Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | |
Entity Registrant Name | FMC CORPORATION |
Entity Central Index Key | 37785 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 133,273,849 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Income Statement [Abstract] | ||||||||
Revenue | $957.40 | $821.90 | $2,744.10 | $2,494.40 | ||||
Costs and Expenses | ||||||||
Costs of sales and services | 653 | 523.9 | 1,758.60 | 1,547.60 | ||||
Gross margin | 304.4 | 298 | 985.5 | 946.8 | ||||
Selling, general and administrative expenses | 124.9 | 118.7 | 374.1 | 357.3 | ||||
Research and development expenses | 29 | 28.1 | 84.7 | 82.4 | ||||
Restructuring and other charges (income) | 32.1 | [1] | 5.5 | [1] | 47.3 | [1] | 9.1 | [1] |
Total costs and expenses | 839 | 676.2 | 2,264.70 | 1,996.40 | ||||
Income from continuing operations before equity in (earnings) loss of affiliates, interest expense, net and income taxes | 118.4 | 145.7 | 479.4 | 498 | ||||
Equity in (earnings) loss of affiliates | 0.1 | 0.2 | 0.5 | 0.3 | ||||
Interest expense, net | 9.8 | 9.8 | 31.4 | 30.3 | ||||
Income from continuing operations before income taxes | 108.5 | 135.7 | 447.5 | 467.4 | ||||
Provision for income taxes | 32 | 29.9 | 113.1 | 113.2 | ||||
Income from continuing operations | 76.5 | 105.8 | 334.4 | 354.2 | ||||
Discontinued operations, net of income taxes | -56.6 | -11.2 | -58.3 | -24.7 | ||||
Net income | 19.9 | 94.6 | 276.1 | 329.5 | ||||
Less: Net income attributable to noncontrolling interests | 2 | 4.6 | 9.3 | 15.5 | ||||
Net income | 17.9 | 90 | 266.8 | 314 | ||||
Amounts attributable to FMC stockholders: | ||||||||
Continuing operations, net of income taxes | 74.5 | 101.2 | 325.1 | 338.7 | ||||
Discontinued operations, net of income taxes | -56.6 | -11.2 | -58.3 | -24.7 | ||||
Net income | $17.90 | $90 | $266.80 | $314 | ||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||
Continuing operations | $0.55 | $0.73 | $2.39 | $2.45 | ||||
Discontinued operations | ($0.42) | ($0.08) | ($0.43) | ($0.18) | ||||
Net income attributable to FMC stockholders | $0.13 | $0.65 | $1.96 | $2.27 | ||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||
Continuing operations | $0.55 | $0.73 | $2.38 | $2.44 | ||||
Discontinued operations | ($0.42) | ($0.08) | ($0.43) | ($0.18) | ||||
Net income attributable to FMC stockholders | $0.13 | $0.65 | $1.95 | $2.26 | ||||
[1] | See Note 7 for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the three months ended September 30, 2012, relate to FMC Agricultural Solutions of $4.4 million, FMC Health and Nutrition of $0.1 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2013, related to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. Amounts for the nine months ended September 30, 2012, related to FMC Agricultural Solutions of $6.1 million, FMC Health and Nutrition of $0.3 million, FMC Minerals of $(0.3) million and Corporate $3.0 million. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net Income | $19.90 | $94.60 | $276.10 | $329.50 | ||||
Foreign currency translation adjustments (1) | 14.9 | [1] | 13.3 | [1] | 1.4 | [1],[2] | -4.9 | [1] |
Unrealized hedging gains (losses) and other, net of tax of $(0.5) and $(2.0) for the three and nine months ended 2013 and $0.6 and zero for the three and nine months ended 2012, respectively | -0.9 | 1.1 | -4.1 | 0.4 | ||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $0.4 and $(0.6) for the three and nine months ended 2013 and $1.4 and $2.5 for the three and nine months ended 2012, respectively (3) | 1.2 | [3],[4] | 2.6 | [3],[4] | -0.9 | [3] | 4.2 | [3] |
Total derivative instruments, net of tax of $(0.1) and $(2.6) for the three and nine months ended 2013 and $2.0 and $2.5 for the three and nine months ended 2012, respectively | 0.3 | 3.7 | -5 | [2] | 4.6 | |||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $(0.1) and zero for the three and nine months ended 2013 and $0.8 and $0.8 for the three and nine months ended 2012, respectively (2) | -0.3 | [5] | -1.6 | [5] | -0.2 | [5] | -1.2 | [5] |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $4.1 and $17.1 for the three and nine months ended 2013 and $4.8 and $14.5 for the three and nine months ended 2012, respectively (3) | 6.2 | [3],[4] | 6.4 | [3],[4] | 27.7 | [3] | 22.2 | [3] |
Total pension and other postretirement benefits, net of tax of $4.0 and $17.1 for the three and nine months ended 2013 and $5.6 and $15.3 for the three and nine months ended 2012, respectively | 5.9 | 4.8 | 27.5 | [2] | 21 | |||
Other comprehensive income (loss), net of tax | 21.1 | 21.8 | 23.9 | 20.7 | ||||
Comprehensive income | 41 | 116.4 | 300 | 350.2 | ||||
Less: Comprehensive income attributable to the noncontrolling interest | 1.8 | 4.8 | 9.7 | 15.4 | ||||
Comprehensive income attributable to FMC stockholders | $39.20 | $111.60 | $290.30 | $334.80 | ||||
[1] | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates permanently | |||||||
[2] | See condensed consolidated statements of comprehensive income. | |||||||
[3] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | |||||||
[4] | For more detail on the components of these reclassifications and the affected line item in the Condensed Consolidated Statements of Income see Note 14. | |||||||
[5] | At December 31st 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. The interim adjustments noted above reflect the foreign currency translation impacts from the unrealized actuarial gains (losses) and prior service (costs) credits related to our foreign pension and postretirement plans. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($0.50) | $0.60 | ($2) | $0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0.4 | [1] | 1.4 | [1] | -0.6 | [1] | 2.5 | [1] |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | -0.1 | 2 | -2.6 | 2.5 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | -0.1 | 0.8 | 0 | 0.8 | ||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 4.1 | [1] | 4.8 | [1] | 17.1 | [1] | 14.5 | [1] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $4 | $5.60 | $17.10 | $15.30 | ||||
[1] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | $109.60 | $77.10 | |
Trade receivables, net of allowance of $27.8 at 2013 and $26.8 at 2012 | 1,179.60 | 1,073.70 | |
Inventories | 707.7 | 642.4 | |
Prepaid and other current assets | 205.4 | 172.9 | |
Deferred income taxes | 124.3 | 123.4 | |
Current assets of discontinued operations held for sale | 284.1 | 92.4 | |
Total current assets | 2,610.70 | 2,181.90 | |
Investments | 29.5 | 26.1 | |
Property, plant and equipment, net | 1,163.50 | 956.2 | |
Goodwill | 396 | 277.6 | |
Other intangibles, net | 272.3 | 205.7 | |
Other assets | 250 | 247.6 | |
Deferred income taxes | 208.8 | 234.6 | |
Noncurrent assets of discontinued operations held for sale | 0 | 244.2 | |
Total assets | 4,930.80 | 4,373.90 | |
Current liabilities | |||
Short-term debt and current portion of long-term debt | 942.4 | 55.6 | |
Accounts payable, trade and other | 388.9 | 404.2 | |
Advance payments from customers | 18.1 | 140.2 | |
Accrued and other liabilities | 257.8 | 254.1 | |
Accrued customer rebates | 334.9 | 141.7 | |
Guarantees of vendor financing | 21.3 | 31.4 | |
Accrued pension and other postretirement benefits, current | 21.3 | 21.3 | |
Income taxes | 35.4 | 32.9 | |
Current liabilities of discontinued operations held for sale | 46.4 | 54.1 | |
Total current liabilities | 2,066.50 | 1,135.50 | |
Long-term debt, less current portion | 771.8 | 908.8 | |
Accrued pension and other postretirement benefits, long-term | 315.8 | 375.8 | |
Environmental liabilities, continuing and discontinued | 164.3 | [1] | 200.2 |
Deferred income taxes | 45.4 | 0 | |
Noncurrent liabilities of discontinued operations held for sale | 0 | 3.3 | |
Other long-term liabilities | 193.4 | 195.5 | |
Commitments and contingent liabilities (Note 18) | |||
Equity | |||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2013 or 2012 | 0 | 0 | |
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares at 2013 and 2012 | 18.6 | 18.6 | |
Capital in excess of par value of common stock | 395.6 | 481.9 | |
Retained earnings | 2,748.20 | 2,536.50 | |
Accumulated other comprehensive income (loss) | -385.4 | -408.9 | |
Treasury stock, common, at cost: 52,709,943 shares at 2013 and 48,313,414 shares at 2012 | -1,452.90 | -1,147.80 | |
Total FMC stockholders’ equity | 1,324.10 | 1,480.30 | |
Noncontrolling interests | 49.5 | 74.5 | |
Total equity | 1,373.60 | 1,554.80 | |
Total liabilities and equity | $4,930.80 | $4,373.90 | |
[1] | These amounts are included in “Environmental liabilities, continuing and discontinued†on the condensed consolidated balance sheets. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Trade receivables | $27.80 | $26.80 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 185,983,792 | 185,983,792 |
Treasury Stock, shares | 52,709,943 | 48,313,414 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Cash provided (required) by operating activities of continuing operations: | ||||
Net Income | $276.10 | $329.50 | ||
Discontinued operations | 58.3 | 24.7 | ||
Income from continuing operations | 334.4 | 354.2 | ||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ||||
Depreciation and amortization | 91.7 | 84.6 | ||
Equity in (earnings) loss of affiliates | 0.5 | 0.3 | ||
Restructuring and other charges (income) | 47.3 | 9.1 | ||
Deferred income taxes | 27.8 | 32.3 | ||
Pension and other postretirement benefits | 48.2 | 43 | ||
Share-based Compensation | 12.2 | 12.7 | ||
Excess tax benefits from share-based compensation | -6.7 | -7.4 | ||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||||
Trade receivables, net | -93.9 | -82.6 | ||
Guarantees of vendor financing | -10.1 | 9 | ||
Inventories | -14 | -143.9 | ||
Other current assets and other assets | 2.2 | -35.8 | ||
Accounts payable | 0.6 | 3.7 | ||
Accrued and other current liabilities and other liabilities | -18.9 | 13.1 | ||
Advance payments from customers | -122.1 | -66.6 | ||
Accrued payroll | -8.1 | -7.7 | ||
Accrued customer rebates | 194.8 | 163.3 | ||
Income taxes | -29.1 | 65.2 | ||
Pension and other postretirement benefit contributions | -63.1 | -72.7 | ||
Environmental spending, continuing, net of recoveries | -4.3 | -4.3 | ||
Restructuring and other spending | -8.8 | -0.6 | ||
Cash provided (required) by operating activities | 380.6 | 368.9 | ||
Cash provided (required) by operating activities of discontinued operations: | ||||
Environmental spending, discontinued, net of recoveries | -19.2 | -12.2 | ||
Operating activities of discontinued operations held for sale | -5.2 | 2.2 | ||
Payments of other discontinued reserves, net of recoveries | -7 | -26.3 | ||
Cash provided (required) by operating activities of discontinued operations | -31.4 | -36.3 | ||
Cash provided (required) by investing activities: | ||||
Capital expenditures | -159.6 | -108.7 | ||
Proceeds from disposal of property, plant and equipment | 2.1 | 0.5 | ||
Acquisitions, net of cash acquired | -339.6 | -114.2 | ||
Investments in nonconsolidated affiliates | -6.2 | -9.7 | ||
Other investing activities | -52 | -19.2 | ||
Cash provided (required) by investing activities of continuing operations | -555.3 | -251.3 | ||
Cash provided (required) by investing activities of discontinued operations held for sale | -15.2 | -19 | ||
Cash provided (required) by financing activities: | ||||
Net borrowings (repayments) under committed credit facilities | -130 | 24 | ||
Increase (decrease) in short-term debt | 869.5 | 32.3 | ||
Repayments of long-term debt | -0.5 | -17.3 | ||
Proceeds from borrowings of long-term debt | 11.6 | 5.4 | ||
Financing fees | 0.9 | 0 | ||
Distributions to noncontrolling interests | -9.9 | -15.4 | ||
Acquisition of noncontrolling interests | -80 | [1] | 0 | [1] |
Issuances of common stock, net | 9.9 | 12.6 | ||
Excess tax benefits from share-based compensation | 6.7 | 7.4 | ||
Dividends paid | -55.6 | [1] | -35.4 | [1] |
Repurchases of common stock under publicly announced program | -359.9 | -144.9 | ||
Other repurchases of common stock | -6.7 | -3.8 | ||
Contingent consideration paid | -0.5 | -2 | ||
Cash provided (required) by financing activities | 253.7 | -137.1 | ||
Effect of exchange rate changes on cash and cash equivalents | 0.1 | 0.3 | ||
Increase (decrease) in cash and cash equivalents | 32.5 | -74.5 | ||
Cash and cash equivalents, beginning of period | 77.1 | 158.9 | ||
Cash and cash equivalents, end of period | $109.60 | $84.40 | ||
[1] | See Note 13 regarding quarterly cash dividend and acquisition of noncontrolling interest. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $5.50 | $2.20 |
Interest Paid, Net | 29.5 | 24.9 |
Income Taxes Paid, Net | $124.60 | $30 |
Financial_Information_and_Acco
Financial Information and Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Financial Information And Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Financial Information and Accounting Policies |
In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations and cash flows for the nine months ended September 30, 2013 and 2012, and our financial position as of September 30, 2013. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012, have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2012 (the “2012 10-K”). | |
2013 Segment realignment and presentation change | |
In April 2013, we made the decision to simplify our organizational structure to focus on three core business segments. For more information on this presentation change see Note 19. | |
FMC Peroxygens Divestiture | |
In July 2013 our FMC Peroxygens segment was classified as a discontinued operation. For more information on the discontinued operations see Note 10. | |
We have recast all the data within this filing to reflect the changes in our reportable segments to conform to the current year presentation and to present FMC Peroxygens segment as a discontinued operation retrospectively for all periods presented. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Pronoucements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items |
Accounting guidance and regulatory items adopted in 2013 | |
Reclassification from Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued its guidance requiring new disclosures for the reclassification from accumulated other comprehensive income (AOCI) to net income. This new guidance requires that we present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. We adopted this new guidance effective on January 1, 2013. Upon adoption, we decided to present the required disclosures in a new footnote to our condensed consolidated financial statement. For the new disclosures refer to the Reclassifications of Accumulated Other Comprehensive Income footnote, see Note 14. | |
Balance Sheet - Offsetting | |
In December 2011, the FASB issued its updated guidance on balance sheet offsetting. This new standard provides guidance to determine when offsetting in the balance sheet is appropriate. The guidance is designed to enhance disclosures by requiring improved information about financial instruments and derivative instruments. The goal is to provide users of the financial statements the ability to evaluate the effect or potential effect of netting arrangements on an entity's statement of financial position. We adopted this new guidance on January 1, 2013. The adoption of this guidance resulted in additional disclosure included within our Financial Instruments, Risk Management and Fair Value Measurements footnote, see Note 17. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ||||
Business Combination Disclosure [Text Block] | Acquisitions | |||
2013 Acquisitions | ||||
Epax: | ||||
In July 2013, we acquired 100 percent of the stock of Epax Nutra Holding III AS and Epax UK Holding III AS (together, “Epax”). Epax is a global supplier of fish-based omega-3 EPA/DHA fatty acid concentrates. Epax will be integrated into our newly formed FMC Health and Nutrition segment from the acquisition date. The acquisition of Epax is an important step in fulfilling our strategic intent to broaden our product and customer base within our Health and Nutrition segment. | ||||
The results of operations related to Epax have been included in our results since the acquisition date. This acquisition was considered a business under the U.S. GAAP business combinations accounting guidance, and therefore we applied acquisition accounting. Acquisition accounting requires, among other things, that assets and liabilities assumed be recognized at their fair values as of the acquisition date. The net assets of the Epax acquisition were recorded at the estimated fair values using primarily Level 2 and Level 3 inputs (see Note 17 for an explanation of Level 2 and 3 inputs). In valuing acquired assets and 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. Transaction-related costs were expensed as incurred and recorded to "Selling, general and administrative expenses" within our condensed consolidated statements of income. | ||||
The purchase price and related allocation is not considered final primarily due to working capital adjustments expected to occur in the fourth quarter of 2013. This may result in additional adjustments to the preliminary purchase price allocation. We will finalize the amounts recognized once we obtain the information necessary to complete the analysis, but no later than one year from the acquisition date. | ||||
Preliminary Purchase Price Allocation | ||||
(in Millions) | ||||
Trade receivables | $ | 15.6 | ||
Inventories (1) | 53.7 | |||
Other current assets | 4.7 | |||
Property, plant & equipment | 138.3 | |||
Intangible assets (2) | 71.2 | |||
Goodwill (3) | 109.8 | |||
Other assets | 0.6 | |||
Total fair value of assets acquired | 393.9 | |||
Current liabilities | 12.9 | |||
Deferred tax liabilities | 41 | |||
Other liabilities | 0.4 | |||
Total fair value of liabilities assumed | 54.3 | |||
Total cash paid, less cash acquired | $ | 339.6 | ||
____________________ | ||||
-1 | Fair value of finished good inventories acquired included a step-up in the value of approximately $9.1 million, which will be expensed to "Cost of sales and services" in 2013 and early 2014. | |||
-2 | See Note 4 for the major classes of intangible assets acquired, which primarily represent customer relationships and trade names. The weighted average useful life of the acquired finite-lived intangibles is approximately 17 years. | |||
-3 | Goodwill largely consisted of expected revenue synergies resulting from the business combinations. None of the acquired goodwill will be deductible for income tax purposes. | |||
Unaudited pro forma revenue and net income related to the Epax acquisition is not presented because the pro forma impact is not material for prior periods. | ||||
In the first quarter of 2013 we completed the purchase of additional ownership interest in FMC Wyoming. See Note 13 for more information. | ||||
2012 Acquisitions | ||||
We completed three acquisitions during 2012. These acquisitions and related disclosures are described in more detail in Note 3 to the consolidated financial statements included in our 2012 Form 10-K. During the nine months ended September 30, 2013, we made $2.1 million of adjustments to the preliminary purchase price allocations associated with these acquisitions. These adjustments were made primarily as a result of working capital adjustments that were finalized during the first quarter 2013, however did not result in any changes to previously established goodwill balances. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||||||||||
The changes in the carrying amount of goodwill by business segment for the nine months ended September 30, 2013, are presented in the table below: | ||||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | Total | |||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 31 | $ | 246.6 | $ | 277.6 | ||||||||||||||||||
Acquisitions | — | 109.8 | 109.8 | |||||||||||||||||||||
Foreign currency adjustments | — | 8.6 | 8.6 | |||||||||||||||||||||
Balance, September 30, 2013 | $ | 31 | $ | 365 | $ | 396 | ||||||||||||||||||
Our intangible assets, other than goodwill, consist of the following: | ||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | ||||||||||||||||||||||||
Customer relationships | $ | 157 | $ | (13.0 | ) | $ | 144 | $ | 126.6 | $ | (8.1 | ) | $ | 118.5 | ||||||||||
Patents | 0.4 | — | 0.4 | 0.4 | — | 0.4 | ||||||||||||||||||
Trademarks and trade names | 1.2 | (0.3 | ) | 0.9 | 1.2 | (0.1 | ) | 1.1 | ||||||||||||||||
Purchased and licensed technologies | 74.8 | (17.7 | ) | 57.1 | 59.1 | (14.0 | ) | 45.1 | ||||||||||||||||
Other intangibles | 4.1 | (2.6 | ) | 1.5 | 4.1 | (1.9 | ) | 2.2 | ||||||||||||||||
$ | 237.5 | $ | (33.6 | ) | $ | 203.9 | $ | 191.4 | $ | (24.1 | ) | $ | 167.3 | |||||||||||
Intangible assets not subject to amortization (indefinite life) | ||||||||||||||||||||||||
Trademarks and trade names | $ | 66.3 | $ | — | $ | 66.3 | $ | 36.3 | $ | — | $ | 36.3 | ||||||||||||
In-process research & development | 2.1 | — | 2.1 | 2.1 | — | 2.1 | ||||||||||||||||||
$ | 68.4 | $ | — | $ | 68.4 | $ | 38.4 | $ | — | $ | 38.4 | |||||||||||||
Total intangible assets | $ | 305.9 | $ | (33.6 | ) | $ | 272.3 | $ | 229.8 | $ | (24.1 | ) | $ | 205.7 | ||||||||||
At September 30, 2013, the finite-lived and indefinite life intangibles were allocated among our business segments as follows: | ||||||||||||||||||||||||
(in Millions) | Finite-lived | Indefinite Life | ||||||||||||||||||||||
FMC Agricultural Solutions | $ | 109.2 | $ | 35.2 | ||||||||||||||||||||
FMC Health and Nutrition | 93.5 | 33.2 | ||||||||||||||||||||||
FMC Minerals | 1.2 | — | ||||||||||||||||||||||
Total | $ | 203.9 | $ | 68.4 | ||||||||||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories consisted of the following: | ||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||
Finished goods and work in process | $ | 420.3 | $ | 400.3 | ||||
Raw materials | 287.4 | 242.1 | ||||||
Net inventory | $ | 707.7 | $ | 642.4 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||
Property, plant and equipment consisted of the following: | ||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||
Property, plant and equipment | $ | 2,649.40 | $ | 2,417.80 | ||||
Accumulated depreciation | 1,485.90 | 1,461.60 | ||||||
Property, plant and equipment, net | $ | 1,163.50 | $ | 956.2 | ||||
Restructuring_and_Other_Charge
Restructuring and Other Charges (Income) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and other charges income [Abstract] | ||||||||||||||||||||
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) | |||||||||||||||||||
Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below: | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Restructuring charges and asset disposals | $ | 0.5 | $ | 0.1 | $ | 12.2 | $ | 1.8 | ||||||||||||
Other charges (income), net | 31.6 | 5.4 | 35.1 | 7.3 | ||||||||||||||||
Total Restructuring and Other Charges | $ | 32.1 | $ | 5.5 | $ | 47.3 | $ | 9.1 | ||||||||||||
RESTRUCTURING CHARGES AND ASSET DISPOSALS | ||||||||||||||||||||
For further detail on the restructuring charges and asset disposals which commenced prior to 2013, see Note 7 to our consolidated financial statements included with our 2012 Form 10-K. | ||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
(in Millions) | Severance and Employee Benefits (1) | Other Charges (Income) (2) | Asset Disposal Charges (3) | Total | ||||||||||||||||
Lithium Restructuring | (0.4 | ) | 0.8 | — | 0.4 | |||||||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2013 | $ | (0.4 | ) | $ | 0.9 | $ | — | $ | 0.5 | |||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2012 | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||
Lithium Restructuring | 3.3 | 4.4 | 2 | 9.7 | ||||||||||||||||
Other Items | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||
Nine months ended September 30, 2013 | $ | 5.1 | $ | 5.1 | $ | 2 | $ | 12.2 | ||||||||||||
Other Items | (0.2 | ) | 0.2 | 1.8 | 1.8 | |||||||||||||||
Nine months ended September 30, 2012 | $ | (0.2 | ) | $ | 0.2 | $ | 1.8 | $ | 1.8 | |||||||||||
____________________ | ||||||||||||||||||||
-1 | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | |||||||||||||||||||
-2 | Primarily represents costs associated with accrued lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | |||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 8. | |||||||||||||||||||
Roll forward of Restructuring Reserves | ||||||||||||||||||||
The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 8. | ||||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||
12/31/12 (4) | reserves (2) | payments | 9/30/13 (4) | |||||||||||||||||
Lithium Restructuring | $ | — | $ | 7.7 | $ | (6.3 | ) | $ | — | $ | 1.4 | |||||||||
Other Workforce Related and Facility Shutdowns (1) | 3.1 | 2.5 | (2.5 | ) | — | 3.1 | ||||||||||||||
Restructuring activities related to discontinued operations (5) | 7.4 | 1.1 | (3.9 | ) | 0.1 | 4.7 | ||||||||||||||
Total | $ | 10.5 | $ | 11.3 | $ | (12.7 | ) | $ | 0.1 | $ | 9.2 | |||||||||
____________________ | ||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items” sections above. | |||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||
-3 | Primarily foreign currency translation adjustments. | |||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the condensed consolidated balance sheets. | |||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. | |||||||||||||||||||
OTHER CHARGES (INCOME), NET | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Environmental charges, net | $ | 1 | $ | 1 | $ | 3 | $ | 3.5 | ||||||||||||
Other, net | 30.6 | 4.4 | 32.1 | 3.8 | ||||||||||||||||
Other Charges (Income), Net | $ | 31.6 | $ | 5.4 | $ | 35.1 | $ | 7.3 | ||||||||||||
Environmental Charges, Net | ||||||||||||||||||||
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites, see Note 11 for additional details. | ||||||||||||||||||||
Other, net | ||||||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, respectively our FMC Agricultural Solutions segment entered into several collaboration and license agreements with various third-party companies for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development. Further, during the three months ended September 30, 2013, we entered into three such transactions in our Agricultural Solutions segment, consisting of: exclusive license and supply arrangements for broad-spectrum crop protection products and an acquisition of certain intellectual property and other assets relating to biological products associated with our acquired assets of the Center for Agricultural and Environmental Biosolutions (CAEB). CAEB is based in Research Triangle Park, NC, and amounts acquired include CAEB’s robust library of microorganisms and a pipeline of biological products in various stages of development. The rights and technology obtained is referred to as in-process research and development and in accordance with GAAP, the amounts paid were expensed as incurred since they were acquired outside of a business combination. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations |
As of September 30, 2013, the balance of our asset retirement obligations was $21.1 million compared to $25.5 million at December 31, 2012. A more complete description of our asset retirement obligations can be found in Note 8 to our 2012 consolidated financial statements in our 2012 10-K. |
Debt
Debt | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | Debt | ||||||||||||
Debt maturing within one year: | |||||||||||||
Debt maturing within one year consists of the following: | |||||||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | |||||||||||
Short-term foreign debt (1) | $ | 23.1 | $ | 49.9 | |||||||||
Commercial paper | 896 | — | |||||||||||
Total short-term debt | 919.1 | 49.9 | |||||||||||
Current portion of long-term debt | 23.3 | 5.7 | |||||||||||
Short-term debt and current portion of long-term debt | $ | 942.4 | $ | 55.6 | |||||||||
____________________ | |||||||||||||
(1) We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. | |||||||||||||
Commercial Paper | |||||||||||||
In June 2013, we commenced a $1.5 billion commercial paper program supported by our Credit Facility. This program allows the Company to borrow at rates generally more favorable that those available under our Credit Facility. The Company has used proceeds from the commercial paper program for general corporate purposes. At September 30, 2013, the average effective interest rate on these borrowings was 0.35%. | |||||||||||||
Credit Facility | |||||||||||||
On August 5, 2013, we entered into an Amendment and Consent No. 1 (the Amendment) to our credit agreement, dated August 5, 2011. The Amendment, among other things, extended the termination date of the Credit Facility to August 5, 2017 from August 5, 2016. | |||||||||||||
Long-term debt: | |||||||||||||
Long-term debt consists of the following: | |||||||||||||
(in Millions) | September 30, 2013 | ||||||||||||
Interest Rate | Maturity | 9/30/13 | 12/31/12 | ||||||||||
Percentage | Date | ||||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 0.1-6.5% | 2013-2035 | $ | 176.7 | $ | 176.7 | |||||||
Senior notes (less unamortized discount of $1.7 and $1.8, respectively) | 3.95-5.2% | 2019-2022 | 598.3 | 598.2 | |||||||||
Credit Facility (1) | 1.1 | % | 2017 | — | 130 | ||||||||
Foreign debt | 0-8.9% | 2013-2023 | 20.1 | 9.6 | |||||||||
Total long-term debt | $ | 795.1 | $ | 914.5 | |||||||||
Less: debt maturing within one year | 23.3 | 5.7 | |||||||||||
Total long-term debt, less current portion | $ | 771.8 | $ | 908.8 | |||||||||
____________________ | |||||||||||||
-1 | Letters of credit outstanding under our Credit Facility totaled $73.0 million and available funds under this facility were $530.8 million at September 30, 2013 (which reflects borrowings under our commercial paper program). | ||||||||||||
Covenants | |||||||||||||
Among other restrictions, our Credit Facility contains 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 September 30, 2013, was 2.3 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended September 30, 2013, was 17.7 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2013. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations [Abstract] | ||||||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||||||
FMC Peroxygens: | ||||||||||||||||
In April 2013, the Board of Directors authorized management to pursue the sale of our FMC Peroxygens segment. In the third quarter of 2013 we concluded the sale to be probable and expect it to be completed within one year. Therefore, our FMC Peroxygens segment has been classified as a discontinued operation and as an asset held for sale. | ||||||||||||||||
The operating results of our FMC Peroxygens segment classified as discontinued operations are summarized below: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 81.9 | $ | 80.5 | $ | 244.8 | $ | 253.9 | ||||||||
Income from discontinued operations before income taxes (1) | 7.8 | 5.8 | 15.1 | 18.2 | ||||||||||||
Provision for income taxes | 3.3 | 3.5 | 7.1 | 10 | ||||||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | $ | 4.5 | $ | 2.3 | $ | 8 | $ | 8.2 | ||||||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | (1.3 | ) | — | (2.3 | ) | — | ||||||||||
Adjustment to assets held for sale, net of income taxes (3) | (50.8 | ) | — | (50.8 | ) | — | ||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | $ | (47.6 | ) | $ | 2.3 | $ | (45.1 | ) | $ | 8.2 | ||||||
____________________ | ||||||||||||||||
-1 | Includes allocated interest expense $1.1 million and $3.5 million for the three and nine months ended September 30, 2013 and $1.2 million and $3.5 million for the three and nine months ended September 30, 2012, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. | |||||||||||||||
-2 | In accordance with the held for sale accounting criteria effective July 2013 we stopped amortizing and depreciating all assets classified as held for sale. | |||||||||||||||
-3 | GAAP accounting rules require that assets held for sale be reported at the lower of carrying value or fair value less costs to sell. The rules require that the carrying value include any accumulated foreign currency translation adjustments ("CTA") that would be reclassified to earnings upon completion of sale. Our wholly-owned Spanish subsidiary, Foret, has significant accumulated CTA losses and due in large part to the inclusion of these translation losses in our carrying value assessment, we recorded an impairment charge of approximately $65.0 million ($50.8 million after tax). | |||||||||||||||
The following table presents the major classes of assets and liabilities of discontinued FMC Peroxygens segment classified as held for sale and included as part of a disposal group in the Condensed Consolidated Balance Sheets: | ||||||||||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||||||||||
Assets | ||||||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 96.5 | $ | 92.4 | ||||||||||||
Property, plant & equipment | 136.6 | 180 | ||||||||||||||
Goodwill | — | 16.9 | ||||||||||||||
Intangible assets, net | 6.7 | 9.9 | ||||||||||||||
Other non-current assets | 44.3 | 37.4 | ||||||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 187.6 | 244.2 | ||||||||||||||
Total Assets | 284.1 | 336.6 | ||||||||||||||
Liabilities | ||||||||||||||||
Current liabilities of discontinued operations held for sale | 42.3 | 54.1 | ||||||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 4.1 | 3.3 | ||||||||||||||
Total Liabilities | 46.4 | 57.4 | ||||||||||||||
Net Assets (2) | $ | 237.7 | $ | 279.2 | ||||||||||||
____________________ | ||||||||||||||||
(1)Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed and consolidated balance sheet as of September 30, 2013. | ||||||||||||||||
(2)Excludes the accumulated CTA losses of our wholly-owned Spanish subsidiary, Foret. | ||||||||||||||||
In addition to our discontinued FMC Peroxygens segment our other discontinued operations include adjustments to retained liabilities. 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) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax expense of zero and $0.1 for the three and nine months ended 2013 and $0.1 and $0.2 for the three and nine months ended 2012, respectively | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.4 | ||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.2 and $3.7 for the three and nine months ended 2013 and $1.5 and $6.0 for the three and nine months ended 2012, respectively (1) | (2.0 | ) | (2.4 | ) | (6.1 | ) | (9.9 | ) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.7 and $2.3 for the three and nine months ended 2013 and $2.5 and $7.6 for the three and nine months ended 2012, respectively (2) | (4.4 | ) | (4.1 | ) | (3.7 | ) | (12.3 | ) | ||||||||
Provision for restructuring charges, net of income tax benefit (expense) of $0.1 and $0.4 for the three and nine months ended 2013 and ($1.3) and ($1.3) for the three and nine months ended 2012, respectively (3) | (2.8 | ) | (7.2 | ) | (3.7 | ) | (11.1 | ) | ||||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $11.7 and $8.4 for the three and nine months ended 2013 and ($3.5) and ($10.0) for the three and nine months ended 2012, respectively | (47.6 | ) | 2.3 | (45.1 | ) | 8.2 | ||||||||||
Discontinued operations, net of income taxes | $ | (56.6 | ) | $ | (11.2 | ) | $ | (58.3 | ) | $ | (24.7 | ) | ||||
____________________ | ||||||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2013 in Note 11. | |||||||||||||||
-2 | Discontinued operations for the nine months ended September 30, 2013, includes a gain of $13.9 million associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012. | |||||||||||||||
-3 | See roll forward of our restructuring reserves in Note 7. |
Environmental_Obligations
Environmental Obligations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ||||||||||||||||
Environmental Obligations | Environmental Obligations | |||||||||||||||
We have reserves for potential environmental obligations, which management consider probable and for which a reasonable estimate of the obligation could be made. Accordingly, we have reserves of $209.7 million and $236.5 million, excluding recoveries, at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $160 million at September 30, 2013. 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. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such 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: | ||||||||||||||||
(in Millions) | Operating and | |||||||||||||||
Discontinued | ||||||||||||||||
Sites Total | ||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2012 | $ | 216 | ||||||||||||||
Provision | 14.5 | |||||||||||||||
Spending, net of recoveries | (38.7 | ) | ||||||||||||||
Net change | (24.2 | ) | ||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2013 | $ | 191.8 | ||||||||||||||
Environmental reserves, current, net of recoveries (1) | 27.5 | |||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (2) | 164.3 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2013 | $ | 191.8 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | “Current” includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | |||||||||||||||
-2 | These amounts are included in “Environmental liabilities, continuing and discontinued” on the condensed consolidated balance sheets. | |||||||||||||||
At September 30, 2013 and December 31, 2012, 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” in the condensed consolidated balance sheets. The table below is a roll forward of our total recorded recoveries from December 31, 2012 to September 30, 2013: | ||||||||||||||||
(in Millions) | 12/31/12 | Increase in Recoveries | Cash Received | 9/30/13 | ||||||||||||
Environmental liabilities, continuing and discontinued | $ | 20.5 | $ | 0.8 | $ | (3.4 | ) | $ | 17.9 | |||||||
Other assets | 51.6 | 1.8 | (15.2 | ) | 38.2 | |||||||||||
Total | $ | 72.1 | 2.6 | $ | (18.6 | ) | $ | 56.1 | ||||||||
Our net environmental provisions relate to costs for the continued cleanup of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Continuing operations (1) | $ | 1 | $ | 1 | $ | 3 | $ | 3.5 | ||||||||
Discontinued operations (2) | 3.2 | 3.9 | 9.7 | 15.9 | ||||||||||||
Net environmental provision | $ | 4.2 | $ | 4.9 | $ | 12.7 | $ | 19.4 | ||||||||
____________________ | ||||||||||||||||
(1) Recorded as a component of “Restructuring and other charges (income)” on our condensed consolidated statements of income. See Note 7. | ||||||||||||||||
(2) Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 10. | ||||||||||||||||
On our condensed consolidated balance sheets, the net environmental provisions are recorded to the following balance sheet captions: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Environmental reserves (1) | $ | 4.2 | $ | 4.9 | $ | 14.5 | $ | 19.4 | ||||||||
Other assets (2) | — | — | (1.8 | ) | — | |||||||||||
Net environmental provision | $ | 4.2 | $ | 4.9 | $ | 12.7 | $ | 19.4 | ||||||||
____________________ | ||||||||||||||||
(1) See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||||||||||
(2) Represents certain environmental recoveries. | ||||||||||||||||
A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 10 to our consolidated financial statements in our 2012 Form 10-K. The following represents significant updates that occurred in 2013 related to these contingencies. | ||||||||||||||||
Pocatello | ||||||||||||||||
The Tribal Appellate Court with respect to the appeal regarding our Pocatello site has scheduled an evidentiary hearing for the fourth quarter of 2013 on certain jurisdictional issues. The Tribes have filed additional litigation to recover the permit fees for the years since 2007, but that litigation has been stayed pending the outcome of the appeal in the Tribal Court of Appeals. A more complete description of our environmental contingencies, the Pocatello legal matter and the nature of our potential obligations are included in Notes 1 and 10 to our consolidated financial statements in our 2012 Form 10-K. | ||||||||||||||||
Middleport | ||||||||||||||||
During the second quarter 2013 we received from the United States Environmental Protection Agency and New York State Department of Environmental Conservation, collectively the “Agencies”, the Final Statement of Basis (FSOB). This FSOB is consistent with the Preliminary Statement of Basis (PSOB) previously received from Agencies in June 2012. The FSOB includes the same Corrective Action Management Alternative (“CMA”) as the PSOB. We continue to believe that the CMA is overly conservative and not supported under New York State law. In order to negotiate with the Agencies with respect to the CMA, we entered into a tolling agreement with the Agencies. The tolling agreement serves as a “standstill” agreement to the FSOB so that time spent negotiating with the Agencies does not go against the statute of limitations under the FSOB. | ||||||||||||||||
The amount of the reserve for this site is $40.4 million at September 30, 2013 and $42.4 million at December 31, 2012. Our reserve continues to include the estimated liability for clean-up to reflect the costs associated with our recommended CMA. Our estimated reasonably possible environmental loss contingencies exposure reflects the additional cost of the CMA proposed in the FSOB. A more complete description of our environmental contingencies pertaining to our Middleport environmental site, is included in Note 10 to our consolidated financial statements in our 2012 Form 10-K. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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. There were no potential common shares excluded from Diluted EPS for the three and nine months ended September 30, 2013 and 2012. As further discussed in Note 13, our accelerated share repurchase program had no impact on Diluted EPS for the three and nine months ended September 30, 2013. | ||||||||||||||||
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 number of 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) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||||||
Income from continuing operations attributable to FMC stockholders | $ | 74.5 | $ | 101.2 | $ | 325.1 | $ | 338.7 | ||||||||
Discontinued operations, net of income taxes | (56.6 | ) | (11.2 | ) | (58.3 | ) | (24.7 | ) | ||||||||
Net income | $ | 17.9 | $ | 90 | $ | 266.8 | $ | 314 | ||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2 | ) | (0.4 | ) | (1.1 | ) | (1.5 | ) | ||||||||
Net income allocable to common stockholders | $ | 17.7 | $ | 89.6 | $ | 265.7 | $ | 312.5 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.73 | $ | 2.39 | $ | 2.45 | ||||||||
Discontinued operations | (0.42 | ) | (0.08 | ) | (0.43 | ) | (0.18 | ) | ||||||||
Net income | $ | 0.13 | $ | 0.65 | $ | 1.96 | $ | 2.27 | ||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.73 | $ | 2.38 | $ | 2.44 | ||||||||
Discontinued operations | (0.42 | ) | (0.08 | ) | (0.43 | ) | (0.18 | ) | ||||||||
Net income | $ | 0.13 | $ | 0.65 | $ | 1.95 | $ | 2.26 | ||||||||
Shares (in thousands): | ||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 134,146 | 137,373 | 135,779 | 137,731 | ||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 816 | 1,015 | 921 | 1,123 | ||||||||||||
Shares – diluted basis | 134,962 | 138,388 | 136,700 | 138,854 | ||||||||||||
Equity
Equity | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Equity | Equity | |||||||||||
Refer to the table below for a reconciliation of equity, equity attributable to the parent, and equity attributable to noncontrolling interests for the nine months ended September 30, 2013: | ||||||||||||
(in Millions, Except Per Share Data) | FMC’s | Noncontrolling | Total | |||||||||
Stockholders’ | Interest | Equity | ||||||||||
Equity | ||||||||||||
Balance at December 31, 2012 | $ | 1,480.30 | $ | 74.5 | $ | 1,554.80 | ||||||
Net income | 266.8 | 9.3 | 276.1 | |||||||||
Stock compensation plans | 23.1 | — | 23.1 | |||||||||
Excess tax benefits from share-based compensation | 6.7 | — | 6.7 | |||||||||
Shares for benefit plan trust | 0.6 | — | 0.6 | |||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax (1) | 27.5 | — | 27.5 | |||||||||
Net hedging gains/(losses) and other, net of income tax (1) | (5.0 | ) | — | (5.0 | ) | |||||||
Foreign currency translation adjustments (1) | 1 | 0.4 | 1.4 | |||||||||
Dividends ($0.405 per share) | (55.1 | ) | — | (55.1 | ) | |||||||
Repurchases of common stock | (316.6 | ) | — | (316.6 | ) | |||||||
Accelerated share repurchase program (2) | (50.0 | ) | — | (50.0 | ) | |||||||
Acquisition of noncontrolling interests (3) | (55.2 | ) | (24.8 | ) | (80.0 | ) | ||||||
Distributions to noncontrolling interests | — | (9.9 | ) | (9.9 | ) | |||||||
Balance at September 30, 2013 | $ | 1,324.10 | $ | 49.5 | $ | 1,373.60 | ||||||
____________________ | ||||||||||||
-1 | See condensed consolidated statements of comprehensive income. | |||||||||||
-2 | See accelerated share repurchase program discussion below. | |||||||||||
-3 | See "FMC Wyoming" discussion below. | |||||||||||
FMC Wyoming | ||||||||||||
We purchased an additional 6.25 percent ownership interest in FMC Wyoming Corporation (FMC WY) in March 2013 from Nippon Sheet Glass Company Ltd. for $80.0 million which increased our ownership from 87.50 percent to 93.75 percent. FMC WY is our majority owned joint venture that manufactures, markets and sells soda ash products. The seller of the 6.25 percent interest was one of two noncontrolling interest holders of FMC WY stock. | ||||||||||||
Dividends and Share Repurchases | ||||||||||||
For the nine months ended September 30, 2013 and 2012, we paid $55.6 million and $35.4 million, respectively, in dividends declared in previous periods. On October 17, 2013, we paid dividends totaling $18.1 million to our shareholders of record as of September 30, 2013. This amount is included in “Accrued and other liabilities” on the condensed consolidated balance sheet as of September 30, 2013. | ||||||||||||
During the nine months ended September 30, 2013, we repurchased 4,998,843 shares under the publicly announced repurchase program for $309.9 million. | ||||||||||||
On April 23, 2013 our Board authorized the repurchase of up to $500 million of our common shares. 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. The authorization of April 23, 2013, replaced the previous authority under which $134.9 million was unused. At September 30, 2013, $250 million remained unused under our Board-authorized repurchase program. | ||||||||||||
Accelerated share repurchase program | ||||||||||||
In July 2013, we entered into an accelerated share repurchase program ("ASR") and paid $250.0 million to a financial institution for an initial delivery of approximately 3.2 million shares, which reduced our shares outstanding at July 31, 2013. The shares will be acquired under our previously announced $500 million share repurchase program. The value of the initial shares received on the date of purchase was $200 million, reflecting a $63.58 price per share which was recorded as a treasury share purchase for purposes of calculating earnings per share. We recorded the remaining $50.0 million as a forward contract indexed to our common stock in capital in excess of par value of common stock on our condensed and consolidated balance sheet. | ||||||||||||
As of September 30, 2013, we evaluated the ASR for its potential dilution of earnings per share and have determined that, based on the volume weighed average price of our common stock calculated through September 30, 2013, there is no dilutive impact on earnings per share. The total amount of shares to be ultimately delivered by the financial institution will be determined by the average price per share paid by the financial institution during the purchase period. Final settlement of the ASR is expected to be completed by year end, but may be completed sooner under certain circumstances. |
Reclassifications_of_Accumulat
Reclassifications of Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income [Text Block] | Note 14: Reclassifications of Accumulated Other Comprehensive Income | ||||||||||||||||||
The table below provides details about the reclassifications from Accumulated Other Comprehensive Income and the affected line items in the condensed consolidated statements of income for each of the periods presented. | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (1) | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Derivative instruments: | |||||||||||||||||||
Foreign currency contracts | $ | 0.3 | $ | 2.1 | $ | 0.7 | $ | 9.1 | Costs of sales and services | ||||||||||
Energy contracts | (0.4 | ) | (2.3 | ) | (0.2 | ) | (8.6 | ) | Costs of sales and services | ||||||||||
Foreign currency contracts | (1.5 | ) | (3.8 | ) | 1.1 | (7.1 | ) | Selling, general and administrative expenses | |||||||||||
Other contracts | — | — | (0.1 | ) | (0.1 | ) | Interest expense, net | ||||||||||||
$ | (1.6 | ) | $ | (4.0 | ) | 1.5 | (6.7 | ) | Total before tax | ||||||||||
0.4 | 1.4 | (0.6 | ) | 2.5 | Income tax (expense) benefit | ||||||||||||||
$ | (1.2 | ) | $ | (2.6 | ) | 0.9 | (4.2 | ) | Amount included in net income | ||||||||||
Pension and other postretirement benefits (2): | |||||||||||||||||||
Amortization of prior service costs | $ | (0.5 | ) | $ | (0.4 | ) | $ | (1.5 | ) | $ | (1.4 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (2.7 | ) | (10.8 | ) | (36.2 | ) | (35.3 | ) | Selling, general and administrative expenses | ||||||||||
Recognized loss due to settlement | $ | (7.1 | ) | $ | — | $ | (7.1 | ) | $ | — | Selling, general and administrative expenses | ||||||||
$ | (10.3 | ) | $ | (11.2 | ) | $ | (44.8 | ) | $ | (36.7 | ) | Total before tax | |||||||
4.1 | 4.8 | 17.1 | 14.5 | Income tax (expense) benefit | |||||||||||||||
$ | (6.2 | ) | $ | (6.4 | ) | $ | (27.7 | ) | $ | (22.2 | ) | Amount included in net income | |||||||
Total reclassifications for the period | $ | (7.4 | ) | $ | (9.0 | ) | $ | (26.8 | ) | $ | (26.4 | ) | Amount included in net income | ||||||
____________________ | |||||||||||||||||||
-1 | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | ||||||||||||||||||
-2 | 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. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | Pensions and Other Postretirement Benefits | |||||||||||||||||||||||||||||||
The following table summarizes the components of net annual benefit cost (income) for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Components of net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
Service cost | $ | 5.8 | $ | 5.1 | $ | — | $ | — | $ | 16.6 | $ | 15.2 | $ | — | $ | 0.1 | ||||||||||||||||
Interest cost | 14.3 | 15.6 | 0.2 | 0.4 | 42.3 | 46.1 | 0.8 | 1 | ||||||||||||||||||||||||
Expected return on plan assets | (19.1 | ) | (19.0 | ) | — | — | (57.5 | ) | (57.4 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost (credit) | 0.6 | 0.4 | — | — | 1.7 | 1.5 | — | (0.1 | ) | |||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 3.8 | 11.9 | (0.6 | ) | (0.8 | ) | 38.8 | 38.4 | (1.5 | ) | (1.8 | ) | ||||||||||||||||||||
Recognized loss due to settlement (1) | 7.1 | — | — | — | 7.1 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit cost from continuing operations | $ | 12.5 | $ | 14 | $ | (0.4 | ) | $ | (0.4 | ) | $ | 49 | $ | 43.8 | $ | (0.7 | ) | $ | (0.8 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. | |||||||||||||||||||||||||||||||
We made voluntary cash contributions to our U.S. defined benefit pension plan of $40.0 million and $65.0 million in the nine months ended September 30, 2013 and September 30, 2012. We do not expect to make any additional voluntary cash contributions to the plan for 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Provision for income taxes was $32.0 million resulting in an effective tax rate of 29.5 percent compared to a provision of $29.9 million resulting in an effective tax rate of 22.0 percent for the three months ended September 30, 2013 and 2012, respectively. The change in the effective tax rate was primarily impacted by the mix of income among subsidiaries and tax charges associated with the expected sale of our discontinued FMC Peroxygens segments discussed below. | |
Provision for income taxes was $113.1 million resulting in an effective tax rate of 25.3 percent compared to a provision of $113.2 million resulting in an effective tax rate of 24.2 percent for the nine months ended September 30, 2013 and 2012, respectively. The change in the effective tax rate was consistent with the change in the three months ended September 30, 2013, as discussed in the previous paragraph. | |
In the third quarter of 2013, we changed our assertion on unremitted earnings for certain foreign subsidiaries as a result of our expected sale of our discontinued FMC Peroxygens segment. Therefore, as of September 30, 2013, we provided deferred tax liabilities of approximately $4.0 million attributable to taxable temporary differences from those unremitted earnings and the intended repatriation of proceeds earned on the sale. We have not provided income taxes on our equity of undistributed earnings of our other foreign subsidiaries or affiliates since our intention remains that such earnings will be permanently reinvested. |
Financial_Instrument_Risk_Mana
Financial Instrument, Risk Management and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||
Financial Instrument Risk Management and Fair Value Measurements [Text Block] | Financial Instruments, Risk Management and Fair Value Measurements | |||||||||||||||||||||||||||||||
Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: | ||||||||||||||||||||||||||||||||
Financial Instrument | Valuation Method | |||||||||||||||||||||||||||||||
Foreign exchange forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. | |||||||||||||||||||||||||||||||
Commodity forward and option contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |||||||||||||||||||||||||||||||
Debt | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. | |||||||||||||||||||||||||||||||
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $1,774.7 million and $1,057.0 million and the carrying amount is $1,714.2 million and $964.4 million as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance-sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers (Note 18). Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees is based on our evaluation of creditworthiness on a case-by-case basis. | ||||||||||||||||||||||||||||||||
Use of Derivative Financial Instruments to Manage Risk | ||||||||||||||||||||||||||||||||
We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 17 to our consolidated financial statements on our 2012 Form 10-K. | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||||||
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 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 September 30, 2013, we had open foreign currency forward contracts in AOCI in a net after tax loss position of $4.5 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2014. At September 30, 2013, we had open forward contracts designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $468.7 million. | ||||||||||||||||||||||||||||||||
As of September 30, 2013, we had current open commodity contracts in AOCI in a net after tax loss position of $0.8 million designated as cash flow hedges of underlying forecasted purchases, primarily related to natural gas. Current open commodity contracts hedge forecasted transactions until December 31, 2014. At September 30, 2013, we had 6.2 million mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. | ||||||||||||||||||||||||||||||||
Of the $5.3 million of net losses after-tax, representing both open foreign currency exchange contracts and commodity contracts, approximately $4.2 million of these losses would be realized in earnings during the twelve months ending September 30, 2014 and $1.1 million of net losses will be realized subsequent to September 30, 2014, if spot rates in the future are consistent with forward rates as of September 30, 2013. 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 condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||
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 occasionally hold call options that are effective as economic hedges of a portion of our natural gas exposure and the change in fair value of this instrument is also recorded in earnings. We periodically hold soybean barter contracts which qualify as derivatives and we have entered into offsetting commodity contracts to hedge our exposure. Both the change in fair value of the soybean barter contracts and the offsetting commodity contracts 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 $873.0 million at September 30, 2013. We held an immaterial amount of bushels, in aggregate notional volume of outstanding soybean contracts, to hedge outstanding barter contracts at September 30, 2013. | ||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||||||||||
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
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 | $ | 5.3 | $ | 0.7 | $ | 6 | $ | (5.9 | ) | $ | 0.1 | |||||||||||||||||||||
Energy contracts | 0.2 | — | 0.2 | (0.2 | ) | — | ||||||||||||||||||||||||||
Other contracts | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Total derivative assets (1) | $ | 5.6 | $ | 0.7 | $ | 6.3 | $ | (6.1 | ) | $ | 0.2 | |||||||||||||||||||||
Foreign exchange contracts | $ | (12.1 | ) | $ | (4.5 | ) | $ | (16.6 | ) | $ | 5.9 | $ | (10.7 | ) | ||||||||||||||||||
Energy contracts | (1.6 | ) | — | (1.6 | ) | 0.2 | (1.4 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (13.7 | ) | $ | (4.5 | ) | $ | (18.2 | ) | $ | 6.1 | $ | (12.1 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | (8.1 | ) | $ | (3.8 | ) | $ | (11.9 | ) | $ | — | $ | (11.9 | ) | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Gross Amount of Derivatives | ||||||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet (3) | Net Amounts | |||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 5.7 | $ | — | $ | 5.7 | $ | (4.2 | ) | $ | 1.5 | |||||||||||||||||||||
Energy contracts | 0.2 | — | 0.2 | (0.2 | ) | — | ||||||||||||||||||||||||||
Other contracts | 0.2 | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||
Total derivative assets (1) | $ | 6.1 | $ | — | $ | 6.1 | $ | (4.4 | ) | $ | 1.7 | |||||||||||||||||||||
Foreign exchange contracts | $ | (4.7 | ) | $ | (1.9 | ) | $ | (6.6 | ) | $ | 4.2 | $ | (2.4 | ) | ||||||||||||||||||
Energy contracts | (1.7 | ) | — | (1.7 | ) | 0.2 | (1.5 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (6.4 | ) | $ | (1.9 | ) | $ | (8.3 | ) | $ | 4.4 | $ | (3.9 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | (0.3 | ) | $ | (1.9 | ) | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Net balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||||||||||||||
The tables below summarizes the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (0.9 | ) | $ | (0.1 | ) | $ | — | $ | 1.2 | $ | — | $ | — | $ | (0.9 | ) | $ | 1.1 | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | 0.8 | 1 | 0.3 | 1.4 | 0.2 | 0.1 | 1.3 | 2.5 | ||||||||||||||||||||||||
Ineffective portion | (0.1 | ) | 0.1 | — | — | — | — | (0.1 | ) | 0.1 | ||||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | (0.2 | ) | $ | 1 | $ | 0.3 | $ | 2.6 | $ | 0.2 | $ | 0.1 | $ | 0.3 | $ | 3.7 | |||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (4.1 | ) | $ | 1 | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | (4.1 | ) | $ | 0.4 | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | (1.0 | ) | (1.3 | ) | 0.2 | 5.4 | 0.1 | 0.1 | (0.7 | ) | 4.2 | |||||||||||||||||||||
Ineffective portion | (0.2 | ) | — | — | — | — | — | (0.2 | ) | — | ||||||||||||||||||||||
Total derivative instrument gain (loss) | $ | (5.3 | ) | $ | (0.3 | ) | $ | 0.2 | $ | 4.8 | $ | 0.1 | $ | 0.1 | $ | (5.0 | ) | $ | 4.6 | |||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See Note 14 for classification of amounts within the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Location of Gain or (Loss) | Amount of Pre-tax Gain or (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income on Derivatives | Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of sales and services | $ | 8.8 | $ | (8.2 | ) | $ | 6.3 | $ | 11.1 | ||||||||||||||||||||||
Total | $ | 8.8 | $ | (8.2 | ) | $ | 6.3 | $ | 11.1 | |||||||||||||||||||||||
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 condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012. During the periods presented there were no transfers between fair-value hierarchy levels. | ||||||||||||||||||||||||||||||||
(in Millions) | September 30, 2013 | Quoted | Significant | Significant | ||||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Other contracts | $ | 0.1 | $ | — | $ | 0.1 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 0.1 | — | 0.1 | — | ||||||||||||||||||||||||||||
Other (2) | 33.4 | 33.4 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 33.6 | $ | 33.4 | $ | 0.2 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 10.7 | — | 10.7 | — | ||||||||||||||||||||||||||||
Acquisition (3) | 0.5 | — | — | 0.5 | ||||||||||||||||||||||||||||
Other (4) | 38.1 | 38.1 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 50.7 | $ | 38.1 | $ | 12.1 | $ | 0.5 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-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” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | |||||||||||||||||||||||||||||||
-4 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(in Millions) | December 31, 2012 | Quoted | Significant | Significant | ||||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Other contracts | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 1.5 | — | 1.5 | — | ||||||||||||||||||||||||||||
Other (2) | 33 | 33 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 34.7 | $ | 33 | $ | 1.7 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 1.5 | $ | — | $ | 1.5 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||
Acquisition (3) | 1 | — | — | 1 | ||||||||||||||||||||||||||||
Other (4) | 39.8 | 39.8 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 44.7 | $ | 39.8 | $ | 3.9 | $ | 1 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-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” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | |||||||||||||||||||||||||||||||
-4 | 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 condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our condensed consolidated balance sheets during the nine months ended September 30, 2013 and the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
(in Millions) | 30-Sep-13 | Quoted | Significant | Significant | Total Gains (Losses) (Nine Months Ended September 30, 2013) | |||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Net assets of discontinued operations held for sale (1) | $ | 237.7 | $ | — | $ | — | $ | 237.7 | $ | (65.0 | ) | |||||||||||||||||||||
Long-lived assets associated with exit activities (2) | $ | 2.6 | $ | — | $ | — | $ | 2.6 | $ | (2.0 | ) | |||||||||||||||||||||
Total assets | $ | 240.3 | $ | — | $ | — | $ | 240.3 | $ | (67.0 | ) | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Liabilities associated with exit activities (3) | $ | — | $ | — | $ | — | $ | — | $ | (7.7 | ) | |||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | $ | (7.7 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | As further discussed in Note 10, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at September 30, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the three months ended September 30, 2013. Our evaluation of fair value, less cost to sell included using a combination of preliminary bids received from prospective buyers, discounted cash flow models, and other valuation models, such as comparative transactions and market multiples, to estimate the fair value. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated CTA losses of our wholly-owned Spanish subsidiary, Foret, which were included in our fair value less cost to sell evaluation. | |||||||||||||||||||||||||||||||
-2 | We recorded charges, within our FMC Minerals segment, to write down the value of certain long-lived assets to their fair value related to our Lithium restructuring. A portion of the assets were written down to zero during the first quarter of 2013 as they have no future use and are anticipated to be demolished. | |||||||||||||||||||||||||||||||
-3 | This amount represents severance liabilities associated with the Lithium restructuring as further described in Note 7. | |||||||||||||||||||||||||||||||
(in Millions) | 31-Dec-12 | Quoted | Significant | Significant | Total Gains | |||||||||||||||||||||||||||
Prices | Other | Unobservable | (Losses) | |||||||||||||||||||||||||||||
in Active | Observable | Inputs | (Year Ended | |||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | December 31, | |||||||||||||||||||||||||||||
Identical | (Level 2) | 2012) | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Long-lived assets to be abandoned (1) | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (15.9 | ) | |||||||||||||||||||||
Total assets | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (15.9 | ) | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Liabilities associated with exit activities (2) | 5.6 | — | 5.6 | — | (5.6 | ) | ||||||||||||||||||||||||||
Total liabilities | $ | 5.6 | $ | — | $ | 5.6 | $ | — | $ | (5.6 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | We recorded charges to write down the value of certain long-lived assets to be abandoned within our FMC Agricultural Solutions and FMC Minerals segments to zero and in our discontinued FMC Peroxygens segments to their salvage value of $3.1 million, respectively. These long-lived assets have no future use and are anticipated to be demolished. The loss noted in the above table represents the accelerated depreciation of these assets recorded during the period. | |||||||||||||||||||||||||||||||
-2 | This amount represents severance liabilities associated with the Zeolites shutdown within our discontinued FMC Peroxygens segment. |
Guarantees_Commitments_and_Con
Guarantees, Commitments, and Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments Guarantees and Contingent Liabilities [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. | ||||
Guarantees and Other Commitments | ||||
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2013: | ||||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing | $ | 21.3 | ||
Foreign equity method investment debt guarantees | 8.5 | |||
Other debt guarantees | 17 | |||
Total | $ | 46.8 | ||
We provide guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers, principally in Brazil and Mexico, for their seasonal borrowing. The total of these guarantees was $21.3 million and $31.4 million at September 30, 2013 and December 31, 2012, respectively, and are recorded on the condensed consolidated balance sheets for each date as “Guarantees of vendor financing”. The change in the guarantees is generally due to the seasonality of the FMC Agricultural Solutions business. | ||||
Excluded from the chart above, 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. Our indemnification obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum or maximum individual or aggregate claim amounts. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. | ||||
Contingencies | ||||
Competition / antitrust litigation related to the discontinued FMC Peroxygens segment. We are subject to actions brought by private plaintiffs relating to alleged violations of European and Canadian competition and antitrust laws, as further described below. | ||||
European competition action. Multiple European purchasers of hydrogen peroxide who claim to have been harmed as a result of alleged violations of European competition law by hydrogen peroxide producers assigned their legal claims to a single entity formed by a law firm. The single entity then filed a lawsuit in Germany in March 2009 against European producers, including our wholly-owned Spanish subsidiary, Foret. Initial defense briefs were filed in April 2010, and an initial hearing was held during the first quarter of 2011, at which time case management issues were discussed. At a subsequent hearing in October 2011, the Court indicated that it was considering seeking guidance from the European Court of Justice (“ECJ”) as to whether the German courts have jurisdiction over these claims. After submission of written comments on this issue by the parties, on March 1, 2012, the judge announced that she would refer the jurisdictional issues to the ECJ. The court issued its formal reference to the ECJ on April 29, 2013. Such a referral to the ECJ normally takes 12-18 months for completion after the formal reference. Since the case is in the preliminary stages and is based on a novel procedure - namely the attempt to create a cross-border “class action” which is not a recognized proceeding under EU or German law - we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend this matter. | ||||
Canadian antitrust actions. In 2005, after public disclosures of the U.S. federal grand jury investigation into the hydrogen peroxide industry (which resulted in no charges brought against us) and the filing of various class actions in U.S. federal and state courts, which have all been settled, putative class actions against us and five other major hydrogen peroxide producers were filed in provincial courts in Ontario, Quebec and British Columbia under the laws of Canada. The other five defendants have settled these claims for a total of approximately $20.6 million. On September 28, 2009, the Ontario Superior Court of Justice certified a class of direct and indirect purchasers of hydrogen peroxide from 1994 to 2005. Our motion for leave to appeal the class certification decision was denied in June 2010. Since then, the case has been largely dormant. In early 2012 the parties began a more detailed dialogue on discovery and at a hearing on April 5, 2012, they requested the judge to issue more specific guidance on document production. The court instead stayed the litigation pending resolution by the Canadian Supreme Court of the viability of indirect purchaser claims. The Canadian Supreme Court heard argument on that issue in October 2012. Since the proceedings are in the preliminary stages with respect to the merits, we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend these matters. | ||||
Asbestos claims. Like hundreds of other industrial companies, we have been named as one of many defendants in asbestos-related personal injury litigation. Most of these cases allege personal injury or death resulting from exposure to asbestos in premises of FMC or to asbestos-containing components installed in machinery or equipment manufactured or sold by businesses classified as discontinued operations. We intend to continue managing these cases in accordance with our historical experience. We have established a reserve for this litigation within our discontinued operations and are unable to develop a reasonable estimate of any exposure of a loss in excess of the established reserve. Our experience has been that the overall trends in terms of the rate of filing of asbestos-related claims with respect to all potential defendants has changed over time, and that filing rates as to us in particular have varied significantly over the last several years. We are a peripheral defendant - that is, we have never manufactured asbestos or asbestos-containing components. As a result, claim filing rates against us have yet to form a predictable pattern, and we are unable to project a reasonably accurate future filing rate and thus, 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 incident to the ordinary course of business. 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; and some 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 11 for the Pocatello tribal litigation for a legal proceeding associated with our environmental contingencies. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
In April 2013, we made the decision to simplify our organizational structure to focus on three core business segments. The new segments better reflect the markets where we participate and lead today, and where we expect to grow in the future. As a result of this decision the following changes were made: | ||||||||||||||||
• | Our BioPolymer division has been moved into a standalone reporting segment and renamed FMC Health and Nutrition. This change better reflects our strategic intent to continue to broaden our product and customer base in faster growing food and pharmaceutical segments and to expand into nutraceuticals, personal care and similar markets. | |||||||||||||||
• | We have combined our Lithium and Alkali Chemicals divisions into a single reporting segment, FMC Minerals. We believe doing this will enable us to leverage technical resources and improve operating performance in both businesses. | |||||||||||||||
• | Our Agricultural Products Group has been renamed FMC Agricultural Solutions. We believe this name change better reflects the value-added solutions and services that we provide to our customers. | |||||||||||||||
• | Finally, our Peroxygens and related Environmental Solutions product lines became a standalone reporting segment called FMC Peroxygens. During the second quarter of 2013 we began the process of marketing the segment for sale. In July 2013, we classified the FMC Peroxygens segment as a discontinued operation and asset held for sale. For more information on this presentation change see Note 10. | |||||||||||||||
Additionally, effective in January 2013, our segment presentations including allocation of certain corporate expenses were updated to reflect how we currently make financial decisions and allocate resources. The presentation change was also made since we believe the changes provide a better understanding of the underlying profitability of each individual business segment. The changes were the following: | ||||||||||||||||
• | Allocation of certain long-term incentives, primarily stock-based compensation, from the category other income (expense), net to each business segment. | |||||||||||||||
• | Allocation of the depreciation on capitalized interest associated with completed construction projects from the category other income (expense), net to each business segment. | |||||||||||||||
• | The presentation of the impact of noncontrolling interest as its own line item. Noncontrolling interest impacts were previously netted within each individual segment. The majority of the noncontrolling interest pertains to our FMC Minerals segment. | |||||||||||||||
• | We have combined other income (expense), net and corporate expense into one line item renamed “Corporate and other”. | |||||||||||||||
We have recast the data below to reflect the above changes in our reportable segments to conform to the current year presentation and to present FMC Peroxygens segment as a discontinued operation retrospectively for all periods presented. | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | ||||||||||||||||
FMC Agricultural Solutions | $ | 530.2 | $ | 423.6 | $ | 1,468.00 | $ | 1,271.40 | ||||||||
FMC Health and Nutrition | 190.4 | 173.7 | 572.2 | 512.7 | ||||||||||||
FMC Minerals | 237.8 | 224.6 | 706.8 | 710.3 | ||||||||||||
Eliminations | (1.0 | ) | — | (2.9 | ) | — | ||||||||||
Total | $ | 957.4 | $ | 821.9 | $ | 2,744.10 | $ | 2,494.40 | ||||||||
Income from continuing operations before income taxes | ||||||||||||||||
FMC Agricultural Solutions | $ | 114.2 | $ | 100.9 | $ | 402.2 | $ | 343.7 | ||||||||
FMC Health and Nutrition | 41.1 | 40.3 | 129.1 | 126 | ||||||||||||
FMC Minerals | 27.7 | 34.6 | 92.1 | 127.1 | ||||||||||||
Eliminations | (0.1 | ) | 0.1 | (0.3 | ) | 0.1 | ||||||||||
Segment operating profit | 182.9 | 175.9 | 623.1 | 596.9 | ||||||||||||
Corporate and other | (20.1 | ) | (16.2 | ) | (60.2 | ) | (56.6 | ) | ||||||||
Operating profit before the items listed below | 162.8 | 159.7 | 562.9 | 540.3 | ||||||||||||
Restructuring and other (charges) income (1) | (32.1 | ) | (5.5 | ) | (47.3 | ) | (9.1 | ) | ||||||||
Interest expense, net | (9.8 | ) | (9.8 | ) | (31.4 | ) | (30.3 | ) | ||||||||
Non-operating pension and postretirement (charges) income (2) | (5.7 | ) | (8.1 | ) | (30.0 | ) | (26.3 | ) | ||||||||
Acquisition related charges (3) | (6.7 | ) | (0.6 | ) | (6.7 | ) | (7.2 | ) | ||||||||
Provision for income taxes | (32.0 | ) | (29.9 | ) | (113.1 | ) | (113.2 | ) | ||||||||
Discontinued operations, net of income taxes | (56.6 | ) | (11.2 | ) | (58.3 | ) | (24.7 | ) | ||||||||
Net income attributable to noncontrolling interests | $ | (2.0 | ) | $ | (4.6 | ) | $ | (9.3 | ) | $ | (15.5 | ) | ||||
Net income attributable to FMC stockholders | $ | 17.9 | $ | 90 | $ | 266.8 | $ | 314 | ||||||||
_________________________________________ | ||||||||||||||||
-1 | See Note 7 for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the three months ended September 30, 2012, relate to FMC Agricultural Solutions of $4.4 million, FMC Health and Nutrition of $0.1 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2013, related to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. Amounts for the nine months ended September 30, 2012, related to FMC Agricultural Solutions of $6.1 million, FMC Health and Nutrition of $0.3 million, FMC Minerals of $(0.3) million and Corporate $3.0 million. | |||||||||||||||
-2 | Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | |||||||||||||||
-3 | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting for acquisitions and certain professional fees associated the completion of acquisitions. Charges for the three and nine months ended September 30, 2013, represented amortization of inventory fair value step-up of $2.1 million and certain professional fees of $4.6 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for the three and nine month periods ended September 30, 2012, representing amortization of inventory fair value step-up relate to a number of acquisitions completed in 2011 and in the second quarter of 2012. On the condensed consolidated statements of income, the charges associated with inventory fair value step-up are included in “Costs of sales and services” and fees associated with concluding the acquisitions are included in "Selling, general and administrative expenses". |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ||||
Schedule of Purchase Price Allocation [Table Text Block] | ||||
Preliminary Purchase Price Allocation | ||||
(in Millions) | ||||
Trade receivables | $ | 15.6 | ||
Inventories (1) | 53.7 | |||
Other current assets | 4.7 | |||
Property, plant & equipment | 138.3 | |||
Intangible assets (2) | 71.2 | |||
Goodwill (3) | 109.8 | |||
Other assets | 0.6 | |||
Total fair value of assets acquired | 393.9 | |||
Current liabilities | 12.9 | |||
Deferred tax liabilities | 41 | |||
Other liabilities | 0.4 | |||
Total fair value of liabilities assumed | 54.3 | |||
Total cash paid, less cash acquired | $ | 339.6 | ||
____________________ | ||||
-1 | Fair value of finished good inventories acquired included a step-up in the value of approximately $9.1 million, which will be expensed to "Cost of sales and services" in 2013 and early 2014. | |||
-2 | See Note 4 for the major classes of intangible assets acquired, which primarily represent customer relationships and trade names. The weighted average useful life of the acquired finite-lived intangibles is approximately 17 years. | |||
-3 | Goodwill largely consisted of expected revenue synergies resulting from the business combinations. None of the acquired goodwill will be deductible for income tax purposes. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill by business segment | The changes in the carrying amount of goodwill by business segment for the nine months ended September 30, 2013, are presented in the table below: | |||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | Total | |||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 31 | $ | 246.6 | $ | 277.6 | ||||||||||||||||||
Acquisitions | — | 109.8 | 109.8 | |||||||||||||||||||||
Foreign currency adjustments | — | 8.6 | 8.6 | |||||||||||||||||||||
Balance, September 30, 2013 | $ | 31 | $ | 365 | $ | 396 | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Our intangible assets, other than goodwill, consist of the following: | |||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | |||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | ||||||||||||||||||||||||
Customer relationships | $ | 157 | $ | (13.0 | ) | $ | 144 | $ | 126.6 | $ | (8.1 | ) | $ | 118.5 | ||||||||||
Patents | 0.4 | — | 0.4 | 0.4 | — | 0.4 | ||||||||||||||||||
Trademarks and trade names | 1.2 | (0.3 | ) | 0.9 | 1.2 | (0.1 | ) | 1.1 | ||||||||||||||||
Purchased and licensed technologies | 74.8 | (17.7 | ) | 57.1 | 59.1 | (14.0 | ) | 45.1 | ||||||||||||||||
Other intangibles | 4.1 | (2.6 | ) | 1.5 | 4.1 | (1.9 | ) | 2.2 | ||||||||||||||||
$ | 237.5 | $ | (33.6 | ) | $ | 203.9 | $ | 191.4 | $ | (24.1 | ) | $ | 167.3 | |||||||||||
Schedule of Indefinite-lived Intangible Assets by Major Class [Table Text Block] | ||||||||||||||||||||||||
Intangible assets not subject to amortization (indefinite life) | ||||||||||||||||||||||||
Trademarks and trade names | $ | 66.3 | $ | — | $ | 66.3 | $ | 36.3 | $ | — | $ | 36.3 | ||||||||||||
In-process research & development | 2.1 | — | 2.1 | 2.1 | — | 2.1 | ||||||||||||||||||
$ | 68.4 | $ | — | $ | 68.4 | $ | 38.4 | $ | — | $ | 38.4 | |||||||||||||
Total intangible assets | $ | 305.9 | $ | (33.6 | ) | $ | 272.3 | $ | 229.8 | $ | (24.1 | ) | $ | 205.7 | ||||||||||
Schedule of Intangible Assets by Segment [Table Text Block] | At September 30, 2013, the finite-lived and indefinite life intangibles were allocated among our business segments as follows: | |||||||||||||||||||||||
(in Millions) | Finite-lived | Indefinite Life | ||||||||||||||||||||||
FMC Agricultural Solutions | $ | 109.2 | $ | 35.2 | ||||||||||||||||||||
FMC Health and Nutrition | 93.5 | 33.2 | ||||||||||||||||||||||
FMC Minerals | 1.2 | — | ||||||||||||||||||||||
Total | $ | 203.9 | $ | 68.4 | ||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of inventories | Inventories consisted of the following: | |||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||
Finished goods and work in process | $ | 420.3 | $ | 400.3 | ||||
Raw materials | 287.4 | 242.1 | ||||||
Net inventory | $ | 707.7 | $ | 642.4 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following: | |||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||
Property, plant and equipment | $ | 2,649.40 | $ | 2,417.80 | ||||
Accumulated depreciation | 1,485.90 | 1,461.60 | ||||||
Property, plant and equipment, net | $ | 1,163.50 | $ | 956.2 | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Income) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and other charges income [Abstract] | ||||||||||||||||||||
Schedule of restructuring and other charges (income) | Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below: | |||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Restructuring charges and asset disposals | $ | 0.5 | $ | 0.1 | $ | 12.2 | $ | 1.8 | ||||||||||||
Other charges (income), net | 31.6 | 5.4 | 35.1 | 7.3 | ||||||||||||||||
Total Restructuring and Other Charges | $ | 32.1 | $ | 5.5 | $ | 47.3 | $ | 9.1 | ||||||||||||
Schedule of restructuring charges and asset disposals | ||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
(in Millions) | Severance and Employee Benefits (1) | Other Charges (Income) (2) | Asset Disposal Charges (3) | Total | ||||||||||||||||
Lithium Restructuring | (0.4 | ) | 0.8 | — | 0.4 | |||||||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2013 | $ | (0.4 | ) | $ | 0.9 | $ | — | $ | 0.5 | |||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2012 | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||
Lithium Restructuring | 3.3 | 4.4 | 2 | 9.7 | ||||||||||||||||
Other Items | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||
Nine months ended September 30, 2013 | $ | 5.1 | $ | 5.1 | $ | 2 | $ | 12.2 | ||||||||||||
Other Items | (0.2 | ) | 0.2 | 1.8 | 1.8 | |||||||||||||||
Nine months ended September 30, 2012 | $ | (0.2 | ) | $ | 0.2 | $ | 1.8 | $ | 1.8 | |||||||||||
____________________ | ||||||||||||||||||||
-1 | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | |||||||||||||||||||
-2 | Primarily represents costs associated with accrued lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | |||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 8. | |||||||||||||||||||
Restructuring reserve rollforward | The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 8. | |||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||
12/31/12 (4) | reserves (2) | payments | 9/30/13 (4) | |||||||||||||||||
Lithium Restructuring | $ | — | $ | 7.7 | $ | (6.3 | ) | $ | — | $ | 1.4 | |||||||||
Other Workforce Related and Facility Shutdowns (1) | 3.1 | 2.5 | (2.5 | ) | — | 3.1 | ||||||||||||||
Restructuring activities related to discontinued operations (5) | 7.4 | 1.1 | (3.9 | ) | 0.1 | 4.7 | ||||||||||||||
Total | $ | 10.5 | $ | 11.3 | $ | (12.7 | ) | $ | 0.1 | $ | 9.2 | |||||||||
____________________ | ||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items” sections above. | |||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||
-3 | Primarily foreign currency translation adjustments. | |||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the condensed consolidated balance sheets. | |||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. | |||||||||||||||||||
Schedule of other charges (income), net | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Environmental charges, net | $ | 1 | $ | 1 | $ | 3 | $ | 3.5 | ||||||||||||
Other, net | 30.6 | 4.4 | 32.1 | 3.8 | ||||||||||||||||
Other Charges (Income), Net | $ | 31.6 | $ | 5.4 | $ | 35.1 | $ | 7.3 | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt Maturing within One Year | Debt maturing within one year consists of the following: | ||||||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | |||||||||||
Short-term foreign debt (1) | $ | 23.1 | $ | 49.9 | |||||||||
Commercial paper | 896 | — | |||||||||||
Total short-term debt | 919.1 | 49.9 | |||||||||||
Current portion of long-term debt | 23.3 | 5.7 | |||||||||||
Short-term debt and current portion of long-term debt | $ | 942.4 | $ | 55.6 | |||||||||
Schedule of long-term debt | Long-term debt consists of the following: | ||||||||||||
(in Millions) | September 30, 2013 | ||||||||||||
Interest Rate | Maturity | 9/30/13 | 12/31/12 | ||||||||||
Percentage | Date | ||||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 0.1-6.5% | 2013-2035 | $ | 176.7 | $ | 176.7 | |||||||
Senior notes (less unamortized discount of $1.7 and $1.8, respectively) | 3.95-5.2% | 2019-2022 | 598.3 | 598.2 | |||||||||
Credit Facility (1) | 1.1 | % | 2017 | — | 130 | ||||||||
Foreign debt | 0-8.9% | 2013-2023 | 20.1 | 9.6 | |||||||||
Total long-term debt | $ | 795.1 | $ | 914.5 | |||||||||
Less: debt maturing within one year | 23.3 | 5.7 | |||||||||||
Total long-term debt, less current portion | $ | 771.8 | $ | 908.8 | |||||||||
____________________ | |||||||||||||
-1 | Letters of credit outstanding under our Credit Facility totaled $73.0 million and available funds under this facility were $530.8 million at September 30, 2013 (which reflects borrowings under our commercial paper program). |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations [Abstract] | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The operating results of our FMC Peroxygens segment classified as discontinued operations are summarized below: | |||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 81.9 | $ | 80.5 | $ | 244.8 | $ | 253.9 | ||||||||
Income from discontinued operations before income taxes (1) | 7.8 | 5.8 | 15.1 | 18.2 | ||||||||||||
Provision for income taxes | 3.3 | 3.5 | 7.1 | 10 | ||||||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | $ | 4.5 | $ | 2.3 | $ | 8 | $ | 8.2 | ||||||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | (1.3 | ) | — | (2.3 | ) | — | ||||||||||
Adjustment to assets held for sale, net of income taxes (3) | (50.8 | ) | — | (50.8 | ) | — | ||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | $ | (47.6 | ) | $ | 2.3 | $ | (45.1 | ) | $ | 8.2 | ||||||
____________________ | ||||||||||||||||
-1 | Includes allocated interest expense $1.1 million and $3.5 million for the three and nine months ended September 30, 2013 and $1.2 million and $3.5 million for the three and nine months ended September 30, 2012, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. | |||||||||||||||
-2 | In accordance with the held for sale accounting criteria effective July 2013 we stopped amortizing and depreciating all assets classified as held for sale. | |||||||||||||||
-3 | GAAP accounting rules require that assets held for sale be reported at the lower of carrying value or fair value less costs to sell. The rules require that the carrying value include any accumulated foreign currency translation adjustments ("CTA") that would be reclassified to earnings upon completion of sale. Our wholly-owned Spanish subsidiary, Foret, has significant accumulated CTA losses and due in large part to the inclusion of these translation losses in our carrying value assessment, we recorded an impairment charge of approximately $65.0 million ($50.8 million after tax). | |||||||||||||||
The following table presents the major classes of assets and liabilities of discontinued FMC Peroxygens segment classified as held for sale and included as part of a disposal group in the Condensed Consolidated Balance Sheets: | ||||||||||||||||
(in Millions) | September 30, 2013 | December 31, 2012 | ||||||||||||||
Assets | ||||||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 96.5 | $ | 92.4 | ||||||||||||
Property, plant & equipment | 136.6 | 180 | ||||||||||||||
Goodwill | — | 16.9 | ||||||||||||||
Intangible assets, net | 6.7 | 9.9 | ||||||||||||||
Other non-current assets | 44.3 | 37.4 | ||||||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 187.6 | 244.2 | ||||||||||||||
Total Assets | 284.1 | 336.6 | ||||||||||||||
Liabilities | ||||||||||||||||
Current liabilities of discontinued operations held for sale | 42.3 | 54.1 | ||||||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 4.1 | 3.3 | ||||||||||||||
Total Liabilities | 46.4 | 57.4 | ||||||||||||||
Net Assets (2) | $ | 237.7 | $ | 279.2 | ||||||||||||
____________________ | ||||||||||||||||
(1)Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed and consolidated balance sheet as of September 30, 2013. | ||||||||||||||||
(2)Excludes the accumulated CTA losses of our wholly-owned Spanish subsidiary, Foret. | ||||||||||||||||
In addition to our discontinued FMC Peroxygens segment our other discontinued operations include adjustments to retained liabilities. 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) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax expense of zero and $0.1 for the three and nine months ended 2013 and $0.1 and $0.2 for the three and nine months ended 2012, respectively | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.4 | ||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.2 and $3.7 for the three and nine months ended 2013 and $1.5 and $6.0 for the three and nine months ended 2012, respectively (1) | (2.0 | ) | (2.4 | ) | (6.1 | ) | (9.9 | ) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.7 and $2.3 for the three and nine months ended 2013 and $2.5 and $7.6 for the three and nine months ended 2012, respectively (2) | (4.4 | ) | (4.1 | ) | (3.7 | ) | (12.3 | ) | ||||||||
Provision for restructuring charges, net of income tax benefit (expense) of $0.1 and $0.4 for the three and nine months ended 2013 and ($1.3) and ($1.3) for the three and nine months ended 2012, respectively (3) | (2.8 | ) | (7.2 | ) | (3.7 | ) | (11.1 | ) | ||||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $11.7 and $8.4 for the three and nine months ended 2013 and ($3.5) and ($10.0) for the three and nine months ended 2012, respectively | (47.6 | ) | 2.3 | (45.1 | ) | 8.2 | ||||||||||
Discontinued operations, net of income taxes | $ | (56.6 | ) | $ | (11.2 | ) | $ | (58.3 | ) | $ | (24.7 | ) | ||||
____________________ | ||||||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2013 in Note 11. | |||||||||||||||
-2 | Discontinued operations for the nine months ended September 30, 2013, includes a gain of $13.9 million associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012. | |||||||||||||||
-3 | See roll forward of our restructuring reserves in Note 7. | |||||||||||||||
Our discontinued operations comprised the following: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax expense of zero and $0.1 for the three and nine months ended 2013 and $0.1 and $0.2 for the three and nine months ended 2012, respectively | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.4 | ||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.2 and $3.7 for the three and nine months ended 2013 and $1.5 and $6.0 for the three and nine months ended 2012, respectively (1) | (2.0 | ) | (2.4 | ) | (6.1 | ) | (9.9 | ) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.7 and $2.3 for the three and nine months ended 2013 and $2.5 and $7.6 for the three and nine months ended 2012, respectively (2) | (4.4 | ) | (4.1 | ) | (3.7 | ) | (12.3 | ) | ||||||||
Provision for restructuring charges, net of income tax benefit (expense) of $0.1 and $0.4 for the three and nine months ended 2013 and ($1.3) and ($1.3) for the three and nine months ended 2012, respectively (3) | (2.8 | ) | (7.2 | ) | (3.7 | ) | (11.1 | ) | ||||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $11.7 and $8.4 for the three and nine months ended 2013 and ($3.5) and ($10.0) for the three and nine months ended 2012, respectively | (47.6 | ) | 2.3 | (45.1 | ) | 8.2 | ||||||||||
Discontinued operations, net of income taxes | $ | (56.6 | ) | $ | (11.2 | ) | $ | (58.3 | ) | $ | (24.7 | ) | ||||
____________________ | ||||||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2013 in Note 11. | |||||||||||||||
-2 | Discontinued operations for the nine months ended September 30, 2013, includes a gain of $13.9 million associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012. | |||||||||||||||
-3 | See roll forward of our restructuring reserves in Note 7. |
Environmental_Obligations_Tabl
Environmental Obligations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ||||||||||||||||
Environmental reserves rollforward, continuing and discontinued | The table below is a roll forward of our total environmental reserves, continuing and discontinued: | |||||||||||||||
(in Millions) | Operating and | |||||||||||||||
Discontinued | ||||||||||||||||
Sites Total | ||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2012 | $ | 216 | ||||||||||||||
Provision | 14.5 | |||||||||||||||
Spending, net of recoveries | (38.7 | ) | ||||||||||||||
Net change | (24.2 | ) | ||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2013 | $ | 191.8 | ||||||||||||||
Environmental reserves, current, net of recoveries (1) | 27.5 | |||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (2) | 164.3 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2013 | $ | 191.8 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | “Current” includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | |||||||||||||||
-2 | These amounts are included in “Environmental liabilities, continuing and discontinued” on the condensed consolidated balance sheets. | |||||||||||||||
Schedule of Environmental Recoveries [Table Text Block] | The table below is a roll forward of our total recorded recoveries from December 31, 2012 to September 30, 2013: | |||||||||||||||
(in Millions) | 12/31/12 | Increase in Recoveries | Cash Received | 9/30/13 | ||||||||||||
Environmental liabilities, continuing and discontinued | $ | 20.5 | $ | 0.8 | $ | (3.4 | ) | $ | 17.9 | |||||||
Other assets | 51.6 | 1.8 | (15.2 | ) | 38.2 | |||||||||||
Total | $ | 72.1 | 2.6 | $ | (18.6 | ) | $ | 56.1 | ||||||||
Schedule of Net Environmental Provision by operating and discontinured sites [Table Text Block] | The net provisions are comprised as follows: | |||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Continuing operations (1) | $ | 1 | $ | 1 | $ | 3 | $ | 3.5 | ||||||||
Discontinued operations (2) | 3.2 | 3.9 | 9.7 | 15.9 | ||||||||||||
Net environmental provision | $ | 4.2 | $ | 4.9 | $ | 12.7 | $ | 19.4 | ||||||||
____________________ | ||||||||||||||||
(1) Recorded as a component of “Restructuring and other charges (income)” on our condensed consolidated statements of income. See Note 7. | ||||||||||||||||
(2) Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 10. | ||||||||||||||||
Schedule of Net Environmental Provision Balance Sheet Classification [Table Text Block] | On our condensed consolidated balance sheets, the net environmental provisions are recorded to the following balance sheet captions: | |||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Environmental reserves (1) | $ | 4.2 | $ | 4.9 | $ | 14.5 | $ | 19.4 | ||||||||
Other assets (2) | — | — | (1.8 | ) | — | |||||||||||
Net environmental provision | $ | 4.2 | $ | 4.9 | $ | 12.7 | $ | 19.4 | ||||||||
____________________ | ||||||||||||||||
(1) See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||||||||||
(2) Represents certain environmental recoveries. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
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) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||||||
Income from continuing operations attributable to FMC stockholders | $ | 74.5 | $ | 101.2 | $ | 325.1 | $ | 338.7 | ||||||||
Discontinued operations, net of income taxes | (56.6 | ) | (11.2 | ) | (58.3 | ) | (24.7 | ) | ||||||||
Net income | $ | 17.9 | $ | 90 | $ | 266.8 | $ | 314 | ||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2 | ) | (0.4 | ) | (1.1 | ) | (1.5 | ) | ||||||||
Net income allocable to common stockholders | $ | 17.7 | $ | 89.6 | $ | 265.7 | $ | 312.5 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.73 | $ | 2.39 | $ | 2.45 | ||||||||
Discontinued operations | (0.42 | ) | (0.08 | ) | (0.43 | ) | (0.18 | ) | ||||||||
Net income | $ | 0.13 | $ | 0.65 | $ | 1.96 | $ | 2.27 | ||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.73 | $ | 2.38 | $ | 2.44 | ||||||||
Discontinued operations | (0.42 | ) | (0.08 | ) | (0.43 | ) | (0.18 | ) | ||||||||
Net income | $ | 0.13 | $ | 0.65 | $ | 1.95 | $ | 2.26 | ||||||||
Shares (in thousands): | ||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 134,146 | 137,373 | 135,779 | 137,731 | ||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 816 | 1,015 | 921 | 1,123 | ||||||||||||
Shares – diluted basis | 134,962 | 138,388 | 136,700 | 138,854 | ||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Reconciliation of equity | Refer to the table below for a reconciliation of equity, equity attributable to the parent, and equity attributable to noncontrolling interests for the nine months ended September 30, 2013: | |||||||||||
(in Millions, Except Per Share Data) | FMC’s | Noncontrolling | Total | |||||||||
Stockholders’ | Interest | Equity | ||||||||||
Equity | ||||||||||||
Balance at December 31, 2012 | $ | 1,480.30 | $ | 74.5 | $ | 1,554.80 | ||||||
Net income | 266.8 | 9.3 | 276.1 | |||||||||
Stock compensation plans | 23.1 | — | 23.1 | |||||||||
Excess tax benefits from share-based compensation | 6.7 | — | 6.7 | |||||||||
Shares for benefit plan trust | 0.6 | — | 0.6 | |||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax (1) | 27.5 | — | 27.5 | |||||||||
Net hedging gains/(losses) and other, net of income tax (1) | (5.0 | ) | — | (5.0 | ) | |||||||
Foreign currency translation adjustments (1) | 1 | 0.4 | 1.4 | |||||||||
Dividends ($0.405 per share) | (55.1 | ) | — | (55.1 | ) | |||||||
Repurchases of common stock | (316.6 | ) | — | (316.6 | ) | |||||||
Accelerated share repurchase program (2) | (50.0 | ) | — | (50.0 | ) | |||||||
Acquisition of noncontrolling interests (3) | (55.2 | ) | (24.8 | ) | (80.0 | ) | ||||||
Distributions to noncontrolling interests | — | (9.9 | ) | (9.9 | ) | |||||||
Balance at September 30, 2013 | $ | 1,324.10 | $ | 49.5 | $ | 1,373.60 | ||||||
____________________ | ||||||||||||
-1 | See condensed consolidated statements of comprehensive income. | |||||||||||
-2 | See accelerated share repurchase program discussion below. | |||||||||||
-3 | See "FMC Wyoming" discussion below. |
Reclassifications_of_Accumulat1
Reclassifications of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income [Table Text Block] | The table below provides details about the reclassifications from Accumulated Other Comprehensive Income and the affected line items in the condensed consolidated statements of income for each of the periods presented. | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (1) | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Derivative instruments: | |||||||||||||||||||
Foreign currency contracts | $ | 0.3 | $ | 2.1 | $ | 0.7 | $ | 9.1 | Costs of sales and services | ||||||||||
Energy contracts | (0.4 | ) | (2.3 | ) | (0.2 | ) | (8.6 | ) | Costs of sales and services | ||||||||||
Foreign currency contracts | (1.5 | ) | (3.8 | ) | 1.1 | (7.1 | ) | Selling, general and administrative expenses | |||||||||||
Other contracts | — | — | (0.1 | ) | (0.1 | ) | Interest expense, net | ||||||||||||
$ | (1.6 | ) | $ | (4.0 | ) | 1.5 | (6.7 | ) | Total before tax | ||||||||||
0.4 | 1.4 | (0.6 | ) | 2.5 | Income tax (expense) benefit | ||||||||||||||
$ | (1.2 | ) | $ | (2.6 | ) | 0.9 | (4.2 | ) | Amount included in net income | ||||||||||
Pension and other postretirement benefits (2): | |||||||||||||||||||
Amortization of prior service costs | $ | (0.5 | ) | $ | (0.4 | ) | $ | (1.5 | ) | $ | (1.4 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (2.7 | ) | (10.8 | ) | (36.2 | ) | (35.3 | ) | Selling, general and administrative expenses | ||||||||||
Recognized loss due to settlement | $ | (7.1 | ) | $ | — | $ | (7.1 | ) | $ | — | Selling, general and administrative expenses | ||||||||
$ | (10.3 | ) | $ | (11.2 | ) | $ | (44.8 | ) | $ | (36.7 | ) | Total before tax | |||||||
4.1 | 4.8 | 17.1 | 14.5 | Income tax (expense) benefit | |||||||||||||||
$ | (6.2 | ) | $ | (6.4 | ) | $ | (27.7 | ) | $ | (22.2 | ) | Amount included in net income | |||||||
Total reclassifications for the period | $ | (7.4 | ) | $ | (9.0 | ) | $ | (26.8 | ) | $ | (26.4 | ) | Amount included in net income | ||||||
____________________ | |||||||||||||||||||
-1 | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | ||||||||||||||||||
-2 | 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. |
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||
Components of net annual benefit cost (income) | The following table summarizes the components of net annual benefit cost (income) for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Components of net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
Service cost | $ | 5.8 | $ | 5.1 | $ | — | $ | — | $ | 16.6 | $ | 15.2 | $ | — | $ | 0.1 | ||||||||||||||||
Interest cost | 14.3 | 15.6 | 0.2 | 0.4 | 42.3 | 46.1 | 0.8 | 1 | ||||||||||||||||||||||||
Expected return on plan assets | (19.1 | ) | (19.0 | ) | — | — | (57.5 | ) | (57.4 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost (credit) | 0.6 | 0.4 | — | — | 1.7 | 1.5 | — | (0.1 | ) | |||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 3.8 | 11.9 | (0.6 | ) | (0.8 | ) | 38.8 | 38.4 | (1.5 | ) | (1.8 | ) | ||||||||||||||||||||
Recognized loss due to settlement (1) | 7.1 | — | — | — | 7.1 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit cost from continuing operations | $ | 12.5 | $ | 14 | $ | (0.4 | ) | $ | (0.4 | ) | $ | 49 | $ | 43.8 | $ | (0.7 | ) | $ | (0.8 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. |
Financial_Instrument_Risk_Mana1
Financial Instrument, Risk Management and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
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 | $ | 5.3 | $ | 0.7 | $ | 6 | $ | (5.9 | ) | $ | 0.1 | |||||||||||||||||||||
Energy contracts | 0.2 | — | 0.2 | (0.2 | ) | — | ||||||||||||||||||||||||||
Other contracts | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Total derivative assets (1) | $ | 5.6 | $ | 0.7 | $ | 6.3 | $ | (6.1 | ) | $ | 0.2 | |||||||||||||||||||||
Foreign exchange contracts | $ | (12.1 | ) | $ | (4.5 | ) | $ | (16.6 | ) | $ | 5.9 | $ | (10.7 | ) | ||||||||||||||||||
Energy contracts | (1.6 | ) | — | (1.6 | ) | 0.2 | (1.4 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (13.7 | ) | $ | (4.5 | ) | $ | (18.2 | ) | $ | 6.1 | $ | (12.1 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | (8.1 | ) | $ | (3.8 | ) | $ | (11.9 | ) | $ | — | $ | (11.9 | ) | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Gross Amount of Derivatives | ||||||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet (3) | Net Amounts | |||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 5.7 | $ | — | $ | 5.7 | $ | (4.2 | ) | $ | 1.5 | |||||||||||||||||||||
Energy contracts | 0.2 | — | 0.2 | (0.2 | ) | — | ||||||||||||||||||||||||||
Other contracts | 0.2 | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||
Total derivative assets (1) | $ | 6.1 | $ | — | $ | 6.1 | $ | (4.4 | ) | $ | 1.7 | |||||||||||||||||||||
Foreign exchange contracts | $ | (4.7 | ) | $ | (1.9 | ) | $ | (6.6 | ) | $ | 4.2 | $ | (2.4 | ) | ||||||||||||||||||
Energy contracts | (1.7 | ) | — | (1.7 | ) | 0.2 | (1.5 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (6.4 | ) | $ | (1.9 | ) | $ | (8.3 | ) | $ | 4.4 | $ | (3.9 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | (0.3 | ) | $ | (1.9 | ) | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | ||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Net balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The tables below summarizes the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (0.9 | ) | $ | (0.1 | ) | $ | — | $ | 1.2 | $ | — | $ | — | $ | (0.9 | ) | $ | 1.1 | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | 0.8 | 1 | 0.3 | 1.4 | 0.2 | 0.1 | 1.3 | 2.5 | ||||||||||||||||||||||||
Ineffective portion | (0.1 | ) | 0.1 | — | — | — | — | (0.1 | ) | 0.1 | ||||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | (0.2 | ) | $ | 1 | $ | 0.3 | $ | 2.6 | $ | 0.2 | $ | 0.1 | $ | 0.3 | $ | 3.7 | |||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (4.1 | ) | $ | 1 | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | (4.1 | ) | $ | 0.4 | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | (1.0 | ) | (1.3 | ) | 0.2 | 5.4 | 0.1 | 0.1 | (0.7 | ) | 4.2 | |||||||||||||||||||||
Ineffective portion | (0.2 | ) | — | — | — | — | — | (0.2 | ) | — | ||||||||||||||||||||||
Total derivative instrument gain (loss) | $ | (5.3 | ) | $ | (0.3 | ) | $ | 0.2 | $ | 4.8 | $ | 0.1 | $ | 0.1 | $ | (5.0 | ) | $ | 4.6 | |||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See Note 14 for classification of amounts within the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Location of Gain or (Loss) | Amount of Pre-tax Gain or (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income on Derivatives | Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of sales and services | $ | 8.8 | $ | (8.2 | ) | $ | 6.3 | $ | 11.1 | ||||||||||||||||||||||
Total | $ | 8.8 | $ | (8.2 | ) | $ | 6.3 | $ | 11.1 | |||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||||||||||||||||
(in Millions) | September 30, 2013 | Quoted | Significant | Significant | ||||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Other contracts | $ | 0.1 | $ | — | $ | 0.1 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 0.1 | — | 0.1 | — | ||||||||||||||||||||||||||||
Other (2) | 33.4 | 33.4 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 33.6 | $ | 33.4 | $ | 0.2 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 10.7 | — | 10.7 | — | ||||||||||||||||||||||||||||
Acquisition (3) | 0.5 | — | — | 0.5 | ||||||||||||||||||||||||||||
Other (4) | 38.1 | 38.1 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 50.7 | $ | 38.1 | $ | 12.1 | $ | 0.5 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-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” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | |||||||||||||||||||||||||||||||
-4 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
(in Millions) | December 31, 2012 | Quoted | Significant | Significant | ||||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Other contracts | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 1.5 | — | 1.5 | — | ||||||||||||||||||||||||||||
Other (2) | 33 | 33 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 34.7 | $ | 33 | $ | 1.7 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 1.5 | $ | — | $ | 1.5 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 2.4 | — | 2.4 | — | ||||||||||||||||||||||||||||
Acquisition (3) | 1 | — | — | 1 | ||||||||||||||||||||||||||||
Other (4) | 39.8 | 39.8 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 44.7 | $ | 39.8 | $ | 3.9 | $ | 1 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-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” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | |||||||||||||||||||||||||||||||
-4 | 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 condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our condensed consolidated balance sheets during the nine months ended September 30, 2013 and the year ended December 31, 2012. | |||||||||||||||||||||||||||||||
(in Millions) | 30-Sep-13 | Quoted | Significant | Significant | Total Gains (Losses) (Nine Months Ended September 30, 2013) | |||||||||||||||||||||||||||
Prices | Other | Unobservable | ||||||||||||||||||||||||||||||
in Active | Observable | Inputs | ||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
Identical | (Level 2) | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Net assets of discontinued operations held for sale (1) | $ | 237.7 | $ | — | $ | — | $ | 237.7 | $ | (65.0 | ) | |||||||||||||||||||||
Long-lived assets associated with exit activities (2) | $ | 2.6 | $ | — | $ | — | $ | 2.6 | $ | (2.0 | ) | |||||||||||||||||||||
Total assets | $ | 240.3 | $ | — | $ | — | $ | 240.3 | $ | (67.0 | ) | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Liabilities associated with exit activities (3) | $ | — | $ | — | $ | — | $ | — | $ | (7.7 | ) | |||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | $ | (7.7 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | As further discussed in Note 10, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at September 30, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the three months ended September 30, 2013. Our evaluation of fair value, less cost to sell included using a combination of preliminary bids received from prospective buyers, discounted cash flow models, and other valuation models, such as comparative transactions and market multiples, to estimate the fair value. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated CTA losses of our wholly-owned Spanish subsidiary, Foret, which were included in our fair value less cost to sell evaluation. | |||||||||||||||||||||||||||||||
-2 | We recorded charges, within our FMC Minerals segment, to write down the value of certain long-lived assets to their fair value related to our Lithium restructuring. A portion of the assets were written down to zero during the first quarter of 2013 as they have no future use and are anticipated to be demolished. | |||||||||||||||||||||||||||||||
-3 | This amount represents severance liabilities associated with the Lithium restructuring as further described in Note 7. | |||||||||||||||||||||||||||||||
(in Millions) | 31-Dec-12 | Quoted | Significant | Significant | Total Gains | |||||||||||||||||||||||||||
Prices | Other | Unobservable | (Losses) | |||||||||||||||||||||||||||||
in Active | Observable | Inputs | (Year Ended | |||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | December 31, | |||||||||||||||||||||||||||||
Identical | (Level 2) | 2012) | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Long-lived assets to be abandoned (1) | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (15.9 | ) | |||||||||||||||||||||
Total assets | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (15.9 | ) | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Liabilities associated with exit activities (2) | 5.6 | — | 5.6 | — | (5.6 | ) | ||||||||||||||||||||||||||
Total liabilities | $ | 5.6 | $ | — | $ | 5.6 | $ | — | $ | (5.6 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | We recorded charges to write down the value of certain long-lived assets to be abandoned within our FMC Agricultural Solutions and FMC Minerals segments to zero and in our discontinued FMC Peroxygens segments to their salvage value of $3.1 million, respectively. These long-lived assets have no future use and are anticipated to be demolished. The loss noted in the above table represents the accelerated depreciation of these assets recorded during the period. | |||||||||||||||||||||||||||||||
-2 | This amount represents severance liabilities associated with the Zeolites shutdown within our discontinued FMC Peroxygens segment. |
Guarantees_Commitments_and_Con1
Guarantees, Commitments, and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments Guarantees and Contingent Liabilities [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 September 30, 2013: | |||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing | $ | 21.3 | ||
Foreign equity method investment debt guarantees | 8.5 | |||
Other debt guarantees | 17 | |||
Total | $ | 46.8 | ||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment reporting information by segment | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | ||||||||||||||||
FMC Agricultural Solutions | $ | 530.2 | $ | 423.6 | $ | 1,468.00 | $ | 1,271.40 | ||||||||
FMC Health and Nutrition | 190.4 | 173.7 | 572.2 | 512.7 | ||||||||||||
FMC Minerals | 237.8 | 224.6 | 706.8 | 710.3 | ||||||||||||
Eliminations | (1.0 | ) | — | (2.9 | ) | — | ||||||||||
Total | $ | 957.4 | $ | 821.9 | $ | 2,744.10 | $ | 2,494.40 | ||||||||
Income from continuing operations before income taxes | ||||||||||||||||
FMC Agricultural Solutions | $ | 114.2 | $ | 100.9 | $ | 402.2 | $ | 343.7 | ||||||||
FMC Health and Nutrition | 41.1 | 40.3 | 129.1 | 126 | ||||||||||||
FMC Minerals | 27.7 | 34.6 | 92.1 | 127.1 | ||||||||||||
Eliminations | (0.1 | ) | 0.1 | (0.3 | ) | 0.1 | ||||||||||
Segment operating profit | 182.9 | 175.9 | 623.1 | 596.9 | ||||||||||||
Corporate and other | (20.1 | ) | (16.2 | ) | (60.2 | ) | (56.6 | ) | ||||||||
Operating profit before the items listed below | 162.8 | 159.7 | 562.9 | 540.3 | ||||||||||||
Restructuring and other (charges) income (1) | (32.1 | ) | (5.5 | ) | (47.3 | ) | (9.1 | ) | ||||||||
Interest expense, net | (9.8 | ) | (9.8 | ) | (31.4 | ) | (30.3 | ) | ||||||||
Non-operating pension and postretirement (charges) income (2) | (5.7 | ) | (8.1 | ) | (30.0 | ) | (26.3 | ) | ||||||||
Acquisition related charges (3) | (6.7 | ) | (0.6 | ) | (6.7 | ) | (7.2 | ) | ||||||||
Provision for income taxes | (32.0 | ) | (29.9 | ) | (113.1 | ) | (113.2 | ) | ||||||||
Discontinued operations, net of income taxes | (56.6 | ) | (11.2 | ) | (58.3 | ) | (24.7 | ) | ||||||||
Net income attributable to noncontrolling interests | $ | (2.0 | ) | $ | (4.6 | ) | $ | (9.3 | ) | $ | (15.5 | ) | ||||
Net income attributable to FMC stockholders | $ | 17.9 | $ | 90 | $ | 266.8 | $ | 314 | ||||||||
_________________________________________ | ||||||||||||||||
-1 | See Note 7 for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the three months ended September 30, 2012, relate to FMC Agricultural Solutions of $4.4 million, FMC Health and Nutrition of $0.1 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2013, related to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. Amounts for the nine months ended September 30, 2012, related to FMC Agricultural Solutions of $6.1 million, FMC Health and Nutrition of $0.3 million, FMC Minerals of $(0.3) million and Corporate $3.0 million. | |||||||||||||||
-2 | Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | |||||||||||||||
-3 | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting for acquisitions and certain professional fees associated the completion of acquisitions. Charges for the three and nine months ended September 30, 2013, represented amortization of inventory fair value step-up of $2.1 million and certain professional fees of $4.6 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for the three and nine month periods ended September 30, 2012, representing amortization of inventory fair value step-up relate to a number of acquisitions completed in 2011 and in the second quarter of 2012. On the condensed consolidated statements of income, the charges associated with inventory fair value step-up are included in “Costs of sales and services” and fees associated with concluding the acquisitions are included in "Selling, general and administrative expenses". |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition [Line Items] | |
Business Acquisition, Finished Goods Inventory Fair Value Step Up | $9.10 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years |
Business Acquisition, Purchase Price Allocation, Current Assets | 15.6 |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 53.7 |
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 4.7 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 2.1 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 138.3 |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 71.2 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 109.8 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | 0.6 |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 393.9 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | 12.9 |
Business Acquisition, Purchase Price Allocation Deferred Income Taxes Liability | 41 |
Business Acquisition, Purchase Price Allocation, Other Noncurrent Liabilities | 0.4 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 54.3 |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $339.60 |
EPAX [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Goodwill (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | $109.80 |
Goodwill [Roll Forward] | |
Beginning Balance | 277.6 |
Foreign Currency Adjustments | 8.6 |
Ending Balance | 396 |
FMC Agricultural Solutions [Member] | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 0 |
Goodwill [Roll Forward] | |
Beginning Balance | 31 |
Foreign Currency Adjustments | 0 |
Ending Balance | 31 |
FMC Health and Nutrition [Member] | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 109.8 |
Goodwill [Roll Forward] | |
Beginning Balance | 246.6 |
Foreign Currency Adjustments | 8.6 |
Ending Balance | $365 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Finite-lived intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $237.50 | $191.40 |
Finite-Lived Intangible Assets, Accumulated Amortization | -33.6 | -24.1 |
Finite-Lived Intangible Assets, Net | 203.9 | 167.3 |
FMC Agricultural Solutions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 109.2 | |
FMC Health and Nutrition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 93.5 | |
FMC Minerals [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | 1.2 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 157 | 126.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -13 | -8.1 |
Finite-Lived Intangible Assets, Net | 144 | 118.5 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0.4 | 0.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Finite-Lived Intangible Assets, Net | 0.4 | 0.4 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1.2 | 1.2 |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.3 | -0.1 |
Finite-Lived Intangible Assets, Net | 0.9 | 1.1 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 74.8 | 59.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | -17.7 | -14 |
Finite-Lived Intangible Assets, Net | 57.1 | 45.1 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4.1 | 4.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2.6 | -1.9 |
Finite-Lived Intangible Assets, Net | $1.50 | $2.20 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Indefinite Life Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $68.40 | $38.40 |
Finite and Indefinite lived intangible assets, gross | 305.9 | 229.8 |
Finite-Lived Intangible Assets, Accumulated Amortization | 33.6 | 24.1 |
Intangible Assets, Net (Excluding Goodwill) | 272.3 | 205.7 |
FMC Agricultural Solutions [Member] | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 35.2 | |
FMC Health and Nutrition [Member] | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 33.2 | |
FMC Minerals [Member] | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 66.3 | 36.3 |
Other Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $2.10 | $2.10 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets Goodwill and Intangible Assets, by Segment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net | $203.90 | $167.30 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 68.4 | 38.4 |
FMC Agricultural Solutions [Member] | ||
Finite-Lived Intangible Assets, Net | 109.2 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 35.2 | |
FMC Health and Nutrition [Member] | ||
Finite-Lived Intangible Assets, Net | 93.5 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 33.2 | |
FMC Minerals [Member] | ||
Finite-Lived Intangible Assets, Net | 1.2 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $0 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories: | ||
Finished goods and work in process | $420.30 | $400.30 |
Raw materials | 287.4 | 242.1 |
Net inventory | $707.70 | $642.40 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, plant and equipment: | ||
Property, plant and equipment | $2,649.40 | $2,417.80 |
Accumulated depreciation | 1,485.90 | 1,461.60 |
Property, plant and equipment, net | $1,163.50 | $956.20 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||||||||||||||
FMC Agricultural Solutions [Member] | FMC Agricultural Solutions [Member] | FMC Agricultural Solutions [Member] | FMC Agricultural Solutions [Member] | FMC Health and Nutrition [Member] | FMC Health and Nutrition [Member] | FMC Health and Nutrition [Member] | FMC Health and Nutrition [Member] | FMC Minerals [Member] | FMC Minerals [Member] | FMC Minerals [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Lithium Restructuring [Member] | Lithium Restructuring [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | Discontinued Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | Segment, Continuing Operations [Member] | |||||||||||||||||||||
FMC Agricultural Solutions [Member] | FMC Minerals [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Component of Operating Other Cost and Expense [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other spending | $8.80 | $0.60 | |||||||||||||||||||||||||||||||||||||||||||||||
Severance and Employee Benefits | -0.4 | [1] | 0 | [1] | 5.1 | [1] | -0.2 | [1] | -0.4 | [1] | 3.3 | 0 | [1] | 0 | [1] | 1.8 | [1] | -0.2 | [1] | ||||||||||||||||||||||||||||||
Other Charges (Income) | 0.9 | [2] | 0.1 | [2] | 5.1 | [2] | 0.2 | [2] | 0.8 | [2] | 4.4 | 0.1 | [2] | 0.1 | [2] | 0.7 | [2] | 0.2 | [2] | ||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | [3] | 0 | [3] | 2 | [3] | 1.8 | [3] | 0 | [3] | 2 | 0 | [3] | 0 | [3] | 0 | [3] | 1.8 | [3] | 3.1 | 0 | 0 | |||||||||||||||||||||||||||
Restructuring Charges and Asset Disposals | 0.5 | 0.1 | 12.2 | 1.8 | 0.4 | 9.7 | 0.1 | 0.1 | 2.5 | 1.8 | |||||||||||||||||||||||||||||||||||||||
Environmental Charges, Net | 4.2 | 4.9 | 12.7 | 19.4 | 1 | [4] | 1 | [4] | 3 | [4] | 3.5 | [4] | |||||||||||||||||||||||||||||||||||||
Other, net | 30.6 | 4.4 | 32.1 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other Charges (Income), Net | 31.6 | 5.4 | 35.1 | 7.3 | |||||||||||||||||||||||||||||||||||||||||||||
Total Restructuring and Other Charges | 32.1 | [5] | 5.5 | [5] | 47.3 | [5] | 9.1 | [5] | 30.7 | 4.4 | 32.6 | 6.1 | 0.1 | 0.1 | 0.8 | 0.3 | 0.3 | 9.6 | -0.3 | 1 | 1 | 4.3 | 3 | ||||||||||||||||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Beginning Balance | 10.5 | [6] | 0 | [6] | 3.1 | [6],[7] | 7.4 | [6] | |||||||||||||||||||||||||||||||||||||||||
Restructuring Charges and Asset Disposals | -11.3 | [8] | 7.7 | [8] | 2.5 | [7],[8] | 1.1 | [8] | |||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Settled with Cash | -12.7 | -6.3 | -2.5 | [7] | -3.9 | [9] | |||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Translation Adjustment | 0.1 | [10] | 0 | [10] | 0 | [10],[7] | 0.1 | [10] | |||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve, Ending Balance | $9.20 | [6] | $9.20 | [6] | $1.40 | [6] | $1.40 | [6] | $3.10 | [6] | $3.10 | [6] | $3.10 | [6],[7] | $4.70 | [6] | |||||||||||||||||||||||||||||||||
[1] | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Primarily represents costs associated with accrued lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | ||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 8. | ||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Recorded as a component of “Restructuring and other charges (income)†on our condensed consolidated statements of income. See Note 7. | ||||||||||||||||||||||||||||||||||||||||||||||||
[5] | See Note 7 for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the three months ended September 30, 2012, relate to FMC Agricultural Solutions of $4.4 million, FMC Health and Nutrition of $0.1 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2013, related to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. Amounts for the nine months ended September 30, 2012, related to FMC Agricultural Solutions of $6.1 million, FMC Health and Nutrition of $0.3 million, FMC Minerals of $(0.3) million and Corporate $3.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Included in “Accrued and other liabilities†on the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items†sections above. | ||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 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 balances and are not included in the above tables. | ||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. | ||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Primarily foreign currency translation adjustments. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Asset retirement obligations: | ||
Asset retirement obligations | $21.10 | $25.50 |
Debt_Maturing_within_One_Year_
Debt, Maturing within One Year (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Short-term Debt [Line Items] | ||||
Short-term foreign debt (1) | $23,100,000 | [1] | $49,900,000 | [1] |
Commercial paper | 896,000,000 | 0 | ||
Total Short-term debt | 919,100,000 | 49,900,000 | ||
Current portion of long-term debt | 23,300,000 | 5,700,000 | ||
Short-term debt and current portion of long-term debt | 942,400,000 | 55,600,000 | ||
Total Authorized Commerical Paper Program | $1,500,000,000 | |||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Interest rate percentage | 0.35% | |||
[1] | We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. |
Debt_Longterm_Details
Debt, Long-term (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ||||
Total long-term debt | $795.10 | $914.50 | ||
Less: debt maturing within one year | 23.3 | 5.7 | ||
Total long-term debt, less current portion | 771.8 | 908.8 | ||
Pollution Control and Industrial Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage, minimum | 0.10% | |||
Interest rate percentage, maximum | 6.50% | |||
Maturity date, minimum | 2013 | |||
Maturity date, maximum | 2035 | |||
Total long-term debt | 176.7 | 176.7 | ||
Unamortized discount | 0.2 | 0.2 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage, minimum | 3.95% | |||
Interest rate percentage, maximum | 5.20% | |||
Maturity date, minimum | 2019 | |||
Maturity date, maximum | 2022 | |||
Total long-term debt | 598.3 | 598.2 | ||
Unamortized discount | 1.7 | 1.8 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 1.10% | |||
Debt Instrument, Maturity Year | 2017 | |||
Total long-term debt | 0 | [1] | 130 | [1] |
Foreign Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage, minimum | 0.00% | |||
Interest rate percentage, maximum | 8.90% | |||
Maturity date, minimum | 2013 | |||
Maturity date, maximum | 2023 | |||
Total long-term debt | $20.10 | $9.60 | ||
[1] | Letters of credit outstanding under our Credit Facility totaled $73.0 million and available funds under this facility were $530.8 million at September 30, 2013 (which reflects borrowings under our commercial paper program). |
Debt_Credit_Facility_Details
Debt, Credit Facility (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Covenant Compliance | Our actual leverage for the four consecutive quarters ended September 30, 2013, was 2.3 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended September 30, 2013, was 17.7 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2013. | |
Long-term Debt | $795.10 | $914.50 |
Credit Agreement, covenant compliance, actual leverage ratio | 2.3 | |
Credit Agreement, covenant terms, maximum leverage ratio | 3.5 | |
Credit Agreement, covenant compliance, actual interest coverage ratio | 17.7 | |
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit Agreement, available funds | 530.8 | |
Letters of credit outstanding amount | $73 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Current assets of discontinued operations held for sale | $284.10 | $284.10 | $92.40 | |||||||
Interest Expense Allocated to FMC Peroxygens Discontinued Operations | 1.1 | 1.2 | 3.5 | 3.5 | ||||||
Revenue | 81.9 | 80.5 | 244.8 | 253.9 | ||||||
Discontinued Operations, Insurance Recovery | 13.9 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -56.6 | -11.2 | -58.3 | -24.7 | ||||||
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | 0 | 0.1 | 0.1 | 0.2 | ||||||
Discontinued Operation, tax effect of provision for environmental and legal | 1.2 | 1.5 | 3.7 | 6 | ||||||
Discontinued Operations, tax effect of provision for legal expenses | 2.7 | 2.5 | 2.3 | 7.6 | ||||||
Discontinued Operations, tax effect of Restructuring Activities | 0.1 | -1.3 | 0.4 | -1.3 | ||||||
Discontinued Operations, tax effect of Peroxygens Segment Operations | 11.7 | -3.5 | 8.4 | -10 | ||||||
Income from discontinued operations before income taxes (1) | 7.8 | [1] | 5.8 | [1] | 15.1 | [1] | 18.2 | [1] | ||
Provision for income taxes | 3.3 | 3.5 | 7.1 | 10 | ||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | 4.5 | [2] | 2.3 | [2] | 8 | [2] | 8.2 | [2] | ||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | -1.3 | 0 | -2.3 | 0 | ||||||
Adjustment to fair value for assets held for sale, net of income taxes (3) | -50.8 | [3] | 0 | [3] | -50.8 | [3] | 0 | [3] | ||
Noncurrent assets of discontinued operations held for sale | 0 | 0 | 244.2 | |||||||
Current liabilities of discontinued operations held for sale | 46.4 | 46.4 | 54.1 | |||||||
Noncurrent liabilities of discontinued operations held for sale | 0 | 0 | 3.3 | |||||||
Long Lived Assets Held-for-sale, Impairment Charge | 65 | 65 | ||||||||
Discontinued workers' compensation, product liability and other postretirement benefits [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0.2 | 0.2 | 0.3 | 0.4 | ||||||
Discontinued Environmental Liabilities [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2 | -2.4 | -6.1 | -9.9 | ||||||
Discontinued Legal Expenses [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -4.4 | -4.1 | -3.7 | -12.3 | ||||||
Discontinued restructuring charges [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2.8 | -7.2 | -3.7 | -11.1 | ||||||
FMC Peroxygens [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Current assets of discontinued operations held for sale | 96.5 | 96.5 | 92.4 | |||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -47.6 | 2.3 | -45.1 | 8.2 | ||||||
Property, plant & equipment | 136.6 | 136.6 | 180 | |||||||
Goodwill | 0 | 0 | 16.9 | |||||||
Intangible assets, net | 6.7 | 6.7 | 9.9 | |||||||
Noncurrent assets of discontinued operations held for sale | 44.3 | 44.3 | 37.4 | |||||||
Noncurrent assets of discontinued operations held for sale | 187.6 | [4] | 187.6 | [4] | 244.2 | [4] | ||||
Total Assets | 284.1 | 284.1 | 336.6 | |||||||
Current liabilities of discontinued operations held for sale | 42.3 | 42.3 | 54.1 | |||||||
Noncurrent liabilities of discontinued operations held for sale | 4.1 | [4] | 4.1 | [4] | 3.3 | [4] | ||||
Total Liabilities | 46.4 | 46.4 | 57.4 | |||||||
Net Assets | $237.70 | $237.70 | $279.20 | |||||||
[1] | Includes allocated interest expense $1.1 million and $3.5 million for the three and nine months ended September 30, 2013 and $1.2 million and $3.5 million for the three and nine months ended September 30, 2012, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. | |||||||||
[2] | In accordance with the held for sale accounting criteria effective July 2013 we stopped amortizing and depreciating all assets classified as held for sale. | |||||||||
[3] | GAAP accounting rules require that assets held for sale be reported at the lower of carrying value or fair value less costs to sell. The rules require that the carrying value include any accumulated foreign currency translation adjustments ("CTA") that would be reclassified to earnings upon completion of sale. Our wholly-owned Spanish subsidiary, Foret, has significant accumulated CTA losses and due in large part to the inclusion of these translation losses in our carrying value assessment, we recorded an impairment charge of approximately $65.0 million ($50.8 million after tax). | |||||||||
[4] | Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed and consolidated balance sheet as of September 30, 2013. |
Environmental_Obligations_Deta
Environmental Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Enviromental Liability Rollforward [Line Items] | |||||||||
Environmental reserves, excluding recoveries | $209.70 | $209.70 | $236.50 | ||||||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | 160 | ||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Total environmental reserves, net of recoveries at begining of period | 216 | ||||||||
Spending, net of recoveries | -38.7 | ||||||||
Net change | -24.2 | ||||||||
Total environmental reserves, net of recoveries at end of period | 191.8 | 191.8 | |||||||
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | 4.2 | [1] | 4.9 | [1] | 14.5 | [1] | 19.4 | [1] | |
Environmental reserves, current, net of recoveries (1) | 27.5 | [2] | 27.5 | [2] | |||||
Environmental reserves, long-term continuing and discontinued, net of recoveries | 164.3 | [3] | 164.3 | [3] | 200.2 | ||||
Expected recoveries recorded | 56.1 | 56.1 | 72.1 | ||||||
Increase in Third-party Environmental Recoveries Receivable | 2.6 | ||||||||
Cash recoveries recorded | -18.6 | ||||||||
Total environmental reserves, net of recoveries at end of period | 191.8 | 191.8 | |||||||
Environmental Charges, Net | 4.2 | 4.9 | 12.7 | 19.4 | |||||
Environmental Cost Recognized, Recovery Credited to Expense | 0 | [4] | 0 | [4] | -1.8 | [4] | 0 | [4] | |
Environmental Provision, Net of Recoveries recorded to Other Assets | 4.2 | 4.9 | 12.7 | 19.4 | |||||
Middleport [Member] | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Total environmental reserves, net of recoveries at begining of period | 42.4 | ||||||||
Total environmental reserves, net of recoveries at end of period | 40.4 | 40.4 | 42.4 | ||||||
Total environmental reserves, net of recoveries at end of period | 40.4 | 40.4 | 42.4 | ||||||
Environmental Liabilities, Continuing and Discontinued [Member] | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Expected recoveries recorded | 17.9 | 17.9 | 20.5 | ||||||
Increase in Third-party Environmental Recoveries Receivable | 0.8 | ||||||||
Cash recoveries recorded | -3.4 | ||||||||
Other Assets [Member] | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Expected recoveries recorded | 38.2 | 38.2 | 51.6 | ||||||
Increase in Third-party Environmental Recoveries Receivable | 1.8 | ||||||||
Cash recoveries recorded | -15.2 | ||||||||
Segment, Continuing Operations [Member] | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Environmental Charges, Net | 1 | [5] | 1 | [5] | 3 | [5] | 3.5 | [5] | |
Segment, Discontinued Operations [Member] | Environmental Remediation Expense [Member] | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Environmental Charges, Net | $3.20 | [6] | $3.90 | [6] | $9.70 | [6] | $15.90 | [6] | |
[1] | See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||
[2] | “Current†includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | ||||||||
[3] | These amounts are included in “Environmental liabilities, continuing and discontinued†on the condensed consolidated balance sheets. | ||||||||
[4] | Represents certain environmental recoveries. | ||||||||
[5] | Recorded as a component of “Restructuring and other charges (income)†on our condensed consolidated statements of income. See Note 7. | ||||||||
[6] | Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 10. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings attributable to FMC stockholders: | ||||
Income from continuing operations attributable to FMC stockholders | $74.50 | $101.20 | $325.10 | $338.70 |
Discontinued operations, net of income taxes | -56.6 | -11.2 | -58.3 | -24.7 |
Net income | 17.9 | 90 | 266.8 | 314 |
Less: Distributed and undistributed earnings allocable to restricted award holders | -0.2 | -0.4 | -1.1 | -1.5 |
Net income allocable to common stockholders | $17.70 | $89.60 | $265.70 | $312.50 |
Basic earnings per common share attributable to FMC stockholders: | ||||
Continuing operations | $0.55 | $0.73 | $2.39 | $2.45 |
Discontinued operations | ($0.42) | ($0.08) | ($0.43) | ($0.18) |
Net income | $0.13 | $0.65 | $1.96 | $2.27 |
Diluted earnings per common share attributable to FMC stockholders: | ||||
Continuing operations | $0.55 | $0.73 | $2.38 | $2.44 |
Discontinued operations | ($0.42) | ($0.08) | ($0.43) | ($0.18) |
Net income | $0.13 | $0.65 | $1.95 | $2.26 |
Shares: | ||||
Weighted average number of shares of common stock outstanding - Basic | 134,146,000 | 137,373,000 | 135,779,000 | 137,731,000 |
Weighted average additional shares assuming conversion of potential common shares | 816,000 | 1,015,000 | 921,000 | 1,123,000 |
Shares – diluted basis | 134,962,000 | 138,388,000 | 136,700,000 | 138,854,000 |
Antidilutive shares excluded from diluted EPS | 0 | 0 | 0 | 0 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 25, 2013 | Dec. 31, 2012 | ||||
Purchase of Noncontrolling Interest | 6.25% | |||||||||
Acquisition of noncontrolling interests | ($80) | [1] | $0 | [1] | ||||||
Payments of Ordinary Dividends, Common Stock | 55.6 | [1] | 35.4 | [1] | ||||||
Common Stock, Dividends, Per Share, Declared | $0.41 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total equity, beginning balance | 1,554.80 | |||||||||
Net Income | 19.9 | 94.6 | 276.1 | 329.5 | ||||||
Stock compensation plans | 23.1 | |||||||||
Excess tax benefit from share-based compensation | 6.7 | |||||||||
Shares for benefit plan trust | 0.6 | |||||||||
Net unrealized pension and other benefit actuarial gains/(losses) and prior service (cost) credits | 5.9 | 4.8 | 27.5 | [2] | 21 | |||||
Unrealized hedging gains/(losses) and other | 0.3 | 3.7 | -5 | [2] | 4.6 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 14.9 | [3] | 13.3 | [3] | 1.4 | [2],[3] | -4.9 | [3] | ||
Dividends | -55.1 | |||||||||
Shares repurchased, value | -316.6 | |||||||||
Accelerated share repurchase program | -50 | [4] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | -80 | [5] | ||||||||
Distributions to noncontrolling interests | -9.9 | -15.4 | ||||||||
Total equity, ending balance | 1,373.60 | 1,373.60 | ||||||||
Dividends, payment date | 17-Oct-13 | |||||||||
Dividends payable, current | 18.1 | 18.1 | ||||||||
Dividends, record date | 30-Sep-13 | |||||||||
Remaining authorized repurchase amount | 250 | |||||||||
Initial Accelerated Share Repurchase Program Amount | 250 | |||||||||
Accelerated Share Repurchase initial number of shares | 3,200,000 | |||||||||
Stock Repurchase Program, Authorized Amount | 500 | |||||||||
Initial Dollar Amount of Shares Received Under the Accelerated Share Repurchase Program | 200 | |||||||||
Previous Unsued Board Authorized Repurchase Amount | 134.9 | |||||||||
Shares repurchased | 4,998,843 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | 309.9 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.75% | 87.50% | ||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $63.58 | |||||||||
Diluted Share Impact, Accelerated Share Repurchase Program | $0 | |||||||||
FMC's Stockholders' Equity | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total equity, beginning balance | 1,480.30 | |||||||||
Net Income | 266.8 | |||||||||
Stock compensation plans | 23.1 | |||||||||
Excess tax benefit from share-based compensation | 6.7 | |||||||||
Shares for benefit plan trust | 0.6 | |||||||||
Net unrealized pension and other benefit actuarial gains/(losses) and prior service (cost) credits | 27.5 | [2] | ||||||||
Unrealized hedging gains/(losses) and other | -5 | [2] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1 | [2] | ||||||||
Dividends | -55.1 | |||||||||
Shares repurchased, value | -316.6 | |||||||||
Accelerated share repurchase program | -50 | [4] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | -55.2 | [5] | ||||||||
Distributions to noncontrolling interests | 0 | |||||||||
Total equity, ending balance | 1,324.10 | 1,324.10 | ||||||||
Non-controlling Interest | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Total equity, beginning balance | 74.5 | |||||||||
Net Income | 9.3 | |||||||||
Stock compensation plans | 0 | |||||||||
Excess tax benefit from share-based compensation | 0 | |||||||||
Shares for benefit plan trust | 0 | |||||||||
Net unrealized pension and other benefit actuarial gains/(losses) and prior service (cost) credits | 0 | [2] | ||||||||
Unrealized hedging gains/(losses) and other | 0 | [2] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0.4 | [2] | ||||||||
Dividends | 0 | |||||||||
Shares repurchased, value | 0 | |||||||||
Accelerated share repurchase program | 0 | [4] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | -24.8 | [5] | ||||||||
Distributions to noncontrolling interests | -9.9 | |||||||||
Total equity, ending balance | $49.50 | $49.50 | ||||||||
[1] | See Note 13 regarding quarterly cash dividend and acquisition of noncontrolling interest. | |||||||||
[2] | See condensed consolidated statements of comprehensive income. | |||||||||
[3] | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates permanently | |||||||||
[4] | See accelerated share repurchase program discussion below. | |||||||||
[5] | See "FMC Wyoming" discussion below. |
Reclassifications_of_Accumulat2
Reclassifications of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | ($1.60) | [1] | ($4) | [1] | $1.50 | [1] | ($6.70) | [1] |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0.4 | [1] | 1.4 | [1] | -0.6 | [1] | 2.5 | [1] |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax | -1.2 | [1],[2] | -2.6 | [1],[2] | 0.9 | [1] | -4.2 | [1] |
Total Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before tax | -10.3 | [1] | -11.2 | [1] | -44.8 | [1] | -36.7 | [1] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 4.1 | [1] | 4.8 | [1] | 17.1 | [1] | 14.5 | [1] |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax | -6.2 | [1],[2] | -6.4 | [1],[2] | -27.7 | [1] | -22.2 | [1] |
Other Comprehensive Income (Loss), Reclassification Adjustments included in Net Income, Net of Tax | -7.4 | [1] | -9 | [1] | -26.8 | [1] | -26.4 | [1] |
Cost of Sales and Services [Member] | Foreign Exchange Contracts [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0.3 | [1] | 2.1 | [1] | 0.7 | [1] | 9.1 | [1] |
Cost of Sales and Services [Member] | Energy Contracts [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -0.4 | [1] | -2.3 | [1] | -0.2 | [1] | -8.6 | [1] |
Selling, General and Administrative Expenses [Member] | ||||||||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -0.5 | [1],[3] | -0.4 | [1],[3] | -1.5 | [1],[3] | -1.4 | [1],[3] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -2.7 | [1],[3] | -10.8 | [1],[3] | -36.2 | [1],[3] | -35.3 | [1],[3] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -7.1 | [1],[3] | 0 | [1],[3] | -7.1 | [1],[3] | 0 | [1],[3] |
Selling, General and Administrative Expenses [Member] | Foreign Exchange Contracts [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -1.5 | [1] | -3.8 | [1] | 1.1 | [1] | -7.1 | [1] |
Interest Expense [Member] | Other Contract [Member] | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $0 | [1] | $0 | [1] | ($0.10) | [1] | ($0.10) | [1] |
[1] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | |||||||
[2] | For more detail on the components of these reclassifications and the affected line item in the Condensed Consolidated Statements of Income see Note 14. | |||||||
[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. |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Pension Plans, Defined Benefit [Member] | ||||||||
Components of net annual benefit cost (income): | ||||||||
Service cost | $5.80 | $5.10 | $16.60 | $15.20 | ||||
Interest cost | 14.3 | 15.6 | 42.3 | 46.1 | ||||
Expected return on plan assets | -19.1 | -19 | -57.5 | -57.4 | ||||
Amortization of prior service cost (gain) | 0.6 | 0.4 | 1.7 | 1.5 | ||||
Recognized net actuarial and other (gain) loss | 3.8 | 11.9 | 38.8 | 38.4 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 7.1 | [1] | 0 | [1] | 7.1 | [1] | 0 | [1] |
Net periodic benefit cost from continuing operations | 12.5 | 14 | 49 | 43.8 | ||||
U.S. Defined Benefit Pension Plan [Member] | ||||||||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||||||||
Voluntary cash contributions made to U.S. defined benefit pension plan | 40 | 65 | ||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||
Components of net annual benefit cost (income): | ||||||||
Service cost | 0 | 0 | 0 | 0.1 | ||||
Interest cost | 0.2 | 0.4 | 0.8 | 1 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization of prior service cost (gain) | 0 | 0 | 0 | -0.1 | ||||
Recognized net actuarial and other (gain) loss | -0.6 | -0.8 | -1.5 | -1.8 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net periodic benefit cost from continuing operations | ($0.40) | ($0.40) | ($0.70) | ($0.80) | ||||
[1] | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax [Line Items] | ||||
Income tax expense | $32 | $29.90 | $113.10 | $113.20 |
Effective tax rate | 29.50% | 22.00% | 25.30% | 24.20% |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $4 | $4 |
Financial_Instrument_Risk_Mana2
Financial Instrument, Risk Management and Fair Value Measurements Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $1,774.70 | $1,057 |
Debt, Long-term and Short-term, Combined Amount | $1,714.20 | $964.40 |
Financial_Instrument_Risk_Mana3
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Fair Value Balance Sheet Presentation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $6.30 | [1] | $6.10 | [1] |
Derivative Asset, Fair Value, Net Asset | 0.2 | [1] | 1.7 | [1] |
Derivative Liability, Fair Value, Net Liability | -12.1 | [2] | -3.9 | [2] |
Derivative Liability, Fair Value, Gross Liability | -18.2 | [2] | -8.3 | [2] |
Derivative Amounts Netted on the statement of financial position | 0 | [3] | 0 | [3] |
Derivative, Fair Value, Net | -11.9 | -2.2 | ||
Fair Value by Asset Class [Domain] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Amounts Netted on the statement of financial position | 6.1 | [1],[3] | 4.4 | [1],[3] |
Derivative Financial Instruments, Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Amounts Netted on the statement of financial position | 6.1 | [2],[3] | 4.4 | [2],[3] |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | 5.7 | ||
Derivative Asset, Fair Value, Net Asset | 0.1 | 1.5 | ||
Derivative Amounts Netted on the statement of financial position | 5.9 | [3] | 4.2 | [3] |
Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Net Liability | -10.7 | -2.4 | ||
Derivative Liability, Fair Value, Gross Liability | -16.6 | -6.6 | ||
Derivative Amounts Netted on the statement of financial position | -5.9 | [3] | -4.2 | [3] |
Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0.2 | ||
Derivative Asset, Fair Value, Net Asset | 0 | 0 | ||
Derivative Amounts Netted on the statement of financial position | 0.2 | [3] | 0.2 | [3] |
Energy Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Net Liability | -1.4 | -1.5 | ||
Derivative Liability, Fair Value, Gross Liability | -1.6 | -1.7 | ||
Derivative Amounts Netted on the statement of financial position | -0.2 | [3] | -0.2 | [3] |
Other Contract [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.2 | ||
Derivative Asset, Fair Value, Net Asset | 0.1 | 0.2 | ||
Derivative Amounts Netted on the statement of financial position | 0 | [3] | 0 | [3] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5.6 | [1] | 6.1 | [1] |
Derivative Liability, Fair Value, Gross Liability | -13.7 | [2] | -6.4 | [2] |
Derivative, Fair Value, Net | -8.1 | -0.3 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5.3 | 5.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -12.1 | -4.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0.2 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -1.6 | -1.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.2 | ||
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.7 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | -4.5 | [2] | -1.9 | [2] |
Derivative, Fair Value, Net | -3.8 | -1.9 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.7 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -4.5 | -1.9 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 33.4 | [4] | 33 | [4] |
Assets, Fair Value Disclosure | 33.4 | 33 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | [5] | 0 | [6] |
Other Liabilities, Fair Value Disclosure | 38.1 | [7] | 39.8 | [8] |
Liabilities, Fair Value Disclosure | 38.1 | 39.8 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [9] | 0 | [10] |
Derivative Liability, Fair Value, Gross Liability | 0 | [9] | 0 | [10] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | [9] | 0 | [10] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [9] | 0 | [10] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | [4] | 0 | [4] |
Assets, Fair Value Disclosure | 0.2 | 1.7 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | [5] | 0 | [6] |
Other Liabilities, Fair Value Disclosure | 0 | [7] | 0 | [8] |
Liabilities, Fair Value Disclosure | 12.1 | 3.9 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | [9] | 1.5 | [10] |
Derivative Liability, Fair Value, Gross Liability | -10.7 | [9] | -2.4 | [10] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -1.4 | [9] | -1.5 | [10] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | [9] | 0.2 | [10] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Other Assets, Fair Value Disclosure | 0 | [4] | 0 | [4] |
Assets, Fair Value Disclosure | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0.5 | [5] | 1 | [6] |
Other Liabilities, Fair Value Disclosure | 0 | [7] | 0 | [8] |
Liabilities, Fair Value Disclosure | 0.5 | 1 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [9] | 0 | [10] |
Derivative Liability, Fair Value, Gross Liability | 0 | [9] | 0 | [10] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | [9] | 0 | [10] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $0 | [9] | $0 | [10] |
[1] | Net balance is included in “Prepaid and other current assets†in the condensed consolidated balance sheets. | |||
[2] | Net balance is included in “Accrued and other liabilities†in the condensed consolidated balance sheets. | |||
[3] | Represents net derivatives positions subject to master netting arrangements. | |||
[4] | 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†in the condensed consolidated balance sheets. | |||
[5] | Represents contingent consideration associated with acquisitions completed during 2011. | |||
[6] | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | |||
[7] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities†in the condensed consolidated balance sheets. | |||
[8] | 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 condensed consolidated balance sheets. | |||
[9] | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||
[10] | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. |
Financial_Instrument_Risk_Mana4
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Gain (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($0.90) | $1.10 | ($4.10) | $0.40 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.3 | [1] | 2.5 | [1] | -0.7 | [1] | 4.2 | [1] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.1 | [1] | 0.1 | [1] | -0.2 | [1] | 0 | [1] |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0.3 | 3.7 | -5 | [2] | 4.6 | |||
Foreign Exchange Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -0.2 | 1 | -5.3 | -0.3 | ||||
Energy Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0.3 | 2.6 | 0.2 | 4.8 | ||||
Other Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0.2 | 0.1 | 0.1 | 0.1 | ||||
Derivatives Designated as Hedging Instruments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -4.2 | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified After Twelve Months | -1.1 | |||||||
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | 468.7 | 468.7 | ||||||
Derivatives Designated as Hedging Instruments [Member] | Energy Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Nonmonetary Notional Amount of Price Risk Cash Flow Hedge | 6,200,000 | 6,200,000 | ||||||
Derivatives Designated as Hedging Instruments [Member] | Foreign Currency and Energy Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -5.3 | -5.3 | ||||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -0.9 | -0.1 | -4.1 | 1 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -4.5 | -4.5 | ||||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.8 | [1] | 1 | [1] | -1 | [1] | -1.3 | [1] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.1 | [1] | 0.1 | [1] | -0.2 | [1] | 0 | [1] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 1.2 | 0 | -0.6 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -0.8 | -0.8 | ||||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.3 | [1] | 1.4 | [1] | 0.2 | [1] | 5.4 | [1] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.2 | [1] | 0.1 | [1] | 0.1 | [1] | 0.1 | [1] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Derivatives Not Designated as Hedging Instruments [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 8.8 | -8.2 | 6.3 | 11.1 | ||||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Notional Amount of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 873 | 873 | ||||||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $8.80 | ($8.20) | $6.30 | $11.10 | ||||
[1] | See Note 14 for classification of amounts within the condensed consolidated statements of income. | |||||||
[2] | See condensed consolidated statements of comprehensive income. |
Financial_Instrument_Risk_Mana5
Financial Instrument, Risk Management and Fair Value Measurements, Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | FMC Minerals [Member] | FMC Agricultural Solutions [Member] | FMC Peroxygens [Member] | FMC Peroxygens [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Other Contract [Member] | Other Contract [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Other Contract [Member] | Other Contract [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Other Contract [Member] | Other Contract [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Other Contract [Member] | Other Contract [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets of Disposal Group, including discontinued operations | $237.70 | [1] | $0 | [1] | $0 | [1] | $237.70 | [1] | $237.70 | $279.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets Held-for-sale, Impairment Charge | -65 | -65 | -65 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 6.3 | [2] | 6.3 | [2] | 6.1 | [2] | 0.1 | [3] | 1.5 | [4] | 0.1 | [3] | 0.2 | [4] | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 0.1 | [3] | 1.5 | [4] | 0.1 | [3] | 0.2 | [4] | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets to be Abandoned, Fair Value Disclosure | 2.6 | [5] | 3.1 | [6] | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | 2.6 | [5] | 3.1 | [6] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | [7] | 0 | [7] | 2 | [7] | 1.8 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | 1.8 | [7] | 3.1 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Fair Value Disclosure | 33.4 | [8] | 33 | [8] | 33.4 | [8] | 33 | [8] | 0 | [8] | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | 33.6 | 34.7 | 33.4 | 33 | 0.2 | 1.7 | 0 | 0 | 240.3 | 3.1 | 0 | 0 | 0 | 0 | 240.3 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 18.2 | [9] | 18.2 | [9] | 8.3 | [9] | 10.7 | [3] | 2.4 | [4] | 1.4 | [3] | 1.5 | [4] | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | 10.7 | [3] | 2.4 | [4] | 1.4 | [3] | 1.5 | [4] | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Contingent Consideration, at Fair Value | 0.5 | [10] | 1 | [11] | 0 | [10] | 0 | [11] | 0 | [10] | 0 | [11] | 0.5 | [10] | 1 | [11] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Fair Value Disclosure | 38.1 | [12] | 39.8 | [13] | 38.1 | [12] | 39.8 | [13] | 0 | [12] | 0 | [13] | 0 | [12] | 0 | [13] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Fair Value Disclosure | 50.7 | 44.7 | 38.1 | 39.8 | 12.1 | 3.9 | 0.5 | 1 | 0 | 5.6 | 0 | 0 | 0 | 5.6 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | -0.5 | -0.1 | -12.2 | -1.8 | -0.1 | -0.1 | -2.5 | -1.8 | -2 | [5] | -15.9 | [6] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Associated with Exit Activities, Fair Value Disclosure | 0 | [14] | 5.6 | [15] | 0 | [14] | 0 | [15] | 0 | [14] | 5.6 | [15] | 0 | [14] | 0 | [15] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Cost, Incurred Cost | ($7.70) | [14] | ($5.60) | [15] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | As further discussed in Note 10, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at September 30, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the three months ended September 30, 2013. Our evaluation of fair value, less cost to sell included using a combination of preliminary bids received from prospective buyers, discounted cash flow models, and other valuation models, such as comparative transactions and market multiples, to estimate the fair value. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated CTA losses of our wholly-owned Spanish subsidiary, Foret, which were included in our fair value less cost to sell evaluation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Net balance is included in “Prepaid and other current assets†in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | We recorded charges, within our FMC Minerals segment, to write down the value of certain long-lived assets to their fair value related to our Lithium restructuring. A portion of the assets were written down to zero during the first quarter of 2013 as they have no future use and are anticipated to be demolished. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | We recorded charges to write down the value of certain long-lived assets to be abandoned within our FMC Agricultural Solutions and FMC Minerals segments to zero and in our discontinued FMC Peroxygens segments to their salvage value of $3.1 million, respectively. These long-lived assets have no future use and are anticipated to be demolished. The loss noted in the above table represents the accelerated depreciation of these assets recorded during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 8. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 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†in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Net balance is included in “Accrued and other liabilities†in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Represents contingent consideration associated with acquisitions completed during 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Represents contingent consideration associated with acquisitions completed during 2011. The changes in this Level 3 liability represented payments made against the liability. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities†in the condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | 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 condensed consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | This amount represents severance liabilities associated with the Lithium restructuring as further described in Note 7. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | This amount represents severance liabilities associated with the Zeolites shutdown within our discontinued FMC Peroxygens segment. |
Guarantees_Commitments_and_Con2
Guarantees, Commitments, and Contingencies, Guarantees (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $46.80 | |
Guarantees of Vendor Financing [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 21.3 | 31.4 |
Foreign Equity Method Investment Debt Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 8.5 | |
Guarantee Type, Other [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $17 |
Guarantees_Commitments_and_Con3
Guarantees, Commitments, and Contingencies, Contingencies (Details) (Canada Antitrust Law [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
producer | |
Canada Antitrust Law [Member] | |
Loss Contingencies [Line Items] | |
Number of hydrogen peroxide producers in putative direct and indirect purchaser class action complaints filed in February 2005 | 5 |
Settlement amount, settled by other defandants | $20.60 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenue | $957.40 | $821.90 | $2,744.10 | $2,494.40 | ||||
Operating Income Loss before Other Unallocated Amounts | 162.8 | 159.7 | 562.9 | 540.3 | ||||
Restructuring and other charges (income) | -32.1 | [1] | -5.5 | [1] | -47.3 | [1] | -9.1 | [1] |
Interest Revenue (Expense), Net | -9.8 | -9.8 | -31.4 | -30.3 | ||||
Non Operating Pension And Postretirement Charges | -5.7 | [2] | -8.1 | [2] | -30 | [2] | -26.3 | [2] |
Purchase accounting inventory fair value impact and other related inventory adjustments | -6.7 | [3] | -0.6 | [3] | -6.7 | [3] | -7.2 | [3] |
Income Tax Expense (Benefit) | -32 | -29.9 | -113.1 | -113.2 | ||||
Discontinued operations, net of income taxes | -56.6 | -11.2 | -58.3 | -24.7 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | -2 | -4.6 | -9.3 | -15.5 | ||||
Net Income (Loss) Attributable to Parent | 17.9 | 90 | 266.8 | 314 | ||||
Business Acquisition, Finished Goods Inventory Fair Value Step Up Charge | 2.1 | |||||||
Business Combination, Acquisition Related Costs | 4.6 | |||||||
Operating Segments [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Segment Reporting, Operating Income (Loss) | 182.9 | 175.9 | 623.1 | 596.9 | ||||
FMC Agricultural Solutions [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenue | 530.2 | 423.6 | 1,468 | 1,271.40 | ||||
Segment Reporting, Operating Income (Loss) | 114.2 | 100.9 | 402.2 | 343.7 | ||||
Restructuring and other charges (income) | -30.7 | -4.4 | -32.6 | -6.1 | ||||
FMC Health and Nutrition [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenue | 190.4 | 173.7 | 572.2 | 512.7 | ||||
Segment Reporting, Operating Income (Loss) | 41.1 | 40.3 | 129.1 | 126 | ||||
Restructuring and other charges (income) | -0.1 | -0.1 | -0.8 | -0.3 | ||||
FMC Minerals [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenue | 237.8 | 224.6 | 706.8 | 710.3 | ||||
Segment Reporting, Operating Income (Loss) | 27.7 | 34.6 | 92.1 | 127.1 | ||||
Restructuring and other charges (income) | -0.3 | -9.6 | 0.3 | |||||
Eliminations [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Revenue | -1 | 0 | -2.9 | 0 | ||||
Segment Reporting, Operating Income (Loss) | -0.1 | 0.1 | -0.3 | 0.1 | ||||
Corporate [Member] | ||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||
Segment Reporting, Operating Income (Loss) | -20.1 | -16.2 | -60.2 | -56.6 | ||||
Restructuring and other charges (income) | ($1) | ($1) | ($4.30) | ($3) | ||||
[1] | See Note 7 for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the three months ended September 30, 2012, relate to FMC Agricultural Solutions of $4.4 million, FMC Health and Nutrition of $0.1 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2013, related to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. Amounts for the nine months ended September 30, 2012, related to FMC Agricultural Solutions of $6.1 million, FMC Health and Nutrition of $0.3 million, FMC Minerals of $(0.3) million and Corporate $3.0 million. | |||||||
[2] | (2)Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. | |||||||
[3] | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting for acquisitions and certain professional fees associated the completion of acquisitions. Charges for the three and nine months ended September 30, 2013, represented amortization of inventory fair value step-up of $2.1 million and certain professional fees of $4.6 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for the three and nine month periods ended September 30, 2012, representing amortization of inventory fair value step-up relate to a number of acquisitions completed in 2011 and in the second quarter of 2012. On the condensed consolidated statements of income, the charges associated with inventory fair value step-up are included in “Costs of sales and services†and fees associated with concluding the acquisitions are included in "Selling, general and administrative expenses". |