Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Cover page. | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-2376 | |
Entity Registrant Name | FMC CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-0479804 | |
Entity Address, Address Line One | 2929 Walnut Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19104 | |
City Area Code | 215 | |
Local Phone Number | 299-6000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | FMC | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 10,748,748,353 | |
Entity Common Stock, Shares Outstanding | 129,124,294 | |
Entity Central Index Key | 0000037785 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 4,609.8 | $ 4,285.3 | $ 2,531.2 |
Costs and Expenses | |||
Costs of sales and services | 2,526.2 | 2,405.5 | 1,579.4 |
Gross Margin | 2,083.6 | 1,879.8 | 951.8 |
Selling, general and administrative expenses | 792.9 | 790 | 581.7 |
Research and development expenses | 298.1 | 287.7 | 138.4 |
Restructuring and other charges (income) | 171 | 61.2 | 73.2 |
Total costs and expenses | 3,788.2 | 3,544.4 | 2,372.7 |
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | 821.6 | 740.9 | 158.5 |
Equity in (earnings) loss of affiliates | 0 | (0.1) | (0.1) |
Non-operating pension and postretirement charges (income) | 8.1 | (0.5) | (16.3) |
Interest income | (1.9) | (1.4) | (0.9) |
Interest expense | 160.4 | 134.5 | 80 |
Income (loss) from continuing operations before income taxes | 655 | 608.4 | 95.8 |
Provision (benefit) for income taxes | 111.5 | 70.8 | 228.9 |
Income (loss) from continuing operations | 543.5 | 537.6 | (133.1) |
Discontinued operations, net of income taxes | (63.3) | (26.1) | 671.5 |
Net income (loss) | 480.2 | 511.5 | 538.4 |
Less: Net income (loss) attributable to noncontrolling interests | 2.8 | 9.4 | 2.6 |
Net income (loss) attributable to FMC stockholders | 477.4 | 502.1 | 535.8 |
Amounts attributable to FMC stockholders: | |||
Continuing operations, net of income taxes | 540.7 | 531.4 | (135.7) |
Discontinued operations, net of income taxes | (63.3) | (29.3) | 671.5 |
Net income (loss) attributable to FMC stockholders | $ 477.4 | $ 502.1 | $ 535.8 |
Basic earnings (loss) per common share attributable to FMC stockholders: | |||
Continuing operations (in dollars per share) | $ 4.12 | $ 3.94 | $ (1.01) |
Discontinued operations (in dollars per share) | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | 3.64 | 3.72 | 3.99 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||
Continuing operations (in dollars per share) | 4.10 | 3.91 | (1.01) |
Discontinued operations (in dollars per share) | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | $ 3.62 | $ 3.69 | $ 3.99 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 480.2 | $ 511.5 | $ 538.4 | |
Foreign currency adjustments: | ||||
Foreign currency translation gain (loss) arising during the period | (18.5) | (100.8) | 172.7 | |
Reclassification of foreign currency translations losses | 0 | 0 | 13.9 | |
Total foreign currency translation adjustments | [1] | (18.5) | (100.8) | 186.6 |
Derivative instruments: | ||||
Unrealized hedging gains (losses) and other, net of tax of $(16.7), $2.6 and $0.5 | (69) | 13.7 | (1.2) | |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $(3.0), $(3.1) and $(0.1) (3) | [2] | (8.2) | (7.7) | (0.7) |
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | (77.2) | 6 | (1.9) | |
Pension and other postretirement benefits: | ||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $(1.4), $1.3 and $1.9 (2) | [3] | (6.5) | 4.2 | 0.6 |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, net of tax of $2.6, $4.3 and $14.5 | [2] | 9.9 | 16.5 | 51.6 |
Total pension and other postretirement benefits, net of tax | 3.4 | 20.7 | 52.2 | |
Other comprehensive income (loss), net of tax | (92.3) | (74.1) | 236.9 | |
Comprehensive income (loss) | 387.9 | 437.4 | 775.3 | |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | (0.5) | 3.9 | 1.4 | |
Comprehensive income (loss) attributable to FMC stockholders | $ 388.4 | $ 433.5 | $ 773.9 | |
[1] | Income taxes are not provided for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance. Note, in the first quarter of 2017, we changed our assertion on unremitted earnings for certain foreign subsidiaries as a result of the sale of our FMC Health and Nutrition segment. | |||
[2] | For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 within these consolidated financial statements. | |||
[3] | 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 years ended December 31, 2018 and 2017, due to the announced plans to separate FMC Lithium and divest FMC Health and Nutrition, respectively, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of October 31, 2018 and March 31, 2017, respectively, in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. See Note 15 for more information. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized hedging gains (losses) and other, tax | $ (16.7) | $ 2.6 | $ 0.5 |
Reclassification of deferred hedging (gains) losses and other, included in net income, tax | (3) | (3.1) | (0.1) |
Total derivative instruments, tax | (19.7) | (0.5) | 0.4 |
Unrealized actuarial gains (losses) and prior service (costs) credits, tax | (1.4) | 1.3 | 1.9 |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, tax | 2.6 | 4.3 | 14.5 |
Total pension and other postretirement benefits, tax | $ 1.2 | $ 5.6 | $ 16.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 339.1 | $ 134.4 |
Trade receivables, net of allowance of $26.3 in 2019 and $22.4 in 2018 | 2,231.2 | 2,143.8 |
Inventories | 1,017 | 1,025.5 |
Prepaid and other current assets | 487.5 | 432.6 |
Current assets of discontinued operations | 0 | 293.9 |
Total current assets | 4,074.8 | 4,030.2 |
Investments | 0.7 | 0.7 |
Property, plant and equipment, net | 758 | 756.9 |
Goodwill | 1,467.5 | 1,468.1 |
Other intangibles, net | 2,629 | 2,703.4 |
Other assets including long-term receivables, net | 685.3 | 383.4 |
Deferred income taxes | 257.4 | 272.8 |
Noncurrent assets of discontinued operations | 0 | 358.8 |
Total assets | 9,872.7 | 9,974.3 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 227.7 | 547.7 |
Accounts payable, trade and other | 900.1 | 795.5 |
Advance payments from customers | 492.7 | 458.4 |
Accrued and other liabilities | 680.6 | 570.8 |
Accrued customer rebates | 280.6 | 365.3 |
Guarantees of vendor financing | 75.7 | 67.1 |
Accrued pension and other postretirement benefits, current | 4.3 | 6.2 |
Income taxes | 62.2 | 85.1 |
Current liabilities of discontinued operations | 0 | 97.3 |
Total current liabilities | 2,723.9 | 2,993.4 |
Long-term debt, less current portion | 3,031.1 | 2,145 |
Accrued pension and other postretirement benefits, long-term | 44.2 | 47.2 |
Environmental liabilities, continuing and discontinued | 470.5 | 458.5 |
Deferred income taxes | 333.2 | 330.8 |
Noncurrent liabilities of discontinued operations | 0 | 46.1 |
Other long-term liabilities | 708.4 | 742.9 |
Commitments and contingent liabilities (Note 20) | ||
Equity | ||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2019 or 2018 | 0 | 0 |
Common stock, $0.10 par value, authorized 260,000,000 shares in 2019 and 2018; 185,983,792 shares issued in 2019 and 2018 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 829.7 | 776.2 |
Retained earnings | 4,188.8 | 4,334.3 |
Accumulated other comprehensive income (loss) | (412) | (308.9) |
Treasury stock, common, at cost - 2019: 56,859,498 shares, 2018: 53,702,178 shares | (2,092.8) | (1,699.1) |
Total FMC stockholders’ equity | 2,532.3 | 3,121.1 |
Noncontrolling interests | 29.1 | 89.3 |
Total equity | 2,561.4 | 3,210.4 |
Total liabilities and equity | $ 9,872.7 | $ 9,974.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for trade receivable | $ 26.3 | $ 22.4 |
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) | 56,859,498 | 53,702,178 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Cash provided (required) by operating activities of continuing operations: | ||||||
Net income (loss) | $ 480.2 | $ 511.5 | $ 538.4 | |||
Discontinued operations, net of income taxes | 63.3 | 26.1 | (671.5) | |||
Income (loss) from continuing operations | 543.5 | 537.6 | (133.1) | |||
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: | ||||||
Depreciation and amortization | 150.1 | 150.2 | 97.8 | |||
Equity in (earnings) loss of affiliates | 0 | (0.1) | (0.1) | |||
Restructuring and other charges (income) | 171 | 61.2 | 73.2 | |||
Deferred income taxes | 46.1 | (43.9) | 113 | |||
Pension and other postretirement benefits | 12.6 | 6.1 | (8.4) | |||
Share-based compensation | 25.6 | 22.5 | 21.1 | |||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||||||
Trade receivables, net | (123.5) | (281.5) | (191.1) | |||
Guarantees of vendor financing | 8.6 | 15.4 | (54.7) | |||
Advance payments from customers | 34.1 | 80.2 | 141.1 | |||
Accrued customer rebates | (85.8) | 104.1 | 16.9 | |||
Inventories | 6.4 | (200.7) | (102.8) | |||
Accounts payable, trade and other | 103 | 166.7 | 304.3 | |||
Income taxes | (25) | (94.7) | 109.3 | |||
Pension and other postretirement benefit contributions | (13.4) | (37.5) | (55.3) | |||
Environmental spending, continuing, net of recoveries | (18.3) | (20.3) | (20.2) | |||
Restructuring and other spending | (18.6) | (25.2) | (7.3) | |||
Transaction-related spending | (77.1) | (101.1) | (78.9) | |||
Change in other operating assets and liabilities, net | [1] | (183.7) | 23.7 | 7.2 | ||
Cash provided (required) by operating activities of continuing operations | 555.6 | 362.7 | 232 | |||
Cash provided (required) by operating activities of discontinued operations: | ||||||
Environmental spending, discontinued, net of recoveries | (51.7) | (41) | (32.3) | |||
Operating activities of discontinued operations, net of divestiture costs | 9 | 74.5 | 168.6 | |||
Other discontinued spending | (24.4) | (27.8) | (32.8) | |||
Cash provided (required) by operating activities of discontinued operations | (67.1) | 5.7 | 103.5 | |||
Cash provided (required) by investing activities of continuing operations: | ||||||
Capital expenditures | (93.9) | (83) | (38.3) | |||
Acquisitions, net | [2] | 0 | 19.6 | (1,225.6) | ||
Proceeds from sale of product portfolios | 0 | 88 | 0 | |||
Investment in Enterprise Resource Planning system | (48) | (48.5) | 0 | |||
Other investing activities | [3] | (54) | (13.6) | (24.6) | ||
Cash provided (required) by investing activities of continuing operations | (195.9) | (37.5) | (1,288.5) | |||
Cash provided (required) by investing activities of discontinued operations: | ||||||
Proceeds from divestiture | 26.2 | 0 | 38 | |||
Other discontinued investing activities | (17) | (93.4) | (83.3) | |||
Cash provided (required) by investing activities of discontinued operations | 9.2 | (93.4) | (45.3) | |||
Cash provided (required) by financing activities of continuing operations: | ||||||
Increase (decrease) in short-term debt | (11.9) | 79.5 | (3.1) | |||
Proceeds from borrowing of long-term debt | 1,500 | 0 | 1,598.9 | |||
Financing fees and interest rate swap settlements | (97.4) | (3.1) | (11) | |||
Repayments of long-term debt | (901.9) | (552) | (302.3) | |||
Transactions with noncontrolling interests | 0 | 0 | (0.5) | |||
Net proceeds received from initial public offering of FMC Lithium | [4] | 0 | 364 | 0 | ||
Dividends paid | [5] | (210.3) | (89.2) | (88.8) | ||
Issuances of common stock, net | 50.7 | 10.7 | 22.5 | |||
Repurchases of common stock under publicly announced program | (400) | (200) | 0 | |||
Other repurchases of common stock | (16.2) | (6.8) | (2.6) | |||
Cash provided (required) by financing activities of continuing operations | (87) | (397.3) | 1,213.1 | |||
Cash provided (required) by financing activities of discontinued operations: | ||||||
Proceeds from borrowing of long-term debt | 0 | 34 | 0 | |||
Payment of Livent external debt | (27) | 0 | 0 | |||
Cash transfer to Livent due to spin | (10.2) | 0 | 0 | |||
Cash provided (required) by financing activities of discontinued operations | (37.2) | 34 | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 4.5 | 4 | |||
Increase (decrease) in cash and cash equivalents | 177.4 | (121.3) | 218.8 | |||
Cash and cash equivalents of continuing operations, beginning of period | 134.4 | 281.8 | 60.2 | |||
Cash and cash equivalents of discontinued operations, beginning of period | [6] | 27.3 | 1.2 | 4 | ||
Cash and cash equivalents, beginning of period | 161.7 | 283 | 64.2 | |||
Less: cash and cash equivalent of discontinued operations, end of period | 0 | 27.3 | [6] | 1.2 | [6] | |
Cash and cash equivalents, end of period | $ 339.1 | $ 134.4 | $ 281.8 | |||
[1] | Changes in all periods represent timing of payments associated with all other operating assets and liabilities. | |||||
[2] | Represents the cash portion of the total purchase consideration paid for the DuPont Crop Protection Business Acquisition. See Note 5 for more information on the non-cash consideration transferred to DuPont. | |||||
[3] | Cash spending associated with contract manufacturers was $51.7 million, $13.1 million and $11.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. | |||||
[4] | Pursuant to the terms of the separation and distribution agreement, we received a net distribution of approximately $364 million from the public offering of Livent representing the proceeds from the sale of its common stock and the underwriters' exercise to purchase additional shares as part of the initial public offering ("IPO"), net of underwriting discounts and commissions, financing fees and other offering related expenses. | |||||
[5] | See Note 17 regarding our quarterly cash dividend. | |||||
[6] | Reflected within "Current assets of discontinued operations" on the consolidated balance sheets. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Cash Flows [Abstract] | ||||
Other cash payments to contract manufacturers | $ 51.7 | $ 13.1 | $ 11.7 | |
Net proceeds received from initial public offering of FMC Lithium | [1] | 0 | 364 | 0 |
Cash paid for interest, net of capitalized interest | 140.9 | 133.4 | 98.8 | |
Income taxes paid, net of refunds | 130.9 | 135.3 | 33.3 | |
Net interest payments | 0 | 16.6 | ||
Tax payments, net of refunds | 10 | 11 | ||
Noncash additions to property, plant and equipment | $ 18.2 | $ 3.1 | $ 6.1 | |
[1] | Pursuant to the terms of the separation and distribution agreement, we received a net distribution of approximately $364 million from the public offering of Livent representing the proceeds from the sale of its common stock and the underwriters' exercise to purchase additional shares as part of the initial public offering ("IPO"), net of underwriting discounts and commissions, financing fees and other offering related expenses. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ 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, 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 (loss) | 538.4 | 535.8 | 2.6 | ||||||
Stock compensation plans | 42.6 | 33 | 9.6 | ||||||
Shares for benefit plan trust, increase | (0.2) | (0.2) | |||||||
Net pension and other benefit actuarial gains (losses) and prior service cost, 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 | 12.7 | 12.7 | |||||||
Transactions with noncontrolling interests, decrease | [2] | (25) | (0.9) | (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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 511.5 | 502.1 | 9.4 | ||||||
Stock compensation plans | 33.7 | 26.5 | 7.2 | ||||||
Shares for benefit plan trust, increase | 0.1 | 0.1 | |||||||
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax | 20.7 | 20.7 | |||||||
Net hedging gains (losses) and other, net of income tax | 6 | 6 | |||||||
Foreign currency translation adjustments | (100.8) | [1] | (95.3) | (5.5) | |||||
Dividends | (120.2) | (120.2) | |||||||
Repurchases of common stock | (206.8) | (206.8) | |||||||
Transactions with noncontrolling interests, decrease | [2],[3] | 359.1 | 299 | 60.1 | |||||
Ending balance at Dec. 31, 2018 | 3,210.4 | 18.6 | 776.2 | 4,334.3 | (308.9) | (1,699.1) | 89.3 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 480.2 | 477.4 | 2.8 | ||||||
Stock compensation plans | 75.1 | 53.5 | 21.6 | ||||||
Shares for benefit plan trust, increase | (1) | (1) | |||||||
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax | 3.4 | 3.4 | |||||||
Net hedging gains (losses) and other, net of income tax | (77.2) | (77.2) | |||||||
Foreign currency translation adjustments | (18.5) | [1] | (15.2) | (3.3) | |||||
Dividends | (214.1) | (214.1) | |||||||
Repurchases of common stock | (414.3) | (414.3) | |||||||
Distribution of FMC Lithium | [4] | (485) | (464.3) | 39 | (59.7) | ||||
Ending balance at Dec. 31, 2019 | $ 2,561.4 | $ 18.6 | $ 829.7 | $ 4,188.8 | $ (412) | $ (2,092.8) | $ 29.1 | ||
[1] | Income taxes are not provided for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance. Note, in the first quarter of 2017, we changed our assertion on unremitted earnings for certain foreign subsidiaries as a result of the sale of our FMC Health and Nutrition segment. | ||||||||
[2] | See Notes 5 and 17 for more detail on the acquisitions of noncontrolling interest and transactions with noncontrolling interest, respectively. | ||||||||
[3] | Primarily represents the noncontrolling interest of our FMC Lithium as a result of the IPO. Refer to Note 1 for further information. | ||||||||
[4] | Represents the effects of the distribution of FMC Lithium. Refer to Note 1 for further information. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends ($ per share) | $ 1.640 | $ 0.900 | $ 0.660 |
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, 2019 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies and Related Financial Information | Principal Accounting Policies and Related Financial Information Nature of operations . We are an agricultural sciences company providing innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. We operate in a single distinct business segment and develop, market and sell 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 in non-agricultural markets for pest control. In March 2017, we announced our intention to separate our FMC Lithium segment (subsequently renamed Livent Corporation, or "Livent") into a publicly traded company. The initial step of the separation, the initial public offering ("IPO") of Livent, closed on October 15, 2018. In connection with the IPO, Livent had granted the underwriters an option to purchase additional shares of common stock to cover over-allotments at the IPO price, less the underwriting discount. On November 8, 2018, the underwriters exercised in full their option to purchase additional shares. After completion of the IPO and the underwriters' exercise to purchase additional shares of common stock, FMC owned 123 million shares of Livent's common stock, representing approximately 84 percent of the total outstanding shares of Livent's common stock. On March 1, 2019, we completed the previously announced distribution of 123 million shares of common stock of Livent as a pro rata dividend on shares of FMC common stock outstanding at the close of business on the record date of February 25, 2019. We have recast all the data within this filing to present FMC Lithium as a discontinued operation retrospectively for all periods presented. The financial information contained in our as filed 2018 Form 10-K was retrospectively adjusted due to the classification of FMC Lithium as a discontinued operation in our Form 8-K filed on August 2, 2019. All references herein to our “2018 Form 10-K” refer to the as filed 2018 Form 10-K, as retrospectively adjusted pursuant to our Form 8-K filed on August 2, 2019. 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 ("U.S. GAAP"). 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 . In preparing the financial statements in conformity with U.S. 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. We also hold long-term receivables that represent long-term customer receivable balances related to past-due accounts which are not expected to be collected within the current year. Our policy for the review of the allowance for these receivables is consistent with the discussion in the preceding paragraph above on trade receivables. Therefore on an ongoing basis, we continue to evaluate the credit quality of our long-term receivables utilizing aging of receivables, collection experience and write-offs, as well as existing economic conditions, to determine if an additional allowance is necessary. The allowance for trade receivables was $26.3 million and $22.4 million as of December 31, 2019 and 2018, respectively. The allowance for long-term receivables was $61.1 million and $60.5 million at December 31, 2019 and 2018, respectively. The provision to the allowance for receivables charged against operations was $21.2 million, $71.4 million and $22.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. See Note 10 for more information. The provision in 2018 includes the effects of the stranded accounts receivables written off as part of the restructuring in India. 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 and our remaining inventories are recorded on either a first-in, first-out (“FIFO”) basis or average cost. See Note 7 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 Capitalized interest . We capitalized interest costs of $4.7 million in 2019, $4.1 million in 2018 and $1.6 million in 2017. These costs were primarily 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. 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 12. 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 inconsequential at December 31, 2019 and 2018. The carrying amounts for the AROs for the years ended December 31, 2019 and 2018 are $35.7 million and $2.6 million, respectively. These amounts are included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheet. During 2019, we recorded a charge to recognize the acceleration of asset retirement obligations associated with our decision to exit sales of all carbofuran formulations (including Furadan® insecticide/nematicide, Curaterr® insecticide/nematicide and any other brands used with carbofuran products) globally effective December 31, 2019. Refer to Note 9 for more information. Restructuring and other charges . We continually perform strategic reviews and assess the return on our business. This sometimes results in a plan to restructure the operations of our 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 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 2019, 2018 and 2017, we did not record any goodwill impairments. 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 Tax Cuts and Jobs Act (“the Act”) passed in the fourth quarter of 2017. Finite-lived intangible assets consist of primarily customer relationships as well as patents, brands, registration rights, industry licenses, and other intangibles and are generally being amortized over periods of approximately three Revenue recognition . We recognize revenue when (or as) we satisfy our performance obligation which is when the customer obtains control of the good or service. 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. Refer to Note 3. 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. We periodically enter into prepayment arrangements with customers 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 transfer of control to the customer takes place. 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. We 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 have not provided income taxes for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance. 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 (loss) 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 19. 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 (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 . As a result of the FMC Lithium separation, we now operate as a single business segment providing innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. The business is supported by global corporate staff functions. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and both planning and forecasting future periods. Refer to Note 3 for further information on product and regional revenues. Geographic long-lived assets include goodwill and other intangibles, net, property, plant and equipment, net and other non-current assets. Refer to Note 21. 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 16 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 ("OM&M") of site remediation plans. 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. In the fourth quarter of 2019, we increased our reserves for the Pocatello Tribal Matter by $72.8 million, which represents both the historical and discounted present value of future annual use permit fees as well as the associated legal costs. See Note 12 for further information. All other environmental provisions incorporate inflation and are not discounted to their present value. 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 including long-term receivables, net” 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 15 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, 2019 | |
Accounting Policies [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 December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and simplification in several other areas. The new standard is effective for fiscal years beginning after December 15, 2020 (i.e., a January 1, 2021 effective date). We are evaluating the effect this guidance will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e., a January 1, 2020 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new standard is effective for fiscal years ending after December 15, 2020. We are evaluating the disclosure impacts this guidance will have 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 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 believe the adoption will not have a material impact on our consolidated financial statements. Recently adopted accounting guidance In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): 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 Tax Cuts and Jobs Act (the "Act") within accumulated other comprehensive income ("AOCI") to retained earnings. The new standard also requires certain disclosures about stranded 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 adopted this standard prospectively as of January 1, 2019 and reclassified $53.1 million of the stranded income tax effects from accumulated other comprehensive income (loss) to retained earnings. The reclassification was related to the change in the U.S. federal corporate tax rate and the effect of the Act on our pension plans and derivative instruments. This reclassification is reflected within the consolidated statements of changes in equity for the current period. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . 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 presentation and disclosure guidance is required to be adopted prospectively. 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 adopted this standard as of January 1, 2019. There was no material impact to our consolidated financial statements upon adoption. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) ("ASC 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 ("ROU") 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, including related amendments, 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). In adopting this standard, we performed a detailed review of contracts of our business and assessed the terms under ASC 842. Additionally, we assessed potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. We have adopted this standard as of January 1, 2019 utilizing a modified retrospective approach and have elected the transition practical expedient package. Under this transition practical expedient package, ASC 842 was only applied to contracts that existed as of, or were entered into on or after, January 1, 2019, and a cumulative effect adjustment was made as of January 1, 2019. All comparative periods prior to January 1, 2019 will retain the financial reporting and disclosure requirements of ASC 840. The adoption of ASC 842 had a material impact on our consolidated balance sheet but did not have a material impact on the consolidated statement of income (loss), consolidated statement of comprehensive income (loss), consolidated statement of cash flows, or consolidated statement of changes in equity. As a result of adoption, we recorded additional ROU lease assets and lease liabilities of $185.3 million and $215.9 million, respectively. ROU lease assets includes a reclassification of $30.6 million of prepaid rent, accrued rent, and lease incentives previously recorded under ASC 840. Additionally, we recorded a retained earnings impact of $2.4 million as of January 1, 2019. Refer to Note 4 for further information. The expedient package allowed us not to reassess whether existing contracts contain a lease under the new definition of a lease, the lease classification of existing leases, and initial direct cost for existing leases including whether such costs would qualify for capitalization under the standard. Additionally, we elected the practical expedient to not separate non-lease components from lease components. In addition to these practical expedients, we elected the following exemption permissible under ASC 842: the exclusion of leases with terms 12 months or less that do not have a purchase option or extension that is reasonably certain to exercise. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of revenue We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural pesticide product categories: insecticides, herbicides, and fungicides. The disaggregated revenue tables are shown below for the years ended December 31, 2019 and 2018. The following table provides information about disaggregated revenue by major geographical region: Year Ended December 31, (in Millions) 2019 2018 North America (1) $ 1,121.1 $ 1,090.8 Latin America (1) 1,441.7 1,210.1 Europe, Middle East & Africa 1,001.8 966.0 Asia 1,045.2 1,018.4 Total Revenue $ 4,609.8 $ 4,285.3 ____________________ (1) 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, 2019 and 2018 for the U.S. totaled $1,044.1 million and $991.8 million, respectively, and for Brazil totaled $1,094.1 million and $913.7 million, respectively. The following table provides information about disaggregated revenue by major product category: Year Ended December 31, (in Millions) 2019 2018 Insecticides $ 2,773.6 $ 2,476.5 Herbicides 1,228.8 1,251.2 Fungicides 271.4 268.7 Other 336.0 288.9 Total Revenue $ 4,609.8 $ 4,285.3 We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. Our portfolio is comprised of three major pesticide categories: 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 in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and soil enhancements. Sale of Goods Revenue from product sales is recognized when (or as) we satisfy a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these extended terms may be given in limited circumstances. Additionally, a timing difference of over one In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, we typically recognize revenue when goods are shipped based on the relevant Incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time. 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. Sales Incentives and Other Variable Considerations As a part of our customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are reassessed each reporting period as required. In addition to the variable considerations describe above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Right of Return We extend an assurance warranty offering customers a right of refund or exchange in case the delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement products are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price. Contract asset and contract liability balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. The following table presents the opening and closing balances of our receivables (net of allowances) and contract liabilities from contracts with customers. (in Millions) Balance as of December 31, 2018 Balance as of December 31, 2019 Increase (Decrease) Receivables from contracts with customers, net of allowances $ 2,228.3 $ 2,354.3 $ 126.0 Contract liabilities: Advance payments from customers 458.4 492.7 34.3 The amount of revenue recognized in the year ended December 31, 2019 that was included in the opening contract liability balance was $458.4 million. The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of December 31, 2019. Refer to Note 10 for further information. We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy our products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to us for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year, primarily in North America, and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year. We recognize these prepayments as a liability under “Advance Payments from customers” on the consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place. Advance payments from customers was $458.4 million as of December 31, 2018 and $492.7 million as of December 31, 2019. Performance obligations At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Based on our evaluation, we have determined that our current contracts do not contain more than one performance obligation. Revenue is recognized when (or as) the performance obligation is satisfied, which is when the customer obtains control of the good or service. Periodically, we may enter into contracts with customers which require them to submit a forecast of non-binding purchase obligations to us. These forecasts are typically provided by the customer to us in good faith, and there are no penalties or obligations if the forecasts are not met. Accordingly, we have determined that these are optional purchases and do not represent material rights and are not considered as unsatisfied (or partially satisfied) performance obligations for the purposes of this disclosure. In separate and less common circumstances, we may have contracts with customers which have binding purchase requirements for just one quarter of their annual forecasts. Additionally, as noted in the Contract Liabilities section above, we periodically enter into agricultural prepayment arrangements with customers, and receive advance payments for product to be delivered in future periods within one year. We have elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for these two types of contracts as they have an expected duration of one Other arrangements Data Licensing We sometimes grant to third parties a license and right to rely upon pesticide regulatory data filed with government agencies. Such licenses allow a licensee to cite and rely upon our data in connection with the licensee’s application for pesticide registrations as required by law; these licenses can be granted through contract or through a mandatory statutory license, depending on circumstances. In the most common occurrence, when a license is embedded in a contract for supply of pesticide active ingredient from us to the licensee, the license grant is not considered as distinct from other promised goods or services. Accordingly, all promises are treated as a single performance obligation and revenue is recognized at a point when the control of the pesticide products is transferred to the licensee-customer. In the less frequent occurrence, when the license and right to use data is granted without a supply contract, we account for the revenue attributable to the data license as a performance obligation satisfied at a single point in time and recognize revenue on the effective date of such contract. Finally, in those circumstance of mandatory data licensing by statute, such as under U.S. pesticide law, we recognize the data compensation upon the effective date of the data compensation settlement agreement. Payment terms for these arrangements may vary by contract. Service Arrangements In limited cases, we engage in providing certain tolling services, such as filling and packing services using raw and packing materials supplied by the customer. However, as a result of the DuPont Crop Protection Business Acquisition, on November 1, 2017, we entered into an agreement with DuPont to provide tolling services to one another for up to five Practical Expedients and Exemptions We have elected the following practical expedients following the adoption of ASC 606: a. Costs of obtaining a contract: FMC incurs certain costs such as sales commissions which are incremental to obtaining the contract. We have taken the practical expedient of expensing such costs to obtain a contract, as and when they are incurred, as their expected amortization period is one b. Significant financing component: We elected not to adjust the promised amount of consideration for the effects of a significant financing component if FMC expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one c. Remaining performance obligations: We elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within one d. Shipping and handling costs : We elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service. e. Measurement of transaction price: We have elected to exclude from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LeasesWe lease office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 20 years, with some leases having terms greater than 20 years. Our lease portfolio includes agreements with renewal options, purchase options and clauses for early termination based on the terms specific to the agreement. At contract inception, we review the facts and circumstances of the arrangement to determine if the contract is a lease. We follow the guidance in ASC 842-10-15 and consider the following: whether the contract has an identified asset; if we have the right to obtain substantially all economic benefits from the asset; and if we have the right to direct the use of the underlying asset. When determining if a contract has an identified asset, we consider both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if we have the right to obtain substantially all economic benefits from the asset, we consider the primary outputs of the identified asset throughout the period of use and determine if we receive greater than 90 percent of those benefits. When determining if we have the right to direct the use of an underlying asset, we consider if we have the right to direct how and for what purpose the asset is used throughout the period of use and if we control the decision-making rights over the asset. All leased assets are classified as operating or finance under ASC 842. The lease term is determined as the non-cancellable period of the lease, together with all of the following: periods covered by an option to extend the lease which are reasonably certain to be exercised, periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option, and periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. At commencement, we assess whether any options included in the lease are reasonably certain to be exercised by considering all economic factors relevant including, contract-based, asset-based, market-based, and company-based factors. To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable or our incremental borrowing rate at the lease commencement date. When determining our incremental borrowing rate, we consider our centralized treasury function and our current credit profile. We then make adjustments to this rate for securitization, the length of the lease term, and leases denominated in foreign currencies. Minimum lease payments are expensed over the term of the lease on a straight-line basis. Some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments for which we are typically responsible for include payment of vehicle insurance, real estate taxes, and maintenance expenses. Most leases within our portfolio are classified as operating leases under the new standard. Operating leases are included in “Other assets including long-term receivables, net”, “Accrued and other liabilities”, and “Other long-term liabilities” in our condensed consolidated balance sheet. Operating lease right-of-use (“ROU”) assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of any lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases relate to office spaces, IT equipment, transportation equipment, machinery equipment, furniture and fixtures, and plant and facilities under non-cancellable lease agreements. Leases primarily have fixed rental periods, with many of the real estate leases requiring additional payments for property taxes and occupancy-related costs. Leases for real estate typically have initial terms ranging from 1 to 20 years, with some leases having terms greater than 20 years. Leases for non-real estate (transportation, IT) typically have initial terms ranging from 1 to 10 years. We have elected not to record short-term leases on the balance sheet whose term is 12 months or less and does not include a purchase option or extension that is reasonably certain to be exercised. We rent or sublease a small number of assets including equipment and office space to third party companies. These third-party arrangements include a small number of transition service arrangements from recent acquisitions. We also sublease a floor of our Corporate headquarters to our former subsidiary, Livent Corporation. Rental income from all subleases is not material to our business. The ROU asset and lease liability balances as of December 31, 2019 were as follows: (in Millions) Classification Balance at December 31, 2019 Assets Operating lease ROU assets Other assets including long-term receivables, net $ 164.7 Liabilities Operating lease current liabilities Accrued and other liabilities $ 31.5 Operating lease noncurrent liabilities Other long-term liabilities 163.2 The components of lease expense for the year ended December 31, 2019 were as follows: (in Millions) Lease Cost Classification 2019 Operating lease cost Costs of sales and services / Selling, general and administrative expenses $ 41.3 Variable lease cost Costs of sales and services / Selling, general and administrative expenses 5.2 Total lease cost $ 46.5 December 31, 2019 Operating Lease Term and Discount Rate Weighted-average remaining lease term (years) 9.9 Weighted-average discount rate 4.2 % (in Millions) Year ended December 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (42.3) Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 15.7 The following table represents our future minimum operating lease payments as of, and subsequent to, December 31, 2019 under ASC 842: (in Millions) Operating Leases Total Maturity of Lease Liabilities 2020 $ 38.3 2021 28.3 2022 24.1 2023 19.0 2024 16.3 Thereafter 116.8 Total undiscounted lease payments $ 242.8 Less: Present value adjustment (48.1) Present value of lease liabilities $ 194.7 The tables below represent our future minimum lease payments as of December 31, 2018 and rent expense for operating leases under ASC 840. Future Minimum Lease Payments (in Millions) 2019 2020 2021 2022 2023 Thereafter Operating Leases $ 36.0 $ 31.1 $ 20.4 $ 17.1 $ 13.3 $ 107.1 Capital Lease $ 2.9 $ 2.9 $ 3.1 $ 3.1 $ 3.1 $ 4.3 Our capital lease, which was related to our research and technology center in China, represented a financing obligation, and was derecognized as part of our transition to ASC 842. This lease was assessed under ASC 842 and determined to be an operating lease. Year ended December 31, (in Millions) 2018 2017 Operating leases rent expense $ 40.0 $ 26.1 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 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. The following table illustrates each component of the consideration paid as part of the DuPont Crop Protection Business Acquisition: (in Millions) Cash purchase price, net $ 1,225.6 Cash proceeds from working capital and other adjustments (21.5) Fair value of FMC Health and Nutrition sold to DuPont 1,968.6 Total purchase consideration $ 3,172.7 The DuPont Crop Protection Business is being integrated into our business 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, and 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, which has been exercised. 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, with terms of up to five Certain manufacturing sites and R&D sites were transferred to us at a later date due to various local timing constraints; however, we obtained the economic benefit from these sites during the period from November 1, 2017 to when the sites legally transferred. No additional consideration was paid at the date of the transfers. All sites except for portions of one that did not transfer on November 1, 2017 legally transferred to us on July 1, 2018 and October 1, 2018. The remaining portion of one site transferred to us on February 1, 2020. 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 impacted 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. We recorded a gain on sale of approximately $85 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 received anti-trust approval from the Competition Commission of India on August 1, 2018 to complete the sale of the products to Crystal Crop Protection Limited in compliance with that final order. The sale closed on August 16, 2018 and satisfied our commitments to the Competition Commission of India related to the DuPont Crop Protection Business Acquisition. We recorded a gain of approximately $3 million. 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 19 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 purchase price allocation was considered complete in 2018. The allocation was subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations was obtained. Any changes to the initial allocation are referred to as measurement-period adjustments. Measurement-period adjustments since our initial preliminary estimates reported in our 2017 10-K were primarily related to increases in the estimated fair values of intangible assets, deferred tax liabilities, and the unfavorable supply contract. The cumulative effect of all measurement-period adjustments resulted in an increase to recognized goodwill of approximately $283 million. 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. Purchase Price Allocation (in Millions) Trade receivables (1) $ 45.8 Inventories (2) 379.7 Other current assets 51.3 Property, plant & equipment 424.7 Intangible assets: Indefinite-lived brands 1,301.2 Customer relationships (3) 763.7 Goodwill (4) 974.7 Deferred tax assets 79.7 Other noncurrent assets 14.2 Total fair value of assets acquired $ 4,035.0 Accounts payable, trade and other (1) $ 32.9 Accrued and other current liabilities (5) 156.2 Accrued pension and other postretirement benefits, long-term 9.1 Environmental liabilities (6) 2.6 Deferred tax liabilities 196.0 Other long-term liabilities (5) 452.3 Total fair value of liabilities assumed $ 849.1 Total consideration paid $ 3,185.9 Less: Noncontrolling interest (13.2) Total consideration paid less noncontrolling interest $ 3,172.7 ____________________ (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 were recorded within Other current assets and Accrued and other current liabilities. (2) Fair value of finished goods inventory acquired included a step-up in the value of approximately $89.8 million, of which $69.6 million and $20.2 million was amortized during 2018 and 2017, respectively, 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 current assets and Other noncurrent assets. 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 below for the years ended December 31, 2017 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, 2017, nor are they indicative of future results of operations. Year Ended December 31, (in Millions) 2019 2018 2017 Pro forma Revenue (1) $ 4,609.8 $ 4,285.3 $ 3,856.6 Pro forma Diluted earnings per share from continuing operations 4.10 3.91 2.25 ____________________ (1) For the years ended December 31, 2019 and 2018, pro forma results and actual results are the same. Transaction-related charges Pursuant to U.S. GAAP, costs incurred associated with acquisition activities are expensed as incurred. Historically, these costs have primarily consisted of legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of these activities. Given the significance and complexity around the integration of the DuPont Crop Protection Business, we have incurred to date, and expect to incur, costs associated with integrating the DuPont Crop Protection Business, which includes planning for the exit of the transitional service agreement ("TSA") as well as implementation of a new worldwide Enterprise Resource Planning ("ERP") system as a result of the TSA exit, the majority of which will be capitalized in accordance with the relevant accounting literature. These costs have been, and are expected to be, significant and we anticipate the majority of these charges will be completed by the first half of 2020 which coincides with significant portions of the ERP system adoption and the TSA exit. The following table summarizes the costs incurred associated with these activities. Year Ended December 31, (in Millions) 2019 2018 2017 DuPont Crop Protection Business Acquisition Legal and professional fees (1) $ 77.8 $ 86.9 $ 130.2 Inventory fair value amortization (2) — 69.6 20.2 Total transaction-related charges $ 77.8 $ 156.5 $ 150.4 Restructuring charges DuPont Crop restructuring $ 26.4 $ 108.3 $ — Total restructuring charges (3) $ 26.4 $ 108.3 $ — ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of “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) See Note 9 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 | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are presented in the table below: (in Millions) Total Balance, December 31, 2017 $ 1,198.9 Foreign currency and other adjustments (13.7) Purchase price allocation adjustments (1) 282.9 Balance, December 31, 2018 $ 1,468.1 Foreign currency and other adjustments (0.6) Balance, December 31, 2019 $ 1,467.5 ____________________ (1) Represents the cumulative effect of all measurement-period adjustments to the goodwill recorded as part of the DuPont Crop Protection Business Acquisition. Refer to Note 5 for further details. Our fiscal year 2019 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2019. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. There were no events or circumstances indicating that goodwill might be impaired as of December 31, 2019. Additionally, the estimated fair values also substantially exceeded the carrying value for each of our indefinite-lived intangible assets. Our intangible assets, other than goodwill, consist of the following: December 31, 2019 December 31, 2018 (in Millions) Weighted avg. useful life at December 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite life) Customer relationships 17 years $ 1,139.7 $ (184.7) $ 955.0 $ 1,146.2 $ (128.7) $ 1,017.5 Patents 6 years 1.7 (0.9) 0.8 1.7 (0.8) 0.9 Brands (1) (3) 8 years 16.7 (6.7) 10.0 17.0 (5.9) 11.1 Purchased and licensed technologies 10 years 60.2 (35.2) 25.0 61.3 (32.1) 29.2 Other intangibles 1 year 1.9 (1.8) 0.1 1.9 (1.8) 0.1 $ 1,220.2 $ (229.3) $ 990.9 $ 1,228.1 $ (169.3) $ 1,058.8 Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,259.1 $ 1,259.1 $ 1,259.1 $ 1,259.1 Brands (1) (3) 379.0 379.0 384.8 384.8 In-process research and development — — 0.7 0.7 $ 1,638.1 $ 1,638.1 $ 1,644.6 $ 1,644.6 Total intangible assets $ 2,858.3 $ (229.3) $ 2,629.0 $ 2,872.7 $ (169.3) $ 2,703.4 ____________________ (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. (3) The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition. Year Ended December 31, (in Millions) 2019 2018 2017 Amortization expense $ 62.6 $ 62.2 $ 26.8 The estimated pre-tax amortization expense for each of the five years ending December 31, 2020 to 2024 is $62.4 million, $62.3 million, $62.3 million, $62.0 million, and $60.6 million, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, (in Millions) 2019 2018 Finished goods $ 372.2 $ 430.4 Work in process 559.4 518.8 Raw materials, supplies and other 217.3 206.9 FIFO inventory $ 1,148.9 $ 1,156.1 Less: Excess of FIFO cost over LIFO cost (131.9) (130.6) Net inventories $ 1,017.0 $ 1,025.5 Approximately 21 percent and 25 percent of our inventories in 2019 and 2018, respectively, were recorded on the LIFO basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 Land and land improvements $ 94.3 $ 99.3 Buildings 367.5 386.4 Machinery and equipment 582.1 508.9 Construction in progress 65.3 50.4 Total cost $ 1,109.2 $ 1,045.0 Accumulated depreciation (351.2) (288.1) Property, plant and equipment, net $ 758.0 $ 756.9 Depreciation expense was $69.7 million, $73.9 million, and $51.3 million in 2019, 2018 and 2017, respectively. |
Restructuring and Other Charges
Restructuring and Other Charges (Income) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) The following table shows total restructuring and other charges (income) included in the respective line items of the consolidated statements of income (loss): Year Ended December 31, (in Millions) 2019 2018 2017 Restructuring charges $ 62.2 $ 124.1 $ 8.5 Other charges (income), net 108.8 (62.9) 64.7 Total restructuring and other charges (income) $ 171.0 $ 61.2 $ 73.2 Restructuring charges (in Millions) Severance and Employee Benefits Other Charges (Income) (1) Asset Disposal Charges (2) Total DuPont Crop restructuring $ 9.1 $ 5.2 $ 12.1 $ 26.4 Furadan® product exit — — 34.1 34.1 Other items 1.7 — — 1.7 Year ended December 31, 2019 $ 10.8 $ 5.2 $ 46.2 $ 62.2 DuPont Crop restructuring $ 16.3 $ 16.9 $ 75.1 $ 108.3 Other items 5.7 3.1 7.0 15.8 Year ended December 31, 2018 $ 22.0 $ 20.0 $ 82.1 $ 124.1 Other items — 0.8 7.7 8.5 Year ended December 31, 2017 $ — $ 0.8 $ 7.7 $ 8.5 ____________________ (1) Primarily represents third-party costs associated with miscellaneous restructuring activities. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (2) Primarily represents asset write-offs (recoveries), and 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. Furadan® Product Exit During the fourth quarter of 2019, we decided to exit sales of all carbofuran formulations (including Furadan® insecticide/nematicide, Curaterr® insecticide/nematicide and any other brands used with carbofuran products) globally effective December 31, 2019. As a result of this decision, we accelerated the recognition of asset retirement obligations and asset write offs associated with the exit. DuPont Crop Restructuring On November 1, 2017, we completed the acquisition of the DuPont Crop Protection Business. See Note 5 for more details. As we continue to integrate the DuPont Crop Protection Business, we have started to, and continue to expect to, engage in various restructuring activities. These restructuring activities may include workforce reductions, relocation of current operating locations, lease and other contract termination costs and fixed asset accelerated depreciation as well as other asset disposal charges. We anticipate these restructuring activities will be substantially complete by the first half of 2020 as the majority of the integration will be completed. Details of key activities to date are as follows. Subsequent to the acquisition, we conducted an in-depth analysis of key competitive capabilities of the combined business in India which resulted in a significant change to how we operate in the market and therefore a restructuring of our business in India. On July 3, 2018, we announced the adoption of an innovation-focused product strategy that uses a unique market access model anchored by our key, large scale distributors rather than the vast customer base we served prior to the DuPont Crop Protection Acquisition. Additionally, we rationalized our product portfolio and decisively exited a vast majority of the low margin product range. As a result of the change to our market access, we incurred charges of approximately $59 million for the year ended December 31, 2018, which primarily included the write-off of stranded accounts receivables and inventory. We also had workforce reductions which resulted in severance and other employee benefit charges of approximately $4 million for the year ended December 31, 2018. As part of the acquisition, we acquired the Stine R&D facilities ("Stine") from DuPont. Due to its proximity to our previously existing Ewing R&D center ("Ewing"), in March 2018, we decided to migrate our Ewing R&D activities and employees into the newly acquired Stine facilities. As a result of this decision we incurred charges of approximately $28 million. We accelerated the depreciation of certain fixed assets that will no longer be used due to our exit from the facility and incurred charges of $17.4 million of accelerated depreciation charges for the year ended December 31, 2018. The cease use criteria was met as of September 30, 2018 as all employees had exited the Ewing facility and the facility became available for use. We recorded the estimated future liability associated with the rental obligation on the cease use date which resulted in a charge of $11.2 million for the year ended December 31, 2018. This charge was offset by the reduction of the capital lease liability previously recorded in "Other long-term liabilities" of $6.0 million. In addition to lease termination costs, we incurred severance, relocation and other employee related charges of $5.2 million for the year ended December 31, 2018. For the year ended December 31, 2019 we incurred additional severance, relocation and other employee related charges of $9.1 million. 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 12/31/17 Change in reserves (3) Cash payments Other (4) Balance at 12/31/18 (5) Change in reserves (3) Cash payments Other (4) Balance at 12/31/19 (5) DuPont Crop restructuring (1) $ — $ 33.2 $ (15.8) $ (1.2) $ 16.2 $ 14.3 $ (15.9) $ (0.1) $ 14.5 Cheminova restructuring 1.2 — (1.2) — — — — — — Other workforce related and facility shutdowns (2) 2.3 8.8 (8.2) (1.9) 1.0 1.7 (2.7) 0.1 0.1 Total $ 3.5 $ 42.0 $ (25.2) $ (3.1) $ 17.2 $ 16.0 $ (18.6) $ — $ 14.6 ____________________ (1) Primarily consists of real estate exit costs and severance associated with DuPont Crop restructuring activities. (2) Primarily severance costs related to workforce reductions and facility shutdowns described in the Other items section or the Restructuring charges table above. (3) 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 this table. (4) Primarily foreign currency translation adjustments. (5) Included in “Accrued and other liabilities” and "Other long-term liabilities" on the consolidated balance sheets. Other charges (income), net Year Ended December 31, (in Millions) 2019 2018 2017 Environmental charges, net $ 108.7 $ 21.7 $ 16.2 Product portfolio sales 0.1 (87.2) — Impairment of intangibles — — 42.1 Other items, net — 2.6 6.4 Other charges (income), net $ 108.8 $ (62.9) $ 64.7 Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. 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. During the fourth quarter of 2019, we recorded a charge of $72.8 million as a result of an unfavorable court ruling we received in relation to the Pocatello Tribal Litigation at one of our environmental sites. See Note 12 for further information regarding this matter. Product portfolio sales On February 1, 2018, we sold a portion of our European herbicide portfolio to Nufarm Limited. Additionally, on August 16, 2018, we completed the sale of certain products of our India portfolio to Crystal Crop Protection Limited. Both sales were required by regulatory authorities as part of closing conditions for the DuPont Crop Protection Business Acquisition. The gain on these sales are recorded within "Restructuring and other charges (income)" on the consolidated statements of income (loss). Proceeds from these sales are included in investing activities on the consolidated statements of cash flows. 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. Other items, net In 2018, other items, net primarily represents a milestone payment on an agreement related to our in-process research and development. Other items, net also includes the loss associated with the divestment of a joint venture. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2018 and 2019. (in Millions) Balance, December 31, 2017 $ 38.6 Additions — charged to expense (1) 58.0 Transfer from (to) allowance for credit losses (see below) (17.3) Net recoveries, write-offs and other (1) (56.9) Balance, December 31, 2018 $ 22.4 Additions — charged to expense 3.6 Transfer from (to) allowance for credit losses (see below) 3.4 Net recoveries, write-offs and other (3.1) Balance, December 31, 2019 $ 26.3 ____________________ (1) Includes the charge and write-off of approximately $42 million associated with the stranded accounts receivables written off as part of the restructuring in India. The charge was recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). Refer to Note 9 for further information. We have 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 $123.1 million as of December 31, 2019. 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 2018 and 2019. ( in Millions ) Balance, December 31, 2017 $ 47.1 Additions — charged to expense 13.4 Transfer from (to) allowance for doubtful accounts (see above) 17.3 Foreign currency adjustments (4.1) Net recoveries, write-offs and other (13.2) Balance, December 31, 2018 $ 60.5 Additions — charged to expense 17.6 Transfer from (to) allowance for doubtful accounts (see above) (3.4) Foreign currency adjustments (0.5) Net recoveries, write-offs and other (13.1) Balance, December 31, 2019 $ 61.1 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations FMC Lithium (Livent Corporation): On March 1, 2019, we completed the previously announced distribution of 123 million shares of common stock of Livent as a pro rata dividend on shares of FMC common stock outstanding at the close of business on the record date of February 25, 2019. The results of our discontinued FMC Lithium operations are summarized below: (in Millions) Year Ended December 31, 2019 2018 2017 Revenue $ 52.1 $ 442.5 $ 347.4 Costs of sales and services 41.3 235.4 197.9 Income (loss) from discontinued operations before income taxes (1) $ 1.1 $ 170.9 $ 85.0 Provision (benefit) for income taxes 6.0 25.5 35.2 Total discontinued operations of FMC Lithium, net of income taxes, before separation-related costs $ (4.9) $ 145.4 $ 49.8 Separation-related costs and other adjustments of discontinued operations of FMC Lithium, net of income taxes (16.4) (28.1) — Discontinued operations of FMC Lithium, net of income taxes $ (21.3) $ 117.3 $ 49.8 Less: Discontinued operations of FMC Lithium attributable to noncontrolling interests — 3.2 — Discontinued operations of FMC Lithium, net of income taxes, attributable to FMC Stockholders $ (21.3) $ 114.1 $ 49.8 ____________________ (1) For the years ended December 31, 2018 and 2017, amounts include $2.5 million and $8.2 million of restructuring and other charges (income), respectively, and $4.3 million and $34.5 million of non-operating pension settlement charges (income), respectively. The following table presents the major classes of assets and liabilities of FMC Lithium: December 31, (in Millions) 2019 2018 Assets Current assets of discontinued operations (1) $ — $ 293.9 Property, plant and equipment (2) — 275.7 Other noncurrent assets (2) — 83.1 Total assets of discontinued operations $ — $ 652.7 Liabilities Current liabilities of discontinued operations (3) $ — $ (97.3) Noncurrent liabilities of discontinued operations (4) — (46.1) Total liabilities of discontinued operations $ — $ (143.4) Total net assets $ — $ 509.3 ____________________ (1) Primarily consists of cash and cash equivalents, trade receivables, and inventories. Presented as "Current assets of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (2) Presented as "Noncurrent assets of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (3) Presented as "Current liabilities of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (4) Presented as "Noncurrent liabilities of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. 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 an initial 24 months after closing, with an additional six months extension, which has been exercised. 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. Certain sites were to transfer at a later date due to various local timing constraints. In May 2018, the last site transferred to DuPont. The results of our discontinued FMC Health and Nutrition operations are summarized below, including the results of these delayed sites included in the year ended December 31, 2018. (in Millions) Year Ended December 31, 2019 2018 2017 Revenue $ — $ 3.8 $ 562.9 Costs of sales and services — 4.0 370.5 Income (loss) from discontinued operations before income taxes (1) $ — $ 2.0 $ 113.7 Provision (benefit) for income taxes — 3.8 9.7 Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (2) $ — $ (1.8) $ 104.0 Gain on sale of FMC Health and Nutrition, net of income taxes (3) — — 727.1 Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes (4) — 7.8 — Divestiture related costs and other adjustments of discontinued operations of FMC Health and Nutrition, net of income taxes 0.5 — — Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (5) — — (147.8) Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders $ 0.5 $ 6.0 $ 683.3 ____________________ (1) Results for the year ended December 31, 2018 include an adjustment to retained liabilities of the disposed FMC Health and Nutrition business. For the year ended December 31, 2017 amount includes $16.6 million of allocated interest expense, $8.1 million of restructuring and other charges (income), and $3.9 million of a pension curtailment charge. See Note 15 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. (2) In accordance with U.S. GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. 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. (3) Includes $27.9 million of divestiture related costs, net of tax as well as incremental tax cost of $14.7 million related to certain legal entity restructuring executed during the third quarter of 2017 to facilitate the FMC Health and Nutrition divestiture. (4) Amount represents the settlement of working capital adjustments subsequent to the sale. (5) 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. In addition to our discontinued FMC Lithium and FMC Health and Nutrition segments, 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, 2019 2018 2017 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $(23.9), $(5.2) and $(0.1), respectively $ 4.3 $ (1.7) $ 3.0 Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $6.3, $32.5 and $24.9, respectively (1) (23.5) (121.4) (51.2) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $6.3,$6.9 and $7.2, respectively (23.3) (26.3) (13.4) Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of $(0.2), $(7.1) and $(180.1), respectively 0.5 6.0 683.3 Discontinued operations of FMC Lithium, net of income tax benefit (expense) of $(12.3), $(18.0) and $(35.2), respectively (21.3) 117.3 49.8 Discontinued operations, net of income taxes $ (63.3) $ (26.1) $ 671.5 ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 12. Reserves for Discontinued Operations, other than Environmental at December 31, 2019 and 2018 (in Millions) December 31, 2019 2018 Workers’ compensation, product liability, and indemnification reserves $ 15.7 $ 23.6 Postretirement medical and life insurance benefits reserve, net 5.9 7.0 Reserves for legal proceedings 50.3 41.6 Reserve for discontinued operations (1) $ 71.9 $ 72.2 ____________________ (1) Included in “Other long-term liabilities” on the consolidated balance sheets. Refer to Note 12 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 $5.2 million ($4.2 million after-tax) and $5.4 million ($4.9 million after-tax) at December 31, 2019 and 2018, 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 2020 are $1.0 million and zero, respectively. Net spending in 2019, 2018 and 2017 was $3.8 million, $5.4 million and $2.4 million, respectively, for workers’ compensation, product liability and other claims; $0.4 million, $1.1 million and $1.0 million, respectively, for other postretirement benefits; and $20.2 million, $21.3 million and $18.9 million, respectively, related to reserves for legal proceedings associated with discontinued operations. |
Environmental Obligations
Environmental Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Obligations | Environmental ObligationsWe 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 $595.8 million and $529.4 million, respectively, before recoveries, existed at December 31, 2019 and 2018. The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $150 million at December 31, 2019. This reasonably possible estimate is based upon information available as of the date of the filing but 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, 2016 to December 31, 2019. (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2016 $ 360.4 2017 Provision 105.6 Spending, net of recoveries (63.3) Acquisitions (1) 2.6 Foreign currency translation adjustments 6.5 Net Change $ 51.4 Total environmental reserves, net of recoveries at December 31, 2017 $ 411.8 2018 Provision 178.2 Spending, net of recoveries (65.7) Foreign currency translation adjustments (2.8) Net Change $ 109.7 Total environmental reserves, net of recoveries at December 31, 2018 $ 521.5 2019 Provision 138.8 Spending, net of recoveries (73.8) Foreign currency translation adjustments and other adjustments (0.7) Net Change $ 64.3 Total environmental reserves, net of recoveries at December 31, 2019 $ 585.8 ______________ (1) 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, 2019 and 2018, 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, 2017 to December 31, 2019: (in Millions) December 31, 2017 Increase (Decrease) in Recoveries Cash Received December 31, 2018 Increase (Decrease) in Recoveries Cash Received Other December 31, 2019 Environmental liabilities, continuing and discontinued $ 13.9 $ (5.5) $ (0.5) $ 7.9 $ 2.6 $ (0.5) $ — $ 10.0 Other assets (1) 32.3 2.6 (4.4) 30.5 0.3 (3.8) 0.3 27.3 Total $ 46.2 $ (2.9) $ (4.9) $ 38.4 $ 2.9 $ (4.3) $ 0.3 $ 37.3 ______________ (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 22 for more details. The table below provides detail of current and long-term environmental reserves, continuing and discontinued. December 31, (in Millions) 2019 2018 Environmental reserves, current, net of recoveries (1) $ 115.3 $ 63.0 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 470.5 458.5 Total environmental reserves, net of recoveries $ 585.8 $ 521.5 ______________ (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) 2019 2018 2017 Continuing operations (1) $ 108.7 $ 21.7 $ 16.2 Discontinued operations (2) 29.8 153.9 76.1 Net environmental provision $ 138.5 $ 175.6 $ 92.3 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 9. 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 11. On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: Year Ended December 31, (in Millions) 2019 2018 2017 Environmental reserves (1) $ 138.8 $ 178.2 $ 105.6 Other assets (2) (0.3) (2.6) (13.3) Net environmental provision $ 138.5 $ 175.6 $ 92.3 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 22 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. Actions also involve impacts of the Tribal Litigation discussed below. The amount of the reserve for this site, which includes the Pocatello Tribal Litigation described below, was $107.5 million and $33.1 million at December 31, 2019 and 2018, 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 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. FMC challenged this fee at various levels of the Tribal Court system and in 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. FMC challenged the Final Judgment in the United States District Court for the District of Idaho. On September 28, 2017, the District Court issued a decision finding that the Tribal Court has jurisdiction over FMC to require FMC to pay the $1.5 million per year fee to the Tribes. In 2017, we appealed to the United States Court of Appeals for the Ninth Circuit and oral arguments were held on May 17, 2019. On November 15, 2019, the Ninth Circuit affirmed the District Court's decision that the Tribal Court has jurisdiction over FMC to require FMC to pay the $1.5 million per year fee to the Tribes. As a result of the unfavorable court decision issued on November 15, 2019, we increased our reserves by $72.8 million, which represents both the historical and discounted present value of future annual use permit fees as well as the associated legal costs incurred to date. The increase in reserve was transferred from the previously estimated reasonably possible loss related to this matter. Following the Ninth Circuit's denial of our petition for rehearing en banc, we filed a motion to stay the mandate with the Ninth Circuit. On February 4, 2020, the Ninth Circuit granted our motion to stay the mandate. Because this stay was granted, payment of the judgment, if necessary, will not take place until final disposition by the United States Supreme Court. During 2020, we intend to petition the Supreme Court to consider an appeal of the Ninth Circuit's decision. In calculating the net present value of future annual permit fees, we used a discount rate of 2.25%, which represents the appropriate risk-free rate. We believe that the application of this rate produces a result which approximates the amount that would hypothetically satisfy our liability in an arms-length transaction. Current estimates for expenditures for each of the five succeeding fiscal years are $29.5 million in 2020 and $1.5 million in annual fees payable each year thereafter. The expected aggregate undiscounted amount related to this matter is $103.0 million of which $72.8 million, on a discounted basis, has been recognized in environmental liabilities on the statements of financial position. 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, which was replaced by a New Order on Consent and Administrative Settlement with the NYSDEC, effective June 6, 2019 ("2019 Order). Like the 1991 AOC, the 2019 Order 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 Measure Alternatives (“CMA”) for discrete contaminated areas, known as “operable units” of which there are 11. We have defined the nature and extent of the contamination in certain areas, have constructed an engineered cover, taken certain closure actions regarding RCRA regulated surface water impoundments and are collecting and treating both surface water runoff and ground water. To date, we have evaluated and proposed CMAs for six of the 11 identified operable units. Middleport Litigation All pending litigation with respect to the Middleport site was settled and/or dismissed in 2019. The 2019 Order supplanted the need for a separate Hazardous Waste Management Permit (“Part 373 permit"), and as a result, the administrative action challenging the Part 373 Permit was dismissed. In connection with the settlement, FMC also dismissed its claims against the EPA that were pending appeal before the United States Court of Appeals for the Second Circuit. The terms of the 2019 Order are materially consistent with our established reserve for Middleport as of December 31, 2018 as a result of the 2019 Order. Middleport Reserves In the fourth quarter of 2018, we increased the reserve by $106.3 million, which included our best estimate for remediation costs for OUs 2,4 and 5 in line with the drafted settlement terms between FMC and NYSDEC. Of the $106.3 million reserve increase, $60.6 million related to our best estimate for remediation costs associated with the operable unit that comprises the southern portion of the tributary (“OU 6”) plus the impact of inflation. The $60.6 million increase was in addition to a previously established reserve of $29.1 million related to this operable unit. The remaining $45.7 million reserve increase related to costs associated with the implementation and completion of NYSDEC’s selected remedy for OUs 2,4, and 5. Prior to settlement discussions, our reserve balance for OUs 2,4, and 5 of $31.1 million included the estimated liability for clean-up to reflect the costs associated with our recommended CMAs. Our total reserve for all of Middleport is $159.4 million and $180.8 million at December 31, 2019 and 2018, respectively. FMC is in various stages of evaluating the remaining operable units. The Middleport settlement resulted in $22.2 million of cash outflows in 2019 and will result in cash outflows of approximately $20 million to $30 million per year for years 2020 - 2021 due to front loading of reimbursement in installments of past costs, and thereafter an amount not to exceed an average of $10 million per year until the remediation is complete. Other Potentially Responsible Party (“PRP”) Sites We have been named a PRP at 30 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 48 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 approximately 70 other parties 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. On December 30, 2019, FMC and EPA entered into an Administrative Settlement Agreement and Order on Consent to perform a remedial design for the area at and around FMC's former operations. The cost of developing a work plan for this remedial design is included in our reserves. 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, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes U.S. Tax Reform The impacts of the Tax Cuts and Jobs Act ("the Act") were completed in 2018. For the year ended December 31, 2017, we recognized provisional expense of $303.6 million comprised of $190.4 million of expense related to the one-time transition tax on the cumulative earnings and profits of foreign subsidiaries that were not previously taxed for U.S. income tax purposes and $113.2 million of tax expense for the remeasurement of the Company’s U.S. net deferred tax assets. During 2018, in accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of the Act were refined upon obtaining, preparing, or analyzing additional information during the measurement period. For the year ended December 31, 2018, we recorded an adjustment to our provisional expense in the amount of $7.8 million. At December 31, 2018, the Company had completed its accounting for the impacts of the enactment of the Act. We do not provide income taxes for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings is not practicable due to the complexity of the hypothetical calculation. Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: Year Ended December 31, (in Millions) 2019 2018 2017 Domestic $ (227.4) $ (234.9) $ (201.4) Foreign 882.4 843.3 297.2 Total $ 655.0 $ 608.4 $ 95.8 The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: Year Ended December 31, (in Millions) 2019 2018 2017 Current: Federal (1) $ (12.0) $ 25.1 $ 61.9 Foreign 77.0 90.0 49.9 State 0.4 (0.4) 4.1 Total current $ 65.4 $ 114.7 $ 115.9 Deferred: Federal (2) $ (1.2) $ (4.4) $ 127.8 Foreign 42.7 (30.4) (14.4) State 4.6 (9.1) (0.4) Total deferred $ 46.1 $ (43.9) $ 113.0 Total $ 111.5 $ 70.8 $ 228.9 ____________________ (1) The years ended December 31, 2018 and 2017 i nclude the one-time impacts of the Act, primarily related to transition tax. (2) The years ended December 31, 2018 and 2017 i nclude the one-time impacts of the Act, primarily related to the measurement of the Company’s U.S. domestic net deferred tax assets. 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, (in Millions) 2019 2018 2017 U.S. Federal statutory rate (1) $ 137.5 $ 127.8 $ 33.5 Impacts of Tax Cuts and Jobs Act Enactment (2) — 7.8 303.6 Foreign earnings subject to different tax rates (3) (137.7) (154.9) (74.5) Capital loss on internal restructuring — — (45.3) State and local income taxes, less federal income tax benefit (2.9) 1.4 (1.5) Manufacturer's production deduction and miscellaneous tax credits (3.8) (3.7) (8.4) Tax on dividends, deemed dividends, and GILTI (4) 46.8 45.5 10.6 Changes to unrecognized tax benefits (5.4) 2.7 6.7 Nondeductible expenses 3.5 12.4 14.2 Change in valuation allowance (5) 49.9 7.4 (29.3) Exchange gains and losses (6) (2.1) 5.7 28.1 Other 25.7 18.7 (8.8) Total Tax Provision $ 111.5 $ 70.8 $ 228.9 ____________________ (1) The years ended December 31, 2019 and 2018 includes twelve months of earnings associated with the operations of the DuPont Crop Protection Business acquired November 1, 2017. See Note 5 for additional information. (2) Includes the one-time impacts of the of the Act, primarily related to transition tax and the decrease to the U.S. tax rate, further discussed above within Note 13. (3) The years ended December 31, 2019 and 2018 reflects the income mix associated with twelve months of foreign earnings of the DuPont Crop Protection business acquired November 1, 2017. (4) The years ended December 31, 2019 and 2018 includes tax expense of $41.6 million and $43.8 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions of the Act. (5) The year ended December 31, 2019 includes approximately $21 million associated with our India operations, primarily related to net operating losses with limited carryforward. (6) Includes the 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. Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2019 2018 Reserves for discontinued operations, environmental and restructuring $ 188.3 $ 148.7 Accrued pension and other postretirement benefits 2.4 2.1 Capital loss, foreign tax and other credit carryforwards 7.5 6.0 Net operating loss carryforwards 227.0 219.3 Deferred expenditures capitalized for tax 18.7 15.2 Other 163.6 143.3 Deferred tax assets $ 607.5 $ 534.6 Valuation allowance, net (303.3) (261.4) Deferred tax assets, net of valuation allowance $ 304.2 $ 273.2 Intangibles and property, plant and equipment, net 380.0 331.2 Deferred tax liabilities $ 380.0 $ 331.2 Net deferred tax assets (liabilities) $ (75.8) $ (58.0) 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 across multiple jurisdictions. As our 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. At December 31, 2019, we had net operating loss and tax credit carryforwards as follows: U.S. state net operating loss carryforwards of $25.6 million (tax-effected) expiring in future tax years through 2039, foreign net operating loss carryforwards of $201.4 million (tax-effected) expiring in various future years, and other tax credit carryforwards of $7.5 million expiring in various future years. At December 31, 2019, our net valuation allowance was primarily comprised of balances within continuing operations locations of Brazil of $98.8 million, U.S. state of $28.1 million, Luxembourg of $30.9 million, India of $20.7 million, and Switzerland of $31.6 million and within discontinued operations in Spain of $66.4 million. The valuation allowance balances at these locations are associated mainly with net operating losses, but in some cases relate to other additional deferred tax assets in the jurisdiction. 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, 2019, the U. S. federal and state income tax returns are open for examination and adjustment for the years 2016 - 2019 and 1999 - 2019, respectively. Our significant foreign jurisdictions, which total 14, are open for examination and adjustment during varying periods from 2009 - 2019. As of December 31, 2019, we had total unrecognized tax benefits of $68.2 million, of which $29.4 million would favorably impact the effective tax rate from continuing operations if recognized. As of December 31, 2018, we had total unrecognized tax benefits of $79.1 million, of which $29.5 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, 2019, 2018 and 2017, we recognized interest and penalties of $1.4 million, $0.9 million, and $5.2 million, respectively, in the consolidated statements of income (loss). As of December 31, 2019 and 2018, we have accrued interest and penalties in the consolidated balance sheets of $15.4 million and $14.0 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 $15.8 million to $37.2 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2019 2018 2017 Balance at beginning of year $ 79.1 $ 84.0 $ 111.6 Increases related to positions taken in the current year 4.1 11.8 9.4 Increases and decreases related to positions taken in prior years 3.4 (1.8) (4.6) Decreases related to lapse of statutes of limitations (13.0) (13.5) (14.2) Settlements during the current year (2.8) (1.4) (0.3) Decreases for tax positions on dispositions (2.6) — (17.9) Balance at end of year (1) $ 68.2 $ 79.1 $ 84.0 ____________________ |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt maturing within one year: Debt maturing within one year consists of the following: December 31, (in Millions) 2019 2018 Short-term foreign debt (1) $ 144.9 $ 106.5 Commercial paper — 55.2 Total short-term debt $ 144.9 $ 161.7 Current portion of long-term debt 82.8 386.0 Short-term debt and current portion of long-term debt $ 227.7 $ 547.7 ____________________ (1) At December 31, 2019, the average effective interest rate on the borrowings was 16.3 percent. Long-term debt: Long-term debt consists of the following: (in Millions) December 31, 2019 December 31, Interest Rate Percentage Maturity Date 2019 2018 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 1.85% - 6.45% 2021 - 2032 $ 51.6 $ 51.6 Senior notes (less unamortized discounts of $1.3 and $0.8, respectively) 3.20% - 4.50% 2022 - 2049 2,198.7 999.2 2017 Term Loan Facility 3.0% 2022 800.0 1,400.0 Revolving Credit Facility (1) 4.3% 2024 — — Foreign debt 0% - 7.2% 2021 - 2024 83.8 89.1 Debt issuance cost (20.2) (8.9) Total long-term debt $ 3,113.9 $ 2,531.0 Less: debt maturing within one year 82.8 386.0 Total long-term debt, less current portion $ 3,031.1 $ 2,145.0 ____________________ (1) Letters of credit outstanding under the Revolving Credit Facility totaled $217.0 million and available funds under this facility were $1,283.0 million at December 31, 2019. Senior Notes On September 20, 2019, we issued $500 million aggregate principal amount of 3.200% Senior Notes due 2026, $500 million aggregate principal amount 3.450% Senior Notes due 2029, and $500 million aggregate principal amount 4.500% Senior Notes due 2049. A portion of the net proceeds from the offering were used for paydowns of both outstanding commercial paper and 2017 Term Loan Facility balances and for general corporate purposes. We used the remaining net proceeds of approximately $300 million to redeem all of our Senior notes that matured in the fourth quarter of 2019. Fees incurred to secure the senior notes have been deferred and will be amortized over the terms of the arrangement. See Note 19 for details on the interest rate swap settlement which will also be amortized over the terms of the arrangement. Revolving Credit Facility On May 17, 2019, 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, $400 million of which is available for the issuance of letters of credit for the account of the Revolving Borrowers and $50 million of which is available for swing loans to certain of the Revolving Borrowers, 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 17, 2024. Revolving loans under the Revolving Credit Agreement 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 1%; and the Eurocurrency rate for a one-month period plus 1%. The Company is required to pay a facility fee on the average daily amount (whether used or unused) of each Revolving Credit Lender’s revolving credit commitment from the effective date for such Revolving Credit Lender until the termination date of such Revolving Credit Lender 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 0.125% 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. Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement. Maturities of long-term debt Maturities of long-term debt outstanding, excluding discounts, at December 31, 2019, are $82.8 million in 2020, $1.6 million in 2021, $1,100.9 million in 2022, $0.3 million in 2023, $400.0 million in 2024 and $1,550.0 million thereafter. Covenants Among other restrictions, the Revolving Credit Facility and 2017 Term Loan Facility 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, 2019 was 2.8 which is below the maximum leverage of 4.0. By the end of 2020, the maximum leverage ratio will step down to 3.5 in accordance with the provisions of the Revolving Credit Facility and the 2017 Term Loan Facility. Our actual interest coverage for the four consecutive quarters ended December 31, 2019 was 7.6 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at December 31, 2019. 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. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [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 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, 2019 2018 Discount rate qualified 3.22 % 4.35 % Discount rate nonqualified plan 2.74 % 3.97 % Discount rate other benefits 2.89 % 4.08 % Rate of compensation increase 3.10 % 3.10 % 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) 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,261.3 $ 1,385.8 $ 18.9 $ 19.0 Service cost 4.2 6.3 — — Interest cost 47.6 44.5 0.6 0.7 Actuarial loss (gain) (2) 153.0 (89.9) (2.2) 0.6 Amendments — — — (0.1) Foreign currency exchange rate changes and other — (0.4) — — Plan participants’ contributions — — 0.4 0.7 Special termination benefits — 3.9 — — Settlements (3.5) (4.4) — — Curtailments — (0.9) — 0.2 Benefits paid (83.5) (83.6) (1.9) (2.2) Projected benefit obligation at December 31 $ 1,379.1 $ 1,261.3 $ 15.8 $ 18.9 Change in plan assets Fair value of plan assets at January 1 $ 1,269.7 $ 1,339.9 $ — $ — Actual return on plan assets 196.2 (18.0) — — Foreign currency exchange rate changes (0.2) (0.2) — — Company contributions 11.9 36.0 1.5 1.5 Plan participants’ contributions — — 0.4 0.7 Settlements (3.5) (4.4) — — Benefits paid (83.5) (83.6) (1.9) (2.2) Fair value of plan assets at December 31 $ 1,390.6 $ 1,269.7 $ — $ — Funded Status U.S. plans with assets $ 44.2 $ 42.8 $ — $ — U.S. plans without assets (22.4) (24.6) (15.8) (18.9) Non-U.S. plans with assets (1.3) (1.9) — — All other plans (9.0) (7.9) — — Net funded status of the plan (liability) $ 11.5 $ 8.4 $ (15.8) $ (18.9) Amount recognized in the consolidated balance sheets: Pension asset (3) $ 44.2 $ 42.8 $ — $ — Accrued benefit liability (4) (32.7) (34.4) (15.8) (18.9) Total $ 11.5 $ 8.4 $ (15.8) $ (18.9) ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) The actuarial loss in 2019 and actuarial gain in 2018 was primarily driven by the change in discount rate on the U.S. qualified plan. Additionally, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations in both 2019 and 2018. Adoption of the most recent projection scale for each applicable year decreased the U.S. defined benefit obligations by approximately $13 million and $4 million at December 31, 2019 and 2018, respectively. (3) Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets. (4) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. 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) 2019 2018 2019 2018 Prior service (cost) credit $ (0.9) $ (1.1) $ — $ (0.1) Net actuarial (loss) gain (367.3) (370.6) 5.5 4.2 Accumulated other comprehensive income (loss) – pretax $ (368.2) $ (371.7) $ 5.5 $ 4.1 Accumulated other comprehensive income (loss) – net of tax (2) (277.2) (226.1) 3.7 2.6 ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans . (2) Accumulated other comprehensive income (loss) - net of tax as of December 31, 2019 includes the reclassification of stranded income tax effects . See Note 2 for more information. The accumulated benefit obligation for all pension plans was $1,364.2 million and $1,248.8 million at December 31, 2019 and 2018, respectively. (in Millions) December 31 Information for pension plans with projected benefit obligation in excess of plan assets 2019 2018 Projected benefit obligations $ 37.2 $ 39.1 Accumulated benefit obligations 37.5 39.2 Fair value of plan assets 4.5 4.7 (in Millions) December 31 Information for pension plans with accumulated benefit obligation in excess of plan assets 2019 2018 Projected benefit obligations $ 37.2 $ 39.1 Accumulated benefit obligations 37.5 39.2 Fair value of plan assets 4.5 4.7 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) 2019 2018 2019 2018 Current year net actuarial loss (gain) $ 11.0 $ (8.7) $ (2.3) $ 0.8 Current year prior service cost (credit) — — — (0.1) Amortization of net actuarial (loss) gain (12.9) (16.0) 1.0 0.5 Amortization of prior service (cost) credit (0.2) (0.4) (0.1) 0.1 Recognition of prior service cost due to curtailment — (0.3) — — Transfer of actuarial (loss) gain from continuing to discontinued operations — — — (0.1) Curtailment loss (2) — (0.9) — — Settlement loss (1.4) (1.8) — — Foreign currency exchange rate changes on the above line items — (0.4) — — Total recognized in other comprehensive (income) loss, before taxes $ (3.5) $ (28.5) $ (1.4) $ 1.2 Total recognized in other comprehensive (income) loss, after taxes (3.0) (22.3) (1.1) 0.9 ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) During the year ended December 31, 2018, due to the announced plans to separate FMC Lithium, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of October 31, 2018 in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. The $0.9 million in 2018 reflects the adjustment to the continuing operations liability and other comprehensive income based on the revaluation of the plan. The associated curtailment expense is recorded within "Non-operating pension and postretirement charges (income)" on the consolidated statements of income (loss). 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 2020 are $9.8 million and $0.2 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 2020 will be $(0.9) million and zero, respectively. 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) 2019 2018 2017 2019 2018 2017 Discount rate 4.36 % 3.68 % 4.22 % 4.08 % 3.41 % 3.77 % Expected return on plan assets 4.25 % 5.00 % 6.50 % — — — Rate of compensation increase 3.10 % 3.10 % 3.60 % — — — Components of net annual benefit cost: Service cost $ 4.2 $ 6.3 $ 7.4 $ — $ — $ — Interest cost 47.6 44.5 44.3 0.6 0.7 0.7 Expected return on plan assets (53.4) (63.0) (79.1) — — — Amortization of prior service cost 0.2 0.4 0.6 0.1 (0.1) (0.1) Amortization of net actuarial and other (gain) loss 12.9 16.0 15.5 (1.0) (0.5) (0.9) Recognized (gain) loss due to settlement 1.4 1.8 3.2 — — — Net annual benefit cost (income) $ 12.9 $ 6.0 $ (8.1) $ (0.3) $ 0.1 $ (0.3) ___________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. For the years ended December 31, 2018 and 2017, we recognized a $4.3 million loss due to curtailment and special termination benefits associated with the planned separation of FMC Lithium and a combined curtailment and termination benefits loss of $3.9 million associated with the disposal of our FMC Health and Nutrition Business, respectively, which were recorded within "Discontinued operations, net of income taxes" within the consolidated statements of income (loss). 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. The $32.5 million settlement charge was recorded within "Discontinued operations, net of income taxes" within the consolidated statements of income (loss). 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 4.25 percent for the year ended December 31, 2019, 5.0 percent for the year ended December 31, 2018 (except for the period between the November 1, 2018 remeasurement and December 31, 2018 during which it was 4.5 percent), and 6.5 percent for the year ended December 31, 2017. The expected long-term rate of return on these plan assets decreased by 0.75 percent in 2019 compared to 2018, due to the 2019 portfolio consisting of a full year of 100 percent fixed income investments, whereas the prior year portfolio transitioned to 100 percent fixed income in October 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. 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 2.1 percent, is in line with our assumption for the rate of return on assets. The target asset allocation at December 31, 2019 by asset category is 100 percent fixed income investments. Our U.S. Plan reached fully funded status during 2018. The primary investment strategy is a liability hedging approach with an objective of maintaining the funded status of the plan such that the funded status volatility is minimized and the likelihood that we will be required to make significant contributions to the plan is limited. The portfolio is comprised of 100 percent fixed income securities and cash. Investment performance and related risks are measured and monitored on an ongoing basis through monthly 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 19 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) December 31, 2019 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 $ 19.8 $ 19.8 $ — $ — Fixed income investments: Investment contracts 150.1 — 150.1 — U.S. Government Securities 331.0 294.3 36.7 — Mutual funds 65.2 65.2 — — Corporate debt instruments 824.5 — 824.5 — Total assets $ 1,390.6 $ 379.3 $ 1,011.3 $ — (in Millions) December 31, 2018 Quoted Prices Significant Significant Cash and short-term investments $ 92.5 $ 92.5 $ — $ — Fixed income investments: Investment contracts 144.9 — 144.9 — U.S. Government Securities 469.9 465.1 4.8 — Mutual funds 55.7 55.7 — — Corporate debt instruments 506.7 — 506.7 — Total assets $ 1,269.7 $ 613.3 $ 656.4 $ — We made the following contributions to our pension and other postretirement benefit plans: Year Ended December 31, (in Millions) 2019 2018 U.S. qualified pension plan $ 7.0 $ 30.0 U.S. nonqualified pension plan 4.9 6.0 Other postretirement benefits 1.5 1.5 Total $ 13.4 $ 37.5 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) 2020 2021 2022 2023 2024 2025 - 2029 Pension Benefits $ 90.2 $ 86.7 $ 86.9 $ 85.0 $ 85.3 $ 408.7 Other Benefits 1.7 1.6 1.5 1.5 1.4 5.4 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, 2019, and our other postretirement benefit obligation at December 31, 2019. 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 5 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 5 percent of the employee’s eligible compensation. Charges against income for all contributions were $15.3 million in 2019, $15.0 million in 2018, and $9.7 million in 2017. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 3.5 million shares of common stock are available for future grants of share based awards under the Plan as of December 31, 2019. 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 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 At December 31, 2019 and 2018, there were restricted stock units representing an aggregate of 276,145 shares and 248,465 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) 2019 2018 2017 Stock option expense, net of taxes of $1.5, $1.3 and $2.4 (1) $ 5.7 $ 4.9 $ 4.5 Restricted stock expense, net of taxes of $2.2, $2.3 and $3.5 (2) 8.2 8.4 6.4 Performance based expense, net of taxes of $1.7, $1.2 and $1.5 6.3 4.4 2.8 Total stock compensation expense, net of taxes of $5.4, $4.8 and $7.4 (3) $ 20.2 $ 17.7 $ 13.7 ____________________ (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 $0.1 million, $4.0 million, and $4.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss). We received $50.7 million, $10.7 million and $22.5 million in cash related to stock option exercises for the years ended December 31, 2019, 2018 and 2017, respectively. The shares used for the exercise of stock options occurring during the years ended December 31, 2019, 2018 and 2017 came from treasury shares. Impacts of Livent Distribution On March 1, 2019, we completed the previously announced distribution of 123 million shares of common stock of Livent as a pro rata dividend on shares of FMC common stock outstanding at the close of business on the record date of February 25, 2019. All outstanding and nonvested equity awards relating to FMC’s stock immediately prior to the effective date were generally converted into FMC and Livent units pursuant to the employee matters agreement. Stock Options The grant-date fair values of the stock options we granted in the years ended December 31, 2019, 2018 and 2017 were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. The dividend yield assumption reflects anticipated dividends on our common stock. 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. Employee stock options generally vest after a three Black Scholes valuation assumptions for stock option grants: 2019 2018 2017 Expected dividend yield 1.83% 0.77% 1.15% Expected volatility 26.07% 26.85% 27.04% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 2.53% 2.79% 2.10% The weighted-average grant-date fair value of options granted during the years ended December 31, 2019, 2018 and 2017 was $18.66, $25.70 and $15.66 per share, respectively. The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2019: (Shares in Thousands) Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in Millions) 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 Granted 250 85.19 Exercised (260) 41.80 11.7 Forfeited (61) 52.51 December 31, 2018 (1,044 shares exercisable and 1,287 shares expected to vest or be exercised) 2,364 6.0 years $ 52.87 $ 52.5 Granted 380 75.76 Conversion impact from Livent spin (1) 210 53.09 Exercised (1,414) 39.17 67.2 Forfeited (36) 67.82 December 31, 2019 (628 shares exercisable and 835 shares expected to vest or be exercised) 1,504 6.5 years $ 58.06 $ 62.8 ____________________ (1) Awards converted as a result of March 1, 2019 Livent separation. The number of stock options indicated in the above table as being exercisable as of December 31, 2019, had an intrinsic value of $33.2 million, a weighted-average remaining contractual term of 4.2 years, and a weighted-average exercise price of $47.02. As of December 31, 2019, we had total remaining unrecognized compensation cost related to unvested stock options of $3.9 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.79 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. 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 2015, 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 a total shareholder return ("TSR") relative to peer companies over a three three The following table shows our employee restricted award activity for the three years ended December 31, 2019: Restricted Equity Performance Based Equity (Number of Awards in Thousands) Number of awards Weighted-Average Grant Date Fair Value Per Share Number of Weighted-Average Grant Date Fair Value Per Share 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 Granted 137 84.94 133 88.65 Vested (154) 55.14 (58) 81.15 Forfeited (13) 65.39 — — Nonvested at December 31, 2018 459 $ 55.75 335 $ 56.42 Granted 108 76.22 106 83.89 Conversion impact from Livent spin (1) (29) 67.46 (12) 84.58 Vested (223) 37.54 (222) 42.18 Forfeited (13) 69.69 (1) 78.92 Nonvested at December 31, 2019 302 $ 67.89 206 $ 72.06 ____________________ (1) Awards transferred to Livent employees as a result of March 1, 2019 Livent separation. As of December 31, 2019, we had total remaining unrecognized compensation cost related to unvested restricted awards of $10.0 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.77 years. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
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, 2016 185,983,792 52,293,686 Stock options and awards — (640,450) December 31, 2017 185,983,792 51,653,236 Stock options and awards — (390,553) Repurchases of common stock, net — 2,439,495 December 31, 2018 185,983,792 53,702,178 Stock options and awards — (1,563,307) Repurchases of common stock, net — 4,720,627 December 31, 2019 185,983,792 56,859,498 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, 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 (loss) 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) 2018 Activity Other comprehensive income (loss) before reclassifications $ (95.3) $ 13.7 $ 4.2 $ (77.4) Amounts reclassified from accumulated other comprehensive income (loss) — (7.7) 16.5 8.8 Accumulated other comprehensive income (loss), net of tax at December 31, 2018 $ (101.5) $ 11.2 $ (218.6) $ (308.9) 2019 Activity Other comprehensive income (loss) before reclassifications $ (15.2) $ (69.0) $ (6.5) $ (90.7) Amounts reclassified from accumulated other comprehensive income (loss) — (8.2) 9.9 1.7 Net current period other comprehensive income (loss) $ (15.2) $ (77.2) $ 3.4 $ (89.0) Adoption of accounting standard (Note 2) — 1.0 (54.1) (53.1) Distribution of FMC Lithium (3) 39.0 — — 39.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2019 $ (77.7) $ (65.0) $ (269.3) $ (412.0) ____________________ (1) See Note 19 for more information. (2) See Note 15 for more information. (3) Represents the effects of the distribution of FMC Lithium. Refer to Note 1 for further 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 (Loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Consolidated Statements of Income (Loss) Year Ended December 31, (in Millions) 2019 2018 2017 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 $ 18.9 $ (10.0) Costs of sales and services Energy contracts — — 0.8 Costs of sales and services Foreign currency contracts 1.9 (8.0) 10.0 Selling, general and administrative expenses Interest rate contracts (0.7) (0.4) — Interest expense Total before tax $ 11.2 $ 10.5 $ 0.8 (3.0) (2.8) (0.1) Provision for income taxes Amount included in net income $ 8.2 $ 7.7 $ 0.7 Pension and other postretirement benefits (3) : Amortization of prior service costs $ (0.3) $ (0.3) $ (0.5) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (10.8) (14.4) (14.4) Selling, general and administrative expenses Recognized loss due to settlement/curtailment (1.4) (6.1) (51.2) Selling, general and administrative expenses; Discontinued operations, net of income taxes (4) Total before tax $ (12.5) $ (20.8) $ (66.1) 2.6 4.3 14.5 Provision for income taxes Amount included in net income $ (9.9) $ (16.5) $ (51.6) Total reclassifications for the period $ (1.7) $ (8.8) $ (64.8) 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 11 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 15. (4) The loss due to curtailment for the year ended December 31, 2017 related to the disposal of FMC Health and Nutrition was recorded to "Discontinued operations, net of income taxes" on the consolidated statements of income (loss). Transactions with Noncontrolling Interest As a result of the IPO and underwriters' exercise to purchase additional shares of common stock in the fourth quarter of 2018, our controlling interest in FMC Lithium was approximately 84 percent. On March 1, 2019, we completed the previously announced distribution of the remaining shares of common stock of Livent. See Note 1 for further information. 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 9 for more information. Dividends and Share Repurchases On January 16, 2020, we paid dividends totaling $57.0 million to our shareholders of record as of December 31, 2019. This amount is included in “Accrued and other liabilities” on the consolidated balance sheets as of December 31, 2019. For the years ended December 31, 2019, 2018 and 2017, we paid $210.3 million, $89.2 million and $88.8 million in dividends, respectively. In 2019, 4.7 million shares were repurchased under the publicly announced repurchase program. At December 31, 2019, approximately $600 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, 2019 | |
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 years ended December 31, 2019 and 2018, there were 0.3 million and 0.2 million potential common shares excluded from Diluted EPS, respectively. 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. 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, 2019 2018 2017 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ 540.7 $ 531.4 $ (135.7) Discontinued operations, net of income taxes (63.3) (29.3) 671.5 Net income (loss) attributable to FMC stockholders $ 477.4 $ 502.1 $ 535.8 Less: Distributed and undistributed earnings allocable to restricted award holders (1.5) (2.4) — Net income (loss) allocable to common stockholders $ 475.9 $ 499.7 $ 535.8 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 4.12 $ 3.94 $ (1.01) Discontinued operations (0.48) (0.22) 5.00 Net income (loss) $ 3.64 $ 3.72 $ 3.99 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 4.10 $ 3.91 $ (1.01) Discontinued operations (0.48) (0.22) 5.00 Net income (loss) $ 3.62 $ 3.69 $ 3.99 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 130,761 134,406 134,255 Weighted average additional shares assuming conversion of potential common shares 1,241 1,473 — Shares – diluted basis 132,002 135,879 134,255 |
Financial Instruments, Risk Man
Financial Instruments, Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments, 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, commodity forward and option contracts and interest rate contracts are included in the tables within this Note. The estimated fair value of debt is $3,393.8 million and $2,715.2 million and the carrying amount is $3,258.8 million and $2,692.7 million as of December 31, 2019 and December 31, 2018, respectively. 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, Indian rupee 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. 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 20 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, 2019, we had open foreign currency forward contracts in AOCI in a net after-tax loss position of $0.4 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2020. At December 31, 2019, we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $1,633 million. As of December 31, 2019, we had open interest rate contracts in AOCI in a net after-tax loss position of $0.7 million designated as cash flow hedges of underlying floating rate interest payments on a portion of our variable-rate debt. At December 31, 2019 we had interest rate swap contracts outstanding with a total aggregate notional value of approximately $200 million. In conjunction with the issuance of the Senior Notes, on September 20, 2019 we settled on various interest rate swap agreements which were entered into to hedge the variability in treasury rates. This settlement resulted in a loss of $83.1 million which was recorded in other comprehensive income and will be amortized over the various terms of the Senior Notes. Refer to Note 14 for further details on the Senior Notes. As of December 31, 2019, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At December 31, 2019, we had no mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts. Approximately $1.0 million of net after-tax losses, representing open foreign currency exchange contracts, option contracts and interest rate contracts will be realized in earnings during the twelve months ending December 31, 2020 if spot rates in the future are consistent with forward rates as of December 31, 2019. 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 $1,264 million at December 31, 2019. 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, 2019 and 2018. December 31, 2019 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 $ 8.0 $ 0.3 $ 8.3 $ (8.1) $ 0.2 Total derivative assets (1) $ 8.0 $ 0.3 $ 8.3 $ (8.1) $ 0.2 Foreign exchange contracts $ (12.1) $ (4.2) $ (16.3) $ 8.1 $ (8.2) Interest rate contracts (0.9) — (0.9) $ — (0.9) Total derivative liabilities (2) $ (13.0) $ (4.2) $ (17.2) $ 8.1 $ (9.1) Net derivative assets (liabilities) $ (5.0) $ (3.9) $ (8.9) $ — $ (8.9) December 31, 2018 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 $ 18.3 $ 1.5 $ 19.8 $ (8.1) $ 11.7 Total derivative assets (1) $ 18.3 $ 1.5 $ 19.8 $ (8.1) $ 11.7 Foreign exchange contracts $ (8.0) $ (0.2) $ (8.2) $ 8.1 $ (0.1) Interest rate contracts (0.2) — (0.2) — (0.2) Total derivative liabilities (2) $ (8.2) $ (0.2) $ (8.4) $ 8.1 $ (0.3) Net derivative assets (liabilities) $ 10.1 $ 1.3 $ 11.4 $ — $ 11.4 ____________________ (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 Interest rate Total 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 (1) 0.2 (0.6) (0.3) (0.7) 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 2018 Activity Unrealized hedging gains (losses) and other, net of tax $ 14.2 $ — $ (0.5) $ 13.7 Reclassification of deferred hedging (gains) losses, net of tax (1) (8.2) — 0.5 (7.7) Total derivative instrument impact on comprehensive income, net of tax $ 6.0 $ — $ — $ 6.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2018 $ 10.4 $ — $ 0.8 $ 11.2 2019 Activity Unrealized hedging gains (losses) and other, net of tax $ (3.1) $ — $ (65.9) $ (69.0) Reclassification of deferred hedging (gains) losses, net of tax (1) (8.7) — 0.5 (8.2) Total derivative instrument impact on comprehensive income, net of tax $ (11.8) $ — $ (65.4) $ (77.2) Accumulated other comprehensive income (loss), net of tax at December 31, 2019 $ (1.4) $ — $ (64.6) $ (66.0) ____________________ (1) Amounts are included in “Costs of sales and services” and "Interest expense" on the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2019 2018 2017 Foreign exchange contracts $ (26.7) $ (10.9) $ (12.5) Total $ (26.7) $ (10.9) $ (12.5) ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in “Costs of sales and services” on the consolidated statements of income (loss). 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, 2019 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) $ 0.2 $ — $ 0.2 $ — Other (2) 20.2 20.2 — — Total Assets $ 20.4 $ 20.2 $ 0.2 $ — Liabilities Derivatives – Foreign exchange (1) $ 8.2 $ — $ 8.2 $ — Derivatives - Interest Rate (1) 0.9 — 0.9 — Other (3) 32.8 29.7 3.1 — Total Liabilities $ 41.9 $ 29.7 $ 12.2 $ — (in Millions) December 31, 2018 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) $ 11.7 $ — $ 11.7 $ — Other (2) 17.7 17.7 — — Total Assets $ 29.4 $ 17.7 $ 11.7 $ — Liabilities Derivatives – Foreign exchange (1) $ 0.1 $ — $ 0.1 $ — Derivatives - Interest Rate (1) 0.2 — 0.2 — Other (3) 27.4 24.3 3.1 — Total Liabilities $ 27.7 $ 24.3 $ 3.4 $ — ____________________ (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 table presents 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, 2018. There were no non-recurring fair value measurements in the consolidated balance sheets during the year ended December 31, 2019. (in Millions) December 31, 2018 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, 2018) Assets Impairment of intangibles (1) $ 3.1 $ — $ — $ 3.1 $ (1.8) Total Assets $ 3.1 $ — $ — $ 3.1 $ (1.8) ____________________ |
Guarantees, Commitments and Con
Guarantees, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Commitments, and Contingencies | Guarantees, Commitments and Contingencies 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, 2019. 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) $ 75.7 Other debt guarantees (2) 2.1 Total $ 77.8 ____________________ (1) Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. The short-term amount is recorded as “Guarantees of vendor financing” on the consolidated balance sheets. (2) These guarantees represent support provided to third-party banks for credit extended to various 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 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 buyer 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 certain 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. Therefore, we have not recorded any specific liabilities for these guarantees. For certain obligations related to our divestitures for which we can make a reasonable estimate of the maximum potential loss or range of loss and is probable, a liability in those instances has been recorded. Commitments Purchase Obligations Our minimum commitments under our take-or-pay purchase obligations associated with the sourcing of materials and energy total approximately $1,126 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 Livent Corporation class action . On May 13, 2019, purported stockholders of our former subsidiary Livent Corporation (“Livent”) filed a putative class action complaint in the Pennsylvania Court of Common Pleas, Philadelphia County, in connection with Livent’s October 2018 initial public offering (the “Livent IPO”). The complaint in this case, Plymouth County Retirement Association v. Livent Corp., et al., named as defendants Livent, certain of its current and former executives and directors, FMC Corporation, and underwriters involved in the Livent IPO (“Defendants”). The complaint alleges generally that the offering documents for the Livent IPO failed to adequately disclose certain information related to Livent’s business and prospects. The complaint alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Livent common stock pursuant and/or traceable to the Livent IPO offering documents. On July 2, 2019, defendants moved to stay the Plymouth County action, in favor of two similar putative class actions relating to the Livent IPO, in which FMC had not been named as a defendant, which are pending in the United States District Court of the Eastern District of Pennsylvania. On July 18, 2019, a separate state action was filed against the same defendants in the Pennsylvania Court of Common Pleas, Philadelphia County, Bizzaria v. Livent Corp., et al . On July 26, 2019, Plymouth County filed an amended complaint in its state court case. On September 23, 2019, the actions were consolidated under the caption In re Livent Corporation Securities Litigation , No. 190501229. On October 11, 2019, defendants filed preliminary objections seeking to dismiss the case in its entirety. On October 22, 2019, the Court denied Defendants’ motion to stay the case, but granted a separate motion of the defendants to stay all discovery. Separately, on October 18, 2019, purported stockholders of Livent amended a putative class action complaint filed in the U.S. District Court for the Eastern District of Pennsylvania, to add FMC Corporation as a defendant. The operative complaint in that case, Bisser Nikolov v. Livent Corp., et al. makes similar substantive allegations as the state court case, including alleged violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Livent common stock pursuant and/or traceable to the Livent IPO offering documents. Pursuant to a stipulated scheduling order, Defendants filed a motion to dismiss the Nikolov case on November 18, 2019. Plaintiffs filed their opposition to the motion to dismiss on December 30, 2019, and Defendants shall have 30 days to file a reply in further support of a motion to dismiss. All discovery is stayed in this case pending a ruling on the motion to dismiss. Livent has agreed to defend and indemnify FMC with regard to these cases. FMC is cooperating with Livent and other defendants to defend the litigation. 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. 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 anticipate a response by the court sometime in 2020. 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. A settlement agreement is currently being negotiated by the parties but the terms have not yet been finalized. If the matter cannot be resolved, we will defend the case vigorously. Canadian antitrust actions . FMC signed a settlement agreement on September 27, 2018, providing for a payment of CAD 3.25 million ($2.5 million) to the plaintiffs. The settlement payment was made in the fourth quarter of 2018 and was recorded within "Discontinued operations, net of income taxes" on the consolidated statements of income (loss). The Ontario Superior Court of Justice subsequently approved the settlement and dismissed the action on January 18, 2019, which fully and finally resolved the Canadian litigation. 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 and labor cases 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 $4.9 million and $1.7 million as of December 31, 2019 and 2018, respectively. The aggregate estimated reasonably possible loss contingencies related to such Brazilian matters exceed amounts accrued by approximately $90 million at December 31, 2019. 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 12 for the Pocatello Tribal litigation, Middleport litigation, and Portland Harbor site for legal proceedings associated with our environmental contingencies. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As discussed in Note 1, we operate as a single business segment providing innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. For revenue by major geographical region, refer to Note 3. The following table provides our long-lived assets by major geographical region. (in Millions) December 31, 2019 2018 Long-lived assets (1) North America (2) $ 1,190.7 $ 1,060.8 Latin America 837.0 809.9 Europe, Middle East, and Africa (2) 1,448.0 1,421.9 Asia (2) 2,064.8 2,019.9 Total $ 5,540.5 $ 5,312.5 ____________________ (1) Geographic long-lived assets exclude long-term deferred income taxes and assets of discontinued operations 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, 2019 and 2018 are Singapore, which totaled $1,547.0 million and $1,558.9 million, the U.S., which totaled $1,177.7 million and $1,052.0 million, and Denmark, which totaled $1,045.3 million and $1,044.2 million, respectively. |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | Supplemental Information The following tables present details of prepaid and other current assets, other assets including long-term receivables, net, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2019 2018 Prepaid and other current assets Prepaid insurance $ 8.2 $ 7.9 Tax related items including value added tax receivables 229.2 215.2 Refund asset (1) 37.7 49.7 Environmental obligation recoveries (Note 12) 12.3 6.2 Derivative assets (Note 19) 0.2 11.7 Acquisition related items 3.0 3.4 Other prepaid and current assets 196.9 138.5 Total $ 487.5 $ 432.6 (in Millions) December 31, 2019 2018 Other assets including long-term receivables, net Non-current receivables (Note 10) $ 123.1 $ 84.5 Advance to contract manufacturers 116.3 69.9 Capitalized software, net 117.0 61.8 Environmental obligation recoveries (Note 12) 15.0 24.3 Income taxes indirect benefits 32.7 41.9 Operating lease ROU asset (Note 4) 164.7 — Deferred compensation arrangements (Note 19) 20.2 17.7 Pension and other postretirement benefits (Note 15) 44.2 42.8 Other long-term assets 52.1 40.5 Total $ 685.3 $ 383.4 ____________________ (1) In accordance with revenue standard requirements, a sales return liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding refund asset to recover the product from the customer. (in Millions) December 31, 2019 2018 Accrued and other liabilities Restructuring reserves (Note 9) $ 8.1 $ 8.2 Dividend payable (Note 17) 57.0 53.2 Accrued payroll 101.2 87.0 Environmental reserves, current, net of recoveries (Note 12) 115.3 63.0 Derivative liabilities (Note 19) 8.9 0.3 Furadan® product exit asset retirement obligations 33.0 — Unfavorable contracts (1) 109.2 103.1 Operating lease current liabilities (Note 4) 31.5 — Other accrued and other liabilities (2) 216.4 256.0 Total $ 680.6 $ 570.8 (in Millions) December 31, 2019 2018 Other long-term liabilities Restructuring reserves (Note 9) $ 6.5 $ 9.0 Asset retirement obligations, long-term (Note 1) 2.7 2.6 Transition tax related to Tax Cuts and Jobs Act (3) 123.6 145.6 Contingencies related to uncertain tax positions (Note 13) 71.4 79.5 Deferred compensation arrangements (Note 19) 29.7 24.3 Derivative liabilities (Note 19) 0.2 — Self-insurance reserves (primarily workers' compensation) 1.8 2.2 Lease obligations (Note 4) 163.2 17.3 Reserve for discontinued operations (Note 11) 71.9 72.2 Unfavorable contracts (1) 206.0 327.6 Other long-term liabilities 31.4 62.6 Total $ 708.4 $ 742.9 ____________________ (1) Primarily represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. Refer to Note 5 for more details. (2) Other accrued and other liabilities includes the gross up of the estimated sales returns as part of our adoption of ASC 606. The impact of the adoption impacted accrued and other liabilities by $37.7 million and $49.7 million, respectively. (3) Represents noncurrent portion of overall transition tax to be paid over the next six years. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) (in Millions, Except Share and Per Share Data) 2019 2018 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 1,192.1 $ 1,206.1 $ 1,014.3 $ 1,197.3 $ 1,107.9 $ 1,154.4 $ 923.6 $ 1,099.4 Gross margin 544.7 550.5 432.4 556.0 502.5 490.4 395.2 491.7 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes 281.8 267.8 159.9 112.1 325.0 133.3 105.1 177.5 Income (loss) from continuing operations 207.6 194.4 110.8 30.7 230.2 99.8 50.9 156.7 Discontinued operations, net of income taxes (1) 9.6 (18.1) (21.3) (33.5) 39.4 32.7 23.9 (122.1) Net income (loss) $ 217.2 $ 176.3 $ 89.5 $ (2.8) $ 269.6 $ 132.5 $ 74.8 $ 34.6 Less: Net income (loss) attributable to noncontrolling interests 1.5 1.8 (0.9) 0.4 2.4 2.8 2.0 2.2 Net income (loss) attributable to FMC stockholders $ 215.7 $ 174.5 $ 90.4 $ (3.2) $ 267.2 $ 129.7 $ 72.8 $ 32.4 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ 206.1 $ 192.6 $ 111.7 $ 30.3 $ 227.8 $ 97.0 $ 48.9 $ 157.7 Discontinued operations, net of income taxes 9.6 (18.1) (21.3) (33.5) 39.4 32.7 23.9 (125.3) Net income (loss) $ 215.7 $ 174.5 $ 90.4 $ (3.2) $ 267.2 $ 129.7 $ 72.8 $ 32.4 Basic earnings (loss) per common share attributable to FMC stockholders (2) : Continuing operations $ 1.56 $ 1.46 $ 0.85 $ 0.23 $ 1.69 $ 0.72 $ 0.36 $ 1.17 Discontinued operations 0.07 (0.14) (0.16) (0.25) 0.29 0.24 0.18 (0.93) Basic net income (loss) per common share $ 1.63 $ 1.32 $ 0.69 $ (0.02) $ 1.98 $ 0.96 $ 0.54 $ 0.24 Diluted earnings (loss) per common share attributable to FMC stockholders (2) : Continuing operations $ 1.55 $ 1.46 $ 0.85 $ 0.23 $ 1.67 $ 0.72 $ 0.36 $ 1.17 Discontinued operations 0.07 (0.14) (0.16) (0.25) 0.29 0.24 0.18 (0.93) Diluted net income (loss) per common share $ 1.62 $ 1.32 $ 0.69 $ (0.02) $ 1.96 $ 0.96 $ 0.54 $ 0.24 Weighted average shares outstanding: Basic 131.9 131.1 130.4 129.7 134.6 134.8 134.9 133.7 Diluted 133.2 132.3 131.6 130.9 136.2 136.2 136.4 135.1 ____________________ (1) In the fourth quarter of 2018, we recorded a charge of $106.3 million related to our discontinued environmental site at Middleport, New York. See Note 12 for further details. (2) 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, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Provision (Benefit) (in Millions) Balance, Beginning of Year Charged to Costs and Expenses Charged to Other Comprehensive Income Net recoveries, write-offs and other (1) Balance, End of Year December 31, 2019 Reserve for doubtful accounts (2) $ 82.9 21.2 — (16.7) $ 87.4 Deferred tax valuation allowance 261.4 42.2 (0.3) — 303.3 December 31, 2018 Reserve for doubtful accounts (2)(3) $ 85.7 71.4 — (74.2) $ 82.9 Deferred tax valuation allowance 272.0 (8.8) (1.8) — 261.4 December 31, 2017 Reserve for doubtful accounts (2) $ 65.7 22.1 — (2.1) $ 85.7 Deferred tax valuation allowance 286.4 (17.0) 2.6 — 272.0 ____________________ (1) Write-offs are net of recoveries. (2) Includes short-term and long-term portion. |
Principal Accounting Policies_2
Principal Accounting Policies and Related Financial Information (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 ("U.S. GAAP"). 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. 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. We also hold long-term receivables that represent long-term customer receivable balances related to past-due accounts which are not expected to be collected within the current year. Our policy for the review of the allowance for these receivables is consistent with the discussion in the preceding paragraph above on trade receivables. Therefore on an ongoing basis, we continue to evaluate the credit quality of our long-term receivables utilizing aging of receivables, collection experience and write-offs, as well as existing economic conditions, to determine if an additional allowance is necessary. |
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 and our remaining inventories are recorded on either a first-in, first-out (“FIFO”) basis or 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 |
Capitalized interest | Capitalized interest . We capitalized interest costs of $4.7 million in 2019, $4.1 million in 2018 and $1.6 million in 2017. These costs were primarily 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 obligations | 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. 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 12. 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 inconsequential at December 31, 2019 and 2018. |
Restructuring and other charges | Restructuring and other charges . We continually perform strategic reviews and assess the return on our business. This sometimes results in a plan to restructure the operations of our business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. |
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 |
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 2019, 2018 and 2017, we did not record any goodwill impairments. 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 Tax Cuts and Jobs Act (“the Act”) passed in the fourth quarter of 2017. three |
Revenue recognition | Revenue recognition . We recognize revenue when (or as) we satisfy our performance obligation which is when the customer obtains control of the good or service. 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. Refer to Note 3. 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. We periodically enter into prepayment arrangements with customers 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 transfer of control to the customer takes place. |
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. We 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 have not provided income taxes for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance. |
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 (loss) in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. |
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 (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. |
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 . As a result of the FMC Lithium separation, we now operate as a single business segment providing innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. The business is supported by global corporate staff functions. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and both planning and forecasting future periods. Refer to Note 3 for further information on product and regional revenues. |
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 ("OM&M") of site remediation plans. 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. In the fourth quarter of 2019, we increased our reserves for the Pocatello Tribal Matter by $72.8 million, which represents both the historical and discounted present value of future annual use permit fees as well as the associated legal costs. See Note 12 for further information. All other environmental provisions incorporate inflation and are not discounted to their present value. 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 including long-term receivables, net” 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 15 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 December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and simplification in several other areas. The new standard is effective for fiscal years beginning after December 15, 2020 (i.e., a January 1, 2021 effective date). We are evaluating the effect this guidance will have on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e., a January 1, 2020 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new standard is effective for fiscal years ending after December 15, 2020. We are evaluating the disclosure impacts this guidance will have 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 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 believe the adoption will not have a material impact on our consolidated financial statements. Recently adopted accounting guidance In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): 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 Tax Cuts and Jobs Act (the "Act") within accumulated other comprehensive income ("AOCI") to retained earnings. The new standard also requires certain disclosures about stranded 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 adopted this standard prospectively as of January 1, 2019 and reclassified $53.1 million of the stranded income tax effects from accumulated other comprehensive income (loss) to retained earnings. The reclassification was related to the change in the U.S. federal corporate tax rate and the effect of the Act on our pension plans and derivative instruments. This reclassification is reflected within the consolidated statements of changes in equity for the current period. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . 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 presentation and disclosure guidance is required to be adopted prospectively. 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 adopted this standard as of January 1, 2019. There was no material impact to our consolidated financial statements upon adoption. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842) ("ASC 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 ("ROU") 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, including related amendments, 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). In adopting this standard, we performed a detailed review of contracts of our business and assessed the terms under ASC 842. Additionally, we assessed potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. We have adopted this standard as of January 1, 2019 utilizing a modified retrospective approach and have elected the transition practical expedient package. Under this transition practical expedient package, ASC 842 was only applied to contracts that existed as of, or were entered into on or after, January 1, 2019, and a cumulative effect adjustment was made as of January 1, 2019. All comparative periods prior to January 1, 2019 will retain the financial reporting and disclosure requirements of ASC 840. The adoption of ASC 842 had a material impact on our consolidated balance sheet but did not have a material impact on the consolidated statement of income (loss), consolidated statement of comprehensive income (loss), consolidated statement of cash flows, or consolidated statement of changes in equity. As a result of adoption, we recorded additional ROU lease assets and lease liabilities of $185.3 million and $215.9 million, respectively. ROU lease assets includes a reclassification of $30.6 million of prepaid rent, accrued rent, and lease incentives previously recorded under ASC 840. Additionally, we recorded a retained earnings impact of $2.4 million as of January 1, 2019. Refer to Note 4 for further information. The expedient package allowed us not to reassess whether existing contracts contain a lease under the new definition of a lease, the lease classification of existing leases, and initial direct cost for existing leases including whether such costs would qualify for capitalization under the standard. Additionally, we elected the practical expedient to not separate non-lease components from lease components. In addition to these practical expedients, we elected the following exemption permissible under ASC 842: the exclusion of leases with terms 12 months or less that do not have a purchase option or extension that is reasonably certain to exercise. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table provides information about disaggregated revenue by major geographical region: Year Ended December 31, (in Millions) 2019 2018 North America (1) $ 1,121.1 $ 1,090.8 Latin America (1) 1,441.7 1,210.1 Europe, Middle East & Africa 1,001.8 966.0 Asia 1,045.2 1,018.4 Total Revenue $ 4,609.8 $ 4,285.3 ____________________ (1) 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, 2019 and 2018 for the U.S. totaled $1,044.1 million and $991.8 million, respectively, and for Brazil totaled $1,094.1 million and $913.7 million, respectively. The following table provides information about disaggregated revenue by major product category: Year Ended December 31, (in Millions) 2019 2018 Insecticides $ 2,773.6 $ 2,476.5 Herbicides 1,228.8 1,251.2 Fungicides 271.4 268.7 Other 336.0 288.9 Total Revenue $ 4,609.8 $ 4,285.3 |
Receivables and contract liabilities | The following table presents the opening and closing balances of our receivables (net of allowances) and contract liabilities from contracts with customers. (in Millions) Balance as of December 31, 2018 Balance as of December 31, 2019 Increase (Decrease) Receivables from contracts with customers, net of allowances $ 2,228.3 $ 2,354.3 $ 126.0 Contract liabilities: Advance payments from customers 458.4 492.7 34.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Asset and lease liability | The ROU asset and lease liability balances as of December 31, 2019 were as follows: (in Millions) Classification Balance at December 31, 2019 Assets Operating lease ROU assets Other assets including long-term receivables, net $ 164.7 Liabilities Operating lease current liabilities Accrued and other liabilities $ 31.5 Operating lease noncurrent liabilities Other long-term liabilities 163.2 |
Components of lease expense, lease term and discount rate | The components of lease expense for the year ended December 31, 2019 were as follows: (in Millions) Lease Cost Classification 2019 Operating lease cost Costs of sales and services / Selling, general and administrative expenses $ 41.3 Variable lease cost Costs of sales and services / Selling, general and administrative expenses 5.2 Total lease cost $ 46.5 December 31, 2019 Operating Lease Term and Discount Rate Weighted-average remaining lease term (years) 9.9 Weighted-average discount rate 4.2 % (in Millions) Year ended December 31, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (42.3) Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 15.7 |
Future minimum lease payments | The following table represents our future minimum operating lease payments as of, and subsequent to, December 31, 2019 under ASC 842: (in Millions) Operating Leases Total Maturity of Lease Liabilities 2020 $ 38.3 2021 28.3 2022 24.1 2023 19.0 2024 16.3 Thereafter 116.8 Total undiscounted lease payments $ 242.8 Less: Present value adjustment (48.1) Present value of lease liabilities $ 194.7 |
Schedule of Future Minimum Rental Payments for Operating Leases | The tables below represent our future minimum lease payments as of December 31, 2018 and rent expense for operating leases under ASC 840. Future Minimum Lease Payments (in Millions) 2019 2020 2021 2022 2023 Thereafter Operating Leases $ 36.0 $ 31.1 $ 20.4 $ 17.1 $ 13.3 $ 107.1 Capital Lease $ 2.9 $ 2.9 $ 3.1 $ 3.1 $ 3.1 $ 4.3 |
Schedule of Future Minimum Lease Payments for Capital Leases | The tables below represent our future minimum lease payments as of December 31, 2018 and rent expense for operating leases under ASC 840. Future Minimum Lease Payments (in Millions) 2019 2020 2021 2022 2023 Thereafter Operating Leases $ 36.0 $ 31.1 $ 20.4 $ 17.1 $ 13.3 $ 107.1 Capital Lease $ 2.9 $ 2.9 $ 3.1 $ 3.1 $ 3.1 $ 4.3 |
Schedule of Operating Lease Rent Expense | Our capital lease, which was related to our research and technology center in China, represented a financing obligation, and was derecognized as part of our transition to ASC 842. This lease was assessed under ASC 842 and determined to be an operating lease. Year ended December 31, (in Millions) 2018 2017 Operating leases rent expense $ 40.0 $ 26.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) Cash purchase price, net $ 1,225.6 Cash proceeds from working capital and other adjustments (21.5) Fair value of FMC Health and Nutrition sold to DuPont 1,968.6 Total purchase consideration $ 3,172.7 |
Summary of Consideration Paid and 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. Purchase Price Allocation (in Millions) Trade receivables (1) $ 45.8 Inventories (2) 379.7 Other current assets 51.3 Property, plant & equipment 424.7 Intangible assets: Indefinite-lived brands 1,301.2 Customer relationships (3) 763.7 Goodwill (4) 974.7 Deferred tax assets 79.7 Other noncurrent assets 14.2 Total fair value of assets acquired $ 4,035.0 Accounts payable, trade and other (1) $ 32.9 Accrued and other current liabilities (5) 156.2 Accrued pension and other postretirement benefits, long-term 9.1 Environmental liabilities (6) 2.6 Deferred tax liabilities 196.0 Other long-term liabilities (5) 452.3 Total fair value of liabilities assumed $ 849.1 Total consideration paid $ 3,185.9 Less: Noncontrolling interest (13.2) Total consideration paid less noncontrolling interest $ 3,172.7 ____________________ (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 were recorded within Other current assets and Accrued and other current liabilities. (2) Fair value of finished goods inventory acquired included a step-up in the value of approximately $89.8 million, of which $69.6 million and $20.2 million was amortized during 2018 and 2017, respectively, 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 current assets and Other noncurrent assets. |
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 below for the years ended December 31, 2017 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, 2017, nor are they indicative of future results of operations. Year Ended December 31, (in Millions) 2019 2018 2017 Pro forma Revenue (1) $ 4,609.8 $ 4,285.3 $ 3,856.6 Pro forma Diluted earnings per share from continuing operations 4.10 3.91 2.25 ____________________ (1) For the years ended December 31, 2019 and 2018, pro forma results and actual results are the same. |
Acquisition Costs | The following table summarizes the costs incurred associated with these activities. Year Ended December 31, (in Millions) 2019 2018 2017 DuPont Crop Protection Business Acquisition Legal and professional fees (1) $ 77.8 $ 86.9 $ 130.2 Inventory fair value amortization (2) — 69.6 20.2 Total transaction-related charges $ 77.8 $ 156.5 $ 150.4 Restructuring charges DuPont Crop restructuring $ 26.4 $ 108.3 $ — Total restructuring charges (3) $ 26.4 $ 108.3 $ — ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of “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) See Note 9 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, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are presented in the table below: (in Millions) Total Balance, December 31, 2017 $ 1,198.9 Foreign currency and other adjustments (13.7) Purchase price allocation adjustments (1) 282.9 Balance, December 31, 2018 $ 1,468.1 Foreign currency and other adjustments (0.6) Balance, December 31, 2019 $ 1,467.5 ____________________ (1) Represents the cumulative effect of all measurement-period adjustments to the goodwill recorded as part of the DuPont Crop Protection Business Acquisition. Refer to Note 5 for further details. |
Schedule of Finite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following: December 31, 2019 December 31, 2018 (in Millions) Weighted avg. useful life at December 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite life) Customer relationships 17 years $ 1,139.7 $ (184.7) $ 955.0 $ 1,146.2 $ (128.7) $ 1,017.5 Patents 6 years 1.7 (0.9) 0.8 1.7 (0.8) 0.9 Brands (1) (3) 8 years 16.7 (6.7) 10.0 17.0 (5.9) 11.1 Purchased and licensed technologies 10 years 60.2 (35.2) 25.0 61.3 (32.1) 29.2 Other intangibles 1 year 1.9 (1.8) 0.1 1.9 (1.8) 0.1 $ 1,220.2 $ (229.3) $ 990.9 $ 1,228.1 $ (169.3) $ 1,058.8 Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,259.1 $ 1,259.1 $ 1,259.1 $ 1,259.1 Brands (1) (3) 379.0 379.0 384.8 384.8 In-process research and development — — 0.7 0.7 $ 1,638.1 $ 1,638.1 $ 1,644.6 $ 1,644.6 Total intangible assets $ 2,858.3 $ (229.3) $ 2,629.0 $ 2,872.7 $ (169.3) $ 2,703.4 ____________________ (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. |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets not subject to amortization (indefinite life) Crop Protection Brands (2) $ 1,259.1 $ 1,259.1 $ 1,259.1 $ 1,259.1 Brands (1) (3) 379.0 379.0 384.8 384.8 In-process research and development — — 0.7 0.7 $ 1,638.1 $ 1,638.1 $ 1,644.6 $ 1,644.6 Total intangible assets $ 2,858.3 $ (229.3) $ 2,629.0 $ 2,872.7 $ (169.3) $ 2,703.4 ____________________ (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. |
Schedule of Amortization Expense | Year Ended December 31, (in Millions) 2019 2018 2017 Amortization expense $ 62.6 $ 62.2 $ 26.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: December 31, (in Millions) 2019 2018 Finished goods $ 372.2 $ 430.4 Work in process 559.4 518.8 Raw materials, supplies and other 217.3 206.9 FIFO inventory $ 1,148.9 $ 1,156.1 Less: Excess of FIFO cost over LIFO cost (131.9) (130.6) Net inventories $ 1,017.0 $ 1,025.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: December 31, (in Millions) 2019 2018 Land and land improvements $ 94.3 $ 99.3 Buildings 367.5 386.4 Machinery and equipment 582.1 508.9 Construction in progress 65.3 50.4 Total cost $ 1,109.2 $ 1,045.0 Accumulated depreciation (351.2) (288.1) Property, plant and equipment, net $ 758.0 $ 756.9 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Income) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges (Income) | The following table shows total restructuring and other charges (income) included in the respective line items of the consolidated statements of income (loss): Year Ended December 31, (in Millions) 2019 2018 2017 Restructuring charges $ 62.2 $ 124.1 $ 8.5 Other charges (income), net 108.8 (62.9) 64.7 Total restructuring and other charges (income) $ 171.0 $ 61.2 $ 73.2 |
Schedule of Restructuring Charges and Asset Disposals | Restructuring charges (in Millions) Severance and Employee Benefits Other Charges (Income) (1) Asset Disposal Charges (2) Total DuPont Crop restructuring $ 9.1 $ 5.2 $ 12.1 $ 26.4 Furadan® product exit — — 34.1 34.1 Other items 1.7 — — 1.7 Year ended December 31, 2019 $ 10.8 $ 5.2 $ 46.2 $ 62.2 DuPont Crop restructuring $ 16.3 $ 16.9 $ 75.1 $ 108.3 Other items 5.7 3.1 7.0 15.8 Year ended December 31, 2018 $ 22.0 $ 20.0 $ 82.1 $ 124.1 Other items — 0.8 7.7 8.5 Year ended December 31, 2017 $ — $ 0.8 $ 7.7 $ 8.5 ____________________ (1) Primarily represents third-party costs associated with miscellaneous restructuring activities. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. |
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 12/31/17 Change in reserves (3) Cash payments Other (4) Balance at 12/31/18 (5) Change in reserves (3) Cash payments Other (4) Balance at 12/31/19 (5) DuPont Crop restructuring (1) $ — $ 33.2 $ (15.8) $ (1.2) $ 16.2 $ 14.3 $ (15.9) $ (0.1) $ 14.5 Cheminova restructuring 1.2 — (1.2) — — — — — — Other workforce related and facility shutdowns (2) 2.3 8.8 (8.2) (1.9) 1.0 1.7 (2.7) 0.1 0.1 Total $ 3.5 $ 42.0 $ (25.2) $ (3.1) $ 17.2 $ 16.0 $ (18.6) $ — $ 14.6 ____________________ (1) Primarily consists of real estate exit costs and severance associated with DuPont Crop restructuring activities. (2) Primarily severance costs related to workforce reductions and facility shutdowns described in the Other items section or the Restructuring charges table above. (3) 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 this table. (4) Primarily foreign currency translation adjustments. (5) Included in “Accrued and other liabilities” and "Other long-term liabilities" on the consolidated balance sheets. |
Schedule of Other Charges Included Within Restructuring And Other Charges Income | Other charges (income), net Year Ended December 31, (in Millions) 2019 2018 2017 Environmental charges, net $ 108.7 $ 21.7 $ 16.2 Product portfolio sales 0.1 (87.2) — Impairment of intangibles — — 42.1 Other items, net — 2.6 6.4 Other charges (income), net $ 108.8 $ (62.9) $ 64.7 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2018 and 2019. (in Millions) Balance, December 31, 2017 $ 38.6 Additions — charged to expense (1) 58.0 Transfer from (to) allowance for credit losses (see below) (17.3) Net recoveries, write-offs and other (1) (56.9) Balance, December 31, 2018 $ 22.4 Additions — charged to expense 3.6 Transfer from (to) allowance for credit losses (see below) 3.4 Net recoveries, write-offs and other (3.1) Balance, December 31, 2019 $ 26.3 ____________________ (1) Includes the charge and write-off of approximately $42 million associated with the stranded accounts receivables written off as part of the restructuring in India. The charge was recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). Refer to Note 9 for further information. |
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 2018 and 2019. ( in Millions ) Balance, December 31, 2017 $ 47.1 Additions — charged to expense 13.4 Transfer from (to) allowance for doubtful accounts (see above) 17.3 Foreign currency adjustments (4.1) Net recoveries, write-offs and other (13.2) Balance, December 31, 2018 $ 60.5 Additions — charged to expense 17.6 Transfer from (to) allowance for doubtful accounts (see above) (3.4) Foreign currency adjustments (0.5) Net recoveries, write-offs and other (13.1) Balance, December 31, 2019 $ 61.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The results of our discontinued FMC Lithium operations are summarized below: (in Millions) Year Ended December 31, 2019 2018 2017 Revenue $ 52.1 $ 442.5 $ 347.4 Costs of sales and services 41.3 235.4 197.9 Income (loss) from discontinued operations before income taxes (1) $ 1.1 $ 170.9 $ 85.0 Provision (benefit) for income taxes 6.0 25.5 35.2 Total discontinued operations of FMC Lithium, net of income taxes, before separation-related costs $ (4.9) $ 145.4 $ 49.8 Separation-related costs and other adjustments of discontinued operations of FMC Lithium, net of income taxes (16.4) (28.1) — Discontinued operations of FMC Lithium, net of income taxes $ (21.3) $ 117.3 $ 49.8 Less: Discontinued operations of FMC Lithium attributable to noncontrolling interests — 3.2 — Discontinued operations of FMC Lithium, net of income taxes, attributable to FMC Stockholders $ (21.3) $ 114.1 $ 49.8 ____________________ (1) For the years ended December 31, 2018 and 2017, amounts include $2.5 million and $8.2 million of restructuring and other charges (income), respectively, and $4.3 million and $34.5 million of non-operating pension settlement charges (income), respectively. The following table presents the major classes of assets and liabilities of FMC Lithium: December 31, (in Millions) 2019 2018 Assets Current assets of discontinued operations (1) $ — $ 293.9 Property, plant and equipment (2) — 275.7 Other noncurrent assets (2) — 83.1 Total assets of discontinued operations $ — $ 652.7 Liabilities Current liabilities of discontinued operations (3) $ — $ (97.3) Noncurrent liabilities of discontinued operations (4) — (46.1) Total liabilities of discontinued operations $ — $ (143.4) Total net assets $ — $ 509.3 ____________________ (1) Primarily consists of cash and cash equivalents, trade receivables, and inventories. Presented as "Current assets of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (2) Presented as "Noncurrent assets of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (3) Presented as "Current liabilities of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (4) Presented as "Noncurrent liabilities of discontinued operations" on the condensed consolidated balance sheets as of December 31, 2018. (in Millions) Year Ended December 31, 2019 2018 2017 Revenue $ — $ 3.8 $ 562.9 Costs of sales and services — 4.0 370.5 Income (loss) from discontinued operations before income taxes (1) $ — $ 2.0 $ 113.7 Provision (benefit) for income taxes — 3.8 9.7 Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (2) $ — $ (1.8) $ 104.0 Gain on sale of FMC Health and Nutrition, net of income taxes (3) — — 727.1 Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes (4) — 7.8 — Divestiture related costs and other adjustments of discontinued operations of FMC Health and Nutrition, net of income taxes 0.5 — — Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (5) — — (147.8) Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders $ 0.5 $ 6.0 $ 683.3 ____________________ (1) Results for the year ended December 31, 2018 include an adjustment to retained liabilities of the disposed FMC Health and Nutrition business. For the year ended December 31, 2017 amount includes $16.6 million of allocated interest expense, $8.1 million of restructuring and other charges (income), and $3.9 million of a pension curtailment charge. See Note 15 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. (2) In accordance with U.S. GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. 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. (3) Includes $27.9 million of divestiture related costs, net of tax as well as incremental tax cost of $14.7 million related to certain legal entity restructuring executed during the third quarter of 2017 to facilitate the FMC Health and Nutrition divestiture. (4) Amount represents the settlement of working capital adjustments subsequent to the sale. (5) 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. Our discontinued operations comprised the following: (in Millions) Year Ended December 31, 2019 2018 2017 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $(23.9), $(5.2) and $(0.1), respectively $ 4.3 $ (1.7) $ 3.0 Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $6.3, $32.5 and $24.9, respectively (1) (23.5) (121.4) (51.2) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $6.3,$6.9 and $7.2, respectively (23.3) (26.3) (13.4) Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of $(0.2), $(7.1) and $(180.1), respectively 0.5 6.0 683.3 Discontinued operations of FMC Lithium, net of income tax benefit (expense) of $(12.3), $(18.0) and $(35.2), respectively (21.3) 117.3 49.8 Discontinued operations, net of income taxes $ (63.3) $ (26.1) $ 671.5 ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 12. |
Discontinued Reserve Balance Table | Reserves for Discontinued Operations, other than Environmental at December 31, 2019 and 2018 (in Millions) December 31, 2019 2018 Workers’ compensation, product liability, and indemnification reserves $ 15.7 $ 23.6 Postretirement medical and life insurance benefits reserve, net 5.9 7.0 Reserves for legal proceedings 50.3 41.6 Reserve for discontinued operations (1) $ 71.9 $ 72.2 ____________________ |
Environmental Obligations (Tabl
Environmental Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2016 to December 31, 2019. (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2016 $ 360.4 2017 Provision 105.6 Spending, net of recoveries (63.3) Acquisitions (1) 2.6 Foreign currency translation adjustments 6.5 Net Change $ 51.4 Total environmental reserves, net of recoveries at December 31, 2017 $ 411.8 2018 Provision 178.2 Spending, net of recoveries (65.7) Foreign currency translation adjustments (2.8) Net Change $ 109.7 Total environmental reserves, net of recoveries at December 31, 2018 $ 521.5 2019 Provision 138.8 Spending, net of recoveries (73.8) Foreign currency translation adjustments and other adjustments (0.7) Net Change $ 64.3 Total environmental reserves, net of recoveries at December 31, 2019 $ 585.8 ______________ (1) 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, 2017 to December 31, 2019: (in Millions) December 31, 2017 Increase (Decrease) in Recoveries Cash Received December 31, 2018 Increase (Decrease) in Recoveries Cash Received Other December 31, 2019 Environmental liabilities, continuing and discontinued $ 13.9 $ (5.5) $ (0.5) $ 7.9 $ 2.6 $ (0.5) $ — $ 10.0 Other assets (1) 32.3 2.6 (4.4) 30.5 0.3 (3.8) 0.3 27.3 Total $ 46.2 $ (2.9) $ (4.9) $ 38.4 $ 2.9 $ (4.3) $ 0.3 $ 37.3 ______________ (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 22 for more details. |
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) 2019 2018 Environmental reserves, current, net of recoveries (1) $ 115.3 $ 63.0 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 470.5 458.5 Total environmental reserves, net of recoveries $ 585.8 $ 521.5 ______________ (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) 2019 2018 2017 Continuing operations (1) $ 108.7 $ 21.7 $ 16.2 Discontinued operations (2) 29.8 153.9 76.1 Net environmental provision $ 138.5 $ 175.6 $ 92.3 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 9. 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 11. |
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) 2019 2018 2017 Environmental reserves (1) $ 138.8 $ 178.2 $ 105.6 Other assets (2) (0.3) (2.6) (13.3) Net environmental provision $ 138.5 $ 175.6 $ 92.3 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 22 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, 2019 | |
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) 2019 2018 2017 Domestic $ (227.4) $ (234.9) $ (201.4) Foreign 882.4 843.3 297.2 Total $ 655.0 $ 608.4 $ 95.8 |
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) 2019 2018 2017 Current: Federal (1) $ (12.0) $ 25.1 $ 61.9 Foreign 77.0 90.0 49.9 State 0.4 (0.4) 4.1 Total current $ 65.4 $ 114.7 $ 115.9 Deferred: Federal (2) $ (1.2) $ (4.4) $ 127.8 Foreign 42.7 (30.4) (14.4) State 4.6 (9.1) (0.4) Total deferred $ 46.1 $ (43.9) $ 113.0 Total $ 111.5 $ 70.8 $ 228.9 ____________________ (1) The years ended December 31, 2018 and 2017 i nclude the one-time impacts of the Act, primarily related to transition tax. (2) The years ended December 31, 2018 and 2017 i |
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, (in Millions) 2019 2018 2017 U.S. Federal statutory rate (1) $ 137.5 $ 127.8 $ 33.5 Impacts of Tax Cuts and Jobs Act Enactment (2) — 7.8 303.6 Foreign earnings subject to different tax rates (3) (137.7) (154.9) (74.5) Capital loss on internal restructuring — — (45.3) State and local income taxes, less federal income tax benefit (2.9) 1.4 (1.5) Manufacturer's production deduction and miscellaneous tax credits (3.8) (3.7) (8.4) Tax on dividends, deemed dividends, and GILTI (4) 46.8 45.5 10.6 Changes to unrecognized tax benefits (5.4) 2.7 6.7 Nondeductible expenses 3.5 12.4 14.2 Change in valuation allowance (5) 49.9 7.4 (29.3) Exchange gains and losses (6) (2.1) 5.7 28.1 Other 25.7 18.7 (8.8) Total Tax Provision $ 111.5 $ 70.8 $ 228.9 ____________________ (1) The years ended December 31, 2019 and 2018 includes twelve months of earnings associated with the operations of the DuPont Crop Protection Business acquired November 1, 2017. See Note 5 for additional information. (2) Includes the one-time impacts of the of the Act, primarily related to transition tax and the decrease to the U.S. tax rate, further discussed above within Note 13. (3) The years ended December 31, 2019 and 2018 reflects the income mix associated with twelve months of foreign earnings of the DuPont Crop Protection business acquired November 1, 2017. (4) The years ended December 31, 2019 and 2018 includes tax expense of $41.6 million and $43.8 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions of the Act. (5) The year ended December 31, 2019 includes approximately $21 million associated with our India operations, primarily related to net operating losses with limited carryforward. (6) Includes the 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. |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2019 2018 Reserves for discontinued operations, environmental and restructuring $ 188.3 $ 148.7 Accrued pension and other postretirement benefits 2.4 2.1 Capital loss, foreign tax and other credit carryforwards 7.5 6.0 Net operating loss carryforwards 227.0 219.3 Deferred expenditures capitalized for tax 18.7 15.2 Other 163.6 143.3 Deferred tax assets $ 607.5 $ 534.6 Valuation allowance, net (303.3) (261.4) Deferred tax assets, net of valuation allowance $ 304.2 $ 273.2 Intangibles and property, plant and equipment, net 380.0 331.2 Deferred tax liabilities $ 380.0 $ 331.2 Net deferred tax assets (liabilities) $ (75.8) $ (58.0) |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2019 2018 2017 Balance at beginning of year $ 79.1 $ 84.0 $ 111.6 Increases related to positions taken in the current year 4.1 11.8 9.4 Increases and decreases related to positions taken in prior years 3.4 (1.8) (4.6) Decreases related to lapse of statutes of limitations (13.0) (13.5) (14.2) Settlements during the current year (2.8) (1.4) (0.3) Decreases for tax positions on dispositions (2.6) — (17.9) Balance at end of year (1) $ 68.2 $ 79.1 $ 84.0 ____________________ |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Maturing within One Year | Debt maturing within one year consists of the following: December 31, (in Millions) 2019 2018 Short-term foreign debt (1) $ 144.9 $ 106.5 Commercial paper — 55.2 Total short-term debt $ 144.9 $ 161.7 Current portion of long-term debt 82.8 386.0 Short-term debt and current portion of long-term debt $ 227.7 $ 547.7 ____________________ (1) At December 31, 2019, the average effective interest rate on the borrowings was 16.3 percent. |
Schedule of Long-Term Debt | Long-term debt consists of the following: (in Millions) December 31, 2019 December 31, Interest Rate Percentage Maturity Date 2019 2018 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 1.85% - 6.45% 2021 - 2032 $ 51.6 $ 51.6 Senior notes (less unamortized discounts of $1.3 and $0.8, respectively) 3.20% - 4.50% 2022 - 2049 2,198.7 999.2 2017 Term Loan Facility 3.0% 2022 800.0 1,400.0 Revolving Credit Facility (1) 4.3% 2024 — — Foreign debt 0% - 7.2% 2021 - 2024 83.8 89.1 Debt issuance cost (20.2) (8.9) Total long-term debt $ 3,113.9 $ 2,531.0 Less: debt maturing within one year 82.8 386.0 Total long-term debt, less current portion $ 3,031.1 $ 2,145.0 ____________________ |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
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, 2019 2018 Discount rate qualified 3.22 % 4.35 % Discount rate nonqualified plan 2.74 % 3.97 % Discount rate other benefits 2.89 % 4.08 % Rate of compensation increase 3.10 % 3.10 % |
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) 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,261.3 $ 1,385.8 $ 18.9 $ 19.0 Service cost 4.2 6.3 — — Interest cost 47.6 44.5 0.6 0.7 Actuarial loss (gain) (2) 153.0 (89.9) (2.2) 0.6 Amendments — — — (0.1) Foreign currency exchange rate changes and other — (0.4) — — Plan participants’ contributions — — 0.4 0.7 Special termination benefits — 3.9 — — Settlements (3.5) (4.4) — — Curtailments — (0.9) — 0.2 Benefits paid (83.5) (83.6) (1.9) (2.2) Projected benefit obligation at December 31 $ 1,379.1 $ 1,261.3 $ 15.8 $ 18.9 Change in plan assets Fair value of plan assets at January 1 $ 1,269.7 $ 1,339.9 $ — $ — Actual return on plan assets 196.2 (18.0) — — Foreign currency exchange rate changes (0.2) (0.2) — — Company contributions 11.9 36.0 1.5 1.5 Plan participants’ contributions — — 0.4 0.7 Settlements (3.5) (4.4) — — Benefits paid (83.5) (83.6) (1.9) (2.2) Fair value of plan assets at December 31 $ 1,390.6 $ 1,269.7 $ — $ — Funded Status U.S. plans with assets $ 44.2 $ 42.8 $ — $ — U.S. plans without assets (22.4) (24.6) (15.8) (18.9) Non-U.S. plans with assets (1.3) (1.9) — — All other plans (9.0) (7.9) — — Net funded status of the plan (liability) $ 11.5 $ 8.4 $ (15.8) $ (18.9) Amount recognized in the consolidated balance sheets: Pension asset (3) $ 44.2 $ 42.8 $ — $ — Accrued benefit liability (4) (32.7) (34.4) (15.8) (18.9) Total $ 11.5 $ 8.4 $ (15.8) $ (18.9) ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) The actuarial loss in 2019 and actuarial gain in 2018 was primarily driven by the change in discount rate on the U.S. qualified plan. Additionally, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations in both 2019 and 2018. Adoption of the most recent projection scale for each applicable year decreased the U.S. defined benefit obligations by approximately $13 million and $4 million at December 31, 2019 and 2018, respectively. (3) Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets. (4) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. 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) 2019 2018 2019 2018 Prior service (cost) credit $ (0.9) $ (1.1) $ — $ (0.1) Net actuarial (loss) gain (367.3) (370.6) 5.5 4.2 Accumulated other comprehensive income (loss) – pretax $ (368.2) $ (371.7) $ 5.5 $ 4.1 Accumulated other comprehensive income (loss) – net of tax (2) (277.2) (226.1) 3.7 2.6 ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans . (2) Accumulated other comprehensive income (loss) - net of tax as of December 31, 2019 includes the reclassification of stranded income tax effects . See Note 2 for more information. |
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 2019 2018 Projected benefit obligations $ 37.2 $ 39.1 Accumulated benefit obligations 37.5 39.2 Fair value of plan assets 4.5 4.7 |
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 2019 2018 Projected benefit obligations $ 37.2 $ 39.1 Accumulated benefit obligations 37.5 39.2 Fair value of plan assets 4.5 4.7 |
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) 2019 2018 2019 2018 Current year net actuarial loss (gain) $ 11.0 $ (8.7) $ (2.3) $ 0.8 Current year prior service cost (credit) — — — (0.1) Amortization of net actuarial (loss) gain (12.9) (16.0) 1.0 0.5 Amortization of prior service (cost) credit (0.2) (0.4) (0.1) 0.1 Recognition of prior service cost due to curtailment — (0.3) — — Transfer of actuarial (loss) gain from continuing to discontinued operations — — — (0.1) Curtailment loss (2) — (0.9) — — Settlement loss (1.4) (1.8) — — Foreign currency exchange rate changes on the above line items — (0.4) — — Total recognized in other comprehensive (income) loss, before taxes $ (3.5) $ (28.5) $ (1.4) $ 1.2 Total recognized in other comprehensive (income) loss, after taxes (3.0) (22.3) (1.1) 0.9 ____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) During the year ended December 31, 2018, due to the announced plans to separate FMC Lithium, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans as of October 31, 2018 in addition to the normal December 31st remeasurement, which resulted in adjustments to comprehensive income. The $0.9 million in 2018 reflects the adjustment to the continuing operations liability and other comprehensive income based on the revaluation of the plan. The associated curtailment expense is recorded within "Non-operating pension and postretirement charges (income)" on the consolidated statements of income (loss). |
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) 2019 2018 2017 2019 2018 2017 Discount rate 4.36 % 3.68 % 4.22 % 4.08 % 3.41 % 3.77 % Expected return on plan assets 4.25 % 5.00 % 6.50 % — — — Rate of compensation increase 3.10 % 3.10 % 3.60 % — — — Components of net annual benefit cost: Service cost $ 4.2 $ 6.3 $ 7.4 $ — $ — $ — Interest cost 47.6 44.5 44.3 0.6 0.7 0.7 Expected return on plan assets (53.4) (63.0) (79.1) — — — Amortization of prior service cost 0.2 0.4 0.6 0.1 (0.1) (0.1) Amortization of net actuarial and other (gain) loss 12.9 16.0 15.5 (1.0) (0.5) (0.9) Recognized (gain) loss due to settlement 1.4 1.8 3.2 — — — Net annual benefit cost (income) $ 12.9 $ 6.0 $ (8.1) $ (0.3) $ 0.1 $ (0.3) ___________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. |
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 19 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) December 31, 2019 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 $ 19.8 $ 19.8 $ — $ — Fixed income investments: Investment contracts 150.1 — 150.1 — U.S. Government Securities 331.0 294.3 36.7 — Mutual funds 65.2 65.2 — — Corporate debt instruments 824.5 — 824.5 — Total assets $ 1,390.6 $ 379.3 $ 1,011.3 $ — (in Millions) December 31, 2018 Quoted Prices Significant Significant Cash and short-term investments $ 92.5 $ 92.5 $ — $ — Fixed income investments: Investment contracts 144.9 — 144.9 — U.S. Government Securities 469.9 465.1 4.8 — Mutual funds 55.7 55.7 — — Corporate debt instruments 506.7 — 506.7 — Total assets $ 1,269.7 $ 613.3 $ 656.4 $ — |
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) 2019 2018 U.S. qualified pension plan $ 7.0 $ 30.0 U.S. nonqualified pension plan 4.9 6.0 Other postretirement benefits 1.5 1.5 Total $ 13.4 $ 37.5 |
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) 2020 2021 2022 2023 2024 2025 - 2029 Pension Benefits $ 90.2 $ 86.7 $ 86.9 $ 85.0 $ 85.3 $ 408.7 Other Benefits 1.7 1.6 1.5 1.5 1.4 5.4 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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) 2019 2018 2017 Stock option expense, net of taxes of $1.5, $1.3 and $2.4 (1) $ 5.7 $ 4.9 $ 4.5 Restricted stock expense, net of taxes of $2.2, $2.3 and $3.5 (2) 8.2 8.4 6.4 Performance based expense, net of taxes of $1.7, $1.2 and $1.5 6.3 4.4 2.8 Total stock compensation expense, net of taxes of $5.4, $4.8 and $7.4 (3) $ 20.2 $ 17.7 $ 13.7 ____________________ (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. |
Black Scholes Valuation Assumptions for Stock Option Grants | Black Scholes valuation assumptions for stock option grants: 2019 2018 2017 Expected dividend yield 1.83% 0.77% 1.15% Expected volatility 26.07% 26.85% 27.04% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 2.53% 2.79% 2.10% |
Summary of Stock Option Activity | The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2019: (Shares in Thousands) Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value (in Millions) 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 Granted 250 85.19 Exercised (260) 41.80 11.7 Forfeited (61) 52.51 December 31, 2018 (1,044 shares exercisable and 1,287 shares expected to vest or be exercised) 2,364 6.0 years $ 52.87 $ 52.5 Granted 380 75.76 Conversion impact from Livent spin (1) 210 53.09 Exercised (1,414) 39.17 67.2 Forfeited (36) 67.82 December 31, 2019 (628 shares exercisable and 835 shares expected to vest or be exercised) 1,504 6.5 years $ 58.06 $ 62.8 ____________________ (1) Awards converted as a result of March 1, 2019 Livent separation. |
Summary of Restricted Award Activity | The following table shows our employee restricted award activity for the three years ended December 31, 2019: Restricted Equity Performance Based Equity (Number of Awards in Thousands) Number of awards Weighted-Average Grant Date Fair Value Per Share Number of Weighted-Average Grant Date Fair Value Per Share 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 Granted 137 84.94 133 88.65 Vested (154) 55.14 (58) 81.15 Forfeited (13) 65.39 — — Nonvested at December 31, 2018 459 $ 55.75 335 $ 56.42 Granted 108 76.22 106 83.89 Conversion impact from Livent spin (1) (29) 67.46 (12) 84.58 Vested (223) 37.54 (222) 42.18 Forfeited (13) 69.69 (1) 78.92 Nonvested at December 31, 2019 302 $ 67.89 206 $ 72.06 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2016 185,983,792 52,293,686 Stock options and awards — (640,450) December 31, 2017 185,983,792 51,653,236 Stock options and awards — (390,553) Repurchases of common stock, net — 2,439,495 December 31, 2018 185,983,792 53,702,178 Stock options and awards — (1,563,307) Repurchases of common stock, net — 4,720,627 December 31, 2019 185,983,792 56,859,498 |
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, 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 (loss) 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) 2018 Activity Other comprehensive income (loss) before reclassifications $ (95.3) $ 13.7 $ 4.2 $ (77.4) Amounts reclassified from accumulated other comprehensive income (loss) — (7.7) 16.5 8.8 Accumulated other comprehensive income (loss), net of tax at December 31, 2018 $ (101.5) $ 11.2 $ (218.6) $ (308.9) 2019 Activity Other comprehensive income (loss) before reclassifications $ (15.2) $ (69.0) $ (6.5) $ (90.7) Amounts reclassified from accumulated other comprehensive income (loss) — (8.2) 9.9 1.7 Net current period other comprehensive income (loss) $ (15.2) $ (77.2) $ 3.4 $ (89.0) Adoption of accounting standard (Note 2) — 1.0 (54.1) (53.1) Distribution of FMC Lithium (3) 39.0 — — 39.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2019 $ (77.7) $ (65.0) $ (269.3) $ (412.0) ____________________ (1) See Note 19 for more information. (2) See Note 15 for more information. (3) Represents the effects of the distribution of FMC Lithium. Refer to Note 1 for further 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 (Loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Consolidated Statements of Income (Loss) Year Ended December 31, (in Millions) 2019 2018 2017 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 $ 18.9 $ (10.0) Costs of sales and services Energy contracts — — 0.8 Costs of sales and services Foreign currency contracts 1.9 (8.0) 10.0 Selling, general and administrative expenses Interest rate contracts (0.7) (0.4) — Interest expense Total before tax $ 11.2 $ 10.5 $ 0.8 (3.0) (2.8) (0.1) Provision for income taxes Amount included in net income $ 8.2 $ 7.7 $ 0.7 Pension and other postretirement benefits (3) : Amortization of prior service costs $ (0.3) $ (0.3) $ (0.5) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (10.8) (14.4) (14.4) Selling, general and administrative expenses Recognized loss due to settlement/curtailment (1.4) (6.1) (51.2) Selling, general and administrative expenses; Discontinued operations, net of income taxes (4) Total before tax $ (12.5) $ (20.8) $ (66.1) 2.6 4.3 14.5 Provision for income taxes Amount included in net income $ (9.9) $ (16.5) $ (51.6) Total reclassifications for the period $ (1.7) $ (8.8) $ (64.8) 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 11 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 15. (4) The loss due to curtailment for the year ended December 31, 2017 related to the disposal of FMC Health and Nutrition was recorded to "Discontinued operations, net of income taxes" on the consolidated statements of income (loss). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ 540.7 $ 531.4 $ (135.7) Discontinued operations, net of income taxes (63.3) (29.3) 671.5 Net income (loss) attributable to FMC stockholders $ 477.4 $ 502.1 $ 535.8 Less: Distributed and undistributed earnings allocable to restricted award holders (1.5) (2.4) — Net income (loss) allocable to common stockholders $ 475.9 $ 499.7 $ 535.8 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 4.12 $ 3.94 $ (1.01) Discontinued operations (0.48) (0.22) 5.00 Net income (loss) $ 3.64 $ 3.72 $ 3.99 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 4.10 $ 3.91 $ (1.01) Discontinued operations (0.48) (0.22) 5.00 Net income (loss) $ 3.62 $ 3.69 $ 3.99 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 130,761 134,406 134,255 Weighted average additional shares assuming conversion of potential common shares 1,241 1,473 — Shares – diluted basis 132,002 135,879 134,255 |
Financial Instruments, Risk M_2
Financial Instruments, Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018. December 31, 2019 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 $ 8.0 $ 0.3 $ 8.3 $ (8.1) $ 0.2 Total derivative assets (1) $ 8.0 $ 0.3 $ 8.3 $ (8.1) $ 0.2 Foreign exchange contracts $ (12.1) $ (4.2) $ (16.3) $ 8.1 $ (8.2) Interest rate contracts (0.9) — (0.9) $ — (0.9) Total derivative liabilities (2) $ (13.0) $ (4.2) $ (17.2) $ 8.1 $ (9.1) Net derivative assets (liabilities) $ (5.0) $ (3.9) $ (8.9) $ — $ (8.9) December 31, 2018 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 $ 18.3 $ 1.5 $ 19.8 $ (8.1) $ 11.7 Total derivative assets (1) $ 18.3 $ 1.5 $ 19.8 $ (8.1) $ 11.7 Foreign exchange contracts $ (8.0) $ (0.2) $ (8.2) $ 8.1 $ (0.1) Interest rate contracts (0.2) — (0.2) — (0.2) Total derivative liabilities (2) $ (8.2) $ (0.2) $ (8.4) $ 8.1 $ (0.3) Net derivative assets (liabilities) $ 10.1 $ 1.3 $ 11.4 $ — $ 11.4 ____________________ (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 Interest rate Total 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 (1) 0.2 (0.6) (0.3) (0.7) 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 2018 Activity Unrealized hedging gains (losses) and other, net of tax $ 14.2 $ — $ (0.5) $ 13.7 Reclassification of deferred hedging (gains) losses, net of tax (1) (8.2) — 0.5 (7.7) Total derivative instrument impact on comprehensive income, net of tax $ 6.0 $ — $ — $ 6.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2018 $ 10.4 $ — $ 0.8 $ 11.2 2019 Activity Unrealized hedging gains (losses) and other, net of tax $ (3.1) $ — $ (65.9) $ (69.0) Reclassification of deferred hedging (gains) losses, net of tax (1) (8.7) — 0.5 (8.2) Total derivative instrument impact on comprehensive income, net of tax $ (11.8) $ — $ (65.4) $ (77.2) Accumulated other comprehensive income (loss), net of tax at December 31, 2019 $ (1.4) $ — $ (64.6) $ (66.0) ____________________ (1) Amounts are included in “Costs of sales and services” and "Interest expense" on the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2019 2018 2017 Foreign exchange contracts $ (26.7) $ (10.9) $ (12.5) Total $ (26.7) $ (10.9) $ (12.5) ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in “Costs of sales and services” on the consolidated statements of income (loss). |
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, 2019 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) $ 0.2 $ — $ 0.2 $ — Other (2) 20.2 20.2 — — Total Assets $ 20.4 $ 20.2 $ 0.2 $ — Liabilities Derivatives – Foreign exchange (1) $ 8.2 $ — $ 8.2 $ — Derivatives - Interest Rate (1) 0.9 — 0.9 — Other (3) 32.8 29.7 3.1 — Total Liabilities $ 41.9 $ 29.7 $ 12.2 $ — (in Millions) December 31, 2018 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) $ 11.7 $ — $ 11.7 $ — Other (2) 17.7 17.7 — — Total Assets $ 29.4 $ 17.7 $ 11.7 $ — Liabilities Derivatives – Foreign exchange (1) $ 0.1 $ — $ 0.1 $ — Derivatives - Interest Rate (1) 0.2 — 0.2 — Other (3) 27.4 24.3 3.1 — Total Liabilities $ 27.7 $ 24.3 $ 3.4 $ — ____________________ (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. |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following table presents 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, 2018. There were no non-recurring fair value measurements in the consolidated balance sheets during the year ended December 31, 2019. (in Millions) December 31, 2018 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, 2018) Assets Impairment of intangibles (1) $ 3.1 $ — $ — $ 3.1 $ (1.8) Total Assets $ 3.1 $ — $ — $ 3.1 $ (1.8) ____________________ |
Guarantees, Commitments and C_2
Guarantees, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019. 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) $ 75.7 Other debt guarantees (2) 2.1 Total $ 77.8 ____________________ (1) Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. The short-term amount is recorded as “Guarantees of vendor financing” on the consolidated balance sheets. (2) These guarantees represent support provided to third-party banks for credit extended to various 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 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | For revenue by major geographical region, refer to Note 3. The following table provides our long-lived assets by major geographical region. (in Millions) December 31, 2019 2018 Long-lived assets (1) North America (2) $ 1,190.7 $ 1,060.8 Latin America 837.0 809.9 Europe, Middle East, and Africa (2) 1,448.0 1,421.9 Asia (2) 2,064.8 2,019.9 Total $ 5,540.5 $ 5,312.5 ____________________ (1) Geographic long-lived assets exclude long-term deferred income taxes and assets of discontinued operations 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, 2019 and 2018 are Singapore, which totaled $1,547.0 million and $1,558.9 million, the U.S., which totaled $1,177.7 million and $1,052.0 million, and Denmark, which totaled $1,045.3 million and $1,044.2 million, respectively. |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | The following tables present details of prepaid and other current assets, other assets including long-term receivables, net, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2019 2018 Prepaid and other current assets Prepaid insurance $ 8.2 $ 7.9 Tax related items including value added tax receivables 229.2 215.2 Refund asset (1) 37.7 49.7 Environmental obligation recoveries (Note 12) 12.3 6.2 Derivative assets (Note 19) 0.2 11.7 Acquisition related items 3.0 3.4 Other prepaid and current assets 196.9 138.5 Total $ 487.5 $ 432.6 (in Millions) December 31, 2019 2018 Other assets including long-term receivables, net Non-current receivables (Note 10) $ 123.1 $ 84.5 Advance to contract manufacturers 116.3 69.9 Capitalized software, net 117.0 61.8 Environmental obligation recoveries (Note 12) 15.0 24.3 Income taxes indirect benefits 32.7 41.9 Operating lease ROU asset (Note 4) 164.7 — Deferred compensation arrangements (Note 19) 20.2 17.7 Pension and other postretirement benefits (Note 15) 44.2 42.8 Other long-term assets 52.1 40.5 Total $ 685.3 $ 383.4 ____________________ (1) In accordance with revenue standard requirements, a sales return liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding refund asset to recover the product from the customer. (in Millions) December 31, 2019 2018 Accrued and other liabilities Restructuring reserves (Note 9) $ 8.1 $ 8.2 Dividend payable (Note 17) 57.0 53.2 Accrued payroll 101.2 87.0 Environmental reserves, current, net of recoveries (Note 12) 115.3 63.0 Derivative liabilities (Note 19) 8.9 0.3 Furadan® product exit asset retirement obligations 33.0 — Unfavorable contracts (1) 109.2 103.1 Operating lease current liabilities (Note 4) 31.5 — Other accrued and other liabilities (2) 216.4 256.0 Total $ 680.6 $ 570.8 (in Millions) December 31, 2019 2018 Other long-term liabilities Restructuring reserves (Note 9) $ 6.5 $ 9.0 Asset retirement obligations, long-term (Note 1) 2.7 2.6 Transition tax related to Tax Cuts and Jobs Act (3) 123.6 145.6 Contingencies related to uncertain tax positions (Note 13) 71.4 79.5 Deferred compensation arrangements (Note 19) 29.7 24.3 Derivative liabilities (Note 19) 0.2 — Self-insurance reserves (primarily workers' compensation) 1.8 2.2 Lease obligations (Note 4) 163.2 17.3 Reserve for discontinued operations (Note 11) 71.9 72.2 Unfavorable contracts (1) 206.0 327.6 Other long-term liabilities 31.4 62.6 Total $ 708.4 $ 742.9 ____________________ (1) Primarily represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. Refer to Note 5 for more details. (2) Other accrued and other liabilities includes the gross up of the estimated sales returns as part of our adoption of ASC 606. The impact of the adoption impacted accrued and other liabilities by $37.7 million and $49.7 million, respectively. (3) Represents noncurrent portion of overall transition tax to be paid over the next six years. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (in Millions, Except Share and Per Share Data) 2019 2018 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 1,192.1 $ 1,206.1 $ 1,014.3 $ 1,197.3 $ 1,107.9 $ 1,154.4 $ 923.6 $ 1,099.4 Gross margin 544.7 550.5 432.4 556.0 502.5 490.4 395.2 491.7 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes 281.8 267.8 159.9 112.1 325.0 133.3 105.1 177.5 Income (loss) from continuing operations 207.6 194.4 110.8 30.7 230.2 99.8 50.9 156.7 Discontinued operations, net of income taxes (1) 9.6 (18.1) (21.3) (33.5) 39.4 32.7 23.9 (122.1) Net income (loss) $ 217.2 $ 176.3 $ 89.5 $ (2.8) $ 269.6 $ 132.5 $ 74.8 $ 34.6 Less: Net income (loss) attributable to noncontrolling interests 1.5 1.8 (0.9) 0.4 2.4 2.8 2.0 2.2 Net income (loss) attributable to FMC stockholders $ 215.7 $ 174.5 $ 90.4 $ (3.2) $ 267.2 $ 129.7 $ 72.8 $ 32.4 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ 206.1 $ 192.6 $ 111.7 $ 30.3 $ 227.8 $ 97.0 $ 48.9 $ 157.7 Discontinued operations, net of income taxes 9.6 (18.1) (21.3) (33.5) 39.4 32.7 23.9 (125.3) Net income (loss) $ 215.7 $ 174.5 $ 90.4 $ (3.2) $ 267.2 $ 129.7 $ 72.8 $ 32.4 Basic earnings (loss) per common share attributable to FMC stockholders (2) : Continuing operations $ 1.56 $ 1.46 $ 0.85 $ 0.23 $ 1.69 $ 0.72 $ 0.36 $ 1.17 Discontinued operations 0.07 (0.14) (0.16) (0.25) 0.29 0.24 0.18 (0.93) Basic net income (loss) per common share $ 1.63 $ 1.32 $ 0.69 $ (0.02) $ 1.98 $ 0.96 $ 0.54 $ 0.24 Diluted earnings (loss) per common share attributable to FMC stockholders (2) : Continuing operations $ 1.55 $ 1.46 $ 0.85 $ 0.23 $ 1.67 $ 0.72 $ 0.36 $ 1.17 Discontinued operations 0.07 (0.14) (0.16) (0.25) 0.29 0.24 0.18 (0.93) Diluted net income (loss) per common share $ 1.62 $ 1.32 $ 0.69 $ (0.02) $ 1.96 $ 0.96 $ 0.54 $ 0.24 Weighted average shares outstanding: Basic 131.9 131.1 130.4 129.7 134.6 134.8 134.9 133.7 Diluted 133.2 132.3 131.6 130.9 136.2 136.2 136.4 135.1 ____________________ (1) In the fourth quarter of 2018, we recorded a charge of $106.3 million related to our discontinued environmental site at Middleport, New York. See Note 12 for further details. (2) The sum of quarterly earnings per common share may differ from the full-year amount. |
Principal Accounting Policies_3
Principal Accounting Policies and Related Financial Information (Details) shares in Millions, $ in Millions | Nov. 15, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)class | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 15, 2018shares |
Nature of Operations | ||||||
Number of major classes of crop protection | class | 3 | |||||
Trade receivable, net of allowance | ||||||
Allowance for trade receivable | $ 26.3 | $ 26.3 | $ 22.4 | $ 38.6 | ||
Allowance for long term customer receivables, beginning | 61.1 | 61.1 | 60.5 | 47.1 | ||
Additions — charged to expense | $ 21.2 | 71.4 | 22.1 | |||
Investments | ||||||
Maximum ownership percentage for equity method investments | 50.00% | |||||
Capitalized Interest | ||||||
Capitalized interest costs | $ 4.7 | 4.1 | 1.6 | |||
Asset Retirement Obligation [Abstract] | ||||||
Asset retirement obligation | 35.7 | 35.7 | 2.6 | |||
Goodwill and Intangible Assets | ||||||
Impairment loss on indefinite-lived intangible asset | 42.1 | |||||
Environmental obligations | ||||||
Charges to expense for new losses | 138.8 | $ 178.2 | $ 105.6 | |||
Pocatello | ||||||
Environmental obligations | ||||||
Charges to expense for new losses | $ 72.8 | $ 72.8 | $ 72.8 | |||
Minimum | ||||||
Goodwill and Intangible Assets | ||||||
Weighted avg. useful life at December 31, 2019 | 3 years | |||||
Maximum | ||||||
Goodwill and Intangible Assets | ||||||
Weighted avg. useful life at December 31, 2019 | 20 years | |||||
Land Improvements | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 20 years | |||||
Building | Minimum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 20 years | |||||
Building | Maximum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 40 years | |||||
Machinery and Equipment | Minimum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 3 years | |||||
Machinery and Equipment | Maximum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 18 years | |||||
Software Development | Minimum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 3 years | |||||
Software Development | Maximum | ||||||
Property, plant and equipment and capitalized software | ||||||
Useful lives | 10 years | |||||
Livent | ||||||
Nature of Operations | ||||||
Shares owned by parent (in shares) | shares | 123 | |||||
Outstanding shares of parent, percentage | 84.00% |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax effects reclassified from AOCI to retained earnings | $ 53.1 | $ (53.1) | |
Lease asset | 164.7 | ||
Present value of lease liabilities | 194.7 | ||
Prepaid and other current assets | $ 487.5 | $ 432.6 | |
Adoption of accounting standard | 2.4 | ||
Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standard | 55.5 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease asset | 185.3 | ||
Present value of lease liabilities | 215.9 | ||
Prepaid and other current assets | (30.6) | ||
Accounting Standards Update 2016-02 | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of accounting standard | $ 2.4 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)product | Dec. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Maximum payment term | 360 days | |
Period between delivery and receipt of payment | 1 year | |
Opening contract liability revenue recognized | $ 458.4 | |
Contract with customer, liability | $ 492.7 | $ 458.4 |
Expected maximum duration of contract | 1 year | |
Tolling services period | 5 years | |
Service arrangement, payment period | 30 days | |
Amortization period | 1 year | |
Transfer period, adjustment threshold | 1 year | |
Remaining performance obligation, contract period, disclosure threshold | 1 year | |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 90 days | |
FMC Agricultural Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Number of product categories | product | 3 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,197.3 | $ 1,014.3 | $ 1,206.1 | $ 1,192.1 | $ 1,099.4 | $ 923.6 | $ 1,154.4 | $ 1,107.9 | $ 4,609.8 | $ 4,285.3 | $ 2,531.2 |
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,121.1 | 1,090.8 | |||||||||
Latin America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,441.7 | 1,210.1 | |||||||||
Europe, Middle East & Africa | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,001.8 | 966 | |||||||||
Asia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,045.2 | 1,018.4 | |||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,044.1 | 991.8 | |||||||||
Brazil | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,094.1 | $ 913.7 |
Revenue Recognition - Disaggr_2
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,197.3 | $ 1,014.3 | $ 1,206.1 | $ 1,192.1 | $ 1,099.4 | $ 923.6 | $ 1,154.4 | $ 1,107.9 | $ 4,609.8 | $ 4,285.3 | $ 2,531.2 |
Insecticides | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,773.6 | 2,476.5 | |||||||||
Herbicides | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,228.8 | 1,251.2 | |||||||||
Fungicides | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 271.4 | 268.7 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 336 | $ 288.9 |
Revenue Recognition - Assets an
Revenue Recognition - Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers, net of allowances | $ 2,354.3 | $ 2,228.3 |
Increase (decrease) in receivables | 126 | |
Contract liabilities: Advance payments from customers | 492.7 | $ 458.4 |
Increase (decrease) in liabilities | $ 34.3 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2019 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 year |
Minimum | Real Estate Properties | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 year |
Minimum | Non-Real Estate Properties | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 20 years |
Maximum | Real Estate Properties | |
Lessee, Lease, Description [Line Items] | |
Lease term | 20 years |
Maximum | Non-Real Estate Properties | |
Lessee, Lease, Description [Line Items] | |
Lease term | 10 years |
Leases - Asset and Lease Liabil
Leases - Asset and Lease Liability (Details) $ in Millions | Dec. 31, 2019USD ($) |
Assets | |
Operating lease ROU assets | $ 164.7 |
Liabilities | |
Operating lease current liabilities | 31.5 |
Operating lease noncurrent liabilities | $ 163.2 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 41.3 |
Variable lease cost | 5.2 |
Total lease cost | $ 46.5 |
Leases - Operating Lease Term a
Leases - Operating Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Operating Lease Term and Discount Rate | |
Weighted-average remaining lease term (years) | 9 years 10 months 24 days |
Weighted-average discount rate | 4.20% |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ (42.3) |
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 15.7 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Maturity of Lease Liabilities | |
2020 | $ 38.3 |
2021 | 28.3 |
2022 | 24.1 |
2023 | 19 |
2024 | 16.3 |
Thereafter | 116.8 |
Total undiscounted lease payments | 242.8 |
Less: Present value adjustment | (48.1) |
Present value of lease liabilities | $ 194.7 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments and Expense Under ASC 840 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leases | ||
2019 | $ 36 | |
2020 | 31.1 | |
2021 | 20.4 | |
2022 | 17.1 | |
2023 | 13.3 | |
Thereafter | 107.1 | |
Capital Lease | ||
2019 | 2.9 | |
2020 | 2.9 | |
2021 | 3.1 | |
2022 | 3.1 | |
2023 | 3.1 | |
Thereafter | 4.3 | |
Operating leases rent expense | $ 40 | $ 26.1 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Aug. 16, 2018 | Feb. 01, 2018 | Nov. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Product portfolio sales | $ (0.1) | $ 87.2 | $ 0 | ||||
Increase in goodwill | 282.9 | ||||||
European Herbicide Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from sale | $ 85 | ||||||
Proceeds from sale - working capital | 2 | ||||||
Product portfolio sales | $ 85 | ||||||
DuPont Crop Protection Business | |||||||
Business Acquisition [Line Items] | |||||||
Product portfolio sales | $ 3 | ||||||
DuPont | |||||||
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 | ||||||
Supply agreement term | 5 years | ||||||
Revenue recognized | $ 105 | 92 | $ 2 | ||||
Increase in goodwill | $ 283 | ||||||
DuPont | FMC Agricultural Solutions | |||||||
Business Acquisition [Line Items] | |||||||
Income (loss) from continuing operations since acquisition date | $ 20 |
Acquisitions - Components of Co
Acquisitions - Components of Consideration Paid (Details) - DuPont $ in Millions | Nov. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash purchase price, net | $ 1,225.6 |
Cash proceeds from working capital and other adjustments | (21.5) |
Fair value of FMC Health and Nutrition sold to DuPont | 1,968.6 |
Total purchase consideration | $ 3,172.7 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - DuPont - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Pro forma Revenue | $ 4,609.8 | $ 4,285.3 | $ 3,856.6 |
Pro forma Diluted earnings per share from continuing operations (in dollars per share) | $ 4.10 | $ 3.91 | $ 2.25 |
Acquisitions - Acquisition-rela
Acquisitions - Acquisition-related and Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring charges | |||
Restructuring charges | $ 62.2 | $ 124.1 | $ 8.5 |
DuPont Crop restructuring | |||
Restructuring charges | |||
Restructuring charges | 26.4 | 108.3 | 0 |
DuPont | |||
DuPont Crop Protection Business Acquisition | |||
Acquisition-related costs | 77.8 | 156.5 | 150.4 |
DuPont | Legal and Professional Fees | |||
DuPont Crop Protection Business Acquisition | |||
Acquisition-related costs | 77.8 | 86.9 | 130.2 |
DuPont | Inventory Fair Value Amortization | |||
DuPont Crop Protection Business Acquisition | |||
Acquisition-related costs | $ 0 | $ 69.6 | $ 20.2 |
Acquisitions - Assets and Liabi
Acquisitions - Assets and Liabilities Assumed (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 |
Preliminary Purchase Price Allocation | |||||
Goodwill | $ 1,468.1 | $ 1,198.9 | $ 1,468.1 | $ 1,467.5 | |
DuPont | |||||
Preliminary Purchase Price Allocation | |||||
Trade receivables | $ 45.8 | ||||
Inventories | 379.7 | ||||
Other current assets | 51.3 | ||||
Property, plant & equipment | 424.7 | ||||
Goodwill | 974.7 | ||||
Deferred tax assets | 79.7 | ||||
Other noncurrent assets | 14.2 | ||||
Total fair value of assets acquired | 4,035 | ||||
Accounts payable, trade and other | 32.9 | ||||
Accrued and other current liabilities | 156.2 | ||||
Accrued pension and other postretirement benefits, long-term | 9.1 | ||||
Environmental liabilities | 2.6 | ||||
Deferred tax liabilities | 196 | ||||
Other long-term liabilities | 452.3 | ||||
Total fair value of liabilities assumed | 849.1 | ||||
Total consideration paid | 3,185.9 | ||||
Less: Noncontrolling interest | (13.2) | ||||
Total consideration paid less noncontrolling interest | $ 3,172.7 | ||||
Weighted average useful life of acquired intangible assets | 20 years | ||||
DuPont | Fair Value Adjustment to Inventory | |||||
Preliminary Purchase Price Allocation | |||||
Step up value of finished goods | $ 89.8 | ||||
DuPont | Brands | |||||
Preliminary Purchase Price Allocation | |||||
Intangible assets: | $ 1,301.2 | ||||
DuPont | Customer relationships | |||||
Preliminary Purchase Price Allocation | |||||
Intangible assets: | $ 763.7 | ||||
Cost of Sales and Services | DuPont | Fair Value Adjustment to Inventory | |||||
Preliminary Purchase Price Allocation | |||||
Step up value of finished goods | $ 69.6 | $ 20.2 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 1,468.1 | $ 1,198.9 |
Foreign currency and other adjustments | (0.6) | (13.7) |
Purchase price allocation adjustments | 282.9 | |
Balance at end of period | $ 1,467.5 | $ 1,468.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, impairment loss | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets subject to amortization (finite life) | ||
Gross | $ 1,220.2 | $ 1,228.1 |
Accumulated Amortization | (229.3) | (169.3) |
Net | 990.9 | 1,058.8 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 1,638.1 | 1,644.6 |
Finite and Indefinite lived intangible assets, gross | 2,858.3 | 2,872.7 |
Total Accumulated Amortization | (229.3) | (169.3) |
Total intangible assets | 2,629 | 2,703.4 |
Crop Protection Brands | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 1,259.1 | 1,259.1 |
Brands | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 379 | 384.8 |
In-process research and development | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 0 | 0.7 |
Customer relationships | ||
Intangible assets subject to amortization (finite life) | ||
Weighted avg. useful life at December 31, 2019 | 17 years | |
Gross | $ 1,139.7 | 1,146.2 |
Accumulated Amortization | (184.7) | (128.7) |
Net | 955 | 1,017.5 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total Accumulated Amortization | $ (184.7) | (128.7) |
Patents | ||
Intangible assets subject to amortization (finite life) | ||
Weighted avg. useful life at December 31, 2019 | 6 years | |
Gross | $ 1.7 | 1.7 |
Accumulated Amortization | (0.9) | (0.8) |
Net | 0.8 | 0.9 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total Accumulated Amortization | $ (0.9) | (0.8) |
Brands | ||
Intangible assets subject to amortization (finite life) | ||
Weighted avg. useful life at December 31, 2019 | 8 years | |
Gross | $ 16.7 | 17 |
Accumulated Amortization | (6.7) | (5.9) |
Net | 10 | 11.1 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total Accumulated Amortization | $ (6.7) | (5.9) |
Purchased and licensed technologies | ||
Intangible assets subject to amortization (finite life) | ||
Weighted avg. useful life at December 31, 2019 | 10 years | |
Gross | $ 60.2 | 61.3 |
Accumulated Amortization | (35.2) | (32.1) |
Net | 25 | 29.2 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total Accumulated Amortization | $ (35.2) | (32.1) |
In-process research and development | ||
Intangible assets subject to amortization (finite life) | ||
Weighted avg. useful life at December 31, 2019 | 1 year | |
Gross | $ 1.9 | 1.9 |
Accumulated Amortization | (1.8) | (1.8) |
Net | 0.1 | 0.1 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total Accumulated Amortization | $ (1.8) | $ (1.8) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 62.6 | $ 62.2 | $ 26.8 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 62.4 | ||
2021 | 62.3 | ||
2022 | 62.3 | ||
2023 | 62 | ||
2024 | $ 60.6 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories: | ||
Finished goods | $ 372.2 | $ 430.4 |
Work in process | 559.4 | 518.8 |
Raw materials, supplies and other | 217.3 | 206.9 |
FIFO inventory | 1,148.9 | 1,156.1 |
Less: Excess of FIFO cost over LIFO cost | (131.9) | (130.6) |
Net inventories | $ 1,017 | $ 1,025.5 |
Percentage of LIFO Inventory | 21.00% | 25.00% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Land and land improvements | $ 94.3 | $ 99.3 | |
Buildings | 367.5 | 386.4 | |
Machinery and equipment | 582.1 | 508.9 | |
Construction in progress | 65.3 | 50.4 | |
Total cost | 1,109.2 | 1,045 | |
Accumulated depreciation | (351.2) | (288.1) | |
Property, plant and equipment, net | 758 | 756.9 | |
Depreciation | $ 69.7 | $ 73.9 | $ 51.3 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Income) - Restructuring Charges in Consolidated Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring charges | $ 62.2 | $ 124.1 | $ 8.5 |
Other charges (income), net | 108.8 | (62.9) | 64.7 |
Total restructuring and other charges (income) | $ 171 | $ 61.2 | $ 73.2 |
Restructuring and Other Charg_4
Restructuring and Other Charges (Income) - Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | $ 10.8 | $ 22 | $ 0 |
Other Charges (Income) | 5.2 | 20 | 0.8 |
Asset Disposal Charges | 46.2 | 82.1 | 7.7 |
Restructuring charges | 62.2 | 124.1 | 8.5 |
DuPont Crop restructuring | |||
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | 9.1 | 16.3 | |
Other Charges (Income) | 5.2 | 16.9 | |
Asset Disposal Charges | 12.1 | 75.1 | |
Restructuring charges | 26.4 | 108.3 | 0 |
Furadan® product exit | |||
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | 0 | ||
Other Charges (Income) | 0 | ||
Asset Disposal Charges | 34.1 | ||
Restructuring charges | 34.1 | ||
Other items | |||
Restructuring Charges [Abstract] | |||
Severance and Employee Benefits | 1.7 | 5.7 | 0 |
Other Charges (Income) | 0 | 3.1 | 0.8 |
Asset Disposal Charges | 0 | 7 | 7.7 |
Restructuring charges | $ 1.7 | $ 15.8 | $ 8.5 |
Restructuring and Other Charg_5
Restructuring and Other Charges (Income) - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 62.2 | $ 124.1 | $ 8.5 | ||
Unfavorable court ruling charge | $ 72.8 | ||||
DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 26.4 | 108.3 | $ 0 | ||
Accelerated depreciation charges | 17.4 | ||||
DuPont Crop restructuring | Change to market access | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 59 | ||||
DuPont Crop restructuring | Severance and other employee benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 4 | ||||
DuPont Crop restructuring | Migration of research and development activities and employees | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 28 | ||||
DuPont Crop restructuring | Future liability of rental obligation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 11.2 | ||||
DuPont Crop restructuring | Reduction of capital lease liability | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 6 | ||||
DuPont Crop restructuring | Severance, relocation and other employee related charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 5.2 |
Restructuring and Other Charg_6
Restructuring and Other Charges (Income) - Rollforward of Restructuring Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 17.2 | $ 3.5 |
Changes in reserves | 16 | 42 |
Cash payments | (18.6) | (25.2) |
Other | 0 | (3.1) |
Restructuring reserve, ending balance | 14.6 | 17.2 |
DuPont Crop restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 16.2 | 0 |
Changes in reserves | 14.3 | 33.2 |
Cash payments | (15.9) | (15.8) |
Other | (0.1) | (1.2) |
Restructuring reserve, ending balance | 14.5 | 16.2 |
Cheminova restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 1.2 |
Changes in reserves | 0 | 0 |
Cash payments | 0 | (1.2) |
Other | 0 | 0 |
Restructuring reserve, ending balance | 0 | 0 |
Other workforce related and facility shutdowns | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 1 | 2.3 |
Changes in reserves | 1.7 | 8.8 |
Cash payments | (2.7) | (8.2) |
Other | 0.1 | (1.9) |
Restructuring reserve, ending balance | $ 0.1 | $ 1 |
Restructuring and Other Charg_7
Restructuring and Other Charges (Income) - Other Charges (Income), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |||
Environmental charges, net | $ 108.7 | $ 21.7 | $ 16.2 |
Product portfolio sales | 0.1 | (87.2) | 0 |
Impairment of intangibles | 0 | 0 | 42.1 |
Other items, net | 0 | 2.6 | 6.4 |
Other charges (income), net | $ 108.8 | $ (62.9) | $ 64.7 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Allowance for trade receivables, beginning balance | $ 22.4 | $ 38.6 |
Additions — charged to expense | 3.6 | 58 |
Transfer from (to) allowance for credit losses | 3.4 | (17.3) |
Net recoveries, write-offs and other | (3.1) | (56.9) |
Allowance for trade receivables, ending balance | 26.3 | 22.4 |
Long term customer receivables | 123.1 | 84.5 |
Allowance for long term customer receivables [Roll Forward] | ||
Allowance for long term customer receivables, beginning | 60.5 | 47.1 |
Additions — charged to expense | 17.6 | 13.4 |
Transfer from (to) allowance for doubtful accounts | (3.4) | 17.3 |
Foreign currency adjustments | (0.5) | (4.1) |
Net recoveries, write-offs and other | (13.1) | (13.2) |
Allowance for long term customer receivables, ending | $ 61.1 | 60.5 |
DuPont Crop restructuring | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Write-offs of accounts receivable | $ 42 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) shares in Millions | Nov. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2019 | Aug. 01, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net pretax actuarial gain and prior service credit | $ 5,200,000 | $ 5,400,000 | ||||
After-tax actuarial gain and prior service credit | 4,200,000 | 4,900,000 | ||||
Estimated pre-tax actuarial gain to be recognized in the next fiscal year | 1,000,000 | |||||
Estimated prior service credit to be recognized in the next fiscal year | 0 | |||||
Payments of other discontinued reserves | 24,400,000 | 27,800,000 | $ 32,800,000 | |||
Workers’ compensation, product liability, and indemnification reserves | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | 3,800,000 | 5,400,000 | 2,400,000 | |||
Postretirement medical and life insurance benefits reserve, net | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | 400,000 | 1,100,000 | 1,000,000 | |||
Reserves for legal proceedings | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments of other discontinued reserves | 20,200,000 | 21,300,000 | 18,900,000 | |||
Discontinued Operations, Disposed of by Sale | Omega 3 | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash proceeds on sale | $ 38,000,000 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | FMC Health and Nutrition | ||||||
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 | $ 727,000,000 | $ 0 | $ 0 | $ 727,100,000 | ||
Discontinued Operations, Held-for-sale | FMC Health and Nutrition | ||||||
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 | |||||
Livent | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Shares of common stock owned (in shares) | 123 |
Discontinued Operations - Resul
Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||
Discontinued operations, net of income taxes | $ (33.5) | $ (21.3) | $ (18.1) | $ 9.6 | $ (122.1) | $ 23.9 | $ 32.7 | $ 39.4 | $ (63.3) | $ (26.1) | $ 671.5 | |
Discontinued operations of FMC Lithium, net of income taxes, attributable to FMC Stockholders | $ (33.5) | $ (21.3) | $ (18.1) | $ 9.6 | $ (125.3) | $ 23.9 | $ 32.7 | $ 39.4 | (63.3) | (29.3) | 671.5 | |
Non-operating pension and postretirement charges (income) | 8.1 | (0.5) | (16.3) | |||||||||
Restructuring and other charges (income) | 171 | 61.2 | 73.2 | |||||||||
FMC Lithium | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||
Discontinued operations, net of income taxes | (21.3) | 117.3 | 49.8 | |||||||||
FMC Lithium | Discontinued Operations, Disposed of by Sale | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||
Revenue | 52.1 | 442.5 | 347.4 | |||||||||
Costs of sales and services | 41.3 | 235.4 | 197.9 | |||||||||
Income (loss) from discontinued operations before income taxes | 1.1 | 170.9 | 85 | |||||||||
Provision (benefit) for income taxes | 6 | 25.5 | 35.2 | |||||||||
Total discontinued operations, net of income taxes, before divestiture-related costs and adjustments | (4.9) | 145.4 | 49.8 | |||||||||
Divestiture related costs and other adjustments of discontinued operations of FMC Health and Nutrition, net of income taxes | (16.4) | (28.1) | 0 | |||||||||
Discontinued operations, net of income taxes | (21.3) | 117.3 | 49.8 | |||||||||
Less: Discontinued operations of FMC Lithium attributable to noncontrolling interests | 0 | 3.2 | 0 | |||||||||
Discontinued operations of FMC Lithium, net of income taxes, attributable to FMC Stockholders | (21.3) | 114.1 | 49.8 | |||||||||
Restructuring and other charges (income) | 2.5 | 8.2 | ||||||||||
Non-operating pension and postretirement charges (income) | 4.3 | 34.5 | ||||||||||
FMC Health and Nutrition | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||
Discontinued operations, net of income taxes | 0.5 | 6 | 683.3 | |||||||||
FMC Health and Nutrition | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||
Revenue | 0 | 3.8 | 562.9 | |||||||||
Costs of sales and services | 0 | 4 | 370.5 | |||||||||
Income (loss) from discontinued operations before income taxes | 0 | 2 | 113.7 | |||||||||
Provision (benefit) for income taxes | 0 | 3.8 | 9.7 | |||||||||
Total discontinued operations, net of income taxes, before divestiture-related costs and adjustments | 0 | (1.8) | 104 | |||||||||
Gain on sale of FMC Health and Nutrition, net of income taxes | $ 727 | 0 | 0 | 727.1 | ||||||||
Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes | 0 | 7.8 | 0 | |||||||||
Divestiture related costs and other adjustments of discontinued operations of FMC Health and Nutrition, net of income taxes | 0.5 | 0 | 0 | |||||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | 0 | 0 | (147.8) | |||||||||
Discontinued operations of FMC Lithium, net of income taxes, attributable to FMC Stockholders | 0.5 | 6 | 683.3 | |||||||||
Impairment charge, net of tax | $ 0 | 0 | 147.8 | |||||||||
FMC Health and Nutrition | Discontinued Operations, Held-for-sale | ||||||||||||
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 | |||||||||||
Restructuring and other charges (income) | 8.1 | |||||||||||
Pension curtailment charge | $ 3.9 | 3.9 | ||||||||||
Divestiture related costs | 27.9 | |||||||||||
Incremental tax cost | 14.7 | |||||||||||
Impairment charge | 168 | |||||||||||
Impairment charge, net of tax | $ 148 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Current assets of discontinued operations held for sale | $ 0 | $ 293.9 |
Liabilities | ||
Current liabilities of discontinued operations | 0 | (97.3) |
Noncurrent liabilities of discontinued operations | 0 | (46.1) |
FMC Lithium | Discontinued Operations, Disposed of by Sale | ||
Assets | ||
Current assets of discontinued operations held for sale | 0 | 293.9 |
Property, plant & equipment | 0 | 275.7 |
Other noncurrent assets | 0 | 83.1 |
Total assets of discontinued operations | 0 | 652.7 |
Liabilities | ||
Current liabilities of discontinued operations | 0 | (97.3) |
Noncurrent liabilities of discontinued operations | 0 | (46.1) |
Total liabilities of discontinued operations | 0 | (143.4) |
Total net assets | $ 0 | $ 509.3 |
Discontinued Operations - Compo
Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | $ (33.5) | $ (21.3) | $ (18.1) | $ 9.6 | $ (122.1) | $ 23.9 | $ 32.7 | $ 39.4 | $ (63.3) | $ (26.1) | $ 671.5 |
Adjustment for workers' compensation, product liability, and other postretirement benefits and other, tax | (23.9) | (5.2) | (0.1) | ||||||||
Provision for environmental liabilities, net of recoveries, tax | 6.3 | 32.5 | 24.9 | ||||||||
Provision for legal reserves and expenses, net of recoveries, tax | 6.3 | 6.9 | 7.2 | ||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | 4.3 | (1.7) | 3 | ||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | (23.5) | (121.4) | (51.2) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | (23.3) | (26.3) | (13.4) | ||||||||
FMC Health and Nutrition | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | 0.5 | 6 | 683.3 | ||||||||
Discontinued operations, tax | (0.2) | (7.1) | (180.1) | ||||||||
FMC Lithium | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued operations, net of income taxes | (21.3) | 117.3 | 49.8 | ||||||||
Discontinued operations, tax | $ (12.3) | $ (18) | $ (35.2) |
Discontinued Operations - Reser
Discontinued Operations - Reserves for Discontinued Operations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Workers' compensation, product liability, and indemnification reserves | $ 1.8 | $ 2.2 |
Reserve for discontinued operations | 71.9 | 72.2 |
Workers’ compensation, product liability, and indemnification reserves | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Workers' compensation, product liability, and indemnification reserves | 15.7 | 23.6 |
Postretirement medical and life insurance benefits reserve, net | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Postretirement medical and life insurance benefits reserve, net | 5.9 | 7 |
Reserves for legal proceedings | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Reserves for legal proceedings | $ 50.3 | $ 41.6 |
Environmental Obligations - Nar
Environmental Obligations - Narrative (Details) $ in Millions | Nov. 15, 2019USD ($) | Sep. 28, 2017USD ($) | Apr. 25, 2006USD ($) | Dec. 31, 2019USD ($)site | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)operable_unitsiteparty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 1998USD ($) | Dec. 31, 2016USD ($) |
Environmental Exit Cost [Line Items] | ||||||||||
Environmental reserves, excluding recoveries | $ 595.8 | $ 529.4 | $ 595.8 | $ 529.4 | ||||||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | 150 | |||||||||
Accrual for environmental loss contingencies | $ 585.8 | 521.5 | 585.8 | 521.5 | $ 411.8 | $ 360.4 | ||||
Charges to expense for new losses | $ 138.8 | 178.2 | $ 105.6 | |||||||
Number of operable units evaluated and proposed for CMAs | operable_unit | 6 | |||||||||
Number of sites FMC is named as a potentially responsible party | site | 30 | 30 | ||||||||
Number of sites FMC may be a potentially responsible party or equivalent | site | 48 | 48 | ||||||||
Non-judicial process, parties involved | party | 70 | |||||||||
Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Settlement payment | $ 22.2 | |||||||||
Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Accrual for environmental loss contingencies | 29.1 | 29.1 | ||||||||
Charges to expense for new losses | 106.3 | |||||||||
Operable units | operable_unit | 11 | |||||||||
Cash outflow, maximum, after year 2021 | $ 10 | $ 10 | ||||||||
Minimum | Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Cash outflow in 2020 | 20 | 20 | ||||||||
Cash outflow in 2020 | 20 | 20 | ||||||||
Maximum | Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Cash outflow in 2020 | 30 | 30 | ||||||||
Cash outflow in 2020 | 30 | 30 | ||||||||
Environmental Remediation Costs | Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Charges to expense for new losses | 60.6 | |||||||||
Implementation and Completion of Selected Remedy | Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Charges to expense for new losses | 45.7 | |||||||||
Environmental Clean-Up Costs | Pending Litigation | Middleport Litigation | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Accrual for environmental loss contingencies | 31.1 | 31.1 | ||||||||
Pocatello | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Accrual for environmental loss contingencies | 107.5 | 33.1 | 107.5 | 33.1 | ||||||
Tribal permit fee | $ 1.5 | $ 1.5 | $ 1.5 | |||||||
Charges to expense for new losses | $ 72.8 | $ 72.8 | $ 72.8 | |||||||
Discount rate | 2.25% | 2.25% | ||||||||
Estimated year one fees | $ 29.5 | $ 29.5 | ||||||||
Estimated year two fees | 1.5 | 1.5 | ||||||||
Estimated year three fees | 1.5 | 1.5 | ||||||||
Estimated year four fees | 1.5 | 1.5 | ||||||||
Estimated year five fees | 1.5 | 1.5 | ||||||||
Expected aggregate undiscounted fees | 103 | |||||||||
Middleport | ||||||||||
Environmental Exit Cost [Line Items] | ||||||||||
Accrual for environmental loss contingencies | $ 159.4 | $ 180.8 | $ 159.4 | $ 180.8 |
Environmental Obligations - Env
Environmental Obligations - Environmental Reserve Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Total environmental reserves, net of recoveries beginning of period | $ 521.5 | $ 411.8 | $ 360.4 |
Provision | 138.8 | 178.2 | 105.6 |
Spending, net of recoveries | (73.8) | (65.7) | (63.3) |
Acquisitions | 2.6 | ||
Foreign currency translation adjustments | (0.7) | (2.8) | 6.5 |
Net Change | 64.3 | 109.7 | 51.4 |
Total environmental reserves, net of recoveries end of period | $ 585.8 | $ 521.5 | $ 411.8 |
Environmental Obligations - Rec
Environmental Obligations - Recoveries and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | $ 38.4 | $ 46.2 | ||
Increase (Decrease) in Recoveries | 2.9 | (2.9) | ||
Cash Received | (4.3) | (4.9) | ||
Other | 0.3 | |||
Expected recoveries recorded, ending | 37.3 | 38.4 | $ 46.2 | |
Transfer to environmental obligations (from) asset retirement obligations | 2.6 | |||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ||||
Environmental reserves, current, net of recoveries | 115.3 | 63 | ||
Environmental reserves, long-term continuing and discontinued, net of recoveries | 470.5 | 458.5 | ||
Total environmental reserves, net of recoveries | 585.8 | 521.5 | 411.8 | $ 360.4 |
Net Environmental Provisions [Abstract] | ||||
Continuing operations | 108.7 | 21.7 | 16.2 | |
Discontinued operations | 29.8 | 153.9 | 76.1 | |
Net environmental provision | 138.5 | 175.6 | 92.3 | |
Net Environmental Provisions, Assets and Liabilities [Abstract] | ||||
Environmental reserves | 138.8 | 178.2 | 105.6 | |
Other assets | (0.3) | (2.6) | (13.3) | |
Net environmental provision | 138.5 | 175.6 | 92.3 | |
Environmental liabilities, continuing and discontinued | ||||
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | 7.9 | 13.9 | ||
Increase (Decrease) in Recoveries | 2.6 | (5.5) | ||
Cash Received | (0.5) | (0.5) | ||
Other | 0 | |||
Expected recoveries recorded, ending | 10 | 7.9 | 13.9 | |
Other assets | ||||
Recorded Recoveries [Roll Forward] | ||||
Expected recoveries recorded, beginning | 30.5 | 32.3 | ||
Increase (Decrease) in Recoveries | 0.3 | 2.6 | ||
Cash Received | (3.8) | (4.4) | ||
Other | 0.3 | |||
Expected recoveries recorded, ending | $ 27.3 | $ 30.5 | $ 32.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Provisional income tax expense | $ 303.6 | ||
Transition tax on deemed repatriated foreign earnings | 190.4 | ||
Tax expense on remeasurement of deferred tax assets | $ 113.2 | ||
Adjustment to provisional tax expense | $ 7.8 | ||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | $ 7.5 | ||
Operating Loss Carryforwards, Valuation Allowance | 28.1 | ||
U.S. State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 25.6 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 201.4 | ||
Foreign Tax Authority | Brazil | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | 98.8 | ||
Foreign Tax Authority | Luxembourg | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | 30.9 | ||
Foreign Tax Authority | India | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | 20.7 | ||
Foreign Tax Authority | Switzerland | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | 31.6 | ||
Foreign Tax Authority | Spain | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | $ 66.4 |
Income Taxes - Domestic and For
Income Taxes - Domestic and Foreign Income Tax Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (227.4) | $ (234.9) | $ (201.4) |
Foreign | 882.4 | 843.3 | 297.2 |
Total | $ 655 | $ 608.4 | $ 95.8 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (12) | $ 25.1 | $ 61.9 |
Foreign | 77 | 90 | 49.9 |
State | 0.4 | (0.4) | 4.1 |
Total current | 65.4 | 114.7 | 115.9 |
Deferred: | |||
Federal | (1.2) | (4.4) | 127.8 |
Foreign | 42.7 | (30.4) | (14.4) |
State | 4.6 | (9.1) | (0.4) |
Total deferred | 46.1 | (43.9) | 113 |
Total | $ 111.5 | $ 70.8 | $ 228.9 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | $ 137.5 | $ 127.8 | $ 33.5 |
Impacts of Tax Cuts and Jobs Act Enactment | 0 | 7.8 | 303.6 |
Foreign earnings subject to different tax rates | (137.7) | (154.9) | (74.5) |
Capital loss on internal restructuring | 0 | 0 | (45.3) |
State and local income taxes, less federal income tax benefit | (2.9) | 1.4 | (1.5) |
Manufacturer's production deduction and miscellaneous tax credits | (3.8) | (3.7) | (8.4) |
Tax on dividends, deemed dividends, and GILTI | 46.8 | 45.5 | 10.6 |
Changes to unrecognized tax benefits | (5.4) | 2.7 | 6.7 |
Nondeductible expenses | 3.5 | 12.4 | 14.2 |
Change in valuation allowance | 49.9 | 7.4 | (29.3) |
Exchange gains and losses | (2.1) | 5.7 | 28.1 |
Other | 25.7 | 18.7 | (8.8) |
Total | 111.5 | 70.8 | $ 228.9 |
Tax expense associated with GILTI provision | 41.6 | $ 43.8 | |
Net operating losses with limited carryforward | $ 21 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Reserves for discontinued operations, environmental and restructuring | $ 188.3 | $ 148.7 |
Accrued pension and other postretirement benefits | 2.4 | 2.1 |
Capital loss, foreign tax and other credit carryforwards | 7.5 | 6 |
Net operating loss carryforwards | 227 | 219.3 |
Deferred expenditures capitalized for tax | 18.7 | 15.2 |
Other | 163.6 | 143.3 |
Deferred tax assets | 607.5 | 534.6 |
Valuation allowance, net | (303.3) | (261.4) |
Deferred tax assets, net of valuation allowance | 304.2 | 273.2 |
Intangibles and property, plant and equipment, net | 380 | 331.2 |
Deferred tax liabilities | 380 | 331.2 |
Net deferred tax assets (liabilities) | $ (75.8) | $ (58) |
Income Taxes - Uncertain Income
Income Taxes - Uncertain Income Tax Positions (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)jurisdiction | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Number of significant foreign jurisdictions | jurisdiction | 14 | |||||
Unrecognized tax benefits | $ 68.2 | $ 84 | $ 111.6 | $ 68.2 | $ 79.1 | $ 84 |
Unrecognized tax benefits that would impact effective tax rate | 29.4 | 29.5 | ||||
Interest and penalties recognized | 1.4 | 0.9 | 5.2 | |||
Interest and penalties accrued | 15.4 | 14 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Balance at beginning of year | 79.1 | 84 | 111.6 | |||
Increases related to positions taken in the current year | 4.1 | 11.8 | 9.4 | |||
Increases related to positions taken in prior years | 3.4 | |||||
Decreases related to positions taken in prior years | (1.8) | (4.6) | ||||
Decreases related to lapse of statutes of limitations | (13) | (13.5) | (14.2) | |||
Settlements during the current year | (2.8) | (1.4) | (0.3) | |||
Decreases for tax positions on dispositions | (2.6) | 0 | (17.9) | |||
Balance at end of year | $ 68.2 | $ 79.1 | $ 84 | |||
Offsetting non-current deferred tax asset | 34 | $ 45.3 | $ 59.8 | |||
Minimum | ||||||
Income Tax Contingency [Line Items] | ||||||
Possible decrease in unrecognized tax benefits | 15.8 | |||||
Maximum | ||||||
Income Tax Contingency [Line Items] | ||||||
Possible decrease in unrecognized tax benefits | $ 37.2 |
Debt - Maturing within One Year
Debt - Maturing within One Year (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Short-term foreign debt | $ 144.9 | $ 106.5 |
Commercial paper | 0 | 55.2 |
Total short-term debt | 144.9 | 161.7 |
Current portion of long-term debt | 82.8 | 386 |
Short-term debt and current portion of long-term debt | $ 227.7 | $ 547.7 |
Short-term Foreign Debt | ||
Short-term Debt [Line Items] | ||
Weighted average interest rates for short-term debt outstanding at year-end | 16.30% |
Debt - Long-term (Details)
Debt - Long-term (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 3,113.9 | $ 2,531 |
Debt issuance cost | (20.2) | (8.9) |
Less: debt maturing within one year | 82.8 | 386 |
Total long-term debt, less current portion | 3,031.1 | 2,145 |
Pollution Control and Industrial Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0.2 | 0.2 |
Total long-term debt | 51.6 | 51.6 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 1.3 | 0.8 |
Total long-term debt | $ 2,198.7 | 999.2 |
2017 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 3.00% | |
Long-term debt, gross | $ 800 | 1,400 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 4.30% | |
Long-term debt, gross | $ 0 | 0 |
Letters of credit outstanding, amount | 217 | |
Line of credit, remaining borrowing capacity | 1,283 | |
Foreign debt | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 83.8 | $ 89.1 |
Minimum | Pollution Control and Industrial Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 1.85% | |
Minimum | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 3.20% | |
Minimum | Foreign debt | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 0.00% | |
Maximum | Pollution Control and Industrial Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 6.45% | |
Maximum | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 4.50% | |
Maximum | Foreign debt | ||
Debt Instrument [Line Items] | ||
Interest rate percentage | 7.20% |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 20, 2019 | |
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 901,900,000 | $ 552,000,000 | $ 302,300,000 | ||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 300,000,000 | ||||
Senior Notes Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 500,000,000 | ||||
Senior Notes Due 2026 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 3.20% | ||||
Senior Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 500,000,000 | ||||
Senior Notes Due 2029 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 3.45% | ||||
Senior Notes Due 2049 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 500,000,000 | ||||
Senior Notes Due 2049 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate percentage | 4.50% |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - USD ($) | May 17, 2019 | May 02, 2017 |
Revolving Credit Facility | Federal Funds Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Revolving Credit Agreement | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,500,000,000 | |
Borrowing capacity, increase limit | $ 2,250,000,000 | |
Commitment fee percentage | 0.125% | |
Revolving Credit Agreement | Revolving Credit Facility | Eurodollar | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Revolving Credit Agreement | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 400,000,000 | |
Revolving Credit Agreement | Swing Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 50,000,000 |
Debt - Maturities of long-term
Debt - Maturities of long-term debt (Details) $ in Millions | Dec. 31, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 82.8 |
2021 | 1.6 |
2022 | 1,100.9 |
2023 | 0.3 |
2024 | 400 |
Thereafter | $ 1,550 |
Debt - Covenants (Details)
Debt - Covenants (Details) - Line of Credit | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Credit Agreement, covenant compliance, actual leverage ratio | 2.8 | |
Credit Agreement, covenant terms, maximum leverage ratio | 4 | |
Credit Agreement, covenant compliance, actual interest coverage ratio | 7.6 | |
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 | |
Scenario, Forecast | ||
Debt Instrument [Line Items] | ||
Credit Agreement, covenant terms, maximum leverage ratio | 3.5 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Benefits Weighted Average Assumptions (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pensions | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.22% | 4.35% |
Rate of compensation increase | 3.10% | 3.10% |
Nonqualified plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.74% | 3.97% |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.89% | 4.08% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Components of Defined Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets | |||
Company contributions | $ 13.4 | $ 37.5 | |
Settlements | $ (35.7) | ||
Amount recognized in the consolidated balance sheets: | |||
Pension asset | 44.2 | 42.8 | |
Decrease in defined benefit obligation | (13) | 4 | |
UNITED STATES | |||
Change in plan assets | |||
Settlements | (3.2) | ||
Pensions | |||
Change in projected benefit obligation | |||
Projected benefit obligation at January 1 | 1,261.3 | 1,385.8 | |
Service cost | 4.2 | 6.3 | 7.4 |
Interest cost | 47.6 | 44.5 | 44.3 |
Actuarial loss (gain) | 153 | (89.9) | |
Amendments | 0 | 0 | |
Foreign currency exchange rate changes and other | 0 | (0.4) | |
Plan participants’ contributions | 0 | 0 | |
Special termination benefits | 0 | 3.9 | |
Settlements | (3.5) | (4.4) | |
Curtailments | 0 | (0.9) | |
Benefits paid | (83.5) | (83.6) | |
Projected benefit obligation at December 31 | 1,379.1 | 1,261.3 | 1,385.8 |
Change in plan assets | |||
Fair value of plan assets at January 1 | 1,269.7 | 1,339.9 | |
Actual return on plan assets | 196.2 | (18) | |
Foreign currency exchange rate changes | (0.2) | (0.2) | |
Company contributions | 11.9 | 36 | |
Plan participants’ contributions | 0 | 0 | |
Settlements | (3.5) | (4.4) | |
Benefits paid | (83.5) | (83.6) | |
Fair value of plan assets at December 31 | 1,390.6 | 1,269.7 | 1,339.9 |
Funded Status | |||
Net funded status of the plan (liability) | 11.5 | 8.4 | |
Amount recognized in the consolidated balance sheets: | |||
Pension asset | 44.2 | 42.8 | |
Accrued benefit liability | (32.7) | (34.4) | |
Total | 11.5 | 8.4 | |
Other Benefits | |||
Change in projected benefit obligation | |||
Projected benefit obligation at January 1 | 18.9 | 19 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0.6 | 0.7 | 0.7 |
Actuarial loss (gain) | (2.2) | 0.6 | |
Amendments | 0 | (0.1) | |
Foreign currency exchange rate changes and other | 0 | 0 | |
Plan participants’ contributions | 0.4 | 0.7 | |
Special termination benefits | 0 | 0 | |
Settlements | 0 | 0 | |
Curtailments | 0 | 0.2 | |
Benefits paid | (1.9) | (2.2) | |
Projected benefit obligation at December 31 | 15.8 | 18.9 | 19 |
Change in plan assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Company contributions | 1.5 | 1.5 | |
Plan participants’ contributions | 0.4 | 0.7 | |
Settlements | 0 | 0 | |
Benefits paid | (1.9) | (2.2) | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded Status | |||
Net funded status of the plan (liability) | (15.8) | (18.9) | |
Amount recognized in the consolidated balance sheets: | |||
Pension asset | 0 | 0 | |
Accrued benefit liability | (15.8) | (18.9) | |
Total | (15.8) | (18.9) | |
Pension Plan, With Assets | UNITED STATES | |||
Funded Status | |||
Net funded status of the plan (liability) | 44.2 | 42.8 | |
Pension Plan, With Assets | Non-U.S. | |||
Funded Status | |||
Net funded status of the plan (liability) | (1.3) | (1.9) | |
Other Benefits, With Assets | UNITED STATES | |||
Funded Status | |||
Net funded status of the plan (liability) | 0 | 0 | |
Other Benefits, With Assets | Non-U.S. | |||
Funded Status | |||
Net funded status of the plan (liability) | 0 | 0 | |
Pension Plan, Without Assets | UNITED STATES | |||
Funded Status | |||
Net funded status of the plan (liability) | (22.4) | (24.6) | |
Other Benefits, Without Assets | UNITED STATES | |||
Funded Status | |||
Net funded status of the plan (liability) | (15.8) | (18.9) | |
Pensions | |||
Funded Status | |||
Net funded status of the plan (liability) | (9) | (7.9) | |
Other Benefit Plans | |||
Funded Status | |||
Net funded status of the plan (liability) | $ 0 | $ 0 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pensions | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service (cost) credit | $ (0.9) | $ (1.1) |
Net actuarial (loss) gain | (367.3) | (370.6) |
Accumulated other comprehensive income (loss) – pretax | (368.2) | (371.7) |
Accumulated other comprehensive income (loss) – net of tax | (277.2) | (226.1) |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service (cost) credit | 0 | (0.1) |
Net actuarial (loss) gain | 5.5 | 4.2 |
Accumulated other comprehensive income (loss) – pretax | 5.5 | 4.1 |
Accumulated other comprehensive income (loss) – net of tax | $ 3.7 | $ 2.6 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Settlements | $ (35,700,000) | ||||
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 | $ 15,300,000 | $ 15,000,000 | 9,700,000 | ||
UNITED STATES | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Settlements | $ (3,200,000) | ||||
Expected return on plan assets | 4.50% | 5.00% | 4.25% | 6.50% | |
Decrease in rate of return on plan assets | 0.75% | ||||
Estimated inflation rate assumptions for rate of return on plan assets | 2.10% | ||||
UNITED STATES | Fixed Income Investments | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Target asset allocation | 100.00% | ||||
UNITED KINGDOM | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Settlements | $ (32,500,000) | ||||
Discontinued Operations, Held-for-sale | FMC Health and Nutrition | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Pension curtailment charge | 3,900,000 | 3,900,000 | |||
Pensions | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Accumulated benefit obligation | $ 1,248,800,000 | $ 1,364,200,000 | 1,248,800,000 | ||
Net actuarial (gain) loss that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 9,800,000 | ||||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 200,000 | ||||
Curtailment loss and special termination benefits | 4,300,000 | $ 4,300,000 | |||
Settlements | $ (3,500,000) | $ (4,400,000) | |||
Expected return on plan assets | 4.25% | 5.00% | 6.50% | ||
Other Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net actuarial (gain) loss that will be amortized from AOCI into net annual benefit cost (income) during 2014 | $ (900,000) | ||||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 0 | ||||
Settlements | $ 0 | $ 0 | |||
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Information for pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligations | $ 37.2 | $ 39.1 |
Accumulated benefit obligations | 37.5 | 39.2 |
Fair value of plan assets | $ 4.5 | $ 4.7 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - ABO in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Information for pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligations | $ 37.2 | $ 39.1 |
Accumulated benefit obligations | 37.5 | 39.2 |
Fair value of plan assets | $ 4.5 | $ 4.7 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total recognized in other comprehensive (income) loss, after taxes | $ (3.4) | $ (20.7) | $ (52.2) |
Pensions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year net actuarial loss (gain) | 11 | (8.7) | |
Current year prior service cost (credit) | 0 | 0 | |
Amortization of net actuarial (loss) gain | (12.9) | (16) | |
Amortization of prior service (cost) credit | (0.2) | (0.4) | |
Recognition of prior service cost due to curtailment | 0 | (0.3) | |
Transfer of actuarial (loss) gain from continuing to discontinued operations | 0 | 0 | |
Curtailment loss | 0 | (0.9) | |
Settlement loss | (1.4) | (1.8) | |
Foreign currency exchange rate changes on the above line items | 0 | (0.4) | |
Total recognized in other comprehensive (income) loss, before taxes | (3.5) | (28.5) | |
Total recognized in other comprehensive (income) loss, after taxes | (3) | (22.3) | |
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current year net actuarial loss (gain) | (2.3) | 0.8 | |
Current year prior service cost (credit) | 0 | (0.1) | |
Amortization of net actuarial (loss) gain | 1 | 0.5 | |
Amortization of prior service (cost) credit | (0.1) | 0.1 | |
Recognition of prior service cost due to curtailment | 0 | 0 | |
Transfer of actuarial (loss) gain from continuing to discontinued operations | 0 | (0.1) | |
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 | (1.4) | 1.2 | |
Total recognized in other comprehensive (income) loss, after taxes | $ (1.1) | $ 0.9 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Net Annual Benefit (Cost) Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pensions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.36% | 3.68% | 4.22% |
Expected return on plan assets | 4.25% | 5.00% | 6.50% |
Rate of compensation increase | 3.10% | 3.10% | 3.60% |
Components of net annual benefit cost: | |||
Service cost | $ 4.2 | $ 6.3 | $ 7.4 |
Interest cost | 47.6 | 44.5 | 44.3 |
Expected return on plan assets | (53.4) | (63) | (79.1) |
Amortization of prior service cost | 0.2 | 0.4 | 0.6 |
Amortization of net actuarial and other (gain) loss | 12.9 | 16 | 15.5 |
Recognized (gain) loss due to settlement | 1.4 | 1.8 | 3.2 |
Net annual benefit cost (income) | $ 12.9 | $ 6 | $ (8.1) |
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.08% | 3.41% | 3.77% |
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: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.6 | 0.7 | 0.7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0.1 | (0.1) | (0.1) |
Amortization of net actuarial and other (gain) loss | (1) | (0.5) | (0.9) |
Recognized (gain) loss due to settlement | 0 | 0 | 0 |
Net annual benefit cost (income) | $ (0.3) | $ 0.1 | $ (0.3) |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Pension Plan Assets Fair Value (Details) - Pensions - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 1,390.6 | $ 1,269.7 | $ 1,339.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 379.3 | 613.3 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 1,011.3 | 656.4 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and short-term investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 19.8 | 92.5 | |
Cash and short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 19.8 | 92.5 | |
Cash and short-term investments | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and short-term investments | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Investment contracts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 150.1 | 144.9 | |
Investment contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Investment contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 150.1 | 144.9 | |
Investment contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Government Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 331 | 469.9 | |
U.S. Government Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 294.3 | 465.1 | |
U.S. Government Securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 36.7 | 4.8 | |
U.S. Government Securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 65.2 | 55.7 | |
Mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 65.2 | 55.7 | |
Mutual funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate debt instruments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 824.5 | 506.7 | |
Corporate debt instruments | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate debt instruments | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 824.5 | 506.7 | |
Corporate debt instruments | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Contributions to Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension and other postretirement plans | $ 13.4 | $ 37.5 |
Pensions | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension and other postretirement plans | 11.9 | 36 |
Other postretirement benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension and other postretirement plans | 1.5 | 1.5 |
Qualified Plan | Pensions | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension and other postretirement plans | 7 | 30 |
Nonqualified Plan | Pensions | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension and other postretirement plans | $ 4.9 | $ 6 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits - Estimated Future Benefit Payments (Details) - Pensions $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | $ 90.2 |
2021 | 86.7 |
2022 | 86.9 |
2023 | 85 |
2024 | 85.3 |
2025 - 2029 | 408.7 |
2020 | 1.7 |
2021 | 1.6 |
2022 | 1.5 |
2023 | 1.5 |
2024 | 1.4 |
2025 - 2029 | $ 5.4 |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 01, 2019 | |
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) | 3,500,000 | ||||
Share-based payment award, expiration period | 10 years | ||||
Tax benefit from compensation expense | $ 5.4 | $ 4.8 | $ 7.4 | ||
Share-based compensation expense, after-tax | 20.2 | 17.7 | 13.7 | ||
Cash related stock options exercises | $ 50.7 | 10.7 | 22.5 | ||
Stock Options Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||||
Conversion impact from Livent spin (in dollars per share) | $ 53.09 | ||||
Livent | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of common stock owned (in shares) | 123,000,000 | ||||
Discontinued operations, net of income taxes | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense, after-tax | $ 0.1 | 4 | 4.4 | ||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | ||||
Share-based payment award, expiration period | 10 years | ||||
Tax benefit from compensation expense | $ 1.5 | 1.3 | 2.4 | ||
Share-based compensation expense, after-tax | $ 5.7 | $ 4.9 | $ 4.5 | ||
Fair value assumptions, forfeiture rate | 4.00% | ||||
Black Scholes valuation assumptions for stock option grants [Abstract] | |||||
Expected dividend yield | 1.83% | 0.77% | 1.15% | ||
Expected volatility | 26.07% | 26.85% | 27.04% | ||
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months | ||
Risk-free interest rate | 2.53% | 2.79% | 2.10% | ||
Options granted, weighted-average grant-date fair value (in dollars per share) | $ 18.66 | $ 25.70 | $ 15.66 | ||
Stock Option Outstanding (shares) [Roll Forward] | |||||
Options exercisable (in shares) | 628,000 | 1,044,000 | 920,000 | 1,292,000 | |
Options vested and expected to vest (in shares) | 835,000 | 1,287,000 | 1,452,000 | 1,373,000 | |
Beginning (in shares) | 2,364,000 | 2,435,000 | 2,749,000 | ||
Granted (in shares) | 380,000 | 250,000 | 370,000 | ||
Impacts of conversion (in shares) | 210,000 | ||||
Exercised (in shares) | (1,414,000) | (260,000) | (590,000) | ||
Forfeited (in shares) | (36,000) | (61,000) | (94,000) | ||
Ending (in shares) | 1,504,000 | 2,364,000 | 2,435,000 | 2,749,000 | |
Options outstanding, weighted-average remaining contractual life (in years) | 6 years 6 months | 6 years | 6 years 3 months 18 days | 6 years 1 month 6 days | |
Stock Options Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||||
Beginning (in dollars per share) | $ 52.87 | $ 48.37 | $ 45.34 | ||
Granted (in dollars per share) | 75.76 | 85.19 | 57.63 | ||
Exercised (in dollars per share) | 39.17 | 41.80 | 39.93 | ||
Forfeited (in dollars per share) | 67.82 | 52.51 | 49.10 | ||
Ending (in dollars per share) | $ 58.06 | $ 52.87 | $ 48.37 | $ 45.34 | |
Options outstanding, aggregate intrinsic value | $ 62.8 | $ 52.5 | $ 112.7 | $ 37.6 | |
Options exercised, aggregate intrinsic value | 67.2 | $ 11.7 | 20.1 | ||
Stock Option Additional Disclosures [Abstract] | |||||
Options exercisable, intrinsic value | $ 33.2 | ||||
Options exercisable, weighted-average remaining contractual term (in years) | 4 years 2 months 12 days | ||||
Options exercisable, weighted-average exercise price per share (in dollars per share) | $ 47.02 | ||||
Unrecognized compensation cost | $ 3.9 | ||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 1 year 9 months 14 days | ||||
Restricted Stock Units (RSUs) related to Directors | |||||
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) | 276,145 | 248,465 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | ||||
Tax benefit from compensation expense | $ 2.2 | $ 2.3 | 3.5 | ||
Share-based compensation expense, after-tax | $ 8.2 | $ 8.4 | $ 6.4 | ||
Fair value assumptions, forfeiture rate | 2.00% | ||||
Stock Option Additional Disclosures [Abstract] | |||||
Unrecognized compensation cost | $ 10 | ||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 1 year 9 months 7 days | ||||
Nonvested Restricted Awards (shares) [Roll Forward] | |||||
Nonvested awards, beginning (in shares) | 459,000 | 489,000 | 496,000 | ||
Granted (in shares) | 108,000 | 137,000 | 121,000 | ||
Conversion impact from Livent spin (in shares) | (29,000) | ||||
Vested (in shares) | (223,000) | (154,000) | (98,000) | ||
Forfeited (in shares) | (13,000) | (13,000) | (30,000) | ||
Nonvested awards, ending (in shares) | 302,000 | 459,000 | 489,000 | 496,000 | |
Nonvested Awards, Weighted Average Grant Date Fair Value (dollars per share) [Abstract] | |||||
Nonvested awards, beginning (in dollars per share) | $ 55.75 | $ 47.63 | $ 48.56 | ||
Granted (in dollars per share) | 76.22 | 84.94 | 57.66 | ||
Conversion impact from Livent spin (in dollars per share) | 67.46 | ||||
Vested (in dollars per share) | 37.54 | 55.14 | 64.75 | ||
Forfeited (in dollars per share) | 69.69 | 65.39 | 47.60 | ||
Nonvested awards, ending (in dollars per share) | $ 67.89 | $ 55.75 | $ 47.63 | $ 48.56 | |
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefit from compensation expense | $ 1.7 | $ 1.2 | $ 1.5 | ||
Share-based compensation expense, after-tax | $ 6.3 | $ 4.4 | $ 2.8 | ||
Nonvested Restricted Awards (shares) [Roll Forward] | |||||
Nonvested awards, beginning (in shares) | 335,000 | 260,000 | 158,000 | ||
Granted (in shares) | 106,000 | 133,000 | 105,000 | ||
Conversion impact from Livent spin (in shares) | (12,000) | ||||
Vested (in shares) | (222,000) | (58,000) | 0 | ||
Forfeited (in shares) | (1,000) | 0 | (3,000) | ||
Nonvested awards, ending (in shares) | 206,000 | 335,000 | 260,000 | 158,000 | |
Nonvested Awards, Weighted Average Grant Date Fair Value (dollars per share) [Abstract] | |||||
Nonvested awards, beginning (in dollars per share) | $ 56.42 | $ 53.36 | $ 49.55 | ||
Granted (in dollars per share) | 83.89 | 88.65 | 66.93 | ||
Conversion impact from Livent spin (in dollars per share) | 84.58 | ||||
Vested (in dollars per share) | 42.18 | 81.15 | 0 | ||
Forfeited (in dollars per share) | 78.92 | 0 | 52.74 | ||
Nonvested awards, ending (in dollars per share) | $ 72.06 | $ 56.42 | $ 53.36 | $ 49.55 |
Equity - Summary of Capital Sto
Equity - Summary of Capital Stock Activity (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | 53,702,178 | 51,653,236 | 52,293,686 | |
Stock options and awards (in shares) | (1,563,307) | (390,553) | (640,450) | |
Repurchases of common stock, net (in shares) | 4,720,627 | 2,439,495 | ||
Treasury stock, shares, ending (in shares) | 56,859,498 | 53,702,178 | 51,653,236 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 3,210.4 | $ 3,210.4 | $ 2,707.1 | $ 1,993 |
Other comprehensive income (loss) before reclassifications | (77.4) | 173.3 | ||
Other comprehensive income (loss) before reclassifications | (90.7) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 8.8 | 64.8 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.7 | |||
Net current period other comprehensive income (loss) | (89) | |||
Adoption of accounting standard (Note 2) | 53.1 | (53.1) | ||
Ending balance | 2,561.4 | 3,210.4 | 2,707.1 | |
Foreign currency adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (101.5) | (101.5) | (6.2) | (194) |
Other comprehensive income (loss) before reclassifications | (95.3) | 173.9 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 13.9 | ||
Ending balance | (101.5) | (6.2) | ||
Foreign currency adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (15.2) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Net current period other comprehensive income (loss) | (15.2) | |||
Adoption of accounting standard (Note 2) | 0 | |||
Ending balance | (77.7) | |||
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11.2 | 11.2 | 5.2 | 7.1 |
Other comprehensive income (loss) before reclassifications | 13.7 | (1.2) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (7.7) | (0.7) | ||
Ending balance | 11.2 | 5.2 | ||
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (69) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (8.2) | |||
Net current period other comprehensive income (loss) | (77.2) | |||
Adoption of accounting standard (Note 2) | 1 | |||
Ending balance | (65) | |||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (218.6) | (218.6) | (239.3) | (291.5) |
Other comprehensive income (loss) before reclassifications | 4.2 | 0.6 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 16.5 | 51.6 | ||
Ending balance | (218.6) | (239.3) | ||
Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (6.5) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 9.9 | |||
Net current period other comprehensive income (loss) | 3.4 | |||
Adoption of accounting standard (Note 2) | (54.1) | |||
Ending balance | (269.3) | |||
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (308.9) | (308.9) | (240.3) | (478.4) |
Ending balance | (412) | $ (308.9) | $ (240.3) | |
Discontinued Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period other comprehensive income (loss) | 39 | |||
Discontinued Operations | Foreign currency adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period other comprehensive income (loss) | 39 | |||
Discontinued Operations | Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period other comprehensive income (loss) | 0 | |||
Discontinued Operations | Pension and other postretirement benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net current period other comprehensive income (loss) | $ 0 |
Equity - Reclassification Out o
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Discontinued operations, net of income taxes | $ (33.5) | $ (21.3) | $ (18.1) | $ 9.6 | $ (122.1) | $ 23.9 | $ 32.7 | $ 39.4 | $ (63.3) | $ (26.1) | $ 671.5 |
Costs of sales and services | (2,526.2) | (2,405.5) | (1,579.4) | ||||||||
Selling, general and administrative expenses | (792.9) | (790) | (581.7) | ||||||||
Income (loss) from continuing operations before income taxes | 655 | 608.4 | 95.8 | ||||||||
Provision for income taxes | (111.5) | (70.8) | (228.9) | ||||||||
Net income (loss) | $ (2.8) | $ 89.5 | $ 176.3 | $ 217.2 | $ 34.6 | $ 74.8 | $ 132.5 | $ 269.6 | 480.2 | 511.5 | 538.4 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | (1.7) | (8.8) | (64.8) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency translation adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Discontinued operations, net of income taxes | 0 | 0 | (13.9) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from continuing operations before income taxes | 11.2 | ||||||||||
Provision for income taxes | (3) | ||||||||||
Net income (loss) | 8.2 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Derivative instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from continuing operations before income taxes | 10.5 | 0.8 | |||||||||
Provision for income taxes | (2.8) | (0.1) | |||||||||
Net income (loss) | 7.7 | 0.7 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expenses | (0.3) | (0.3) | (0.5) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized net actuarial and other gains (losses) | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expenses | (10.8) | (14.4) | (14.4) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Recognized loss due to settlement/curtailment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Discontinued operations, net of income taxes | (1.4) | (6.1) | (51.2) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total income (loss) from discontinued operations, before tax | (12.5) | (20.8) | (66.1) | ||||||||
Provision for income taxes | 2.6 | 4.3 | 14.5 | ||||||||
Net income (loss) | (9.9) | (16.5) | (51.6) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Derivative Instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | 10 | ||||||||||
Selling, general and administrative expenses | 1.9 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Derivative instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | 18.9 | (10) | |||||||||
Selling, general and administrative expenses | (8) | 10 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Energy contracts | Derivative Instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | 0 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Energy contracts | Derivative instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Costs of sales and services | 0 | 0.8 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Interest rate contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ (0.7) | $ (0.4) | $ 0 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | Jan. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 | |
Subsequent Event [Line Items] | ||||||
Dividends paid | [1] | $ 210,300,000 | $ 89,200,000 | $ 88,800,000 | ||
Repurchase of shares (in shares) | 414,300,000 | $ 206,800,000 | $ 2,400,000 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends | $ 57,000,000 | |||||
Repurchase Program | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase of shares (in shares) | 4,700,000 | |||||
Remaining authorized shares under repurchase program | $ 600,000,000 | |||||
FMC Lithium | ||||||
Subsequent Event [Line Items] | ||||||
Controlling interest | 84.00% | |||||
DuPont | ||||||
Subsequent Event [Line Items] | ||||||
Controlling interest | 80.00% | |||||
[1] | See Note 17 regarding our 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Antidilutive shares excluded from diluted EPS (in shares) | 300 | 200 | 1,500 | ||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||
Continuing operations, net of income taxes | $ 30.3 | $ 111.7 | $ 192.6 | $ 206.1 | $ 157.7 | $ 48.9 | $ 97 | $ 227.8 | $ 540.7 | $ 531.4 | $ (135.7) |
Discontinued operations, net of income taxes | (33.5) | (21.3) | (18.1) | 9.6 | (125.3) | 23.9 | 32.7 | 39.4 | (63.3) | (29.3) | 671.5 |
Net income (loss) attributable to FMC stockholders | $ (3.2) | $ 90.4 | $ 174.5 | $ 215.7 | $ 32.4 | $ 72.8 | $ 129.7 | $ 267.2 | 477.4 | 502.1 | 535.8 |
Less: Distributed and undistributed earnings allocable to restricted award holders | (1.5) | (2.4) | 0 | ||||||||
Net income (loss) allocable to common stockholders | $ 475.9 | $ 499.7 | $ 535.8 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | $ 0.23 | $ 0.85 | $ 1.46 | $ 1.56 | $ 1.17 | $ 0.36 | $ 0.72 | $ 1.69 | $ 4.12 | $ 3.94 | $ (1.01) |
Discontinued operations (in dollars per share) | (0.25) | (0.16) | (0.14) | 0.07 | (0.93) | 0.18 | 0.24 | 0.29 | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | (0.02) | 0.69 | 1.32 | 1.63 | 0.24 | 0.54 | 0.96 | 1.98 | 3.64 | 3.72 | 3.99 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | 0.23 | 0.85 | 1.46 | 1.55 | 1.17 | 0.36 | 0.72 | 1.67 | 4.10 | 3.91 | (1.01) |
Discontinued operations (in dollars per share) | (0.25) | (0.16) | (0.14) | 0.07 | (0.93) | 0.18 | 0.24 | 0.29 | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | $ (0.02) | $ 0.69 | $ 1.32 | $ 1.62 | $ 0.24 | $ 0.54 | $ 0.96 | $ 1.96 | $ 3.62 | $ 3.69 | $ 3.99 |
Shares (in thousands): | |||||||||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 129,700 | 130,400 | 131,100 | 131,900 | 133,700 | 134,900 | 134,800 | 134,600 | 130,761 | 134,406 | 134,255 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 1,241 | 1,473 | 0 | ||||||||
Shares – diluted basis (in shares) | 130,900 | 131,600 | 132,300 | 133,200 | 135,100 | 136,400 | 136,200 | 136,200 | 132,002 | 135,879 | 134,255 |
Financial Instruments, Risk M_3
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details) $ in Millions | Sep. 20, 2019USD ($) | Dec. 31, 2019USD ($)MMBTU | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Segment Reporting Information [Line Items] | |||||
Estimated fair value of debt | $ 3,393.8 | $ 2,715.2 | |||
Carrying amount of debt | 3,258.8 | 2,692.7 | |||
Cumulative changes in net gain (loss) from cash flow hedges | 66 | (11.2) | $ (5.2) | $ (7.1) | |
Cash Flow Hedging | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Cumulative changes in net gain (loss) from cash flow hedges | 0.7 | ||||
Foreign currency contracts | |||||
Segment Reporting Information [Line Items] | |||||
Cumulative changes in net gain (loss) from cash flow hedges | 1.4 | (10.4) | (4.4) | (4.6) | |
Foreign currency contracts | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, notional amount | 1,633 | ||||
Foreign currency contracts | Not Designated as Hedging Instruments | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, notional amount | 1,264 | ||||
Foreign currency contracts | Cash Flow Hedging | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Cumulative changes in net gain (loss) from cash flow hedges | 0.4 | ||||
Interest rate contracts | |||||
Segment Reporting Information [Line Items] | |||||
Cumulative changes in net gain (loss) from cash flow hedges | 64.6 | (0.8) | (0.8) | (1.1) | |
Interest rate contracts | Cash Flow Hedging | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Derivative, notional amount | 200 | ||||
Loss on settlement | $ 83.1 | ||||
Energy contracts | |||||
Segment Reporting Information [Line Items] | |||||
Cumulative changes in net gain (loss) from cash flow hedges | $ 0 | $ 0 | $ 0 | $ (1.4) | |
Energy contracts | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Aggregate notional volume of outstanding natural gas (mmBTU) | MMBTU | 0 | ||||
Foreign currency and energy contracts | Designated as Cash Flow Hedges | |||||
Segment Reporting Information [Line Items] | |||||
Loss on derivative contracts | $ 1 |
Financial Instrument, Risk Mana
Financial Instrument, Risk Management and Fair Value Measurements - Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Total Gross Amounts | $ 8.3 | $ 19.8 |
Gross amounts offset in the condensed consolidated balance sheet | (8.1) | (8.1) |
Net Amounts | 0.2 | 11.7 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (17.2) | (8.4) |
Gross amounts offset in the condensed consolidated balance sheet | 8.1 | 8.1 |
Net Amounts | (9.1) | (0.3) |
Net derivative assets (liabilities) | (8.9) | 11.4 |
Net amounts of derivative assets (liabilities) | (8.9) | 11.4 |
Designated as Cash Flow Hedges | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 8 | 18.3 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (13) | (8.2) |
Net derivative assets (liabilities) | (5) | 10.1 |
Not Designated as Hedging Instruments | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 0.3 | 1.5 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (4.2) | (0.2) |
Net derivative assets (liabilities) | (3.9) | 1.3 |
Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 8.3 | 19.8 |
Gross amounts offset in the condensed consolidated balance sheet | (8.1) | (8.1) |
Net Amounts | 0.2 | 11.7 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (16.3) | (8.2) |
Gross amounts offset in the condensed consolidated balance sheet | 8.1 | 8.1 |
Net Amounts | (8.2) | (0.1) |
Foreign exchange contracts | Designated as Cash Flow Hedges | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 8 | 18.3 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (12.1) | (8) |
Foreign exchange contracts | Not Designated as Hedging Instruments | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 0.3 | 1.5 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (4.2) | (0.2) |
Interest rate contracts | ||
Derivative Liability [Abstract] | ||
Derivative liabilities | (0.9) | (0.2) |
Gross amounts offset in the condensed consolidated balance sheet | 0 | 0 |
Net Amounts | (0.9) | (0.2) |
Interest rate contracts | Designated as Cash Flow Hedges | ||
Derivative Liability [Abstract] | ||
Derivative liabilities | (0.9) | (0.2) |
Interest rate contracts | Not Designated as Hedging Instruments | ||
Derivative Liability [Abstract] | ||
Derivative liabilities | $ 0 | $ 0 |
Financial Instrument, Risk Ma_2
Financial Instrument, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | $ 11.2 | $ 5.2 | $ 7.1 | |
Reclassification of deferred hedging (gains) losses, net of tax | [1] | (8.2) | (7.7) | (0.7) |
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | (77.2) | 6 | (1.9) | |
Accumulated other comprehensive income (loss), net of tax, ending | (66) | 11.2 | 5.2 | |
Foreign currency contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | 10.4 | 4.4 | 4.6 | |
Accumulated other comprehensive income (loss), net of tax, ending | (1.4) | 10.4 | 4.4 | |
Energy contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | 0 | 0 | 1.4 | |
Accumulated other comprehensive income (loss), net of tax, ending | 0 | 0 | 0 | |
Interest rate contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | 0.8 | 0.8 | 1.1 | |
Accumulated other comprehensive income (loss), net of tax, ending | (64.6) | 0.8 | 0.8 | |
Designated as Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Unrealized hedging gains (losses) and other, net of tax | 13.7 | (1.2) | ||
Reclassification of deferred hedging (gains) losses, net of tax | (7.7) | (0.7) | ||
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | 6 | (1.9) | ||
Unrealized hedging gains (losses) and other, net of tax | (69) | |||
Reclassification of deferred hedging (gains) losses, net of tax | (8.2) | |||
Total derivative instrument impact on comprehensive income, net of tax | (77.2) | |||
Designated as Cash Flow Hedges | Foreign currency contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Unrealized hedging gains (losses) and other, net of tax | 14.2 | (0.4) | ||
Reclassification of deferred hedging (gains) losses, net of tax | (8.2) | 0.2 | ||
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | 6 | (0.2) | ||
Unrealized hedging gains (losses) and other, net of tax | (3.1) | |||
Reclassification of deferred hedging (gains) losses, net of tax | (8.7) | |||
Total derivative instrument impact on comprehensive income, net of tax | (11.8) | |||
Designated as Cash Flow Hedges | Energy contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Unrealized hedging gains (losses) and other, net of tax | 0 | (0.8) | ||
Reclassification of deferred hedging (gains) losses, net of tax | 0 | (0.6) | ||
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | 0 | (1.4) | ||
Unrealized hedging gains (losses) and other, net of tax | 0 | |||
Reclassification of deferred hedging (gains) losses, net of tax | 0 | |||
Total derivative instrument impact on comprehensive income, net of tax | 0 | |||
Designated as Cash Flow Hedges | Interest rate contracts | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Unrealized hedging gains (losses) and other, net of tax | (0.5) | 0 | ||
Reclassification of deferred hedging (gains) losses, net of tax | 0.5 | (0.3) | ||
Total derivative instruments, net of tax of $(19.7), $(0.5) and $0.4 | 0 | (0.3) | ||
Unrealized hedging gains (losses) and other, net of tax | (65.9) | |||
Reclassification of deferred hedging (gains) losses, net of tax | 0.5 | |||
Total derivative instrument impact on comprehensive income, net of tax | (65.4) | |||
Derivatives Not Designated as Hedging Instruments | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (26.7) | (10.9) | (12.5) | |
Derivatives Not Designated as Hedging Instruments | Foreign currency contracts | Cost of Sales and Services | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (26.7) | $ (10.9) | $ (12.5) | |
[1] | For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 within these consolidated financial statements. |
Financial Instruments, Risk M_4
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Derivatives - Foreign exchange | $ 8.3 | $ 19.8 |
Liabilities | ||
Derivatives | 17.2 | 8.4 |
Foreign exchange contracts | ||
Assets | ||
Derivatives - Foreign exchange | 8.3 | 19.8 |
Liabilities | ||
Derivatives | 16.3 | 8.2 |
Interest Rate | ||
Liabilities | ||
Derivatives | 0.9 | 0.2 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other | 20.2 | 17.7 |
Assets, Fair Value Disclosure | 20.4 | 29.4 |
Liabilities | ||
Other | 32.8 | 27.4 |
Total Liabilities | 41.9 | 27.7 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other | 20.2 | 17.7 |
Assets, Fair Value Disclosure | 20.2 | 17.7 |
Liabilities | ||
Other | 29.7 | 24.3 |
Total Liabilities | 29.7 | 24.3 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Other | 0 | 0 |
Assets, Fair Value Disclosure | 0.2 | 11.7 |
Liabilities | ||
Other | 3.1 | 3.1 |
Total Liabilities | 12.2 | 3.4 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Other | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities | ||
Other | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Assets | ||
Derivatives - Foreign exchange | 0.2 | 11.7 |
Liabilities | ||
Derivatives | 8.2 | 0.1 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Derivatives - Foreign exchange | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Derivatives - Foreign exchange | 0.2 | 11.7 |
Liabilities | ||
Derivatives | 8.2 | 0.1 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Derivatives - Foreign exchange | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Interest Rate | ||
Liabilities | ||
Derivatives | 0.9 | 0.2 |
Fair Value, Measurements, Recurring | Interest Rate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Liabilities | ||
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Interest Rate | Significant Other Observable Inputs (Level 2) | ||
Liabilities | ||
Derivatives | 0.9 | 0.2 |
Fair Value, Measurements, Recurring | Interest Rate | Significant Unobservable Inputs (Level 3) | ||
Liabilities | ||
Derivatives | $ 0 | $ 0 |
Financial Instrument, Risk Ma_3
Financial Instrument, Risk Management and Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment loss on indefinite-lived intangible asset | $ 42.1 | |
Brands | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment loss on indefinite-lived intangible asset | $ 2 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of intangibles | 3.1 | |
Total Gains (Losses) on Impairment of intangibles | (1.8) | |
Total Assets | 3.1 | |
Total Gains (Losses) on total assets | (1.8) | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of intangibles | 0 | |
Total Assets | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of intangibles | 0 | |
Total Assets | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of intangibles | 3.1 | |
Total Assets | $ 3.1 |
Guarantees, Commitments and C_3
Guarantees, Commitments and Contingencies - Schedule of Estimated Undiscounted Potential Future Payments for Guarantees (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | $ 77.8 |
Guarantees of vendor financing - short term | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | 75.7 |
Other debt guarantees | |
Guarantor Obligations [Line Items] | |
Undiscounted exposure from guarantees | $ 2.1 |
Guarantee, term | 1 year |
Guarantees, Commitments and C_4
Guarantees, Commitments and Contingencies - Narrative (Details) $ in Thousands, $ in Millions | Sep. 27, 2018USD ($) | Sep. 27, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||||
Minimum commitments under take-or-pay purchase obligation | $ 1,126 | $ 1,126 | |||
Loss Contingencies [Line Items] | |||||
Settlement agreement payment | 72.8 | ||||
Estimate of loss contingency in excess of accrual | 150 | ||||
Brazil | Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency reserves | $ 4.9 | 4.9 | $ 1.7 | ||
Estimate of loss contingency in excess of accrual | $ 90 | ||||
Canadian Antitrust Law | Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Settlement agreement payment | $ 2.5 | $ 3,250 |
Segment Information, External C
Segment Information, External Customers and Long-lived Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 5,540.5 | $ 5,312.5 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,190.7 | 1,060.8 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 837 | 809.9 |
Europe, Middle East & Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,448 | 1,421.9 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2,064.8 | 2,019.9 |
Singapore | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,547 | 1,558.9 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,177.7 | 1,052 |
Denmark | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,045.3 | $ 1,044.2 |
Supplemental Information (Detai
Supplemental Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid and other current assets | ||
Prepaid insurance | $ 8.2 | $ 7.9 |
Tax related items including value added tax receivables | 229.2 | 215.2 |
Refund asset | 37.7 | 49.7 |
Environmental obligation recoveries (Note 12) | 12.3 | 6.2 |
Derivative assets (Note 19) | 0.2 | 11.7 |
Acquisition related items | 3 | 3.4 |
Other prepaid and current assets | 196.9 | 138.5 |
Total | 487.5 | 432.6 |
Other assets including long-term receivables, net | ||
Non-current receivables (Note 10) | 123.1 | 84.5 |
Advance to contract manufacturers | 116.3 | 69.9 |
Capitalized software, net | 117 | 61.8 |
Environmental obligation recoveries (Note 12) | 15 | 24.3 |
Income taxes indirect benefits | 32.7 | 41.9 |
Operating lease ROU assets | 164.7 | |
Deferred compensation arrangements (Note 19) | 20.2 | 17.7 |
Pension and other postretirement benefits (Note 15) | 44.2 | 42.8 |
Other long-term assets | 52.1 | 40.5 |
Total | 685.3 | 383.4 |
Accrued and other liabilities | ||
Restructuring reserves (Note 9) | 8.1 | 8.2 |
Dividend payable (Note 17) | 57 | 53.2 |
Accrued payroll | 101.2 | 87 |
Environmental reserves, current, net of recoveries (Note 12) | 115.3 | 63 |
Derivative liabilities (Note 19) | 8.9 | 0.3 |
Furadan® product exit asset retirement obligations | 33 | 0 |
Unfavorable contracts | 109.2 | 103.1 |
Operating lease current liabilities (Note 4) | 31.5 | |
Other accrued and other liabilities | 216.4 | 256 |
Total | 680.6 | 570.8 |
Other long-term liabilities | ||
Restructuring reserves (Note 9) | 6.5 | 9 |
Asset retirement obligations, long-term (Note 1) | 2.7 | 2.6 |
Transition tax related to Tax Cuts and Jobs Act | 123.6 | 145.6 |
Contingencies related to uncertain tax positions (Note 13) | 71.4 | 79.5 |
Deferred compensation arrangements (Note 19) | 29.7 | 24.3 |
Derivative liabilities (Note 19) | 0.2 | 0 |
Self-insurance reserves (primarily workers' compensation) | 1.8 | 2.2 |
Lease obligations (Note 4) | 163.2 | 17.3 |
Reserve for discontinued operations (Note 11) | 71.9 | 72.2 |
Unfavorable contracts | 206 | 327.6 |
Other long-term liabilities | 31.4 | 62.6 |
Total | 708.4 | 742.9 |
Estimated product returns liability | $ 37.7 | $ 49.7 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 1,197.3 | $ 1,014.3 | $ 1,206.1 | $ 1,192.1 | $ 1,099.4 | $ 923.6 | $ 1,154.4 | $ 1,107.9 | $ 4,609.8 | $ 4,285.3 | $ 2,531.2 |
Gross margin | 556 | 432.4 | 550.5 | 544.7 | 491.7 | 395.2 | 490.4 | 502.5 | 2,083.6 | 1,879.8 | 951.8 |
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | 112.1 | 159.9 | 267.8 | 281.8 | 177.5 | 105.1 | 133.3 | 325 | 821.6 | 740.9 | 158.5 |
Income (loss) from continuing operations | 30.7 | 110.8 | 194.4 | 207.6 | 156.7 | 50.9 | 99.8 | 230.2 | 543.5 | 537.6 | (133.1) |
Discontinued operations, net of income taxes | (33.5) | (21.3) | (18.1) | 9.6 | (122.1) | 23.9 | 32.7 | 39.4 | (63.3) | (26.1) | 671.5 |
Net income (loss) | (2.8) | 89.5 | 176.3 | 217.2 | 34.6 | 74.8 | 132.5 | 269.6 | 480.2 | 511.5 | 538.4 |
Less: Net income (loss) attributable to noncontrolling interests | 0.4 | (0.9) | 1.8 | 1.5 | 2.2 | 2 | 2.8 | 2.4 | 2.8 | 9.4 | 2.6 |
Net income (loss) attributable to FMC stockholders | (3.2) | 90.4 | 174.5 | 215.7 | 32.4 | 72.8 | 129.7 | 267.2 | 477.4 | 502.1 | 535.8 |
Earnings (loss) attributable to FMC stockholders: | |||||||||||
Continuing operations, net of income taxes | 30.3 | 111.7 | 192.6 | 206.1 | 157.7 | 48.9 | 97 | 227.8 | 540.7 | 531.4 | (135.7) |
Discontinued operations, net of income taxes | $ (33.5) | $ (21.3) | $ (18.1) | $ 9.6 | $ (125.3) | $ 23.9 | $ 32.7 | $ 39.4 | $ (63.3) | $ (29.3) | $ 671.5 |
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | $ 0.23 | $ 0.85 | $ 1.46 | $ 1.56 | $ 1.17 | $ 0.36 | $ 0.72 | $ 1.69 | $ 4.12 | $ 3.94 | $ (1.01) |
Discontinued operations (in dollars per share) | (0.25) | (0.16) | (0.14) | 0.07 | (0.93) | 0.18 | 0.24 | 0.29 | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | (0.02) | 0.69 | 1.32 | 1.63 | 0.24 | 0.54 | 0.96 | 1.98 | 3.64 | 3.72 | 3.99 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||
Continuing operations (in dollars per share) | 0.23 | 0.85 | 1.46 | 1.55 | 1.17 | 0.36 | 0.72 | 1.67 | 4.10 | 3.91 | (1.01) |
Discontinued operations (in dollars per share) | (0.25) | (0.16) | (0.14) | 0.07 | (0.93) | 0.18 | 0.24 | 0.29 | (0.48) | (0.22) | 5 |
Net income (loss) attributable to FMC stockholders (in dollars per share) | $ (0.02) | $ 0.69 | $ 1.32 | $ 1.62 | $ 0.24 | $ 0.54 | $ 0.96 | $ 1.96 | $ 3.62 | $ 3.69 | $ 3.99 |
Shares (in thousands): | |||||||||||
Basic (in shares) | 129,700 | 130,400 | 131,100 | 131,900 | 133,700 | 134,900 | 134,800 | 134,600 | 130,761 | 134,406 | 134,255 |
Diluted (in shares) | 130,900 | 131,600 | 132,300 | 133,200 | 135,100 | 136,400 | 136,200 | 136,200 | 132,002 | 135,879 | 134,255 |
Environmental Exit Cost [Line Items] | |||||||||||
Charges to expense for new losses | $ 138.8 | $ 178.2 | $ 105.6 | ||||||||
Pending Litigation | Middleport Litigation | |||||||||||
Environmental Exit Cost [Line Items] | |||||||||||
Charges to expense for new losses | $ 106.3 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of Year | $ 82.9 | $ 85.7 | $ 65.7 |
Charged to Costs and Expenses | 21.2 | 71.4 | 22.1 |
Charged to Other Comprehensive Income | 0 | 0 | 0 |
Net recoveries, write-offs and other | (16.7) | (74.2) | (2.1) |
Balance, End of Year | 87.4 | 82.9 | 85.7 |
Deferred tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of Year | 261.4 | 272 | 286.4 |
Charged to Costs and Expenses | 42.2 | (8.8) | (17) |
Charged to Other Comprehensive Income | (0.3) | (1.8) | 2.6 |
Net recoveries, write-offs and other | 0 | 0 | 0 |
Balance, End of Year | $ 303.3 | $ 261.4 | $ 272 |
Uncategorized Items - fmc-20191
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (53,100,000) |