FMC TECHNOLOGIES INC

CIK:0001135152|SEC Filings

Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Product revenue	$ 875.9	$ 1,207.9	$ 2,754.7	$ 3,936.7
Service revenue	165.9	268.5	548.2	790.7
Lease and other income (Note 8)	49.4	68.6	147.3	208.0
Total revenue	1,091.2	1,545.0	3,450.2	4,935.4
Costs and expenses:
Cost of product revenue	681.3	924.2	2,134.6	3,008.1
Cost of service revenue	116.8	196.7	429.1	596.7
Cost of lease and other revenue	48.6	53.0	136.6	148.7
Selling, general and administrative expense	132.9	144.3	430.0	482.6
Research and development expense	23.3	25.9	89.5	91.7
Restructuring and impairment expense (Note 5)	23.8	78.1	75.4	98.2
Merger transaction and integration costs (Note 2)	11.6		30.6
Total costs and expenses	1,038.3	1,422.2	3,325.8	4,426.0
Other expense, net	(8.7)	(12.7)	(29.4)	(34.1)
Income before net interest expense and income taxes	44.2	110.1	95.0	475.3
Net interest expense	(7.7)	(8.1)	(22.8)	(24.4)
Income from continuing operations before income taxes	36.5	102.0	72.2	450.9
Provision (benefit) for income taxes (Note 13)	(9.5)	19.5	9.0	112.3
Income from continuing operations	46.0	82.5	63.2	338.6
Loss from discontinued operations, net of income taxes (Note 6)	(14.0)		(14.0)
Net income	32.0	82.5	49.2	338.6
Net (income) loss attributable to noncontrolling interests	0.3	(0.5)	0.4	(1.1)
Net income attributable to FMC Technologies, Inc.	32.3	82.0	49.6	337.5
Net income attributable to FMC Technologies, Inc.:
Income from continuing operations	46.3	$ 82.0	63.6	$ 337.5
Loss from discontinued operations	$ (14.0)		$ (14.0)
Basic earnings per share attributable to FMC Technologies, Inc. (Note 4):
Income from continuing operations, per basic share	$ 0.20	$ 0.36	$ 0.28	$ 1.46
Loss from discontinued operations, per basic share	(0.06)		(0.06)
Basic earnings per share	0.14	0.36	0.22	1.46
Diluted earnings per share attributable to FMC Technologies, Inc. (Note 4):
Income from continuing operations, per diluted share	0.20	0.35	0.28	1.45
Loss from discontinued operations, per diluted share	(0.06)		(0.06)
Diluted earnings per share	$ 0.14	$ 0.35	$ 0.22	$ 1.45
Weighted average shares outstanding (Note 4):
Basic	226.9	230.2	227.3	231.6
Diluted	228.2	231.0	228.5	232.5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash provided (required) by operating activities:
Net income	$ 49.2	$ 338.6
Adjustments to reconcile net income to cash provided (required) by operating activities:
Depreciation	130.0	133.6
Amortization	51.1	48.9
Employee benefit plan and stock-based compensation costs	56.0	67.9
Unrealized loss on derivative instruments and foreign exchange contracts	35.9	31.5
Deferred income tax provision (benefit)	(14.2)	30.6
Impairments (Note 5)	40.2	64.4
Other	53.9	34.8
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade receivables, net and costs in excess of billings	240.4	181.3
Inventories, net	127.3	105.2
Accounts payable, trade	(155.7)	(140.6)
Advance payments and billings in excess of costs	(182.9)	(241.3)
Income taxes payable, net	(16.1)	(127.9)
Accrued pension and other post-retirement benefits, net	(67.3)	(20.4)
Other assets and liabilities, net	(112.4)	(5.6)
Cash provided by operating activities from continuing operations	235.4	501.0
Cash required by operating activities from discontinued operations (Note 6)	(8.1)
Cash provided by operating activities	227.3	501.0
Cash provided (required) by investing activities:
Capital expenditures	(93.1)	(211.0)
Investments in joint ventures	(52.9)	(5.0)
Proceeds from sale of wireline assets	19.0
Other	6.8	4.3
Cash required by investing activities	(120.2)	(211.7)
Cash provided (required) by financing activities:
Net increase in short-term debt	4.0	1.5
Net increase (decrease) in commercial paper	110.5	(8.0)
Repayments of long-term debt	18.9	1.2
Purchase of treasury stock	(54.8)	(148.0)
Acquisitions, payment of withheld purchase price		(9.6)
Payments related to taxes withheld on stock-based compensation	(8.6)	(8.8)
Other	(2.8)	(7.4)
Cash provided (required) by financing activities	29.4	(181.5)
Effect of exchange rate changes on cash and cash equivalents	21.5	(35.1)
Increase in cash and cash equivalents	158.0	72.7
Cash and cash equivalents, beginning of period	916.2	638.8
Cash and cash equivalents, end of period	$ 1,074.2	$ 711.5

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 1,074.2	$ 916.2
Trade receivables, net of allowances of $17.2 in 2016 and $19.2 in 2015	681.0	884.0
Costs in excess of billings	638.9	638.4
Inventories, net (Note 7)	641.6	764.1
Derivative financial instruments (Note 16)	128.3	333.9
Prepaid expenses	43.4	48.9
Income taxes receivable	71.9	68.7
Other current assets	223.0	276.0
Total current assets	3,502.3	3,930.2
Investments	26.4	29.6
Property, plant and equipment, net of accumulated depreciation of $993.9 in 2016 and $892.1 in 2015	1,309.6	1,371.5
Goodwill	523.9	514.7
Intangible assets, net of accumulated amortization of $158.7 in 2016 and $139.9 in 2015	225.0	246.3
Deferred income taxes	192.6	183.3
Derivative financial instruments (Note 16)	6.5	0.1
Other assets	177.4	143.7
Total assets	5,963.7	6,419.4
Liabilities and equity
Short-term debt and current portion of long-term debt	19.0	21.9
Accounts payable, trade	375.3	519.3
Advance payments	400.5	464.1
Billings in excess of costs	110.4	200.5
Accrued payroll	173.0	185.8
Derivative financial instruments (Note 16)	205.6	516.9
Income taxes payable	42.8	57.2
Other current liabilities	319.4	339.6
Total current liabilities	1,646.0	2,305.3
Long-term debt, less current portion (Note 10)	1,245.1	1,134.1
Accrued pension and other post-retirement benefits, less current portion	152.1	230.4
Derivative financial instruments (Note 16)	10.7	0.5
Deferred income taxes	128.8	105.4
Other liabilities	87.1	100.5
Commitments and contingent liabilities (Note 11)
Stockholders’ equity (Note 12):
Preferred stock, $0.01 par value, 12.0 shares authorized in 2016 and 2015; no shares issued in 2016 or 2015	0.0	0.0
Common stock, $0.01 par value, 600.0 shares authorized in 2016 and 2015; 286.3 shares issued in 2016 and 2015; 225.7 and 226.8 shares outstanding in 2016 and 2015, respectively	2.9	2.9
Common stock held in employee benefit trust, at cost; 0.2 shares in 2016 and 2015	(6.9)	(7.0)
Treasury stock, at cost; 60.4 and 59.4 shares in 2016 and 2015, respectively	(1,636.6)	(1,607.8)
Capital in excess of par value of common stock	764.1	759.0
Retained earnings	4,300.0	4,249.7
Accumulated other comprehensive loss	(745.2)	(872.7)
Total FMC Technologies, Inc. stockholders’ equity	2,678.3	2,524.1
Noncontrolling interests	15.6	19.1
Total equity	2,693.9	2,543.2
Total liabilities and equity	$ 5,963.7	$ 6,419.4