Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FMC CORPORATION | |
Entity Central Index Key | 37,785 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 134,330,556 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 9,724,855,894 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 2,878.6 | $ 2,538.9 | $ 2,491 |
Costs and Expenses | |||
Costs of sales and services | 1,777.3 | 1,607.7 | 1,690.6 |
Gross Margin | 1,101.3 | 931.2 | 800.4 |
Selling, general and administrative expenses | 618.6 | 458.5 | 660.7 |
Research and development expenses | 141.5 | 134.5 | 135.9 |
Restructuring and other charges (income) | 81.4 | 95 | 150.3 |
Total costs and expenses | 2,618.8 | 2,295.7 | 2,637.5 |
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, interest income and expense and income taxes | 259.8 | 243.2 | (146.5) |
Equity in (earnings) loss of affiliates | (0.1) | (0.5) | 0 |
Interest income | (0.9) | (0.6) | (1.3) |
Interest expense | 80 | 63.5 | 62.2 |
Income (loss) from continuing operations before income taxes | 180.8 | 180.8 | (207.4) |
Provision for income taxes | 264.1 | 50.1 | 5.2 |
Income (loss) from continuing operations | (83.3) | 130.7 | (212.6) |
Discontinued operations, net of income taxes | 621.7 | 81 | 711.1 |
Net income | 538.4 | 211.7 | 498.5 |
Less: Net income attributable to noncontrolling interests | 2.6 | 2.6 | 9.5 |
Net income attributable to FMC stockholders | 535.8 | 209.1 | 489 |
Amounts attributable to FMC stockholders: | |||
Continuing operations, net of income taxes | (85.9) | 128.4 | (222) |
Discontinued operations, net of income taxes | 621.7 | 80.7 | 711 |
Net income attributable to FMC stockholders | $ 535.8 | $ 209.1 | $ 489 |
Basic earnings (loss) per common share attributable to FMC stockholders: | |||
Continuing operations (in dollars per share) | $ (0.64) | $ 0.96 | $ (1.66) |
Discontinued operations (in dollars per share) | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | 3.99 | 1.56 | 3.66 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||
Continuing operations (in dollars per share) | (0.64) | 0.96 | (1.66) |
Discontinued operations (in dollars per share) | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | $ 3.99 | $ 1.56 | $ 3.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 538.4 | $ 211.7 | $ 498.5 | |
Foreign currency adjustments: | ||||
Foreign currency translation gain (loss) arising during the period | 172.7 | (48.7) | (97.3) | |
Reclassification of foreign currency translations losses | 13.9 | 0 | 0 | |
Total foreign currency translation adjustments | [1] | 186.6 | (48.7) | (97.3) |
Derivative instruments: | ||||
Unrealized hedging gains (losses) and other, net of tax of $0.5, ($0.2) and $0.4 | (1.2) | 7.3 | 0.7 | |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of ($0.1), $3.3 and ($2.7) | (0.7) | 6 | (3) | |
Total derivative instruments, net of tax of $0.4, $3.1 and ($2.3) | (1.9) | 13.3 | (2.3) | |
Pension and other postretirement benefits: | ||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of ($16.1), $70.9 and $103.9 | [2] | 0.6 | (26.9) | (26.4) |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, net of tax of $23.2, $12.9 and $21.8 | [3] | 51.6 | 39.2 | 44.1 |
Total pension and other postretirement benefits, net of tax of $16.4, $12.9 and $7.1 | 52.2 | 12.3 | 17.7 | |
Other comprehensive income (loss), net of tax | 236.9 | (23.1) | (81.9) | |
Comprehensive income | 775.3 | 188.6 | 416.6 | |
Less: Comprehensive income attributable to the noncontrolling interest | 1.4 | 0.6 | 9.1 | |
Comprehensive income attributable to FMC stockholders | $ 773.9 | $ 188 | $ 407.5 | |
[1] | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates indefinitely. The amount for 2017 includes reclassification to net income due to the divestiture of our FMC Health and Nutrition segment which includes the portion of FMC Health and Nutrition sold to DuPont and the Omega-3 business sold to Pelagia AS. See Note 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2017 Omega-3 asset held for sale write-down charges. | |||
[2] | At December 31 of each year, we remeasure our pension and postretirement plan obligations at which time we record any actuarial gains (losses) and prior service (costs) credits to other comprehensive income. During the year ended December 31, 2017, due to the announced plans to divest of FMC Health and Nutrition business, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of March 31, 2017 in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. See Note 13 for more information. | |||
[3] | For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 15 within these consolidated financial statements. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized hedging gains (losses) and other, net of tax of $0.5, ($0.2) and $0.4 | $ 0.5 | $ (0.2) | $ 0.4 |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of ($0.1), $3.3 and ($2.7) | (0.1) | 3.3 | (2.7) |
Total derivative instruments, net of tax of $0.4, $3.1 and ($2.3) | 0.4 | 3.1 | (2.3) |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $1.9, ($7.7) and ($16.1) (2) | 1.9 | (7.7) | (16.1) |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, net of tax of $14.5, $20.6 and $23.2 (3) | 14.5 | 20.6 | 23.2 |
Total pension and other postretirement benefits, net of tax of $16.4, $12.9 and $7.1 | $ 16.4 | $ 12.9 | $ 7.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 283 | $ 64.2 |
Trade receivables, net of allowance of $38.7 in 2017 and $17.6 in 2016 | 2,043.5 | 1,692.5 |
Net inventories | 992.5 | 478.9 |
Prepaid and other current assets | 326.4 | 232.1 |
Current assets of discontinued operations held for sale | 7.3 | 381.5 |
Total current assets | 3,652.7 | 2,849.2 |
Investments | 1.4 | 1 |
Property, plant and equipment, net | 1,025.2 | 538.1 |
Goodwill | 1,198.9 | 498.7 |
Other intangibles, net | 2,631.8 | 719.9 |
Other assets including long-term receivables, net | 443.6 | 454.7 |
Deferred income taxes | 252.7 | 242.1 |
Noncurrent assets of discontinued operations held for sale | 0 | 835.6 |
Total assets | 9,206.3 | 6,139.3 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 192.6 | 94.2 |
Accounts payable, trade and other | 714.2 | 317.4 |
Advance payments from customers | 380.6 | 239.8 |
Accrued and other liabilities | 497.7 | 358.5 |
Accrued customer rebates | 266.6 | 246.7 |
Guarantees of vendor financing | 51.5 | 104.5 |
Accrued pension and other postretirement benefits, current | 5.7 | 7.1 |
Income taxes | 99.2 | 11 |
Current liabilities of discontinued operations held for sale | 1.3 | 59 |
Total current liabilities | 2,209.4 | 1,438.2 |
Long-term debt, less current portion | 2,993 | 1,798.8 |
Accrued pension and other postretirement benefits, long-term | 59.3 | 137.3 |
Environmental liabilities, continuing and discontinued | 346.2 | 306.4 |
Deferred income taxes | 173.2 | 130.4 |
Noncurrent liabilities of discontinued operations held for sale | 0 | 67.7 |
Other long-term liabilities | 718.1 | 267.5 |
Commitments and contingent liabilities (Note 18) | ||
Equity | ||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2017 or 2016 | 0 | 0 |
Common stock, $0.10 par value, authorized 260,000,000 shares in 2017 and 2016; 185,983,792 shares issued in 2017 and 2016 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 450.7 | 418.6 |
Retained earnings | 3,952.4 | 3,505.5 |
Accumulated other comprehensive income (loss) | (240.3) | (478.4) |
Treasury stock, common, at cost - 2017: 51,653,236 shares, 2016: 52,293,686 shares | (1,499.6) | (1,506.6) |
Total FMC stockholders’ equity | 2,681.8 | 1,957.7 |
Noncontrolling interests | 25.3 | 35.3 |
Total equity | 2,707.1 | 1,993 |
Total liabilities and equity | $ 9,206.3 | $ 6,139.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for trade receivable | $ 38.7 | $ 17.6 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares issued (in shares) | 185,983,792 | 185,983,792 |
Treasury stock, shares (in shares) | 51,653,236 | 52,293,686 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash provided (required) by operating activities of continuing operations: | ||||
Net income | $ 538.4 | $ 211.7 | $ 498.5 | |
Discontinued operations | (621.7) | (81) | (711.1) | |
Income (loss) from continuing operations | (83.3) | 130.7 | (212.6) | |
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ||||
Depreciation and amortization | 113 | 100.6 | 76.8 | |
Equity in (earnings) loss of affiliates | (0.1) | (0.5) | 0 | |
Restructuring and other charges (income) | 81.4 | 95 | 150.3 | |
Deferred income taxes | 104.2 | 53.3 | 18.2 | |
Pension and other postretirement benefits | 25.9 | 32.5 | 42.5 | |
Share-based compensation | 21.1 | 20.2 | 15.4 | |
Excess tax benefits from share-based compensation | 0 | (0.4) | (1.4) | |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||||
Trade receivables, net | (262.4) | 11.8 | 140.6 | |
Guarantees of vendor financing | (54.7) | 55 | 11.5 | |
Inventories | (96.8) | 79 | 27.8 | |
Accounts payable, trade and other | 331.7 | (29.7) | (294.4) | |
Advance payments from customers | 140.5 | (10) | 60.6 | |
Accrued customer rebates | 16.9 | (5.2) | 9.5 | |
Income taxes | [1] | 122.1 | (31.9) | (265.3) |
Pension and other postretirement benefit contributions | (56.5) | (65.8) | (75.4) | |
Environmental spending, continuing, net of recoveries | (20.5) | (28.1) | (32.2) | |
Restructuring and other spending | (8.2) | (18) | (24.7) | |
Acquisition-related charges | [2] | (78.9) | (23.4) | (264.8) |
Change in other operating assets and liabilities, net | [3] | 19.1 | 3.8 | 146.4 |
Cash provided (required) by operating activities of continuing operations | 314.5 | 368.9 | (471.2) | |
Cash provided (required) by operating activities of discontinued operations: | ||||
Environmental spending, discontinued, net of recoveries | (32.3) | (21.8) | (17.9) | |
Operating activities of discontinued operations, net of divestiture costs | 86.1 | 176.3 | 166 | |
Other discontinued spending | (32.8) | (25.6) | (35) | |
Cash provided (required) by operating activities of discontinued operations | 21 | 128.9 | 113.1 | |
Cash provided (required) by investing activities of continuing operations: | ||||
Capital expenditures | (85.7) | (91.2) | (53.4) | |
Proceeds from disposal of property, plant and equipment | 2.2 | 1.9 | 1.9 | |
Acquisitions, net | [4] | (1,225.6) | 0 | (1,205.1) |
Proceeds from sale of investments | 0 | 0 | 66.4 | |
Other investing activities | (40.4) | (11.5) | (40.2) | |
Cash provided (required) by investing activities of continuing operations | (1,349.5) | (100.8) | (1,230.4) | |
Cash provided (required) by investing activities of discontinued operations: | ||||
Proceeds from divestiture | 38 | 0 | 1,649.8 | |
Other discontinued investing activities | (22.3) | (34.4) | (70.7) | |
Cash provided (required) by investing activities of discontinued operations | 15.7 | (34.4) | 1,579.1 | |
Cash provided (required) by financing activities of continuing operations: | ||||
Increase (decrease) in short-term debt | (3.1) | (19.4) | (547.3) | |
Proceeds from borrowing of long-term debt | 1,598.9 | 2.8 | 1,650 | |
Financing fees | (11) | (0.7) | 0 | |
Repayments of long-term debt | (302.3) | (242.6) | (1,036.6) | |
Acquisitions of noncontrolling interests | 0 | (20) | 0 | |
Transactions with noncontrolling interests | (0.5) | 0 | 0 | |
Dividends paid | [5] | (88.8) | (88.6) | (86.4) |
Issuances of common stock, net | 22.5 | 4.1 | 5.9 | |
Excess tax benefits from share-based compensation | 0 | 0.4 | 1.4 | |
Repurchases of common stock under publicly announced program | 0 | (11.2) | 0 | |
Other repurchases of common stock | (2.6) | (1.8) | (3.7) | |
Cash provided (required) by financing activities | 1,213.1 | (377) | (16.7) | |
Effect of exchange rate changes on cash and cash equivalents | 4 | 0 | (4.8) | |
Increase (decrease) in cash and cash equivalents | 218.8 | (14.4) | (30.9) | |
Cash and cash equivalents, beginning of period | 64.2 | 78.6 | 109.5 | |
Cash and cash equivalents, end of period | 283 | 64.2 | 78.6 | |
Income tax payments | $ 33.3 | $ 62.8 | 340.3 | |
Cheminova [Member] | ||||
Cash provided (required) by financing activities of continuing operations: | ||||
Total cash payments associated with acquisition hedges | 264.8 | |||
Cash payments associated with acquisition hedge, accrued and paid | $ 165.2 | |||
[1] | The twelve months ended December 31, 2015 includes approximately $340.3 million in income tax payments principally driven by the sale of our Alkali Chemicals business. See Note 9 for more details. | |||
[2] | Total cash payments during the year ended December 31, 2015 associated with the Cheminova acquisition hedges were $264.8 million, which includes $165.2 million that were accrued and paid within the period. | |||
[3] | Changes in all periods represent timing of payments associated with all other operating assets and liabilities. | |||
[4] | Represents the cash portion of the total purchase consideration paid for the DuPont Crop Protection Business Acquisition. See Note 3 for more information on the non-cash consideration transferred to DuPont. | |||
[5] | See Note 15 regarding quarterly cash dividend. |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash paid for interest, net of capitalized interest | $ 98.8 | $ 81.6 | $ 74.7 |
Income taxes paid, net of refunds | 33.3 | 62.8 | 340.3 |
Net interest payments | 16.6 | 19.6 | 17.9 |
Tax payments, net of refunds | 8.3 | 12.6 | 9.2 |
Noncash additions to property, plant and equipment | $ 11.6 | $ 3.4 | 19.4 |
Cheminova [Member] | |||
Total cash payments associated with acquisition hedges | 264.8 | ||
Cash payments associated with acquisition hedge, accrued and paid | $ 165.2 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Common Stock, $0.10 Par Value | Capital In Excess of Par | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interest | |||
Beginning balance at Dec. 31, 2014 | $ 1,564 | $ 18.6 | $ 401.9 | $ 2,984.5 | $ (375.8) | $ (1,498.7) | $ 33.5 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 498.5 | 489 | 9.5 | |||||||
Stock compensation plans | 20.7 | 14.4 | 6.3 | |||||||
Excess tax benefits from share-based compensation | 1.4 | 1.4 | ||||||||
Shares for benefit plan trust, decrease | (2.2) | (2.2) | ||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 17.7 | 17.7 | ||||||||
Net hedging gains (losses) and other, net of income tax | (2.3) | (2.3) | ||||||||
Foreign currency translation adjustments | (97.3) | [1] | (96.9) | (0.4) | ||||||
Dividends | (88.5) | (88.5) | ||||||||
Repurchases of common stock | (3.7) | (3.7) | ||||||||
Ending balance at Dec. 31, 2015 | 1,908.3 | 18.6 | 417.7 | 3,385 | (457.3) | (1,498.3) | 42.6 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 211.7 | 209.1 | 2.6 | |||||||
Stock compensation plans | 24.2 | 19.9 | 4.3 | |||||||
Excess tax benefits from share-based compensation | (0.4) | (0.4) | ||||||||
Shares for benefit plan trust, increase | 0.4 | 0.4 | ||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 12.3 | 12.3 | ||||||||
Net hedging gains (losses) and other, net of income tax | 13.3 | 13.3 | ||||||||
Foreign currency translation adjustments | (48.7) | [1] | (46.7) | (2) | ||||||
Dividends | (88.6) | (88.6) | ||||||||
Repurchases of common stock | (13) | (13) | ||||||||
Transactions with noncontrolling interests, decrease | (26.5) | [2] | (18.6) | [2] | (7.9) | |||||
Ending balance at Dec. 31, 2016 | 1,993 | 18.6 | 418.6 | 3,505.5 | (478.4) | (1,506.6) | 35.3 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 538.4 | 535.8 | 2.6 | |||||||
Stock compensation plans | 42.6 | 33 | 9.6 | |||||||
Excess tax benefits from share-based compensation | 2.9 | |||||||||
Shares for benefit plan trust, decrease | (0.2) | (0.2) | ||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 52.2 | 52.2 | ||||||||
Net hedging gains (losses) and other, net of income tax | (1.9) | (1.9) | ||||||||
Foreign currency translation adjustments | 186.6 | [1] | 187.8 | (1.2) | ||||||
Dividends | (88.9) | (88.9) | ||||||||
Repurchases of common stock | (2.4) | (2.4) | ||||||||
Noncontrolling interests associated with an acquisition | [2] | 12.7 | 12.7 | |||||||
Transactions with noncontrolling interests, decrease | (25) | [2] | (0.9) | [2] | (24.1) | |||||
Ending balance at Dec. 31, 2017 | $ 2,707.1 | $ 18.6 | $ 450.7 | $ 3,952.4 | $ (240.3) | $ (1,499.6) | $ 25.3 | |||
[1] | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates indefinitely. The amount for 2017 includes reclassification to net income due to the divestiture of our FMC Health and Nutrition segment which includes the portion of FMC Health and Nutrition sold to DuPont and the Omega-3 business sold to Pelagia AS. See Note 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2017 Omega-3 asset held for sale write-down charges. | |||||||||
[2] | See Notes 3 and 15 for more detail on the acquisitions of noncontrolling interest and transactions with noncontrolling interest, respectively. |
Consolidated Statement of Cha10
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends ($ per share) | $ 0.66 | $ 0.66 | $ 0.66 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Principal Accounting Policies a
Principal Accounting Policies and Related Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies and Related Financial Information | Principal Accounting Policies and Related Financial Information Nature of operations . We are a diversified chemical company serving agricultural, consumer and industrial markets globally with innovative solutions, applications and market-leading products. We operate in two distinct business segments: FMC Agricultural Solutions and FMC Lithium. Our FMC Agricultural Solutions segment develops, markets and sells all three major classes of crop protection chemicals – insecticides, herbicides, and fungicides. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as pest control in non-agricultural markets. Our FMC Lithium segment manufactures lithium for use in a wide range of lithium products, which are used primarily in energy storage, specialty polymer and chemical synthesis application. Basis of consolidation and basis of presentation . The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. In March 2017, our FMC Health and Nutrition segment was classified as a discontinued operation. For more information on our discontinued operations see Note 9. We have recast all the data within this filing to present FMC Health and Nutrition as a discontinued operation retrospectively for all periods presented including held for sale balance sheet treatment. Estimates and assumptions . In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. Cash equivalents . We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents. Trade receivables, net of allowance . Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. The allowance for trade receivable was $38.7 million and $17.6 million as of December 31, 2017 and 2016 , respectively. The allowance for long-term receivables was $47.1 million and $49.1 million at December 31, 2017 and 2016 . The provision to the allowance for receivables charged against operations was $22.1 million , $21.9 million and $5.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. See Note 8 for more information. Investments . Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. Inventories . Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis including DuPont and our remaining inventories are recorded on either a first-in, first-out (“FIFO”) basis or average cost. The method for the acquired DuPont Crop Protection Business includes LIFO and average cost. See Note 5 for more information. Property, plant and equipment . We record property, plant and equipment, including capitalized interest, at cost. We recognize acquired property, plant and equipment, from acquisitions at its estimated fair value. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements — 20 years , buildings — 20 to 40 years , and machinery and equipment — three to 18 years ). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. Capitalized interest . We capitalized interest costs of $3.1 million in 2017 , $3.2 million in 2016 and $4.2 million in 2015 . These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. Impairments of long-lived assets . We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Asset retirement obligations . We record asset retirement obligations (“AROs”) at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated AROs are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. In our FMC Lithium segment, we have mining operations and legal reclamation obligations related to these facilities upon closure of the mines. Also, we have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. Certain of these obligations are recorded in our environmental reserves described in Note 10. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was immaterial at December 31, 2017 and 2016 . The carrying amounts for the AROs for the years ended December 31, 2017 and 2016 are $1.9 million and $1.8 million , respectively. These amounts are included in "Other long-term liabilities" on the consolidated balance sheet. Restructuring and other charges . We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years . See Note 20 for the net unamortized computer software balances. Goodwill and intangible assets . Goodwill and other indefinite life intangible assets are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessments conducted in 2017 and 2016 , we did not record any goodwill impairments. See Note 4 for more information on indefinite life intangibles. In 2017, we recorded a $42.1 million impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of the Act passed in the fourth quarter of 2017. See Note 11 for more details. In 2015 , we recorded indefinite-lived intangible impairments of $9.3 million . These amounts were associated with Cheminova integration and restructuring activities within FMC Agricultural Solutions. These items are discussed further in Note 7. Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, brands, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of three to 50 years . See Note 4 for additional information on goodwill and intangible assets and Notes 4 and 7 for additional information on the indefinite life intangible impairments. Revenue recognition . We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. Research and Development . Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income)" on the consolidated statements of income (loss). Income and other taxes . We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of consolidated foreign subsidiaries as it is our intention that such earnings will remain invested in those companies. Foreign currency . We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in income as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. See “Derivative financial instruments” below and Note 17. Derivative financial instruments . We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Treasury stock . We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a FIFO method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock. Segment information . We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. We have identified FMC Agricultural Solutions and FMC Lithium as our reportable segments. Segment disclosures are included in Note 19. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. Geographic segment data is included in Note 19. Stock compensation plans . We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 14 for further discussion on our share-based compensation. Environmental obligations . We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans ("OM&M"). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items New Accounting guidance and regulatory items In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This new standard permits a company to reclassify the income tax effects of the change in the U.S federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances as well as other income tax effects related to the application of the Act within Accumulated other comprehensive income ("AOCI") to retained earnings. There are also new required disclosures such as a description of the accounting policy for releasing income tax effects from AOCI as well as certain disclosures in the period of adoption if a company elects to reclassify the income tax effects. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), and interim periods within those fiscal years, with early adoption permitted. We are evaluating the effect the guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) . This ASU amends and simplifies existing hedge accounting guidance and allows for more hedging strategies to be eligible for hedge accounting. In addition, the ASU amends disclosure requirements and how hedge effectiveness is assessed. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted in any interim period after issuance of this ASU. We are evaluating the effect the guidance will have on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation - Scope of Modification Accounting . This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU provides requirements for presentation and disclosure of service and other components of net benefit cost on the financial statements. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements other than potential changes to the presentation of net periodic pension and postretirement benefit costs on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations . This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. We will continue to assess the effects the amendments will have on future acquisitions or disposals. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory . Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted only in the first quarter of a fiscal year. Based on our assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date). We have reviewed the eight cash flow issues and do not believe there will be any significant changes to FMC and our presentation of certain cash receipts and payments within the consolidated cash flow statement upon adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” ( "ASU 2016-13" ). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) . Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). While we are still evaluating the definitive impacts this ASU will have on our consolidated financial statements, we have performed an initial impact assessment by surveying the lease population. At a minimum, total assets and total liabilities will likely increase in the period of adoption. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. Based on an initial assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP. We will be adopting this standard as of January 1, 2018 using the modified retrospective adoption method. While we are still finalizing the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures, we have performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we have assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Based on the assessment performed to date, we do not expect material changes to our current policies related to the timing of revenue recognition and the accounting for costs; however, we will be finalizing our assessment in advance of the filing of our first quarter 2018 Form 10-Q. The standard will impact our disclosures including disclosures presenting further disaggregation of revenue. We are in the process of developing our new footnote disclosures required under the new standard. As a result of the evaluations performed to date, we do not expect a material cumulative catchup effect to our retained earnings; however, we do expect balance sheet adjustments related to the presentation of sales returns liabilities and corresponding refund assets. Due to the transaction with E. I. du Pont de Nemours and Company, we are performing further impact assessments of this standard related to the acquired business and continue to finalize any potential impacts. Recently adopted accounting guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard was effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years (i.e. a January 1, 2017 effective date). We adopted this standard prospectively beginning in 2017. The adoption impacted our recognition of excess tax benefit, which is recorded within "Provision for income taxes" on the consolidated statements of income (loss). Additionally, the presentation of excess tax benefit on our consolidated statements of cash flows was impacted as it is now shown within cash flows from operating activities. The excess tax benefit recognized within provision for income taxes for the year ended December 31, 2017 was approximately $2.9 million . In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. This standard was effective for annual reporting periods beginning after December 15, 2016, (i.e. a January 1, 2017 effective date). We adopted this standard beginning in 2017. The adoption did not have an impact on the consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2017 Acquisition DuPont Crop Protection Business On November 1, 2017, pursuant to the terms and conditions set forth in the Transaction Agreement entered into with E. I. du Pont de Nemours and Company (“DuPont"), we completed the acquisition of certain assets relating to DuPont's Crop Protection business and research and development ("R&D") organization (the "DuPont Crop Protection Business") (collectively, the "DuPont Crop Protection Business Acquisition"). In connection with this transaction, we sold to DuPont our FMC Health and Nutrition segment and paid DuPont $1.2 billion in cash which was funded with the 2017 Term Loan Facility which was secured for the purposes of the Acquisition. See Note 12 for more details. The following table illustrates each component of the consideration paid as part of the DuPont Crop Protection Business Acquisition: (in Millions) Amount Cash purchase price, net $ 1,225.6 Fair value of FMC Health and Nutrition sold to DuPont 1,968.6 Total purchase consideration $ 3,194.2 The Transaction Agreement also contained a provision for working capital adjustments. The DuPont Crop Protection Business is being integrated into our FMC Agricultural Solutions segment and has been included within our results of operations since the date of acquisition. Revenue and U.S. GAAP Income (loss) from continuing operations before income taxes attributable to the DuPont Crop Protection Business, since the date of acquisition, for the twelve months ended December 31, 2017 was approximately $193.5 million and $27.6 million , respectively. The Income (loss) from continuing operations before income taxes attributable to the DuPont Crop Protection Business includes the inventory fair value step-up amortization recorded in "Cost of sales and services" on the consolidated statements of income (loss). In connection with the DuPont Crop Protection Business Acquisition, we entered into a customary transitional services agreement with DuPont to provide for the orderly separation and transition of various functions and processes. These services will be provided by DuPont to us for up to 24 months after closing, with an optional six months extension. These services include information technology services, accounting, human resource and facility services among other services, while we assume the operations of the DuPont Crop Protection Business. As part of the DuPont Crop Protection Business Acquisition, we acquired various manufacturing contracts. The manufacturing contracts have been recognized as an asset or liability to the extent the terms of the contract are favorable or unfavorable compared with market terms of the same or similar items at the date of the acquisition. We also entered into supply agreements with DuPont to supply technical insecticide products required for their retained seed treatment business at cost. The unfavorable liability is recorded within both "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets and is reduced and recognized to revenues within earnings as sales are made. The amount recognized in revenue for the two months ended December 31, 2017 was approximately $4.2 million . Certain manufacturing sites and R&D sites will be transferred to us at a later date due to various local timing constraints; however, we will still obtain the economic benefit from these sites during the period from November 1, 2017 to when the sites legally transfer. No additional consideration will be paid at the date of transfer. In the third quarter of 2017 , both the European Commission and Competition Commission of India had conditionally approved our acquisition of certain assets of DuPont’s Crop Protection business. The DuPont Crop Protection Business Acquisition was conditioned upon us divesting the portfolio of products required by the respective regulatory bodies. These divestitures are expected to impact FMC Agricultural Solutions’ annual 2018 operating profit by approximately $20 million . On February 1, 2018, we sold a portion of FMC's European herbicide Portfolio to Nufarm Limited and received proceeds of approximately $85 million plus $2 million of working capital. The gain on sale is expected to be approximately $80 million . This divestiture satisfied FMC's commitments to the European Commission related to the DuPont Crop Protection Business Acquisition. In December 2017, the Competition Commission of India issued its final order describing the required Indian remedy. We have begun the process to divest products in compliance with that order, and we expect the transaction to be completed during the second half of 2018. Purchase Price Allocation We applied acquisition accounting under the U.S. GAAP business combinations guidance. Acquisition accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The net assets of the DuPont Crop Protection Business Acquisition will be recorded at the estimated fair values using primarily Level 2 and Level 3 inputs (see Note 17 for an explanation of Level 2 and Level 3 inputs). In valuing acquired assets and assumed liabilities, valuation inputs include an estimate of future cash flows and discount rates based on the internal rate of return and the weighted average rate of return. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and is subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the fair value of inventories, property, plant and equipment, intangible assets, legal reserves, contingent liabilities, including uncertain tax positions, deferred tax assets and liabilities as well as other assets and liabilities. During the measurement period, if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings. The following table summarizes the consideration paid for the DuPont Crop Protection Business and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis. Preliminary Purchase Price Allocation (in Millions) Trade receivables (1) $ 45.8 Inventories (2) 379.6 Other current assets 90.1 Property, plant & equipment 436.4 Intangible assets: Indefinite-lived brands 1,178.2 Customer relationships (3) 723.8 Goodwill (4) 691.8 Deferred tax assets 76.7 Other noncurrent assets 11.3 Total fair value of assets acquired $ 3,633.7 Accounts payable, trade and other (1) $ 32.9 Accrued and other current liabilities (5) 107.8 Accrued pension and other postretirement benefits, long-term 7.6 Environmental liabilities (6) 2.6 Deferred tax liabilities 32.6 Other long-term liabilities (5) 256.0 Total fair value of liabilities assumed $ 439.5 Total consideration paid $ 3,194.2 Less: Noncontrolling interest (12.5 ) Total consideration paid less noncontrolling interest $ 3,181.7 ____________________ (1) Represents the accounts receivable and accounts payable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition. As part of the Transaction Agreement, these balances will be settled subsequent to the closing date through reimbursement between FMC and DuPont. The offsetting amounts due from and due to DuPont are recorded within Other current assets and Accrued and other current liabilities, respectively. (2) Fair value of finished goods inventory acquired included a step-up in the value of approximately $80.3 million , of which $20.2 million was amortized during 2017 and included in "Cost of sales and services" on the consolidated statements of income (loss). (3) The weighted average useful life of the acquired customer relationships is approximately 20 years . (4) Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. (5) Includes the short-term and long-term portions of the unfavorable supply contract with Dupont recorded in Accrued and other current liabilities and Other long-term liabilities, respectively. (6) Represents both the short-term and long-term portion of the environmental obligations at certain sites of the acquired DuPont Crop Protection Business that is indemnified by DuPont as part of the Transaction Agreement. The indemnification asset was recorded within Other assets. 2015 Acquisition Cheminova A/S On April 21, 2015, pursuant to the terms and conditions set forth in the Purchase Agreement, we completed the acquisition of 100 percent of the outstanding equity of Cheminova A/S, a Denmark Aktieselskab ("Cheminova") from Auriga Industries A/S, a Denmark Aktieselskab for an aggregate purchase price of $1.2 billion , excluding assumed net debt and hedge-related costs totaling $0.6 billion (the “Cheminova Acquisition”). The Cheminova Acquisition was funded with the October 10, 2014 term loan which was secured for the purposes of the Cheminova Acquisition. See Note 12 for more information. Cheminova is being integrated into our FMC Agricultural Solutions segment and has been included within our results of operations since the date of acquisition. The acquisition of Cheminova broadened our supply capabilities and strengthened our geographic footprint, particularly in Europe. Revenue and Income (Loss) from continuing operations before income taxes attributable to Cheminova, since the date of acquisition, for the twelve months ended December 31, 2015 was approximately $461.8 million of revenues and $68.1 million of income, respectively. Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the DuPont Crop Protection Business Acquisition occurred at the beginning of the periods presented. The pro forma amounts include certain adjustments, including interest expense on the borrowings used to complete the acquisition, depreciation and amortization expense and income taxes. The pro forma amounts for the twelve month period below exclude acquisition-related charges. The pro forma results do not include adjustments related to cost savings or other synergies that are anticipated as a result of the acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisitions had occurred as of January 1, 2016, nor are they indicative of future results of operations. Year Ended December 31, (in Millions) 2017 2016 Pro forma Revenue $ 4,204.0 $ 3,978.2 Pro forma Diluted earnings per share from continuing operations 2.62 4.00 Acquisition-related charges Pursuant to U.S. GAAP, costs incurred to complete the acquisitions as well as costs incurred to integrate both the DuPont Crop Protection Business and Cheminova into our operations are expensed as incurred. The following table summarizes the costs incurred associated with these combined activities. Year Ended December 31, (in Millions) 2017 2016 2015 Acquisition-related charges - DuPont Legal and professional fees (1) $ 130.2 $ — $ — Inventory fair value amortization (2) 20.2 — — Acquisition-related charges - Cheminova (3) Legal and professional fees (1) $ — $ 23.4 $ 60.4 Inventory fair value amortization (2) — — 57.8 (Gain)/loss on hedging purchase price (4) — — 172.1 Total acquisition-related charges $ 150.4 $ 23.4 $ 290.3 Restructuring charges and asset disposals Cheminova restructuring (3) $ — $ 42.3 $ 118.3 Total restructuring charges (5) $ — $ 42.3 $ 118.3 ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. These charges are included in “Selling, general and administrative expense" on the consolidated statements of income (loss). (2) These charges are included in “Costs of sales and services” on the consolidated statements of income (loss). (3) Acquisition-related charges and restructuring charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. (4) See "Cheminova Acquisition Hedge Costs" below for more information on these charges. These charges are included in “Selling, general and administrative expense” on the consolidated statements of income (loss). (5) See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). Cheminova Acquisition Hedge Costs Pursuant to the terms and conditions set forth in the Purchase Agreement, we agreed to acquire all of the outstanding equity of Cheminova from Auriga for an aggregate purchase price of $8.5 billion Danish krone ("DKK"). At the time we entered into the Purchase Agreement, the U.S. dollar ("USD" or “$”) to DKK exchange rate was USD $1.00 to DKK $5.77 , resulting in a USD purchase price of $1.47 billion , excluding assumed debt of approximately $0.3 billion . In order to minimize our exposure to adverse changes in the USD to DKK exchange rate from September 8, 2014 to April 21, 2015 (the acquisition close date), we entered into a series of foreign currency forward contracts ("FX forward contracts"). The FX forward contracts provided us the ability to fix the USD to DKK exchange rate for most of the DKK $8.5 billion purchase price, thereby limiting our exposure to foreign currency rate fluctuations. Over the period from September 2014 to April 21, 2015 the USD strengthened against the DKK by approximately 21 percent to an exchange rate of USD $1.00 to DKK $6.96 . The strengthening of the USD against the DKK results in a lower USD purchase price for Cheminova. Partially offsetting this was a mark-to-market net loss settlement on the FX forward contracts of $172.1 million in 2015 and $99.6 million in 2014. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by business segment for the years ended December 31, 2017 and 2016 , are presented in the table below: (in Millions) FMC Agricultural Solutions FMC Lithium Total Balance, December 31, 2015 $ 479.5 $ — $ 479.5 Purchase price allocation adjustments 20.4 — 20.4 Foreign currency adjustments (1.2 ) — (1.2 ) Balance, December 31, 2016 $ 498.7 $ — $ 498.7 Acquisitions (1) 691.8 — 691.8 Foreign currency adjustments 8.4 — 8.4 Balance, December 31, 2017 $ 1,198.9 $ — $ 1,198.9 ____________________ (1) Represents goodwill recorded as a result of the DuPont Crop Protection Business Acquisition. See Note 3 for more details. Our fiscal year 2017 annual goodwill impairment test was performed during the third quarter ended September 30, 2017 . We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value for each of our goodwill reporting units. There were no events or circumstances indicating that goodwill might be impaired as of December 31, 2017 . Our intangible assets, other than goodwill, consist of the following: December 31, 2017 December 31, 2016 (in Millions) Weighted avg. useful life at December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite life) Customer relationships 19 years $ 1,122.5 $ (73.3 ) $ 1,049.2 $ 356.9 $ (43.7 ) $ 313.2 Patents 8 years 2.0 (0.6 ) 1.4 2.2 (0.4 ) 1.8 Brands (1) 12 years 15.7 (6.2 ) 9.5 13.6 (4.7 ) 8.9 Purchased and licensed technologies 10 years 57.3 (28.9 ) 28.4 60.3 (30.1 ) 30.2 Other intangibles 39 years 2.9 (2.0 ) 0.9 2.9 (1.9 ) 1.0 $ 1,200.4 $ (111.0 ) $ 1,089.4 $ 435.9 $ (80.8 ) $ 355.1 Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,136.1 $ 1,136.1 $ — $ — Brands (1) (3) 405.6 405.6 363.4 363.4 In-process research and development 0.7 0.7 1.4 1.4 $ 1,542.4 $ 1,542.4 $ 364.8 $ 364.8 Total intangible assets $ 2,742.8 $ (111.0 ) $ 2,631.8 $ 800.7 $ (80.8 ) $ 719.9 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents the proprietary brand portfolios, consisting of trademarks, trade names and know-how, acquired from the DuPont Crop Protection Business Acquisition. In the fourth quarter of 2017, the Act was enacted and was identified to be a triggering event. As a result we performed an impairment assessment on the recently acquired brand portfolio and we recorded an impairment charge of approximately $42 million solely due to the new tax legislation. See Note 11 for more details. (3) The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition for which the fair value was substantially in excess of the carrying value. During the third quarter of 2017 and 2016, we recorded a $1 million impairment charge in our generic brand portfolio which is part of the FMC Agricultural Solutions segment. The carrying value of the generic portfolio subsequent to each charge was approximately $4 million and $6 million , respectively. At December 31, 2017 , the finite-lived and indefinite life intangibles were allocated among our business segments as follows: (in Millions) Finite life Indefinite life FMC Agricultural Solutions $ 1,088.4 $ 1,542.4 FMC Lithium 1.0 — Total $ 1,089.4 $ 1,542.4 Year Ended December 31, (in Millions) 2017 2016 2015 Amortization Expense $ 27.4 $ 23.6 $ 17.6 The estimated pre-tax amortization expense for each of the five years ending December 31, 2018 to 2022 is $60.5 million , $60.3 million , $60.2 million , $60.0 million , and $60.0 million , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, (in Millions) 2017 2016 Finished goods $ 353.7 $ 220.1 Work in process 542.4 219.3 Raw materials, supplies and other 224.1 166.7 FIFO inventory $ 1,120.2 $ 606.1 Less: Excess of FIFO cost over LIFO cost (127.7 ) (127.2 ) Net inventories $ 992.5 $ 478.9 Approximately 22% and 23% of our inventories in 2017 and 2016 , respectively were recorded on the LIFO basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following: December 31, (in Millions) 2017 2016 Land and land improvements $ 166.9 $ 88.6 Buildings 462.6 231.5 Machinery and equipment 753.1 563.1 Construction in progress 78.5 38.4 Total cost $ 1,461.1 $ 921.6 Accumulated depreciation (435.9 ) (383.5 ) Property, plant and equipment, net $ 1,025.2 $ 538.1 Depreciation expense was $65.7 million , $55.5 million , and $41.3 million in 2017 , 2016 and 2015 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges (Income) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) The following table shows total restructuring and other charges included in the respective line items of the consolidated statements of income (loss): Year Ended December 31, (in Millions) 2017 2016 2015 Restructuring charges and asset disposals $ 16.3 $ 43.4 $ 124.0 Other charges (income), net 65.1 51.6 26.3 Total restructuring and other charges (income) $ 81.4 $ 95.0 $ 150.3 RESTRUCTURING CHARGES AND ASSET DISPOSALS Restructuring Charges (in Millions) Severance and Employee Benefits (1) Other Charges (Income) (2) Asset Disposal Charges (3) Total Other items $ 0.1 $ 4.6 $ 11.6 $ 16.3 Year ended December 31, 2017 $ 0.1 $ 4.6 $ 11.6 $ 16.3 Cheminova restructuring $ 18.6 $ 6.0 $ 17.7 $ 42.3 Other items — 1.1 — 1.1 Year ended December 31, 2016 $ 18.6 $ 7.1 $ 17.7 $ 43.4 Cheminova restructuring $ 23.5 $ 2.7 $ 92.1 $ 118.3 Other items 5.7 — — 5.7 Year ended December 31, 2015 $ 29.2 $ 2.7 $ 92.1 $ 124.0 ____________________ (1) Represents severance and employee benefit charges. (2) Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other income primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (3) Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. Cheminova Restructuring In 2015, we completed the acquisition of Cheminova; see Note 3 for more details. As part of the integration of Cheminova into our existing FMC Agricultural Solutions segment we engaged in various restructuring activities. These restructuring activities included workforce reductions, relocation of current operating locations, lease and other contract termination costs and fixed asset accelerated depreciation as well as other long-term asset disposal charges at several of our FMC Agricultural Solutions' facilities. In 2016, these restructuring activities continued; however, the restructuring charges were completed at the end of 2016. Included within these activities was the decision to exit our generic crop protection business in Brazil, Consagro Agroquimica Ltda. (Consagro), which occurred via sale in 2015. Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations. (in Millions) Balance at 12/31/15 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/16 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/17 (4) Cheminova restructuring $ 8.7 $ 24.6 $ (18.1 ) $ (4.1 ) $ 11.1 $ — $ (6.5 ) $ (3.4 ) $ 1.2 Other workforce related and facility shutdowns (1) 1.6 1.1 (0.4 ) (0.9 ) 1.4 4.7 (1.7 ) 0.9 5.3 Restructuring activities related to discontinued operations (5) 3.3 8.0 (7.9 ) — 3.4 8.1 (10.5 ) (1.0 ) — Total $ 13.6 $ 33.7 $ (26.4 ) $ (5.0 ) $ 15.9 $ 12.8 $ (18.7 ) $ (3.5 ) $ 6.5 ____________________ (1) Primarily severance costs related to workforce reductions and facility shutdowns described in the Other Items sections above. (2) Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment or intangible balances and are not included in the above tables. (3) Primarily foreign currency translation adjustments. (4) Included in “Accrued and other liabilities” on the consolidated balance sheets. (5) Cash spending associated with restructuring activities of discontinued operations is reported within "Other discontinued spending" on the consolidated statements of cash flows. Other charges (income), net Year Ended December 31, (in Millions) 2017 2016 2015 Environmental charges, net $ 16.6 $ 36.8 $ 21.7 Impairment of intangibles 42.1 — — Argentina devaluation — 4.2 10.7 Belchim crop protection sale — — (26.6 ) Other items, net 6.4 10.6 20.5 Other charges (income), net $ 65.1 $ 51.6 $ 26.3 Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites, see Note 10 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. Impairment of intangibles In 2017, we recorded an impairment charge on certain acquired indefinite-lived intangible assets from the DuPont Crop Protection Business Acquisition solely as a result of the United States' enactment of the Act. See Note 11 for more details. Argentina Devaluation On December 17, 2015, the Argentina government initiated actions to significantly devalue its currency. These actions continued into a portion of first quarter of 2016. These actions created an immediate loss associated with the impacts of the remeasurement of our local balance sheet. The loss was attributable to our Lithium and Agricultural Solutions operations. Because of the severity of the event and its immediate impact to our operations in the country, the charge associated with the remeasurement was included within restructuring and other charges in our condensed consolidated income statement during the period. We believe these actions have ended and do not expect further charges for remeasurement to be included within restructuring and other charges. Belchim Crop Protection Sale During 2015 we sold our remaining ownership interest in a Belgian-based pesticide distribution company, Belchim Crop Protection N.V. ("Belchim"). Prior to and subsequent to the sale, Belchim was accounted for as a cost method investment. The gain on the sale was $26.6 million . The cash proceeds from the sale in 2015 of $27.5 million are included within "Proceeds from sale of investment" on the Consolidated Statements of Cash Flows. Other items, net In 2017, other items, net primarily relates to exit costs resulting from the termination and de-consolidation of our interest in a variable interest entity that was previously consolidated and was part of our FMC Agricultural Solutions segment. In 2016, we sold our remaining ownership interest in several joint ventures. The aggregate loss on the sale of the various interests of $2.9 million was recorded as "Restructuring and other charges (income)" on the consolidated statements of income (loss). Additionally, we had a gain of $2.1 million from the sale of certain Corporate fixed assets. The cash proceeds from these sales of $6.8 million is included within "Other investing activities" on the consolidated statements of cash flows. During 2016 and 2015, our FMC Agricultural Solutions segment entered into collaboration and license agreements with various third parties for the purposes of obtaining certain technology and intellectual property rights relating to compounds still under development. The rights and technology obtained is referred to as in-process research and development and in accordance with GAAP, the amounts paid were expensed as incurred since they were acquired outside of a business combination. The charges related to these arrangements were $13.2 million and $20.5 million in 2016 and 2015, respectively. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2016 and 2017 . (in Millions) Balance, December 31, 2015 $ 13.9 Additions — charged to expense 9.8 Transfer from (to) allowance for credit losses (see below) (7.8 ) Net recoveries, write-offs and other 1.7 Balance, December 31, 2016 $ 17.6 Additions — charged to expense 8.4 Transfer from (to) allowance for credit losses (see below) 9.5 Net recoveries, write-offs and other 3.2 Balance, December 31, 2017 $ 38.7 The company has non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $106.7 million as of December 31, 2017 . These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the consolidated balance sheets. A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary. The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables for fiscal years 2016 and 2017 . ( in Millions ) Balance, December 31, 2015 $ 29.2 Additions — charged to expense 12.1 Transfer from (to) allowance for doubtful accounts (see above) 7.8 Net recoveries, write-offs and other — Balance, December 31, 2016 $ 49.1 Additions — charged to expense 13.7 Transfer from allowance for doubtful accounts (see above) (9.5 ) Net recoveries, write-offs and other (6.2 ) Balance, December 31, 2017 $ 47.1 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations FMC Health and Nutrition: On August 1, 2017, we completed the sale of the Omega-3 business to Pelagia AS for $38 million . On November 1, 2017, we completed the previously disclosed sale of our FMC Health and Nutrition business to DuPont. The sale resulted in a gain of approximately $918 million ( $727 million , net of tax). In connection with the sale, we entered into a customary transitional services agreement with DuPont to provide for the orderly separation and transition of various functions and processes. These services will be provided by us to DuPont for up to 24 months after closing, with an optional 6 months extension. These services include information technology services, accounting, human resource and facility services among other services, while DuPont assumes the operations of FMC Health and Nutrition. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value, which included accumulated foreign currency translation adjustments that were subsequently reclassified to earnings after completion of the sale. As a result, we recorded an impairment charge for the year ended December 31, 2017 of approximately $168 million ( $148 million , net of tax). The results of our discontinued FMC Health and Nutrition operations are summarized below: (in Millions) Year Ended December 31, 2017 2016 2015 Revenue $ 562.9 $ 743.5 $ 785.5 Costs of sales and services 370.5 474.9 510.5 Income (loss) from discontinued operations before income taxes (1) $ 113.7 $ 158.5 $ 76.9 Provision for income taxes 9.7 43.8 42.2 Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (2) $ 104.0 $ 114.7 $ 34.7 Gain on sale of FMC Health and Nutrition, net of income taxes of $190.8 million (3) 727.1 — — Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (4) (147.8 ) — — Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders $ 683.3 $ 114.7 $ 34.7 ____________________ (1) For the years ended ended December 31, 2017 , 2016 and 2015 , amount includes $16.6 million , $19.8 million and $19.2 million of allocated interest expense and $8.1 million , $12.3 million and $93.7 million of restructuring and other charges (income), respectively. For the year ended December 31, 2017 amount includes $3.9 million of a pension curtailment charge. See Note 13 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. (2) In accordance with US GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. (3) Includes $27.9 million of divestiture related costs, net of tax as well as incremental tax cost of $14.7 million for the year ended December 31, 2017 related to certain legal entity restructuring executed during the third quarter to facilitate the FMC Health and Nutrition divestiture. (4) Represents the impairment charge for the year ended December 31, 2017 of approximately $168 million ( $148 million , net of tax) associated with the disposal activities of the Omega-3 business to write down the carrying value to its fair value. The following table presents the major classes of assets and liabilities of FMC Health and Nutrition: December 31, (in Millions) 2017 2016 Assets Current assets of discontinued operations held for sale (primarily trade receivables and inventories) $ 7.2 $ 381.5 Property, plant & equipment (1) 0.1 464.0 Goodwill (1) — 278.8 Other intangibles, net (1) — 73.5 Other noncurrent assets (1) — 19.3 Total assets of discontinued operations held for sale (2) $ 7.3 $ 1,217.1 Liabilities Current liabilities of discontinued operations held for sale (1.3 ) (59.0 ) Noncurrent liabilities of discontinued operations held for sale — (67.7 ) Total liabilities of discontinued operations held for sale (2) $ (1.3 ) $ (126.7 ) Total net assets (3) $ 6.0 $ 1,090.4 ____________________ (1) Presented as "Noncurrent assets of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2016 . (2) Presented as "Current assets / liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2017. (3) In connection with the divestiture of FMC Health and Nutrition, certain sites will transfer to DuPont subsequent to November 1, 2017 due to various local timing constraints. Amounts at December 31, 2017 represent the net assets of FMC Health and Nutrition that will be transferred to DuPont subsequent to the closing date. FMC Alkali: On April 1, 2015, we completed the sale of our FMC Alkali Chemicals division ("ACD") for $1,649.8 million to a wholly owned subsidiary of Tronox Limited ("Tronox"). The sale resulted in approximately $1,198.5 million in after-tax cash proceeds and in a pre-tax gain of $1,080.2 million ( $702.1 million net of tax) for the year ended December 31, 2015. The results of our discontinued FMC ACD operations are summarized below: (in Millions) Year Ended December 31, 2015 Revenue $ 194.0 Costs of sales and services 149.2 Income (loss) from discontinued operations before income taxes (1) $ 1,096.1 Provision for income taxes 379.0 Total discontinued operations of FMC ACD, net of income taxes $ 717.1 Less: discontinued operations of FMC ACD attributable to noncontrolling interests — Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders $ 717.1 ____________________ (1) For the year ended December 31, 2015 amounts include approximately $2.2 million of allocated interest expense, $15.0 million of divestiture related charges as well as a $5.3 million pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. In addition to our discontinued FMC Health and Nutrition and FMC ACD, our discontinued operations in our financial statements includes adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following: (in Millions) Year Ended December 31, 2017 2016 2015 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of ($0.1), ($0.5) and $1.0, respectively $ 3.0 $ 2.5 $ (1.1 ) Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $24.9, $12.9 and $16.7, respectively (1) (51.2 ) (24.0 ) (28.8 ) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $7.2, $6.6 and $6.3, respectively (13.4 ) (12.2 ) (10.8 ) Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of ($180.1), ($43.8) and ($42.2), respectively 683.3 114.7 34.7 Discontinued operations of FMC Alkali Chemicals, net of income tax benefit (expense) of zero, zero and ($379.0), respectively — — 717.1 Discontinued operations, net of income taxes $ 621.7 $ 81.0 $ 711.1 ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. Reserves for Discontinued Operations at December 31, 2017 and 2016 (in Millions) December 31, 2017 2016 Workers’ compensation, product liability, and indemnification reserves $ 22.6 $ 6.8 Postretirement medical and life insurance benefits reserve, net 7.6 7.8 Reserves for legal proceedings 33.0 34.0 Reserve for discontinued operations (1) $ 63.2 $ 48.6 ____________________ (1) Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. The discontinued postretirement medical and life insurance benefits liability equals the accumulated postretirement benefit obligation. Associated with this liability is a net pre-tax actuarial gain and prior service credit of $8.4 million ( $5.6 million after-tax) and $6.5 million ( $3.5 million after-tax) at December 31, 2017 and 2016 , respectively. The estimated net pre-tax actuarial gain and prior service credit that will be amortized from accumulated other comprehensive income into discontinued operations during 2018 are $1.2 million and zero , respectively. Net spending in 2017 , 2016 and 2015 was $2.4 million , $1.3 million and $0.8 million , respectively, for workers’ compensation, product liability and other claims; $1.0 million , $1.1 million and $1.1 million , respectively, for other postretirement benefits; and $18.9 million , $15.3 million and $22.9 million , respectively, related to reserves for legal proceedings associated with discontinued operations. |
Environmental Obligations
Environmental Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Obligations | Environmental Obligations We are subject to various federal, state, local and foreign environmental laws and regulations that govern emissions of air pollutants, discharges of water pollutants, and the manufacture, storage, handling and disposal of hazardous substances, hazardous wastes and other toxic materials and remediation of contaminated sites. We are also subject to liabilities arising under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws that impose responsibility on persons who arranged for the disposal of hazardous substances, and on current and previous owners and operators of a facility for the clean-up of hazardous substances released from the facility into the environment. We are also subject to liabilities under the Resource Conservation and Recovery Act (“RCRA”) and analogous state laws that require owners and operators of facilities that have treated, stored or disposed of hazardous waste pursuant to a RCRA permit to follow certain waste management practices and to clean up releases of hazardous substances into the environment associated with past or present practices. In addition, when deemed appropriate, we enter certain sites with potential liability into voluntary remediation compliance programs, which are also subject to guidelines that require owners and operators, current and previous, to clean up releases of hazardous substances into the environment associated with past or present practices. Environmental liabilities consist of obligations relating to waste handling and the remediation and/or study of sites at which we are alleged to have released or disposed of hazardous substances. These sites include current operations, previously operated sites, and sites associated with discontinued operations. We have provided reserves for potential environmental obligations that we consider probable and for which a reasonable estimate of the obligation can be made. Accordingly, total reserves of $432.1 million and $378.1 million , respectively, before recoveries, existed at December 31, 2017 and 2016 . The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $200 million at December 31, 2017 . This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Additionally, although potential environmental remediation expenditures in excess of the reserves and estimated loss contingencies could be significant, the impact on our future consolidated financial results is not subject to reasonable estimation due to numerous uncertainties concerning the nature and scope of possible contamination at many sites, identification of remediation alternatives under constantly changing requirements, selection of new and diverse clean-up technologies to meet compliance standards, the timing of potential expenditures and the allocation of costs among Potentially Responsible Parties ("PRPs") as well as other third parties. The liabilities arising from potential environmental obligations that have not been reserved for at this time may be material to any one quarter's or year's results of operations in the future. However, we believe any liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2014 to December 31, 2017 . (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2014 $ 284.3 2015 Provision 66.9 Spending, net of recoveries (57.0 ) Acquisitions 47.2 Foreign currency translation adjustments (0.5 ) Net Change 56.6 Total environmental reserves, net of recoveries at December 31, 2015 $ 340.9 2016 Provision 81.0 Spending, net of recoveries (52.6 ) Foreign currency translation adjustments (2.6 ) Net Change 25.8 Total environmental reserves, net of recoveries at December 31, 2016 $ 366.7 2017 Provision 106.0 Spending, net of recoveries (63.6 ) Acquisitions (1) 2.6 Foreign currency translation adjustments 6.5 Net Change 51.5 Total environmental reserves, net of recoveries at December 31, 2017 $ 418.2 ______________ (1) See Note 3 for more details. Amount relates to environmental obligations at certain sites of the acquired DuPont Crop Protection Business. To ensure we are held responsible only for our equitable share of site remediation costs, we have initiated, and will continue to initiate, legal proceedings for contributions from other PRPs. At December 31, 2017 and 2016 , we have recorded recoveries representing probable realization of claims against U.S. government agencies, insurance carriers and other third parties. Recoveries are recorded as either an offset to the “Environmental liabilities, continuing and discontinued” or as “Other assets including long-term receivables, net” on the consolidated balance sheets. The table below is a roll forward of our total recorded recoveries from December 31, 2015 to December 31, 2017 : (in Millions) December 31, 2015 Increase (Decrease) in Recoveries Cash Received December 31, 2016 Increase (Decrease) in Recoveries Cash Received December 31, 2017 Environmental liabilities, continuing and discontinued $ 7.3 $ 7.8 $ (3.7 ) $ 11.4 $ 2.5 $ — $ 13.9 Other assets (1) 22.7 7.3 (2.8 ) 27.2 15.9 (10.8 ) 32.3 Total $ 30.0 $ 15.1 $ (6.5 ) $ 38.6 $ 18.4 $ (10.8 ) $ 46.2 ______________ (1) The amounts are included within “Prepaid and other current assets" and "Other assets including long-term receivables, net" on the consolidated balance sheets. See Note 20 for more details. Increase in recoveries in 2017 includes $2.6 million related to indemnification for the acquired environmental liability from the DuPont Crop Protection Business Acquisition that existed prior to the closing of the transaction. The table below provides detail of current and long-term environmental reserves, continuing and discontinued. December 31, (in Millions) 2017 2016 Environmental reserves, current, net of recoveries (1) $ 72.0 $ 60.3 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 346.2 306.4 Total environmental reserves, net of recoveries $ 418.2 $ 366.7 ______________ (1) These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. (2) These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: Year Ended December 31, (in Millions) 2017 2016 2015 Continuing operations (1) $ 16.6 $ 36.8 $ 21.7 Discontinued operations (2) 76.1 36.9 45.5 Net environmental provision $ 92.7 $ 73.7 $ 67.2 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (2) Recorded as a component of “Discontinued operations, net of income taxes" on our consolidated statements of income (loss). See Note 9. On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: Year Ended December 31, (in Millions) 2017 2016 2015 Environmental reserves (1) $ 106.0 $ 81.0 $ 66.9 Other assets (2) (13.3 ) (7.3 ) 0.3 Net environmental provision $ 92.7 $ 73.7 $ 67.2 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 20 for details of "Other assets including long-term receivables, net" as presented on our consolidated balance sheets. Significant Environmental Sites Pocatello From 1949 until 2001, we operated the world's largest elemental phosphorus plant in Power County, Idaho, just outside the city of Pocatello. Since the plant's closure, FMC has worked with the EPA, the State of Idaho, and the Shoshone-Bannock Tribes ("Tribes") to develop a proposed cleanup plan for the property. In September 2012, the EPA issued an Interim Record of Decision ("IROD") that is environmentally protective and that ensures the health and safety of both workers and the general public. Since the plant's closure, we have successfully decommissioned our Pocatello plant, completed closure of the RCRA ponds and formally requested that the EPA acknowledge completion of work under a June 1999 RCRA Consent Decree. Future remediation costs include completion of the IROD that addresses groundwater contamination and existing waste disposal areas on the Pocatello plant portion of the Eastern Michaud Flats Superfund Site. In June 2013, the EPA issued a Unilateral Administrative Order to us under which we will implement the IROD remedy. Our current reserves factor in the estimated costs associated with implementing the IROD. In addition to implementing the IROD, we continue to conduct work pursuant to CERCLA unilateral administrative orders to address air emissions from beneath the cap of several of the closed RCRA ponds. The amount of the reserve for this site was $35.2 million and $44.3 million at December 31, 2017 and 2016 , respectively. Pocatello Tribal Litigation For a number of years, we engaged in disputes with the Tribes concerning their attempts to regulate our activities on the reservation. On March 6, 2006, a U.S. District Court Judge found that the Tribes were a third-party beneficiary of a 1998 RCRA Consent Decree and ordered us to apply for any applicable Tribal permits relating to the nearly-complete RCRA Consent Decree work. The third-party beneficiary ruling was later reversed by the Ninth Circuit Court of Appeals, but the permitting process continued in the tribal legal system. We applied for the tribal permits, but preserved objections to the Tribes' jurisdiction. In addition, in 1998, we entered into an agreement (“1998 Agreement”) that required us to pay the Tribes $1.5 million per year for waste generated from operating our Pocatello plant and stored on site. We paid $1.5 million per year until December 2001 when the plant closed. In our view the agreement was terminated, as the plant was no longer generating waste. The Tribes claimed that the 1998 Agreement has no end date. On April 25, 2006, the Tribes' Land Use Policy Commission issued us a Special Use Permit for the “disposal and storage of waste” at the Pocatello plant and imposed a $1.5 million per annum permit fee. The permit and fee were affirmed by the Tribal Business Council on July 21, 2006. We sought review of the permit and fee in Tribal Court, in which the Tribes also brought a claim for breach of the 1998 Agreement. On May 21, 2008, the Tribal Court reversed the permit and fee, finding that they were not authorized under tribal law, and dismissed the Tribes' breach of contract claim. The Tribes appealed to the Tribal Court of Appeals. On May 8, 2012, the Tribal Court of Appeals reversed the May 21, 2008 Tribal Court decision and issued a decision finding the permit and fee validly authorized and ordering us to pay waste permit fees in the amount of $1.5 million per annum for the years 2002-2007 ( $9.0 million in total), the Tribes' demand as set forth in the lawsuit. It also reinstated the breach of contract claim. The Tribes have filed additional litigation to recover the permit fees for the years since 2007, but that litigation has been stayed pending the outcome of the appeal in the Tribal Court of Appeals. Following a trial on certain jurisdictional issues which occurred during April 2014, the Shoshone-Bannock Tribal Appellate Court issued a Statement of Decision finding in favor of the Tribes’ jurisdiction over FMC and awarding costs on appeal to the Tribes. The Tribal Appellate Court conducted further post-trial proceedings and on May 6, 2014 issued Finding and Conclusions and a Final Judgment consistent with its earlier Statement of Decision. On September 28, 2017, the District Court issued a decision finding that the Tribal Court has jurisdiction over FMC to require FMC to pay a $1.5 million per year fee to the Tribes for hazardous wastes “stored” on the Reservation. We do not believe it is probable that we will incur a loss for this matter due to legal principles established by the United States Supreme Court and the United States Court of Appeals for the Ninth Circuit that we believe were not followed by the District Court. Our reasonably possible estimate continues to include the estimated costs of an adverse decision and does not need to be adjusted as a result of the District Court's decision. On October 12, 2017, we filed a notice of appeal to the Ninth Circuit. The District Court Judgment has been stayed pending the outcome of the appeal to the Ninth Circuit. We have estimated a reasonably possible loss for this matter and it has been reflected in our total reasonably possible loss estimate previously discussed within this note. Middleport Our Middleport, NY facility is currently an Agricultural Solutions formulation and packaging plant that formerly manufactured arsenic-based and other products. As a result of past manufacturing operations and waste disposal practices at this facility, releases of hazardous substances have occurred at the site that have affected soil, sediment, surface water and groundwater at the facility's property and also in adjacent off-site areas. The impact of our discontinued operations was the subject of an Administrative Order on Consent (“1991 AOC”) entered into with the EPA and New York State Department of Environmental Conservation (“NYSDEC”, and collectively with EPA, the “Agencies”) in 1991. The AOC requires us to (1) define the nature and extent of contamination caused by our historical plant operations, (2) take interim corrective measures and (3) evaluate Corrective Action Management Alternatives (“CMA”) for discrete contaminated areas, known as “operable units” of which there are eleven . We have defined the nature and extent of the contamination in certain areas, have constructed an engineered cover, closed the RCRA regulated surface water impoundments and are collecting and treating both surface water runoff and ground water, which has satisfied the first two requirements of the 1991 AOC. To date, we have evaluated and proposed CMAs for five of the eleven identified operable units. Middleport Litigation In 2013, we received from the NYSDEC, a Final Statement of Basis ("FSOB") with NYSDEC’s selected CMA for three of the operable units that had been combined for evaluative purposes (“OUs 2, 4 and 5”). The FSOB includes the same CMA as the Preliminary Statement of Basis, which we continue to believe is overly conservative and is not consistent with the 1991 AOC, which governs the remedy selection. In order to negotiate with the NYSDEC with respect to the FSOB, we entered into a tolling agreement with the agency. The tolling agreement served as a “standstill” agreement to the FSOB so that time spent negotiating with the NYSDEC did not go against the statute of limitations under the FSOB. The tolling agreement expired on April 30, 2014. We were not able to reach an agreement with the NYSDEC; thus, on May 1, 2014, we submitted a Notice of Dispute to the EPA pursuant to the terms of the 1991 AOC seeking review of the remedy chosen by the NYSDEC. On May 30, 2014, 30 days after the tolling period expired, we filed an action in the Supreme Court of New York formally challenging the NYSDEC's FSOB. In that lawsuit, we are contending that NYSDEC breached the 1991 AOC by not following the procedures set forth in it for remedy selection. On June 3, 2014, we received a letter from the EPA (dated May 22, 2014) declining to review the Notice of Dispute. On June 20, 2014, we filed an action in the United States District Court for the Western District of New York seeking a declaratory judgment that the EPA is obligated under the 1991 AOC to hear the dispute. On January 31, 2017, the District Court dismissed FMC's complaint, ruling that EPA's letter was not a final agency action subject to review. FMC responded to the Court’s dismissal of FMC’s action by filing a Motion to Vacate Judgment and For Leave to Amend Complaint on March 2, 2017. The purpose of this motion is to allow FMC to amend its Complaint to add a citizen’s suit under RCRA against the United States for EPA’s failure to perform its non-discretionary duties under the 1991 AOC. Simultaneously, FMC served EPA with a 60-day notice letter, which is a procedural precursor to filing the citizen’s suit complaint. On August 20, 2015, the Supreme Court of New York dismissed our state action on procedural grounds. We appealed that dismissal to the New York Supreme Court Appellate Division, Third Department. On October 20, 2016, the New York Supreme Court Appellate Division, Third Department, issued a decision on our appeal of the August 20, 2015 dismissal of our action challenging the NYSDEC's unilateral implementation of a remedy that is not consistent with the 1991 AOC. The Third Department found that NYSDEC does not have the authority to implement a remedy unilaterally using state funds prior to issuing an order and remanded the case to NYSDEC for further proceedings not inconsistent with the Court’s decision. Under the Court’s ruling, an order would have to be preceded by an opportunity for an administrative hearing. On February 2, 2017, the Third Department granted NYSDEC's motion for leave to appeal the decision to the New York Court of Appeals. Both NYSDEC and FMC have submitted their briefs on the appeal and oral argument has been scheduled for March 21, 2018. FMC anticipates a decision from the Court of Appeals to be issued within the second quarter of 2018. In June 2017, in parallel with the ongoing state litigation over the 1991 AOC and the FSOB, NYSDEC started the formal process of issuing to FMC a Part 373 Hazardous Waste Management Permit (“Part 373 permit”). A draft permit was issued, which, as written, would supersede the 1991 AOC, and ultimately result in its termination. FMC is proceeding through the administrative process, and contends, among other things, that such permit is not necessary given that the scope of the 1991 AOC properly addresses all corrective action requirements, and that hazardous waste has not been treated, stored, or disposed of at the Middleport facility for decades. A financial assurance mechanism has been requested by the draft Part 373 permit to address the remaining operable units and closure of the site surface impoundments, for which the final amount will be determined through the administrative proceeding. Middleport Reserves During 2017, we increased the reserve by $32.0 million , which reflects our best estimate for remediation costs associated with the operable unit that comprises the southern portion of the tributary (“OU 6”). The increased costs are based on estimates for the proposed CMA developed through a work study requested by the NYSDEC that was submitted on November 1, 2017. This increase has been reflected within the environmental reserves balance above. NYSDEC has not yet commented or responded to the proposed CMA for OU 6. Our reserve continues to include the estimated liability for clean-up to reflect the costs associated with our recommended CMAs for OUs 2, 4 and 5 and OU 6. Our estimated reasonably possible environmental loss contingencies exposure reflects the additional cost of the CMA proposed in the FSOB for OUs 2, 4 and 5. The amount of the reserve for this site is $73.9 million and $46.7 million at December 31, 2017 and 2016 , respectively. FMC is in various stages of evaluating the remaining operable units. Other Potentially Responsible Party (“PRP”) Sites We have been named a PRP at 32 sites on the federal government’s National Priorities List (“NPL”), at which our potential liability has not yet been settled. We have received notice from the EPA or other regulatory agencies that we may be a PRP, or PRP equivalent, at other sites, including 55 sites at which we have determined that it is probable that we have an environmental liability for which we have recorded an estimate of our potential liability in the consolidated financial statements. In cooperation with appropriate government agencies, we are currently participating in, or have participated in, a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, at most of the identified sites, with the status of each investigation varying from site to site. At certain sites, a RI/FS has only recently begun, providing limited information, if any, relating to cost estimates, timing, or the involvement of other PRPs; whereas, at other sites, the studies are complete, remedial action plans have been chosen, or a ROD has been issued. One site where FMC is listed as a PRP is the Portland Harbor Superfund Site (“Portland Harbor”), that includes the river and sediments of a 12 mile section of the lower reach of the Willamette River in Portland, Oregon that runs through an industrialized area. Portland Harbor is listed on the NPL. FMC formerly owned and operated a manufacturing site adjacent to this section of the river and has since sold its interest in this business. Currently, FMC and 70 other parties including the current owner of the former FMC site are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs. FMC and several other parties have been sued by the Confederated Bands and Tribes of the Yakama Nation for reimbursement of cleanup costs and the costs of performing a natural damage assessment. Based on the information known to date, we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to defend this matter. On January 6, 2017, EPA issued its Record of Decision (“ROD”) for the Portland Harbor Superfund Site. Any potential liability to FMC will represent a portion of the costs of the remedy the EPA has selected for Portland Harbor. Based on the current information available in the ROD as well as the large number of responsible parties for the Superfund Site, we are unable to develop a reasonable estimate of our potential exposure for Portland Harbor at this time. We have no reason to believe that the ultimate resolution of our potential obligations at Portland Harbor will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, adverse results in the outcome of the EPA allocation could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted in the United States. The Act significantly revised the U.S. corporate income tax structure resulting in changes to the Company’s expected U.S. corporate taxes due for 2017 and in future periods. Effective January 1, 2018, the Act, among other things, reduces the U.S. federal corporate tax rate from 35% to 21%, creates new provisions related to foreign sourced earnings, and eliminates the deduction for domestic production activities. The Act also requires companies to pay a one-time transition tax on the cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Taxes due on the one-time transition tax are payable as of December 31, 2017 and may be paid to the tax authority over eight years. In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses situations where the accounting is incomplete for the income tax effects of the Act. SAB 118 directs taxpayers to consider the impact of the Act as “provisional” when the Company does not have the necessary information available, prepared or analyzed (including computations) to finalize the accounting for the change in tax law. Companies are provided a measurement period of up to one year to obtain, prepare, and analyze information necessary to finalize the accounting for provisional amounts or amounts that cannot be estimated as of December 31, 2017. We will continue to refine our calculations as additional analysis is completed related to the Act. Additional information that may affect our provisional amounts would include further clarification and guidance on how the IRS will implement tax reform, including guidance with respect to executive compensation and transition tax, further clarification and guidance on how state taxing authorities will implement tax reform and the related effect on our state income tax returns, completion of our 2017 tax return filings, and the potential for additional guidance from the SEC or the FASB related to tax reform. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. Reduction of U.S. Federal Corporate Tax Rate We re-measured certain U.S. deferred tax assets and liabilities as of December 31, 2017 based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to changes in deferred tax amounts. As we continue to analyze the Act and refine our calculations, it could give rise to additional changes in our valuation allowance and the realizability of certain U.S. deferred tax assets. The provisional income tax expense recorded related to the re-measurement of our deferred tax balance for the period ending December 31, 2017 was $113.2 million . Deemed Repatriation Transition Tax The one-time transition tax associated with the Act is based on our total post-1986 earnings and profits ("E&P") that was previously deferred from U.S. federal taxation. During the period ending December 31, 2017, we recorded a provisional amount for our one-time transition tax liability for our foreign subsidiaries of $202.7 million , resulting in an increase in income tax expense. We have not yet completed our calculation of the total post-1986 E&P for our foreign subsidiaries or the tax pools of our foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. We have not provided additional income taxes for any additional outside basis differences inherent in our investments in subsidiaries because the investments are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable. We are still in the process of analyzing the impact of the Act on our indefinite reinvestment assertion. Provisions Related to Foreign Sourced Earnings Beginning in 2018, the Act subjects a U.S. shareholder of a controlled foreign corporation to current tax on “global intangible low-taxed income” (GILTI) and establishes a tax on certain payments from corporations subject to US tax to related foreign persons, also referred to as base erosion and anti-abuse tax (BEAT). Additionally, we recorded an impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of the triggering event associated with the Act. The triggering event represented the expected tax rate increase from the GILTI minimum tax to be imposed on certain of our foreign subsidiaries where these intangible assets are recorded. Because of the complexity of the new international tax provisions included in the Act that are not applicable to the Company until 2018, the Company is continuing to evaluate these provisions of the Act and the application of ASC 740. To date, the Company has not made an accounting policy election with respect to the period in which to recognize tax pertaining to GILTI and has therefore not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017. The impacts of the Act are presented herein as part of our results from continuing operations. Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: Year Ended December 31, (in Millions) 2017 2016 2015 Domestic $ (155.9 ) $ (48.5 ) $ (280.4 ) Foreign 336.7 229.3 73.0 Total $ 180.8 $ 180.8 $ (207.4 ) The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: Year Ended December 31, (in Millions) 2017 2016 2015 Current: Federal (1) (3) $ 97.5 $ (24.6 ) $ (80.9 ) Foreign 58.4 21.6 68.9 State 4.0 (0.2 ) (1.0 ) Total current $ 159.9 $ (3.2 ) $ (13.0 ) Deferred: Federal (2) $ 119.4 $ 27.6 $ 21.1 Foreign (14.8 ) 9.5 (0.8 ) State (0.4 ) 16.2 (2.1 ) Total deferred $ 104.2 $ 53.3 $ 18.2 Total $ 264.1 $ 50.1 $ 5.2 ____________________ (1) The transition tax on deemed repatriated foreign earnings incurred as a result of the Act is $202.7 million and reflected as component of tax expense in the U.S for the current year. (2) The remeasurement of the Company’s U.S. net deferred tax asset as a result of the Act resulted in tax expense of $113.2 million in the current year which is presented as a component of deferred tax expense in the U.S. (3) In 2015, the gain from the sale of our discontinued Alkali business created overall domestic taxable income. Exclusive of this gain, we incurred a loss from domestic continuing operations that reduced current taxes payable in 2015 and as such is presented as a reduction to 2015 current tax expense. Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2017 2016 Reserves for discontinued operations, environmental and restructuring $ 101.6 $ 148.5 Accrued pension and other postretirement benefits 19.3 39.6 Capital loss, foreign tax and other credit carryforwards 4.0 22.5 Net operating loss carryforwards 207.0 165.8 Deferred expenditures capitalized for tax 4.0 15.3 Other 153.3 191.4 Deferred tax assets $ 489.2 $ 583.1 Valuation allowance, net (272.0 ) (289.6 ) Deferred tax assets, net of valuation allowance $ 217.2 $ 293.5 Property, plant and equipment, net 137.9 181.8 Deferred tax liabilities $ 137.9 $ 181.8 Net deferred tax assets $ 79.3 $ 111.7 We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. GAAP accounting guidance requires companies to assess whether valuation allowances should be established against deferred tax assets based on all available evidence, both positive and negative, using a “more likely than not” standard. In assessing the need for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of deferred tax assets. This assessment considers, among other matters, the nature and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and tax planning alternatives. We operate and derive income from multiple lines of business across multiple jurisdictions. As each of the respective lines of business experiences changes in operating results across its geographic footprint, we may encounter losses in jurisdictions that have been historically profitable, and as a result might require additional valuation allowances to be recorded. We are committed to implementing tax planning actions, when deemed appropriate, in jurisdictions that experience losses in order to realize deferred tax assets prior to their expiration. During 2016, due to forecasts of domestic state taxable earnings, we concluded that there is insufficient positive evidence to realize certain portions of the U.S. state net deferred tax assets and established an additional valuation allowance in the amount of $17.7 million . As of December 31, 2017, we continue to maintain a valuation allowance against certain U.S. state deferred tax assets that the Company has concluded are not more likely than not realizable. During 2015, our Agricultural Solutions business in Brazil experienced significant current and cumulative losses driven by unfavorable market conditions. As of December 31, 2017, sufficient positive evidence to realize the net deferred tax assets in Brazil was not available and a full valuation allowance against those assets remains established. At December 31, 2017 , we had net operating loss and tax credit carryforwards as follows: U.S. state net operating loss carryforwards of $29.9 million (tax-effected) expiring in future years through 2037 , foreign net operating loss carryforwards of $177.1 million (tax-effected) expiring in various future years, $0.7 million of capital loss carryforwards expiring in 2020 and other tax credit carryforwards of $3.3 million expiring in various future years. The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Year Ended December 31, 2017 2016 2015 U.S. Federal statutory rate $ 63.3 $ 63.3 $ (72.6 ) Impacts of Tax Cuts and Jobs Act (1) 315.9 — — Foreign earnings subject to different tax rates (79.0 ) (49.3 ) (75.8 ) Capital loss on internal restructuring (45.3 ) — — State and local income taxes, less federal income tax benefit (1.5 ) 16.0 (2.4 ) Manufacturer's production deduction and miscellaneous tax credits (10.1 ) 0.8 (4.0 ) Tax on intercompany dividends and deemed dividends for tax purposes 10.6 2.1 10.2 Changes to unrecognized tax benefits 7.2 4.9 8.5 Nondeductible expenses 12.2 5.7 6.4 Change in valuation allowance (32.0 ) 7.9 160.7 Exchange gains and losses (2) 29.4 (12.1 ) (20.4 ) Other (6.6 ) 10.8 (5.4 ) Total Tax Provision $ 264.1 $ 50.1 $ 5.2 ____________________ (1) As a result of the Act, the Company has recognized provisional income tax expense of $202.7 million and $113.2 million related to the transition tax on deemed repatriation of foreign earnings and the remeasurement of the Company’s U.S. net deferred tax asset, respectively. (2) Includes impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes. The material factors contributing to the increase in income tax expense from continuing operations in 2017 as compared to 2016 are the provisional income tax expense recorded upon the enactment of the Act, partially offset by the tax effect of internal restructuring and an increase to the foreign earnings in low tax jurisdictions. The material factors contributing to the increase in income from continuing operations in 2016 compared to 2015 were prior year Cheminova acquisition related charges incurred by our domestic operations, improved results in our Agricultural Solutions business, primarily in Brazil, and significant prior year restructuring charges. These increases did not significantly impact the tax benefit attributable to foreign earnings subject to different tax rates as the statutory tax rates in the jurisdictions to which these items relate are similar to the U.S. Federal statutory rate. Reduced earnings from operations located in jurisdictions with lower tax rates than the U.S. Federal statutory rate resulted in a decreased tax benefit for foreign earnings subject to different tax rates in 2016 as compared to 2015. Uncertain Income Tax Positions U.S. GAAP accounting guidance for uncertainty in income taxes prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. We file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The income tax returns for FMC entities taxable in the U.S. and significant foreign jurisdictions are open for examination and adjustment. As of December 31, 2017 , the U. S. federal and state income tax returns are open for examination and adjustment for the years 2014 - 2017 and 1998 - 2017 , respectively. Our significant foreign jurisdictions, which total 17 , are open for examination and adjustment during varying periods from 2007 - 2017 . As of December 31, 2017 , we had total unrecognized tax benefits of $84.0 million , of which $22.5 million would favorably impact the effective tax rate from continuing operations if recognized. As of December 31, 2016 , we had total unrecognized tax benefits of $111.6 million , of which $34.9 million would favorably impact the effective tax rate if recognized. Interest and penalties related to unrecognized tax benefits are reported as a component of income tax expense. For the years ended December 31, 2017 , 2016 and 2015 , we recognized interest and penalties of $5.2 million , $4.4 million , and $2.0 million , respectively, in the consolidated statements of income (loss). As of December 31, 2017 and 2016 , we have accrued interest and penalties in the consolidated balance sheets of $13.1 million and $9.6 million , respectively. Due to the potential for resolution of federal, state, or foreign examinations, and the expiration of various jurisdictional statutes of limitation, it is reasonably possible that our liability for unrecognized tax benefits will decrease within the next 12 months by a range of $13.5 million to $14.7 million . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2017 2016 2015 Balance at beginning of year $ 111.6 $ 97.1 $ 45.9 Increases related to positions taken in the current year 9.4 22.3 21.4 Increases for tax positions on acquisitions — — 25.1 Increases and decreases related to positions taken in prior years (4.6 ) 2.6 7.4 Decreases related to lapse of statutes of limitations (14.2 ) (10.2 ) (2.7 ) Settlements during the current year (0.3 ) (0.2 ) — Decreases for tax positions on dispositions (17.9 ) — — Balance at end of year (1) $ 84.0 $ 111.6 $ 97.1 ____________________ (1) At December 31, 2017 , 2016 , and 2015 we recognized an offsetting non-current deferred asset of $59.8 million , $74.4 million , and $65.5 million respectively, relating to specific uncertain tax positions presented above. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt maturing within one year: Debt maturing within one year consists of the following: December 31, (in Millions) 2017 2016 Short-term foreign debt (1) $ 91.4 $ 85.5 Commercial paper — 6.3 Total short-term debt $ 91.4 $ 91.8 Current portion of long-term debt 101.2 2.4 Short-term debt and current portion of long-term debt $ 192.6 $ 94.2 ____________________ (1) At December 31, 2017 , the average effective interest rate on the borrowings was 8.2% . Long-term debt: Long-term debt consists of the following: (in Millions) December 31, 2017 December 31, Interest Rate Percentage Maturity Date 2017 2016 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 1.95% - 6.45% 2021 - 2032 $ 51.6 $ 51.6 Senior notes (less unamortized discounts of $1.1 and $1.4, respectively) 3.95% - 5.20% 2019 - 2024 998.9 998.6 2014 Term Loan Facility 2.8% 2020 450.0 750.0 2017 Term Loan Facility 2.8% 2022 1,500.0 — Revolving Credit Facility (1) 4.1% 2022 — — Foreign debt 0 - 10.8% 2018 - 2024 106.9 10.7 Debt issuance cost (13.2 ) (9.7 ) Total long-term debt $ 3,094.2 $ 1,801.2 Less: debt maturing within one year 101.2 2.4 Total long-term debt, less current portion $ 2,993.0 $ 1,798.8 ____________________ (1) Letters of credit outstanding under the Revolving Credit Facility totaled $146.0 million and available funds under this facility were $1,354.0 million at December 31, 2017 . Maturities of long-term debt Maturities of long-term debt outstanding, excluding discounts, at December 31, 2017 , are $101.2 million in 2018 , $302.5 million in 2019 , $452.0 million in 2020 , $302.6 million in 2021 , $1,500.1 million in 2022 and $450.3 million thereafter. Covenants Among other restrictions, the Revolving Credit Facility and 2014 and 2017 Term Loan Facilities contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended December 31, 2017 was 2.8 which is below the maximum leverage of 4.75 . By the end of 2018 , the maximum leverage ratio will step down to 4.5 in accordance with the provisions of the Credit Facility and the 2014 and 2017 Term Loan Facilities. Our actual interest coverage for the four consecutive quarters ended December 31, 2017 was 12.8 which is above the minimum interest coverage of 3.5 . We were in compliance with all covenants at December 31, 2017 . Term Loan Facility On November 1, 2017, we borrowed $1.5 billion under our previously announced senior unsecured term loan facility ("2017 Term Loan Facility"). The proceeds of the borrowing were used to finance the Acquisition and will also be used to pay anticipated taxes associated with the gain on the sale of FMC Health and Nutrition and other transaction costs. The scheduled maturity of the 2017 Term Loan Facility is on the fifth anniversary of this closing date. The 2017 Term Loan Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus in each case an applicable margin, as determined in accordance with the provisions of the related agreement to the 2017 Term Loan Facility. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of one percent; and the Eurocurrency rate for a one-month period plus one percent. The 2017 Term Loan Facility contains financial and other covenants, including a maximum leverage ratio of 4.75 and minimum interest coverage ratio of 3.5 immediately following the DuPont Crop Protection Business Acquisition. The 2017 Term Loan Facility also contains a cross-default provision whereby a default under our other indebtedness in excess of $50 million , after grace periods and absent a waiver from the lenders, would be an event of default under the agreement of the 2017 Term Loan Facility and could result in a demand for payment of all amounts outstanding under this facility. Revolving Credit Facility On May 2, 2017, we entered into an amended and restated credit agreement (the "Revolving Credit Agreement"). The unsecured Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $2.25 billion (the "Revolving Credit Facility"). The current termination date of the Revolving Credit Facility is May 2, 2022. Revolving loans under the Revolving Credit Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin, as determined in accordance with the provisions of the Revolving Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of one percent; and the Eurocurrency rate for a one-month period plus one percent. We are also required to pay a facility fee on the average daily amount (whether used or unused) at a rate per annum equal to an applicable percentage in effect from time to time for the facility fee, as determined in accordance with the provisions of the Revolving Credit Agreement. The initial facility fee is 0.15 percent per annum. The applicable margin and the facility fee are subject to adjustment as provided in the Revolving Credit Agreement. The Revolving Credit Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. The financial covenant levels have been amended in order to permit the debt incurred under the 2017 Term Loan Facility discussed above along with certain other changes to permit the expected transaction. Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement. Compensating Balance Agreements We maintain informal credit arrangements in many foreign countries. Foreign lines of credit, which include overdraft facilities, typically do not require the maintenance of compensating balances, as credit extension is not guaranteed but is subject to the availability of funds. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The funded status of our U.S. qualified and nonqualified defined benefit pension plans, our United Kingdom, Germany, France, and Belgium defined benefit pension plans, plus our U.S. other postretirement healthcare and life insurance benefit plans for continuing operations, together with the associated balances and net periodic benefit cost recognized in our consolidated financial statements as of December 31, are shown in the tables below. We are required to recognize in our consolidated balance sheets the overfunded and underfunded status of our defined benefit postretirement plans. The overfunded or underfunded status is defined as the difference between the fair value of plan assets and the projected benefit obligation. We are also required to recognize as a component of other comprehensive income the actuarial gains and losses and the prior service costs and credits that arise during the period. The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans: Pensions and Other Benefits December 31, 2017 2016 Discount rate qualified 3.68 % 4.22 % Discount rate nonqualified plan 3.29 % 3.55 % Discount rate other benefits 3.41 % 3.77 % Rate of compensation increase 3.10 % 3.60 % The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31: Pensions Other Benefits (1) December 31, (in Millions) 2017 2016 2017 2016 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,378.7 $ 1,411.6 $ 19.2 $ 20.0 Service cost 7.3 8.0 — — Interest cost 44.8 49.8 0.7 0.8 Actuarial loss (gain) (2) 82.2 61.9 1.7 — Amendments — 0.6 (0.1 ) — Acquisitions (4) 7.6 — — — Foreign currency exchange rate changes 3.4 (7.9 ) — — Plan participants’ contributions — — 0.7 0.7 Special termination benefits 2.3 — — — Settlements (54.3 ) (62.7 ) — — Transfer of liabilities from continuing to discontinued operations — — (0.9 ) — Curtailments (5.0 ) — 0.4 — Benefits paid (81.2 ) (82.6 ) (2.7 ) (2.3 ) Projected benefit obligation at December 31 $ 1,385.8 $ 1,378.7 $ 19.0 $ 19.2 Change in plan assets Fair value of plan assets at January 1 $ 1,253.5 $ 1,233.2 $ — $ — Actual return on plan assets 165.2 104.2 — — Foreign currency exchange rate changes 3.2 (2.8 ) — — Company contributions 54.5 64.2 2.0 1.6 Plan participants’ contributions — — 0.7 0.7 Actual expenses (1.0 ) — — — Settlements (54.3 ) (62.7 ) — — Other — — — — Benefits paid (81.2 ) (82.6 ) (2.7 ) (2.3 ) Fair value of plan assets at December 31 $ 1,339.9 $ 1,253.5 $ — $ — Funded Status U.S. plans with assets $ (6.6 ) $ (88.3 ) $ — $ — U.S. plans without assets (29.8 ) (33.3 ) (19.0 ) (19.2 ) Non-U.S. plans with assets (7.6 ) (0.7 ) — — All other plans (1.9 ) (2.9 ) — — Net funded status of the plan (liability) $ (45.9 ) $ (125.2 ) $ (19.0 ) $ (19.2 ) Amount recognized in the consolidated balance sheets: Accrued benefit liability (3) (45.9 ) (125.2 ) (19.0 ) (19.2 ) Total $ (45.9 ) $ (125.2 ) $ (19.0 ) $ (19.2 ) ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) In 2017, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations. Adoption of this new projection scale has decreased the U.S. defined benefit obligations by approximately $9 million at December 31, 2017. (3) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. (4) Refer to Note 3 for information on our acquired pension plans as part of the DuPont Crop Protection Acquisition. The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: Pensions Other Benefits (1) December 31, (in Millions) 2017 2016 2017 2016 Prior service (cost) credit $ (1.9 ) $ (3.5 ) $ (0.2 ) $ (0.5 ) Net actuarial (loss) gain (398.3 ) (468.1 ) 5.5 9.2 Accumulated other comprehensive income (loss) – pretax $ (400.2 ) $ (471.6 ) $ 5.3 $ 8.7 Accumulated other comprehensive income (loss) – net of tax $ (248.4 ) $ (300.6 ) $ 3.5 $ 5.6 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans . The accumulated benefit obligation for all pension plans was $1,359.6 million and $1,367.4 million at December 31, 2017 and 2016 , respectively. (in Millions) December 31 Information for pension plans with projected benefit obligation in excess of plan assets 2017 2016 Projected benefit obligations $ 1,385.8 $ 1,405.5 Accumulated benefit obligations 1,359.6 1,367.4 Fair value of plan assets 1,339.9 1,277.3 (in Millions) December 31 Information for pension plans with accumulated benefit obligation in excess of plan assets 2017 2016 Projected benefit obligations $ 39.2 $ 1,405.5 Accumulated benefit obligations 37.5 1,367.4 Fair value of plan assets 5.0 1,277.3 Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: Pensions Other Benefits (1) Year Ended December 31, (in Millions) 2017 2016 2017 2016 Current year net actuarial loss (gain) $ (2.6 ) $ 40.5 $ 2.1 $ — Current year prior service cost (credit) — 0.2 (0.1 ) — Amortization of net actuarial (loss) gain (16.4 ) (39.8 ) 1.0 1.1 Amortization of prior service (cost) credit (0.5 ) (0.7 ) 0.1 — Amortization of transition obligation — — — Recognition of prior service cost due to curtailment — — (0.3 ) — Transfer of actuarial (loss) gain from continuing to discontinued operations — — 0.6 — Curtailment (loss) (2) (5.0 ) 0.4 — — Settlement (loss) (47.3 ) (21.0 ) — — Foreign currency exchange rate changes on the above line items 0.4 (7.1 ) — — Total recognized in other comprehensive (income) loss, before taxes $ (71.4 ) $ (27.5 ) $ 3.4 $ 1.1 Total recognized in other comprehensive (income) loss, after taxes $ (52.2 ) $ (13.4 ) $ 2.1 $ 0.5 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) During the year ended December 31, 2017, due to the announced plans to divest of FMC Health and Nutrition business, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of March 31, 2017 in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. The $5.0 million shown above reflects the adjustment to the continuing operations liability and other comprehensive income, based on the revaluation of the plan. The associated curtailment expense was recorded under "Discontinued operations, net of income taxes", as discussed below. The estimated net actuarial loss and prior service cost for our pension plans that will be amortized from accumulated other comprehensive income (loss) into our net annual benefit cost (income) during 2018 are $13.2 million and $0.4 million , respectively. The estimated net actuarial gain and prior service cost for our other benefits that will be amortized from accumulated other comprehensive income (loss) into net annual benefit cost (income) during 2018 will be $(0.7) million and $(0.1) million . The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): Year Ended December 31, Pensions Other Benefits (1) (in Millions, except for percentages) 2017 2016 2015 2017 2016 2015 Discount rate 4.22 % 4.50 % 4.15 % 3.77 % 3.97 % 4.15 % Expected return on plan assets 6.50 % 7.00 % 7.25 % — — — Rate of compensation increase 3.60 % 3.60 % 3.60 % — — — Components of net annual benefit cost (in millions): Service cost $ 7.3 $ 8.0 $ 11.9 $ — $ — $ — Interest cost 44.8 49.8 59.6 0.7 0.8 0.9 Expected return on plan assets (78.5 ) (85.5 ) (86.2 ) — — — Amortization of prior service cost 0.5 0.7 0.9 (0.1 ) — 0.1 Amortization of net actuarial and other (gain) loss 16.4 39.2 54.3 (0.9 ) (1.2 ) (1.2 ) Recognized (gain) loss due to curtailments — — 4.8 — — 0.5 Recognized (gain) loss due to settlement 35.7 20.3 2.6 — — — Net annual benefit cost $ 26.2 $ 32.5 $ 47.9 $ (0.3 ) $ (0.4 ) $ 0.3 ___________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. For the year ended December 31, 2017 , we recognized a curtailment loss of $3.9 million associated with the disposal of our FMC Health and Nutrition Business, which was recorded within "Discontinued operations, net of income taxes" within the consolidated statements of income (loss). The curtailment loss in 2015 is associated with the disposal of our FMC Alkali Chemicals division. For the year ended December 31, 2017, we recorded a settlement charge of $35.7 million . The settlement charge includes $3.2 million related to the non-qualified plan in the U.S. and a $32.5 million settlement charge related to the termination of the U.K. pension plan. Historically, we have amortized unrecognized gains and losses using the corridor method over the average remaining service period of active participants of approximately eight years . As of January 1, 2017, approximately 95% of the participants in our U.S. qualified plan and approximately 93% of the participants in our U.S. postretirement life plan were inactive. Therefore, for fiscal 2017, we amortized gains and losses over the average remaining life expectancy of the inactive population for these two plans. The gain/loss amortization period for the U.S. qualified pension plan increased from about eight years to about 19 years as a result of this change. We consider this a change in estimate and, accordingly, have accounted for it prospectively beginning in 2017. For fiscal 2017, the change in estimate from amortizing gains and losses over the expected lifetime of the inactive population rather than the average remaining service period of active participants reduced US pension and postretirement net periodic benefit cost by approximately $20 million when compared to the prior estimate. Our U.S. qualified defined benefit pension plan (“U.S. Plan”) holds the majority of our pension plan assets. The expected long-term rate of return on these plan assets was 6.50% for the year ended December 31, 2017 , 7.00% for the year ended December 31, 2016 and 7.25% for the year ended December 31, 2015 . The expected long-term rate of return on these plan assets decreased by 0.5% in 2017 compared to 2016, due to a change in future market expectations while the asset allocation remained relatively constant for the majority of 2017. The new liability hedging strategy, described below, was implemented in late 2017 and will impact the expected rate of return in 2018. In developing the assumption for the long-term rate of return on assets for our U.S. Plan, we take into consideration the technical analysis performed by our outside actuaries, including historical market returns, information on the assumption for long-term real returns by asset class, inflation assumptions and expectations for standard deviation related to these best estimates. We also consider the historical performance of our own plan’s trust, which has earned a compound annual rate of return of approximately 7.9 percent over the last 20 years (which is in excess of comparable market indices for the same period) and other factors. Given an actively managed investment portfolio, the expected annual rates of return by asset class for our portfolio, assuming an estimated inflation rate of approximately 2.3 percent , is between 6.3 percent and 7.7 percent for equities, and between 4.2 percent and 4.8 percent for fixed-income investments, which generates a total expected portfolio return that is in line with our assumption for the rate of return on assets. The target asset allocation at December 31, 2017 , by asset category, is 20 percent equity securities and 80 percent fixed income investments. Our U.S. qualified pension plan’s investment strategy is a liability hedging approach with an objective of minimizing funded status volatility. The portfolio is comprised of approximately 80% fixed income and 20% equities. This strategy was implemented in December 2017. The fixed income (liability hedging) weighting will likely continue to gradually increase as the plan’s funded status increases. The remaining equity investments are weighted towards value equities and diversified across U.S. and non-U.S. stocks. Investment performance and related risks are measured and monitored on an ongoing basis through annual liability measurements, periodic asset liability studies, and quarterly investment portfolio reviews. The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 17 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) 12/31/2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 123.0 $ 123.0 $ — $ — Equity securities: Common stock 194.1 194.1 — — Mutual funds and other investments 27.3 27.3 — — Fixed income investments: Investment contracts 150.8 — 150.8 — Mutual funds 805.6 805.6 — — Investments measured at net asset value (1) 39.1 Total assets $ 1,339.9 $ 1,150.0 $ 150.8 $ — (in Millions) 12/31/2016 Quoted Prices Significant Significant Cash and short-term investments $ 118.6 $ 118.6 $ — $ — Equity securities: Common stock 692.0 692.0 — — Mutual funds and other investments 154.6 154.6 — — Fixed income investments: Investment contracts 198.8 — 153.2 45.6 Mutual funds 11.2 11.2 — — Other investments: Other (0.5 ) (0.5 ) — — Investments measured at net asset value (1) 78.8 Total assets $ 1,253.5 $ 975.9 $ 153.2 $ 45.6 ____________________ (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. The following table summarizes the changes in fair value of the Level 3 investments as of December 31, 2016 and December 31, 2017 : (in Millions) Investment Contracts (1) Balance, December 31, 2016 $ 45.6 Settlements (45.6 ) Net transfers $ (45.6 ) Balance, December 31, 2017 $ — (1) Investment contracts consist of insurance group annuity contracts purchased to match the pension benefit payment stream owed to certain selected plan participant demographics within a few major U.K. defined benefit plans. Annuity contracts are valued using a discounted cash flow model utilizing assumptions such as discount rate, mortality, and inflation. The changes in fair value for categories other than investment contracts was not considered material. We made the following contributions to our pension and other postretirement benefit plans: Year Ended December 31, (in Millions) 2017 2016 U.S. qualified pension plan $ 44.0 $ 35.0 U.S. nonqualified pension plan 9.4 4.8 Non-U.S. plans 1.1 24.3 Other postretirement benefits, net of participant contributions 2.0 1.6 Total $ 56.5 $ 65.7 In 2016, we made a $21 million payment into our U.K. pension plan in order to annuitize our remaining pension obligation. This action removed all future funding requirements for this plan. The assets of approximately $45 million supporting the remaining pension obligation were moved into an annuity at December 31, 2016 which qualified as a Level 3 investment in the fair value hierarchy above table. In October 2017, we completed the buy-out of the annuity, completing the plan termination and relieving us of the pension liability for the U.K. pension plan. The termination resulted in a settlement charge of $32.5 million . We expect our voluntary cash contributions to our U.S. qualified pension plan to be $30 million in 2018 . The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: Estimated Net Future Benefit Payments (in Millions) (in Millions) Pension Benefits Other Benefits 2018 $85.9 $1.9 2019 $86.4 $1.9 2020 $85.5 $1.8 2021 $85.1 $1.7 2022 $86.0 $1.7 2023 - 2027 $415.2 $6.9 Assumed health care cost trend rates have an effect on the other postretirement benefit obligations and net periodic other postretirement benefit costs reported for the health care portion of the other postretirement plan. A one-percentage point change in the assumed health care cost trend rates would be immaterial to our net periodic other postretirement benefit costs for the year ended December 31, 2017 , and our other postretirement benefit obligation at December 31, 2017 . FMC Corporation Savings and Investment Plan . The FMC Corporation Savings and Investment Plan is a qualified salary-reduction plan under Section 401(k) of the Internal Revenue Code in which substantially all of our U.S. employees may participate by contributing a portion of their compensation. For eligible employees participating in the Plan, except for those employees covered by certain collective bargaining agreements, the Company makes matching contributions of 80 percent of the portion of those contributions up to five percent of the employee’s compensation. Eligible employees participating in the Plan that do not participate in the U.S. qualified pension plan are entitled to receive an employer contribution of five percent of the employee’s eligible compensation. Charges against income for all contributions were $9.7 million in 2017 , $7.7 million in 2016 , and $7.7 million in 2015 . |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation Stock Compensation Plans We have a share-based compensation plan, which has been approved by the stockholders, for certain employees, officers and directors. This plan is described below. FMC Corporation Incentive Compensation and Stock Plan The FMC Corporation Incentive Compensation and Stock Plan (the “Plan”) provides for the grant of a variety of cash and equity awards to officers, directors, employees and consultants, including stock options, restricted stock, performance units (including restricted stock units), stock appreciation rights, and multi-year management incentive awards payable partly in cash and partly in common stock. The Compensation and Organization Committee of the Board of Directors (the “Committee”), subject to the provisions of the Plan, approves financial targets, award grants, and the times and conditions for payment of awards to employees. The total number of shares of common stock authorized for issuance under the Plan is 30.2 million of which approximately 5.1 million shares of common stock are available for future grants of share based awards under the Plan as of December 31, 2017 . The FMC Corporation Non-Employee Directors’ Compensation Policy, administered by the Nominating and Corporate Governance Committee of the Board of Directors, sets forth the compensation to be paid to the directors, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, and cash awards to be made to directors under the Plan. Stock options granted under the Plan may be incentive or nonqualified stock options. The exercise price for stock options may not be less than the fair market value of the stock at the date of grant. Awards granted under the Plan vest or become exercisable or payable at the time designated by the Committee, which has generally been three years from the date of grant. Incentive and nonqualified options granted under the Plan expire not later than 10 years from the grant date. Under the Plan, awards of restricted stock and restricted stock units may be made to selected employees. The awards vest over periods designated by the Committee, which has generally been three years, with vesting conditional upon continued employment. Compensation cost is recognized over the vesting periods based on the market value of the stock on the date of the award. Restricted stock units granted to directors under the Plan vest immediately if granted as part of, or in lieu of, the annual retainer; other restricted stock units granted to directors vest at the Annual Meeting of Shareholders in the calendar year following the May 1 annual grant date (but are subject to forfeiture on a pro rata basis if the director does not serve the full year except under certain circumstances). At December 31, 2017 and 2016 , there were restricted stock units representing an aggregate of 228,366 shares and 207,511 shares of common stock, respectively, credited to the directors’ accounts. Stock Compensation We recognized the following stock compensation expense: Year Ended December 31, (in Millions) 2017 2016 2015 Stock Option Expense, net of taxes of $2.4, $2.6 and $2.4 (1) $ 4.5 $ 4.4 $ 4.1 Restricted Stock Expense, net of taxes of $3.5, $3.8 and $3.0 (2) 6.4 6.5 5.1 Performance Based Expense, net of taxes of $1.5, $1.1 and $0.3 2.8 1.8 0.5 Total Stock Compensation Expense, net of taxes of $7.4, $7.5 and $5.7 (3) $ 13.7 $ 12.7 $ 9.7 ____________________ (1) We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense. (2) We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense. (3) This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss). Total stock compensation expense, net of tax, not included in the above table of $4.4 million , zero , and $0.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss). We received $22.5 million , $4.1 million and $5.9 million in cash related to stock option exercises for the years ended December 31, 2017 , 2016 and 2015 , respectively. The shares used for the exercise of stock options occurring during the years ended December 31, 2017 , 2016 and 2015 came from treasury shares. For tax purposes, share-based compensation expense is deductible in the year of exercise or vesting based on the intrinsic value of the award on the date of exercise or vesting. For financial reporting purposes, share-based compensation expense is based upon grant-date fair value and amortized over the vesting period. Excess tax benefits represent the difference between the share-based compensation expense for financial reporting purposes and the deduction taken for tax purposes. The excess tax benefit (expense) recorded in stockholders' equity for the years ended December 31, 2016 and 2015 totaled $(0.4) million and $1.4 million , respectively. Beginning in 2017, these excess tax benefits were recorded directly to income tax expense which totaled $2.9 million in 2017. Refer to Note 2 for further information on the accounting change. Stock Options The grant-date fair values of the stock options we granted in the years ended December 31, 2017 , 2016 and 2015 were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. The expected volatility assumption is based on the actual historical experience of our common stock. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury securities with terms equal to the expected timing of stock option exercises as of the grant date. The dividend yield assumption reflects anticipated dividends on our common stock. Employee stock options generally vest after a three year period and expire ten years from the date of grant. Black Scholes valuation assumptions for stock option grants: 2017 2016 2015 Expected dividend yield 1.15% 1.77% 0.95% Expected volatility 27.04% 26.57% 40.95% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 2.10% 1.39% 1.74% The weighted-average grant-date fair value of options granted during the years ended December 31, 2017 , 2016 and 2015 was $15.66 , $8.54 and $24.68 per share, respectively. The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2017 : (Shares in Thousands) Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life (in Years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in Millions) December 31, 2014 (1,023 shares exercisable and 1,903 shares expected to vest or be exercised) 1,931 5.5 years $ 42.46 $ 32.7 Granted 408 63.37 Exercised (213 ) 27.77 6.6 Forfeited (55 ) 62.38 December 31, 2015 (1,200 shares exercisable and 832 shares expected to vest or be exercised) 2,071 5.6 years $ 47.52 $ 8.7 Granted 933 37.39 Exercised (171 ) 25.59 3.5 Forfeited (84 ) 51.17 December 31, 2016 (1,292 shares exercisable and 1,373 shares expected to vest or be exercised) 2,749 6.1 years $ 45.34 $ 37.6 Granted 370 57.63 Exercised (590 ) 39.93 20.1 Forfeited (94 ) 49.10 December 31, 2017 (920 shares exercisable and 1,452 shares expected to vest or be exercised) 2,435 6.3 years $ 48.37 $ 112.7 The number of stock options indicated in the above table as being exercisable as of December 31, 2017 , had an intrinsic value of $42.2 million , a weighted-average remaining contractual term of 3.7 years , and a weighted-average exercise price of $48.72 . As of December 31, 2017 , we had total remaining unrecognized compensation cost related to unvested stock options of $6.1 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.63 years . Restricted and Performance Based Equity Awards The grant-date fair value of restricted stock awards and stock units under the Plan is based on the market price per share of our common stock on the date of grant, and the related compensation cost is amortized to expense on a straight-line basis over the vesting period during which the employees perform related services, which is typically three years except for those eligible for retirement prior to the stated vesting period as well as non-employee directors. Starting in 2014, we began granting performance based restricted stock awards. The performance based share awards represent a number of shares of common stock to be awarded upon settlement based on the achievement of certain market-based performance criteria over a three year period. These awards generally vest upon the completion of a three year period from the date of grant; however certain performance criteria is measured on an annual basis. The fair value of the equity classified performance-based share awards is determined based on the number of shares of common stock to be awarded and a Monte Carlo valuation model. The following table shows our employee restricted award activity for the three years ended December 31, 2017 : Restricted Equity Performance Based Equity (Number of Awards in Thousands) Number of awards Weighted-Average Grant Date Fair Value Number of Weighted-Average Grant Date Fair Value Nonvested at December 31, 2014 428 $ 57.86 — $ — Granted 163 56.33 32 81.06 Vested (190) 49.06 — — Forfeited (25) 64.27 — — Nonvested at December 31, 2015 376 $ 57.36 32 $ 81.06 Granted 271 37.44 126 41.66 Vested (120) 56.12 — — Forfeited (31) 52.67 — — Nonvested at December 31, 2016 496 $ 48.56 158 $ 49.55 Granted 121 57.66 105 66.93 Vested (98) 64.75 — — Forfeited (30) 47.60 (3) 52.74 Nonvested at December 31, 2017 489 $ 47.63 260 $ 53.36 As of December 31, 2017 , we had total remaining unrecognized compensation cost related to unvested restricted awards of $12.7 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.61 years . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity The following is a summary of our capital stock activity over the past three years: Common Stock Shares Treasury Stock Shares December 31, 2014 185,983,792 52,666,121 Stock options and awards — (338,106 ) December 31, 2015 185,983,792 52,328,015 Stock options and awards — (244,329 ) Repurchases of common stock, net — 210,000 December 31, 2016 185,983,792 52,293,686 Stock options and awards — (640,450 ) December 31, 2017 185,983,792 51,653,236 Accumulated other comprehensive income (loss) Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax. (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits (2) Total Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (50.4 ) $ (3.9 ) $ (321.5 ) $ (375.8 ) 2015 Activity Other comprehensive income (loss) before reclassifications $ (96.9 ) $ 0.7 $ (26.4 ) $ (122.6 ) Amounts reclassified from accumulated other comprehensive income (gain) — (3.0 ) 44.1 41.1 Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (147.3 ) $ (6.2 ) $ (303.8 ) $ (457.3 ) 2016 Activity Other comprehensive income (loss) before reclassifications $ (46.7 ) $ 7.3 $ (26.9 ) $ (66.3 ) Amounts reclassified from accumulated other comprehensive income (gain) — 6.0 39.2 45.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2016 $ (194.0 ) $ 7.1 $ (291.5 ) $ (478.4 ) 2017 Activity Other comprehensive income (loss) before reclassifications $ 173.9 $ (1.2 ) $ 0.6 $ 173.3 Amounts reclassified from accumulated other comprehensive income (gain) 13.9 (0.7 ) 51.6 64.8 Accumulated other comprehensive income (loss), net of tax at December 31, 2017 $ (6.2 ) $ 5.2 $ (239.3 ) $ (240.3 ) ____________________ (1) See Note 17 for more information. (2) See Note 13 for more information. Reclassifications of accumulated other comprehensive income (loss) The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented. Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (1) Affected Line Item in the Consolidated Statements of Income (Loss) Year Ended December 31, (in Millions) 2017 2016 2015 Foreign currency translation adjustments: Divestiture of FMC Health and Nutrition (2) $ (13.9 ) $ — $ — Discontinued operations, net of income taxes Derivative instruments: Foreign currency contracts $ (10.0 ) $ (11.2 ) $ 43.0 Costs of sales and services Energy contracts 0.8 (2.3 ) (4.8 ) Costs of sales and services Foreign currency contracts 10.0 4.2 (32.5 ) Selling, general and administrative expenses Total before tax $ 0.8 $ (9.3 ) 5.7 (0.1 ) 3.3 (2.7 ) Provision for income taxes Amount included in net income $ 0.7 $ (6.0 ) 3.0 Pension and other postretirement benefits (3) : Amortization of prior service costs $ (0.5 ) $ (0.8 ) $ (0.9 ) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (14.4 ) (38.4 ) (52.2 ) Selling, general and administrative expenses Recognized loss due to settlement/curtailment (51.2 ) (20.6 ) (14.2 ) Selling, general and administrative expenses; Discontinued operations, net of income taxes Total before tax $ (66.1 ) $ (59.8 ) $ (67.3 ) 14.5 20.6 23.2 Provision for income taxes Amount included in net income $ (51.6 ) $ (39.2 ) $ (44.1 ) Total reclassifications for the period $ (64.8 ) $ (45.2 ) $ (41.1 ) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income (loss). (2) The reclassification of historical cumulative translation adjustments was the result of the sale of our FMC Health and Nutrition and Omega-3 business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 9 within these consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the Omega-3 asset held for sale write-down charges. (3) Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. Transactions with Noncontrolling Interest As part of the DuPont Crop Protection Business Acquisition, we acquired an 80 percent controlling interest in DuPont Agricultural Chemicals Limited, Shanghai, a joint venture registered in the People's Republic of China. During the first quarter of 2017, we terminated our interest in a variable interest entity. See Note 7 for more information. During the third quarter 2016, we terminated a joint venture in Argentina for which we had a controlling interest. See Note 7 for more information. During the fourth quarter 2016, we also acquired the remaining noncontrolling interest in a joint venture in China. Dividends and Share Repurchases On January 18, 2018 , we paid dividends totaling $22.3 million to our shareholders of record as of December 31, 2017 . This amount is included in “Accrued and other liabilities” on the consolidated balance sheets as of December 31, 2017 . For the years ended December 31, 2017 , 2016 and 2015 , we paid $88.8 million , $88.6 million and $86.4 million in dividends, respectively. In 2017 , zero shares were repurchased under the publicly announced repurchase program. At December 31, 2017 , $238.8 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the year ended December 31, 2017 , we had a net loss from continuing operations attributable to FMC stockholders. As a result, all 1.5 million potential common shares were excluded from Diluted EPS. For the year ended December 31, 2016 , there were 0.6 million potential common shares excluded from Diluted EPS. For the year ended December 31, 2015 , we also had a net loss from continuing operations attributable to FMC stockholders and all 1.7 million potential common shares were excluded from Diluted EPS. Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Year Ended December 31, 2017 2016 2015 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ (85.9 ) $ 128.4 $ (222.0 ) Discontinued operations, net of income taxes 621.7 80.7 711.0 Net income attributable to FMC stockholders $ 535.8 $ 209.1 $ 489.0 Less: Distributed and undistributed earnings allocable to restricted award holders — (0.4 ) — Net income allocable to common stockholders $ 535.8 $ 208.7 $ 489.0 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.64 ) $ 0.96 $ (1.66 ) Discontinued operations 4.63 0.60 5.32 Net income $ 3.99 $ 1.56 $ 3.66 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.64 ) $ 0.96 $ (1.66 ) Discontinued operations 4.63 0.60 5.32 Net income $ 3.99 $ 1.56 $ 3.66 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 134,255 133,890 133,696 Weighted average additional shares assuming conversion of potential common shares — 648 — Shares – diluted basis 134,255 134,538 133,696 |
Financial Instruments, Risk Man
Financial Instruments, Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instrument, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: Financial Instrument Valuation Method Foreign exchange forward contracts Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. Commodity forward and option contracts Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. Debt Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from, or corroborated by, observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $3,250.6 million and $1,964.9 million and the carrying amount is $3,185.6 million and $1,893.0 million as of December 31, 2017 and December 31, 2016 , respectively. We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers. See Note 18 for more information. Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees is based on our evaluation of creditworthiness on a case-by-case basis. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Foreign Currency Exchange Risk Management We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that includes the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets. The primary currencies for which we have exchange rate exposure are the U.S. dollar versus the Brazilian Real, the Euro, the Chinese yuan, the Mexican peso and the Argentine peso. Commodity Price Risk We are exposed to risks in energy costs due to fluctuations in energy prices, particularly natural gas. We attempt to mitigate our exposure to increasing energy costs by hedging the cost of future deliveries of natural gas. Interest Rate Risk We use various strategies to manage our interest rate exposure, including entering into interest rate swap agreements to achieve a targeted mix of fixed and variable-rate debt. In the agreements we exchange, at specified intervals, the difference between fixed and variable-interest amounts calculated on an agreed-upon notional principal amount. As of December 31, 2017 and December 31, 2016 , we had no such swap agreements in place. Concentration of Credit Risk Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote. Financial Guarantees and Letter-of-Credit Commitments We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance-sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit and other assistance to customers. See Notes 1 and 18 for more information. Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees, is based on our evaluation of creditworthiness on a case-by-case basis. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of December 31, 2017 , we had open foreign currency forward contracts in AOCI in a net after-tax gain position of $4.4 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2018. At December 31, 2017 , we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $380.0 million . As of December 31, 2017 , we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At December 31, 2017 , we had zero mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts. Approximately $4.1 million of net after-tax gains, representing open foreign currency exchange contracts, will be realized in earnings during the twelve months ending December 31, 2018 if spot rates in the future are consistent with forward rates as of December 31, 2017 . The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. We recognize derivative gains and losses in the “Costs of sales and services” line in the consolidated statements of income (loss). Derivatives Not Designated As Hedging Instruments We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings. We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $2,450.3 million at December 31, 2017 . Fair Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2017 and 2016 . December 31, 2017 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Total Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 7.0 $ 1.2 $ 8.2 $ (1.5 ) $ 6.7 Total derivative assets (1) $ 7.0 $ 1.2 $ 8.2 $ (1.5 ) $ 6.7 Foreign exchange contracts (3.6 ) (0.2 ) (3.8 ) 1.5 (2.3 ) Total derivative liabilities (2) $ (3.6 ) $ (0.2 ) $ (3.8 ) $ 1.5 $ (2.3 ) Net derivative assets (liabilities) $ 3.4 $ 1.0 $ 4.4 $ — $ 4.4 December 31, 2016 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Total Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 9.8 $ 0.8 $ 10.6 $ (6.2 ) $ 4.4 Energy contracts 2.0 — 2.0 — 2.0 Total derivative assets (1) $ 11.8 $ 0.8 $ 12.6 $ (6.2 ) $ 6.4 Foreign exchange contracts (5.5 ) (9.6 ) (15.1 ) 6.2 (8.9 ) Total derivative liabilities (2) $ (5.5 ) $ (9.6 ) $ (15.1 ) $ 6.2 $ (8.9 ) Net derivative assets (liabilities) $ 6.3 $ (8.8 ) $ (2.5 ) $ — $ (2.5 ) ____________________ (1) Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. (2) Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships Contracts (in Millions) Foreign exchange Energy Other Total Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (0.6 ) $ (4.6 ) $ 1.3 $ (3.9 ) 2015 Activity Unrealized hedging gains (losses) and other, net of tax $ 0.4 $ 0.4 $ (0.1 ) $ 0.7 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (5.9 ) 2.9 — (3.0 ) Total derivative instrument impact on comprehensive income, net of tax $ (5.5 ) $ 3.3 $ (0.1 ) $ (2.3 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (6.1 ) $ (1.3 ) $ 1.2 $ (6.2 ) 2016 Activity Unrealized hedging gains (losses) and other, net of tax $ 6.1 $ 1.2 $ — $ 7.3 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) $ 5.1 $ 1.5 $ (0.1 ) $ 6.5 Ineffective Portion (1) (0.5 ) — — (0.5 ) Total derivative instrument impact on comprehensive income, net of tax $ 10.7 $ 2.7 $ (0.1 ) $ 13.3 Accumulated other comprehensive income (loss), net of tax at December 31, 2016 $ 4.6 $ 1.4 $ 1.1 $ 7.1 2017 Activity Unrealized hedging gains (losses) and other, net of tax $ (0.4 ) $ (0.8 ) $ — $ (1.2 ) Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) $ 0.3 $ (0.6 ) $ (0.3 ) $ (0.6 ) Ineffective Portion (1) (0.1 ) — — (0.1 ) Total derivative instrument impact on comprehensive income, net of tax $ (0.2 ) $ (1.4 ) $ (0.3 ) $ (1.9 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2017 $ 4.4 $ — $ 0.8 $ 5.2 ____________________ (1) Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2017 2016 2015 Foreign Exchange contracts Cost of Sales and Services $ (12.2 ) $ (42.7 ) $ (47.9 ) Selling, general & administrative (2) — — (172.1 ) Total $ (12.2 ) $ (42.7 ) $ (220.0 ) ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. (2) Charges represent loss on the Cheminova acquisition hedge. See Note 3 within these consolidated financial statements for more information. Fair-Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Fair-Value Hierarchy We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair-value hierarchy. The fair-value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair-value measurement of the instrument. Recurring Fair Value Measurements The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets. (in Millions) December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Foreign exchange (1) $ 6.7 $ — $ 6.7 $ — Other (2) 30.1 30.1 — — Total Assets $ 36.8 $ 30.1 $ 6.7 $ — Liabilities Derivatives – Foreign exchange (1) $ 2.3 $ — $ 2.3 $ — Other (3) 46.6 38.8 7.8 — Total Liabilities $ 48.9 $ 38.8 $ 10.1 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets including long-term receivables, net” in the consolidated balance sheets. (3) Primarily consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. (in Millions) December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ 2.0 $ — $ 2.0 $ — Derivatives – Foreign exchange (1) 4.4 — 4.4 — Other (2) 25.3 25.3 — — Total Assets $ 31.7 $ 25.3 $ 6.4 $ — Liabilities Derivatives – Foreign exchange (1) 8.9 — 8.9 — Other (3) 31.1 30.5 0.6 — Total Liabilities $ 40.0 $ 30.5 $ 9.5 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets including long-term receivables, net” in the consolidated balance sheets. (3) Primarily consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. Nonrecurring Fair Value Measurements The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2017 and 2016 . See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. (in Millions) December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2017) Assets Impairment of Crop Protection intangibles (1) $ 1,136.1 $ — $ — $ 1,136.1 $ (42.1 ) Impairment of intangibles (2) 4.3 — — 4.3 (1.3 ) Total Assets $ 1,140.4 $ — $ — $ 1,140.4 $ (43.4 ) ____________________ (1) Represents impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event for the United States' enactment of the Act. See Note 11 for further details on the tax legislation. (2) We recorded an impairment charge, related to our FMC Agricultural Solutions segment, to write down the carrying value of the generic brand portfolio of approximately $1 million to its fair value. (in Millions) December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2016) Assets Impairment of intangibles (1) 5.9 — — 5.9 (1.0 ) Total Assets $ 5.9 $ — $ — $ 5.9 $ (1.0 ) ____________________ (1) We recorded an impairment charge, related to our FMC Agricultural Solutions segment, to write down the carrying value of the generic brand portfolio of approximately $1 million to its fair value. |
Guarantees, Commitments and Con
Guarantees, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Commitments, and Contingencies | Guarantees, Commitments and Contingencies Guarantees We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2017 . These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. (in Millions) Guarantees: Guarantees of vendor financing - short term (1) $ 51.5 Guarantees of vendor financing - long term (1) 0.2 Other debt guarantees (2) 6.7 Total $ 58.4 ____________________ (1) Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. The short-term amount is recorded on the consolidated balance sheets as “Guarantees of vendor financing.” The long-term amount is recorded on the consolidated balance sheets within “Other long-term liabilities.” (2) These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. Excluded from the chart above are parent company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyers for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. Commitments Leases We lease office space, plants and facilities, and various types of manufacturing, data processing and transportation equipment. Leases of real estate generally provide for our payment of property taxes, insurance and repairs. Our capital leases primarily relate to two of our research and technology centers in the U.S. and China. Our capital lease asset balances (net of accumulated amortization of $2.3 million and $1.8 million ), which are classified as buildings within our property, plant and equipment on our consolidated balance sheets, were $16.4 million and $16.9 million as of December 31, 2017 and 2016 , respectively. Amortization of capital lease assets is included within depreciation expense. See Note 20 within these consolidated financial statements for obligations associated with our capital leases. Year ended December 31, (in Millions) 2017 2016 2015 Operating leases rent expense $ 27.6 $ 21.2 $ 16.0 Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2018 $25.5 $3.6 2019 $24.3 $3.7 2020 $22.5 $3.7 2021 $19.9 $3.9 2022 $19.4 $3.9 Thereafter $164.5 $34.4 Purchase Obligations Our minimum commitments under our take-or-pay purchase obligations associated with the sourcing of materials and energy total approximately $4.7 million . Since the majority of our minimum obligations under these contracts are over the life of the contract on a year-by-year basis, we are unable to determine the periods in which these obligations could be payable under these contracts. However, we intend to fulfill the obligations associated with these contracts through our purchases associated with the normal course of business. Contingencies Competition / antitrust litigation related to the discontinued FMC Peroxygens segment. We are subject to actions brought by private plaintiffs relating to alleged violations of European and Canadian competition and antitrust laws, as further described below. European competition action . Multiple European purchasers of hydrogen peroxide who claim to have been harmed as a result of alleged violations of European competition law by hydrogen peroxide producers assigned their legal claims to a single entity formed by a law firm. The single entity then filed a lawsuit in Germany in March 2009 against European producers, including our wholly-owned Spanish subsidiary, Foret. Initial defense briefs were filed in April 2010, and an initial hearing was held during the first quarter of 2011, at which time case management issues were discussed. At a subsequent hearing in October 2011, the Court indicated that it was considering seeking guidance from the European Court of Justice (“ECJ”) as to whether the German courts have jurisdiction over these claims. After submission of written comments on this issue by the parties, on March 1, 2012, the judge announced that she would refer the jurisdictional issues to the ECJ, which she did on April 29, 2013. On May 21, 2015, the ECJ issued its decision, upholding the jurisdiction of the German court. The case is now back before the German judge. We filed a motion to dismiss the proceedings in September 2015. We do not anticipate a response by the court until the spring of 2018. Since the case is in the preliminary stages and is based on a novel procedure - namely the attempt to create a cross-border “class action” which is not a recognized proceeding under EU or German law - we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend this matter. Canadian antitrust actions . In 2005, after public disclosures of the U.S. federal grand jury investigation into the hydrogen peroxide industry (which resulted in no charges brought against us) and the filing of various class actions in U.S. federal and state courts, which have all been settled, putative class actions against us and five other major hydrogen peroxide producers were filed in provincial courts in Ontario, Quebec and British Columbia under the laws of Canada. The other five defendants have settled these claims for a total of approximately $20.6 million . On September 28, 2009, the Ontario Superior Court of Justice certified a class of direct and indirect purchasers of hydrogen peroxide from 1994 to 2005. Our motion for leave to appeal the class certification decision was denied in June 2010. The case was largely dormant while the Canadian Supreme Court considered, in different litigation, whether indirect purchasers may recover overcharges in antitrust actions. In October 2013 the Court ruled that such recovery is permissible. Thereafter, the plaintiffs' moved to dismiss certain downstream purchasers (those who purchased products that contain hydrogen peroxide or were made using hydrogen peroxide) from the case and to reduce the class period to November 1, 1998 through December 31, 2003 - thereby eliminating six of the eleven years of the originally certified class period. The Court has approved this request. Since the proceedings are in the preliminary stages with respect to the merits, we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend these matters. Asbestos claims . Like hundreds of other industrial companies, we have been named as one of many defendants in asbestos-related personal injury litigation. Most of these cases allege personal injury or death resulting from exposure to asbestos in premises of FMC or to asbestos-containing components installed in machinery or equipment manufactured or sold by discontinued operations. We intend to continue managing these asbestos-related cases in accordance with our historical experience. We have established a reserve for this litigation within our discontinued operations and believe that any exposure of a loss in excess of the established reserve cannot be reasonably estimated. Our experience has been that the overall trends in asbestos litigation have changed over time. Over the last several years, we have seen changes in the jurisdictions where claims against FMC are being filed and changes in the mix of products named in the various claims. Because these claim trends have yet to form a predictable pattern, we are presently unable to reasonably estimate our asbestos liability with respect to claims that may be filed in the future. Other contingent liabilities . In addition to the matters disclosed above, we have certain other contingent liabilities arising from litigation, claims, products we have sold, guarantees or warranties we have made, contracts we have entered into, indemnities we have provided, and other commitments or obligations incident to the ordinary course of business. In Brazil, we are subject to claims from various governmental agencies regarding alleged additional indirect (non-income) taxes or duties as well as product liability matters related to our operations. These disputes take many years to resolve as the matters move through administrative or judicial courts. We have provided reserves for such Brazilian matters that we consider probable and for which a reasonable estimate of the obligation can be made in the amount of $2.2 million and $6.7 million as of December 31, 2017 and 2016 , respectively. The aggregate estimated reasonably possible loss contingencies related to such Brazilian matters exceed amounts accrued by approximately $77.1 million at December 31, 2017 . This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the ultimate decision by administrative or judicial authorities in Brazil. Regarding other contingencies arising from operations, some of these contingencies are known - for example pending product liability litigation or claims - but are so preliminary that the merits cannot be determined, or if more advanced, are not deemed material based on current knowledge. Some contingencies are unknown - for example, claims with respect to which we have no notice or claims which may arise in the future, resulting from products we have sold, guarantees or warranties we have made, or indemnities we have provided. Therefore, we are unable to develop a reasonable estimate of our potential exposure of loss for these contingencies, either individually or in the aggregate, at this time. Based on information currently available and established reserves, we have no reason to believe that the ultimate resolution of our known contingencies, including the matters described in this Note, will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, there can be no assurance that the outcome of these contingencies will be favorable, and adverse results in certain of these contingencies could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity. See Note 10 for the Pocatello tribal litigation, Middleport litigation, and Portland Harbor litigation for legal proceedings associated with our environmental contingencies. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information (in Millions) Year Ended December 31, 2017 2016 2015 Revenue (1) FMC Agricultural Solutions $ 2,531.2 $ 2,274.8 $ 2,252.9 FMC Lithium 347.4 264.1 238.1 Total $ 2,878.6 $ 2,538.9 $ 2,491.0 Income (loss) from continuing operations before income taxes FMC Agricultural Solutions $ 485.6 $ 399.9 $ 363.9 FMC Lithium 126.7 70.2 23.0 Segment operating profit (2) $ 612.3 $ 470.1 $ 386.9 Corporate and other (102.4 ) (84.6 ) (63.0 ) Operating profit before the items listed below $ 509.9 $ 385.5 $ 323.9 Interest expense, net (79.1 ) (62.9 ) (60.9 ) Restructuring and other (charges) income (3) (81.4 ) (95.0 ) (150.3 ) Non-operating pension and postretirement (charges) income (4) (18.2 ) (23.4 ) (29.8 ) Acquisition related charges (5) (150.4 ) (23.4 ) (290.3 ) (Provision) benefit for income taxes (264.1 ) (50.1 ) (5.2 ) Discontinued operations, net of income taxes 621.7 81.0 711.1 Net (income) loss attributable to noncontrolling interests (2.6 ) (2.6 ) (9.5 ) Net income attributable to FMC stockholders $ 535.8 $ 209.1 $ 489.0 ____________________ (1) Our FMC Agricultural Solutions and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. (2) Referred to as Segment Earnings. (3) See Note 7 for details of restructuring and other (charges) income. Below provides the detail the (charges) income by segment: Year Ended December 31, (in Millions) 2017 2016 2015 FMC Agricultural Solutions $ (49.9 ) $ (62.4 ) $ (123.7 ) FMC Lithium (7.8 ) (0.6 ) (2.7 ) Corporate (23.7 ) (32.0 ) (23.9 ) Restructuring and other (charges) income $ (81.4 ) $ (95.0 ) $ (150.3 ) (4) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item "Selling, general and administrative expenses" on our consolidated statements of income (loss). (5) Charges relate to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, transaction costs, costs for transitional employees, other acquired employee related costs, integration related legal and professional third-party fees and gains or losses on hedging purchase price associated with the acquisitions. Amounts represent the following: Year Ended December 31, (in Millions) 2017 2016 2015 Acquisition-related charges - DuPont Legal and professional fees (1) (2) $ 130.2 $ — $ — Inventory fair value amortization (3) 20.2 — — Acquisition-related charges - Cheminova (4) Legal and professional fees (1) (2) $ — $ 23.4 $ 60.4 Inventory fair value amortization (3) — — 57.8 (Gain)/loss on hedging purchase price (2) — — 172.1 Total acquisition-related charges $ 150.4 $ 23.4 $ 290.3 ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. (2) These charges are included in “Selling, general and administrative expense" on the consolidated statements of income (loss). (3) These charges are included in “Costs of sales and services” on the consolidated statements of income (loss). (4) Acquisition-related charges and restructuring charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. (in Millions) December 31, 2017 2016 Operating capital employed (1) FMC Agricultural Solutions $ 6,216.3 $ 3,097.2 FMC Lithium 393.9 312.2 Total operating capital employed $ 6,610.2 $ 3,409.4 Segment liabilities included in total operating capital employed 1,957.9 1,025.0 Assets of discontinued operations held for sale 7.3 1,217.1 Corporate items 630.9 487.8 Total assets $ 9,206.3 $ 6,139.3 Segment assets (2) FMC Agricultural Solutions $ 8,094.0 $ 4,082.7 FMC Lithium 474.1 351.7 Total segment assets $ 8,568.1 $ 4,434.4 Assets of discontinued operations held for sale 7.3 1,217.1 Corporate items 630.9 487.8 Total assets $ 9,206.3 $ 6,139.3 ____________________ (1) We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. (2) Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. Year Ended December 31, (in Millions) Capital Expenditures (1) Depreciation and Amortization Research and Development Expense 2017 2016 2015 2017 2016 2015 2017 2016 2015 FMC Agricultural Solutions $ 26.2 $ 23.1 $ 29.2 $ 90.5 $ 80.8 $ 60.5 $ 138.4 $ 131.4 $ 132.4 FMC Lithium 47.4 24.4 17.4 15.2 14.8 12.2 3.1 3.1 3.5 Corporate 12.1 43.7 6.8 7.3 5.0 4.1 — — — Total $ 85.7 $ 91.2 $ 53.4 $ 113.0 $ 100.6 $ 76.8 $ 141.5 $ 134.5 $ 135.9 ___________________ (1) Cash spending associated with contract manufacturers in our FMC Agricultural Solutions segment, which are not included in the table above was $15.9 million , $10.4 million and $14.2 million for the years ended December 31, 2017 . 2016 and 2015 , respectively. Geographic Segment Information (in Millions) Year Ended December 31, 2017 2016 2015 Revenue from continuing operations (by location of customer) North America (1) $ 708.1 $ 623.0 $ 642.7 Europe, Middle East, and Africa 583.4 558.5 372.1 Latin America (1) 868.6 761.2 913.8 Asia Pacific 718.5 596.2 562.4 Total $ 2,878.6 $ 2,538.9 $ 2,491.0 ____________________ (1) In 2017 , countries with sales in excess of 10 percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 31, 2017 , 2016 and 2015 for the U.S. totaled $655.2 million , $596.4 million and $601.2 million and for Brazil totaled $598.5 million , $490.9 million and $642.2 million , respectively. (in Millions) December 31, 2017 2016 Long-lived assets (1) North America (2) $ 981.1 $ 389.1 Europe, Middle East, and Africa (2) 1,493.3 1,120.6 Latin America 925.0 375.2 Asia Pacific 1,901.5 327.5 Total $ 5,300.9 $ 2,212.4 ____________________ (1) Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. (2) The countries with long-lived assets in excess of 10 percent of consolidated long-lived assets at December 31, 2017 are Singapore, which totaled $1,414.9 million , the U.S., which totaled $976.9 million , and Denmark, which totaled $1,096.2 million , respectively. The long-lived assets over the threshold at December 31, 2016 are the U.S. which totaled $387.8 million and Denmark which totaled $1,030.3 million , respectively. |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | Supplemental Information The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2017 2016 Prepaid and other current assets Prepaid insurance $ 8.2 $ 7.7 Tax related items including value added tax receivables 127.3 115.4 Environmental obligation recoveries (Note 10) 7.0 8.4 Derivative assets (Note 17) 6.7 6.4 Argentina government receivable (1) 3.2 5.1 Acquisition related items (2) 54.7 — Other prepaid and current assets 119.3 89.1 Total $ 326.4 $ 232.1 (in Millions) December 31, 2017 2016 Other assets including long-term receivables, net Non-current receivables (Note 8) $ 106.7 $ 123.5 Advance to contract manufacturers 79.1 75.1 Capitalized software, net 26.6 31.7 Environmental obligation recoveries (Note 10) 25.3 18.8 Argentina government receivable (1) 44.5 41.7 Income taxes deferred charges 67.2 80.6 Deferred compensation arrangements 30.1 25.3 Other long-term assets 64.1 58.0 Total $ 443.6 $ 454.7 ____________________ (1) We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Lithium segments. At December 31, 2017 and 2016 , $37.9 million and $39.1 million of outstanding receivables due from the Argentina government, which primarily represent export tax and export rebate receivables, were denominated in U.S. dollars. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. (2) Represents $32.9 million of accounts payable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition as well as $21.8 million of deferred goodwill as a result of the delayed sites. As part of the Transaction Agreement, the accounts payable will be settled subsequent to the closing date through reimbursement between FMC and DuPont. This amount represents the offsetting asset recorded for amounts due back from DuPont. The deferred goodwill will be recognized as the sites are transferred to FMC. See Note 3 for more details. (in Millions) December 31, 2017 2016 Accrued and other liabilities Restructuring reserves (Note 7) $ 6.5 $ 15.9 Dividend payable (Note 15) 22.3 22.1 Accrued payroll 92.4 55.2 Environmental reserves, current, net of recoveries (Note 10) 72.0 60.3 Derivative liabilities (Note 17) 2.3 8.9 Acquisition related items (1) 45.8 — Unfavorable contracts (2) 65.7 — Other accrued and other liabilities 190.7 196.1 Total $ 497.7 $ 358.5 (in Millions) December 31, 2017 2016 Other long-term liabilities Asset retirement obligations, long-term (Note 1) $ 1.9 $ 1.8 Transition tax related to Tax Cuts and Jobs Act (3) 186.5 — Contingencies related to uncertain tax positions (Note 11) 93.9 101.6 Deferred compensation arrangements (Note 17) 38.8 30.5 Self insurance reserves (primarily workers' compensation) 6.1 9.9 Lease obligations 22.5 28.0 Reserve for discontinued operations (Note 9) 63.2 48.6 Guarantees of vendor financing (Note 18) 0.2 1.9 Unfavorable contracts (2) 243.9 — Other long-term liabilities 61.1 45.2 Total $ 718.1 $ 267.5 ____________________ (1) Represents the accounts receivable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition. As part of the Transaction Agreement, this balance will be settled subsequent to the closing date through reimbursement between FMC and DuPont. Amount represents the offsetting liability recorded for amounts due back to DuPont. (2) Represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. Refer to Note 3 for more details. (3) Represents noncurrent portion of overall transition tax to be paid over eight years . |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) (in Millions, Except Share and Per Share Data) 2017 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 596.0 $ 656.8 $ 646.2 $ 979.6 $ 606.4 $ 615.3 $ 628.8 $ 688.4 Gross margin 216.2 234.4 265.9 384.8 216.0 235.4 214.6 265.2 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes 54.4 52.0 59.3 43.0 62.2 82.5 70.0 28.5 Income (loss) from continuing operations (1) 45.0 48.7 70.9 (247.9 ) 26.0 46.8 48.5 9.4 Discontinued operations, net of income taxes (2) (168.8 ) 26.6 (15.1 ) 779.0 22.7 20.2 31.1 7.0 Net income (loss) $ (123.8 ) $ 75.3 $ 55.8 $ 531.1 $ 48.7 $ 67.0 $ 79.6 $ 16.4 Less: Net income (loss) attributable to noncontrolling interests 0.4 0.6 0.6 1.0 0.4 1.8 (0.1 ) 0.5 Net income (loss) attributable to FMC stockholders $ (124.2 ) $ 74.7 $ 55.2 $ 530.1 $ 48.3 $ 65.2 $ 79.7 $ 15.9 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ 44.5 $ 48.2 $ 70.4 $ (249.0 ) $ 25.6 $ 45.0 $ 48.9 $ 8.9 Discontinued operations, net of income taxes (168.7 ) 26.5 (15.2 ) 779.1 22.7 20.2 30.8 7.0 Net income (loss) $ (124.2 ) $ 74.7 $ 55.2 $ 530.1 $ 48.3 $ 65.2 $ 79.7 $ 15.9 Basic earnings (loss) per common share attributable to FMC stockholders (3) : Continuing operations $ 0.33 $ 0.36 $ 0.52 $ (1.85 ) $ 0.19 $ 0.34 $ 0.36 $ 0.07 Discontinued operations (1.26 ) 0.20 (0.11 ) 5.79 0.17 0.15 0.23 0.05 Basic net income (loss) per common share $ (0.93 ) $ 0.56 $ 0.41 $ 3.94 $ 0.36 $ 0.49 $ 0.59 $ 0.12 Diluted earnings (loss) per common share attributable to FMC stockholders (3) : Continuing operations $ 0.33 $ 0.36 $ 0.52 $ (1.85 ) $ 0.19 $ 0.34 $ 0.36 $ 0.07 Discontinued operations (1.25 ) 0.20 (0.11 ) 5.79 0.17 0.15 0.23 0.05 Diluted net income (loss) per common share $ (0.92 ) $ 0.56 $ 0.41 $ 3.94 $ 0.36 $ 0.49 $ 0.59 $ 0.12 Weighted average shares outstanding: Basic 134.0 134.2 134.4 134.5 133.8 133.9 134.0 133.9 Diluted 135.1 135.6 135.9 134.5 134.3 134.6 134.7 134.8 ____________________ (1) The Company recorded a provisional income tax expense of $315.9 million as a result of the enactment of the Act during the fourth quarter of 2017. See Note 11 for more details. (2) In the first quarter of 2017, we recorded an impairment charge associated with our discontinued Omega-3 business. In the fourth quarter of 2017, we recorded a gain on sale of the FMC Health and Nutrition business. See Note 9 for more details. (3) The sum of quarterly earnings per common share may differ from the full-year amount. |
SCHEDULE II_Valuation and Quali
SCHEDULE II—Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR YEARS ENDED DECEMBER 31, 2017 , 2016 and 2015 Provision /(Benefit) (in Millions) Balance, Beginning of Year Charged to Costs and Expenses Charged to Other Comprehensive Income Net recoveries and write-offs (1) Balance, End of Year December 31, 2017 Reserve for doubtful accounts (2) $ 66.7 22.1 — (3.0 ) $ 85.8 Deferred tax valuation allowance 289.6 (20.2 ) 2.6 — 272.0 December 31, 2016 Reserve for doubtful accounts (2) $ 43.1 21.9 — 1.7 $ 66.7 Deferred tax valuation allowance 273.2 19.8 (3.4 ) — 289.6 December 31, 2015 Reserve for doubtful accounts $ 37.1 5.9 — 0.1 $ 43.1 Deferred tax valuation allowance 118.9 153.9 0.4 — 273.2 ____________________ (1) Write-offs are net of recoveries. (2) Includes short-term and long-term portion. |
Principal Accounting Policies33
Principal Accounting Policies and Related Financial Information (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of consolidation and basis of presentation | Basis of consolidation and basis of presentation . The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. |
Estimates and assumptions | Estimates and assumptions . In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. |
Cash equivalents | Cash equivalents . We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents. |
Trade receivables, net of allowance | Trade receivables, net of allowance . Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. |
Investments | Investments . Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. |
Inventories | Inventories . Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis including DuPont and our remaining inventories are recorded on either a first-in, first-out (“FIFO”) basis or average cost. The method for the acquired DuPont Crop Protection Business includes LIFO and average cost. |
Property, plant and equipment | Property, plant and equipment . We record property, plant and equipment, including capitalized interest, at cost. We recognize acquired property, plant and equipment, from acquisitions at its estimated fair value. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements — 20 years , buildings — 20 to 40 years , and machinery and equipment — three to 18 years ). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. |
Capitalized interest | Capitalized interest . We capitalized interest costs of $3.1 million in 2017 , $3.2 million in 2016 and $4.2 million in 2015 . These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. |
Impairments of long-lived assets | Impairments of long-lived assets . We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. |
Asset retirement obligation | Asset retirement obligations . We record asset retirement obligations (“AROs”) at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated AROs are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. In our FMC Lithium segment, we have mining operations and legal reclamation obligations related to these facilities upon closure of the mines. Also, we have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. Certain of these obligations are recorded in our environmental reserves described in Note 10. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was immaterial at December 31, 2017 and 2016 . The carrying amounts for the AROs for the years ended December 31, 2017 and 2016 are $1.9 million and $1.8 million , respectively. These amounts are included in "Other long-term liabilities" on the consolidated balance sheet. |
Restructuring and other charges | Restructuring and other charges . We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. |
Capitalized software | Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years . |
Goodwill and intangible assets | Goodwill and intangible assets . Goodwill and other indefinite life intangible assets are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessments conducted in 2017 and 2016 , we did not record any goodwill impairments. See Note 4 for more information on indefinite life intangibles. In 2017, we recorded a $42.1 million impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of the Act passed in the fourth quarter of 2017. See Note 11 for more details. In 2015 , we recorded indefinite-lived intangible impairments of $9.3 million . These amounts were associated with Cheminova integration and restructuring activities within FMC Agricultural Solutions. These items are discussed further in Note 7. Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, brands, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of three to 50 years . |
Revenue recognition | Revenue recognition . We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. |
Research and Development | Research and Development . Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income)" on the consolidated statements of income (loss). |
Income and other taxes | Income and other taxes . We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of consolidated foreign subsidiaries as it is our intention that such earnings will remain invested in those companies. |
Foreign currency | Foreign currency . We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in income as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. |
Derivative financial instruments | Derivative financial instruments . We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. |
Treasury stock | Treasury stock . We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a FIFO method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock. |
Segment information | Segment information . We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. We have identified FMC Agricultural Solutions and FMC Lithium as our reportable segments. Segment disclosures are included in Note 19. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. |
Stock compensation plans | Stock compensation plans . We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. |
Environmental obligations | Environmental obligations . We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans ("OM&M"). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. |
Pension and other postretirement benefits | Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. |
New Accounting guidance and regulatory items and recently adopted accounting guidance | New Accounting guidance and regulatory items In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This new standard permits a company to reclassify the income tax effects of the change in the U.S federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances as well as other income tax effects related to the application of the Act within Accumulated other comprehensive income ("AOCI") to retained earnings. There are also new required disclosures such as a description of the accounting policy for releasing income tax effects from AOCI as well as certain disclosures in the period of adoption if a company elects to reclassify the income tax effects. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), and interim periods within those fiscal years, with early adoption permitted. We are evaluating the effect the guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) . This ASU amends and simplifies existing hedge accounting guidance and allows for more hedging strategies to be eligible for hedge accounting. In addition, the ASU amends disclosure requirements and how hedge effectiveness is assessed. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted in any interim period after issuance of this ASU. We are evaluating the effect the guidance will have on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation - Scope of Modification Accounting . This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU provides requirements for presentation and disclosure of service and other components of net benefit cost on the financial statements. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements other than potential changes to the presentation of net periodic pension and postretirement benefit costs on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations . This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. We will continue to assess the effects the amendments will have on future acquisitions or disposals. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory . Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted only in the first quarter of a fiscal year. Based on our assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date). We have reviewed the eight cash flow issues and do not believe there will be any significant changes to FMC and our presentation of certain cash receipts and payments within the consolidated cash flow statement upon adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” ( "ASU 2016-13" ). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) . Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). While we are still evaluating the definitive impacts this ASU will have on our consolidated financial statements, we have performed an initial impact assessment by surveying the lease population. At a minimum, total assets and total liabilities will likely increase in the period of adoption. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. Based on an initial assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP. We will be adopting this standard as of January 1, 2018 using the modified retrospective adoption method. While we are still finalizing the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures, we have performed an impact assessment by analyzing certain existing material revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we have assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Based on the assessment performed to date, we do not expect material changes to our current policies related to the timing of revenue recognition and the accounting for costs; however, we will be finalizing our assessment in advance of the filing of our first quarter 2018 Form 10-Q. The standard will impact our disclosures including disclosures presenting further disaggregation of revenue. We are in the process of developing our new footnote disclosures required under the new standard. As a result of the evaluations performed to date, we do not expect a material cumulative catchup effect to our retained earnings; however, we do expect balance sheet adjustments related to the presentation of sales returns liabilities and corresponding refund assets. Due to the transaction with E. I. du Pont de Nemours and Company, we are performing further impact assessments of this standard related to the acquired business and continue to finalize any potential impacts. Recently adopted accounting guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard was effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years (i.e. a January 1, 2017 effective date). We adopted this standard prospectively beginning in 2017. The adoption impacted our recognition of excess tax benefit, which is recorded within "Provision for income taxes" on the consolidated statements of income (loss). Additionally, the presentation of excess tax benefit on our consolidated statements of cash flows was impacted as it is now shown within cash flows from operating activities. The excess tax benefit recognized within provision for income taxes for the year ended December 31, 2017 was approximately $2.9 million . In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. This standard was effective for annual reporting periods beginning after December 15, 2016, (i.e. a January 1, 2017 effective date). We adopted this standard beginning in 2017. The adoption did not have an impact on the consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Components of Consideration Paid | The following table illustrates each component of the consideration paid as part of the DuPont Crop Protection Business Acquisition: (in Millions) Amount Cash purchase price, net $ 1,225.6 Fair value of FMC Health and Nutrition sold to DuPont 1,968.6 Total purchase consideration $ 3,194.2 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for the DuPont Crop Protection Business and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis. Preliminary Purchase Price Allocation (in Millions) Trade receivables (1) $ 45.8 Inventories (2) 379.6 Other current assets 90.1 Property, plant & equipment 436.4 Intangible assets: Indefinite-lived brands 1,178.2 Customer relationships (3) 723.8 Goodwill (4) 691.8 Deferred tax assets 76.7 Other noncurrent assets 11.3 Total fair value of assets acquired $ 3,633.7 Accounts payable, trade and other (1) $ 32.9 Accrued and other current liabilities (5) 107.8 Accrued pension and other postretirement benefits, long-term 7.6 Environmental liabilities (6) 2.6 Deferred tax liabilities 32.6 Other long-term liabilities (5) 256.0 Total fair value of liabilities assumed $ 439.5 Total consideration paid $ 3,194.2 Less: Noncontrolling interest (12.5 ) Total consideration paid less noncontrolling interest $ 3,181.7 ____________________ (1) Represents the accounts receivable and accounts payable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition. As part of the Transaction Agreement, these balances will be settled subsequent to the closing date through reimbursement between FMC and DuPont. The offsetting amounts due from and due to DuPont are recorded within Other current assets and Accrued and other current liabilities, respectively. (2) Fair value of finished goods inventory acquired included a step-up in the value of approximately $80.3 million , of which $20.2 million was amortized during 2017 and included in "Cost of sales and services" on the consolidated statements of income (loss). (3) The weighted average useful life of the acquired customer relationships is approximately 20 years . (4) Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. (5) Includes the short-term and long-term portions of the unfavorable supply contract with Dupont recorded in Accrued and other current liabilities and Other long-term liabilities, respectively. (6) Represents both the short-term and long-term portion of the environmental obligations at certain sites of the acquired DuPont Crop Protection Business that is indemnified by DuPont as part of the Transaction Agreement. The indemnification asset was recorded within Other assets. |
Business Acquisition, Pro Forma Information | The following unaudited pro forma results of operations assume that the DuPont Crop Protection Business Acquisition occurred at the beginning of the periods presented. The pro forma amounts include certain adjustments, including interest expense on the borrowings used to complete the acquisition, depreciation and amortization expense and income taxes. The pro forma amounts for the twelve month period below exclude acquisition-related charges. The pro forma results do not include adjustments related to cost savings or other synergies that are anticipated as a result of the acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisitions had occurred as of January 1, 2016, nor are they indicative of future results of operations. Year Ended December 31, (in Millions) 2017 2016 Pro forma Revenue $ 4,204.0 $ 3,978.2 Pro forma Diluted earnings per share from continuing operations 2.62 4.00 |
Acquisition Costs | The following table summarizes the costs incurred associated with these combined activities. Year Ended December 31, (in Millions) 2017 2016 2015 Acquisition-related charges - DuPont Legal and professional fees (1) $ 130.2 $ — $ — Inventory fair value amortization (2) 20.2 — — Acquisition-related charges - Cheminova (3) Legal and professional fees (1) $ — $ 23.4 $ 60.4 Inventory fair value amortization (2) — — 57.8 (Gain)/loss on hedging purchase price (4) — — 172.1 Total acquisition-related charges $ 150.4 $ 23.4 $ 290.3 Restructuring charges and asset disposals Cheminova restructuring (3) $ — $ 42.3 $ 118.3 Total restructuring charges (5) $ — $ 42.3 $ 118.3 ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. These charges are included in “Selling, general and administrative expense" on the consolidated statements of income (loss). (2) These charges are included in “Costs of sales and services” on the consolidated statements of income (loss). (3) Acquisition-related charges and restructuring charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. (4) See "Cheminova Acquisition Hedge Costs" below for more information on these charges. These charges are included in “Selling, general and administrative expense” on the consolidated statements of income (loss). (5) See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Business Segment | The changes in the carrying amount of goodwill by business segment for the years ended December 31, 2017 and 2016 , are presented in the table below: (in Millions) FMC Agricultural Solutions FMC Lithium Total Balance, December 31, 2015 $ 479.5 $ — $ 479.5 Purchase price allocation adjustments 20.4 — 20.4 Foreign currency adjustments (1.2 ) — (1.2 ) Balance, December 31, 2016 $ 498.7 $ — $ 498.7 Acquisitions (1) 691.8 — 691.8 Foreign currency adjustments 8.4 — 8.4 Balance, December 31, 2017 $ 1,198.9 $ — $ 1,198.9 ____________________ (1) Represents goodwill recorded as a result of the DuPont Crop Protection Business Acquisition. See Note 3 for more details. |
Schedule of Finite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following: December 31, 2017 December 31, 2016 (in Millions) Weighted avg. useful life at December 31, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite life) Customer relationships 19 years $ 1,122.5 $ (73.3 ) $ 1,049.2 $ 356.9 $ (43.7 ) $ 313.2 Patents 8 years 2.0 (0.6 ) 1.4 2.2 (0.4 ) 1.8 Brands (1) 12 years 15.7 (6.2 ) 9.5 13.6 (4.7 ) 8.9 Purchased and licensed technologies 10 years 57.3 (28.9 ) 28.4 60.3 (30.1 ) 30.2 Other intangibles 39 years 2.9 (2.0 ) 0.9 2.9 (1.9 ) 1.0 $ 1,200.4 $ (111.0 ) $ 1,089.4 $ 435.9 $ (80.8 ) $ 355.1 Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,136.1 $ 1,136.1 $ — $ — Brands (1) (3) 405.6 405.6 363.4 363.4 In-process research and development 0.7 0.7 1.4 1.4 $ 1,542.4 $ 1,542.4 $ 364.8 $ 364.8 Total intangible assets $ 2,742.8 $ (111.0 ) $ 2,631.8 $ 800.7 $ (80.8 ) $ 719.9 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents the proprietary brand portfolios, consisting of trademarks, trade names and know-how, acquired from the DuPont Crop Protection Business Acquisition. In the fourth quarter of 2017, the Act was enacted and was identified to be a triggering event. As a result we performed an impairment assessment on the recently acquired brand portfolio and we recorded an impairment charge of approximately $42 million solely due to the new tax legislation. See Note 11 for more details. (3) The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition for which the fair value was substantially in excess of the carrying value. During the third quarter of 2017 and 2016, we recorded a $1 million impairment charge in our generic brand portfolio which is part of the FMC Agricultural Solutions segment. The carrying value of the generic portfolio subsequent to each charge was approximately $4 million and $6 million , respectively. |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,136.1 $ 1,136.1 $ — $ — Brands (1) (3) 405.6 405.6 363.4 363.4 In-process research and development 0.7 0.7 1.4 1.4 $ 1,542.4 $ 1,542.4 $ 364.8 $ 364.8 Total intangible assets $ 2,742.8 $ (111.0 ) $ 2,631.8 $ 800.7 $ (80.8 ) $ 719.9 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents the proprietary brand portfolios, consisting of trademarks, trade names and know-how, acquired from the DuPont Crop Protection Business Acquisition. In the fourth quarter of 2017, the Act was enacted and was identified to be a triggering event. As a result we performed an impairment assessment on the recently acquired brand portfolio and we recorded an impairment charge of approximately $42 million solely due to the new tax legislation. See Note 11 for more details. (3) The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition for which the fair value was substantially in excess of the carrying value. During the third quarter of 2017 and 2016, we recorded a $1 million impairment charge in our generic brand portfolio which is part of the FMC Agricultural Solutions segment. The carrying value of the generic portfolio subsequent to each charge was approximately $4 million and $6 million , respectively. |
Schedule of Intangible Assets by Segment | At December 31, 2017 , the finite-lived and indefinite life intangibles were allocated among our business segments as follows: (in Millions) Finite life Indefinite life FMC Agricultural Solutions $ 1,088.4 $ 1,542.4 FMC Lithium 1.0 — Total $ 1,089.4 $ 1,542.4 |
Schedule of Amortization Expense | Year Ended December 31, (in Millions) 2017 2016 2015 Amortization Expense $ 27.4 $ 23.6 $ 17.6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: December 31, (in Millions) 2017 2016 Finished goods $ 353.7 $ 220.1 Work in process 542.4 219.3 Raw materials, supplies and other 224.1 166.7 FIFO inventory $ 1,120.2 $ 606.1 Less: Excess of FIFO cost over LIFO cost (127.7 ) (127.2 ) Net inventories $ 992.5 $ 478.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: December 31, (in Millions) 2017 2016 Land and land improvements $ 166.9 $ 88.6 Buildings 462.6 231.5 Machinery and equipment 753.1 563.1 Construction in progress 78.5 38.4 Total cost $ 1,461.1 $ 921.6 Accumulated depreciation (435.9 ) (383.5 ) Property, plant and equipment, net $ 1,025.2 $ 538.1 |
Restructuring and Other Charg38
Restructuring and Other Charges (Income) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges (Income) | The following table shows total restructuring and other charges included in the respective line items of the consolidated statements of income (loss): Year Ended December 31, (in Millions) 2017 2016 2015 Restructuring charges and asset disposals $ 16.3 $ 43.4 $ 124.0 Other charges (income), net 65.1 51.6 26.3 Total restructuring and other charges (income) $ 81.4 $ 95.0 $ 150.3 |
Schedule of Restructuring Charges and Asset Disposals | RESTRUCTURING CHARGES AND ASSET DISPOSALS Restructuring Charges (in Millions) Severance and Employee Benefits (1) Other Charges (Income) (2) Asset Disposal Charges (3) Total Other items $ 0.1 $ 4.6 $ 11.6 $ 16.3 Year ended December 31, 2017 $ 0.1 $ 4.6 $ 11.6 $ 16.3 Cheminova restructuring $ 18.6 $ 6.0 $ 17.7 $ 42.3 Other items — 1.1 — 1.1 Year ended December 31, 2016 $ 18.6 $ 7.1 $ 17.7 $ 43.4 Cheminova restructuring $ 23.5 $ 2.7 $ 92.1 $ 118.3 Other items 5.7 — — 5.7 Year ended December 31, 2015 $ 29.2 $ 2.7 $ 92.1 $ 124.0 ____________________ (1) Represents severance and employee benefit charges. (2) Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other income primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (3) Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. |
Restructuring Reserve Roll Forward | The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations. (in Millions) Balance at 12/31/15 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/16 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/17 (4) Cheminova restructuring $ 8.7 $ 24.6 $ (18.1 ) $ (4.1 ) $ 11.1 $ — $ (6.5 ) $ (3.4 ) $ 1.2 Other workforce related and facility shutdowns (1) 1.6 1.1 (0.4 ) (0.9 ) 1.4 4.7 (1.7 ) 0.9 5.3 Restructuring activities related to discontinued operations (5) 3.3 8.0 (7.9 ) — 3.4 8.1 (10.5 ) (1.0 ) — Total $ 13.6 $ 33.7 $ (26.4 ) $ (5.0 ) $ 15.9 $ 12.8 $ (18.7 ) $ (3.5 ) $ 6.5 ____________________ (1) Primarily severance costs related to workforce reductions and facility shutdowns described in the Other Items sections above. (2) Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment or intangible balances and are not included in the above tables. (3) Primarily foreign currency translation adjustments. (4) Included in “Accrued and other liabilities” on the consolidated balance sheets. (5) Cash spending associated with restructuring activities of discontinued operations is reported within "Other discontinued spending" on the consolidated statements of cash flows. |
Schedule of Other Charges Included Within Restructuring And Other Charges Income | Other charges (income), net Year Ended December 31, (in Millions) 2017 2016 2015 Environmental charges, net $ 16.6 $ 36.8 $ 21.7 Impairment of intangibles 42.1 — — Argentina devaluation — 4.2 10.7 Belchim crop protection sale — — (26.6 ) Other items, net 6.4 10.6 20.5 Other charges (income), net $ 65.1 $ 51.6 $ 26.3 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2016 and 2017 . (in Millions) Balance, December 31, 2015 $ 13.9 Additions — charged to expense 9.8 Transfer from (to) allowance for credit losses (see below) (7.8 ) Net recoveries, write-offs and other 1.7 Balance, December 31, 2016 $ 17.6 Additions — charged to expense 8.4 Transfer from (to) allowance for credit losses (see below) 9.5 Net recoveries, write-offs and other 3.2 Balance, December 31, 2017 $ 38.7 |
Schedule of Allowance of Credit Losses Rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables for fiscal years 2016 and 2017 . ( in Millions ) Balance, December 31, 2015 $ 29.2 Additions — charged to expense 12.1 Transfer from (to) allowance for doubtful accounts (see above) 7.8 Net recoveries, write-offs and other — Balance, December 31, 2016 $ 49.1 Additions — charged to expense 13.7 Transfer from allowance for doubtful accounts (see above) (9.5 ) Net recoveries, write-offs and other (6.2 ) Balance, December 31, 2017 $ 47.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The results of our discontinued FMC ACD operations are summarized below: (in Millions) Year Ended December 31, 2015 Revenue $ 194.0 Costs of sales and services 149.2 Income (loss) from discontinued operations before income taxes (1) $ 1,096.1 Provision for income taxes 379.0 Total discontinued operations of FMC ACD, net of income taxes $ 717.1 Less: discontinued operations of FMC ACD attributable to noncontrolling interests — Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders $ 717.1 ____________________ (1) For the year ended December 31, 2015 amounts include approximately $2.2 million of allocated interest expense, $15.0 million of divestiture related charges as well as a $5.3 million pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. In addition to our discontinued FMC Health and Nutrition and FMC ACD, our discontinued operations in our financial statements includes adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following: (in Millions) Year Ended December 31, 2017 2016 2015 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of ($0.1), ($0.5) and $1.0, respectively $ 3.0 $ 2.5 $ (1.1 ) Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $24.9, $12.9 and $16.7, respectively (1) (51.2 ) (24.0 ) (28.8 ) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $7.2, $6.6 and $6.3, respectively (13.4 ) (12.2 ) (10.8 ) Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of ($180.1), ($43.8) and ($42.2), respectively 683.3 114.7 34.7 Discontinued operations of FMC Alkali Chemicals, net of income tax benefit (expense) of zero, zero and ($379.0), respectively — — 717.1 Discontinued operations, net of income taxes $ 621.7 $ 81.0 $ 711.1 ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. The results of our discontinued FMC Health and Nutrition operations are summarized below: (in Millions) Year Ended December 31, 2017 2016 2015 Revenue $ 562.9 $ 743.5 $ 785.5 Costs of sales and services 370.5 474.9 510.5 Income (loss) from discontinued operations before income taxes (1) $ 113.7 $ 158.5 $ 76.9 Provision for income taxes 9.7 43.8 42.2 Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (2) $ 104.0 $ 114.7 $ 34.7 Gain on sale of FMC Health and Nutrition, net of income taxes of $190.8 million (3) 727.1 — — Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (4) (147.8 ) — — Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders $ 683.3 $ 114.7 $ 34.7 ____________________ (1) For the years ended ended December 31, 2017 , 2016 and 2015 , amount includes $16.6 million , $19.8 million and $19.2 million of allocated interest expense and $8.1 million , $12.3 million and $93.7 million of restructuring and other charges (income), respectively. For the year ended December 31, 2017 amount includes $3.9 million of a pension curtailment charge. See Note 13 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. (2) In accordance with US GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. (3) Includes $27.9 million of divestiture related costs, net of tax as well as incremental tax cost of $14.7 million for the year ended December 31, 2017 related to certain legal entity restructuring executed during the third quarter to facilitate the FMC Health and Nutrition divestiture. (4) Represents the impairment charge for the year ended December 31, 2017 of approximately $168 million ( $148 million , net of tax) associated with the disposal activities of the Omega-3 business to write down the carrying value to its fair value. The following table presents the major classes of assets and liabilities of FMC Health and Nutrition: December 31, (in Millions) 2017 2016 Assets Current assets of discontinued operations held for sale (primarily trade receivables and inventories) $ 7.2 $ 381.5 Property, plant & equipment (1) 0.1 464.0 Goodwill (1) — 278.8 Other intangibles, net (1) — 73.5 Other noncurrent assets (1) — 19.3 Total assets of discontinued operations held for sale (2) $ 7.3 $ 1,217.1 Liabilities Current liabilities of discontinued operations held for sale (1.3 ) (59.0 ) Noncurrent liabilities of discontinued operations held for sale — (67.7 ) Total liabilities of discontinued operations held for sale (2) $ (1.3 ) $ (126.7 ) Total net assets (3) $ 6.0 $ 1,090.4 ____________________ (1) Presented as "Noncurrent assets of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2016 . (2) Presented as "Current assets / liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2017. |
Discontinued Reserve Balance Table | Reserves for Discontinued Operations at December 31, 2017 and 2016 (in Millions) December 31, 2017 2016 Workers’ compensation, product liability, and indemnification reserves $ 22.6 $ 6.8 Postretirement medical and life insurance benefits reserve, net 7.6 7.8 Reserves for legal proceedings 33.0 34.0 Reserve for discontinued operations (1) $ 63.2 $ 48.6 ____________________ (1) Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. |
Environmental Obligations (Tabl
Environmental Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Liability Rollforward | The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2014 to December 31, 2017 . (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2014 $ 284.3 2015 Provision 66.9 Spending, net of recoveries (57.0 ) Acquisitions 47.2 Foreign currency translation adjustments (0.5 ) Net Change 56.6 Total environmental reserves, net of recoveries at December 31, 2015 $ 340.9 2016 Provision 81.0 Spending, net of recoveries (52.6 ) Foreign currency translation adjustments (2.6 ) Net Change 25.8 Total environmental reserves, net of recoveries at December 31, 2016 $ 366.7 2017 Provision 106.0 Spending, net of recoveries (63.6 ) Acquisitions (1) 2.6 Foreign currency translation adjustments 6.5 Net Change 51.5 Total environmental reserves, net of recoveries at December 31, 2017 $ 418.2 ______________ (1) See Note 3 for more details. Amount relates to environmental obligations at certain sites of the acquired DuPont Crop Protection Business. |
Schedule of Environmental Recoveries | The table below is a roll forward of our total recorded recoveries from December 31, 2015 to December 31, 2017 : (in Millions) December 31, 2015 Increase (Decrease) in Recoveries Cash Received December 31, 2016 Increase (Decrease) in Recoveries Cash Received December 31, 2017 Environmental liabilities, continuing and discontinued $ 7.3 $ 7.8 $ (3.7 ) $ 11.4 $ 2.5 $ — $ 13.9 Other assets (1) 22.7 7.3 (2.8 ) 27.2 15.9 (10.8 ) 32.3 Total $ 30.0 $ 15.1 $ (6.5 ) $ 38.6 $ 18.4 $ (10.8 ) $ 46.2 ______________ (1) The amounts are included within “Prepaid and other current assets" and "Other assets including long-term receivables, net" on the consolidated balance sheets. See Note 20 for more details. Increase in recoveries in 2017 includes $2.6 million related to indemnification for the acquired environmental liability from the DuPont Crop Protection Business Acquisition that existed prior to the closing of the transaction. |
Environmental Reserves Classification, Continuing and Discontinued | The table below provides detail of current and long-term environmental reserves, continuing and discontinued. December 31, (in Millions) 2017 2016 Environmental reserves, current, net of recoveries (1) $ 72.0 $ 60.3 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 346.2 306.4 Total environmental reserves, net of recoveries $ 418.2 $ 366.7 ______________ (1) These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. (2) These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. |
Schedule of Net Environmental Provision by Operating and Discontinued Sites | Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: Year Ended December 31, (in Millions) 2017 2016 2015 Continuing operations (1) $ 16.6 $ 36.8 $ 21.7 Discontinued operations (2) 76.1 36.9 45.5 Net environmental provision $ 92.7 $ 73.7 $ 67.2 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (2) Recorded as a component of “Discontinued operations, net of income taxes" on our consolidated statements of income (loss). See Note 9. |
Schedule of Net Environmental Provision Balance Sheet Classification | On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: Year Ended December 31, (in Millions) 2017 2016 2015 Environmental reserves (1) $ 106.0 $ 81.0 $ 66.9 Other assets (2) (13.3 ) (7.3 ) 0.3 Net environmental provision $ 92.7 $ 73.7 $ 67.2 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 20 for details of "Other assets including long-term receivables, net" as presented on our consolidated balance sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: Year Ended December 31, (in Millions) 2017 2016 2015 Domestic $ (155.9 ) $ (48.5 ) $ (280.4 ) Foreign 336.7 229.3 73.0 Total $ 180.8 $ 180.8 $ (207.4 ) |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: Year Ended December 31, (in Millions) 2017 2016 2015 Current: Federal (1) (3) $ 97.5 $ (24.6 ) $ (80.9 ) Foreign 58.4 21.6 68.9 State 4.0 (0.2 ) (1.0 ) Total current $ 159.9 $ (3.2 ) $ (13.0 ) Deferred: Federal (2) $ 119.4 $ 27.6 $ 21.1 Foreign (14.8 ) 9.5 (0.8 ) State (0.4 ) 16.2 (2.1 ) Total deferred $ 104.2 $ 53.3 $ 18.2 Total $ 264.1 $ 50.1 $ 5.2 ____________________ (1) The transition tax on deemed repatriated foreign earnings incurred as a result of the Act is $202.7 million and reflected as component of tax expense in the U.S for the current year. (2) The remeasurement of the Company’s U.S. net deferred tax asset as a result of the Act resulted in tax expense of $113.2 million in the current year which is presented as a component of deferred tax expense in the U.S. (3) In 2015, the gain from the sale of our discontinued Alkali business created overall domestic taxable income. Exclusive of this gain, we incurred a loss from domestic continuing operations that reduced current taxes payable in 2015 and as such is presented as a reduction to 2015 current tax expense. |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2017 2016 Reserves for discontinued operations, environmental and restructuring $ 101.6 $ 148.5 Accrued pension and other postretirement benefits 19.3 39.6 Capital loss, foreign tax and other credit carryforwards 4.0 22.5 Net operating loss carryforwards 207.0 165.8 Deferred expenditures capitalized for tax 4.0 15.3 Other 153.3 191.4 Deferred tax assets $ 489.2 $ 583.1 Valuation allowance, net (272.0 ) (289.6 ) Deferred tax assets, net of valuation allowance $ 217.2 $ 293.5 Property, plant and equipment, net 137.9 181.8 Deferred tax liabilities $ 137.9 $ 181.8 Net deferred tax assets $ 79.3 $ 111.7 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Year Ended December 31, 2017 2016 2015 U.S. Federal statutory rate $ 63.3 $ 63.3 $ (72.6 ) Impacts of Tax Cuts and Jobs Act (1) 315.9 — — Foreign earnings subject to different tax rates (79.0 ) (49.3 ) (75.8 ) Capital loss on internal restructuring (45.3 ) — — State and local income taxes, less federal income tax benefit (1.5 ) 16.0 (2.4 ) Manufacturer's production deduction and miscellaneous tax credits (10.1 ) 0.8 (4.0 ) Tax on intercompany dividends and deemed dividends for tax purposes 10.6 2.1 10.2 Changes to unrecognized tax benefits 7.2 4.9 8.5 Nondeductible expenses 12.2 5.7 6.4 Change in valuation allowance (32.0 ) 7.9 160.7 Exchange gains and losses (2) 29.4 (12.1 ) (20.4 ) Other (6.6 ) 10.8 (5.4 ) Total Tax Provision $ 264.1 $ 50.1 $ 5.2 ____________________ (1) As a result of the Act, the Company has recognized provisional income tax expense of $202.7 million and $113.2 million related to the transition tax on deemed repatriation of foreign earnings and the remeasurement of the Company’s U.S. net deferred tax asset, respectively. (2) Includes impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes. |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2017 2016 2015 Balance at beginning of year $ 111.6 $ 97.1 $ 45.9 Increases related to positions taken in the current year 9.4 22.3 21.4 Increases for tax positions on acquisitions — — 25.1 Increases and decreases related to positions taken in prior years (4.6 ) 2.6 7.4 Decreases related to lapse of statutes of limitations (14.2 ) (10.2 ) (2.7 ) Settlements during the current year (0.3 ) (0.2 ) — Decreases for tax positions on dispositions (17.9 ) — — Balance at end of year (1) $ 84.0 $ 111.6 $ 97.1 ____________________ (1) At December 31, 2017 , 2016 , and 2015 we recognized an offsetting non-current deferred asset of $59.8 million , $74.4 million , and $65.5 million respectively, relating to specific uncertain tax positions presented above. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Maturing within One Year | Debt maturing within one year consists of the following: December 31, (in Millions) 2017 2016 Short-term foreign debt (1) $ 91.4 $ 85.5 Commercial paper — 6.3 Total short-term debt $ 91.4 $ 91.8 Current portion of long-term debt 101.2 2.4 Short-term debt and current portion of long-term debt $ 192.6 $ 94.2 ____________________ (1) At December 31, 2017 , the average effective interest rate on the borrowings was 8.2% . |
Schedule of Long-Term Debt | Long-term debt consists of the following: (in Millions) December 31, 2017 December 31, Interest Rate Percentage Maturity Date 2017 2016 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 1.95% - 6.45% 2021 - 2032 $ 51.6 $ 51.6 Senior notes (less unamortized discounts of $1.1 and $1.4, respectively) 3.95% - 5.20% 2019 - 2024 998.9 998.6 2014 Term Loan Facility 2.8% 2020 450.0 750.0 2017 Term Loan Facility 2.8% 2022 1,500.0 — Revolving Credit Facility (1) 4.1% 2022 — — Foreign debt 0 - 10.8% 2018 - 2024 106.9 10.7 Debt issuance cost (13.2 ) (9.7 ) Total long-term debt $ 3,094.2 $ 1,801.2 Less: debt maturing within one year 101.2 2.4 Total long-term debt, less current portion $ 2,993.0 $ 1,798.8 ____________________ (1) Letters of credit outstanding under the Revolving Credit Facility totaled $146.0 million and available funds under this facility were $1,354.0 million at December 31, 2017 . |
Pensions and Other Postretire44
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Weighted Average Assumptions Used | The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans: Pensions and Other Benefits December 31, 2017 2016 Discount rate qualified 3.68 % 4.22 % Discount rate nonqualified plan 3.29 % 3.55 % Discount rate other benefits 3.41 % 3.77 % Rate of compensation increase 3.10 % 3.60 % |
Components of Defined Benefit Postretirement Plans | The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31: Pensions Other Benefits (1) December 31, (in Millions) 2017 2016 2017 2016 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,378.7 $ 1,411.6 $ 19.2 $ 20.0 Service cost 7.3 8.0 — — Interest cost 44.8 49.8 0.7 0.8 Actuarial loss (gain) (2) 82.2 61.9 1.7 — Amendments — 0.6 (0.1 ) — Acquisitions (4) 7.6 — — — Foreign currency exchange rate changes 3.4 (7.9 ) — — Plan participants’ contributions — — 0.7 0.7 Special termination benefits 2.3 — — — Settlements (54.3 ) (62.7 ) — — Transfer of liabilities from continuing to discontinued operations — — (0.9 ) — Curtailments (5.0 ) — 0.4 — Benefits paid (81.2 ) (82.6 ) (2.7 ) (2.3 ) Projected benefit obligation at December 31 $ 1,385.8 $ 1,378.7 $ 19.0 $ 19.2 Change in plan assets Fair value of plan assets at January 1 $ 1,253.5 $ 1,233.2 $ — $ — Actual return on plan assets 165.2 104.2 — — Foreign currency exchange rate changes 3.2 (2.8 ) — — Company contributions 54.5 64.2 2.0 1.6 Plan participants’ contributions — — 0.7 0.7 Actual expenses (1.0 ) — — — Settlements (54.3 ) (62.7 ) — — Other — — — — Benefits paid (81.2 ) (82.6 ) (2.7 ) (2.3 ) Fair value of plan assets at December 31 $ 1,339.9 $ 1,253.5 $ — $ — Funded Status U.S. plans with assets $ (6.6 ) $ (88.3 ) $ — $ — U.S. plans without assets (29.8 ) (33.3 ) (19.0 ) (19.2 ) Non-U.S. plans with assets (7.6 ) (0.7 ) — — All other plans (1.9 ) (2.9 ) — — Net funded status of the plan (liability) $ (45.9 ) $ (125.2 ) $ (19.0 ) $ (19.2 ) Amount recognized in the consolidated balance sheets: Accrued benefit liability (3) (45.9 ) (125.2 ) (19.0 ) (19.2 ) Total $ (45.9 ) $ (125.2 ) $ (19.0 ) $ (19.2 ) ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) In 2017, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations. Adoption of this new projection scale has decreased the U.S. defined benefit obligations by approximately $9 million at December 31, 2017. (3) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. (4) Refer to Note 3 for information on our acquired pension plans as part of the DuPont Crop Protection Acquisition. The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: Pensions Other Benefits (1) December 31, (in Millions) 2017 2016 2017 2016 Prior service (cost) credit $ (1.9 ) $ (3.5 ) $ (0.2 ) $ (0.5 ) Net actuarial (loss) gain (398.3 ) (468.1 ) 5.5 9.2 Accumulated other comprehensive income (loss) – pretax $ (400.2 ) $ (471.6 ) $ 5.3 $ 8.7 Accumulated other comprehensive income (loss) – net of tax $ (248.4 ) $ (300.6 ) $ 3.5 $ 5.6 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans . |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | (in Millions) December 31 Information for pension plans with projected benefit obligation in excess of plan assets 2017 2016 Projected benefit obligations $ 1,385.8 $ 1,405.5 Accumulated benefit obligations 1,359.6 1,367.4 Fair value of plan assets 1,339.9 1,277.3 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | (in Millions) December 31 Information for pension plans with accumulated benefit obligation in excess of plan assets 2017 2016 Projected benefit obligations $ 39.2 $ 1,405.5 Accumulated benefit obligations 37.5 1,367.4 Fair value of plan assets 5.0 1,277.3 |
Changes in Plan Assets and Benefit Obligations for Continuing Operations Recognized in Other Comprehensive Loss (Income) | Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: Pensions Other Benefits (1) Year Ended December 31, (in Millions) 2017 2016 2017 2016 Current year net actuarial loss (gain) $ (2.6 ) $ 40.5 $ 2.1 $ — Current year prior service cost (credit) — 0.2 (0.1 ) — Amortization of net actuarial (loss) gain (16.4 ) (39.8 ) 1.0 1.1 Amortization of prior service (cost) credit (0.5 ) (0.7 ) 0.1 — Amortization of transition obligation — — — Recognition of prior service cost due to curtailment — — (0.3 ) — Transfer of actuarial (loss) gain from continuing to discontinued operations — — 0.6 — Curtailment (loss) (2) (5.0 ) 0.4 — — Settlement (loss) (47.3 ) (21.0 ) — — Foreign currency exchange rate changes on the above line items 0.4 (7.1 ) — — Total recognized in other comprehensive (income) loss, before taxes $ (71.4 ) $ (27.5 ) $ 3.4 $ 1.1 Total recognized in other comprehensive (income) loss, after taxes $ (52.2 ) $ (13.4 ) $ 2.1 $ 0.5 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) During the year ended December 31, 2017, due to the announced plans to divest of FMC Health and Nutrition business, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of March 31, 2017 in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. The $5.0 million shown above reflects the adjustment to the continuing operations liability and other comprehensive income, based on the revaluation of the plan. The associated curtailment expense was recorded under "Discontinued operations, net of income taxes", as discussed below. |
Weighted-Average Assumptions Used for and Components of Net Annual Benefit Cost (Income) | The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): Year Ended December 31, Pensions Other Benefits (1) (in Millions, except for percentages) 2017 2016 2015 2017 2016 2015 Discount rate 4.22 % 4.50 % 4.15 % 3.77 % 3.97 % 4.15 % Expected return on plan assets 6.50 % 7.00 % 7.25 % — — — Rate of compensation increase 3.60 % 3.60 % 3.60 % — — — Components of net annual benefit cost (in millions): Service cost $ 7.3 $ 8.0 $ 11.9 $ — $ — $ — Interest cost 44.8 49.8 59.6 0.7 0.8 0.9 Expected return on plan assets (78.5 ) (85.5 ) (86.2 ) — — — Amortization of prior service cost 0.5 0.7 0.9 (0.1 ) — 0.1 Amortization of net actuarial and other (gain) loss 16.4 39.2 54.3 (0.9 ) (1.2 ) (1.2 ) Recognized (gain) loss due to curtailments — — 4.8 — — 0.5 Recognized (gain) loss due to settlement 35.7 20.3 2.6 — — — Net annual benefit cost $ 26.2 $ 32.5 $ 47.9 $ (0.3 ) $ (0.4 ) $ 0.3 ___________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. |
Changes in Fair Value of Level 3 Investments | The following table summarizes the changes in fair value of the Level 3 investments as of December 31, 2016 and December 31, 2017 : (in Millions) Investment Contracts (1) Balance, December 31, 2016 $ 45.6 Settlements (45.6 ) Net transfers $ (45.6 ) Balance, December 31, 2017 $ — (1) Investment contracts consist of insurance group annuity contracts purchased to match the pension benefit payment stream owed to certain selected plan participant demographics within a few major U.K. defined benefit plans. Annuity contracts are valued using a discounted cash flow model utilizing assumptions such as discount rate, mortality, and inflation. |
Contributions to Pension and Other Postretirement Benefit Plans | We made the following contributions to our pension and other postretirement benefit plans: Year Ended December 31, (in Millions) 2017 2016 U.S. qualified pension plan $ 44.0 $ 35.0 U.S. nonqualified pension plan 9.4 4.8 Non-U.S. plans 1.1 24.3 Other postretirement benefits, net of participant contributions 2.0 1.6 Total $ 56.5 $ 65.7 |
Estimated Net Future Benefit Payments | The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: Estimated Net Future Benefit Payments (in Millions) (in Millions) Pension Benefits Other Benefits 2018 $85.9 $1.9 2019 $86.4 $1.9 2020 $85.5 $1.8 2021 $85.1 $1.7 2022 $86.0 $1.7 2023 - 2027 $415.2 $6.9 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Fair Value of Pension Plan Assets by Asset Class | The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 17 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) 12/31/2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 123.0 $ 123.0 $ — $ — Equity securities: Common stock 194.1 194.1 — — Mutual funds and other investments 27.3 27.3 — — Fixed income investments: Investment contracts 150.8 — 150.8 — Mutual funds 805.6 805.6 — — Investments measured at net asset value (1) 39.1 Total assets $ 1,339.9 $ 1,150.0 $ 150.8 $ — (in Millions) 12/31/2016 Quoted Prices Significant Significant Cash and short-term investments $ 118.6 $ 118.6 $ — $ — Equity securities: Common stock 692.0 692.0 — — Mutual funds and other investments 154.6 154.6 — — Fixed income investments: Investment contracts 198.8 — 153.2 45.6 Mutual funds 11.2 11.2 — — Other investments: Other (0.5 ) (0.5 ) — — Investments measured at net asset value (1) 78.8 Total assets $ 1,253.5 $ 975.9 $ 153.2 $ 45.6 ____________________ (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | We recognized the following stock compensation expense: Year Ended December 31, (in Millions) 2017 2016 2015 Stock Option Expense, net of taxes of $2.4, $2.6 and $2.4 (1) $ 4.5 $ 4.4 $ 4.1 Restricted Stock Expense, net of taxes of $3.5, $3.8 and $3.0 (2) 6.4 6.5 5.1 Performance Based Expense, net of taxes of $1.5, $1.1 and $0.3 2.8 1.8 0.5 Total Stock Compensation Expense, net of taxes of $7.4, $7.5 and $5.7 (3) $ 13.7 $ 12.7 $ 9.7 ____________________ (1) We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense. (2) We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense. (3) This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss). Total stock compensation expense, net of tax, not included in the above table of $4.4 million , zero , and $0.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss). |
Black Scholes Valuation Assumptions for Stock Option Grants | Black Scholes valuation assumptions for stock option grants: 2017 2016 2015 Expected dividend yield 1.15% 1.77% 0.95% Expected volatility 27.04% 26.57% 40.95% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 2.10% 1.39% 1.74% |
Summary of Stock Option Activity | The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2017 : (Shares in Thousands) Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life (in Years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in Millions) December 31, 2014 (1,023 shares exercisable and 1,903 shares expected to vest or be exercised) 1,931 5.5 years $ 42.46 $ 32.7 Granted 408 63.37 Exercised (213 ) 27.77 6.6 Forfeited (55 ) 62.38 December 31, 2015 (1,200 shares exercisable and 832 shares expected to vest or be exercised) 2,071 5.6 years $ 47.52 $ 8.7 Granted 933 37.39 Exercised (171 ) 25.59 3.5 Forfeited (84 ) 51.17 December 31, 2016 (1,292 shares exercisable and 1,373 shares expected to vest or be exercised) 2,749 6.1 years $ 45.34 $ 37.6 Granted 370 57.63 Exercised (590 ) 39.93 20.1 Forfeited (94 ) 49.10 December 31, 2017 (920 shares exercisable and 1,452 shares expected to vest or be exercised) 2,435 6.3 years $ 48.37 $ 112.7 |
Summary of Restricted Award Activity | The following table shows our employee restricted award activity for the three years ended December 31, 2017 : Restricted Equity Performance Based Equity (Number of Awards in Thousands) Number of awards Weighted-Average Grant Date Fair Value Number of Weighted-Average Grant Date Fair Value Nonvested at December 31, 2014 428 $ 57.86 — $ — Granted 163 56.33 32 81.06 Vested (190) 49.06 — — Forfeited (25) 64.27 — — Nonvested at December 31, 2015 376 $ 57.36 32 $ 81.06 Granted 271 37.44 126 41.66 Vested (120) 56.12 — — Forfeited (31) 52.67 — — Nonvested at December 31, 2016 496 $ 48.56 158 $ 49.55 Granted 121 57.66 105 66.93 Vested (98) 64.75 — — Forfeited (30) 47.60 (3) 52.74 Nonvested at December 31, 2017 489 $ 47.63 260 $ 53.36 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following is a summary of our capital stock activity over the past three years: Common Stock Shares Treasury Stock Shares December 31, 2014 185,983,792 52,666,121 Stock options and awards — (338,106 ) December 31, 2015 185,983,792 52,328,015 Stock options and awards — (244,329 ) Repurchases of common stock, net — 210,000 December 31, 2016 185,983,792 52,293,686 Stock options and awards — (640,450 ) December 31, 2017 185,983,792 51,653,236 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax. (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits (2) Total Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (50.4 ) $ (3.9 ) $ (321.5 ) $ (375.8 ) 2015 Activity Other comprehensive income (loss) before reclassifications $ (96.9 ) $ 0.7 $ (26.4 ) $ (122.6 ) Amounts reclassified from accumulated other comprehensive income (gain) — (3.0 ) 44.1 41.1 Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (147.3 ) $ (6.2 ) $ (303.8 ) $ (457.3 ) 2016 Activity Other comprehensive income (loss) before reclassifications $ (46.7 ) $ 7.3 $ (26.9 ) $ (66.3 ) Amounts reclassified from accumulated other comprehensive income (gain) — 6.0 39.2 45.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2016 $ (194.0 ) $ 7.1 $ (291.5 ) $ (478.4 ) 2017 Activity Other comprehensive income (loss) before reclassifications $ 173.9 $ (1.2 ) $ 0.6 $ 173.3 Amounts reclassified from accumulated other comprehensive income (gain) 13.9 (0.7 ) 51.6 64.8 Accumulated other comprehensive income (loss), net of tax at December 31, 2017 $ (6.2 ) $ 5.2 $ (239.3 ) $ (240.3 ) ____________________ (1) See Note 17 for more information. (2) See Note 13 for more information. |
Reclassifications of Accumulated Other Comprehensive Income | The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented. Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (1) Affected Line Item in the Consolidated Statements of Income (Loss) Year Ended December 31, (in Millions) 2017 2016 2015 Foreign currency translation adjustments: Divestiture of FMC Health and Nutrition (2) $ (13.9 ) $ — $ — Discontinued operations, net of income taxes Derivative instruments: Foreign currency contracts $ (10.0 ) $ (11.2 ) $ 43.0 Costs of sales and services Energy contracts 0.8 (2.3 ) (4.8 ) Costs of sales and services Foreign currency contracts 10.0 4.2 (32.5 ) Selling, general and administrative expenses Total before tax $ 0.8 $ (9.3 ) 5.7 (0.1 ) 3.3 (2.7 ) Provision for income taxes Amount included in net income $ 0.7 $ (6.0 ) 3.0 Pension and other postretirement benefits (3) : Amortization of prior service costs $ (0.5 ) $ (0.8 ) $ (0.9 ) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (14.4 ) (38.4 ) (52.2 ) Selling, general and administrative expenses Recognized loss due to settlement/curtailment (51.2 ) (20.6 ) (14.2 ) Selling, general and administrative expenses; Discontinued operations, net of income taxes Total before tax $ (66.1 ) $ (59.8 ) $ (67.3 ) 14.5 20.6 23.2 Provision for income taxes Amount included in net income $ (51.6 ) $ (39.2 ) $ (44.1 ) Total reclassifications for the period $ (64.8 ) $ (45.2 ) $ (41.1 ) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income (loss). (2) The reclassification of historical cumulative translation adjustments was the result of the sale of our FMC Health and Nutrition and Omega-3 business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 9 within these consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the Omega-3 asset held for sale write-down charges. (3) Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Year Ended December 31, 2017 2016 2015 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ (85.9 ) $ 128.4 $ (222.0 ) Discontinued operations, net of income taxes 621.7 80.7 711.0 Net income attributable to FMC stockholders $ 535.8 $ 209.1 $ 489.0 Less: Distributed and undistributed earnings allocable to restricted award holders — (0.4 ) — Net income allocable to common stockholders $ 535.8 $ 208.7 $ 489.0 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.64 ) $ 0.96 $ (1.66 ) Discontinued operations 4.63 0.60 5.32 Net income $ 3.99 $ 1.56 $ 3.66 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.64 ) $ 0.96 $ (1.66 ) Discontinued operations 4.63 0.60 5.32 Net income $ 3.99 $ 1.56 $ 3.66 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 134,255 133,890 133,696 Weighted average additional shares assuming conversion of potential common shares — 648 — Shares – diluted basis 134,255 134,538 133,696 |
Financial Instruments, Risk M48
Financial Instruments, Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments Fair Value and Balance Sheet Presentation | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2017 and 2016 . December 31, 2017 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Total Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 7.0 $ 1.2 $ 8.2 $ (1.5 ) $ 6.7 Total derivative assets (1) $ 7.0 $ 1.2 $ 8.2 $ (1.5 ) $ 6.7 Foreign exchange contracts (3.6 ) (0.2 ) (3.8 ) 1.5 (2.3 ) Total derivative liabilities (2) $ (3.6 ) $ (0.2 ) $ (3.8 ) $ 1.5 $ (2.3 ) Net derivative assets (liabilities) $ 3.4 $ 1.0 $ 4.4 $ — $ 4.4 December 31, 2016 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Total Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 9.8 $ 0.8 $ 10.6 $ (6.2 ) $ 4.4 Energy contracts 2.0 — 2.0 — 2.0 Total derivative assets (1) $ 11.8 $ 0.8 $ 12.6 $ (6.2 ) $ 6.4 Foreign exchange contracts (5.5 ) (9.6 ) (15.1 ) 6.2 (8.9 ) Total derivative liabilities (2) $ (5.5 ) $ (9.6 ) $ (15.1 ) $ 6.2 $ (8.9 ) Net derivative assets (liabilities) $ 6.3 $ (8.8 ) $ (2.5 ) $ — $ (2.5 ) ____________________ (1) Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. (2) Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. |
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Income | The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships Contracts (in Millions) Foreign exchange Energy Other Total Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (0.6 ) $ (4.6 ) $ 1.3 $ (3.9 ) 2015 Activity Unrealized hedging gains (losses) and other, net of tax $ 0.4 $ 0.4 $ (0.1 ) $ 0.7 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (5.9 ) 2.9 — (3.0 ) Total derivative instrument impact on comprehensive income, net of tax $ (5.5 ) $ 3.3 $ (0.1 ) $ (2.3 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (6.1 ) $ (1.3 ) $ 1.2 $ (6.2 ) 2016 Activity Unrealized hedging gains (losses) and other, net of tax $ 6.1 $ 1.2 $ — $ 7.3 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) $ 5.1 $ 1.5 $ (0.1 ) $ 6.5 Ineffective Portion (1) (0.5 ) — — (0.5 ) Total derivative instrument impact on comprehensive income, net of tax $ 10.7 $ 2.7 $ (0.1 ) $ 13.3 Accumulated other comprehensive income (loss), net of tax at December 31, 2016 $ 4.6 $ 1.4 $ 1.1 $ 7.1 2017 Activity Unrealized hedging gains (losses) and other, net of tax $ (0.4 ) $ (0.8 ) $ — $ (1.2 ) Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) $ 0.3 $ (0.6 ) $ (0.3 ) $ (0.6 ) Ineffective Portion (1) (0.1 ) — — (0.1 ) Total derivative instrument impact on comprehensive income, net of tax $ (0.2 ) $ (1.4 ) $ (0.3 ) $ (1.9 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2017 $ 4.4 $ — $ 0.8 $ 5.2 ____________________ (1) Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2017 2016 2015 Foreign Exchange contracts Cost of Sales and Services $ (12.2 ) $ (42.7 ) $ (47.9 ) Selling, general & administrative (2) — — (172.1 ) Total $ (12.2 ) $ (42.7 ) $ (220.0 ) ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. (2) Charges represent loss on the Cheminova acquisition hedge. See Note 3 within these consolidated financial statements for more information. |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets. (in Millions) December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Foreign exchange (1) $ 6.7 $ — $ 6.7 $ — Other (2) 30.1 30.1 — — Total Assets $ 36.8 $ 30.1 $ 6.7 $ — Liabilities Derivatives – Foreign exchange (1) $ 2.3 $ — $ 2.3 $ — Other (3) 46.6 38.8 7.8 — Total Liabilities $ 48.9 $ 38.8 $ 10.1 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets including long-term receivables, net” in the consolidated balance sheets. (3) Primarily consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. (in Millions) December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ 2.0 $ — $ 2.0 $ — Derivatives – Foreign exchange (1) 4.4 — 4.4 — Other (2) 25.3 25.3 — — Total Assets $ 31.7 $ 25.3 $ 6.4 $ — Liabilities Derivatives – Foreign exchange (1) 8.9 — 8.9 — Other (3) 31.1 30.5 0.6 — Total Liabilities $ 40.0 $ 30.5 $ 9.5 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets including long-term receivables, net” in the consolidated balance sheets. (3) Primarily consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2017 and 2016 . See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. (in Millions) December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2017) Assets Impairment of Crop Protection intangibles (1) $ 1,136.1 $ — $ — $ 1,136.1 $ (42.1 ) Impairment of intangibles (2) 4.3 — — 4.3 (1.3 ) Total Assets $ 1,140.4 $ — $ — $ 1,140.4 $ (43.4 ) ____________________ (1) Represents impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event for the United States' enactment of the Act. See Note 11 for further details on the tax legislation. (2) We recorded an impairment charge, related to our FMC Agricultural Solutions segment, to write down the carrying value of the generic brand portfolio of approximately $1 million to its fair value. (in Millions) December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2016) Assets Impairment of intangibles (1) 5.9 — — 5.9 (1.0 ) Total Assets $ 5.9 $ — $ — $ 5.9 $ (1.0 ) ____________________ (1) We recorded an impairment charge, related to our FMC Agricultural Solutions segment, to write down the carrying value of the generic brand portfolio of approximately $1 million to its fair value. |
Guarantees, Commitments and C49
Guarantees, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Undiscounted Potential Future Payments for Guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2017 . These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. (in Millions) Guarantees: Guarantees of vendor financing - short term (1) $ 51.5 Guarantees of vendor financing - long term (1) 0.2 Other debt guarantees (2) 6.7 Total $ 58.4 ____________________ (1) Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. The short-term amount is recorded on the consolidated balance sheets as “Guarantees of vendor financing.” The long-term amount is recorded on the consolidated balance sheets within “Other long-term liabilities.” (2) These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. |
Schedule of Capital Lease Expense | Year ended December 31, (in Millions) 2017 2016 2015 Operating leases rent expense $ 27.6 $ 21.2 $ 16.0 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2018 $25.5 $3.6 2019 $24.3 $3.7 2020 $22.5 $3.7 2021 $19.9 $3.9 2022 $19.4 $3.9 Thereafter $164.5 $34.4 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2018 $25.5 $3.6 2019 $24.3 $3.7 2020 $22.5 $3.7 2021 $19.9 $3.9 2022 $19.4 $3.9 Thereafter $164.5 $34.4 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Segment | (in Millions) Year Ended December 31, 2017 2016 2015 Revenue (1) FMC Agricultural Solutions $ 2,531.2 $ 2,274.8 $ 2,252.9 FMC Lithium 347.4 264.1 238.1 Total $ 2,878.6 $ 2,538.9 $ 2,491.0 Income (loss) from continuing operations before income taxes FMC Agricultural Solutions $ 485.6 $ 399.9 $ 363.9 FMC Lithium 126.7 70.2 23.0 Segment operating profit (2) $ 612.3 $ 470.1 $ 386.9 Corporate and other (102.4 ) (84.6 ) (63.0 ) Operating profit before the items listed below $ 509.9 $ 385.5 $ 323.9 Interest expense, net (79.1 ) (62.9 ) (60.9 ) Restructuring and other (charges) income (3) (81.4 ) (95.0 ) (150.3 ) Non-operating pension and postretirement (charges) income (4) (18.2 ) (23.4 ) (29.8 ) Acquisition related charges (5) (150.4 ) (23.4 ) (290.3 ) (Provision) benefit for income taxes (264.1 ) (50.1 ) (5.2 ) Discontinued operations, net of income taxes 621.7 81.0 711.1 Net (income) loss attributable to noncontrolling interests (2.6 ) (2.6 ) (9.5 ) Net income attributable to FMC stockholders $ 535.8 $ 209.1 $ 489.0 ____________________ (1) Our FMC Agricultural Solutions and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. (2) Referred to as Segment Earnings. (3) See Note 7 for details of restructuring and other (charges) income. Below provides the detail the (charges) income by segment: Year Ended December 31, (in Millions) 2017 2016 2015 FMC Agricultural Solutions $ (49.9 ) $ (62.4 ) $ (123.7 ) FMC Lithium (7.8 ) (0.6 ) (2.7 ) Corporate (23.7 ) (32.0 ) (23.9 ) Restructuring and other (charges) income $ (81.4 ) $ (95.0 ) $ (150.3 ) (4) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item "Selling, general and administrative expenses" on our consolidated statements of income (loss). (5) Charges relate to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, transaction costs, costs for transitional employees, other acquired employee related costs, integration related legal and professional third-party fees and gains or losses on hedging purchase price associated with the acquisitions. Amounts represent the following: Year Ended December 31, (in Millions) 2017 2016 2015 Acquisition-related charges - DuPont Legal and professional fees (1) (2) $ 130.2 $ — $ — Inventory fair value amortization (3) 20.2 — — Acquisition-related charges - Cheminova (4) Legal and professional fees (1) (2) $ — $ 23.4 $ 60.4 Inventory fair value amortization (3) — — 57.8 (Gain)/loss on hedging purchase price (2) — — 172.1 Total acquisition-related charges $ 150.4 $ 23.4 $ 290.3 ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. (2) These charges are included in “Selling, general and administrative expense" on the consolidated statements of income (loss). (3) These charges are included in “Costs of sales and services” on the consolidated statements of income (loss). (4) Acquisition-related charges and restructuring charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. |
Reconciliation of Assets from Segment to Consolidated | (in Millions) December 31, 2017 2016 Operating capital employed (1) FMC Agricultural Solutions $ 6,216.3 $ 3,097.2 FMC Lithium 393.9 312.2 Total operating capital employed $ 6,610.2 $ 3,409.4 Segment liabilities included in total operating capital employed 1,957.9 1,025.0 Assets of discontinued operations held for sale 7.3 1,217.1 Corporate items 630.9 487.8 Total assets $ 9,206.3 $ 6,139.3 Segment assets (2) FMC Agricultural Solutions $ 8,094.0 $ 4,082.7 FMC Lithium 474.1 351.7 Total segment assets $ 8,568.1 $ 4,434.4 Assets of discontinued operations held for sale 7.3 1,217.1 Corporate items 630.9 487.8 Total assets $ 9,206.3 $ 6,139.3 ____________________ (1) We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. (2) Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Year Ended December 31, (in Millions) Capital Expenditures (1) Depreciation and Amortization Research and Development Expense 2017 2016 2015 2017 2016 2015 2017 2016 2015 FMC Agricultural Solutions $ 26.2 $ 23.1 $ 29.2 $ 90.5 $ 80.8 $ 60.5 $ 138.4 $ 131.4 $ 132.4 FMC Lithium 47.4 24.4 17.4 15.2 14.8 12.2 3.1 3.1 3.5 Corporate 12.1 43.7 6.8 7.3 5.0 4.1 — — — Total $ 85.7 $ 91.2 $ 53.4 $ 113.0 $ 100.6 $ 76.8 $ 141.5 $ 134.5 $ 135.9 ___________________ (1) Cash spending associated with contract manufacturers in our FMC Agricultural Solutions segment, which are not included in the table above was $15.9 million , $10.4 million and $14.2 million for the years ended December 31, 2017 . 2016 and 2015 , respectively. |
Revenue from External Customers by Products and Services [Table Text Block] | Geographic Segment Information (in Millions) Year Ended December 31, 2017 2016 2015 Revenue from continuing operations (by location of customer) North America (1) $ 708.1 $ 623.0 $ 642.7 Europe, Middle East, and Africa 583.4 558.5 372.1 Latin America (1) 868.6 761.2 913.8 Asia Pacific 718.5 596.2 562.4 Total $ 2,878.6 $ 2,538.9 $ 2,491.0 ____________________ (1) In 2017 , countries with sales in excess of 10 percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 31, 2017 , 2016 and 2015 for the U.S. totaled $655.2 million , $596.4 million and $601.2 million and for Brazil totaled $598.5 million , $490.9 million and $642.2 million , respectively. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | (in Millions) December 31, 2017 2016 Long-lived assets (1) North America (2) $ 981.1 $ 389.1 Europe, Middle East, and Africa (2) 1,493.3 1,120.6 Latin America 925.0 375.2 Asia Pacific 1,901.5 327.5 Total $ 5,300.9 $ 2,212.4 ____________________ (1) Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. (2) The countries with long-lived assets in excess of 10 percent of consolidated long-lived assets at December 31, 2017 are Singapore, which totaled $1,414.9 million , the U.S., which totaled $976.9 million , and Denmark, which totaled $1,096.2 million , respectively. The long-lived assets over the threshold at December 31, 2016 are the U.S. which totaled $387.8 million and Denmark which totaled $1,030.3 million , respectively. |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2017 2016 Prepaid and other current assets Prepaid insurance $ 8.2 $ 7.7 Tax related items including value added tax receivables 127.3 115.4 Environmental obligation recoveries (Note 10) 7.0 8.4 Derivative assets (Note 17) 6.7 6.4 Argentina government receivable (1) 3.2 5.1 Acquisition related items (2) 54.7 — Other prepaid and current assets 119.3 89.1 Total $ 326.4 $ 232.1 (in Millions) December 31, 2017 2016 Other assets including long-term receivables, net Non-current receivables (Note 8) $ 106.7 $ 123.5 Advance to contract manufacturers 79.1 75.1 Capitalized software, net 26.6 31.7 Environmental obligation recoveries (Note 10) 25.3 18.8 Argentina government receivable (1) 44.5 41.7 Income taxes deferred charges 67.2 80.6 Deferred compensation arrangements 30.1 25.3 Other long-term assets 64.1 58.0 Total $ 443.6 $ 454.7 ____________________ (1) We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Lithium segments. At December 31, 2017 and 2016 , $37.9 million and $39.1 million of outstanding receivables due from the Argentina government, which primarily represent export tax and export rebate receivables, were denominated in U.S. dollars. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. (2) Represents $32.9 million of accounts payable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition as well as $21.8 million of deferred goodwill as a result of the delayed sites. As part of the Transaction Agreement, the accounts payable will be settled subsequent to the closing date through reimbursement between FMC and DuPont. This amount represents the offsetting asset recorded for amounts due back from DuPont. The deferred goodwill will be recognized as the sites are transferred to FMC. See Note 3 for more details. (in Millions) December 31, 2017 2016 Accrued and other liabilities Restructuring reserves (Note 7) $ 6.5 $ 15.9 Dividend payable (Note 15) 22.3 22.1 Accrued payroll 92.4 55.2 Environmental reserves, current, net of recoveries (Note 10) 72.0 60.3 Derivative liabilities (Note 17) 2.3 8.9 Acquisition related items (1) 45.8 — Unfavorable contracts (2) 65.7 — Other accrued and other liabilities 190.7 196.1 Total $ 497.7 $ 358.5 (in Millions) December 31, 2017 2016 Other long-term liabilities Asset retirement obligations, long-term (Note 1) $ 1.9 $ 1.8 Transition tax related to Tax Cuts and Jobs Act (3) 186.5 — Contingencies related to uncertain tax positions (Note 11) 93.9 101.6 Deferred compensation arrangements (Note 17) 38.8 30.5 Self insurance reserves (primarily workers' compensation) 6.1 9.9 Lease obligations 22.5 28.0 Reserve for discontinued operations (Note 9) 63.2 48.6 Guarantees of vendor financing (Note 18) 0.2 1.9 Unfavorable contracts (2) 243.9 — Other long-term liabilities 61.1 45.2 Total $ 718.1 $ 267.5 ____________________ (1) Represents the accounts receivable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition. As part of the Transaction Agreement, this balance will be settled subsequent to the closing date through reimbursement between FMC and DuPont. Amount represents the offsetting liability recorded for amounts due back to DuPont. (2) Represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. Refer to Note 3 for more details. (3) Represents noncurrent portion of overall transition tax to be paid over eight years . |
Quarterly Financial Informati52
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (in Millions, Except Share and Per Share Data) 2017 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 596.0 $ 656.8 $ 646.2 $ 979.6 $ 606.4 $ 615.3 $ 628.8 $ 688.4 Gross margin 216.2 234.4 265.9 384.8 216.0 235.4 214.6 265.2 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes 54.4 52.0 59.3 43.0 62.2 82.5 70.0 28.5 Income (loss) from continuing operations (1) 45.0 48.7 70.9 (247.9 ) 26.0 46.8 48.5 9.4 Discontinued operations, net of income taxes (2) (168.8 ) 26.6 (15.1 ) 779.0 22.7 20.2 31.1 7.0 Net income (loss) $ (123.8 ) $ 75.3 $ 55.8 $ 531.1 $ 48.7 $ 67.0 $ 79.6 $ 16.4 Less: Net income (loss) attributable to noncontrolling interests 0.4 0.6 0.6 1.0 0.4 1.8 (0.1 ) 0.5 Net income (loss) attributable to FMC stockholders $ (124.2 ) $ 74.7 $ 55.2 $ 530.1 $ 48.3 $ 65.2 $ 79.7 $ 15.9 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ 44.5 $ 48.2 $ 70.4 $ (249.0 ) $ 25.6 $ 45.0 $ 48.9 $ 8.9 Discontinued operations, net of income taxes (168.7 ) 26.5 (15.2 ) 779.1 22.7 20.2 30.8 7.0 Net income (loss) $ (124.2 ) $ 74.7 $ 55.2 $ 530.1 $ 48.3 $ 65.2 $ 79.7 $ 15.9 Basic earnings (loss) per common share attributable to FMC stockholders (3) : Continuing operations $ 0.33 $ 0.36 $ 0.52 $ (1.85 ) $ 0.19 $ 0.34 $ 0.36 $ 0.07 Discontinued operations (1.26 ) 0.20 (0.11 ) 5.79 0.17 0.15 0.23 0.05 Basic net income (loss) per common share $ (0.93 ) $ 0.56 $ 0.41 $ 3.94 $ 0.36 $ 0.49 $ 0.59 $ 0.12 Diluted earnings (loss) per common share attributable to FMC stockholders (3) : Continuing operations $ 0.33 $ 0.36 $ 0.52 $ (1.85 ) $ 0.19 $ 0.34 $ 0.36 $ 0.07 Discontinued operations (1.25 ) 0.20 (0.11 ) 5.79 0.17 0.15 0.23 0.05 Diluted net income (loss) per common share $ (0.92 ) $ 0.56 $ 0.41 $ 3.94 $ 0.36 $ 0.49 $ 0.59 $ 0.12 Weighted average shares outstanding: Basic 134.0 134.2 134.4 134.5 133.8 133.9 134.0 133.9 Diluted 135.1 135.6 135.9 134.5 134.3 134.6 134.7 134.8 ____________________ (1) The Company recorded a provisional income tax expense of $315.9 million as a result of the enactment of the Act during the fourth quarter of 2017. See Note 11 for more details. (2) In the first quarter of 2017, we recorded an impairment charge associated with our discontinued Omega-3 business. In the fourth quarter of 2017, we recorded a gain on sale of the FMC Health and Nutrition business. See Note 9 for more details. (3) The sum of quarterly earnings per common share may differ from the full-year amount. |
Principal Accounting Policies53
Principal Accounting Policies and Related Financial Information (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)classsegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Nature of Operations | ||||
Number of business segments | segment | 2 | |||
Number of major classes of crop protection | class | 3 | |||
Original maturity, maximum number of months | 3 months | |||
Trade receivable, net of allowance | ||||
Allowance for trade receivable | $ 38,700,000 | $ 17,600,000 | $ 13,900,000 | |
Allowance for long term customer receivables, beginning | 47,100,000 | 49,100,000 | 29,200,000 | |
Additions — charged to expense | $ 22,100,000 | 21,900,000 | 5,900,000 | |
Investments | ||||
Maximum ownership percentage for equity method investments | 50.00% | |||
Capitalized Interest | ||||
Capitalized interest costs | $ 3,100,000 | 3,200,000 | 4,200,000 | |
Asset Retirement Obligation [Abstract] | ||||
Asset retirement obligation | 1,900,000 | $ 1,800,000 | ||
Goodwill and Intangible Assets | ||||
Goodwill, impairment loss | $ 0 | 1,000,000 | ||
Impairment loss on indefinite-lived intangible asset | $ 42,100,000 | $ 9,300,000 | ||
Minimum [Member] | ||||
Goodwill and Intangible Assets | ||||
Useful lives of finite-lived intangible assets | 3 years | |||
Maximum [Member] | ||||
Goodwill and Intangible Assets | ||||
Useful lives of finite-lived intangible assets | 50 years | |||
Land Improvements [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 20 years | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 20 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 18 years | |||
Software Development [Member] | Minimum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 3 years | |||
Software Development [Member] | Maximum [Member] | ||||
Property, Plant and Equipment | ||||
Useful lives of property, plant and equipment | 10 years |
Recently Issued and Adopted A54
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Excess tax benefit | $ 2.9 |
Acquisitions 2017 Acquisition (
Acquisitions 2017 Acquisition (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 01, 2018 |
E. I. du Pont de Nemours and Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 1,225.6 | ||||
Revenues since acquisition date | $ 193.5 | ||||
Income (loss) from continuing operations since acquisition date | $ 27.6 | ||||
Transitional services agreement, term | 24 months | ||||
Transitional services agreement, optional extension, term | 6 months | ||||
Revenue recognized | $ 4.2 | ||||
FMC Agricultural Solutions [Member] | Scenario, Forecast [Member] | E. I. du Pont de Nemours and Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Income (loss) from continuing operations since acquisition date | $ 20 | ||||
European Herbicide Portfolio [Member] | Scenario, Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from sale | $ 85 | ||||
Proceeds from sale - working capital | $ 2 | ||||
Gain (Loss) on Disposition of Business | $ 80 |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Details) - E. I. du Pont de Nemours and Company [Member] $ in Millions | Nov. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash purchase price, net | $ 1,225.6 |
Fair value of FMC Health and Nutrition sold to DuPont | 1,968.6 |
Total purchase consideration | $ 3,194.2 |
Acquisitions Assets and Liabili
Acquisitions Assets and Liabilities Assumed (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Preliminary Purchase Price Allocation | ||||
Goodwill | $ 1,198.9 | $ 498.7 | $ 479.5 | |
E. I. du Pont de Nemours and Company [Member] | ||||
Preliminary Purchase Price Allocation | ||||
Trade receivables | $ 45.8 | |||
Inventories | 379.6 | |||
Other current assets | 90.1 | |||
Property, plant & equipment | 436.4 | |||
Goodwill | 691.8 | |||
Deferred tax assets | 76.7 | |||
Other noncurrent assets | 11.3 | |||
Total fair value of assets acquired | 3,633.7 | |||
Accounts payable, trade and other | 32.9 | |||
Accrued and other current liabilities | 107.8 | |||
Accrued pension and other postretirement benefits, long-term | 7.6 | |||
Environmental liabilities | 2.6 | |||
Deferred tax liabilities | 32.6 | |||
Other long-term liabilities | 256 | |||
Total fair value of liabilities assumed | 439.5 | |||
Total consideration paid | 3,194.2 | |||
Less: Noncontrolling interest | (12.5) | |||
Total consideration paid less noncontrolling interest | $ 3,181.7 | |||
Weighted average useful life of acquired intangible assets | 20 years | |||
E. I. du Pont de Nemours and Company [Member] | Fair Value Adjustment to Inventory [Member] | ||||
Preliminary Purchase Price Allocation | ||||
Step up value of finished goods | $ 80.3 | |||
E. I. du Pont de Nemours and Company [Member] | Indefinite-lived Brands [Member] | ||||
Preliminary Purchase Price Allocation | ||||
Intangible assets: | 1,178.2 | |||
E. I. du Pont de Nemours and Company [Member] | Customer Relationships [Member] | ||||
Preliminary Purchase Price Allocation | ||||
Intangible assets: | 723.8 | |||
Cost of Sales and Services [Member] | E. I. du Pont de Nemours and Company [Member] | Fair Value Adjustment to Inventory [Member] | ||||
Preliminary Purchase Price Allocation | ||||
Step up value of finished goods | $ 20.2 |
Acquisitions 2015 Acquisition (
Acquisitions 2015 Acquisition (Details) - Cheminova [Member] $ in Millions, DKK in Billions | Apr. 21, 2015USD ($) | Sep. 30, 2015DKK | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired | 100.00% | ||
Purchase price | $ 1,200 | DKK 8.5 | |
Excluding assumed net debt and hedged-related costs | $ 600 | ||
Revenues since acquisition date | $ 461.8 | ||
Income since acquisition date | $ 68.1 |
Acquisitions Pro Forma Informat
Acquisitions Pro Forma Information (Details) - Cheminova [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Pro forma Revenue | $ 4,204 | $ 3,978.2 |
Pro forma Diluted earnings per share (in dollars per share) | $ 2.62 | $ 4 |
Acquisitions Acquisition-relate
Acquisitions Acquisition-related and Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Acquisition-related costs | $ 150.4 | $ 23.4 | $ 290.3 |
Restructuring charges and asset disposals | 16.3 | 43.4 | 124 |
Cheminova [Member] | |||
Business Acquisition [Line Items] | |||
Restructuring charges and asset disposals | 0 | 42.3 | 118.3 |
Selling, General and Administrative Expenses [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 130.2 | 0 | 0 |
Cost of Sales and Services [Member] | E. I. du Pont de Nemours and Company [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 20.2 | 0 | 0 |
Legal and Professional Fees [Member] | Selling, General and Administrative Expenses [Member] | Cheminova [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 0 | 23.4 | 60.4 |
Inventory Fair Value Amortization [Member] | Cost of Sales and Services [Member] | Cheminova [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 0 | 0 | 57.8 |
(Gain) Loss On Hedging Purchase Price [Member] [Member] | Selling, General and Administrative Expenses [Member] | Cheminova [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | 0 | 0 | 172.1 |
Cheminova Restructuring [Member] | |||
Business Acquisition [Line Items] | |||
Restructuring charges and asset disposals | $ 0 | $ 42.3 | $ 118.3 |
Acquisitions Cheminova Acquisit
Acquisitions Cheminova Acquisition Hedge Costs (Details) - Cheminova [Member] $ in Millions, DKK in Billions | Apr. 21, 2015USD ($) | Apr. 21, 2015 | Sep. 30, 2015DKK | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 08, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Purchase price | $ 1,200 | DKK 8.5 | ||||
Planned aggregate purchase price to acquire business | $ 1,470 | |||||
Planned aggregate purchase price net of debt | $ 300 | |||||
Gain (loss) on FX forward contracts | $ 172.1 | $ 99.6 | ||||
United States of America, Dollars | ||||||
Business Acquisition [Line Items] | ||||||
Foreign currency exchange ratio | 1 | 1 | 1 | |||
Denmark, Kroner | ||||||
Business Acquisition [Line Items] | ||||||
Foreign currency exchange ratio | 6.96 | 6.96 | 5.77 | |||
Foreign currency exchange rate improvement for US dollar (percent) | 21.00% |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 498.7 | $ 479.5 |
Purchase price allocation adjustments | 20.4 | |
Acquisitions | 691.8 | |
Foreign currency adjustments | 8.4 | (1.2) |
Balance at end of period | 1,198.9 | 498.7 |
FMC Agricultural Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 498.7 | 479.5 |
Purchase price allocation adjustments | 20.4 | |
Acquisitions | 691.8 | |
Foreign currency adjustments | 8.4 | (1.2) |
Balance at end of period | 1,198.9 | 498.7 |
FMC Lithium [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Purchase price allocation adjustments | 0 | |
Acquisitions | 0 | |
Foreign currency adjustments | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets, Finite-lived intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 1,200.4 | $ 435.9 | |
Accumulated amortization | (111) | (80.8) | |
Finite-lived intangible assets, net | 1,089.4 | 355.1 | |
Amortization Expense | 27.4 | 23.6 | $ 17.6 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | 60.5 | ||
2,019 | 60.3 | ||
2,020 | 60.2 | ||
2,021 | 60 | ||
2,022 | $ 60 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 19 years | ||
Finite-lived intangible assets, gross | $ 1,122.5 | 356.9 | |
Accumulated amortization | (73.3) | (43.7) | |
Finite-lived intangible assets, net | $ 1,049.2 | 313.2 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 8 years | ||
Finite-lived intangible assets, gross | $ 2 | 2.2 | |
Accumulated amortization | (0.6) | (0.4) | |
Finite-lived intangible assets, net | $ 1.4 | 1.8 | |
Brands [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 12 years | ||
Finite-lived intangible assets, gross | $ 15.7 | 13.6 | |
Accumulated amortization | (6.2) | (4.7) | |
Finite-lived intangible assets, net | $ 9.5 | 8.9 | |
Purchased and licensed technologies [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 10 years | ||
Finite-lived intangible assets, gross | $ 57.3 | 60.3 | |
Accumulated amortization | (28.9) | (30.1) | |
Finite-lived intangible assets, net | $ 28.4 | 30.2 | |
Other intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 39 years | ||
Finite-lived intangible assets, gross | $ 2.9 | 2.9 | |
Accumulated amortization | (2) | (1.9) | |
Finite-lived intangible assets, net | $ 0.9 | $ 1 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets, Indefinite Life Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $ 1,542.4 | $ 364.8 | |||
Total intangible assets | 2,742.8 | 800.7 | |||
Intangible asset, accumulated amortization | (111) | (80.8) | |||
Total intangible assets | 2,631.8 | 719.9 | |||
Impairment loss on indefinite-lived intangible asset | 42.1 | $ 9.3 | |||
Assets | 9,206.3 | 6,139.3 | |||
Crop Protection Brands [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 1,136.1 | 0 | |||
Brands [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 405.6 | 363.4 | |||
In process research and development [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 0.7 | 1.4 | |||
FMC Agricultural Solutions [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 1,542.4 | ||||
Impairment loss on indefinite-lived intangible asset | $ 1 | $ 1 | $ 1 | $ 1 | |
Assets | $ 4 | $ 6 |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets Goodwill and Intangible Assets, Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, impairment loss | $ 0 | $ 1,000,000 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets, by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | $ 1,089.4 | $ 355.1 |
Indefinite-lived intangible assets | 1,542.4 | $ 364.8 |
FMC Agricultural Solutions [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 1,088.4 | |
Indefinite-lived intangible assets | 1,542.4 | |
FMC Lithium [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, net | 1 | |
Indefinite-lived intangible assets | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories: | ||
Finished goods | $ 353.7 | $ 220.1 |
Work in process | 542.4 | 219.3 |
Raw materials, supplies and other | 224.1 | 166.7 |
FIFO inventory | 1,120.2 | 606.1 |
Less: Excess of FIFO cost over LIFO cost | (127.7) | (127.2) |
Net inventories | $ 992.5 | $ 478.9 |
Percentage of LIFO Inventory | 22.00% | 23.00% |
Property, Plant and Equipment68
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Land and land improvements | $ 166.9 | $ 88.6 | |
Buildings | 462.6 | 231.5 | |
Machinery and equipment | 753.1 | 563.1 | |
Construction in progress | 78.5 | 38.4 | |
Total cost | 1,461.1 | 921.6 | |
Accumulated depreciation | (435.9) | (383.5) | |
Property, plant and equipment, net | 1,025.2 | 538.1 | |
Depreciation | $ 65.7 | $ 55.5 | $ 41.3 |
Restructuring and Other Charg69
Restructuring and Other Charges (Income) Restructuring Charges in Consolidated Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring charges and asset disposals | $ 16.3 | $ 43.4 | $ 124 |
Other charges (income), net | 65.1 | 51.6 | 26.3 |
Total restructuring and other charges (income) | $ 81.4 | $ 95 | $ 150.3 |
Restructuring and Other Charg70
Restructuring and Other Charges (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | $ 0.1 | $ 18.6 | $ 29.2 |
Other Charges (Income) | 4.6 | 7.1 | 2.7 |
Asset Disposal Charges | 11.6 | 17.7 | 92.1 |
Restructuring Charges and Asset Disposals | 16.3 | 43.4 | 124 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 15.9 | 13.6 | |
Changes in reserves | 12.8 | 33.7 | |
Cash payments | (18.7) | (26.4) | |
Other | (3.5) | (5) | |
Restructuring reserve, ending balance | 6.5 | 15.9 | 13.6 |
Other Charges [Abstract] | |||
Environmental charges, net | 16.6 | 36.8 | 21.7 |
Impairment of intangibles | 42.1 | 0 | 0 |
Argentina devaluation | 0 | 4.2 | 10.7 |
Other items, net | 6.4 | 10.6 | 20.5 |
Other charges (income), net | 65.1 | 51.6 | 26.3 |
Proceeds from sale | 38 | 0 | 1,649.8 |
Gain on sale of assets | 2.1 | ||
Cash proceeds from sales | 6.8 | ||
FMC Agricultural Solutions [Member] | |||
Other Charges [Abstract] | |||
Other items, net | 13.2 | 20.5 | |
Corporate Joint Venture [Member] | |||
Other Charges [Abstract] | |||
Gain (loss) on restructuring of debt | 2.9 | ||
Cheminova Restructuring [Member] | |||
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | 18.6 | 23.5 | |
Other Charges (Income) | 6 | 2.7 | |
Asset Disposal Charges | 17.7 | 92.1 | |
Restructuring Charges and Asset Disposals | 0 | 42.3 | 118.3 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 11.1 | 8.7 | |
Changes in reserves | 0 | 24.6 | |
Cash payments | (6.5) | (18.1) | |
Other | (3.4) | (4.1) | |
Restructuring reserve, ending balance | 1.2 | 11.1 | 8.7 |
Other [Member] | |||
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | 0.1 | 0 | 5.7 |
Other Charges (Income) | 4.6 | 1.1 | 0 |
Asset Disposal Charges | 11.6 | 0 | 0 |
Restructuring Charges and Asset Disposals | 16.3 | 1.1 | 5.7 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1.4 | 1.6 | |
Changes in reserves | 4.7 | 1.1 | |
Cash payments | (1.7) | (0.4) | |
Other | 0.9 | (0.9) | |
Restructuring reserve, ending balance | 5.3 | 1.4 | 1.6 |
Discontinued Operations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 3.4 | 3.3 | |
Changes in reserves | 8.1 | 8 | |
Cash payments | (10.5) | (7.9) | |
Other | (1) | 0 | |
Restructuring reserve, ending balance | 0 | 3.4 | 3.3 |
Belchim Crop Protection, N.V. [Member] | |||
Other Charges [Abstract] | |||
Belchim crop protection sale | $ 0 | $ 0 | (26.6) |
Proceeds from sale | $ 27.5 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||
Long term customer receivables | $ 106.7 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Allowance for trade receivables, beginning balance | 17.6 | $ 13.9 |
Additions — charged to expense | 8.4 | 9.8 |
Transfer from (to) allowance for credit losses | 9.5 | (7.8) |
Net recoveries, write-offs and other | 3.2 | 1.7 |
Allowance for trade receivables, ending balance | 38.7 | 17.6 |
Allowance for long term customer receivables [Roll Forward] | ||
Allowance for long term customer receivables, beginning | 49.1 | 29.2 |
Additions — charged to expense | 13.7 | 12.1 |
Transfer from (to) allowance for doubtful accounts | (9.5) | 7.8 |
Net recoveries, write-offs and other | (6.2) | 0 |
Allowance for long term customer receivables, ending | $ 47.1 | $ 49.1 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) - USD ($) | Nov. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 01, 2017 | Apr. 01, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net pretax actuarial gain and prior service credit | $ 8,400,000 | $ 6,500,000 | ||||
After-tax actuarial gain and prior service credit | 5,600,000 | 3,500,000 | ||||
Estimated pre-tax actuarial gain to be recognized in the next fiscal year | 1,200,000 | |||||
Estimated prior service credit to be recognized in the next fiscal year | 0 | |||||
Payments of other discontinued reserves | 32,800,000 | 25,600,000 | $ 35,000,000 | |||
Omega 3 [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash proceeds on sale | $ 38,000,000 | |||||
FMC Health and Nutrition [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain from disposal, before tax | $ 918,000,000 | |||||
Gain on sale of FMC Health and Nutrition, net of income taxes | 727,100,000 | 0 | 0 | |||
Impairment charge, net of tax | 147,800,000 | 0 | 0 | |||
FMC Health and Nutrition [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Transitional services period | 24 months | |||||
Transitional services period, optional extension | 6 months | |||||
Impairment charge | 168,000,000 | |||||
Impairment charge, net of tax | 148,000,000 | |||||
FMC Alkali Chemicals division [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash proceeds on sale | $ 1,649,800,000 | |||||
Gain on sale of FMC Health and Nutrition, net of income taxes | 702,100,000 | |||||
Consideration, after-tax | $ 1,198,500,000 | |||||
Gain from disposal of FMC Peroxygens | 1,080,200,000 | |||||
Workers' Compensation and Product Liability Reserve [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | 2,400,000 | 1,300,000 | 800,000 | |||
Other Postretirement Medical and Life Insurance Benefits Reserves [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | 1,000,000 | 1,100,000 | 1,100,000 | |||
Legal Reserve [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | $ 18,900,000 | $ 15,300,000 | $ 22,900,000 |
Discontinued Operations Results
Discontinued Operations Results of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Total discontinued operations of FMC ACD, net of income taxes | $ 779 | $ (15.1) | $ 26.6 | $ (168.8) | $ 7 | $ 31.1 | $ 20.2 | $ 22.7 | $ 621.7 | $ 81 | $ 711.1 |
Discontinued operations, net of income taxes, attributable to FMC Stockholders | $ 779.1 | $ (15.2) | $ 26.5 | $ (168.7) | $ 7 | $ 30.8 | $ 20.2 | $ 22.7 | 621.7 | 80.7 | 711 |
Restructuring and other charges (income) | 81.4 | 95 | 150.3 | ||||||||
Discontinued operations, tax effect of workers' compensation, product liability and other postretirement benefits | (0.1) | (0.5) | 1 | ||||||||
Discontinued operation, tax effect of provision for environmental | 24.9 | 12.9 | 16.7 | ||||||||
Discontinued operations, tax effect of provision for legal expenses | 7.2 | 6.6 | 6.3 | ||||||||
FMC Health and Nutrition [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Total discontinued operations of FMC ACD, net of income taxes | 683.3 | 114.7 | 34.7 | ||||||||
Discontinued operation, tax effect | 180.1 | 43.8 | 42.2 | ||||||||
FMC Alkali Chemicals division [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Revenue | 194 | ||||||||||
Costs of sales and services | 149.2 | ||||||||||
Income (loss) from discontinued operations before income taxes | 1,096.1 | ||||||||||
Provision for income taxes | 379 | ||||||||||
Gain on sale of FMC Health and Nutrition, net of income taxes | 702.1 | ||||||||||
Total discontinued operations of FMC ACD, net of income taxes | 0 | 0 | 717.1 | ||||||||
Less: discontinued operations of FMC ACD attributable to noncontrolling interests | 0 | ||||||||||
Discontinued operations, net of income taxes, attributable to FMC Stockholders | 717.1 | ||||||||||
Allocated interest expense | 2.2 | ||||||||||
Pension curtailment charge | (5.3) | ||||||||||
Divestiture related costs | 15 | ||||||||||
Discontinued operation, tax effect | 0 | 0 | 379 | ||||||||
Discontinued workers' compensation, product liability and other postretirement benefits [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Total discontinued operations of FMC ACD, net of income taxes | 3 | 2.5 | (1.1) | ||||||||
Discontinued Environmental Liabilities [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Total discontinued operations of FMC ACD, net of income taxes | (51.2) | (24) | (28.8) | ||||||||
Discontinued Legal Expenses [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Total discontinued operations of FMC ACD, net of income taxes | (13.4) | (12.2) | (10.8) | ||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | FMC Health and Nutrition [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Revenue | 562.9 | 743.5 | 785.5 | ||||||||
Costs of sales and services | 370.5 | 474.9 | 510.5 | ||||||||
Income (loss) from discontinued operations before income taxes | 113.7 | 158.5 | 76.9 | ||||||||
Provision for income taxes | 9.7 | 43.8 | 42.2 | ||||||||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments | 104 | 114.7 | 34.7 | ||||||||
Gain on sale of FMC Health and Nutrition, net of income taxes | 727.1 | 0 | 0 | ||||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | (147.8) | 0 | 0 | ||||||||
Discontinued operations, net of income taxes, attributable to FMC Stockholders | 683.3 | 114.7 | 34.7 | ||||||||
Impairment charge, net of tax | 147.8 | 0 | 0 | ||||||||
Discontinued operation, tax effect of gain on sale | 190.8 | ||||||||||
Discontinued Operations, Held-for-sale [Member] | FMC Health and Nutrition [Member] | |||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | (148) | ||||||||||
Allocated interest expense | 16.6 | 19.8 | 19.2 | ||||||||
Restructuring and other charges (income) | 8.1 | $ 12.3 | $ 93.7 | ||||||||
Pension curtailment charge | 3.9 | ||||||||||
Divestiture related costs | 27.9 | ||||||||||
Incremental tax cost | 14.7 | ||||||||||
Impairment charge | 168 | ||||||||||
Impairment charge, net of tax | $ 148 |
Discontinued Operations Assets
Discontinued Operations Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ 7.3 | $ 381.5 |
Total assets of discontinued operations held for sale | 7.3 | 1,217.1 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | (1.3) | (59) |
Noncurrent liabilities of discontinued operations held for sale | 0 | (67.7) |
FMC Health and Nutrition [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Assets | ||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 7.2 | 381.5 |
Property, plant & equipment | 0.1 | 464 |
Goodwill | 0 | 278.8 |
Other intangibles, net | 0 | 73.5 |
Other noncurrent assets | 0 | 19.3 |
Total assets of discontinued operations held for sale | 7.3 | 1,217.1 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | (1.3) | (59) |
Noncurrent liabilities of discontinued operations held for sale | 0 | (67.7) |
Total liabilities of discontinued operations held for sale | (1.3) | (126.7) |
Total net assets | $ 6 | $ 1,090.4 |
Discontinued Operations Reserve
Discontinued Operations Reserves for Discontinued Operations (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Workers' compensation, product liability, and indemnification reserves | $ 6.1 | $ 9.9 |
Reserve for discontinued operations | 63.2 | 48.6 |
Workers' Compensation and Product Liability Reserve [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Workers' compensation, product liability, and indemnification reserves | 22.6 | 6.8 |
Other Postretirement Medical and Life Insurance Benefits Reserves [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Postretirement medical and life insurance benefits reserve, net | 7.6 | 7.8 |
Legal Reserve [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Reserves for legal proceedings | $ 33 | $ 34 |
Environmental Obligations Narra
Environmental Obligations Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($)site | Dec. 31, 2017USD ($)site | Dec. 31, 2017USD ($)sitepartyoperable_unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013operable_unit | Dec. 31, 2014USD ($) | |
Environmental Exit Cost [Line Items] | |||||||
Accrual for environmental loss contingencies | $ 418.2 | $ 418.2 | $ 418.2 | $ 366.7 | $ 340.9 | $ 284.3 | |
Number of operable units evaluated and proposed for CMAs | operable_unit | 5 | ||||||
Number of operable units selected for CMAs | operable_unit | 3 | ||||||
Charges to expense for new losses | $ 106 | 81 | $ 66.9 | ||||
Number of sites FMC is named as a potentially responsible party | site | 32 | 32 | 32 | ||||
Number of sites FMC may be a potentially responsible party or equivalent | site | 55 | 55 | 55 | ||||
Environmental reserves, excluding recoveries | $ 432.1 | $ 432.1 | $ 432.1 | 378.1 | |||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 200 | ||||||
Non-judicial process, parties involved | party | 70 | ||||||
Pocatello [Member] | |||||||
Environmental Exit Cost [Line Items] | |||||||
Accrual for environmental loss contingencies | 35.2 | 35.2 | $ 35.2 | 44.3 | |||
Tribal permit fee | 1.5 | ||||||
Tribal court decision on permit fees | 9 | ||||||
Middleport [Member] | |||||||
Environmental Exit Cost [Line Items] | |||||||
Accrual for environmental loss contingencies | 73.9 | 73.9 | $ 73.9 | $ 46.7 | |||
Pending Litigation [Member] | Middleport Litigation [Member] | |||||||
Environmental Exit Cost [Line Items] | |||||||
Operable units | operable_unit | 11 | ||||||
Charges to expense for new losses | $ 32 | $ 32 |
Environmental Obligations Envir
Environmental Obligations Environmental Reserve Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Total environmental reserves, net of recoveries beginning of period | $ 366.7 | $ 340.9 | $ 284.3 |
Provision | 106 | 81 | 66.9 |
Spending, net of recoveries | (63.6) | (52.6) | (57) |
Transfer from environmental obligations | 2.6 | 47.2 | |
Foreign currency translation adjustments | 6.5 | (2.6) | (0.5) |
Net Change | 51.5 | 25.8 | 56.6 |
Total environmental reserves, net of recoveries end of period | $ 418.2 | $ 366.7 | $ 340.9 |
Environmental Obligations Recov
Environmental Obligations Recoveries and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Environmental Exit Cost [Line Items] | ||||
Transfer to environmental obligations (from) asset retirement obligations | $ (2.6) | $ (47.2) | ||
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | 38.6 | $ 30 | ||
Increase (Decrease) in Recoveries | 18.4 | 15.1 | ||
Cash Received | (10.8) | (6.5) | ||
Expected recoveries recorded, ending | 46.2 | 38.6 | 30 | |
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ||||
Environmental reserves, current, net of recoveries | 72 | 60.3 | ||
Environmental reserves, long-term continuing and discontinued, net of recoveries | 346.2 | 306.4 | ||
Total environmental reserves, net of recoveries | 418.2 | 366.7 | 340.9 | $ 284.3 |
Net Environmental Provisions [Abstract] | ||||
Continuing operations | 16.6 | 36.8 | 21.7 | |
Discontinued operations | 76.1 | 36.9 | 45.5 | |
Net environmental provision | 92.7 | 73.7 | 67.2 | |
Net Environmental Provisions, Assets and Liabilities [Abstract] | ||||
Environmental reserves | 106 | 81 | 66.9 | |
Other assets | (13.3) | (7.3) | 0.3 | |
Net environmental provision | 92.7 | 73.7 | 67.2 | |
Environmental Liabilities, Continuing and Discontinued [Member] | ||||
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | 11.4 | 7.3 | ||
Increase (Decrease) in Recoveries | 2.5 | 7.8 | ||
Cash Received | 0 | (3.7) | ||
Expected recoveries recorded, ending | 13.9 | 11.4 | 7.3 | |
Other Assets [Member] | ||||
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | 27.2 | 22.7 | ||
Increase (Decrease) in Recoveries | 15.9 | 7.3 | ||
Cash Received | (10.8) | (2.8) | ||
Expected recoveries recorded, ending | $ 32.3 | $ 27.2 | $ 22.7 |
Income Taxes Tax Cuts and Jobs
Income Taxes Tax Cuts and Jobs Act (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Tax expense | $ 315.9 | |
Transition tax on deemed repatriated foreign earnings | $ 202.7 | |
Tax expense on remeasurement of deferred tax assets | $ 113.2 |
Income Taxes Domestic and Forei
Income Taxes Domestic and Foreign Income Tax Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (155.9) | $ (48.5) | $ (280.4) |
Foreign | 336.7 | 229.3 | 73 |
Income (loss) from continuing operations before income taxes | $ 180.8 | $ 180.8 | $ (207.4) |
Income Taxes Provision (Benefit
Income Taxes Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 97.5 | $ (24.6) | $ (80.9) |
Foreign | 58.4 | 21.6 | 68.9 |
State | 4 | (0.2) | (1) |
Total current | 159.9 | (3.2) | (13) |
Deferred: | |||
Federal | 119.4 | 27.6 | 21.1 |
Foreign | (14.8) | 9.5 | (0.8) |
State | (0.4) | 16.2 | (2.1) |
Total deferred | 104.2 | 53.3 | 18.2 |
Total | 264.1 | $ 50.1 | $ 5.2 |
Transition tax on deemed repatriated foreign earnings | 202.7 | ||
Tax expense on remeasurement of deferred tax assets | $ 113.2 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Tax Assets, Gross [Abstract] | ||
Reserves for discontinued operations, environmental and restructuring | $ 101.6 | $ 148.5 |
Accrued pension and other postretirement benefits | 19.3 | 39.6 |
Capital loss, foreign tax and other credit carryforwards | 4 | 22.5 |
Net operating loss carryforwards | 207 | 165.8 |
Deferred expenditures capitalized for tax | 4 | 15.3 |
Other | 153.3 | 191.4 |
Deferred tax assets | 489.2 | 583.1 |
Valuation allowance, net | (272) | (289.6) |
Deferred tax assets, net of valuation allowance | 217.2 | 293.5 |
Property, plant and equipment, net | 137.9 | 181.8 |
Deferred tax liabilities | 137.9 | 181.8 |
Net deferred tax assets | 79.3 | $ 111.7 |
Additional valuation allowance | $ 17.7 |
Income Taxes Net Operating Loss
Income Taxes Net Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Capital loss carryforwards | $ 0.7 |
Tax credit carryforward | 3.3 |
U.S. State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 29.9 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 177.1 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | $ 63.3 | $ 63.3 | $ (72.6) |
Impacts of Tax Cuts and Jobs Act | 315.9 | 0 | 0 |
Foreign earnings subject to different tax rates | (79) | (49.3) | (75.8) |
Capital loss on internal restructuring | (45.3) | 0 | 0 |
State and local income taxes, less federal income tax benefit | (1.5) | 16 | (2.4) |
Manufacturer's production deduction and miscellaneous tax credits | (10.1) | 0.8 | (4) |
Tax on intercompany dividends and deemed dividends for tax purposes | (10.6) | (2.1) | (10.2) |
Changes to unrecognized tax benefits | 7.2 | 4.9 | 8.5 |
Nondeductible expenses | 12.2 | 5.7 | 6.4 |
Change in valuation allowance | (32) | 7.9 | 160.7 |
Exchange gains and losses | 29.4 | (12.1) | (20.4) |
Other | (6.6) | 10.8 | (5.4) |
Total | 264.1 | $ 50.1 | $ 5.2 |
Transition tax on deemed repatriated foreign earnings | 202.7 | ||
Tax expense on remeasurement of deferred tax assets | $ 113.2 |
Income Taxes Uncertain Income T
Income Taxes Uncertain Income Tax Positions (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)jurisdiction | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Number of significant foreign jurisdictions | jurisdiction | 17 | |||||
Unrecognized tax benefits | $ 111.6 | $ 97.1 | $ 45.9 | $ 84 | $ 111.6 | $ 97.1 |
Unrecognized tax benefits that would impact effective tax rate | 22.5 | 34.9 | ||||
Interest and penalties recognized | 5.2 | 4.4 | 2 | |||
Interest and penalties accrued | 13.1 | 9.6 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Balance at beginning of year | 111.6 | 97.1 | 45.9 | |||
Increases related to positions taken in the current year | 9.4 | 22.3 | 21.4 | |||
Increases for tax positions on acquisitions | 0 | 0 | 25.1 | |||
Decreases related to positions taken in prior years | (4.6) | |||||
Increases related to positions taken in prior years | 2.6 | 7.4 | ||||
Decreases related to lapse of statutes of limitations | (14.2) | (10.2) | (2.7) | |||
Settlements during the current year | (0.3) | (0.2) | 0 | |||
Decreases for tax positions on dispositions | (17.9) | 0 | 0 | |||
Balance at end of year | $ 84 | $ 111.6 | $ 97.1 | |||
Offsetting non-current deferred tax asset | 59.8 | $ 74.4 | $ 65.5 | |||
Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Possible decrease in unrecognized tax benefits | 13.5 | |||||
Maximum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Possible decrease in unrecognized tax benefits | $ 14.7 |
Debt, Maturing within One Year
Debt, Maturing within One Year (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Short-term foreign debt | $ 91.4 | $ 85.5 |
Commercial Paper | 0 | 6.3 |
Total short-term debt | 91.4 | 91.8 |
Current portion of long-term debt | 101.2 | 2.4 |
Short-term debt and current portion of long-term debt | $ 192.6 | $ 94.2 |
Short-term Foreign Debt [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rates for short-term debt outstanding at year-end | 8.20% |
Debt, Long-term (Details)
Debt, Long-term (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,094.2 | $ 1,801.2 |
Debt issuance cost | (13.2) | (9.7) |
Less: debt maturing within one year | 101.2 | 2.4 |
Total long-term debt, less current portion | 2,993 | 1,798.8 |
Maturities of Long-term Debt [Abstract] | ||
2,018 | 101.2 | |
2,019 | 302.5 | |
2,020 | 452 | |
2,021 | 302.6 | |
2,022 | 1,500.1 | |
Thereafter | 450.3 | |
Pollution Control and Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 51.6 | 51.6 |
Unamortized discount | 0.2 | 0.2 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 998.9 | 998.6 |
Unamortized discount | $ 1.1 | 1.4 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 2.80% | |
Maturity date | 2,020 | |
Total long-term debt | $ 450 | 750 |
Term Loan Facility 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 2.80% | |
Maturity date | 2,022 | |
Total long-term debt | $ 1,500 | 0 |
2011 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 4.10% | |
Maturity date | 2,022 | |
Total long-term debt | $ 0 | 0 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 106.9 | $ 10.7 |
2011 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding, amount | 146 | |
Line of credit, remaining borrowing capacity | $ 1,354 | |
Minimum [Member] | Pollution Control and Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 1.95% | |
Maturity date | 2,021 | |
Minimum [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 3.95% | |
Maturity date | 2,019 | |
Minimum [Member] | Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 0.00% | |
Maturity date | 2,018 | |
Maximum [Member] | Pollution Control and Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 6.45% | |
Maturity date | 2,032 | |
Maximum [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 5.20% | |
Maturity date | 2,024 | |
Maximum [Member] | Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 10.80% | |
Maturity date | 2,024 |
Debt, Covenants (Details)
Debt, Covenants (Details) - Line of Credit [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Credit Agreement, covenant compliance, actual leverage ratio | 2.8 | |
Credit Agreement, covenant terms, maximum leverage ratio | 4.75 | |
Credit Agreement, covenant compliance, actual interest coverage ratio | 12.8 | |
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 | |
Scenario, Forecast [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement, covenant terms, maximum leverage ratio | 4.5 |
Debt Debt, Term Loan Facility (
Debt Debt, Term Loan Facility (Details) - Term Loan Facility [Member] | Nov. 01, 2017USD ($) |
Debt Instrument [Line Items] | |
Proceeds from lines of credit | $ 1,500,000,000 |
Maximum leverage ratio | 4.75 |
Minimum interest coverage ratio | 3.5 |
Other indebtedness default amount | $ 50,000,000 |
Federal Funds Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Eurocurrency Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
Debt Debt, Revolving Credit Fac
Debt Debt, Revolving Credit Facility (Details) - Revolving Credit Facility [Member] | May 02, 2017USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 1,500,000,000 |
Potential maximum borrowing capacity | $ 2,250,000,000 |
Commitment fee percentage | 0.15% |
Federal Funds Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
Eurocurrency Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
Pensions and Other Postretire91
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in fair value of plan assets [Abstract] | |||||
Company contributions | $ 56.5 | $ 65.7 | |||
Settlements | (35.7) | ||||
Amount recognized in the consolidated balance sheets [Abstract] | |||||
Decrease in benefit obligation for change in projections | 9 | ||||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | |||||
Total recognized in other comprehensive (income) loss, after taxes | $ (52.2) | $ (12.3) | $ (17.7) | ||
Components of net annual benefit cost [Abstract] | |||||
Average remaining service period of participants | 19 years | 8 years | |||
Defined contribution plan [Abstract] | |||||
Employer matching contribution percentage | 80.00% | ||||
Maximum percentage of employee's compensation eligible for employer matching contributions | 5.00% | ||||
Additional employer annual contribution percentage | 5.00% | ||||
Charges for defined contribution plans | $ 9.7 | $ 7.7 | 7.7 | ||
Pension Plan [Member] | |||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | |||||
Discount rate | 3.68% | 4.22% | |||
Rate of compensation increase | 3.10% | 3.60% | |||
Change in projected benefit obligation [Abstract] | |||||
Projected benefit obligation at January 1 | $ 1,385.8 | $ 1,378.7 | $ 1,411.6 | ||
Service cost | 7.3 | 8 | 11.9 | ||
Interest cost | 44.8 | 49.8 | 59.6 | ||
Actuarial loss (gain) | 82.2 | 61.9 | |||
Amendments | 0 | 0.6 | |||
Acquisitions | 7.6 | 0 | |||
Foreign currency exchange rate changes | 3.4 | (7.9) | |||
Plan participants’ contributions | 0 | 0 | |||
Special termination benefits | 2.3 | 0 | |||
Settlements | (54.3) | (62.7) | |||
Transfer of liabilities from continuing to discontinued operations | 0 | 0 | |||
Curtailments | (5) | 0 | |||
Benefits paid | (81.2) | (82.6) | |||
Projected benefit obligation at December 31 | 1,385.8 | 1,378.7 | 1,411.6 | ||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 1,339.9 | 1,253.5 | 1,233.2 | ||
Actual return on plan assets | 165.2 | 104.2 | |||
Foreign currency exchange rate changes | 3.2 | (2.8) | |||
Company contributions | 54.5 | 64.2 | |||
Plan participants’ contributions | 0 | 0 | |||
Actual expenses | (1) | 0 | |||
Settlements | (54.3) | (62.7) | |||
Other | 0 | 0 | |||
Benefits paid | (81.2) | (82.6) | |||
Fair value of plan assets at December 31 | 1,339.9 | 1,253.5 | $ 1,233.2 | ||
Funded status of the plan (liability) | (45.9) | (125.2) | |||
Amount recognized in the consolidated balance sheets [Abstract] | |||||
Accrued benefit liability | (45.9) | (125.2) | |||
Total | (45.9) | (125.2) | |||
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | |||||
Prior service (cost) credit | (1.9) | (3.5) | |||
Net actuarial (loss) gain | (398.3) | (468.1) | |||
Accumulated other comprehensive income (loss) – pretax | (400.2) | (471.6) | |||
Accumulated other comprehensive income (loss) – net of tax | (248.4) | (300.6) | |||
Accumulated benefit obligation | 1,359.6 | 1,367.4 | |||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | |||||
Current year net actuarial loss (gain) | (2.6) | 40.5 | |||
Current year prior service cost (credit) | 0 | 0.2 | |||
Amortization of net actuarial (loss) gain | (16.4) | (39.8) | |||
Amortization of prior service (cost) credit | (0.5) | (0.7) | |||
Amortization of transition obligation | 0 | 0 | |||
Recognition of prior service cost due to curtailment | 0 | 0 | |||
Transfer of actuarial (loss) gain from continuing to discontinued operations | 0 | 0 | |||
Curtailment (loss) | (5) | 0.4 | |||
Settlement (loss) | (47.3) | (21) | |||
Foreign currency exchange rate changes on the above line items | 0.4 | (7.1) | |||
Total recognized in other comprehensive (income) loss, before taxes | (71.4) | (27.5) | |||
Total recognized in other comprehensive (income) loss, after taxes | (52.2) | $ (13.4) | |||
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | |||||
Net actuarial (gain) loss that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 13.2 | ||||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | $ 0.4 | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Discount rate | 4.22% | 4.50% | 4.15% | ||
Expected return on plan assets | 6.50% | 7.00% | 7.25% | ||
Rate of compensation increase | 3.60% | 3.60% | 3.60% | ||
Components of net annual benefit cost [Abstract] | |||||
Service cost | $ 7.3 | $ 8 | $ 11.9 | ||
Interest cost | 44.8 | 49.8 | 59.6 | ||
Expected return on plan assets | (78.5) | (85.5) | (86.2) | ||
Amortization of prior service cost | 0.5 | 0.7 | 0.9 | ||
Amortization of net actuarial and other (gain) loss | 16.4 | 39.2 | 54.3 | ||
Recognized (gain) loss due to curtailments | 0 | 0 | 4.8 | ||
Recognized (gain) loss due to settlement | 35.7 | 20.3 | 2.6 | ||
Net annual benefit cost | 26.2 | 32.5 | $ 47.9 | ||
Estimated Net Future Benefit Payments [Abstract] | |||||
2,018 | 85.9 | ||||
2,019 | 86.4 | ||||
2,020 | 85.5 | ||||
2,021 | 85.1 | ||||
2,022 | 86 | ||||
2023 – 2027 | 415.2 | ||||
Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 1,339.9 | 1,253.5 | |||
Fair value of plan assets at December 31 | 1,339.9 | 1,253.5 | |||
Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 1,150 | 975.9 | |||
Fair value of plan assets at December 31 | 1,150 | 975.9 | |||
Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 150.8 | 153.2 | |||
Fair value of plan assets at December 31 | 150.8 | 153.2 | |||
Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 45.6 | |||
Fair value of plan assets at December 31 | 0 | 45.6 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 194.1 | 692 | |||
Fair value of plan assets at December 31 | 194.1 | 692 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 194.1 | 692 | |||
Fair value of plan assets at December 31 | 194.1 | 692 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 27.3 | 154.6 | |||
Fair value of plan assets at December 31 | 27.3 | 154.6 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 27.3 | 154.6 | |||
Fair value of plan assets at December 31 | 27.3 | 154.6 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 45 | ||||
Fair value of plan assets at December 31 | 45 | ||||
Components of net annual benefit cost [Abstract] | |||||
Recognized (gain) loss due to settlement | $ 32.5 | ||||
Pension Plan [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 45.6 | |||
Settlements | (45.6) | ||||
Fair value of plan assets at December 31 | 0 | 45.6 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Investment Contracts [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 150.8 | 198.8 | |||
Fair value of plan assets at December 31 | 150.8 | 198.8 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Investment Contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Investment Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 150.8 | 153.2 | |||
Fair value of plan assets at December 31 | 150.8 | 153.2 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Investment Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 45.6 | |||
Fair value of plan assets at December 31 | 0 | 45.6 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 805.6 | 11.2 | |||
Fair value of plan assets at December 31 | 805.6 | 11.2 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 805.6 | 11.2 | |||
Fair value of plan assets at December 31 | 805.6 | 11.2 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 123 | 118.6 | |||
Fair value of plan assets at December 31 | 123 | 118.6 | |||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 123 | 118.6 | |||
Fair value of plan assets at December 31 | 123 | 118.6 | |||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | |||
Pension Plan [Member] | Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | (0.5) | ||||
Fair value of plan assets at December 31 | (0.5) | ||||
Pension Plan [Member] | Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | (0.5) | ||||
Fair value of plan assets at December 31 | (0.5) | ||||
Pension Plan [Member] | Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | ||||
Fair value of plan assets at December 31 | 0 | ||||
Pension Plan [Member] | Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | ||||
Fair value of plan assets at December 31 | 0 | ||||
Pension Plan [Member] | Investments Measured at Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 39.1 | 78.8 | |||
Fair value of plan assets at December 31 | $ 39.1 | 78.8 | |||
Qualified Plan [Member] | |||||
Components of net annual benefit cost [Abstract] | |||||
Percentage of inactive participants | 95.00% | ||||
Postretirement Life Plan [Member] | |||||
Components of net annual benefit cost [Abstract] | |||||
Percentage of inactive participants | 93.00% | ||||
Pension Plan,U.S. Plans with Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | $ (6.6) | (88.3) | |||
Pension Plan, U.S.Plans without Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | (29.8) | (33.3) | |||
Pension Plan, Non-U.S. Plans With Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | (7.6) | (0.7) | |||
U.S. Defined Benefit Pension Plan [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Company contributions | 44 | $ 35 | |||
Settlements | $ (3.2) | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Expected return on plan assets | 6.50% | 7.00% | 7.25% | ||
Components of net annual benefit cost [Abstract] | |||||
Expected long-term rate of return decrease | 0.50% | ||||
Historical compound annual rate of return of plan's trust over the last 20 years | 7.90% | ||||
Estimated inflation rate assumptions for rate of return on plan assets | 2.30% | ||||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||||
Expected total voluntary cash contributions to U.S. defined benefit pension plan for 2014 | $ 30 | ||||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | |||||
Target plan asset allocations [Abstract] | |||||
Target asset allocation | 20.00% | ||||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Expected return on plan assets | 6.30% | ||||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Expected return on plan assets | 7.70% | ||||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | |||||
Target plan asset allocations [Abstract] | |||||
Target asset allocation | 80.00% | ||||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Minimum [Member] | |||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Expected return on plan assets | 4.20% | ||||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Maximum [Member] | |||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Expected return on plan assets | 4.80% | ||||
Foreign Pension Plan [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Company contributions | $ 1.1 | $ 24.3 | |||
Settlements | (32.5) | ||||
Foreign Pension Plan [Member] | U.K. [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Company contributions | 21 | ||||
Other Postretirement Benefit Plan [Member] | |||||
Change in projected benefit obligation [Abstract] | |||||
Projected benefit obligation at January 1 | 19 | 19.2 | 20 | ||
Service cost | 0 | 0 | $ 0 | ||
Interest cost | 0.7 | 0.8 | 0.9 | ||
Actuarial loss (gain) | 1.7 | 0 | |||
Amendments | (0.1) | 0 | |||
Acquisitions | 0 | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | |||
Plan participants’ contributions | 0.7 | 0.7 | |||
Special termination benefits | 0 | 0 | |||
Settlements | 0 | 0 | |||
Transfer of liabilities from continuing to discontinued operations | (0.9) | 0 | |||
Curtailments | 0.4 | 0 | |||
Benefits paid | (2.7) | (2.3) | |||
Projected benefit obligation at December 31 | 19 | 19.2 | 20 | ||
Change in fair value of plan assets [Abstract] | |||||
Fair value of plan assets at January 1 | 0 | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | |||
Company contributions | 2 | 1.6 | |||
Plan participants’ contributions | 0.7 | 0.7 | |||
Actual expenses | 0 | 0 | |||
Settlements | 0 | 0 | |||
Other | 0 | 0 | |||
Benefits paid | (2.7) | (2.3) | |||
Fair value of plan assets at December 31 | 0 | 0 | $ 0 | ||
Funded status of the plan (liability) | (19) | (19.2) | |||
Amount recognized in the consolidated balance sheets [Abstract] | |||||
Accrued benefit liability | (19) | (19.2) | |||
Total | (19) | (19.2) | |||
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | |||||
Prior service (cost) credit | (0.2) | (0.5) | |||
Net actuarial (loss) gain | 5.5 | 9.2 | |||
Accumulated other comprehensive income (loss) – pretax | 5.3 | 8.7 | |||
Accumulated other comprehensive income (loss) – net of tax | 3.5 | 5.6 | |||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | |||||
Current year net actuarial loss (gain) | 2.1 | 0 | |||
Current year prior service cost (credit) | (0.1) | 0 | |||
Amortization of net actuarial (loss) gain | 1 | 1.1 | |||
Amortization of prior service (cost) credit | 0.1 | 0 | |||
Amortization of transition obligation | 0 | ||||
Recognition of prior service cost due to curtailment | (0.3) | 0 | |||
Transfer of actuarial (loss) gain from continuing to discontinued operations | 0.6 | 0 | |||
Curtailment (loss) | 0 | 0 | |||
Settlement (loss) | 0 | 0 | |||
Foreign currency exchange rate changes on the above line items | 0 | 0 | |||
Total recognized in other comprehensive (income) loss, before taxes | 3.4 | 1.1 | |||
Total recognized in other comprehensive (income) loss, after taxes | 2.1 | $ 0.5 | |||
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | |||||
Net actuarial (gain) loss that will be amortized from AOCI into net annual benefit cost (income) during 2014 | (0.7) | ||||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | $ (0.1) | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | |||||
Discount rate | 3.77% | 3.97% | 4.15% | ||
Expected return on plan assets | 0.00% | 0.00% | 0.00% | ||
Rate of compensation increase | 0.00% | 0.00% | 0.00% | ||
Components of net annual benefit cost [Abstract] | |||||
Service cost | $ 0 | $ 0 | $ 0 | ||
Interest cost | 0.7 | 0.8 | 0.9 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of prior service cost | (0.1) | 0 | 0.1 | ||
Amortization of net actuarial and other (gain) loss | (0.9) | (1.2) | (1.2) | ||
Recognized (gain) loss due to curtailments | 0 | 0 | 0.5 | ||
Recognized (gain) loss due to settlement | 0 | 0 | 0 | ||
Net annual benefit cost | (0.3) | (0.4) | $ 0.3 | ||
Estimated Net Future Benefit Payments [Abstract] | |||||
2,018 | 1.9 | ||||
2,019 | 1.9 | ||||
2,020 | 1.8 | ||||
2,021 | 1.7 | ||||
2,022 | 1.7 | ||||
2023 – 2027 | 6.9 | ||||
Other Postretirement Benefit Plan, U.S. Plan with Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | 0 | 0 | |||
Other Postretirement Benefit Plan, U.S. Plans without Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | (19) | (19.2) | |||
Other Postretirement Benefit Plan, Non-U.S. Plans with Assets [Member] | |||||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | $ 0 | $ 0 | |||
Other Pension Plan [Member] | |||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | |||||
Discount rate | 3.29% | 3.55% | |||
Change in fair value of plan assets [Abstract] | |||||
Company contributions | $ 9.4 | $ 4.8 | |||
Funded status of the plan (liability) | $ (1.9) | $ (2.9) | |||
Other Postretirement Benefit Plan, All Other Plans [Member] | |||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | |||||
Discount rate | 3.41% | 3.77% | |||
Change in fair value of plan assets [Abstract] | |||||
Funded status of the plan (liability) | $ 0 | $ 0 | |||
Change in Assumptions for Defined Benefit Plans [Member] | Pension Plan [Member] | Minimum [Member] | Scenario, Forecast [Member] | |||||
Components of net annual benefit cost [Abstract] | |||||
Net annual benefit cost | $ 20 | ||||
FMC Health and Nutrition [Member] | Discontinued Operations, Held-for-sale [Member] | |||||
Components of net annual benefit cost [Abstract] | |||||
Recognized (gain) loss due to curtailments | $ 3.9 |
Pensions and Other Postretire92
Pensions and Other Postretirement Benefits Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Information for pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligations | $ 1,385.8 | $ 1,405.5 |
Accumulated benefit obligations | 1,359.6 | 1,367.4 |
Fair value of plan assets | 1,339.9 | 1,277.3 |
Information for pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligations | 39.2 | 1,405.5 |
Accumulated benefit obligations | 37.5 | 1,367.4 |
Fair value of plan assets | $ 5 | $ 1,277.3 |
Pensions and Other Postretire93
Pensions and Other Postretirement Benefits Changes in Level 3 Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Settlements | $ (35.7) | |
Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at January 1 | 1,253.5 | $ 1,233.2 |
Settlements | (54.3) | (62.7) |
Fair value of plan assets at December 31 | 1,339.9 | 1,253.5 |
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at December 31 | 45 | |
Pension Plan [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Investment Contracts [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at January 1 | 45.6 | |
Settlements | (45.6) | |
Net transfers | (45.6) | |
Fair value of plan assets at December 31 | $ 0 | $ 45.6 |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of common stock authorized for issuance under the plan (in shares) | 30,200,000 | ||||||
Capital shares reserved for future issuance (in shares) | 5,100,000 | ||||||
Share-based payment award, expiration period | 10 years | ||||||
Share-based compensation expense, after-tax | $ 13.7 | $ 12.7 | $ 9.7 | ||||
Tax benefit from compensation expense | 7.4 | 7.5 | 5.7 | ||||
Cash related stock options exercises | 22.5 | 4.1 | 5.9 | ||||
Excess tax benefits from share-based compensation | 2.9 | (0.4) | 1.4 | ||||
Discontinued Operations [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, after-tax | $ 4.4 | 0 | 0.6 | ||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards vesting period | 3 years | ||||||
Share-based payment award, expiration period | 10 years | ||||||
Share-based compensation expense, after-tax | $ 4.5 | 4.4 | 4.1 | ||||
Tax benefit from compensation expense | $ 2.4 | $ 2.6 | $ 2.4 | ||||
Fair value assumptions, forfeiture rate | 4.00% | ||||||
Black Scholes valuation assumptions for stock option grants [Abstract] | |||||||
Expected dividend yield | 1.15% | 1.77% | 0.95% | ||||
Expected volatility | 27.04% | 26.57% | 40.95% | ||||
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months | ||||
Risk-free interest rate | 2.10% | 1.39% | 1.74% | ||||
Stock Option Outstanding (shares) [Roll Forward] | |||||||
Beginning (in shares) | 2,749,000 | 2,071,000 | 1,931,000 | ||||
Granted (in shares) | 370,000 | 933,000 | 408,000 | ||||
Exercised (in shares) | (590,000) | (171,000) | (213,000) | ||||
Forfeited (in shares) | (94,000) | (84,000) | (55,000) | ||||
Ending (in shares) | 2,435,000 | 2,749,000 | 2,071,000 | 1,931,000 | |||
Options exercisable (in shares) | 920,000 | 1,292,000 | 1,200,000 | 1,023,000 | |||
Options vested and expected to vest (in shares) | 1,452,000 | 1,373,000 | 832,000 | 1,903,000 | |||
Options outstanding, weighted-average remaining contractual life (in years) | 6 years 3 months 1 day | 6 years 1 month 2 days | 5 years 7 months | 5 years 6 months | |||
Stock Options Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||||||
Beginning (in dollars per share) | $ 45.34 | $ 47.52 | $ 42.46 | ||||
Granted (in dollars per share) | 57.63 | 37.39 | 63.37 | ||||
Exercised (in dollars per share) | 39.93 | 25.59 | 27.77 | ||||
Forfeited (in dollars per share) | 49.10 | 51.17 | 62.38 | ||||
Ending (in dollars per share) | $ 48.37 | $ 45.34 | $ 47.52 | $ 42.46 | |||
Options outstanding, aggregate intrinsic value, beginning | $ 37.6 | $ 8.7 | $ 32.7 | ||||
Options exercised, aggregate intrinsic value | 20.1 | 3.5 | 6.6 | ||||
Options outstanding, aggregate intrinsic value, ending | $ 112.7 | $ 37.6 | $ 8.7 | $ 32.7 | |||
Stock Option Additional Disclosures [Abstract] | |||||||
Options granted, weighted-average grant-date fair value (in dollars per share) | $ 15.66 | $ 8.54 | $ 24.68 | ||||
Options exercisable, intrinsic value | $ 42.2 | ||||||
Options exercisable, weighted-average remaining contractual term (in years) | 3 years 8 months 1 day | ||||||
Options exercisable, weighted-average exercise price per share (in dollars per share) | $ 48.72 | ||||||
Unrecognized compensation cost | $ 6.1 | ||||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 1 year 7 months 16 days | ||||||
Restricted Stock Units (RSUs) related to Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of common stock credited to directors' accounts for RSUs (in shares) | 228,366 | 207,511 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards vesting period | 3 years | ||||||
Share-based compensation expense, after-tax | $ 6.4 | $ 6.5 | $ 5.1 | ||||
Tax benefit from compensation expense | $ 3.5 | $ 3.8 | $ 3 | ||||
Fair value assumptions, forfeiture rate | 2.00% | ||||||
Stock Option Additional Disclosures [Abstract] | |||||||
Unrecognized compensation cost | $ 12.7 | ||||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 1 year 7 months 10 days | ||||||
Nonvested Restricted Awards (shares) [Roll Forward] | |||||||
Nonvested awards, beginning (in shares) | 496,000 | 376,000 | 428,000 | ||||
Granted (in shares) | 121,000 | 271,000 | 163,000 | ||||
Vested (in shares) | (98,000) | (120,000) | (190,000) | ||||
Forfeited (in shares) | (30,000) | (31,000) | (25,000) | ||||
Nonvested awards, ending (in shares) | 489,000 | 496,000 | 376,000 | 428,000 | |||
Nonvested Awards, Weighted Average Grant Date Fair Value (dollars per share) [Abstract] | |||||||
Nonvested awards, beginning (in dollars per share) | $ 48.56 | $ 57.36 | $ 57.86 | ||||
Granted (in dollars per share) | 57.66 | 37.44 | 56.33 | ||||
Vested (in dollars per share) | 64.75 | 56.12 | 49.06 | ||||
Forfeited (in dollars per share) | 47.60 | 52.67 | 64.27 | ||||
Nonvested awards, ending (in dollars per share) | $ 47.63 | $ 48.56 | $ 57.36 | $ 57.86 | |||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, after-tax | $ 2.8 | $ 1.8 | $ 0.5 | ||||
Tax benefit from compensation expense | $ 1.5 | $ 1.1 | $ 0.3 | ||||
Nonvested Restricted Awards (shares) [Roll Forward] | |||||||
Nonvested awards, beginning (in shares) | 158,000 | 32,000 | 0 | ||||
Granted (in shares) | 105,000 | 126,000 | 32,000 | ||||
Vested (in shares) | 0 | 0 | 0 | ||||
Forfeited (in shares) | (3,000) | 0 | 0 | ||||
Nonvested awards, ending (in shares) | 260,000 | 158,000 | 32,000 | 0 | |||
Nonvested Awards, Weighted Average Grant Date Fair Value (dollars per share) [Abstract] | |||||||
Nonvested awards, beginning (in dollars per share) | $ 49.55 | $ 81.06 | $ 0 | ||||
Granted (in dollars per share) | 66.93 | 41.66 | 81.06 | ||||
Vested (in dollars per share) | 0 | 0 | 0 | ||||
Forfeited (in dollars per share) | 52.74 | 0 | 0 | ||||
Nonvested awards, ending (in dollars per share) | $ 53.36 | $ 49.55 | $ 81.06 | $ 0 |
Equity - Summary of Capital Sto
Equity - Summary of Capital Stock Activity (Details) - shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||||
Common stock, shares issued (in shares) | 185,983,792 | 185,983,792 | 185,983,792 | 185,983,792 |
Treasury Stock [Roll Forward] | ||||
Treasury stock, shares, beginning (in shares) | 52,293,686 | 52,328,015 | 52,666,121 | |
Stock options and awards (in shares) | (640,450) | (244,329) | (338,106) | |
Repurchases of common stock, net (in shares) | 210,000 | |||
Treasury stock, shares, ending (in shares) | 51,653,236 | 52,293,686 | 52,328,015 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 1,993 | $ 1,908.3 | $ 1,564 |
Ending balance | 2,707.1 | 1,993 | 1,908.3 |
Foreign currency adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (194) | (147.3) | (50.4) |
Other comprehensive income (loss) before reclassifications | 173.9 | (46.7) | (96.9) |
Amounts reclassified from accumulated other comprehensive income (gain) | 13.9 | 0 | 0 |
Ending balance | (6.2) | (194) | (147.3) |
Derivative instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 7.1 | (6.2) | (3.9) |
Other comprehensive income (loss) before reclassifications | (1.2) | 7.3 | 0.7 |
Amounts reclassified from accumulated other comprehensive income (gain) | (0.7) | 6 | (3) |
Ending balance | 5.2 | 7.1 | (6.2) |
Pension and other postretirement benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (291.5) | (303.8) | (321.5) |
Other comprehensive income (loss) before reclassifications | 0.6 | (26.9) | (26.4) |
Amounts reclassified from accumulated other comprehensive income (gain) | 51.6 | 39.2 | 44.1 |
Ending balance | (239.3) | (291.5) | (303.8) |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (478.4) | (457.3) | (375.8) |
Other comprehensive income (loss) before reclassifications | 173.3 | (66.3) | (122.6) |
Amounts reclassified from accumulated other comprehensive income (gain) | 64.8 | 45.2 | 41.1 |
Ending balance | $ (240.3) | $ (478.4) | $ (457.3) |
Equity - Reclassification Out o
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Discontinued operations, net of income taxes | $ 779 | $ (15.1) | $ 26.6 | $ (168.8) | $ 7 | $ 31.1 | $ 20.2 | $ 22.7 | $ 621.7 | $ 81 | $ 711.1 |
Costs of sales and services | 1,777.3 | 1,607.7 | 1,690.6 | ||||||||
Income from continuing operations before income taxes | 180.8 | 180.8 | (207.4) | ||||||||
Selling, general and administrative expenses | 618.6 | 458.5 | 660.7 | ||||||||
Provision for income taxes | (264.1) | (50.1) | (5.2) | ||||||||
Net Income | $ 531.1 | $ 55.8 | $ 75.3 | $ (123.8) | $ 16.4 | $ 79.6 | $ 67 | $ 48.7 | 538.4 | 211.7 | 498.5 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income | (64.8) | (45.2) | (41.1) | ||||||||
Foreign Currency translation adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Discontinued operations, net of income taxes | (13.9) | 0 | 0 | ||||||||
Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income from continuing operations before income taxes | 0.8 | (9.3) | 5.7 | ||||||||
Provision for income taxes | (0.1) | 3.3 | (2.7) | ||||||||
Net Income | 0.7 | (6) | 3 | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expenses | (0.5) | (0.8) | (0.9) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expenses | (14.4) | (38.4) | (52.2) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Transition Asset (Obligation) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expenses | (51.2) | (20.6) | (14.2) | ||||||||
Pension and other postretirement benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income from continuing operations before income taxes | (66.1) | (59.8) | (67.3) | ||||||||
Provision for income taxes | 14.5 | 20.6 | 23.2 | ||||||||
Net Income | (51.6) | (39.2) | (44.1) | ||||||||
Foreign Currency Contracts [Member] | Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | (10) | (11.2) | 43 | ||||||||
Selling, general and administrative expenses | 10 | 4.2 | (32.5) | ||||||||
Energy Contracts [Member] | Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | $ 0.8 | $ (2.3) | $ (4.8) |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | Jan. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2017 | |
Subsequent Event [Line Items] | ||||||
Dividends paid | [1] | $ 88,800,000 | $ 88,600,000 | $ 86,400,000 | ||
Repurchase of shares (in shares) | 2,400,000 | $ 13,000,000 | $ 3,700,000 | |||
Accelerated share repurchase, initial accelerated | 238,800,000 | |||||
Repurchase Program [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase of shares (in shares) | $ 0 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends | $ 22,300,000 | |||||
E. I. du Pont de Nemours and Company [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Controlling interest | 80.00% | |||||
[1] | See Note 15 regarding quarterly cash dividend. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Antidilutive shares excluded from diluted EPS (in shares) | 1,500 | 600 | 1,700 | ||||||||
Amounts attributable to FMC stockholders: | |||||||||||
Continuing operations, net of income taxes | $ (249) | $ 70.4 | $ 48.2 | $ 44.5 | $ 8.9 | $ 48.9 | $ 45 | $ 25.6 | $ (85.9) | $ 128.4 | $ (222) |
Discontinued operations, net of income taxes | 779.1 | (15.2) | 26.5 | (168.7) | 7 | 30.8 | 20.2 | 22.7 | 621.7 | 80.7 | 711 |
Net income attributable to FMC stockholders | $ 530.1 | $ 55.2 | $ 74.7 | $ (124.2) | $ 15.9 | $ 79.7 | $ 65.2 | $ 48.3 | 535.8 | 209.1 | 489 |
Less: Distributed and undistributed earnings allocable to restricted award holders | 0 | (0.4) | 0 | ||||||||
Net income allocable to common stockholders | $ 535.8 | $ 208.7 | $ 489 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | $ (1.85) | $ 0.52 | $ 0.36 | $ 0.33 | $ 0.07 | $ 0.36 | $ 0.34 | $ 0.19 | $ (0.64) | $ 0.96 | $ (1.66) |
Discontinued operations (in dollars per share) | 5.79 | (0.11) | 0.20 | (1.26) | 0.05 | 0.23 | 0.15 | 0.17 | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | 3.94 | 0.41 | 0.56 | (0.93) | 0.12 | 0.59 | 0.49 | 0.36 | 3.99 | 1.56 | 3.66 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | (1.85) | 0.52 | 0.36 | 0.33 | 0.07 | 0.36 | 0.34 | 0.19 | (0.64) | 0.96 | (1.66) |
Discontinued operations (in dollars per share) | 5.79 | (0.11) | 0.20 | (1.25) | 0.05 | 0.23 | 0.15 | 0.17 | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | $ 3.94 | $ 0.41 | $ 0.56 | $ (0.92) | $ 0.12 | $ 0.59 | $ 0.49 | $ 0.36 | $ 3.99 | $ 1.56 | $ 3.66 |
Shares (in thousands): | |||||||||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 134,500 | 134,400 | 134,200 | 134,000 | 133,900 | 134,000 | 133,900 | 133,800 | 134,255 | 133,890 | 133,696 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 648 | 0 | ||||||||
Shares – diluted basis (in shares) | 134,500 | 135,900 | 135,600 | 135,100 | 134,800 | 134,700 | 134,600 | 134,300 | 134,255 | 134,538 | 133,696 |
Financial Instruments, Risk 100
Financial Instruments, Risk Management and Fair Value Measurements (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)swap_agreement | Dec. 31, 2016USD ($)swap_agreement | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of interest rate derivatives held | swap_agreement | 0 | 0 | |||
Estimated fair value of debt | $ 3,250.6 | $ 1,964.9 | |||
Carrying amount of debt | 3,185.6 | 1,893 | |||
Impairment loss on indefinite-lived intangible asset | 42.1 | $ 9.3 | |||
FMC Agricultural Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairment loss on indefinite-lived intangible asset | $ 1 | $ 1 | $ 1 | $ 1 |
Financial Instrument, Risk Mana
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Gain (Loss) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)MMBTU | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Derivatives qualifying as hedges, net of tax | $ 1.9 | $ (13.3) | $ 2.3 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | $ 380 | ||
Derivatives Designated as Hedging Instruments [Member] | Energy Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional volume of outstanding natural gas commodity forward contracts designated as cash flow hedges (in mmBTUs) | MMBTU | 0 | ||
Derivatives Designated as Hedging Instruments [Member] | Foreign Currency and Energy Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 4.1 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning | 7.1 | (6.2) | (3.9) |
Unrealized hedging gains (losses) and other, net of tax | (1.2) | 7.3 | 0.7 |
Accumulated other comprehensive income (loss), net of tax, ending | 5.2 | 7.1 | (6.2) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Effective portion | (0.6) | 6.5 | (3) |
Ineffective portion | (0.1) | (0.5) | |
Derivatives qualifying as hedges, net of tax | (1.9) | 13.3 | (2.3) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning | 4.6 | (6.1) | (0.6) |
Unrealized hedging gains (losses) and other, net of tax | (0.4) | 6.1 | 0.4 |
Accumulated other comprehensive income (loss), net of tax, ending | 4.4 | 4.6 | (6.1) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Effective portion | 0.3 | 5.1 | (5.9) |
Ineffective portion | (0.1) | (0.5) | |
Derivatives qualifying as hedges, net of tax | (0.2) | 10.7 | (5.5) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning | 1.4 | (1.3) | (4.6) |
Unrealized hedging gains (losses) and other, net of tax | (0.8) | 1.2 | 0.4 |
Accumulated other comprehensive income (loss), net of tax, ending | 0 | 1.4 | (1.3) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Effective portion | (0.6) | 1.5 | 2.9 |
Ineffective portion | 0 | 0 | |
Derivatives qualifying as hedges, net of tax | (1.4) | 2.7 | 3.3 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax, beginning | 1.1 | 1.2 | 1.3 |
Unrealized hedging gains (losses) and other, net of tax | 0 | 0 | (0.1) |
Accumulated other comprehensive income (loss), net of tax, ending | 0.8 | 1.1 | 1.2 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Interest Expense [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Effective portion | (0.3) | (0.1) | 0 |
Ineffective portion | 0 | 0 | |
Derivatives qualifying as hedges, net of tax | (0.3) | (0.1) | (0.1) |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (12.2) | (42.7) | (220) |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | 2,450.3 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (12.2) | (42.7) | (47.9) |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative Expenses [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Selling, General and Administrative Expenses [Member] | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ 0 | $ (172.1) |
Financial Instrument, Risk M102
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair value and balance sheet presentation of derivative instruments | ||
Derivative amounts netted on the statement of financial position | $ 0 | $ 0 |
Derivative assets, net amount | 6.7 | 6.4 |
Derivative liabilities, net amount | (2.3) | (8.9) |
Net derivative assets (liabilities) | 4.4 | (2.5) |
Net derivative assets (liabilities), net amounts | 4.4 | (2.5) |
Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 8.2 | 12.6 |
Derivative amounts netted on the statement of financial position | (1.5) | (6.2) |
Derivative assets, net amount | 6.7 | 6.4 |
Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative amounts netted on the statement of financial position | 1.5 | 6.2 |
Derivative liabilities | (3.8) | (15.1) |
Derivative liabilities, net amount | (2.3) | (8.9) |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 8.2 | 10.6 |
Derivative amounts netted on the statement of financial position | (1.5) | (6.2) |
Derivative assets, net amount | 6.7 | 4.4 |
Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative amounts netted on the statement of financial position | 1.5 | 6.2 |
Derivative liabilities | (3.8) | (15.1) |
Derivative liabilities, net amount | (2.3) | (8.9) |
Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 2 | |
Derivative amounts netted on the statement of financial position | 0 | |
Derivative assets, net amount | 2 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Net derivative assets (liabilities) | 3.4 | 6.3 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 7 | 11.8 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative liabilities | (3.6) | (5.5) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 7 | 9.8 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative liabilities | (3.6) | (5.5) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 2 | |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Net derivative assets (liabilities) | 1 | (8.8) |
Derivatives Not Designated as Hedging Instruments [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 1.2 | 0.8 |
Derivatives Not Designated as Hedging Instruments [Member] | Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative liabilities | (0.2) | (9.6) |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | 1.2 | 0.8 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative liabilities | $ (0.2) | (9.6) |
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair value and balance sheet presentation of derivative instruments | ||
Derivative assets | $ 0 |
Financial Instrument, Risk M103
Financial Instrument, Risk Management and Fair Value Measurements, Fair Value (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment loss on indefinite-lived intangible asset | $ 42.1 | $ 9.3 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets | |||||
Other | 30.1 | $ 25.3 | |||
Total Assets | 30.1 | 25.3 | |||
Liabilities | |||||
Other | 38.8 | 30.5 | |||
Total Liabilities | 38.8 | 30.5 | |||
Total Assets | 30.1 | 25.3 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | |||||
Assets | |||||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Energy Contracts [Member] | |||||
Assets | |||||
Derivative assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets | |||||
Other | 0 | 0 | |||
Total Assets | 6.7 | 6.4 | |||
Liabilities | |||||
Other | 7.8 | 0.6 | |||
Total Liabilities | 10.1 | 9.5 | |||
Total Assets | 6.7 | 6.4 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | |||||
Assets | |||||
Derivative assets | 6.7 | 4.4 | |||
Liabilities | |||||
Derivatives | 2.3 | 8.9 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Energy Contracts [Member] | |||||
Assets | |||||
Derivative assets | 2 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets | |||||
Other | 0 | 0 | |||
Total Assets | 0 | 0 | |||
Liabilities | |||||
Other | 0 | 0 | |||
Total Liabilities | 0 | 0 | |||
Total Assets | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contracts [Member] | |||||
Assets | |||||
Derivative assets | 0 | 0 | |||
Liabilities | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Energy Contracts [Member] | |||||
Assets | |||||
Derivative assets | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Liabilities | |||||
Total Gains (Losses) on Impairment of Crop Protection intangibles | (42.1) | ||||
Total Gains (Losses) on Impairment of intangibles | (1.3) | (1) | |||
Total Gains (Losses) on total assets | (43.4) | (1) | |||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets | |||||
Total Assets | 0 | 0 | |||
Liabilities | |||||
Impairment of Crop Protection intangibles | 0 | ||||
Impairment of intangibles | 0 | 0 | |||
Total Assets | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets | |||||
Total Assets | 0 | 0 | |||
Liabilities | |||||
Impairment of Crop Protection intangibles | 0 | ||||
Impairment of intangibles | 0 | 0 | |||
Total Assets | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Assets | |||||
Total Assets | 1,140.4 | 5.9 | |||
Liabilities | |||||
Impairment of Crop Protection intangibles | 1,136.1 | ||||
Impairment of intangibles | 4.3 | 5.9 | |||
Total Assets | 1,140.4 | 5.9 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Assets | |||||
Other | 30.1 | 25.3 | |||
Total Assets | 36.8 | 31.7 | |||
Liabilities | |||||
Other | 46.6 | 31.1 | |||
Total Liabilities | 48.9 | 40 | |||
Total Assets | 36.8 | 31.7 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | |||||
Assets | |||||
Derivative assets | 6.7 | 4.4 | |||
Liabilities | |||||
Derivatives | 2.3 | 8.9 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | |||||
Assets | |||||
Derivative assets | 2 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets | |||||
Total Assets | 1,140.4 | 5.9 | |||
Liabilities | |||||
Impairment of Crop Protection intangibles | 1,136.1 | ||||
Impairment of intangibles | 4.3 | 5.9 | |||
Total Assets | 1,140.4 | 5.9 | |||
FMC Agricultural Solutions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment loss on indefinite-lived intangible asset | $ 1 | $ 1 | $ 1 | $ 1 |
Guarantees, Commitments and 104
Guarantees, Commitments and Contingencies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | $ 58.4 |
Financial Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | 51.5 |
Guarantee Type, Other [Member] | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | 0.2 |
Foreign equity method investment debt guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | $ 6.7 |
Guarantee, term | 1 year |
Guarantees, Commitments and 105
Guarantees, Commitments and Contingencies, Rent Expense (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | |||
Capital lease sites | site | 2 | ||
Operating leases rent expense | $ 27.6 | $ 21.2 | $ 16 |
Minimum commitments under take-or-pay purchase obligation | 4.7 | ||
Operating Leases | |||
2,018 | 25.5 | ||
2,019 | 24.3 | ||
2,020 | 22.5 | ||
2,021 | 19.9 | ||
2,022 | 19.4 | ||
Thereafter | 164.5 | ||
Capital Leases | |||
2,018 | 3.6 | ||
2,019 | 3.7 | ||
2,020 | 3.7 | ||
2,021 | 3.9 | ||
2,022 | 3.9 | ||
Thereafter | 34.4 | ||
Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Capital leases, accumulated amortization | 2.3 | 1.8 | |
Capital leases, net | $ 16.4 | $ 16.9 |
Guarantees, Commitments and 106
Guarantees, Commitments and Contingencies, Contingencies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)producer | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | ||
Estimate of loss contingency in excess of accrual | $ 200 | |
Canada Antitrust Law [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hydrogen peroxide producers in putative direct and indirect purchaser class action complaints filed in February 2005 | producer | 5 | |
Number of hydrogen peroxide producers in same putative class actions in Canada who settled | producer | 5 | |
Settlement amount, settled by other defendants | $ 20.6 | |
Certified class period, eliminated | 6 years | |
Certified class period | 11 years | |
Brazil [Member] | Unfavorable Regulatory Action [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency reserves | $ 2.2 | $ 6.7 |
Estimate of loss contingency in excess of accrual | $ 77.1 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue | $ 979.6 | $ 646.2 | $ 656.8 | $ 596 | $ 688.4 | $ 628.8 | $ 615.3 | $ 606.4 | $ 2,878.6 | $ 2,538.9 | $ 2,491 |
Interest expense, net | (79.1) | (62.9) | (60.9) | ||||||||
Restructuring and other income (charges) | (81.4) | (95) | (150.3) | ||||||||
Non-operating pension and postretirement (charges) income | (18.2) | (23.4) | (29.8) | ||||||||
Acquisition related charges | (150.4) | (23.4) | (290.3) | ||||||||
(Provision) benefit for income taxes | (264.1) | (50.1) | (5.2) | ||||||||
Discontinued operations, net of income taxes | 779 | (15.1) | 26.6 | (168.8) | 7 | 31.1 | 20.2 | 22.7 | 621.7 | 81 | 711.1 |
Net (income) loss attributable to noncontrolling interests | (1) | (0.6) | (0.6) | (0.4) | (0.5) | 0.1 | (1.8) | (0.4) | (2.6) | (2.6) | (9.5) |
Net income attributable to FMC stockholders | $ 530.1 | $ 55.2 | $ 74.7 | $ (124.2) | $ 15.9 | $ 79.7 | $ 65.2 | $ 48.3 | 535.8 | 209.1 | 489 |
FMC Agricultural Solutions [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue | 2,531.2 | 2,274.8 | 2,252.9 | ||||||||
FMC Lithium [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenue | 347.4 | 264.1 | 238.1 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment, operating profit (loss) | 612.3 | 470.1 | 386.9 | ||||||||
Operating profit before the items listed below | 509.9 | 385.5 | 323.9 | ||||||||
Operating Segments [Member] | FMC Agricultural Solutions [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment, operating profit (loss) | 485.6 | 399.9 | 363.9 | ||||||||
Restructuring and other income (charges) | (49.9) | (62.4) | (123.7) | ||||||||
Operating Segments [Member] | FMC Lithium [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment, operating profit (loss) | 126.7 | 70.2 | 23 | ||||||||
Restructuring and other income (charges) | (7.8) | (0.6) | (2.7) | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Segment, operating profit (loss) | (102.4) | (84.6) | (63) | ||||||||
Restructuring and other income (charges) | $ (23.7) | $ (32) | $ (23.9) |
Segment Information Segment Inf
Segment Information Segment Information, Acquisition Related Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Acquisition-related costs | $ 150.4 | $ 23.4 | $ 290.3 |
E. I. du Pont de Nemours and Company [Member] | Selling, General and Administrative Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Acquisition-related costs | 130.2 | 0 | 0 |
E. I. du Pont de Nemours and Company [Member] | Cost of Sales and Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Acquisition-related costs | $ 20.2 | $ 0 | $ 0 |
Segment Information, Other Segm
Segment Information, Other Segment Information Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Operating capital employed | $ 6,610.2 | $ 3,409.4 | |||
Segment liabilities included in total operating capital employed | 1,957.9 | 1,025 | |||
Assets of discontinued operations held for sale | 7.3 | 1,217.1 | |||
Assets | 9,206.3 | 6,139.3 | |||
Capital expenditures | 85.7 | 91.2 | $ 53.4 | ||
Depreciation and amortization | 113 | 100.6 | 76.8 | ||
Research and development expenses | 141.5 | 134.5 | 135.9 | ||
FMC Agricultural Solutions [Member] | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Assets | $ 4 | $ 6 | |||
Other cash payments to contract manufacturers | 15.9 | 10.4 | 14.2 | ||
Operating Segments [Member] | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Assets | 8,568.1 | 4,434.4 | |||
Operating Segments [Member] | FMC Agricultural Solutions [Member] | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Operating capital employed | 6,216.3 | 3,097.2 | |||
Assets | 8,094 | 4,082.7 | |||
Capital expenditures | 26.2 | 23.1 | 29.2 | ||
Depreciation and amortization | 90.5 | 80.8 | 60.5 | ||
Research and development expenses | 138.4 | 131.4 | 132.4 | ||
Operating Segments [Member] | FMC Lithium [Member] | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Operating capital employed | 393.9 | 312.2 | |||
Assets | 474.1 | 351.7 | |||
Capital expenditures | 47.4 | 24.4 | 17.4 | ||
Depreciation and amortization | 15.2 | 14.8 | 12.2 | ||
Research and development expenses | 3.1 | 3.1 | 3.5 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Operating capital employed | 630.9 | 487.8 | |||
Assets | 630.9 | 487.8 | |||
Capital expenditures | 12.1 | 43.7 | 6.8 | ||
Depreciation and amortization | 7.3 | 5 | 4.1 | ||
Research and development expenses | $ 0 | $ 0 | $ 0 |
Segment Information, External C
Segment Information, External Customers and Long-lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 979.6 | $ 646.2 | $ 656.8 | $ 596 | $ 688.4 | $ 628.8 | $ 615.3 | $ 606.4 | $ 2,878.6 | $ 2,538.9 | $ 2,491 |
Long-lived assets | 5,300.9 | 2,212.4 | 5,300.9 | 2,212.4 | |||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 708.1 | 623 | 642.7 | ||||||||
Long-lived assets | 981.1 | 389.1 | 981.1 | 389.1 | |||||||
EMEA [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 583.4 | 558.5 | 372.1 | ||||||||
Long-lived assets | 1,493.3 | 1,120.6 | 1,493.3 | 1,120.6 | |||||||
Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 868.6 | 761.2 | 913.8 | ||||||||
Long-lived assets | 925 | 375.2 | 925 | 375.2 | |||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 718.5 | 596.2 | 562.4 | ||||||||
Long-lived assets | 1,901.5 | 327.5 | 1,901.5 | 327.5 | |||||||
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 655.2 | 596.4 | 601.2 | ||||||||
Long-lived assets | 976.9 | 387.8 | 976.9 | 387.8 | |||||||
Brazil [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 598.5 | 490.9 | $ 642.2 | ||||||||
Singapore [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 1,414.9 | 1,414.9 | |||||||||
Denmark [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | $ 1,096.2 | $ 1,030.3 | $ 1,096.2 | $ 1,030.3 |
Supplemental Information (Detai
Supplemental Information (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid and other current assets | |||
Prepaid insurance | $ 8.2 | $ 7.7 | |
Tax related items including value added tax receivables | 127.3 | 115.4 | |
Environmental obligation recoveries (Note 10) | 7 | 8.4 | |
Derivative assets (Note 17) | 6.7 | 6.4 | |
Argentina government receivable | 3.2 | 5.1 | |
Acquisition | 54.7 | 0 | |
Other prepaid and current assets | 119.3 | 89.1 | |
Total | 326.4 | 232.1 | |
Other assets including long-term receivables, net | |||
Non-current receivables (Note 8) | 106.7 | 123.5 | |
Advance to contract manufacturers | 79.1 | 75.1 | |
Capitalized software, net | 26.6 | 31.7 | |
Environmental obligation recoveries (Note 10) | 25.3 | 18.8 | |
Argentina government receivable | 44.5 | 41.7 | |
Income taxes deferred charges | 67.2 | 80.6 | |
Deferred compensation arrangements | 30.1 | 25.3 | |
Other long-term assets | 64.1 | 58 | |
Total | 443.6 | 454.7 | |
Argentina government receivables, denominated in USD | 37.9 | 39.1 | |
Accounts payable from stock sale and deferred goodwill | 32.9 | ||
Deferred goodwill | 21.8 | ||
Accrued and other liabilities | |||
Restructuring reserves (Note 7) | 6.5 | 15.9 | $ 13.6 |
Dividend payable (Note 15) | 22.3 | 22.1 | |
Accrued payroll | 92.4 | 55.2 | |
Environmental reserves, current, net of recoveries (Note 10) | 72 | 60.3 | |
Derivative liabilities (Note 17) | 2.3 | 8.9 | |
Acquisition | 45.8 | 0 | |
Unfavorable contracts | 65.7 | 0 | |
Other accrued and other liabilities | 190.7 | 196.1 | |
Total | 497.7 | 358.5 | |
Other long-term liabilities | |||
Asset retirement obligations, long-term (Note 1) | 1.9 | 1.8 | |
Transition tax related to Tax Cuts and Jobs Act | 186.5 | 0 | |
Contingencies related to uncertain tax positions (Note 11) | 93.9 | 101.6 | |
Deferred compensation arrangements (Note 17) | 38.8 | 30.5 | |
Self insurance reserves (primarily workers' compensation) | 6.1 | 9.9 | |
Lease obligations | 22.5 | 28 | |
Reserve for discontinued operations (Note 9) | 63.2 | 48.6 | |
Guarantees of vendor financing (Note 18) | 0.2 | 1.9 | |
Unfavorable contracts | 243.9 | 0 | |
Other long-term liabilities | 61.1 | 45.2 | |
Total | $ 718.1 | $ 267.5 |
Quarterly Financial Informat112
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Tax expense | $ 315.9 | ||||||||||
Revenue | 979.6 | $ 646.2 | $ 656.8 | $ 596 | $ 688.4 | $ 628.8 | $ 615.3 | $ 606.4 | $ 2,878.6 | $ 2,538.9 | $ 2,491 |
Gross margin | 384.8 | 265.9 | 234.4 | 216.2 | 265.2 | 214.6 | 235.4 | 216 | 1,101.3 | 931.2 | 800.4 |
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes | 43 | 59.3 | 52 | 54.4 | 28.5 | 70 | 82.5 | 62.2 | 259.8 | 243.2 | (146.5) |
Income (loss) from continuing operations | (247.9) | 70.9 | 48.7 | 45 | 9.4 | 48.5 | 46.8 | 26 | (83.3) | 130.7 | (212.6) |
Discontinued operations, net of income taxes | 779 | (15.1) | 26.6 | (168.8) | 7 | 31.1 | 20.2 | 22.7 | 621.7 | 81 | 711.1 |
Net income | 531.1 | 55.8 | 75.3 | (123.8) | 16.4 | 79.6 | 67 | 48.7 | 538.4 | 211.7 | 498.5 |
Less: Net income attributable to noncontrolling interests | 1 | 0.6 | 0.6 | 0.4 | 0.5 | (0.1) | 1.8 | 0.4 | 2.6 | 2.6 | 9.5 |
Net income attributable to FMC stockholders | 530.1 | 55.2 | 74.7 | (124.2) | 15.9 | 79.7 | 65.2 | 48.3 | 535.8 | 209.1 | 489 |
Amounts attributable to FMC stockholders: | |||||||||||
Continuing operations, net of income taxes | (249) | 70.4 | 48.2 | 44.5 | 8.9 | 48.9 | 45 | 25.6 | (85.9) | 128.4 | (222) |
Discontinued operations, net of income taxes | $ 779.1 | $ (15.2) | $ 26.5 | $ (168.7) | $ 7 | $ 30.8 | $ 20.2 | $ 22.7 | $ 621.7 | $ 80.7 | $ 711 |
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | $ (1.85) | $ 0.52 | $ 0.36 | $ 0.33 | $ 0.07 | $ 0.36 | $ 0.34 | $ 0.19 | $ (0.64) | $ 0.96 | $ (1.66) |
Discontinued operations (in dollars per share) | 5.79 | (0.11) | 0.20 | (1.26) | 0.05 | 0.23 | 0.15 | 0.17 | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | 3.94 | 0.41 | 0.56 | (0.93) | 0.12 | 0.59 | 0.49 | 0.36 | 3.99 | 1.56 | 3.66 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | (1.85) | 0.52 | 0.36 | 0.33 | 0.07 | 0.36 | 0.34 | 0.19 | (0.64) | 0.96 | (1.66) |
Discontinued operations (in dollars per share) | 5.79 | (0.11) | 0.20 | (1.25) | 0.05 | 0.23 | 0.15 | 0.17 | 4.63 | 0.60 | 5.32 |
Net income attributable to FMC stockholders (in dollars per share) | $ 3.94 | $ 0.41 | $ 0.56 | $ (0.92) | $ 0.12 | $ 0.59 | $ 0.49 | $ 0.36 | $ 3.99 | $ 1.56 | $ 3.66 |
Shares (in thousands): | |||||||||||
Basic (in shares) | 134,500 | 134,400 | 134,200 | 134,000 | 133,900 | 134,000 | 133,900 | 133,800 | 134,255 | 133,890 | 133,696 |
Diluted (in shares) | 134,500 | 135,900 | 135,600 | 135,100 | 134,800 | 134,700 | 134,600 | 134,300 | 134,255 | 134,538 | 133,696 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserve for doubtful accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of Year | $ 66.7 | $ 43.1 | $ 37.1 |
Charged to Costs and Expenses | 22.1 | 21.9 | 5.9 |
Charged to Other Comprehensive Income | 0 | 0 | 0 |
Write-offs | (3) | 1.7 | 0.1 |
Balance, End of Year | 85.8 | 66.7 | 43.1 |
Deferred tax valuation allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of Year | 289.6 | 273.2 | 118.9 |
Charged to Costs and Expenses | (20.2) | 19.8 | 153.9 |
Charged to Other Comprehensive Income | 2.6 | (3.4) | 0.4 |
Write-offs | 0 | 0 | 0 |
Balance, End of Year | $ 272 | $ 289.6 | $ 273.2 |