment, net | 2,861.8 | 3,162 | |
Depreciation expense | 323.5 | 383.5 | $ 367.8 |
Gain (Loss) on Disposition of Assets | (7.1) | ||
Long Lived Assets Held-for-sale, Name [Domain] | |||
Property, Plant and Equipment [Abstract] | |||
Impairment of Long-Lived Assets to be Disposed of | 8.3 | ||
Impairment of Long-Lived Assets to be Disposed of | 8.3 | ||
Land and land improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 88.4 | 108.4 | |
Buildings | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 611 | 626.9 | |
Vessels | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,968.1 | 2,091.9 | |
Machinery and equipment | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 1,919.4 | 1,930.6 | |
Office fixtures and furniture | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 292 | 285 | |
Construction in process | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | 148.1 | 130.9 | |
Other | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, gross | $ 243.5 | $ 277.1 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets Goodwill And Intangible Assets (Fair Value Measurement) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019Rate | Dec. 31, 2018Rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Period of cash flow before terminal value | 4 | 4 | 5 |
Weighted Average Discount Rate | 15.00% | ||
Maximum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Market Multiple | 850.00% | 850.00% | |
Weighted Average Discount Rate | 15.00% | 13.00% | |
Minimum | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Market Multiple | 600.00% | 700.00% | |
Weighted Average Discount Rate | 12.50% | 12.00% |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Goodwill [Line Items] | |||||
Asset Impairment Charges | $ 3,287.4 | $ 2,484.1 | $ 1,792.6 | ||
Goodwill [Roll Forward] | |||||
Beginning balance | 5,598.3 | 7,607.6 | |||
Impairment | (3,083.4) | (1,988.7) | |||
Goodwill, Purchase Accounting Adjustments | 9.9 | ||||
Goodwill, Other Increase (Decrease) | (17.7) | ||||
Translation | (2.4) | (12.8) | |||
Ending balance | $ 2,512.5 | 5,598.3 | 7,607.6 | ||
Current Fiscal Year End Date | --12-31 | ||||
Subsea [Member] | |||||
Goodwill [Line Items] | |||||
Asset Impairment Charges | $ 2,854.5 | 1,798.6 | 1,784.2 | ||
Goodwill [Roll Forward] | |||||
Beginning balance | 2,814.1 | 4,142.4 | |||
Impairment | (2,747.5) | (1,321.9) | (1,383) | ||
Goodwill, Purchase Accounting Adjustments | [1] | (21.2) | |||
Translation | (45.4) | (6.4) | |||
Ending balance | 2,814.1 | 4,142.4 | |||
Surface Technologies [Member] | |||||
Goodwill [Line Items] | |||||
Asset Impairment Charges | 419.3 | 685.5 | 4.5 | ||
Goodwill [Roll Forward] | |||||
Beginning balance | 360.6 | 1,017.5 | |||
Impairment | (335.9) | (666.8) | |||
Goodwill, Purchase Accounting Adjustments | (24.9) | [1] | 9.9 | ||
Translation | 0.2 | ||||
Ending balance | 360.6 | 1,017.5 | |||
Technip Energies | |||||
Goodwill [Line Items] | |||||
Asset Impairment Charges | 10.3 | 0 | 0 | ||
Goodwill [Roll Forward] | |||||
Beginning balance | 2,423.6 | 2,447.7 | |||
Impairment | 0 | ||||
Goodwill, Purchase Accounting Adjustments | [1] | 46.1 | |||
Goodwill, Other Increase (Decrease) | (17.7) | ||||
Translation | 42.8 | (6.4) | |||
Ending balance | $ 2,512.5 | $ 2,423.6 | $ 2,447.7 | ||
[1] | Beginning in the first quarter of 2020, Technip Energies includes our Loading Systems business that was previously reported in the Surface Technologies segment and our process automation business, Cybernetix, that was previously reported in the Subsea segment. See Note 7 for further details. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 1,701.6 | $ 1,850 |
Intangible assets, accumulated amortization | 720.5 | 763.4 |
Acquired technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 247.1 | 246.7 |
Intangible assets, accumulated amortization | 98.1 | 73.6 |
Backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 0 | 175 |
Intangible assets, accumulated amortization | 0 | 175 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 285.4 | 285.4 |
Intangible assets, accumulated amortization | 114.4 | 85.9 |
Licenses, patents and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 816.8 | 811.1 |
Intangible assets, accumulated amortization | 264 | 227.6 |
Software | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 232.1 | 215.9 |
Intangible assets, accumulated amortization | 178.9 | 151.1 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 120.2 | 115.9 |
Intangible assets, accumulated amortization | $ 65.1 | $ 50.2 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Asset Impairment Charges | $ 3,287.4 | $ 2,484.1 | $ 1,792.6 |
Goodwill, Impairment Loss | 3,083.4 | 1,988.7 | |
Amortization | 123.7 | 126.1 | 182.6 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization expense, next 12 months | 117 | ||
Amortization expense, year two | 114 | ||
Amortization expense, year three | 110 | ||
Amortization expense, year four | 96 | ||
Amortization expense, year five | 93 | ||
Amortization expense, Thereafter | 451 | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 6,455.1 | 3,371.7 | |
Minimum | |||
Goodwill [Line Items] | |||
Reporting unit, percentage of fair value in excess of carrying amount | 300.00% | ||
Subsea [Member] | |||
Goodwill [Line Items] | |||
Asset Impairment Charges | $ 2,854.5 | 1,798.6 | 1,784.2 |
Goodwill, Impairment Loss | 2,747.5 | 1,321.9 | 1,383 |
Surface Technologies [Member] | |||
Goodwill [Line Items] | |||
Asset Impairment Charges | 419.3 | 685.5 | $ 4.5 |
Goodwill, Impairment Loss | $ 335.9 | $ 666.8 |
Debt (Short-Term Debt And Curre
Debt (Short-Term Debt And Current Portion Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 636.2 | $ 495.4 | |
Notes Payable to Bank, Current | 85 | 270.8 | |
Synthetic bonds due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 551.2 | 0 | |
5.00% Notes due 2020 | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 0 | $ 224.6 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt) (Details) € in Millions, $ in Millions | Feb. 16, 2021USD ($) | Jan. 29, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Mar. 31, 2020 | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2013 | Jun. 30, 2012 |
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance costs and discounts | $ (12.8) | $ (9.1) | |||||||
Total debt | 3,953.9 | 4,475.4 | |||||||
Less: current borrowings | (636.2) | (495.4) | |||||||
Long-term debt | 3,317.7 | 3,980 | |||||||
Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Total debt | $ 2,376.8 | ||||||||
Commercial paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 1,525.9 | 1,967 | |||||||
Synthetic bonds due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 551.2 | 492.9 | |||||||
Less: current borrowings | $ (551.2) | $ 0 | |||||||
Synthetic bonds due 2021 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 522.8 | ||||||||
Senior notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 650.00% | ||||||||
Long-term Debt, Gross | $ 1,000 | ||||||||
Senior notes | 3.45% Senior Notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.45% | 3.45% | 3.45% | 3.45% | |||||
Long-term Debt, Gross | $ 500 | $ 500 | |||||||
Senior notes | 3.45% Senior Notes due 2022 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.45% | ||||||||
Long-term Debt, Gross | $ 500 | ||||||||
Unsecured debt | 5.00% Notes due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Long-term Debt, Gross | $ 0 | $ 224.6 | |||||||
Less: current borrowings | $ 0 | $ (224.6) | |||||||
Unsecured debt | 3.40% Notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | ||||
Long-term Debt, Gross | $ 184 | $ 168.5 | |||||||
Unsecured debt | 3.15% Notes due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% | ||||
Long-term Debt, Gross | $ 159.5 | $ 146 | |||||||
Unsecured debt | 3.15% Notes due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% | ||||
Long-term Debt, Gross | $ 153.4 | $ 140.4 | |||||||
Unsecured debt | 4.00% Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | ||||
Long-term Debt, Gross | $ 92 | $ 84.2 | |||||||
Unsecured debt | 4.00% Notes due 2032 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | ||||
Long-term Debt, Gross | $ 122.7 | $ 112.3 | |||||||
Unsecured debt | 3.75% Notes due 2033 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | ||||
Long-term Debt, Gross | $ 122.7 | $ 112.3 | |||||||
Unsecured debt | Notes due 2025 4.50% | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 4.50% | 4.50% | |||||||
Long-term Debt, Gross | $ 245.4 | € 200 | 0 | ||||||
Bank borrowings and other | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 309.9 | $ 536.3 | |||||||
Sale Leaseback Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Sale Leaseback Transaction, Historical Cost | $ 116.8 | ||||||||
Long-term Debt, Gross | $ 96.2 |
Debt (Maturities of Long-Term D
Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Maturities of Long-term Debt [Abstract] | ||
Total debt | $ 3,953.9 | $ 4,475.4 |
Less than 1 year | 636.2 | |
1-3 years | 2,589.1 | |
3-5 years | 294 | |
After 5 years | 434.6 | |
Debt Instrument [Line Items] | ||
Total debt | $ 3,953.9 | $ 4,475.4 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility) (Details) | Jan. 17, 2017USD ($) | Dec. 31, 2020EUR (€) |
Line of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 2,500,000,000 | € 500,000,000 |
Line of credit facility, conditional increase in maximum borrowing | 500,000,000 | |
Line of Credit | JPMorgan Chase Bank | Letter of credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
LIBOR and EURIBOR rate | Minimum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.82% | |
LIBOR and EURIBOR rate | Maximum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.30% | |
Base rate | Minimum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.00% | |
Base rate | Maximum | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.30% | |
Federal funds rate and overnight bank funding rate spread | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
London Interbank Offered Rate (LIBOR) | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% |
Debt (Bilateral Credit Faciliti
Debt (Bilateral Credit Facilities) (Details) - Line of Credit - Bilateral credit facilities - EUR (€) | Dec. 31, 2020 | Mar. 31, 2020 |
Bilateral credit facility expiring in May 2021 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | € 100,000,000 | |
Bilateral Credit Facility Expiring in May 2019 (2) [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | € 80,000,000 |
Debt (Commercial Paper) (Detail
Debt (Commercial Paper) (Details) € in Billions | Dec. 31, 2020EUR (€) | Dec. 31, 2020GBP (£) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
CCFF commercial paper | £ | £ 600,000,000 | ||
Commercial paper outstanding debt | $ 708,000,000 | ||
CCFF | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 0.43% | 0.43% | 0.43% |
CCFF | |||
Debt Instrument [Line Items] | |||
Long-term Commercial Paper | $ 817,900,000 | ||
U.S. dollar | Commercial paper | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | ||
Weighted average interest rate | 0.34% | 0.34% | 0.34% |
Euro | Commercial paper | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | € | € 1 | ||
Weighted average interest rate | (0.06%) | (0.06%) | (0.06%) |
Debt (Synthetic Bonds) (Details
Debt (Synthetic Bonds) (Details) - Convertible debt - Synthetic bonds due 2021 - EUR (€) | Mar. 03, 2016 | Jan. 25, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | € 375,000,000 | |
Interest rate, stated percentage | 0.875% | |
Debt instrument, face amount, additional debt issued | € 75,000,000 |
Debt (Senior Notes) (Details)
Debt (Senior Notes) (Details) - Senior notes - USD ($) $ in Millions | Mar. 29, 2017 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
2017 FMC Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 2.00% | 2.00% | ||
3.45% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 3.45% | 3.45% | 3.45% | |
Debt instrument, redemption price, percentage | 100.00% | |||
Long-term Debt, Gross | $ 500 | $ 500 |
Debt (Private Placement Notes)
Debt (Private Placement Notes) (Details) - Unsecured debt $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Mar. 31, 2020 | Dec. 31, 2019USD ($) | Oct. 31, 2013EUR (€) | Jun. 30, 2012EUR (€) | |
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 355,000,000 | € 325,000,000 | ||||
5.00% Notes due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||
Long-term Debt, Gross | $ | $ 0 | $ 224.6 | ||||
3.40% Notes due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 150,000,000 | |||||
Interest rate, stated percentage | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | |
Long-term Debt, Gross | $ | $ 184 | $ 168.5 | ||||
4.00% Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 75,000,000 | |||||
Interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |
Long-term Debt, Gross | $ | $ 92 | $ 84.2 | ||||
4.00% Notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 100,000,000 | |||||
Interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |
Long-term Debt, Gross | $ | $ 122.7 | $ 112.3 | ||||
3.75% Notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 100,000,000 | |||||
Interest rate, stated percentage | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | |
Long-term Debt, Gross | $ | $ 122.7 | $ 112.3 | ||||
3.15% Notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 130,000,000 | |||||
Interest rate, stated percentage | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% | |
Long-term Debt, Gross | $ | $ 159.5 | $ 146 | ||||
3.15% Notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | € | € 125,000,000 | |||||
Interest rate, stated percentage | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% | |
Long-term Debt, Gross | $ | $ 153.4 | $ 140.4 | ||||
Notes due 2025 4.50% | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 4.50% | 4.50% | ||||
Long-term Debt, Gross | $ 245.4 | € 200,000,000 | $ 0 | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.75% |
Debt (Term Loan) (Details)
Debt (Term Loan) (Details) £ in Millions, $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2016GBP (£) |
Term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | £ | £ 160 | |
Interest rate, stated percentage | 281.30% | |
Technip Odebrecht PLSV CV [Member] | ||
Debt Instrument [Line Items] | ||
Short-term and current portion of long-term debt | $ | $ 203.1 |
Debt Activities During the Peri
Debt Activities During the Period (Details) | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Mar. 31, 2020 | Dec. 31, 2019USD ($) | Jan. 17, 2017USD ($) | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||
CCFF commercial paper | £ | £ 600,000,000 | |||||||
Goodwill, Gross | $ 3,200,000,000 | |||||||
Maximum capitalization ratio allowed by debt agreements | 60.00% | 60.00% | 60.00% | |||||
Term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Bank Debt | $ 190,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 281.30% | |||||||
Unsecured debt | Notes due 2025 4.50% | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | € 200,000,000 | $ 245,400,000 | $ 0 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.75% | |||||||
Unsecured debt | 5.00% Notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Unsecured Debt | $ 233,900,000 | |||||||
Long-term Debt, Gross | $ 0 | $ 224,600,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||
Line of Credit | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € 500,000,000 | $ 2,500,000,000 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 246.6 | $ 268.8 | $ 408.5 | $ 312 |
Redeemable Financial Liability | 141.9 | 129.1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ (202) | $ (423.1) | $ (322.3) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | Jan. 11, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Performance Share Units, Vested in Period, Fair Value | $ 43,200,000 | $ 13,300,000 | $ 7,000,000 | |||||||
Share-based Compensation Arrangement by Restricted Stock Units, Vested in Period, Fair Value | $ 51,800,000 | $ 10,200,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,500,000 | |||||||||
Stock options outstanding, intrinsic value | $ 0 | |||||||||
Stock options exercisable, intrinsic value | $ 0 | |||||||||
Number of options exercised | 0 | |||||||||
Proceeds from stock options exercised | $ 0 | 0 | 0 | |||||||
Stock option exercised during period, intrinsic value | $ 0 | $ 0 | $ 0 | |||||||
TechnipFMC plc Incentive Award Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock shares authorized for awards (in shares) | 24,100,000 | |||||||||
Vesting service | 3 years | |||||||||
Number of stock units outstanding to active and nonemployee directors (in units) | 254,300 | |||||||||
Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected dividend yield | [1] | 2.00% | ||||||||
Stock options | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock shares authorized for awards (in shares) | 0 | |||||||||
Expected dividend yield | 0.00% | [1] | 2.60% | [1] | 2.00% | |||||
Stock options | TechnipFMC plc Incentive Award Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting service | 3 years | |||||||||
[1] | hare options awarded in 2020. Share options awarded in 2019 and 2018 were valued using an expected dividend yield of 2.6% and 2.0%, respectively. |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Expenses Under Stock Based Compensation Plan) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 69 | $ 74.5 | $ 49.1 |
Income tax benefits related to share-based compensation expense | $ 18.6 | $ 20.1 | $ 13.2 |
Share-Based Compensation (Unrec
Share-Based Compensation (Unrecognized Compensation Cost, Nonvested Awards) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense not yet recognized (in millions) | $ 68.1 |
Weighted-average recognition period (in years) | 1 year 9 months 18 days |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Changes In Nonvested Stock Units) (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) | |
Shares [Roll Forward] | |
Nonvested at beginning of period (in shares) | shares | 4,525,900 |
Granted (in shares) | shares | 3,836,000 |
Vested (in shares) | shares | (1,909,100) |
Cancelled/forfeited (in shares) | shares | (330,900) |
Nonvested at period end (in shares) | shares | 6,121,900 |
Weighted-Average Grant Date Fair Value [Roll Forward] | |
Granted, weighted-average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 27.44 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 9.27 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 27.16 |
Cancelled/forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 15.71 |
Granted, weighted-average grant date fair value, period end ( in dollars per share) | $ / shares | $ 18.43 |
Performance Share Units | |
Shares [Roll Forward] | |
Nonvested at beginning of period (in shares) | shares | 3,817,700 |
Granted (in shares) | shares | 2,828,400 |
Vested (in shares) | shares | (1,364,400) |
Cancelled/forfeited (in shares) | shares | (441,000) |
Nonvested at period end (in shares) | shares | 4,840,700 |
Weighted-Average Grant Date Fair Value [Roll Forward] | |
Granted, weighted-average grant date fair value, beginning of period (in dollars per share) | $ / shares | $ 28.52 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 10.02 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 31.65 |
Cancelled/forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 20.62 |
Granted, weighted-average grant date fair value, period end ( in dollars per share) | $ / shares | $ 17.55 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Restricted Stock Unit Activity) (Details) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant date fair value of restricted share units granted | $ 9.27 |
Performance Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant date fair value of restricted share units granted | $ 10.02 |
Share-Based Compensation (Weigh
Share-Based Compensation (Weighted Average Assumptions) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | [1] | $ 10.02 | $ 29.04 | $ 41.97 | |||||
Expected volatility (b) | [2] | 38.30% | 34.00% | 34.00% | |||||
Risk-free interest rate (c) | [3] | 0.40% | 2.42% | 2.37% | |||||
Expected term in years (e) | [4] | 3 years | 3 years | 3 years | |||||
Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | [5] | $ 0 | $ 5.64 | $ 9.07 | |||||
Expected volatility (b) | [6] | 0.00% | 32.50% | 32.50% | |||||
Risk-free interest rate (c) | [7] | 0.00% | 2.50% | 2.70% | |||||
Expected dividend yield | [8] | 2.00% | |||||||
Expected term in years (e) | [9] | 0 years | 6 years 6 months | 6 years 6 months | |||||
Minimum | Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expected dividend yield | 0.00% | [8] | 2.60% | [8] | 2.00% | ||||
[1] | The weighted-average fair value was based on performance share units granted during the period. | ||||||||
[2] | Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the performance share units. | ||||||||
[3] | he risk-free rate for the expected term of the performance share units is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||
[4] | For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. | ||||||||
[5] | The weighted-average fair value was based on stock options granted during the period. | ||||||||
[6] | Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the option. | ||||||||
[7] | e risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||
[8] | hare options awarded in 2020. Share options awarded in 2019 and 2018 were valued using an expected dividend yield of 2.6% and 2.0%, respectively. | ||||||||
[9] | For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary of Option Transactions) (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2017 | ||
Share-based Payment Arrangement [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | [1] | $ 29.04 | $ 10.02 | $ 41.97 | |
Stock Option Activity | |||||
Number of options outstanding, beginning balance | 4,842,400 | ||||
Number of options granted | 0 | ||||
Number of options exercised | 0 | ||||
Number of options cancelled | (244,000) | ||||
Number of options outstanding, ending balance | 4,598,400 | 4,842,400 | |||
Stock Option Weighted Average Exercise Price | |||||
Options outstanding, weighted average exercise price per share, beginning balance (in dollars per share) | $ 29.68 | ||||
Options granted, weighted average exercise price per share (in dollars per share) | 0 | ||||
Options exercised, weighted average exercise price per share (in dollars per share) | 0 | ||||
Options cancelled, weighted average exercise price per share (in dollars per share) | 28.08 | ||||
Options outstanding, weighted average exercise price per share, ending balance (in dollars per share) | $ 29.77 | $ 29.68 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Options outstanding, Weighted average remaining contractual term (in years) | 4 years 2 months 12 days | 5 years 3 months 18 days | |||
Options exercisable, number of options (in shares) | 3,460,800 | ||||
Options exercisable, weighted average exercise price per share (in dollars per share) | $ 31.47 | ||||
Options exercisable, Weighted average remaining contractual term (in years) | 3 years | ||||
[1] | The weighted-average fair value was based on performance share units granted during the period. |
Share-Based Compensation (Outst
Share-Based Compensation (Outstanding and Exercisable Options) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, number of options (in options) | 4,598,400 | |
Options outstanding, weighted average remaining (in years) | 4 years 2 months 12 days | |
Options outstanding, weighted average exercise price (in dollars per option) | $ 29.77 | |
Options exercisable, number of options (in options) | 3,460,800 | |
Options exercisable, weighted average exercise price (in dollars per option) | $ 31.47 | |
$20.00-$33.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, number of options (in options) | 4,087,200 | |
Options outstanding, weighted average remaining (in years) | 4 years 7 months 6 days | |
Options outstanding, weighted average exercise price (in dollars per option) | $ 26.68 | |
Options exercisable, number of options (in options) | 2,949,500 | |
Options exercisable, weighted average exercise price (in dollars per option) | $ 26.90 | |
$45.00-$51.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, number of options (in options) | 33,000 | |
Options outstanding, weighted average remaining (in years) | 1 year | |
Options outstanding, weighted average exercise price (in dollars per option) | $ 45.49 | |
Options exercisable, number of options (in options) | 33,000 | |
Options exercisable, weighted average exercise price (in dollars per option) | $ 45.49 | |
$55.00-$57.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, number of options (in options) | 478,200 | |
Options outstanding, weighted average remaining (in years) | 4 months 24 days | |
Options outstanding, weighted average exercise price (in dollars per option) | $ 56.93 | |
Options exercisable, number of options (in options) | 478,300 | |
Options exercisable, weighted average exercise price (in dollars per option) | $ 56.93 | |
Minimum | $20.00-$33.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, lower range limit | $ 20 | |
Minimum | $45.00-$51.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, lower range limit | 45 | |
Minimum | $55.00-$57.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, lower range limit | 55 | |
Maximum | $20.00-$33.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, upper range limit | 33 | |
Maximum | $45.00-$51.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, upper range limit | 51 | |
Maximum | $55.00-$57.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, exercise price range, upper range limit | $ 57 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (Performance Share Assumptions) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | [1] | $ 10.02 | $ 29.04 | $ 41.97 | |||
Expected volatility (b) | [2] | 38.30% | 34.00% | 34.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [3] | 0.40% | 2.42% | 2.37% | |||
Expected term in years (e) | [4] | 3 years | 3 years | 3 years | |||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | [5] | $ 0 | $ 5.64 | $ 9.07 | |||
Expected volatility (b) | [6] | 0.00% | 32.50% | 32.50% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [7] | 0.00% | 2.50% | 2.70% | |||
Expected term in years (e) | [8] | 0 years | 6 years 6 months | 6 years 6 months | |||
Stock options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock shares authorized for awards (in shares) | 0 | ||||||
[1] | The weighted-average fair value was based on performance share units granted during the period. | ||||||
[2] | Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the performance share units. | ||||||
[3] | he risk-free rate for the expected term of the performance share units is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||
[4] | For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. | ||||||
[5] | The weighted-average fair value was based on stock options granted during the period. | ||||||
[6] | Expected volatility is based on normalized historical volatility of our shares over a preceding period commensurate with the expected term of the option. | ||||||
[7] | e risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||
[8] | For awards subject to service-based vesting, due to the lack of historical exercise and post-vesting termination patterns of the post-Merger employee base, the expected term was estimated using a simplified method for all awards granted in 2020, 2019 and 2018. |
Restructuring and Other Expense
Restructuring and Other Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Impairment [Line Items] | |||
Asset Impairment Charges | $ 3,287.4 | $ 2,484.1 | $ 1,792.6 |
Restructuring and Related Cost, Incurred Cost | 112.1 | 6.7 | 38.6 |
COVID-19 expenses | 101.8 | ||
Restructuring, Settlement and Impairment Provisions | 3,501.3 | 2,490.8 | 1,831.2 |
Goodwill, Impairment Loss | 3,083.4 | 1,988.7 | |
Other Asset Impairment Charges | 204 | 495.4 | |
Operating lease right-of-use assets | |||
Restructuring and Impairment [Line Items] | |||
Other Asset Impairment Charges | 33.6 | ||
Subsea [Member] | |||
Restructuring and Impairment [Line Items] | |||
Asset Impairment Charges | 2,854.5 | 1,798.6 | 1,784.2 |
Restructuring and Related Cost, Incurred Cost | 52.9 | (46.4) | 17.7 |
COVID-19 expenses | 50.1 | ||
Restructuring, Settlement and Impairment Provisions | 2,957.5 | 1,752.2 | 1,801.9 |
Goodwill, Impairment Loss | 2,747.5 | 1,321.9 | 1,383 |
Subsea [Member] | Plant, property and equipment | |||
Restructuring and Impairment [Line Items] | |||
Other Asset Impairment Charges | 88.4 | 153.8 | 372.9 |
Technip Energies | |||
Restructuring and Impairment [Line Items] | |||
Asset Impairment Charges | 10.3 | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | 39.3 | 17 | (3.4) |
COVID-19 expenses | 44 | ||
Restructuring, Settlement and Impairment Provisions | 93.6 | 17 | (3.4) |
Goodwill, Impairment Loss | 0 | ||
Surface Technologies [Member] | |||
Restructuring and Impairment [Line Items] | |||
Asset Impairment Charges | 419.3 | 685.5 | 4.5 |
Restructuring and Related Cost, Incurred Cost | 13.2 | 18.7 | 9.3 |
COVID-19 expenses | 7.7 | ||
Restructuring, Settlement and Impairment Provisions | 440.2 | 704.2 | 13.8 |
Goodwill, Impairment Loss | 335.9 | 666.8 | |
Surface Technologies [Member] | Plant, property and equipment | |||
Restructuring and Impairment [Line Items] | |||
Other Asset Impairment Charges | 82 | 168.9 | |
Corporate and Other [Member] | |||
Restructuring and Impairment [Line Items] | |||
Asset Impairment Charges | 3.3 | 0 | 3.9 |
Restructuring and Related Cost, Incurred Cost | 6.7 | 17.4 | 15 |
COVID-19 expenses | 0 | ||
Restructuring, Settlement and Impairment Provisions | $ 10 | $ 17.4 | $ 18.9 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 4,969.7 | |
Indirect guarantee of indebtedness | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Term | five years | |
Financial guarantees | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 310.1 | [1] |
Performance guarantees | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum exposure, undiscounted | $ 4,659.6 | [2] |
[1] | Financial guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on changes in an underlying agreement that is related to an asset, a liability or an equity security of the guaranteed party. These tend to be drawn down only if there is a failure to fulfill our financial obligations. | |
[2] | Performance guarantees represent contracts that contingently require a guarantor to make payments to a guaranteed party based on another entity's failure to perform under a nonfinancial obligating agreement. Events that trigger payment are performance-related, such as failure to ship a product or provide a service. |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 301.3 | ||
Litigation Settlement, Expense | $ 5.1 | ||
Estimated Litigation Liability | $ 70 | ||
Indirect guarantee of indebtedness | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Term | five years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | |
Income Tax [Line Items] | ||||
Non-deductible interest | $ 77,000,000 | $ 84,700,000 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 4,200,000 | |||
Foreign tax credit carryforwards | 145,800,000 | 135,300,000 | ||
Foreign earnings taxable as dividend | $ 61,000 | $ 3,800,000 | $ 307,600,000 | |
Statutory income tax rate | 19.00% | 19.00% | 19.00% | |
Deferred tax liabilities | $ 502,100,000 | $ 505,200,000 | ||
Income tax holiday, aggregate dollar amount | $ 5,800,000 | |||
Income tax holiday, income tax benefits (in dollars per share) | $ 0.01 | |||
Accrued Interest and Penalties | ||||
Income Tax [Line Items] | ||||
Unrecognized Tax Benefits | $ 3,700,000 | 100,000 | $ 2,800,000 | |
Federal, State and Foreign Tax | ||||
Income Tax [Line Items] | ||||
Unrecognized Tax Benefits | 71,100,000 | $ 80,700,000 | $ 91,000,000 | |
Unrecorded tax credit [Member] | ||||
Income Tax [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 62,000,000 |
Income Taxes (Domestic And Fore
Income Taxes (Domestic And Foreign Components Of Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (3,073.5) | $ (1,406.5) | $ (197) |
Outside United States | (11.5) | (729.3) | (1,291.1) |
Loss before income taxes | $ (3,085) | $ (2,135.8) | $ (1,488.1) |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
United States | $ (4.7) | $ 34.7 | $ 52.1 |
Outside United States | 164.8 | 317 | 321.8 |
Total current income taxes | 160.1 | 351.7 | 373.9 |
Deferred | |||
United States | (3.1) | 2.6 | 19.5 |
Outside United States | (3.6) | (78) | 29.3 |
Total deferred income taxes | (6.7) | (75.4) | 48.8 |
Provision for income taxes | $ 153.4 | $ 276.3 | $ 422.7 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets attributable to | ||
Accrued expenses | $ 147.8 | $ 124.4 |
Capital loss | 21.1 | 21.1 |
Non-deductible interest | 77 | 84.7 |
Foreign tax credit carryforwards | 145.8 | 135.3 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 166.8 | 113.2 |
Net operating loss carryforwards | 489 | 430.5 |
Inventories | 16.5 | 6.3 |
Research and development credit | 3.4 | 7.6 |
Foreign exchange | 20.4 | |
Provisions for pensions and other long-term employee benefits | 96.1 | 84.1 |
Contingencies | 43.4 | 163.3 |
Margin recognition on construction contracts | 113.9 | 115.9 |
Deferred tax assets, leasing | 254.9 | 219.8 |
Deferred Tax Assets, Revenue In Excess Of Billings On Contracts Accounted For Under The Percentage Of Completion Method | 0 | 10.9 |
Other | 6.9 | |
Deferred tax assets | 1,575.7 | 1,544.4 |
Deferred Tax Assets, Valuation Allowance | 935.3 | 916.9 |
Deferred tax assets, net of valuation allowance | 640.4 | 627.5 |
Deferred tax liabilities attributable to | ||
Revenue in excess of billings on contracts accounted for under the percentage of completion method | 42.6 | |
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested | 4.2 | 10.4 |
Foreign exchange | 27.8 | 0 |
Property, plant and equipment, intangibles and other assets | 185.8 | 279.6 |
Deferred tax liabilities, leasing | 237 | 215.2 |
Deferred Tax Liabilities, Other | 4.7 | 0 |
Deferred tax liabilities | 502.1 | 505.2 |
Net deferred tax assets | $ 138.3 | $ 122.3 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits And Associated Interest And Penalties) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal, State and Foreign Tax | ||
Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits, beginning balance | $ 80.7 | $ 91 |
Reductions for tax positions related to prior years | (7.9) | (62.4) |
Additions for tax positions related to current year | 0.9 | 72.9 |
Reductions for tax positions due to settlements | (2.6) | (20.8) |
Unrecognized tax benefits, ending balance | 71.1 | 80.7 |
Accrued Interest and Penalties | ||
Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits, beginning balance | 0.1 | 2.8 |
Unrecognized tax benefits, ending balance | $ 3.7 | $ 0.1 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory income tax rate | 19.00% | 19.00% | 19.00% |
Foreign earnings subject to different tax rates | (1.50%) | 0.30% | (9.70%) |
Adjustments to prior year taxes | (1.30%) | (0.40%) | (0.70%) |
Changes in valuation allowance | 0.00% | (8.80%) | (14.40%) |
Deferred tax asset/liability revaluation for tax rate change | (0.50%) | (1.70%) | |
Impairments | (22.50%) | (21.90%) | (16.50%) |
Non-deductible legal provision | 0.00% | (0.80%) | (3.80%) |
Other | 1.30% | 0.20% | (0.60%) |
Effective income tax rate | (5.00%) | (12.90%) | (28.40%) |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefit Plans (Changes in Projected Benefit Obligations, Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts recognized in balance sheet | |||
Liability, Defined Benefit Plan, Noncurrent | $ 420.8 | $ 368.6 | |
Other Post-retirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning balance | 10.6 | 9.5 | |
Interest cost | 0.4 | 0.5 | $ 0.4 |
Actuarial (gain) loss | (0.2) | 1.4 | |
Foreign currency exchange rate changes | (0.5) | (0.1) | |
Benefits paid | (0.5) | (0.5) | |
Other | (0.2) | ||
Projected benefit obligation, ending balance | 9.8 | 10.6 | 9.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Funded status of the plans (liability) as of December 31 | (9.8) | (10.6) | |
Amounts recognized in balance sheet | |||
Liability, Defined Benefit Plan, Noncurrent | 9.1 | 10 | |
Funded status as of December 31 | (9.8) | (10.6) | |
Liability, Defined Benefit Plan, Current | 0.7 | 0.6 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss | |||
Unrecognized actuarial loss | 1.3 | 1.9 | |
Accumulated other comprehensive (income) loss as of December 31 | 1.3 | 1.9 | |
Plans with underfunded or non-funded projected benefit obligation | |||
Defined Benefit Plan, Plan with Projected Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation | 9.8 | 10.7 | |
International | Pensions | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Accumulated benefit obligation | 873 | 773.3 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning balance | 881 | 753.4 | |
Service cost | 19.1 | 16.3 | 21.2 |
Interest cost | 14.1 | 18.3 | 20.9 |
Actuarial (gain) loss | 35.5 | 102.8 | |
Amendments | 0.1 | 0.9 | |
Curtailments | (0.2) | ||
Settlements | (3.5) | (0.6) | |
Foreign currency exchange rate changes | 48 | 11.1 | |
Plan participants’ contributions | 1.1 | 1.1 | |
Benefits paid | (27.2) | (25.7) | |
Other | 2.1 | 3.4 | |
Projected benefit obligation, ending balance | 970.1 | 881 | 753.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 657.8 | 570.6 | |
Actual return on plan assets | 45.9 | 89.1 | |
Company contributions | 28.7 | 6.9 | |
Foreign currency exchange rate changes | 33.4 | 13.5 | |
Settlements | (1.9) | ||
Plan participants’ contributions | 1.1 | 1.1 | |
Benefits paid | (20.8) | (19.6) | |
Other | 2 | (3.8) | |
Fair value of plan assets, ending balance | 746.2 | 657.8 | 570.6 |
Funded status of the plans (liability) as of December 31 | (223.9) | (223.2) | |
Amounts recognized in balance sheet | |||
Liability, Defined Benefit Plan, Noncurrent | 215.3 | 214.4 | |
Funded status as of December 31 | (223.9) | (223.2) | |
Liability, Defined Benefit Plan, Current | 8.6 | 8.8 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss | |||
Unrecognized actuarial loss | 122.3 | 90.7 | |
Unrecognized prior service cost | 6.2 | 7 | |
Accumulated other comprehensive (income) loss as of December 31 | 128.5 | 97.7 | |
Plans with underfunded or non-funded projected benefit obligation | |||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 818.7 | 741.2 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 596.7 | 522.8 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 325.7 | 292.1 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 154 | 140.3 | |
UNITED STATES | Pensions | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Accumulated benefit obligation | 684.7 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning balance | 669.7 | ||
Service cost | 0.2 | ||
Interest cost | 22.2 | 25.6 | 23.8 |
Actuarial (gain) loss | 53.9 | ||
Settlements | (25.6) | ||
Benefits paid | (35.5) | ||
Projected benefit obligation, ending balance | 684.7 | 669.7 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 520 | ||
Actual return on plan assets | 14.3 | ||
Settlements | (19.6) | ||
Benefits paid | (31) | ||
Fair value of plan assets, ending balance | 483.7 | 520 | |
Funded status of the plans (liability) as of December 31 | (201) | ||
Amounts recognized in balance sheet | |||
Liability, Defined Benefit Plan, Noncurrent | 196.4 | 144.2 | |
Funded status as of December 31 | (201) | (149.7) | |
Liability, Defined Benefit Plan, Current | 4.6 | 5.5 | |
Pre-tax amounts recognized in accumulated other comprehensive (income) loss | |||
Unrecognized actuarial loss | 198.4 | 121.6 | |
Accumulated other comprehensive (income) loss as of December 31 | 198.4 | 121.6 | |
United States Pension Plan [Member] | Pensions | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Accumulated benefit obligation | 669.6 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation, beginning balance | 669.7 | 598.1 | |
Interest cost | 25.6 | ||
Actuarial (gain) loss | 80.7 | ||
Benefits paid | (34.7) | ||
Projected benefit obligation, ending balance | 669.7 | 598.1 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 520 | 477.4 | |
Actual return on plan assets | 72 | ||
Benefits paid | (29.4) | ||
Fair value of plan assets, ending balance | 520 | $ 477.4 | |
Funded status of the plans (liability) as of December 31 | (149.7) | ||
Plans with underfunded or non-funded projected benefit obligation | |||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 684.7 | 668.4 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 483.7 | 518.8 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 684.7 | 668.4 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 483.7 | $ 518.8 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pensions | International | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Service cost | $ 19.1 | $ 16.3 | $ 21.2 |
Interest cost | 14.1 | 18.3 | 20.9 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 37.9 | 33.5 | 41.2 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (0.8) | (0.3) | (0.4) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 3.8 | ||
Defined Benefit Plan, Amortization of Gain (Loss) | (2.1) | (0.7) | (0.6) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 1.2 | 1 | 1.3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (0.6) | 3.1 | (0.6) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (27.2) | (47.3) | (15.3) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0.1 | 0.9 | 2.7 |
Settlements and curtailments | 0.8 | 0.3 | (3.4) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2.1) | (0.7) | (0.6) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 1.2 | 1 | 1.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 7.5 | 0.8 | (1.4) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 30.7 | 47 | 18.1 |
Pensions | UNITED STATES | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Service cost | 0.2 | ||
Interest cost | 22.2 | 25.6 | 23.8 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 45.4 | 41.6 | 50.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (1.4) | (0.4) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (6.9) | (1.8) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (14.9) | (14.2) | (25.7) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (85.1) | (50.2) | (73.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (0.2) | ||
Settlements and curtailments | 1.4 | 0.4 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (6.9) | (1.8) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 76.8 | 48.4 | 72.9 |
Other Post-retirement Benefits | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Interest cost | 0.4 | 0.5 | 0.4 |
Defined Benefit Plan, Amortization of Gain (Loss) | (0.1) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0.5 | 0.5 | 0.4 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0.1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 0.6 | 0.1 | 0.1 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | $ 0.7 | $ 0.1 | $ 0.1 |
Pension and Other Post-Retire_5
Pension and Other Post-Retirement Benefit Plans (Weighted-Average Assumptions Used Benefit Obligations) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Pensions | UNITED STATES | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 2.70% | 3.40% |
Pensions | International | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 1.23% | 1.70% |
Rate of compensation increase | 1.92% | 2.39% |
Other Post-retirement Benefits | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||
Discount rate | 3.47% | 4.31% |
Rate of compensation increase | 4.00% | 4.00% |
Pension and Other Post-Retire_6
Pension and Other Post-Retirement Benefit Plans (Weighted-Average Assumptions Used Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Post-retirement Benefits | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 4.31% | 5.04% | 4.33% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
International | Pensions | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 1.65% | 2.56% | 2.39% |
Rate of compensation increase | 2.33% | 2.34% | 2.39% |
Expected rate of return on plan assets | 4.84% | 5.04% | 4.90% |
UNITED STATES | Pensions | |||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.40% | 3.70% |
Expected rate of return on plan assets | 7.75% | 8.65% | 8.57% |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefit Plans (Pension Plan Assets Measured At Fair Value) (Details) - Pensions - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total pension plan assets, percent | 86.00% | |||
International | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | $ 746.2 | $ 657.8 | $ 570.6 | |
International | Fair value, measurements, recurring | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 746.2 | 659.7 | ||
International | Fair value, measurements, recurring | Cash and cash equivalents | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 66.3 | 10 | ||
International | Fair value, measurements, recurring | U.S. companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 96.3 | 70.4 | ||
International | Fair value, measurements, recurring | International companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 209.1 | 251.5 | ||
International | Fair value, measurements, recurring | Registered investment companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 68.2 | 63.4 | |
International | Fair value, measurements, recurring | Insurance contracts | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 154 | 138.5 | ||
International | Fair value, measurements, recurring | Hedge funds | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 98.3 | 82 | |
International | Fair value, measurements, recurring | Limited partnerships | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 14.5 | 7.9 | |
International | Fair value, measurements, recurring | Real estate and other investments | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 39.5 | 36 | ||
International | Fair value, measurements, recurring | Level 1 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 411.2 | 367.9 | ||
International | Fair value, measurements, recurring | Level 1 | Cash and cash equivalents | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 66.3 | 10 | ||
International | Fair value, measurements, recurring | Level 1 | U.S. companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 96.3 | 70.4 | ||
International | Fair value, measurements, recurring | Level 1 | International companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 209.1 | 251.5 | ||
International | Fair value, measurements, recurring | Level 1 | Real estate and other investments | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 39.5 | 36 | ||
International | Fair value, measurements, recurring | Level 2 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 154 | 138.5 | ||
International | Fair value, measurements, recurring | Level 2 | Insurance contracts | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 154 | 138.5 | ||
International | Fair value, measurements, recurring | Level 3 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 0 | |||
International | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 181 | 153.3 | ||
International | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Registered investment companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 68.2 | 63.4 | ||
International | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Hedge funds | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 98.3 | 82 | ||
International | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Limited partnerships | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 14.5 | 7.9 | ||
UNITED STATES | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 483.7 | 520 | ||
UNITED STATES | Fair value, measurements, recurring | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 483.7 | 520 | ||
UNITED STATES | Fair value, measurements, recurring | Cash and cash equivalents | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 38.1 | 50.5 | ||
UNITED STATES | Fair value, measurements, recurring | U.S. companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 83.3 | 110.3 | ||
UNITED STATES | Fair value, measurements, recurring | International companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 1.1 | 5.4 | ||
UNITED STATES | Fair value, measurements, recurring | Registered investment companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 38.4 | 36.3 | |
UNITED STATES | Fair value, measurements, recurring | Common/collective trusts | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 12.5 | ||
UNITED STATES | Fair value, measurements, recurring | Hedge funds | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 160.9 | 164.3 | |
UNITED STATES | Fair value, measurements, recurring | Limited partnerships | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | [1] | 160.9 | 139.4 | |
UNITED STATES | Fair value, measurements, recurring | Real estate and other investments | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 1 | 1.3 | ||
UNITED STATES | Fair value, measurements, recurring | Level 1 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 123.5 | 167.5 | ||
UNITED STATES | Fair value, measurements, recurring | Level 1 | Cash and cash equivalents | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 38.1 | 50.5 | ||
UNITED STATES | Fair value, measurements, recurring | Level 1 | U.S. companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 83.3 | 110.3 | ||
UNITED STATES | Fair value, measurements, recurring | Level 1 | International companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 1.1 | 5.4 | ||
UNITED STATES | Fair value, measurements, recurring | Level 1 | Real estate and other investments | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 1 | 1.3 | ||
UNITED STATES | Fair value, measurements, recurring | Level 2 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 0 | |||
UNITED STATES | Fair value, measurements, recurring | Level 3 | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 0 | |||
UNITED STATES | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 360.2 | 352.5 | ||
UNITED STATES | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Registered investment companies | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 38.4 | 36.3 | ||
UNITED STATES | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Common/collective trusts | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 12.5 | |||
UNITED STATES | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Hedge funds | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | 160.9 | 164.3 | ||
UNITED STATES | Fair value, measurements, recurring | Fair Value Measured at Net Asset Value Per Share | Limited partnerships | ||||
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | ||||
Total plan assets | $ 160.9 | $ 139.4 | ||
[1] | Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefit Plans (Contributions) (Details) - Pensions - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Feb. 16, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer contributions | $ 28.7 | $ 6.9 | |
International | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected employer contributions | $ 20.7 | ||
International | Subsequent Event | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected employer contributions | $ 18.9 |
Pension and Other Post-Retire_9
Pension and Other Post-Retirement Benefit Plans (Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Other Post-retirement Benefits | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Expected future benefit payment, next 12 months | $ 0.6 |
Expected future benefit payment, year two | 0.6 |
Expected future benefit payment, year three | 0.6 |
Expected future benefit payment, year four | 0.6 |
Expected future benefit payment, year five | 0.6 |
Expected future benefit payment, thereafter | 2.6 |
International | Pensions | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Expected future benefit payment, next 12 months | 36.6 |
Expected future benefit payment, year two | 30.6 |
Expected future benefit payment, year three | 32.8 |
Expected future benefit payment, year four | 34.8 |
Expected future benefit payment, year five | 34.8 |
Expected future benefit payment, thereafter | 198.3 |
UNITED STATES | Pensions | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Expected future benefit payment, next 12 months | 47.6 |
Expected future benefit payment, year two | 32.4 |
Expected future benefit payment, year three | 31 |
Expected future benefit payment, year four | 31.7 |
Expected future benefit payment, year five | 31.9 |
Expected future benefit payment, thereafter | $ 164.3 |
Pension and Other Post-Retir_10
Pension and Other Post-Retirement Benefit Plans (Savings Plans) (Details) - Non-Qualified Plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation, non-current | $ 22.8 | $ 26.3 |
Employer matching contributions | 29.9 | 34 |
Employer contributions | 12.1 | 13.2 |
Defined benefit plan, equity securities, common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation plan assets | $ 22.8 | $ 26.3 |
Pension and Other Post-Retir_11
Pension and Other Post-Retirement Benefit Plans Pension and Other Post-Retirement Benefit Plans (Accumulated Other Comprehensive Income As A Component Of Net Period Benefit Cost) (Details) - Pensions $ in Millions | Dec. 31, 2020USD ($) |
UNITED STATES | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (16.8) |
International | |
Pension and Other Postretirement Benefit Plans Disclosure [Line Items] | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (4) |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 1.2 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedges, Assets [Abstract] | |||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 | |
Derivative Asset, Fair Value of Collateral | $ 0 | 0 | |
Cash flow hedges of forecasted transactions, net of tax, AOCI | $ 32.5 | $ (5.8) | |
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 107.6 | ||
Total derivative contracts, maturity year | 2025 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Notional Amounts Of Outstanding Derivative Positions (Details) - Dec. 31, 2020 € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, kr in Millions, Rp in Millions, RM in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | EUR (€) | USD ($) | GBP (£) | BRL (R$) | MYR (RM) | NOK (kr) | SGD ($) | MXN ($) | AUD ($) | INR (₨) | JPY (¥) | COP ($) | HKD ($) | IDR (Rp) |
Foreign exchange forward | Brazilian real | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | $ 60.3 | $ 78.2 | ||||||||||||
Foreign exchange forward | Brazil, Brazil Real | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 131.1 | R$ 681.4 | ||||||||||||
Foreign exchange forward | Singapore, Dollars | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 129.4 | $ 171.2 | ||||||||||||
Foreign exchange forward | Indonesia, Rupiahs | Short | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 14.3 | Rp 201,679.7 | ||||||||||||
Foreign exchange forward | Malaysia, Ringgits | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 221.5 | RM 891 | ||||||||||||
Foreign exchange forward | Euro | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | € 1,794.5 | 2,201.8 | ||||||||||||
Foreign exchange forward | United Kingdom, Pounds | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | £ 771.7 | 1,054.3 | ||||||||||||
Foreign exchange forward | Mexico, Pesos | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 64.7 | $ 1,288 | ||||||||||||
Foreign exchange forward | Hong Kong, Dollars | Short | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 12.6 | $ 97.6 | ||||||||||||
Foreign exchange forward | U.S. dollar | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 201.7 | kr 1,721.6 | ||||||||||||
Foreign exchange forward | Japan, Yen | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 10.9 | ¥ 1,124.4 | ||||||||||||
Foreign exchange forward | U.S. dollar | Short | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 2,922.1 | |||||||||||||
Foreign exchange forward | India, Rupees | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 43.4 | ₨ 3,172 | ||||||||||||
Foreign exchange forward | Colombia, Pesos | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 10.8 | $ 37,142.2 | ||||||||||||
Embedded derivative financial instruments | Brazil, Brazil Real | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 15 | R$ 77.9 | ||||||||||||
Embedded derivative financial instruments | Euro | Short | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | € 8.7 | 10.7 | ||||||||||||
Embedded derivative financial instruments | Hong Kong, Dollars | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 6.2 | $ 48.3 | ||||||||||||
Embedded derivative financial instruments | U.S. dollar | Short | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | 16.7 | 142.8 | ||||||||||||
Embedded derivative financial instruments | U.S. dollar | Notional amount bought | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Derivative, Notional Amount | $ 5.2 | kr 5.2 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Fair Value Of Derivative Instruments In Statement Of Financial Position) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 337.3 | $ 141.4 | |
Derivative liabilities | 190.5 | 194 | |
Call option | Long-term – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 4.3 | |
Embedded derivative financial instruments | Long-term – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liabilities | 0 | 4.3 | |
Derivatives designated as hedging instruments | Foreign exchange contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 251.4 | 129.1 | |
Derivative liabilities | 174.9 | 173 | |
Derivatives designated as hedging instruments | Foreign exchange contract | Current – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 215.8 | 94.3 | |
Derivative liabilities | 151.6 | 125 | |
Derivatives designated as hedging instruments | Foreign exchange contract | Long-term – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 35.6 | 34.8 | |
Derivative liabilities | 23.3 | 48 | |
Derivatives not designated as hedging instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 85.9 | 8 | |
Derivative liabilities | 15.6 | 16.7 | |
Derivatives not designated as hedging instruments | Foreign exchange contract | Current – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 85.6 | 7.6 | |
Derivative liabilities | 15.6 | 16.3 | |
Derivatives not designated as hedging instruments | Foreign exchange contract | Long-term – Derivative financial instruments | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0.3 | 0.4 | |
Derivative liabilities | 0 | 0.4 | |
Cash flow hedging | Foreign exchange contract | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized in OCI (effective portion) | $ 28 | $ 10.3 | $ (75.4) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Derivative Instruments In Cash Flow Hedging Relationships Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Revenues | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | $ 13,050.6 | $ 13,409.1 | $ 12,552.9 |
Selling, general and administrative expense | 1,066.2 | 1,228.1 | 1,140.6 | ||||||||
Other income (expense), net | 31.1 | (220.7) | (323.9) | ||||||||
Foreign exchange contract | Revenue | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | (0.8) | (1.6) | (1.7) | ||||||||
Foreign exchange contract | Cost of sales | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | 3.4 | 0.2 | 0.2 | ||||||||
Foreign exchange contract | Selling, general and administrative expense | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | 0 | 0 | 0 | ||||||||
Foreign exchange contract | Other (expense), net | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) recognized in income on derivatives (instruments not designated as hedging instruments) | 22.7 | (10.2) | (11.4) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedging | Foreign exchange contract | Revenue | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) reclassified from accumulated OCI into incom | (83.7) | (26.6) | (2.4) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedging | Foreign exchange contract | Cost of sales | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) reclassified from accumulated OCI into incom | (68.5) | (12) | (3.4) | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedging | Foreign exchange contract | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Revenues | (83.7) | (26.6) | (2.4) | ||||||||
Cost of Revenue | (68.5) | (12) | (3.4) | ||||||||
Selling, general and administrative expense | 0.4 | 0 | 0.1 | ||||||||
Other income (expense), net | $ (4.4) | $ (9.1) | $ 1 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivative Instruments Offsetting Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Derivative Assets [Abstract] | ||
Gross Amount Recognized | $ 337.3 | $ 141.4 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | (134) | (112.5) |
Net Amount | $ 203.3 | $ 28.9 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Derivative Instruments Offsetting Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amount Recognized | $ 190.5 | $ 194 |
Gross Amounts Not Offset Permitted Under Master Netting Agreements | (134) | (112.5) |
Net Amount | $ 56.5 | $ 81.5 |
Derivative Financial Instrume_9
Derivative Financial Instruments Derivative Financial Instruments (Location of gain (loss) recognized in income related to hedges and derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Selling, general and administrative expense | $ 1,066.2 | $ 1,228.1 | $ 1,140.6 |
Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash flow hedging | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Selling, general and administrative expense | 0.4 | 0 | 0.1 |
Cost of Sales | Foreign exchange contract | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3.4 | 0.2 | 0.2 |
Total gain (loss) recognized in income associated with hedges and derivatives | 62.1 | 4.6 | (1.2) |
Cost of Sales | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | (9.8) | (7.6) | (4.8) |
Total cash flow hedge gain (loss) recognized in income | 58.7 | 4.4 | (1.4) |
Cost of Sales | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (68.5) | (12) | (3.4) |
Selling, General and Administrative Expenses | Foreign exchange contract | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | 0 |
Total gain (loss) recognized in income associated with hedges and derivatives | (0.6) | (0.1) | |
Selling, General and Administrative Expenses | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | (0.2) | 0 | 0 |
Total cash flow hedge gain (loss) recognized in income | (0.6) | (0.1) | |
Operating Expense | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4.4) | (9.1) | 1 |
Other Nonoperating Income (Expense) | Foreign exchange contract | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 22.7 | (10.2) | (11.4) |
Total gain (loss) recognized in income associated with hedges and derivatives | 52.5 | (54.2) | (22.7) |
Other Nonoperating Income (Expense) | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 34.2 | (34.9) | (12.3) |
Total cash flow hedge gain (loss) recognized in income | 29.8 | (44) | (11.3) |
Sales | Foreign exchange contract | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (0.8) | (1.6) | (1.7) |
Total gain (loss) recognized in income associated with hedges and derivatives | (76.8) | (27.6) | (6.3) |
Sales | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 7.7 | 0.6 | (2.2) |
Total cash flow hedge gain (loss) recognized in income | (76) | (26) | (4.6) |
Sales | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash flow hedging | |||
Location of gain (loss) recognized in income related to hedges and derivatives [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (83.7) | $ (26.6) | $ (2.4) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | $ 203.3 | $ 28.9 | ||
Derivative liability | 56.5 | 81.5 | ||
Liabilities Held For Sale, Current | 0 | 9.3 | ||
Property, Plant, and Equipment, Fair Value Disclosure | [1] | $ 464.7 | 342.5 | [2] |
Weighted Average Discount Rate | 15.00% | |||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | [2] | 104 | ||
Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | $ 65.6 | 54.8 | ||
Debt Securities, Held-to-maturity, Fair Value | 24.2 | 71.9 | ||
Liabilities | 47.3 | 25.8 | ||
Investments, Fair Value Disclosure | 477 | 297.5 | ||
Liabilities Held For Sale, Current | 9.3 | |||
Financial Liabilities Fair Value Disclosure | 437.1 | 472.1 | ||
Fair value, measurements, recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 65.6 | 54.8 | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |||
Investments, Fair Value Disclosure | 65.6 | 54.8 | ||
Fair value, measurements, recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 0 | |||
Debt Securities, Held-to-maturity, Fair Value | 24.2 | 71.9 | ||
Investments, Fair Value Disclosure | 363.2 | 214.8 | ||
Financial Liabilities Fair Value Disclosure | 190.5 | 194 | ||
Fair value, measurements, recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Held-to-maturity, Fair Value | 0 | |||
Liabilities | 47.3 | 25.8 | ||
Investments, Fair Value Disclosure | 47.3 | 25.8 | ||
Liabilities Held For Sale, Current | 9.3 | |||
Financial Liabilities Fair Value Disclosure | 246.6 | 278.1 | ||
Synthetic bonds - embedded derivatives | Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Synthetic bonds - embedded derivatives | 246.6 | 268.8 | ||
Synthetic bonds - embedded derivatives | Fair value, measurements, recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Synthetic bonds - embedded derivatives | 246.6 | 268.8 | ||
Call option | Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 4.3 | |||
Call option | Fair value, measurements, recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 4.3 | |||
Foreign exchange contract | Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 337.3 | 137.1 | ||
Derivative liability | 190.5 | 189.7 | ||
Foreign exchange contract | Fair value, measurements, recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset | 337.3 | 137.1 | ||
Derivative liability | 190.5 | 189.7 | ||
Embedded derivative financial instruments | Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | 4.3 | |||
Embedded derivative financial instruments | Fair value, measurements, recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | 0 | |||
Embedded derivative financial instruments | Fair value, measurements, recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | 4.3 | |||
Nonqualified Plan | Fair value, measurements, recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market fund | 1.7 | 1.5 | ||
Alternative Investment | 0.9 | 2.1 | ||
Nonqualified Plan | Fair value, measurements, recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market fund | $ 1.7 | $ 1.5 | ||
[1] | Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. | |||
[2] | Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Jan. 29, 2018 | Dec. 31, 2017 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 246.6 | $ 268.8 | $ 408.5 | $ 312 | ||||
Weighted Average Discount Rate | 15.00% | |||||||
Property, Plant, and Equipment, Fair Value Disclosure | [1] | $ 464.7 | 342.5 | [2] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (202) | (423.1) | $ (322.3) | |||||
Redeemable non-controlling interest | $ 43.7 | 41.1 | ||||||
Sensitivity analysis of fair value, increase in liabilities, impact of 1 percent increase in discount rate | $ 2 | |||||||
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 | |||||||
Level 2 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Property, Plant, and Equipment, Fair Value Disclosure | [2] | $ 104 | ||||||
Island Offshore Subsea AS | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | |||||||
Noncontrolling Interest | Island Offshore Subsea AS | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | |||||||
Plant, property and equipment | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Weighted Average Discount Rate | 10.80% | 10.80% | ||||||
[1] | Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. | |||||||
[2] | Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement. |
Fair Value Measurements (Level
Fair Value Measurements (Level 3 Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Balance at beginning of period | $ 268.8 | $ 408.5 | $ 312 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (202) | (423.1) | (322.3) |
Less: Settlements | 224.2 | 562.8 | 225.8 |
Balance at end of period | $ 246.6 | $ 268.8 | $ 408.5 |
Weighted Average Discount Rate | 15.00% |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 12.8 | $ 9.1 | |
Reported Value Measurement | Synthetic bonds due 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 551.2 | 492.9 |
Reported Value Measurement | 3.45% Senior Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 500 | 500 |
Reported Value Measurement | 5.00% Notes due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 0 | 224.6 |
Reported Value Measurement | 3.40% Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 184 | 168.5 |
Reported Value Measurement | 3.15% Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 159.5 | 146 |
Reported Value Measurement | 3.15% Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 153.4 | 140.4 |
Reported Value Measurement | 4.00% Notes due 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 92 | 84.2 |
Reported Value Measurement | 4.00% Notes due 2032 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 122.7 | 112.3 |
Reported Value Measurement | 3.75% Notes due 2033 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [1] | 122.7 | 112.3 |
Reported Value Measurement | 4.50% Notes due 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | 245.4 | 0 | |
Estimate of Fair Value Measurement | Synthetic bonds due 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 552 | 513.1 |
Estimate of Fair Value Measurement | 3.45% Senior Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 513.2 | 499.2 |
Estimate of Fair Value Measurement | 5.00% Notes due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 0 | 230 |
Estimate of Fair Value Measurement | 3.40% Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 188.8 | 180.6 |
Estimate of Fair Value Measurement | 3.15% Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 163.7 | 156.8 |
Estimate of Fair Value Measurement | 3.15% Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 161.8 | 150.5 |
Estimate of Fair Value Measurement | 4.00% Notes due 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 99.7 | 96.4 |
Estimate of Fair Value Measurement | 4.00% Notes due 2032 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 136.8 | 127.8 |
Estimate of Fair Value Measurement | 3.75% Notes due 2033 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | [2] | 126.4 | 123.8 |
Estimate of Fair Value Measurement | 4.50% Notes due 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Fair Value | $ 256.8 | $ 0 | |
[1] | Carrying amounts include unamortized debt discounts and premiums and unamortized debt issuance costs of $12.8 million and $9.1 million as of December 31, 2020, and 2019, respectively. | ||
[2] | Fair values are based on Level 2 quoted market prices. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Fair Value Disclosures [Abstract] | ||||
Other Asset Impairment Charges | $ 204 | $ 495.4 | ||
Property, Plant, and Equipment, Fair Value Disclosure | [1] | $ 464.7 | $ 342.5 | [2] |
[1] | Measured as of the impairment date using the income approach and a 10.8% risk-adjusted rate of interest, resulting in a Level 3 fair value measurement. | |||
[2] | Includes $104.0 million fair value of vessels determined using the transaction price of a similar vessel, resulting in a Level 2 fair value measurement. |
Quarterly Information (Unaudi_3
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 3,426.1 | $ 3,335.7 | $ 3,158.5 | $ 3,130.3 | $ 3,726.8 | $ 3,335.1 | $ 3,434.2 | $ 2,913 | $ 13,050.6 | $ 13,409.1 | $ 12,552.9 | ||||||||
Cost of sales | 2,973.8 | 2,882.3 | 2,647 | 2,706.3 | 3,067.2 | 2,726.4 | 2,745.2 | 2,411.9 | |||||||||||
Net income (loss) | (13.9) | 6.4 | 15.3 | (3,245.7) | (2,430.3) | (115.3) | 113.7 | 19.8 | $ (3,237.9) | (2,412.1) | (1,910.8) | ||||||||
Net income (loss) attributable to TechnipFMC plc | $ (39.3) | $ (3.9) | $ 11.7 | $ (3,256.1) | $ (2,414) | $ (119.1) | $ 97 | $ 20.9 | $ (2,415.2) | $ (1,921.6) | |||||||||
Basic earnings (loss) per share (usd per share) | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.22 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | |
Diluted earnings (loss) per share (usd per share) | $ (0.09) | [1] | $ (0.01) | [1] | $ 0.03 | [1] | $ (7.28) | [1] | $ (5.40) | [1] | $ (0.27) | [1] | $ 0.21 | [1] | $ 0.05 | [1] | $ (7.33) | $ (5.39) | $ (4.20) |
[1] | Basic and diluted earnings (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings (loss) per share. |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 25, 2021USD ($) | Feb. 16, 2021USD ($) | Jan. 29, 2021EUR (€) | Jan. 29, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Mar. 31, 2020 | Dec. 31, 2019USD ($) | Jan. 17, 2017USD ($) |
Senior notes | 3.45% Senior Notes due 2022 | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 500,000,000 | $ 500,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% | 3.45% | |||||
Synthetic bonds due 2021 | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 551,200,000 | $ 492,900,000 | |||||||
Commercial paper | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | 1,525,900,000 | $ 1,967,000,000 | |||||||
Commercial paper | U.S. dollar | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 1,500,000,000 | ||||||||
Subsequent Event | Senior notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,000,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 650.00% | 650.00% | |||||||
Subsequent Event | Senior notes | 3.45% Senior Notes due 2022 | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 500,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | |||||||
Subsequent Event | Synthetic bonds due 2021 | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 522,800,000 | ||||||||
Subsequent Event | Commercial paper | U.S. dollar | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,525,900,000 | ||||||||
Revolving credit facility | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | € 500,000,000 | $ 2,500,000,000 | |||||||
Revolving credit facility | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 800,000,000 | ||||||||
Revolving credit facility | Subsequent Event | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | € 500,000,000 | $ 2,500,000,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | ||||
Trade Accounts Receivable [Member] | |||||||
Change in the Valuation and Qualifying Accounts [Abstract] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ (2,287.1) | $ (2,283.3) | |||||
Accounting Standards Update 2016-13 [Member] | Trade Accounts Receivable [Member] | |||||||
Change in the Valuation and Qualifying Accounts [Abstract] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 3.8 | ||||||
Allowance for doubtful accounts | |||||||
Change in the Valuation and Qualifying Accounts [Abstract] | |||||||
Balance at Beginning of Period | $ 95.4 | [1] | 119.6 | $ 117.4 | |||
Charged to Costs and Expenses | 66.8 | [1] | 22 | 54.7 | |||
Charged to Other Accounts | [2] | 11.9 | [1] | (2.9) | 0.3 | ||
Deductions and Adjustments | [3] | (65.2) | [1] | (43.3) | (52.8) | ||
Balance at End of Period | 108.9 | [1] | 95.4 | [1] | 119.6 | ||
Valuation allowance for deferred tax assets | |||||||
Change in the Valuation and Qualifying Accounts [Abstract] | |||||||
Balance at Beginning of Period | 916.9 | 683.4 | 430 | ||||
Charged to Costs and Expenses | 94.7 | 187 | 213.8 | ||||
Charged to Other Accounts | [2] | (7.3) | (2.1) | (21.3) | |||
Deductions and Adjustments | [3] | (69) | 48.6 | 60.9 | |||
Balance at End of Period | $ 935.3 | $ 916.9 | $ 683.4 | ||||
[1] | On January 1, 2020, we adopted ASU 2016-13, resulting in a $3.8 million increase to our trade receivables allowance for doubtful accounts. See Note 4 for further details. | ||||||
[2] | Additions charged to other accounts” includes translation adjustments. | ||||||
[3] | “Deductions and adjustments” includes write-offs, net of recoveries, increases in allowances offset by increases to deferred tax assets, and reductions in the allowances credited to expense. (c) On January 1, 2020, we adopted ASU 2016-13, resulting in a $3.8 million increase to our trade receivables allowance for doubtful accounts. See Note 4 for further details. |
Uncategorized Items - fti-20201
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,800,000 |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,800,000 |
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (91,400,000) |
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (91,500,000) |
Accounting Standards Update 2014-09 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 100,000 |