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FMC Technologies Inc – ‘10-Q’ for 3/31/16 – ‘EX-18.1’

On:  Thursday, 4/28/16, at 2:47pm ET   ·   For:  3/31/16   ·   Accession #:  1135152-16-43   ·   File #:  1-16489

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/28/16  FMC Technologies Inc              10-Q        3/31/16   89:6.9M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Form 10-Q for Quarterly Period Ended March 31,      HTML    448K 
                2016                                                             
 2: EX-10.1     Material Contract                                   HTML     27K 
 3: EX-18.1     Letter re: Change in Accounting Principles          HTML     27K 
 4: EX-31.1     Section 302 Certification of CEO                    HTML     31K 
 5: EX-31.2     Section 302 Certification of CFO                    HTML     31K 
 6: EX-32.1     Section 906 Certification of CEO                    HTML     26K 
 7: EX-32.2     Section 906 Certification of CFO                    HTML     26K 
14: R1          Document And Entity Information                     HTML     45K 
15: R2          Condensed Consolidated Statements Of Income         HTML     92K 
16: R3          Condensed Consolidated Statements Of Comprehensive  HTML     70K 
                Income                                                           
17: R4          Condensed Consolidated Statements Of Comprehensive  HTML     32K 
                Income (Parenthetical)                                           
18: R5          Condensed Consolidated Balance Sheets               HTML    148K 
19: R6          Condensed Consolidated Balance Sheets               HTML     53K 
                (Parenthetical)                                                  
20: R7          Condensed Consolidated Statements Of Cash Flows     HTML    109K 
21: R8          Basis Of Presentation                               HTML     30K 
22: R9          New Accounting Standards                            HTML     39K 
23: R10         Earnings Per Share                                  HTML     41K 
24: R11         Restructuring and Impairment Expense                HTML     47K 
25: R12         Assets Held for Sale                                HTML     28K 
26: R13         Inventories                                         HTML     39K 
27: R14         Equity Method Investments                           HTML     40K 
28: R15         Goodwill                                            HTML     47K 
29: R16         Debt                                                HTML     44K 
30: R17         Commitments And Contingent Liabilities              HTML     31K 
31: R18         Stockholders' Equity                                HTML    120K 
32: R19         Income Taxes                                        HTML     30K 
33: R20         Pension And Other Post-retirement Benefits          HTML     57K 
34: R21         Stock-based Compensation                            HTML     47K 
35: R22         Derivative Financial Instruments                    HTML    151K 
36: R23         Fair Value Measurements                             HTML    113K 
37: R24         Warranty Obligations                                HTML     36K 
38: R25         Business Segments                                   HTML     89K 
39: R26         Basis Of Presentation (Policy)                      HTML     34K 
40: R27         Earnings Per Share (Tables)                         HTML     40K 
41: R28         Restructuring and Impairment Expense (Tables)       HTML     44K 
42: R29         Inventories (Tables)                                HTML     38K 
43: R30         Equity Method Investments Equity Method             HTML     34K 
                Investments (Tables)                                             
44: R31         Goodwill (Tables)                                   HTML     47K 
45: R32         Debt (Tables)                                       HTML     46K 
46: R33         Stockholders' Equity (Tables)                       HTML    120K 
47: R34         Pension And Other Post-retirement Benefits          HTML     55K 
                (Tables)                                                         
48: R35         Stock-based Compensation (Tables)                   HTML     42K 
49: R36         Derivative Financial Instruments (Tables)           HTML    149K 
50: R37         Fair Value Measurements (Tables)                    HTML    102K 
51: R38         Warranty Obligations (Tables)                       HTML     36K 
52: R39         Business Segments (Tables)                          HTML     86K 
53: R40         Basis Of Presentation Basis of Presentation         HTML     37K 
                (Narrative) (Details)                                            
54: R41         New Accounting Standards (Change in Accounting      HTML     29K 
                Principle) (Details)                                             
55: R42         Earnings Per Share (Reconciliation Of Number Of     HTML     46K 
                Shares Used For Basic And Diluted Earnings Per                   
                Share ("EPS") Calculation ) (Details)                            
56: R43         Restructuring and Impairment Expense (Details)      HTML     40K 
57: R44         Restructuring and Impairment Expense (Impairments   HTML     37K 
                of Assets Held for Use) (Details)                                
58: R45         Restructuring and Impairment Expense (Impairment    HTML     39K 
                of Assets of Held For Sale) (Details)                            
59: R46         Assets Held for Sale (Details)                      HTML     30K 
60: R47         Inventories (Components Of Inventories) (Details)   HTML     38K 
61: R48         Equity Method Investments (Narrative) (Details)     HTML     39K 
62: R49         Equity Method Investments (Schedule of Equity       HTML     36K 
                Method Investments and Joint Ventures) (Details)                 
63: R50         Goodwill (Carrying Amount of Goodwill) (Details)    HTML     44K 
64: R51         Debt (Schedule Of Long-Term Debt) (Details)         HTML     58K 
65: R52         Commitments And Contingent Liabilities Guarantees   HTML     30K 
                (Details)                                                        
66: R53         Stockholders' Equity (Narrative) (Details)          HTML     37K 
67: R54         Stockholders' Equity (Components of Stockholders'   HTML     59K 
                Equity) (Details)                                                
68: R55         Stockholders' Equity (Treasury stock activity)      HTML     33K 
                (Details)                                                        
69: R56         Stockholders' Equity (Accumulated Other             HTML     51K 
                Comprehensive Loss) (Details)                                    
70: R57         Stockholder's Equity (Reclassification out of       HTML     65K 
                Other Comprehensive Income) (Details)                            
71: R58         Income Taxes (Details)                              HTML     29K 
72: R59         Pension And Other Post-retirement Benefits          HTML     50K 
                (Components Of Net Periodic Benefit Cost)                        
                (Details)                                                        
73: R60         Stock-based Compensation (Narrative) (Details)      HTML     39K 
74: R61         Stock-based Compensation (Schedule Of Restricted    HTML     37K 
                Stock) (Details)                                                 
75: R62         Stock-based Compensation (Schedule of Market-Based  HTML     37K 
                Awards) (Details)                                                
76: R63         Derivative Financial Instruments (Narrative)        HTML     36K 
                (Details)                                                        
77: R64         Derivative Financial Instruments (Schedule Of       HTML     63K 
                Notional Amounts Of Outstanding Derivative                       
                Positions) (Details)                                             
78: R65         Derivative Financial Instruments (Fair Value Of     HTML     46K 
                Derivative Instruments In Statement Of Financial                 
                Position) (Details)                                              
79: R66         Derivative Financial Instruments (Derivative        HTML     53K 
                Instruments In Cash Flow Hedging Relationships                   
                Gain (Loss)) (Details)                                           
80: R67         Derivative Financial Instruments Offsetting Assets  HTML     38K 
                (Details)                                                        
81: R68         Derivative Financial Instruments Offsetting         HTML     38K 
                Liabilities (Details)                                            
82: R69         Fair Value Measurements (Narrative) (Details)       HTML     40K 
83: R70         Fair Value Measurements (Assets And Liabilities     HTML     58K 
                Measured On A Recurring Basis) (Details)                         
84: R71         Warranty Obligations (Schedule Of Warranty Cost     HTML     34K 
                And Accrual Information) (Details)                               
85: R72         Business Segments (Schedule Of Segment Revenue And  HTML     54K 
                Segment Operating Profit) (Details)                              
86: R73         Business Segments (Segment Operating Capital        HTML     49K 
                Employed And Segment Assets) (Details)                           
88: XML         IDEA XML File -- Filing Summary                      XML    162K 
87: EXCEL       IDEA Workbook of Financial Reports                  XLSX     77K 
 8: EX-101.INS  XBRL Instance -- fti-20160331                        XML   1.99M 
10: EX-101.CAL  XBRL Calculations -- fti-20160331_cal                XML    255K 
11: EX-101.DEF  XBRL Definitions -- fti-20160331_def                 XML    748K 
12: EX-101.LAB  XBRL Labels -- fti-20160331_lab                      XML   1.57M 
13: EX-101.PRE  XBRL Presentations -- fti-20160331_pre               XML    907K 
 9: EX-101.SCH  XBRL Schema -- fti-20160331                          XSD    156K 
89: ZIP         XBRL Zipped Folder -- 0001135152-16-000043-xbrl      Zip    221K 


‘EX-18.1’   —   Letter re: Change in Accounting Principles


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Exhibit 18.1
April 28, 2016
FMC Technologies, Inc.
Houston, Texas
Ladies and Gentlemen:
We have been furnished with a copy of the quarterly report on Form 10-Q of FMC Technologies, Inc. (the Company) for the three months ended March 31, 2016, and have read the Company’s statements contained in note 2 to the condensed consolidated financial statements included therein. As stated in note 2, the Company changed its method of accounting for valuing certain domestic inventories in its surface integrated services business from the last-in, first-out (LIFO) to the first-in, first-out (FIFO) method, and states that the newly adopted accounting principle is preferable in the circumstances because the FIFO method better reflects the current value of inventory reported in the consolidated balance sheets, provides for better matching of costs of goods sold with related revenue, provides for greater consistency and uniformity across the Company’s operations with respect to the method of inventory valuation, and is the method used by management to monitor the financial results of the business for operational and financial planning. In accordance with your request, we have reviewed and discussed with Company officials the circumstances and business judgment and planning upon which the decision to make this change in the method of accounting was based.
We have not audited any financial statements of the Company as of any date or for any period subsequent to December 31, 2015, nor have we audited the information set forth in the aforementioned note 2 to the condensed consolidated financial statements; accordingly, we do not express an opinion concerning the factual information contained therein.
With regard to the aforementioned accounting change, authoritative criteria have not been established for evaluating the preferability of one acceptable method of accounting over another acceptable method. However, for purposes of the Company’s compliance with the requirements of the Securities and Exchange Commission, we are furnishing this letter.
Based on our review and discussion, with reliance on management’s business judgment and planning, we concur that the newly adopted method of accounting is preferable in the Company’s circumstances.
Very truly yours,
/s/ KPMG LLP
Houston, TX



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:4/28/16
For Period end:3/31/16
12/31/1510-K,  11-K,  SD
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Filing Submission 0001135152-16-000043   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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