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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 March 31, 2022
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)
______________________________________________________
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 April 25, 2022
Ordinary shares, $1.00 par value per share452,211,536



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, market growth and recovery, growth of our new energies business 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, 2021 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, its impact on the demand for our products and services and global shipping and logistics challenges caused by it; our inability to develop, implement and protect new technologies and services, including new technologies and services for our new energy ventures; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; the refusal of DTC to act as depository agency for our shares; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; 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; our inability to address increasing attention to ESG matters; uncertainties related to our investments in new energy industries; 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; 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, climate change, 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; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rates; 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 Ended
March 31,
(In millions, except per share data)
20222021
Revenue
Service revenue$896.7 $826.2 
Product revenue614.1 773.0 
Lease revenue45.0 32.8 
Total revenue1,555.8 1,632.0 
Costs and expenses
Cost of service revenue831.1 743.8 
Cost of product revenue499.3 671.2 
Cost of lease revenue39.8 26.2 
Selling, general and administrative expense159.6 147.6 
Research and development expense14.6 16.5 
Impairment, restructuring and other expenses (Note 15)1.0 25.5 
Total costs and expenses1,545.4 1,630.8 
Other income, net40.8 35.6 
Income from equity affiliates (Note 10)5.4 7.7 
Income (loss) from investment in Technip Energies (Note 10)(28.5)470.1 
Income before net interest expense and income taxes28.1 514.6 
Interest income4.0 4.1 
Interest expense(37.9)(38.6)
Loss on early extinguishment of debt (23.5)
Income (loss) before income taxes(5.8)456.6 
Provision for income taxes (Note 17)28.5 24.5 
Income (loss) from continuing operations(34.3)432.1 
Net (income) from continuing operations attributable to non-controlling interests(8.0)(1.8)
Income (loss) from continuing operations attributable to TechnipFMC plc(42.3)430.3 
Loss from discontinued operations(19.4)(60.2)
Income from discontinued operations attributable to non-controlling interests (1.9)
Net income (loss) attributable to TechnipFMC plc$(61.7)$368.2 
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic$(0.09)$0.96 
Diluted$(0.09)$0.95 
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$(0.04)$(0.14)
Total earnings (loss) per share attributable to TechnipFMC plc
Basic$(0.13)$0.82 
Diluted$(0.13)$0.81 
Weighted average shares outstanding (Note 6)
Basic451.1 449.7
Diluted451.1 451.1
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 Ended
March 31,
(In millions)
20222021
Net income (loss) attributable to TechnipFMC plc$(61.7)$368.2 
Net (income) from continuing operations attributable to non-controlling interests(8.0)(1.8)
Income from discontinued operations attributable to non-controlling interests (1.9)
Net income (loss) attributable to TechnipFMC plc, including non-controlling interests(53.7)371.9 
Foreign currency translation adjustments(a)
125.7 (28.1)
Net gains (losses) on hedging instruments
Net losses arising during the period(14.9)(14.5)
Reclassification adjustment for net (gains) losses included in net income (loss)6.4 (2.7)
Net losses on hedging instruments(b)
(8.5)(17.2)
Pension and other post-retirement benefits
Net gains (losses) arising during the period(0.2)3.5 
Reclassification adjustment for amortization of prior service cost included in net income (loss)0.1 0.1 
Reclassification adjustment for amortization of net actuarial loss included in net income (loss)3.0 4.8 
Net pension and other postretirement benefits(c)
2.9 8.4 
Other comprehensive income (loss), net of tax120.1 (36.9)
Comprehensive income66.4 335.0 
Comprehensive income attributable to non-controlling interest(8.4)(3.8)
Comprehensive income attributable to TechnipFMC plc$58.0 $331.2 

(a)Net of income tax benefit of nil for the three months ended March 31, 2022 and 2021.
(b)Net of income tax benefit of $2.1 million and $4.9 million for the three months ended March 31, 2022 and 2021, respectively.
(c)Net of income tax expense of $0.4 million and $2.1 million for the three months ended March 31, 2022 and 2021, 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)March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$1,203.0 $1,327.4 
Trade receivables, net of allowances of $38.5 in 2022 and $38.1 in 2021
1,020.8 911.9 
Contract assets, net of allowances of $1.3 in 2022 and $1.1 in 2021
983.4 966.0 
Inventories, net (Note 8)1,074.4 1,031.9 
Derivative financial instruments (Note 18)178.5 110.3 
Income taxes receivable82.8 85.0 
Advances paid to suppliers63.9 79.4 
Other current assets (Note 9)583.0 512.3 
Investment in Technip Energies (Note 10) 49.1 317.3 
Total current assets5,238.9 5,341.5 
Investments in equity affiliates (Note 10)292.2 292.4 
Property, plant and equipment, net of accumulated depreciation of $2,506.9 in 2022 and $2,204.0 in 2021
2,570.0 2,597.2 
Operating lease right-of-use assets780.9 707.9 
Finance lease right-of-use assets51.7 52.2 
Intangible assets, net of accumulated amortization of $598.7 in 2022 and $575.5 in 2021
788.4 813.7 
Deferred income taxes68.2 74.3 
Derivative financial instruments (Note 18)144.9 10.5 
Other assets143.8 130.4 
Total assets$10,079.0 $10,020.1 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 12)$281.8 $277.6 
Operating lease liabilities137.4 126.2 
Finance lease liabilities51.9 0.7 
Accounts payable, trade1,283.6 1,294.3 
Contract liabilities834.7 1,012.9 
Accrued payroll176.7 194.1 
Derivative financial instruments (Note 18)209.2 161.0 
Income taxes payable116.7 124.6 
Other current liabilities (Note 9)582.8 660.4 
Total current liabilities3,674.8 3,851.8 
Long-term debt, less current portion (Note 12)1,723.3 1,727.3 
Operating lease liabilities, less current portion707.4 646.8 
Financing lease liabilities, less current portion 51.1 
Deferred income taxes58.8 47.5 
Accrued pension and other post-retirement benefits, less current portion105.2 113.4 
Derivative financial instruments (Note 18)168.7 15.5 
Other liabilities150.4 148.3 
Total liabilities6,588.6 6,601.7 
Commitments and contingent liabilities (Note 16)
Stockholders’ equity (Note 13)
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2022 and 2021; 452.2 shares and 450.7 shares issued and outstanding in 2022 and 2021, respectively
452.2 450.7 
Capital in excess of par value of ordinary shares9,169.1 9,160.8 
Accumulated deficit(4,969.7)(4,903.8)
Accumulated other comprehensive loss(1,185.3)(1,305.0)
Total TechnipFMC plc stockholders’ equity3,466.3 3,402.7 
Non-controlling interests24.1 15.7 
Total equity3,490.4 3,418.4 
Total liabilities and equity$10,079.0 $10,020.1 
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)
Three Months Ended March 31,
20222021
Cash provided (required) by operating activities
Net income (loss)$(53.7)$371.9 
Net loss from discontinued operations19.4 60.2 
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities
Depreciation and amortization95.9 95.2 
Impairments1.1 18.8 
Employee benefit plan and share-based compensation costs7.9 4.7 
Deferred income tax provision (benefit), net23.0 (31.9)
(Income) loss from investment in Technip Energies28.5 (470.1)
Unrealized loss (gain) on derivative instruments and foreign exchange13.0 (5.5)
Income from equity affiliates, net of dividends received(5.4)(7.7)
Loss on early extinguishment of debt 23.5 
Other8.7 (0.1)
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and contract assets(64.4)(165.6)
Inventories, net(15.9)66.0 
Accounts payable, trade(26.9)84.8 
Contract liabilities(183.5)(132.9)
Income taxes payable, net1.8 165.3 
Other current assets and liabilities, net(161.0)100.7 
Other non-current assets and liabilities, net(17.9)4.2 
Cash provided (required) by operating activities from continuing operations(329.4)181.5 
Cash provided by operating activities from discontinued operations 66.3 
Cash provided (required) by operating activities(329.4)247.8 
Cash provided (required) by investing activities
Capital expenditures(27.3)(44.2)
Proceeds from redemption of debt securities0.5 24.2 
Advances from BPI 100.0 
Proceeds from sale of investment in Technip Energies238.5 100.0 
Proceeds from repayment of advances to joint venture 12.5 
Other(8.0)4.4 
Cash provided by investing activities from continuing operations203.7 196.9 
Cash required by investing activities from discontinued operations (4.5)
Cash provided by investing activities203.7 192.4 
Cash required by financing activities
Net change in short-term debt(8.0)6.2 
Net decrease in commercial paper (953.1)
Net decrease in revolving credit facility 200.0 
Proceeds from issuance of long-term debt 1,000.0 
Repayments of long-term debt (1,065.8)
Payments for debt issuance costs (53.5)
Other(5.1)(0.4)
Cash required by financing activities from continuing operations(13.1)(866.6)
Cash required by financing activities from discontinued operations (3,617.7)
Cash required by financing activities(13.1)(4,484.3)
Effect of changes in foreign exchange rates on cash and cash equivalents14.4 (10.9)
Change in cash and cash equivalents(124.4)(4,055.0)
Cash and cash equivalents, beginning of period1,327.4 4,807.8 
Cash and cash equivalents, end of period$1,203.0 $752.8 

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

7


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2022 and 2021


(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, 2020449.5 10,242.4 (4,915.2)(1,622.5)60.1 4,214.3 
Net income— — 368.2 — 3.7 371.9 
Other comprehensive income (loss)— — — (37.0)0.1 (36.9)
Issuance of ordinary shares0.3 — — — — 0.3 
Share-based compensation (Note 14)— 3.4 — — — 3.4 
Spin-off of Technip Energies (Note 2)— (1,093.7)— 258.7 (19.9)(854.9)
Other— — — — (2.6)(2.6)
Balance as of March 31, 2021449.8 9,152.1 (4,547.0)(1,400.8)41.4 3,695.5 
Balance as of December 31, 2021450.7 9,160.8 (4,903.8)(1,305.0)15.7 3,418.4 
Net income (loss)— — (61.7)— 8.0 (53.7)
Other comprehensive income— — — 119.7 0.4 120.1 
Issuance of ordinary shares1.5 (1.6)— — — (0.1)
Share-based compensation (Note 14)— 9.9 — — — 9.9 
Other— — (4.2)— — (4.2)
Balance as of March 31, 2022452.2 9,169.1 (4,969.7)(1,185.3)24.1 3,490.4 

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


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements of TechnipFMC plc and its consolidated subsidiaries (“TechnipFMC,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2021.
Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments necessary for a fair statement of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2022.
Reclassifications and revision
Certain prior-year amounts have been reclassified to conform to the current year’s presentation.
The Company identified an error in the presentation of certain cash flow items related to discontinued operations that impacted cash and cash equivalents at the beginning of period, cash required by financing activities from discontinued operations and change in cash and cash equivalents line items within the previously issued statement of cash flows for the three months ended March 31, 2021.
Management assessed the materiality of the misstatement described above on prior period financial statements in accordance with SEC Staff Bulletin (“SAB”) No. 99, Materiality, Codified in ASC 250-10, Accounting Changes and Error Corrections (“ASC 250”), and concluded that these misstatements were not material to any previously issued financial statements. However, in order to achieve comparability in the financial statements, the Company has determined it appropriate to revise the following financial statement line items (amounts are in millions):
Three Months Ended March 31, 2021
(In millions)As previously reportedRevisionAs Revised
Cash required by financing activities from continuing operations$(866.6)$ $(866.6)
Cash required by financing activities from discontinued operations(79.1)(3,538.6)(3,617.7)
Cash required by financing activities(945.7)(3,538.6)(4,484.3)
Change in cash and cash equivalents(516.4)(3,538.6)(4,055.0)
Cash and cash equivalents, beginning of period1,269.2 3,538.6 4,807.8 
Cash and cash equivalents, end of period$752.8 $ $752.8 
NOTE 2. DISCONTINUED OPERATIONS
The Spin-off
On February 16, 2021, we completed our 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% of the outstanding shares in Technip Energies N.V. Each of our shareholders received one
9


ordinary share of Technip Energies N.V. for every five ordinary shares of TechnipFMC held at 5:00 p.m., Eastern Standard 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, TechnipFMC and Technip Energies entered into a separation and distribution agreement, as well as various other agreements, including, among others, a tax matters agreement, an employee matters agreement and a transition services agreement and certain agreements relating to intellectual property. These agreements provide for the allocation between TechnipFMC and Technip Energies of assets, employees, taxes, liabilities and obligations attributable to periods prior to, at and after the Spin-off.
Discontinued Operations
The Spin-off represented a strategic shift that had a major impact to our operations and consolidated financial statements. Accordingly, historical results of Technip Energies prior to the Distribution on February 16, 2021 have been presented as discontinued operations in our condensed consolidated statements of income and condensed consolidated statements of cash flows for the three months ended March 31, 2021. Our condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows and notes to the condensed consolidated financial statements have been updated to reflect continuing operations only.
The following table summarizes the components of income from discontinued operations, net of tax:
Three Months Ended March 31,
(In millions)20222021
Revenue$ $906.0 
Costs and expenses (889.3)
Other expense, net (18.6)
Loss from discontinued operations before income taxes$ $(1.9)
Income taxes19.4 58.3 
Loss from discontinued operations, net of income taxes$(19.4)$(60.2)
For the three months ended March 31, 2022, we recorded $19.4 million in income taxes from discontinued operations related to a change in estimate in our French tax group, which resulted in a tax liability from the Spin-off transaction.

NOTE 3. NEW ACCOUNTING STANDARDS
Recently Adopted Accounting Standards under GAAP
In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This update simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The amendments to this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We adopted this amendment as of January 1, 2022, which did not have a material impact on our condensed consolidated financial statements.
10


Recently Issued Accounting Standards under GAAP
In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).” In addition, in January 2021, FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848)” which clarifies the scope of Topic 848. The amendments in these updates apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this update were issued as of March 12, 2020, effective through December 31, 2022. We are currently evaluating the impact of this ASU on our condensed consolidated financial statements.
We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or were not expected to have a material impact on our financial statements.

NOTE 4. 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.
Disaggregation of Revenue
Revenues are disaggregated by geographic location and contract types.
The following tables present total revenue by geography for each reportable segment for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31, 2022March 31, 2021
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Europe and Central Asia$356.0 $39.2 $268.4 $43.8 
North America200.4 116.2 230.1 74.5 
Latin America324.8 21.6 320.8 17.9 
Asia Pacific221.5 23.6 245.0 24.5 
Africa183.1 8.5 295.3 9.6 
Middle East3.3 57.6 26.9 75.2 
Total revenue$1,289.1 $266.7 $1,386.5 $245.5 
The following tables present total revenue by contract type for each reportable segment for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31, 2022March 31, 2021
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$845.6 $51.1 $793.4 $32.8 
Products431.5 182.6 581.8 191.2 
Lease12.0 33.0 11.3 21.5 
Total revenue$1,289.1 $266.7 $1,386.5 $245.5 
11



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) on the condensed consolidated balance sheets. Any expected contract losses are recorded in the period in which they become probable.
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 March 31, 2022 and December 31, 2021:
(In millions)March 31,
2022
December 31,
2021
$ change% change
Contract assets$983.4 $966.0 $17.4 1.8 
Contract liabilities(834.7)(1,012.9)178.2 17.6 
Net contract assets (liabilities)$148.7 $(46.9)$195.6 417.1 
The increase in our contract assets from December 31, 2021 to March 31, 2022 was primarily due to the timing of project milestones.
The decrease in our contract liabilities was primarily due to completion of performance obligations for contracts, for which consideration was received in advance of the work performed 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 three months ended March 31, 2022 and 2021 that was included in the contract liabilities balance as of December 31, 2021 and 2020 was $112.9 million and $128.4 million, respectively.
In addition, net revenue recognized for the three months ended March 31, 2022 and 2021 from our performance obligations satisfied in previous periods had unfavorable impacts of $(12.2) million and $(5.3) million, respectively, from 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”) represents 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 March 31, 2022, the aggregate amount of the transaction price allocated to order backlog was $8,894.1 million. TechnipFMC expects to recognize revenue on approximately 36% of the order backlog through 2022 and 64% thereafter.
The following table details the order backlog for each business segment as of March 31, 2022:
(In millions)20222023Thereafter
Subsea$2,933.0 $2,880.0 $1,928.3 
Surface Technologies292.0 125.2 735.6 
Total order backlog$3,225.0 $3,005.2 $2,663.9 
12


NOTE 5. 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 Chair 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 operate under two reporting segments, Subsea and Surface Technologies:
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.
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.
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, foreign exchange gains (losses), income (loss) from investment in Technip Energies, net interest income (expense) associated with corporate debt facilities and income taxes.

Segment revenue and segment operating profit (loss) were as follows:
Three Months Ended
March 31,
(In millions)20222021
Segment revenue
Subsea $1,289.1 $1,386.5 
Surface Technologies266.7 245.5 
Total revenue$1,555.8 $1,632.0 
Segment operating profit
Subsea $54.0 $37.0 
Surface Technologies3.7 8.2 
Total segment operating profit $57.7 $45.2 
Corporate items
Corporate expense(a)
(29.5)(28.8)
Net interest expense(33.9)(34.5)
Loss on early extinguishment of debt (23.5)
Income (loss) from investment in Technip Energies(28.5)470.1 
Foreign exchange gains 28.4 28.1 
Total corporate items(63.5)411.4 
Income (loss) before income taxes(b)
$(5.8)$456.6 
(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits.
(b)Includes amounts attributable to non-controlling interests.
13


NOTE 6. EARNINGS (LOSS) PER SHARE
A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:
Three Months Ended
March 31,
(In millions, except per share data)20222021
Income (loss) from continuing operations attributable to TechnipFMC plc$(42.3)$430.3 
Loss from discontinued operations attributable to TechnipFMC plc(19.4)(62.1)
Net income (loss) attributable to TechnipFMC plc$(61.7)$368.2 
Weighted average number of shares outstanding451.1 449.7 
Dilutive effect of restricted stock units 1.4 
Total shares and dilutive securities451.1 451.1 
Basic and diluted earnings (loss) per share attributable to TechnipFMC plc:
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic$(0.09)$0.96 
Diluted$(0.09)$0.95 
Loss per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$(0.04)$(0.14)
Total earnings (loss) per share attributable to TechnipFMC plc
Basic$(0.13)$0.82 
Diluted$(0.13)$0.81 
For the three months ended March 31, 2022, we incurred a loss from continuing operations; therefore, the impact of 4.8 million shares was anti-dilutive.
Weighted average shares of the following share-based compensation awards were excluded from the calculation of diluted weighted average number of shares, where the assumed proceeds exceed the average market price from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive:
Three Months Ended
March 31,
(millions of shares)20222021
Share option awards1.6 1.7 
Restricted share units0.7 4.9 
Performance shares0.3  
Total2.6 6.6 
NOTE 7. RECEIVABLES
We manage our trade and loans receivables portfolios using published default risk as a key credit quality indicator. 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.
14


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 March 31, 2022.
(In millions)Year of originationBalance as of March 31, 2022Balance as of December 31, 2021
Loans receivables, security deposits and other
Moody’s rating Ba22019$62.6 $50.9 
Debt securities at amortized cost
Moody’s rating B3201923.9 24.0 
Total financial assets$86.5 $74.9 
Credit Losses
For contract assets, trade receivables, loans receivable, and security deposits and other, 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 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 and supportable information.
The table below shows the roll-forward of allowance for credit losses as of March 31, 2022 and 2021, respectively.
Balance as of March 31, 2022
(In millions)Trade receivablesContract assetsLoans receivableSecurity deposit and otherHeld-to-maturity debt securities
Allowance for credit losses at December 31, 2021$38.1 $1.1 $0.3 $0.3 $2.7 
Current period provision (release) for expected credit losses0.9 0.2 (0.1)(0.3)(0.6)
Recoveries(0.5)    
Allowance for credit losses at March 31, 2022$38.5 $1.3 $0.2 $ $2.1 
Balance as of March 31, 2021
(In millions)Trade receivablesContract assetsLoans receivableSecurity deposit and otherHeld-to-maturity debt securities
Allowance for credit losses at December 31, 2020$40.2 $2.4 $7.5 $0.4 $0.5 
Current period provision (release) for expected credit losses3.8 (0.6)(0.5)0.2 (0.5)
Recoveries(5.5)(0.7)(1.1)  
Allowance for credit losses at March 31, 2021$38.5 $1.1 $5.9 $0.6 $ 
Certain trade receivables are due in one year or less. We do not have any financial assets that are past due or are on non-accrual status.
15


NOTE 8. INVENTORIES
Inventories consisted of the following:
(In millions)March 31,
2022
December 31,
2021
Raw materials$291.4 $250.1 
Work in process189.3 178.7 
Finished goods593.7 603.1 
Inventories, net$