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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 June 30, 2021
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

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 July 28, 2021
Ordinary shares, $1.00 par value per share450,700,480



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 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 I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Part II, Item 1A, “Risk Factors” and elsewhere of this Quarterly Report on Form 10-Q, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and Euroclear to act as depository and clearing agencies for our shares; the United Kingdom’s withdrawal from the European Union; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; the risks caused by fixed-price contracts; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; our failure to deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; the risks of pirates endangering our maritime employees and assets; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with numerous laws and regulations, including those related to environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us, including intellectual property litigation; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; the uncertainties related to the anticipated benefits or our future liabilities in connection with the spin-off of Technip Energies (the “Spin-off”); any negative changes in Technip Energies’s results of operations, cash flows and financial position, which impact the value of our remaining investment therein; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rate and risk in connection with our defined benefit pension plan commitments.

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.



3


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
(In millions, except per share data)
2021202020212020
Revenue
Service revenue$913.4 $793.9 $1,739.6 $1,567.5 
Product revenue708.8 801.4 1,481.8 1,559.4 
Lease revenue46.6 24.9 79.4 75.9 
Total revenue1,668.8 1,620.2 3,300.8 3,202.8 
Costs and expenses
Cost of service revenue833.3 794.9 1,577.1 1,499.3 
Cost of product revenue572.4 631.7 1,243.6 1,293.4 
Cost of lease revenue36.8 24.1 63.0 62.1 
Selling, general and administrative expense172.6 157.8 320.2 353.1 
Research and development expense19.2 25.1 35.7 50.5 
Impairment, restructuring and other expenses (Note 16)2.0 103.6 27.5 3,302.7 
Total costs and expenses1,636.3 1,737.2 3,267.1 6,561.1 
Other income (expense), net(1.0)(20.3)34.6 (28.2)
Income from equity affiliates (Note 11)12.8 15.7 20.5 36.8 
Income (loss) from investment in Technip Energies (Note 11)(146.8) 323.3  
Income (loss) before net interest expense and income taxes(102.5)(121.6)412.1 (3,349.7)
Interest income2.7 18.9 6.8 28.7 
Interest expense(37.9)(45.5)(76.5)(78.3)
Loss on early extinguishment of debt  (23.5) 
Income (loss) before income taxes(137.7)(148.2)318.9 (3,399.3)
Provision for income taxes (Note 18)34.9 27.6 59.4 4.4 
Income (loss) from continuing operations(172.6)(175.8)259.5 (3,403.7)
Income from continuing operations attributable to non-controlling interests(2.1)(1.8)(3.9)(8.7)
Income (loss) from continuing operations attributable to TechnipFMC plc(174.7)(177.6)255.6 (3,412.4)
Income (loss) from discontinued operations7.7 191.1 (52.5)173.3 
Income from discontinued operations attributable to non-controlling interests (1.8)(1.9)(5.3)
Net income (loss) attributable to TechnipFMC plc$(167.0)$11.7 $201.2 $(3,244.4)
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic$(0.39)$(0.40)$0.57 $(7.62)
Diluted$(0.39)$(0.40)$0.56 $(7.62)
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$0.02 $0.42 $(0.12)$0.38 
Total earnings (loss) per share attributable to TechnipFMC plc
Basic$(0.37)$0.03 $0.45 $(7.24)
Diluted$(0.37)$0.03 $0.44 $(7.24)
Weighted average shares outstanding (Note 6)
Basic450.6 448.3 450.4 447.9
Diluted450.6 448.3 454.9 447.9
The accompanying notes are an integral part of the condensed consolidated financial statements.

4


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)
2021202020212020
Net income (loss) attributable to TechnipFMC plc$(167.0)$11.7 $201.2 $(3,244.4)
Income from continuing operations attributable to non-controlling interests(2.1)(1.8)(3.9)(8.7)
Income from discontinued operations attributable to non-controlling interests (1.8)(1.9)(5.3)
Net Income (loss) attributable to TechnipFMC plc, including non-controlling interest(164.9)15.3 207.0 (3,230.4)
Foreign currency translation adjustments(a)
83.5 15.1 55.4 (202.8)
Net losses on hedging instruments
Net (gains) losses arising during the period2.5 34.0 (12.0)(55.3)
Reclassification adjustment for net (gains) losses included in net income4.7 4.7 2.0 4.8 
Net losses on hedging instruments(b)
7.2 38.7 (10.0)(50.5)
Pension and other post-retirement benefits
Net gains (losses) arising during the period(2.3)2.9 1.2 2.2 
Reclassification adjustment for amortization of prior service cost included in net loss0.2 0.2 0.3 0.5 
Reclassification adjustment for amortization of net actuarial loss included in net loss4.8 2.2 9.6 4.4 
Net pension and other postretirement benefits(c)
2.7 5.3 11.1 7.1 
Other comprehensive income (loss), net of tax93.4 59.1 56.5 (246.2)
Comprehensive income (loss)(71.5)74.4 263.5 (3,476.6)
Comprehensive (income) loss attributable to non-controlling interest(1.9)(6.8)(5.7)(6.1)
Comprehensive income (loss) attributable to TechnipFMC plc$(73.4)$67.6 $257.8 $(3,482.7)

(a)Net of income tax benefit of nil for the three and six months ended June 30, 2021 and 2020.
(b)Net of income tax (expense) benefit of $(1.9) million and $(6.7) million for the three months ended June 30, 2021 and 2020, respectively, and $3.0 million and $15.8 million for the six months ended June 30, 2021 and 2020, respectively.
(c)Net of income tax (expense) benefit of $(1.3) million and $(0.9) million for the three months ended June 30, 2021 and 2020, respectively, and $(3.4) million and $(1.5) million for the six months ended June 30, 2021 and 2020, respectively.

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except par value data)June 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$854.9 $1,269.2 
Trade receivables, net of allowances of $43.5 in 2021 and $40.2 in 2020
1,272.3 987.7 
Contract assets, net of allowances of $0.2 in 2021 and $2.4 in 2020
928.3 886.8 
Inventories, net (Note 8)1,135.8 1,252.8 
Derivative financial instruments (Note 19)186.0 268.7 
Income taxes receivable107.6 274.7 
Advances paid to suppliers60.6 96.3 
Other current assets (Note 9)578.7 683.4 
Investment in Technip Energies 760.0  
Current assets of discontinued operations 5,725.1 
Total current assets5,884.2 11,444.7 
Investments in equity affiliates324.0 305.5 
Property, plant and equipment, net of accumulated depreciation of $2,423.6 in 2021 and $2,154.2 in 2020
2,712.7 2,756.2 
Operating lease right-of-use assets728.6 784.9 
Finance lease right-of-use assets50.4 27.5 
Intangible assets, net of accumulated amortization of $446.4 in 2021 and $493.1 in 2020
809.7 851.3 
Deferred income taxes40.3 34.2 
Derivative financial instruments (Note 19)12.9 29.2 
Other assets165.1 175.6 
Non-current assets of discontinued operations 3,283.5 
Total assets$10,727.9 $19,692.6 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 13)$297.7 $624.7 
Operating lease liabilities133.2 195.5 
Finance lease liabilities0.7 26.9 
Accounts payable, trade1,307.2 1,201.0 
Contract liabilities833.6 1,046.8 
Accrued payroll185.6 186.8 
Derivative financial instruments (Note 19)128.8 157.5 
Income taxes payable68.4 61.2 
Other current liabilities (Note 9)805.7 818.3 
Current liabilities of discontinued operations 6,096.5 
Total current liabilities3,760.9 10,415.2 
Long-term debt, less current portion (Note 13)2,180.2 2,835.5 
Operating lease liabilities, less current portion658.0 632.8 
Financing lease liabilities, less current portion51.5  
Deferred income taxes80.5 79.3 
Accrued pension and other post-retirement benefits, less current portion239.5 268.4 
Derivative financial instruments (Note 19)13.6 18.8 
Other liabilities114.4 103.3 
Non-current liabilities of discontinued operations 1,081.3 
Total liabilities7,098.6 15,434.6 
Commitments and contingent liabilities (Note 17)
Mezzanine equity
Redeemable non-controlling interest (Note 20) 43.7 
Stockholders’ equity (Note 14)
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2021 and 2020; 450.6 shares and 449.5 shares issued and outstanding in 2021 and 2020, respectively
450.6 449.5 
Capital in excess of par value of ordinary shares9,144.7 10,242.4 
Accumulated deficit(4,714.0)(4,915.2)
Accumulated other comprehensive loss(1,294.9)(1,622.5)
Total TechnipFMC plc stockholders’ equity3,586.4 4,154.2 
Non-controlling interests42.9 40.4 
Non-controlling interests of discontinued operations 19.7 
Total equity3,629.3 4,214.3 
Total liabilities and equity$10,727.9 $19,692.6 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
Six Months Ended June 30,
20212020
Cash provided (required) by operating activities
Net income (loss) from continuing operations$259.5 $(3,403.7)
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities
Depreciation145.7 153.0 
Amortization47.5 51.1 
Impairments19.6 3,221.7 
Employee benefit plan and share-based compensation costs10.5 28.5 
Deferred income tax benefit, net(14.0)(25.7)
Income from investment in Technip Energies(323.3) 
Unrealized (gain) loss on derivative instruments and foreign exchange61.4 (5.2)
Income from equity affiliates, net of dividends received(20.4)(35.8)
Loss on early extinguishment of debt23.5  
Other3.9 (13.9)
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and contract assets(353.5)(126.8)
Inventories, net122.6 (56.8)
Accounts payable, trade108.4 (72.8)
Contract liabilities(206.9)51.3 
Income taxes payable (receivable), net173.6 4.5 
Other current assets and liabilities, net34.5 (181.5)
Other non-current assets and liabilities, net3.0 (3.5)
Cash provided (required) by operating activities from continuing operations95.6 (415.6)
Cash provided by operating activities from discontinued operations66.3 349.6 
Cash provided (required) by operating activities161.9 (66.0)
Cash provided (required) by investing activities
Capital expenditures(83.9)(163.6)
Proceeds from redemption of debt securities24.2  
Payment to acquire debt securities(29.1) 
Proceeds from sales of assets88.7 25.0 
Proceeds from sale of investment in Technip Energies458.1  
Proceeds from repayment of advances to joint venture12.5 12.5 
Other 11.2 
Cash provided (required) by investing activities from continuing operations470.5 (114.9)
Cash required by investing activities from discontinued operations(4.5)(22.4)
Cash provided (required) by investing activities466.0 (137.3)
Cash provided (required) by financing activities
Net increase in short-term debt(23.1)24.0 
Net decrease in commercial paper(974.3)(39.1)
Proceeds from issuance of long-term debt1,164.4 163.6 
Repayments of long-term debt(1,065.8) 
Payments for debt issuance costs(53.5) 
Dividends paid (59.2)
Payments related to taxes withheld on share-based compensation(2.4)— 
Other(1.1)(6.4)
Cash provided (required) by financing activities from continuing operations(955.8)82.9 
Cash required by financing activities from discontinued operations(79.1)(327.2)
Cash required by financing activities(1,034.9)(244.3)
Effect of changes in foreign exchange rates on cash and cash equivalents(7.3)(42.0)
Change in cash and cash equivalents(414.3)(489.6)
Cash and cash equivalents, beginning of period1,269.2 1,563.1 
Cash and cash equivalents, end of period$854.9 $1,073.5 

The accompanying notes are an integral part of the condensed consolidated financial statements.
7



TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2021 and 2020


(In millions)Ordinary SharesCapital in Excess of Par Value of Ordinary SharesAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal Stockholders’ Equity
Balance as of March 31, 2020$448.3 $10,196.8 $(4,887.0)$(1,701.7)$28.4 $4,084.8 
Net income (loss)— — 11.7 — 3.6 15.3 
Other comprehensive income— — — 55.9 3.2 59.1 
Issuance of ordinary shares1.0 — — — — 1.0 
Share-based compensation (Note 15)— 16.8 — — — 16.8 
Other— — (0.7)— (0.7)(1.4)
Balance as of June 30, 2020$449.3 $10,213.6 $(4,876.0)$(1,645.8)$34.5 $4,175.6 
Balance as of March 31, 2021$449.8 $9,152.1 $(4,547.0)$(1,400.8)$41.4 $3,695.5 
Net income (loss)— — (167.0)— 2.1 (164.9)
Other comprehensive income (loss)— — — 93.6 (0.2)93.4 
Issuance of ordinary shares0.8 — — — — 0.8 
Share-based compensation (Note 15)— 7.3 — — — 7.3 
Spin-off of Technip Energies— (14.7)— 12.3 — (2.4)
Other— — — — (0.4)(0.4)
Balance as of June 30, 2021$450.6 $9,144.7 $(4,714.0)$(1,294.9)$42.9 $3,629.3 


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)
SIX MONTHS ENDED JUNE 30, 2021 and 2020


(In millions)Ordinary SharesCapital in
Excess of Par
Value of
Ordinary Shares
Accumulated DeficitAccumulated
Other
Comprehensive
Income
(Loss)
Non-controlling
Interest
Total
Stockholders’
Equity
Balance as of December 31, 2019447.1 10,182.8 (1,563.1)(1,407.5)28.8 7,688.1 
Adoption of accounting standards (Note 3)— — (7.8)— — (7.8)
Net income (loss)— — (3,244.4)— 14.0 (3,230.4)
Other comprehensive loss— — — (238.3)(7.9)(246.2)
Issuance of ordinary shares2.2 (7.6)— — — (5.4)
Cash dividends declared ($0.13 per share)
— — (59.2)— — (59.2)
Share-based compensation (Note 15)— 38.4 — — — 38.4 
Other— — (1.5)— (0.4)(1.9)
Balance as of June 30, 2020449.3 10,213.6 (4,876.0)(1,645.8)34.5 4,175.6 
Balance as of December 31, 2020449.5 10,242.4 (4,915.2)(1,622.5)60.1 4,214.3 
Net income — — 201.2 — 5.8 207.0 
Other comprehensive income (loss)— — — 56.6 (0.1)56.5 
Issuance of ordinary shares1.1 — — — — 1.1 
Share-based compensation (Note 15)— 10.7 — — — 10.7 
Spin-off of Technip Energies (Note 2)— (1,108.4)— 271.0 (19.9)(857.3)
Other— — — — (3.0)(3.0)
Balance as of June 30, 2021450.6 9,144.7 (4,714.0)(1,294.9)42.9 3,629.3 

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

9


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 the 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, 2020.
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, 2021.
NOTE 2. DISCONTINUED OPERATIONS
The Spin-off
On February 16, 2021, we completed our separation into two independent publicly traded companies: TechnipFMC, a fully integrated technology and service provider, and Technip Energies, a leading engineering and technology player (“Technip Energies”). The transaction was structured as a spin-off , which occurred by way of a pro rata dividend (the “Distribution”) to our shareholders of 50.1% of the outstanding shares in Technip Energies N.V. Each of our shareholders received one ordinary share of Technip Energies N.V. for every five ordinary shares of TechnipFMC held at 5:00 p.m., Eastern Standard time, on the record date, February 17, 2021. Technip Energies N.V. is now an independent public company and its shares trade under the ticker symbol “TE” on the Euronext Paris Stock Exchange.
In connection with the Spin-off, TechnipFMC and Technip Energies entered into a separation and distribution agreement, as well as various other agreements, including among others a tax matters agreement, an employee matters agreement and a transition services agreement and certain agreements relating to intellectual property. These agreements provide for the allocation between TechnipFMC and Technip Energies of assets, employees, taxes, liabilities and obligations attributable to periods prior to, at and after the Spin-off.
Discontinued Operations
The Spin-off represented a strategic shift that will have a major impact to our operations and consolidated financial statements. Accordingly, historical results of Technip Energies prior to the Distribution on February 16, 2021 have been presented as discontinued operations in our condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows for the three and six months ended June 30, 2021 and 2020. Our condensed consolidated statements of income, condensed consolidated balance sheets and condensed consolidated statements of cash flows and notes to the condensed consolidated financial statements have been updated to reflect continuing operations only.
The following table summarizes the components of income from discontinued operations, net of tax:
10


Three Months Ended June 30,Six Months Ended June 30,
(In millions)2021202020212020
Revenue$ $1,538.3 $906.0 $3,086.0 
Costs and expenses 1,317.2 889.3 2,759.6 
Other income and interest expense, net (39.9)(18.6)(102.1)
Income (loss) from discontinued operations before income taxes$ $181.2 $(1.9)$224.3 
Income (loss) from discontinued operations, net of income taxes$7.7 $191.1 $(52.5)$173.3 
Assets and liabilities of discontinued operations are summarized below:
December 31,
(In millions)2020
Assets
Cash and cash equivalents$3,538.6 
Trade receivables, net of allowances1,302.1 
Contract assets380.8 
Other current assets503.6 
Tot