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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, 2020
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.)
One St. Paul’s Churchyard
London
United KingdomEC4M 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 ClassTrading SymbolName of Each Exchange on Which Registered
Ordinary shares, $1.00 par value per shareFTINew 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 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 October 28, 2020
Ordinary shares, $1.00 par value per share449,408,233



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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 of this Quarterly Report on Form 10-Q, as well as the following:
risks associated with disease outbreaks and other public health issues, including the coronavirus disease 2019 (“COVID-19”), their impact on the global economy and the business of our company, customers, suppliers and other partners, changes in, and the administration of, treaties, laws, and regulations, including in response to such issues and the potential for such issues to exacerbate other risks we face, including those related to the factors listed or referenced below;
risks associated with our ability to consummate our proposed separation and spin-off;
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;
3


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 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;
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;
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 associated with tax liabilities, changes in U.S. federal or international tax laws or interpretations to which we are subject; and
such other risk factors as 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 EndedNine Months Ended
September 30,September 30,
(In millions, except per share data)
2020201920202019
Revenue
Service revenue$2,479.0 $2,409.6 $7,101.9 $7,009.5 
Product revenue826.9 839.8 2,416.9 2,471.9 
Lease revenue29.8 85.7 105.7 200.9 
Total revenue3,335.7 3,335.1 9,624.5 9,682.3 
Costs and expenses
Cost of service revenue2,195.1 1,926.0 6,158.0 5,520.1 
Cost of product revenue652.3 743.9 1,970.0 2,237.2 
Cost of lease revenue28.2 56.5 90.3 126.2 
Selling, general and administrative expense252.0 298.1 780.8 919.7 
Research and development expense35.4 40.6 108.8 110.0 
Impairment, restructuring and other expenses (Note 17)92.0 140.3 3,440.7 166.0 
Separation costs (Note 2) 9.4 27.1 9.4 
Merger transaction and integration costs— 6.2 — 31.2 
Total costs and expenses3,255.0 3,221.0 12,575.7 9,119.8 
Other income (expense), net28.9 (57.7)(9.3)(156.5)
Income from equity affiliates (Note 11)11.1 25.9 52.9 54.0 
Income (loss) before net interest expense and income taxes120.7 82.3 (2,907.6)460.0 
Net interest expense(91.8)(116.5)(238.5)(345.3)
Income (loss) before income taxes28.9 (34.2)(3,146.1)114.7 
Provision for income taxes (Note 19)22.5 81.1 77.9 96.5 
Net income (loss)6.4 (115.3)(3,224.0)18.2 
Net income attributable to non-controlling interests(10.3)(3.8)(24.3)(19.4)
Net loss attributable to TechnipFMC plc$(3.9)$(119.1)$(3,248.3)$(1.2)
Earnings (loss) per share attributable to TechnipFMC plc (Note 7)
Basic$(0.01)$(0.27)$(7.24)$— 
Diluted$(0.01)$(0.27)$(7.24)$ 
Weighted average shares outstanding (Note 7)
Basic449.4 446.9 448.4 448.6
Diluted449.4 446.9 448.4 448.6
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 EndedNine Months Ended
September 30,September 30,
(In millions)
2020201920202019
Net income (loss)$6.4 $(115.3)$(3,224.0)$18.2 
Foreign currency translation adjustments(a)
(10.4)(42.5)(213.2)(43.8)
Net gains (losses) on hedging instruments
Net gains (losses) arising during the period44.7 (37.3)(10.6)(32.1)
Reclassification adjustment for net (gains) losses included in net income3.9 (17.1)8.7 (10.7)
Net gains (losses) on hedging instruments(b)
48.6 (54.4)(1.9)(42.8)
Net pension and other post-retirement benefits
Net gains (losses) arising during the period(2.6)0.4 (0.4)1.4 
Reclassification adjustment for amortization of prior service cost included in net income0.3 0.9 0.8 2.3 
Reclassification adjustment for amortization of net actuarial loss included in net income2.3  6.7  
Net pension and other postretirement benefits(c)
 1.3 7.1 3.7 
Other comprehensive income (losses), net of tax38.2 (95.6)(208.0)(82.9)
Comprehensive income (loss)44.6 (210.9)(3,432.0)(64.7)
Comprehensive (income) loss attributable to non-controlling interest(11.8)0.6 (17.9)(16.3)
Comprehensive income (loss) attributable to TechnipFMC plc$32.8 $(210.3)$(3,449.9)$(81.0)

(a)Net of income tax benefit of nil and $7.9 million for the three months ended September 30, 2020 and 2019, respectively, and nil and $7.9 million for the nine months ended September 30, 2020 and 2019, respectively.
(b)Net of income tax (expense) benefit of $(13.1) million and $14.4 million for the three months ended September 30, 2020 and 2019, respectively, and $2.7 million and $14.1 million for the nine months ended September 30, 2020 and 2019, respectively.
(c)Net of income tax (expense) benefit of $1.7 million and $(0.2) million for the three months ended September 30, 2020 and 2019, respectively, and $0.2 million and $0.4 million for the nine months ended September 30, 2020 and 2019, respectively.

The accompanying notes are an integral part of the condensed consolidated financial statements.
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except par value data)September 30,
2020
December 31,
2019
Assets
Cash and cash equivalents$4,244.0 $5,190.2 
Trade receivables, net of allowances of $137.6 in 2020 and $95.4 in 2019
2,127.8 2,287.1 
Contract assets, net of allowances of $2.6 in 2020 and nil in 2019
1,470.0 1,520.0 
Inventories, net (Note 8)1,339.1 1,416.0 
Derivative financial instruments (Note 20)310.7 101.9 
Income taxes receivable285.4 264.6 
Advances paid to suppliers219.2 242.9 
Other current assets (Note 9)1,037.9 863.7 
Total current assets11,034.1 11,886.4 
Investments in equity affiliates351.2 300.4 
Property, plant and equipment, net of accumulated depreciation of $2,433.9 in 2020 and $2,288.8 in 2019
2,806.4 3,162.0 
Operating lease right-of-use assets742.1 892.6 
Goodwill (Note 13)2,488.7 5,598.3 
Intangible assets, net of accumulated amortization of $670.4 in 2020 and $763.4 in 2019
1,002.3 1,086.6 
Deferred income taxes228.1 260.5 
Derivative financial instruments (Note 20)22.9 39.5 
Other assets235.4 292.5 
Total assets$18,911.2 $23,518.8 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 14)$612.2 $495.4 
Operating lease liabilities206.1 275.1 
Accounts payable, trade2,498.4 2,659.8 
Contract liabilities4,643.4 4,585.1 
Accrued payroll384.5 411.5 
Derivative financial instruments (Note 20)280.2 141.3 
Income taxes payable65.7 75.7 
Other current liabilities (Note 9)1,326.7 1,494.5 
Total current liabilities10,017.2 10,138.4 
Long-term debt, less current portion (Note 14)3,248.0 3,980.0 
Operating lease liabilities, less current portion626.2 681.7 
Deferred income taxes78.5 138.2 
Accrued pension and other post-retirement benefits, less current portion320.4 368.6 
Derivative financial instruments (Note 20)35.7 52.7 
Other liabilities309.4 430.0 
Total liabilities14,635.4 15,789.6 
Commitments and contingent liabilities (Note 18)
Mezzanine equity
Redeemable non-controlling interest42.1 41.1 
Stockholders’ equity (Note 15)
Ordinary shares, $1.00 par value; 618.3 shares and 618.3 shares authorized in 2020 and 2019, respectively; 449.4 shares and 447.1 shares issued and outstanding in 2020 and 2019, respectively; nil and 4 shares canceled in 2020 and 2019, respectively
449.4 447.1 
Capital in excess of par value of ordinary shares10,227.8 10,182.8 
Accumulated deficit(4,879.0)(1,563.1)
Accumulated other comprehensive loss(1,609.1)(1,407.5)
Total TechnipFMC plc stockholders’ equity4,189.1 7,659.3 
Non-controlling interests44.6 28.8 
Total equity4,233.7 7,688.1 
Total liabilities and equity$18,911.2 $23,518.8 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
Nine Months Ended
September 30,
20202019
Cash provided (required) by operating activities
Net income (loss)$(3,224.0)$18.2 
Adjustments to reconcile net income to cash provided (required) by operating activities
Depreciation244.5 282.5 
Amortization91.0 96.0 
Impairments3,253.0 127.5 
Employee benefit plan and share-based compensation costs43.0 54.2 
Deferred income tax benefit, net(33.5)(122.6)
Unrealized loss (gain) on derivative instruments and foreign exchange(26.1)108.2 
Income from equity affiliates, net of dividends received(48.0)(49.6)
Other182.4 307.6 
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and contract assets120.4 (23.0)
Inventories, net(23.8)(190.6)
Accounts payable, trade(84.6)19.4 
Contract liabilities(14.3)124.8 
Income taxes payable (receivable), net(37.0)(45.3)
Other current assets and liabilities, net(351.9)(431.1)
Other noncurrent assets and liabilities, net11.0 13.2 
Cash provided by operating activities102.1 289.4 
Cash provided (required) by investing activities
Capital expenditures(250.8)(368.4)
Payment to acquire debt securities(3.9)(59.7)
Proceeds from sale of debt securities3.9 18.9 
Cash received from divestiture2.5 — 
Proceeds from sale of assets23.4 5.6 
Proceeds from repayment of advances to joint venture12.5 46.4 
Cash required by investing activities(212.4)(357.2)
Cash required by financing activities
Net decrease in short-term debt(7.2)(28.5)
Net decrease in commercial paper(503.0)(255.5)
Proceeds from issuance of long-term debt223.2 96.2 
Repayments of long-term debt(423.9)— 
Purchase of ordinary shares— (92.7)
Dividends paid(59.2)(174.7)
Payments related to taxes withheld on share-based compensation(6.4)— 
Settlements of mandatorily redeemable financial liability(135.3)(443.7)
Cash required by financing activities(911.8)(898.9)
Effect of changes in foreign exchange rates on cash and cash equivalents75.9 (68.9)
Decrease in cash and cash equivalents(946.2)(1,035.6)
Cash and cash equivalents, beginning of period5,190.2 5,540.0 
Cash and cash equivalents, end of period$4,244.0 $4,504.4 

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, 2020 and 2019


(In millions)Ordinary SharesCapital in Excess of Par Value of Ordinary Shares(Accumulated Deficit) Retained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal Stockholders’ Equity
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 shares0.6 — — — — 0.6 
Cash dividends declared ($0.13 per share)
— — (58.1)— — (58.1)
Share-based compensation (Note 16)— 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 
Balance as of June 30,2020$449.3 $10,213.6 $(4,876.0)$(1,645.8)$34.5 $4,175.6 
Net income (loss)— — (3.9)— 10.3 6.4 
Other comprehensive income— — — 36.7 1.5 38.2 
Issuance of ordinary shares0.1 — — — — 0.1 
Share-based compensation (Note 16)— 14.2 — — — 14.2 
Other— — 0.9 — (1.7)(0.8)
Balance as of September 30, 2020$449.4 $10,227.8 $(4,879.0)$(1,609.1)$44.6 $4,233.7 
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TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019

(In millions)Ordinary SharesOrdinary Shares Held in
Treasury and
Employee
Benefit
Trust
Capital in
Excess of Par
Value of
Ordinary Shares
(Accumulated Deficit) Retained EarningsAccumulated
Other
Comprehensive
Income
(Loss)
Non-controlling
Interest
Total
Stockholders’
Equity
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 4)— — — 1.8 — — 1.8 
Net income (loss)— — — (1.2)— 19.4 18.2 
Other comprehensive loss— — — — (79.8)(3.1)(82.9)
Cancellation of treasury shares(4.0)— (88.7)— — — (92.7)
Issuance of ordinary shares0.6 — — — — — 0.6 
Net sales of ordinary shares for employee benefit trust— 2.4 — — — — 2.4 
Cash dividends declared ($0.39 per share)
— — — (174.7)— — (174.7)
Share-based compensation (Note 16)— — 61.4 — — — 61.4 
Other— — — 3.5 — (2.7)0.8 
Balance as of September 30, 2019$447.1 $ $10,169.7 $901.6 $(1,439.5)$44.9 $10,123.8 
Balance as of December 31, 2019$447.1 $— $10,182.8 $(1,563.1)$(1,407.5)$28.8 $7,688.1 
Adoption of accounting standards (Note 4)— — — (7.8)— — (7.8)
Net income (loss)— — — (3,248.3)— 24.3 (3,224.0)
Other comprehensive loss— — — — (201.6)(6.4)(208.0)
Issuance of ordinary shares2.3 — (7.6)— — — (5.3)
Cash dividends declared ($0.13 per share)
— — — (59.2)— — (59.2)
Share-based compensation (Note 16)— — 52.6 — — — 52.6 
Other— — — (0.6)— (2.1)(2.7)
Balance as of September 30, 2020$449.4 $— $10,227.8 $(4,879.0)$(1,609.1)$44.6 $4,233.7 

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

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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 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, 2019.
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, as well as adjustments to our financial position pursuant to a business combination, 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, 2020.
Reclassifications – Certain prior-year amounts have been reclassified to conform to the current year’s presentation.

NOTE 2. PLANNED SEPARATION TRANSACTION
On August 26, 2019, we announced that our Board of Directors had unanimously approved a plan to separate our Onshore/Offshore segment and Loading Systems and process automation businesses into an independent, publicly traded company (“Technip Energies”). In connection with the planned transaction, we renamed our Onshore/Offshore segment to Technip Energies in the first quarter of 2020. Due to the COVID-19 pandemic, the significant decline in commodity prices, and the heightened volatility in global equity markets, on March 15, 2020, we announced the postponement of the completion of the transaction until the markets sufficiently recover. The transaction will be subject to general market conditions, regulatory approvals, consultation of employee representatives, where applicable, and final approval from our Board of Directors. During the three and nine months ended September 30, 2020, we incurred $0 and $27.1 million of separation costs associated with the planned transaction, respectively.

NOTE 3. BUSINESS COMBINATION TRANSACTIONS
On December 30, 2019, we completed the acquisition of the remaining 50% interest in Technip Odebrecht PLSV CV (“TOP CV”). TOP CV was formed as a joint venture between Technip SA and Ocyan SA to provide pipeline installation ships to Petroleo Brasileiro SA (“Petrobras”) for their work in oil and gas fields offshore Brazil with results reported in our Subsea segment using the equity method of accounting. Subsequent to this transaction the investment became a fully consolidated entity. In connection with the acquisition, we acquired $391.0 million in assets, including two vessels valued at $335.2 million. In addition, we assumed $239.9 million of liabilities, including a $203.1 million term loan.
There were no significant acquisitions or other type of business combinations during the three and nine months ended September 30, 2020 and 2019.
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NOTE 4. NEW ACCOUNTING STANDARDS
Recently Adopted Accounting Standards under GAAP
Effective January 1, 2020, we adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” This update modifies the disclosure requirement on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. The adoption of this update concerns presentation and disclosure only as it relates to our consolidated financial statements. See Note 21 for our fair value measurements disclosure.
Effective January 1, 2020, we adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force).” This update requires that the implementation costs incurred in a cloud computing arrangement that is a service contract are deferred if they would be capitalized based on the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The adoption of this update did not have a material impact on our consolidated financial statements.
Effective January 1, 2020, we adopted ASU No. 2018-18, “Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and Topic 606.” This update clarifies the interaction between the guidance for certain collaborative arrangements and the Revenue Recognition financial accounting and reporting standard. An entity should recognize the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings of the later of the earliest annual period presented and the annual period that includes the date of the entity’s initial application of Topic 606. The adoption of this update concerns presentation and disclosure only with no material impact to our consolidated financial statements.
Effective January 1, 2020, we adopted ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The update clarifies and improves areas of guidance related to the recently issued standards including (1) ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities”, (2) ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”, and (3) ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”. The adoption of this update concerns presentation and disclosure only with no material impact to our consolidated financial statements.
Adoption of ASU No. 2016-13 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Effective January 1, 2020, we adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The guidance applies to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
In June 2016, the FASB issued an update of the ASU to provide a practical expedient for transition and targeted improvements.
We adopted Topic 326 using a modified retrospective transition method through a cumulative-effect adjustment to beginning retained earnings in the period of adoption. The effect of adopting Topic 326 was an increase in accumulated deficit of $7.8 million, which includes a $2.1 million increase in noncurrent deferred tax assets, with a corresponding decrease in trade receivables, loans, and debt notes receivable.
Financial assets at amortized cost include trade receivables, loans issued to third or related parties, and held to maturity debt securities. These financial assets were presented under other current assets or other assets, as applicable. Contract assets are subject to the credit losses standard per revenue recognition standard.
12


Trade receivables and contract assets constitute a homogeneous portfolio, and therefore, to measure the expected credit losses, trade receivables and contract assets have been grouped together. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. We have therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
The following table summarizes the balances of financial assets and non-financial assets at amortized cost as of January 1, 2020:
(In millions)As reported at December 31, 2019Impact of ASC 326Balance at January 1, 2020
Trade receivables, net$2,287.1 $(3.8)$2,283.3 
Loans receivable, net138.5 (1.5)137.0 
Security deposits and other, net36.6 (1.0)35.6 
Held-to-maturity
Debt securities at amortized cost71.9 (1.1)70.8 
Total financial assets$2,534.1 $(7.4)$2,526.7 
Non-financial assets
Contract assets, net$1,520.0 $(2.5)$1,517.5 
We manage our receivables portfolios using published default risk as a key credit quality indicator for our loans and receivables. Our loans receivable and security deposits were related to sales of long-lived assets or businesses, loans to related parties for capital expenditure purposes, or security deposits for lease arrangements.
We manage our held-to-maturity debt securities using published credit ratings as a key credit quality indicator as our held-to-maturity debt securities consist of government bonds.
The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is up