Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2014 | |
Document Information [Line Items] | ' |
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-Q |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 133,267,021 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenue | $1,015.90 | $957.40 | $2,945.50 | $2,744.10 | ||||
Costs and Expenses | ' | ' | ' | ' | ||||
Costs of sales and services | 692.2 | 653 | 1,935.70 | 1,758.60 | ||||
Gross margin | 323.7 | 304.4 | 1,009.80 | 985.5 | ||||
Selling, general and administrative expenses | 147.4 | 124.9 | 391.8 | 374.1 | ||||
Research and development expenses | 30.6 | 29 | 89.9 | 84.7 | ||||
Restructuring and other charges (income) | 35.6 | [1] | 32.1 | [1] | 45 | [1] | 47.3 | [1] |
Business separation costs | 6.8 | [2],[3] | 0 | [2],[3] | 23.6 | [2],[3] | 0 | [2],[3] |
Total costs and expenses | 912.6 | 839 | 2,486 | 2,264.70 | ||||
Income from continuing operations before equity in (earnings) loss of affiliates, interest expense, net and income taxes | 103.3 | 118.4 | 459.5 | 479.4 | ||||
Equity in (earnings) loss of affiliates | 0.4 | 0.1 | 0.6 | 0.5 | ||||
Interest expense, net | 14.9 | 9.8 | 43.7 | 31.4 | ||||
Income from continuing operations before income taxes | 88 | 108.5 | 415.2 | 447.5 | ||||
Provision for income taxes | 7.4 | 32 | 88.2 | 113.1 | ||||
Income from continuing operations | 80.6 | 76.5 | 327 | 334.4 | ||||
Discontinued operations, net of income taxes | -20.5 | -56.6 | -83.2 | -58.3 | ||||
Net income | 60.1 | 19.9 | 243.8 | 276.1 | ||||
Less: Net income attributable to noncontrolling interests | 3.8 | 2 | 12.8 | 9.3 | ||||
Net income attributable to FMC stockholders | 56.3 | 17.9 | 231 | 266.8 | ||||
Amounts attributable to FMC stockholders: | ' | ' | ' | ' | ||||
Continuing operations, net of income taxes | 76.8 | 74.5 | 314.2 | 325.1 | ||||
Discontinued operations, net of income taxes | -20.5 | -56.6 | -83.2 | -58.3 | ||||
Net income attributable to FMC stockholders | $56.30 | $17.90 | $231 | $266.80 | ||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | ' | ||||
Continuing operations | $0.57 | $0.55 | $2.35 | $2.39 | ||||
Discontinued operations | ($0.15) | ($0.42) | ($0.62) | ($0.43) | ||||
Net income attributable to FMC stockholders | $0.42 | $0.13 | $1.73 | $1.96 | ||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ' | ' | ' | ' | ||||
Continuing operations | $0.57 | $0.55 | $2.34 | $2.38 | ||||
Discontinued operations | ($0.15) | ($0.42) | ($0.62) | ($0.43) | ||||
Net income attributable to FMC stockholders | $0.42 | $0.13 | $1.72 | $1.95 | ||||
[1] | See Note 8 within these condensed consolidated financial statements for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Minerals of $0.1 million and Corporate of $18.5 million. Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Health and Nutrition of $5.9 million, FMC Minerals of $0.1 million and Corporate of $22.0 million. Amounts for the nine months ended September 30, 2013, relate to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. | |||||||
[2] | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[3] | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net income | $60.10 | $19.90 | $243.80 | $276.10 | ||||
Foreign currency translation adjustments (1) | -34.7 | [1] | 14.9 | [1] | 11.7 | [1],[2] | 1.4 | [1] |
Unrealized hedging gains (losses) and other, net of tax of $0.8 and $3.2 for the three and nine months ended 2014 and $(0.5) and $(2.0) for the three and nine months ended 2013, respectively | 0.8 | -0.9 | 5.3 | -4.1 | ||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $(0.2) and $0.8 for the three and nine months ended 2014 and $0.4 and $(0.6) for the three and nine months ended 2013, respectively (3) | -0.3 | [3],[4] | 1.2 | [3],[4] | 1.9 | [3],[4] | -0.9 | [3],[4] |
Total derivative instruments, net of tax of $0.6 and $4.0 for the three and nine months ended 2014 and $(0.1) and $(2.6) for the three and nine months ended 2013, respectively | 0.5 | 0.3 | 7.2 | [2] | -5 | |||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of zero for the three and nine months ended 2014 and $(0.1) and zero for the three and nine months ended 2013, respectively (2) | 0.3 | [5] | -0.3 | [5] | 0.2 | [5] | -0.2 | [5] |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $3.0 and $9.9 for the three and nine months ended 2014 and $4.1 and $17.1 for the three and nine months ended 2013, respectively (3) | 5.2 | [3],[4] | 6.2 | [3],[4] | 17.9 | [3],[4] | 27.7 | [3],[4] |
Total pension and other postretirement benefits, net of tax of $3.0 and $9.9 for the three and nine months ended 2014 and $4.0 and $17.1 for the three and nine months end 2013, respectively | 5.5 | 5.9 | 18.1 | [2] | 27.5 | |||
Other comprehensive income (loss), net of tax | -28.7 | 21.1 | 37 | 23.9 | ||||
Comprehensive income | 31.4 | 41 | 280.8 | 300 | ||||
Less: Comprehensive income attributable to the noncontrolling interest | 3.3 | 1.8 | 11.8 | 9.7 | ||||
Comprehensive income attributable to FMC stockholders | $28.10 | $39.20 | $269 | $290.30 | ||||
[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. The amount for the nine months end September 30, 2014 includes reclassification to net income due to the divestiture of our FMC Peroxygens business, see Note 15 within these condensed consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. | |||||||
[2] | See condensed consolidated statements of comprehensive income. | |||||||
[3] | For more detail on the components of these reclassifications and the affected line item in the Condensed Consolidated Statements of Income see Note 15 within these condensed consolidated financial statements. | |||||||
[4] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | |||||||
[5] | At December 31st of each year, we remeasure our pension and postretirement plan obligations at which time we record any actuarial gains (losses) and prior service (costs) credits to other comprehensive income. The interim adjustments noted above reflect the foreign currency translation impacts from the unrealized actuarial gains (losses) and prior service (costs) credits related to our foreign pension and postretirement plans. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $0.80 | ($0.50) | $3.20 | ($2) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | -0.2 | [1] | 0.4 | [1] | 0.8 | [1] | -0.6 | [1] |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 0.6 | -0.1 | 4 | -2.6 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | 0 | -0.1 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 3 | [1] | 4.1 | [1] | 9.9 | [1] | 17.1 | [1] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $3 | $4 | $9.90 | $17.10 | ||||
[1] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Assets, Current [Abstract] | ' | ' | |
Cash and cash equivalents | $124.30 | $123.20 | |
Trade receivables, net of allowance - 2014: $32.4; 2013: $30.2 | 1,572.60 | 1,484.30 | |
Inventories | 754.5 | 688.4 | |
Prepaid and other current assets | 210.6 | 236.8 | |
Deferred income taxes | 195.3 | 214 | |
Current assets of discontinued operations held for sale | 0 | 198.3 | |
Total current assets | 2,857.30 | 2,945 | |
Investments | 26.4 | 26.8 | |
Property, plant and equipment, net | 1,283.30 | 1,248.30 | |
Goodwill | 369 | 389.4 | |
Other intangibles, net | 256.5 | 272.3 | |
Other assets | 338.8 | 262 | |
Deferred income taxes | 119.8 | 91.4 | |
Total assets | 5,251.10 | 5,235.20 | |
Current liabilities | ' | ' | |
Short-term debt and current portion of long-term debt | 580.4 | 697.8 | |
Accounts payable, trade and other | 440 | 475.2 | |
Advance payments from customers | 4 | 178.9 | |
Accrued and other liabilities | 280.5 | 307 | |
Accrued customer rebates | 347.6 | 203.7 | |
Guarantees of vendor financing | 53.3 | 27.9 | |
Accrued pension and other postretirement benefits, current | 12.7 | 12.7 | |
Income taxes | 23 | 35.3 | |
Current liabilities of discontinued operations held for sale | 0 | 48.2 | |
Total current liabilities | 1,741.50 | 1,986.70 | |
Long-term debt, less current portion | 1,151.90 | 1,154.10 | |
Accrued pension and other postretirement benefits, long-term | 48.4 | 57.8 | |
Environmental liabilities, continuing and discontinued | 216.6 | [1] | 175.2 |
Deferred income taxes | 73.7 | 73.1 | |
Other long-term liabilities | 234.7 | 216.2 | |
Commitments and contingent liabilities (Note 19) | ' | ' | |
Equity | ' | ' | |
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2014 or 2013 | 0 | 0 | |
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares at 2014 and 2013 | 18.6 | 18.6 | |
Capital in excess of par value of common stock | 439.5 | 448.3 | |
Retained earnings | 2,928.30 | 2,757.30 | |
Accumulated other comprehensive income (loss) | -163.9 | -201.9 | |
Treasury stock, common, at cost - 2014: 52,716,771 shares, 2013: 53,098,103 shares | -1,499.30 | -1,502.50 | |
Total FMC stockholders’ equity | 1,723.20 | 1,519.80 | |
Noncontrolling interests | 61.1 | 52.3 | |
Total equity | 1,784.30 | 1,572.10 | |
Total liabilities and equity | $5,251.10 | $5,235.20 | |
[1] | These amounts are included in “Environmental liabilities, continuing and discontinued†on the condensed consolidated balance sheets. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for Trade receivables | $32.40 | $30.20 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 185,983,792 | 185,983,792 |
Treasury Stock, shares | 52,716,771 | 53,098,103 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Cash provided (required) by operating activities of continuing operations: | ' | ' | ||
Net income | $243.80 | $276.10 | ||
Discontinued operations | 83.2 | 58.3 | ||
Income from continuing operations | 327 | 334.4 | ||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ' | ' | ||
Depreciation and amortization | 98 | 91.7 | ||
Equity in (earnings) loss of affiliates | 0.6 | 0.5 | ||
Restructuring and other charges (income) | 45 | 47.3 | ||
Deferred income taxes | -25 | 27.8 | ||
Pension and other postretirement benefits | 22.8 | 48.2 | ||
Share-based Compensation | 11.5 | 12.2 | ||
Excess tax benefits from share-based compensation | -4.4 | -6.7 | ||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ' | ' | ||
Trade receivables, net | -95.7 | -93.9 | ||
Guarantees of vendor financing | 25.5 | -10.1 | ||
Inventories | -78.3 | -14 | ||
Accounts payable | 1.8 | 0.6 | ||
Advance payments from customers | -174.8 | -122.1 | ||
Accrued customer rebates | 143 | 194.8 | ||
Income taxes | 26.6 | -29.1 | ||
Pension and other postretirement benefit contributions | -65.2 | -63.1 | ||
Environmental spending, continuing, net of recoveries | -9.1 | -4.3 | ||
Restructuring and other spending | -6.6 | -8.8 | ||
Change in other operating assets and liabilities, net | -8.1 | -24.8 | ||
Cash provided (required) by operating activities of continuing operations | 234.6 | 380.6 | ||
Cash provided (required) by operating activities of discontinued operations: | ' | ' | ||
Environmental spending, discontinued, net of recoveries | -6.9 | -19.2 | ||
Operating activities of discontinued operations of FMC Peroxygens | -1.2 | -5.2 | ||
Payments of other discontinued reserves, net of recoveries | -24.8 | -7 | ||
Cash provided (required) by operating activities of discontinued operations | -32.9 | -31.4 | ||
Cash provided (required) by investing activities of continuing operations: | ' | ' | ||
Capital expenditures | -172.6 | -159.6 | ||
Proceeds from disposal of property, plant and equipment | 0.3 | 2.1 | ||
Acquisitions, net of cash acquired | 0 | -339.6 | ||
Investments in nonconsolidated affiliates | -0.8 | -6.2 | ||
Other investing activities | -24.8 | -52 | ||
Cash provided (required) by investing activities of continuing operations | -197.9 | -555.3 | ||
cash provided (required) by investing activities of discontinued operations [Abstract] | ' | ' | ||
Proceeds from FMC Peroxygens divestiture | 199.1 | 0 | ||
Other discontinued investing activities | -0.6 | -15.2 | ||
Cash provided (required) by investing activities of discontinued operations | 198.5 | -15.2 | ||
Cash provided (required) by financing activities of continuing operations: | ' | ' | ||
Net borrowings (repayments) under committed credit facility | 0 | -130 | ||
Increase (decrease) in short-term debt | -101.2 | 869.5 | ||
Repayments of long-term debt | -17.7 | -0.5 | ||
Proceeds from borrowings of long-term debt | 0 | 11.6 | ||
Financing fees | -8.8 | -0.9 | ||
Net distributions to and acquisitions of noncontrolling interests | -21.4 | -89.9 | ||
Issuances of common stock, net | 7.5 | 9.9 | ||
Excess tax benefits from share-based compensation | 4.4 | 6.7 | ||
Dividends paid | -58.1 | [1] | -55.6 | [1] |
Repurchases of common stock under publicly announced program | 0 | -359.9 | ||
Other repurchases of common stock | -4.3 | -6.7 | ||
Contingent consideration paid | 0 | -0.5 | ||
Cash provided (required) by financing activities of continuing operations | -199.6 | 253.7 | ||
Effect of exchange rate changes on cash and cash equivalents | -1.6 | 0.1 | ||
Increase (decrease) in cash and cash equivalents | 1.1 | 32.5 | ||
Cash and cash equivalents, beginning of period | 123.2 | 77.1 | ||
Cash and cash equivalents, end of period | $124.30 | $109.60 | ||
[1] | See Note 14 regarding quarterly cash dividend |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $21.10 | $5.50 |
Interest Paid, Net | 43.2 | 29.5 |
Income Taxes Paid, Net | $84.50 | $124.60 |
Financial_Information_and_Acco
Financial Information and Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Financial Information And Accounting Policies [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' |
Financial Information and Accounting Policies | |
In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2014 and 2013, cash flows for the nine months ended September 30, 2014 and 2013, and our financial position as of September 30, 2014 and December 31, 2013. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows for the nine months ended September 30, 2014 and 2013, have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2013 (the “2013 10-K”). | |
Certain prior year amounts have been reclassified to conform to the current year’s presentation. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued and Adopted Accounting Pronoucements and Regulatory Items | ' |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | |
New accounting guidance and regulatory items | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This new guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. We are required to adopt this standard on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
In April 2014, the FASB issued its updated guidance on the financial reporting of discontinued operations. This new standard changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Additionally, expanded disclosures about discontinued operations will be required to provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. This guidance impacts disclosures within an entity's financial statements and notes to the financial statements. We are required to adopt this guidance prospectively in the first quarter of 2015. The updated guidance will not impact existing conclusions with respect to discontinued operations classification. |
Acquisitions_Notes
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Acquisitions | |
Cheminova A/S | |
On September 8, 2014, we entered into a definitive Share Purchase Agreement (the "Purchase Agreement") with Auriga Industries A/S, a Denmark Aktieselskab ("Aurgia"), Cheminova A/S, a Denmark Aktieselskab and a wholly owned subsidiary of Auriga ("Cheminova"). Pursuant to the terms and conditions set forth in the Purchase Agreement, we have agreed to acquire all of the outstanding equity of Cheminova from Auriga for an aggregate purchase price of 8.5 billion Danish Krone or approximately $1.5 billion, excluding net debt to be assumed of approximately $0.3 billion (the “Acquisition”) as of September 30, 2014. We expect to complete the Acquisition in early 2015. | |
Also, on September 8, 2014, in connection with the Purchase Agreement, we entered into a commitment letter (the "Commitment Letter") with Citigroup Global Markets Inc. (collectively with certain of its affiliates, the “Commitment Party”). The Commitment Letter provided that, in connection with the Acquisition and subject to the conditions set forth in the Commitment Letter, the Commitment Party will commit to provide up to a $2.0 billion 364-day bridge term loan and, in certain circumstances, a $1.5 billion revolving credit facility to FMC to replace the existing revolving credit facility. Fees incurred to secure these commitments have been deferred and are being amortized over the term of the arrangement. | |
On October 10, 2014, the financing available under the Commitment Letter was terminated and replaced by a $2.0 billion term loan facility and an amended and restated $1.5 billion revolving credit facility. Approximately $4.3 million of the deferred fees associated with the Commitment Letter will be expensed and presented within selling, general and administrative within our condensed consolidated statements of income consistent with other acquisition-related costs. The remaining fees have been capitalized in combination with the term loan facility. The details of the term loan facility and the revolving credit facility are provided in Note 10 within these condensed consolidated financial statements. | |
Charges incurred for the three and nine months ended September 30, 2014 associated with the planned Acquisition are provided in Note 20 within these condensed consolidated financial statements. | |
2013 Acquisitions | |
In July 2013, we acquired 100 percent of the stock of Epax Nutra Holding III AS and Epax UK Holding III AS (together, “Epax”) for $339.6 million. Epax was integrated into our FMC Health and Nutrition segment from the acquisition date. For more detail refer to Note 3 to the consolidated financial statements included in our 2013 Form 10-K. |
Business_Separation_Notes
Business Separation (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Business Separation [Abstract] | ' |
Business separation [Text Block] | ' |
Business Separation | |
On September 8, 2014, we announced that we will no longer proceed with the planned separation of FMC into two distinct public entities. At that time we announced the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 3 within these condensed consolidated financial statements for more information. Business separation costs for the three and nine months ended September 30, 2014 of $6.8 million and $23.6 million, respectively represent charges associated with the separation activities through September 8, 2014. We do not expect to incur any additional charges beyond September 8, 2014. There were no charges for the three and nine months ended September 30, 2013. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by business segment for the nine months ended September 30, 2014, are presented in the table below: | ||||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | FMC Minerals | Total | ||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 31 | $ | 358.4 | $ | — | $ | 389.4 | ||||||||||||||||
Foreign currency adjustments | — | (20.4 | ) | — | (20.4 | ) | ||||||||||||||||||
Balance, September 30, 2014 | $ | 31 | $ | 338 | $ | — | $ | 369 | ||||||||||||||||
Our intangible assets, other than goodwill, consist of the following: | ||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | ||||||||||||||||||||||||
Customer relationships | $ | 155.6 | $ | (21.0 | ) | $ | 134.6 | $ | 159.3 | $ | (15.2 | ) | $ | 144.1 | ||||||||||
Patents | 1.8 | (0.1 | ) | 1.7 | 0.4 | — | 0.4 | |||||||||||||||||
Trademarks and trade names | 1.3 | (0.6 | ) | 0.7 | 1.3 | (0.4 | ) | 0.9 | ||||||||||||||||
Purchased and licensed technologies | 75 | (23.3 | ) | 51.7 | 75.6 | (19.3 | ) | 56.3 | ||||||||||||||||
Other intangibles | 3.6 | (2.4 | ) | 1.2 | 4.3 | (2.8 | ) | 1.5 | ||||||||||||||||
$ | 237.3 | $ | (47.4 | ) | $ | 189.9 | $ | 240.9 | $ | (37.7 | ) | $ | 203.2 | |||||||||||
Intangible assets not subject to amortization (indefinite life) | ||||||||||||||||||||||||
Trademarks and trade names | $ | 64.5 | $ | 64.5 | $ | 67 | $ | 67 | ||||||||||||||||
In-process research & development | 2.1 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||
$ | 66.6 | $ | 66.6 | $ | 69.1 | $ | 69.1 | |||||||||||||||||
Total intangible assets | $ | 303.9 | $ | (47.4 | ) | $ | 256.5 | $ | 310 | $ | (37.7 | ) | $ | 272.3 | ||||||||||
At September 30, 2014, the finite-lived and indefinite life intangibles were allocated among our business segments as follows: | ||||||||||||||||||||||||
(in Millions) | Finite-lived | Indefinite Life | ||||||||||||||||||||||
FMC Agricultural Solutions | $ | 103 | $ | 35.2 | ||||||||||||||||||||
FMC Health and Nutrition | 85.7 | 31.4 | ||||||||||||||||||||||
FMC Minerals | 1.2 | — | ||||||||||||||||||||||
Total | $ | 189.9 | $ | 66.6 | ||||||||||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following: | ||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||
Finished goods | $ | 321.7 | $ | 283 | ||||
Work in process | 265.9 | 276.7 | ||||||
Raw materials, supplies and other | 339.3 | 297.8 | ||||||
First-in, first-out inventory | $ | 926.9 | $ | 857.5 | ||||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (172.4 | ) | (169.1 | ) | ||||
Net inventories | $ | 754.5 | $ | 688.4 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||
Property, plant and equipment | $ | 2,739.50 | $ | 2,663.20 | ||||
Accumulated depreciation | (1,456.2 | ) | (1,414.9 | ) | ||||
Property, plant and equipment, net | $ | 1,283.30 | $ | 1,248.30 | ||||
Restructuring_and_Other_Charge
Restructuring and Other Charges (Income) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Other Charges (Income) | ' | |||||||||||||||||||
Restructuring and Other Charges (Income) | ||||||||||||||||||||
Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below: | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Restructuring charges and asset disposals | $ | 1.3 | $ | 0.5 | $ | 8 | $ | 12.2 | ||||||||||||
Other charges (income), net | 34.3 | 31.6 | 37 | 35.1 | ||||||||||||||||
Total restructuring and other charges | $ | 35.6 | $ | 32.1 | $ | 45 | $ | 47.3 | ||||||||||||
Restructuring charges and asset disposals | ||||||||||||||||||||
Restructuring activities that commenced during 2014 are described below. For detail on the restructuring charges and asset disposals which commenced prior to 2014, see Note 7 to our consolidated financial statements included with our 2013 Form 10-K. | ||||||||||||||||||||
2014 Restructuring Activities | ||||||||||||||||||||
Health and Nutrition Restructuring: | ||||||||||||||||||||
In the first quarter of 2014 our FMC Health and Nutrition segment implemented a plan to restructure a portion of its 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 FMC Health and Nutrition facilities. | ||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
(in Millions) | Severance and Employee Benefits (1) | Other Charges (Income) (2) | Asset Disposal Charges (3) | Total | ||||||||||||||||
Other Items | 0.5 | 0.8 | — | 1.3 | ||||||||||||||||
Three months ended September 30, 2014 | $ | 0.5 | $ | 0.8 | $ | — | $ | 1.3 | ||||||||||||
Lithium Restructuring | (0.4 | ) | 0.8 | — | 0.4 | |||||||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2013 | $ | (0.4 | ) | $ | 0.9 | $ | — | $ | 0.5 | |||||||||||
Health and Nutrition Restructuring | 5.8 | — | — | 5.8 | ||||||||||||||||
Other Items | 0.5 | 1.7 | — | 2.2 | ||||||||||||||||
Nine months ended September 30, 2014 | $ | 6.3 | $ | 1.7 | $ | — | $ | 8 | ||||||||||||
Lithium Restructuring | 3.3 | 4.4 | 2 | 9.7 | ||||||||||||||||
Other Items | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||
Nine months ended September 30, 2013 | $ | 5.1 | $ | 5.1 | $ | 2 | $ | 12.2 | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | |||||||||||||||||||
-2 | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | |||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 9. | |||||||||||||||||||
Roll forward of restructuring reserves | ||||||||||||||||||||
The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 9 within these condensed consolidated financial statements. | ||||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||
12/31/13 (4) | reserves (2) | payments | 9/30/14 (4) | |||||||||||||||||
Health and Nutrition Restructuring | $ | — | $ | 5.8 | $ | (4.6 | ) | $ | — | $ | 1.2 | |||||||||
Lithium Restructuring | 0.3 | — | (0.1 | ) | — | 0.2 | ||||||||||||||
Other Workforce Related and Facility Shutdowns (1) | 2.8 | 2.2 | (1.9 | ) | — | 3.1 | ||||||||||||||
Restructuring activities related to discontinued operations (5) | 3 | 4.5 | (3.8 | ) | (1.5 | ) | 2.2 | |||||||||||||
Total | $ | 6.1 | $ | 12.5 | $ | (10.4 | ) | $ | (1.5 | ) | $ | 6.7 | ||||||||
____________________ | ||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items” sections above. | |||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||
-3 | Primarily foreign currency translation adjustments. | |||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the condensed consolidated balance sheets. | |||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. | |||||||||||||||||||
Other charges (income), net | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Environmental charges, net | $ | 17.3 | $ | 1 | $ | 20 | $ | 3 | ||||||||||||
Other, net | 17 | 30.6 | 17 | 32.1 | ||||||||||||||||
Other charges (income), net | $ | 34.3 | $ | 31.6 | $ | 37 | $ | 35.1 | ||||||||||||
Environmental charges, net | ||||||||||||||||||||
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 12 within these condensed consolidated financial statements for additional details. | ||||||||||||||||||||
Other, net | ||||||||||||||||||||
Our FMC Agricultural Solutions segment enters into 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. In most transactions the rights and technology obtained is referred to as in-process research and development and in accordance with GAAP, the amounts paid are expensed as incurred since they were acquired outside of a business combination. | ||||||||||||||||||||
During the three months ended September 30, 2014, we entered into one such transaction, consisting of an exclusive license, development and supply agreement for a novel crop protection product for agricultural use in the United States. During the three months ended September 30, 2013, we entered into three such transactions in our Agricultural Solutions segment, consisting of: exclusive license and supply arrangements for broad-spectrum crop protection products and an acquisition of certain intellectual property and other assets relating to biological products associated with our acquired assets of the Center for Agricultural and Environmental Biosolutions (CAEB). CAEB is based in Research Triangle Park, NC, and amounts acquired include CAEB’s robust library of microorganisms and a pipeline of biological products in various stages of development. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Asset Retirement Obligations | ' | |||
Asset Retirement Obligations | ||||
(in Millions) | ||||
Balance at December 31, 2013 | $ | 22.7 | ||
Increase (decrease) to previously recorded ARO liability | 0.1 | |||
Payments | (0.9 | ) | ||
Foreign currency translation adjustments | (1.7 | ) | ||
Transfer to environmental obligations (1) | (16.9 | ) | ||
Transfer to restructuring reserves (2) | (1.5 | ) | ||
Balance at September 30, 2014 | $ | 1.8 | ||
____________________ | ||||
-1 | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. Refer to Note 12 within these condensed consolidated financial statements for additional information. | |||
-2 | The remaining activities associated with these obligations are related to restructuring activities and therefore transfer to a restructuring reserve is more appropriate based on events that occurred during the quarter ended September 30, 2014. Refer to Note 8 within these condensed consolidated financial statements for additional information. | |||
A more complete description of our asset retirement obligations can be found in Note 8 to our 2013 consolidated financial statements in our 2013 10-K. |
Debt
Debt | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Debt maturing within one year: | ||||||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||||||
Short-term foreign debt (1) | $ | 22 | $ | 7.1 | ||||||||
Commercial paper (2) | 539.7 | 656 | ||||||||||
Total short-term debt | $ | 561.7 | $ | 663.1 | ||||||||
Current portion of long-term debt | 18.7 | 34.7 | ||||||||||
Short-term debt and current portion of long-term debt | $ | 580.4 | $ | 697.8 | ||||||||
____________________ | ||||||||||||
-1 | We often provide parent-company guarantees to lending institutions that extend credit to our foreign consolidated subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. | |||||||||||
-2 | At September 30, 2014, the average effective interest rate on the borrowings was 0.33%. | |||||||||||
Long-term debt: | ||||||||||||
(in Millions) | September 30, 2014 | |||||||||||
Interest Rate | Maturity | September 30, 2014 | December 31, 2013 | |||||||||
Percentage | Date | |||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 0.2-6.5% | 2014-2035 | $ | 158 | $ | 174 | ||||||
Senior notes (less unamortized discount of $2.0 and $2.2, respectively) | 3.95-5.2% | 2019-2024 | 998 | 997.8 | ||||||||
Credit facility (1) | 2.50% | 2017 | — | — | ||||||||
Foreign debt | 0-9.3% | 2014-2024 | 14.6 | 17 | ||||||||
Total long-term debt | $ | 1,170.60 | $ | 1,188.80 | ||||||||
Less: debt maturing within one year | 18.7 | 34.7 | ||||||||||
Total long-term debt, less current portion | $ | 1,151.90 | $ | 1,154.10 | ||||||||
____________________ | ||||||||||||
-1 | Letters of credit outstanding under our credit facility totaled $93.2 million and available funds under this facility were $867.1 million at September 30, 2014 (which reflects borrowings under our commercial paper program). | |||||||||||
Covenants | ||||||||||||
Among other restrictions, our credit facility contains financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended September 30, 2014 was 2.6, which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended September 30, 2014 was 14.3, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2014. | ||||||||||||
Subsequent events: | ||||||||||||
Term Loan Facility | ||||||||||||
On October 10, 2014, we entered into a term loan agreement (the “Term Loan Agreement”), that provides for a senior unsecured term loan facility of up to $2 billion (the “Term Loan Facility”) to consummate the acquisition of Cheminova (the "Acquisition"). The Term Loan Facility is a senior unsecured obligation that ranks equally with our other senior unsecured obligations. The proceeds of the loans to be made pursuant to the Term Loan Facility will be available in one or more drawings on the closing date of the Term Loan Facility, which will be substantially concurrent with the closing of the Acquisition. The scheduled maturity of the Term Loan Facility is on the fifth anniversary of this closing date. The proceeds will be used to finance the Acquisition as well as to pay fees and expenses incurred in connection with the Acquisition and the other transactions contemplated by or related to the Acquisition or the Term Loan Facility. | ||||||||||||
Loans under the Term Loan Agreement will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus in each case an applicable margin, as determined in accordance with the provisions of the Term Loan Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 0.50 percent of one percent; and the Eurocurrency rate for a one-month period plus one percent. | ||||||||||||
We are required to pay a commitment fee on the average daily unused amount from October 10, 2014 until the date on which all commitments are terminated, payable quarterly, at a rate per annum equal to an applicable percentage in effect from time to time for commitment fees. The initial commitment fee is 0.125 percent per annum. The applicable margin and the commitment fee are subject to adjustment as provided in the Term Loan Agreement. | ||||||||||||
The Term Loan Agreement contains financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. Fees incurred to secure the Term Loan Facility have been deferred and will be amortized over the term of the arrangement. | ||||||||||||
Revolving Credit Facility | ||||||||||||
On October 10, 2014 we entered into an amended and restated credit agreement (the "Revolving Credit Agreement"). The unsecured Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $2.25 billion (the "Revolving Credit Facility"). The current termination date of the Revolving Credit Facility is October 10, 2019. | ||||||||||||
Revolving loans under the Revolving Credit Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin, as determined in accordance with the provisions of the Revolving Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 0.50 percent of one percent; and the Eurocurrency rate for a one-month period plus one percent. We are also required to pay a facility fee on the average daily amount (whether used or unused) at a rate per annum equal to an applicable percentage in effect from time to time for the facility fee, as determined in accordance with the provisions of the Revolving Credit Agreement. The initial facility fee is 0.125 percent per annum. The applicable margin and the facility fee are subject to adjustment as provided in the Revolving Credit Agreement. | ||||||||||||
The Revolving Credit Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. The financial covenant levels have been amended in order to permit the debt incurred under the contemplated Term Loan Facility discussed above along with certain other changes to permit the Acquisition and the planned divestiture of our FMC Alkali Chemicals division. | ||||||||||||
Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
FMC Peroxygens: | ||||||||||||||||
On February 28, 2014, we completed the sale of our FMC Peroxygens business for $199.1 million in cash to One Equity Partners (OEP), the private investment arm of J.P. Morgan Chase & Co. The sale resulted in approximately $193.0 million in after-tax proceeds and an additional pre-tax loss of $10.1 million ($39.0 million after-tax) for the nine months ended September 30, 2014. The loss (net of tax) of $39.0 million was driven by the allocation of the $199.1 million of proceeds which was agreed to between us and OEP on February 28, 2014. The majority of the proceeds were allocated to higher taxing jurisdictions (i.e. United States) which resulted in tax expense within those jurisdictions, that were not offset by tax benefits from other taxing jurisdictions. We did not benefit the tax losses produced in those other taxing jurisdictions, as we do not expect the losses produced in those jurisdictions to be recoverable. The loss was recorded in discontinued operations, net of income taxes in our condensed consolidated income statements for the nine months ended September 30, 2014. | ||||||||||||||||
The results of our discontinued FMC Peroxygens operations are summarized below: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 81.8 | $ | 55.5 | $ | 244.8 | ||||||||
(Loss) income from discontinued operations before income taxes (1) | — | (59.3 | ) | (10.7 | ) | (53.5 | ) | |||||||||
Provision (Benefit) for income taxes | — | (11.7 | ) | 29.3 | (8.4 | ) | ||||||||||
Total discontinued operations of FMC Peroxygens, net of income taxes | $ | — | $ | (47.6 | ) | $ | (40.0 | ) | $ | (45.1 | ) | |||||
____________________ | ||||||||||||||||
-1 | Includes allocated interest expense of zero and $0.8 million for the three and nine months ended September 30, 2014, respectively and $1.1 million and $3.5 million for the three and nine months ended September 30, 2013, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. Interest expense allocated in 2014 was prior to the completed sale. Income from discontinued operations before income taxes for the nine months ended September 30, 2014 includes the pre-tax loss of $10.1 million discussed in the preceding paragraph. | |||||||||||||||
The following table presents the major classes of assets and liabilities of the FMC Peroxygens business as of December 31, 2013: | ||||||||||||||||
(in Millions) | December 31, 2013 | |||||||||||||||
Assets | ||||||||||||||||
Current assets of discontinued operations held for sale | $ | 94.8 | ||||||||||||||
(primarily trade receivables and inventories) | ||||||||||||||||
Property, plant & equipment | 61.1 | |||||||||||||||
Intangible assets, net | 2.7 | |||||||||||||||
Other non-current assets | 39.7 | |||||||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 103.5 | |||||||||||||||
Total Assets | 198.3 | |||||||||||||||
Liabilities | ||||||||||||||||
Current liabilities of discontinued operations held for sale | 43 | |||||||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 5.2 | |||||||||||||||
Total Liabilities | 48.2 | |||||||||||||||
Net Assets (2) | $ | 150.1 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed consolidated balance sheet as of December 31, 2013. | |||||||||||||||
-2 | Excludes the net cumulative translation adjustment (CTA) losses of our foreign FMC Peroxygens operations. See Note 15 within these condensed consolidated financial statements for the CTA loss recognized upon the divestiture of FMC Peroxygens. | |||||||||||||||
In addition to our discontinued FMC Peroxygens business our other discontinued operations include adjustments to retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. | ||||||||||||||||
Our discontinued operations comprised the following: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit of zero for the three and $0.6 nine months ended 2014 and zero and $0.1 for the three and nine months ended 2013, respectively | $ | (0.1 | ) | $ | 0.2 | $ | (1.2 | ) | $ | 0.3 | ||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $3.2 and $10.3 for the three and nine months ended 2014 and $1.2 and $3.7 for the three and nine months ended 2013, respectively (1) | (14.3 | ) | (2.0 | ) | (26.6 | ) | (6.1 | ) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.1 and $6.6 for the three and nine months ended 2014 and $2.7 and $2.3 for the three and nine months ended 2013, respectively | (3.6 | ) | (4.4 | ) | (11.2 | ) | (3.7 | ) | ||||||||
Provision for restructuring charges, net of income tax benefit of ($0.1) and $0.2 for the three and nine months ended 2014 and $0.1 and $0.4 for the three and nine months ended 2013, respectively (2) | (2.5 | ) | (2.8 | ) | (4.2 | ) | (3.7 | ) | ||||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of zero and ($29.3) for the three and nine months ended 2014 and $11.7 and $8.4 for the three and nine months ended 2013, respectively | — | (47.6 | ) | (40.0 | ) | (45.1 | ) | |||||||||
Discontinued operations, net of income taxes | $ | (20.5 | ) | $ | (56.6 | ) | $ | (83.2 | ) | $ | (58.3 | ) | ||||
____________________ | ||||||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2014 in Note 12 within these condensed consolidated financial statements. | |||||||||||||||
-2 | See roll forward of our restructuring reserves in Note 8 within these condensed consolidated financial statements. |
Environmental_Obligations
Environmental Obligations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
Environmental Obligations | ' | |||||||||||||||
Environmental Obligations | ||||||||||||||||
We have reserves for potential environmental obligations which management considers probable and for which a reasonable estimate of the obligation could be made. Accordingly, we have reserves of $269.0 million and $225.7 million, excluding recoveries, at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $170 million at September 30, 2014. This reasonably possible estimate is based upon information available as of the date of the filing, but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. | ||||||||||||||||
The table below is a roll forward of our total environmental reserves, continuing and discontinued: | ||||||||||||||||
(in Millions) | Operating and | |||||||||||||||
Discontinued | ||||||||||||||||
Sites Total | ||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2013 | $ | 204.7 | ||||||||||||||
Provision | 62.1 | |||||||||||||||
Spending, net of recoveries | (26.3 | ) | ||||||||||||||
Transfer from asset retirement obligations (1) | 16.9 | |||||||||||||||
Net change | 52.7 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2014 | 257.4 | |||||||||||||||
Environmental reserves, current, net of recoveries (2) | 40.8 | |||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (3) | 216.6 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2014 | $ | 257.4 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. | |||||||||||||||
-2 | “Current” includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | |||||||||||||||
-3 | These amounts are included in “Environmental liabilities, continuing and discontinued” on the condensed consolidated balance sheets. | |||||||||||||||
At September 30, 2014 and December 31, 2013, we have recorded recoveries representing probable realization of claims against U.S. government agencies, insurance carriers and other third parties. Recoveries are recorded as either an offset to the “Environmental liabilities, continuing and discontinued” or as “Other assets” in the condensed consolidated balance sheets. The table below is a roll forward of our total recorded recoveries from December 31, 2013 to September 30, 2014: | ||||||||||||||||
(in Millions) | 12/31/13 | Increase in Recoveries | Cash Received | 9/30/14 | ||||||||||||
Environmental liabilities, continuing and discontinued | $ | 21 | $ | 0.9 | $ | (10.3 | ) | $ | 11.6 | |||||||
Other assets | 35.5 | 5.3 | (10.4 | ) | 30.4 | |||||||||||
Total | $ | 56.5 | $ | 6.2 | $ | (20.7 | ) | $ | 42 | |||||||
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 as follows: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Continuing operations (1) | $ | 17.3 | $ | 1 | $ | 20 | $ | 3 | ||||||||
Discontinued operations (2) | 17.5 | 3.2 | 36.9 | 9.7 | ||||||||||||
Net environmental provision | $ | 34.8 | $ | 4.2 | $ | 56.9 | $ | 12.7 | ||||||||
____________________ | ||||||||||||||||
-1 | Recorded as a component of “Restructuring and other charges (income)” on our condensed consolidated statements of income. See Note 8 within these condensed consolidated financial statements. | |||||||||||||||
-2 | Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 11 within these condensed consolidated financial statements. | |||||||||||||||
The net environmental provisions recorded during the periods below impacted the following condensed consolidated balance sheet captions: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Environmental reserves (1) | $ | 34.8 | $ | 4.2 | $ | 62.1 | $ | 14.5 | ||||||||
Other assets (2) | — | — | (5.2 | ) | (1.8 | ) | ||||||||||
Net environmental provision | $ | 34.8 | $ | 4.2 | $ | 56.9 | $ | 12.7 | ||||||||
____________________ | ||||||||||||||||
(1) See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||||||||||
(2) Represents certain environmental recoveries. | ||||||||||||||||
A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 10 to our consolidated financial statements in our 2013 Form 10-K. The following represents significant updates that occurred in 2014 related to these contingencies. | ||||||||||||||||
Pocatello Tribal Litigation | ||||||||||||||||
Following a trial on certain jurisdictional issues which occurred during April 2014, the Shoshone-Bannock Tribal Appellate Court issued a Statement of Decision finding in favor of the Tribes’ jurisdiction over FMC and awarding costs on appeal to the Tribes. The Tribal Appellate Court conducted further post-trial proceedings and on May 6, 2014 issued Finding and Conclusions and a Final Judgment consistent with its earlier Statement of Decision. | ||||||||||||||||
The finding by the Shoshone-Bannock Tribal Appellate Court in May 2014 does not impact our reserves for the period ended September 30, 2014. Having now exhausted 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 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 | ||||||||||||||||
In 2013 we received from the New York State Department of Environmental Conservation ("NYSDEC"), the Final Statement of Basis ("FSOB"). The FSOB includes the same Corrective Action Management Alternative (“CMA”) as the Preliminary Statement of Basis, which we continue to believe is overly conservative and is not consistent with the 1991 Administrative Order on Consent ("AOC"), which governs the remedy selection. | ||||||||||||||||
In order to negotiate with the NYSDEC with respect to the FSOB, we entered into a tolling agreement with the NYSDEC. The tolling agreement serves as a “standstill” agreement to the FSOB so that time spent negotiating with the NYSDEC does not go against the statute of limitations under the FSOB. The tolling agreement expired on April 30, 2014. We were not able to reach an agreement with the NYSDEC; thus, on May 1, 2014, we submitted a Notice of Dispute to the United States Environmental Protection Agency ("EPA") seeking review of the remedy chosen by the NYSDEC. On May 30, 2014, 30 days after the tolling period expired, we filed an action in the Supreme Court of New York formally challenging the NYSDEC’s FSOB. In that lawsuit, we are contending that NYSDEC breached the 1991 AOC by not following the procedures set forth in the AOC for remedy selection. On June 3, 2014, we received a letter from EPA (dated May 22, 2014) declining to review the Notice of Dispute. On June 20, 2014, we filed an action in the United States District Court for the Western District of New York seeking a declaratory judgment that the EPA is obligated under the 1991 AOC to hear the dispute. | ||||||||||||||||
The amount of the reserve for this site is $39.8 million at September 30, 2014 and $41.7 million at December 31, 2013. 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. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. | ||||||||||||||||
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were 267,000 and 371,000 potential common shares excluded from Diluted EPS for the three and nine months ended September 30, 2014. There were no potential common shares excluded from Diluted EPS for the three and nine months ended September 30, 2013. | ||||||||||||||||
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. | ||||||||||||||||
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: | ||||||||||||||||
(in Millions, Except Share and Per Share Data) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||||||
Continuing operations, net of income taxes | $ | 76.8 | $ | 74.5 | $ | 314.2 | $ | 325.1 | ||||||||
Discontinued operations, net of income taxes | (20.5 | ) | (56.6 | ) | (83.2 | ) | (58.3 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 56.3 | $ | 17.9 | $ | 231 | $ | 266.8 | ||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2 | ) | (0.2 | ) | (0.6 | ) | (1.1 | ) | ||||||||
Net income allocable to common stockholders | $ | 56.1 | $ | 17.7 | $ | 230.4 | $ | 265.7 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.55 | $ | 2.35 | $ | 2.39 | ||||||||
Discontinued operations | (0.15 | ) | (0.42 | ) | (0.62 | ) | (0.43 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 0.42 | $ | 0.13 | $ | 1.73 | $ | 1.96 | ||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.55 | $ | 2.34 | $ | 2.38 | ||||||||
Discontinued operations | (0.15 | ) | (0.42 | ) | (0.62 | ) | (0.43 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 0.42 | $ | 0.13 | $ | 1.72 | $ | 1.95 | ||||||||
Shares (in thousands): | ||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 133,409 | 134,146 | 133,288 | 135,779 | ||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 936 | 816 | 997 | 921 | ||||||||||||
Shares – diluted basis | 134,345 | 134,962 | 134,285 | 136,700 | ||||||||||||
Equity
Equity | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
Equity | ||||||||||||
Refer to the table below for a reconciliation of equity, equity attributable to the parent, and equity attributable to noncontrolling interest: | ||||||||||||
(in Millions, Except Per Share Data) | FMC | Noncontrolling | Total | |||||||||
Stockholders’ | Interest | Equity | ||||||||||
Equity | ||||||||||||
Balance at December 31, 2013 | $ | 1,519.80 | $ | 52.3 | $ | 1,572.10 | ||||||
Net income | 231 | 12.8 | 243.8 | |||||||||
Stock compensation plans | 18.9 | — | 18.9 | |||||||||
Excess tax benefits from share-based compensation | 4.4 | — | 4.4 | |||||||||
Shares for benefit plan trust | 0.9 | — | 0.9 | |||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax (1) | 18.1 | — | 18.1 | |||||||||
Net hedging gains/(losses) and other, net of income tax (1) | 7.2 | — | 7.2 | |||||||||
Foreign currency translation adjustments (1) | 12.7 | (1.0 | ) | 11.7 | ||||||||
Dividends ($0.45 per share) | (60.0 | ) | — | (60.0 | ) | |||||||
Repurchases of common stock | (4.3 | ) | — | (4.3 | ) | |||||||
Net distributions and other activities with noncontrolling interests | (25.5 | ) | (3.0 | ) | (28.5 | ) | ||||||
Balance at September 30, 2014 | $ | 1,723.20 | $ | 61.1 | $ | 1,784.30 | ||||||
____________________ | ||||||||||||
(1)See condensed consolidated statements of comprehensive income. | ||||||||||||
Dividends and Share Repurchases | ||||||||||||
For the nine months ended September 30, 2014 and 2013, we paid $58.1 million and $55.6 million, respectively, in dividends declared in previous periods. On October 16, 2014, we paid dividends totaling $20.1 million to our shareholders of record as of September 30, 2014. This amount is included in “Accrued and other liabilities” on the condensed consolidated balance sheet as of September 30, 2014. | ||||||||||||
During the nine months ended September 30, 2014, we did not repurchase any shares under the publicly announced repurchase program. At September 30, 2014, $250.0 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. | ||||||||||||
Subsequent events: | ||||||||||||
Noncontrolling interest purchase | ||||||||||||
In October 2014 we purchased the remaining 6.25 percent ownership interest from the last remaining non-controlling interest holder in a legal entity within our FMC Alkali Chemicals division, which increased our ownership from 93.75 percent to 100 percent. In the nine months ended September 30, 2014, $21.4 million was paid to the minority shareholder which is classified as financing within our Condensed Consolidated Statements of Cash Flow. An additional $77.1 million was paid in October 2014. |
Reclassifications_of_Accumulat
Reclassifications of Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income [Text Block] | ' | ||||||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income | |||||||||||||||||||
The table below provides details about the reclassifications from Accumulated Other Comprehensive Income and the affected line items in the condensed consolidated statements of income for each of the periods presented. | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (1) | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||
Divestiture of FMC Peroxygens (3) | $ | — | $ | — | $ | (49.6 | ) | $ | — | Discontinued operations, net of income taxes | |||||||||
Derivative instruments: | |||||||||||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | 0.3 | $ | (3.5 | ) | $ | 0.7 | Costs of sales and services | ||||||||
Energy contracts | (0.2 | ) | (0.4 | ) | 1.3 | (0.2 | ) | Costs of sales and services | |||||||||||
Foreign currency contracts | 0.9 | (1.5 | ) | (0.5 | ) | 1.1 | Selling, general and administrative expenses | ||||||||||||
Other contracts | — | — | — | (0.1 | ) | Interest expense, net | |||||||||||||
Total before tax | $ | 0.5 | $ | (1.6 | ) | $ | (2.7 | ) | $ | 1.5 | |||||||||
(0.2 | ) | 0.4 | 0.8 | (0.6 | ) | Provision for income taxes | |||||||||||||
Amount included in net income | $ | 0.3 | $ | (1.2 | ) | $ | (1.9 | ) | $ | 0.9 | |||||||||
Pension and other postretirement benefits (2): | |||||||||||||||||||
Amortization of prior service costs | $ | (0.4 | ) | $ | (0.5 | ) | $ | (1.3 | ) | $ | (1.5 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (7.3 | ) | (2.7 | ) | (22.4 | ) | (36.2 | ) | Selling, general and administrative expenses | ||||||||||
Recognized loss due to settlement | (0.5 | ) | (7.1 | ) | (4.1 | ) | (7.1 | ) | Selling, general and administrative expenses | ||||||||||
Total before tax | $ | (8.2 | ) | $ | (10.3 | ) | $ | (27.8 | ) | $ | (44.8 | ) | |||||||
3 | 4.1 | 9.9 | 17.1 | Provision for income taxes | |||||||||||||||
Amount included in net income | $ | (5.2 | ) | $ | (6.2 | ) | $ | (17.9 | ) | $ | (27.7 | ) | |||||||
Total reclassifications for the period | $ | (4.9 | ) | $ | (7.4 | ) | $ | (19.8 | ) | $ | (26.8 | ) | Amount included in net income | ||||||
____________________ | |||||||||||||||||||
-1 | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | ||||||||||||||||||
-2 | Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 16 within these condensed consolidated financial statements. | ||||||||||||||||||
-3 | The reclassification of historical cumulative translation adjustments was the result of the divestiture of our FMC Peroxygens business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 11 within these condensed consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. |
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | ||||||||||||||||||||||||||||||||
The following table summarizes the components of continuing net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Components of net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
Service cost | $ | 3.2 | $ | 5.8 | $ | 0.1 | $ | — | $ | 13 | $ | 16.6 | $ | 0.1 | $ | — | ||||||||||||||||
Interest cost | 15.7 | 14.3 | 0.2 | 0.2 | 46.7 | 42.3 | 0.8 | 0.8 | ||||||||||||||||||||||||
Expected return on plan assets | (21.6 | ) | (19.1 | ) | — | — | (64.8 | ) | (57.5 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost (credit) | 0.4 | 0.6 | — | — | 1.3 | 1.7 | — | — | ||||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 7.1 | 3.8 | (0.4 | ) | (0.6 | ) | 22.8 | 38.8 | (1.2 | ) | (1.5 | ) | ||||||||||||||||||||
Recognized loss due to settlement (1) | 0.5 | 7.1 | — | — | 4.1 | 7.1 | — | — | ||||||||||||||||||||||||
Net periodic benefit cost from continuing operations | $ | 5.3 | $ | 12.5 | $ | (0.1 | ) | $ | (0.4 | ) | $ | 23.1 | $ | 49 | $ | (0.3 | ) | $ | (0.7 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. | |||||||||||||||||||||||||||||||
In order to reduce future funding volatility in our U.S. qualified defined benefit pension plan (U.S. Plan), we have made voluntary contributions through September 30, 2014 and 2013 of $50.0 million and $40.0 million, respectively. We do not expect to make any further voluntary cash contributions to our U.S. defined benefit pension plan during 2014. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Income Taxes | ' | |||||||||||||||||
Income Taxes | ||||||||||||||||||
Provision for income taxes was $7.4 million resulting in an effective tax rate of 8.4 percent compared to a provision of $32.0 million resulting in an effective tax rate of 29.5 percent for the three months ended September 30, 2014 and 2013, respectively. The primary drivers for the decreased effective tax rate in 2014 compared to 2013 are provided in the tables below. Excluding the items listed below the effective rate is 22.3 percent compared to 23.0 percent for the three months ended September 30, 2014 and 2013, respectively. The fluctuation in the effective tax rate, excluding the items listed below between current year and prior year is primarily the result of the change in the mix of domestic income compared to income earned outside of the U.S. Earnings from our domestic operations are generally taxed at a higher tax rate than that of our foreign operations. | ||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | ||||||||||||
Select discrete tax items: | ||||||||||||||||||
Business separation costs (1) | $ | (6.8 | ) | $ | (2.5 | ) | $ | — | $ | — | ||||||||
Acquisition/divestiture related charges (2) | (37.5 | ) | (11.8 | ) | (6.7 | ) | (1.9 | ) | ||||||||||
Tax only discrete items (3) | (7.8 | ) | 7.4 | |||||||||||||||
Total tax benefit of items above | $ | (44.3 | ) | $ | (22.1 | ) | 13.9 | % | $ | (6.7 | ) | $ | 5.5 | (6.5 | )% | |||
____________________ | ||||||||||||||||||
-1 | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-2 | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-3 | Represents the tax effect of currency remeasurement associated with our foreign operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes. Amounts also include revisions to our tax liabilities associated with prior year tax matters. The tax charges in 2013 were associated with the sale of our discontinued FMC Peroxygens business as well as revisions to our tax liabilities associated with prior year tax matters. | |||||||||||||||||
Provision for income taxes was $88.2 million resulting in an effective tax rate of 21.2 percent compared to a provision of $113.1 million resulting in an effective tax rate of 25.3 percent for the nine months ended September 30, 2014 and 2013, respectively. The primary drivers for the decreased effective tax rate in 2014 compared to 2013 are provided in the tables below. Excluding the items listed below the effective rate is 24.3 percent compared to 23.3 percent for the nine months ended September 30, 2014 and 2013, respectively. The fluctuation in the effective tax rate, excluding the items listed below between current year and prior year is consistent with the three months discussion above. | ||||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | ||||||||||||
Select discrete tax items: | ||||||||||||||||||
Business separation costs (1) | $ | (23.6 | ) | $ | (8.7 | ) | $ | — | $ | — | ||||||||
Acquisition/divestiture related charges (2) | (41.7 | ) | (12.9 | ) | (6.7 | ) | (1.9 | ) | ||||||||||
Tax only discrete items (3) | (6.8 | ) | 9.1 | |||||||||||||||
Total tax benefit of items above | $ | (65.3 | ) | $ | (28.4 | ) | 3.1 | % | $ | (6.7 | ) | $ | 7.2 | (2.0 | )% | |||
____________________ | ||||||||||||||||||
-1 | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-2 | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-3 | Represents the tax effect of currency remeasurement associated with our foreign operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes. Amounts also include revisions to our tax liabilities associated with prior year tax matters. The tax charges in 2013 were associated with the sale of our discontinued FMC Peroxygens business as well as revisions to our tax liabilities associated with prior year tax matters. |
Financial_Instrument_Risk_Mana
Financial Instrument, Risk Management and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Instrument Risk Management and Fair Value Measurements [Text Block] | ' | |||||||||||||||||||||||||||||||
Financial Instruments, Risk Management and Fair Value Measurements | ||||||||||||||||||||||||||||||||
Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: | ||||||||||||||||||||||||||||||||
Financial Instrument | Valuation Method | |||||||||||||||||||||||||||||||
Foreign exchange forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. | |||||||||||||||||||||||||||||||
Commodity forward and option contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |||||||||||||||||||||||||||||||
Debt | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. | |||||||||||||||||||||||||||||||
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $1,830.7 million and $1,895.8 million and the carrying amount is $1,732.3 million and $1,851.9 million as of September 30, 2014 and December 31, 2013, 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, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 18 to our consolidated financial statements on our 2013 Form 10-K. | ||||||||||||||||||||||||||||||||
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both, at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. | ||||||||||||||||||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||||||
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. | ||||||||||||||||||||||||||||||||
As of September 30, 2014, we had open foreign currency forward contracts in AOCI in a net after tax gain position of $2.7 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2015. At September 30, 2014, we had open forward contracts designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $496.2 million. | ||||||||||||||||||||||||||||||||
As of September 30, 2014, we had current open commodity contracts in AOCI in a net after tax gain position of $0.4 million designated as cash flow hedges of underlying forecasted purchases, primarily related to natural gas. Current open commodity contracts hedge forecasted transactions until December 31, 2015. At September 30, 2014, we had an equivalent of 6.2 million mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. | ||||||||||||||||||||||||||||||||
Of the $3.1 million of net gains after-tax, representing both open foreign currency exchange contracts and commodity contracts, approximately $3.0 million of these gains would be realized in earnings during the twelve months ending September 30, 2015 and $0.1 million of net gains will be realized subsequent to September 30, 2015, if spot rates in the future are consistent with forward rates as of September 30, 2014. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. We recognize derivative gains and losses in the “Costs of sales and services” line in the condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||
Derivatives Not Designated As Hedging Instruments | ||||||||||||||||||||||||||||||||
We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings. We occasionally hold call options that are effective as economic hedges of a portion of our natural gas exposure and the change in fair value of this instrument is also recorded in earnings. We periodically hold soybean barter contracts which qualify as derivatives and we have entered into offsetting commodity contracts to hedge our exposure. Both the change in fair value of the soybean barter contracts and the offsetting commodity contracts are recorded in earnings. | ||||||||||||||||||||||||||||||||
We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $2,609.7 million at September 30, 2014. We held an immaterial amount of bushels, in aggregate notional volume of outstanding soybean contracts, to hedge outstanding barter contracts at September 30, 2014. | ||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||||||||||
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments. | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
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 | $ | 13.2 | $ | 20 | $ | 33.2 | $ | (4.0 | ) | $ | 29.2 | |||||||||||||||||||||
Energy contracts | 1.8 | — | 1.8 | (0.4 | ) | 1.4 | ||||||||||||||||||||||||||
Total derivative assets (1) | $ | 15 | $ | 20 | $ | 35 | $ | (4.4 | ) | $ | 30.6 | |||||||||||||||||||||
Foreign exchange contracts | $ | (8.8 | ) | $ | (21.3 | ) | $ | (30.1 | ) | $ | 4 | $ | (26.1 | ) | ||||||||||||||||||
Energy contracts | (1.2 | ) | — | (1.2 | ) | 0.4 | (0.8 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (10.0 | ) | $ | (21.3 | ) | $ | (31.3 | ) | $ | 4.4 | $ | (26.9 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | 5 | $ | (1.3 | ) | $ | 3.7 | $ | — | $ | 3.7 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amount of Derivatives | ||||||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet (3) | Net Amounts | |||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 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 | ) | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Net balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||||||||||||||
The tables below summarizes the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. | ||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 1 | $ | (0.9 | ) | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | 0.8 | $ | (0.9 | ) | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | (0.4 | ) | 0.7 | 0.1 | 0.3 | — | 0.2 | (0.3 | ) | 1.2 | ||||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | 0.6 | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.3 | $ | — | $ | 0.2 | $ | 0.5 | $ | 0.3 | ||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 4.1 | $ | (4.1 | ) | $ | 1.2 | $ | — | $ | — | $ | — | $ | 5.3 | $ | (4.1 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | 2.8 | (1.2 | ) | (0.9 | ) | 0.2 | — | 0.1 | 1.9 | (0.9 | ) | |||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | 6.9 | $ | (5.3 | ) | $ | 0.3 | $ | 0.2 | $ | — | $ | 0.1 | $ | 7.2 | $ | (5.0 | ) | ||||||||||||||
___________________ | ||||||||||||||||||||||||||||||||
-1 | See Note 15 within these condensed consolidated financial statements for classification of amounts within the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Location of Gain or (Loss) | Amount of Pre-tax Gain or (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income on Hedged Items | Recognized in Income on Hedged Items (1) | |||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||
Cost of sales and services | $ | (7.6 | ) | $ | 8.8 | $ | (6.3 | ) | $ | 6.3 | ||||||||||||||||||||||
Selling, general & administrative (2) | (21.2 | ) | — | (21.2 | ) | — | ||||||||||||||||||||||||||
Total | $ | (28.8 | ) | $ | 8.8 | $ | (27.5 | ) | $ | 6.3 | ||||||||||||||||||||||
___________________ | ||||||||||||||||||||||||||||||||
-1 | Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. | |||||||||||||||||||||||||||||||
-2 | Charges represent an unrealized loss on hedging the purchase price of the planned Cheminova acquisition. See Note 3 within these condensed consolidated financial statements more information. | |||||||||||||||||||||||||||||||
Fair-Value Measurements | ||||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. | ||||||||||||||||||||||||||||||||
Fair-Value Hierarchy | ||||||||||||||||||||||||||||||||
We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair-value hierarchy. The fair-value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair-value measurement of the instrument. | ||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our condensed consolidated balance sheets. During the periods presented there were no transfers between fair-value hierarchy levels. | ||||||||||||||||||||||||||||||||
(in Millions) | September 30, 2014 | 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 | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 29.2 | — | 29.2 | — | ||||||||||||||||||||||||||||
Other (2) | 30.3 | 30.3 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 60.9 | $ | 30.3 | $ | 30.6 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 0.8 | $ | — | $ | 0.8 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 26.1 | — | 26.1 | — | ||||||||||||||||||||||||||||
Other (3) | 33.2 | 32.5 | 0.7 | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 60.1 | $ | 32.5 | $ | 27.6 | $ | — | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities” in the condensed consolidated balance sheets. Level 2 liabilities represent liability-based awards associated with non-employees. | |||||||||||||||||||||||||||||||
(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 (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 11.6 | — | 11.6 | — | ||||||||||||||||||||||||||||
Other (3) | 37.4 | 37.4 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 49.4 | $ | 37.4 | $ | 12 | $ | — | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Consist of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||||||
There were no nonrecurring fair value measurements as of September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our condensed consolidated balance sheet as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(in Millions) | 31-Dec-13 | 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) | 2013) | ||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | We assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. This 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. | |||||||||||||||||||||||||||||||
-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. |
Guarantees_Commitments_and_Con
Guarantees, Commitments, and Contingencies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments Guarantees and Contingent Liabilities [Abstract] | ' | |||
Guarantees, Commitments, and Contingencies | ' | |||
Guarantees, Commitments, and Contingencies | ||||
We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. | ||||
Guarantees and Other Commitments | ||||
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2014. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. | ||||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing (1) | $ | 53.3 | ||
Debt guarantees (2) | 66.5 | |||
Total | $ | 119.8 | ||
____________________ | ||||
-1 | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the condensed consolidated balance sheets as “Guarantees of vendor financing.” | |||
-2 | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees are immaterial. The majority of these guarantees have an expiration date of less than one year. | |||
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 business. We are subject to actions brought by private plaintiffs relating to alleged violations of European and Canadian competition and antitrust laws, as further described below. | ||||
European competition action. Multiple European purchasers of hydrogen peroxide who claim to have been harmed as a result of alleged violations of European competition law by hydrogen peroxide producers assigned their legal claims to a single entity formed by a law firm. The single entity then filed a lawsuit in Germany in March 2009 against European producers, including our wholly-owned Spanish subsidiary, Foret. Initial defense briefs were filed in April 2010, and an initial hearing was held during the first quarter of 2011, at which time case management issues were discussed. At a subsequent hearing in October 2011, the Court indicated that it was considering seeking guidance from the European Court of Justice (“ECJ”) as to whether the German courts have jurisdiction over these claims. After submission of written comments on this issue by the parties, on March 1, 2012, the judge announced that she would refer the jurisdictional issues to the ECJ. The court issued its formal reference to the ECJ on April 29, 2013. Such a 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 (the "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. The court has not yet ruled on this motion. 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 12 within these condensed consolidated financial statements for legal proceedings associated with our environmental contingencies. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | ||||||||||||||||
FMC Agricultural Solutions | $ | 548.8 | $ | 530.2 | $ | 1,546.90 | $ | 1,468.00 | ||||||||
FMC Health and Nutrition | 203.1 | 190.4 | 636.4 | 572.2 | ||||||||||||
FMC Minerals | 264 | 237.8 | 762.2 | 706.8 | ||||||||||||
Eliminations | — | (1.0 | ) | — | (2.9 | ) | ||||||||||
Total | $ | 1,015.90 | $ | 957.4 | $ | 2,945.50 | $ | 2,744.10 | ||||||||
Income from continuing operations before income taxes | ||||||||||||||||
FMC Agricultural Solutions | $ | 116.7 | $ | 114.2 | $ | 367.5 | $ | 402.2 | ||||||||
FMC Health and Nutrition | 43.7 | 41.1 | 143.7 | 129.1 | ||||||||||||
FMC Minerals | 39.2 | 27.7 | 118.8 | 92.1 | ||||||||||||
Eliminations | — | (0.1 | ) | — | (0.3 | ) | ||||||||||
Segment operating profit | $ | 199.6 | $ | 182.9 | 630 | 623.1 | ||||||||||
Corporate and other | (15.3 | ) | (20.1 | ) | (52.4 | ) | (60.2 | ) | ||||||||
Operating profit before the items listed below | $ | 184.3 | $ | 162.8 | $ | 577.6 | $ | 562.9 | ||||||||
Interest expense, net | (14.9 | ) | (9.8 | ) | (43.7 | ) | (31.4 | ) | ||||||||
Restructuring and other (charges) income (1) | (35.6 | ) | (32.1 | ) | (45.0 | ) | (47.3 | ) | ||||||||
Non-operating pension and postretirement (charges) income (2) | (1.5 | ) | (5.7 | ) | (8.4 | ) | (30.0 | ) | ||||||||
Business separation costs (3) | (6.8 | ) | — | (23.6 | ) | — | ||||||||||
Acquisition/divestiture related charges (4) | (37.5 | ) | (6.7 | ) | (41.7 | ) | (6.7 | ) | ||||||||
Provision for income taxes | (7.4 | ) | (32.0 | ) | (88.2 | ) | (113.1 | ) | ||||||||
Discontinued operations, net of income taxes | (20.5 | ) | (56.6 | ) | (83.2 | ) | (58.3 | ) | ||||||||
Net income attributable to noncontrolling interests | $ | (3.8 | ) | $ | (2.0 | ) | $ | (12.8 | ) | $ | (9.3 | ) | ||||
Net income attributable to FMC stockholders | $ | 56.3 | $ | 17.9 | $ | 231 | $ | 266.8 | ||||||||
_________________________________________ | ||||||||||||||||
-1 | See Note 8 within these condensed consolidated financial statements for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Minerals of $0.1 million and Corporate of $18.5 million. Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Health and Nutrition of $5.9 million, FMC Minerals of $0.1 million and Corporate of $22.0 million. Amounts for the nine months ended September 30, 2013, relate to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. | |||||||||||||||
-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. These expenses are included as a component of the line item “Selling, general and administrative expenses” on our condensed consolidated statements of income. | |||||||||||||||
-3 | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. | |||||||||||||||
-4 | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions and costs incurred associated with the potential divestiture of our FMC Alkali Chemicals division. Amounts represent the following: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Acquisition related charges - Cheminova | ||||||||||||||||
Legal and professional fees (1) | $ | 15.2 | $ | — | $ | 15.2 | $ | — | ||||||||
Unrealized loss/(gain) on hedging purchase price (1) | 21.2 | — | 21.2 | — | ||||||||||||
Acquisition related charges - Epax | ||||||||||||||||
Legal and professional fees (1) | — | 4.6 | — | 4.6 | ||||||||||||
Inventory fair value step-up amortization (2) | — | 2.1 | 4.2 | 2.1 | ||||||||||||
Divestiture related charges - FMC Alkali Chemicals division | ||||||||||||||||
Legal and professional fees (1) | 1.1 | — | 1.1 | — | ||||||||||||
Acquisition/divestiture related charges | $ | 37.5 | $ | 6.7 | $ | 41.7 | $ | 6.7 | ||||||||
____________________ | ||||||||||||||||
-1 | On the condensed consolidated statements of income, these charges are included in “Selling, general and administrative expenses.” | |||||||||||||||
(2) On the condensed consolidated statements of income, these charges are included in “Costs of sales and services.” |
Supplemental_Information_Notes
Supplemental Information (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Supplemental Information [Abstract] | ' |
Supplemental information [Text Block] | ' |
Supplemental Information | |
We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Minerals segments. At September 30, 2014 we had $59.7 million (of which $39.6 million is denominated in U.S. dollars) of outstanding receivables due from the Argentina government which primarily represent export tax and valued added tax receivables. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. We have further analyzed the recoverability of our outstanding receivables from the Argentina government in light of the current economic and political environment within Argentina, including the recent credit downgrades of local and federal governments and the July 31, 2014 default by the Argentina government on some of its debt obligations. Based on our analysis of the impact of economic conditions in Argentina on our receivables, at this time, we believe the outstanding receivables to be recoverable. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill by business segment | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill by business segment for the nine months ended September 30, 2014, are presented in the table below: | ||||||||||||||||||||||||
(in Millions) | FMC Agricultural | FMC Health and Nutrition | FMC Minerals | Total | ||||||||||||||||||||
Solutions | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 31 | $ | 358.4 | $ | — | $ | 389.4 | ||||||||||||||||
Foreign currency adjustments | — | (20.4 | ) | — | (20.4 | ) | ||||||||||||||||||
Balance, September 30, 2014 | $ | 31 | $ | 338 | $ | — | $ | 369 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||||||||||
Our intangible assets, other than goodwill, consist of the following: | ||||||||||||||||||||||||
September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | ||||||||||||||||||||||||
Customer relationships | $ | 155.6 | $ | (21.0 | ) | $ | 134.6 | $ | 159.3 | $ | (15.2 | ) | $ | 144.1 | ||||||||||
Patents | 1.8 | (0.1 | ) | 1.7 | 0.4 | — | 0.4 | |||||||||||||||||
Trademarks and trade names | 1.3 | (0.6 | ) | 0.7 | 1.3 | (0.4 | ) | 0.9 | ||||||||||||||||
Purchased and licensed technologies | 75 | (23.3 | ) | 51.7 | 75.6 | (19.3 | ) | 56.3 | ||||||||||||||||
Other intangibles | 3.6 | (2.4 | ) | 1.2 | 4.3 | (2.8 | ) | 1.5 | ||||||||||||||||
$ | 237.3 | $ | (47.4 | ) | $ | 189.9 | $ | 240.9 | $ | (37.7 | ) | $ | 203.2 | |||||||||||
Schedule of Indefinite-lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||||||||||
Intangible assets not subject to amortization (indefinite life) | ||||||||||||||||||||||||
Trademarks and trade names | $ | 64.5 | $ | 64.5 | $ | 67 | $ | 67 | ||||||||||||||||
In-process research & development | 2.1 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||
$ | 66.6 | $ | 66.6 | $ | 69.1 | $ | 69.1 | |||||||||||||||||
Total intangible assets | $ | 303.9 | $ | (47.4 | ) | $ | 256.5 | $ | 310 | $ | (37.7 | ) | $ | 272.3 | ||||||||||
Schedule of Intangible Assets by Segment [Table Text Block] | ' | |||||||||||||||||||||||
At September 30, 2014, the finite-lived and indefinite life intangibles were allocated among our business segments as follows: | ||||||||||||||||||||||||
(in Millions) | Finite-lived | Indefinite Life | ||||||||||||||||||||||
FMC Agricultural Solutions | $ | 103 | $ | 35.2 | ||||||||||||||||||||
FMC Health and Nutrition | 85.7 | 31.4 | ||||||||||||||||||||||
FMC Minerals | 1.2 | — | ||||||||||||||||||||||
Total | $ | 189.9 | $ | 66.6 | ||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||
Finished goods | $ | 321.7 | $ | 283 | ||||
Work in process | 265.9 | 276.7 | ||||||
Raw materials, supplies and other | 339.3 | 297.8 | ||||||
First-in, first-out inventory | $ | 926.9 | $ | 857.5 | ||||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (172.4 | ) | (169.1 | ) | ||||
Net inventories | $ | 754.5 | $ | 688.4 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
Property, plant and equipment consisted of the following: | ||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||
Property, plant and equipment | $ | 2,739.50 | $ | 2,663.20 | ||||
Accumulated depreciation | (1,456.2 | ) | (1,414.9 | ) | ||||
Property, plant and equipment, net | $ | 1,283.30 | $ | 1,248.30 | ||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Income) (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of restructuring and other charges (income) | ' | |||||||||||||||||||
Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below: | ||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Restructuring charges and asset disposals | $ | 1.3 | $ | 0.5 | $ | 8 | $ | 12.2 | ||||||||||||
Other charges (income), net | 34.3 | 31.6 | 37 | 35.1 | ||||||||||||||||
Total restructuring and other charges | $ | 35.6 | $ | 32.1 | $ | 45 | $ | 47.3 | ||||||||||||
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 | ||||||||||||||||
Other Items | 0.5 | 0.8 | — | 1.3 | ||||||||||||||||
Three months ended September 30, 2014 | $ | 0.5 | $ | 0.8 | $ | — | $ | 1.3 | ||||||||||||
Lithium Restructuring | (0.4 | ) | 0.8 | — | 0.4 | |||||||||||||||
Other Items | — | 0.1 | — | 0.1 | ||||||||||||||||
Three months ended September 30, 2013 | $ | (0.4 | ) | $ | 0.9 | $ | — | $ | 0.5 | |||||||||||
Health and Nutrition Restructuring | 5.8 | — | — | 5.8 | ||||||||||||||||
Other Items | 0.5 | 1.7 | — | 2.2 | ||||||||||||||||
Nine months ended September 30, 2014 | $ | 6.3 | $ | 1.7 | $ | — | $ | 8 | ||||||||||||
Lithium Restructuring | 3.3 | 4.4 | 2 | 9.7 | ||||||||||||||||
Other Items | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||
Nine months ended September 30, 2013 | $ | 5.1 | $ | 5.1 | $ | 2 | $ | 12.2 | ||||||||||||
____________________ | ||||||||||||||||||||
-1 | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | |||||||||||||||||||
-2 | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | |||||||||||||||||||
-3 | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 9. | |||||||||||||||||||
Restructuring reserve rollforward | ' | |||||||||||||||||||
The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations, which are discussed in Note 9 within these condensed consolidated financial statements. | ||||||||||||||||||||
(in Millions) | Balance at | Change in | Cash | Other (3) | Balance at | |||||||||||||||
12/31/13 (4) | reserves (2) | payments | 9/30/14 (4) | |||||||||||||||||
Health and Nutrition Restructuring | $ | — | $ | 5.8 | $ | (4.6 | ) | $ | — | $ | 1.2 | |||||||||
Lithium Restructuring | 0.3 | — | (0.1 | ) | — | 0.2 | ||||||||||||||
Other Workforce Related and Facility Shutdowns (1) | 2.8 | 2.2 | (1.9 | ) | — | 3.1 | ||||||||||||||
Restructuring activities related to discontinued operations (5) | 3 | 4.5 | (3.8 | ) | (1.5 | ) | 2.2 | |||||||||||||
Total | $ | 6.1 | $ | 12.5 | $ | (10.4 | ) | $ | (1.5 | ) | $ | 6.7 | ||||||||
____________________ | ||||||||||||||||||||
-1 | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items” sections above. | |||||||||||||||||||
-2 | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||||||||||||||
-3 | Primarily foreign currency translation adjustments. | |||||||||||||||||||
-4 | Included in “Accrued and other liabilities” on the condensed consolidated balance sheets. | |||||||||||||||||||
-5 | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. | |||||||||||||||||||
Schedule of other charges (income), net | ' | |||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Environmental charges, net | $ | 17.3 | $ | 1 | $ | 20 | $ | 3 | ||||||||||||
Other, net | 17 | 30.6 | 17 | 32.1 | ||||||||||||||||
Other charges (income), net | $ | 34.3 | $ | 31.6 | $ | 37 | $ | 35.1 | ||||||||||||
Asset_Retirement_Obligations_S
Asset Retirement Obligations Schedule of Change in Asset Retirement Obligation (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Schedule of Change in Asset Requirement Obligation [Abstract] | ' | |||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||
(in Millions) | ||||
Balance at December 31, 2013 | $ | 22.7 | ||
Increase (decrease) to previously recorded ARO liability | 0.1 | |||
Payments | (0.9 | ) | ||
Foreign currency translation adjustments | (1.7 | ) | ||
Transfer to environmental obligations (1) | (16.9 | ) | ||
Transfer to restructuring reserves (2) | (1.5 | ) | ||
Balance at September 30, 2014 | $ | 1.8 | ||
____________________ | ||||
-1 | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. Refer to Note 12 within these condensed consolidated financial statements for additional information. | |||
-2 | The remaining activities associated with these obligations are related to restructuring activities and therefore transfer to a restructuring reserve is more appropriate based on events that occurred during the quarter ended September 30, 2014. Refer to Note 8 within these condensed consolidated financial statements for additional information. |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt Maturing within One Year | ' | |||||||||||
Debt maturing within one year: | ||||||||||||
(in Millions) | September 30, 2014 | December 31, 2013 | ||||||||||
Short-term foreign debt (1) | $ | 22 | $ | 7.1 | ||||||||
Commercial paper (2) | 539.7 | 656 | ||||||||||
Total short-term debt | $ | 561.7 | $ | 663.1 | ||||||||
Current portion of long-term debt | 18.7 | 34.7 | ||||||||||
Short-term debt and current portion of long-term debt | $ | 580.4 | $ | 697.8 | ||||||||
____________________ | ||||||||||||
-1 | We often provide parent-company guarantees to lending institutions that extend credit to our foreign consolidated subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. | |||||||||||
-2 | At September 30, 2014, the average effective interest rate on the borrowings was 0.33%. | |||||||||||
Schedule of long-term debt | ' | |||||||||||
Long-term debt: | ||||||||||||
(in Millions) | September 30, 2014 | |||||||||||
Interest Rate | Maturity | September 30, 2014 | December 31, 2013 | |||||||||
Percentage | Date | |||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 0.2-6.5% | 2014-2035 | $ | 158 | $ | 174 | ||||||
Senior notes (less unamortized discount of $2.0 and $2.2, respectively) | 3.95-5.2% | 2019-2024 | 998 | 997.8 | ||||||||
Credit facility (1) | 2.50% | 2017 | — | — | ||||||||
Foreign debt | 0-9.3% | 2014-2024 | 14.6 | 17 | ||||||||
Total long-term debt | $ | 1,170.60 | $ | 1,188.80 | ||||||||
Less: debt maturing within one year | 18.7 | 34.7 | ||||||||||
Total long-term debt, less current portion | $ | 1,151.90 | $ | 1,154.10 | ||||||||
____________________ | ||||||||||||
-1 | Letters of credit outstanding under our credit facility totaled $93.2 million and available funds under this facility were $867.1 million at September 30, 2014 (which reflects borrowings under our commercial paper program). |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
The results of our discontinued FMC Peroxygens operations are summarized below: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 81.8 | $ | 55.5 | $ | 244.8 | ||||||||
(Loss) income from discontinued operations before income taxes (1) | — | (59.3 | ) | (10.7 | ) | (53.5 | ) | |||||||||
Provision (Benefit) for income taxes | — | (11.7 | ) | 29.3 | (8.4 | ) | ||||||||||
Total discontinued operations of FMC Peroxygens, net of income taxes | $ | — | $ | (47.6 | ) | $ | (40.0 | ) | $ | (45.1 | ) | |||||
____________________ | ||||||||||||||||
-1 | Includes allocated interest expense of zero and $0.8 million for the three and nine months ended September 30, 2014, respectively and $1.1 million and $3.5 million for the three and nine months ended September 30, 2013, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. Interest expense allocated in 2014 was prior to the completed sale. Income from discontinued operations before income taxes for the nine months ended September 30, 2014 includes the pre-tax loss of $10.1 million discussed in the preceding paragraph. | |||||||||||||||
The following table presents the major classes of assets and liabilities of the FMC Peroxygens business as of December 31, 2013: | ||||||||||||||||
(in Millions) | December 31, 2013 | |||||||||||||||
Assets | ||||||||||||||||
Current assets of discontinued operations held for sale | $ | 94.8 | ||||||||||||||
(primarily trade receivables and inventories) | ||||||||||||||||
Property, plant & equipment | 61.1 | |||||||||||||||
Intangible assets, net | 2.7 | |||||||||||||||
Other non-current assets | 39.7 | |||||||||||||||
Noncurrent assets of discontinued operations held for sale (1) | 103.5 | |||||||||||||||
Total Assets | 198.3 | |||||||||||||||
Liabilities | ||||||||||||||||
Current liabilities of discontinued operations held for sale | 43 | |||||||||||||||
Noncurrent liabilities of discontinued operations held for sale (1) | 5.2 | |||||||||||||||
Total Liabilities | 48.2 | |||||||||||||||
Net Assets (2) | $ | 150.1 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed consolidated balance sheet as of December 31, 2013. | |||||||||||||||
-2 | Excludes the net cumulative translation adjustment (CTA) losses of our foreign FMC Peroxygens operations. See Note 15 within these condensed consolidated financial statements for the CTA loss recognized upon the divestiture of FMC Peroxygens. | |||||||||||||||
In addition to our discontinued FMC Peroxygens business our other discontinued operations include adjustments to retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. | ||||||||||||||||
Our discontinued operations comprised the following: | ||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit of zero for the three and $0.6 nine months ended 2014 and zero and $0.1 for the three and nine months ended 2013, respectively | $ | (0.1 | ) | $ | 0.2 | $ | (1.2 | ) | $ | 0.3 | ||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $3.2 and $10.3 for the three and nine months ended 2014 and $1.2 and $3.7 for the three and nine months ended 2013, respectively (1) | (14.3 | ) | (2.0 | ) | (26.6 | ) | (6.1 | ) | ||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.1 and $6.6 for the three and nine months ended 2014 and $2.7 and $2.3 for the three and nine months ended 2013, respectively | (3.6 | ) | (4.4 | ) | (11.2 | ) | (3.7 | ) | ||||||||
Provision for restructuring charges, net of income tax benefit of ($0.1) and $0.2 for the three and nine months ended 2014 and $0.1 and $0.4 for the three and nine months ended 2013, respectively (2) | (2.5 | ) | (2.8 | ) | (4.2 | ) | (3.7 | ) | ||||||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of zero and ($29.3) for the three and nine months ended 2014 and $11.7 and $8.4 for the three and nine months ended 2013, respectively | — | (47.6 | ) | (40.0 | ) | (45.1 | ) | |||||||||
Discontinued operations, net of income taxes | $ | (20.5 | ) | $ | (56.6 | ) | $ | (83.2 | ) | $ | (58.3 | ) | ||||
____________________ | ||||||||||||||||
-1 | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2014 in Note 12 within these condensed consolidated financial statements. | |||||||||||||||
-2 | See roll forward of our restructuring reserves in Note 8 within these condensed consolidated financial statements. |
Environmental_Obligations_Tabl
Environmental Obligations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
Environmental reserves rollforward, continuing and discontinued | ' | |||||||||||||||
The table below is a roll forward of our total environmental reserves, continuing and discontinued: | ||||||||||||||||
(in Millions) | Operating and | |||||||||||||||
Discontinued | ||||||||||||||||
Sites Total | ||||||||||||||||
Total environmental reserves, net of recoveries at December 31, 2013 | $ | 204.7 | ||||||||||||||
Provision | 62.1 | |||||||||||||||
Spending, net of recoveries | (26.3 | ) | ||||||||||||||
Transfer from asset retirement obligations (1) | 16.9 | |||||||||||||||
Net change | 52.7 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2014 | 257.4 | |||||||||||||||
Environmental reserves, current, net of recoveries (2) | 40.8 | |||||||||||||||
Environmental reserves, long-term continuing and discontinued, net of recoveries (3) | 216.6 | |||||||||||||||
Total environmental reserves, net of recoveries at September 30, 2014 | $ | 257.4 | ||||||||||||||
____________________ | ||||||||||||||||
-1 | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. | |||||||||||||||
-2 | “Current” includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | |||||||||||||||
-3 | These amounts are included in “Environmental liabilities, continuing and discontinued” on the condensed consolidated balance sheets. | |||||||||||||||
Schedule of Environmental Recoveries [Table Text Block] | ' | |||||||||||||||
The table below is a roll forward of our total recorded recoveries from December 31, 2013 to September 30, 2014: | ||||||||||||||||
(in Millions) | 12/31/13 | Increase in Recoveries | Cash Received | 9/30/14 | ||||||||||||
Environmental liabilities, continuing and discontinued | $ | 21 | $ | 0.9 | $ | (10.3 | ) | $ | 11.6 | |||||||
Other assets | 35.5 | 5.3 | (10.4 | ) | 30.4 | |||||||||||
Total | $ | 56.5 | $ | 6.2 | $ | (20.7 | ) | $ | 42 | |||||||
Schedule of Net Environmental Provision by operating and discontinured sites [Table Text Block] | ' | |||||||||||||||
The net provisions are as follows: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Continuing operations (1) | $ | 17.3 | $ | 1 | $ | 20 | $ | 3 | ||||||||
Discontinued operations (2) | 17.5 | 3.2 | 36.9 | 9.7 | ||||||||||||
Net environmental provision | $ | 34.8 | $ | 4.2 | $ | 56.9 | $ | 12.7 | ||||||||
____________________ | ||||||||||||||||
-1 | Recorded as a component of “Restructuring and other charges (income)” on our condensed consolidated statements of income. See Note 8 within these condensed consolidated financial statements. | |||||||||||||||
-2 | Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 11 within these condensed consolidated financial statements. | |||||||||||||||
Schedule of Net Environmental Provision Balance Sheet Classification [Table Text Block] | ' | |||||||||||||||
The net environmental provisions recorded during the periods below impacted the following condensed consolidated balance sheet captions: | ||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Environmental reserves (1) | $ | 34.8 | $ | 4.2 | $ | 62.1 | $ | 14.5 | ||||||||
Other assets (2) | — | — | (5.2 | ) | (1.8 | ) | ||||||||||
Net environmental provision | $ | 34.8 | $ | 4.2 | $ | 56.9 | $ | 12.7 | ||||||||
____________________ | ||||||||||||||||
(1) See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||||||||||
(2) Represents certain environmental recoveries. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of basic and diluted earnings per share | ' | |||||||||||||||
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: | ||||||||||||||||
(in Millions, Except Share and Per Share Data) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (loss) attributable to FMC stockholders: | ||||||||||||||||
Continuing operations, net of income taxes | $ | 76.8 | $ | 74.5 | $ | 314.2 | $ | 325.1 | ||||||||
Discontinued operations, net of income taxes | (20.5 | ) | (56.6 | ) | (83.2 | ) | (58.3 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 56.3 | $ | 17.9 | $ | 231 | $ | 266.8 | ||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2 | ) | (0.2 | ) | (0.6 | ) | (1.1 | ) | ||||||||
Net income allocable to common stockholders | $ | 56.1 | $ | 17.7 | $ | 230.4 | $ | 265.7 | ||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.55 | $ | 2.35 | $ | 2.39 | ||||||||
Discontinued operations | (0.15 | ) | (0.42 | ) | (0.62 | ) | (0.43 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 0.42 | $ | 0.13 | $ | 1.73 | $ | 1.96 | ||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.55 | $ | 2.34 | $ | 2.38 | ||||||||
Discontinued operations | (0.15 | ) | (0.42 | ) | (0.62 | ) | (0.43 | ) | ||||||||
Net income attributable to FMC stockholders | $ | 0.42 | $ | 0.13 | $ | 1.72 | $ | 1.95 | ||||||||
Shares (in thousands): | ||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 133,409 | 134,146 | 133,288 | 135,779 | ||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 936 | 816 | 997 | 921 | ||||||||||||
Shares – diluted basis | 134,345 | 134,962 | 134,285 | 136,700 | ||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Reconciliation of equity | ' | |||||||||||
Refer to the table below for a reconciliation of equity, equity attributable to the parent, and equity attributable to noncontrolling interest: | ||||||||||||
(in Millions, Except Per Share Data) | FMC | Noncontrolling | Total | |||||||||
Stockholders’ | Interest | Equity | ||||||||||
Equity | ||||||||||||
Balance at December 31, 2013 | $ | 1,519.80 | $ | 52.3 | $ | 1,572.10 | ||||||
Net income | 231 | 12.8 | 243.8 | |||||||||
Stock compensation plans | 18.9 | — | 18.9 | |||||||||
Excess tax benefits from share-based compensation | 4.4 | — | 4.4 | |||||||||
Shares for benefit plan trust | 0.9 | — | 0.9 | |||||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax (1) | 18.1 | — | 18.1 | |||||||||
Net hedging gains/(losses) and other, net of income tax (1) | 7.2 | — | 7.2 | |||||||||
Foreign currency translation adjustments (1) | 12.7 | (1.0 | ) | 11.7 | ||||||||
Dividends ($0.45 per share) | (60.0 | ) | — | (60.0 | ) | |||||||
Repurchases of common stock | (4.3 | ) | — | (4.3 | ) | |||||||
Net distributions and other activities with noncontrolling interests | (25.5 | ) | (3.0 | ) | (28.5 | ) | ||||||
Balance at September 30, 2014 | $ | 1,723.20 | $ | 61.1 | $ | 1,784.30 | ||||||
____________________ | ||||||||||||
(1)See condensed consolidated statements of comprehensive income. |
Reclassifications_of_Accumulat1
Reclassifications of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Reclassiciations of Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Reclassifications of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
The table below provides details about the reclassifications from Accumulated Other Comprehensive Income and the affected line items in the condensed consolidated statements of income for each of the periods presented. | |||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (1) | Affected Line Item in the Condensed Consolidated Statements of Income | |||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||
Divestiture of FMC Peroxygens (3) | $ | — | $ | — | $ | (49.6 | ) | $ | — | Discontinued operations, net of income taxes | |||||||||
Derivative instruments: | |||||||||||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | 0.3 | $ | (3.5 | ) | $ | 0.7 | Costs of sales and services | ||||||||
Energy contracts | (0.2 | ) | (0.4 | ) | 1.3 | (0.2 | ) | Costs of sales and services | |||||||||||
Foreign currency contracts | 0.9 | (1.5 | ) | (0.5 | ) | 1.1 | Selling, general and administrative expenses | ||||||||||||
Other contracts | — | — | — | (0.1 | ) | Interest expense, net | |||||||||||||
Total before tax | $ | 0.5 | $ | (1.6 | ) | $ | (2.7 | ) | $ | 1.5 | |||||||||
(0.2 | ) | 0.4 | 0.8 | (0.6 | ) | Provision for income taxes | |||||||||||||
Amount included in net income | $ | 0.3 | $ | (1.2 | ) | $ | (1.9 | ) | $ | 0.9 | |||||||||
Pension and other postretirement benefits (2): | |||||||||||||||||||
Amortization of prior service costs | $ | (0.4 | ) | $ | (0.5 | ) | $ | (1.3 | ) | $ | (1.5 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (7.3 | ) | (2.7 | ) | (22.4 | ) | (36.2 | ) | Selling, general and administrative expenses | ||||||||||
Recognized loss due to settlement | (0.5 | ) | (7.1 | ) | (4.1 | ) | (7.1 | ) | Selling, general and administrative expenses | ||||||||||
Total before tax | $ | (8.2 | ) | $ | (10.3 | ) | $ | (27.8 | ) | $ | (44.8 | ) | |||||||
3 | 4.1 | 9.9 | 17.1 | Provision for income taxes | |||||||||||||||
Amount included in net income | $ | (5.2 | ) | $ | (6.2 | ) | $ | (17.9 | ) | $ | (27.7 | ) | |||||||
Total reclassifications for the period | $ | (4.9 | ) | $ | (7.4 | ) | $ | (19.8 | ) | $ | (26.8 | ) | Amount included in net income | ||||||
____________________ | |||||||||||||||||||
-1 | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | ||||||||||||||||||
-2 | Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 16 within these condensed consolidated financial statements. | ||||||||||||||||||
-3 | The reclassification of historical cumulative translation adjustments was the result of the divestiture of our FMC Peroxygens business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 11 within these condensed consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. |
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||||||||||
Components of net annual benefit cost (income) | ' | |||||||||||||||||||||||||||||||
The following table summarizes the components of continuing net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Components of net annual benefit cost (income): | ||||||||||||||||||||||||||||||||
Service cost | $ | 3.2 | $ | 5.8 | $ | 0.1 | $ | — | $ | 13 | $ | 16.6 | $ | 0.1 | $ | — | ||||||||||||||||
Interest cost | 15.7 | 14.3 | 0.2 | 0.2 | 46.7 | 42.3 | 0.8 | 0.8 | ||||||||||||||||||||||||
Expected return on plan assets | (21.6 | ) | (19.1 | ) | — | — | (64.8 | ) | (57.5 | ) | — | — | ||||||||||||||||||||
Amortization of prior service cost (credit) | 0.4 | 0.6 | — | — | 1.3 | 1.7 | — | — | ||||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 7.1 | 3.8 | (0.4 | ) | (0.6 | ) | 22.8 | 38.8 | (1.2 | ) | (1.5 | ) | ||||||||||||||||||||
Recognized loss due to settlement (1) | 0.5 | 7.1 | — | — | 4.1 | 7.1 | — | — | ||||||||||||||||||||||||
Net periodic benefit cost from continuing operations | $ | 5.3 | $ | 12.5 | $ | (0.1 | ) | $ | (0.4 | ) | $ | 23.1 | $ | 49 | $ | (0.3 | ) | $ | (0.7 | ) | ||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. |
Income_Taxes_Select_Discrete_T
Income Taxes Select Discrete Tax Items (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Select Discrete Tax Items [Table Text Block] | ' | |||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | ||||||||||||
Select discrete tax items: | ||||||||||||||||||
Business separation costs (1) | $ | (6.8 | ) | $ | (2.5 | ) | $ | — | $ | — | ||||||||
Acquisition/divestiture related charges (2) | (37.5 | ) | (11.8 | ) | (6.7 | ) | (1.9 | ) | ||||||||||
Tax only discrete items (3) | (7.8 | ) | 7.4 | |||||||||||||||
Total tax benefit of items above | $ | (44.3 | ) | $ | (22.1 | ) | 13.9 | % | $ | (6.7 | ) | $ | 5.5 | (6.5 | )% | |||
____________________ | ||||||||||||||||||
-1 | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-2 | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-3 | Represents the tax effect of currency remeasurement associated with our foreign operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes. Amounts also include revisions to our tax liabilities associated with prior year tax matters. The tax charges in 2013 were associated with the sale of our discontinued FMC Peroxygens business as well as revisions to our tax liabilities associated with prior year tax matters. | |||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate % Impact | ||||||||||||
Select discrete tax items: | ||||||||||||||||||
Business separation costs (1) | $ | (23.6 | ) | $ | (8.7 | ) | $ | — | $ | — | ||||||||
Acquisition/divestiture related charges (2) | (41.7 | ) | (12.9 | ) | (6.7 | ) | (1.9 | ) | ||||||||||
Tax only discrete items (3) | (6.8 | ) | 9.1 | |||||||||||||||
Total tax benefit of items above | $ | (65.3 | ) | $ | (28.4 | ) | 3.1 | % | $ | (6.7 | ) | $ | 7.2 | (2.0 | )% | |||
____________________ | ||||||||||||||||||
-1 | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-2 | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||||||||||||
-3 | Represents the tax effect of currency remeasurement associated with our foreign operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes. Amounts also include revisions to our tax liabilities associated with prior year tax matters. The tax charges in 2013 were associated with the sale of our discontinued FMC Peroxygens business as well as revisions to our tax liabilities associated with prior year tax matters. |
Financial_Instrument_Risk_Mana1
Financial Instrument, Risk Management and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments. | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
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 | $ | 13.2 | $ | 20 | $ | 33.2 | $ | (4.0 | ) | $ | 29.2 | |||||||||||||||||||||
Energy contracts | 1.8 | — | 1.8 | (0.4 | ) | 1.4 | ||||||||||||||||||||||||||
Total derivative assets (1) | $ | 15 | $ | 20 | $ | 35 | $ | (4.4 | ) | $ | 30.6 | |||||||||||||||||||||
Foreign exchange contracts | $ | (8.8 | ) | $ | (21.3 | ) | $ | (30.1 | ) | $ | 4 | $ | (26.1 | ) | ||||||||||||||||||
Energy contracts | (1.2 | ) | — | (1.2 | ) | 0.4 | (0.8 | ) | ||||||||||||||||||||||||
Total derivative liabilities (2) | $ | (10.0 | ) | $ | (21.3 | ) | $ | (31.3 | ) | $ | 4.4 | $ | (26.9 | ) | ||||||||||||||||||
Net derivative assets/(liabilities) | $ | 5 | $ | (1.3 | ) | $ | 3.7 | $ | — | $ | 3.7 | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Gross Amount of Derivatives | ||||||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet (3) | Net Amounts | |||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 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 | ) | |||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | Net balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-2 | Net balance is included in “Accrued and other liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Represents net derivatives positions subject to master netting arrangements. | |||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The tables below summarizes the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. | ||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 1 | $ | (0.9 | ) | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | 0.8 | $ | (0.9 | ) | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | (0.4 | ) | 0.7 | 0.1 | 0.3 | — | 0.2 | (0.3 | ) | 1.2 | ||||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | 0.6 | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.3 | $ | — | $ | 0.2 | $ | 0.5 | $ | 0.3 | ||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||
Contracts | ||||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | |||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 4.1 | $ | (4.1 | ) | $ | 1.2 | $ | — | $ | — | $ | — | $ | 5.3 | $ | (4.1 | ) | ||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | ||||||||||||||||||||||||||||||||
Effective portion | 2.8 | (1.2 | ) | (0.9 | ) | 0.2 | — | 0.1 | 1.9 | (0.9 | ) | |||||||||||||||||||||
Total derivative instrument impact on comprehensive income | $ | 6.9 | $ | (5.3 | ) | $ | 0.3 | $ | 0.2 | $ | — | $ | 0.1 | $ | 7.2 | $ | (5.0 | ) | ||||||||||||||
___________________ | ||||||||||||||||||||||||||||||||
-1 | See Note 15 within these condensed consolidated financial statements for classification of amounts within the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Location of Gain or (Loss) | Amount of Pre-tax Gain or (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income on Hedged Items | Recognized in Income on Hedged Items (1) | |||||||||||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||
Cost of sales and services | $ | (7.6 | ) | $ | 8.8 | $ | (6.3 | ) | $ | 6.3 | ||||||||||||||||||||||
Selling, general & administrative (2) | (21.2 | ) | — | (21.2 | ) | — | ||||||||||||||||||||||||||
Total | $ | (28.8 | ) | $ | 8.8 | $ | (27.5 | ) | $ | 6.3 | ||||||||||||||||||||||
___________________ | ||||||||||||||||||||||||||||||||
-1 | Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. | |||||||||||||||||||||||||||||||
-2 | Charges represent an unrealized loss on hedging the purchase price of the planned Cheminova acquisition. See Note 3 within these condensed consolidated financial statements more information. | |||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our condensed consolidated balance sheets. During the periods presented there were no transfers between fair-value hierarchy levels. | ||||||||||||||||||||||||||||||||
(in Millions) | September 30, 2014 | 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 | $ | 1.4 | $ | — | $ | 1.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 29.2 | — | 29.2 | — | ||||||||||||||||||||||||||||
Other (2) | 30.3 | 30.3 | — | — | ||||||||||||||||||||||||||||
Total assets | $ | 60.9 | $ | 30.3 | $ | 30.6 | $ | — | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives – Commodities (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 0.8 | $ | — | $ | 0.8 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 26.1 | — | 26.1 | — | ||||||||||||||||||||||||||||
Other (3) | 33.2 | 32.5 | 0.7 | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 60.1 | $ | 32.5 | $ | 27.6 | $ | — | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities” in the condensed consolidated balance sheets. Level 2 liabilities represent liability-based awards associated with non-employees. | |||||||||||||||||||||||||||||||
(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 (1): | ||||||||||||||||||||||||||||||||
Energy contracts | $ | 0.4 | $ | — | $ | 0.4 | $ | — | ||||||||||||||||||||||||
Derivatives – Foreign exchange (1) | 11.6 | — | 11.6 | — | ||||||||||||||||||||||||||||
Other (3) | 37.4 | 37.4 | — | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 49.4 | $ | 37.4 | $ | 12 | $ | — | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||
-2 | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
-3 | Consist of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||||||||||||||||
There were no nonrecurring fair value measurements as of September 30, 2014. | ||||||||||||||||||||||||||||||||
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our condensed consolidated balance sheet as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(in Millions) | 31-Dec-13 | 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) | 2013) | ||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
-1 | We assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. This 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. | |||||||||||||||||||||||||||||||
-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. |
Guarantees_Commitments_and_Con1
Guarantees, Commitments, and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments Guarantees and Contingent Liabilities [Abstract] | ' | |||
Schedule of estimated undiscounted potential future payments for guarantees | ' | |||
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2014. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. | ||||
(in Millions) | ||||
Guarantees: | ||||
Guarantees of vendor financing (1) | $ | 53.3 | ||
Debt guarantees (2) | 66.5 | |||
Total | $ | 119.8 | ||
____________________ | ||||
-1 | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the condensed consolidated balance sheets as “Guarantees of vendor financing.” | |||
-2 | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees are immaterial. The majority of these guarantees have an expiration date of less than one year. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment reporting information by segment | ' | |||||||||||||||
(in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | ||||||||||||||||
FMC Agricultural Solutions | $ | 548.8 | $ | 530.2 | $ | 1,546.90 | $ | 1,468.00 | ||||||||
FMC Health and Nutrition | 203.1 | 190.4 | 636.4 | 572.2 | ||||||||||||
FMC Minerals | 264 | 237.8 | 762.2 | 706.8 | ||||||||||||
Eliminations | — | (1.0 | ) | — | (2.9 | ) | ||||||||||
Total | $ | 1,015.90 | $ | 957.4 | $ | 2,945.50 | $ | 2,744.10 | ||||||||
Income from continuing operations before income taxes | ||||||||||||||||
FMC Agricultural Solutions | $ | 116.7 | $ | 114.2 | $ | 367.5 | $ | 402.2 | ||||||||
FMC Health and Nutrition | 43.7 | 41.1 | 143.7 | 129.1 | ||||||||||||
FMC Minerals | 39.2 | 27.7 | 118.8 | 92.1 | ||||||||||||
Eliminations | — | (0.1 | ) | — | (0.3 | ) | ||||||||||
Segment operating profit | $ | 199.6 | $ | 182.9 | 630 | 623.1 | ||||||||||
Corporate and other | (15.3 | ) | (20.1 | ) | (52.4 | ) | (60.2 | ) | ||||||||
Operating profit before the items listed below | $ | 184.3 | $ | 162.8 | $ | 577.6 | $ | 562.9 | ||||||||
Interest expense, net | (14.9 | ) | (9.8 | ) | (43.7 | ) | (31.4 | ) | ||||||||
Restructuring and other (charges) income (1) | (35.6 | ) | (32.1 | ) | (45.0 | ) | (47.3 | ) | ||||||||
Non-operating pension and postretirement (charges) income (2) | (1.5 | ) | (5.7 | ) | (8.4 | ) | (30.0 | ) | ||||||||
Business separation costs (3) | (6.8 | ) | — | (23.6 | ) | — | ||||||||||
Acquisition/divestiture related charges (4) | (37.5 | ) | (6.7 | ) | (41.7 | ) | (6.7 | ) | ||||||||
Provision for income taxes | (7.4 | ) | (32.0 | ) | (88.2 | ) | (113.1 | ) | ||||||||
Discontinued operations, net of income taxes | (20.5 | ) | (56.6 | ) | (83.2 | ) | (58.3 | ) | ||||||||
Net income attributable to noncontrolling interests | $ | (3.8 | ) | $ | (2.0 | ) | $ | (12.8 | ) | $ | (9.3 | ) | ||||
Net income attributable to FMC stockholders | $ | 56.3 | $ | 17.9 | $ | 231 | $ | 266.8 | ||||||||
_________________________________________ | ||||||||||||||||
-1 | See Note 8 within these condensed consolidated financial statements for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Minerals of $0.1 million and Corporate of $18.5 million. Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Health and Nutrition of $5.9 million, FMC Minerals of $0.1 million and Corporate of $22.0 million. Amounts for the nine months ended September 30, 2013, relate to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. | |||||||||||||||
-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. These expenses are included as a component of the line item “Selling, general and administrative expenses” on our condensed consolidated statements of income. | |||||||||||||||
-3 | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. | |||||||||||||||
-4 | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions and costs incurred associated with the potential divestiture of our FMC Alkali Chemicals division. Amounts represent the following: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep | 30-Sep | |||||||||||||||
(in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Acquisition related charges - Cheminova | ||||||||||||||||
Legal and professional fees (1) | $ | 15.2 | $ | — | $ | 15.2 | $ | — | ||||||||
Unrealized loss/(gain) on hedging purchase price (1) | 21.2 | — | 21.2 | — | ||||||||||||
Acquisition related charges - Epax | ||||||||||||||||
Legal and professional fees (1) | — | 4.6 | — | 4.6 | ||||||||||||
Inventory fair value step-up amortization (2) | — | 2.1 | 4.2 | 2.1 | ||||||||||||
Divestiture related charges - FMC Alkali Chemicals division | ||||||||||||||||
Legal and professional fees (1) | 1.1 | — | 1.1 | — | ||||||||||||
Acquisition/divestiture related charges | $ | 37.5 | $ | 6.7 | $ | 41.7 | $ | 6.7 | ||||||||
____________________ | ||||||||||||||||
-1 | On the condensed consolidated statements of income, these charges are included in “Selling, general and administrative expenses.” | |||||||||||||||
(2) On the condensed consolidated statements of income, these charges are included in “Costs of sales and services.” |
Acquisitions_Details
Acquisitions (Details) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | |
USD ($) | DKK | Cheminova [Member] | Cheminova [Member] | Cheminova [Member] | Cheminova [Member] | EPAX [Member] | EPAX [Member] | EPAX [Member] | EPAX [Member] | EPAX [Member] | Commitments to Extend Credit [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Planned aggregate purchase price to acquire business | $1,500,000,000 | 8,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Planned aggregate purchase price net of debt | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 4,300,000 | ' | 15,200,000 | 0 | 15,200,000 | 0 | 0 | 4,600,000 | 0 | 4,600,000 | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | 21,200,000 | 0 | 21,200,000 | 0 | ' | ' | ' | ' | ' | ' |
Medium-term Notes | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 |
Line of Credit Facility, Current Borrowing Capacity | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | $339,600,000 | ' | ' |
Business_Separation_Details
Business Separation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Business Separation [Abstract] | ' | ' | ' | ' | ||||
Business separation costs | $6.80 | [1],[2] | $0 | [1],[2] | $23.60 | [1],[2] | $0 | [1],[2] |
[1] | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[2] | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Goodwill (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Roll Forward] | ' |
Beginning Balance | $389.40 |
Foreign Currency Adjustments | -20.4 |
Ending Balance | 369 |
FMC Agricultural Solutions [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 31 |
Foreign Currency Adjustments | 0 |
Ending Balance | 31 |
FMC Health and Nutrition [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 358.4 |
Foreign Currency Adjustments | -20.4 |
Ending Balance | 338 |
FMC Minerals [Member] | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 0 |
Foreign Currency Adjustments | 0 |
Ending Balance | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Finite-lived intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $237.30 | $240.90 |
Finite-Lived Intangible Assets, Accumulated Amortization | -47.4 | -37.7 |
Finite-Lived Intangible Assets, Net | 189.9 | 203.2 |
FMC Agricultural Solutions [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 103 | ' |
FMC Health and Nutrition [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 85.7 | ' |
FMC Minerals [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | 1.2 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 155.6 | 159.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | -21 | -15.2 |
Finite-Lived Intangible Assets, Net | 134.6 | 144.1 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1.8 | 0.4 |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.1 | 0 |
Finite-Lived Intangible Assets, Net | 1.7 | 0.4 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1.3 | 1.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | -0.6 | -0.4 |
Finite-Lived Intangible Assets, Net | 0.7 | 0.9 |
Developed Technology Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 75 | 75.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | -23.3 | -19.3 |
Finite-Lived Intangible Assets, Net | 51.7 | 56.3 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3.6 | 4.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2.4 | -2.8 |
Finite-Lived Intangible Assets, Net | $1.20 | $1.50 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Indefinite Life Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $66.60 | $69.10 |
Finite and Indefinite lived intangible assets, gross | 303.9 | 310 |
Finite-Lived Intangible Assets, Accumulated Amortization | 47.4 | 37.7 |
Intangible Assets, Net (Excluding Goodwill) | 256.5 | 272.3 |
FMC Agricultural Solutions [Member] | ' | ' |
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 35.2 | ' |
FMC Health and Nutrition [Member] | ' | ' |
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 31.4 | ' |
FMC Minerals [Member] | ' | ' |
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 0 | ' |
Trade Names [Member] | ' | ' |
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 64.5 | 67 |
Other Intangible Assets [Member] | ' | ' |
Indefinite-lived Intangible Assets by Segment [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $2.10 | $2.10 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets Goodwill and Intangible Assets, by Segment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net | $189.90 | $203.20 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 66.6 | 69.1 |
FMC Agricultural Solutions [Member] | ' | ' |
Finite-Lived Intangible Assets, Net | 103 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 35.2 | ' |
FMC Health and Nutrition [Member] | ' | ' |
Finite-Lived Intangible Assets, Net | 85.7 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 31.4 | ' |
FMC Minerals [Member] | ' | ' |
Finite-Lived Intangible Assets, Net | 1.2 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $0 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories: | ' | ' |
Inventory, Finished Goods, Net of Reserves | $321.70 | $283 |
Inventory, Work in Process, Net of Reserves | 265.9 | 276.7 |
Raw materials | 339.3 | 297.8 |
FIFO Inventory Amount | 926.9 | 857.5 |
Excess of Replacement or Current Costs over Stated LIFO Value | -172.4 | -169.1 |
Net inventory | $754.50 | $688.40 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, plant and equipment: | ' | ' |
Property, plant and equipment | $2,739.50 | $2,663.20 |
Accumulated depreciation | -1,456.20 | -1,414.90 |
Property, plant and equipment, net | $1,283.30 | $1,248.30 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Severance and Employee Benefits | $0.50 | [1] | ($0.40) | [1] | $6.30 | [1] | $5.10 | [1] |
Other Charges (Income) | 0.8 | [2] | 0.9 | [2] | 1.7 | [2] | 5.1 | [2] |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | [3] | 0 | [3] | 0 | [3] | 2 | [3] |
Restructuring Charges and Asset Disposals | 1.3 | 0.5 | 8 | 12.2 | ||||
Environmental charges, net | 34.8 | 4.2 | 56.9 | 12.7 | ||||
Other, net | 17 | 30.6 | 17 | 32.1 | ||||
Other charges (income), net | 34.3 | 31.6 | 37 | 35.1 | ||||
Total Restructuring and Other Charges | 35.6 | [4] | 32.1 | [4] | 45 | [4] | 47.3 | [4] |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Restructuring Reserve, Beginning Balance | ' | ' | 6.1 | [5] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 12.5 | [6] | ' | |||
Restructuring Reserve, Settled with Cash | ' | ' | -10.4 | ' | ||||
Restructuring Reserve, Translation Adjustment | ' | ' | -1.5 | [7] | ' | |||
Restructuring Reserve, Ending Balance | 6.7 | [5] | ' | 6.7 | [5] | ' | ||
Health and Nutrition Restructuring [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Severance and Employee Benefits | ' | ' | 5.8 | [1] | ' | |||
Other Charges (Income) | ' | ' | 0 | [2] | ' | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | ' | ' | 0 | [3] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 5.8 | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Restructuring Reserve, Beginning Balance | ' | ' | 0 | [5] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 5.8 | [6] | ' | |||
Restructuring Reserve, Settled with Cash | ' | ' | -4.6 | ' | ||||
Restructuring Reserve, Translation Adjustment | ' | ' | 0 | [7] | ' | |||
Restructuring Reserve, Ending Balance | 1.2 | [5] | ' | 1.2 | [5] | ' | ||
Lithium Restructuring [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Severance and Employee Benefits | ' | -0.4 | [1] | ' | 3.3 | [1] | ||
Other Charges (Income) | ' | 0.8 | [2] | ' | 4.4 | [2] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | ' | 0 | [3] | ' | 2 | [3] | ||
Restructuring Charges and Asset Disposals | ' | 0.4 | ' | 9.7 | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Restructuring Reserve, Beginning Balance | ' | ' | 0.3 | [5] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 0 | [6] | ' | |||
Restructuring Reserve, Settled with Cash | ' | ' | -0.1 | ' | ||||
Restructuring Reserve, Translation Adjustment | ' | ' | 0 | [7] | ' | |||
Restructuring Reserve, Ending Balance | 0.2 | [5] | ' | 0.2 | [5] | ' | ||
Other Restructuring Activities [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Severance and Employee Benefits | 0.5 | [1] | 0 | [1] | 0.5 | [1] | 1.8 | [1] |
Other Charges (Income) | 0.8 | [2] | 0.1 | [2] | 1.7 | [2] | 0.7 | [2] |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Restructuring Charges and Asset Disposals | 1.3 | 0.1 | 2.2 | 2.5 | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Restructuring Reserve, Beginning Balance | ' | ' | 2.8 | [5],[8] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 2.2 | [6],[8] | ' | |||
Restructuring Reserve, Settled with Cash | ' | ' | -1.9 | [8] | ' | |||
Restructuring Reserve, Translation Adjustment | ' | ' | 0 | [7],[8] | ' | |||
Restructuring Reserve, Ending Balance | 3.1 | [5] | ' | 3.1 | [5] | ' | ||
Discontinued Operations [Member] | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Restructuring Reserve, Beginning Balance | ' | ' | 3 | [5],[9] | ' | |||
Restructuring Charges and Asset Disposals | ' | ' | 4.5 | [6],[9] | ' | |||
Restructuring Reserve, Settled with Cash | ' | ' | -3.8 | [9] | ' | |||
Restructuring Reserve, Translation Adjustment | ' | ' | -1.5 | [7],[9] | ' | |||
Restructuring Reserve, Ending Balance | 2.2 | [5],[9] | ' | 2.2 | [5],[9] | ' | ||
Continuing Operations [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Environmental charges, net | $17.30 | $1 | $20 | $3 | ||||
[1] | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. | |||||||
[2] | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as well as recoveries associated with restructurings. | |||||||
[3] | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges, see Note 9. | |||||||
[4] | See Note 8 within these condensed consolidated financial statements for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Minerals of $0.1 million and Corporate of $18.5 million. Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Health and Nutrition of $5.9 million, FMC Minerals of $0.1 million and Corporate of $22.0 million. Amounts for the nine months ended September 30, 2013, relate to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. | |||||||
[5] | Included in “Accrued and other liabilities†on the condensed consolidated balance sheets. | |||||||
[6] | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above impacted our property, plant and equipment balances and are not included in the above tables. | |||||||
[7] | Primarily foreign currency translation adjustments. | |||||||
[8] | Primarily severance costs related to workforce reductions and facility shutdowns noted in the “Other Items†sections above. | |||||||
[9] | Cash spending associated with restructuring activities of discontinued operations is reported within Payments of other discontinued reserves, net of recoveries on the condensed consolidated statements of cash flows. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | |
Asset retirement obligations | $1.80 | $22.70 | |
Asset Retirement Obligation, Period Increase (Decrease) | 0.1 | ' | |
Asset Retirement Obligation, Cash Paid to Settle | -0.9 | ' | |
Asset Retirement Obligation, Foreign Currency Translation | -1.7 | ' | |
Transfer to environmental obligations | -16.9 | [1],[2] | ' |
Transfer to restructuring reserves | ($1.50) | [3] | ' |
[1] | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. Refer to Note 12 within these condensed consolidated financial statements for additional information. | ||
[2] | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. | ||
[3] | The remaining activities associated with these obligations are related to restructuring activities and therefore transfer to a restructuring reserve is more appropriate based on events that occurred during the quarter ended September 30, 2014. Refer to Note 8 within these condensed consolidated financial statements for additional information. |
Debt_Maturing_within_One_Year_
Debt, Maturing within One Year (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Short-term Debt [Line Items] | ' | ' | ||
Short-term foreign debt (1) | $22 | [1] | $7.10 | [1] |
Commercial paper (2) | 539.7 | [2] | 656 | [2] |
Total Short-term debt | 561.7 | 663.1 | ||
Current portion of long-term debt | 18.7 | 34.7 | ||
Short-term debt and current portion of long-term debt | $580.40 | $697.80 | ||
Commercial Paper [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Interest rate percentage | 0.33% | ' | ||
[1] | We often provide parent-company guarantees to lending institutions that extend credit to our foreign consolidated subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. | |||
[2] | At September 30, 2014, the average effective interest rate on the borrowings was 0.33%. |
Debt_Longterm_Details
Debt, Long-term (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $1,170,600,000 | $1,188,800,000 | ||
Less: debt maturing within one year | 18,700,000 | 34,700,000 | ||
Total long-term debt, less current portion | 1,151,900,000 | 1,154,100,000 | ||
Medium-term Notes | 2,000,000,000 | ' | ||
Line of Credit Facility, Current Borrowing Capacity | 1,500,000,000 | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,250,000,000 | ' | ||
Medium-term Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Base rate funds effective rate low end | 0.50% | ' | ||
Base rate funds effective rate high range | 1.00% | ' | ||
Initial commitment fee | 0.13% | ' | ||
Pollution Control and Industrial Revenue Bonds [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate percentage, minimum | 0.20% | ' | ||
Interest rate percentage, maximum | 6.50% | ' | ||
Maturity date, minimum | '2014 | ' | ||
Maturity date, maximum | '2035 | ' | ||
Total long-term debt | 158,000,000 | 174,000,000 | ||
Unamortized discount | 200,000 | 200,000 | ||
Senior Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate percentage, minimum | 3.95% | ' | ||
Interest rate percentage, maximum | 5.20% | ' | ||
Maturity date, minimum | '2019 | ' | ||
Maturity date, maximum | '2024 | ' | ||
Total long-term debt | 998,000,000 | 997,800,000 | ||
Unamortized discount | 2,000,000 | 2,200,000 | ||
Revolving Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate percentage | 2.50% | ' | ||
Debt Instrument, Maturity Year | '2017 | ' | ||
Total long-term debt | 0 | [1] | 0 | [1] |
Base rate funds effective rate low end | 0.50% | ' | ||
Base rate funds effective rate high range | 1.00% | ' | ||
Initial commitment fee | 0.13% | ' | ||
Foreign Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest rate percentage, minimum | 0.00% | ' | ||
Interest rate percentage, maximum | 9.30% | ' | ||
Maturity date, minimum | '2014 | ' | ||
Maturity date, maximum | '2024 | ' | ||
Total long-term debt | $14,600,000 | $17,000,000 | ||
[1] | Letters of credit outstanding under our credit facility totaled $93.2 million and available funds under this facility were $867.1 million at September 30, 2014 (which reflects borrowings under our commercial paper program). |
Debt_Credit_Facility_Details
Debt, Credit Facility (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Line of Credit Facility [Line Items] | ' | ' | ||
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 Facility, Covenant Compliance | 'Our actual leverage for the four consecutive quarters ended September 30, 2014, was 2.6 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended September 30, 2014, was 14.3 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2014. | ' | ||
Long-term Debt | 1,170,600,000 | 1,188,800,000 | ||
Credit Agreement, covenant compliance, actual leverage ratio | 2.6 | ' | ||
Credit Agreement, covenant terms, maximum leverage ratio | 3.5 | ' | ||
Credit Agreement, covenant compliance, actual interest coverage ratio | 14.3 | ' | ||
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 | ' | ||
Revolving Credit Facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Credit Agreement, available funds | 867,100,000 | ' | ||
Letters of credit outstanding amount | 93,200,000 | ' | ||
Revolving Credit Facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Initial commitment fee | 0.13% | ' | ||
Long-term Debt | $0 | [1] | $0 | [1] |
Base rate funds effective rate low end | 0.50% | ' | ||
Base rate funds effective rate high range | 1.00% | ' | ||
[1] | Letters of credit outstanding under our credit facility totaled $93.2 million and available funds under this facility were $867.1 million at September 30, 2014 (which reflects borrowings under our commercial paper program). |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Proceeds from FMC Peroxygens divestiture | ' | ' | $199.10 | $0 | ' | |||||
Proceeds from Divestiture of Businesses, after tax | ' | ' | 193 | ' | ' | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | 10.1 | ' | ' | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 39 | ' | ' | |||||
Current assets of discontinued operations held for sale | 0 | ' | 0 | ' | 198.3 | |||||
Interest Expense Allocated to FMC Peroxygens Discontinued Operations | 0 | 1.1 | 0.8 | 3.5 | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -20.5 | -56.6 | -83.2 | -58.3 | ' | |||||
Current liabilities of discontinued operations held for sale | 0 | ' | 0 | ' | 48.2 | |||||
Discontinued workers' compensation, product liability and other postretirement benefits [Member] | ' | ' | ' | ' | ' | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -0.1 | 0.2 | -1.2 | 0.3 | ' | |||||
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | 0 | 0 | -0.6 | -0.1 | ' | |||||
Discontinued Environmental Liabilities [Member] | ' | ' | ' | ' | ' | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -14.3 | [1] | -2 | [1] | -26.6 | [1] | -6.1 | [1] | ' | |
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | -3.2 | -1.2 | -10.3 | -3.7 | ' | |||||
Discontinued Legal Expenses [Member] | ' | ' | ' | ' | ' | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -3.6 | -4.4 | -11.2 | -3.7 | ' | |||||
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | -2.1 | -2.7 | -6.6 | -2.3 | ' | |||||
Discontinued restructuring charges [Member] | ' | ' | ' | ' | ' | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2.5 | [2] | -2.8 | [2] | -4.2 | [2] | -3.7 | [2] | ' | |
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | 0.1 | -0.1 | 0.2 | 0.4 | ' | |||||
FMC Peroxygens [Member] | ' | ' | ' | ' | ' | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | |||||
Current assets of discontinued operations held for sale | ' | ' | ' | ' | 94.8 | |||||
Revenue | 0 | 81.8 | 55.5 | 244.8 | ' | |||||
Income from discontinued operations before income taxes (1) | 0 | -59.3 | -10.7 | -53.5 | ' | |||||
Provision for income taxes | 0 | -11.7 | 29.3 | -8.4 | ' | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | -47.6 | -40 | -45.1 | ' | |||||
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | 0 | -11.7 | -29.3 | 8.4 | ' | |||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | 0 | -47.6 | -40 | -45.1 | ' | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | ' | ' | ' | ' | 61.1 | |||||
Disposal Group, Including Discontinued Operation, Intangible Assets | ' | ' | ' | ' | 2.7 | |||||
Noncurrent assets of discontinued operations held for sale | ' | ' | ' | ' | 39.7 | |||||
Disposal Group, Including Discontinued Operation, Long Lived Assets, Noncurrent | ' | ' | ' | ' | 103.5 | [3] | ||||
Total Assets | ' | ' | ' | ' | 198.3 | |||||
Current liabilities of discontinued operations held for sale | ' | ' | ' | ' | 43 | |||||
Noncurrent liabilities of discontinued operations held for sale | ' | ' | ' | ' | 5.2 | [3] | ||||
Total Liabilities | ' | ' | ' | ' | 48.2 | |||||
Net Assets | ' | ' | ' | ' | $150.10 | [4] | ||||
[1] | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2014 in Note 12 within these condensed consolidated financial statements. | |||||||||
[2] | See roll forward of our restructuring reserves in Note 8 within these condensed consolidated financial statements. | |||||||||
[3] | Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed consolidated balance sheet as of December 31, 2013. | |||||||||
[4] | Excludes the net cumulative translation adjustment (CTA) losses of our foreign FMC Peroxygens operations. See Note 15 within these condensed consolidated financial statements for the CTA loss recognized upon the divestiture of FMC Peroxygens. |
Environmental_Obligations_Deta
Environmental Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Total environmental reserves, net of recoveries at begining of period | ' | ' | $204.70 | ' | ' | ||||
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | 34.8 | [1] | 4.2 | [1] | 62.1 | [1] | 14.5 | [1] | ' |
Spending, net of recoveries | ' | ' | -26.3 | ' | ' | ||||
Transfer from asset retirement obligations | ' | ' | 16.9 | [2],[3] | ' | ' | |||
Net change | ' | ' | 52.7 | ' | ' | ||||
Total environmental reserves, net of recoveries at end of period | 257.4 | ' | 257.4 | ' | ' | ||||
Environmental reserves, current, net of recoveries (1) | 40.8 | [4] | ' | 40.8 | [4] | ' | ' | ||
Environmental liabilities, continuing and discontinued | 216.6 | [5] | ' | 216.6 | [5] | ' | 175.2 | ||
Recorded Third-Party Environmental Recoveries Receivable | 42 | ' | 42 | ' | 56.5 | ||||
Net environmental provision | 34.8 | 4.2 | 56.9 | 12.7 | ' | ||||
Environmental reserves, excluding recoveries | 269 | ' | 269 | ' | 225.7 | ||||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | ' | ' | 170 | ' | ' | ||||
Environmental Costs Recognized, Recovery Credited to Expense | 0 | [6] | 0 | [6] | -5.2 | [6] | -1.8 | [6] | ' |
Increase in Third-party Environmental Recoveries Receivable | ' | ' | 6.2 | ' | ' | ||||
Cash Recoveries for Environmental Obligations | ' | ' | 20.7 | ' | ' | ||||
Continuing Operations [Member] | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Net environmental provision | 17.3 | [7] | 1 | [7] | 20 | [7] | 3 | [7] | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Net environmental provision | 17.5 | [8] | 3.2 | [8] | 36.9 | [8] | 9.7 | [8] | ' |
Middleport [Member] | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Total environmental reserves, net of recoveries at begining of period | ' | ' | ' | ' | 41.7 | ||||
Total environmental reserves, net of recoveries at end of period | 39.8 | ' | 39.8 | ' | 41.7 | ||||
Reserve for Environmental Costs [Member] | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Recorded Third-Party Environmental Recoveries Receivable | 11.6 | ' | 11.6 | ' | 21 | ||||
Increase in Third-party Environmental Recoveries Receivable | ' | ' | 0.9 | ' | ' | ||||
Cash Recoveries for Environmental Obligations | ' | ' | 10.3 | ' | ' | ||||
Other Assets [Member] | ' | ' | ' | ' | ' | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' | ' | ' | ||||
Recorded Third-Party Environmental Recoveries Receivable | 30.4 | ' | 30.4 | ' | 35.5 | ||||
Increase in Third-party Environmental Recoveries Receivable | ' | ' | 5.3 | ' | ' | ||||
Cash Recoveries for Environmental Obligations | ' | ' | $10.40 | ' | ' | ||||
[1] | See above roll forward of our total environmental reserves as presented on our condensed consolidated balance sheets. | ||||||||
[2] | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. Refer to Note 12 within these condensed consolidated financial statements for additional information. | ||||||||
[3] | Based on events that occurred during the quarter ended September 30, 2014, the remaining activities associated with these obligations are primarily environmental remediation in nature and therefore transfer to an environmental obligation is more appropriate. | ||||||||
[4] | “Current†includes only those reserves related to continuing operations. These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. | ||||||||
[5] | These amounts are included in “Environmental liabilities, continuing and discontinued†on the condensed consolidated balance sheets. | ||||||||
[6] | Represents certain environmental recoveries. | ||||||||
[7] | Recorded as a component of “Restructuring and other charges (income)†on our condensed consolidated statements of income. See Note 8 within these condensed consolidated financial statements. | ||||||||
[8] | Recorded as a component of “Discontinued operations, net of income taxes" on our condensed consolidated statements of income. See Note 11 within these condensed consolidated financial statements. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings attributable to FMC stockholders: | ' | ' | ' | ' |
Income from continuing operations attributable to FMC stockholders | $76.80 | $74.50 | $314.20 | $325.10 |
Discontinued operations, net of income taxes | -20.5 | -56.6 | -83.2 | -58.3 |
Net income attributable to FMC stockholders | 56.3 | 17.9 | 231 | 266.8 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 0.2 | 0.2 | 0.6 | 1.1 |
Net income allocable to common stockholders | $56.10 | $17.70 | $230.40 | $265.70 |
Basic earnings per common share attributable to FMC stockholders: | ' | ' | ' | ' |
Continuing operations | $0.57 | $0.55 | $2.35 | $2.39 |
Discontinued operations | ($0.15) | ($0.42) | ($0.62) | ($0.43) |
Net income | $0.42 | $0.13 | $1.73 | $1.96 |
Diluted earnings per common share attributable to FMC stockholders: | ' | ' | ' | ' |
Continuing operations | $0.57 | $0.55 | $2.34 | $2.38 |
Discontinued operations | ($0.15) | ($0.42) | ($0.62) | ($0.43) |
Net income | $0.42 | $0.13 | $1.72 | $1.95 |
Shares: | ' | ' | ' | ' |
Weighted average number of shares of common stock outstanding - Basic | 133,409,000 | 134,146,000 | 133,288,000 | 135,779,000 |
Weighted average additional shares assuming conversion of potential common shares | 936,000 | 816,000 | 997,000 | 921,000 |
Shares – diluted basis | 134,345,000 | 134,962,000 | 134,285,000 | 136,700,000 |
Antidilutive shares excluded from diluted EPS | 267,000 | 0 | 371,000 | ' |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 03, 2014 | ||||||
FMC's Stockholders' Equity | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total equity, beginning balance | ' | ' | $1,572.10 | ' | $1,519.80 | $52.30 | ' | ' | ||||||
Net income | 60.1 | 19.9 | 243.8 | 276.1 | 231 | 12.8 | ' | ' | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | ' | ' | 18.9 | ' | 18.9 | 0 | ' | ' | ||||||
Excess tax benefit from share-based compensation | ' | ' | 4.4 | ' | 4.4 | 0 | ' | ' | ||||||
Shares for benefit plan trust | ' | ' | -0.9 | ' | -0.9 | 0 | ' | ' | ||||||
Net unrealized pension and other benefit actuarial gains/(losses) and prior service (cost) credits | 5.5 | 5.9 | 18.1 | [1] | 27.5 | 18.1 | [1] | 0 | [1] | ' | ' | |||
Unrealized hedging gains/(losses) and other | 0.5 | 0.3 | 7.2 | [1] | -5 | 7.2 | [1] | 0 | [1] | ' | ' | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -34.7 | [2] | 14.9 | [2] | 11.7 | [1],[2] | 1.4 | [2] | 12.7 | [1] | -1 | [1] | ' | ' |
Dividends | ' | ' | -60 | ' | -60 | 0 | ' | ' | ||||||
Shares repurchased, value | ' | ' | -4.3 | ' | -4.3 | 0 | ' | ' | ||||||
Distributions to noncontrolling interests | ' | ' | 28.5 | ' | 25.5 | 3 | ' | ' | ||||||
Total equity, ending balance | 1,784.30 | ' | 1,784.30 | ' | 1,723.20 | 61.1 | ' | ' | ||||||
Payments of Ordinary Dividends, Common Stock | ' | ' | 58.1 | [3] | 55.6 | [3] | ' | ' | ' | ' | ||||
Common Stock, Dividends, Per Share, Declared | ' | ' | $0.45 | ' | ' | ' | ' | ' | ||||||
Dividends, payment date | 16-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividends payable, current | 20.1 | ' | 20.1 | ' | ' | ' | ' | ' | ||||||
Dividends, record date | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ||||||
Remaining authorized repurchase amount | 250 | ' | 250 | ' | ' | ' | ' | ' | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.25% | ' | 6.25% | ' | ' | ' | ' | ' | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.75% | ' | 93.75% | ' | ' | ' | ' | 100.00% | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | ' | ' | 21.4 | 89.9 | ' | ' | ' | ' | ||||||
Proceeds from (Payments to) Noncontrolling Interests | ' | ' | ' | ' | ' | ' | $77.10 | ' | ||||||
[1] | See condensed consolidated statements of comprehensive income. | |||||||||||||
[2] | 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. The amount for the nine months end September 30, 2014 includes reclassification to net income due to the divestiture of our FMC Peroxygens business, see Note 15 within these condensed consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. | |||||||||||||
[3] | See Note 14 regarding quarterly cash dividend |
Reclassifications_of_Accumulat2
Reclassifications of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $0.50 | [1] | ($1.60) | [1] | ($2.70) | [1] | $1.50 | [1] |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | -0.2 | [1] | 0.4 | [1] | 0.8 | [1] | -0.6 | [1] |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax | 0.3 | [1],[2] | -1.2 | [1],[2] | -1.9 | [1],[2] | 0.9 | [1],[2] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -8.2 | [1] | -10.3 | [1] | -27.8 | [1] | -44.8 | [1] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | 3 | [1] | 4.1 | [1] | 9.9 | [1] | 17.1 | [1] |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax | -5.2 | [1],[2] | -6.2 | [1],[2] | -17.9 | [1],[2] | -27.7 | [1],[2] |
Other Comprehensive Income (Loss), Reclassification Adjustments included in Net Income, Net of Tax | -4.9 | [1] | -7.4 | [1] | -19.8 | [1] | -26.8 | [1] |
Discontinued operations, net of income taxes [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | [1],[3] | 0 | [1],[3] | -49.6 | [1],[3] | 0 | [1],[3] |
Cost of Sales and Services [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -0.2 | [1] | 0.3 | [1] | -3.5 | [1] | 0.7 | [1] |
Cost of Sales and Services [Member] | Energy Contracts [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -0.2 | [1] | -0.4 | [1] | 1.3 | [1] | -0.2 | [1] |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -0.4 | [1],[4] | 0.5 | [1],[4] | -1.3 | [1],[4] | -1.5 | [1],[4] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -7.3 | [1],[4] | -2.7 | [1],[4] | -22.4 | [1],[4] | -36.2 | [1],[4] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -0.5 | [1],[4] | -7.1 | [1],[4] | -4.1 | [1],[4] | -7.1 | [1],[4] |
Selling, General and Administrative Expenses [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0.9 | [1] | -1.5 | [1] | -0.5 | [1] | 1.1 | [1] |
Interest Expense [Member] | Other Contract [Member] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $0 | [1] | $0 | [1] | $0 | [1] | ($0.10) | [1] |
[1] | Amounts in parentheses indicate charges to the condensed consolidated statements of income. | |||||||
[2] | For more detail on the components of these reclassifications and the affected line item in the Condensed Consolidated Statements of Income see Note 15 within these condensed consolidated financial statements. | |||||||
[3] | The reclassification of historical cumulative translation adjustments was the result of the divestiture of our FMC Peroxygens business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 11 within these condensed consolidated financial statements for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. | |||||||
[4] | 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 16 within these condensed consolidated financial statements. |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Pension Plan [Member] | ' | ' | ' | ' | ||||
Components of net annual benefit cost (income): | ' | ' | ' | ' | ||||
Service cost | $3.20 | $5.80 | $13 | $16.60 | ||||
Interest cost | 15.7 | 14.3 | 46.7 | 42.3 | ||||
Expected return on plan assets | -21.6 | -19.1 | -64.8 | -57.5 | ||||
Amortization of prior service cost (gain) | 0.4 | 0.6 | 1.3 | 1.7 | ||||
Recognized net actuarial and other (gain) loss | 7.1 | 3.8 | 22.8 | 38.8 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0.5 | [1] | 7.1 | [1] | 4.1 | [1] | 7.1 | [1] |
Net periodic benefit cost from continuing operations | 5.3 | 12.5 | 23.1 | 49 | ||||
U.S. Defined Benefit Pension Plan [Member] | ' | ' | ' | ' | ||||
Pension and Other Postretirement Benefit Contributions [Abstract] | ' | ' | ' | ' | ||||
Voluntary cash contributions made to U.S. defined benefit pension plan | ' | ' | 50 | 40 | ||||
Other Postretirement Benefit Plan [Member] | ' | ' | ' | ' | ||||
Components of net annual benefit cost (income): | ' | ' | ' | ' | ||||
Service cost | 0.1 | 0 | 0.1 | 0 | ||||
Interest cost | 0.2 | 0.2 | 0.8 | 0.8 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization of prior service cost (gain) | 0 | 0 | 0 | 0 | ||||
Recognized net actuarial and other (gain) loss | -0.4 | -0.6 | -1.2 | -1.5 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net periodic benefit cost from continuing operations | ($0.10) | ($0.40) | ($0.30) | ($0.70) | ||||
[1] | Settlement charge is associated with the acceleration of previously deferred pension actuarial losses and was triggered by a lump-sum payout to certain former executives. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Tax [Line Items] | ' | ' | ' | ' | ||||
Business separation costs | $6.80 | [1],[2] | $0 | [1],[2] | $23.60 | [1],[2] | $0 | [1],[2] |
Business separation costs, tax | -2.5 | [1] | 0 | [1] | -8.7 | [1] | 0 | [1] |
Income tax expense | 7.4 | 32 | 88.2 | 113.1 | ||||
Effective tax rate | 8.40% | 29.50% | 21.20% | 25.30% | ||||
Effective Income Tax Rate Reconciliation, excluding selection discrete items, Percent | 22.30% | 23.00% | 24.30% | 23.30% | ||||
Purchase accounting inventory fair value impact and other related inventory adjustments | 37.5 | [3],[4] | 6.7 | [3],[4] | 41.7 | [3],[4] | 6.7 | [3],[4] |
Acquisition & Divestiture related costs, tax | -11.8 | [4] | -1.9 | [4] | -12.9 | [4] | -1.9 | [4] |
Tax expense (benefit) of tax only discrete items | -7.8 | [5] | 7.4 | [5] | -6.8 | [5] | 9.1 | [5] |
Select discrete tax items, gross | -44.3 | -6.7 | -65.3 | -6.7 | ||||
Select discrete tax items, tax expense (benefit) | ($22.10) | $5.50 | ($28.40) | $7.20 | ||||
Select discrete tax items, affect on effective tax rate | 13.90% | -6.50% | 3.10% | -2.00% | ||||
[1] | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[2] | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. | |||||||
[3] | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions and costs incurred associated with the potential divestiture of our FMC Alkali Chemicals division. Amounts represent the following:Three Months EndedNine Months EndedSeptember 30September 30(in Millions)2014201320142013Acquisition related charges - CheminovaLegal and professional fees (1)$15.2$—$15.2$—Unrealized loss/(gain) on hedging purchase price (1)21.2—21.2—Acquisition related charges - EpaxLegal and professional fees (1)—4.6—4.6Inventory fair value step-up amortization (2)—2.14.22.1Divestiture related charges - FMC Alkali Chemicals divisionLegal and professional fees (1)1.1—1.1—Acquisition/divestiture related charges$37.5$6.7$41.7$6.7____________________(1)On the condensed consolidated statements of income, these charges are included in “Selling, general and administrative expenses.â€(2) On the condensed consolidated statements of income, these charges are included in “Costs of sales and services.†| |||||||
[4] | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[5] | Represents the tax effect of currency remeasurement associated with our foreign operations that in accordance with GAAP income tax accounting guidance shall be treated discretely for tax purposes. Amounts also include revisions to our tax liabilities associated with prior year tax matters. The tax charges in 2013 were associated with the sale of our discontinued FMC Peroxygens business as well as revisions to our tax liabilities associated with prior year tax matters. |
Financial_Instrument_Risk_Mana2
Financial Instrument, Risk Management and Fair Value Measurements Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $1,830.70 | $1,895.80 |
Debt, Long-term and Short-term, Combined Amount | $1,732.30 | $1,851.90 |
Financial_Instrument_Risk_Mana3
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Fair Value Balance Sheet Presentation (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $35 | [1] | $12.50 | [1] |
Derivative Asset, Fair Value, Net Asset | 30.6 | [1] | 5.6 | [1] |
Derivative Liability, Fair Value, Net Liability | -26.9 | [2] | -12 | [2] |
Derivative Liability, Fair Value, Gross Liability | -31.3 | [2] | -18.9 | [2] |
Derivative Amounts Netted on the statement of financial position | 0 | [3] | 0 | [3] |
Derivative, Fair Value, Net | 3.7 | -6.4 | ||
Fair Value by Asset Class [Domain] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | -4.4 | [1],[3] | -6.9 | [1],[3] |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Amounts Netted on the statement of financial position | 4.4 | [2],[3] | 6.9 | [2],[3] |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 33.2 | 11.8 | ||
Derivative Asset, Fair Value, Net Asset | 29.2 | 5.1 | ||
Derivative Amounts Netted on the statement of financial position | -4 | [3] | -6.7 | [3] |
Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Net Liability | -26.1 | -11.6 | ||
Derivative Liability, Fair Value, Gross Liability | -30.1 | -18.3 | ||
Derivative Amounts Netted on the statement of financial position | 4 | [3] | 6.7 | [3] |
Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1.8 | 0.7 | ||
Derivative Asset, Fair Value, Net Asset | 1.4 | 0.5 | ||
Derivative Amounts Netted on the statement of financial position | -0.4 | [3] | -0.2 | [3] |
Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Net Liability | -0.8 | -0.4 | ||
Derivative Liability, Fair Value, Gross Liability | -1.2 | -0.6 | ||
Derivative Amounts Netted on the statement of financial position | 0.4 | [3] | 0.2 | [3] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 15 | [1] | 7 | [1] |
Derivative Liability, Fair Value, Gross Liability | -10 | [2] | -18.3 | [2] |
Derivative, Fair Value, Net | 5 | -11.3 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 13.2 | 6.3 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -8.8 | -17.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1.8 | 0.7 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -1.2 | -0.6 | ||
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 20 | [1] | 5.5 | [1] |
Derivative Liability, Fair Value, Gross Liability | -21.3 | [2] | -0.6 | [2] |
Derivative, Fair Value, Net | -1.3 | 4.9 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 20 | 5.5 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -21.3 | -0.6 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Other Assets, Fair Value Disclosure | 30.3 | [4] | 32.7 | [4] |
Assets, Fair Value Disclosure | 30.3 | 32.7 | ||
Other Liabilities, Fair Value Disclosure | 32.5 | [5] | 37.4 | [6] |
Liabilities, Fair Value Disclosure | 32.5 | 37.4 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [7] | 0 | [8] |
Derivative Liability, Fair Value, Gross Liability | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [7] | 0 | [8] |
Derivative Liability, Fair Value, Gross Liability | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Other Assets, Fair Value Disclosure | 0 | [4] | 0 | [4] |
Assets, Fair Value Disclosure | 30.6 | 5.6 | ||
Other Liabilities, Fair Value Disclosure | 0.7 | [5] | 0 | [6] |
Liabilities, Fair Value Disclosure | 27.6 | 12 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 29.2 | [7] | 5.1 | [8] |
Derivative Liability, Fair Value, Gross Liability | -26.1 | [7] | -11.6 | [8] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1.4 | [7] | 0.5 | [8] |
Derivative Liability, Fair Value, Gross Liability | -0.8 | [7] | -0.4 | [8] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Other Assets, Fair Value Disclosure | 0 | [4] | 0 | [4] |
Assets, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | [5] | 0 | [6] |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [7] | 0 | [8] |
Derivative Liability, Fair Value, Gross Liability | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [7] | 0 | [8] |
Derivative Liability, Fair Value, Gross Liability | $0 | [7] | $0 | [8] |
[1] | Net balance is included in “Prepaid and other current assets†in the condensed consolidated balance sheets. | |||
[2] | Net balance is included in “Accrued and other liabilities†in the condensed consolidated balance sheets. | |||
[3] | Represents net derivatives positions subject to master netting arrangements. | |||
[4] | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets†in the condensed consolidated balance sheets. | |||
[5] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities†in the condensed consolidated balance sheets. Level 2 liabilities represent liability-based awards associated with non-employees. | |||
[6] | Consist of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities†in the condensed consolidated balance sheets. | |||
[7] | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||
[8] | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. |
Financial_Instrument_Risk_Mana4
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Gain (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $0.80 | ($0.90) | $5.30 | ($4.10) | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.3 | [1] | 1.2 | [1] | 1.9 | [1] | -0.9 | [1] |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0.5 | 0.3 | 7.2 | [2] | -5 | |||
Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0.6 | -0.2 | 6.9 | -5.3 | ||||
Energy Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -0.1 | 0.3 | 0.3 | 0.2 | ||||
Other Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 0.2 | 0 | 0.1 | ||||
Derivatives Designated as Hedging Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | 3 | ' | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified After Twelve Months | ' | ' | 0.1 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Notional Amount of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 496.2 | ' | 496.2 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Energy Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Nonmonetary Notional Amount of Price Risk Cash Flow Hedge | 6,200,000 | ' | 6,200,000 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Foreign Currency and Energy Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 3.1 | ' | 3.1 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1 | -0.9 | 4.1 | -4.1 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 2.7 | ' | 2.7 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.4 | [1] | 0.7 | [1] | 2.8 | [1] | -1.2 | [1] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -0.2 | 0 | 1.2 | 0 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0.4 | ' | 0.4 | ' | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.1 | [1] | 0.3 | [1] | -0.9 | [1] | 0.2 | [1] |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | 0 | 0 | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | [1] | 0.2 | [1] | 0 | [1] | 0.1 | [1] |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -28.8 | [3] | 8.8 | [3] | -27.5 | [3] | 6.3 | [3] |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Notional Amount of Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 2,609.70 | ' | 2,609.70 | ' | ||||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -7.6 | [3] | 8.8 | [3] | -6.3 | [3] | 6.3 | [3] |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($21.20) | [3],[4] | $0 | [3],[4] | ($21.20) | [3],[4] | $0 | [3],[4] |
[1] | See Note 15 within these condensed consolidated financial statements for classification of amounts within the condensed consolidated statements of income. | |||||||
[2] | See condensed consolidated statements of comprehensive income. | |||||||
[3] | Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. | |||||||
[4] | Charges represent an unrealized loss on hedging the purchase price of the planned Cheminova acquisition. See Note 3 within these condensed consolidated financial statements more information. |
Financial_Instrument_Risk_Mana5
Financial Instrument, Risk Management and Fair Value Measurements, Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||||||||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [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] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Net Assets of Disposal Group, including discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150.10 | [1] | $0 | [1] | $0 | [1] | $150.10 | [1] | ||||||||||||||||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -156.7 | [1] | ' | ' | ' | ' | |||||||||||||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 35 | [2] | ' | 35 | [2] | ' | 12.5 | [2] | ' | ' | 29.2 | [3] | 5.1 | [4] | 1.4 | [3] | 0.5 | [4] | ' | ' | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | ' | ' | 29.2 | [3] | 5.1 | [4] | 1.4 | [3] | 0.5 | [4] | ' | ' | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | ' | ' | ' | ' | ' | |||||||||||||
Long Lived Assets to be Abandoned, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | [5] | 0 | [5] | 0 | [5] | 2.6 | [5] | ||||||||||||||||||||||||||||
Other Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | 30.3 | [6] | 32.7 | [6] | ' | ' | ' | ' | 30.3 | [6] | 32.7 | [6] | ' | ' | ' | ' | 0 | [6] | 0 | [6] | ' | ' | ' | ' | 0 | [6] | 0 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | 60.9 | 38.3 | ' | ' | ' | ' | 30.3 | 32.7 | ' | ' | ' | ' | 30.6 | 5.6 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | 152.7 | 0 | 0 | 152.7 | ||||||||||||||||||||||||||||||||
Impairment on Long-lived Assets and Restructuring Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -158.6 | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 31.3 | [7] | ' | 31.3 | [7] | ' | 18.9 | [7] | ' | ' | 26.1 | [3] | 11.6 | [4] | 0.8 | [3] | 0.4 | [4] | ' | ' | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | ' | ' | 26.1 | [3] | 11.6 | [4] | 0.8 | [3] | 0.4 | [4] | ' | ' | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] | ' | ' | ' | ' | ' | |||||||||||||
Other Liabilities, Fair Value Disclosure | ' | ' | ' | ' | ' | 33.2 | [8] | 37.4 | [9] | ' | ' | ' | ' | 32.5 | [8] | 37.4 | [9] | ' | ' | ' | ' | 0.7 | [8] | 0 | [9] | ' | ' | ' | ' | 0 | [8] | 0 | [9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Liabilities, Fair Value Disclosure | ' | ' | ' | ' | ' | 60.1 | 49.4 | ' | ' | ' | ' | 32.5 | 37.4 | ' | ' | ' | ' | 27.6 | 12 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Restructuring Charges | ($1.30) | ($0.50) | ($8) | ($12.20) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1.90) | [5] | ' | ' | ' | ' | |||||||||||||||||||||||||||||||
[1] | We assessed the carrying value of the net assets held for sale of our discontinued FMC Peroxygens segment at December 31, 2013. This 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Net balance is included in “Prepaid and other current assets†in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See the Fair Value of Derivative Instruments table within this Note for classifications on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | See the Fair Value of Derivative Instruments table within this Note for classification on our condensed consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | We recorded charges, within our FMC Minerals segment, to write down the value of certain long-lived assets to their fair value related to our Lithium restructuring. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets†in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Net balance is included in “Accrued and other liabilities†in the condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities†in the condensed consolidated balance sheets. Level 2 liabilities represent liability-based awards associated with non-employees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Consist of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities†in the condensed consolidated balance sheets. |
Guarantees_Commitments_and_Con2
Guarantees, Commitments, and Contingencies, Guarantees (Details) (USD $) | Sep. 30, 2014 | |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $119.80 | |
Guarantees of Vendor Financing [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 53.3 | [1] |
Foreign Equity Method Investment Debt Guarantees [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $66.50 | [2] |
[1] | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the condensed consolidated balance sheets as “Guarantees of vendor financing.†| |
[2] | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees are immaterial. The majority of these guarantees have an expiration date of less than one year. |
Guarantees_Commitments_and_Con3
Guarantees, Commitments, and Contingencies, Contingencies (Details) (Canada Antitrust Law [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
producer | |
Canada Antitrust Law [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of hydrogen peroxide producers in putative direct and indirect purchaser class action complaints filed in February 2005 | 5 |
Settlement amount, settled by other defandants | $20.60 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Business Combination, Acquisition Related Costs | $4.30 | ' | ' | ' | ||||
Discontinued Operation, Divestiture Related Costs During Phase-out Period, Net of Tax, Total | 1.1 | 0 | 1.1 | 0 | ||||
Revenue | 1,015.90 | 957.4 | 2,945.50 | 2,744.10 | ||||
Operating Income Loss before Other Unallocated Amounts | 184.3 | 162.8 | 577.6 | 562.9 | ||||
Restructuring and other charges (income) | -35.6 | [1] | -32.1 | [1] | -45 | [1] | -47.3 | [1] |
Interest Revenue (Expense), Net | -14.9 | -9.8 | -43.7 | -31.4 | ||||
Non Operating Pension And Postretirement Charges | -1.5 | [2] | -5.7 | [2] | -8.4 | [2] | -30 | [2] |
Purchase accounting inventory fair value impact and other related inventory adjustments | 37.5 | [3],[4] | 6.7 | [3],[4] | 41.7 | [3],[4] | 6.7 | [3],[4] |
Business separation costs | -6.8 | [5],[6] | 0 | [5],[6] | -23.6 | [5],[6] | 0 | [5],[6] |
Income Tax Expense (Benefit) | -7.4 | -32 | -88.2 | -113.1 | ||||
Discontinued operations, net of income taxes | -20.5 | -56.6 | -83.2 | -58.3 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | -3.8 | -2 | -12.8 | -9.3 | ||||
Net Income (Loss) Attributable to Parent | 56.3 | 17.9 | 231 | 266.8 | ||||
Operating Segments [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Segment Reporting, Operating Income (Loss) | 199.6 | 182.9 | 630 | 623.1 | ||||
FMC Agricultural Solutions [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Revenue | 548.8 | 530.2 | 1,546.90 | 1,468 | ||||
Segment Reporting, Operating Income (Loss) | 116.7 | 114.2 | 367.5 | 402.2 | ||||
Restructuring and other charges (income) | -17 | -30.7 | -17 | -32.6 | ||||
FMC Health and Nutrition [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Revenue | 203.1 | 190.4 | 636.4 | 572.2 | ||||
Segment Reporting, Operating Income (Loss) | 43.7 | 41.1 | 143.7 | 129.1 | ||||
Restructuring and other charges (income) | ' | -0.1 | -5.9 | -0.8 | ||||
FMC Minerals [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Revenue | 264 | 237.8 | 762.2 | 706.8 | ||||
Segment Reporting, Operating Income (Loss) | 39.2 | 27.7 | 118.8 | 92.1 | ||||
Restructuring and other charges (income) | -0.1 | -0.3 | -0.1 | -9.6 | ||||
Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Revenue | 0 | -1 | 0 | -2.9 | ||||
Segment Reporting, Operating Income (Loss) | 0 | -0.1 | 0 | -0.3 | ||||
Corporate [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Segment Reporting, Operating Income (Loss) | -15.3 | -20.1 | -52.4 | -60.2 | ||||
Restructuring and other charges (income) | -18.5 | -1 | -22 | -4.3 | ||||
Cheminova [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Business Combination, Acquisition Related Costs | 15.2 | 0 | 15.2 | 0 | ||||
Derivative, Gain (Loss) on Derivative, Net | 21.2 | 0 | 21.2 | 0 | ||||
EPAX [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Business Combination, Acquisition Related Costs | 0 | 4.6 | 0 | 4.6 | ||||
Business Acquisition, Finished Goods Inventory Fair Value Step Up Charge | 0 | 2.1 | 4.2 | 2.1 | ||||
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net | -28.8 | [7] | 8.8 | [7] | -27.5 | [7] | 6.3 | [7] |
Selling, General and Administrative Expenses [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Derivative, Gain (Loss) on Derivative, Net | ($21.20) | [7],[8] | $0 | [7],[8] | ($21.20) | [7],[8] | $0 | [7],[8] |
[1] | See Note 8 within these condensed consolidated financial statements for details of restructuring and other charges (income). Amounts for the three months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Minerals of $0.1 million and Corporate of $18.5 million. Amounts for the three months ended September 30, 2013, relate to FMC Agricultural Solutions of $30.7 million, FMC Health and Nutrition of $0.1 million, FMC Minerals of $0.3 million and Corporate of $1.0 million. Amounts for the nine months ended September 30, 2014, relate to FMC Agricultural Solutions of $17.0 million, FMC Health and Nutrition of $5.9 million, FMC Minerals of $0.1 million and Corporate of $22.0 million. Amounts for the nine months ended September 30, 2013, relate to FMC Agricultural Solutions of $32.6 million, FMC Health and Nutrition of $0.8 million, FMC Minerals of $9.6 million and Corporate of $4.3 million. | |||||||
[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. These expenses are included as a component of the line item “Selling, general and administrative expenses†on our condensed consolidated statements of income. | |||||||
[3] | Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions and costs incurred associated with the potential divestiture of our FMC Alkali Chemicals division. Amounts represent the following:Three Months EndedNine Months EndedSeptember 30September 30(in Millions)2014201320142013Acquisition related charges - CheminovaLegal and professional fees (1)$15.2$—$15.2$—Unrealized loss/(gain) on hedging purchase price (1)21.2—21.2—Acquisition related charges - EpaxLegal and professional fees (1)—4.6—4.6Inventory fair value step-up amortization (2)—2.14.22.1Divestiture related charges - FMC Alkali Chemicals divisionLegal and professional fees (1)1.1—1.1—Acquisition/divestiture related charges$37.5$6.7$41.7$6.7____________________(1)On the condensed consolidated statements of income, these charges are included in “Selling, general and administrative expenses.â€(2) On the condensed consolidated statements of income, these charges are included in “Costs of sales and services.†| |||||||
[4] | Charges associated with the planned acquisition of Cheminova and divestiture of our FMC Alkali Chemicals division; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[5] | Charges are associated with the previously planned separation of our FMC Corporation into two independent public companies. See Note 4 within these condensed consolidated financial statements for more detail on the business separation costs. These charges are included within "Business separation costs" on our condensed consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions. | |||||||
[6] | Charges associated with the previously planned separation of FMC; see Note 20 within these condensed consolidated financial statements for more information. | |||||||
[7] | Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. | |||||||
[8] | Charges represent an unrealized loss on hedging the purchase price of the planned Cheminova acquisition. See Note 3 within these condensed consolidated financial statements more information. |
Supplemental_Information_Detai
Supplemental Information (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Supplemental Information [Abstract] | ' |
Argentina Government Receivable | $59.70 |
Argentina Government Receivables, denominated in USD | $39.60 |