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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____ .
Commission File Number: 001-37983

TechnipFMC plc
(Exact name of registrant as specified in its charter)
United Kingdom98-1283037
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
Hadrian House,
Wincomblee Road
Newcastle Upon Tyne
United KingdomNE6 3PL
(Address of principal executive offices)(Zip Code)
+44 191-295-0303
(Registrant’s telephone number, including area code)

One St. Paul’s Churchyard
London
United Kingdom
EC4M 8AP
(Address of principal executive offices)
(Former name, former address and former fiscal year, if changed since last report)
______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Ordinary shares, $1.00 par value per shareFTINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at October 26, 2021
Ordinary shares, $1.00 par value per share450,700,480



TABLE OF CONTENTS
Page
2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of TechnipFMC plc (the “Company,” “we,” “us,” or “our”) contains “forward‑looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.
All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Part II, Item 1A, “Risk Factors” and elsewhere of this Quarterly Report on Form 10-Q, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and Euroclear to act as depository and clearing agencies for our shares; the United Kingdom’s withdrawal from the European Union; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; the risks caused by fixed-price contracts; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; our failure to deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; the risks of pirates endangering our maritime employees and assets; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with numerous laws and regulations, including those related to environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us, including intellectual property litigation; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; the uncertainties related to the anticipated benefits or our future liabilities in connection with the spin-off of Technip Energies (the “Spin-off”); any negative changes in Technip Energies’s results of operations, cash flows and financial position, which impact the value of our remaining investment therein; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rate and risk in connection with our defined benefit pension plan commitments.
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
3


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedNine Months Ended
September 30,September 30,
(In millions, except per share data)
2021202020212020
Revenue
Service revenue$901.0 $892.1 $2,640.6 $2,459.6 
Product revenue640.0 805.6 2,121.8 2,365.0 
Lease revenue38.4 29.8 117.8 105.7 
Total revenue1,579.4 1,727.5 4,880.2 4,930.3 
Costs and expenses
Cost of service revenue761.4 854.0 2,338.5 2,353.3 
Cost of product revenue571.4 636.6 1,815.0 1,930.0 
Cost of lease revenue31.2 28.2 94.2 90.3 
Selling, general and administrative expense153.4 181.8 473.6 534.9 
Research and development expense18.7 20.8 54.4 71.3 
Impairment, restructuring and other expenses (Note 16)7.3 53.5 34.8 3,356.2 
Total costs and expenses1,543.4 1,774.9 4,810.5 8,336.0 
Other income (expense), net(5.9)7.9 28.7 (20.3)
Income (loss) from equity affiliates (Note 11)(30.0)12.9 (9.5)49.7 
Income from investment in Technip Energies (Note 11)28.5  351.8  
Income (loss) before net interest expense and income taxes28.6 (26.6)440.7 (3,376.3)
Interest income2.1 7.7 8.9 36.4 
Interest expense(41.4)(30.8)(117.9)(109.1)
Loss on early extinguishment of debt(16.0) (39.5) 
Income (loss) before income taxes(26.7)(49.7)292.2 (3,449.0)
Provision for income taxes (Note 18)12.3 9.1 71.7 13.5 
Income (loss) from continuing operations(39.0)(58.8)220.5 (3,462.5)
Net income from continuing operations attributable to non-controlling interests(1.6)(5.9)(5.5)(14.6)
Income (loss) from continuing operations attributable to TechnipFMC plc(40.6)(64.7)215.0 (3,477.1)
Income (loss) from discontinued operations8.4 65.2 (44.1)238.5 
Income from discontinued operations attributable to non-controlling interests (4.4)(1.9)(9.7)
Net income (loss) attributable to TechnipFMC plc$(32.2)$(3.9)$169.0 $(3,248.3)
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic$(0.09)$(0.14)$0.48 $(7.75)
Diluted$(0.09)$(0.14)$0.47 $(7.75)
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$0.02 $0.14 $(0.10)$0.51 
Total earnings (loss) per share attributable to TechnipFMC plc
Basic$(0.07)$(0.01)$0.38 $(7.24)
Diluted$(0.07)$(0.01)$0.37 $(7.24)
Weighted average shares outstanding (Note 6)
Basic450.7 449.4 450.4 448.4
Diluted450.7 449.4 454.7 448.4
The accompanying notes are an integral part of the condensed consolidated financial statements.

4


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months EndedNine Months Ended
September 30,September 30,
(In millions)
2021202020212020
Net income (loss) attributable to TechnipFMC plc$(32.2)$(3.9)$169.0 $(3,248.3)
Income from continuing operations attributable to non-controlling interests(1.6)(5.9)(5.5)(14.6)
Income from discontinued operations attributable to non-controlling interests (4.4)(1.9)(9.7)
Net Income (loss) attributable to TechnipFMC plc, including non-controlling interest(30.6)6.4 176.4 (3,224.0)
Foreign currency translation adjustments(a)
(57.2)(10.4)(1.8)(213.2)
Net gains (losses) on hedging instruments
Net gains (losses) arising during the period(16.8)44.7 (28.8)(10.6)
Reclassification adjustment for net losses included in net income (loss)1.3 3.9 3.3 8.7 
Net gains (losses) on hedging instruments(b)
(15.5)48.6 (25.5)(1.9)
Pension and other post-retirement benefits
Net gains (losses) arising during the period3.2 (2.6)4.4 (0.4)
Reclassification adjustment for amortization of prior service cost included in net income (loss)0.1 0.3 0.4 0.8 
Reclassification adjustment for amortization of net actuarial loss included in net income (loss)4.7 2.3 14.3 6.7 
Net pension and other postretirement benefits(c)
8.0  19.1 7.1 
Other comprehensive income (loss), net of tax(64.7)38.2 (8.2)(208.0)
Comprehensive income (loss)(95.3)44.6 168.2 (3,432.0)
Comprehensive income attributable to non-controlling interest(0.2)(11.8)(5.9)(17.9)
Comprehensive income (loss) attributable to TechnipFMC plc$(95.5)$32.8 $162.3 $(3,449.9)

(a)Net of income tax benefit of nil for the three and nine months ended September 30, 2021 and 2020.
(b)Net of income tax (expense) benefit of $3.6 million and $(13.1) million for the three months ended September 30, 2021 and 2020, respectively, and $6.6 million and $2.7 million for the nine months ended September 30, 2021 and 2020, respectively.
(c)Net of income tax (expense) benefit of $(2.1) million and $1.7 million for the three months ended September 30, 2021 and 2020, respectively, and $(5.5) million and $0.2 million for the nine months ended September 30, 2021 and 2020, respectively.

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except par value data)September 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$1,034.0 $1,269.2 
Trade receivables, net of allowances of $38.3 in 2021 and $40.2 in 2020
1,128.9 987.7 
Contract assets, net of allowances of $1.2 in 2021 and $2.4 in 2020
1,027.0 886.8 
Inventories, net (Note 8)1,069.8 1,252.8 
Derivative financial instruments (Note 19)160.3 268.7 
Income taxes receivable95.4 274.7 
Advances paid to suppliers62.6 96.3 
Other current assets (Note 9)533.9 683.4 
Investment in Technip Energies (Note 11) 485.3  
Current assets of discontinued operations 5,725.1 
Total current assets5,597.2 11,444.7 
Investments in equity affiliates (Note 11)295.6 305.5 
Property, plant and equipment, net of accumulated depreciation of $2,386.3 in 2021 and $2,154.2 in 2020
2,619.0 2,756.2 
Operating lease right-of-use assets694.3 784.9 
Finance lease right-of-use assets52.6 27.5 
Intangible assets, net of accumulated amortization of $468.9 in 2021 and $493.1 in 2020
786.4 851.3 
Deferred income taxes47.6 34.2 
Derivative financial instruments (Note 19)6.4 29.2 
Other assets154.5 175.6 
Non-current assets of discontinued operations 3,283.5 
Total assets$10,253.6 $19,692.6 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 13)$282.2 $624.7 
Operating lease liabilities126.2 195.5 
Finance lease liabilities0.7 26.9 
Accounts payable, trade1,238.0 1,201.0 
Contract liabilities914.6 1,046.8 
Accrued payroll182.6 186.8 
Derivative financial instruments (Note 19)154.6 157.5 
Income taxes payable62.5 61.2 
Other current liabilities (Note 9)729.5 818.3 
Current liabilities of discontinued operations 6,096.5 
Total current liabilities3,690.9 10,415.2 
Long-term debt, less current portion (Note 13)1,973.6 2,835.5 
Operating lease liabilities, less current portion627.1 632.8 
Financing lease liabilities, less current portion51.3  
Deferred income taxes62.1 79.3 
Accrued pension and other post-retirement benefits, less current portion205.0 268.4 
Derivative financial instruments (Note 19)7.9 18.8 
Other liabilities116.3 103.3 
Non-current liabilities of discontinued operations 1,081.3 
Total liabilities6,734.2 15,434.6 
Commitments and contingent liabilities (Note 17)
Mezzanine equity
Redeemable non-controlling interest 43.7 
Stockholders’ equity (Note 14)
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2021 and 2020; 450.6 shares and 449.5 shares issued and outstanding in 2021 and 2020, respectively
450.6 449.5 
Capital in excess of par value of ordinary shares9,152.4 10,242.4 
Accumulated deficit(4,747.7)(4,915.2)
Accumulated other comprehensive loss(1,358.2)(1,622.5)
Total TechnipFMC plc stockholders’ equity3,497.1 4,154.2 
Non-controlling interests22.3 40.4 
Non-controlling interests of discontinued operations 19.7 
Total equity3,519.4 4,214.3 
Total liabilities and equity$10,253.6 $19,692.6 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
Nine Months Ended September 30,
20212020
Cash provided (required) by operating activities
Net income (loss) from continuing operations$220.5 $(3,462.5)
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities
Depreciation219.0 222.3 
Amortization70.7 76.0 
Impairments20.9 3,244.7 
Employee benefit plan and share-based compensation costs22.5 36.3 
Deferred income tax benefit, net(39.0)(5.8)
Income from investment in Technip Energies(351.8) 
Unrealized gains on derivative instruments and foreign exchange(19.3)(26.9)
(Income) loss from equity affiliates, net of dividends received9.4 (46.5)
Loss on early extinguishment of debt39.5  
Other(19.0)(1.9)
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and contract assets(320.0)(45.3)
Inventories, net165.9 (20.7)
Accounts payable, trade78.0 (236.0)
Contract liabilities(104.8)(33.3)
Income taxes payable (receivable), net178.9 (34.4)
Other current assets and liabilities, net57.4 644.9 
Other non-current assets and liabilities, net2.7 (21.2)
Cash provided by operating activities from continuing operations231.5 289.7 
Cash provided (required) by operating activities from discontinued operations66.3 (187.6)
Cash provided by operating activities297.8 102.1 
Cash provided (required) by investing activities
Capital expenditures(131.2)(227.3)
Proceeds from redemption of debt securities27.4 3.9 
Payment to acquire debt securities(29.1)(3.9)
Proceeds from sales of assets95.7 23.0 
Cash received from divestiture 2.5 
Proceeds from sale of investment in Technip Energies784.5  
Proceeds from repayment of advances to joint venture12.5 12.5 
Other (1.0)
Cash provided (required) by investing activities from continuing operations759.8 (190.3)
Cash required by investing activities from discontinued operations(4.5)(22.1)
Cash provided (required) by investing activities755.3 (212.4)
Cash provided (required) by financing activities
Net decrease in short-term debt(31.3)(2.0)
Net decrease in commercial paper(974.3)(251.3)
Proceeds from issuance of long-term debt1,164.4 223.2 
Repayments of long-term debt(1,242.2)(423.9)
Payments for debt issuance costs(53.5) 
Dividends paid (59.2)
Acquisition of non-controlling interest
(48.6) 
Payments related to taxes withheld on share-based compensation(2.4)(6.4)
Other(1.4) 
Cash required by financing activities from continuing operations(1,189.3)(519.6)
Cash required by financing activities from discontinued operations(3,617.7)(392.2)
Cash required by financing activities(4,807.0)(911.8)
Effect of changes in foreign exchange rates on cash and cash equivalents(19.9)75.9 
Change in cash and cash equivalents(3,773.8)(946.2)
Cash and cash equivalents, beginning of period4,807.8 5,190.2 
Cash and cash equivalents, end of period$1,034.0 $4,244.0 



7



The following table provides a reconciliation of cash, cash equivalents reported in the condensed consolidated balance sheets to the total of the amounts in the condensed consolidated statements of cash flows:



Nine Months Ended September 30,
(In millions)20212020
Cash and cash equivalents$1,034.0 $968.4 
Cash and cash equivalents attributable to discontinued operations 3,275.6 
Total cash and cash equivalents in the statement of cash flows$1,034.0 $4,244.0 

The accompanying notes are an integral part of the condensed consolidated financial statements.
8


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2021 and 2020


(In millions)Ordinary SharesCapital in Excess of Par Value of Ordinary SharesAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal Stockholders’ Equity
Balance as of June 30, 2020$449.3 $10,213.6 $(4,876.0)$(1,645.8)$34.5 $4,175.6 
Net income (loss)— — (3.9)— 10.3 6.4 
Other comprehensive income— — — 36.7 1.5 38.2 
Issuance of ordinary shares0.1 — — — — 0.1 
Share-based compensation (Note 15)— 14.2 — — — 14.2 
Other— — 0.9 — (1.7)(0.8)
Balance as of September 30, 2020$449.4 $10,227.8 $(4,879.0)$(1,609.1)$44.6 $4,233.7 
Balance as of June 30, 2021$450.6 $9,144.7 $(4,714.0)$(1,294.9)$42.9 $3,629.3 
Net income (loss)— — (32.2)— 1.6 (30.6)
Other comprehensive loss— — — (63.3)(1.4)(64.7)
Share-based compensation (Note 15)— 7.7 — — — 7.7 
Accrued distributions to non-controlling interest—  —  (15.0)(15.0)
Other— — (1.5)— (5.8)(7.3)
Balance as of September 30, 2021$450.6 $9,152.4 $(4,747.7)$(1,358.2)$22.3 $3,519.4 

The accompanying notes are an integral part of the condensed consolidated financial statements.
9


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2021 and 2020


(In millions)Ordinary SharesCapital in
Excess of Par
Value of
Ordinary Shares
Accumulated DeficitAccumulated
Other
Comprehensive
Income
(Loss)
Non-controlling
Interest
Total
Stockholders’
Equity
Balance as of December 31, 2019447.1 10,182.8 (1,563.1)(1,407.5)28.8 7,688.1 
Adoption of accounting standards (Note 3)— — (7.8)— — (7.8)
Net income (loss)— — (3,248.3)— 24.3 (3,224.0)
Other comprehensive loss— — — (201.6)(6.4)(208.0)
Issuance of ordinary shares2.3 (7.6)— — — (5.3)
Cash dividends declared ($0.13 per share)
— — (59.2)— — (59.2)
Share-based compensation (Note 15)— 52.6 — — — 52.6 
Other— — (0.6)— (2.1)(2.7)
Balance as of September 30, 2020449.4 10,227.8 (4,879.0)(1,609.1)44.6 4,233.7 
Balance as of December 31, 2020449.5 10,242.4 (4,915.2)(1,622.5)60.1 4,214.3 
Net income — — 169.0 — 7.4 176.4 
Other comprehensive loss— — — (6.7)(1.5)(8.2)
Issuance of ordinary shares1.1 — — — — 1.1 
Share-based compensation (Note 15)— 18.4 — — — 18.4 
Spin-off of Technip Energies (Note 2)— (1,108.4)— 271.0 (19.9)(857.3)
Accrued distributions to non-controlling interest— —  — (15.0)(15.0)
Other— — (1.5)— (8.8)(10.3)
Balance as of September 30, 2021450.6 9,152.4 (4,747.7)(1,358.2)22.3 3,519.4 

The accompanying notes are an integral part of the condensed consolidated financial statements.
10


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1.