0001681459-19-000104.txt : 20191112 0001681459-19-000104.hdr.sgml : 20191112 20191112161803 ACCESSION NUMBER: 0001681459-19-000104 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 106 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191112 DATE AS OF CHANGE: 20191112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TechnipFMC plc CENTRAL INDEX KEY: 0001681459 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 981283037 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37983 FILM NUMBER: 191209682 BUSINESS ADDRESS: STREET 1: ONE ST. PAUL'S CHURCHYARD CITY: LONDON STATE: X0 ZIP: EC4M 8AP BUSINESS PHONE: 44 203 429 3950 MAIL ADDRESS: STREET 1: ONE ST. PAUL'S CHURCHYARD CITY: LONDON STATE: X0 ZIP: EC4M 8AP FORMER COMPANY: FORMER CONFORMED NAME: TechnipFMC Ltd DATE OF NAME CHANGE: 20160803 10-Q 1 technipfmc2019930-10q.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
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 Kingdom
98-1283037
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
One St. Paul’s Churchyard
 
London
 
United Kingdom
EC4M 8AP
(Address of principal executive offices)
(Zip Code)
+44 203-429-3950
(Registrant’s telephone number, including area code)
______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Ordinary shares, $1.00 par value per share
FTI
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None.

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 filer
Accelerated filer
Non-accelerated filer
Smaller 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.
Class
 
Outstanding at November 8, 2019
Ordinary shares, $1.00 par value per share
 
447,064,767
 




TABLE OF CONTENTS
 
Page

2



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of TechnipFMC plc (the Company, we, us, or our) contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes that 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 II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, as well as the following:
risks associated with our ability to consummate our proposed separation and spin-off, and our ability to achieve the intended benefits and synergies of the transaction;
unanticipated changes relating to competitive factors in our industry;
demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets;
our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets;
potential liabilities arising out of the installation or use of our products;
cost overruns related to our fixed price contracts or capital asset construction projects that may affect revenues;
our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers;
our reliance on subcontractors, suppliers, and joint venture partners in the performance of our contracts;
our ability to hire and retain key personnel;
piracy risks for our maritime employees and assets;
the potential impacts of seasonal and weather conditions;
the cumulative loss of major contracts or alliances;
U.S. and international laws and regulations, including existing or future environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
disruptions in the political, regulatory, economic, and social conditions of the countries in which we conduct business;
risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the NYSE and Euronext Paris, respectively;
the United Kingdom’s proposed withdrawal from the European Union;
risks associated with being an English public limited company, including the need for “distributable profits”, shareholder approval of certain capital structure decisions, and the risk that we may not be able to pay dividends or repurchase shares in accordance with our announced capital allocation plan;

3



compliance with covenants under our debt instruments and conditions in the credit markets;
downgrade in the ratings of our debt could restrict our ability to access the debt capital markets;
the outcome of uninsured claims and litigation against us;
the risks of currency exchange rate fluctuations associated with our international operations;
significant merger-related costs;
risks related to our acquisition and divestiture activities;
failure of our information technology infrastructure or any significant breach of security, including related to cyber attacks, and actual or perceived failure to comply with data security and privacy obligations;
risks that the legacy businesses of FMC Technologies, Inc. and Technip S.A. will not be integrated successfully or that the combined company will not realize estimated cost savings, value of certain tax assets, synergies, and growth, or that such benefits may take longer to realize than expected;
risks associated with tax liabilities, changes in U.S. federal or international tax laws, or interpretations to which we are subject;
the remedial measures to address our material weaknesses could be insufficient or additional issues relating to disclosure controls and procedures or internal control over financial reporting could be identified; and
such other risk factors set forth in our filings with the U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority.
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.

4



PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions, except per share data)
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
Service revenue
$
2,409.6

 
$
2,276.9

 
$
7,009.5

 
$
6,616.9

Product revenue
839.8

 
806.2

 
2,471.9

 
2,449.6

Lease revenue
85.7

 
60.7

 
200.9

 
163.4

Total revenue
3,335.1


3,143.8

 
9,682.3

 
9,229.9

 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
Cost of service revenue
1,926.0

 
1,860.2

 
5,520.1

 
5,488.4

Cost of product revenue
743.9

 
667.4

 
2,237.2

 
1,917.5

Cost of lease revenue
56.5

 
30.9

 
126.2

 
99.4

Selling, general and administrative expense
298.1

 
250.6

 
919.7

 
835.1

Research and development expense
40.6

 
38.6

 
110.0

 
133.3

Impairment, restructuring and other expenses (Note 16)
140.3

 
9.7

 
166.0

 
32.6

Separation costs (Note 2)
9.4

 

 
9.4

 

Merger transaction and integration costs
6.2

 
6.3

 
31.2

 
20.9

Total costs and expenses
3,221.0

 
2,863.7

 
9,119.8

 
8,527.2

 
 
 
 
 
 
 
 
Other income (expense), net
(57.7
)
 
10.4

 
(156.5
)
 
(12.6
)
Income from equity affiliates (Note 11)
25.9

 
16.4

 
54.0

 
70.6

Income before net interest expense and income taxes
82.3

 
306.9

 
460.0

 
760.7

Net interest expense
(116.5
)
 
(106.0
)
 
(345.3
)
 
(244.3
)
Income (loss) before income taxes
(34.2
)
 
200.9

 
114.7

 
516.4

Provision for income taxes (Note 18)
81.1

 
66.7

 
96.5

 
180.7

Net income (loss)
(115.3
)
 
134.2

 
18.2

 
335.7

Net (income) loss attributable to noncontrolling interests
(3.8
)
 
2.7

 
(19.4
)
 
2.0

Net income (loss) attributable to TechnipFMC plc
$
(119.1
)
 
$
136.9

 
$
(1.2
)
 
$
337.7

 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to TechnipFMC plc (Note 8)
 
 
 
 
 
 
 
Basic
$
(0.27
)
 
$
0.30

 
$

 
$
0.73

Diluted
$
(0.27
)
 
$
0.30

 
$

 
$
0.73

 
 
 
 
 
 
 
 
Weighted average shares outstanding (Note 8)
 
 
 
 
 
 
 
Basic
446.9

 
454.5

 
448.6

 
460.0

Diluted
446.9

 
459.0

 
448.6

 
464.0

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

5



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(115.3
)
 
$
134.2

 
$
18.2

 
$
335.7

Foreign currency translation adjustments(a)
(42.5
)
 
(142.0
)
 
(43.8
)
 
(282.1
)
 
 
 
 
 
 
 
 
Net gains (losses) on hedging instruments
 
 
 
 
 
 
 
Net gain (losses) arising during the period
(37.3
)
 
11.2

 
(32.1
)
 
(21.0
)
Reclassification adjustment for net losses included in net income
(17.1
)
 
(3.8
)
 
(10.7
)
 
(7.2
)
Net gains (losses) on hedging instruments(b)
(54.4
)
 
7.4

 
(42.8
)
 
(28.2
)
 
 
 
 
 
 
 
 
Pension and other post-retirement benefits
 
 
 
 
 
 
 
Net gains arising during the period
0.4

 
0.3

 
1.4

 
0.3

Reclassification adjustment for amortization of prior service cost included in net income
0.9

 
0.3

 
2.3

 
0.6

Net pension and other postretirement benefits(c)
1.3

 
0.6

 
3.7

 
0.9

Other comprehensive losses, net of tax
(95.6
)
 
(134.0
)
 
(82.9
)
 
(309.4
)
Comprehensive income (loss)
(210.9
)
 
0.2

 
(64.7
)
 
26.3

Comprehensive (income) loss attributable to noncontrolling interest
0.6

 
2.9

 
(16.3
)
 
1.2

Comprehensive income (loss) attributable to TechnipFMC plc
$
(210.3
)
 
$
3.1

 
$
(81.0
)
 
$
27.5


(a)
Net of income tax (expense) benefit of $7.9 and nil for the three months ended September 30, 2019 and 2018, respectively, and $7.9 and $(0.5) for the nine months ended September 30, 2019 and 2018, respectively.
(b)
Net of income tax (expense) benefit of $14.4 and $(4.1) for the three months ended September 30, 2019 and 2018, respectively. and $14.1 and $4.8 for the nine months ended September 30, 2019 and 2018, respectively.
(c)
Net of income tax (expense) benefit of $(0.2) and $(0.3) for the three months ended September 30, 2019 and 2018, respectively, and $0.4 and $(0.5) for the nine months ended September 30, 2019 and 2018, respectively.

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

6



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except par value data)
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents
$
4,504.4

 
$
5,540.0

Trade receivables, net of allowances of $109.7 in 2019 and $119.6 in 2018
2,150.0

 
2,469.7

Contract assets
1,503.0

 
1,295.0

Inventories, net (Note 9)
1,411.9

 
1,251.2

Derivative financial instruments (Note 19)
106.2

 
95.7

Income taxes receivable
340.2

 
284.3

Advances paid to suppliers
233.5

 
189.7

Other current assets (Note 10)
744.2

 
655.6

Total current assets
10,993.4

 
11,781.2

Investments in equity affiliates
433.3

 
394.5

Property, plant and equipment, net of accumulated depreciation of $2,054.0 in 2019 and $2,068.5 in 2018
3,092.0

 
3,259.8

Operating lease right-of-use assets (Note 5)
904.5

 

Goodwill
7,577.3

 
7,607.6

Intangible assets, net of accumulated amortization of $728.3 in 2019 and $658.1 in 2018
1,105.6

 
1,176.7

Deferred income taxes
333.7

 
232.4

Derivative financial instruments (Note 19)
46.1

 
18.3

Other assets
293.8

 
314.0

Total assets
$
24,779.7

 
$
24,784.5

 
 
 
 
Liabilities and equity
 
 
 
Short-term debt and current portion of long-term debt (Note 13)
$
299.4

 
$
67.4

Operating lease liabilities (Note 5)
224.3

 

Accounts payable, trade
2,556.4

 
2,600.3

Contract liabilities
4,122.5

 
4,085.1

Accrued payroll
402.1

 
394.7

Derivative financial instruments (Note 19)
226.3

 
138.4

Income taxes payable
94.0

 
81.9

Other current liabilities (Note 10)
1,471.0

 
1,771.6

Total current liabilities
9,396.0

 
9,139.4

Long-term debt, less current portion (Note 13)
3,608.8

 
4,124.3

Operating lease liabilities (Note 5)
743.4

 

Deferred income taxes
172.6

 
209.2

Accrued pension and other post-retirement benefits, less current portion
272.3

 
298.9

Derivative financial instruments (Note 19)
108.0

 
44.9

Other liabilities
316.3

 
540.4

Total liabilities
14,617.4

 
14,357.1

Commitments and contingent liabilities (Note 17)

 

Mezzanine equity
 
 
 
Redeemable noncontrolling interest (Note 20)
38.5

 
38.5

Stockholders’ equity (Note 14)
 
 
 
Ordinary shares, $1.00 par value; 618.3 shares and 618.3 shares authorized in 2019 and 2018, respectively; 447.1 shares and 450.5 shares issued and outstanding in 2019 and 2018, respectively; 4.0 and 14.8 shares canceled in 2019 and 2018, respectively
447.1

 
450.5

Ordinary shares held in employee benefit trust, at cost; nil and 0.1 shares in 2019 and 2018, respectively

 
(2.4
)
Capital in excess of par value of ordinary shares
10,169.7

 
10,197.0

Retained earnings
901.6

 
1,072.2

Accumulated other comprehensive loss
(1,439.5
)
 
(1,359.7
)
Total TechnipFMC plc stockholders’ equity
10,078.9

 
10,357.6

Noncontrolling interests
44.9

 
31.3

Total equity
10,123.8

 
10,388.9

Total liabilities and equity
$
24,779.7


$
24,784.5

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

7



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
Nine Months Ended
September 30,
2019
 
2018
Cash provided (required) by operating activities
 
 
 
Net income
$
18.2

 
$
335.7

Adjustments to reconcile net income to cash provided (required) by operating activities
 
 
 
Depreciation
282.5

 
276.3

Amortization
96.0

 
136.2

Impairments
127.5

 
14.1

Employee benefit plan and share-based compensation costs
54.2

 
27.1

Deferred income tax provision (benefit), net
(122.6
)
 
(44.6
)
Unrealized loss on derivative instruments and foreign exchange
108.2

 
19.0

Income from equity affiliates, net of dividends received
(49.6
)
 
(67.3
)
Other
307.6

 
58.9

Changes in operating assets and liabilities, net of effects of acquisitions
 
 
 
Trade receivables, net and contract assets
(23.0
)
 
(25.9
)
Inventories, net
(190.6
)
 
(259.6
)
Accounts payable, trade
19.4

 
(938.2
)
Contract liabilities
124.8

 
(18.6
)
Income taxes payable (receivable), net
(45.3
)
 
(91.8
)
Other current assets and liabilities, net
(431.1
)
 
416.6

Other noncurrent assets and liabilities, net
13.2

 
(182.6
)
Cash provided (required) by operating activities
289.4

 
(344.7
)
 
 
 
 
Cash provided (required) by investing activities
 
 
 
Capital expenditures
(368.4
)
 
(255.2
)
Payment to acquire debt securities
(59.7
)
 

Proceeds from sale of debt securities
18.9

 

Acquisitions, net of cash acquired

 
(103.4
)
Cash divested from deconsolidation

 
(7.5
)
Proceeds from sale of assets
5.6

 
7.9

Proceeds from repayment of advance to joint venture
46.4

 

Cash required by investing activities
(357.2
)
 
(358.2
)
 
 
 
 
Cash required by financing activities
 
 
 
Net decrease in short-term debt
(28.5
)
 
(29.5
)
Net (decrease) increase in commercial paper
(255.5
)
 
309.3

Proceeds from issuance of long-term debt
96.2

 
2.5

Purchase of ordinary shares
(92.7
)
 
(384.2
)
Dividends paid
(174.7
)
 
(179.2
)
Settlements of mandatorily redeemable financial liability
(443.7
)
 
(124.2
)
Other

 
2.3

Cash required by financing activities
(898.9
)
 
(403.0
)
Effect of changes in foreign exchange rates on cash and cash equivalents
(68.9
)
 
(78.2
)
Decrease in cash and cash equivalents
(1,035.6
)
 
(1,184.1
)
Cash and cash equivalents, beginning of period
5,540.0

 
6,737.4

Cash and cash equivalents, end of period
$
4,504.4

 
$
5,553.3


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

8



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(In millions)
Ordinary Shares
 
Ordinary Shares Held in
Treasury and
Employee
Benefit
Trust
 
Capital in
Excess of Par
Value of
Ordinary Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
(Loss)
 
Non-controlling
Interest
 
Total
Stockholders’
Equity
Balance as of June 30, 2018
$
457.5

 
$
(3.9
)
 
$
10,335.5

 
$
3,334.5

 
$
(1,180.1
)
 
$
22.4

 
$
12,965.9

Net income (loss)

 

 

 
136.9

 

 
(2.7
)
 
134.2

Other comprehensive loss

 

 

 

 
(133.8
)
 
(0.2
)
 
(134.0
)
Cancellation of treasury shares
(4.6
)
 

 
(104.3
)
 
(33.3
)
 

 

 
(142.2
)
Net sales of ordinary shares for employee benefit trust

 
1.5

 

 

 

 

 
1.5

Cash dividends declared ($0.13 per share)

 

 

 
(59.0
)
 

 

 
(59.0
)
Share-based compensation

 

 
15.9

 

 

 

 
15.9

Balance as of September 30, 2018
$
452.9

 
$
(2.4
)
 
$
10,247.1

 
$
3,379.1

 
$
(1,313.9
)
 
$
19.5

 
$
12,782.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
$
446.5

 
$

 
$
10,152.4

 
$
1,084.0

 
$
(1,348.3
)
 
$
45.8

 
$
10,380.4

Net income (loss)

 

 

 
(119.1
)
 

 
3.8

 
(115.3
)
Other comprehensive loss

 

 

 

 
(91.2
)
 
(4.4
)
 
(95.6
)
Cancellation of treasury shares

 

 
(2.6
)
 

 

 

 
(2.6
)
Issuance of ordinary shares
0.6

 

 

 

 

 

 
0.6

Cash dividends declared ($0.13 per share)

 

 

 
(58.1
)
 

 

 
(58.1
)
Share-based compensation

 

 
19.9

 

 

 

 
19.9

Other

 

 

 
(5.2
)
 

 
(0.3
)
 
(5.5
)
Balance as of September 30, 2019
$
447.1

 
$

 
$
10,169.7

 
$
901.6

 
$
(1,439.5
)
 
$
44.9

 
$
10,123.8







9



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(In millions)
Ordinary Shares
 
Ordinary Shares Held in
Treasury and
Employee
Benefit
Trust
 
Capital in
Excess of Par
Value of
Ordinary Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
(Loss)
 
Non-controlling
Interest
 
Total
Stockholders’
Equity
Balance as of December 31, 2017
$
465.1

 
$
(4.8
)
 
$
10,483.3

 
$
3,406.0

 
$
(1,003.7
)
 
$
21.5

 
$
13,367.4

Adoption of accounting standards (Note 6)

 

 

 
(91.5
)
 

 
0.1

 
(91.4
)
Net income (loss)

 

 

 
337.7

 

 
(2.0
)
 
335.7

Other comprehensive income (loss)

 

 

 

 
(310.2
)
 
0.8

 
(309.4
)
Cancellation of treasury shares
(12.3
)
 

 
(278.0
)
 
(93.9
)
 

 

 
(384.2
)
Issuance of ordinary shares
0.1

 

 
0.1

 

 

 

 
0.2

Net sales of ordinary shares for employee benefit trust

 
2.4

 

 

 

 

 
2.4

Cash dividends declared ($0.39 per share)

 

 

 
(179.2
)
 

 

 
(179.2
)
Share-based compensation

 

 
41.7

 

 

 

 
41.7

Other

 

 

 

 

 
(0.9
)
 
(0.9
)
Balance as of September 30, 2018
$
452.9

 
$
(2.4
)
 
$
10,247.1

 
$
3,379.1

 
$
(1,313.9
)
 
$
19.5

 
$
12,782.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
$
450.5

 
$
(2.4
)
 
$
10,197.0

 
$
1,072.2

 
$
(1,359.7
)
 
$
31.3

 
$
10,388.9

Adoption of accounting standards (Note 5)

 

 

 
1.8

 

 

 
1.8

Net income (loss)

 

 

 
(1.2
)