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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 June 30, 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 July 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 EndedSix Months Ended
June 30,June 30,
(In millions, except per share data)
2022202120222021
Revenue
Service revenue$974.9 $913.4 $1,871.6 $1,739.6 
Product revenue682.2 708.8 1,296.3 1,481.8 
Lease revenue60.1 46.6 105.1 79.4 
Total revenue1,717.2 1,668.8 3,273.0 3,300.8 
Costs and expenses
Cost of service revenue773.3 833.3 1,604.4 1,577.1 
Cost of product revenue661.7 572.4 1,161.0 1,243.6 
Cost of lease revenue43.4 36.8 83.2 63.0 
Selling, general and administrative expense143.1 172.6 302.7 320.2 
Research and development expense11.5 19.2 26.1 35.7 
Impairment, restructuring and other expenses (Note 15)7.2 2.0 8.2 27.5 
Total costs and expenses1,640.2 1,636.3 3,185.6 3,267.1 
Other income (expense), net3.0 (1.0)43.8 34.6 
Income from equity affiliates (Note 10)4.3 12.8 9.7 20.5 
Income (loss) from investment in Technip Energies (Note 10)0.8 (146.8)(27.7)323.3 
Income (loss) before net interest expense and income taxes85.1 (102.5)113.2 412.1 
Interest income4.0 2.7 8.0 6.8 
Interest expense(31.7)(37.9)(69.6)(76.5)
Loss on early extinguishment of debt(29.8) (29.8)(23.5)
Income (loss) before income taxes27.6 (137.7)21.8 318.9 
Provision for income taxes (Note 17)19.8 34.9 48.3 59.4 
Income (loss) from continuing operations7.8 (172.6)(26.5)259.5 
Net (income) from continuing operations attributable to non-controlling interests(5.7)(2.1)(13.7)(3.9)
Income (loss) from continuing operations attributable to TechnipFMC plc2.1 (174.7)(40.2)255.6 
Income (loss) from discontinued operations 7.7 (19.4)(52.5)
Income from discontinued operations attributable to non-controlling interests   (1.9)
Net income (loss) attributable to TechnipFMC plc$2.1 $(167.0)$(59.6)$201.2 
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic$0.00 $(0.39)$(0.09)$0.57 
Diluted$0.00 $(0.39)$(0.09)$0.56 
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$0.00 $0.02 $(0.04)$(0.12)
Total earnings (loss) per share attributable to TechnipFMC plc
Basic$0.00 $(0.37)$(0.13)$0.45 
Diluted$0.00 $(0.37)$(0.13)$0.44 
Weighted average shares outstanding (Note 6)
Basic452.2 450.6 451.6 450.4
Diluted456.8 450.6 451.6 454.9
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 Six Months Ended
June 30,June 30,
(In millions)
2022202120222021
Net income (loss) attributable to TechnipFMC plc$2.1 $(167.0)$(59.6)$201.2 
Net (income) from continuing operations attributable to non-controlling interests(5.7)(2.1)(13.7)(3.9)
Income from discontinued operations attributable to non-controlling interests   (1.9)
Net income (loss) attributable to TechnipFMC plc, including non-controlling interests7.8 (164.9)(45.9)207.0 
Foreign currency translation adjustments(a)
(130.0)83.5 (4.3)55.4 
Net gains (losses) on hedging instruments
Net losses arising during the period(43.7)2.5 (58.6)(12.0)
Reclassification adjustment for net (gains) losses included in net income (loss)5.4 4.7 11.8 2.0 
Net losses on hedging instruments(b)
(38.3)7.2 (46.8)(10.0)
Pension and other post-retirement benefits
Net gains (losses) arising during the period(1.3)(2.3)(1.5)1.2 
Reclassification adjustment for amortization of prior service cost included in net income (loss)0.1 0.2 0.2 0.3 
Reclassification adjustment for amortization of net actuarial loss included in net income (loss)3.0 4.8 6.0 9.6 
Net pension and other postretirement benefits(c)
1.8 2.7 4.7 11.1 
Other comprehensive income (loss), net of tax(166.5)93.4 (46.4)56.5 
Comprehensive income(158.7)(71.5)(92.3)263.5 
Comprehensive income attributable to non-controlling interest(0.9)(1.9)(9.3)(5.7)
Comprehensive income (loss) attributable to TechnipFMC plc$(159.6)$(73.4)$(101.6)$257.8 

(a)Net of income tax benefit of nil for the three and six months ended June 30, 2022 and 2021.
(b)Net of income tax (expense) benefit of $(2.0) million and $(1.9) million for the three months ended June 30, 2022 and 2021, respectively, and $0.1 million and $3.0 million for the six months ended June 30, 2022 and 2021, respectively.
(c)Net of income tax (expense) benefit of $(2.7) million and $(1.3) million for the three months ended June 30, 2022 and 2021, respectively, and $(3.1) million and $(3.4) million for the six months ended June 30, 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)June 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$684.9 $1,327.4 
Trade receivables, net of allowances of $37.2 in 2022 and $38.1 in 2021
1,097.8 911.9 
Contract assets, net of allowances of $1.2 in 2022 and $1.1 in 2021
1,025.0 966.0 
Inventories, net (Note 8)1,067.1 1,031.9 
Derivative financial instruments (Note 18)213.4 110.3 
Income taxes receivable92.1 85.0 
Advances paid to suppliers51.1 79.4 
Other current assets (Note 9)503.2 512.3 
Investment in Technip Energies (Note 10)  317.3 
Total current assets4,734.6 5,341.5 
Investments in equity affiliates (Note 10)301.9 292.4 
Property, plant and equipment, net of accumulated depreciation of $2,352.5 in 2022 and $2,204.0 in 2021
2,391.3 2,597.2 
Operating lease right-of-use assets806.4 707.9 
Finance lease right-of-use assets51.3 52.2 
Intangible assets, net of accumulated amortization of $620.9 in 2022 and $575.5 in 2021
761.4 813.7 
Deferred income taxes72.2 74.3 
Derivative financial instruments (Note 18)24.7 10.5 
Other assets143.3 130.4 
Total assets$9,287.1 $10,020.1 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 12)$274.0 $277.6 
Operating lease liabilities151.6 126.2 
Finance lease liabilities51.7 0.7 
Accounts payable, trade1,250.4 1,294.3 
Contract liabilities804.4 1,012.9 
Accrued payroll166.2 194.1 
Derivative financial instruments (Note 18)342.0 161.0 
Income taxes payable90.9 124.6 
Other current liabilities (Note 9)549.3 660.4 
Total current liabilities3,680.5 3,851.8 
Long-term debt, less current portion (Note 12)1,200.7 1,727.3 
Operating lease liabilities, less current portion717.6 646.8 
Financing lease liabilities, less current portion 51.1 
Deferred income taxes48.5 47.5 
Accrued pension and other post-retirement benefits, less current portion98.8 113.4 
Derivative financial instruments (Note 18)53.0 15.5 
Other liabilities143.6 148.3 
Total liabilities5,942.7 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 shares9,178.2 9,160.8 
Accumulated deficit(4,964.0)(4,903.8)
Accumulated other comprehensive loss(1,347.0)(1,305.0)
Total TechnipFMC plc stockholders’ equity3,319.4 3,402.7 
Non-controlling interests25.0 15.7 
Total equity3,344.4 3,418.4 
Total liabilities and equity$9,287.1 $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)
Six Months Ended June 30,
20222021
Cash provided (required) by operating activities
Net income (loss)$(45.9)$207.0 
Net loss from discontinued operations19.4 52.5 
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities
Depreciation and amortization189.9 193.2 
Impairments1.1 19.6 
Employee benefit plan and share-based compensation costs17.1 10.5 
Deferred income tax benefit(10.8)(14.0)
(Income) loss from investment in Technip Energies27.7 (323.3)
Unrealized loss on derivative instruments and foreign exchange36.7 61.4 
Income from equity affiliates, net of dividends received(9.3)(20.4)
Loss on early extinguishment of debt29.8 23.5 
Other2.4 3.9 
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and contract assets(322.8)(353.5)
Inventories, net(43.5)122.6 
Trade payables and contract liabilities(149.5)(98.5)
Income taxes payable, net(35.6)173.6 
Other current assets and liabilities, net(134.8)34.5 
Other non-current assets and liabilities, net1.8 3.0 
Cash provided (required) by operating activities from continuing operations(426.3)95.6 
Cash provided by operating activities from discontinued operations 66.3 
Cash provided (required) by operating activities(426.3)161.9 
Cash provided (required) by investing activities
Capital expenditures(63.4)(83.9)
Proceeds from sales of assets7.9 88.7 
Proceeds from sale of investment in Technip Energies288.5 458.1 
Proceeds from repayment of advances to joint venture12.5 12.5 
Other(16.0)(4.9)
Cash provided by investing activities from continuing operations229.5 470.5 
Cash required by investing activities from discontinued operations (4.5)
Cash provided by investing activities229.5 466.0 
Cash required by financing activities
Net decrease in short-term debt(173.5)(23.1)
Net decrease in commercial paper (974.3)
Net increase in revolving credit facility170.0  
Proceeds from issuance of long-term debt 1,164.4 
Repayments of long-term debt(451.7)(1,065.8)
Payments for debt issuance costs (53.5)
Other(5.5)(3.5)
Cash required by financing activities from continuing operations(460.7)(955.8)
Cash required by financing activities from discontinued operations (3,617.7)
Cash required by financing activities(460.7)(4,573.5)
Effect of changes in foreign exchange rates on cash and cash equivalents15.0 (7.3)
Change in cash and cash equivalents(642.5)(3,952.9)
Cash and cash equivalents, beginning of period1,327.4 4,807.8 
Cash and cash equivalents, end of period$684.9 $854.9 

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 AND SIX MONTHS ENDED JUNE 30, 2022 and 2021

(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 March 31, 2021$449.8 $9,152.1 $(4,547.0)$(1,400.8)$41.4 $3,695.5 
Net income (loss)— — (167.0)— 2.1 (164.9)
Other comprehensive income— — — 93.6 (0.2)93.4 
Issuance of ordinary shares0.8 — — — — 0.8 
Share-based compensation (Note 14)— 7.3 — — — 7.3 
Spin-off of Technip Energies (Note 2)— (14.7)— 12.3  (2.4)
Other— — — — (0.4)(0.4)
Balance as of June 30, 2021$450.6 $9,144.7 $(4,714.0)$(1,294.9)$42.9 $3,629.3 
Balance as of March 31, 2022$452.2 $9,169.1 $(4,969.7)$(1,185.3)$24.1 $3,490.4 
Net income — — 2.1 — 5.7 7.8 
Other comprehensive loss— — — (161.7)(4.8)(166.5)
Share-based compensation (Note 14)— 9.1 — — — 9.1 
Other— — 3.6 — — 3.6 
Balance as of June 30, 2022$452.2 $9,178.2 $(4,964.0)$(1,347.0)$25.0 $3,344.4 

(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— — 201.2 — 5.8 207.0 
Other comprehensive income (loss)— — — 56.6 (0.1)56.5 
Issuance of ordinary shares1.1 — — — — 1.1 
Share-based compensation (Note 14)— 10.7 — — — 10.7 
Spin-off of Technip Energies (Note 2)— (1,108.4)— 271.0 (19.9)(857.3)
Other— — — — (3.0)(3.0)
Balance as of June 30, 2021450.6 9,144.7 (4,714.0)(1,294.9)42.9 3,629.3 
Balance as of December 31, 2021450.7 9,160.8 (4,903.8)(1,305.0)15.7 3,418.4 
Net income (loss)— — (59.6)— 13.7 (45.9)
Other comprehensive income— — — (42.0)(4.4)(46.4)
Issuance of ordinary shares1.5 (1.6)— — — (0.1)
Share-based compensation (Note 14)— 19.0 — — — 19.0 
Other— — (0.6)— — (0.6)
Balance as of June 30, 2022452.2 9,178.2 (4,964.0)(1,347.0)25.0 3,344.4 

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 six months ended June 30, 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):
Six Months Ended June 30, 2021
(In millions)As previously reportedRevisionAs Revised
Cash required by financing activities from continuing operations$(955.8)$ $(955.8)
Cash required by financing activities from discontinued operations(79.1)(3,538.6)(3,617.7)
Cash required by financing activities(1,034.9)(3,538.6)(4,573.5)
Change in cash and cash equivalents(414.3)(3,538.6)(3,952.9)
Cash and cash equivalents, beginning of period1,269.2 3,538.6 4,807.8 
Cash and cash equivalents, end of period$854.9 $ $854.9 
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 and six months ended June 30, 2021. Our condensed consolidated statements of income 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 (loss) from discontinued operations, net of income taxes:
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2022202120222021
Revenue$ $ $ $906.0 
Costs and expenses   (889.3)
Other expense, net   (18.6)
Loss from discontinued operations before income taxes$ $ $ $(1.9)
Income tax expense (benefit) (7.7)19.4 50.6 
Income (loss) from discontinued operations, net of income taxes$ $7.7 $(19.4)$(52.5)
For the six months ended June 30, 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 and six months ended June 30, 2022 and 2021:

Reportable Segments
Three Months Ended
June 30, 2022June 30, 2021
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Europe and Central Asia$403.6 $40.3 $411.3 $55.1 
Latin America332.5 27.2 277.4 17.2 
Africa253.7