Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIRST QUARTER 2017 RESTATEMENT - TechnipFMC plc | copyofform8-kxq12017earnin.htm |
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share amounts)
(unaudited) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31 as reported on Form 10-Q filed on May 4, 2017 | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | As Previously Reported | Restatement Adjustments | As Restated | ||||||||||||||||||
Revenue | $ | 3,388.0 | $ | — | $ | 3,388.0 | $ | 2,405.7 | $ | — | $ | 2,405.7 | |||||||||||
Costs and expenses | 3,345.1 | (2.9 | ) | 3,342.2 | 2,209.3 | — | 2,209.3 | ||||||||||||||||
42.9 | 2.9 | 45.8 | 196.4 | — | 196.4 | ||||||||||||||||||
Other income (expense), net | 336.8 | (263.9 | ) | 72.9 | 11.7 | (28.3 | ) | (16.6 | ) | ||||||||||||||
Income before net interest expense and income taxes | 379.7 | (261.0 | ) | 118.7 | 208.1 | (28.3 | ) | 179.8 | |||||||||||||||
Net interest expense | (81.7 | ) | (0.4 | ) | (82.1 | ) | (13.3 | ) | — | (13.3 | ) | ||||||||||||
Income before income taxes | 298.0 | (261.4 | ) | 36.6 | 194.8 | (28.3 | ) | 166.5 | |||||||||||||||
Provision for income taxes | 103.7 | (51.9 | ) | 51.8 | 47.5 | (1.6 | ) | 45.9 | |||||||||||||||
Net income (loss) | 194.3 | (209.5 | ) | (15.2 | ) | 147.3 | (26.7 | ) | 120.6 | ||||||||||||||
Net (income) loss attributable to noncontrolling interests | (3.5 | ) | — | (3.5 | ) | 0.1 | — | 0.1 | |||||||||||||||
Net income (loss) attributable to TechnipFMC plc | $ | 190.8 | $ | (209.5 | ) | $ | (18.7 | ) | $ | 147.4 | $ | (26.7 | ) | $ | 120.7 | ||||||||
Earnings (loss) per share attributable to TechnipFMC plc: | |||||||||||||||||||||||
Basic | $ | 0.41 | $ | (0.45 | ) | $ | (0.04 | ) | $ | 1.25 | $ | (0.23 | ) | $ | 1.02 | ||||||||
Diluted | $ | 0.41 | $ | (0.45 | ) | $ | (0.04 | ) | $ | 1.21 | $ | (0.24 | ) | $ | 0.97 | ||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 466.6 | 466.6 | 118.2 | 118.2 | |||||||||||||||||||
Diluted | 468.9 | 466.6 | 124.4 | 124.4 | |||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
BUSINESS SEGMENT DATA
(In millions)
(unaudited) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31 as reported on Form 10-Q filed on May 4, 2017 | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | As Previously Reported | Restatement Adjustments | As Restated | ||||||||||||||||||
Revenue | |||||||||||||||||||||||
Subsea | $ | 1,376.7 | $ | — | $ | 1,376.7 | $ | 1,517.2 | $ | — | $ | 1,517.2 | |||||||||||
Onshore/Offshore | 1,764.0 | — | 1,764.0 | 888.5 | — | 888.5 | |||||||||||||||||
Surface Technologies | 248.4 | — | 248.4 | — | — | — | |||||||||||||||||
Other revenue and intercompany eliminations | (1.1 | ) | — | (1.1 | ) | — | — | — | |||||||||||||||
Total revenue | $ | 3,388.0 | $ | — | $ | 3,388.0 | $ | 2,405.7 | $ | — | $ | 2,405.7 | |||||||||||
Income before income taxes: | |||||||||||||||||||||||
Segment operating profit (loss): | |||||||||||||||||||||||
Subsea | $ | 54.2 | $ | — | $ | 54.2 | $ | 196.4 | $ | — | $ | 196.4 | |||||||||||
Onshore/Offshore | 139.9 | 2.9 | 142.8 | 58.5 | (20.1 | ) | 38.4 | ||||||||||||||||
Surface Technologies | (18.6 | ) | — | (18.6 | ) | — | — | — | |||||||||||||||
Total segment operating profit | 175.5 | 2.9 | 178.4 | 254.9 | (20.1 | ) | 234.8 | ||||||||||||||||
Corporate items: | |||||||||||||||||||||||
Corporate income (expense) (1) | 204.2 | (263.9 | ) | (59.7 | ) | (46.8 | ) | (8.2 | ) | (55.0 | ) | ||||||||||||
Net interest expense | (81.7 | ) | (0.4 | ) | (82.1 | ) | (13.3 | ) | — | (13.3 | ) | ||||||||||||
Total corporate items | 122.5 | (264.3 | ) | (141.8 | ) | (60.1 | ) | (8.2 | ) | (68.3 | ) | ||||||||||||
Income before income taxes (2) | $ | 298.0 | $ | (261.4 | ) | $ | 36.6 | $ | 194.8 | $ | (28.3 | ) | $ | 166.5 | |||||||||
(1) Corporate income (expense) primarily includes corporate staff expenses, stock-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, and merger-related transaction expenses. (2) Includes amounts attributable to noncontrolling interests. | |||||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited) | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | As Previously Reported | Restatement Adjustments | As Restated | ||||||||||||||||||
Cash and cash equivalents | $ | 7,041.7 | $ | — | $ | 7,041.7 | $ | 6,269.3 | $ | — | $ | 6,269.3 | |||||||||||
Trade receivables, net | 2,433.3 | — | 2,433.3 | 2,024.5 | — | 2,024.5 | |||||||||||||||||
Costs in excess of billings | 1,036.8 | — | 1,036.8 | 485.8 | — | 485.8 | |||||||||||||||||
Inventories, net | 983.5 | — | 983.5 | 334.7 | — | 334.7 | |||||||||||||||||
Other current assets | 2,239.5 | — | 2,239.5 | 1,822.9 | — | 1,822.9 | |||||||||||||||||
Total current assets | 13,734.8 | — | 13,734.8 | 10,937.2 | — | 10,937.2 | |||||||||||||||||
Property, plant and equipment, net | 3,975.5 | — | 3,975.5 | 2,620.1 | — | 2,620.1 | |||||||||||||||||
Goodwill | 9,023.6 | — | 9,023.6 | 3,718.3 | — | 3,718.3 | |||||||||||||||||
Intangible assets, net | 1,580.0 | (78.8 | ) | 1,501.2 | 255.4 | (81.7 | ) | 173.7 | |||||||||||||||
Other assets | 1,256.6 | 124.2 | 1,380.8 | 1,168.1 | 72.3 | 1,240.4 | |||||||||||||||||
Total assets | $ | 29,570.5 | $ | 45.4 | $ | 29,615.9 | $ | 18,699.1 | $ | (9.4 | ) | $ | 18,689.7 | ||||||||||
Short-term debt and current portion of long-term debt | $ | 499.0 | $ | — | $ | 499.0 | $ | 683.6 | $ | — | $ | 683.6 | |||||||||||
Accounts payable, trade | 4,131.5 | — | 4,131.5 | 3,837.7 | — | 3,837.7 | |||||||||||||||||
Advance payments | 314.9 | — | 314.9 | 411.1 | — | 411.1 | |||||||||||||||||
Billings in excess of costs | 3,478.7 | 222.4 | 3,701.1 | 3,364.5 | (41.5 | ) | 3,323.0 | ||||||||||||||||
Other current liabilities | 3,072.9 | — | 3,072.9 | 2,633.5 | — | 2,633.5 | |||||||||||||||||
Total current liabilities | 11,497.0 | 222.4 | 11,719.4 | 10,930.4 | (41.5 | ) | 10,888.9 | ||||||||||||||||
Long-term debt, less current portion | 3,082.8 | — | 3,082.8 | 1,869.3 | — | 1,869.3 | |||||||||||||||||
Other liabilities | 1,431.5 | — | 1,431.5 | 820.0 | (0.4 | ) | 819.6 | ||||||||||||||||
TechnipFMC plc stockholders’ equity | 13,552.8 | (177.0 | ) | 13,375.8 | 5,091.1 | 32.5 | 5,123.6 | ||||||||||||||||
Noncontrolling interests | 6.4 | — | 6.4 | (11.7 | ) | — | (11.7 | ) | |||||||||||||||
Total liabilities and equity | $ | 29,570.5 | $ | 45.4 | $ | 29,615.9 | $ | 18,699.1 | $ | (9.4 | ) | $ | 18,689.7 | ||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited) | |||||||||||||||||||||||
as reported on Form 10-Q filed on May 4, 2017 | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31 | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | As Previously Reported | Restatement Adjustments | As Restated | ||||||||||||||||||
Cash provided (required) by operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 194.3 | $ | (209.5 | ) | $ | (15.2 | ) | $ | 147.3 | $ | (26.7 | ) | $ | 120.6 | ||||||||
Depreciation and amortization | 154.1 | (2.9 | ) | 151.2 | 74.6 | — | 74.6 | ||||||||||||||||
Asset impairments charges | 0.4 | — | 0.4 | — | — | — | |||||||||||||||||
Trade receivables, net and costs in excess of billings | 267.7 | — | 267.7 | 8.8 | — | 8.8 | |||||||||||||||||
Inventories, net | 126.6 | — | 126.6 | 42.0 | — | 42.0 | |||||||||||||||||
Accounts payable, trade | (168.8 | ) | — | (168.8 | ) | (84.0 | ) | — | (84.0 | ) | |||||||||||||
Advance payments and billings in excess of costs | (220.6 | ) | 263.9 | 43.3 | (91.6 | ) | 8.2 | (83.4 | ) | ||||||||||||||
Other | (202.7 | ) | (51.5 | ) | (254.2 | ) | 63.3 | 18.5 | 81.8 | ||||||||||||||
Net cash provided by operating activities | 151.0 | — | 151.0 | 160.4 | — | 160.4 | |||||||||||||||||
Cash provided (required) by investing activities: | |||||||||||||||||||||||
Capital expenditures | (51.2 | ) | — | (51.2 | ) | (25.5 | ) | — | (25.5 | ) | |||||||||||||
Cash acquired in merger of Technip and FMC Technologies | 1,479.2 | — | 1,479.2 | — | — | — | |||||||||||||||||
Other investing | 14.9 | — | 14.9 | 0.5 | — | 0.5 | |||||||||||||||||
Net cash provided (required) by investing activities | 1,442.9 | — | 1,442.9 | (25.0 | ) | — | (25.0 | ) | |||||||||||||||
Cash provided (required) by financing activities: | |||||||||||||||||||||||
Net increase (decrease) in debt | (820.1 | ) | — | (820.1 | ) | (249.8 | ) | — | (249.8 | ) | |||||||||||||
Other financing | (45.4 | ) | — | (45.4 | ) | (19.4 | ) | — | (19.4 | ) | |||||||||||||
Net cash required by financing activities | (865.5 | ) | — | (865.5 | ) | (269.2 | ) | — | (269.2 | ) | |||||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 44.0 | — | 44.0 | (97.7 | ) | — | (97.7 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 772.4 | — | 772.4 | (231.5 | ) | — | (231.5 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | 6,269.3 | — | 6,269.3 | 3,178.0 | — | 3,178.0 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 7,041.7 | $ | — | $ | 7,041.7 | $ | 2,946.5 | $ | — | $ | 2,946.5 | |||||||||||
TECHNIPFMC plc AND CONSOLIDATED SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
The Reconciliation of U.S. GAAP to non-GAAP financial measures for TechnipFMC plc and consolidated subsidiaries are provided on the following page. The financial results reflect the following information:
• | On January 16, 2017, TechnipFMC was created by the business combination of Technip S.A. (Technip) and FMC Technologies, Inc. (FMC Technologies). |
• | In December of 2016, Technip increased its ownership in the Yamal LNG Joint Venture and became the controlling shareholder. Under US GAAP, this would have resulted in full consolidation of the Joint Venture on the date of the transaction. |
The Non-GAAP results for the three months ended March 31, 2017:
1. | Include the results of Technip for the full period; |
2. | Include the results of FMC Technologies for the period January 17 to March 31, 2017; revenues of $112.9 million during the period from January 1 to January 16, 2017 were excluded, of which approximately 70 percent from Subsea and the remainder from Surface Technologies; and |
3. | Fully consolidate the Yamal LNG Joint Venture for the full period, within the Onshore/Offshore segment. |
The Non-GAAP pro forma results for the three months ended March 31, 2016:
1. | Include the results of both Technip and FMC Technologies for the full period; |
2. | Combine FMC Technologies’ former Surface Technologies and Energy Infrastructure segments to form the pro forma Surface Technologies segment; |
3. | Purchase price accounting adjustments applied on an equal basis to first quarter 2017 results to provide comparability; and |
4. | Fully consolidate the Yamal LNG Joint Venture for the full period, within the Onshore/Offshore segment. |
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
Charges and Credits
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), the First Quarter 2017 Earnings Release also includes non-GAAP financial measures (as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended) and describes performance on a year-over-year basis against 2016 pro forma results and measures. Net income, excluding charges and credits, as well as measures derived from it (including Diluted EPS, excluding charges and credits; Income before net interest expense and taxes, excluding charges and credits ("Adjusted Operating profit"); Depreciation and amortization, excluding charges and credits; Earnings before net interest expense, income taxes, depreciation and amortization, excluding charges and credits ("Adjusted EBITDA"); and net cash) are non-GAAP financial measures. Management believes that the exclusion of charges and credits from these financial measures enables investors and management to more effectively evaluate TechnipFMC's operations and consolidated results of operations period-over-period, and to identify operating trends that could otherwise be masked or misleading to both investors and management by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered by investors in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of the most comparable financial measures under GAAP to the non-GAAP financial measures.
Three Months Ended | |||||||||||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||||||
Net income attributable to TechnipFMC plc | Net (income) loss attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | 190.8 | $ | (3.5 | ) | $ | 103.7 | $ | (81.7 | ) | $ | 379.7 | $ | 154.1 | $ | 533.8 | |||||||||||
Restatement Adjustments | (209.5 | ) | — | (51.9 | ) | (0.4 | ) | (261.0 | ) | (2.9 | ) | (263.9 | ) | ||||||||||||||
As Restated | (18.7 | ) | (3.5 | ) | 51.8 | (82.1 | ) | 118.7 | 151.2 | 269.9 | |||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | — | — | 0.4 | — | 0.4 | — | 0.4 | ||||||||||||||||||||
Restructuring and other severance charges | 6.8 | — | 2.5 | — | 9.3 | — | 9.3 | ||||||||||||||||||||
Business combination transaction and integration costs | 38.8 | — | 15.9 | — | 54.7 | — | 54.7 | ||||||||||||||||||||
Purchase price accounting adjustments | 94.5 | — | 34.9 | 0.3 | 129.1 | (42.9 | ) | 86.2 | |||||||||||||||||||
Adjusted financial measures | $ | 330.9 | $ | (3.5 | ) | $ | 157.4 | $ | (81.4 | ) | $ | 573.2 | $ | 111.2 | $ | 684.4 | |||||||||||
As Restated | 121.4 | (3.5 | ) | 105.5 | (81.8 | ) | 312.2 | 108.3 | 420.5 | ||||||||||||||||||
Pro Forma Three Months Ended | |||||||||||||||||||||||||||
March 31, 2016 | |||||||||||||||||||||||||||
Net income attributable to TechnipFMC plc | Net (income) loss attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | 123.3 | $ | 0.1 | $ | 26.7 | $ | (13.6 | ) | $ | 163.5 | $ | 160.5 | $ | 324.0 | ||||||||||||
Restatement Adjustments | (26.7 | ) | — | (1.6 | ) | — | (28.3 | ) | — | (28.3 | ) | ||||||||||||||||
As Restated | 96.6 | 0.1 | 25.1 | (13.6 | ) | 135.2 | 160.5 | 295.7 | |||||||||||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 53.8 | — | — | — | 53.8 | — | 53.8 | ||||||||||||||||||||
Restructuring and other severance charges | 22.2 | — | — | — | 22.2 | — | 22.2 | ||||||||||||||||||||
Purchase price accounting adjustments | 94.5 | — | 34.9 | 0.3 | 129.1 | (42.9 | ) | 86.2 | |||||||||||||||||||
Adjusted financial measures | $ | 293.8 | $ | 0.1 | $ | 61.6 | $ | (13.3 | ) | $ | 368.6 | $ | 117.6 | $ | 486.2 | ||||||||||||
As Restated | 267.1 | 0.1 | 60.0 | (13.3 | ) | 340.3 | 117.6 | 457.9 | |||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts, unaudited)
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
March 31, 2017 | March 31, 2016 | ||||||||||||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | As Previously Reported | Restatement Adjustments | As Restated | ||||||||||||||||||
(after-tax) | |||||||||||||||||||||||
Net income attributable to TechnipFMC plc, as reported | $ | 191 | $ | (210 | ) | $ | (19 | ) | $ | 147 | $ | (27 | ) | $ | 121 | ||||||||
Charges and (credits): | |||||||||||||||||||||||
Impairment and other charges (1) | — | — | — | 13 | — | 13 | |||||||||||||||||
Restructuring and other severance charges (2) | 7 | — | 7 | 12 | — | 12 | |||||||||||||||||
Business combination transaction and integration costs (3) | 39 | — | 39 | — | — | — | |||||||||||||||||
Purchase price accounting adjustments (4) | 95 | — | 95 | — | — | — | |||||||||||||||||
Adjusted net income attributable to TechnipFMC plc | $ | 331 | $ | (210 | ) | $ | 121 | $ | 172 | $ | (27 | ) | $ | 145 | |||||||||
Diluted EPS attributable to TechnipFMC plc, as reported | $ | 0.41 | $ | (0.45 | ) | $ | (0.04 | ) | $ | 1.21 | $ | (0.24 | ) | $ | 0.97 | ||||||||
Adjusted diluted EPS attributable to TechnipFMC plc | $ | 0.71 | $ | (0.45 | ) | $ | 0.26 | $ | 1.41 | $ | (0.24 | ) | $ | 1.17 | |||||||||
(1) Tax effect of nil and $6 million during the three months ended March 31, 2017 and 2016, respectively. (2) Tax effect of $3 million and $5 million during the three months ended March 31, 2017 and 2016, respectively. (3) Tax effect of $16 million and nil during the three months ended March 31, 2017 and 2016, respectively. (4) Tax effect of $35 million and nil during the three months ended March 31, 2017 and 2016, respectively. | |||||||||||||||||||||||
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, unaudited)
Three Months Ended | |||||||||||||||||||
March 31, 2017 | |||||||||||||||||||
Subsea Technologies | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 1,376.7 | $ | 1,764.0 | $ | 248.4 | $ | (1.1 | ) | $ | 3,388.0 | ||||||||
Operating profit, as reported (pre-tax) | $ | 54.2 | $ | 139.9 | $ | (18.6 | ) | $ | 204.2 | $ | 379.7 | ||||||||
Restatement Adjustments | 2.9 | (263.9 | ) | (261.0 | ) | ||||||||||||||
As Restated | 142.8 | (59.7 | ) | 118.7 | |||||||||||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 0.2 | — | 0.2 | — | 0.4 | ||||||||||||||
Restructuring and other severance charges | 6.5 | (0.3 | ) | 1.2 | 1.9 | 9.3 | |||||||||||||
Business combination transaction and integration costs | 1.5 | — | 0.8 | 52.3 | 54.7 | ||||||||||||||
Purchase price accounting adjustments - non-amortization related | 55.0 | — | 34.2 | (3.0 | ) | 86.2 | |||||||||||||
Purchase price accounting adjustments - amortization related | 34.0 | — | 9.0 | (0.1 | ) | 42.9 | |||||||||||||
Subtotal | 97.2 | (0.3 | ) | 45.4 | 51.1 | 193.5 | |||||||||||||
Adjusted Operating profit | 151.4 | 139.6 | 26.8 | 255.3 | 573.2 | ||||||||||||||
As Restated | 142.5 | (8.6 | ) | 312.2 | |||||||||||||||
Adjusted Depreciation and amortization | 87.2 | 12.6 | 9.2 | 2.2 | 111.2 | ||||||||||||||
Restatement Adjustments | (2.9 | ) | (2.9 | ) | |||||||||||||||
As Restated | 9.7 | 108.3 | |||||||||||||||||
Adjusted EBITDA(1) | $ | 238.6 | $ | 152.2 | $ | 36.0 | $ | 257.5 | $ | 684.4 | |||||||||
As Restated | (6.4 | ) | 420.5 | ||||||||||||||||
Operating profit margin, as reported | 3.9 | % | 7.9 | % | (7.5 | )% | 11.2 | % | |||||||||||
As Restated | 8.1 | % | 3.5 | % | |||||||||||||||
Adjusted Operating profit margin | 11.0 | % | 7.9 | % | 10.8 | % | 16.9 | % | |||||||||||
As Restated | 8.1 | % | 9.2 | % | |||||||||||||||
Adjusted EBITDA margin(1) | 17.3 | % | 8.6 | % | 14.5 | % | 20.2 | % | |||||||||||
As Restated | 12.4 | % | |||||||||||||||||
Pro Forma Three Months Ended | |||||||||||||||||||
March 31, 2016 | |||||||||||||||||||
Subsea Technologies | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue, as pro forma | $ | 2,378.0 | $ | 2,181.9 | $ | 349.6 | $ | (4.9 | ) | $ | 4,904.6 | ||||||||
Restatement Adjustments | (213.0 | ) | (213.0 | ) | |||||||||||||||
As Restated | 1,968.9 | 4,691.6 | |||||||||||||||||
Operating profit (pre-tax), as pro forma | $ | 216.9 | $ | 58.4 | $ | (75.1 | ) | $ | (36.7 | ) | $ | 163.5 | |||||||
Restatement Adjustments | (28.3 | ) | (28.3 | ) | |||||||||||||||
As Restated | (65.0 | ) | 135.2 | ||||||||||||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 0.1 | 19.4 | 34.2 | — | 53.8 | ||||||||||||||
Restructuring and other severance charges | 0.3 | 16.0 | 5.8 | — | 22.2 | ||||||||||||||
Purchase price accounting adjustments - non-amortization related | 55.0 | — | 34.2 | (3.0 | ) | 86.2 | |||||||||||||
Purchase price accounting adjustments - amortization related | 34.0 | — | 9.0 | (0.1 | ) | 42.9 | |||||||||||||
Subtotal | 89.5 | 35.4 | 83.3 | (3.1 | ) | 205.1 | |||||||||||||
Adjusted Operating profit | 306.4 | 93.8 | 8.2 | (39.8 | ) | 368.6 | |||||||||||||
As Restated | (68.1 | ) | 340.3 | ||||||||||||||||
Adjusted Depreciation and amortization | 89.7 | 9.1 | 20.8 | (2.0 | ) | 117.6 | |||||||||||||
Adjusted EBITDA(1) | $ | 396.1 | $ | 102.9 | $ | 29.0 | $ | (41.8 | ) | $ | 486.2 | ||||||||
As Restated | (70.1 | ) | 457.9 | ||||||||||||||||
Operating profit margin, as pro forma | 9.1 | % | 2.7 | % | (21.5 | )% | 3.3 | % | |||||||||||
As Restated | 3.0 | % | 2.9 | % | |||||||||||||||
Adjusted Operating profit margin | 12.9 | % | 4.3 | % | 2.3 | % | 7.5 | % | |||||||||||
As Restated | 4.8 | % | 7.3 | % | |||||||||||||||
Adjusted EBITDA margin(1) | 16.7 | % | 4.7 | % | 8.3 | % | 9.9 | % | |||||||||||
5.2 | % | 9.8 | % | ||||||||||||||||
As Restated | |||||||||||||||||||
(1) Includes amounts attributable to noncontrolling interests | |||||||||||||||||||