Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'FMC CORPORATION | ' |
Entity Central Index Key | '0000037785 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | 132,885,689 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Public Float | ' | $8,250,312,236 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Revenue | $3,874.80 | $3,409.90 | $3,036.30 | |||
Costs and Expenses | ' | ' | ' | |||
Costs of sales and services | 2,534.40 | 2,141.60 | 1,935.70 | |||
Gross Margin | 1,340.40 | 1,268.30 | 1,100.60 | |||
Selling, general and administrative expenses | 515.8 | 489.7 | 405.8 | |||
Research and development expenses | 117.7 | 112 | 101.1 | |||
Restructuring and other charges (income) | 47.9 | [1] | 27.5 | [1] | 6.3 | [1] |
Total costs and expenses | 3,215.80 | 2,770.80 | 2,448.90 | |||
Income from continuing operations before equity in (earnings) loss of affiliates, interest income and expense and income taxes | 659 | 639.1 | 587.4 | |||
Equity in (earnings) loss of affiliates | 0.9 | 0.7 | -0.8 | |||
Interest income | -0.2 | -0.1 | -0.1 | |||
Interest expense | 42.4 | 40.8 | 35.1 | |||
Income from continuing operations before income taxes | 615.9 | 597.7 | 553.2 | |||
Provision for income taxes | 148.6 | 134.5 | 132.9 | |||
Income from continuing operations | 467.3 | 463.2 | 420.3 | |||
Discontinued operations, net of income taxes | -159.3 | -27.5 | -38.1 | |||
Net income | 308 | 435.7 | 382.2 | |||
Less: Net income attributable to noncontrolling interests | 14.1 | 19.5 | 16.3 | |||
Net income attributable to FMC stockholders | 293.9 | 416.2 | 365.9 | |||
Amounts attributable to FMC stockholders: | ' | ' | ' | |||
Continuing operations, net of income taxes | 453.2 | 443.7 | 404 | |||
Discontinued operations, net of income taxes | -159.3 | -27.5 | -38.1 | |||
Net income attributable to FMC stockholders | $293.90 | $416.20 | $365.90 | |||
Basic earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | |||
Continuing operations (in dollars per share) | $3.34 | $3.21 | $2.83 | |||
Discontinued operations (in dollars per share) | ($1.18) | ($0.20) | ($0.26) | |||
Net income attributable to FMC stockholders (in dollars per share) | $2.16 | $3.01 | $2.57 | |||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | |||
Continuing operations (in dollars per share) | $3.33 | $3.20 | $2.81 | |||
Discontinued operations (in dollars per share) | ($1.17) | ($0.20) | ($0.26) | |||
Net income attributable to FMC stockholders (in dollars per share) | $2.16 | $3 | $2.55 | |||
[1] | See Note 7 for details of restructuring and other charges (income). Amounts for the years ended 2013, 2012 and 2011 relate to FMC Agricultural Solutions of $32.6 million, $8.5 million and $1.2 million; FMC Health and Nutrition of $1.0 million, $0.7 million and $1.5 million; FMC Minerals of $6.4 million, $13.0 million and $0.7 million; and Corporate of $7.9 million, $5.3 million and $2.9 million, respectively. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | |||
Net Income | $308 | $435.70 | $382.20 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |||
Foreign currency translation adjustments | 0.1 | [1] | 2.5 | [1] | -15 | [1] |
Derivative instruments: | ' | ' | ' | |||
Unrealized hedging gains (losses) and other, net of tax of ($2.1), ($0.1) and ($5.3) | -4.9 | -0.2 | -10.3 | |||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $0.1, $3.0 and $3.4 | 0.3 | [2] | 5.9 | [2] | 6.6 | [2] |
Total derivative instruments, net of tax of ($2.0), $2.9 and ($1.9) | -4.6 | 5.7 | -3.7 | |||
Pension and other postretirement benefits: | ' | ' | ' | |||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $103.9, ($30.8) and ($47.1) | 174 | -57.3 | -80.3 | |||
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $21.8, $18.4 and $13.3 | 35.9 | [2],[3] | 30.4 | [2],[3] | 20.1 | [2],[3] |
Total pension and other postretirement benefits, net of tax of $125.7, ($12.4) and ($33.8) | 209.9 | -26.9 | -60.2 | |||
Other comprehensive income (loss), net of tax | 205.4 | -18.7 | -78.9 | |||
Comprehensive income | 513.4 | 417 | 303.3 | |||
Less: Comprehensive income attributable to the noncontrolling interest | 12.5 | 19.7 | 15.7 | |||
Comprehensive income attributable to FMC stockholders | $500.90 | $397.30 | $287.60 | |||
[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, however see Note 11, regarding the impact from the expected sale of our discontinued FMC Peroxygens segment on certain of these foreign subsidiaries. | |||||
[2] | Amounts in parentheses indicate charges to the consolidated statements of income. | |||||
[3] | Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | |||
Tax effect of unrealized hedging gains/(losses) and other | ($2.10) | ($0.10) | ($5.30) | |||
Tax effect of reclassification of deferred hedging (gains)/losses and other, included in net income | 0.1 | [1] | 3 | [1] | 3.4 | [1] |
Tax effect of total derivative instruments | -2 | 2.9 | -1.9 | |||
Tax effect of unrealized actuarial gains/(losses) and prior service (costs)/credits (1) | 103.9 | -30.8 | -47.1 | |||
Tax effect of reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income | 21.8 | [1],[2] | 18.4 | [1],[2] | 13.3 | [1],[2] |
Tax effect of total pension and other postretirement benefits | $125.70 | ($12.40) | ($33.80) | |||
[1] | Amounts in parentheses indicate charges to the 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 13. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash and cash equivalents | $123.20 | $77.10 | ||
Trade receivables, net of allowance of $30.2 in 2013 and $26.8 in 2012 | 1,484.30 | 1,073.70 | ||
Inventories | 688.4 | 642.4 | ||
Prepaid and other current assets | 236.8 | 172.9 | ||
Deferred income taxes | 214 | 123.4 | ||
Current assets of discontinued operations held for sale | 198.3 | 92.4 | ||
Total current assets | 2,945 | 2,181.90 | ||
Investments | 26.8 | 26.1 | ||
Property, plant and equipment, net | 1,248.30 | 956.2 | ||
Goodwill | 389.4 | 277.6 | ||
Other intangibles, net | 272.3 | 205.7 | ||
Other assets | 262 | 247.6 | ||
Deferred income taxes | 91.4 | 234.6 | ||
Noncurrent assets of discontinued operations held for sale | 0 | 244.2 | ||
Total assets | 5,235.20 | 4,373.90 | ||
Current liabilities | ' | ' | ||
Short-term debt and current portion of long-term debt | 697.8 | 55.6 | ||
Accounts payable, trade and other | 475.2 | 404.2 | ||
Advance payments from customers | 178.9 | 140.2 | ||
Accrued and other liabilities | 307 | 254.1 | ||
Accrued customer rebates | 203.7 | 141.7 | ||
Guarantees of vendor financing | 27.9 | 31.4 | ||
Accrued pension and other postretirement benefits, current | 12.7 | 21.3 | ||
Income taxes | 35.3 | 32.9 | ||
Current liabilities of discontinued operations held for sale | 48.2 | 54.1 | ||
Total current liabilities | 1,986.70 | 1,135.50 | ||
Long-term debt, less current portion | 1,154.10 | 908.8 | ||
Accrued pension and other postretirement benefits, long-term | 57.8 | 375.8 | ||
Environmental liabilities, continuing and discontinued | 175.2 | [1] | 200.2 | [1] |
Deferred income taxes | 73.1 | 0 | ||
Noncurrent liabilities of discontinued operations held for sale | 0 | 3.3 | ||
Other long-term liabilities | 216.2 | 195.5 | ||
Commitments and contingent liabilities (Note 19) | ' | ' | ||
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 in 2013 and 2012; 185,983,792 issued shares in 2013 and 2012 | 18.6 | 18.6 | ||
Capital in excess of par value of common stock | 448.3 | 481.9 | ||
Retained earnings | 2,757.30 | 2,536.50 | ||
Accumulated other comprehensive income (loss) | -201.9 | -408.9 | ||
Treasury stock, common, at cost: 53,098,103 shares in 2013 and 48,313,414 shares in 2012 | -1,502.50 | -1,147.80 | ||
Total FMC stockholders’ equity | 1,519.80 | 1,480.30 | ||
Noncontrolling interests | 52.3 | 74.5 | ||
Total equity | 1,572.10 | 1,554.80 | ||
Total liabilities and equity | $5,235.20 | $4,373.90 | ||
[1] | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for trade receivable | $30.20 | $26.80 |
Preferred Stock, No Par Value | $0 | $0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $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 | 53,098,103 | 48,313,414 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Cash provided (required) by operating activities of continuing operations: | ' | ' | ' | |||
Net Income | $308 | $435.70 | $382.20 | |||
Discontinued operations | 159.3 | 27.5 | 38.1 | |||
Income from continuing operations | 467.3 | 463.2 | 420.3 | |||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ' | ' | ' | |||
Depreciation and amortization | 127.2 | 115.9 | 99.6 | |||
Equity in (earnings) loss of affiliates | 0.9 | 0.7 | -0.8 | |||
Restructuring and other charges (income) | 47.9 | 27.5 | 6.3 | |||
Deferred income taxes | 19.6 | 55.1 | 82.4 | |||
Pension and other postretirement benefits | 62.3 | 57.1 | 35.1 | |||
Share-based compensation | 14.2 | 16 | 14.8 | |||
Excess tax benefits from share-based compensation | -7.1 | -9.7 | -7.4 | |||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ' | ' | ' | |||
Trade receivables, net | -394.5 | -191.6 | -107.8 | |||
Guarantees of vendor financing | -3.6 | 12.9 | -5.6 | |||
Inventories | 5.1 | -194.5 | -109.9 | |||
Other current assets and other assets | -32.3 | -56.1 | -5.2 | |||
Accounts payable | 40.4 | 51.4 | 65.4 | |||
Accrued and other current liabilities and other liabilities | 35 | 34.8 | 31 | |||
Advance payments from customers | 35.9 | 64 | 44.7 | |||
Accrued customer rebates | 63.8 | 27.2 | 15.5 | |||
Income taxes | -20.2 | 33.9 | 9 | |||
Pension and other postretirement benefit contributions | -68 | -77.5 | -67 | |||
Environmental spending, continuing, net of recoveries | -7.8 | -7.1 | -12 | |||
Restructuring and other spending | -7.3 | -0.9 | -2.4 | |||
Cash provided (required) by operating activities | 378.8 | 422.3 | 506 | |||
Cash provided (required) by operating activities of discontinued operations: | ' | ' | ' | |||
Environmental spending, discontinued, net of recoveries | -31 | -23.3 | -21.1 | |||
Operating activities of discontinued operations held for sale | -0.4 | 2.8 | 16.7 | |||
Payments of other discontinued reserves | -18.7 | -42.1 | -120.3 | |||
Cash provided (required) by operating activities of discontinued operations | -50.1 | -62.6 | -124.7 | |||
Cash provided (required) by investing activities of continuing operations: | ' | ' | ' | |||
Capital expenditures | -221.9 | -177.3 | -156.8 | |||
Proceeds from disposal of property, plant and equipment | 2.2 | 2.8 | 1.2 | |||
Acquisitions, net of cash acquired | -339.6 | -142.8 | -124.8 | |||
Investments in nonconsolidated affiliates | -6.4 | -13.9 | -3.2 | |||
Other investing activities | -62.8 | -32.4 | -18.4 | |||
Cash provided (required) by investing activities of continuing operations | -628.5 | -363.6 | -302 | |||
Cash provided (required) by investing activities of discontinued operations held for sale | -24.7 | -30 | -56 | |||
Cash provided (required) by financing activities of continuing operations: | ' | ' | ' | |||
Net borrowings (repayments) under committed credit facility | -130 | 130 | 0 | |||
Increase (decrease) in short-term debt | 613.3 | 22.6 | 9 | |||
Proceeds from borrowing of long-term debt | 410.5 | 5.9 | 300.2 | |||
Financing fees | -4 | 0 | -8.5 | |||
Repayments of long-term debt | -4.9 | -20.4 | -121.3 | |||
Acquisitions of noncontrolling interests | -80 | 0 | 0 | |||
Distributions to noncontrolling interests | -9.9 | -15.4 | -12.9 | |||
Dividends paid | -73.6 | [1] | -47.8 | [1] | -41.2 | [1] |
Issuances of common stock, net | 10.7 | 18.7 | 11.3 | |||
Excess tax benefits from share-based compensation | 7.1 | 9.7 | 7.4 | |||
Contingent consideration paid | -1 | -2.5 | 0 | |||
Repurchases of common stock under publicly announced program | -359.9 | -144.9 | -165.1 | |||
Other repurchases of common stock | -7.1 | -4.1 | -4.2 | |||
Cash provided (required) by financing activities | 371.2 | -48.2 | -25.3 | |||
Effect of exchange rate changes on cash and cash equivalents | -0.6 | 0.3 | -0.6 | |||
Increase (decrease) in cash and cash equivalents | 46.1 | -81.8 | -2.6 | |||
Cash and cash equivalents, beginning of period | 77.1 | 158.9 | 161.5 | |||
Cash and cash equivalents, end of period | $123.20 | $77.10 | $158.90 | |||
[1] | Cash paid for interest, net of capitalized interest was $39.4 million, $36.2 million and $36.3 million, and income taxes paid, net of refunds was $153.3 million, $59.0 million and $47.9 million in December 31, 2013, 2012 and 2011, respectively. Accrued additions to property, plant and equipment at December 31, 2013 and 2012 were $53.5 million and $25.3 million, respectively. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Cash paid for interest, net of capitalized interest | $39.40 | $36.20 | $36.30 |
Income taxes paid, net of refunds | 153.3 | 59 | 47.9 |
Noncash additions to property, plant and equipment | $53.50 | $25.30 | ' |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Stock, $0.10 Par Value | Capital in Excess of Par | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
In Millions, unless otherwise specified | |||||||
Total Equity at Dec. 31, 2010 | $1,189.20 | $18.60 | $434.30 | $1,853 | ($311.70) | ($862.70) | $57.70 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 382.2 | ' | ' | 365.9 | ' | ' | 16.3 |
Stock compensation plans | 26.9 | ' | 12.8 | ' | ' | 14.1 | ' |
Excess tax benefits from share-based compensation | 7.4 | ' | 7.4 | ' | ' | ' | ' |
Shares for benefit plan trust | -0.8 | ' | ' | ' | ' | -0.8 | ' |
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | -60.2 | ' | ' | ' | -60.2 | ' | ' |
Net hedging gains (losses) and other, net of income tax | -3.7 | ' | ' | ' | -3.7 | ' | ' |
Foreign currency translation adjustments | -15 | ' | ' | ' | -14.4 | ' | -0.6 |
Dividends | -42.7 | ' | ' | -42.7 | ' | ' | ' |
Repurchases of common stock | -169.3 | ' | ' | ' | ' | -169.3 | ' |
Noncontrolling interests associated with an acquisition (1) | 3 | ' | ' | ' | ' | ' | 3 |
Distributions to noncontrolling interests | -12.9 | ' | ' | ' | ' | ' | -12.9 |
Total Equity at Dec. 31, 2011 | 1,304.10 | 18.6 | 454.5 | 2,176.20 | -390 | -1,018.70 | 63.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 435.7 | ' | ' | 416.2 | ' | ' | 19.5 |
Stock compensation plans | 35.3 | ' | 17.7 | ' | ' | 17.6 | ' |
Excess tax benefits from share-based compensation | 9.7 | ' | 9.7 | ' | ' | ' | ' |
Shares for benefit plan trust | 2.3 | ' | ' | ' | ' | 2.3 | ' |
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | -26.9 | ' | ' | ' | -26.9 | ' | ' |
Net hedging gains (losses) and other, net of income tax | 5.7 | ' | ' | ' | 5.7 | ' | ' |
Foreign currency translation adjustments | 2.5 | ' | ' | ' | 2.3 | ' | 0.2 |
Dividends | -55.9 | ' | ' | -55.9 | ' | ' | ' |
Repurchases of common stock | -149 | ' | ' | ' | ' | -149 | ' |
Noncontrolling interests associated with an acquisition (1) | 6.7 | ' | ' | ' | ' | ' | 6.7 |
Distributions to noncontrolling interests | -15.4 | ' | ' | ' | ' | ' | -15.4 |
Total Equity at Dec. 31, 2012 | 1,554.80 | 18.6 | 481.9 | 2,536.50 | -408.9 | -1,147.80 | 74.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 308 | ' | ' | 293.9 | ' | ' | 14.1 |
Stock compensation plans | 26.1 | ' | 14.5 | ' | ' | 11.6 | ' |
Excess tax benefits from share-based compensation | 7.1 | ' | 7.1 | ' | ' | ' | ' |
Shares for benefit plan trust | 0.7 | ' | ' | ' | ' | 0.7 | ' |
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 209.9 | ' | ' | ' | 209.9 | ' | ' |
Net hedging gains (losses) and other, net of income tax | -4.6 | ' | ' | ' | -4.6 | ' | ' |
Foreign currency translation adjustments | 0.1 | ' | ' | ' | 1.7 | ' | -1.6 |
Dividends | -73.1 | ' | ' | -73.1 | ' | ' | ' |
Repurchases of common stock | -367 | ' | ' | ' | ' | -367 | ' |
Noncontrolling interests associated with an acquisition (1) | -80 | ' | -55.2 | ' | ' | ' | -24.8 |
Distributions to noncontrolling interests | -9.9 | ' | ' | ' | ' | ' | -9.9 |
Total Equity at Dec. 31, 2013 | $1,572.10 | $18.60 | $448.30 | $2,757.30 | ($201.90) | ($1,502.50) | $52.30 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends ($ per share) | $0.54 | $0.41 | $0.30 |
Principal_Accounting_Policies_
Principal Accounting Policies and Related Financial Information | 12 Months Ended |
Dec. 31, 2013 | |
Principal Accounting Policies and Related Financial Information [Abstract] | ' |
Principal Accounting Policies and Related Financial Information | ' |
Principal Accounting Policies and Related Financial Information | |
Nature of operations. We are a diversified chemical company serving agricultural, consumer and industrial markets globally with innovative solutions, applications and market-leading products. We operate in three distinct business segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Minerals. Our FMC Agricultural Solutions segment develops, markets and sells all three major classes of crop protection chemicals – insecticides, herbicides, and fungicides. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as pest control in non-agricultural markets. FMC Health and Nutrition focuses on food ingredients and pharmaceuticals additives with an intention to expand into nutraceuticals, personal care and similar markets. Food ingredients are used to enhance texture, color, structure and physical stability; pharmaceutical additives are used for binding, encapsulation and disintegrant applications. Our FMC Minerals segment manufactures a wide range of inorganic materials, that are produced from two key minerals: Trona (soda ash) and lithium. | |
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 20. | |
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 9. | |
Basis of consolidation and basis of presentation. The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. | |
Estimates and assumptions. In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. | |
Cash equivalents. We consider investments in all liquid debt instruments with original maturities of three months or less to be cash equivalents. | |
Trade receivables, net of allowance. Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we utilize a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. | |
Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. The allowance for trade receivable is $30.2 million and $26.8 million as of December 31, 2013 and 2012, respectively. The provision to the allowance for trade receivables charged against operations was $5.7 million, $8.8 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Investments. Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. | |
Inventories. Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis and our remaining inventories are recorded on a first-in, first-out (“FIFO”) basis. See Note 5. | |
Property, plant and equipment. We record property, plant and equipment, including capitalized interest, at cost. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 years, buildings—20 to 40 years, and machinery and equipment—three to 18 years). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. | |
Capitalized interest. We capitalized interest costs of $5.7 million in 2013, $7.2 million in 2012 and $6.3 million in 2011. These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. | |
Impairments of long-lived assets. We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |
Asset retirement obligations. We record asset retirement obligations at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated asset retirement obligations (“AROs”) are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. See Note 8 for further discussion on our AROs. | |
Restructuring and other charges. We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. | |
Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. | |
Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years. See Note 21 for the unamortized computer software balances. | |
Goodwill and intangible assets. Goodwill and other indefinite life intangible assets (“intangibles”) are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. | |
We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. We did not record any goodwill or indefinite life intangible impairments to continuing operations in 2013, 2012 and 2011. Based upon our annual impairment test, conducted in 2013, we believe that the fair value of our reporting units with goodwill substantially exceeds their carrying value. | |
Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, trade names, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of five to 25 years. See Note 4 for additional information on goodwill and intangible assets. | |
Revenue recognition. We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. | |
We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. | |
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. | |
Research and Development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income)”. | |
Income and other taxes. We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of foreign subsidiaries or affiliates as it is our intention that such earnings will remain invested in those companies. Investment tax credits or grants, which were immaterial to us in all years presented, are accounted for in the period earned (the flow-through method). | |
We record on a net basis all taxes collected from customers to be remitted to governmental authorities in our consolidated statements of income. | |
Foreign currency. We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. | |
We record remeasurement gain and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in the income statement as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. See “Derivative financial instruments” below and Note 18. | |
Derivative financial instruments. We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. | |
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. | |
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. | |
Treasury stock. We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the Consolidated Balance Sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a first-in, first-out (“FIFO”) method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from capital in excess of par value of common stock. | |
Segment information. We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. | |
We have identified FMC Agricultural Solutions, FMC Health and Nutrition and FMC Minerals as our reportable segments. Segment disclosures are included in Note 20. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. | |
Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, deferred gains on sale and leaseback of equipment, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. | |
Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. Geographic segment data is included in Note 20. | |
Stock compensation plans. We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 14 for further discussion on our share-based compensation. | |
Environmental obligations. We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. | |
Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. | |
Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. | |
Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans (OM&M). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. | |
Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. | |
Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. | |
In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. | |
Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. | |
Reclassifications. 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 our 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 | 12 Months Ended |
Dec. 31, 2013 | |
Recently Issued And Adopted Accounting Pronouncements | ' |
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 consolidated financial statements. For the new disclosures refer to the Reclassifications of Accumulated Other Comprehensive Income footnote, see Note 16. | |
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 18. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
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 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 18 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 of approximately $4.8 million were expensed as incurred and recorded to "Selling, general and administrative expenses" within our consolidated statements of income. | ||||
Purchase Price Allocation | ||||
(in Millions) | ||||
Trade receivables | $ | 15.6 | ||
Inventories (1) | 53.7 | |||
Other current assets | 5 | |||
Property, plant & equipment | 136.8 | |||
Intangible assets (2) | 71.7 | |||
Goodwill (3) | 99.4 | |||
Other assets | 0.6 | |||
Total fair value of assets acquired | $ | 382.8 | ||
Current liabilities | $ | 12.3 | ||
Deferred tax liabilities | 30.5 | |||
Other liabilities | 0.4 | |||
Total fair value of liabilities assumed | $ | 43.2 | ||
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, of which $5.2 million was expensed in 2013 with the remaining to be expensed in 2014. Amounts are expensed to "Cost of sales and services." | |||
-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 all of the acquisitions discussed above are not presented because the pro forma impact is not material. | ||||
FMC Wyoming: | ||||
In the first quarter of 2013, we completed the purchase of additional ownership interest in FMC Wyoming. See Note 15 for more information. | ||||
2012 Acquisitions | ||||
GAT Microencapsulation AG: | ||||
In December 2012, we signed a perpetual, global licensing agreement, along with distribution and services agreements with GAT Microencapsulation AG covering a range of advanced crop protection products and proprietary formulation technologies. The acquired assets have been integrated into our FMC Agricultural Solutions segment. | ||||
Pectine Italia S.p.A.: | ||||
In August 2012, we acquired the assets of Pectine Italia S.p.A. (PI). PI produces pectin, a well known stabilizer and thickening agent used widely in many foods and derived predominately from lemon peels. The company has production facilities in Milazzo, on the island of Sicily. The acquired assets of PI are reported as part of our FMC Health and Nutrition segment. | ||||
Phytone Ltd.: | ||||
In June 2012, we acquired 100 percent of the stock of Phytone Ltd. (Phytone). Phytone is a natural colors producer based in the United Kingdom. Phytone's natural products and formulations are used by global customers in the food, beverage, personal care and nutrition sectors. Phytone has been consolidated into our existing FMC Health and Nutrition segment. | ||||
The total purchase price for the three 2012 acquisitions was $117.4 million. During the year ended December 31, 2013 we finalized the purchase price allocation of the 2013 acquisitions which did not result in any additional payments. The final purchase price for the 2012 acquisitions was primarily allocated to goodwill of $62.4 million, property, plant and equipment of $27.7 million and identifiable intangible assets of $38.8 million. See Note 4 for a reconciliation of the carrying amount of goodwill and intangibles assets at December 31, 2013 and 2012. | ||||
2011 Acquisitions | ||||
Rovral and Sportak: | ||||
In December 2011, we acquired the intellectual property associated with the fungicide chemistries: iprodione and prochloraz from Bayer CropScience, which included the trade names Rovral and Sportak. The acquired assets have been integrated into our FMC Agricultural Solutions segment. | ||||
South Pole Biogroup Ltda: | ||||
In November 2011, we acquired, via a stock purchase, 100 percent of South Pole Biogroup Ltda (SPB). SPB is a South American natural color and health ingredient producer that operates the BioColor and BioNutrition businesses. SPB has been consolidated into our FMC Health and Nutrition segment. | ||||
Ruralco Soluciones SA: | ||||
In July 2011, we acquired a 50 percent controlling ownership interest in a new Argentine agrochemical distribution company named Ruralco Soluciones SA (Ruralco). Ruralco has been integrated into our FMC Agricultural Solutions segment. | ||||
The total purchase price for the three 2011 acquisitions was $149.0 million of which $124.8 million was paid in 2011 and $24.2 million of additional purchase price was paid in 2012. During 2012 we paid $2.5 million in contingent consideration associated with the 2011 acquisitions for which we had accrued $3.5 million at December 31, 2011. The remaining amount of contingent consideration of $1.0 million was paid in 2013. | ||||
During the year ended December 31, 2012 we finalized the purchase price allocation of the 2011 acquisitions which resulted in a decrease of $0.7 million to the goodwill allocated during the preliminary purchase price allocation. These adjustments were made primarily as a result of working capital adjustments that were finalized. The final purchase price for the 2011 acquisitions was primarily allocated to goodwill of $17.9 million and identifiable intangible assets of $124.6 million. See Note 4 for a reconciliation of the carrying amount of goodwill and intangibles assets at December 31, 2013 and 2012. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013 and 2012, are presented in the table below: | |||||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | FMC Minerals | Total | |||||||||||||||||||||
Solutions | |||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 12.4 | $ | 197 | $ | — | 209.4 | ||||||||||||||||||
Acquisitions | 19.5 | 42.9 | — | 62.4 | |||||||||||||||||||||
Foreign currency adjustments | 0.2 | 6.3 | — | 6.5 | |||||||||||||||||||||
Purchase price allocation adjustments (See Note 3) | (1.1 | ) | 0.4 | — | (0.7 | ) | |||||||||||||||||||
Balance, December 31, 2012 | $ | 31 | $ | 246.6 | $ | — | 277.6 | ||||||||||||||||||
Acquisitions | — | 99.4 | — | 99.4 | |||||||||||||||||||||
Foreign currency adjustments | — | 12.4 | — | 12.4 | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 31 | $ | 358.4 | $ | — | 389.4 | ||||||||||||||||||
Our intangible assets, other than goodwill, consist of the following: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
(in Millions) | Weighted avg. useful life at December 31, 2013 | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||||
Customer relationships | 19 years | $ | 159.3 | $ | (15.2 | ) | $ | 144.1 | $ | 126.6 | $ | (8.1 | ) | $ | 118.5 | ||||||||||
Patents | 12 years | 0.4 | — | 0.4 | 0.4 | — | 0.4 | ||||||||||||||||||
Trademarks and trade names | 3 years | 1.3 | (0.4 | ) | 0.9 | 1.2 | (0.1 | ) | 1.1 | ||||||||||||||||
Purchased and licensed technologies | 11 years | 75.6 | (19.3 | ) | 56.3 | 59.1 | (14.0 | ) | 45.1 | ||||||||||||||||
Other intangibles | 12 years | 4.3 | (2.8 | ) | 1.5 | 4.1 | (1.9 | ) | 2.2 | ||||||||||||||||
$ | 240.9 | $ | (37.7 | ) | $ | 203.2 | $ | 191.4 | $ | (24.1 | ) | $ | 167.3 | ||||||||||||
Intangible assets not subject to amortization (indefinite life) | |||||||||||||||||||||||||
Trademarks and trade names | $ | 67 | $ | 67 | $ | 36.3 | $ | 36.3 | |||||||||||||||||
In-process research & development | 2.1 | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||
$ | 69.1 | $ | 69.1 | $ | 38.4 | $ | 38.4 | ||||||||||||||||||
Total intangible assets | $ | 310 | $ | (37.7 | ) | $ | 272.3 | $ | 229.8 | $ | (24.1 | ) | $ | 205.7 | |||||||||||
The increase in both finite-lived and indefinite life intangible assets during the year ended December 31, 2013 was primarily due to the acquisitions completed during 2013 as further described in Note 3. | |||||||||||||||||||||||||
At December 31, 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 | $ | 107.4 | $ | 35.2 | |||||||||||||||||||||
FMC Health and Nutrition | 94.6 | 33.9 | |||||||||||||||||||||||
FMC Minerals | 1.2 | — | |||||||||||||||||||||||
Total | $ | 203.2 | $ | 69.1 | |||||||||||||||||||||
Amortization related to intangible assets was not significant in the periods presented. The estimated pre-tax amortization expense for each of the five years ended December 31, 2014 to 2018 is $14.3 million, $14.1 million, $12.7 million, $12.3 million and $12.1 million, respectively. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following: | ||||||||
December 31, | ||||||||
(in Millions) | 2013 | 2012 | ||||||
Finished goods | $ | 283 | $ | 268.1 | ||||
Work in process | 276.7 | 235.1 | ||||||
Raw materials, supplies and other | 297.8 | 304.3 | ||||||
FIFO inventory | 857.5 | 807.5 | ||||||
Less: Excess of FIFO cost over LIFO cost | (169.1 | ) | (165.1 | ) | ||||
Net inventories | $ | 688.4 | $ | 642.4 | ||||
Approximately 38% and 40% of our inventories in 2013 and 2012, respectively were recorded on the LIFO basis. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
(in Millions) | December 31, 2013 | December 31, 2012 | ||||||
Land and land improvements | $ | 154.3 | $ | 135.8 | ||||
Mineral rights | 31.4 | 31.4 | ||||||
Buildings | 372.7 | 317 | ||||||
Machinery and equipment | 1,839.30 | 1,741.30 | ||||||
Construction in progress | 265.5 | 192.3 | ||||||
Total cost | 2,663.20 | 2,417.80 | ||||||
Accumulated depreciation | (1,414.9 | ) | (1,461.6 | ) | ||||
Property, plant and equipment, net | $ | 1,248.30 | $ | 956.2 | ||||
Depreciation expense was $94.6 million, $84.0 million, and $81.4 million in 2013, 2012 and 2011, respectively. |
Restructuring_and_Other_Charge
Restructuring and Other Charges (Income) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Restructuring and Other Charges (Income) | ' | |||||||||||||||||||||||||||||||||||
Restructuring and Other Charges (Income) | ||||||||||||||||||||||||||||||||||||
The following table shows total restructuring and other charges included in the respective line items of the Consolidated Statements of Income: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Restructuring Charges and Asset Disposals | $ | 9.6 | $ | 17.7 | $ | 2.3 | ||||||||||||||||||||||||||||||
Other Charges (Income), Net | 38.3 | 9.8 | 4 | |||||||||||||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 47.9 | $ | 27.5 | $ | 6.3 | ||||||||||||||||||||||||||||||
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 | $ | 2.8 | $ | 4.4 | $ | 1.9 | $ | 9.1 | ||||||||||||||||||||||||||||
Other Items | 1.8 | (1.7 | ) | 0.4 | 0.5 | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 4.6 | $ | 2.7 | $ | 2.3 | $ | 9.6 | ||||||||||||||||||||||||||||
Lithium Restructuring | — | — | 13.3 | 13.3 | ||||||||||||||||||||||||||||||||
Other Items | (0.3 | ) | 0.7 | 4 | 4.4 | |||||||||||||||||||||||||||||||
Year ended December 31, 2012 | $ | (0.3 | ) | $ | 0.7 | $ | 17.3 | $ | 17.7 | |||||||||||||||||||||||||||
Other Items | 0.7 | 0.4 | 1.2 | 2.3 | ||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | $ | 0.7 | $ | 0.4 | $ | 1.2 | $ | 2.3 | ||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-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 restructuring. | |||||||||||||||||||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on plant and equipment, which were or are to be abandoned. Asset disposal charges also included the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, see Note 8. | |||||||||||||||||||||||||||||||||||
The restructuring charges and asset disposals noted above were the result of the following: | ||||||||||||||||||||||||||||||||||||
FMC Minerals | ||||||||||||||||||||||||||||||||||||
Lithium Restructuring | ||||||||||||||||||||||||||||||||||||
In 2012, we committed to the abandonment of various fixed assets, primarily equipment, associated with a Potash project that we have decided not to complete. Potash, commonly used in fertilizers, is a manufactured by-product of our Lithium extraction process in Argentina. Given the changes in Potash market conditions, this project was no longer economically viable. We recorded a non-cash charge of $13.3 million associated with the abandonment of these assets. | ||||||||||||||||||||||||||||||||||||
Additionally, in 2013, we implemented a plan to restructure a portion of the operations. The objective of the restructuring was to better align our business and costs to macroeconomic and market realities. The restructuring decision resulted in workforce reductions at several of our Lithium facilities, primarily in North Carolina and Argentina. This restructuring is substantially complete. | ||||||||||||||||||||||||||||||||||||
Other Items | ||||||||||||||||||||||||||||||||||||
In addition to the restructurings described above, we have engaged in certain other restructuring activities, which have resulted in severance and asset disposal costs. We expect these restructuring activities to improve our global competitiveness through improved cost efficiencies. | ||||||||||||||||||||||||||||||||||||
Roll forward of Restructuring Reserves | ||||||||||||||||||||||||||||||||||||
The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 8. | ||||||||||||||||||||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||||||||||||||
12/31/11 (4) | reserves (2) | payments | 12/31/12 (4) | reserves (2) | payments | 12/31/13 (4) | ||||||||||||||||||||||||||||||
Lithium Restructuring | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7.2 | $ | (6.9 | ) | $ | — | $ | 0.3 | |||||||||||||||||
Other Workforce Related and Facility Shutdowns (1) | 3.4 | 0.4 | (0.9 | ) | 0.2 | 3.1 | 0.1 | (0.4 | ) | — | 2.8 | |||||||||||||||||||||||||
Restructuring activities related to discontinued operations (5) | 9 | 10 | (12.1 | ) | 0.5 | 7.4 | (0.6 | ) | (2.7 | ) | (1.1 | ) | 3 | |||||||||||||||||||||||
Total | $ | 12.4 | $ | 10.4 | $ | (13.0 | ) | $ | 0.7 | $ | 10.5 | $ | 6.7 | $ | (10.0 | ) | $ | (1.1 | ) | $ | 6.1 | |||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items” sections above. | |||||||||||||||||||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||||||||||||||||||
-3 | Primarily foreign currency translation adjustments and cash proceeds associated with recoveries. | |||||||||||||||||||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||
OTHER CHARGES (INCOME), NET | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Environmental charges, net | $ | 6.2 | $ | 5.8 | $ | 3.1 | ||||||||||||||||||||||||||||||
Other, net | 32.1 | 4 | 0.9 | |||||||||||||||||||||||||||||||||
Other Charges (Income), Net | $ | 38.3 | $ | 9.8 | $ | 4 | ||||||||||||||||||||||||||||||
Environmental charges, net | ||||||||||||||||||||||||||||||||||||
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites, see Note 10 for additional details. | ||||||||||||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||||||||||||
During 2013 and 2012 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. Specifically in 2013 we entered into three such transactions totaling $30.6 million consisting of: exclusive license and supply arrangements for broad-spectrum crop protection products as well as 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. During 2012, our FMC Agricultural Solutions segment entered into one collaboration and license agreement for $4.4 million with a third-party company relating to a new fungicide compound still under development. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Asset Retirement Obligation Disclosure | ' | |||
Asset Retirement Obligations | ||||
We have mining operations in Green River, Wyoming for our soda ash business as well as mining operations in our lithium operations. We have legal reclamation obligations related to these facilities upon closure of the mines. Additionally, we have obligations at the majority of our manufacturing facilities in the event of a permanent plant shutdown. Certain of these obligations are recorded in our environmental reserves described in Note 10. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was immaterial at December 31, 2013 and 2012. We have also determined that the liability for certain other AROs cannot currently be calculated as the settlement dates are not reasonably estimable. We will recognize the liability for these AROs when sufficient information exists to estimate a range of potential settlement dates. | ||||
The changes in the carrying amounts of AROs for the years ended December 31, 2013 and 2012 are as follows: | ||||
(in Millions) | ||||
Balance at December 31, 2011 | $ | 27 | ||
Acceleration due to facility shutdowns | 2 | |||
Increase (decrease) to previously recorded ARO liability | (0.7 | ) | ||
Accretion expense | 0.1 | |||
Payments | (3.2 | ) | ||
Foreign currency translation adjustments | 0.3 | |||
Balance at December 31, 2012 (1) | $ | 25.5 | ||
Increase (decrease) to previously recorded ARO liability | 4.3 | |||
Accretion expense | 0.1 | |||
Payments | (8.0 | ) | ||
Foreign currency translation adjustments | 0.8 | |||
Balance at December 31, 2013 (1) | $ | 22.7 | ||
____________________ | ||||
-1 | Included in “Accrued and other liabilities” and "Other long-term liabilities" on the consolidated balance sheets. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [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. This segment was classified as a discontinued operation and an asset held for sale beginning with our September 30, 2013 condensed consolidated financial statements filed on Form 10-Q. | ||||||||||||
In December 2013, we signed a definitive agreement to sell FMC Peroxygens to One Equity Partners (OEP), the private investment arm of J.P. Morgan Chase & Co. and expect the sale to be completed in the first quarter of 2014. In addition to the definitive agreement we entered into a customary transitional services agreement with OEP to provide for the orderly separation of the business and transition of various functions and processes. These services will be provided by us to OEP for up to 18 months after closing. These services would be to provide short-term assistance to OEP, such as information technology services, while OEP assumes the operations of the Peroxygen businesses. | ||||||||||||
The operating results of our FMC Peroxygens segment classified as discontinued operations are summarized below: | ||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 328.8 | $ | 338.4 | $ | 341.6 | ||||||
Income from discontinued operations before income taxes (1) | 24.2 | 25.5 | 23.4 | |||||||||
Provision for income taxes | 9.4 | 13.7 | 11.5 | |||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | $ | 14.8 | $ | 11.8 | $ | 11.9 | ||||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | (3.8 | ) | — | — | ||||||||
Adjustment to assets held for sale, net of income taxes (3) | (122.1 | ) | — | — | ||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | $ | (111.1 | ) | $ | 11.8 | $ | 11.9 | |||||
____________________ | ||||||||||||
-1 | Includes allocated interest expense $4.7 million, $4.5 million and $3.9 million for the years ended ended December 31, 2013, 2012 and 2011. 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 | Assets held for sale be reported at the lower of carrying value or fair value less costs to sell. During the year ended December 31, 2013 we recorded an impairment charge of $156.7 million ($122.1 million after tax) to adjust the carrying value based on our evaluation. | |||||||||||
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 consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 94.8 | $ | 92.4 | ||||||||
Property, plant & equipment | 61.1 | 180 | ||||||||||
Goodwill | — | 16.9 | ||||||||||
Intangible assets, net | 2.7 | 9.9 | ||||||||||
Other non-current assets | 39.7 | 37.4 | ||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 103.5 | 244.2 | ||||||||||
Total Assets | 198.3 | 336.6 | ||||||||||
Liabilities | ||||||||||||
Current liabilities of discontinued operations held for sale | 43 | 54.1 | ||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 5.2 | 3.3 | ||||||||||
Total Liabilities | 48.2 | 57.4 | ||||||||||
Net Assets (2) | $ | 150.1 | $ | 279.2 | ||||||||
____________________ | ||||||||||||
(1)Presented as "Current assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2013. | ||||||||||||
(2)Excludes the accumulated net cumulative translation adjustment losses of our foreign FMC Peroxygens operations. | ||||||||||||
In addition to our discontinued FMC Peroxygens segment our other discontinued operations include adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. | ||||||||||||
Our discontinued operations comprised the following: | ||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit (expense) of ($0.3), $0.2 and ($0.3), respectively | $ | 0.6 | $ | (0.3 | ) | $ | 0.7 | |||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $14.2, $7.8 and $9.6, respectively (1) | (23.1 | ) | (12.6 | ) | (15.8 | ) | ||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $5.5, $10.6, and $10.3, respectively (2) | (9.0 | ) | (17.3 | ) | (16.7 | ) | ||||||
Provision for restructuring charges, net of income tax benefit of $0.5, $1.5 and $7.9, respectively (3) | (16.7 | ) | (9.1 | ) | (18.2 | ) | ||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $25.1, ($13.7) and ($11.5), respectively | (111.1 | ) | 11.8 | 11.9 | ||||||||
Discontinued operations, net of income taxes | $ | (159.3 | ) | $ | (27.5 | ) | $ | (38.1 | ) | |||
____________________ | ||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. | |||||||||||
-2 | Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012 or 2011. | |||||||||||
-3 | See roll forward of our restructuring reserves in Note 7. | |||||||||||
Reserves for Discontinued Operations at December 31, 2013 and 2012 | ||||||||||||
(in Millions) | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Workers’ compensation and product liability reserve | $ | 6.7 | $ | 4.9 | ||||||||
Postretirement medical and life insurance benefits reserve | 9.6 | 8.3 | ||||||||||
Reserves for legal proceedings | 36.9 | 31.2 | ||||||||||
Reserve for discontinued operations (1) | $ | 53.2 | $ | 44.4 | ||||||||
____________________ | ||||||||||||
-1 | Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. | |||||||||||
The discontinued postretirement medical and life insurance benefits liability equals the accumulated postretirement benefit obligation. Associated with this liability is a net pretax actuarial gain and prior service credit of $7.9 million ($3.9 million after-tax) and $11.3 million ($7.1 million after-tax) at December 31, 2013 and 2012, respectively. The estimated net pre-tax actuarial gain and prior service credit that will be amortized from accumulated other comprehensive income into discontinued operations during 2014 are $1.5 million and $0.1 million, respectively. | ||||||||||||
Net, spending in 2013, 2012 and 2011 was $0.9 million, $1.0 million and $1.3 million, respectively, for workers’ compensation, product liability and other claims; $0.9 million, $0.7 million and $1.0 million, respectively, for other postretirement benefits; and $8.8 million, $24.6 million and $20.9 million, respectively, related to reserves for legal proceedings associated with discontinued operations. |
Enviromental_Obligations
Enviromental Obligations | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||||||||||||||
Environmental Obligations | ' | |||||||||||||||||||||||||||
Environmental Obligations | ||||||||||||||||||||||||||||
We are subject to various federal, state, local and foreign environmental laws and regulations that govern emissions of air pollutants, discharges of water pollutants, and the manufacture, storage, handling and disposal of hazardous substances, hazardous wastes and other toxic materials and remediation of contaminated sites. We are also subject to liabilities arising under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws that impose responsibility on persons who arranged for the disposal of hazardous substances, and on current and previous owners and operators of a facility for the clean-up of hazardous substances released from the facility into the environment. We are also subject to liabilities under the Resource Conservation and Recovery Act (“RCRA”) and analogous state laws that require owners and operators of facilities that have treated, stored or disposed of hazardous waste pursuant to a RCRA permit to follow certain waste management practices and to clean up releases of hazardous substances into the environment associated with past or present practices. In addition, when deemed appropriate, we enter certain sites with potential liability into voluntary remediation compliance programs, which are also subject to guidelines that require owners and operators, current and previous, to clean up releases of hazardous substances into the environment associated with past or present practices. | ||||||||||||||||||||||||||||
We have been named a Potentially Responsible Party (“PRP”) at 31 sites on the federal government’s National Priorities List (“NPL”), at which our potential liability has not yet been settled. In addition, we received notice from the EPA or other regulatory agencies that we may be a PRP, or PRP equivalent, at other sites, including 37 sites at which we have determined that it is reasonably possible that we have an environmental liability. In cooperation with appropriate government agencies, we are currently participating in, or have participated in, a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, at most of the identified sites, with the status of each investigation varying from site to site. At certain sites, a RI/FS has only recently begun, providing limited information, if any, relating to cost estimates, timing, or the involvement of other PRPs; whereas, at other sites, the studies are complete, remedial action plans have been chosen, or a Record of Decision (“ROD”) has been issued. | ||||||||||||||||||||||||||||
Environmental liabilities consist of obligations relating to waste handling and the remediation and/or study of sites at which we are alleged to have released or disposed of hazardous substances. These sites include current operations, previously operated sites, and sites associated with discontinued operations. We have provided reserves for potential environmental obligations that we consider probable and for which a reasonable estimate of the obligation can be made. Accordingly, total reserves of $225.7 million and $236.5 million, respectively, before recoveries, existed at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $170 million at December 31, 2013. This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. | ||||||||||||||||||||||||||||
Additionally, although potential environmental remediation expenditures in excess of the reserves and estimated loss contingencies could be significant, the impact on our future consolidated financial results is not subject to reasonable estimation due to numerous uncertainties concerning the nature and scope of possible contamination at many sites, identification of remediation alternatives under constantly changing requirements, selection of new and diverse clean-up technologies to meet compliance standards, the timing of potential expenditures and the allocation of costs among PRPs as well as other third parties. The liabilities arising from potential environmental obligations that have not been reserved for at this time may be material to any one quarter's or year's results of operations in the future. However, we believe any liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. | ||||||||||||||||||||||||||||
The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2010 to December 31, 2013. | ||||||||||||||||||||||||||||
(in Millions) | Operating | |||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Discontinued | ||||||||||||||||||||||||||||
Sites Total | ||||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2010 | $ | 224.9 | ||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||
Provision | 45.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (43.2 | ) | ||||||||||||||||||||||||||
Net Change | 2 | |||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2011 | $ | 226.9 | ||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Provision | 31.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (42.1 | ) | ||||||||||||||||||||||||||
Net Change | (10.9 | ) | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2012 | $ | 216 | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Provision | 48.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (59.5 | ) | ||||||||||||||||||||||||||
Net Change | (11.3 | ) | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2013 | $ | 204.7 | ||||||||||||||||||||||||||
To ensure we are held responsible only for our equitable share of site remediation costs, we have initiated, and will continue to initiate, legal proceedings for contributions from other PRPs. At December 31, 2013 and 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 consolidated balance sheets. | ||||||||||||||||||||||||||||
The table below is a roll forward of our total recorded recoveries from December 31, 2011 to December 31, 2013: | ||||||||||||||||||||||||||||
(in Millions) | December 31, 2011 | Increase in Recoveries | Cash Received | December 31, 2012 | Increase in Recoveries | Cash Received | December 31, 2013 | |||||||||||||||||||||
Environmental liabilities, continuing and discontinued | $ | 24.3 | $ | 2.2 | $ | 6 | $ | 20.5 | $ | 4.5 | $ | 4 | $ | 21 | ||||||||||||||
Other assets (1) | 58.3 | 5 | 11.7 | 51.6 | 4.7 | 20.8 | 35.5 | |||||||||||||||||||||
Total | $ | 82.6 | $ | 7.2 | $ | 17.7 | $ | 72.1 | $ | 9.2 | $ | 24.8 | $ | 56.5 | ||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | The amounts are included within “Prepaid and other current assets" and "Other assets". See Note 21 for more details. | |||||||||||||||||||||||||||
The table below provides detail of current and long-term environmental reserves, continuing and discontinued. | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||||||||||||||||||
Environmental reserves, current, net of recoveries (1) | $ | 29.5 | $ | 15.8 | ||||||||||||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (2) | 175.2 | 200.2 | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries | $ | 204.7 | $ | 216 | ||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | “Current” includes only those reserves related to continuing operations. These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. | |||||||||||||||||||||||||||
Our net environmental provisions relate to costs for the continued cleanup of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Continuing operations (1) | $ | 6.2 | $ | 5.8 | $ | 3.1 | ||||||||||||||||||||||
Discontinued operations (2) | 37.3 | 20.4 | 25.4 | |||||||||||||||||||||||||
Net environmental provision | $ | 43.5 | $ | 26.2 | $ | 28.5 | ||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. | |||||||||||||||||||||||||||
-2 | Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. | |||||||||||||||||||||||||||
On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Environmental reserves (1) | $ | 48.2 | $ | 31.2 | $ | 45.2 | ||||||||||||||||||||||
Other assets (2) | (4.7 | ) | (5.0 | ) | (16.7 | ) | ||||||||||||||||||||||
Net environmental provision | $ | 43.5 | $ | 26.2 | $ | 28.5 | ||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | Represents certain environmental recoveries. See Note 21 for details of Other assets as presented on our consolidated balance sheets. | |||||||||||||||||||||||||||
Significant Environmental Sites | ||||||||||||||||||||||||||||
Front Royal | ||||||||||||||||||||||||||||
This discontinued manufacturing site, built in 1940 by American Viscose, was once one of the world's largest producers of rayon, an instrumental product for NASA's space shuttle program. The facility also made tire cord, parachutes and jump suits for the Department of War during World War II. We purchased the plant in 1963 and sold it in 1976 to Avtex Fibers Corporation. In 1989, this Avtex site was cited for violations of Virginia environmental laws, associated primarily with wastewater discharges into the Shenandoah River and was subsequently shut down. We, as the sole surviving owner of the plant, became the mandated “potentially responsible party” for cleanup purposes. | ||||||||||||||||||||||||||||
On October 21, 1999, the Federal District Court for the Western District of Virginia approved a Consent Decree signed by FMC, the EPA (Region III) and the Department of Justice ("DOJ") regarding past response costs and future clean-up work at this site. In January 2010, the EPA issued a Record of Decision (ROD) for Operable Unit 7 (OU-7) primarily addressing waste basins and ground water, which should be the last operable unit to be remediated at the site. Included in our reserves for this site is the cost associated with a groundwater treatment plant which is an integral component of the remedy required to address the OU-7 ROD. This groundwater treatment plant is currently under construction and expected to be complete in 2014. As part of a prior settlement, government agencies have reimbursed us for approximately one-third of the clean-up costs due to the government's role at the site, and we expect reimbursement to continue in the future. The amount of the reserve for this site was $25.6 million and $41.2 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Pocatello | ||||||||||||||||||||||||||||
From 1949 until 2001, we operated the world's largest elemental phosphorus plant in Power County, Idaho, just outside the city of Pocatello. Since the plant's closure, FMC has worked with the EPA, the State of Idaho, and the Shoshone-Bannock Tribes to develop a proposed cleanup plan for the property. In September of 2012 the EPA issued an interim record of decision (IROD) that is environmentally protective and that ensures the health and safety of both workers and the general public. Since the plant's closure, we have successfully decommissioned our Pocatello plant, completed closure of the RCRA ponds and formally requested that the EPA acknowledge completion of work under a June 1999 RCRA Consent Decree. Future remediation costs include completion of the IROD that addresses groundwater contamination and existing waste disposal areas on the Pocatello plant portion of the Eastern Michaud Flats Superfund Site. In June 2013 EPA issued a Unilateral Administrative Order to us under which we will implement the IROD remedy. Our current reserves factor in the estimated costs associated with implementing the IROD. In addition to implementing the IROD, we continue to conduct work pursuant to CERCLA unilateral administrative orders to address air emissions from beneath the cap of several of the closed RCRA ponds. | ||||||||||||||||||||||||||||
The amount of the reserve for this site was $61.3 million and $61.7 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Pocatello Tribal Litigation | ||||||||||||||||||||||||||||
For a number of years, we engaged in disputes with the Tribes concerning their attempts to regulate our activities on the reservation. On March 6, 2006, a U.S. District Court Judge found that the Tribes were a third-party beneficiary of a 1998 RCRA Consent Decree and ordered us to apply for any applicable Tribal permits relating to the nearly-complete RCRA Consent Decree work. The third-party beneficiary ruling was later reversed by the Ninth Circuit Court of Appeals, but the permitting process continued in the tribal legal system. We applied for the tribal permits, but preserved objections to the Tribes' jurisdiction. | ||||||||||||||||||||||||||||
In addition, in 1998, the Tribes and we entered into an agreement (“1998 Agreement”) that required us to pay the Tribes $1.5 million per year for waste generated from operating our Pocatello plant and stored on site. We paid $1.5 million per year until December 2001 when the plant closed. In our view the agreement was terminated, as the plant was no longer generating waste. The Tribes claim that the 1998 Agreement has no end date. | ||||||||||||||||||||||||||||
On April 25, 2006 the Tribes' Land Use Policy Commission issued us a Special Use Permit for the “disposal and storage of waste” at the Pocatello plant and imposed a $1.5 million per annum permit fee. The permit and fee were affirmed by the Tribal Business Council on July 21, 2006. We sought review of the permit and fee in Tribal Court, in which the Tribes also brought a claim for breach of the 1998 Agreement. On May 21, 2008, the Tribal Court reversed the permit and fee, finding that they were not authorized under tribal law, and dismissed the Tribes' breach of contract claim. The Tribes appealed to the Tribal Court of Appeals. | ||||||||||||||||||||||||||||
On May 8, 2012, the Tribal Court of Appeals reversed the May 21, 2008 Tribal Court decision and issued a decision finding the permit and fee validly authorized and ordering us to pay waste permit fees in the amount of $1.5 million per annum for the years 2002-2007 ($9.0 million in total), the Tribes' demand as set forth in the lawsuit. It also reinstated the breach of contract claim. The Tribes have filed additional litigation to recover the permit fees for the years since 2007, but that litigation has been stayed pending the outcome of the appeal in the Tribal Court of Appeals. | ||||||||||||||||||||||||||||
Following the issuance of the Tribal Appellate Court's decision, the Tribes filed a motion to correct errors in the Court's decision and to seek fees and costs on appeal. We opposed that motion and filed our own motion to strike certain portions of the decision and supplement the record. The Tribal Appellate Court granted the Tribes' motion for fees but scheduled a further hearing on that motion, and also ordered an evidentiary hearing in the Tribal Appellate Court on the Tribes' breach of contract claim and additional issues related to Tribal jurisdiction. The Tribal Appellate Court has scheduled an evidentiary hearing in the second quarter of 2014 on certain jurisdictional issues. | ||||||||||||||||||||||||||||
After we exhaust the Tribal administrative and judicial process, we intend to file an action in the United States District Court seeking declaratory and injunctive relief on the grounds that the Tribes lacked jurisdiction over us. We will argue that in accordance with a U.S. Supreme Court decision, we neither consented to jurisdiction, nor engaged in conduct that threatened the political integrity, economic security or health and welfare of tribal members; therefore, the exceptions under which Tribes may assert jurisdiction over non-Indian owners of fee land within a reservation have not been met. Should we prevail on that theory and the Tribes subsequently try to enforce the 1998 Agreement in federal court, we have a number of defenses, including the termination of the agreement. | ||||||||||||||||||||||||||||
We have estimated a reasonably possible loss for this matter and it has been reflected in our total reasonably possible loss estimate previously discussed within this note. | ||||||||||||||||||||||||||||
Middleport | ||||||||||||||||||||||||||||
Our Middleport, NY facility is currently an Agricultural Solutions formulation and packaging plant that formerly manufactured arsenic-based and other products. As a result of past manufacturing operations and waste disposal practices at this facility, releases of hazardous substances have occurred at the the site that have affected soil, sediment, surface water and groundwater at the facility's property and also in adjacent off-site areas. The impact of our discontinued operations was the subject of an Administrative Order on Consent (“AOC”) entered into with the EPA and New York State Department of Environmental Conservation (the “Agencies”) in 1991. The AOC requires us to (1) define the nature and extent of contamination caused by our historical plant operations, (2) take interim corrective measures and (3) evaluate Corrective Action Management Alternatives (“CMA”) for discrete contaminated areas. | ||||||||||||||||||||||||||||
We have defined the nature and extent of the contamination and have constructed an engineered cover, closed the RCRA regulated surface water impoundments and are collecting and treating both surface water runoff and ground water, which has satisfied the first two requirements of the AOC. | ||||||||||||||||||||||||||||
During the second quarter of 2013, the New York State Department of Environmental Conservation issued the Final Statement of Basis (FSOB). The FSOB is consistent with their Preliminary Statement of Basis issued in June 2012. The FSOB requires a CMA in two off-site areas that would require us to remediate contamination in approximately 200 residential properties in Middleport to a standard of 20 ppm on a point-to-point basis. We believe that this proposed CMA for these areas is overly conservative and not supported under New York State law or under the AOC and other agreements among the parties to the AOC. The Middleport community has expressed objections to the Agencies' FSOB on the grounds that it is not supported by site-specific risk assessment and would be disruptive to the community. 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 tolling agreement expires on February 18, 2014, after which we have 15 days to file a notice that we dispute the FSOB. If we have not reached an agreement with the Agencies by that time and the tolling agreement is not otherwise extended, we intend to file such a notice. | ||||||||||||||||||||||||||||
The amount of the reserve for this site is $41.7 million and $42.4 million at December 31, 2013 and 2012, respectively. 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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Domestic and foreign components of income from continuing operations before income taxes are shown below: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 287.1 | $ | 359.3 | $ | 300.8 | ||||||
Foreign | 328.8 | 238.4 | 252.4 | |||||||||
Total | $ | 615.9 | $ | 597.7 | $ | 553.2 | ||||||
The provision (benefit) for income taxes attributable to income from continuing operations consisted of: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 57.1 | $ | 23.1 | $ | 11.6 | ||||||
Foreign | 66.2 | 55.6 | 39.2 | |||||||||
State | 5.7 | 0.7 | (0.3 | ) | ||||||||
Total current | 129 | 79.4 | 50.5 | |||||||||
Deferred: | ||||||||||||
Federal | 29.7 | 73.3 | 61.8 | |||||||||
Foreign | (18.0 | ) | (12.3 | ) | 14.8 | |||||||
State | 7.9 | (5.9 | ) | 5.8 | ||||||||
Total deferred | 19.6 | 55.1 | 82.4 | |||||||||
Total | $ | 148.6 | $ | 134.5 | $ | 132.9 | ||||||
Total income tax provisions (benefits) were allocated as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Continuing operations | $ | 148.6 | $ | 134.5 | $ | 132.9 | ||||||
Discontinued operations | (45.0 | ) | (6.4 | ) | (16.0 | ) | ||||||
Items charged directly to equity | 116.6 | (19.2 | ) | (43.1 | ) | |||||||
Total | $ | 220.2 | $ | 108.9 | $ | 73.8 | ||||||
Significant components of the deferred income tax provision (benefit) attributable to income from continuing operations before income taxes are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Deferred tax (exclusive of valuation allowance) | $ | 19.4 | $ | 68.8 | $ | 71.7 | ||||||
Net increase (decrease) in the valuation allowance for deferred tax assets | 0.2 | (13.7 | ) | 10.7 | ||||||||
Deferred income tax provision | $ | 19.6 | $ | 55.1 | $ | 82.4 | ||||||
We have recognized that it is more likely than not that certain future tax benefits may not be realized through future taxable income. During the year ended December 31, 2013, the valuation allowance change was due to $2.1 million of tax losses incurred by certain foreign operations that are not expected to be recoverable, partially offset by a $1.9 million release primarily due to state net operating losses now expected to be recoverable. During the year ended December 31, 2012, the decrease was primarily due to a release of $14.9 million related to state net operating losses expected to be recoverable, partially offset by a $1.2 million provision due to tax losses of foreign operations that are not expected to be recoverable. During the year ended December 31, 2011, the valuation allowance increased by $10.7 million primarily due to tax losses incurred by foreign operations that were not expected to be recoverable. | ||||||||||||
Significant components of our deferred tax assets and liabilities were attributable to: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Reserves for discontinued operations, environmental and restructuring | $ | 127.7 | $ | 103.1 | ||||||||
Accrued pension and other postretirement benefits | 9.4 | 135.3 | ||||||||||
Alternative minimum, foreign tax and other credit carryforwards | 8.4 | 11.8 | ||||||||||
Net operating loss carryforwards | 104 | 112.5 | ||||||||||
Deferred expenditures capitalized for tax | 44.9 | 55.6 | ||||||||||
Other | 124.6 | 118.5 | ||||||||||
Deferred tax assets | $ | 419 | $ | 536.8 | ||||||||
Valuation allowance, net (1) | (108.2 | ) | (84.5 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 310.8 | $ | 452.3 | ||||||||
Property, plant and equipment, net | 78.5 | 94.3 | ||||||||||
Deferred tax liabilities | $ | 78.5 | $ | 94.3 | ||||||||
Net deferred tax assets | $ | 232.3 | $ | 358 | ||||||||
____________________ | ||||||||||||
-1 | The change in the net valuation allowance was primarily driven by our FMC Peroxygens' foreign operations which are classified as discontinued operations. | |||||||||||
We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. U.S. GAAP accounting guidance requires that companies assess whether valuation allowances should be established against their deferred tax assets based on all available evidence, both positive and negative, using a “more likely than not” standard. In assessing the need for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and tax planning alternatives. We operate and derive income from multiple lines of business across multiple jurisdictions. As each of the respective lines of business experiences changes in operating results across their geographic footprint, we may encounter losses in jurisdictions that have been historically profitable, and as a result might require additional valuation allowances to be recorded. We are committed to implementing tax planning actions, when deemed appropriate, in jurisdictions that experience losses in order to realize deferred tax assets prior to their expiration. | ||||||||||||
At December 31, 2013, we had net operating loss and tax credit carryforwards as follows: U.S. state net operating loss carryforwards of $20.6 million (tax-effected) expiring in future years through 2027, foreign net operating loss carryforwards of $83.4 million (tax-effected) expiring in various future years, U.S. foreign tax credit carryforwards of $1.1 million expiring in 2015 and foreign tax credit carryforwards of $7.3 million expiring in various future years. | ||||||||||||
The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. tax rate | 35 | % | 35 | % | 35 | % | ||||||
Net difference: | ||||||||||||
Percentage depletion | (3.4 | ) | (3.5 | ) | (3.7 | ) | ||||||
State and local income taxes, less federal income tax benefit | 2.2 | 1.1 | 1.1 | |||||||||
Foreign earnings subject to different tax rates | (11.3 | ) | (7.3 | ) | (9.2 | ) | ||||||
Manufacturer’s production deduction and miscellaneous tax credits | (1.1 | ) | (1.3 | ) | (0.8 | ) | ||||||
Tax on intercompany dividends and deemed dividend for tax purposes | 0.6 | 0.4 | 1 | |||||||||
Nondeductible expenses | 0.4 | 0.4 | 1 | |||||||||
Changes to unrecognized tax benefits | 0.9 | (0.3 | ) | (1.8 | ) | |||||||
Change in valuation allowance | — | (1.6 | ) | 2.1 | ||||||||
Other | 0.8 | (0.4 | ) | (0.7 | ) | |||||||
Total difference | (10.9 | ) | (12.5 | ) | (11.0 | ) | ||||||
Effective tax rate | 24.1 | % | 22.5 | % | 24 | % | ||||||
In the third quarter of 2013, we changed our assertion on unremitted earnings related to certain foreign subsidiaries as a result of the expected sale of our discontinued FMC Peroxygens segment. As of December 31, 2013, we provided deferred tax liabilities of approximately $0.1 million attributable to the intended repatriation of proceeds earned on the sale. | ||||||||||||
Unremitted earnings of foreign subsidiaries for which we have not provided taxes approximate $1,392.9 million. We have not provided taxes for these earnings given that our intention, as of December 31, 2013, is to indefinitely reinvest such earnings in the respective existing foreign operations. We have not provided deferred tax liabilities for basis differences in investments in subsidiaries because the investments are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal. A liability may arise in the future if our intention to indefinitely reinvest such earnings were to change, however it is not practical to estimate the income tax liability that may be incurred. | ||||||||||||
Uncertain Income Tax Positions | ||||||||||||
U.S. GAAP accounting guidance for uncertainty in income taxes prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The income tax returns for FMC entities taxable in the U.S. and significant foreign jurisdictions are open for examination and adjustment. As of December 31, 2013, the U. S. federal and state income tax returns are open for examination and adjustment for the years 2010-2013 and 2004-2013, respectively. Our significant foreign jurisdictions, which total 19, are open for examination and adjustment during varying periods from 2004-2013. | ||||||||||||
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $10.8 million and $6.6 million as of December 31, 2013 and December 31, 2012, respectively. Interest and penalties related to unrecognized tax benefits are reported as a component of income tax expense. For the years ended December 31, 2013 and December 31, 2012, we recognized interest and penalties of $2.1 million and $0.1 million, respectively, in the consolidated statements of income. No interest or penalties were recognized in 2011. As of December 31, 2013 and December 31, 2012, we have accrued interest and penalties in the consolidated balance sheets of $2.2 million and $0.1 million, respectively. | ||||||||||||
Due to the potential for resolution of federal, state, or foreign examinations, and the expiration of various jurisdictional statutes of limitation, it is reasonably possible that our liability for gross unrecognized tax benefits will decrease within the next 12 months by a range of $1.2 million to $1.7 million. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 23.3 | $ | 8.1 | $ | 17.3 | ||||||
Additions for the current year | 15.4 | 5.5 | 4.9 | |||||||||
Additions for tax positions on acquisitions | (1.3 | ) | — | 1.4 | ||||||||
Adjustments for tax positions of prior years for: | ||||||||||||
Adjustments | (0.1 | ) | 9.7 | — | ||||||||
Settlements during the period | — | — | (15.5 | ) | ||||||||
Balance at end of year (1) | $ | 37.3 | $ | 23.3 | $ | 8.1 | ||||||
____________________ | ||||||||||||
-1 | At December 31, 2013 and 2012, we recognized an offsetting non-current deferred tax asset of $28.7 million and $16.7 million, respectively, relating to specific uncertain tax positions presented above. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Debt maturing within one year: | ||||||||||||
Debt maturing within one year consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Short-term foreign debt (1) | $ | 7.1 | $ | 49.9 | ||||||||
Commercial paper | 656 | — | ||||||||||
Total short-term debt | 663.1 | 49.9 | ||||||||||
Current portion of long-term debt | 34.7 | 5.7 | ||||||||||
Short-term debt and current portion of long-term debt | $ | 697.8 | $ | 55.6 | ||||||||
Weighted average interest rates for short-term debt outstanding at year-end | 0.4 | % | 6.5 | % | ||||||||
____________________ | ||||||||||||
(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 us to borrow at rates generally more favorable than those available under our Credit Facility. We primarily use the proceeds from the commercial paper program for general corporate purposes. At December 31, 2013, the average effective interest rate on these borrowings was 0.34 percent. | ||||||||||||
2013 Senior Notes | ||||||||||||
On November 15, 2013, we issued $400 million aggregate principal amount of 4.10 percent Senior Notes due 2024. The net proceeds from the offering were used for general corporate purposes including repayment of outstanding commercial paper. | ||||||||||||
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. Our Credit Facility provides a $1.5 billion unsecured revolving credit facility for general corporate purposes. We have the option to increase the facility to $2.25 billion. Borrowings under the Credit Facility bear interest at either a floating rate, which will be a base rate, or a Eurocurrency rate equal to the London Inter-Bank Offered Rate for the relevant term, plus in each case, an applicable margin. The applicable margin is 1.13 percent per year, subject to adjustment based on the credit rating assigned to our senior unsecured debt. | ||||||||||||
Long-term debt: | ||||||||||||
Long-term debt consists of the following: | ||||||||||||
(in Millions) | December 31, 2013 | |||||||||||
Interest Rate | Maturity | 12/31/13 | 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% | 2014-2035 | $ | 174 | $ | 176.7 | ||||||
Senior notes (less unamortized discount of $2.2 and $1.8, respectively) | 3.95-5.2% | 2019-2024 | 997.8 | 598.2 | ||||||||
Credit Facility (1) | 2.40% | 2017 | — | 130 | ||||||||
Foreign debt | 0-8.9% | 2014-2023 | 17 | 9.6 | ||||||||
Total long-term debt | 1,188.80 | 914.5 | ||||||||||
Less: debt maturing within one year | 34.7 | 5.7 | ||||||||||
Total long-term debt, less current portion | $ | 1,154.10 | $ | 908.8 | ||||||||
____________________ | ||||||||||||
-1 | Letters of credit outstanding under the Credit Facility totaled $73.2 million and available funds under this facility were $770.8 million at December 31, 2013 (which reflects borrowing under our commercial paper program). | |||||||||||
Maturities of long-term debt | ||||||||||||
Maturities of long-term debt outstanding, excluding discounts, at December 31, 2013, are $34.7 million in 2014, $0.9 million in 2015, $1.0 million in 2016, $0.7 million in 2017, $0.7 million in 2018 and $1,150.8 million thereafter. | ||||||||||||
Covenants | ||||||||||||
Among other restrictions, the 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 December 31, 2013 was 2.4 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended December 31, 2013 was 19.4 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at December 31, 2013. | ||||||||||||
Compensating Balance Agreements | ||||||||||||
We maintain informal credit arrangements in many foreign countries. Foreign lines of credit, which include overdraft facilities, typically do not require the maintenance of compensating balances, as credit extension is not guaranteed but is subject to the availability of funds. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||||||||||
The funded status of our U.S. qualified and nonqualified defined benefit pension plans, our United Kingdom, Ireland, Belgium, and Norway defined benefit pension plans, plus our U.S. other postretirement healthcare and life insurance benefit plans for continuing operations, together with the associated balances and net periodic benefit cost recognized in our consolidated financial statements as of December 31, are shown in the tables below. | ||||||||||||||||||||||||
We are required to recognize in our consolidated balance sheets the overfunded and underfunded status of our defined benefit postretirement plans. The overfunded or underfunded status is defined as the difference between the fair value of plan assets and the projected benefit obligation. We are also required to recognize as a component of other comprehensive income the actuarial gains and losses and the prior service costs and credits that arise during the period. | ||||||||||||||||||||||||
The following table summarizes the weighted-average assumptions used and components of our defined benefit postretirement plans. The following tables also reflect a measurement date of December 31: | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in Millions, except for percentages) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Following are the weighted average assumptions used to determine the benefit obligations at December 31: | ||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.15 | % | 4.95 | % | 4.15 | % | ||||||||||||||||
Rate of compensation increase | 3.4 | % | 3.4 | % | — | % | — | % | ||||||||||||||||
Accumulated benefit obligation: | ||||||||||||||||||||||||
Plans with unfunded accumulated benefit obligation | $ | 1,255.30 | $ | 1,367.30 | $ | — | $ | — | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 1,428.10 | $ | 1,268.30 | $ | 29.2 | $ | 28.4 | ||||||||||||||||
Service cost | 22 | 20.2 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 57.7 | 61.3 | 1 | 1.4 | ||||||||||||||||||||
Actuarial loss (gain) | (103.6 | ) | 140.7 | (4.2 | ) | 3 | ||||||||||||||||||
Amendments | 0.7 | — | — | — | ||||||||||||||||||||
Foreign currency exchange rate changes | 0.6 | 3.4 | 0.1 | (0.1 | ) | |||||||||||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | ||||||||||||||||||||
Settlements | (16.1 | ) | — | — | — | |||||||||||||||||||
Curtailments | — | (3.0 | ) | — | — | |||||||||||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | ||||||||||||||||
Projected benefit obligation at December 31 | 1,315.20 | 1,428.10 | 23.5 | 29.2 | ||||||||||||||||||||
Change in fair value of plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | 1,060.20 | 918.8 | — | — | ||||||||||||||||||||
Actual return on plan assets | 250.9 | 127.2 | — | — | ||||||||||||||||||||
Foreign currency exchange rate changes | 0.7 | 3.1 | — | — | ||||||||||||||||||||
Company contributions | 63.9 | 73.9 | 2.7 | 3.6 | ||||||||||||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | ||||||||||||||||||||
Settlements | (16.1 | ) | — | — | — | |||||||||||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | ||||||||||||||||
Fair value of plan assets at December 31 | 1,285.40 | 1,060.20 | — | — | ||||||||||||||||||||
Net funded status of the plan (liability) | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) | ||||||||||||
Amount recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Pension other asset (2) | $ | 17.2 | $ | — | $ | — | $ | — | ||||||||||||||||
Accrued benefit liability | (47.0 | ) | (367.9 | ) | (23.5 | ) | (29.2 | ) | ||||||||||||||||
Total | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
-2 | Included in “Other assets” on the consolidated balance sheets. | |||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Prior service (cost) credit | $ | (6.3 | ) | $ | (7.7 | ) | $ | — | $ | — | ||||||||||||||
Net actuarial (loss) gain | (281.7 | ) | (620.3 | ) | 13 | 10.7 | ||||||||||||||||||
Accumulated other comprehensive income (loss) – pretax | (288.0 | ) | (628.0 | ) | 13 | 10.7 | ||||||||||||||||||
Accumulated other comprehensive income (loss) – net of tax | $ | (182.5 | ) | $ | (394.2 | ) | $ | 8.1 | $ | 6.7 | ||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current year net actuarial loss (gain) | $ | (276.3 | ) | $ | 84.3 | $ | (4.2 | ) | $ | 3 | ||||||||||||||
Current year prior service cost (credit) | 0.7 | — | — | — | ||||||||||||||||||||
Amortization of net actuarial (loss) gain | (59.3 | ) | (51.2 | ) | 2 | 2.4 | ||||||||||||||||||
Amortization of prior service (cost) credit | (2.1 | ) | (2.1 | ) | — | 0.2 | ||||||||||||||||||
Foreign currency exchange rate changes on the above line items | 1 | 0.9 | — | — | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss, before taxes | $ | (336.0 | ) | $ | 31.9 | $ | (2.2 | ) | $ | 5.6 | ||||||||||||||
Total recognized in other comprehensive (income) loss, after taxes | $ | (211.7 | ) | $ | 20.7 | $ | (1.4 | ) | $ | 4.6 | ||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
The estimated net actuarial loss and prior service cost for our pension plans that will be amortized from accumulated other comprehensive income (loss) into our net annual benefit cost (income) during 2014 are $31.4 million and $1.7 million, respectively. The estimated net actuarial gain for our other benefits that will be amortized from accumulated other comprehensive income (loss) into net annual benefit cost (income) during 2014 will be $1.6 million. | ||||||||||||||||||||||||
The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
(in Millions, except for percentages) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 4.15 | % | 4.95 | % | 5.4 | % | 4.15 | % | 4.95 | % | 5.4 | % | ||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 8.5 | % | — | — | — | |||||||||||||||
Rate of compensation increase | 3.4 | % | 3.4 | % | 4.2 | % | — | — | — | |||||||||||||||
Components of net annual benefit cost (in millions): | ||||||||||||||||||||||||
Service cost | $ | 22 | $ | 20.2 | $ | 18.8 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 57.7 | 61.3 | 61.6 | 1 | 1.4 | 1.5 | ||||||||||||||||||
Expected return on plan assets | (78.0 | ) | (76.6 | ) | (82.5 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 2.1 | 2.1 | 1.9 | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of net actuarial and other (gain) loss | 51.9 | 51.2 | 36.3 | (1.9 | ) | (2.4 | ) | (2.4 | ) | |||||||||||||||
Recognized (gain) loss due to settlement and curtailments | 7.4 | — | — | — | — | — | ||||||||||||||||||
Net annual benefit cost from continuing operations | $ | 63.1 | $ | 58.2 | $ | 36.1 | $ | (0.8 | ) | $ | (1.1 | ) | $ | (1.0 | ) | |||||||||
___________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
Our U.S. qualified defined benefit pension plan (“U.S. Plan”) holds the majority of our pension plan assets. The expected long-term rate of return on these plan assets was 7.75 percent for 2013 and 2012 and 8.50 percent for 2011. In developing the assumption for the long-term rate of return on assets for our U.S. Plan, we take into consideration the technical analysis performed by our outside actuaries, including historical market returns, information on the assumption for long-term real returns by asset class, inflation assumptions and expectations for standard deviation related to these best estimates. We also consider the historical performance of our own plan’s trust, which has earned a compound annual rate of return of approximately 9.9 percent over the last 20 years (which is in excess of comparable market indices for the same period) as well as other factors. Given an actively managed investment portfolio, the expected annual rates of return by asset class for our portfolio, assuming an estimated inflation rate of approximately 2.2 percent, is between 7.0 percent and 9.0 percent for equities, and between 4.5 percent and 5.0 percent for fixed-income investments, which generates a total expected portfolio return that is in line with our assumption for the rate of return on assets. The target asset allocation for 2013, by asset category, is 75 to 85 percent equity securities, 15 to 25 percent fixed income investments and zero to five percent cash and other short-term investments. | ||||||||||||||||||||||||
Our U.S. qualified pension plan’s investment strategy consists of a total return investment management approach using a portfolio mix of equities and fixed income investments to maximize the long-term return of plan assets for an appropriate level of risk. The goal of this strategy is to minimize plan expenses by matching asset growth to the plan’s liabilities over the long run. Furthermore, equity investments are weighted towards value equities and diversified across U.S. and non-U.S. stocks. Derivatives and hedging instruments may be used effectively to manage and balance risks associated with the plan’s investments. Investment performance and related risks are measured and monitored on an ongoing basis through annual liability measurements, periodic asset and liability studies, and quarterly investment portfolio reviews. | ||||||||||||||||||||||||
The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 18 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. | ||||||||||||||||||||||||
(in Millions) | 12/31/13 | Quoted Prices | Significant | Significant | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash and short-term investments | $ | 55.2 | $ | 55.2 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock | 740.5 | 740.5 | — | — | ||||||||||||||||||||
Preferred stock | 4.7 | 4.7 | — | — | ||||||||||||||||||||
Mutual funds and other investments (1) | 289.1 | 193.3 | 95.8 | — | ||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||
Investment contracts | 180.6 | — | 180.6 | — | ||||||||||||||||||||
Mutual funds | 9.3 | 9.3 | — | — | ||||||||||||||||||||
Corporate debt instruments | 1.8 | 1.8 | — | — | ||||||||||||||||||||
Government debt | 3.4 | 3.4 | — | — | ||||||||||||||||||||
Other investments | ||||||||||||||||||||||||
Real estate/property | 0.7 | — | — | 0.7 | ||||||||||||||||||||
Other | 0.1 | — | — | 0.1 | ||||||||||||||||||||
Total assets | $ | 1,285.40 | $ | 1,008.20 | $ | 276.4 | $ | 0.8 | ||||||||||||||||
(in Millions) | 12/31/12 | Quoted Prices | Significant | Significant | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash and short-term investments | $ | 50.3 | $ | 50.3 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock | 556.3 | 556.3 | — | — | ||||||||||||||||||||
Preferred stock | 6.3 | 6.3 | — | — | ||||||||||||||||||||
Mutual funds and other investments (1) | 232.7 | 158.2 | 74.5 | — | ||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||
Investment contracts | 200.8 | — | 200.8 | — | ||||||||||||||||||||
Mutual funds | 9.4 | 9.4 | — | — | ||||||||||||||||||||
Corporate debt instruments | 1 | 1 | — | — | ||||||||||||||||||||
Government debt | 2.7 | 2.7 | — | — | ||||||||||||||||||||
Other investments | ||||||||||||||||||||||||
Real estate/property | 0.6 | — | — | 0.6 | ||||||||||||||||||||
Other | 0.1 | — | — | 0.1 | ||||||||||||||||||||
Total assets | $ | 1,060.20 | $ | 784.2 | $ | 275.3 | $ | 0.7 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | As of December 31, 2013 and 2012 we have $95.8 million and $74.5 million, respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. | |||||||||||||||||||||||
The change in the value of plan assets using significant unobservable inputs (Level 3) from December 31, 2012 to December 31, 2013 was not material for the period presented. There were no changes to the Level 3 investments during 2011. | ||||||||||||||||||||||||
We made the following contributions to our pension and other postretirement benefit plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||||||||||||||
U.S. qualified pension plan | $ | 40 | $ | 65 | ||||||||||||||||||||
U.S. nonqualified pension plan | 19.8 | 5 | ||||||||||||||||||||||
Non-U.S. plans | 5.5 | 3.9 | ||||||||||||||||||||||
Other postretirement benefits, net of participant contributions | 2.7 | 3.6 | ||||||||||||||||||||||
Total | $ | 68 | $ | 77.5 | ||||||||||||||||||||
We expect our voluntary cash contributions to our U.S. qualified pension plan to be $50 million in 2014. | ||||||||||||||||||||||||
The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: | ||||||||||||||||||||||||
Estimated Net Future Benefit Payments | ||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||
2014 | $78.50 | |||||||||||||||||||||||
2015 | 75.5 | |||||||||||||||||||||||
2016 | 79 | |||||||||||||||||||||||
2017 | 82.2 | |||||||||||||||||||||||
2018 | 84.4 | |||||||||||||||||||||||
2019-2023 | $458.70 | |||||||||||||||||||||||
Assumed health care cost trend rates have an effect on the other postretirement benefit obligations and net periodic other postretirement benefit costs reported for the health care portion of the other postretirement plan. A one-percentage point change in the assumed health care cost trend rates would be immaterial to our net periodic other postretirement benefit costs for the year ended December 31, 2013, and our other postretirement benefit obligation at December 31, 2013. | ||||||||||||||||||||||||
FMC Corporation Savings and Investment Plan. The FMC Corporation Savings and Investment Plan is a qualified salary-reduction plan under Section 401(k) of the Internal Revenue Code in which substantially all of our U.S. employees may participate by contributing a portion of their compensation. For eligible employees participating in the Plan, except for those employees covered by certain collective bargaining agreements, the Company makes matching contributions of 80 percent of the portion of those contributions up to five percent of the employee’s compensation. Eligible employees participating in the Plan that do not participate in the U.S. qualified pension plan are entitled to receive an employer contribution of five percent of the employee’s eligible compensation. Charges against income for both of these contributions were $11.8 million in 2013, $10.2 million in 2012, and $10.6 million in 2011. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-based Compensation | ' | ||||||||||||
Share-based Compensation | |||||||||||||
Stock Compensation Plans | |||||||||||||
We have a share-based compensation plan, which has been approved by the stockholders, for certain employees, officers and directors. This plan is described below. | |||||||||||||
FMC Corporation Incentive Compensation and Stock Plan | |||||||||||||
The FMC Corporation Incentive Compensation and Stock Plan (the “Plan”) provides for the grant of a variety of cash and equity awards to officers, directors, employees and consultants, including stock options, restricted stock, performance units (including restricted stock units), stock appreciation rights, and multi-year management incentive awards payable partly in cash and partly in common stock. The Compensation and Organization Committee of the Board of Directors (the “Committee”), subject to the provisions of the Plan, approves financial targets, award grants, and the times and conditions for payment of awards to employees. The FMC Corporation Non-Employee Directors’ Compensation Policy (formerly the FMC Corporation Compensation Plan for Non-Employee Directors), administered by the Nominating and Corporate Governance Committee of the Board of Directors, sets forth the compensation to be paid to the directors, including awards (currently restricted stock units only) to be made to directors under the Plan. | |||||||||||||
Stock options granted under the Plan may be incentive or nonqualified stock options. The exercise price for stock options may not be less than the fair market value of the stock at the date of grant. Awards granted under the Plan vest or become exercisable or payable at the time designated by the Committee, which has generally been three years from the date of grant. Incentive and nonqualified options granted under the Plan expire not later than 10 years from the grant date. | |||||||||||||
Under the Plan, awards of restricted stock and restricted stock units may be made to selected employees. The awards vest over periods designated by the Committee, which has generally been 3 years, with payment conditional upon continued employment. Compensation cost is recognized over the vesting periods based on the market value of the stock on the date of the award. Restricted stock units granted to directors under the Plan vest immediately if granted as part of, or in lieu of, the annual retainer (but are subject to forfeiture on a pro rata basis if the director does not serve the full year except under certain circumstances); other restricted stock units granted to directors vest at the Annual Meeting of Shareholders in the calendar year following the May 1 annual grant date. | |||||||||||||
The total number of shares of common stock authorized for issuance under the Plan is 28.8 million, which is in addition to the shares available from predecessor plans. Cancellations (through expiration, forfeiture or otherwise) of outstanding awards increase the shares available for future awards or grants. At December 31, 2013, 8.0 million shares of FMC common stock were reserved for share based awards which represents the sum of available future grants of share based awards of 5.3 million and unvested share-based awards of 2.7 million. | |||||||||||||
At December 31, 2013 and 2012, there were restricted stock units representing an aggregate of 142,200 shares and 119,482 shares of common stock, respectively, credited to the directors’ accounts. | |||||||||||||
Stock Compensation | |||||||||||||
We recognized the following stock compensation expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in Millions) | 2013 | 2012 | 2011 | ||||||||||
Stock Option Expense, net of taxes of $2.4, $2.7 and $2.3 (1) | $ | 4.2 | $ | 4.4 | $ | 3.7 | |||||||
Restricted Stock Expense, net of taxes of $3.1, $3.9 and $3.7 (2) | 5.5 | 6.4 | 6.1 | ||||||||||
Total Stock Compensation Expense, net of taxes of $5.5, $6.6 and $6.0 (3) | $ | 9.7 | $ | 10.8 | $ | 9.8 | |||||||
____________________ | |||||||||||||
(1) We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. | |||||||||||||
(2) We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. | |||||||||||||
(3) This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense of $1.0 million, $1.4 million, and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, is included in the discontinued operations held for sale in the Consolidated Statements of Income. | |||||||||||||
We received $10.7 million, $18.8 million and $11.3 million in cash related to stock option exercises for the years ended December 31, 2013, 2012 and 2011, respectively. The shares used for the exercise of stock options occurring during the years ended December 31, 2013, 2012 and 2011 came from treasury shares. | |||||||||||||
For tax purposes, share-based compensation expense is deductible in the year of exercise or vesting based on the intrinsic value of the award on the date of exercise or vesting. For financial reporting purposes, share-based compensation expense is based upon grant-date fair value and amortized over the vesting period. Excess tax benefits represent the difference between the share-based compensation expense for financial reporting purposes and the deduction taken for tax purposes. The excess tax benefits for the years ended December 31, 2013, 2012 and 2011 totaled $7.1 million, $9.7 million and $7.4 million, respectively. | |||||||||||||
Stock Options | |||||||||||||
The grant-date fair values of the stock options we granted in the years ended December 31, 2013, 2012 and 2011 were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. The expected volatility assumption is based on the actual historical experience of our common stock. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury securities with terms equal to the expected timing of stock option exercises as of the grant date. The dividend yield assumption reflects anticipated dividends on our common stock. | |||||||||||||
Black Scholes valuation assumptions for stock option grants: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected dividend yield | 0.91% | 0.63% | 0.61% | ||||||||||
Expected volatility | 42.10% | 42.09% | 41.61% | ||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||
Risk-free interest rate | 1.29% | 1.30% | 2.84% | ||||||||||
The weighted-average grant-date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $23.32, $19.26 and $17.59 per share, respectively. | |||||||||||||
The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2013: | |||||||||||||
Number of Options Granted | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||
But Not Exercised | Remaining | Exercise Price Per Share | Value | ||||||||||
Contractual Life | |||||||||||||
(in Years) | |||||||||||||
Number of Shares in Thousands | (In Millions) | ||||||||||||
December 31, 2010 (1,554 shares exercisable) | 3,170 | 6.4 years | $ | 20.17 | $ | 62.8 | |||||||
Granted | 432 | 40.89 | |||||||||||
Exercised | (750 | ) | 15.05 | 19.7 | |||||||||
Forfeited | (42 | ) | 23.08 | ||||||||||
December 31, 2011 (1,340 shares exercisable) | 2,810 | 6.4 years | $ | 24.67 | $ | 51.6 | |||||||
Granted | 422 | 47.58 | |||||||||||
Exercised | (943 | ) | 19.86 | 30.7 | |||||||||
Forfeited | (50 | ) | 39.24 | ||||||||||
December 31, 2012 (932 shares exercisable) | 2,239 | 6.5 years | $ | 30.69 | $ | 62.3 | |||||||
Granted | 339 | 59.47 | |||||||||||
Exercised | (462 | ) | 23.2 | 18.1 | |||||||||
Forfeited | (58 | ) | 42.75 | ||||||||||
December 31, 2013 (948 shares exercisable and 2,017 shares expected to vest or be exercised) | 2,058 | 5.9 years | $ | 36.76 | $ | 79.6 | |||||||
The number of stock options indicated in the above table as being exercisable as of December 31, 2013, had an intrinsic value of $49.8 million, a weighted-average remaining contractual term of 4.0 years, and a weighted-average exercise price of $22.87. | |||||||||||||
As of December 31, 2013, we had total remaining unrecognized compensation cost related to unvested stock options of $7.3 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.7 years. | |||||||||||||
Restricted Equity Awards | |||||||||||||
The grant-date fair value of restricted stock awards and stock units under the Plan is based on the market price per share of our common stock on the date of grant, and the related compensation cost is amortized to expense on a straight-line basis over the vesting period during which the employees perform related services, which is typically three years except for those eligible for retirement prior to the stated vesting period. | |||||||||||||
The following table shows our employee restricted award activity for the three years ended December 31, 2013: | |||||||||||||
Number of Awards in Thousands | Number of | Weighted- | |||||||||||
awards | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at December 31, 2010 | 912 | $ | 26.86 | ||||||||||
Granted | 182 | 40.76 | |||||||||||
Vested | -320 | 24.25 | |||||||||||
Forfeited | -16 | 25.58 | |||||||||||
Nonvested at December 31, 2011 | 758 | $ | 31.33 | ||||||||||
Granted | 221 | 49.88 | |||||||||||
Vested | -257 | 27.6 | |||||||||||
Forfeited | -18 | 39.21 | |||||||||||
Nonvested at December 31, 2012 | 704 | $ | 38.29 | ||||||||||
Granted | 150 | 58.95 | |||||||||||
Vested | -326 | 31.76 | |||||||||||
Forfeited | -5 | 51.61 | |||||||||||
Nonvested at December 31, 2013 | 523 | $ | 49.07 | ||||||||||
As of December 31, 2013, we had total remaining unrecognized compensation cost related to unvested restricted awards of $10.0 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.9 years. |
Equity
Equity | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity [Abstract] | ' | |||||||
Equity | ' | |||||||
Equity | ||||||||
The following is a summary of our capital stock activity over the past three years: | ||||||||
Common | Treasury | |||||||
Stock Shares | Stock Shares | |||||||
December 31, 2010 | 185,983,792 | 43,012,104 | ||||||
Stock options and awards | — | (918,946 | ) | |||||
Repurchases of common stock, net | — | 4,216,318 | ||||||
31-Dec-11 | 185,983,792 | 46,309,476 | ||||||
Stock options and awards | — | (1,156,452 | ) | |||||
Repurchases of common stock, net | — | 3,160,390 | ||||||
31-Dec-12 | 185,983,792 | 48,313,414 | ||||||
Stock options and awards | — | (753,389 | ) | |||||
Repurchases of common stock, net | — | 5,538,078 | ||||||
31-Dec-13 | 185,983,792 | 53,098,103 | ||||||
Accumulated other comprehensive gain (loss) consisted of the following: | ||||||||
December 31, | ||||||||
(in Millions) | 2013 | 2012 | ||||||
Deferred (loss) gain on derivative contracts | $ | (6.1 | ) | $ | (1.5 | ) | ||
Pension and other postretirement liability adjustment | (170.5 | ) | (380.4 | ) | ||||
Foreign currency translation adjustments | (25.3 | ) | (27.0 | ) | ||||
Accumulated other comprehensive gain (loss) | $ | (201.9 | ) | $ | (408.9 | ) | ||
FMC Wyoming | ||||||||
In 2013 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 | ||||||||
On January 16, 2014, we paid dividends totaling $18.0 million to our shareholders of record as of December 31, 2013. This amount is included in “Accrued and other liabilities” on the consolidated balance sheets as of December 31, 2013. For the years ended December 31, 2013, 2012 and 2011, we paid $73.6 million, $47.8 million and $41.2 million in dividends, respectively. | ||||||||
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. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. | ||||||||
In July 2013 we entered into an accelerated share repurchase agreement (ASR) and paid $250 million to a financial institution for an initial delivery of 3,145,643 shares. The repurchase took place 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 million as a forward contract indexed to our common stock in additional paid in capital. Final settlement of the ASR occurred on December 20, 2013 when we purchased the remaining $50 million of common stock under the ASR. The final number of shares that we repurchased under the ASR was 3,573,907 shares at a weighed average price of $69.95 per share. |
Reclassifications_of_Accumulat
Reclassifications of Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income | ' | ||||||||||||||
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 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 Consolidated Statements of Income | |||||||||||||
Year ended December 31, | |||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | ||||||||||||
Derivative instruments: | |||||||||||||||
Foreign currency contracts | $ | (0.1 | ) | $ | 11.5 | $ | 0.5 | Costs of sales and services | |||||||
Energy contracts | (0.6 | ) | (9.8 | ) | (8.1 | ) | Costs of sales and services | ||||||||
Foreign currency contracts | 0.5 | (10.5 | ) | (2.4 | ) | Selling, general and administrative expenses | |||||||||
Other contracts | (0.2 | ) | (0.1 | ) | — | Interest expense, net | |||||||||
$ | (0.4 | ) | $ | (8.9 | ) | (10.0 | ) | Total before tax | |||||||
0.1 | 3 | 3.4 | Income tax (expense) benefit | ||||||||||||
$ | (0.3 | ) | $ | (5.9 | ) | (6.6 | ) | Amount included in net income | |||||||
Pension and other postretirement benefits (2): | |||||||||||||||
Amortization of prior service costs | $ | (2.0 | ) | $ | (1.9 | ) | $ | (1.7 | ) | Selling, general and administrative expenses | |||||
Amortization of unrecognized net actuarial and other gains (losses) | (48.3 | ) | (46.9 | ) | (31.7 | ) | Selling, general and administrative expenses | ||||||||
Recognized loss due to settlement | (7.4 | ) | — | — | Selling, general and administrative expenses | ||||||||||
$ | (57.7 | ) | $ | (48.8 | ) | $ | (33.4 | ) | Total before tax | ||||||
21.8 | 18.4 | 13.3 | Income tax (expense) benefit | ||||||||||||
$ | (35.9 | ) | $ | (30.4 | ) | $ | (20.1 | ) | Amount included in net income | ||||||
Total reclassifications for the period | $ | (36.2 | ) | $ | (36.3 | ) | $ | (26.7 | ) | Amount included in net income | |||||
____________________ | |||||||||||||||
-1 | Amounts in parentheses indicate charges to the 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 13. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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. For the years ended December 31, 2013 and 2011 there were 374,400 and 430,812 potential common shares excluded from Diluted EPS. For the year ended December 31, 2012 there were no potential common shares excluded from Diluted EPS. | ||||||||||||
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. | ||||||||||||
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: | ||||||||||||
(in Millions, Except Share and Per Share Data) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||
Continuing operations, net of income taxes | $ | 453.2 | $ | 443.7 | $ | 404 | ||||||
Discontinued operations, net of income taxes | (159.3 | ) | (27.5 | ) | (38.1 | ) | ||||||
Net income | $ | 293.9 | $ | 416.2 | $ | 365.9 | ||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (1.6 | ) | (2.0 | ) | (1.9 | ) | ||||||
Net income allocable to common stockholders | $ | 292.3 | $ | 414.2 | $ | 364 | ||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 3.34 | $ | 3.21 | $ | 2.83 | ||||||
Discontinued operations | (1.18 | ) | (0.20 | ) | (0.26 | ) | ||||||
Net income | $ | 2.16 | $ | 3.01 | $ | 2.57 | ||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 3.33 | $ | 3.2 | $ | 2.81 | ||||||
Discontinued operations | (1.17 | ) | (0.20 | ) | (0.26 | ) | ||||||
Net income | $ | 2.16 | $ | 3 | $ | 2.55 | ||||||
Shares (in thousands): | ||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 135,209 | 137,701 | 142,056 | |||||||||
Weighted average additional shares assuming conversion of potential common shares | 928 | 1,112 | 1,252 | |||||||||
Shares – diluted basis | 136,137 | 138,813 | 143,308 | |||||||||
Financial_Instrument_Risk_Mana
Financial Instrument, Risk Management and Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Financial Instrument, Risk Management and Fair Value Measurements | ' | |||||||||||||||||||
Financial Instruments, Risk Management and Fair Value Measurements | ||||||||||||||||||||
Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: | ||||||||||||||||||||
Financial Instrument | Valuation Method | |||||||||||||||||||
Foreign Exchange Forward Contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. | |||||||||||||||||||
Commodity Forward and Option Contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |||||||||||||||||||
Debt | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. | |||||||||||||||||||
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from, or corroborated by, observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $1,895.8 million and $1,056.3 million and the carrying amount is $1,851.9 million and $964.4 million as of December 31, 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 19). 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, interest rate risk, and commodity purchase exposures, through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. | ||||||||||||||||||||
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. | ||||||||||||||||||||
Foreign Currency Exchange Risk Management | ||||||||||||||||||||
We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that includes the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets. | ||||||||||||||||||||
The primary currency movements for which we have exchange-rate exposure are the U.S. dollar versus the euro, the U.S. dollar versus the Chinese yuan, the U.S. dollar versus the Brazilian real and the U.S. dollar versus the Argentine peso. | ||||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||||
We are exposed to risks in energy costs due to fluctuations in energy prices, particularly natural gas. We attempt to mitigate our exposure to increasing energy costs by hedging the cost of future deliveries of natural gas and entering into fixed-price contracts for the purchase of coal and fuel oil. | ||||||||||||||||||||
Our Agricultural Solutions segment enters into contracts with certain customers in Brazil whereby we exchange our products for physical delivery of soybeans from the customer. In order to mitigate the price risk associated with these barter contracts, we have entered into offsetting derivatives to hedge our exposure. | ||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||
We use various strategies to manage our interest rate exposure, including entering into interest rate swap agreements to achieve a targeted mix of fixed and variable-rate debt. In the agreements we exchange, at specified intervals, the difference between fixed and variable-interest amounts calculated on an agreed-upon notional principal amount. As of December 31, 2013 and December 31, 2012, we had no such swap agreements in place. | ||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||
Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote. | ||||||||||||||||||||
Financial Guarantees and Letter-of-Credit Commitments | ||||||||||||||||||||
We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance-sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit and other assistance to customers (Notes 1 and 19). Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees, is based on our evaluation of creditworthiness on a case-by-case basis. | ||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we 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 accumulated other comprehensive income or loss (“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. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. | ||||||||||||||||||||
As of December 31, 2013, we had open foreign currency forward contracts in AOCI in a net after-tax loss position of $7.5 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2014. At December 31, 2013, we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $565 million. | ||||||||||||||||||||
As of December 31, 2013, we had current open commodity contracts in AOCI in a net after-tax gain position of $0.1 million designated as cash flow hedges of underlying forecasted purchases, primarily natural gas. Current open commodity contracts hedge forecasted transactions until December 31, 2014. At December 31, 2013, we had 5.2 million mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. | ||||||||||||||||||||
Of the $7.4 million of net after-tax losses, representing both open foreign currency exchange contracts and open commodity contracts, approximately $7.4 million of these losses would be realized in earnings during the twelve months ending December 31, 2014, if spot rates in the future are consistent with forward rates as of December 31, 2013. The actual effect on earnings will be dependent on actual spot rates when the forecasted transactions occur. We recognize derivative gains and losses in the “Costs of sales and services” line in the consolidated statements of income. | ||||||||||||||||||||
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 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 $958 million at December 31, 2013. We held an immaterial amount of bushels, in aggregate notional volume of outstanding soybean contracts, to hedge outstanding barter contracts at December 31, 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 December 31, 2013 and 2012. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
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 | $ | 6.3 | $ | 5.5 | $ | 11.8 | $ | (6.7 | ) | $ | 5.1 | |||||||||
Energy contracts | 0.7 | — | 0.7 | (0.2 | ) | 0.5 | ||||||||||||||
Total derivative assets (1) | 7 | 5.5 | 12.5 | (6.9 | ) | 5.6 | ||||||||||||||
Foreign exchange contracts | (17.7 | ) | (0.6 | ) | (18.3 | ) | 6.7 | (11.6 | ) | |||||||||||
Energy contracts | (0.6 | ) | — | (0.6 | ) | 0.2 | (0.4 | ) | ||||||||||||
Total derivative liabilities (2) | (18.3 | ) | (0.6 | ) | (18.9 | ) | 6.9 | (12.0 | ) | |||||||||||
Net derivative assets/(liabilities) | $ | (11.3 | ) | $ | 4.9 | $ | (6.4 | ) | $ | — | $ | (6.4 | ) | |||||||
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 consolidated balance sheets. | |||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||
The following tables provide the impact of derivative instruments and related hedged items on the consolidated statements of income for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||
Contracts (2) | ||||||||||||||||||||
(in Millions) | Foreign exchange | Energy | Other | Total | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2010 | $ | 0.4 | $ | (3.9 | ) | $ | — | $ | (3.5 | ) | ||||||||||
2011 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | (3.1 | ) | (5.9 | ) | (1.3 | ) | (10.3 | ) | ||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | 1.6 | 5 | — | 6.6 | ||||||||||||||||
(1.5 | ) | (0.9 | ) | (1.3 | ) | (3.7 | ) | |||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2011 | $ | (1.1 | ) | $ | (4.8 | ) | $ | (1.3 | ) | $ | (7.2 | ) | ||||||||
2012 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | 2.1 | (2.3 | ) | — | (0.2 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | (0.3 | ) | 6.1 | 0.1 | 5.9 | |||||||||||||||
1.8 | 3.8 | 0.1 | 5.7 | |||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2012 | $ | 0.7 | $ | (1.0 | ) | $ | (1.2 | ) | $ | (1.5 | ) | |||||||||
2013 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | (8.0 | ) | 0.7 | 2.4 | (4.9 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | (0.2 | ) | 0.4 | 0.1 | 0.3 | |||||||||||||||
(8.2 | ) | 1.1 | 2.5 | (4.6 | ) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2013 | $ | (7.5 | ) | $ | 0.1 | $ | 1.3 | $ | (6.1 | ) | ||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income. | |||||||||||||||||||
-2 | For the years ended December 31, 2013, 2012 and 2011, there was no material ineffectiveness with regard to cash flow hedges. | |||||||||||||||||||
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 | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Foreign Exchange contracts | Cost of Sales and Services | $ | 11.2 | $ | 6.7 | $ | 3.3 | |||||||||||||
Commodity contracts: | ||||||||||||||||||||
Energy contracts | Cost of Sales and Services | — | — | (0.2 | ) | |||||||||||||||
Total | $ | 11.2 | $ | 6.7 | $ | 3.1 | ||||||||||||||
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. | ||||||||||||||||||||
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||
(in Millions) | December 31, 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) | ||||||||||||||||||||
Energy contracts | $ | 0.5 | $ | — | $ | 0.5 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (1) | 5.1 | — | 5.1 | — | ||||||||||||||||
Other (2) | 32.7 | 32.7 | — | — | ||||||||||||||||
Total Assets | $ | 38.3 | $ | 32.7 | $ | 5.6 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives – Commodities: (3) | ||||||||||||||||||||
Energy contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (3) | 11.6 | — | 11.6 | — | ||||||||||||||||
Other (4) | 37.4 | 37.4 | — | — | ||||||||||||||||
Total Liabilities | $ | 49.4 | $ | 37.4 | $ | 12 | $ | — | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Amounts included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-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 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) | ||||||||||||||||||||
Energy 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: (3) | ||||||||||||||||||||
Energy contracts | $ | 1.5 | $ | — | $ | 1.5 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (3) | 2.4 | — | 2.4 | — | ||||||||||||||||
Acquisition (4) | 1 | — | — | 1 | ||||||||||||||||
Other (5) | 39.8 | 39.8 | — | — | ||||||||||||||||
Total Liabilities | $ | 44.7 | $ | 39.8 | $ | 3.9 | $ | 1 | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Amounts included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-4 | Represents contingent consideration associated with the acquisitions during 2011. See Note 3 for more information. The changes in this Level 3 liability were not material for the period presented. | |||||||||||||||||||
-5 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. | |||||||||||||||||||
The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2013 and 2012. See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. | ||||||||||||||||||||
(in Millions) | Year ended December 31, 2013 | Quoted | Significant | Significant | Total Gains (Losses) (Year Ended December 31, 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) | $ | 150.1 | $ | — | $ | — | $ | 150.1 | $ | (156.7 | ) | |||||||||
Long-lived assets associated with exit activities (2) | 2.6 | — | — | 2.6 | (1.9 | ) | ||||||||||||||
Total Assets | $ | 152.7 | $ | — | $ | — | $ | 152.7 | $ | (158.6 | ) | |||||||||
Liabilities | ||||||||||||||||||||
Liabilities associated with exit activities (3) | $ | — | $ | — | $ | — | $ | — | $ | (7.2 | ) | |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | $ | (7.2 | ) | |||||||||
____________________ | ||||||||||||||||||||
-1 | As further discussed in Note 9, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the year ended December 31, 2013. Our evaluation of fair value, less cost to sell was based on the signed definitive agreement with One Equity Partners. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated net CTA losses of our foreign operations which were included in our fair value less cost to sell evaluation. See Note 9 for more information. | |||||||||||||||||||
-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) | Year ended December 31, 2012 | 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 segment 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 our discontinued FMC Peroxygens segment. |
Guarantees_Commitments_and_Con
Guarantees, Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments Guarantees and Contingent Liabilities [Abstract] | ' | |||
Guarantees, Commitments, and Contingencies | ' | |||
Guarantees, Commitments and Contingencies | ||||
We lease office space, plants and facilities, and various types of manufacturing, data processing and transportation equipment. Leases of real estate generally provide for our payment of property taxes, insurance and repairs. Capital leases are not significant. Rent expense under operating leases amounted to $15.7 million, $12.3 million and $19.5 million in 2013, 2012 and 2011, respectively. Rent expense is net of credits (received for the use of leased transportation assets) of $25.0 million, $25.4 million and $23.1 million in 2013, 2012 and 2011, respectively. | ||||
Minimum future rentals under noncancelable leases are estimated to be payable as follows: $26.3 million in 2014, $25.9 million in 2015, $17.3 million in 2016, $15.4 million in 2017, $14.6 million in 2018 and $142.7 million thereafter. Minimum future rentals for transportation assets included above aggregated approximately $60.2 million, against which we expect to continue to receive credits to substantially defray our rental expense. | ||||
Our minimum commitments under our take-or-pay purchase obligations associated with the sourcing of materials and energy total approximately $65.5 million. Since the majority of our minimum obligations under these contracts are over the life of the contract as opposed to a year-by-year basis, we are unable to determine the periods in which these obligations could be payable under these contracts. However, we intend to fulfill the obligations associated with these contracts through our purchases associated with the normal course of business. | ||||
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2013: | ||||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing | $ | 27.9 | ||
Foreign equity method investment debt guarantees | 7.9 | |||
Other debt guarantees of distributor financing | 16.5 | |||
Total | $ | 52.3 | ||
We provide guarantees to financial institutions on behalf of certain Agricultural Solutions customers, principally in Brazil and Mexico, for their seasonal borrowing. The total of these guarantees was $27.9 million and $31.4 million at December 31, 2013 and 2012, respectively, and is recorded on the consolidated balance sheets for each date as “Guarantees of vendor financing”. The change in the guarantees is generally due to the seasonality of the 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 or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. | ||||
Contingencies | ||||
Competition / antitrust litigation related to the discontinued FMC Peroxygens segment. We are subject to actions brought by private plaintiffs relating to alleged violations of European and Canadian competition and antitrust laws, as further described below. | ||||
European competition action. Multiple European purchasers of hydrogen peroxide who claim to have been harmed as a result of alleged violations of European competition law by hydrogen peroxide producers assigned their legal claims to a single entity formed by a law firm. The single entity then filed a lawsuit in Germany in March 2009 against European producers, including our wholly-owned Spanish subsidiary, Foret. Initial defense briefs were filed in April 2010, and an initial hearing was held during the first quarter of 2011, at which time case management issues were discussed. At a subsequent hearing in October 2011, the Court indicated that it was considering seeking guidance from the European Court of Justice (“ECJ”) as to whether the German courts have jurisdiction over these claims. After submission of written comments on this issue by the parties, on March 1, 2012, the judge announced that she would refer the jurisdictional issues to the ECJ, which she did on April 29, 2013. Such a reference to the ECJ normally takes 12-18 months, from the date of formal reference, for completion. Since the case is in the preliminary stages and is based on a novel procedure - namely the attempt to create a cross-border “class action” which is not a recognized proceeding under EU or German law - we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend this matter. | ||||
Canadian antitrust actions. In 2005, after public disclosures of the U.S. federal grand jury investigation into the hydrogen peroxide industry (which resulted in no charges brought against us) and the filing of various class actions in U.S. federal and state courts, which have all been settled, putative class actions against us and five other major hydrogen peroxide producers were filed in provincial courts in Ontario, Quebec and British Columbia under the laws of Canada. The other five defendants have settled these claims for a total of approximately $20.6 million. On September 28, 2009, the Ontario Superior Court of Justice certified a class of direct and indirect purchasers of hydrogen peroxide from 1994 to 2005. Our motion for leave to appeal the class certification decision was denied in June 2010. The case was largely dormant while the Canadian Supreme Court considered, in different litigation, whether indirect purchasers may recover overcharges in antitrust actions. In October 2013 the Court ruled that such recovery is permissible. Despite this ruling, the plaintiffs have now moved to dismiss certain downstream purchasers from the case and to reduce the class period to November 1, 1998 through December 31, 2003 - thereby eliminating six of the eleven years of the originally certified class period. 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 10 for the Pocatello tribal litigation for a legal proceeding associated with our environmental contingencies. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 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 9. | |||||||||||||||||||||||||||||||||||
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) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 2,145.70 | $ | 1,763.80 | $ | 1,464.50 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 762 | 680.8 | 654.3 | |||||||||||||||||||||||||||||||||
FMC Minerals | 970 | 966.2 | 917.5 | |||||||||||||||||||||||||||||||||
Eliminations | (2.9 | ) | (0.9 | ) | — | |||||||||||||||||||||||||||||||
Total | $ | 3,874.80 | $ | 3,409.90 | $ | 3,036.30 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 539 | $ | 454 | $ | 349.8 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 169.5 | 161.6 | 159.4 | |||||||||||||||||||||||||||||||||
FMC Minerals | 128.3 | 171.4 | 175.7 | |||||||||||||||||||||||||||||||||
Eliminations | — | (0.4 | ) | — | ||||||||||||||||||||||||||||||||
Segment operating profit | 836.8 | 786.6 | 684.9 | |||||||||||||||||||||||||||||||||
Corporate and other | (82.7 | ) | (78.6 | ) | (75.3 | ) | ||||||||||||||||||||||||||||||
Operating profit before the items listed below | 754.1 | 708 | 609.6 | |||||||||||||||||||||||||||||||||
Restructuring and other (charges) income (1) | (47.9 | ) | (27.5 | ) | (6.3 | ) | ||||||||||||||||||||||||||||||
Interest expense, net | (42.2 | ) | (40.7 | ) | (35.0 | ) | ||||||||||||||||||||||||||||||
Non-operating pension and postretirement (charges) income (2) | (38.1 | ) | (34.9 | ) | (14.5 | ) | ||||||||||||||||||||||||||||||
Acquisition related charges (3) | (10.0 | ) | (7.2 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Provision for income taxes | (148.6 | ) | (134.5 | ) | (132.9 | ) | ||||||||||||||||||||||||||||||
Discontinued operations, net of income taxes | (159.3 | ) | (27.5 | ) | (38.1 | ) | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (14.1 | ) | (19.5 | ) | (16.3 | ) | ||||||||||||||||||||||||||||||
Net income attributable to FMC stockholders | $ | 293.9 | $ | 416.2 | $ | 365.9 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | See Note 7 for details of restructuring and other charges (income). Amounts for the years ended 2013, 2012 and 2011 relate to FMC Agricultural Solutions of $32.6 million, $8.5 million and $1.2 million; FMC Health and Nutrition of $1.0 million, $0.7 million and $1.5 million; FMC Minerals of $6.4 million, $13.0 million and $0.7 million; and Corporate of $7.9 million, $5.3 million and $2.9 million, respectively. | |||||||||||||||||||||||||||||||||||
-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 with the completion of acquisitions. Charges for the year ended December 31, 2013, represented amortization of inventory fair value step-up of $5.2 million and certain professional fees of $4.8 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for 2012 and 2011 represent amortization of inventory fair value step-up related to a number of acquisitions completed since fourth quarter 2011. On the 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". | |||||||||||||||||||||||||||||||||||
Net sales to external customers for each of our product line groups is presented below. Our FMC Agricultural Solutions and FMC Health and Nutrition segment has one product line group, and therefore net sales to external customers within each of those segments are included in the table above. | ||||||||||||||||||||||||||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||||||||||||
Alkali | $ | 747 | $ | 733.2 | $ | 692.7 | ||||||||||||||||||||||||||||||
Lithium | 223 | 233 | 224.8 | |||||||||||||||||||||||||||||||||
Total FMC Minerals Segment | $ | 970 | $ | 966.2 | $ | 917.5 | ||||||||||||||||||||||||||||||
(in Millions) | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Operating capital employed (1) | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 1,398.10 | $ | 1,184.30 | $ | 903.2 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 1,380.50 | 874.2 | 696.1 | |||||||||||||||||||||||||||||||||
FMC Minerals | 758.4 | 702.1 | 610.2 | |||||||||||||||||||||||||||||||||
Elimination | — | — | (0.2 | ) | ||||||||||||||||||||||||||||||||
Total operating capital employed | 3,537.00 | 2,760.60 | 2,209.30 | |||||||||||||||||||||||||||||||||
Segment liabilities included in total operating capital employed | 1,039.00 | 821.2 | 670.2 | |||||||||||||||||||||||||||||||||
Assets of discontinued operations held for sale | 198.3 | 336.6 | 307.6 | |||||||||||||||||||||||||||||||||
Corporate items | 460.9 | 455.5 | 556.4 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,235.20 | $ | 4,373.90 | $ | 3,743.50 | ||||||||||||||||||||||||||||||
Segment assets (2) | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 2,190.70 | $ | 1,793.70 | $ | 1,382.80 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 1,508.20 | 958.1 | 765.1 | |||||||||||||||||||||||||||||||||
FMC Minerals | 877.1 | 830 | 731.9 | |||||||||||||||||||||||||||||||||
Elimination | — | — | (0.3 | ) | ||||||||||||||||||||||||||||||||
Total segment assets | 4,576.00 | 3,581.80 | 2,879.50 | |||||||||||||||||||||||||||||||||
Assets of discontinued operations held for sale | 198.3 | 336.6 | 307.6 | |||||||||||||||||||||||||||||||||
Corporate items | 460.9 | 455.5 | 556.4 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,235.20 | $ | 4,373.90 | $ | 3,743.50 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | |||||||||||||||||||||||||||||||||||
-2 | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | Capital Expenditures | Depreciation and | Research and | |||||||||||||||||||||||||||||||||
Amortization | Development Expense | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 50.1 | $ | 18.4 | $ | 17.4 | $ | 34.1 | $ | 34.4 | $ | 23.3 | $ | 100.5 | $ | 95.4 | $ | 84.4 | ||||||||||||||||||
FMC Health and Nutrition | 115.7 | 56.5 | 38.8 | 35.4 | 25.8 | 23.1 | 10.5 | 9.9 | 10.1 | |||||||||||||||||||||||||||
FMC Minerals | 50.3 | 92.9 | 88.9 | 53.9 | 52.4 | 50.1 | 6.7 | 6.7 | 6.6 | |||||||||||||||||||||||||||
Corporate | 5.8 | 9.5 | 11.7 | 3.8 | 3.3 | 3.1 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 221.9 | $ | 177.3 | $ | 156.8 | $ | 127.2 | $ | 115.9 | $ | 99.6 | $ | 117.7 | $ | 112 | $ | 101.1 | ||||||||||||||||||
Geographic Segment Information | ||||||||||||||||||||||||||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue from continuing operations (by location of customer): | ||||||||||||||||||||||||||||||||||||
North America (1) | $ | 1,285.10 | $ | 1,107.60 | $ | 1,009.40 | ||||||||||||||||||||||||||||||
Europe/Middle East/Africa | 528.1 | 494.9 | 496.7 | |||||||||||||||||||||||||||||||||
Latin America (1) | 1,382.40 | 1,161.20 | 958.6 | |||||||||||||||||||||||||||||||||
Asia Pacific | 679.2 | 646.2 | 571.6 | |||||||||||||||||||||||||||||||||
Total | $ | 3,874.80 | $ | 3,409.90 | $ | 3,036.30 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | In 2013, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2013, 2012 and 2011 for the U.S. totaled $1,244.8 million, $1,073.4 million and $975.2 million and for Brazil totaled $1,043.1 million, $845.4 million and $694.0 million, respectively. | |||||||||||||||||||||||||||||||||||
(in Millions) | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Long-lived assets (1): | ||||||||||||||||||||||||||||||||||||
North America (2) | $ | 950 | $ | 861.9 | ||||||||||||||||||||||||||||||||
Europe/Middle East/Africa (2) | 736.7 | 463.6 | ||||||||||||||||||||||||||||||||||
Latin America | 168.2 | 141.8 | ||||||||||||||||||||||||||||||||||
Asia Pacific | 343.9 | 245.9 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,198.80 | $ | 1,713.20 | ||||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
-2 | The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2013 and 2012 are the U.S. and Norway. Long lived assets at December 31, 2013 and 2012 for the U.S. totaled $948.0 million and $860.1 million and for Norway totaled $511.3 million and $245.8 million, respectively. Norway assets included goodwill of $273.1 million and $162.3 million at December 31, 2013 and 2012, respectively. |
Supplemental_Information
Supplemental Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Information [Abstract] | ' | |||||||
Supplemental Information | ' | |||||||
Supplemental Information | ||||||||
The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: | ||||||||
Prepaid and other current assets | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Prepaid insurance | $ | 7.1 | $ | 7.1 | ||||
Income and value added tax receivables | 81 | 47 | ||||||
Environmental obligation recoveries (Note 10) | 16.8 | 13.3 | ||||||
Derivative assets (Note 18) | 5.6 | 1.7 | ||||||
Other prepaid and current assets | 126.3 | 103.8 | ||||||
Total | $ | 236.8 | $ | 172.9 | ||||
Other assets | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Debt financing fees, net | $ | 10.6 | $ | 7.7 | ||||
Advance to contract manufacturers | 62.2 | 55.9 | ||||||
Capitalized software, net | 32.5 | 32.8 | ||||||
Environmental obligation recoveries (Note 10) | 18.7 | 38.3 | ||||||
Export tax receivable | 26.6 | 23.5 | ||||||
Deferred compensation arrangements | 32.7 | 33 | ||||||
Pension and other postretirement benefits (Note 13) | 17.2 | — | ||||||
Other long-term assets | 61.5 | 56.4 | ||||||
Total | $ | 262 | $ | 247.6 | ||||
Accrued and other liabilities | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Asset retirement obligations, current (Note 8) | $ | 17.9 | $ | 15.4 | ||||
Restructuring reserves (Note 7) | 6.1 | 10.5 | ||||||
Dividend payable (Note 15) | 18 | 18.7 | ||||||
Accrued payroll | 74.6 | 68.6 | ||||||
Environmental reserves, current, net of recoveries (Note 10) | 29.5 | 15.8 | ||||||
Derivative liabilities (Note 18) | 12 | 3.9 | ||||||
Other accrued and other liabilities | 148.9 | 121.2 | ||||||
Total | $ | 307 | $ | 254.1 | ||||
Other long-term liabilities | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Asset retirement obligations, long-term (Note 8) | $ | 4.8 | $ | 10.1 | ||||
Contingencies related to uncertain tax positions (Note 11) | 37.3 | 23.3 | ||||||
Deferred compensation arrangements | 37.4 | 39.8 | ||||||
Self insurance reserves (primarily workers' compensation) | 14.9 | 19.6 | ||||||
Lease obligations | 32.4 | 31.8 | ||||||
Reserve for discontinued operations (Note 9) | 53.2 | 44.4 | ||||||
Other long-term liabilities | 36.2 | 26.5 | ||||||
Total | $ | 216.2 | $ | 195.5 | ||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||||||||||||||||||
(in Millions, Except Share and Per Share Data) | 2013 | 2012 | ||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||||||||||
Revenue | $ | 910.7 | $ | 876 | $ | 957.4 | $ | 1,130.70 | $ | 855 | $ | 817.5 | $ | 821.9 | $ | 915.5 | ||||||||||||||||
Gross Profit | 353.6 | 327.5 | 304.4 | 354.9 | 329.6 | 319.2 | 298 | 321.5 | ||||||||||||||||||||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes | 194.4 | 166.6 | 118.4 | 179.6 | 182 | 170.3 | 145.7 | 141.1 | ||||||||||||||||||||||||
Income (loss) from continuing operations (2) | 138.2 | 119.7 | 76.5 | 132.9 | 130.1 | 118.3 | 105.8 | 109 | ||||||||||||||||||||||||
Discontinued operations, net of income taxes (4) | (3.2 | ) | 1.5 | (56.6 | ) | (101.0 | ) | (5.5 | ) | (8.0 | ) | (11.2 | ) | (2.8 | ) | |||||||||||||||||
Net income (loss) (3) | 135 | 121.2 | 19.9 | 31.9 | 124.6 | 110.3 | 94.6 | 106.2 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 4.1 | 3.2 | 2 | 4.8 | 5.5 | 5.4 | 4.6 | 4 | ||||||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 130.9 | $ | 118 | $ | 17.9 | $ | 27.1 | $ | 119.1 | $ | 104.9 | $ | 90 | $ | 102.2 | ||||||||||||||||
Amounts attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 134.1 | $ | 116.5 | $ | 74.5 | $ | 128.1 | $ | 124.6 | $ | 112.9 | $ | 101.2 | $ | 105 | ||||||||||||||||
Discontinued operations, net of income taxes | (3.2 | ) | 1.5 | (56.6 | ) | (101.0 | ) | (5.5 | ) | (8.0 | ) | (11.2 | ) | (2.8 | ) | |||||||||||||||||
Net income (loss) | $ | 130.9 | $ | 118 | $ | 17.9 | $ | 27.1 | $ | 119.1 | $ | 104.9 | $ | 90 | $ | 102.2 | ||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.97 | $ | 0.85 | $ | 0.55 | $ | 0.96 | $ | 0.9 | $ | 0.82 | $ | 0.73 | $ | 0.76 | ||||||||||||||||
Discontinued operations | (0.02 | ) | 0.01 | (0.42 | ) | (0.76 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||
Basic net income (loss) per common share (1) | $ | 0.95 | $ | 0.86 | $ | 0.13 | $ | 0.2 | $ | 0.86 | $ | 0.76 | $ | 0.65 | $ | 0.74 | ||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.96 | $ | 0.85 | $ | 0.55 | $ | 0.95 | $ | 0.89 | $ | 0.82 | $ | 0.73 | $ | 0.76 | ||||||||||||||||
Discontinued operations | (0.02 | ) | 0.01 | (0.42 | ) | (0.75 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||
Diluted net income (loss) per common share (1) | $ | 0.94 | $ | 0.86 | $ | 0.13 | $ | 0.2 | $ | 0.85 | $ | 0.76 | $ | 0.65 | $ | 0.74 | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 137.1 | 136.3 | 134.1 | 133.3 | 138.3 | 137.2 | 137.4 | 137.6 | ||||||||||||||||||||||||
Diluted | 138.1 | 137.1 | 135 | 134.3 | 139.5 | 138.3 | 138.4 | 138.6 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | The sum of quarterly earnings per common share may differ from the full-year amount. | |||||||||||||||||||||||||||||||
-2 | Fourth quarter 2012 results were unfavorably impacted by $13.3 million ($9.3 million after-tax) of restructuring and other charges (income), due to the Lithium restructuring. (See Note 7). | |||||||||||||||||||||||||||||||
-3 | In the fourth quarter of 2012, our results were favorably impacted due to a valuation allowance decrease of $14.9 million related to U.S. state net operating losses now expected to be recoverable (See Note 11). | |||||||||||||||||||||||||||||||
-4 | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). |
SCHEDULE_IIValuation_and_Quali
SCHEDULE II—Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | ||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
FOR YEARS ENDED DECEMBER 31, 2013, 2012 and 2011 | |||||||||||||||||
Provision /(Benefit) | |||||||||||||||||
(in Millions) | Balance, | Charged to Costs and Expenses | Charged to Other Comprehensive Income | Write- | Balance, | ||||||||||||
Beginning | offs (1) | End of | |||||||||||||||
of Year | Year | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Reserve for doubtful accounts | $ | 26.8 | 5.7 | — | (2.3 | ) | $ | 30.2 | |||||||||
Deferred tax valuation allowance | $ | 84.5 | 23.1 | 0.6 | — | $ | 108.2 | ||||||||||
December 31, 2012 | |||||||||||||||||
Reserve for doubtful accounts | $ | 20.7 | 8.8 | — | (2.7 | ) | $ | 26.8 | |||||||||
Deferred tax valuation allowance | $ | 92.6 | (8.1 | ) | — | — | $ | 84.5 | |||||||||
December 31, 2011 | |||||||||||||||||
Reserve for doubtful accounts | $ | 20.3 | 3.9 | — | (3.5 | ) | $ | 20.7 | |||||||||
Deferred tax valuation allowance | $ | 76.3 | 16.3 | — | — | $ | 92.6 | ||||||||||
____________________ | |||||||||||||||||
-1 | Write-offs are net of recoveries. |
Principal_Accounting_Policies_1
Principal Accounting Policies and Related Financial Information (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Principal Accounting Policies and Related Financial Information [Abstract] | ' |
Basis of consolidation and basis of presentation | ' |
Basis of consolidation and basis of presentation. The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. | |
Estimates and assumptions | ' |
Estimates and assumptions. In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. | |
Cash equivalents | ' |
Cash equivalents. We consider investments in all liquid debt instruments with original maturities of three months or less to be cash equivalents. | |
Trade receivables, net of allowance | ' |
Trade receivables, net of allowance. Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we utilize a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. | |
Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. The allowance for trade receivable is $30.2 million and $26.8 million as of December 31, 2013 and 2012, respectively. The provision to the allowance for trade receivables charged against operations was $5.7 million, $8.8 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Investments | ' |
Investments. Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. | |
Inventories | ' |
Inventories. Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis and our remaining inventories are recorded on a first-in, first-out (“FIFO”) basis. See Note 5. | |
Property, plant and equipment | ' |
Property, plant and equipment. We record property, plant and equipment, including capitalized interest, at cost. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements—20 years, buildings—20 to 40 years, and machinery and equipment—three to 18 years). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. | |
Capitalized interest | ' |
Capitalized interest. We capitalized interest costs of $5.7 million in 2013, $7.2 million in 2012 and $6.3 million in 2011. These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. | |
Impairments of long-lived assets | ' |
Impairments of long-lived assets. We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |
Asset retirement obligation | ' |
Asset retirement obligations. We record asset retirement obligations at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated asset retirement obligations (“AROs”) are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. See Note 8 for further discussion on our AROs. | |
Restructuring and other charges | ' |
Restructuring and other charges. We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. | |
Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. | |
Capitalized software | ' |
Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years. | |
Goodwill and intangible assets | ' |
Goodwill and intangible assets. Goodwill and other indefinite life intangible assets (“intangibles”) are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. | |
We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. We did not record any goodwill or indefinite life intangible impairments to continuing operations in 2013, 2012 and 2011. Based upon our annual impairment test, conducted in 2013, we believe that the fair value of our reporting units with goodwill substantially exceeds their carrying value. | |
Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, trade names, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of five to 25 years. See Note 4 for additional information on goodwill and intangible assets. | |
Revenue recognition | ' |
Revenue recognition. We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. | |
We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. | |
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. | |
Research and Development | ' |
Research and Development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income)”. | |
Income and other taxes | ' |
Income and other taxes. We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of foreign subsidiaries or affiliates as it is our intention that such earnings will remain invested in those companies. Investment tax credits or grants, which were immaterial to us in all years presented, are accounted for in the period earned (the flow-through method). | |
We record on a net basis all taxes collected from customers to be remitted to governmental authorities in our consolidated statements of income. | |
Foreign currency | ' |
Foreign currency. We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. | |
We record remeasurement gain and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in the income statement as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. | |
Derivative financial instruments | ' |
Derivative financial instruments. We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. | |
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. | |
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. | |
Treasury stock | ' |
Treasury stock. We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the Consolidated Balance Sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a first-in, first-out (“FIFO”) method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from capital in excess of par value of common stock. | |
Segment information | ' |
Segment information. We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. | |
We have identified FMC Agricultural Solutions, FMC Health and Nutrition and FMC Minerals as our reportable segments. Segment disclosures are included in Note 20. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. | |
Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, deferred gains on sale and leaseback of equipment, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. | |
Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. Geographic segment data is included in Note 20. | |
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 20. | |
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 9. | |
Stock compensation plans | ' |
Stock compensation plans. We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 14 for further discussion on our share-based compensation. | |
Environmental obligations | ' |
Environmental obligations. We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. | |
Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. | |
Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. | |
Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans (OM&M). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. | |
Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. | |
Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. | |
In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. | |
Pension and other postretirement benefits | ' |
. | |
Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. | |
Reclassifications | ' |
Reclassifications. 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 our FMC Peroxygens segment as a discontinued operation retrospectively for all periods presented. | |
Comprehensive income policy | ' |
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 consolidated financial statements. For the new disclosures refer to the Reclassifications of Accumulated Other Comprehensive Income footnote, see Note 16. | |
Derivatives offsetting policy | ' |
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 18. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Purchase Price Allocation | ' | |||
Purchase Price Allocation | ||||
(in Millions) | ||||
Trade receivables | $ | 15.6 | ||
Inventories (1) | 53.7 | |||
Other current assets | 5 | |||
Property, plant & equipment | 136.8 | |||
Intangible assets (2) | 71.7 | |||
Goodwill (3) | 99.4 | |||
Other assets | 0.6 | |||
Total fair value of assets acquired | $ | 382.8 | ||
Current liabilities | $ | 12.3 | ||
Deferred tax liabilities | 30.5 | |||
Other liabilities | 0.4 | |||
Total fair value of liabilities assumed | $ | 43.2 | ||
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, of which $5.2 million was expensed in 2013 with the remaining to be expensed in 2014. Amounts are expensed to "Cost of sales and services." | |||
-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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill by Business Segment | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by business segment for the years ended December 31, 2013 and 2012, are presented in the table below: | |||||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | FMC Minerals | Total | |||||||||||||||||||||
Solutions | |||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 12.4 | $ | 197 | $ | — | 209.4 | ||||||||||||||||||
Acquisitions | 19.5 | 42.9 | — | 62.4 | |||||||||||||||||||||
Foreign currency adjustments | 0.2 | 6.3 | — | 6.5 | |||||||||||||||||||||
Purchase price allocation adjustments (See Note 3) | (1.1 | ) | 0.4 | — | (0.7 | ) | |||||||||||||||||||
Balance, December 31, 2012 | $ | 31 | $ | 246.6 | $ | — | 277.6 | ||||||||||||||||||
Acquisitions | — | 99.4 | — | 99.4 | |||||||||||||||||||||
Foreign currency adjustments | — | 12.4 | — | 12.4 | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 31 | $ | 358.4 | $ | — | 389.4 | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||||||||||||
Our intangible assets, other than goodwill, consist of the following: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
(in Millions) | Weighted avg. useful life at December 31, 2013 | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||||
Customer relationships | 19 years | $ | 159.3 | $ | (15.2 | ) | $ | 144.1 | $ | 126.6 | $ | (8.1 | ) | $ | 118.5 | ||||||||||
Patents | 12 years | 0.4 | — | 0.4 | 0.4 | — | 0.4 | ||||||||||||||||||
Trademarks and trade names | 3 years | 1.3 | (0.4 | ) | 0.9 | 1.2 | (0.1 | ) | 1.1 | ||||||||||||||||
Purchased and licensed technologies | 11 years | 75.6 | (19.3 | ) | 56.3 | 59.1 | (14.0 | ) | 45.1 | ||||||||||||||||
Other intangibles | 12 years | 4.3 | (2.8 | ) | 1.5 | 4.1 | (1.9 | ) | 2.2 | ||||||||||||||||
$ | 240.9 | $ | (37.7 | ) | $ | 203.2 | $ | 191.4 | $ | (24.1 | ) | $ | 167.3 | ||||||||||||
Schedule of Indefinite-Lived Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets not subject to amortization (indefinite life) | |||||||||||||||||||||||||
Trademarks and trade names | $ | 67 | $ | 67 | $ | 36.3 | $ | 36.3 | |||||||||||||||||
In-process research & development | 2.1 | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||
$ | 69.1 | $ | 69.1 | $ | 38.4 | $ | 38.4 | ||||||||||||||||||
Total intangible assets | $ | 310 | $ | (37.7 | ) | $ | 272.3 | $ | 229.8 | $ | (24.1 | ) | $ | 205.7 | |||||||||||
Schedule of Intangible Assets by Segment | ' | ||||||||||||||||||||||||
At December 31, 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 | $ | 107.4 | $ | 35.2 | |||||||||||||||||||||
FMC Health and Nutrition | 94.6 | 33.9 | |||||||||||||||||||||||
FMC Minerals | 1.2 | — | |||||||||||||||||||||||
Total | $ | 203.2 | $ | 69.1 | |||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
December 31, | ||||||||
(in Millions) | 2013 | 2012 | ||||||
Finished goods | $ | 283 | $ | 268.1 | ||||
Work in process | 276.7 | 235.1 | ||||||
Raw materials, supplies and other | 297.8 | 304.3 | ||||||
FIFO inventory | 857.5 | 807.5 | ||||||
Less: Excess of FIFO cost over LIFO cost | (169.1 | ) | (165.1 | ) | ||||
Net inventories | $ | 688.4 | $ | 642.4 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following: | ||||||||
(in Millions) | December 31, 2013 | December 31, 2012 | ||||||
Land and land improvements | $ | 154.3 | $ | 135.8 | ||||
Mineral rights | 31.4 | 31.4 | ||||||
Buildings | 372.7 | 317 | ||||||
Machinery and equipment | 1,839.30 | 1,741.30 | ||||||
Construction in progress | 265.5 | 192.3 | ||||||
Total cost | 2,663.20 | 2,417.80 | ||||||
Accumulated depreciation | (1,414.9 | ) | (1,461.6 | ) | ||||
Property, plant and equipment, net | $ | 1,248.30 | $ | 956.2 | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Income) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Other Charges (Income) | ' | |||||||||||||||||||||||||||||||||||
The following table shows total restructuring and other charges included in the respective line items of the Consolidated Statements of Income: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Restructuring Charges and Asset Disposals | $ | 9.6 | $ | 17.7 | $ | 2.3 | ||||||||||||||||||||||||||||||
Other Charges (Income), Net | 38.3 | 9.8 | 4 | |||||||||||||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 47.9 | $ | 27.5 | $ | 6.3 | ||||||||||||||||||||||||||||||
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 | $ | 2.8 | $ | 4.4 | $ | 1.9 | $ | 9.1 | ||||||||||||||||||||||||||||
Other Items | 1.8 | (1.7 | ) | 0.4 | 0.5 | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 4.6 | $ | 2.7 | $ | 2.3 | $ | 9.6 | ||||||||||||||||||||||||||||
Lithium Restructuring | — | — | 13.3 | 13.3 | ||||||||||||||||||||||||||||||||
Other Items | (0.3 | ) | 0.7 | 4 | 4.4 | |||||||||||||||||||||||||||||||
Year ended December 31, 2012 | $ | (0.3 | ) | $ | 0.7 | $ | 17.3 | $ | 17.7 | |||||||||||||||||||||||||||
Other Items | 0.7 | 0.4 | 1.2 | 2.3 | ||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | $ | 0.7 | $ | 0.4 | $ | 1.2 | $ | 2.3 | ||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-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 restructuring. | |||||||||||||||||||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on plant and equipment, which were or are to be abandoned. Asset disposal charges also included the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, see Note 8. | |||||||||||||||||||||||||||||||||||
Restructuring Reserve Roll Forward | ' | |||||||||||||||||||||||||||||||||||
The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 8. | ||||||||||||||||||||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||||||||||||||
12/31/11 (4) | reserves (2) | payments | 12/31/12 (4) | reserves (2) | payments | 12/31/13 (4) | ||||||||||||||||||||||||||||||
Lithium Restructuring | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7.2 | $ | (6.9 | ) | $ | — | $ | 0.3 | |||||||||||||||||
Other Workforce Related and Facility Shutdowns (1) | 3.4 | 0.4 | (0.9 | ) | 0.2 | 3.1 | 0.1 | (0.4 | ) | — | 2.8 | |||||||||||||||||||||||||
Restructuring activities related to discontinued operations (5) | 9 | 10 | (12.1 | ) | 0.5 | 7.4 | (0.6 | ) | (2.7 | ) | (1.1 | ) | 3 | |||||||||||||||||||||||
Total | $ | 12.4 | $ | 10.4 | $ | (13.0 | ) | $ | 0.7 | $ | 10.5 | $ | 6.7 | $ | (10.0 | ) | $ | (1.1 | ) | $ | 6.1 | |||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items” sections above. | |||||||||||||||||||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||||||||||||||||||
-3 | Primarily foreign currency translation adjustments and cash proceeds associated with recoveries. | |||||||||||||||||||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||
Schedule of Other Charges (Income), Net | ' | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Environmental charges, net | $ | 6.2 | $ | 5.8 | $ | 3.1 | ||||||||||||||||||||||||||||||
Other, net | 32.1 | 4 | 0.9 | |||||||||||||||||||||||||||||||||
Other Charges (Income), Net | $ | 38.3 | $ | 9.8 | $ | 4 | ||||||||||||||||||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Schedule of Change in Asset Retirement Obligation | ' | |||
The changes in the carrying amounts of AROs for the years ended December 31, 2013 and 2012 are as follows: | ||||
(in Millions) | ||||
Balance at December 31, 2011 | $ | 27 | ||
Acceleration due to facility shutdowns | 2 | |||
Increase (decrease) to previously recorded ARO liability | (0.7 | ) | ||
Accretion expense | 0.1 | |||
Payments | (3.2 | ) | ||
Foreign currency translation adjustments | 0.3 | |||
Balance at December 31, 2012 (1) | $ | 25.5 | ||
Increase (decrease) to previously recorded ARO liability | 4.3 | |||
Accretion expense | 0.1 | |||
Payments | (8.0 | ) | ||
Foreign currency translation adjustments | 0.8 | |||
Balance at December 31, 2013 (1) | $ | 22.7 | ||
____________________ | ||||
-1 | Included in “Accrued and other liabilities” and "Other long-term liabilities" on the consolidated balance sheets. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Discontinued Operations | ' | |||||||||||
The operating results of our FMC Peroxygens segment classified as discontinued operations are summarized below: | ||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 328.8 | $ | 338.4 | $ | 341.6 | ||||||
Income from discontinued operations before income taxes (1) | 24.2 | 25.5 | 23.4 | |||||||||
Provision for income taxes | 9.4 | 13.7 | 11.5 | |||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | $ | 14.8 | $ | 11.8 | $ | 11.9 | ||||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | (3.8 | ) | — | — | ||||||||
Adjustment to assets held for sale, net of income taxes (3) | (122.1 | ) | — | — | ||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | $ | (111.1 | ) | $ | 11.8 | $ | 11.9 | |||||
____________________ | ||||||||||||
-1 | Includes allocated interest expense $4.7 million, $4.5 million and $3.9 million for the years ended ended December 31, 2013, 2012 and 2011. 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 | Assets held for sale be reported at the lower of carrying value or fair value less costs to sell. During the year ended December 31, 2013 we recorded an impairment charge of $156.7 million ($122.1 million after tax) to adjust the carrying value based on our evaluation. | |||||||||||
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 consolidated balance sheets: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 94.8 | $ | 92.4 | ||||||||
Property, plant & equipment | 61.1 | 180 | ||||||||||
Goodwill | — | 16.9 | ||||||||||
Intangible assets, net | 2.7 | 9.9 | ||||||||||
Other non-current assets | 39.7 | 37.4 | ||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 103.5 | 244.2 | ||||||||||
Total Assets | 198.3 | 336.6 | ||||||||||
Liabilities | ||||||||||||
Current liabilities of discontinued operations held for sale | 43 | 54.1 | ||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 5.2 | 3.3 | ||||||||||
Total Liabilities | 48.2 | 57.4 | ||||||||||
Net Assets (2) | $ | 150.1 | $ | 279.2 | ||||||||
____________________ | ||||||||||||
(1)Presented as "Current assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2013. | ||||||||||||
(2)Excludes the accumulated net cumulative translation adjustment losses of our foreign FMC Peroxygens operations. | ||||||||||||
In addition to our discontinued FMC Peroxygens segment our other discontinued operations include adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. | ||||||||||||
Our discontinued operations comprised the following: | ||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit (expense) of ($0.3), $0.2 and ($0.3), respectively | $ | 0.6 | $ | (0.3 | ) | $ | 0.7 | |||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $14.2, $7.8 and $9.6, respectively (1) | (23.1 | ) | (12.6 | ) | (15.8 | ) | ||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $5.5, $10.6, and $10.3, respectively (2) | (9.0 | ) | (17.3 | ) | (16.7 | ) | ||||||
Provision for restructuring charges, net of income tax benefit of $0.5, $1.5 and $7.9, respectively (3) | (16.7 | ) | (9.1 | ) | (18.2 | ) | ||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $25.1, ($13.7) and ($11.5), respectively | (111.1 | ) | 11.8 | 11.9 | ||||||||
Discontinued operations, net of income taxes | $ | (159.3 | ) | $ | (27.5 | ) | $ | (38.1 | ) | |||
____________________ | ||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. | |||||||||||
-2 | Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012 or 2011. | |||||||||||
-3 | See roll forward of our restructuring reserves in Note 7. | |||||||||||
Discontinued Reserve Balance Table | ' | |||||||||||
Reserves for Discontinued Operations at December 31, 2013 and 2012 | ||||||||||||
(in Millions) | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Workers’ compensation and product liability reserve | $ | 6.7 | $ | 4.9 | ||||||||
Postretirement medical and life insurance benefits reserve | 9.6 | 8.3 | ||||||||||
Reserves for legal proceedings | 36.9 | 31.2 | ||||||||||
Reserve for discontinued operations (1) | $ | 53.2 | $ | 44.4 | ||||||||
____________________ | ||||||||||||
-1 | Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. |
Enviromental_Obligations_Table
Enviromental Obligations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||||||||||||||
Environmental Reserves Roll Forward, Continuing and Discontinued | ' | |||||||||||||||||||||||||||
The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2010 to December 31, 2013. | ||||||||||||||||||||||||||||
(in Millions) | Operating | |||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Discontinued | ||||||||||||||||||||||||||||
Sites Total | ||||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2010 | $ | 224.9 | ||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||
Provision | 45.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (43.2 | ) | ||||||||||||||||||||||||||
Net Change | 2 | |||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2011 | $ | 226.9 | ||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||
Provision | 31.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (42.1 | ) | ||||||||||||||||||||||||||
Net Change | (10.9 | ) | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2012 | $ | 216 | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Provision | 48.2 | |||||||||||||||||||||||||||
Spending, net of recoveries | (59.5 | ) | ||||||||||||||||||||||||||
Net Change | (11.3 | ) | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2013 | $ | 204.7 | ||||||||||||||||||||||||||
Schedule of Environmental Recoveries | ' | |||||||||||||||||||||||||||
The table below is a roll forward of our total recorded recoveries from December 31, 2011 to December 31, 2013: | ||||||||||||||||||||||||||||
(in Millions) | December 31, 2011 | Increase in Recoveries | Cash Received | December 31, 2012 | Increase in Recoveries | Cash Received | December 31, 2013 | |||||||||||||||||||||
Environmental liabilities, continuing and discontinued | $ | 24.3 | $ | 2.2 | $ | 6 | $ | 20.5 | $ | 4.5 | $ | 4 | $ | 21 | ||||||||||||||
Other assets (1) | 58.3 | 5 | 11.7 | 51.6 | 4.7 | 20.8 | 35.5 | |||||||||||||||||||||
Total | $ | 82.6 | $ | 7.2 | $ | 17.7 | $ | 72.1 | $ | 9.2 | $ | 24.8 | $ | 56.5 | ||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | The amounts are included within “Prepaid and other current assets" and "Other assets". See Note 21 for more details. | |||||||||||||||||||||||||||
Environmental Reserves Classification, Continuing and Discontinued | ' | |||||||||||||||||||||||||||
The table below provides detail of current and long-term environmental reserves, continuing and discontinued. | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||||||||||||||||||
Environmental reserves, current, net of recoveries (1) | $ | 29.5 | $ | 15.8 | ||||||||||||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (2) | 175.2 | 200.2 | ||||||||||||||||||||||||||
Total environmental reserves, net of recoveries | $ | 204.7 | $ | 216 | ||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | “Current” includes only those reserves related to continuing operations. These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. | |||||||||||||||||||||||||||
Schedule of Net Environmental Provision by Operating and Discontinued Sites | ' | |||||||||||||||||||||||||||
Our net environmental provisions relate to costs for the continued cleanup of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Continuing operations (1) | $ | 6.2 | $ | 5.8 | $ | 3.1 | ||||||||||||||||||||||
Discontinued operations (2) | 37.3 | 20.4 | 25.4 | |||||||||||||||||||||||||
Net environmental provision | $ | 43.5 | $ | 26.2 | $ | 28.5 | ||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. | |||||||||||||||||||||||||||
-2 | Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. | |||||||||||||||||||||||||||
Schedule of Net Environmental Provision Balance Sheet Classification | ' | |||||||||||||||||||||||||||
On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Environmental reserves (1) | $ | 48.2 | $ | 31.2 | $ | 45.2 | ||||||||||||||||||||||
Other assets (2) | (4.7 | ) | (5.0 | ) | (16.7 | ) | ||||||||||||||||||||||
Net environmental provision | $ | 43.5 | $ | 26.2 | $ | 28.5 | ||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||
-1 | See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | Represents certain environmental recoveries. See Note 21 for details of Other assets as presented on our consolidated balance sheets. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
Domestic and foreign components of income from continuing operations before income taxes are shown below: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Domestic | $ | 287.1 | $ | 359.3 | $ | 300.8 | ||||||
Foreign | 328.8 | 238.4 | 252.4 | |||||||||
Total | $ | 615.9 | $ | 597.7 | $ | 553.2 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The provision (benefit) for income taxes attributable to income from continuing operations consisted of: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 57.1 | $ | 23.1 | $ | 11.6 | ||||||
Foreign | 66.2 | 55.6 | 39.2 | |||||||||
State | 5.7 | 0.7 | (0.3 | ) | ||||||||
Total current | 129 | 79.4 | 50.5 | |||||||||
Deferred: | ||||||||||||
Federal | 29.7 | 73.3 | 61.8 | |||||||||
Foreign | (18.0 | ) | (12.3 | ) | 14.8 | |||||||
State | 7.9 | (5.9 | ) | 5.8 | ||||||||
Total deferred | 19.6 | 55.1 | 82.4 | |||||||||
Total | $ | 148.6 | $ | 134.5 | $ | 132.9 | ||||||
Allocation of Income Tax Provision (Benefits) | ' | |||||||||||
Total income tax provisions (benefits) were allocated as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Continuing operations | $ | 148.6 | $ | 134.5 | $ | 132.9 | ||||||
Discontinued operations | (45.0 | ) | (6.4 | ) | (16.0 | ) | ||||||
Items charged directly to equity | 116.6 | (19.2 | ) | (43.1 | ) | |||||||
Total | $ | 220.2 | $ | 108.9 | $ | 73.8 | ||||||
Schedule of Components of Deferred Income Tax Expense (Benefit) | ' | |||||||||||
Significant components of the deferred income tax provision (benefit) attributable to income from continuing operations before income taxes are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Deferred tax (exclusive of valuation allowance) | $ | 19.4 | $ | 68.8 | $ | 71.7 | ||||||
Net increase (decrease) in the valuation allowance for deferred tax assets | 0.2 | (13.7 | ) | 10.7 | ||||||||
Deferred income tax provision | $ | 19.6 | $ | 55.1 | $ | 82.4 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Significant components of our deferred tax assets and liabilities were attributable to: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Reserves for discontinued operations, environmental and restructuring | $ | 127.7 | $ | 103.1 | ||||||||
Accrued pension and other postretirement benefits | 9.4 | 135.3 | ||||||||||
Alternative minimum, foreign tax and other credit carryforwards | 8.4 | 11.8 | ||||||||||
Net operating loss carryforwards | 104 | 112.5 | ||||||||||
Deferred expenditures capitalized for tax | 44.9 | 55.6 | ||||||||||
Other | 124.6 | 118.5 | ||||||||||
Deferred tax assets | $ | 419 | $ | 536.8 | ||||||||
Valuation allowance, net (1) | (108.2 | ) | (84.5 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 310.8 | $ | 452.3 | ||||||||
Property, plant and equipment, net | 78.5 | 94.3 | ||||||||||
Deferred tax liabilities | $ | 78.5 | $ | 94.3 | ||||||||
Net deferred tax assets | $ | 232.3 | $ | 358 | ||||||||
____________________ | ||||||||||||
-1 | The change in the net valuation allowance was primarily driven by our FMC Peroxygens' foreign operations which are classified as discontinued operations. | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. tax rate | 35 | % | 35 | % | 35 | % | ||||||
Net difference: | ||||||||||||
Percentage depletion | (3.4 | ) | (3.5 | ) | (3.7 | ) | ||||||
State and local income taxes, less federal income tax benefit | 2.2 | 1.1 | 1.1 | |||||||||
Foreign earnings subject to different tax rates | (11.3 | ) | (7.3 | ) | (9.2 | ) | ||||||
Manufacturer’s production deduction and miscellaneous tax credits | (1.1 | ) | (1.3 | ) | (0.8 | ) | ||||||
Tax on intercompany dividends and deemed dividend for tax purposes | 0.6 | 0.4 | 1 | |||||||||
Nondeductible expenses | 0.4 | 0.4 | 1 | |||||||||
Changes to unrecognized tax benefits | 0.9 | (0.3 | ) | (1.8 | ) | |||||||
Change in valuation allowance | — | (1.6 | ) | 2.1 | ||||||||
Other | 0.8 | (0.4 | ) | (0.7 | ) | |||||||
Total difference | (10.9 | ) | (12.5 | ) | (11.0 | ) | ||||||
Effective tax rate | 24.1 | % | 22.5 | % | 24 | % | ||||||
Summary of Income Tax Contingencies | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||
Balance at beginning of year | $ | 23.3 | $ | 8.1 | $ | 17.3 | ||||||
Additions for the current year | 15.4 | 5.5 | 4.9 | |||||||||
Additions for tax positions on acquisitions | (1.3 | ) | — | 1.4 | ||||||||
Adjustments for tax positions of prior years for: | ||||||||||||
Adjustments | (0.1 | ) | 9.7 | — | ||||||||
Settlements during the period | — | — | (15.5 | ) | ||||||||
Balance at end of year (1) | $ | 37.3 | $ | 23.3 | $ | 8.1 | ||||||
____________________ | ||||||||||||
-1 | At December 31, 2013 and 2012, we recognized an offsetting non-current deferred tax asset of $28.7 million and $16.7 million, respectively, relating to specific uncertain tax positions presented above. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt Maturing within One Year | ' | |||||||||||
Debt maturing within one year consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||
Short-term foreign debt (1) | $ | 7.1 | $ | 49.9 | ||||||||
Commercial paper | 656 | — | ||||||||||
Total short-term debt | 663.1 | 49.9 | ||||||||||
Current portion of long-term debt | 34.7 | 5.7 | ||||||||||
Short-term debt and current portion of long-term debt | $ | 697.8 | $ | 55.6 | ||||||||
Weighted average interest rates for short-term debt outstanding at year-end | 0.4 | % | 6.5 | % | ||||||||
____________________ | ||||||||||||
(1) We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. | ||||||||||||
Schedule of Long-Term Debt | ' | |||||||||||
Long-term debt consists of the following: | ||||||||||||
(in Millions) | December 31, 2013 | |||||||||||
Interest Rate | Maturity | 12/31/13 | 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% | 2014-2035 | $ | 174 | $ | 176.7 | ||||||
Senior notes (less unamortized discount of $2.2 and $1.8, respectively) | 3.95-5.2% | 2019-2024 | 997.8 | 598.2 | ||||||||
Credit Facility (1) | 2.40% | 2017 | — | 130 | ||||||||
Foreign debt | 0-8.9% | 2014-2023 | 17 | 9.6 | ||||||||
Total long-term debt | 1,188.80 | 914.5 | ||||||||||
Less: debt maturing within one year | 34.7 | 5.7 | ||||||||||
Total long-term debt, less current portion | $ | 1,154.10 | $ | 908.8 | ||||||||
____________________ | ||||||||||||
-1 | Letters of credit outstanding under the Credit Facility totaled $73.2 million and available funds under this facility were $770.8 million at December 31, 2013 (which reflects borrowing under our commercial paper program). |
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||
Weighted-Average Assumptions used and Components of Defined Benefit Postretirement Plans | ' | |||||||||||||||||||||||
The following table summarizes the weighted-average assumptions used and components of our defined benefit postretirement plans. The following tables also reflect a measurement date of December 31: | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in Millions, except for percentages) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Following are the weighted average assumptions used to determine the benefit obligations at December 31: | ||||||||||||||||||||||||
Discount rate | 4.95 | % | 4.15 | % | 4.95 | % | 4.15 | % | ||||||||||||||||
Rate of compensation increase | 3.4 | % | 3.4 | % | — | % | — | % | ||||||||||||||||
Accumulated benefit obligation: | ||||||||||||||||||||||||
Plans with unfunded accumulated benefit obligation | $ | 1,255.30 | $ | 1,367.30 | $ | — | $ | — | ||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||
Projected benefit obligation at January 1 | $ | 1,428.10 | $ | 1,268.30 | $ | 29.2 | $ | 28.4 | ||||||||||||||||
Service cost | 22 | 20.2 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 57.7 | 61.3 | 1 | 1.4 | ||||||||||||||||||||
Actuarial loss (gain) | (103.6 | ) | 140.7 | (4.2 | ) | 3 | ||||||||||||||||||
Amendments | 0.7 | — | — | — | ||||||||||||||||||||
Foreign currency exchange rate changes | 0.6 | 3.4 | 0.1 | (0.1 | ) | |||||||||||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | ||||||||||||||||||||
Settlements | (16.1 | ) | — | — | — | |||||||||||||||||||
Curtailments | — | (3.0 | ) | — | — | |||||||||||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | ||||||||||||||||
Projected benefit obligation at December 31 | 1,315.20 | 1,428.10 | 23.5 | 29.2 | ||||||||||||||||||||
Change in fair value of plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | 1,060.20 | 918.8 | — | — | ||||||||||||||||||||
Actual return on plan assets | 250.9 | 127.2 | — | — | ||||||||||||||||||||
Foreign currency exchange rate changes | 0.7 | 3.1 | — | — | ||||||||||||||||||||
Company contributions | 63.9 | 73.9 | 2.7 | 3.6 | ||||||||||||||||||||
Plan participants’ contributions | — | 0.2 | 6.2 | 6.1 | ||||||||||||||||||||
Settlements | (16.1 | ) | — | — | — | |||||||||||||||||||
Benefits paid | (74.2 | ) | (63.0 | ) | (8.9 | ) | (9.7 | ) | ||||||||||||||||
Fair value of plan assets at December 31 | 1,285.40 | 1,060.20 | — | — | ||||||||||||||||||||
Net funded status of the plan (liability) | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) | ||||||||||||
Amount recognized in the consolidated balance sheets: | ||||||||||||||||||||||||
Pension other asset (2) | $ | 17.2 | $ | — | $ | — | $ | — | ||||||||||||||||
Accrued benefit liability | (47.0 | ) | (367.9 | ) | (23.5 | ) | (29.2 | ) | ||||||||||||||||
Total | $ | (29.8 | ) | $ | (367.9 | ) | $ | (23.5 | ) | $ | (29.2 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
-2 | Included in “Other assets” on the consolidated balance sheets. | |||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: | ||||||||||||||||||||||||
Prior service (cost) credit | $ | (6.3 | ) | $ | (7.7 | ) | $ | — | $ | — | ||||||||||||||
Net actuarial (loss) gain | (281.7 | ) | (620.3 | ) | 13 | 10.7 | ||||||||||||||||||
Accumulated other comprehensive income (loss) – pretax | (288.0 | ) | (628.0 | ) | 13 | 10.7 | ||||||||||||||||||
Accumulated other comprehensive income (loss) – net of tax | $ | (182.5 | ) | $ | (394.2 | ) | $ | 8.1 | $ | 6.7 | ||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
Changes in Plan Assets and Benefit Obligations for Continuing Operations Recognized in Other Comprehensive Loss (Income) | ' | |||||||||||||||||||||||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
Year ended December 31 | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Current year net actuarial loss (gain) | $ | (276.3 | ) | $ | 84.3 | $ | (4.2 | ) | $ | 3 | ||||||||||||||
Current year prior service cost (credit) | 0.7 | — | — | — | ||||||||||||||||||||
Amortization of net actuarial (loss) gain | (59.3 | ) | (51.2 | ) | 2 | 2.4 | ||||||||||||||||||
Amortization of prior service (cost) credit | (2.1 | ) | (2.1 | ) | — | 0.2 | ||||||||||||||||||
Foreign currency exchange rate changes on the above line items | 1 | 0.9 | — | — | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss, before taxes | $ | (336.0 | ) | $ | 31.9 | $ | (2.2 | ) | $ | 5.6 | ||||||||||||||
Total recognized in other comprehensive (income) loss, after taxes | $ | (211.7 | ) | $ | 20.7 | $ | (1.4 | ) | $ | 4.6 | ||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | Refer to Note 9 for information on our discontinued postretirement benefit plans. | |||||||||||||||||||||||
Weighted-Average Assumptions Used for and Components of Net Annual Benefit Cost (Income) | ' | |||||||||||||||||||||||
The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
Pensions | Other Benefits (1) | |||||||||||||||||||||||
(in Millions, except for percentages) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Discount rate | 4.15 | % | 4.95 | % | 5.4 | % | 4.15 | % | 4.95 | % | 5.4 | % | ||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 8.5 | % | — | — | — | |||||||||||||||
Rate of compensation increase | 3.4 | % | 3.4 | % | 4.2 | % | — | — | — | |||||||||||||||
Components of net annual benefit cost (in millions): | ||||||||||||||||||||||||
Service cost | $ | 22 | $ | 20.2 | $ | 18.8 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 57.7 | 61.3 | 61.6 | 1 | 1.4 | 1.5 | ||||||||||||||||||
Expected return on plan assets | (78.0 | ) | (76.6 | ) | (82.5 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 2.1 | 2.1 | 1.9 | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of net actuarial and other (gain) loss | 51.9 | 51.2 | 36.3 | (1.9 | ) | (2.4 | ) | (2.4 | ) | |||||||||||||||
Recognized (gain) loss due to settlement and curtailments | 7.4 | — | — | — | — | — | ||||||||||||||||||
Net annual benefit cost from continuing operations | $ | 63.1 | $ | 58.2 | $ | 36.1 | $ | (0.8 | ) | $ | (1.1 | ) | $ | (1.0 | ) | |||||||||
Contributions to Pension and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||
We made the following contributions to our pension and other postretirement benefit plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(in Millions) | 2013 | 2012 | ||||||||||||||||||||||
U.S. qualified pension plan | $ | 40 | $ | 65 | ||||||||||||||||||||
U.S. nonqualified pension plan | 19.8 | 5 | ||||||||||||||||||||||
Non-U.S. plans | 5.5 | 3.9 | ||||||||||||||||||||||
Other postretirement benefits, net of participant contributions | 2.7 | 3.6 | ||||||||||||||||||||||
Total | $ | 68 | $ | 77.5 | ||||||||||||||||||||
Estimated Net Future Benefit Payments | ' | |||||||||||||||||||||||
The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: | ||||||||||||||||||||||||
Estimated Net Future Benefit Payments | ||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||
2014 | $78.50 | |||||||||||||||||||||||
2015 | 75.5 | |||||||||||||||||||||||
2016 | 79 | |||||||||||||||||||||||
2017 | 82.2 | |||||||||||||||||||||||
2018 | 84.4 | |||||||||||||||||||||||
2019-2023 | $458.70 | |||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||
Fair Value of Pension Plan Assets by Asset Class | ' | |||||||||||||||||||||||
The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 18 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. | ||||||||||||||||||||||||
(in Millions) | 12/31/13 | Quoted Prices | Significant | Significant | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash and short-term investments | $ | 55.2 | $ | 55.2 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock | 740.5 | 740.5 | — | — | ||||||||||||||||||||
Preferred stock | 4.7 | 4.7 | — | — | ||||||||||||||||||||
Mutual funds and other investments (1) | 289.1 | 193.3 | 95.8 | — | ||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||
Investment contracts | 180.6 | — | 180.6 | — | ||||||||||||||||||||
Mutual funds | 9.3 | 9.3 | — | — | ||||||||||||||||||||
Corporate debt instruments | 1.8 | 1.8 | — | — | ||||||||||||||||||||
Government debt | 3.4 | 3.4 | — | — | ||||||||||||||||||||
Other investments | ||||||||||||||||||||||||
Real estate/property | 0.7 | — | — | 0.7 | ||||||||||||||||||||
Other | 0.1 | — | — | 0.1 | ||||||||||||||||||||
Total assets | $ | 1,285.40 | $ | 1,008.20 | $ | 276.4 | $ | 0.8 | ||||||||||||||||
(in Millions) | 12/31/12 | Quoted Prices | Significant | Significant | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Cash and short-term investments | $ | 50.3 | $ | 50.3 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Common stock | 556.3 | 556.3 | — | — | ||||||||||||||||||||
Preferred stock | 6.3 | 6.3 | — | — | ||||||||||||||||||||
Mutual funds and other investments (1) | 232.7 | 158.2 | 74.5 | — | ||||||||||||||||||||
Fixed income investments: | ||||||||||||||||||||||||
Investment contracts | 200.8 | — | 200.8 | — | ||||||||||||||||||||
Mutual funds | 9.4 | 9.4 | — | — | ||||||||||||||||||||
Corporate debt instruments | 1 | 1 | — | — | ||||||||||||||||||||
Government debt | 2.7 | 2.7 | — | — | ||||||||||||||||||||
Other investments | ||||||||||||||||||||||||
Real estate/property | 0.6 | — | — | 0.6 | ||||||||||||||||||||
Other | 0.1 | — | — | 0.1 | ||||||||||||||||||||
Total assets | $ | 1,060.20 | $ | 784.2 | $ | 275.3 | $ | 0.7 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | As of December 31, 2013 and 2012 we have $95.8 million and $74.5 million, respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. | |||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | ||||||||||||
We recognized the following stock compensation expense: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in Millions) | 2013 | 2012 | 2011 | ||||||||||
Stock Option Expense, net of taxes of $2.4, $2.7 and $2.3 (1) | $ | 4.2 | $ | 4.4 | $ | 3.7 | |||||||
Restricted Stock Expense, net of taxes of $3.1, $3.9 and $3.7 (2) | 5.5 | 6.4 | 6.1 | ||||||||||
Total Stock Compensation Expense, net of taxes of $5.5, $6.6 and $6.0 (3) | $ | 9.7 | $ | 10.8 | $ | 9.8 | |||||||
____________________ | |||||||||||||
(1) We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. | |||||||||||||
(2) We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. | |||||||||||||
(3) This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense of $1.0 million, $1.4 million, and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, is included in the discontinued operations held for sale in the Consolidated Statements of Income. | |||||||||||||
Black Scholes Valuation Assumptions for Stock Option Grants | ' | ||||||||||||
Black Scholes valuation assumptions for stock option grants: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected dividend yield | 0.91% | 0.63% | 0.61% | ||||||||||
Expected volatility | 42.10% | 42.09% | 41.61% | ||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||
Risk-free interest rate | 1.29% | 1.30% | 2.84% | ||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2013: | |||||||||||||
Number of Options Granted | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||
But Not Exercised | Remaining | Exercise Price Per Share | Value | ||||||||||
Contractual Life | |||||||||||||
(in Years) | |||||||||||||
Number of Shares in Thousands | (In Millions) | ||||||||||||
December 31, 2010 (1,554 shares exercisable) | 3,170 | 6.4 years | $ | 20.17 | $ | 62.8 | |||||||
Granted | 432 | 40.89 | |||||||||||
Exercised | (750 | ) | 15.05 | 19.7 | |||||||||
Forfeited | (42 | ) | 23.08 | ||||||||||
December 31, 2011 (1,340 shares exercisable) | 2,810 | 6.4 years | $ | 24.67 | $ | 51.6 | |||||||
Granted | 422 | 47.58 | |||||||||||
Exercised | (943 | ) | 19.86 | 30.7 | |||||||||
Forfeited | (50 | ) | 39.24 | ||||||||||
December 31, 2012 (932 shares exercisable) | 2,239 | 6.5 years | $ | 30.69 | $ | 62.3 | |||||||
Granted | 339 | 59.47 | |||||||||||
Exercised | (462 | ) | 23.2 | 18.1 | |||||||||
Forfeited | (58 | ) | 42.75 | ||||||||||
December 31, 2013 (948 shares exercisable and 2,017 shares expected to vest or be exercised) | 2,058 | 5.9 years | $ | 36.76 | $ | 79.6 | |||||||
Summary of Restricted Award Activity | ' | ||||||||||||
The following table shows our employee restricted award activity for the three years ended December 31, 2013: | |||||||||||||
Number of Awards in Thousands | Number of | Weighted- | |||||||||||
awards | Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Nonvested at December 31, 2010 | 912 | $ | 26.86 | ||||||||||
Granted | 182 | 40.76 | |||||||||||
Vested | -320 | 24.25 | |||||||||||
Forfeited | -16 | 25.58 | |||||||||||
Nonvested at December 31, 2011 | 758 | $ | 31.33 | ||||||||||
Granted | 221 | 49.88 | |||||||||||
Vested | -257 | 27.6 | |||||||||||
Forfeited | -18 | 39.21 | |||||||||||
Nonvested at December 31, 2012 | 704 | $ | 38.29 | ||||||||||
Granted | 150 | 58.95 | |||||||||||
Vested | -326 | 31.76 | |||||||||||
Forfeited | -5 | 51.61 | |||||||||||
Nonvested at December 31, 2013 | 523 | $ | 49.07 | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Stock by Class | ' | |||||||
The following is a summary of our capital stock activity over the past three years: | ||||||||
Common | Treasury | |||||||
Stock Shares | Stock Shares | |||||||
December 31, 2010 | 185,983,792 | 43,012,104 | ||||||
Stock options and awards | — | (918,946 | ) | |||||
Repurchases of common stock, net | — | 4,216,318 | ||||||
31-Dec-11 | 185,983,792 | 46,309,476 | ||||||
Stock options and awards | — | (1,156,452 | ) | |||||
Repurchases of common stock, net | — | 3,160,390 | ||||||
31-Dec-12 | 185,983,792 | 48,313,414 | ||||||
Stock options and awards | — | (753,389 | ) | |||||
Repurchases of common stock, net | — | 5,538,078 | ||||||
31-Dec-13 | 185,983,792 | 53,098,103 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
Accumulated other comprehensive gain (loss) consisted of the following: | ||||||||
December 31, | ||||||||
(in Millions) | 2013 | 2012 | ||||||
Deferred (loss) gain on derivative contracts | $ | (6.1 | ) | $ | (1.5 | ) | ||
Pension and other postretirement liability adjustment | (170.5 | ) | (380.4 | ) | ||||
Foreign currency translation adjustments | (25.3 | ) | (27.0 | ) | ||||
Accumulated other comprehensive gain (loss) | $ | (201.9 | ) | $ | (408.9 | ) |
Reclassifications_of_Accumulat1
Reclassifications of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||
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 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 Consolidated Statements of Income | |||||||||||||
Year ended December 31, | |||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | ||||||||||||
Derivative instruments: | |||||||||||||||
Foreign currency contracts | $ | (0.1 | ) | $ | 11.5 | $ | 0.5 | Costs of sales and services | |||||||
Energy contracts | (0.6 | ) | (9.8 | ) | (8.1 | ) | Costs of sales and services | ||||||||
Foreign currency contracts | 0.5 | (10.5 | ) | (2.4 | ) | Selling, general and administrative expenses | |||||||||
Other contracts | (0.2 | ) | (0.1 | ) | — | Interest expense, net | |||||||||
$ | (0.4 | ) | $ | (8.9 | ) | (10.0 | ) | Total before tax | |||||||
0.1 | 3 | 3.4 | Income tax (expense) benefit | ||||||||||||
$ | (0.3 | ) | $ | (5.9 | ) | (6.6 | ) | Amount included in net income | |||||||
Pension and other postretirement benefits (2): | |||||||||||||||
Amortization of prior service costs | $ | (2.0 | ) | $ | (1.9 | ) | $ | (1.7 | ) | Selling, general and administrative expenses | |||||
Amortization of unrecognized net actuarial and other gains (losses) | (48.3 | ) | (46.9 | ) | (31.7 | ) | Selling, general and administrative expenses | ||||||||
Recognized loss due to settlement | (7.4 | ) | — | — | Selling, general and administrative expenses | ||||||||||
$ | (57.7 | ) | $ | (48.8 | ) | $ | (33.4 | ) | Total before tax | ||||||
21.8 | 18.4 | 13.3 | Income tax (expense) benefit | ||||||||||||
$ | (35.9 | ) | $ | (30.4 | ) | $ | (20.1 | ) | Amount included in net income | ||||||
Total reclassifications for the period | $ | (36.2 | ) | $ | (36.3 | ) | $ | (26.7 | ) | Amount included in net income | |||||
____________________ | |||||||||||||||
-1 | Amounts in parentheses indicate charges to the 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 13. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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) | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||
Continuing operations, net of income taxes | $ | 453.2 | $ | 443.7 | $ | 404 | ||||||
Discontinued operations, net of income taxes | (159.3 | ) | (27.5 | ) | (38.1 | ) | ||||||
Net income | $ | 293.9 | $ | 416.2 | $ | 365.9 | ||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (1.6 | ) | (2.0 | ) | (1.9 | ) | ||||||
Net income allocable to common stockholders | $ | 292.3 | $ | 414.2 | $ | 364 | ||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 3.34 | $ | 3.21 | $ | 2.83 | ||||||
Discontinued operations | (1.18 | ) | (0.20 | ) | (0.26 | ) | ||||||
Net income | $ | 2.16 | $ | 3.01 | $ | 2.57 | ||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||
Continuing operations | $ | 3.33 | $ | 3.2 | $ | 2.81 | ||||||
Discontinued operations | (1.17 | ) | (0.20 | ) | (0.26 | ) | ||||||
Net income | $ | 2.16 | $ | 3 | $ | 2.55 | ||||||
Shares (in thousands): | ||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 135,209 | 137,701 | 142,056 | |||||||||
Weighted average additional shares assuming conversion of potential common shares | 928 | 1,112 | 1,252 | |||||||||
Shares – diluted basis | 136,137 | 138,813 | 143,308 | |||||||||
Financial_Instrument_Risk_Mana1
Financial Instrument, Risk Management and Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Instruments Fair Value and Balance Sheet Presentation | ' | |||||||||||||||||||
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2013 and 2012. | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
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 | $ | 6.3 | $ | 5.5 | $ | 11.8 | $ | (6.7 | ) | $ | 5.1 | |||||||||
Energy contracts | 0.7 | — | 0.7 | (0.2 | ) | 0.5 | ||||||||||||||
Total derivative assets (1) | 7 | 5.5 | 12.5 | (6.9 | ) | 5.6 | ||||||||||||||
Foreign exchange contracts | (17.7 | ) | (0.6 | ) | (18.3 | ) | 6.7 | (11.6 | ) | |||||||||||
Energy contracts | (0.6 | ) | — | (0.6 | ) | 0.2 | (0.4 | ) | ||||||||||||
Total derivative liabilities (2) | (18.3 | ) | (0.6 | ) | (18.9 | ) | 6.9 | (12.0 | ) | |||||||||||
Net derivative assets/(liabilities) | $ | (11.3 | ) | $ | 4.9 | $ | (6.4 | ) | $ | — | $ | (6.4 | ) | |||||||
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 consolidated balance sheets. | |||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Condensed Consolidated Statements of Income | ' | |||||||||||||||||||
The following tables provide the impact of derivative instruments and related hedged items on the consolidated statements of income for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||
Contracts (2) | ||||||||||||||||||||
(in Millions) | Foreign exchange | Energy | Other | Total | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2010 | $ | 0.4 | $ | (3.9 | ) | $ | — | $ | (3.5 | ) | ||||||||||
2011 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | (3.1 | ) | (5.9 | ) | (1.3 | ) | (10.3 | ) | ||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | 1.6 | 5 | — | 6.6 | ||||||||||||||||
(1.5 | ) | (0.9 | ) | (1.3 | ) | (3.7 | ) | |||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2011 | $ | (1.1 | ) | $ | (4.8 | ) | $ | (1.3 | ) | $ | (7.2 | ) | ||||||||
2012 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | 2.1 | (2.3 | ) | — | (0.2 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | (0.3 | ) | 6.1 | 0.1 | 5.9 | |||||||||||||||
1.8 | 3.8 | 0.1 | 5.7 | |||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2012 | $ | 0.7 | $ | (1.0 | ) | $ | (1.2 | ) | $ | (1.5 | ) | |||||||||
2013 Activity | ||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | (8.0 | ) | 0.7 | 2.4 | (4.9 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||||||||||||||||||
Effective Portion (1) | (0.2 | ) | 0.4 | 0.1 | 0.3 | |||||||||||||||
(8.2 | ) | 1.1 | 2.5 | (4.6 | ) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2013 | $ | (7.5 | ) | $ | 0.1 | $ | 1.3 | $ | (6.1 | ) | ||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income. | |||||||||||||||||||
-2 | For the years ended December 31, 2013, 2012 and 2011, there was no material ineffectiveness with regard to cash flow hedges. | |||||||||||||||||||
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 | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(in Millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Foreign Exchange contracts | Cost of Sales and Services | $ | 11.2 | $ | 6.7 | $ | 3.3 | |||||||||||||
Commodity contracts: | ||||||||||||||||||||
Energy contracts | Cost of Sales and Services | — | — | (0.2 | ) | |||||||||||||||
Total | $ | 11.2 | $ | 6.7 | $ | 3.1 | ||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets as of December 31, 2013 and December 31, 2012. | ||||||||||||||||||||
(in Millions) | December 31, 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) | ||||||||||||||||||||
Energy contracts | $ | 0.5 | $ | — | $ | 0.5 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (1) | 5.1 | — | 5.1 | — | ||||||||||||||||
Other (2) | 32.7 | 32.7 | — | — | ||||||||||||||||
Total Assets | $ | 38.3 | $ | 32.7 | $ | 5.6 | $ | — | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives – Commodities: (3) | ||||||||||||||||||||
Energy contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (3) | 11.6 | — | 11.6 | — | ||||||||||||||||
Other (4) | 37.4 | 37.4 | — | — | ||||||||||||||||
Total Liabilities | $ | 49.4 | $ | 37.4 | $ | 12 | $ | — | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Amounts included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-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 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) | ||||||||||||||||||||
Energy 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: (3) | ||||||||||||||||||||
Energy contracts | $ | 1.5 | $ | — | $ | 1.5 | $ | — | ||||||||||||
Derivatives – Foreign Exchange (3) | 2.4 | — | 2.4 | — | ||||||||||||||||
Acquisition (4) | 1 | — | — | 1 | ||||||||||||||||
Other (5) | 39.8 | 39.8 | — | — | ||||||||||||||||
Total Liabilities | $ | 44.7 | $ | 39.8 | $ | 3.9 | $ | 1 | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Amounts included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||||||||||||||||
-3 | Amounts included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||||||||||||||||
-4 | Represents contingent consideration associated with the acquisitions during 2011. See Note 3 for more information. The changes in this Level 3 liability were not material for the period presented. | |||||||||||||||||||
-5 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. | |||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | |||||||||||||||||||
The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2013 and 2012. See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. | ||||||||||||||||||||
(in Millions) | Year ended December 31, 2013 | Quoted | Significant | Significant | Total Gains (Losses) (Year Ended December 31, 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) | $ | 150.1 | $ | — | $ | — | $ | 150.1 | $ | (156.7 | ) | |||||||||
Long-lived assets associated with exit activities (2) | 2.6 | — | — | 2.6 | (1.9 | ) | ||||||||||||||
Total Assets | $ | 152.7 | $ | — | $ | — | $ | 152.7 | $ | (158.6 | ) | |||||||||
Liabilities | ||||||||||||||||||||
Liabilities associated with exit activities (3) | $ | — | $ | — | $ | — | $ | — | $ | (7.2 | ) | |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | $ | (7.2 | ) | |||||||||
____________________ | ||||||||||||||||||||
-1 | As further discussed in Note 9, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the year ended December 31, 2013. Our evaluation of fair value, less cost to sell was based on the signed definitive agreement with One Equity Partners. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated net CTA losses of our foreign operations which were included in our fair value less cost to sell evaluation. See Note 9 for more information. | |||||||||||||||||||
-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) | Year ended December 31, 2012 | 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 segment 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 our discontinued FMC Peroxygens segment. |
Guarantees_Commitments_and_Con1
Guarantees, Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 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 December 31, 2013: | ||||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing | $ | 27.9 | ||
Foreign equity method investment debt guarantees | 7.9 | |||
Other debt guarantees of distributor financing | 16.5 | |||
Total | $ | 52.3 | ||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting Information by Segment | ' | |||||||||||||||||||||||||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 2,145.70 | $ | 1,763.80 | $ | 1,464.50 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 762 | 680.8 | 654.3 | |||||||||||||||||||||||||||||||||
FMC Minerals | 970 | 966.2 | 917.5 | |||||||||||||||||||||||||||||||||
Eliminations | (2.9 | ) | (0.9 | ) | — | |||||||||||||||||||||||||||||||
Total | $ | 3,874.80 | $ | 3,409.90 | $ | 3,036.30 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 539 | $ | 454 | $ | 349.8 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 169.5 | 161.6 | 159.4 | |||||||||||||||||||||||||||||||||
FMC Minerals | 128.3 | 171.4 | 175.7 | |||||||||||||||||||||||||||||||||
Eliminations | — | (0.4 | ) | — | ||||||||||||||||||||||||||||||||
Segment operating profit | 836.8 | 786.6 | 684.9 | |||||||||||||||||||||||||||||||||
Corporate and other | (82.7 | ) | (78.6 | ) | (75.3 | ) | ||||||||||||||||||||||||||||||
Operating profit before the items listed below | 754.1 | 708 | 609.6 | |||||||||||||||||||||||||||||||||
Restructuring and other (charges) income (1) | (47.9 | ) | (27.5 | ) | (6.3 | ) | ||||||||||||||||||||||||||||||
Interest expense, net | (42.2 | ) | (40.7 | ) | (35.0 | ) | ||||||||||||||||||||||||||||||
Non-operating pension and postretirement (charges) income (2) | (38.1 | ) | (34.9 | ) | (14.5 | ) | ||||||||||||||||||||||||||||||
Acquisition related charges (3) | (10.0 | ) | (7.2 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Provision for income taxes | (148.6 | ) | (134.5 | ) | (132.9 | ) | ||||||||||||||||||||||||||||||
Discontinued operations, net of income taxes | (159.3 | ) | (27.5 | ) | (38.1 | ) | ||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (14.1 | ) | (19.5 | ) | (16.3 | ) | ||||||||||||||||||||||||||||||
Net income attributable to FMC stockholders | $ | 293.9 | $ | 416.2 | $ | 365.9 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | See Note 7 for details of restructuring and other charges (income). Amounts for the years ended 2013, 2012 and 2011 relate to FMC Agricultural Solutions of $32.6 million, $8.5 million and $1.2 million; FMC Health and Nutrition of $1.0 million, $0.7 million and $1.5 million; FMC Minerals of $6.4 million, $13.0 million and $0.7 million; and Corporate of $7.9 million, $5.3 million and $2.9 million, respectively. | |||||||||||||||||||||||||||||||||||
-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 with the completion of acquisitions. Charges for the year ended December 31, 2013, represented amortization of inventory fair value step-up of $5.2 million and certain professional fees of $4.8 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for 2012 and 2011 represent amortization of inventory fair value step-up related to a number of acquisitions completed since fourth quarter 2011. On the 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". | |||||||||||||||||||||||||||||||||||
Net Sales to External Customer by Product Line Groups | ' | |||||||||||||||||||||||||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||||||||||||
Alkali | $ | 747 | $ | 733.2 | $ | 692.7 | ||||||||||||||||||||||||||||||
Lithium | 223 | 233 | 224.8 | |||||||||||||||||||||||||||||||||
Total FMC Minerals Segment | $ | 970 | $ | 966.2 | $ | 917.5 | ||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||||||||||||||||||||||||||||||
(in Millions) | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Operating capital employed (1) | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 1,398.10 | $ | 1,184.30 | $ | 903.2 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 1,380.50 | 874.2 | 696.1 | |||||||||||||||||||||||||||||||||
FMC Minerals | 758.4 | 702.1 | 610.2 | |||||||||||||||||||||||||||||||||
Elimination | — | — | (0.2 | ) | ||||||||||||||||||||||||||||||||
Total operating capital employed | 3,537.00 | 2,760.60 | 2,209.30 | |||||||||||||||||||||||||||||||||
Segment liabilities included in total operating capital employed | 1,039.00 | 821.2 | 670.2 | |||||||||||||||||||||||||||||||||
Assets of discontinued operations held for sale | 198.3 | 336.6 | 307.6 | |||||||||||||||||||||||||||||||||
Corporate items | 460.9 | 455.5 | 556.4 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,235.20 | $ | 4,373.90 | $ | 3,743.50 | ||||||||||||||||||||||||||||||
Segment assets (2) | ||||||||||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 2,190.70 | $ | 1,793.70 | $ | 1,382.80 | ||||||||||||||||||||||||||||||
FMC Health and Nutrition | 1,508.20 | 958.1 | 765.1 | |||||||||||||||||||||||||||||||||
FMC Minerals | 877.1 | 830 | 731.9 | |||||||||||||||||||||||||||||||||
Elimination | — | — | (0.3 | ) | ||||||||||||||||||||||||||||||||
Total segment assets | 4,576.00 | 3,581.80 | 2,879.50 | |||||||||||||||||||||||||||||||||
Assets of discontinued operations held for sale | 198.3 | 336.6 | 307.6 | |||||||||||||||||||||||||||||||||
Corporate items | 460.9 | 455.5 | 556.4 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,235.20 | $ | 4,373.90 | $ | 3,743.50 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | |||||||||||||||||||||||||||||||||||
-2 | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | |||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | ' | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
(in Millions) | Capital Expenditures | Depreciation and | Research and | |||||||||||||||||||||||||||||||||
Amortization | Development Expense | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
FMC Agricultural Solutions | $ | 50.1 | $ | 18.4 | $ | 17.4 | $ | 34.1 | $ | 34.4 | $ | 23.3 | $ | 100.5 | $ | 95.4 | $ | 84.4 | ||||||||||||||||||
FMC Health and Nutrition | 115.7 | 56.5 | 38.8 | 35.4 | 25.8 | 23.1 | 10.5 | 9.9 | 10.1 | |||||||||||||||||||||||||||
FMC Minerals | 50.3 | 92.9 | 88.9 | 53.9 | 52.4 | 50.1 | 6.7 | 6.7 | 6.6 | |||||||||||||||||||||||||||
Corporate | 5.8 | 9.5 | 11.7 | 3.8 | 3.3 | 3.1 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 221.9 | $ | 177.3 | $ | 156.8 | $ | 127.2 | $ | 115.9 | $ | 99.6 | $ | 117.7 | $ | 112 | $ | 101.1 | ||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||||||||||||||||||||||
Geographic Segment Information | ||||||||||||||||||||||||||||||||||||
(in Millions) | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Revenue from continuing operations (by location of customer): | ||||||||||||||||||||||||||||||||||||
North America (1) | $ | 1,285.10 | $ | 1,107.60 | $ | 1,009.40 | ||||||||||||||||||||||||||||||
Europe/Middle East/Africa | 528.1 | 494.9 | 496.7 | |||||||||||||||||||||||||||||||||
Latin America (1) | 1,382.40 | 1,161.20 | 958.6 | |||||||||||||||||||||||||||||||||
Asia Pacific | 679.2 | 646.2 | 571.6 | |||||||||||||||||||||||||||||||||
Total | $ | 3,874.80 | $ | 3,409.90 | $ | 3,036.30 | ||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | In 2013, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2013, 2012 and 2011 for the U.S. totaled $1,244.8 million, $1,073.4 million and $975.2 million and for Brazil totaled $1,043.1 million, $845.4 million and $694.0 million, respectively. | |||||||||||||||||||||||||||||||||||
(in Millions) | December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Long-lived assets (1): | ||||||||||||||||||||||||||||||||||||
North America (2) | $ | 950 | $ | 861.9 | ||||||||||||||||||||||||||||||||
Europe/Middle East/Africa (2) | 736.7 | 463.6 | ||||||||||||||||||||||||||||||||||
Latin America | 168.2 | 141.8 | ||||||||||||||||||||||||||||||||||
Asia Pacific | 343.9 | 245.9 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,198.80 | $ | 1,713.20 | ||||||||||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||||||
-1 | Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
-2 | The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2013 and 2012 are the U.S. and Norway. Long lived assets at December 31, 2013 and 2012 for the U.S. totaled $948.0 million and $860.1 million and for Norway totaled $511.3 million and $245.8 million, respectively. Norway assets included goodwill of $273.1 million and $162.3 million at December 31, 2013 and 2012, respectively. |
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Information [Abstract] | ' | |||||||
Supplemental Information | ' | |||||||
The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: | ||||||||
Prepaid and other current assets | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Prepaid insurance | $ | 7.1 | $ | 7.1 | ||||
Income and value added tax receivables | 81 | 47 | ||||||
Environmental obligation recoveries (Note 10) | 16.8 | 13.3 | ||||||
Derivative assets (Note 18) | 5.6 | 1.7 | ||||||
Other prepaid and current assets | 126.3 | 103.8 | ||||||
Total | $ | 236.8 | $ | 172.9 | ||||
Other assets | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Debt financing fees, net | $ | 10.6 | $ | 7.7 | ||||
Advance to contract manufacturers | 62.2 | 55.9 | ||||||
Capitalized software, net | 32.5 | 32.8 | ||||||
Environmental obligation recoveries (Note 10) | 18.7 | 38.3 | ||||||
Export tax receivable | 26.6 | 23.5 | ||||||
Deferred compensation arrangements | 32.7 | 33 | ||||||
Pension and other postretirement benefits (Note 13) | 17.2 | — | ||||||
Other long-term assets | 61.5 | 56.4 | ||||||
Total | $ | 262 | $ | 247.6 | ||||
Accrued and other liabilities | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Asset retirement obligations, current (Note 8) | $ | 17.9 | $ | 15.4 | ||||
Restructuring reserves (Note 7) | 6.1 | 10.5 | ||||||
Dividend payable (Note 15) | 18 | 18.7 | ||||||
Accrued payroll | 74.6 | 68.6 | ||||||
Environmental reserves, current, net of recoveries (Note 10) | 29.5 | 15.8 | ||||||
Derivative liabilities (Note 18) | 12 | 3.9 | ||||||
Other accrued and other liabilities | 148.9 | 121.2 | ||||||
Total | $ | 307 | $ | 254.1 | ||||
Other long-term liabilities | December 31, | |||||||
(in Millions) | 2013 | 2012 | ||||||
Asset retirement obligations, long-term (Note 8) | $ | 4.8 | $ | 10.1 | ||||
Contingencies related to uncertain tax positions (Note 11) | 37.3 | 23.3 | ||||||
Deferred compensation arrangements | 37.4 | 39.8 | ||||||
Self insurance reserves (primarily workers' compensation) | 14.9 | 19.6 | ||||||
Lease obligations | 32.4 | 31.8 | ||||||
Reserve for discontinued operations (Note 9) | 53.2 | 44.4 | ||||||
Other long-term liabilities | 36.2 | 26.5 | ||||||
Total | $ | 216.2 | $ | 195.5 | ||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
(in Millions, Except Share and Per Share Data) | 2013 | 2012 | ||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||||||||||
Revenue | $ | 910.7 | $ | 876 | $ | 957.4 | $ | 1,130.70 | $ | 855 | $ | 817.5 | $ | 821.9 | $ | 915.5 | ||||||||||||||||
Gross Profit | 353.6 | 327.5 | 304.4 | 354.9 | 329.6 | 319.2 | 298 | 321.5 | ||||||||||||||||||||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes | 194.4 | 166.6 | 118.4 | 179.6 | 182 | 170.3 | 145.7 | 141.1 | ||||||||||||||||||||||||
Income (loss) from continuing operations (2) | 138.2 | 119.7 | 76.5 | 132.9 | 130.1 | 118.3 | 105.8 | 109 | ||||||||||||||||||||||||
Discontinued operations, net of income taxes (4) | (3.2 | ) | 1.5 | (56.6 | ) | (101.0 | ) | (5.5 | ) | (8.0 | ) | (11.2 | ) | (2.8 | ) | |||||||||||||||||
Net income (loss) (3) | 135 | 121.2 | 19.9 | 31.9 | 124.6 | 110.3 | 94.6 | 106.2 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 4.1 | 3.2 | 2 | 4.8 | 5.5 | 5.4 | 4.6 | 4 | ||||||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 130.9 | $ | 118 | $ | 17.9 | $ | 27.1 | $ | 119.1 | $ | 104.9 | $ | 90 | $ | 102.2 | ||||||||||||||||
Amounts attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 134.1 | $ | 116.5 | $ | 74.5 | $ | 128.1 | $ | 124.6 | $ | 112.9 | $ | 101.2 | $ | 105 | ||||||||||||||||
Discontinued operations, net of income taxes | (3.2 | ) | 1.5 | (56.6 | ) | (101.0 | ) | (5.5 | ) | (8.0 | ) | (11.2 | ) | (2.8 | ) | |||||||||||||||||
Net income (loss) | $ | 130.9 | $ | 118 | $ | 17.9 | $ | 27.1 | $ | 119.1 | $ | 104.9 | $ | 90 | $ | 102.2 | ||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.97 | $ | 0.85 | $ | 0.55 | $ | 0.96 | $ | 0.9 | $ | 0.82 | $ | 0.73 | $ | 0.76 | ||||||||||||||||
Discontinued operations | (0.02 | ) | 0.01 | (0.42 | ) | (0.76 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||
Basic net income (loss) per common share (1) | $ | 0.95 | $ | 0.86 | $ | 0.13 | $ | 0.2 | $ | 0.86 | $ | 0.76 | $ | 0.65 | $ | 0.74 | ||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.96 | $ | 0.85 | $ | 0.55 | $ | 0.95 | $ | 0.89 | $ | 0.82 | $ | 0.73 | $ | 0.76 | ||||||||||||||||
Discontinued operations | (0.02 | ) | 0.01 | (0.42 | ) | (0.75 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.02 | ) | |||||||||||||||||
Diluted net income (loss) per common share (1) | $ | 0.94 | $ | 0.86 | $ | 0.13 | $ | 0.2 | $ | 0.85 | $ | 0.76 | $ | 0.65 | $ | 0.74 | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 137.1 | 136.3 | 134.1 | 133.3 | 138.3 | 137.2 | 137.4 | 137.6 | ||||||||||||||||||||||||
Diluted | 138.1 | 137.1 | 135 | 134.3 | 139.5 | 138.3 | 138.4 | 138.6 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | The sum of quarterly earnings per common share may differ from the full-year amount. | |||||||||||||||||||||||||||||||
-2 | Fourth quarter 2012 results were unfavorably impacted by $13.3 million ($9.3 million after-tax) of restructuring and other charges (income), due to the Lithium restructuring. (See Note 7). | |||||||||||||||||||||||||||||||
-3 | In the fourth quarter of 2012, our results were favorably impacted due to a valuation allowance decrease of $14.9 million related to U.S. state net operating losses now expected to be recoverable (See Note 11). | |||||||||||||||||||||||||||||||
-4 | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). |
Principal_Accounting_Policies_2
Principal Accounting Policies and Related Financial Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Classes | |||
Segments | |||
Nature of Operations | ' | ' | ' |
Number of business segments | 3 | ' | ' |
Number of major classes of crop protection | 3 | ' | ' |
Trade receivable, net of allowance | ' | ' | ' |
Allowance for trade receivable | $30,200,000 | $26,800,000 | ' |
Provision for doubtful accounts | 5,700,000 | 8,800,000 | 3,900,000 |
Investments | ' | ' | ' |
Maximum ownership percentage for equity method investments | 50.00% | ' | ' |
Capitalized Interest | ' | ' | ' |
Capitalized interest costs | 5,700,000 | 7,200,000 | 6,300,000 |
Goodwill and Intangible Assets | ' | ' | ' |
Goodwill impairment loss | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Goodwill and Intangible Assets | ' | ' | ' |
Useful lives of finite-lived intangible assets | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Goodwill and Intangible Assets | ' | ' | ' |
Useful lives of finite-lived intangible assets | '25 years | ' | ' |
Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '20 years | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '20 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '40 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '18 years | ' | ' |
Software Development [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '3 years | ' | ' |
Software Development [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Useful lives of property, plant and equipment | '10 years | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2011 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Completed_Acquisitions | Completed_Acquisitions | EPAX [Member] | Phytone Ltd [Member] | 2012 Acquisitions [Member] | South Pole Biogroup Ltda [Member] | Ruralco Soluciones SA [Member] | 2011 Acquisitions [Member] | 2011 Acquisitions [Member] | 2011 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of voting interests acquired | ' | ' | ' | ' | 100.00% | 100.00% | ' | 100.00% | 50.00% | ' | ' | ' | ||
Trade receivables | ' | ' | ' | $15.60 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventories (1) | ' | ' | ' | 53.7 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | |
Other current assets | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property, plant & equipment | ' | ' | ' | 136.8 | ' | ' | 27.7 | ' | ' | ' | ' | ' | ||
Intangible assets (2) | ' | ' | ' | 71.7 | [2] | ' | ' | 38.8 | [2] | ' | ' | 124.6 | ' | ' |
Goodwill (3) | ' | ' | ' | 99.4 | [3] | ' | ' | 62.4 | [3] | ' | ' | 17.9 | ' | ' |
Other assets | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total fair value of assets acquired | ' | ' | ' | 382.8 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current liabilities | ' | ' | ' | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax liabilities | ' | ' | ' | 30.5 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other liabilities | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total fair value of liabilities assumed | ' | ' | ' | 43.2 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total cash paid, less cash acquired | ' | ' | ' | 339.6 | ' | ' | 117.4 | ' | ' | ' | ' | ' | ||
Finished goods inventory fair value step up | 9.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finished goods inventory fair value step up charge | 5.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average useful life of acquired intangible assets | '17 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisitions completed in 2012 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisitions completed in 2011 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149 | ' | ' | ||
Payments to acquire businesses, net of cash acquired | 339.6 | 142.8 | 124.8 | ' | ' | ' | ' | ' | ' | ' | 24.2 | 124.8 | ||
Contingent consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2.5 | ' | ||
Contingent consideration accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ||
Goodwill allocation adjustment | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ||
Business Combination, Acquisition Related Costs | $4.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Fair value of finished good inventories acquired included a step-up in the value of approximately $9.1 million, of which $5.2 million was expensed in 2013 with the remaining to be expensed in 2014. Amounts are expensed to "Cost of sales and services." | |||||||||||||
[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_Assets2
Goodwill and Intangible Assets, Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | $277.60 | $209.40 |
Acquisitions | 99.4 | 62.4 |
Foreign currency adjustments | 12.4 | 6.5 |
Purchase price allocation adjustments (See Note 3) | ' | -0.7 |
Balance at end of period | 389.4 | 277.6 |
FMC Agricultural Solutions [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 31 | 12.4 |
Acquisitions | 0 | 19.5 |
Foreign currency adjustments | 0 | 0.2 |
Purchase price allocation adjustments (See Note 3) | ' | -1.1 |
Balance at end of period | 31 | 31 |
FMC Health and Nutrition [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 246.6 | 197 |
Acquisitions | 99.4 | 42.9 |
Foreign currency adjustments | 12.4 | 6.3 |
Purchase price allocation adjustments (See Note 3) | ' | 0.4 |
Balance at end of period | 358.4 | 246.6 |
FMC Minerals [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance at beginning of period | 0 | 0 |
Acquisitions | 0 | 0 |
Foreign currency adjustments | 0 | 0 |
Purchase price allocation adjustments (See Note 3) | ' | 0 |
Balance at end of period | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Finite-lived intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets | $240.90 | $191.40 |
Accumulated Amortization | -37.7 | -24.1 |
Net | 203.2 | 167.3 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 14.3 | ' |
2015 | 14.1 | ' |
2016 | 12.7 | ' |
2017 | 12.3 | ' |
2018 | 12.1 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful lives of finite-lived intangible assets | '19 years | ' |
Finite-lived intangible assets | 159.3 | 126.6 |
Accumulated Amortization | -15.2 | -8.1 |
Net | 144.1 | 118.5 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful lives of finite-lived intangible assets | '12 years | ' |
Finite-lived intangible assets | 0.4 | 0.4 |
Accumulated Amortization | 0 | 0 |
Net | 0.4 | 0.4 |
Trademarks and trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful lives of finite-lived intangible assets | '3 years | ' |
Finite-lived intangible assets | 1.3 | 1.2 |
Accumulated Amortization | -0.4 | -0.1 |
Net | 0.9 | 1.1 |
Purchased and licensed technologies [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful lives of finite-lived intangible assets | '11 years | ' |
Finite-lived intangible assets | 75.6 | 59.1 |
Accumulated Amortization | -19.3 | -14 |
Net | 56.3 | 45.1 |
Other intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful lives of finite-lived intangible assets | '12 years | ' |
Finite-lived intangible assets | 4.3 | 4.1 |
Accumulated Amortization | -2.8 | -1.9 |
Net | $1.50 | $2.20 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Indefinite Life Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | $69.10 | $38.40 |
Finite and indefinite lived intangible assets, gross | 310 | 229.8 |
Intangible asset, accumulated amortization | -37.7 | -24.1 |
Other intangibles, net | 272.3 | 205.7 |
Trademarks and trade names [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | 67 | 36.3 |
In process research and development [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Indefinite-lived intangible assets | $2.10 | $2.10 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, by Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Intangible Assets by Segment [Line Items] | ' | ' |
Finite-lived intangible assets | $203.20 | $167.30 |
Indefinite-lived intangible assets | 69.1 | 38.4 |
FMC Agricultural Solutions [Member] | ' | ' |
Schedule of Intangible Assets by Segment [Line Items] | ' | ' |
Finite-lived intangible assets | 107.4 | ' |
Indefinite-lived intangible assets | 35.2 | ' |
FMC Health and Nutrition [Member] | ' | ' |
Schedule of Intangible Assets by Segment [Line Items] | ' | ' |
Finite-lived intangible assets | 94.6 | ' |
Indefinite-lived intangible assets | 33.9 | ' |
FMC Minerals [Member] | ' | ' |
Schedule of Intangible Assets by Segment [Line Items] | ' | ' |
Finite-lived intangible assets | 1.2 | ' |
Indefinite-lived intangible assets | $0 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO Inventory | 38.00% | 40.00% |
Inventories: | ' | ' |
Finished goods | $283 | $268.10 |
Work in process | 276.7 | 235.1 |
Raw materials, supplies and other | 297.8 | 304.3 |
FIFO inventory | 857.5 | 807.5 |
Less: Excess of FIFO cost over LIFO cost | -169.1 | -165.1 |
Net inventories | $688.40 | $642.40 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Land and land improvements | $154.30 | $135.80 | ' |
Mineral rights | 31.4 | 31.4 | ' |
Buildings | 372.7 | 317 | ' |
Machinery and equipment | 1,839.30 | 1,741.30 | ' |
Construction in progress | 265.5 | 192.3 | ' |
Total cost | 2,663.20 | 2,417.80 | ' |
Accumulated depreciation | -1,414.90 | -1,461.60 | ' |
Property, plant and equipment, net | 1,248.30 | 956.2 | ' |
Depreciation | $94.60 | $84 | $81.40 |
Restructuring_Charges_in_Conso
(Restructuring Charges in Consolidated Income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restructuring and Related Activities [Abstract] | ' | ' | ' | |||
Restructuring Charges and Asset Disposals | $9.60 | $17.70 | $2.30 | |||
Discontinued operations, net of income tax | 38.3 | 9.8 | 4 | |||
Total Restructuring and Other Charges | $47.90 | [1] | $27.50 | [1] | $6.30 | [1] |
[1] | See Note 7 for details of restructuring and other charges (income). Amounts for the years ended 2013, 2012 and 2011 relate to FMC Agricultural Solutions of $32.6 million, $8.5 million and $1.2 million; FMC Health and Nutrition of $1.0 million, $0.7 million and $1.5 million; FMC Minerals of $6.4 million, $13.0 million and $0.7 million; and Corporate of $7.9 million, $5.3 million and $2.9 million, respectively. |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Income) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | ||||||||||||
Lithium Restructuring [Member] | Lithium Restructuring [Member] | Lithium Restructuring [Member] | Other [Member] | Other [Member] | Other [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | FMC Agricultural Solutions [Member] | FMC Agricultural Solutions [Member] | FMC Agricultural Solutions [Member] | |||||||||||||||
Other [Member] | |||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Severance and Employee Benefits | $4,600,000 | [1] | ($300,000) | [1] | $700,000 | [1] | ' | $2,800,000 | [1] | $0 | [1] | $1,800,000 | [1] | ($300,000) | [1] | $700,000 | [1] | ' | ' | ' | ' | ' | |||
Other Charges (Income) | 2,700,000 | [2] | 700,000 | [2] | 400,000 | [2] | ' | 4,400,000 | [2] | 0 | [2] | -1,700,000 | [2] | 700,000 | [2] | 400,000 | [2] | ' | ' | ' | ' | ' | |||
Asset Disposal Charges | 2,300,000 | [3] | 17,300,000 | [3] | 1,200,000 | [3] | 13,300,000 | 1,900,000 | [3] | 13,300,000 | [3] | 400,000 | [3] | 4,000,000 | [3] | 1,200,000 | [3] | ' | ' | ' | ' | 0 | |||
Restructuring Charges and Asset Disposals | 9,600,000 | 17,700,000 | 2,300,000 | ' | 9,100,000 | 13,300,000 | 500,000 | 4,400,000 | 2,300,000 | ' | ' | ' | ' | ' | |||||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Restructuring Reserve, Beginning Balance | 10,500,000 | [4],[5] | 12,400,000 | [4] | ' | ' | 0 | [4] | 0 | [4] | 3,100,000 | [4],[6] | 3,400,000 | [4],[6] | ' | 7,400,000 | [4],[7] | 9,000,000 | [4],[7] | ' | ' | ' | |||
Changes in reserves | 6,700,000 | [8] | 10,400,000 | [8] | ' | ' | 7,200,000 | [8] | 0 | [8] | 100,000 | [6],[8] | 400,000 | [6],[8] | ' | -600,000 | [7],[8] | 10,000,000 | [7],[8] | ' | ' | ' | |||
Cash payments | -10,000,000 | -13,000,000 | ' | ' | -6,900,000 | 0 | -400,000 | [6] | -900,000 | [6] | ' | -2,700,000 | [7] | -12,100,000 | [7] | ' | ' | ' | |||||||
Other | -1,100,000 | [5] | 700,000 | [5] | ' | ' | 0 | [5] | 0 | [5] | 0 | [5],[6] | 200,000 | [5],[6] | ' | -1,100,000 | [5],[7] | 500,000 | [5],[7] | ' | ' | ' | |||
Restructuring Reserve, Ending Balance | 6,100,000 | [4],[5] | 10,500,000 | [4],[5] | 12,400,000 | [4] | 0 | [4] | 300,000 | [4] | 0 | [4] | 2,800,000 | [4],[6] | 3,100,000 | [4],[6] | 3,400,000 | [4],[6] | 3,000,000 | [4],[7] | 7,400,000 | [4],[7] | ' | ' | ' |
Other Charges [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Environmental Charges, Net | 6,200,000 | 5,800,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Other, net | 32,100,000 | 4,000,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,600,000 | 4,400,000 | ' | |||||||||||
Other Charges (Income), Net | $38,300,000 | $9,800,000 | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[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 restructuring. | ||||||||||||||||||||||||
[3] | Primarily represents accelerated depreciation and impairment charges on plant and equipment, which were or are to be abandoned. Asset disposal charges also included the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, see Note 8. | ||||||||||||||||||||||||
[4] | Included in “Accrued and other liabilities†on the consolidated balance sheets. | ||||||||||||||||||||||||
[5] | Primarily foreign currency translation adjustments and cash proceeds associated with recoveries. | ||||||||||||||||||||||||
[6] | Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items†sections above. | ||||||||||||||||||||||||
[7] | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the consolidated statements of cash flows. | ||||||||||||||||||||||||
[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. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Asset Retirement Obligations, Beginning | $25.50 | [1] | $27 | |
Acceleration due to facility shutdowns | ' | 2 | ||
Increase (decrease) to previously recorded ARO liability | 4.3 | -0.7 | ||
Accretion expense | 0.1 | 0.1 | ||
Payments | -8 | -3.2 | ||
Foreign currency translation adjustments | 0.8 | 0.3 | ||
Asset Retirement Obligations, Ending | $22.70 | [1] | $25.50 | [1] |
[1] | Included in “Accrued and other liabilities†and "Other long-term liabilities" on the consolidated balance sheets. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Self Insurance Reserve, Noncurrent | $14.90 | $14.90 | ' | ' | ' | $19.60 | ' | ' | ' | $14.90 | $19.60 | ' | ||||||||||||
Reserve for discontinued operations (Note 9) | 53.2 | [1] | 53.2 | [1] | ' | ' | ' | 44.4 | [1] | ' | ' | ' | 53.2 | [1] | 44.4 | [1] | ' | |||||||
Period of transitional services (in Months) | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328.8 | 338.4 | 341.6 | ||||||||||||
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.2 | [2] | 25.5 | [2] | 23.4 | [2] | |||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.4 | 13.7 | 11.5 | ||||||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.8 | [3] | 11.8 | [3] | 11.9 | [3] | |||||||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.8 | 0 | 0 | ||||||||||||
Adjustment to assets held for sale, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -122.1 | [4] | 0 | [4] | 0 | [4] | |||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | -101 | [5] | -56.6 | [5] | 1.5 | [5] | -3.2 | [5] | -2.8 | [5] | -11.2 | [5] | -8 | [5] | -5.5 | [5] | -159.3 | -27.5 | -38.1 | ||||
Interest expense allocated to FMC Peroxygens discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | 4.5 | 3.9 | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 198.3 | 198.3 | ' | ' | ' | 92.4 | ' | ' | ' | 198.3 | 92.4 | ' | ||||||||||||
Noncurrent assets of discontinued operations held for sale | 0 | 0 | ' | ' | ' | 244.2 | ' | ' | ' | 0 | 244.2 | ' | ||||||||||||
Total Assets | 198.3 | [6],[7] | 198.3 | [6],[7] | ' | ' | ' | 336.6 | [6],[7] | ' | ' | ' | 198.3 | [6],[7] | 336.6 | [6],[7] | 307.6 | [6],[7] | ||||||
Current liabilities of discontinued operations held for sale | 48.2 | 48.2 | ' | ' | ' | 54.1 | ' | ' | ' | 48.2 | 54.1 | ' | ||||||||||||
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 0 | 0 | ' | ' | ' | 3.3 | ' | ' | ' | 0 | 3.3 | ' | ||||||||||||
Tax effect of workers' compensation, product liability and other postretirement benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | 0.2 | -0.3 | ||||||||||||
Tax effect of provision for environmental | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.2 | 7.8 | 9.6 | ||||||||||||
Tax effect of provision for legal expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 10.6 | 10.3 | ||||||||||||
Tax effect of Restructuring Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 1.5 | 7.9 | ||||||||||||
Tax effect of Peroxygens Segment Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.1 | -13.7 | -11.5 | ||||||||||||
Insurance recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.9 | ' | ' | ||||||||||||
Net pretax actuarial gain and prior service credit | 7.9 | 7.9 | ' | ' | ' | 11.3 | ' | ' | ' | 7.9 | 11.3 | ' | ||||||||||||
After-tax actuarial gain and prior service credit | 3.9 | 3.9 | ' | ' | ' | 7.1 | ' | ' | ' | 3.9 | 7.1 | ' | ||||||||||||
Estimated pre-tax actuarial gain to be recognized in the next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ||||||||||||
Estimated prior service credit to be recognized in the next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ||||||||||||
Payments of other discontinued reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.7 | 42.1 | 120.3 | ||||||||||||
Workers' Compensation and Product Liability Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Self Insurance Reserve, Noncurrent | 6.7 | 6.7 | ' | ' | ' | 4.9 | ' | ' | ' | 6.7 | 4.9 | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Payments of other discontinued reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1 | 1.3 | ||||||||||||
Other Postretirement Medical and Life Insurance Benefits Reserves [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Other Postretirement Defined Benefit Plan, Liabilities | 9.6 | 9.6 | ' | ' | ' | 8.3 | ' | ' | ' | 9.6 | 8.3 | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Payments of other discontinued reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.7 | 1 | ||||||||||||
Legal Proceeding Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Loss Contingency Accrual, at Carrying Value | 36.9 | 36.9 | ' | ' | ' | 31.2 | ' | ' | ' | 36.9 | 31.2 | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Payments of other discontinued reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.8 | 24.6 | 20.9 | ||||||||||||
Discontinued workers' compensation, product liability and other postretirement benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | -0.3 | 0.7 | ||||||||||||
Discontinued Environmental Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23.1 | [8] | -12.6 | [8] | -15.8 | [8] | |||||||||
Discontinued Legal Expenses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | [9] | -17.3 | [9] | -16.7 | [9] | |||||||||
Discontinued restructuring charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16.7 | [10] | -9.1 | [10] | -18.2 | [10] | |||||||||
FMC Peroxygens [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -111.1 | 11.8 | 11.9 | ||||||||||||
Impairment charge | 156.7 | 156.7 | ' | ' | ' | ' | ' | ' | ' | 156.7 | ' | ' | ||||||||||||
Impairment charge, after tax | 122.1 | 122.1 | ' | ' | ' | ' | ' | ' | ' | 122.1 | ' | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 94.8 | 94.8 | ' | ' | ' | 92.4 | ' | ' | ' | 94.8 | 92.4 | ' | ||||||||||||
Property, plant & equipment | 61.1 | 61.1 | ' | ' | ' | 180 | ' | ' | ' | 61.1 | 180 | ' | ||||||||||||
Goodwill | 0 | 0 | ' | ' | ' | 16.9 | ' | ' | ' | 0 | 16.9 | ' | ||||||||||||
Intangible assets, net | 2.7 | 2.7 | ' | ' | ' | 9.9 | ' | ' | ' | 2.7 | 9.9 | ' | ||||||||||||
Other non-current assets | 39.7 | 39.7 | ' | ' | ' | 37.4 | ' | ' | ' | 39.7 | 37.4 | ' | ||||||||||||
Noncurrent assets of discontinued operations held for sale | 103.5 | [11] | 103.5 | [11] | ' | ' | ' | 244.2 | [11] | ' | ' | ' | 103.5 | [11] | 244.2 | [11] | ' | |||||||
Total Assets | 198.3 | 198.3 | ' | ' | ' | 336.6 | ' | ' | ' | 198.3 | 336.6 | ' | ||||||||||||
Current liabilities of discontinued operations held for sale | 43 | 43 | ' | ' | ' | 54.1 | ' | ' | ' | 43 | 54.1 | ' | ||||||||||||
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 5.2 | 5.2 | ' | ' | ' | 3.3 | ' | ' | ' | 5.2 | 3.3 | ' | ||||||||||||
Total Liabilities | 48.2 | 48.2 | ' | ' | ' | 57.4 | ' | ' | ' | 48.2 | 57.4 | ' | ||||||||||||
Net Assets | $150.10 | [12] | $150.10 | [12] | ' | ' | ' | $279.20 | [12] | ' | ' | ' | $150.10 | [12] | $279.20 | [12] | ' | |||||||
[1] | Included in “Other long-term liabilities†on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. | |||||||||||||||||||||||
[2] | Includes allocated interest expense $4.7 million, $4.5 million and $3.9 million for the years ended ended December 31, 2013, 2012 and 2011. Interest was allocated in accordance with relevant discontinued operations accounting guidance. | |||||||||||||||||||||||
[3] | In accordance with the held for sale accounting criteria effective July 2013 we stopped amortizing and depreciating all assets classified as held for sale. | |||||||||||||||||||||||
[4] | Assets held for sale be reported at the lower of carrying value or fair value less costs to sell. During the year ended December 31, 2013 we recorded an impairment charge of $156.7 million ($122.1 million after tax) to adjust the carrying value based on our evaluation. | |||||||||||||||||||||||
[5] | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). | |||||||||||||||||||||||
[6] | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | |||||||||||||||||||||||
[7] | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | |||||||||||||||||||||||
[8] | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. | |||||||||||||||||||||||
[9] | Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012 or 2011. | |||||||||||||||||||||||
[10] | See roll forward of our restructuring reserves in Note 7. | |||||||||||||||||||||||
[11] | Presented as "Current assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2013. | |||||||||||||||||||||||
[12] | Excludes the accumulated net cumulative translation adjustment losses of our foreign FMC Peroxygens operations. |
Enviromental_Obligations_Narra
Enviromental Obligations (Narrative and Environmental Reserve Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
site | |||
Environmental Remediation Obligations [Abstract] | ' | ' | ' |
Number of sites FMC is named as a potentially responsible party | 31 | ' | ' |
Number of sites FMC may be a potentially responsible party or equivalent | 37 | ' | ' |
Environmental reserves, excluding recoveries | $225.70 | $236.50 | ' |
Environmental loss contingencies, net of expected recoveries, in excess of accrual | 170 | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Total environmental reserves, net of recoveries Beginning of Period | 216 | 226.9 | 224.9 |
Provision | 48.2 | 31.2 | 45.2 |
Spending, net of recoveries | -59.5 | -42.1 | -43.2 |
Net Change | -11.3 | -10.9 | 2 |
Total environmental reserves, net of recoveries End of Period | $204.70 | $216 | $226.90 |
Enviromental_Obligations_Detai
Enviromental Obligations (Details) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Recorded Recoveries [Roll Forward] | ' | ' | ' | ' | |||
Expected recoveries recorded, beginning | $72.10 | $82.60 | ' | ' | |||
Increase in Recoveries | 9.2 | 7.2 | ' | ' | |||
Cash Received | 24.8 | 17.7 | ' | ' | |||
Expected recoveries recorded, ending | 56.5 | 72.1 | 82.6 | ' | |||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ' | ' | ' | ' | |||
Environmental reserves, current, net of recoveries | 29.5 | [1] | 15.8 | [1] | ' | ' | |
Environmental reserves, long-term continuing and discontinued, net of recoveries | 175.2 | [2] | 200.2 | [2] | ' | ' | |
Total environmental reserves, net of recoveries | 204.7 | 216 | 226.9 | 224.9 | |||
Continuing operations | 6.2 | [3] | 5.8 | [3] | 3.1 | [3] | ' |
Discontinued operations | 37.3 | [4] | 20.4 | [4] | 25.4 | [4] | ' |
Environmental Provision, Net of Recoveries recorded to Other Assets | 43.5 | 26.2 | 28.5 | ' | |||
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | 48.2 | [5] | 31.2 | [5] | 45.2 | [5] | ' |
Environmental Cost Recognized, Recovery Credited to Expense | -4.7 | [6] | -5 | [6] | -16.7 | [6] | ' |
Days after expiration to file notice to dispute | '15 days | ' | ' | ' | |||
Front Royal [Member] | ' | ' | ' | ' | |||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ' | ' | ' | ' | |||
Total environmental reserves, net of recoveries | 25.6 | 41.2 | ' | ' | |||
Pocatello [Member] | ' | ' | ' | ' | |||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ' | ' | ' | ' | |||
Total environmental reserves, net of recoveries | 61.3 | 61.7 | ' | ' | |||
Tribal Permit Fee | 1.5 | ' | ' | ' | |||
Tribal Court Decision on Permit Fees | 9 | ' | ' | ' | |||
Middleport [Member] | ' | ' | ' | ' | |||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | ' | ' | ' | ' | |||
Total environmental reserves, net of recoveries | 41.7 | 42.4 | ' | ' | |||
Properties | 200 | ' | ' | ' | |||
Clean up standard parts per million | 20 | ' | ' | ' | |||
Environmental Liabilities, Continuing and Discontinued [Member] | ' | ' | ' | ' | |||
Recorded Recoveries [Roll Forward] | ' | ' | ' | ' | |||
Expected recoveries recorded, beginning | 20.5 | 24.3 | ' | ' | |||
Increase in Recoveries | 4.5 | 2.2 | ' | ' | |||
Cash Received | 4 | 6 | ' | ' | |||
Expected recoveries recorded, ending | 21 | 20.5 | ' | ' | |||
Other Assets [Member] | ' | ' | ' | ' | |||
Recorded Recoveries [Roll Forward] | ' | ' | ' | ' | |||
Expected recoveries recorded, beginning | 51.6 | [7] | 58.3 | [7] | ' | ' | |
Increase in Recoveries | 4.7 | 5 | ' | ' | |||
Cash Received | 20.8 | 11.7 | ' | ' | |||
Expected recoveries recorded, ending | $35.50 | [7] | $51.60 | [7] | ' | ' | |
[1] | “Current†includes only those reserves related to continuing operations. These amounts are included within “Accrued and other liabilities†on the consolidated balance sheets. | ||||||
[2] | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. | ||||||
[3] | Recorded as a component of “Restructuring and other charges (income)†on our consolidated statements of income. See Note 7. | ||||||
[4] | Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. | ||||||
[5] | See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. | ||||||
[6] | Represents certain environmental recoveries. See Note 21 for details of Other assets as presented on our consolidated balance sheets. | ||||||
[7] | The amounts are included within “Prepaid and other current assets" and "Other assets". See Note 21 for more details. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $287.10 | $359.30 | $300.80 |
Foreign | 328.8 | 238.4 | 252.4 |
Income from continuing operations before income taxes | $615.90 | $597.70 | $553.20 |
Income_Taxes_Provision_benefit
Income Taxes Provision (benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $57.10 | $23.10 | $11.60 |
Foreign | 66.2 | 55.6 | 39.2 |
State | 5.7 | 0.7 | -0.3 |
Total current | 129 | 79.4 | 50.5 |
Deferred: | ' | ' | ' |
Federal | 29.7 | 73.3 | 61.8 |
Foreign | -18 | -12.3 | 14.8 |
State | 7.9 | -5.9 | 5.8 |
Total deferred | 19.6 | 55.1 | 82.4 |
Total | 148.6 | 134.5 | 132.9 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation [Abstract] | ' | ' | ' |
Continuing operations | 148.6 | 134.5 | 132.9 |
Discontinued operations | -45 | -6.4 | -16 |
Items charged directly to equity | 116.6 | -19.2 | -43.1 |
Total | 220.2 | 108.9 | 73.8 |
Deferred tax (exclusive of valuation allowance) | 19.4 | 68.8 | 71.7 |
Net increase (decrease) in the valuation allowance for deferred tax assets | $0.20 | ($13.70) | $10.70 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
U.S. State net operating losses now recoverable [Member] | U.S. State net operating losses now recoverable [Member] | U.S. State net operating losses now recoverable [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reserves for discontinued operations, environmental and restructuring | $127.70 | $103.10 | ' | ' | ' | ' | ' | ' | ' | ||
Accrued pension and other postretirement benefits | 9.4 | 135.3 | ' | ' | ' | ' | ' | ' | ' | ||
Alternative minimum, foreign tax and other credit carryforwards | 8.4 | 11.8 | ' | ' | ' | ' | ' | ' | ' | ||
Net operating loss carryforwards | 104 | 112.5 | ' | ' | ' | ' | ' | ' | ' | ||
Deferred expenditures capitalized for tax | 44.9 | 55.6 | ' | ' | ' | ' | ' | ' | ' | ||
Other | 124.6 | 118.5 | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets | 419 | 536.8 | ' | ' | ' | ' | ' | ' | ' | ||
Valuation allowance, net | -108.2 | [1] | -84.5 | [1] | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, net of valuation allowance | 310.8 | 452.3 | ' | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 78.5 | 94.3 | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax liabilities | 78.5 | 94.3 | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred tax assets | 232.3 | 358 | ' | ' | ' | ' | ' | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net increase (decrease) in the valuation allowance for deferred tax assets | ($0.20) | $13.70 | ($10.70) | ($14.90) | ($1.90) | ($14.90) | ($2.10) | ($1.20) | ($10.70) | ||
[1] | The change in the net valuation allowance was primarily driven by our FMC Peroxygens' foreign operations which are classified as discontinued operations. |
Income_Taxes_Net_Operating_Los
Income Taxes Net Operating Loss Carryforwards (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Foreign Tax Authority [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $83.40 |
U.S. State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $20.60 |
Income_Taxes_Tax_Credit_Carryf
Income Taxes Tax Credit Carryforwards (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
U.S. Foreign Tax Credit [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax Credit Carryforward, Amount | $1.10 |
Foreign Tax Authority [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax Credit Carryforward, Amount | $7.30 |
Income_Taxes_Effective_Income_
Income Taxes Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred tax liabilities attributable to the intended repatriated amounts | $0.10 | ' | ' |
Statutory U.S. tax rate | 35.00% | 35.00% | 35.00% |
Percentage depletion | -3.40% | -3.50% | -3.70% |
State and local income taxes, less federal income tax benefit | 2.20% | 1.10% | 1.10% |
Foreign earnings subject to different tax rates | -11.30% | -7.30% | -9.20% |
Manufacturer’s production deduction and miscellaneous tax credits | -1.10% | -1.30% | -0.80% |
Tax on intercompany dividends and deemed dividend for tax purposes | 0.60% | 0.40% | 1.00% |
Nondeductible expenses | 0.40% | 0.40% | 1.00% |
Changes to unrecognized tax benefits | 0.90% | -0.30% | -1.80% |
Change in valuation allowance | 0.00% | -1.60% | 2.10% |
Other | 0.80% | -0.40% | -0.70% |
Total difference | -10.90% | -12.50% | -11.00% |
Effective tax rate | 24.10% | 22.50% | 24.00% |
Income_Taxes_Deferred_Tax_Liab
Income Taxes Deferred Tax Liability Not Recognized (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Unremitted earnings of foreign subsidiaries | $1,392.90 |
Income_Taxes_Uncertain_Income_
Income Taxes Uncertain Income Tax Positions (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Countries | ||||||
Income Tax Contingency [Line Items] | ' | ' | ' | |||
Number of significant foreign jurisdictions | 19 | ' | ' | |||
Unrecognized tax benefits that would impact effective tax rate | $10,800,000 | $6,600,000 | ' | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 2,100,000 | 100,000 | ' | |||
Income tax penalties and interest accrued | 2,200,000 | 100,000 | 0 | |||
Offsetting non-current deferred tax asset | 28,700,000 | 16,700,000 | ' | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | |||
Balance at beginning of year | 23,300,000 | [1] | 8,100,000 | [1] | 17,300,000 | |
Additions for the current year | 15,400,000 | 5,500,000 | 4,900,000 | |||
Additions for tax positions on acquisitions | -1,300,000 | 0 | 1,400,000 | |||
Adjustments | -100,000 | 9,700,000 | 0 | |||
Settlements during the period | 0 | 0 | -15,500,000 | |||
Balance at end of year | 37,300,000 | [1] | 23,300,000 | [1] | 8,100,000 | [1] |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,200,000 | ' | ' | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $1,700,000 | ' | ' | |||
[1] | At December 31, 2013 and 2012, we recognized an offsetting non-current deferred tax asset of $28.7 million and $16.7 million, respectively, relating to specific uncertain tax positions presented above. |
Debt_Maturing_within_One_Year_
Debt, Maturing within One Year (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
Short-term Debt [Line Items] | ' | ' | ' | ||
Short-term debt | $7,100,000 | [1] | ' | $49,900,000 | [1] |
Commercial Paper | 656,000,000 | ' | 0 | ||
Short-term Debt | 663,100,000 | ' | 49,900,000 | ||
Current portion of long-term debt | 34,700,000 | ' | 5,700,000 | ||
Total debt maturing within one year | 697,800,000 | ' | 55,600,000 | ||
Weighted average interest rates for short-term debt outstanding at year-end | 0.40% | ' | 6.50% | ||
Total Authorized Commerical Paper Program | ' | $1,500,000,000 | ' | ||
Commercial Paper [Member] | ' | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ' | ||
Interest rate percentage | 0.34% | ' | ' | ||
[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 $) | 12 Months Ended | ||||
Dec. 31, 2013 | Nov. 15, 2013 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | ' | ' | ' | ||
Total long-term debt | $1,188,800,000 | ' | $914,500,000 | ||
Less: debt maturing within one year | 34,700,000 | ' | 5,700,000 | ||
Total long-term debt, less current portion | 1,154,100,000 | ' | 908,800,000 | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ||
2014 | 34,700,000 | ' | ' | ||
2015 | 900,000 | ' | ' | ||
2016 | 1,000,000 | ' | ' | ||
2017 | 700,000 | ' | ' | ||
2018 | 700,000 | ' | ' | ||
Thereafter | 1,150,800,000 | ' | ' | ||
Line of Credit Facility, Current Borrowing Capacity | 1,500,000,000 | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,250,000,000 | ' | ' | ||
Line of credit fixed interest rate on borrowings | 1.13% | ' | ' | ||
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 | '2014 | ' | ' | ||
Maturity date, maximum | '2035 | ' | ' | ||
Total long-term debt | 174,000,000 | ' | 176,700,000 | ||
Unamortized discount | 200,000 | ' | 200,000 | ||
Senior Notes [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Instrument, Face Amount | ' | 400,000,000 | ' | ||
Interest rate percentage, minimum | 3.95% | ' | ' | ||
Interest rate percentage, maximum | 5.20% | ' | ' | ||
Interest rate percentage | ' | 4.10% | ' | ||
Maturity date, minimum | '2019 | ' | ' | ||
Maturity date, maximum | '2024 | ' | ' | ||
Total long-term debt | 997,800,000 | ' | 598,200,000 | ||
Unamortized discount | 2,200,000 | ' | 1,800,000 | ||
2011 Credit Agreement [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Interest rate percentage | 2.40% | ' | ' | ||
Maturity date | '2017 | ' | ' | ||
Total long-term debt | 0 | [1] | ' | 130,000,000 | [1] |
Foreign Debt [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Interest rate percentage, minimum | 0.00% | ' | ' | ||
Interest rate percentage, maximum | 8.90% | ' | ' | ||
Maturity date, minimum | '2014 | ' | ' | ||
Maturity date, maximum | '2023 | ' | ' | ||
Total long-term debt | 17,000,000 | ' | 9,600,000 | ||
2011 Credit Agreement [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Letters of credit outstanding, amount | 73,200,000 | ' | ' | ||
Line of credit, remaining borrowing capacity | $770,800,000 | ' | ' | ||
[1] | Letters of credit outstanding under the Credit Facility totaled $73.2 million and available funds under this facility were $770.8 million at December 31, 2013 (which reflects borrowing under our commercial paper program). |
Debt_Covenants_Details
Debt, Covenants (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Credit Agreement, covenant compliance | 'Our actual leverage for the four consecutive quarters ended December 31, 2013, was 2.4 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended December 31, 2013, was 19.4 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at December 31, 2013. |
Credit Agreement, covenant compliance, actual leverage ratio | 2.4 |
Credit Agreement, covenant terms, maximum leverage ratio | 3.5 |
Credit Agreement, covenant compliance, actual interest coverage ratio | 19.4 |
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Company contributions | $68 | $77.50 | ' | |||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ' | ' | ' | |||
Total recognized in other comprehensive (income) loss, after taxes | -209.9 | 26.9 | 60.2 | |||
Estimated Net Future Benefit Payments [Abstract] | ' | ' | ' | |||
2014 | 78.5 | ' | ' | |||
2015 | 75.5 | ' | ' | |||
2016 | 79 | ' | ' | |||
2017 | 82.2 | ' | ' | |||
2018 | 84.4 | ' | ' | |||
2019 – 2023 | 458.7 | ' | ' | |||
Defined contribution plan [Abstract] | ' | ' | ' | |||
Employer matching contribution percentage | 80.00% | ' | ' | |||
Maximum percentage of employee's compensation eligible for employer matching contributions | 5.00% | ' | ' | |||
Additional employer annual contribution percentage | 5.00% | ' | ' | |||
Charges for defined contribution plans | 11.8 | 10.2 | 10.6 | |||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | ' | ' | ' | |||
Discount Rate | 4.95% | 4.15% | ' | |||
Rate of compensation increase | 3.40% | 3.40% | ' | |||
Plans with unfunded accumulated benefit obligation | 1,255.30 | 1,367.30 | ' | |||
Change in projected benefit obligation [Abstract] | ' | ' | ' | |||
Projected benefit obligation at January 1 | 1,428.10 | 1,268.30 | ' | |||
Service cost | 22 | 20.2 | 18.8 | |||
Interest cost | 57.7 | 61.3 | 61.6 | |||
Actuarial loss (gain) | -103.6 | 140.7 | ' | |||
Amendments | 0.7 | 0 | ' | |||
Foreign currency exchange rate changes | 0.6 | 3.4 | ' | |||
Plan participants’ contributions | 0 | 0.2 | ' | |||
Settlements | -16.1 | 0 | ' | |||
Curtailments | 0 | -3 | ' | |||
Benefits paid | -74.2 | -63 | ' | |||
Projected benefit obligation at December 31 | 1,315.20 | 1,428.10 | 1,268.30 | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at January 1 | 1,060.20 | 918.8 | ' | |||
Actual return on plan assets | 250.9 | 127.2 | ' | |||
Foreign currency exchange rate changes | 0.7 | 3.1 | ' | |||
Company contributions | 63.9 | 73.9 | ' | |||
Plan participants’ contributions | 0 | 0.2 | ' | |||
Settlements | -16.1 | 0 | ' | |||
Benefits paid | -74.2 | -63 | ' | |||
Fair value of plan assets at December 31 | 1,285.40 | 1,060.20 | 918.8 | |||
Funded status of the plan (liability) | -29.8 | -367.9 | ' | |||
Amount recognized in the consolidated balance sheets [Abstract] | ' | ' | ' | |||
Pension other asset | 17.2 | [1] | 0 | [1] | ' | |
Accrued benefit liability | -47 | -367.9 | ' | |||
Total | -29.8 | -367.9 | ' | |||
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | ' | ' | ' | |||
Prior service (cost) credit | -6.3 | -7.7 | ' | |||
Net actuarial (loss) gain | -281.7 | -620.3 | ' | |||
Accumulated other comprehensive income (loss) – pretax | -288 | -628 | ' | |||
Accumulated other comprehensive income (loss) – net of tax | -182.5 | -394.2 | ' | |||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ' | ' | ' | |||
Current year net actuarial loss (gain) | -276.3 | 84.3 | ' | |||
Current year prior service cost (credit) | 0.7 | 0 | ' | |||
Amortization of net actuarial (loss) gain | -59.3 | -51.2 | ' | |||
Amortization of prior service (cost) credit | -2.1 | -2.1 | ' | |||
Foreign currency exchange rate changes on the above line items | 1 | 0.9 | ' | |||
Total recognized in other comprehensive (income) loss, before taxes | -336 | 31.9 | ' | |||
Total recognized in other comprehensive (income) loss, after taxes | -211.7 | 20.7 | ' | |||
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | ' | ' | ' | |||
Net actuarial gain (loss) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | -31.4 | ' | ' | |||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 1.7 | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Discount rate | 4.15% | 4.95% | 5.40% | |||
Expected return on plan assets | 7.75% | 7.75% | 8.50% | |||
Rate of compensation increase | 3.40% | 3.40% | 4.20% | |||
Components of net annual benefit cost [Abstract] | ' | ' | ' | |||
Service cost | 22 | 20.2 | 18.8 | |||
Interest cost | 57.7 | 61.3 | 61.6 | |||
Expected return on plan assets | -78 | -76.6 | -82.5 | |||
Amortization of prior service cost | 2.1 | 2.1 | 1.9 | |||
Recognized net actuarial and other (gain) loss | 51.9 | 51.2 | 36.3 | |||
Recognized loss due to settlement and curtailments | 7.4 | 0 | 0 | |||
Net periodic benefit cost from continuing operations | 63.1 | 58.2 | 36.1 | |||
Pension Plans, Defined Benefit [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 1,008.20 | 784.2 | ' | |||
Pension Plans, Defined Benefit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 276.4 | 275.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0.8 | 0.7 | ' | |||
Pension Plans, Defined Benefit [Member] | Cash and Short-term Investments [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 55.2 | 50.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Cash and Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 55.2 | 50.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Cash and Short-term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Cash and Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Common Stock [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 740.5 | 556.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Common Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 740.5 | 556.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Common Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Common Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Preferred Stock [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 4.7 | 6.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Preferred Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 4.7 | 6.3 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Preferred Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Mutual Funds [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 289.1 | [2] | 232.7 | [2] | ' | |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 193.3 | [2] | 158.2 | [2] | ' | |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 95.8 | [2] | 74.5 | [2] | ' | |
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | [2] | 0 | [2] | ' | |
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 180.6 | 200.8 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 180.6 | 200.8 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 9.3 | 9.4 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 9.3 | 9.4 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 1.8 | 1 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 1.8 | 1 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Government Debt [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 3.4 | 2.7 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 3.4 | 2.7 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Real Estate/Property [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0.7 | 0.6 | ' | |||
Pension Plans, Defined Benefit [Member] | Real Estate/Property [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Real Estate/Property [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Real Estate/Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0.7 | 0.6 | ' | |||
Pension Plans, Defined Benefit [Member] | Other Investments [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0.1 | 0.1 | ' | |||
Pension Plans, Defined Benefit [Member] | Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Other Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0 | 0 | ' | |||
Pension Plans, Defined Benefit [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at December 31 | 0.1 | 0.1 | ' | |||
U.S. Defined Benefit Pension Plan [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Company contributions | 40 | 65 | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Expected return on plan assets | 7.75% | 7.75% | 8.50% | |||
Components of net annual benefit cost [Abstract] | ' | ' | ' | |||
Historical compound annual rate of return of plan's trust over the last 20 years | 9.90% | ' | ' | |||
Estimated inflation rate assumptions for rate of return on plan assets | 2.20% | ' | ' | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | |||
Expected total voluntary cash contributions to U.S. defined benefit pension plan for 2014 | 50 | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Cash and Short-term Investments [Member] | ' | ' | ' | |||
Target plan asset allocations [Abstract] | ' | ' | ' | |||
Target asset allocation, minimum | 0.00% | ' | ' | |||
Target asset allocation, maximum | 5.00% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | ' | ' | ' | |||
Target plan asset allocations [Abstract] | ' | ' | ' | |||
Target asset allocation, minimum | 75.00% | ' | ' | |||
Target asset allocation, maximum | 85.00% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Minimum [Member] | ' | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Expected return on plan assets | 7.00% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Maximum [Member] | ' | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Expected return on plan assets | 9.00% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | ' | ' | ' | |||
Target plan asset allocations [Abstract] | ' | ' | ' | |||
Target asset allocation, minimum | 15.00% | ' | ' | |||
Target asset allocation, maximum | 25.00% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Minimum [Member] | ' | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Expected return on plan assets | 4.50% | ' | ' | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Maximum [Member] | ' | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Expected return on plan assets | 5.00% | ' | ' | |||
Other Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Company contributions | 19.8 | 5 | ' | |||
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | |||
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Company contributions | 5.5 | 3.9 | ' | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | |||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | ' | ' | ' | |||
Discount Rate | 4.95% | [3] | 4.15% | [3] | ' | |
Rate of compensation increase | 0.00% | [3] | 0.00% | [3] | ' | |
Plans with unfunded accumulated benefit obligation | 0 | [3] | 0 | [3] | ' | |
Change in projected benefit obligation [Abstract] | ' | ' | ' | |||
Projected benefit obligation at January 1 | 29.2 | [3] | 28.4 | [3] | ' | |
Service cost | 0.1 | [3] | 0.1 | [3] | 0.1 | [3] |
Interest cost | 1 | [3] | 1.4 | [3] | 1.5 | [3] |
Actuarial loss (gain) | -4.2 | [3] | 3 | [3] | ' | |
Amendments | 0 | [3] | 0 | [3] | ' | |
Foreign currency exchange rate changes | 0.1 | [3] | -0.1 | [3] | ' | |
Plan participants’ contributions | 6.2 | [3] | 6.1 | [3] | ' | |
Settlements | 0 | [3] | 0 | [3] | ' | |
Curtailments | 0 | [3] | 0 | [3] | ' | |
Benefits paid | -8.9 | [3] | -9.7 | [3] | ' | |
Projected benefit obligation at December 31 | 23.5 | [3] | 29.2 | [3] | 28.4 | [3] |
Change in fair value of plan assets [Abstract] | ' | ' | ' | |||
Fair value of plan assets at January 1 | 0 | [3] | 0 | [3] | ' | |
Actual return on plan assets | 0 | [3] | 0 | [3] | ' | |
Foreign currency exchange rate changes | 0 | [3] | 0 | [3] | ' | |
Company contributions | 2.7 | [3] | 3.6 | [3] | ' | |
Plan participants’ contributions | 6.2 | [3] | 6.1 | [3] | ' | |
Settlements | 0 | [3] | 0 | [3] | ' | |
Benefits paid | -8.9 | [3] | -9.7 | [3] | ' | |
Fair value of plan assets at December 31 | 0 | [3] | 0 | [3] | 0 | [3] |
Funded status of the plan (liability) | -23.5 | [3] | -29.2 | [3] | ' | |
Amount recognized in the consolidated balance sheets [Abstract] | ' | ' | ' | |||
Pension other asset | 0 | [1],[3] | 0 | [1],[3] | ' | |
Accrued benefit liability | -23.5 | [3] | -29.2 | [3] | ' | |
Total | -23.5 | [3] | -29.2 | [3] | ' | |
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | ' | ' | ' | |||
Prior service (cost) credit | 0 | [3] | 0 | [3] | ' | |
Net actuarial (loss) gain | 13 | [3] | 10.7 | [3] | ' | |
Accumulated other comprehensive income (loss) – pretax | 13 | [3] | 10.7 | [3] | ' | |
Accumulated other comprehensive income (loss) – net of tax | 8.1 | [3] | 6.7 | [3] | ' | |
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ' | ' | ' | |||
Current year net actuarial loss (gain) | -4.2 | [3] | 3 | [3] | ' | |
Current year prior service cost (credit) | 0 | [3] | 0 | [3] | ' | |
Amortization of net actuarial (loss) gain | 2 | [3] | 2.4 | [3] | ' | |
Amortization of prior service (cost) credit | 0 | [3] | 0.2 | [3] | ' | |
Foreign currency exchange rate changes on the above line items | 0 | [3] | 0 | [3] | ' | |
Total recognized in other comprehensive (income) loss, before taxes | -2.2 | [3] | 5.6 | [3] | ' | |
Total recognized in other comprehensive (income) loss, after taxes | -1.4 | [3] | 4.6 | [3] | ' | |
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | ' | ' | ' | |||
Net actuarial gain (loss) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 1.6 | ' | ' | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ' | ' | ' | |||
Discount rate | 4.15% | [3] | 4.95% | [3] | 5.40% | [3] |
Expected return on plan assets | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Rate of compensation increase | 0.00% | [3] | 0.00% | [3] | 0.00% | [3] |
Components of net annual benefit cost [Abstract] | ' | ' | ' | |||
Service cost | 0.1 | [3] | 0.1 | [3] | 0.1 | [3] |
Interest cost | 1 | [3] | 1.4 | [3] | 1.5 | [3] |
Expected return on plan assets | 0 | [3] | 0 | [3] | 0 | [3] |
Amortization of prior service cost | 0 | [3] | -0.2 | [3] | -0.2 | [3] |
Recognized net actuarial and other (gain) loss | -1.9 | [3] | -2.4 | [3] | -2.4 | [3] |
Recognized loss due to settlement and curtailments | 0 | [3] | 0 | [3] | 0 | [3] |
Net periodic benefit cost from continuing operations | ($0.80) | [3] | ($1.10) | [3] | ($1) | [3] |
[1] | Included in “Other assets†on the consolidated balance sheets. | |||||
[2] | As of December 31, 2013 and 2012 we have $95.8 million and $74.5 million, respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. | |||||
[3] | Refer to Note 9 for information on our discontinued postretirement benefit plans. |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Rate | Rate | Rate | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Share-based payment award, expiration period | '10 years | ' | ' | ' | |||
Number of shares of common stock authorized for issuance under the Plan | 28,800,000 | ' | ' | ' | |||
Number of shares available for future grants of share-based awards | 8,000,000 | ' | ' | ' | |||
Capital shares reserved for future issuance | 5,300,000 | ' | ' | ' | |||
Options expected to vest (in shares) | 2,700,000 | ' | ' | ' | |||
Share-based compensation expense, after-tax | $9.70 | [1] | $10.80 | [1] | $9.80 | [1] | ' |
Tax benefit from compensation expense | 5.5 | 6.6 | 6 | ' | |||
Cash related stock options exercises | 10.7 | 18.8 | 11.3 | ' | |||
Excess tax benefits from share-based compensation | 7.1 | 9.7 | 7.4 | ' | |||
Stock Options [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Awards vesting period | '3 years | ' | ' | ' | |||
Share-based compensation expense, after-tax | 4.2 | [2] | 4.4 | [2] | 3.7 | [2] | ' |
Tax benefit from compensation expense | 2.4 | 2.7 | 2.3 | ' | |||
Forfeiture rate assumption | 4.00% | ' | ' | ' | |||
Unrecognized compensation cost | 7.3 | ' | ' | ' | |||
Unrecognized compensation cost, weighted-average period of recognition (in years) | '1 year 8 months | ' | ' | ' | |||
Black Scholes valuation assumptions for stock option grants [Abstract] | ' | ' | ' | ' | |||
Expected dividend yield | 0.91% | 0.63% | 0.61% | ' | |||
Expected volatility | 42.10% | 42.09% | 41.61% | ' | |||
Expected life (in years) | '6 years 6 months | '6 years 6 months | '6 years 6 months | ' | |||
Risk-free interest rate | 1.29% | 1.30% | 2.84% | ' | |||
Stock Option Outstanding [Roll Forward] | ' | ' | ' | ' | |||
Options outstanding, beginning (in shares) | 2,239,000 | 2,810,000 | 3,170,000 | ' | |||
Options exercisable, beginning (in shares) | 932,000 | 1,340,000 | 1,554,000 | ' | |||
Options outstanding, weighted-average remaining contractual life, beginning (in years) | '5 years 11 months | '6 years 6 months | '6 years 4 months 8 days | '6 years 4 months 8 days | |||
Options outstanding, weighted-average exercise price per share, beginning | $30.69 | $24.67 | $20.17 | ' | |||
Options outstanding, aggregate intrinsic value, beginning | 62.3 | 51.6 | 62.8 | ' | |||
Options granted (in shares) | 339,000 | 422,000 | 432,000 | ' | |||
Options granted, weighted-average exercise price per share | $59.47 | $47.58 | $40.89 | ' | |||
Options exercised (in shares) | -462,000 | -943,000 | -750,000 | ' | |||
Options exercised, weighted-average exercise price per share | $23.20 | $19.86 | $15.05 | ' | |||
Options exercised, aggregate intrinsic value | 18.1 | 30.7 | 19.7 | ' | |||
Options forfeited (in shares) | -58,000 | -50,000 | -42,000 | ' | |||
Options forfeited, weighted-average exercise price per share | $42.75 | $39.24 | $23.08 | ' | |||
Options outstanding, ending (in shares) | 2,058,000 | 2,239,000 | 2,810,000 | 3,170,000 | |||
Options exercisable, ending (in shares) | 948,000 | 932,000 | 1,340,000 | 1,554,000 | |||
Options vested and expected to vest (in shares) | 2,017,000 | ' | ' | ' | |||
Options outstanding, weighted-average remaining contractual life, ending (in years) | '5 years 11 months | '6 years 6 months | '6 years 4 months 8 days | '6 years 4 months 8 days | |||
Options outstanding, weighted-average exercise price per share, ending | $36.76 | $30.69 | $24.67 | $20.17 | |||
Options outstanding, aggregate intrinsic value, ending | 79.6 | 62.3 | 51.6 | 62.8 | |||
Stock Option Additional Disclosures [Abstract] | ' | ' | ' | ' | |||
Options granted, weighted-average grant-date fair value per share | $23.32 | $19.26 | $17.59 | ' | |||
Options exercisable, intrinsic value | 49.8 | ' | ' | ' | |||
Options exercisable, weighted-average remaining contractual term (in years) | '4 years | ' | ' | ' | |||
Options exercisable, weighted-average exercise price per share | $22.87 | ' | ' | ' | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Awards vesting period | '3 years | ' | ' | ' | |||
Share-based compensation expense, after-tax | 5.5 | [3] | 6.4 | [3] | 6.1 | [3] | ' |
Tax benefit from compensation expense | 3.1 | 3.9 | 3.7 | ' | |||
Forfeiture rate assumption | 2.00% | ' | ' | ' | |||
Unrecognized compensation cost | 10 | ' | ' | ' | |||
Unrecognized compensation cost, weighted-average period of recognition (in years) | '1 year 11 months | ' | ' | ' | |||
Nonvested Restricted Awards [Roll Forward] | ' | ' | ' | ' | |||
Nonvested awards, beginning | 704,000 | 758,000 | 912,000 | ' | |||
Nonvested awards, weighted-average grant date fair value per share, beginning | $38.29 | $31.33 | $26.86 | ' | |||
Nonvested awards granted | 150,000 | 221,000 | 182,000 | ' | |||
Awards granted, weighted-average grant date fair value per share | $58.95 | $49.88 | $40.76 | ' | |||
Nonvested awards vested | -326,000 | -257,000 | -320,000 | ' | |||
Awards vested, weighted-average grant date fair value per share | $31.76 | $27.60 | $24.25 | ' | |||
Nonvested awards forfeited | -5,000 | -18,000 | -16,000 | ' | |||
Awards forfeited, weighted-average grant date fair value per share | $51.61 | $39.21 | $25.58 | ' | |||
Nonvested awards, ending | 523,000 | 704,000 | 758,000 | ' | |||
Nonvested awards, weighted-average grant date fair value per share, ending | $49.07 | $38.29 | $31.33 | ' | |||
Restricted Stock Units (RSUs) related to Directors [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Number of shares of common stock credited to directors' accounts for RSUs | 142,200 | 119,482 | ' | ' | |||
Discontinued Operations [Member] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expense, after-tax | $1 | [1] | $1.40 | [1] | $1 | [1] | ' |
[1] | This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense of $1.0 million, $1.4 million, and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, is included in the discontinued operations held for sale in the Consolidated Statements of Income. | ||||||
[2] | We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. | ||||||
[3] | We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 20, 2013 | Apr. 23, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Common Stock, Shares, Issued | ' | ' | ' | 185,983,792 | 185,983,792 | 185,983,792 | 185,983,792 | |||
Treasury Stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||
Treasury Stock, Shares, beginning | ' | ' | ' | 48,313,414 | 46,309,476 | 43,012,104 | ' | |||
Stock options and awards | ' | ' | ' | -753,389 | -1,156,452 | -918,946 | ' | |||
Repurchases of common stock, net | ' | ' | ' | 5,538,078 | 3,160,390 | 4,216,318 | ' | |||
Treasury Stock, Shares, ending | ' | ' | ' | 53,098,103 | 48,313,414 | 46,309,476 | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' | ' | ' | ' | |||
Deferred (loss) gain on derivative contracts | ' | ' | ' | ($6,100,000) | ($1,500,000) | ' | ' | |||
Pension and other postretirement liability adjustment | ' | ' | ' | -170,500,000 | -380,400,000 | ' | ' | |||
Foreign currency translation adjustments | ' | ' | ' | -25,300,000 | -27,000,000 | ' | ' | |||
Accumulated other comprehensive income (loss) | ' | ' | ' | -201,900,000 | -408,900,000 | ' | ' | |||
Dividends, payment date | ' | ' | ' | 16-Jan-14 | ' | ' | ' | |||
Dividends payable, current | ' | ' | ' | 18,000,000 | 18,700,000 | ' | ' | |||
Dividends, record date | ' | ' | ' | 31-Dec-13 | ' | ' | ' | |||
Dividends paid | ' | ' | ' | 73,600,000 | [1] | 47,800,000 | [1] | 41,200,000 | [1] | ' |
Authorized repurchase amount | ' | 500,000,000 | ' | ' | ' | ' | ' | |||
Remaining authorized repurchase amount | ' | ' | ' | 134,900,000 | ' | ' | ' | |||
Accelerated Share Repurchases [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Accelerated share repurchase, initial accelerated | ' | ' | 250,000,000 | ' | ' | ' | ' | |||
Accelerated share repurchase, initial number of shares | ' | ' | 3,145,643 | ' | ' | ' | ' | |||
Accelerated share repurchase, initial dollar amount of shares received | ' | ' | 200,000,000 | ' | ' | ' | ' | |||
Accelerated share repurchase, initial price paid per share | ' | ' | $63.58 | ' | ' | ' | ' | |||
Accelerated share repurchase, final number of shares | 3,573,907 | ' | ' | ' | ' | ' | ' | |||
Accelerated share repurchase, final price paid per share | $69.95 | ' | ' | ' | ' | ' | ' | |||
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Accelerated Share Repurchases [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Accelerated share repurchase, APIC | $50,000,000 | ' | ' | ' | ' | ' | ' | |||
[1] | Cash paid for interest, net of capitalized interest was $39.4 million, $36.2 million and $36.3 million, and income taxes paid, net of refunds was $153.3 million, $59.0 million and $47.9 million in December 31, 2013, 2012 and 2011, respectively. Accrued additions to property, plant and equipment at December 31, 2013 and 2012 were $53.5 million and $25.3 million, respectively. |
Equity_FMC_Wyoming_Details
Equity (FMC Wyoming) (Details) (FMC Wyoming Corporation [Member], USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | noncontrolling_interest_holder | |
FMC Wyoming Corporation [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Additional ownership interest, percentage | 6.25% | ' |
Additional ownership interest, cost | $80 | ' |
Ownership percentage | 93.75% | 87.50% |
Number of noncontrolling interest holders | 2 | ' |
Reclassifications_of_Accumulat2
Reclassifications of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amounts reclassified from Accumulated Other Comprehensive Income | ($0.40) | [1] | ($8.90) | [1] | ($10) | [1] |
Income tax (expense) benefit | 0.1 | [1] | 3 | [1] | 3.4 | [1] |
Amount included in net income | -0.3 | [1] | -5.9 | [1] | -6.6 | [1] |
Total before tax | -57.7 | [1],[2] | -48.8 | [1],[2] | -33.4 | [1],[2] |
Income tax (expense) benefit | 21.8 | [1],[2] | 18.4 | [1],[2] | 13.3 | [1],[2] |
Amount included in net income | -35.9 | [1],[2] | -30.4 | [1],[2] | -20.1 | [1],[2] |
Total reclassifications for the period, Amount included in net income | -36.2 | [1],[2] | -36.3 | [1],[2] | -26.7 | [1],[2] |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amortization of prior service costs | -2 | [1],[2] | -1.9 | [1],[2] | -1.7 | [1],[2] |
Amortization of unrecognized net actuarial and other gains (losses) | -48.3 | [1],[2] | -46.9 | [1],[2] | -31.7 | [1],[2] |
Recognized loss due to settlement | -7.4 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] |
Foreign Currency Contracts [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amounts reclassified from Accumulated Other Comprehensive Income | 0.5 | [1] | -10.5 | [1] | -2.4 | [1] |
Foreign Currency Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amounts reclassified from Accumulated Other Comprehensive Income | -0.1 | [1] | 11.5 | [1] | 0.5 | [1] |
Energy Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amounts reclassified from Accumulated Other Comprehensive Income | -0.6 | [1] | -9.8 | [1] | -8.1 | [1] |
Other Contract [Member] | Interest Expense [Member] | ' | ' | ' | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |||
Amounts reclassified from Accumulated Other Comprehensive Income | ($0.20) | [1] | ($0.10) | [1] | $0 | [1] |
[1] | Amounts in parentheses indicate charges to the 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 13. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Antidilutive shares excluded from diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 374,400 | 0 | 430,812 | ||||||||
Amounts attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations, net of income taxes | $128.10 | $74.50 | $116.50 | $134.10 | $105 | $101.20 | $112.90 | $124.60 | $453.20 | $443.70 | $404 | ||||||||
Discontinued operations, net of income taxes | -101 | [1] | -56.6 | [1] | 1.5 | [1] | -3.2 | [1] | -2.8 | [1] | -11.2 | [1] | -8 | [1] | -5.5 | [1] | -159.3 | -27.5 | -38.1 |
Net income attributable to FMC stockholders | 27.1 | 17.9 | 118 | 130.9 | 102.2 | 90 | 104.9 | 119.1 | 293.9 | 416.2 | 365.9 | ||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | ' | ' | ' | ' | ' | ' | ' | ' | -1.6 | -2 | -1.9 | ||||||||
Net income allocable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $292.30 | $414.20 | $364 | ||||||||
Basic earnings per common share attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations (in dollars per share) | $0.96 | $0.55 | $0.85 | $0.97 | $0.76 | $0.73 | $0.82 | $0.90 | $3.34 | $3.21 | $2.83 | ||||||||
Discontinued operations (in dollars per share) | ($0.76) | ($0.42) | $0.01 | ($0.02) | ($0.02) | ($0.08) | ($0.06) | ($0.04) | ($1.18) | ($0.20) | ($0.26) | ||||||||
Net income attributable to FMC stockholders (in dollars per share) | $0.20 | [2] | $0.13 | [2] | $0.86 | [2] | $0.95 | [2] | $0.74 | [2] | $0.65 | [2] | $0.76 | [2] | $0.86 | [2] | $2.16 | $3.01 | $2.57 |
Diluted earnings per common share attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations (in dollars per share) | $0.95 | $0.55 | $0.85 | $0.96 | $0.76 | $0.73 | $0.82 | $0.89 | $3.33 | $3.20 | $2.81 | ||||||||
Discontinued operations (in dollars per share) | ($0.75) | ($0.42) | $0.01 | ($0.02) | ($0.02) | ($0.08) | ($0.06) | ($0.04) | ($1.17) | ($0.20) | ($0.26) | ||||||||
Net income attributable to FMC stockholders (in dollars per share) | $0.20 | [2] | $0.13 | [2] | $0.86 | [2] | $0.94 | [2] | $0.74 | [2] | $0.65 | [2] | $0.76 | [2] | $0.85 | [2] | $2.16 | $3 | $2.55 |
Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average number of shares of common stock outstanding - Basic | 133,300,000 | 134,100,000 | 136,300,000 | 137,100,000 | 137,600,000 | 137,400,000 | 137,200,000 | 138,300,000 | 135,209,000 | 137,701,000 | 142,056,000 | ||||||||
Weighted average additional shares assuming conversion of potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 928,000 | 1,112,000 | 1,252,000 | ||||||||
Shares – diluted basis | 134,300,000 | 135,000,000 | 137,100,000 | 138,100,000 | 138,600,000 | 138,400,000 | 138,300,000 | 139,500,000 | 136,137,000 | 138,813,000 | 143,308,000 | ||||||||
[1] | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). | ||||||||||||||||||
[2] | The sum of quarterly earnings per common share may differ from the full-year amount. |
Financial_Instrument_Risk_Mana2
Financial Instrument, Risk Management and Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | swap_agreement | swap_agreement |
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ' | ' |
Estimated fair value of debt | $1,895.80 | $1,056.30 |
Carrying amount of debt | $1,851.90 | $964.40 |
Number of interest rate swap agreements in place | 0 | 0 |
Financial_Instrument_Risk_Mana3
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Gain (Loss) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, beginning | ($1.50) | ' | ' | |||
Derivatives qualifying as hedges, net of tax | 4.6 | -5.7 | 3.7 | |||
Accumulated other comprehensive income (loss), net of tax, ending | -6.1 | -1.5 | ' | |||
Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Cash flow hedges gain (loss) to be realized in earnings during the twelve months | -7.4 | ' | ' | |||
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | 565 | ' | ' | |||
Derivatives Designated as Hedging Instruments [Member] | Energy Contracts [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Aggregate notional volume of outstanding natural gas commodity forward contracts designated as cash flow hedges (in mmBTUs) | 5,200,000 | ' | ' | |||
Derivatives Designated as Hedging Instruments [Member] | Foreign Currency and Energy Contracts [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, ending | -7.4 | ' | ' | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, beginning | -1.5 | -7.2 | -3.5 | |||
Unrealized hedging gains (losses) and other, net of tax | -4.9 | -0.2 | -10.3 | |||
Accumulated other comprehensive income (loss), net of tax, ending | -6.1 | -1.5 | -7.2 | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | 0.3 | [1] | 5.9 | [1] | 6.6 | [1] |
Derivatives qualifying as hedges, net of tax | -4.6 | [1] | 5.7 | [1] | -3.7 | [1] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, beginning | 0.7 | [2] | -1.1 | [2] | 0.4 | [2] |
Unrealized hedging gains (losses) and other, net of tax | -8 | [2] | 2.1 | [2] | -3.1 | [2] |
Accumulated other comprehensive income (loss), net of tax, ending | -7.5 | [2] | 0.7 | [2] | -1.1 | [2] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | -0.2 | [1],[2] | -0.3 | [1],[2] | 1.6 | [1],[2] |
Derivatives qualifying as hedges, net of tax | -8.2 | [1],[2] | 1.8 | [1],[2] | -1.5 | [1],[2] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, beginning | -1 | [2] | -4.8 | [2] | -3.9 | [2] |
Unrealized hedging gains (losses) and other, net of tax | 0.7 | [2] | -2.3 | [2] | -5.9 | [2] |
Accumulated other comprehensive income (loss), net of tax, ending | 0.1 | [2] | -1 | [2] | -4.8 | [2] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | 0.4 | [1],[2] | 6.1 | [1],[2] | 5 | [1],[2] |
Derivatives qualifying as hedges, net of tax | 1.1 | [1],[2] | 3.8 | [1],[2] | -0.9 | [1],[2] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income (loss), net of tax, beginning | -1.2 | [2] | -1.3 | [2] | 0 | [2] |
Unrealized hedging gains (losses) and other, net of tax | 2.4 | [2] | 0 | [2] | -1.3 | [2] |
Accumulated other comprehensive income (loss), net of tax, ending | 1.3 | [2] | -1.2 | [2] | -1.3 | [2] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Interest Expense [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | 0.1 | [1],[2] | 0.1 | [1],[2] | 0 | [1],[2] |
Derivatives qualifying as hedges, net of tax | 2.5 | [1],[2] | 0.1 | [1],[2] | -1.3 | [1],[2] |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | 11.2 | 6.7 | 3.1 | |||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Open foreign currency forward contracts not designated as hedging instruments, U.S. dollar equivalent | 958 | ' | ' | |||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | 11.2 | 6.7 | 3.3 | |||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | |||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $0 | $0 | ($0.20) | |||
[1] | Amounts are included in “Cost of sales and services†and "Interest expense" on the consolidated statements of income. | |||||
[2] | For the years ended December 31, 2013, 2012 and 2011, there was no material ineffectiveness with regard to cash flow hedges. |
Financial_Instrument_Risk_Mana4
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Fair Value Balance Sheet Presentation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | $12.50 | [1] | $6.10 | [1] |
Derivative Amounts Netted on the statement of financial position | 0 | [2] | 0 | [2] |
Derivative assets (Note 18) | 5.6 | [1] | 1.7 | [1] |
Derivative Liabilities | -18.9 | [3] | -8.3 | [3] |
Derivative Liability, Fair Value, Net Liability | -12 | [3] | -3.9 | [3] |
Derivative, Fair Value, Net | -6.4 | -2.2 | ||
Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | -6.9 | [1],[2] | -4.4 | [1],[2] |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | 6.9 | [2],[3] | 4.4 | [2],[3] |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 11.8 | 5.7 | ||
Derivative Amounts Netted on the statement of financial position | -6.7 | [2] | -4.2 | [2] |
Derivative assets (Note 18) | 5.1 | 1.5 | ||
Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | 6.7 | [2] | 4.2 | [2] |
Derivative Liabilities | -18.3 | -6.6 | ||
Derivative Liability, Fair Value, Net Liability | -11.6 | -2.4 | ||
Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 0.7 | 0.2 | ||
Derivative Amounts Netted on the statement of financial position | -0.2 | [2] | -0.2 | [2] |
Derivative assets (Note 18) | 0.5 | 0 | ||
Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | 0.2 | [2] | 0.2 | [2] |
Derivative Liabilities | -0.6 | -1.7 | ||
Derivative Liability, Fair Value, Net Liability | -0.4 | -1.5 | ||
Other Contract [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | ' | 0.2 | ||
Derivative Amounts Netted on the statement of financial position | ' | 0 | [2] | |
Derivative assets (Note 18) | ' | 0.2 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 7 | [1] | 6.1 | [1] |
Derivative Liabilities | -18.3 | [3] | -6.4 | [3] |
Derivative, Fair Value, Net | -11.3 | -0.3 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 6.3 | 5.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Liabilities | -17.7 | -4.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 0.7 | 0.2 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Liabilities | -0.6 | -1.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | ' | 0.2 | ||
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 5.5 | [1] | 0 | [1] |
Derivative Liabilities | -0.6 | [3] | -1.9 | [3] |
Derivative, Fair Value, Net | 4.9 | -1.9 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 5.5 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Liabilities | -0.6 | -1.9 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Liabilities | 0 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Fair value and balance sheet presentation of derivative instruments | ' | ' | ||
Derivative Assets | ' | $0 | ||
[1] | Net balance is included in “Prepaid and other current assets†in the consolidated balance sheets. | |||
[2] | Represents net derivatives positions subject to master netting arrangements. | |||
[3] | Net balance is included in “Accrued and other liabilities†in the consolidated balance sheets. |
Financial_Instrument_Risk_Mana5
Financial Instrument, Risk Management and Fair Value Measurements, Fair Value (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
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] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [Member] | Other Restructuring Activities [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] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | FMC Agricultural Solutions [Member] | FMC Minerals [Member] | FMC Minerals [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Energy Contracts [Member] | Energy Contracts [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Derivatives | $12,500,000 | [1] | $6,100,000 | [1] | ' | ' | ' | $5,100,000 | [2] | $1,500,000 | [2] | $500,000 | [2] | $200,000 | [2] | ' | ' | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ' | ' | $5,100,000 | [2] | $1,500,000 | [2] | $500,000 | [2] | $200,000 | [2] | ' | ' | $0 | [2] | $0 | [2] | $0 | [2] | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Other | ' | ' | ' | 32,700,000 | [3] | 33,000,000 | [3] | ' | ' | ' | ' | 32,700,000 | [3] | 33,000,000 | [3] | ' | ' | ' | ' | 0 | [3] | 0 | [3] | ' | ' | ' | ' | 0 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Total Assets | ' | ' | ' | 38,300,000 | 34,700,000 | ' | ' | ' | ' | 32,700,000 | 33,000,000 | ' | ' | ' | ' | 5,600,000 | 1,700,000 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 152,700,000 | 3,100,000 | 0 | 0 | 0 | 0 | 152,700,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Derivatives | 18,900,000 | [4] | 8,300,000 | [4] | ' | ' | ' | 11,600,000 | [5] | 2,400,000 | [5] | 400,000 | [5] | 1,500,000 | [5] | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] | ' | ' | 11,600,000 | [5] | 2,400,000 | [5] | 400,000 | [5] | 1,500,000 | [5] | ' | ' | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Acquisition | ' | ' | ' | ' | 1,000,000 | [6] | ' | ' | ' | ' | ' | 0 | [6] | ' | ' | ' | ' | ' | 0 | [6] | ' | ' | ' | ' | ' | 1,000,000 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Other | ' | ' | ' | 37,400,000 | [7] | 39,800,000 | [7] | ' | ' | ' | ' | 37,400,000 | [7] | 39,800,000 | [7] | ' | ' | ' | ' | 0 | [7] | 0 | [7] | ' | ' | ' | ' | 0 | [7] | 0 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Total Liabilities | ' | ' | ' | 49,400,000 | 44,700,000 | ' | ' | ' | ' | 37,400,000 | 39,800,000 | ' | ' | ' | ' | 12,000,000 | 3,900,000 | ' | ' | ' | ' | 0 | 1,000,000 | ' | ' | ' | ' | ' | ' | 0 | 5,600,000 | 0 | 0 | 0 | 5,600,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Net assets of discontinued operations held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,100,000 | [8] | ' | 0 | [8] | ' | 0 | [8] | ' | 150,100,000 | [8] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Gains (loss) from net assets of discontinued operations held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -156,700,000 | [8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||
Long-lived assets to be abandoned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | [9] | 3,100,000 | [10] | 0 | [9] | 0 | [10] | 0 | [9] | 0 | [10] | 2,600,000 | [9] | 3,100,000 | [10] | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Gain (loss) on long-lived assets associated with exit activities | -9,600,000 | -17,700,000 | -2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | [9] | -15,900,000 | [10] | ' | ' | ' | ' | ' | ' | ' | ' | -500,000 | -4,400,000 | -2,300,000 | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Liabilities associated with exit activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [11] | 5,600,000 | [12] | 0 | [11] | 0 | [12] | 0 | [11] | 5,600,000 | [12] | 0 | [11] | 0 | [12] | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Restructuring and Related Cost, Incurred Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,200,000 | [11] | -5,600,000 | [12] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||
Impairment on Long-lived Assets and Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Asset Disposal Charges | $2,300,000 | [13] | $17,300,000 | [13] | $1,200,000 | [13] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | [13] | $4,000,000 | [13] | $1,200,000 | [13] | $0 | $0 | $0 | ||||||||||||||||||||||||||||||||||
[1] | Net balance is included in “Prepaid and other current assets†in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Amounts included in “Prepaid and other current assets†in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 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 consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Net balance is included in “Accrued and other liabilities†in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Amounts included in “Accrued and other liabilities†in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Represents contingent consideration associated with the acquisitions during 2011. See Note 3 for more information. The changes in this Level 3 liability were not material for the period presented. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities†in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | As further discussed in Note 9, we assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. The charge was recorded in "Discontinued operations, net of income taxes" for the year ended December 31, 2013. Our evaluation of fair value, less cost to sell was based on the signed definitive agreement with One Equity Partners. The value of "net assets of discontinued operations held for sale" in the table above excludes the accumulated net CTA losses of our foreign operations which were included in our fair value less cost to sell evaluation. See Note 9 for more information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | 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 segment 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | This amount represents severance liabilities associated with the Lithium restructuring as further described in Note 7. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | This amount represents severance liabilities associated with our discontinued FMC Peroxygens segment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | Primarily represents accelerated depreciation and impairment charges on plant and equipment, which were or are to be abandoned. Asset disposal charges also included the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, see Note 8. |
Guarantees_Commitments_and_Con2
Guarantees, Commitments and Contingencies, Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rent under operating leases | $15.70 | $12.30 | $19.50 |
Rental credits associated with leased transportation assets | 25 | 25.4 | 23.1 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 26.3 | ' | ' |
2015 | 25.9 | ' | ' |
2016 | 17.3 | ' | ' |
2017 | 15.4 | ' | ' |
2018 | 14.6 | ' | ' |
Thereafter | 142.7 | ' | ' |
Minimum commitments under take-or-pay purchase obligation | 65.5 | ' | ' |
Transportation Equipment [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Minimum future rentals for transportation assets | $60.20 | ' | ' |
Guarantees_Commitments_and_Con3
Guarantees, Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Guarantees of vendor financing | $27.90 | $31.40 |
Undiscounted exposure from guarantees | 52.3 | ' |
Foreign equity method investment debt guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Undiscounted exposure from guarantees | 7.9 | ' |
Other debt guarantees [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Undiscounted exposure from guarantees | $16.50 | ' |
Guarantees_Commitments_and_Con4
Guarantees, Commitments and Contingencies, Contingencies (Details) (Canada Antitrust Law [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 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 |
Number of hydrogen peroxide producers in same putative class actions in Canada who settled | 5 |
Settlement amount, settled by other defandants | $20.60 |
Segment_Information_Details
Segment Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Segments | |||||||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of core business segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | $1,130.70 | $957.40 | $876 | $910.70 | $915.50 | $821.90 | $817.50 | $855 | $3,874.80 | $3,409.90 | $3,036.30 | |||||||||||
Operating profit before the items listed below | ' | ' | ' | ' | ' | ' | ' | ' | ' | 754.1 | 708 | 609.6 | |||||||||||
Restructuring and other income (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47.9 | [1] | -27.5 | [1] | -6.3 | [1] | ||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42.2 | -40.7 | -35 | |||||||||||
Non-operating pension and postretirement (charges) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38.1 | [2] | -34.9 | [2] | -14.5 | [2] | ||||||||
Acquisition related charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | [3] | -7.2 | [3] | -0.6 | [3] | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -148.6 | -134.5 | -132.9 | |||||||||||
Discontinued operations, net of income taxes | ' | -101 | [4] | -56.6 | [4] | 1.5 | [4] | -3.2 | [4] | -2.8 | [4] | -11.2 | [4] | -8 | [4] | -5.5 | [4] | -159.3 | -27.5 | -38.1 | |||
Net income attributable to noncontrolling interests | ' | -4.8 | -2 | -3.2 | -4.1 | -4 | -4.6 | -5.4 | -5.5 | -14.1 | -19.5 | -16.3 | |||||||||||
Net income attributable to FMC stockholders | ' | 27.1 | 17.9 | 118 | 130.9 | 102.2 | 90 | 104.9 | 119.1 | 293.9 | 416.2 | 365.9 | |||||||||||
Amortization of inventory fair value step-up | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | ' | ' | |||||||||||
Certain professional fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | ' | ' | |||||||||||
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 836.8 | 786.6 | 684.9 | |||||||||||
FMC Agricultural Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,145.70 | 1,763.80 | 1,464.50 | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539 | 454 | 349.8 | |||||||||||
Restructuring and other income (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32.6 | -8.5 | -1.2 | |||||||||||
FMC Health and Nutrition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 762 | 680.8 | 654.3 | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169.5 | 161.6 | 159.4 | |||||||||||
Restructuring and other income (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -0.7 | -1.5 | |||||||||||
FMC Minerals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 970 | 966.2 | 917.5 | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128.3 | 171.4 | 175.7 | |||||||||||
Restructuring and other income (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.4 | -13 | -0.7 | |||||||||||
FMC Minerals [Member] | Alkali [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 747 | 733.2 | 692.7 | |||||||||||
FMC Minerals [Member] | Lithium [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223 | 233 | 224.8 | |||||||||||
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.9 | -0.9 | 0 | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.4 | 0 | |||||||||||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment, operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -82.7 | -78.6 | -75.3 | |||||||||||
Restructuring and other income (charges) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($7.90) | ($5.30) | ($2.90) | |||||||||||
[1] | See Note 7 for details of restructuring and other charges (income). Amounts for the years ended 2013, 2012 and 2011 relate to FMC Agricultural Solutions of $32.6 million, $8.5 million and $1.2 million; FMC Health and Nutrition of $1.0 million, $0.7 million and $1.5 million; FMC Minerals of $6.4 million, $13.0 million and $0.7 million; and Corporate of $7.9 million, $5.3 million and $2.9 million, respectively. | ||||||||||||||||||||||
[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 with the completion of acquisitions. Charges for the year ended December 31, 2013, represented amortization of inventory fair value step-up of $5.2 million and certain professional fees of $4.8 million associated with the completion of our Epax acquisition within our FMC Health and Nutrition segment. The charges for 2012 and 2011 represent amortization of inventory fair value step-up related to a number of acquisitions completed since fourth quarter 2011. On the 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". | ||||||||||||||||||||||
[4] | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). |
Segment_Information_Other_Segm
Segment Information, Other Segment Information Disclosures (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Segment liabilities included in total operating capital employed | $1,039 | [1] | $821.20 | [1] | $670.20 | [1] |
Assets of discontinued operations held for sale | 198.3 | [1],[2] | 336.6 | [1],[2] | 307.6 | [1],[2] |
Assets | 5,235.20 | 4,373.90 | 3,743.50 | |||
Capital expenditures | 221.9 | 177.3 | 156.8 | |||
Depreciation and amortization | 127.2 | 115.9 | 99.6 | |||
Research and development expenses | 117.7 | 112 | 101.1 | |||
Operating Segments [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 3,537 | [1] | 2,760.60 | [1] | 2,209.30 | [1] |
Assets | 4,576 | [2] | 3,581.80 | [2] | 2,879.50 | [2] |
FMC Agricultural Solutions [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 1,398.10 | [1] | 1,184.30 | [1] | 903.2 | [1] |
Assets | 2,190.70 | [2] | 1,793.70 | [2] | 1,382.80 | [2] |
Capital expenditures | 50.1 | 18.4 | 17.4 | |||
Depreciation and amortization | 34.1 | 34.4 | 23.3 | |||
Research and development expenses | 100.5 | 95.4 | 84.4 | |||
FMC Health and Nutrition [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 1,380.50 | [1] | 874.2 | [1] | 696.1 | [1] |
Assets | 1,508.20 | [2] | 958.1 | [2] | 765.1 | [2] |
Capital expenditures | 115.7 | 56.5 | 38.8 | |||
Depreciation and amortization | 35.4 | 25.8 | 23.1 | |||
Research and development expenses | 10.5 | 9.9 | 10.1 | |||
FMC Minerals [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 758.4 | [1] | 702.1 | [1] | 610.2 | [1] |
Assets | 877.1 | [2] | 830 | [2] | 731.9 | [2] |
Capital expenditures | 50.3 | 92.9 | 88.9 | |||
Depreciation and amortization | 53.9 | 52.4 | 50.1 | |||
Research and development expenses | 6.7 | 6.7 | 6.6 | |||
Eliminations [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 0 | [1] | 0 | [1] | -0.2 | [1] |
Assets | 0 | [2] | 0 | [2] | -0.3 | [2] |
Corporate [Member] | ' | ' | ' | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | |||
Operating capital employed | 460.9 | [1] | 455.5 | [1] | 556.4 | [1] |
Assets | 460.9 | [2] | 455.5 | [2] | 556.4 | [2] |
Capital expenditures | 5.8 | 9.5 | 11.7 | |||
Depreciation and amortization | 3.8 | 3.3 | 3.1 | |||
Research and development expenses | $0 | $0 | $0 | |||
[1] | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | |||||
[2] | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. |
Segment_Information_External_C
Segment Information, External Customers and Long-lived Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | $1,130.70 | $957.40 | $876 | $910.70 | $915.50 | $821.90 | $817.50 | $855 | $3,874.80 | $3,409.90 | $3,036.30 | |||||
Percentage of consolidated revenues requiring specific geographic region disclosure | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | |||||
Long-Lived Assets | 2,198.80 | [1] | ' | ' | ' | 1,713.20 | [1] | ' | ' | ' | 2,198.80 | [1] | 1,713.20 | [1] | ' | |
Percentage of consolidated long-lived assets requiring specific geographic region disclosure | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | |||||
Goodwill | 389.4 | ' | ' | ' | 277.6 | ' | ' | ' | 389.4 | 277.6 | 209.4 | |||||
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,285.10 | [2] | 1,107.60 | [2] | 1,009.40 | [2] | ||
Long-Lived Assets | 950 | [1],[3] | ' | ' | ' | 861.9 | [1],[3] | ' | ' | ' | 950 | [1],[3] | 861.9 | [1],[3] | ' | |
Europe/Middle East/Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 528.1 | 494.9 | 496.7 | |||||
Long-Lived Assets | 736.7 | [1],[3] | ' | ' | ' | 463.6 | [1],[3] | ' | ' | ' | 736.7 | [1],[3] | 463.6 | [1],[3] | ' | |
Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,382.40 | [2] | 1,161.20 | [2] | 958.6 | [2] | ||
Long-Lived Assets | 168.2 | [1] | ' | ' | ' | 141.8 | [1] | ' | ' | ' | 168.2 | [1] | 141.8 | [1] | ' | |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 679.2 | 646.2 | 571.6 | |||||
Long-Lived Assets | 343.9 | [1] | ' | ' | ' | 245.9 | [1] | ' | ' | ' | 343.9 | [1] | 245.9 | [1] | ' | |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,244.80 | 1,073.40 | 975.2 | |||||
Long-Lived Assets | 948 | ' | ' | ' | 860.1 | ' | ' | ' | 948 | 860.1 | ' | |||||
BRAZIL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,043.10 | 845.4 | 694 | |||||
NORWAY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-Lived Assets | 511.3 | ' | ' | ' | 245.8 | ' | ' | ' | 511.3 | 245.8 | ' | |||||
Goodwill | $273.10 | ' | ' | ' | $162.30 | ' | ' | ' | $273.10 | $162.30 | ' | |||||
[1] | Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. | |||||||||||||||
[2] | In 2013, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2013, 2012 and 2011 for the U.S. totaled $1,244.8 million, $1,073.4 million and $975.2 million and for Brazil totaled $1,043.1 million, $845.4 million and $694.0 million, respectively. | |||||||||||||||
[3] | The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2013 and 2012 are the U.S. and Norway. Long lived assets at December 31, 2013 and 2012 for the U.S. totaled $948.0 million and $860.1 million and for Norway totaled $511.3 million and $245.8 million, respectively. Norway assets included goodwill of $273.1 million and $162.3 million at December 31, 2013 and 2012, respectively. |
Supplemental_Information_Detai
Supplemental Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
In Millions, unless otherwise specified | |||||||
Prepaid and other current assets | ' | ' | ' | ' | |||
Prepaid insurance | $7.10 | $7.10 | ' | ' | |||
Income and value added tax receivables | 81 | 47 | ' | ' | |||
Environmental obligation recoveries (Note 10) | 16.8 | 13.3 | ' | ' | |||
Derivative assets (Note 18) | 5.6 | [1] | 1.7 | [1] | ' | ' | |
Other prepaid and current assets | 126.3 | 103.8 | ' | ' | |||
Total | 236.8 | 172.9 | ' | ' | |||
Other assets | ' | ' | ' | ' | |||
Debt financing fees, net | 10.6 | 7.7 | ' | ' | |||
Advance to contract manufacturers | 62.2 | 55.9 | ' | ' | |||
Capitalized software, net | 32.5 | 32.8 | ' | ' | |||
Environmental obligation recoveries (Note 10) | 18.7 | 38.3 | ' | ' | |||
Export tax receivable | 26.6 | 23.5 | ' | ' | |||
Deferred compensation arrangements | 32.7 | 33 | ' | ' | |||
Pension and other postretirement benefits (Note 13) | 17.2 | 0 | ' | ' | |||
Other long-term assets | 61.5 | 56.4 | ' | ' | |||
Total | 262 | 247.6 | ' | ' | |||
Accrued and other liabilities | ' | ' | ' | ' | |||
Asset retirement obligations, current (Note 8) | 17.9 | 15.4 | ' | ' | |||
Restructuring reserves (Note 7) | 6.1 | [2],[3] | 10.5 | [2],[3] | 12.4 | [2] | ' |
Dividend payable (Note 15) | 18 | 18.7 | ' | ' | |||
Accrued payroll | 74.6 | 68.6 | ' | ' | |||
Environmental reserves, current, net of recoveries (Note 10) | 29.5 | [4] | 15.8 | [4] | ' | ' | |
Derivative liabilities (Note 18) | 12 | [5] | 3.9 | [5] | ' | ' | |
Other accrued and other liabilities | 148.9 | 121.2 | ' | ' | |||
Total | 307 | 254.1 | ' | ' | |||
Other long-term liabilities | ' | ' | ' | ' | |||
Asset retirement obligations, long-term (Note 8) | 4.8 | 10.1 | ' | ' | |||
Contingencies related to uncertain tax positions (Note 11) | 37.3 | [6] | 23.3 | [6] | 8.1 | [6] | 17.3 |
Deferred compensation arrangements | 37.4 | 39.8 | ' | ' | |||
Self insurance reserves (primarily workers' compensation) | 14.9 | 19.6 | ' | ' | |||
Lease obligations | 32.4 | 31.8 | ' | ' | |||
Reserve for discontinued operations (Note 9) | 53.2 | [7] | 44.4 | [7] | ' | ' | |
Other long-term liabilities | 36.2 | 26.5 | ' | ' | |||
Total | $216.20 | $195.50 | ' | ' | |||
[1] | Net balance is included in “Prepaid and other current assets†in the consolidated balance sheets. | ||||||
[2] | Included in “Accrued and other liabilities†on the consolidated balance sheets. | ||||||
[3] | Primarily foreign currency translation adjustments and cash proceeds associated with recoveries. | ||||||
[4] | “Current†includes only those reserves related to continuing operations. These amounts are included within “Accrued and other liabilities†on the consolidated balance sheets. | ||||||
[5] | Net balance is included in “Accrued and other liabilities†in the consolidated balance sheets. | ||||||
[6] | At December 31, 2013 and 2012, we recognized an offsetting non-current deferred tax asset of $28.7 million and $16.7 million, respectively, relating to specific uncertain tax positions presented above. | ||||||
[7] | Included in “Other long-term liabilities†on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | $1,130,700,000 | $957,400,000 | $876,000,000 | $910,700,000 | $915,500,000 | $821,900,000 | $817,500,000 | $855,000,000 | $3,874,800,000 | $3,409,900,000 | $3,036,300,000 | |||||||||||
Gross Profit | 354,900,000 | 304,400,000 | 327,500,000 | 353,600,000 | 321,500,000 | 298,000,000 | 319,200,000 | 329,600,000 | 1,340,400,000 | 1,268,300,000 | 1,100,600,000 | |||||||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes | 179,600,000 | 118,400,000 | 166,600,000 | 194,400,000 | 141,100,000 | 145,700,000 | 170,300,000 | 182,000,000 | 659,000,000 | 639,100,000 | 587,400,000 | |||||||||||
Income (loss) from continuing operations | 132,900,000 | [1] | 76,500,000 | [1] | 119,700,000 | [1] | 138,200,000 | [1] | 109,000,000 | [1] | 105,800,000 | [1] | 118,300,000 | [1] | 130,100,000 | [1] | 467,300,000 | 463,200,000 | 420,300,000 | |||
Discontinued operations, net of income taxes | -101,000,000 | [2] | -56,600,000 | [2] | 1,500,000 | [2] | -3,200,000 | [2] | -2,800,000 | [2] | -11,200,000 | [2] | -8,000,000 | [2] | -5,500,000 | [2] | -159,300,000 | -27,500,000 | -38,100,000 | |||
Net income | 31,900,000 | [3] | 19,900,000 | [3] | 121,200,000 | [3] | 135,000,000 | [3] | 106,200,000 | [3] | 94,600,000 | [3] | 110,300,000 | [3] | 124,600,000 | [3] | 308,000,000 | 435,700,000 | 382,200,000 | |||
Less: Net income attributable to noncontrolling interests | 4,800,000 | 2,000,000 | 3,200,000 | 4,100,000 | 4,000,000 | 4,600,000 | 5,400,000 | 5,500,000 | 14,100,000 | 19,500,000 | 16,300,000 | |||||||||||
Net income attributable to FMC stockholders | 27,100,000 | 17,900,000 | 118,000,000 | 130,900,000 | 102,200,000 | 90,000,000 | 104,900,000 | 119,100,000 | 293,900,000 | 416,200,000 | 365,900,000 | |||||||||||
Amounts attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations, net of income taxes | 128,100,000 | 74,500,000 | 116,500,000 | 134,100,000 | 105,000,000 | 101,200,000 | 112,900,000 | 124,600,000 | 453,200,000 | 443,700,000 | 404,000,000 | |||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations (in dollars per share) | $0.96 | $0.55 | $0.85 | $0.97 | $0.76 | $0.73 | $0.82 | $0.90 | $3.34 | $3.21 | $2.83 | |||||||||||
Discontinued operations (in dollars per share) | ($0.76) | ($0.42) | $0.01 | ($0.02) | ($0.02) | ($0.08) | ($0.06) | ($0.04) | ($1.18) | ($0.20) | ($0.26) | |||||||||||
Net income attributable to FMC stockholders (in dollars per share) | $0.20 | [4] | $0.13 | [4] | $0.86 | [4] | $0.95 | [4] | $0.74 | [4] | $0.65 | [4] | $0.76 | [4] | $0.86 | [4] | $2.16 | $3.01 | $2.57 | |||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Continuing operations (in dollars per share) | $0.95 | $0.55 | $0.85 | $0.96 | $0.76 | $0.73 | $0.82 | $0.89 | $3.33 | $3.20 | $2.81 | |||||||||||
Discontinued operations (in dollars per share) | ($0.75) | ($0.42) | $0.01 | ($0.02) | ($0.02) | ($0.08) | ($0.06) | ($0.04) | ($1.17) | ($0.20) | ($0.26) | |||||||||||
Net income attributable to FMC stockholders (in dollars per share) | $0.20 | [4] | $0.13 | [4] | $0.86 | [4] | $0.94 | [4] | $0.74 | [4] | $0.65 | [4] | $0.76 | [4] | $0.85 | [4] | $2.16 | $3 | $2.55 | |||
Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (in Shares) | 133,300 | 134,100 | 136,300 | 137,100 | 137,600 | 137,400 | 137,200 | 138,300 | 135,209 | 137,701 | 142,056 | |||||||||||
Diluted (in Shares) | 134,300 | 135,000 | 137,100 | 138,100 | 138,600 | 138,400 | 138,300 | 139,500 | 136,137 | 138,813 | 143,308 | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | 91,700,000 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Impairment of Long-lived Assets to be Disposed of, After Tax | 71,300,000 | 50,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Restructuring and other charges (income) | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | [5] | 17,300,000 | [5] | 1,200,000 | [5] | ||||||||
Increase (decrease) in the valuation allowance for deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | 13,700,000 | -10,700,000 | |||||||||||
U.S. State net operating losses now recoverable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Increase (decrease) in the valuation allowance for deferred tax assets | ' | ' | ' | ' | -14,900,000 | ' | ' | ' | -1,900,000 | -14,900,000 | ' | |||||||||||
Lithium Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Restructuring and other charges (income) | ' | ' | ' | ' | 13,300,000 | ' | ' | ' | 1,900,000 | [5] | 13,300,000 | [5] | ' | |||||||||
Restructuring and other charges (income), after tax | ' | ' | ' | ' | $9,300,000 | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | ourth quarter 2012 results were unfavorably impacted by $13.3 million ($9.3 million after-tax) of restructuring and other charges (income), due to the Lithium restructuring. (See Note 7). | |||||||||||||||||||||
[2] | In the third and fourth quarter of 2013, our discontinued operations included impairment charges of $65.0 million ($50.8 million after-tax) and $91.7 million ($71.3 million after-tax), respectively associated with the sale of our FMC Peroxygens segment (See Note 9). | |||||||||||||||||||||
[3] | In the fourth quarter of 2012, our results were favorably impacted due to a valuation allowance decrease of $14.9 million related to U.S. state net operating losses now expected to be recoverable (See Note 11). | |||||||||||||||||||||
[4] | The sum of quarterly earnings per common share may differ from the full-year amount. | |||||||||||||||||||||
[5] | Primarily represents accelerated depreciation and impairment charges on plant and equipment, which were or are to be abandoned. Asset disposal charges also included the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, see Note 8. |
SCHEDULE_IIValuation_and_Quali1
SCHEDULE II—Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance, Beginning of Year | $26.80 | $20.70 | $20.30 | |||
Provision/(Benefit) Charged to Costs and Expenses | 5.7 | 8.8 | 3.9 | |||
Provision/(Benefit) Charged to Other Comprehensive Income | 0 | 0 | 0 | |||
Write-offs | -2.3 | [1] | -2.7 | [1] | -3.5 | [1] |
Balance, End of Year | 30.2 | 26.8 | 20.7 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance, Beginning of Year | 84.5 | 92.6 | 76.3 | |||
Provision/(Benefit) Charged to Costs and Expenses | 23.1 | -8.1 | 16.3 | |||
Provision/(Benefit) Charged to Other Comprehensive Income | 0.6 | 0 | 0 | |||
Write-offs | 0 | [1] | 0 | [1] | 0 | [1] |
Balance, End of Year | $108.20 | $84.50 | $92.60 | |||
[1] | Write-offs are net of recoveries. |