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Quarterly report [Sections 13 or 15(d)]

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Delaware 36-4412642
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
5875 N. Sam Houston Parkway W., Houston, Texas 77086
(Address of principal executive offices) (Zip Code)
PART I—Financial Information Page
Item 1. Financial Statements (unaudited) 4
Condensed Consolidated Statements of Income 4
Condensed Consolidated Statements of Comprehensive Income 5
Condensed Consolidated Balance Sheets 6
Condensed Consolidated Statements of Cash Flows 7
Notes to Condensed Consolidated Financial Statements 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Item 4. Controls and Procedures 33
PART II—Other Information
Item 1. Legal Proceedings 34
Item 1A. Risk Factors 34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Item 3. Defaults Upon Senior Securities 34
Item 4. Mine Safety Disclosures 34
Item 5. Other Information 34
Item 6. Exhibits 34
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;
U.S. and international laws and regulations, including environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations;
Disruptions in the timely delivery of our backlog and its effect on our future sales, profitability and our relationships with our customers;
Our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets;
Three Months Ended
March 31,
(In millions, except per share data) 2016 2015
Revenue:
Product revenue $ 958.7
$ 1,362.3
Service revenue 201.2
266.7
Lease and other income (Note 7) 48.8
66.2
Total revenue 1,208.7
1,695.2
Costs and expenses:
Cost of product revenue 742.9
1,030.1
Cost of service revenue 160.0
206.3
Cost of lease and other revenue 43.9
46.2
Selling, general and administrative expense 143.4
174.0
Research and development expense 33.6
29.6
Restructuring and impairment expense (Note 4) 40.3
10.4
Total costs and expenses 1,164.1
1,496.6
Other expense, net (11.3 ) (6.3 )
Income before net interest expense and income taxes 33.3
192.3
Net interest expense (7.5 ) (7.3 )
Income before income taxes 25.8
185.0
Provision for income taxes 6.0
36.9
Net income 19.8
148.1
Net income attributable to noncontrolling interests
(0.5 )
Net income attributable to FMC Technologies, Inc. $ 19.8
$ 147.6
Earnings per share attributable to FMC Technologies, Inc. (Note 3):
Basic $ 0.09
$ 0.63
Diluted $ 0.09
$ 0.63
Weighted average shares outstanding (Note 3):
Basic 228.0
233.0
Diluted 228.6
233.9
Three Months Ended
March 31,
(In millions) 2016 2015
Net income $ 19.8
$ 148.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (1) 33.1
(101.0 )
Net gains (losses) on hedging instruments:
Net gains (losses) arising during the period 23.7
(41.4 )
Reclassification adjustment for net losses included in net income 22.6
13.0
Net gains (losses) on hedging instruments (2) 46.3
(28.4 )
Pension and other post-retirement benefits:
Reclassification adjustment for settlement losses included in net income 0.1

Reclassification adjustment for amortization of net actuarial loss included in net income 4.3
5.3
Net pension and other post-retirement benefits (3) 4.4
5.3
Other comprehensive income (loss), net of tax 83.8
(124.1 )
Comprehensive income 103.6
24.0
Comprehensive income attributable to noncontrolling interest
(0.5 )
Comprehensive income attributable to FMC Technologies, Inc. $ 103.6
$ 23.5
March 31, 2016 December 31, 2015
(In millions, except par value data) (Unaudited) As Adjusted
Assets
Cash and cash equivalents $ 1,032.3
$ 916.2
Receivables, net of allowances of $20.9 in 2016 and $19.2 in 2015 1,413.3
1,522.4
Inventories, net (Note 6) 719.7
764.1
Derivative financial instruments (Note 15) 274.1
333.9
Prepaid expenses 58.5
48.9
Income taxes receivable 62.4
68.7
Other current assets 277.6
276.0
Total current assets 3,837.9
3,930.2
Investments 29.8
29.6
Property, plant and equipment, net of accumulated depreciation of $931.8 in 2016 and $892.1 in 2015 1,340.9
1,371.5
Goodwill 520.1
514.7
Intangible assets, net of accumulated amortization of $146.1 in 2016 and $139.9 in 2015 237.2
246.3
Deferred income taxes 191.1
183.3
Derivative financial instruments (Note 15) 3.7
0.1
Other assets 152.5
143.7
Total assets $ 6,313.2
$ 6,419.4
Liabilities and equity
Short-term debt and current portion of long-term debt $ 23.5
$ 21.9
Accounts payable, trade 418.0
519.3
Advance payments and progress billings 630.0
664.6
Accrued payroll 160.1
185.8
Derivative financial instruments (Note 15) 428.0
516.9
Income taxes payable 56.7
57.2
Other current liabilities 330.6
339.6
Total current liabilities 2,046.9
2,305.3
Long-term debt, less current portion (Note 9) 1,218.4
1,134.1
Accrued pension and other post-retirement benefits, less current portion 213.1
230.4
Derivative financial instruments (Note 15) 1.1
0.5
Deferred income taxes 115.4
105.4
Other liabilities 98.1
100.5
Commitments and contingent liabilities (Note 10)

Stockholders’ equity (Note 11):
Preferred stock, $0.01 par value, 12.0 shares authorized in 2016 and 2015; no shares issued in 2016 or 2015

Common stock, $0.01 par value, 600.0 shares authorized in 2016 and 2015; 286.3 shares issued in 2016 and 2015; 226.2 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 (7.0 ) (7.0 )
Treasury stock, at cost; 60.0 and 59.4 shares in 2016 and 2015, respectively (1,622.9 ) (1,607.8 )
Capital in excess of par value of common stock 750.5
759.0
Retained earnings 4,269.5
4,249.7
Accumulated other comprehensive loss (788.9 ) (872.7 )
Total FMC Technologies, Inc. stockholders’ equity 2,604.1
2,524.1
Noncontrolling interests 16.1
19.1
Total equity 2,620.2
2,543.2
Total liabilities and equity $ 6,313.2
$ 6,419.4
(In millions) Three Months Ended
March 31,
2016 2015
Cash provided (required) by operating activities:
Net income $ 19.8
$ 148.1
Adjustments to reconcile net income to cash provided (required) by operating activities:
Depreciation 45.4
42.2
Amortization 17.9
15.6
Employee benefit plan and stock-based compensation costs 23.7
26.6
Unrealized loss on derivative instruments 6.8
10.4
Deferred income tax provision (benefit), net (15.7 ) 17.0
Impairments 34.4
3.9
Other 14.1
6.0
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net 146.9
254.8
Inventories, net 51.5
(23.3 )
Accounts payable, trade (110.9 ) (78.5 )
Advance payments and progress billings (53.3 ) (138.9 )
Income taxes payable, net 5.2
(23.4 )
Accrued pension and other post-retirement benefits, net (8.4 ) (13.9 )
Other assets and liabilities, net (68.4 ) (71.0 )
Cash provided by operating activities 109.0
175.6
Cash provided (required) by investing activities:
Capital expenditures (35.3 ) (86.7 )
Investment in joint ventures (9.2 )
Other 1.8
5.3
Cash required by investing activities (42.7 ) (81.4 )
Cash provided (required) by financing activities:
Net increase (decrease) in short-term debt 0.1
(0.3 )
Net increase in commercial paper 84.1
9.0
Repayments of long-term debt
(0.3 )
Purchase of treasury stock (30.5 ) (30.8 )
Payments related to taxes withheld on stock-based compensation (7.7 ) (7.6 )
Other (8.7 ) (0.9 )
Cash provided (required) by financing activities 37.3
(30.9 )
Effect of exchange rate changes on cash and cash equivalents 12.5
(7.0 )
Increase in cash and cash equivalents 116.1
56.3
Cash and cash equivalents, beginning of period 916.2
638.8
Cash and cash equivalents, end of period $ 1,032.3
$ 695.1
Three Months Ended
March 31,
(In millions, except per share data) 2016 2015
Net income attributable to FMC Technologies, Inc. $ 19.8
$ 147.6
Weighted average number of shares outstanding 228.0
233.0
Dilutive effect of restricted stock units 0.6
0.9
Total shares and dilutive securities 228.6
233.9
Basic earnings per share attributable to FMC Technologies, Inc. $ 0.09
$ 0.63
Diluted earnings per share attributable to FMC Technologies, Inc. $ 0.09
$ 0.63
Three Months Ended March 31,
(In millions) 2016 2015
Restructuring expense:
Subsea Technologies $ 0.1
$ 0.7
Surface Technologies 3.9
4.4
Energy Infrastructure 1.9
1.4
Total restructuring expense 5.9
6.5
Impairment expense:
Subsea Technologies 0.1
0.3
Surface Technologies 34.3
3.6
Energy Infrastructure

Total impairment expense 34.4
3.9
Total restructuring and impairment expense $ 40.3
$ 10.4
(In millions) March 31,
2016
December 31,
2015
As Adjusted
Raw materials $ 140.4
$ 149.9
Work in process 107.0
114.8
Finished goods 699.6
723.4
947.0
988.1
LIFO and valuation adjustments (227.3 ) (224.0 )
Inventories, net $ 719.7
$ 764.1
Three months ended March 31,
(In millions) 2016 2015 (1)
Revenue $ 8.4
$
Gross profit (loss) (8.5 ) (0.4 )
Net income (loss) (29.4 ) (15.7 )
(In millions) Subsea Technologies Surface Technologies Energy Infrastructure Total
December 31, 2015 $ 357.4
$ 71.9
$ 85.4
$ 514.7
UCOS ® product group transfer (1) 2.7

(2.7 )
Impairment (2)
(2.8 )
(2.8 )
Translation 5.7
2.5

8.2
March 31, 2016 $ 365.8
$ 71.6
$ 82.7
$ 520.1
(In millions) March 31,
2016
December 31,
2015
Revolving credit facility $
$
Commercial paper (1) 421.3
337.2
2.00% Notes due 2017 299.3
299.1
3.45% Notes due 2022 497.6
497.5
Term loan 17.1
15.6
Capital leases 0.6
0.7
Total long-term debt 1,235.9
1,150.1
Less: current portion (17.5 ) (16.0 )
Long-term debt, less current portion $ 1,218.4
$ 1,134.1
(1) Committed credit available under our revolving credit facility provided the ability to refinance our commercial paper obligations on a long-term basis. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015 . As of March 31, 2016, our commercial paper borrowings had a weighted average interest rate of 1.14% .
(In millions) Common Stock Held in Treasury and Employee Benefit Trust Capital in
Excess of Par
Value of
Common Stock
Accumulated
Other
Comprehensive
Income (Loss)
Balance as of December 31, 2015 $ (1,614.8 ) $ 759.0
$ (872.7 )
Other comprehensive income (loss)

83.8
Excess tax benefits on stock-based payment arrangements
(5.6 )
Taxes withheld on issuance of stock-based awards
(7.7 )
Purchases of treasury stock (30.5 ) 2.2

Reissuances of treasury stock 15.4
(15.4 )
Net purchases of common stock for employee benefit trust
(0.2 )
Stock-based compensation (Note 14)
18.3

Other
(0.1 )
Balance as of March 31, 2016 $ (1,629.9 ) $ 750.5
$ (788.9 )
(Number of shares in thousands) Treasury Stock
Balance as of December 31, 2014 54,626
Stock awards (322 )
Treasury stock purchases 776
Balance as of March 31, 2015 55,080
Balance as of December 31, 2015 59,356
Stock awards (487 )
Treasury stock purchases 1,108
Balance as of March 31, 2016 59,977
(In millions) Foreign Currency Translation Hedging Defined Pension and Other Post-retirement Benefits Accumulated Other Comprehensive Loss
December 31, 2015 $ (494.2 ) $ (87.1 ) $ (291.4 ) $ (872.7 )
Other comprehensive income (loss) before reclassifications, net of tax 33.1
23.7

56.8
Reclassification adjustment for net losses (gains) included in net income, net of tax
22.6
4.4
27.0
Other comprehensive income (loss), net of tax 33.1
46.3
4.4
83.8
March 31, 2016 $ (461.1 ) $ (40.8 ) $ (287.0 ) $ (788.9 )
Three Months Ended
(In millions) March 31, 2016 March 31, 2015
Details about Accumulated Other Comprehensive Loss Components Amount Reclassified out of Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statement of Income
Gains (losses) on hedging instruments
Foreign exchange contracts: $ (37.9 ) $ (26.4 ) Revenue
8.9
11.5
Cost of sales
(0.1 ) (0.5 ) Selling, general and administrative expense
(29.1 ) (15.4 ) Income before income taxes
6.5
2.4
Provision for income taxes
$ (22.6 ) $ (13.0 ) Net income
Defined pension and other post-retirement benefits
Amortization of actuarial gain (loss) $ (6.2 ) $ (7.8 ) (a)
Settlement cost (0.2 )
(a)
(6.4 ) (7.8 ) Income before income taxes
2.0
2.5
Provision for income taxes
$ (4.4 ) $ (5.3 ) Net income
Pension Benefits
Three Months Ended March 31,
2016 2015
(In millions) U.S. Int’l U.S. Int’l
Service cost $ 3.2
$ 3.0
$ 3.7
$ 4.1
Interest cost 7.1
3.5
6.6
3.7
Expected return on plan assets (11.2 ) (6.4 ) (11.0 ) (6.9 )
Amortization of actuarial loss (gain), net 3.9
2.5
4.9
3.2
Other
0.2


Net periodic benefit cost $ 3.0
$ 2.8
$ 4.2
$ 4.1
Other Post-retirement Benefits
Three Months Ended March 31,
(In millions) 2016 2015
Interest cost $ 0.1
$ 0.1
Net periodic benefit cost $ 0.1
$ 0.1
(Number of restricted stock shares in thousands) Shares Weighted- Average Grant Date Fair Value (per share)
Time-based 982
Performance-based 387
*
Market-based 193
*
Total granted 1,562
$ 23.69
(Number of market-based awards in thousands) Minimum Maximum
2014 Market-based awards
86
2015 Market-based awards
123
2016 Market-based awards
387
Net Notional Amount Bought (Sold)
(In millions) USD Equivalent
Brazilian real 405.2
113.9
British pound 70.0
100.8
Canadian dollar (188.3 ) (146.0 )
Euro 163.2
185.9
Malaysian ringgit 114.9
29.5
Norwegian krone 1,633.4
197.4
Russian ruble (1,092.1 ) (16.2 )
Singapore dollar 164.1
122.2
U.S. dollar (769.6 ) (769.6 )
Net Notional Amount Bought (Sold)
(In millions) USD Equivalent
Brazilian real (60.8 ) (17.1 )
Euro 19.2
21.8
Norwegian krone (150.8 ) (18.2 )
U.S. dollar 14.2
14.2
March 31, 2016 December 31, 2015
(In millions) Assets Liabilities Assets Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts:
Current – Derivative financial instruments $ 232.0
$ 381.3
$ 307.6
$ 488.2
Long-term – Derivative financial instruments 3.1
1.1
0.1
0.5
Total derivatives designated as hedging instruments 235.1
382.4
307.7
488.7
Derivatives not designated as hedging instruments:
Foreign exchange contracts:
Current – Derivative financial instruments 42.1
46.7
26.3
28.7
Long-term – Derivative financial instruments 0.6



Total derivatives not designated as hedging instruments 42.7
46.7
26.3
28.7
Total derivatives $ 277.8
$ 429.1
$ 334.0
$ 517.4
Gain (Loss) Recognized in OCI (Effective Portion)
Three Months Ended March 31,
(In millions) 2016 2015
Foreign exchange contracts $ (29.5 ) $ (53.6 )
Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated
OCI into Income (Effective Portion)
Three Months Ended March 31,
(In millions) 2016 2015
Foreign exchange contracts:
Revenue $ (37.9 ) $ (26.4 )
Cost of sales 8.9
11.5
Selling, general and administrative expense (0.1 ) (0.5 )
Total $ (29.1 ) $ (15.4 )
Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income (Ineffective Portion
and Amount Excluded from Effectiveness Testing)
Three Months Ended March 31,
(In millions) 2016 2015
Foreign exchange contracts:
Revenue $ 3.6
$ 0.5
Cost of sales (5.1 ) (5.8 )
Total $ (1.5 ) $ (5.3 )
Location of Gain (Loss) Recognized in Income Gain (Loss) Recognized in Income on Derivatives (Instruments Not Designated as Hedging Instruments)
Three Months Ended March 31,
(In millions) 2016 2015
Foreign exchange contracts:
Revenue $ (1.9 ) $ (1.5 )
Cost of sales 1.4
0.1
Other income (expense), net (1) (5.9 ) 27.9
Total $ (6.4 ) $ 26.5
March 31, 2016 December 31, 2015
(In millions) Gross Amount Recognized Gross Amounts Not Offset Permitted Under Master Netting Agreements Net Amount Gross Amount Recognized Gross Amounts Not Offset Permitted Under Master Netting Agreements Net Amount
Derivative assets $ 277.8
$ (258.4 ) $ 19.4
$ 334.0
$ (316.8 ) $ 17.2
March 31, 2016 December 31, 2015
(In millions) Gross Amount Recognized Gross Amounts Not Offset Permitted Under Master Netting Agreements Net Amount Gross Amount Recognized Gross Amounts Not Offset Permitted Under Master Netting Agreements Net Amount
Derivative liabilities $ 429.1
$ (258.4 ) $ 170.7
$ 517.4
$ (316.8 ) $ 200.6
March 31, 2016 December 31, 2015
(In millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Assets
Investments:
Equity securities $ 17.8
$ 17.8
$
$
$ 18.4
$ 18.4
$
$
Fixed income 5.0
5.0


4.9
4.9


Money market fund 3.5

3.5

2.9

2.9

Other investments 1.0
1.0


1.0
1.0


Stable value fund (1) 1.2
1.2
Derivative financial instruments:
Foreign exchange contracts 277.8

277.8

334.0

334.0

Total assets $ 306.3
$ 23.8
$ 281.3
$
$ 362.4
$ 24.3
$ 336.9
$
Liabilities
Derivative financial instruments:
Foreign exchange contracts 429.1

429.1

517.4

517.4

Total liabilities $ 429.1
$
$ 429.1
$
$ 517.4
$
$ 517.4
$
Three Months Ended March 31,
(In millions) 2016 2015
Balance at beginning of period $ 27.0
$ 23.0
Expense for new warranties 6.0
7.7
Adjustments to existing accruals 1.6
1.6
Claims paid (6.8 ) (8.2 )
Balance at end of period $ 27.8
$ 24.1
Three Months Ended March 31,
(In millions) 2016 2015
Segment revenue
Subsea Technologies $ 864.0
$ 1,157.2
Surface Technologies 265.5
446.3
Energy Infrastructure 84.1
100.9
Other revenue (1) and intercompany eliminations (4.9 ) (9.2 )
Total revenue $ 1,208.7
$ 1,695.2
Income before income taxes:
Segment operating profit (loss) :
Subsea Technologies $ 109.5
$ 168.7
Surface Technologies (28.6 ) 62.9
Energy Infrastructure (3.3 ) 2.9
Total segment operating profit 77.6
234.5
Corporate items:
Corporate expense (2) (14.3 ) (16.3 )
Other revenue (1) and other expense, net (3) (30.0 ) (26.4 )
Net interest expense (7.5 ) (7.3 )
Total corporate items (51.8 ) (50.0 )
Income before income taxes attributable to FMC Technologies, Inc. (4) $ 25.8
$ 184.5
(In millions) March 31, 2016 December 31, 2015
Segment operating capital employed (1) : As Adjusted
Subsea Technologies $ 2,081.2
$ 2,025.7
Surface Technologies 863.6
911.9
Energy Infrastructure 263.9
281.5
Total segment operating capital employed 3,208.7
3,219.1
Segment liabilities included in total segment operating capital employed (2) 1,612.3
1,806.1
Corporate (3) 1,492.2
1,394.2
Total assets $ 6,313.2
$ 6,419.4
Segment assets:
Subsea Technologies $ 3,391.6
$ 3,512.3
Surface Technologies 1,088.7
1,131.9
Energy Infrastructure 377.7
396.7
Intercompany eliminations (37.0 ) (15.7 )
Total segment assets 4,821.0
5,025.2
Corporate (3) 1,492.2
1,394.2
Total assets $ 6,313.2
$ 6,419.4
(1) FMC Technologies’ management views segment operating capital employed, which consists of assets, net of its liabilities, as the primary measure of segment capital. Segment operating capital employed excludes debt, pension liabilities, income taxes, and LIFO and valuation adjustments.
Three Months Ended March 31, Change
(In millions, except %) 2016 2015 $ %
Revenue $ 1,208.7
$ 1,695.2
(486.5 ) (28.7 )
Costs and expenses:
Cost of sales 946.8
1,282.6
(335.8 ) (26.2 )
Selling, general and administrative expense 143.4
174.0
(30.6 ) (17.6 )
Research and development expense 33.6
29.6
4.0
13.5
Restructuring and impairment expense 40.3
10.4
29.9
287.5
Total costs and expenses 1,164.1
1,496.6
(332.5 ) (22.2 )
Other income (expense), net (11.3 ) (6.3 ) (5.0 ) *
Net interest expense (7.5 ) (7.3 ) (0.2 ) (2.7 )
Income before income taxes 25.8
185.0
(159.2 ) (86.1 )
Provision for income taxes 6.0
36.9
(30.9 ) (83.7 )
Net income 19.8
148.1
(128.3 ) (86.6 )
Net income attributable to noncontrolling interests
(0.5 ) 0.5
100.0
Net income attributable to FMC Technologies, Inc. $ 19.8
$ 147.6
(127.8 ) (86.6 )
Three Months Ended March 31, Favorable/(Unfavorable)
(In millions, except %) 2016 2015 $ %
Revenue $ 864.0
$ 1,157.2
(293.2 ) (25.3 )
Operating profit $ 109.5
$ 168.7
(59.2 ) (35.1 )
Operating profit as a percent of revenue 12.7 % 14.6 % (1.9) pts.
Three Months Ended March 31, Favorable/(Unfavorable)
(In millions, except %) 2016 2015 $ %
Revenue $ 265.5
$ 446.3
(180.8 ) (40.5 )
Operating profit (loss) $ (28.6 ) $ 62.9
(91.5 ) (145.5 )
Operating profit (loss) as a percent of revenue (10.8 )% 14.1 % (24.9) pts.
Three Months Ended March 31, Favorable/(Unfavorable)
(In millions, except %) 2016 2015 $ %
Revenue $ 84.1
$ 100.9
(16.8 ) (16.7 )
Operating profit (loss) $ (3.3 ) $ 2.9
(6.2 ) (213.8 )
Operating profit (loss) as a percent of revenue (4.0 )% 2.9 % (6.9) pts.
Three Months Ended March 31, Favorable/(Unfavorable)
(In millions, except %) 2016 2015 $ %
Corporate expense $ (14.3 ) $ (16.3 ) 2.0
12.3
Other revenue and other expense, net (30.0 ) (26.4 ) (3.6 ) (13.6 )
Net interest expense (7.5 ) (7.3 ) (0.2 ) (2.7 )
Total corporate items $ (51.8 ) $ (50.0 ) (1.8 ) (3.6 )
Inbound Orders
Three Months Ended March 31,
(In millions) 2016 2015
Subsea Technologies $ 345.9
$ 552.0
Surface Technologies 258.5
326.3
Energy Infrastructure 73.8
95.8
Intercompany eliminations and other (6.6 ) (5.1 )
Total inbound orders $ 671.6
$ 969.0
Order Backlog
(In millions) March 31, 2016 December 31, 2015 March 31, 2015
Subsea Technologies $ 3,372.5
$ 3,761.8
$ 4,825.0
Surface Technologies 429.4
432.8
519.5
Energy Infrastructure 157.7
163.9
173.1
Intercompany eliminations (4.5 ) (2.9 ) (10.6 )
Total order backlog $ 3,955.1
$ 4,355.6
$ 5,507.0
(In millions) March 31, 2016 December 31, 2015
Cash and cash equivalents $ 1,032.3
$ 916.2
Short-term debt and current portion of long-term debt (23.5 ) (21.9 )
Long-term debt, less current portion (1,218.4 ) (1,134.1 )
Net debt $ (209.6 ) $ (239.8 )
(In millions) Description Amount Debt Outstanding Commercial Paper Outstanding (a) Letters of Credit Unused Capacity Maturity
Five-year revolving credit facility $ 2,000.0
$
$ 421.3
$
$ 1,578.7
September 2020
i) effective in ensuring that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and
ii) effective in ensuring that information required to be disclosed in reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Period Total Number of Shares Purchased (a) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (b)
January 1, 2016—January 31, 2016 247,580
$ 25.27
247,000
17,532,778
February 1, 2016—February 29, 2016 306,570
$ 24.14
306,000
17,226,778
March 1, 2016—March 31, 2016 567,559
$ 26.51
554,549
16,672,229
Total 1,121,709
1,107,549
16,672,229
(a) Represents 1,107,549 shares of common stock repurchased and held in treasury and 14,160 shares of common stock purchased and held in an employee benefit trust established for the FMC Technologies, Inc. Non-Qualified Savings and Investment Plan. In addition to these shares purchased on the open market, we sold 9,200 shares of registered common stock held in this trust, as directed by the beneficiaries during the three months ended March 31, 2016.
(b) In 2005, we announced a repurchase plan approved by our Board of Directors authorizing the repurchase of up to two million shares of our issued and outstanding common stock through open market purchases. The Board of Directors authorized extensions of this program, adding five million shares in February 2006 and eight million shares in February 2007 for a total of 15 million shares of common stock authorized for repurchase. As a result of the two-for-one stock splits (i) on August 31, 2007, the authorization was increased to 30 million shares; and (ii) on March 31, 2011, the authorization was increased to 60 million shares. The Board of Directors authorized additional extensions of this program, adding 15 million shares in both December 2011 and February 2015 for a total of 90 million shares of common stock authorized for repurchase.
/s/ Jay A. Nutt
Jay A. Nutt
Vice President, Controller and Treasurer (Chief Accounting Officer and a Duly Authorized Officer)
Exhibit No. Exhibit Description
2.1 Arrangement Agreement dated August 17, 2012 between FMC Technologies, Inc. and Pure Energy Services Ltd. (incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed on August 20, 2012) (File No. 001-16489).
3.1 Restated Certificate of Incorporation of FMC Technologies, Inc. (incorporated by reference from Exhibit 3.1 to the Annual Report on Form 10-K filed on February 22, 2013) (File No. 001-16489).
3.2 Amended and Restated Bylaws of FMC Technologies, Inc. (incorporated by reference from Exhibit 3.1 to the Current Report on Form 8-K filed on October 5, 2015) (File No. 001-16489).
4.1 Form of Specimen Certificate for the Company’s Common Stock (incorporated by reference from Exhibit 4.1 to the Form S-1/A filed on May 4, 2001) (File No. 333-55920).
4.2 Indenture, dated September 21, 2012 between FMC Technologies, Inc. and U.S. Bank National Association, as trustee (incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed on September 25, 2012) (File No. 001-16489).
4.2.a First Supplemental Indenture, dated September 21, 2012 between FMC Technologies, Inc. and U.S. Bank National Association, as trustee (incorporated by reference from Exhibit 4.2 to the Current Report on Form 8-K filed on September 25, 2012) (File No. 001-16489).
4.2.b Form of 2.00% Senior Notes due 2017 (incorporated by reference from Exhibit 4.3 to the Current Report on Form 8-K filed on September 25, 2012) (File No. 001-16489).
4.2.c Second Supplemental Indenture, dated September 21, 2012 between FMC Technologies, Inc. and U.S. Bank National Association, as trustee (incorporated by reference from Exhibit 4.4 to the Current Report on Form 8-K filed on September 25, 2012) (File No. 001-16489).
4.2.d Form of 3.45% Senior Notes due 2022 (incorporated by reference from Exhibit 4.5 to the Current Report on Form 8-K filed on September 25, 2012) (File No. 001-16489).
10.1 First Amendment of Amended and Restated FMC Technologies, Inc. Employees’ Retirement Program Part I Salaried and Nonunion Hourly Employees’ Retirement Plan, dated April 30, 2014.
18.1 Preferability Letter regarding Change in Accounting Principle from Independent Registered Public Accounting Firm.
31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1 * Certification of Chief Executive Officer Under Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.
32.2 * Certification of Chief Financial Officer Under Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350.
101.INS XBRL Instance Document.
101.SCH XBRL Schema Document.
101.CAL XBRL Calculation Linkbase Document.
101.DEF XBRL Definition Linkbase Document.
101.LAB XBRL Label Linkbase Document.
101.PRE XBRL Presentation Linkbase Document.

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