v3.26.1
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Segment Reporting Information
The following presents financial information on our business segments:
Three Months Ended June 30,
20262025
SubseaSurface TechnologiesTotalSubseaSurface TechnologiesTotal
(In millions)
Revenue$2,486.9 $276.2 $2,763.1 $2,216.3 $318.4 $2,534.7 
Less:
Cost of sales(a)
1,866.4 217.5 1,700.8 247.4 
Other segment items(b)
134.0 19.7 135.2 47.6 
Operating profit $486.5 $39.0 $380.3 $23.4 
Six Months Ended June 30,
20262025
SubseaSurface TechnologiesTotalSubseaSurface TechnologiesTotal
(In millions)
Revenue$4,695.3 $560.5 $5,255.8 $4,152.5 $615.8 $4,768.3 
Less:
Cost of sales(a)
3,560.7 440.1 3,240.7 484.0 
Other segment items(b)
299.1 44.3 283.6 78.2 
Operating profit $835.5 $76.1 $628.2 $53.6 
(a)These significant expenses are easily computable from profit measures that are regularly provided to the chief operating decision maker.
(b)Other segment items include selling, general and administrative expense, research and development expense, income from equity affiliates and restructuring, impairment and other expenses.

The following is a reconciliation of total segment operating profit to income before income taxes:
Three Months Ended Six Months Ended
June 30,June 30,
(In millions)2026202520262025
Subsea$486.5 $380.3 $835.5 $628.2 
Surface Technologies39.0 23.476.1 53.6 
Total segment operating profit525.5 403.7$911.6 681.8
Corporate items
Corporate expense(a)
(26.4)(26.6)(63.5)(52.4)
Net interest expense(3.6)(14.4)(9.6)(24.3)
Foreign exchange gain (loss), net(19.3)12.1 (6.5)— 
Total corporate items(49.3)(28.9)(79.6)(76.7)
Income before income taxes(b)
$476.2 $374.8 $832.0 $605.1 
(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other administrative expenses.
(b)Includes amounts attributable to non-controlling interests.
Schedule of Segment Assets
Segment assets were as follows:
(In millions)June 30, 2026December 31, 2025
Segment assets
Subsea$7,487.3 $6,900.3 
Surface Technologies1,174.2 1,145.6 
Total segment assets8,661.5 8,045.9 
Corporate (a)
1,706.9 2,072.3 
Total assets$10,368.4 $10,118.2 
(a)Corporate includes cash, deferred income tax balances, property, plant and equipment, intangible assets, assets not associated with a specific segment, and the fair value of derivative financial instruments.
Schedule of Other Business Segment Information
Other business segment information is as follows:

Capital ExpendituresDepreciation and
Amortization		Research and
Development Expense
 Three Months Ended June 30,
(In millions)202620252026202520262025
Subsea$59.3 $54.3 $85.2 $104.4 $24.6 $12.8 
Surface Technologies3.1 14.4 11.8 10.7 1.1 1.3 
Subtotal62.4 68.7 97.0 115.1 25.7 14.1 
Corporate(2.3)14.9 0.1 0.1 — — 
Total$60.1 $83.6 $97.1 $115.2 $25.7 $14.1 

Capital ExpendituresDepreciation and
Amortization		Research and
Development Expense
 Six Months Ended June 30,
(In millions)202620252026202520262025
Subsea$104.5 $105.9 $177.0 $190.9 $41.3 $31.1 
Surface Technologies11.0 21.2 23.5 26.4 2.2 2.1 
Subtotal115.5 127.1 200.5 217.3 43.5 33.2 
Corporate0.2 18.3 0.2 0.3 — — 
Total$115.7 $145.4 $200.7 $217.6 $43.5 $33.2