Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FMC CORPORATION | |
Entity Central Index Key | 37,785 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 133,655,777 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 6,983,610,763 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Revenue | [1] | $ 3,276.5 | $ 3,258.7 | $ 3,130.7 |
Costs and Expenses | ||||
Costs of sales and services | 2,201.1 | 2,047.8 | 1,929.8 | |
Gross Margin | 1,075.4 | 1,210.9 | 1,200.9 | |
Selling, general and administrative expenses | 737.9 | 589.8 | 496.1 | |
Research and development expenses | 143.7 | 126.3 | 115.6 | |
Restructuring and other charges (income) | [2] | 244 | 56.4 | 50.5 |
Business separation costs | [3] | 0 | 23.6 | 0 |
Total costs and expenses | 3,326.7 | 2,843.9 | 2,592 | |
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, interest income and expense and income taxes | (50.2) | 414.8 | 538.7 | |
Equity in (earnings) loss of affiliates | 0.2 | (0.2) | (0.8) | |
Interest income | (1.3) | (0.2) | (0.2) | |
Interest expense | 81.4 | 51.4 | 36.5 | |
Income (loss) from continuing operations before income taxes | (130.5) | 363.8 | 503.2 | |
Provision for income taxes | 47.4 | 56.2 | 131.6 | |
Income (loss) from continuing operations | (177.9) | 307.6 | 371.6 | |
Discontinued operations, net of income taxes | 676.4 | 14.5 | (63.6) | |
Net income | 498.5 | 322.1 | 308 | |
Less: Net income attributable to noncontrolling interests | 9.5 | 14.6 | 14.1 | |
Net income attributable to FMC stockholders | 489 | 307.5 | 293.9 | |
Amounts attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | (187.4) | 298.2 | 365.1 | |
Discontinued operations, net of income taxes | 676.4 | 9.3 | (71.2) | |
Net income attributable to FMC stockholders | $ 489 | $ 307.5 | $ 293.9 | |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in dollars per share) | $ (1.40) | $ 2.23 | $ 2.69 | |
Discontinued operations (in dollars per share) | 5.06 | 0.07 | (0.53) | |
Net income attributable to FMC stockholders (in dollars per share) | 3.66 | 2.30 | 2.16 | |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in dollars per share) | (1.40) | 2.22 | 2.68 | |
Discontinued operations (in dollars per share) | 5.06 | 0.07 | (0.52) | |
Net income attributable to FMC stockholders (in dollars per share) | $ 3.66 | $ 2.29 | $ 2.16 | |
[1] | Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. | |||
[2] | See Note 7 for details of restructuring and other charges (income). Below provides the detail the charges (income) by segment: Year Ended December 31(in Millions)2015 2014 2013FMC Agricultural Solutions$(123.7) $4.5 $(32.6)FMC Health and Nutrition(93.8) (14.1) (1.0)FMC Lithium(2.7) — (9.0)Corporate(23.8) (46.8) (7.9)Restructuring and other (charges) income$(244.0) $(56.4) $(50.5) | |||
[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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31,(in Millions)2015 2014 2013Acquisition related charges - Cheminova Legal and professional fees (1)$60.4 $32.2 $—Unrealized loss/(gain) on hedging purchase price (1)172.1 99.6 —Inventory fair value step-up amortization (2)57.8 — — Acquisition related charges - Epax Legal and professional fees (1)— — 4.8Inventory fair value step-up amortization (2)— 4.2 5.2Acquisition/divestiture related charges$290.3 $136.0 $10.0____________________(1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 498.5 | $ 322.1 | $ 308 | |
Foreign currency adjustments: | ||||
Foreign currency translation gain (loss) arising during the period | (97.3) | (76.5) | 0.1 | |
Reclassification of foreign currency translations losses | 0 | 49.6 | 0 | |
Total foreign currency translation adjustments | [1] | (97.3) | (26.9) | 0.1 |
Derivative instruments: | ||||
Unrealized hedging gains (losses) and other, net of tax of $0.4, ($.8) and ($2.1) | 0.7 | 3.1 | (4.9) | |
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of ($2.7) ($0.6) and $0.1 | (3) | (0.9) | 0.3 | |
Total derivative instruments, net of tax of ($2.3), ($1.4) and ($2.0) | (2.3) | 2.2 | (4.6) | |
Pension and other postretirement benefits: | ||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of ($16.1), $70.9 and $103.9 | [2] | (26.4) | (173.3) | 174 |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, net of tax of $23.2, $12.9 and $21.8 | [3] | 44.1 | 22.3 | 35.9 |
Total pension and other postretirement benefits, net of tax of $7.1, $83.8 and $125.7 | 17.7 | (151) | 209.9 | |
Other comprehensive income (loss), net of tax | (81.9) | (175.7) | 205.4 | |
Comprehensive income | 416.6 | 146.4 | 513.4 | |
Less: Comprehensive income attributable to the noncontrolling interest | 9.1 | 12.8 | 12.5 | |
Comprehensive income attributable to FMC stockholders | $ 407.5 | $ 133.6 | $ 500.9 | |
[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 twelve months ended December 31, 2014 includes the reclassification to net income due to the divestiture of our FMC Peroxygens business. See Note 9 within these consolidated financial statements for more information. | |||
[2] | 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. | |||
[3] | For more detail on the components of these reclassifications and the affected line item in the Consolidated Statements of Income see Note 15 within these consolidated financial statements. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax effect of unrealized hedging gains/(losses) and other | $ 0.4 | $ (0.8) | $ (2.1) |
Tax effect of reclassification of deferred hedging (gains)/losses and other, included in net income | (2.7) | (0.6) | 0.1 |
Tax effect of total derivative instruments | (2.3) | (1.4) | (2) |
Tax effect of unrealized actuarial gains/(losses) and prior service (costs)/credits (1) | (16.1) | 70.9 | 103.9 |
Tax effect of reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income | 23.2 | 12.9 | 21.8 |
Tax effect of total pension and other postretirement benefits | $ 7.1 | $ 83.8 | $ 125.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets | |||
Cash and cash equivalents | $ 78.6 | $ 109.5 | |
Trade receivables, net of allowance of $13.9 in 2015 and $37.2 in 2014 | [1] | 1,851.4 | 1,602.5 |
Inventories | 800.2 | 607.6 | |
Prepaid and other current assets | 241.7 | 188.8 | |
Deferred income taxes | 0 | 222.7 | |
Current assets of discontinued operations held for sale | 0 | 203.3 | |
Total current assets | 2,971.9 | 2,934.4 | |
Investments | 2.5 | 5.5 | |
Property, plant and equipment, net | 1,016.4 | 930 | |
Goodwill | 776.1 | 352.5 | |
Other intangibles, net | 837 | 246.9 | |
Other assets including long-term receivables, net | 435.1 | 255.1 | |
Deferred income taxes | 286.9 | 200.1 | |
Noncurrent assets of discontinued operations held for sale | 0 | 401.5 | |
Total assets | 6,325.9 | 5,326 | |
Current liabilities | |||
Short-term debt and current portion of long-term debt | 112.6 | 525.2 | |
Accounts payable, trade and other | 403.6 | 378.3 | |
Advance payments from customers | 249.9 | 190.2 | |
Accrued and other liabilities | 337.6 | 407.2 | |
Accrued customer rebates | 256.1 | 236 | |
Guarantees of vendor financing | 67.2 | 50.2 | |
Accrued pension and other postretirement benefits, current | 6.4 | 12.7 | |
Income taxes | 19.9 | 22.2 | |
Current liabilities of discontinued operations held for sale | 0 | 88.4 | |
Total current liabilities | 1,453.3 | 1,910.4 | |
Long-term debt, less current portion | 2,036.3 | 1,138.9 | |
Accrued pension and other postretirement benefits, long-term | 194.2 | 238.7 | |
Environmental liabilities, continuing and discontinued | [2] | 281.8 | 209.9 |
Deferred income taxes | 173.2 | 51.3 | |
Noncurrent liabilities of discontinued operations held for sale | 0 | 4.7 | |
Other long-term liabilities | $ 278.8 | $ 208.1 | |
Commitments and contingent liabilities (Note 18) | |||
Equity | |||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2015 or 2014 | $ 0 | $ 0 | |
Common stock, $0.10 par value, authorized 260,000,000 shares in 2015 and 2014; 185,983,792 issued shares in 2015 and 2014 | 18.6 | 18.6 | |
Capital in excess of par value of common stock | 417.7 | 401.9 | |
Retained earnings | 3,385 | 2,984.5 | |
Accumulated other comprehensive income (loss) | (457.3) | (375.8) | |
Treasury stock, common, at cost: 52,328,015 shares in 2015 and 52,666,121 shares in 2014 | (1,498.3) | (1,498.7) | |
Total FMC stockholders’ equity | 1,865.7 | 1,530.5 | |
Noncontrolling interests | 42.6 | 33.5 | |
Total equity | 1,908.3 | 1,564 | |
Total liabilities and equity | $ 6,325.9 | $ 5,326 | |
[1] | A portion of the allowance was reclassified to long-term at December 31, 2015. See Note 8 for detail. | ||
[2] | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for trade receivable | $ 13.9 | $ 37.2 |
Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 260,000,000 | 260,000,000 |
Common Stock, Shares, Issued | 185,983,792 | 185,983,792 |
Treasury stock, shares | 52,328,015 | 52,666,121 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash provided (required) by operating activities of continuing operations: | ||||
Net Income | $ 498.5 | $ 322.1 | $ 308 | |
Discontinued operations | (676.4) | (14.5) | 63.6 | |
Income (loss) from continuing operations | (177.9) | 307.6 | 371.6 | |
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ||||
Depreciation and amortization | 115.7 | 93.5 | 88 | |
Equity in (earnings) loss of affiliates | 0.2 | (0.2) | (0.7) | |
Restructuring and other charges (income) | 244 | 56.4 | 50.5 | |
Deferred income taxes | 19.9 | (57.8) | 15.3 | |
Pension and other postretirement benefits | 49.2 | 29.6 | 62.3 | |
Share-based compensation | 15.4 | 14.8 | 14.2 | |
Excess tax benefits from share-based compensation | (1.4) | (4.7) | (7.1) | |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||||
Trade receivables, net | 140.9 | (274.7) | (382.2) | |
Guarantees of vendor financing | 11.4 | 22.3 | (3.6) | |
Inventories | 78.3 | 36.2 | 2.4 | |
Accounts payable | (292.5) | (16.2) | 44.8 | |
Advance payments from customers | 60.6 | 11.3 | 35.9 | |
Accrued customer rebates | 11 | 34.3 | 63.4 | |
Income taxes | (285.9) | 12.7 | (16.1) | |
Pension and other postretirement benefit contributions | (78.7) | (68.3) | (68) | |
Environmental spending, continuing, net of recoveries | (32.2) | (17.5) | (7.8) | |
Restructuring and other spending | (34.9) | (9.5) | (9.9) | |
Change in other operating assets and liabilities, net | [1] | (120.2) | 115.1 | 5.3 |
Cash provided (required) by operating activities of continuing operations | (277.1) | 284.9 | 258.3 | |
Cash provided (required) by operating activities of discontinued operations: | ||||
Environmental spending, discontinued, net of recoveries | (17.9) | (9.8) | (31) | |
Other activities of discontinued operations held for sale | (37.9) | 132.8 | 120.1 | |
Payments of other discontinued reserves, net of recoveries | (24.8) | (34.2) | (18.7) | |
Cash provided (required) by operating activities of discontinued operations | (80.6) | 88.8 | 70.4 | |
Cash provided (required) by investing activities of continuing operations: | ||||
Capital expenditures | (108.5) | (182.2) | (165) | |
Proceeds from disposal of property, plant and equipment | 1.9 | 0.2 | 2.1 | |
Acquisitions, net of cash acquired | (1,205.1) | 0 | (339.6) | |
Proceeds from sale of investments | 66.4 | 27.5 | 0 | |
Other investing activities | (40.2) | (35.7) | (62.8) | |
Cash provided (required) by investing activities of continuing operations | (1,285.5) | (190.2) | (565.3) | |
Cash provided (required) by investing activities of discontinued operations: | ||||
Proceeds from divestiture | 1,649.8 | 199.1 | 0 | |
Other discontinued investing activities | (15.5) | (44.2) | (87.9) | |
Cash provided (required) by investing activities of discontinued operations: | 1,634.3 | 154.9 | (87.9) | |
Cash provided (required) by financing activities of continuing operations: | ||||
Net borrowings (repayments) under committed credit facility | 0 | 0 | (130) | |
Increase (decrease) in short-term debt | (547.3) | (139.6) | 613.3 | |
Proceeds from borrowing of long-term debt | 1,650 | 3 | 410.5 | |
Financing fees | 0 | (10.5) | (4) | |
Repayments of long-term debt | (1,036.6) | (34.6) | (4.9) | |
Acquisitions of noncontrolling interests | 0 | (95.7) | (80) | |
Distributions to noncontrolling interests | 0 | (3) | (9.9) | |
Dividends paid | [2] | (86.4) | (78.1) | (73.6) |
Issuances of common stock, net | 5.9 | 8.6 | 10.7 | |
Excess tax benefits from share-based compensation | 1.4 | 4.7 | 7.1 | |
Contingent consideration paid | 0 | 0 | (1) | |
Repurchases of common stock under publicly announced program | 0 | 0 | (359.9) | |
Other repurchases of common stock | (3.7) | (4.7) | (7.1) | |
Cash provided (required) by financing activities | (16.7) | (349.9) | 371.2 | |
Effect of exchange rate changes on cash and cash equivalents | (5.3) | (2.2) | (0.6) | |
Increase (decrease) in cash and cash equivalents | (30.9) | (13.7) | 46.1 | |
Cash and cash equivalents, beginning of period | 109.5 | 123.2 | 77.1 | |
Cash and cash equivalents, end of period | $ 78.6 | $ 109.5 | $ 123.2 | |
[1] | The 2015 change is impacted by a $99.6 million reduction in the Cheminova acquisition hedge liability and the non-cash Cheminova inventory fair value amortization of $57.8 million. Total cash payments during the year ended December 31, 2015 associated with the Cheminova acquisition hedges were $264.8 million, which includes $165.2 million that were accrued and paid within the period. | |||
[2] | See Note 15 regarding quarterly cash dividend. |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total cash payments associated with acquisition hedges | $ 264.8 | ||
Cash payments associated with acquisition hedge, accrued and paid | 165.2 | ||
Cash paid for interest, net of capitalized interest | 74.7 | $ 61 | $ 40.5 |
Income taxes paid, net of refunds | 340.3 | 109 | 153.3 |
Noncash additions to property, plant and equipment | 23.3 | $ 27.5 | $ 45.4 |
Cheminova [Member] | |||
Reduction in acquisition hedge liability and inventory fair value amortization | 99.6 | ||
Cheminova [Member] | Fair Value Adjustment to Inventory [Member] | |||
Step up value of finished goods | $ 57.8 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Common Stock, $0.10 Par Value | Capital in Excess of Par | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest | ||
Total Equity at Dec. 31, 2012 | $ 1,554.8 | $ 18.6 | $ 481.9 | $ 2,536.5 | $ (408.9) | $ (1,147.8) | $ 74.5 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 308 | 293.9 | 14.1 | ||||||
Stock compensation plans | 26.1 | 14.5 | 11.6 | ||||||
Excess tax benefits from share-based compensation | 7.1 | 7.1 | |||||||
Shares for benefit plan trust | 0.7 | 0.7 | |||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 209.9 | 209.9 | |||||||
Net hedging gains (losses) and other, net of income tax | (4.6) | (4.6) | |||||||
Foreign currency translation adjustments | 0.1 | [1] | 1.7 | (1.6) | |||||
Dividends | (73.1) | (73.1) | |||||||
Repurchases of common stock | (367) | (367) | |||||||
Noncontrolling interests associated with an acquisition | [2] | (80) | (55.2) | (24.8) | |||||
Distributions to noncontrolling interests | (9.9) | (9.9) | |||||||
Total Equity at Dec. 31, 2013 | 1,572.1 | 18.6 | 448.3 | 2,757.3 | (201.9) | (1,502.5) | 52.3 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 322.1 | 307.5 | 14.6 | ||||||
Stock compensation plans | 23.6 | 16 | 7.6 | ||||||
Excess tax benefits from share-based compensation | 4.7 | 4.7 | |||||||
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 | (151) | (151) | |||||||
Net hedging gains (losses) and other, net of income tax | 2.2 | 2.2 | |||||||
Foreign currency translation adjustments | (26.9) | [1] | (25.1) | (1.8) | |||||
Dividends | (80.3) | (80.3) | |||||||
Repurchases of common stock | (4.7) | (4.7) | |||||||
Noncontrolling interests associated with an acquisition | [2] | (95.7) | (67.1) | (28.6) | |||||
Distributions to noncontrolling interests | (3) | (3) | |||||||
Total Equity at Dec. 31, 2014 | 1,564 | 18.6 | 401.9 | 2,984.5 | (375.8) | (1,498.7) | 33.5 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 498.5 | 489 | 9.5 | ||||||
Stock compensation plans | 20.7 | 14.4 | 6.3 | ||||||
Excess tax benefits from share-based compensation | 1.4 | 1.4 | |||||||
Shares for benefit plan trust | (2.2) | (2.2) | |||||||
Net pension and other benefit actuarial gains/(losses) and prior service costs, net of income tax | 17.7 | 17.7 | |||||||
Net hedging gains (losses) and other, net of income tax | (2.3) | (2.3) | |||||||
Foreign currency translation adjustments | (97.3) | [1] | (96.9) | (0.4) | |||||
Dividends | (88.5) | (88.5) | |||||||
Repurchases of common stock | (3.7) | (3.7) | |||||||
Total Equity at Dec. 31, 2015 | $ 1,908.3 | $ 18.6 | $ 417.7 | $ 3,385 | $ (457.3) | $ (1,498.3) | $ 42.6 | ||
[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 twelve months ended December 31, 2014 includes the reclassification to net income due to the divestiture of our FMC Peroxygens business. See Note 9 within these consolidated financial statements for more information. | ||||||||
[2] | (1)See Note 15 for more detail. |
Consolidated Statement of Cha10
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends ($ per share) | $ 0.66 | $ 0.6 | $ 0.54 |
Principal Accounting Policies a
Principal Accounting Policies and Related Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Principal Accounting Policies and Related Financial Information [Abstract] | |
Principal Accounting Policies and Related Financial Information | Principal Accounting Policies and Related Financial Information Nature of operations . We are a diversified chemical company serving agricultural, consumer and industrial markets globally with innovative solutions, applications and market-leading products. We operate in three distinct business segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. Our FMC Agricultural Solutions segment develops, markets and sells all three major classes of crop protection chemicals – insecticides, herbicides, and fungicides. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as pest control in non-agricultural markets. The FMC Health and Nutrition segment focuses on nutritional ingredients, health excipients, and functional health ingredients. Nutritional ingredients are used to enhance texture, color, structure and physical stability. Health excipients are used for binding, encapsulation and disintegrant applications. Functional health ingredients are used as active ingredients in nutraceutical and pharmaceutical markets. Our FMC Lithium segment manufactures lithium for use in a wide range of lithium products, which are used primarily in energy storage, specialty polymer and chemical synthesis application. Basis of consolidation and basis of presentation . The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. Discontinued operations and reclassifications. In February 2015, our FMC Alkali Chemicals division ("ACD") was classified as a discontinued operation. For more information on discontinued operations see Note 9. As a result, our FMC Minerals segment, which previously included our FMC Alkali Chemicals and FMC Lithium divisions, was renamed FMC Lithium. We have recast all the data within this filing to reflect the changes in our reportable segments to conform to the current year presentation and to present ACD as a discontinued operation retrospectively for all periods presented. In addition, certain other prior year amounts have been reclassified to conform with the current year's presentation. Estimates and assumptions . In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. Cash equivalents . We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents. Trade receivables, net of allowance . Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. The allowance for trade receivable is $13.9 million and $37.2 million as of December 31, 2015 and 2014 , respectively. The allowance for long-term financing receivables is $29.2 million at December 31, 2015. The provision to the allowance for receivables charged against operations was $5.9 million , $8.7 million and $5.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Investments . Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. Inventories . Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis and our remaining inventories are recorded on a first-in, first-out (“FIFO”) basis. See Note 5. Property, plant and equipment . We record property, plant and equipment, including capitalized interest, at cost. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements— 20 years , buildings— 20 to 40 years , and machinery and equipment— three to 18 years ). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. Capitalized interest . We capitalized interest costs of $7.8 million in 2015 , $8.0 million in 2014 and $4.6 million in 2013 . These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. Impairments of long-lived assets . We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Asset retirement obligations . We record asset retirement obligations at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated asset retirement obligations (“AROs”) are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. We have mining operations in our lithium business and we have legal reclamation obligations relate to these facilities upon closure of the mines. Also, we have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. Certain of these obligations are recorded in our environmental reserves described in Note 10. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was immaterial at December 31, 2015 and 2014 . We have also determined that the liability for certain AROs cannot currently be calculated as the settlement dates are not reasonably estimable. We will recognize the liability for these AROs, when sufficient information exists to estimate a range of potential settlement dates. The carrying amounts for the AROs for the years ended December 31, 2015 and 2014 are $1.7 million and $1.7 million , respectively. These amounts are included in "Other long-term liabilities" on the consolidated balance sheet. Restructuring and other charges . We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years . See Note 20 for the net unamortized computer software balances. Goodwill and intangible assets . Goodwill and other indefinite life intangible assets (“intangibles”) are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessment, conducted in 2015 , we did not record any goodwill impairments and we believe that the fair value of our reporting units with goodwill substantially exceeds their carrying value. In 2015 , we recorded indefinite life intangible impairments of $19.6 million . These amounts were associated with our Seal Sands facility in Health and Nutrition as well as events within Agricultural Solutions related to Cheminova integration and restructuring activities. These items are discussed further in Note 7. We did not record goodwill or indefinite life intangible impairments to continuing operations in 2014 and 2013 . Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, brands, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of five to 25 years . See Note 4 for additional information on goodwill and intangible assets and Note 7 for additional information on the indefinite life intangible impairments. Revenue recognition . We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. Research and Development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income).” Income and other taxes . We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of consolidated foreign subsidiaries as it is our intention that such earnings will remain invested in those companies. Foreign currency . We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in the income statement as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. See “Derivative financial instruments” below and Note 17. Derivative financial instruments . We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Treasury stock . We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the Consolidated Balance Sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a first-in, first-out (“FIFO”) method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock. Segment information . We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. We have identified FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium as our reportable segments. Segment disclosures are included in Note 19. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. Geographic segment data is included in Note 19. Stock compensation plans . We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 14 for further discussion on our share-based compensation. Environmental obligations . We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans ("OM&M"). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items New Accounting guidance and regulatory items On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal year beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). We are evaluating the effect the guidance will have on our consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. We are evaluating the effect the guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This new standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. We are required to adopt this standard in the first quarter of 2017 and early adoption is permitted. We believe the adoption will not have a material impact on our consolidated financial statements. In May 2014, the 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 guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. We intend to adopt this standard for interim and annual periods beginning after December 15, 2017. 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. Recently adopted accounting guidance In November 2015 the FASB issued ASU 2015-17, Income Taxes (Topic 740) Related to the Balance Sheet Classification of Deferred Taxes which will require entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as noncurrent in a classified balance sheet. The ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. We have adopted this ASU as of December 31, 2015 and prior periods have not been adjusted to reflect this adoption. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . This new standard eliminates the requirement to restate prior period financial statements for measurement period adjustments associated with business combinations. This new guidance does not change what constitutes a measurement period adjustment. We have adopted this guidance prospectively beginning in the third quarter of 2015. For more information on the measurement period adjustments recorded during 2015, see Note 3. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this new standard require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. As permitted under the guidance, we have adopted this Standard at December 31, 2015 and have reclassified all prior periods to be consistent with the requirements as outlined in the ASU. The impact of the prior period reclassification was a $14.5 million reduction of Other assets on our consolidated balance sheet and a corresponding reduction in long-term debt as of December 31, 2014. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis . This new standard changes the consolidation evaluation for entities that are required to evaluate whether they should consolidate certain legal entities. We are required to adopt this standard in the first quarter of 2016 but under the rules have elected to adopt as part of year end 2015. We have evaluated the effect that ASU 2015-02 had on our consolidated financial statements and have determined that there was no impact upon adoption. In April 2014, the FASB issued its updated guidance on the financial reporting of discontinued operations. This new standard changed the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the this guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Additionally, expanded disclosures about discontinued operations would 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 have adopted this guidance prospectively beginning in 2015. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2015 Acquisitions: Cheminova A/S On April 21, 2015, pursuant to the terms and conditions set forth in the Purchase Agreement, we completed the acquisition of 100% of the outstanding equity of Cheminova A/S, a Denmark Aktieselskab ("Cheminova") from Auriga Industries A/S, a Denmark Aktieselskab for an aggregate purchase price of $1.2 billion , excluding assumed net debt and hedged-related costs totaling $0.6 billion (the “Acquisition”). The Acquisition was funded with the October 10, 2014 term loan which was secured for the purposes of the Acquisition. See Note 11 for more information. Cheminova is being integrated into our FMC Agricultural Solutions segment and has been included within our results of operations since the date of acquisition. The acquisition of Cheminova broadens our supply capabilities and strengthen our geographic footprint, particularly in Europe. Preliminary Purchase Price Allocation The acquisition of Cheminova has been accounted for under the U.S. GAAP business combinations accounting guidance, and as such we have applied acquisition accounting. Acquisition accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The aggregate purchase price noted above was allocated to the major categories of assets acquired and liabilities assumed based upon their estimated fair values at the Acquisition date using primarily Level 2 and Level 3 inputs (see Note 17 for an explanation of Level 2 and 3 inputs). These Level 2 and Level 3 valuation inputs include an estimate of future cash flows and discount rates. Additionally, estimated fair values are based, in part, upon outside preliminary appraisals for certain assets, including specifically-identified intangible assets. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information. The allocation is subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. Any changes to the initial allocation are referred to as measurement-period adjustments. Measurement-period adjustment since our initial preliminary estimates reported in our second quarter 2015 Form 10-Q were primarily related to decreases in the estimated fair values of certain current assets, property, plant and equipment and income taxes payable. These decreases were offset by increases in current and long-term asset and liabilities, intangible assets and deferred income taxes. The cumulative effect of all measurement-period adjustments resulted in an increase to recognized goodwill of approximately $55 million . The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the fair value of trade receivables, inventories, property, plant and equipment, intangible assets, legal reserves, contingent liabilities, including uncertain tax positions, deferred tax assets and liabilities as well as other assets and liabilities. During the measurement period, if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be calculated as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings. The following table summarizes the consideration paid for Cheminova and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis. Preliminary Purchase Price Allocation (in Millions) Trade receivables $ 493.3 Inventories (1) 374.8 Other current assets 53.6 Property, plant & equipment 186.4 Intangible assets (2) Customer relationships 294.1 Brands 362.8 In-process research & development 1.4 Goodwill (3) 448.5 Other assets 85.2 Total fair value of assets acquired 2,300.1 Short-term debt 140.5 Other current liabilities 430.3 Environmental reserves 47.2 Long-term debt (4) 273.1 Deferred tax liabilities 165.1 Other liabilities 38.8 Total fair value of liabilities assumed 1,095.0 Total cash paid, less cash acquired $ 1,205.1 ____________________ (1) The Fair value of finished goods inventory acquired included a step-up in the value of approximately $57.8 million , of which all was expensed in 2015 and included in "Cost of sales and services" on the consolidated income statement. (2) The weighted average useful life of the acquired finite-lived intangibles, which primarily represents customer relationships, is approximately 20 years . (3) Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. None of the acquired goodwill will be deductible for income tax purposes. (4) Long-term debt assumed primarily consisted of mortgage debt and borrowings under existing Cheminova credit facilities. As of December 31, 2015 the principal borrowings under this assumed debt has been settled using the borrowing under the October 10, 2014 term loan. Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the Acquisition occurred at the beginning of the periods presented. The pro forma amounts include certain adjustments, including interest expense on the borrowings used to complete the acquisition, depreciation and amortization expense and income taxes. The pro forma amounts for the twelve month period below exclude acquisition-related charges. The pro forma results do not include adjustments related to cost savings or other synergies that are anticipated as a result of the Acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisition had occurred as of January 1, 2014, nor are they indicative of future results of operations. Year ended December 31, (in Millions) 2015 2014 Pro forma Revenue $ 3,638.5 $ 4,484.4 Pro forma Diluted earnings per share $ 4.99 $ 3.01 Acquisition-related charges Pursuant to U.S. GAAP, costs incurred to complete the Acquisition as well as costs incurred to integrate Cheminova into our operations are expensed as incurred. The following table summarizes the costs incurred associated with these combined activities. Year ended December 31 (in Millions) 2015 2014 Acquisition-related charges Legal and professional fees (1) $ 60.4 $ 32.2 Inventory fair value amortization (2) 57.8 — (Gain)/loss on hedging purchase price (3) 172.1 99.6 Total Acquisition-related charges $ 290.3 $ 131.8 Restructuring charges and asset disposals Cheminova restructuring 118.3 — Total Cheminova restructuring charges (4) $ 118.3 $ — ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” (2) On the consolidated statements of income (loss), these charges are included in “Costs of sales and services.” (3) See "Cheminova Acquisition Hedge Costs" below for more information on these charges. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” (4) See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). Cheminova Acquisition Hedge Costs Pursuant to the terms and conditions set forth in the Purchase Agreement, we agreed to acquire all of the outstanding equity of Cheminova from Auriga for an aggregate purchase price of $8.5 billion Danish krone ("DKK"). At the time we entered into the Purchase Agreement, the U.S. dollar ("USD" or “$”) to DKK exchange rate was USD $1.00 to DKK $5.77 , resulting in a USD purchase price of $1.47 billion , excluding assumed debt of approximately $0.3 billion . In order to minimize our exposure to adverse changes in the USD to DKK exchange rate from September 8, 2014 to April 21, 2015 (the acquisition close date), we entered into a series of foreign currency forward contracts ("FX forward contracts"). The FX forward contracts provided us the ability to fix the USD to DKK exchange rate for most of the DKK $8.5 billion purchase price, thereby limiting our exposure to foreign currency rate fluctuations. Over the period from September 2014 to April 21, 2015 the USD strengthened against the DKK by approximately 21 percent to an exchange rate of USD $1.00 to DKK $6.96 . The strengthening of the USD against the DKK results in a lower USD purchase price for Cheminova. Partially offsetting this was a mark-to-market net loss settlement on the FX forward contracts of $172.1 million in 2015 and $99.6 million in 2014. 2014 Acquisitions: Noncontrolling interest purchase: In October 2014 we purchased the remaining 6.25% ownership interest from the last remaining non-controlling interest holder in a legal entity within our discontinued FMC Alkali Chemicals division. See Note 15 for more information. 2013 Acquisitions Epax: In July 2013, we acquired 100 percent of the stock of Epax Nutra Holding III AS and Epax UK Holding III AS (together, “Epax”) for $339.6 million . Epax is a global supplier of fish-based omega-3 EPA/DHA fatty acid concentrates. Epax was integrated into our FMC Health and Nutrition segment from the acquisition date. The results of operations related to Epax have been included in our results since the acquisition date. This acquisition was considered a business under the U.S. GAAP business combinations accounting guidance, and therefore we applied acquisition accounting. Acquisition accounting requires, among other things, that assets and liabilities assumed be recognized at their fair values as of the acquisition date. The net assets of the Epax acquisition were recorded at the estimated fair values using primarily Level 2 and Level 3 inputs (see Note 17 for an explanation of Level 2 and 3 inputs). In valuing acquired assets and liabilities, valuation inputs include an estimate of future cash flows and discount rates based on the internal rate of return and the weighted average rate of return. Purchase Price Allocation (in Millions) Trade receivables $ 15.6 Inventories (1) 53.7 Other current assets 5.0 Property, plant & equipment 136.8 Intangible assets (2) 71.7 Goodwill (3) 99.4 Other assets 0.6 Total fair value of assets acquired $ 382.8 Current liabilities 12.3 Deferred tax liabilities 30.5 Other liabilities 0.4 Total fair value of liabilities assumed $ 43.2 Total cash paid, less cash acquired $ 339.6 ____________________ (1) Fair value of finished good inventories acquired included a step-up in the value of approximately $9.4 million , of which $5.2 million was expensed in 2013 with the remaining, $4.2 million , expensed in 2014. Amounts are expensed to "Cost of sales and services." (2) The major classes of intangible assets acquired primarily represent customer relationships and brands. The weighted average useful life of the acquired finite-lived intangibles is approximately 17 years . See Note 4 for more information. (3) Goodwill largely consisted of expected revenue synergies resulting from the business combinations. None of the acquired goodwill will be deductible for income tax purposes. Noncontrolling interest purchase: In 2013, we completed the purchase of additional ownership interest in a legal entity our within our discontinued FMC Alkali Chemicals division. See Note 15 for more information. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by business segment for the years ended December 31, 2015 and 2014 , are presented in the table below: (in Millions) FMC Agricultural Solutions FMC Health and Nutrition FMC Lithium Total Balance, December 31, 2013 $ 31.0 $ 358.4 $ — $ 389.4 Foreign currency adjustments — (36.9 ) — (36.9 ) Balance, December 31, 2014 $ 31.0 $ 321.5 $ — $ 352.5 Acquisitions 448.5 — — 448.5 Foreign currency adjustments — (24.9 ) — (24.9 ) Balance, December 31, 2015 $ 479.5 $ 296.6 $ — $ 776.1 Our fiscal year 2015 annual goodwill impairment test was performed during the third quarter ended September 30, 2015. We determined no goodwill impairment existed. There were no events or circumstances indicating that goodwill might be impaired as of December 31, 2015 . Our intangible assets, other than goodwill, consist of the following: December 31, 2015 December 31, 2014 (in Millions) Weighted avg. useful life at December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite-lived) Customer relationships 19 years $ 435.5 $ (40.8 ) $ 394.7 $ 152.8 $ (22.5 ) $ 130.3 Patents 3 years 2.2 (0.3 ) 1.9 1.7 (0.1 ) 1.6 Brands (1) 11 years 14.2 (2.7 ) 11.5 1.2 (0.6 ) 0.6 Purchased and licensed technologies 11 years 71.0 (29.5 ) 41.5 74.3 (24.5 ) 49.8 Other intangibles 29 years 3.5 (2.2 ) 1.3 3.6 (2.4 ) 1.2 $ 526.4 $ (75.5 ) $ 450.9 $ 233.6 $ (50.1 ) $ 183.5 Intangible assets not subject to amortization (indefinite life) Brands (1) $ 384.7 $ 384.7 $ 63.4 $ 63.4 In-process research & development 1.4 1.4 — — $ 386.1 $ 386.1 $ 63.4 $ 63.4 Total intangible assets $ 912.5 $ (75.5 ) $ 837.0 $ 297.0 $ (50.1 ) $ 246.9 ____________________ (1) Represents trademarks, trade names and know-how. At December 31, 2015 , the finite-lived and indefinite life intangibles were allocated among our business segments as follows: (in Millions) Finite-lived Indefinite life FMC Agricultural Solutions $ 379.8 $ 371.0 FMC Health and Nutrition 70.0 15.1 FMC Lithium 1.1 — Total $ 450.9 $ 386.1 Year ended December 31, (in Millions) 2015 2014 2013 Amortization Expense $ 22.7 $ 11.0 $ 9.7 The estimated pre-tax amortization expense for each of the five years ending December 31, 2016 to 2020 is $29.5 million , $28.9 million , $28.9 million , $28.7 million and $28.4 million , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, (in Millions) 2015 2014 Finished goods $ 350.0 $ 281.1 Work in process 275.4 242.6 Raw materials, supplies and other 335.6 248.3 FIFO inventory 961.0 772.0 Less: Excess of FIFO cost over LIFO cost (160.8 ) (164.4 ) Net inventories $ 800.2 $ 607.6 Approximately 29% and 38% of our inventories in 2015 and 2014 , respectively were recorded on the LIFO basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following: (in Millions) December 31, 2015 December 31, 2014 Land and land improvements $ 101.9 $ 61.4 Buildings 320.4 269.7 Machinery and equipment 1,171.9 1,064.8 Construction in progress 190.4 222.8 Total cost 1,784.6 1,618.7 Accumulated depreciation (768.2 ) (688.7 ) Property, plant and equipment, net $ 1,016.4 $ 930.0 Depreciation expense was $74.1 million , $67.0 million , and $56.6 million in 2015 , 2014 and 2013 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges (Income) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) The following table shows total restructuring and other charges included in the respective line items of the Consolidated Statements of Income: Year Ended December 31, (in Millions) 2015 2014 2013 Restructuring Charges and Asset Disposals $ 217.7 $ 17.2 $ 12.2 Other Charges (Income), Net 26.3 39.2 38.3 Total Restructuring and Other Charges $ 244.0 $ 56.4 $ 50.5 RESTRUCTURING CHARGES AND ASSET DISPOSALS Restructuring Charges (in Millions) Severance and Employee Benefits (1) Other Charges (Income) (2) Asset Disposal Charges (3) Total Cheminova Restructuring 23.5 2.7 92.1 118.3 Health and Nutrition Restructuring 6.5 1.0 86.1 93.6 Other Items 6.0 (0.2 ) — 5.8 Year ended December 31, 2015 $ 36.0 $ 3.5 $ 178.2 $ 217.7 Health and Nutrition Restructuring 10.1 0.7 3.1 13.9 Other Items 0.5 2.6 0.2 3.3 Year ended December 31, 2014 $ 10.6 $ 3.3 $ 3.3 $ 17.2 Lithium Restructuring 2.8 4.4 1.9 9.1 Other Items 1.8 0.9 0.4 3.1 Year ended December 31, 2013 $ 4.6 $ 5.3 $ 2.3 $ 12.2 ____________________ (1) Represents severance and employee benefit charges. (2) Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (3) Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. 2015 Restructuring Activities Cheminova Restructuring On April 21, 2015 we completed the acquisition of Cheminova. See Note 3 for more details. As part of the integration of Cheminova into our existing FMC Agricultural Solutions segment we implemented a restructuring plan. The restructuring plan includes workforce reductions, relocation of current operating locations, lease termination fees and fixed asset accelerated depreciation as well as fixed asset disposal charges at several of our FMC Agricultural Solutions' facilities. Included within these actions was the decision to exit our generic crop protection business in Brazil, Consagro Agroquimica Ltda. (Consagro). Consagro Crop Protection Business On September 10, 2015, we entered into a definitive agreement to sell our generic crop protection business in Brazil, Consagro, to Atanor do Brazil Ltda., the Brazilian subsidiary of Albaugh, LLC. The sale of Consagro is part of our broad strategy to focus our portfolio of valued-added products, especially with the addition of the Cheminova product line in Brazil. This sale was completed in the fourth quarter of 2015 and resulted in $31.9 million of cash proceeds. The proceeds from the sale are included within "Proceeds from sale of investments" on the consolidated statement of cash flows. As a result of the sale, we recorded a loss of $64.5 million representing the carrying value of the assets less the net proceeds and the costs of selling the business. Health and Nutrition Restructuring In 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. In 2015, these restructuring activities continued with the mothballing of our Seal Sands UK facility as well as the sale of our pectin manufacturing business. Seal Sands Our Seal Sands facility was acquired as part of the EPAX acquisition for the manufacture of specific pharmaceutical Omega-3-Active Pharmaceutical Ingredients (API's) which would compete as a generic alternative to the prescription Lovaza drug. This facility started operations in 2014, and during both 2014 and 2015 was used for productions of these generic Lovaza alternatives. However, since the start of the operations, the dynamics of the Lovaza market have changed dramatically as several generic players have penetrated the market sooner than originally expected, and growth overall has slowed as the category has become mature. In the fourth quarter of 2015, given the lack of demand for these Omega-3 products, we took action and mothballed the site. As a result of this decision, we accelerated the depreciation of the remaining carrying value of the site to its salvage value over its remaining expected use period. Since we believe the expected use period is limited, these accelerated depreciation charges were all incurred in the fourth quarter of 2015 and no further accelerated depreciation charges are expected in 2016. These accelerated depreciation charges totaled approximately $45.8 million . Additionally, we wrote off stranded inventory at the site which totaled approximately $14.4 million . As a result of the mothballing decision, this inventory had no other outlets and cannot be able to be reworked elsewhere and therefore became impaired as a result of these events. Finally, the decisions noted above resulted in the need for us to re-test for impairment the EPAX indefinite-lived intangible asset. As a result of that test, an impairment charge of $10.3 million was recognized associated with this indefinite lived asset. Pectin As part of our Health and Nutrition Restructuring we changed our strategy for pectin shifting our focus from the manufacture of standard grade pectin to concentrate on higher-value, more specialized solutions for our customers. To accomplish our goals under this new strategy on September 11, 2015, we completed the sale of our pectin manufacturing business, located in Milazzo, Italy, to Cargill, Inc (Cargill). The sale resulted in approximately $7.0 million in proceeds and a loss on sale of $11.9 million in December 31, 2015 . The proceeds from the sale are included within "Proceeds from sale of investment/business" on the Consolidated Statement of Cash Flows. The loss of $11.9 million was comprised of net assets sold of $18.9 million which primarily included property, plant and equipment and trade working capital (i.e., trade receivables and payables as well as inventory). In connection with the sale we entered into a customary transitional services agreement with Cargill to provide for the orderly separation of the business. We provided these services to Cargill for three months after closing. We also entered into an arm's-length supply agreement with Cargill, which provides us with more efficient and flexible sourcing on a broad range of both standard and specialty pectin grades. Roll forward of Restructuring Reserves The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations. (in Millions) Balance at 12/31/13 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/14 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/15 (4) Cheminova Restructuring $ — $ — $ — $ — $ — $ 26.2 $ (18.1 ) $ 0.6 $ 8.7 Health and Nutrition Restructuring — 10.8 (6.2 ) — 4.6 7.5 (10.2 ) 1.0 2.9 Other Workforce Related and Facility Shutdowns (1) 3.1 3.1 (3.2 ) — 3.0 5.8 (6.5 ) 1.3 3.6 Restructuring activities related to discontinued operations (5) 3.0 2.3 (3.3 ) 0.7 2.7 (2.2 ) (0.1 ) — 0.4 Total $ 6.1 $ 16.2 $ (12.7 ) $ 0.7 $ 10.3 $ 37.3 $ (34.9 ) $ 2.9 $ 15.6 ____________________ (1) Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items” sections above. (2) Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment or intangible balances and are not included in the above tables. (3) Primarily foreign currency translation adjustments. (4) Included in “Accrued and other liabilities” on the consolidated balance sheets. (5) Cash spending associated with restructuring activities of discontinued operations is reported within "Payments of other discontinued reserves, net of recoveries" on the consolidated statements of cash flows. Other charges (income), net Year Ended December 31, (in Millions) 2015 2014 2013 Environmental charges, net $ 21.7 $ 43.7 $ 6.2 Argentina Devaluation 10.7 — — Belchim Crop Protection sale (26.6 ) (26.6 ) — Other items, net 20.5 22.1 32.1 Other Charges (Income), Net $ 26.3 $ 39.2 $ 38.3 Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites, see Note 10 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. Argentina Devaluation On December 17, 2015 the Argentina government initiated actions to significantly devalue its currency. These actions created an immediate loss associated with the impacts of the remeasurement of our local balance sheet at the date of the devaluation. The loss was attributable to Lithium and Agricultural Solutions operations. Because of the severity of the event and its immediate impact to our operations in the country, the charge associated with the remeasurement was included within restructuring and other charges in our consolidated income statement. Belchim Crop Protection Sale During 2015 we sold our remaining ownership interest in a Belgian-based pesticide distribution company, Belchim Crop Protection N.V. ("Belchim"). Prior to and subsequent to the sale, Belchim was accounted for as a cost method investment. The gain on the sale was $26.6 million . In 2014 we sold the first portion of our ownership interest in Belchim. Belchim was previously accounted for as a cost method investment. The gain on the sale from the first portion was also $26.6 million . The cash proceeds from the sale in 2015 and 2014 of $27.5 million and $27.5 million , respectively, are included within "Proceeds from sale of investment/business" on the Consolidated Statement of Cash Flows. Other, net During 2015, 2014 and 2013 our FMC Agricultural Solutions segment entered into collaboration and license agreements with various third parties for the purposes of obtaining certain technology and intellectual property rights relating to compounds still under development. The rights and technology obtained is referred to as in-process research and development and in accordance with GAAP, the amounts paid were expensed as incurred since they were acquired outside of a business combination. We entered in two , such arrangements in 2015, one in 2014 and three in 2013. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivable | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2014 and 2015. (in Millions) Balance, December 31, 2013 30.1 Additions — charged to expense 8.7 Other (1.6 ) Balance, December 31, 2014 37.2 Additions — charged to expense 5.9 Transfer to long-term allowance (see below) (29.2 ) Balance December 31, 2015 $ 13.9 The company has financing receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $90.6 million as of December 31, 2015. These long-term customer receivable balances and the corresponding allowance are included in Other assets on the consolidated balance sheet. For these long-term customer receivables, interest is no longer accrued when the receivable is determined to be delinquent and classified as long-term based on the estimated timing of collection. A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our financing receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary. The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables for fiscal years 2015. ( in Millions ) Balance, December 31, 2014 — Transfer from allowance for doubtful accounts (see above) 29.2 Net Recoveries and write- offs — Balance December 31, 2015 $ 29.2 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations FMC Alkali: On April 1, 2015, we completed the sale of our FMC Alkali Chemicals division ("ACD") for $1,649.8 million to a wholly owned subsidiary of Tronox Limited ("Tronox"). The sale resulted in approximately $1,198.5 million in after-tax cash proceeds and in a pre-tax gain of $1,080.2 million ( $702.1 million net of tax) for the year ended December 31, 2015 . In connection with the sale we entered into a customary transitional services agreement with Tronox to provide for the orderly separation of the business and transition of various functions and processes. These services will be provided to Tronox for up to 12 months after closing. These services include information technology services, human resource and facility services among other services, while Tronox assumes the operations of ACD. The results of our discontinued FMC ACD operations are summarized below: (in Millions) Year Ended December 31, 2015 2014 2013 Revenue $ 194.0 $ 779.0 $ 744.1 Costs of sales and services 149.2 614.9 604.6 Income (loss) from discontinued operations before income taxes (1) 1,096.1 121.2 112.7 Provision for income taxes 379.0 17.3 17.0 Total discontinued operations of FMC ACD, net of income taxes $ 717.1 $ 103.9 $ 95.7 Less: discontinued operations of FMC ACD attributable to noncontrolling interests $ — $ 5.2 $ 7.6 Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders $ 717.1 $ 98.7 $ 88.1 ____________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , respectively, amounts include approximately zero , $5.9 million and $8.7 million attributable to noncontrolling interests, $ 2.2 million , $8.3 million and $5.9 million of allocated interest expense, $15.0 million , $9.0 million and zero of divestiture related charges, respectively as well as a $5.3 million pension curtailment charge in 2015. Interest was allocated in accordance with relevant discontinued operations accounting guidance. The following table presents the major classes of assets and liabilities of FMC Alkali Chemicals: (in Millions) December 31, 2014 Assets Current assets of discontinued operations held for sale (primarily trade receivables and inventories) $ 203.3 Property, plant & equipment (1) 378.6 Other non-current assets (1) 22.9 Total assets of discontinued operations held for sale $ 604.8 Liabilities Current liabilities of discontinued operations held for sale (88.4 ) Noncurrent liabilities of discontinued operations held for sale (1) (4.7 ) Total liabilities of discontinued operations held for sale $ (93.1 ) Net Assets $ 511.7 ____________________ (1) Presented as "Noncurrent assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2014 . In addition to our discontinued FMC Alkali Chemicals division, our discontinued operations in our financial statements includes adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following: (in Millions) Year Ended December 31, 2015 2014 2013 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $1.0, $0.6 and $0.2, respectively (3) $ (1.1 ) $ (4.0 ) $ (16.1 ) Provision for environmental liabilities, net of recoveries, net of income tax benefit of $16.7, $16.4 and $14.2, respectively (1) (28.8 ) (36.7 ) (23.1 ) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $6.3, $8.4 and $5.5, respectively (2) (10.8 ) (14.3 ) (9.0 ) Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of zero, ($23.7) and $25.1, respectively — (34.4 ) (111.1 ) Discontinued operations of FMC Alkali Chemicals, net of income tax benefit (expense) of ($379), ($17.3) and ($17.0), respectively 717.1 103.9 95.7 Discontinued operations, net of income taxes $ 676.4 $ 14.5 $ (63.6 ) ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. (2) Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2015 or 2014. (3) See roll forward of our restructuring reserves in Note 7. Reserves for Discontinued Operations at December 31, 2015 and 2014 (in Millions) December 31, 2015 2014 Workers’ compensation and product liability reserve $ 6.1 $ 6.8 Postretirement medical and life insurance benefits reserve, net 9.3 10.0 Reserves for legal proceedings 30.7 36.5 Reserve for discontinued operations (1) $ 46.1 $ 53.3 ____________________ (1) Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. The discontinued postretirement medical and life insurance benefits liability equals the accumulated postretirement benefit obligation. Associated with this liability is a net pre-tax actuarial gain and prior service credit of $7.6 million ( $4.1 million after-tax) and $6.5 million ( $3.5 million after-tax) at December 31, 2015 and 2014 , respectively. The estimated net pre-tax actuarial gain and prior service credit that will be amortized from accumulated other comprehensive income into discontinued operations during 2016 are $1.4 million and $0.3 million , respectively. Net, spending in 2015 , 2014 and 2013 was $0.8 million , $0.8 million and $0.9 million , respectively, for workers’ compensation, product liability and other claims; $1.1 million , $1.1 million and $0.9 million , respectively, for other postretirement benefits; and $22.9 million , $23.0 million and $8.8 million , respectively, related to reserves for legal proceedings associated with discontinued operations. |
Environmental Obligations
Environmental Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Obligations | Environmental Obligations We are subject to various federal, state, local and foreign environmental laws and regulations that govern emissions of air pollutants, discharges of water pollutants, and the manufacture, storage, handling and disposal of hazardous substances, hazardous wastes and other toxic materials and remediation of contaminated sites. We are also subject to liabilities arising under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and similar state laws that impose responsibility on persons who arranged for the disposal of hazardous substances, and on current and previous owners and operators of a facility for the clean-up of hazardous substances released from the facility into the environment. We are also subject to liabilities under the Resource Conservation and Recovery Act (“RCRA”) and analogous state laws that require owners and operators of facilities that have treated, stored or disposed of hazardous waste pursuant to a RCRA permit to follow certain waste management practices and to clean up releases of hazardous substances into the environment associated with past or present practices. In addition, when deemed appropriate, we enter certain sites with potential liability into voluntary remediation compliance programs, which are also subject to guidelines that require owners and operators, current and previous, to clean up releases of hazardous substances into the environment associated with past or present practices. Environmental liabilities consist of obligations relating to waste handling and the remediation and/or study of sites at which we are alleged to have released or disposed of hazardous substances. These sites include current operations, previously operated sites, and sites associated with discontinued operations. We have provided reserves for potential environmental obligations that we consider probable and for which a reasonable estimate of the obligation can be made. Accordingly, total reserves of $348.2 million and $296.2 million , respectively, before recoveries, existed at December 31, 2015 and 2014 . The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $230 million at December 31, 2015 . This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Additionally, although potential environmental remediation expenditures in excess of the reserves and estimated loss contingencies could be significant, the impact on our future consolidated financial results is not subject to reasonable estimation due to numerous uncertainties concerning the nature and scope of possible contamination at many sites, identification of remediation alternatives under constantly changing requirements, selection of new and diverse clean-up technologies to meet compliance standards, the timing of potential expenditures and the allocation of costs among Potentially Responsible Parties ("PRPs") as well as other third parties. The liabilities arising from potential environmental obligations that have not been reserved for at this time may be material to any one quarter's or year's results of operations in the future. However, we believe any liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2012 to December 31, 2015 . (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2012 $ 216.0 2013 Provision 48.2 Spending, net of recoveries (59.5 ) Net Change (11.3 ) Total environmental reserves, net of recoveries at December 31, 2013 $ 204.7 2014 Provision 106.2 Spending, net of recoveries (42.4 ) Transfer from asset retirement obligations 16.9 Foreign currency translation adjustments (1.1 ) Net Change 79.6 Total environmental reserves, net of recoveries at December 31, 2014 $ 284.3 2015 Provision 66.9 Spending, net of recoveries (57.0 ) Acquisitions (see Note 3) 47.2 Foreign currency translation adjustments (0.5 ) Net Change 56.6 Total environmental reserves, net of recoveries at December 31, 2015 $ 340.9 To ensure we are held responsible only for our equitable share of site remediation costs, we have initiated, and will continue to initiate, legal proceedings for contributions from other PRPs. At December 31, 2015 and 2014 , 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” on the consolidated balance sheets. The table below is a roll forward of our total recorded recoveries from December 31, 2013 to December 31, 2015 : (in Millions) December 31, 2013 Increase in Recoveries Cash Received December 31, 2014 Increase in Recoveries Cash Received December 31, 2015 Environmental liabilities, continuing and discontinued $ 21.0 $ 1.2 $ 10.3 $ 11.9 $ (0.5 ) $ 4.1 $ 7.3 Other assets (1) 35.5 9.4 15.0 29.9 (0.3 ) 6.9 22.7 Total $ 56.5 $ 10.6 $ 25.3 $ 41.8 $ (0.8 ) $ 11.0 $ 30.0 ______________ (1) The amounts are included within “Prepaid and other current assets" and "Other assets" on the consolidated balance sheets. See Note 20 for more details. The table below provides detail of current and long-term environmental reserves, continuing and discontinued. December 31, (in Millions) 2015 2014 Environmental reserves, current, net of recoveries (1) $ 59.1 $ 74.4 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 281.8 209.9 Total environmental reserves, net of recoveries $ 340.9 $ 284.3 ______________ (1) These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. (2) These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: Year ended December 31, (in Millions) 2015 2014 2013 Continuing operations (1) $ 21.7 $ 43.7 $ 6.2 Discontinued operations (2) 45.5 53.1 37.3 Net environmental provision $ 67.2 $ 96.8 $ 43.5 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (2) Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: Year ended December 31, (in Millions) 2015 2014 2013 Environmental reserves (1) $ 66.9 $ 106.2 $ 48.2 Other assets (2) 0.3 (9.4 ) (4.7 ) Net environmental provision $ 67.2 $ 96.8 $ 43.5 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 20 for details of "Other assets" as presented on our consolidated balance sheets. Significant Environmental Sites Pocatello From 1949 until 2001, we operated the world's largest elemental phosphorus plant in Power County, Idaho, just outside the city of Pocatello. Since the plant's closure, FMC has worked with the EPA, the State of Idaho, and the Shoshone-Bannock Tribes to develop a proposed cleanup plan for the property. In September of 2012, the EPA issued an Interim Record of Decision ("IROD") that is environmentally protective and that ensures the health and safety of both workers and the general public. Since the plant's closure, we have successfully decommissioned our Pocatello plant, completed closure of the RCRA ponds and formally requested that the EPA acknowledge completion of work under a June 1999 RCRA Consent Decree. Future remediation costs include completion of the IROD that addresses groundwater contamination and existing waste disposal areas on the Pocatello plant portion of the Eastern Michaud Flats Superfund Site. In June 2013 EPA issued a Unilateral Administrative Order to us under which we will implement the IROD remedy. Our current reserves factor in the estimated costs associated with implementing the IROD. In addition to implementing the IROD, we continue to conduct work pursuant to CERCLA unilateral administrative orders to address air emissions from beneath the cap of several of the closed RCRA ponds. The amount of the reserve for this site was $44.9 million and $68.6 million at December 31, 2015 and 2014 , respectively. Pocatello Tribal Litigation For a number of years, we engaged in disputes with the Tribes concerning their attempts to regulate our activities on the reservation. On March 6, 2006, a U.S. District Court Judge found that the Tribes were a third-party beneficiary of a 1998 RCRA Consent Decree and ordered us to apply for any applicable Tribal permits relating to the nearly-complete RCRA Consent Decree work. The third-party beneficiary ruling was later reversed by the Ninth Circuit Court of Appeals, but the permitting process continued in the tribal legal system. We applied for the tribal permits, but preserved objections to the Tribes' jurisdiction. In addition, in 1998, the Tribes and we entered into an agreement (“1998 Agreement”) that required us to pay the Tribes $1.5 million per year for waste generated from operating our Pocatello plant and stored on site. We paid $1.5 million per year until December 2001 when the plant closed. In our view the agreement was terminated, as the plant was no longer generating waste. The Tribes claim that the 1998 Agreement has no end date. On April 25, 2006, the Tribes' Land Use Policy Commission issued us a Special Use Permit for the “disposal and storage of waste” at the Pocatello plant and imposed a $1.5 million per annum permit fee. The permit and fee were affirmed by the Tribal Business Council on July 21, 2006. We sought review of the permit and fee in Tribal Court, in which the Tribes also brought a claim for breach of the 1998 Agreement. On May 21, 2008, the Tribal Court reversed the permit and fee, finding that they were not authorized under tribal law, and dismissed the Tribes' breach of contract claim. The Tribes appealed to the Tribal Court of Appeals. On May 8, 2012, the Tribal Court of Appeals reversed the May 21, 2008 Tribal Court decision and issued a decision finding the permit and fee validly authorized and ordering us to pay waste permit fees in the amount of $1.5 million per annum for the years 2002-2007 ( $9.0 million in total), the Tribes' demand as set forth in the lawsuit. It also reinstated the breach of contract claim. The Tribes have filed additional litigation to recover the permit fees for the years since 2007, but that litigation has been stayed pending the outcome of the appeal in the Tribal Court of Appeals. Following 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 December 31, 2015. Having now exhausted the Tribal administrative and judicial process, in November 2014 we filed an action in the United States District Court seeking declaratory and injunctive relief on the grounds that the Tribes lacked jurisdiction. We have estimated a reasonably possible loss for this matter and it has been reflected in our total reasonably possible loss estimate previously discussed within this note. Middleport Our Middleport, NY facility is currently an Agricultural Solutions formulation and packaging plant that formerly manufactured arsenic-based and other products. As a result of past manufacturing operations and waste disposal practices at this facility, releases of hazardous substances have occurred at the the site that have affected soil, sediment, surface water and groundwater at the facility's property and also in adjacent off-site areas. The impact of our discontinued operations was the subject of an Administrative Order on Consent (“AOC”) entered into with the EPA and New York State Department of Environmental Conservation (the “Agencies”) in 1991. The AOC requires us to (1) define the nature and extent of contamination caused by our historical plant operations, (2) take interim corrective measures and (3) evaluate Corrective Action Management Alternatives (“CMA”) for discrete contaminated areas. We have defined the nature and extent of the contamination and have constructed an engineered cover, closed the RCRA regulated surface water impoundments and are collecting and treating both surface water runoff and ground water, which has satisfied the first two requirements of the AOC. 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 CMA as the Preliminary Statement of Basis, which we continue to believe is overly conservative and is not consistent with the 1991 AOC, which governs the remedy selection. In order to negotiate with the NYSDEC with respect to the FSOB, we entered into a tolling agreement with the 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 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. On August 20, 2015, the Supreme Court of New York dismissed our state action on procedural grounds. We have appealed that dismissal to the New York Supreme Court Appellate Division, Third Department. Our existing federal action before the United States District Court for the Western District of New York is still pending. The amount of the reserve for this site is $40.1 million and $44.9 million at December 31, 2015 and 2014 , respectively. Our reserve continues to include the estimated liability for clean-up to reflect the costs associated with our recommended CMA. Our estimated reasonably possible environmental loss contingencies exposure reflects the additional cost of the CMA proposed in the FSOB. Other Potentially Responsible Party (“PRP”) Sites We have been named a PRP at 32 sites on the federal government’s National Priorities List (“NPL”), at which our potential liability has not yet been settled. In addition, we received notice from the EPA or other regulatory agencies that we may be a PRP, or PRP equivalent, at other sites, including 38 sites at which we have determined that it is reasonably possible that we have an environmental liability. In cooperation with appropriate government agencies, we are currently participating in, or have participated in, a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, at most of the identified sites, with the status of each investigation varying from site to site. At certain sites, a RI/FS has only recently begun, providing limited information, if any, relating to cost estimates, timing, or the involvement of other PRPs; whereas, at other sites, the studies are complete, remedial action plans have been chosen, or a ROD has been issued. One site where FMC is listed as a PRP is the Portland Harbor Superfund Site (“Portland Harbor”), that includes the river and sediments of a 12 mile section of the lower reach of the Willamette River in Portland, Oregon that runs through an industrialized area. Portland Harbor is listed on the NPL. FMC formerly owned and operated a manufacturing site adjacent to this section of the river and has since sold its interest in this business. When the EPA determines the cleanup remedy from the RI/FS conducted during the last decade at the site, it will issue a ROD. Currently, FMC and 70 other parties including the current owner of the former FMC site are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs. The EPA is expected to develop a ROD by 2017. It is anticipated that the cleanup activities will begin within one year of the issuance of the ROD. Any potential liability to FMC will represent a portion of the costs of the remedy the EPA is expected to select for Portland Harbor. The cost of that remedy is expected to be allocated among more than 70 potentially responsible parties. Because of the large number of responsible parties and the variability in range of remediation alternatives, we are unable to develop a reasonable estimate of our potential exposure for Portland Harbor at this time. Based on information currently available, we have no reason to believe that the ultimate resolution of our potential obligations at Portland Harbor will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, there can be no assurance that the outcome will be favorable. Adverse results in the outcome of the EPA decision could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: Year Ended December 31, (in Millions) 2015 2014 2013 Domestic $ (186.7 ) $ 27.4 $ 174.4 Foreign 56.2 336.4 328.8 Total $ (130.5 ) $ 363.8 $ 503.2 The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: Year Ended December 31, (in Millions) 2015 2014 2013 Current: Federal (1) $ (52.6 ) $ 65.7 $ 44.3 Foreign 78.5 43.4 66.2 State 1.6 4.9 5.8 Total current $ 27.5 $ 114.0 $ 116.3 Deferred: Federal 23.0 (37.5 ) 25.4 Foreign (1.0 ) (21.1 ) (18.0 ) State (2.1 ) 0.8 7.9 Total deferred $ 19.9 $ (57.8 ) $ 15.3 Total $ 47.4 $ 56.2 $ 131.6 ____________________ (1) The gain from the sale of our discontinued Alkali business created an overall domestic taxable income position. The loss from continuing operations is reducing current taxes payable in the current year and as such is presented as a reduction to current tax expense. Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2015 2014 Reserves for discontinued operations, environmental and restructuring $ 132.8 $ 111.1 Accrued pension and other postretirement benefits 64.3 70.4 Alternative minimum, foreign tax and other credit carryforwards 25.8 7.4 Net operating loss carryforwards 161.1 143.0 Deferred expenditures capitalized for tax 24.2 34.2 Other 190.8 266.2 Deferred tax assets $ 599.0 $ 632.3 Valuation allowance, net (1) (272.5 ) (125.3 ) Deferred tax assets, net of valuation allowance $ 326.5 $ 507.0 Property, plant and equipment, net 212.8 138.2 Deferred tax liabilities $ 212.8 $ 138.2 Net deferred tax assets $ 113.7 $ 368.8 ____________________ (1) The change in the net valuation allowance was principally related to operations within our Agricultural Solutions business in Brazil driven by unfavorable market conditions and currency impacts experienced in the latter half of 2015. (2) The increase in our Intangibles, property, plant and equipment deferred tax liabilities was primarily related to the acquisition of Cheminova. We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. U.S. GAAP accounting guidance requires that companies assess whether valuation allowances should be established against their deferred tax assets based on all available evidence, both positive and negative, using a “more likely than not” standard. In assessing the need for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and tax planning alternatives. We operate and derive income from multiple lines of business across multiple jurisdictions. As each of the respective lines of business experiences changes in operating results across their geographic footprint, we may encounter losses in jurisdictions that have been historically profitable, and as a result might require additional valuation allowances to be recorded. We are committed to implementing tax planning actions, when deemed appropriate, in jurisdictions that experience losses in order to realize deferred tax assets prior to their expiration. During 2015, our Agricultural Solutions business in Brazil experienced significant current and cumulative losses driven by unfavorable market conditions and currency impacts. Considering the current year losses, available tax planning strategies, and unfavorable projections of operating performance expected for 2016, the Company concluded that sufficient positive evidence to realize its net deferred tax assets in Brazil was not available as of December 31, 2015 and therefore established valuation allowances in the amount of $106.5 million . At December 31, 2015 , we had net operating loss and tax credit carryforwards as follows: U.S. state net operating loss carryforwards of $24.5 million (tax-effected) expiring in future years through 2035, foreign net operating loss carryforwards of $136.6 million (tax-effected) expiring in various future years, and other tax credit carryforwards of $6.2 million expiring in various future years. The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Year Ended December 31, 2015 2014 2013 U.S. Federal statutory rate (45.7 ) 127.3 176.1 Foreign earnings subject to different tax rates (81.7 ) (83.9 ) (69.6 ) State and local income taxes, less federal income tax benefit (1.0 ) 4.2 13.7 Manufacturer's production deduction and miscellaneous tax credits (9.0 ) (6.4 ) (5.0 ) Tax on intercompany dividends and deemed dividends for tax purposes 12.6 10.7 3.7 Changes to unrecognized tax benefits 9.9 5.5 5.2 Nondeductible expenses 7.8 6.3 2.5 Change in valuation allowance 178.7 1.0 — Exchange gains and losses (1) (20.2 ) (7.2 ) — Other (4.0 ) (1.3 ) 5.0 Total Tax Provision 47.4 56.2 131.6 (1) Includes adjustments for transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable losses in foreign jurisdictions for which there is no corresponding amount in income before income taxes. The material factors contributing to the reduction in income from continuing operations experienced in 2015 were Cheminova acquisition related charges incurred by our domestic operations, reduced results in our Agricultural Solutions business, primarily in Brazil, as well as significant restructuring charges. The statutory tax rates in the jurisdictions where these charges were incurred are similar to the U.S. Federal statutory rate; therefore, the reduction in income from continuing operations did not significantly impact the tax benefit disclosed above for foreign earnings subject to different tax rates. Earnings from operations located in jurisdictions with lower tax rates than the U.S. Federal statutory rate, such as Ireland and Hong Kong, were generally consistent in 2015 compared to 2014. From 2013 to 2014, earnings from operations in Hong Kong increased, driving the increase in favorable foreign rate differential between those years. The tax rate for 2015 as compared to prior years was unfavorably impacted by a material increase in valuation allowances in our Agricultural Solutions business, primarily in Brazil. Unremitted earnings of foreign subsidiaries for which we have not provided taxes approximate $1,787.4 million . We have not provided taxes for these earnings given that our intention, as of December 31, 2015 , is to indefinitely reinvest such earnings in the respective existing foreign operations. We have not provided deferred tax liabilities for basis differences in investments in subsidiaries because the investments are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal. A liability may arise in the future if our intention to indefinitely reinvest such earnings were to change, however it is not practical to estimate the income tax liability that may be incurred. Uncertain Income Tax Positions U.S. GAAP accounting guidance for uncertainty in income taxes prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition. We file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The income tax returns for FMC entities taxable in the U.S. and significant foreign jurisdictions are open for examination and adjustment. As of December 31, 2015 , the U. S. federal and state income tax returns are open for examination and adjustment for the years 2012-2015 and 2004-2015, respectively. Our significant foreign jurisdictions, which total 17 , are open for examination and adjustment during varying periods from 2005-2015. As of December 31, 2015, we had total unrecognized tax benefits of $97.1 million , of which $31.5 million would favorably impact the effective tax rate if recognized. As of December 31, 2014, we had total unrecognized tax benefits of $45.9 million , of which $11.1 million would favorably impact the effective tax rate if recognized. Interest and penalties related to unrecognized tax benefits are reported as a component of income tax expense. For the years ended December 31, 2015, 2014 and 2013, we recognized interest and penalties of $2.0 million , $1.0 million , and $2.1 million , respectively, in the consolidated statements of income. As of December 31, 2015 and 2014, we have accrued interest and penalties in the consolidated balance sheets of $5.2 million and $3.2 million , respectively. Due to the potential for resolution of federal, state, or foreign examinations, and the expiration of various jurisdictional statutes of limitation, it is reasonably possible that our liability for gross unrecognized tax benefits will decrease within the next 12 months by a range of $2.5 million to $3.7 million . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2015 2014 2013 Balance at beginning of year $ 45.9 $ 35.5 $ 21.8 Increases related to positions taken in the current year 21.4 9.6 15.1 Increases for tax positions on acquisitions 25.1 — (1.3 ) Increases related to positions taken on items from prior years 7.4 1.5 — Decreases related to positions taken on items from prior years (2.7 ) — (0.1 ) Settlements during the current year — (0.7 ) — Balance at end of year (1) $ 97.1 $ 45.9 $ 35.5 ____________________ (1) At December 31, 2015 , 2014 , and 2013 we recognized an offsetting non-current deferred tax asset of $65.5 million , $34.8 million , and $28.7 million respectively, relating to specific uncertain tax positions presented above. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt maturing within one year: Debt maturing within one year consists of the following: December 31, (in Millions) 2015 2014 Short-term foreign debt (1) $ 87.2 $ 36.6 Commercial paper (2) 23.9 486.6 Total short-term debt $ 111.1 $ 523.2 Current portion of long-term debt 1.5 2.0 Short-term debt and current portion of long-term debt $ 112.6 $ 525.2 ____________________ (1) At December 31, 2015 , the average effective interest rate on the borrowings was 8.30% . We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. (2) At December 31, 2015 , the average effective interest rate on the borrowings was 0.70% . Long-term debt: Long-term debt consists of the following: (in Millions) December 31, 2015 December 31, Interest Rate Percentage Maturity Date 2015 2014 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 0.2-6.5% 2021-2035 $ 141.5 $ 141.5 Senior notes (less unamortized discount of $1.7 and $1.9, respectively) 3.95-5.2% 2019-2024 998.3 998.1 Term Loan Facility 1.6% 2020 900.0 — Credit Facility (1) 2.9% 2019 — — Foreign debt 0-9.3% 2016-2024 9.9 15.8 Debt issuance cost (11.9 ) (14.5 ) Total long-term debt $ 2,037.8 $ 1,140.9 Less: debt maturing within one year 1.5 2.0 Total long-term debt, less current portion $ 2,036.3 $ 1,138.9 ____________________ (1) Letters of credit outstanding under the Credit Facility totaled $53.7 million and available funds under this facility were $1,422.4 million at December 31, 2015 (which reflects borrowings under our commercial paper program). Maturities of long-term debt Maturities of long-term debt outstanding, excluding discounts, at December 31, 2015 , are $1.5 million in 2016, $1.8 million in 2017, $1.6 million in 2018, $706.6 million in 2019, $496.2 million in 2020 and $843.9 million thereafter. Covenants Among other restrictions, the Credit Facility and Term Loan Facility contains financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended December 31, 2015 was 3.8 which is below the maximum leverage of 4.5 . During 2016, the maximum leverage ratio will step down in accordance with the provisions of the Credit Facility and the Term Loan Facility. Our actual interest coverage for the four consecutive quarters ended December 31, 2015 was 7.6 which is above the minimum interest coverage of 3.5 . We were in compliance with all covenants at December 31, 2015 . Term Loan Facility On April 21, 2015 we borrowed $1.65 billion under our previous announced senior unsecured Term Loan Facility. The proceeds of the borrowing were used to finance the acquisition of Cheminova and to pay costs, fees and expenses incurred in connection with the acquisition and the Term Loan Facility. At December 31, 2015 , $900 million remained outstanding under the Term Loan facility, as a portion of the net proceeds from the sale of our FMC Alkali division (see Note 9) was used to pay down the initial borrowings. The scheduled maturity of the Term Loan Facility is on April 21, 2020. The borrowings 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 1/2 of one percent ; and the Eurocurrency rate for a one-month period plus one percent . The Term Loan Agreement also contains a cross-default provision whereby a default under our other indebtedness in excess of $50.0 million , after grace periods and absent a waiver from the lenders, would be an event of default under the Term Loan Agreement and could result in a demand for payment of all amounts outstanding under this facility. Fees incurred to secure the Term Loan Facility have been deferred and will be amortized over the term of the arrangement. Compensating Balance Agreements We maintain informal credit arrangements in many foreign countries. Foreign lines of credit, which include overdraft facilities, typically do not require the maintenance of compensating balances, as credit extension is not guaranteed but is subject to the availability of funds. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The funded status of our U.S. qualified and nonqualified defined benefit pension plans, our United Kingdom, Ireland, Belgium, and Norway defined benefit pension plans, plus our U.S. other postretirement healthcare and life insurance benefit plans for continuing operations, together with the associated balances and net periodic benefit cost recognized in our consolidated financial statements as of December 31, are shown in the tables below. We are required to recognize in our consolidated balance sheets the overfunded and underfunded status of our defined benefit postretirement plans. The overfunded or underfunded status is defined as the difference between the fair value of plan assets and the projected benefit obligation. We are also required to recognize as a component of other comprehensive income the actuarial gains and losses and the prior service costs and credits that arise during the period. The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans: Pensions and Other Benefits (in Millions, except for percentages) December 31, Following are the weighted average assumptions used to determine the benefit obligations at December 31: 2015 2014 Discount rate qualified 4.50 % 4.15 % Discount rate nonqualified plan 3.72 % 4.15 % Discount rate other benefits 3.97 % 4.15 % Rate of compensation increase 3.60 % 3.60 % The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31: Pensions Other Benefits (1) December 31, (in Millions) 2015 2014 2015 2014 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,569.0 $ 1,315.2 $ 26.4 $ 23.5 Service cost 13.0 17.3 — 0.1 Interest cost 61.0 62.3 0.9 1.0 Actuarial loss (gain) (81.7 ) 261.3 (2.5 ) 1.0 Amendments 1.5 3.3 (2.0 ) 3.4 Foreign currency exchange rate changes (8.9 ) (12.0 ) — — Plan participants’ contributions — — 2.1 6.1 Settlements (16.3 ) (8.5 ) — — Transfer of liabilities from continuing to discontinued operations — — (1.0 ) — Curtailments (5.4 ) — — — Benefits paid (79.7 ) (69.9 ) (3.9 ) (8.7 ) Projected benefit obligation at December 31 $ 1,452.5 $ 1,569.0 $ 20.0 $ 26.4 Change in plan assets Fair value of plan assets at January 1 $ 1,344.9 $ 1,285.4 $ — $ — Actual return on plan assets (40.5 ) 83.2 — — Foreign currency exchange rate changes (8.2 ) (11.1 ) — — Company contributions 76.9 65.8 1.8 2.6 Plan participants’ contributions — — 2.1 6.1 Settlements (22.4 ) (8.5 ) — — Benefits paid (79.7 ) (69.9 ) (3.9 ) (8.7 ) Fair value of plan assets at December 31 $ 1,271.0 $ 1,344.9 $ — $ — Funded Status U.S. plans with assets $ (135.3 ) $ (167.6 ) $ — $ — U.S. plans without assets (37.5 ) (40.2 ) (20.0 ) (26.4 ) Non-U.S. plans with assets (4.8 ) (7.4 ) — — All other plans (3.9 ) (8.9 ) — — Net funded status of the plan (liability) $ (181.5 ) $ (224.1 ) $ (20.0 ) $ (26.4 ) Amount recognized in the consolidated balance sheets: Pension other asset (2) $ — $ 0.7 $ — $ — Accrued benefit liability (3) (181.5 ) (224.8 ) (20.0 ) (26.4 ) Total $ (181.5 ) $ (224.1 ) $ (20.0 ) $ (26.4 ) ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) Included in “Other assets” on the consolidated balance sheets. (3) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. (4) In 2015, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations. Adoption of this new projection scale has decreased the U.S. defined benefit obligations by approximately $24 million at December 31, 2015. Pensions Other Benefits (1) December 31, (in Millions) 2015 2014 2015 2014 The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: Prior service (cost) credit $ (3.6 ) $ (7.7 ) $ (0.6 ) $ (3.3 ) Net actuarial (loss) gain (495.5 ) (512.9 ) 10.4 10.4 Accumulated other comprehensive income (loss) – pretax $ (499.1 ) $ (520.6 ) $ 9.8 $ 7.1 Accumulated other comprehensive income (loss) – net of tax $ (314.0 ) $ (329.5 ) $ 6.1 $ 4.4 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans . The accumulated benefit obligation for all pension plans was $1,404.9 million and $1,495.0 million at December 31, 2015 and 2014 , respectively. (in Millions) December 31, Information for pension plans with projected benefit obligation in excess of plan assets 2015 2014 Projected benefit obligations $ 1,458.5 $ 1,544.7 Accumulated benefit obligations 1,414.2 1,475.6 Fair value of plan assets 1,277.0 1,319.9 (in Millions) December 31, Information for pension plans with accumulated benefit obligation in excess of plan assets 2015 2014 Projected benefit obligations $ 1,441.4 $ 1,544.8 Accumulated benefit obligations 1,399.4 1,475.6 Fair value of plan assets 1,261.2 1,319.9 Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: Pensions Other Benefits (1) Year ended December 31 (in Millions) 2015 2014 2015 2014 Current year net actuarial loss (gain) $ 58.8 $ 262.1 $ (2.5 ) $ 0.9 Current year prior service cost (credit) 1.5 3.3 (2.1 ) 3.4 Amortization of net actuarial (loss) gain (54.7 ) (30.5 ) 1.2 1.6 Amortization of prior service (cost) credit (0.8 ) (1.9 ) (0.1 ) (0.1 ) Recognition of prior service cost due to curtailment (4.8 ) — (0.5 ) — Transfer of actuarial (loss) gain from continuing to discontinued operations — — 1.3 — Curtailment (loss) (5.4 ) — — — Settlement (loss) (8.9 ) (4.2 ) — — Foreign currency exchange rate changes on the above line items (7.2 ) (3.6 ) — — Total recognized in other comprehensive (income) loss, before taxes $ (21.5 ) $ 225.2 $ (2.7 ) $ 5.8 Total recognized in other comprehensive (income) loss, after taxes $ (15.4 ) $ 145.1 $ (1.7 ) $ 3.6 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. The estimated net actuarial loss and prior service cost for our pension plans that will be amortized from accumulated other comprehensive income (loss) into our net annual benefit cost (income) during 2016 are $41.2 million and $0.7 million , respectively. The estimated net actuarial gain and prior service cost for our other benefits that will be amortized from accumulated other comprehensive income (loss) into net annual benefit cost (income) during 2016 will be $(1.0) million and $0.1 million . The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): Year Ended December 31, Pensions Other Benefits (1) (in Millions, except for percentages) 2015 2014 2013 2015 2014 2013 Discount rate 4.15 % 4.95 % 4.15 % 4.15 % 4.95 % 4.15 % Expected return on plan assets 7.25 % 7.75 % 7.75 % — — — Rate of compensation increase 3.60 % 3.60 % 3.40 % — — — Components of net annual benefit cost (in millions): Service cost $ 13.0 $ 17.3 $ 22.0 $ — $ 0.1 $ 0.1 Interest cost 61.0 62.3 57.7 0.9 1.0 1.0 Expected return on plan assets (88.9 ) (86.3 ) (78.0 ) — — — Amortization of prior service cost 0.8 1.9 2.1 0.1 0.2 — Amortization of net actuarial and other (gain) loss 54.6 30.5 51.9 (1.2 ) (1.6 ) (1.9 ) Recognized (gain) loss due to curtailments (2) 4.8 — — 0.5 — — Recognized (gain) loss due to settlement 8.9 4.2 7.4 — — — Net annual benefit cost $ 54.2 $ 29.9 $ 63.1 $ 0.3 $ (0.3 ) $ (0.8 ) ___________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) The Curtailment loss is associated with the disposal of our FMC Alkali Chemicals division and was recorded to discontinued operations within the consolidated statements of income (loss). Our U.S. qualified defined benefit pension plan (“U.S. Plan”) holds the majority of our pension plan assets. The expected long-term rate of return on these plan assets was 7.25 percent for December 31, 2015 and 7.75 percent for the years ended December 31, 2014 and 2013 . In developing the assumption for the long-term rate of return on assets for our U.S. Plan, we take into consideration the technical analysis performed by our outside actuaries, including historical market returns, information on the assumption for long-term real returns by asset class, inflation assumptions and expectations for standard deviation related to these best estimates. We also consider the historical performance of our own plan’s trust, which has earned a compound annual rate of return of approximately 8.7 percent over the last 20 years (which is in excess of comparable market indices for the same period) and other factors. Given an actively managed investment portfolio, the expected annual rates of return by asset class for our portfolio, assuming an estimated inflation rate of approximately 2.0 percent , is between 8.6 percent and 10.5 percent for equities, and between 5.5 percent and 8.3 percent for fixed-income investments, which generates a total expected portfolio return that is in line with our assumption for the rate of return on assets. The target asset allocation for 2015 , by asset category, is 80 percent to 90 percent equity securities, 10 percent to 20 percent fixed income investments and zero to five percent cash and other short-term investments. Our U.S. qualified pension plan’s investment strategy consists of a total return investment management approach using a portfolio mix of equities and fixed income investments to maximize the long-term return of plan assets for an appropriate level of risk. The goal of this strategy is to minimize plan expenses by matching asset growth to the plan’s liabilities over the long run. Furthermore, equity investments are weighted towards value equities and diversified across U.S. and non-U.S. stocks. Derivatives and hedging instruments may be used effectively to manage and balance risks associated with the plan’s investments. Investment performance and related risks are measured and monitored on an ongoing basis through annual liability measurements, periodic asset and liability studies, and quarterly investment portfolio reviews. The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 17 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 62.4 $ 62.4 $ — $ — Equity securities: Common stock 742.1 742.1 — — Preferred stock 0.3 0.3 — — Mutual funds and other investments (1) 277.8 187.9 89.9 — Fixed income investments: Investment contracts 174.0 — 174.0 — Mutual funds 9.8 9.8 — — Corporate debt instruments 1.2 1.2 — — Government debt 2.5 2.5 — — Other investments Real estate/property 0.8 — — 0.8 Other 0.1 — — 0.1 Total assets $ 1,271.0 $ 1,006.2 $ 263.9 $ 0.9 (in Millions) 12/31/2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 54.1 $ 54.1 $ — $ — Equity securities: Common stock 799.8 799.8 — — Preferred stock 3.0 3.0 — — Mutual funds and other investments (1) 286.9 198.3 88.6 — Fixed income investments: Investment contracts 185.5 — 184.8 0.7 Mutual funds 9.9 9.9 — — Corporate debt instruments 0.9 0.9 — — Government debt 3.9 3.9 — — Other investments Real estate/property 0.8 — — 0.8 Other 0.1 — — 0.1 Total assets $ 1,344.9 $ 1,069.9 $ 273.4 $ 1.6 ____________________ (1) As of December 31, 2015 and 2014 we have $89.9 million and $88.6 million , respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. The change in the value of plan assets using significant unobservable inputs (Level 3) for all periods presented was not material. We made the following contributions to our pension and other postretirement benefit plans: Year Ended December 31, (in Millions) 2015 2014 U.S. qualified pension plan $ 65.0 $ 50.0 U.S. nonqualified pension plan 7.8 10.8 Non-U.S. plans 4.1 4.9 Other postretirement benefits, net of participant contributions 1.8 2.6 Total $ 78.7 $ 68.3 We expect our voluntary cash contributions to our U.S. qualified pension plan to be $35 million in 2016. The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: Estimated Net Future Benefit Payments (in Millions) (in Millions) Pension Benefits Other Benefits 2016 $84.6 2.0 2017 86.8 1.9 2018 86.4 1.8 2019 87.8 1.8 2020 88.9 1.7 2021-2025 $451.1 7.3 Assumed health care cost trend rates have an effect on the other postretirement benefit obligations and net periodic other postretirement benefit costs reported for the health care portion of the other postretirement plan. A one-percentage point change in the assumed health care cost trend rates would be immaterial to our net periodic other postretirement benefit costs for the year ended December 31, 2015 , and our other postretirement benefit obligation at December 31, 2015 . FMC Corporation Savings and Investment Plan . The FMC Corporation Savings and Investment Plan is a qualified salary-reduction plan under Section 401(k) of the Internal Revenue Code in which substantially all of our U.S. employees may participate by contributing a portion of their compensation. For eligible employees participating in the Plan, except for those employees covered by certain collective bargaining agreements, the Company makes matching contributions of 80 percent of the portion of those contributions up to five percent of the employee’s compensation. Eligible employees participating in the Plan that do not participate in the U.S. qualified pension plan are entitled to receive an employer contribution of five percent of the employee’s eligible compensation. Charges against income for all contributions were $8.9 million in 2015 , $11.4 million in 2014 , and $11.8 million in 2013 . |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation Stock Compensation Plans We have a share-based compensation plan, which has been approved by the stockholders, for certain employees, officers and directors. This plan is described below. FMC Corporation Incentive Compensation and Stock Plan The FMC Corporation Incentive Compensation and Stock Plan (the “Plan”) provides for the grant of a variety of cash and equity awards to officers, directors, employees and consultants, including stock options, restricted stock, performance units (including restricted stock units), stock appreciation rights, and multi-year management incentive awards payable partly in cash and partly in common stock. The Compensation and Organization Committee of the Board of Directors (the “Committee”), subject to the provisions of the Plan, approves financial targets, award grants, and the times and conditions for payment of awards to employees. The total number of shares of common stock authorized for issuance under the Plan is 29.0 million of which approximately 5.6 million shares of common stock are available for future grants of share based awards under the Plan as of December 31, 2015 . The FMC Corporation Non-Employee Directors’ Compensation Policy, administered by the Nominating and Corporate Governance Committee of the Board of Directors, sets forth the compensation to be paid to the directors, including awards (currently restricted stock units only) to be made to directors under the Plan. Stock options granted under the Plan may be incentive or nonqualified stock options. The exercise price for stock options may not be less than the fair market value of the stock at the date of grant. Awards granted under the Plan vest or become exercisable or payable at the time designated by the Committee, which has generally been three years from the date of grant. Incentive and nonqualified options granted under the Plan expire not later than 10 years from the grant date. Under the Plan, awards of restricted stock and restricted stock units may be made to selected employees. The awards vest over periods designated by the Committee, which has generally been 3 years , with vesting conditional upon continued employment. Compensation cost is recognized over the vesting periods based on the market value of the stock on the date of the award. Restricted stock units granted to directors under the Plan vest immediately if granted as part of, or in lieu of, the annual retainer (but are subject to forfeiture on a pro rata basis if the director does not serve the full year except under certain circumstances); other restricted stock units granted to directors vest at the Annual Meeting of Shareholders in the calendar year following the May 1 annual grant date. At December 31, 2015 and 2014 , there were restricted stock units representing an aggregate of 168,634 shares and 140,656 shares of common stock, respectively, credited to the directors’ accounts. Stock Compensation We recognized the following stock compensation expense: Year Ended December 31, (in Millions) 2015 2014 2013 Stock Option Expense, net of taxes of $2.4, $2.2 and $2.4 (1) $ 4.1 $ 3.8 $ 4.2 Restricted Stock Expense, net of taxes of $3.3, $3.3 and $3.1 (2) 5.6 5.5 5.5 Total Stock Compensation Expense, net of taxes of $5.7, $5.5 and $5.5 (3) $ 9.7 $ 9.3 $ 9.7 ____________________ (1) We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. (2) We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. (3) This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense, net of tax, of $0.6 million , $1.4 million , and $1.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, is included in the Discontinued operations, net of income taxes in the Consolidated Statements of Income. We received $5.9 million , $8.6 million and $10.7 million in cash related to stock option exercises for the years ended December 31, 2015 , 2014 and 2013 , respectively. The shares used for the exercise of stock options occurring during the years ended December 31, 2015 , 2014 and 2013 came from treasury shares. For tax purposes, share-based compensation expense is deductible in the year of exercise or vesting based on the intrinsic value of the award on the date of exercise or vesting. For financial reporting purposes, share-based compensation expense is based upon grant-date fair value and amortized over the vesting period. Excess tax benefits represent the difference between the share-based compensation expense for financial reporting purposes and the deduction taken for tax purposes. The excess tax benefits for the years ended December 31, 2015 , 2014 and 2013 totaled $1.4 million , $4.7 million and $7.1 million , respectively. Stock Options The grant-date fair values of the stock options we granted in the years ended December 31, 2015 , 2014 and 2013 were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. The expected volatility assumption is based on the actual historical experience of our common stock. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury securities with terms equal to the expected timing of stock option exercises as of the grant date. The dividend yield assumption reflects anticipated dividends on our common stock. Black Scholes valuation assumptions for stock option grants: 2015 2014 2013 Expected dividend yield 0.95% 0.74% 0.91% Expected volatility 40.95% 41.96% 42.10% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 1.74% 2.01% 1.29% The weighted-average grant-date fair value of options granted during the years ended December 31, 2015 , 2014 and 2013 was $24.68 , $30.01 and $23.32 per share, respectively. The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2015 : Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life (in Years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value Number of Shares in Thousands (In Millions) December 31, 2012 (932 shares exercisable) 2,239 6.5 years $ 30.69 $ 62.3 Granted 339 59.47 Exercised (462 ) 23.20 18.1 Forfeited (58 ) 42.75 December 31, 2013 (948 shares exercisable) 2,058 5.9 years $ 36.76 $ 79.6 Granted 253 72.66 Exercised (313 ) 27.76 14.0 Forfeited (67 ) 51.15 December 31, 2014 (1,023 shares exercisable and 1,903 shares expected to vest or be exercised) 1,931 5.5 years $ 42.46 $ 32.7 Granted 408 63.37 Exercised (213 ) 27.77 6.6 Forfeited (55 ) 62.38 December 31, 2015 (1,200 shares exercisable and 2,073 shares expected to vest or be exercised) 2,071 5.6 years $ 47.52 $ 8.7 The number of stock options indicated in the above table as being exercisable as of December 31, 2015 , had an intrinsic value of $8.7 million , a weighted-average remaining contractual term of 3.8 years , and a weighted-average exercise price of $35.13 . As of December 31, 2015 , we had total remaining unrecognized compensation cost related to unvested stock options of $8.0 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.8 years . Restricted Equity Awards The grant-date fair value of restricted stock awards and stock units under the Plan is based on the market price per share of our common stock on the date of grant, and the related compensation cost is amortized to expense on a straight-line basis over the vesting period during which the employees perform related services, which is typically three years except for those eligible for retirement prior to the stated vesting period. The following table shows our employee restricted award activity for the three years ended December 31, 2015 : Number of Awards in Thousands Number of awards Weighted- Average Grant Date Fair Value Nonvested at December 31, 2012 704 $ 38.29 Granted 150 58.95 Vested (326) 31.76 Forfeited (5) 51.61 Nonvested at December 31, 2013 523 $ 49.07 Granted 129 71.92 Vested (203) 46.06 Forfeited (21) 57.40 Nonvested at December 31, 2014 428 $ 57.86 Granted 223 60.22 Vested (190) 49.06 Forfeited (25) 64.27 Nonvested at December 31, 2015 436 $ 57.36 As of December 31, 2015 , we had total remaining unrecognized compensation cost related to unvested restricted awards of $10.9 million which will be amortized over the weighted-average remaining requisite service period of approximately 2.8 years . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | Equity The following is a summary of our capital stock activity over the past three years: Common Stock Shares Treasury Stock Shares December 31, 2012 185,983,792 48,313,414 Stock options and awards — (753,389 ) Repurchases of common stock, net — 5,538,078 December 31, 2013 185,983,792 53,098,103 Stock options and awards — (431,982 ) Repurchases of common stock, net — — December 31, 2014 185,983,792 52,666,121 Stock options and awards — (338,106 ) December 31, 2015 185,983,792 52,328,015 Accumulated other comprehensive income (loss) Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax. (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits (2) Total Accumulated other comprehensive income (loss), net of tax at December 31, 2012 $ (27.0 ) $ (1.5 ) $ (380.4 ) $ (408.9 ) 2013 Activity Other comprehensive income (loss) before reclassifications 1.7 (4.9 ) 174.0 $ 170.8 Amounts reclassified from accumulated other comprehensive income (loss) — 0.3 35.9 $ 36.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2013 $ (25.3 ) $ (6.1 ) $ (170.5 ) $ (201.9 ) 2014 Activity Other comprehensive income (loss) before reclassifications (74.7 ) 3.1 (173.3 ) $ (244.9 ) Amounts reclassified from accumulated other comprehensive income (loss) 49.6 (0.9 ) 22.3 $ 71.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (50.4 ) $ (3.9 ) $ (321.5 ) $ (375.8 ) 2015 Activity Other comprehensive income (loss) before reclassifications (96.9 ) 0.7 (26.4 ) $ (122.6 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3.0 ) 44.1 $ 41.1 Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (147.3 ) $ (6.2 ) $ (303.8 ) $ (457.3 ) ____________________ (1) See Note 17 for more information. (2) See Note 13 for more information. Reclassifications of accumulated other comprehensive income (loss) The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income for each of the periods presented. Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (1) Affected Line Item in the Consolidated Statements of Income Year ended December 31, (in Millions) 2015 2014 2013 Foreign Currency translation adjustments: Divestiture of FMC Peroxygens (3) — (49.6 ) — Discontinued operations, net of income taxes Derivative instruments: Foreign currency contracts $ 43.0 $ 3.0 $ (0.1 ) Costs of sales and services Energy contracts (4.8 ) 1.4 (0.6 ) Costs of sales and services Foreign currency contracts (32.5 ) (2.9 ) 0.5 Selling, general and administrative expenses Other contracts — — (0.2 ) Interest expense, net Total before tax $ 5.7 $ 1.5 (0.4 ) (2.7 ) (0.6 ) 0.1 Provision for income taxes Amount included in net income $ 3.0 $ 0.9 (0.3 ) Pension and other postretirement benefits (2) : Amortization of prior service costs $ (0.9 ) $ (2.1 ) $ (2.0 ) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (52.2 ) (28.9 ) (48.3 ) Selling, general and administrative expenses Recognized loss due to settlement (14.2 ) (4.2 ) (7.4 ) Selling, general and administrative expenses Total before tax $ (67.3 ) $ (35.2 ) $ (57.7 ) 23.2 12.9 21.8 Provision for income taxes Amount included in net income $ (44.1 ) $ (22.3 ) $ (35.9 ) Total reclassifications for the period $ (41.1 ) $ (71.0 ) $ (36.2 ) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income. (2) Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. (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 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. Noncontrolling interest purchase In 2013 we purchased an additional 6.25 percent ownership interest in a legal entity within our discontinued FMC Alkali Chemicals division for $80.0 million from one of two remaining noncontrolling interest holders. In 2014 we purchased the remaining 6.25 percent ownership interest from the last remaining non-controlling interest holder of a legal entity within our discontinued FMC Alkali Chemicals division for $95.7 million . See Note 9 for subsequent disposal of this division in 2015. Dividends and Share Repurchases On January 21, 2016 , we paid dividends totaling $22.1 million to our shareholders of record as of December 31, 2015 . This amount is included in “Accrued and other liabilities” on the consolidated balance sheets as of December 31, 2015 . For the years ended December 31, 2015 , 2014 and 2013 , we paid $86.4 million , $78.1 million and $73.6 million in dividends, respectively. We did not repurchase any shares under the publicly announced repurchase program. At December 31, 2015 , $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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the year ended December 31, 2015 , we had a net loss from continuing operations attributable to FMC stockholders. As such, all 1.7 million shares were potential common shares were excluded from Diluted EPS. For the years ended December 31, 2014 and 2013 there were 386 thousand and 374 thousand , respectively, of potential common shares excluded from Diluted EPS. Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Year Ended December 31, 2015 2014 2013 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ (187.4 ) $ 298.2 $ 365.1 Discontinued operations, net of income taxes 676.4 9.3 (71.2 ) Net income $ 489.0 $ 307.5 $ 293.9 Less: Distributed and undistributed earnings allocable to restricted award holders — (0.9 ) (1.6 ) Net income allocable to common stockholders $ 489.0 $ 306.6 $ 292.3 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (1.40 ) $ 2.23 $ 2.69 Discontinued operations 5.06 0.07 (0.53 ) Net income $ 3.66 $ 2.30 $ 2.16 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (1.40 ) $ 2.22 $ 2.68 Discontinued operations 5.06 0.07 (0.52 ) Net income $ 3.66 $ 2.29 $ 2.16 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 133,696 133,327 135,209 Weighted average additional shares assuming conversion of potential common shares — 955 928 Shares – diluted basis 133,696 134,282 136,137 |
Financial Instruments, Risk Man
Financial Instruments, Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | |
Financial Instrument, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: Financial Instrument Valuation Method Foreign exchange forward contracts Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. Commodity forward and option contracts Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. Debt Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from, or corroborated by, observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $2,214.0 million and $1,773.2 million and the carrying amount is $2,148.9 million and $1,664.1 million as of December 31, 2015 and December 31, 2014 , respectively. We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers (Note 18). Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees is based on our evaluation of creditworthiness on a case-by-case basis. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Foreign Currency Exchange Risk Management We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that includes the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets. The primary currencies for which we have exchange rate exposure are the U.S. dollar versus the euro, the Chinese yuan, the Brazilian real and the Argentine peso. Commodity Price Risk We are exposed to risks in energy costs due to fluctuations in energy prices, particularly natural gas. We attempt to mitigate our exposure to increasing energy costs by hedging the cost of future deliveries of natural gas. Our Agricultural Solutions segment enters into contracts with certain customers in Brazil whereby we exchange our products for physical delivery of soybeans from the customer. In order to mitigate the price risk associated with these barter contracts, we have entered into offsetting derivatives to hedge our exposure. Interest Rate Risk We use various strategies to manage our interest rate exposure, including entering into interest rate swap agreements to achieve a targeted mix of fixed and variable-rate debt. In the agreements we exchange, at specified intervals, the difference between fixed and variable-interest amounts calculated on an agreed-upon notional principal amount. As of December 31, 2015 and December 31, 2014 , we had no such swap agreements in place. Concentration of Credit Risk Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote. Financial Guarantees and Letter-of-Credit Commitments We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance-sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit and other assistance to customers (Notes 1 and 19). Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees, is based on our evaluation of creditworthiness on a case-by-case basis. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of December 31, 2015 , we had open foreign currency forward contracts in AOCI in a net after-tax loss position of $6.1 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2016. At December 31, 2015 , we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $505.2 million . As of December 31, 2015 , we had current open commodity contracts in AOCI in a net after-tax loss position of $1.3 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, 2017. At December 31, 2015 , we had 2.2 million mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. Of the $7.4 million of net after-tax losses, representing both open foreign currency exchange contracts and open commodity contracts, approximately $7.4 million of these losses would be realized in earnings during the twelve months ending December 31, 2016, and zero of net losses would be realized subsequent to December 31, 2016, if spot rates in the future are consistent with forward rates as of December 31, 2015 . The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. We recognize derivative gains and losses in the “Costs of sales and services” line in the consolidated statements of income. 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 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 $1.8 billion at December 31, 2015 . Fair Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2015 and 2014 . December 31, 2015 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 $ 6.1 $ 5.2 $ 11.3 $ (11.3 ) $ — Energy contracts — — — — — Total derivative assets (1) 6.1 5.2 11.3 (11.3 ) — Foreign exchange contracts (15.4 ) (7.3 ) (22.7 ) 11.3 (11.4 ) Energy contracts (2.0 ) — (2.0 ) — (2.0 ) Total derivative liabilities (2) (17.4 ) (7.3 ) (24.7 ) 11.3 (13.4 ) Net derivative assets/(liabilities) $ (11.3 ) $ (2.1 ) $ (13.4 ) $ — $ (13.4 ) December 31, 2014 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 17.1 $ 15.1 $ 32.2 $ (3.6 ) $ 28.6 Energy contracts 0.3 — 0.3 (0.3 ) — Other contracts — — — — — Total derivative assets (1) 17.4 15.1 32.5 (3.9 ) 28.6 Foreign exchange contracts (17.4 ) (100.0 ) (117.4 ) 3.6 (113.8 ) Energy contracts (7.6 ) — (7.6 ) 0.3 (7.3 ) Total derivative liabilities (2) (25.0 ) (100.0 ) (125.0 ) 3.9 (121.1 ) Net derivative assets/(liabilities) $ (7.6 ) $ (84.9 ) $ (92.5 ) $ — $ (92.5 ) ____________________ (1) Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. (2) Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships Contracts (2) (in Millions) Foreign exchange Energy Other Total Accumulated other comprehensive income (loss), net of tax at December 31, 2012 $ 0.7 $ (1.0 ) $ (1.2 ) $ (1.5 ) 2013 Activity Unrealized hedging gains (losses) and other, net of tax (8.0 ) 0.7 2.4 (4.9 ) Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (0.2 ) 0.4 0.1 0.3 (8.2 ) 1.1 2.5 (4.6 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2013 $ (7.5 ) $ 0.1 $ 1.3 $ (6.1 ) 2014 Activity Unrealized hedging gains (losses) and other, net of tax 6.9 (3.8 ) — 3.1 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) — (0.9 ) — (0.9 ) 6.9 (4.7 ) — 2.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (0.6 ) $ (4.6 ) $ 1.3 $ (3.9 ) 2015 Activity Unrealized hedging gains (losses) and other, net of tax 0.4 0.4 (0.1 ) 0.7 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (5.9 ) 2.9 — (3.0 ) (5.5 ) 3.3 (0.1 ) (2.3 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (6.1 ) $ (1.3 ) $ 1.2 $ (6.2 ) ____________________ (1) Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income. (2) For the years ended December 31, 2015 , 2014 and 2013 , there was no material ineffectiveness with regard to cash flow hedges. Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2015 2014 2013 Foreign Exchange contracts Cost of Sales and Services $ (47.9 ) $ (2.9 ) $ 11.2 Selling, general & administrative (2) (172.1 ) (99.6 ) — Total $ (220.0 ) $ (102.5 ) $ 11.2 ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. (2) Charges represent loss on the Cheminova acquisition hedge. See Note 3 within these consolidated financial statements more information. Fair-Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Fair-Value Hierarchy We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair-value hierarchy. The fair-value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair-value measurement of the instrument. Recurring Fair Value Measurements The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets. (in Millions) December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ — $ — $ — $ — Derivatives – Foreign exchange (1) — — — — Other (2) 25.4 25.4 — — Total Assets $ 25.4 $ 25.4 $ — $ — Liabilities Derivatives – Commodities: (1) Energy contracts $ 2.0 $ — $ 2.0 $ — Derivatives – Foreign exchange (1) 11.4 — 11.4 — Other (3) — — — — Total Liabilities $ 13.4 $ — $ 13.4 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the 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 included in “Other long-term liabilities” in the consolidated balance sheets. (in Millions) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ — $ — $ — $ — Derivatives – Foreign exchange (1) 28.6 — 28.6 — Other (2) 30.9 30.9 — — Total Assets $ 59.5 $ 30.9 $ 28.6 $ — Liabilities Derivatives – Commodities: (1) Energy contracts $ 7.3 $ — $ 7.3 $ — Derivatives – Foreign exchange (1) 113.8 — 113.8 — Other (3) 33.7 33.1 0.6 — Total Liabilities $ 154.8 $ 33.1 $ 121.7 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the 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 included in “Other long-term liabilities” in the consolidated balance sheets. Nonrecurring Fair Value Measurements The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2015 and 2014 . See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. (in Millions) Year ended December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2015) Assets Long-lived assets associated with Health and Nutrition activities (1) $ 35.4 $ — $ — $ 35.4 $ (70.5 ) Total Assets $ 35.4 $ — $ — $ 35.4 $ (70.5 ) ____________________ (1) We recorded charges, within our FMC Health and Nutrition segment, to write down the value of certain long-lived assets of approximately $70.5 million to salvage value in the case of fixed assets and fair value in the case of indefinite lived intangible assets. See Note 7 within these consolidated financial statements for more information. (in Millions) Year ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2014) Assets Long-lived assets associated with exit activities (1) — — — — (3.1 ) Total Assets $ — $ — $ — $ — $ (3.1 ) ____________________ (1) We recorded charges, within our FMC Health and Nutrition segment, to write down to zero the value of certain long-lived assets to related to our FMC Health and Nutrition restructuring as they have no future use. See Note 7 within these consolidated financial statements for more information. |
Guarantees, Commitments and Con
Guarantees, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments Guarantees and Contingent Liabilities [Abstract] | |
Guarantees, Commitments, and Contingencies | Guarantees, Commitments and Contingencies Guarantees We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2015 . These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. (in Millions) Guarantees: Guarantees of vendor financing - short term (1) $ 67.2 Guarantees of vendor financing- long term (1) 25.7 Other debt guarantees (2) 21.3 Total $ 114.2 ____________________ (1) Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the 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 and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. Excluded from the chart above, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyers for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. Commitments Leases We lease office space, plants and facilities, and various types of manufacturing, data processing and transportation equipment. Leases of real estate generally provide for our payment of property taxes, insurance and repairs. Our capital leases primarily relate to our two research and technology centers in the U.S. and China. Our capital lease asset balances (net of accumulated amortization of $2.0 million and $1.4 million ), which are classified as buildings within our property, plant and equipment on our consolidated balance sheets, were $28.1 million and $28.7 million as of December 31, 2015 and 2014 , respectively. Amortization of capital lease assets is included within depreciation expense. See Note 20 within these consolidated financial statements for obligations associated with our capital leases. Year ended December 31, (in Millions) 2015 2014 2013 Operating leases rent expense $ 18.4 $ 23.2 $ 24.2 Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2016 $13.4 $4.7 2017 $18.5 $4.7 2018 $18.0 $4.8 2019 $16.5 $4.9 2020 $15.2 $5.0 Thereafter $123.8 $31.4 Purchase Obligations Our minimum commitments under our take-or-pay purchase obligations associated with the sourcing of materials and energy total approximately $33.4 million . Since the majority of our minimum obligations under these contracts are over the life of the contract a year-by-year basis, we are unable to determine the periods in which these obligations could be payable under these contracts. However, we intend to fulfill the obligations associated with these contracts through our purchases associated with the normal course of business. Contingencies Competition / antitrust litigation related to the discontinued FMC Peroxygens segment. We are subject to actions brought by private plaintiffs relating to alleged violations of European and Canadian competition and antitrust laws, as further described below. European competition action . Multiple European purchasers of hydrogen peroxide who claim to have been harmed as a result of alleged violations of European competition law by hydrogen peroxide producers assigned their legal claims to a single entity formed by a law firm. The single entity then filed a lawsuit in Germany in March 2009 against European producers, including our wholly-owned Spanish subsidiary, Foret. Initial defense briefs were filed in April 2010, and an initial hearing was held during the first quarter of 2011, at which time case management issues were discussed. At a subsequent hearing in October 2011, the Court indicated that it was considering seeking guidance from the European Court of Justice (“ECJ”) as to whether the German courts have jurisdiction over these claims. After submission of written comments on this issue by the parties, on March 1, 2012, the judge announced that she would refer the jurisdictional issues to the ECJ, which she did on April 29, 2013. On May 21, 2015, the ECJ issued its decision, upholding the jurisdiction of the German court. The case is now back before the German judge. We filed a motion to dismiss the proceedings in September 2015. We do not anticipate a response by the court until the second quarter of 2016. Since the case is in the preliminary stages and is based on a novel procedure - namely the attempt to create a cross-border “class action” which is not a recognized proceeding under EU or German law - we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend this matter. Canadian antitrust actions . In 2005, after public disclosures of the U.S. federal grand jury investigation into the hydrogen peroxide industry (which resulted in no charges brought against us) and the filing of various class actions in U.S. federal and state courts, which have all been settled, putative class actions against us and five other major hydrogen peroxide producers were filed in provincial courts in Ontario, Quebec and British Columbia under the laws of Canada. The other five defendants have settled these claims for a total of approximately $20.6 million . On September 28, 2009, the Ontario Superior Court of Justice certified a class of direct and indirect purchasers of hydrogen peroxide from 1994 to 2005. Our motion for leave to appeal the class certification decision was denied in June 2010. The case was largely dormant while the Canadian Supreme Court considered, in different litigation, whether indirect purchasers may recover overcharges in antitrust actions. In October 2013 the Court ruled that such recovery is permissible. The Court has approved, the plaintiffs' request have now moved to dismiss certain downstream purchasers (those who purchased products that contain hydrogen peroxided or were made using hydrogen peroxide) from the case and to reduce the class period to November 1, 1998 through December 31, 2003 - thereby eliminating six of the eleven years of the originally certified class period. Since the proceedings are in the preliminary stages with respect to the merits, we are unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to vigorously defend these matters. Asbestos claims . Like hundreds of other industrial companies, we have been named as one of many defendants in asbestos-related personal injury litigation. Most of these cases allege personal injury or death resulting from exposure to asbestos in premises of FMC or to asbestos-containing components installed in machinery or equipment manufactured or sold by discontinued operations. We intend to continue managing these asbestos-related cases in accordance with our historical experience. We have established a reserve for this litigation within our discontinued operations and believe that any exposure of a loss in excess of the established reserve cannot be reasonably estimated. Our experience has been that the overall trends in asbestos litigation have changed over time. Over the last several years, we have seen changes in the jurisdictions where claims against FMC are being filed and changes in the mix of products named in the various claims. Because these claim trends have yet to form a predictable pattern, we are presently unable to reasonably estimate our asbestos liability with respect to claims that may be filed in the future. Other contingent liabilities . In addition to the matters disclosed above, we have certain other contingent liabilities arising from litigation, claims, products we have sold, guarantees or warranties we have made, contracts we have entered into, indemnities we have provided, and other commitments incident to the ordinary course of business. Some of these contingencies are known - for example pending product liability litigation or claims - but are so preliminary that the merits cannot be determined, or if more advanced, are not deemed material based on current knowledge; and some are unknown - for example, claims with respect to which we have no notice or claims which may arise in the future, resulting from products we have sold, guarantees or warranties we have made, or indemnities we have provided. Therefore, we are unable to develop a reasonable estimate of our potential exposure of loss for these contingencies, either individually or in the aggregate, at this time. Based on information currently available and established reserves, we have no reason to believe that the ultimate resolution of our known contingencies, including the matters described in this Note, will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, there can be no assurance that the outcome of these contingencies will be favorable, and adverse results in certain of these contingencies could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity. See Note 10 for the Pocatello tribal litigation and Middleport litigation for legal proceedings associated with our environmental contingencies. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information (in Millions) Year Ended December 31, 2015 2014 2013 Revenue (1) FMC Agricultural Solutions $ 2,252.9 $ 2,173.8 $ 2,145.7 FMC Health and Nutrition 785.5 828.2 762.0 FMC Lithium 238.1 256.7 223.0 Total $ 3,276.5 $ 3,258.7 $ 3,130.7 Income (loss) from continuing operations before income taxes FMC Agricultural Solutions $ 363.9 $ 497.8 $ 539.0 FMC Health and Nutrition 194.7 187.9 169.5 FMC Lithium 23.0 27.2 12.0 Segment operating profit $ 581.6 $ 712.9 $ 720.5 Corporate and other (62.4 ) (71.4 ) (82.4 ) Operating profit before the items listed below 519.2 641.5 638.1 Interest expense, net (80.1 ) (51.2 ) (36.3 ) Restructuring and other (charges) income (2) (244.0 ) (56.4 ) (50.5 ) Non-operating pension and postretirement (charges) income (3) (35.3 ) (10.5 ) (38.1 ) Business separation cost (4) — (23.6 ) — Acquisition related charges (5) (290.3 ) (136.0 ) (10.0 ) (Provision) benefit for income taxes (47.4 ) (56.2 ) (131.6 ) Discontinued operations, net of income taxes 676.4 14.5 (63.6 ) Net income attributable to noncontrolling interests (9.5 ) (14.6 ) (14.1 ) Net income attributable to FMC stockholders $ 489.0 $ 307.5 $ 293.9 ____________________ (1) Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. (2) See Note 7 for details of restructuring and other charges (income). Below provides the detail the charges (income) by segment: Year Ended December 31 (in Millions) 2015 2014 2013 FMC Agricultural Solutions $ (123.7 ) $ 4.5 $ (32.6 ) FMC Health and Nutrition (93.8 ) (14.1 ) (1.0 ) FMC Lithium (2.7 ) — (9.0 ) Corporate (23.8 ) (46.8 ) (7.9 ) Restructuring and other (charges) income $ (244.0 ) $ (56.4 ) $ (50.5 ) (3) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item "Selling, general and administrative expenses" on our consolidated statements of income. (4) Charges are associated with the previously planned separation of FMC Corporation into two independent public companies. On September 8, 2014, we announced that we would no longer proceed with the planned separation of FMC into two distinct public entities. At that time we announced the acquisition of Cheminova; see Note 3 within these consolidated financial statements for more information. These charges are included within "Business separation costs" on our consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions through September 8, 2014. (5) 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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31, (in Millions) 2015 2014 2013 Acquisition related charges - Cheminova Legal and professional fees (1) $ 60.4 $ 32.2 $ — Unrealized loss/(gain) on hedging purchase price (1) 172.1 99.6 — Inventory fair value step-up amortization (2) 57.8 — — Acquisition related charges - Epax Legal and professional fees (1) — — 4.8 Inventory fair value step-up amortization (2) — 4.2 5.2 Acquisition/divestiture related charges $ 290.3 $ 136.0 $ 10.0 ____________________ (1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. (in Millions) December 31, 2015 2014 Operating capital employed (1) FMC Agricultural Solutions $ 3,085.2 $ 1,612.3 FMC Health and Nutrition 1,180.9 1,365.8 FMC Lithium 312.6 297.3 Elimination — — Total operating capital employed 4,578.7 3,275.4 Segment liabilities included in total operating capital employed 1,270.6 919.2 Assets of discontinued operations held for sale — 604.8 Corporate items 476.6 526.6 Total assets $ 6,325.9 $ 5,326.0 Segment assets (2) FMC Agricultural Solutions $ 4,259.5 $ 2,399.0 FMC Health and Nutrition 1,241.1 1,452.3 FMC Lithium 348.7 343.3 Elimination — — Total segment assets 5,849.3 4,194.6 Assets of discontinued operations held for sale — 604.8 Corporate items 476.6 526.6 Total assets $ 6,325.9 $ 5,326.0 ____________________ (1) We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. (2) Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. Year Ended December 31, (in Millions) Capital Expenditures (1) Depreciation and Amortization Research and Development Expense 2015 2014 2013 2015 2014 2013 2015 2014 2013 FMC Agricultural Solutions $ 29.2 $ 25.4 $ 49.7 $ 60.5 $ 31.0 $ 34.1 $ 132.4 $ 111.8 $ 100.5 FMC Health and Nutrition 50.6 96.8 86.5 38.9 44.9 35.4 7.8 10.0 10.5 FMC Lithium 17.4 45.0 21.3 12.2 13.7 14.7 3.5 4.5 4.6 Corporate 11.3 15.0 8.7 4.1 3.9 3.8 — — — Total $ 108.5 $ 182.2 $ 166.2 $ 115.7 $ 93.5 $ 88.0 $ 143.7 $ 126.3 $ 115.6 ___________________ (1) Cash spending associated with contract manufacturers in our FMC Agricultural Solutions segment, which are not included in the table above was $14.2 million , $8.1 million and $24.1 million for the years ended December 31, 2015 . 2014 and 2013 , respectively. Geographic Segment Information (in Millions) Year Ended December 31, 2015 2014 2013 Revenue from continuing operations (by location of customer): North America (1) $ 911.1 $ 908.2 $ 818.5 Europe/Middle East/Africa 623.9 483.7 455.0 Latin America (1) 981.8 1,195.6 1,259.1 Asia Pacific 759.7 671.2 598.1 Total $ 3,276.5 $ 3,258.7 $ 3,130.7 ____________________ (1) In 2015, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2015 , 2014 and 2013 for the U.S. totaled $853.0 million , $857.7 million and $782.4 million and for Brazil totaled $662.5 million , $926.5 million and $1,014.7 million , respectively. (in Millions) December 31, 2015 2014 Long-lived assets (1) : North America (2) $ 648.5 $ 580.1 Europe/Middle East/Africa (2) 1,720.1 652.0 Latin America 290.9 209.9 Asia Pacific 407.6 348.0 Total $ 3,067.1 $ 1,790.0 ____________________ (1) Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. (2) The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2015 are the U.S. which totaled $646.9 million and Denmark which totaled $689.1 million , respectively. The long- lived assets at December 31, 2014 are the U.S which totaled $586.0 million and Norway which totaled $453.5 million , respectively. Norway assets included goodwill $194.3 million at December 31, 2014 . |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | Supplemental Information The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2015 2014 Prepaid and other current assets Prepaid insurance $ 8.8 $ 7.0 Tax related items including value added tax receivables 105.3 74.9 Environmental obligation recoveries (Note 10) 6.1 8.0 Derivative assets (Note 17) — 28.6 Argentina government receivable (1) 18.7 14.8 Other prepaid and current assets 102.8 55.5 Total $ 241.7 $ 188.8 (in Millions) December 31, 2015 2014 Other Assets Financing receivables (Note 8) $ 90.6 $ — Advance to contract manufacturers 69.0 62.8 Capitalized software, net 36.5 32.1 Environmental obligation recoveries (Note 10) 17.1 21.9 Argentina government receivable (1) 52.5 47.0 Income taxes deferred charges 65.6 — Deferred compensation arrangements 25.4 30.9 Pension and other postretirement benefits (Note 13) — 0.7 Other long-term assets 78.4 59.7 Total $ 435.1 $ 255.1 ____________________ (1) We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Lithium segments. At December 31, 2015 and 2014 , $50.3 million and $42.2 million of outstanding receivables due from the Argentina government, which primarily represent export tax and valued added tax receivables, were denominated in U.S. dollars. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. Accrued and other liabilities December 31, (in Millions) 2015 2014 Restructuring reserves (Note 7) $ 15.6 $ 10.3 Dividend payable (Note 15) 22.1 20.1 Accrued payroll 49.8 46.0 Environmental reserves, current, net of recoveries (Note 10) 59.1 74.4 Derivative liabilities (Note 17) 13.4 121.1 Other accrued and other liabilities 177.6 135.3 Total $ 337.6 $ 407.2 Other long-term liabilities December 31, (in Millions) 2015 2014 Asset retirement obligations, long-term (Note 1) $ 1.7 $ 1.7 Contingencies related to uncertain tax positions (Note 11) 97.1 45.9 Deferred compensation arrangements 29.1 33.1 Self insurance reserves (primarily workers' compensation) 11.2 13.8 Lease obligations 34.3 33.6 Reserve for discontinued operations (Note 9) 46.1 53.3 Guarantees of vendor financing (Note 18) 25.7 — Other long-term liabilities 33.6 26.7 Total $ 278.8 $ 208.1 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) (in Millions, Except Share and Per Share Data) 2015 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 659.4 $ 887.1 $ 830.7 $ 899.3 $ 756.9 $ 794.9 $ 819.1 $ 887.8 Gross margin 250.7 305.8 220.3 298.6 293.0 316.1 283.5 318.3 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes (96.1 ) 100.5 0.5 (55.1 ) 142.9 147.6 70.2 54.1 Income (loss) from continuing operations (1) (61.1 ) 58.1 5.4 (180.3 ) 97.0 98.0 53.7 58.9 Discontinued operations, net of income taxes 15.6 688.2 (5.0 ) (22.4 ) (26.6 ) 15.3 6.4 19.4 Net income (loss) (45.5 ) 746.3 0.4 (202.7 ) 70.4 113.3 60.1 78.3 Less: Net income attributable to noncontrolling interests 1.3 4.0 2.8 1.4 4.8 4.2 3.8 1.8 Net income (loss) attributable to FMC stockholders $ (46.8 ) $ 742.3 $ (2.4 ) $ (204.1 ) $ 65.6 $ 109.1 $ 56.3 $ 76.5 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ (62.4 ) $ 54.1 $ 2.6 $ (181.7 ) $ 93.8 $ 95.7 $ 51.6 $ 57.1 Discontinued operations, net of income taxes 15.6 688.2 (5.0 ) (22.4 ) (28.2 ) 13.4 4.7 19.4 Net income (loss) $ (46.8 ) $ 742.3 $ (2.4 ) $ (204.1 ) $ 65.6 $ 109.1 $ 56.3 $ 76.5 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.47 ) $ 0.40 $ 0.02 $ (1.36 ) $ 0.70 $ 0.72 $ 0.39 $ 0.43 Discontinued operations 0.12 5.14 (0.04 ) (0.17 ) (0.21 ) 0.10 0.03 0.14 Basic net income (loss) per common share (1) $ (0.35 ) $ 5.54 $ (0.02 ) $ (1.53 ) $ 0.49 $ 0.82 $ 0.42 $ 0.57 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.47 ) $ 0.40 $ 0.02 $ (1.36 ) $ 0.70 $ 0.71 $ 0.39 $ 0.43 Discontinued operations 0.12 5.12 (0.04 ) (0.17 ) (0.21 ) 0.10 0.03 0.14 Diluted net income (loss) per common share (2) $ (0.35 ) $ 5.52 $ (0.02 ) $ (1.53 ) $ 0.49 $ 0.81 $ 0.42 $ 0.57 Weighted average shares outstanding: Basic 133.6 133.7 133.8 133.7 133.1 133.3 133.4 133.5 Diluted 133.6 134.4 134.4 133.7 134.3 134.4 134.3 134.3 ____________________ (1) In the fourth quarter of 2015, we recorded significant restructuring and charges associated with both our Seal Sands facility and associated with Cheminova. Both of these are described in more detail in Note 7. Additionally, our results for the fourth quarter of 2015, were favorably impacted by $4.8 million after-tax or $0.03 per diluted share related to a cost of sale adjustment for the elimination of inter-company profit in inventory. This adjustment related to third quarter of 2015. (2) The sum of quarterly earnings per common share may differ from the full-year amount. |
SCHEDULE II_Valuation and Quali
SCHEDULE II—Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR YEARS ENDED DECEMBER 31, 2015 , 2014 and 2013 Provision /(Benefit) (in Millions) Balance, Beginning of Year Charged to Costs and Expenses Charged to Other Comprehensive Income Write- offs (1) Balance, End of Year December 31, 2015 Reserve for doubtful accounts (2) $ 37.2 5.9 — — $ 43.1 Deferred tax valuation allowance $ 125.3 146.8 0.4 — $ 272.5 December 31, 2014 Reserve for doubtful accounts $ 30.1 8.7 — (1.6 ) $ 37.2 Deferred tax valuation allowance $ 108.2 17.3 (0.2 ) — $ 125.3 December 31, 2013 Reserve for doubtful accounts $ 26.7 5.1 — (1.7 ) $ 30.1 Deferred tax valuation allowance $ 84.5 23.1 0.6 — $ 108.2 ____________________ (1) Write-offs are net of recoveries. (2) Includes short term and long-term portion |
Principal Accounting Policies33
Principal Accounting Policies and Related Financial Information (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Principal Accounting Policies and Related Financial Information [Abstract] | |
Basis of consolidation and basis of presentation | Basis of consolidation and basis of presentation . The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America. Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation. |
Discontinued operations and reclassifications | Discontinued operations and reclassifications. In February 2015, our FMC Alkali Chemicals division ("ACD") was classified as a discontinued operation. For more information on discontinued operations see Note 9. As a result, our FMC Minerals segment, which previously included our FMC Alkali Chemicals and FMC Lithium divisions, was renamed FMC Lithium. We have recast all the data within this filing to reflect the changes in our reportable segments to conform to the current year presentation and to present ACD as a discontinued operation retrospectively for all periods presented. In addition, certain other prior year amounts have been reclassified to conform with the current year's presentation. |
Estimates and assumptions | Estimates and assumptions . In preparing the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows. |
Cash equivalents | Cash equivalents . We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents. |
Trade receivables, net of allowance | Trade receivables, net of allowance . Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly. The allowance for trade receivable is $13.9 million and $37.2 million as of December 31, 2015 and 2014 , respectively. The allowance for long-term financing receivables is $29.2 million at December 31, 2015. The provision to the allowance for receivables charged against operations was $5.9 million , $8.7 million and $5.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Investments | Investments . Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. All other investments are carried at their fair values or at cost, as appropriate. We are party to several joint venture investments throughout the world, which individually and in the aggregate are not significant to our financial results. |
Inventories | Inventories . Inventories are stated at the lower of cost or market value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All domestic inventories, excluding materials and supplies, are determined on a last-in, first-out (“LIFO”) basis and our remaining inventories are recorded on a first-in, first-out (“FIFO”) basis. See Note 5. |
Property, plant and equipment | Property, plant and equipment . We record property, plant and equipment, including capitalized interest, at cost. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements— 20 years , buildings— 20 to 40 years , and machinery and equipment— three to 18 years ). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. |
Capitalized interest | Capitalized interest . We capitalized interest costs of $7.8 million in 2015 , $8.0 million in 2014 and $4.6 million in 2013 . These costs were associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives. |
Impairments of long-lived assets | Impairments of long-lived assets . We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. |
Asset retirement obligation | Asset retirement obligations . We record asset retirement obligations at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated asset retirement obligations (“AROs”) are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. We have mining operations in our lithium business and we have legal reclamation obligations relate to these facilities upon closure of the mines. Also, we have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. Certain of these obligations are recorded in our environmental reserves described in Note 10. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was immaterial at December 31, 2015 and 2014 . We have also determined that the liability for certain AROs cannot currently be calculated as the settlement dates are not reasonably estimable. We will recognize the liability for these AROs, when sufficient information exists to estimate a range of potential settlement dates. The carrying amounts for the AROs for the years ended December 31, 2015 and 2014 are $1.7 million and $1.7 million , respectively. These amounts are included in "Other long-term liabilities" on the consolidated balance sheet. |
Restructuring and other charges | Restructuring and other charges . We continually perform strategic reviews and assess the return on our businesses. This sometimes results in a plan to restructure the operations of a business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance. Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life. |
Capitalized software | Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from three to 10 years . See Note 20 for the net unamortized computer software balances. |
Goodwill and intangible assets | Goodwill and intangible assets . Goodwill and other indefinite life intangible assets (“intangibles”) are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test. We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessment, conducted in 2015 , we did not record any goodwill impairments and we believe that the fair value of our reporting units with goodwill substantially exceeds their carrying value. In 2015 , we recorded indefinite life intangible impairments of $19.6 million . These amounts were associated with our Seal Sands facility in Health and Nutrition as well as events within Agricultural Solutions related to Cheminova integration and restructuring activities. These items are discussed further in Note 7. We did not record goodwill or indefinite life intangible impairments to continuing operations in 2014 and 2013 . Finite-lived intangible assets consist primarily of patents, access rights, customer relationships, brands, registration rights, industry licenses, developed formulations and other intangibles and are being amortized over periods of five to 25 years . See Note 4 for additional information on goodwill and intangible assets and Note 7 for additional information on the indefinite life intangible impairments. |
Revenue recognition | Revenue recognition . We recognize revenue when the earnings process is complete, which is generally upon transfer of title. This transfer typically occurs either upon shipment to the customer or upon receipt by the customer. In all cases, we apply the following criteria in recognizing revenue: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable and collection is reasonably assured. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. We periodically enter into prepayment arrangements with customers, primarily in our FMC Agricultural Solutions segment, and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as “Advance payments from customers” on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. |
Research and Development | Research and Development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of “Restructuring and other charges (income).” |
Income and other taxes | Income and other taxes . We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable and recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We do not provide income taxes on the equity in undistributed earnings of consolidated foreign subsidiaries as it is our intention that such earnings will remain invested in those companies. |
Foreign currency | Foreign currency . We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in the income statement as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions. See “Derivative financial instruments” below and Note 17. |
Derivative financial instruments | Derivative financial instruments . We mitigate certain financial exposures, including currency risk, interest rate risk and commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income or loss changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. |
Treasury stock | Treasury stock . We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the Consolidated Balance Sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a first-in, first-out (“FIFO”) method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock. |
Segment information | Segment information . We determined our reportable segments based on our strategic business units, the commonalities among the products and services within each segment and the manner in which we review and evaluate operating performance. We have identified FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium as our reportable segments. Segment disclosures are included in Note 19. Segment operating profit is defined as segment revenue less segment operating expenses (segment operating expenses consist of costs of sales and services, selling, general and administrative expenses and research and development expenses). We have excluded the following items from segment operating profit: corporate staff expense, interest income and expense associated with corporate debt facilities and investments, income taxes, gains (or losses) on divestitures of businesses, restructuring and other charges (income), investment gains and losses, loss on extinguishment of debt, asset impairments, LIFO inventory adjustments, acquisition related costs, non-operating pension and postretirement charges, and other income and expense items. Information about how restructuring and other charges (income) relate to our businesses at the segment level is discussed in Note 7. Segment assets and liabilities are those assets and liabilities that are recorded and reported by segment operations. Segment operating capital employed represents segment assets less segment liabilities. Segment assets exclude corporate and other assets, which are principally cash equivalents, the LIFO reserve on inventory, deferred income taxes, eliminations of intercompany receivables and property and equipment not attributable to a specific segment, such as capitalized interest. Segment liabilities exclude substantially all debt, income taxes, pension and other postretirement benefit liabilities, environmental reserves and related recoveries, restructuring reserves, fair value of currency contracts, intercompany eliminations, and reserves for discontinued operations. Geographic segment revenue is based on the location of our customers. Geographic segment long-lived assets include investments, net property, plant and equipment, and other non-current assets. Geographic segment data is included in Note 19. |
Stock compensation plans | Stock compensation plans . We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 14 for further discussion on our share-based compensation. |
Environmental obligations | Environmental obligations . We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency (“EPA”), or similar government agencies, are generally accrued no later than when a Record of Decision (“ROD”), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study (“RI/FS”), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties. Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites. Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans ("OM&M"). Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years. Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third party insurance policies which we believe are probable of recovery. Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties (“PRPs”) or other third parties. Such provisions incorporate inflation and are not discounted to their present values. In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act (“CERCLA”) and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in “Environmental liabilities, continuing and discontinued” or as “Other assets” in our consolidated balance sheets in accordance with U.S. accounting literature. |
Pension and other postretirement benefits | Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 13 for additional information relating to pension and other postretirement benefits. |
New Accounting guidance and regulatory items | New Accounting guidance and regulatory items On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal year beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). We are evaluating the effect the guidance will have on our consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01, "Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. We are evaluating the effect the guidance will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This new standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. We are required to adopt this standard in the first quarter of 2017 and early adoption is permitted. We believe the adoption will not have a material impact on our consolidated financial statements. In May 2014, the 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 guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. We intend to adopt this standard for interim and annual periods beginning after December 15, 2017. 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. Recently adopted accounting guidance In November 2015 the FASB issued ASU 2015-17, Income Taxes (Topic 740) Related to the Balance Sheet Classification of Deferred Taxes which will require entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as noncurrent in a classified balance sheet. The ASU simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. We have adopted this ASU as of December 31, 2015 and prior periods have not been adjusted to reflect this adoption. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . This new standard eliminates the requirement to restate prior period financial statements for measurement period adjustments associated with business combinations. This new guidance does not change what constitutes a measurement period adjustment. We have adopted this guidance prospectively beginning in the third quarter of 2015. For more information on the measurement period adjustments recorded during 2015, see Note 3. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this new standard require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. As permitted under the guidance, we have adopted this Standard at December 31, 2015 and have reclassified all prior periods to be consistent with the requirements as outlined in the ASU. The impact of the prior period reclassification was a $14.5 million reduction of Other assets on our consolidated balance sheet and a corresponding reduction in long-term debt as of December 31, 2014. In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis . This new standard changes the consolidation evaluation for entities that are required to evaluate whether they should consolidate certain legal entities. We are required to adopt this standard in the first quarter of 2016 but under the rules have elected to adopt as part of year end 2015. We have evaluated the effect that ASU 2015-02 had on our consolidated financial statements and have determined that there was no impact upon adoption. In April 2014, the FASB issued its updated guidance on the financial reporting of discontinued operations. This new standard changed the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the this guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Additionally, expanded disclosures about discontinued operations would 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 have adopted this guidance prospectively beginning in 2015. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Acquisition costs | The following table summarizes the costs incurred associated with these combined activities. Year ended December 31 (in Millions) 2015 2014 Acquisition-related charges Legal and professional fees (1) $ 60.4 $ 32.2 Inventory fair value amortization (2) 57.8 — (Gain)/loss on hedging purchase price (3) 172.1 99.6 Total Acquisition-related charges $ 290.3 $ 131.8 Restructuring charges and asset disposals Cheminova restructuring 118.3 — Total Cheminova restructuring charges (4) $ 118.3 $ — ____________________ (1) Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” (2) On the consolidated statements of income (loss), these charges are included in “Costs of sales and services.” (3) See "Cheminova Acquisition Hedge Costs" below for more information on these charges. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” (4) See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). |
Business Acquisition, Pro Forma Information | Year ended December 31, (in Millions) 2015 2014 Pro forma Revenue $ 3,638.5 $ 4,484.4 Pro forma Diluted earnings per share $ 4.99 $ 3.01 |
Cheminova [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Cheminova and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis. Preliminary Purchase Price Allocation (in Millions) Trade receivables $ 493.3 Inventories (1) 374.8 Other current assets 53.6 Property, plant & equipment 186.4 Intangible assets (2) Customer relationships 294.1 Brands 362.8 In-process research & development 1.4 Goodwill (3) 448.5 Other assets 85.2 Total fair value of assets acquired 2,300.1 Short-term debt 140.5 Other current liabilities 430.3 Environmental reserves 47.2 Long-term debt (4) 273.1 Deferred tax liabilities 165.1 Other liabilities 38.8 Total fair value of liabilities assumed 1,095.0 Total cash paid, less cash acquired $ 1,205.1 ____________________ (1) The Fair value of finished goods inventory acquired included a step-up in the value of approximately $57.8 million , of which all was expensed in 2015 and included in "Cost of sales and services" on the consolidated income statement. (2) The weighted average useful life of the acquired finite-lived intangibles, which primarily represents customer relationships, is approximately 20 years . (3) Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. None of the acquired goodwill will be deductible for income tax purposes. (4) Long-term debt assumed primarily consisted of mortgage debt and borrowings under existing Cheminova credit facilities. As of December 31, 2015 the principal borrowings under this assumed debt has been settled using the borrowing under the October 10, 2014 term loan. |
EPAX [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Purchase Price Allocation (in Millions) Trade receivables $ 15.6 Inventories (1) 53.7 Other current assets 5.0 Property, plant & equipment 136.8 Intangible assets (2) 71.7 Goodwill (3) 99.4 Other assets 0.6 Total fair value of assets acquired $ 382.8 Current liabilities 12.3 Deferred tax liabilities 30.5 Other liabilities 0.4 Total fair value of liabilities assumed $ 43.2 Total cash paid, less cash acquired $ 339.6 ____________________ (1) Fair value of finished good inventories acquired included a step-up in the value of approximately $9.4 million , of which $5.2 million was expensed in 2013 with the remaining, $4.2 million , expensed in 2014. Amounts are expensed to "Cost of sales and services." (2) The major classes of intangible assets acquired primarily represent customer relationships and brands. The weighted average useful life of the acquired finite-lived intangibles is approximately 17 years . See Note 4 for more information. (3) Goodwill largely consisted of expected revenue synergies resulting from the business combinations. None of the acquired goodwill will be deductible for income tax purposes. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Business Segment | The changes in the carrying amount of goodwill by business segment for the years ended December 31, 2015 and 2014 , are presented in the table below: (in Millions) FMC Agricultural Solutions FMC Health and Nutrition FMC Lithium Total Balance, December 31, 2013 $ 31.0 $ 358.4 $ — $ 389.4 Foreign currency adjustments — (36.9 ) — (36.9 ) Balance, December 31, 2014 $ 31.0 $ 321.5 $ — $ 352.5 Acquisitions 448.5 — — 448.5 Foreign currency adjustments — (24.9 ) — (24.9 ) Balance, December 31, 2015 $ 479.5 $ 296.6 $ — $ 776.1 |
Schedule of Finite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following: December 31, 2015 December 31, 2014 (in Millions) Weighted avg. useful life at December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite-lived) Customer relationships 19 years $ 435.5 $ (40.8 ) $ 394.7 $ 152.8 $ (22.5 ) $ 130.3 Patents 3 years 2.2 (0.3 ) 1.9 1.7 (0.1 ) 1.6 Brands (1) 11 years 14.2 (2.7 ) 11.5 1.2 (0.6 ) 0.6 Purchased and licensed technologies 11 years 71.0 (29.5 ) 41.5 74.3 (24.5 ) 49.8 Other intangibles 29 years 3.5 (2.2 ) 1.3 3.6 (2.4 ) 1.2 $ 526.4 $ (75.5 ) $ 450.9 $ 233.6 $ (50.1 ) $ 183.5 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets not subject to amortization (indefinite life) Brands (1) $ 384.7 $ 384.7 $ 63.4 $ 63.4 In-process research & development 1.4 1.4 — — $ 386.1 $ 386.1 $ 63.4 $ 63.4 Total intangible assets $ 912.5 $ (75.5 ) $ 837.0 $ 297.0 $ (50.1 ) $ 246.9 ____________________ (1) Represents trademarks, trade names and know-how. |
Schedule of Intangible Assets by Segment | At December 31, 2015 , the finite-lived and indefinite life intangibles were allocated among our business segments as follows: (in Millions) Finite-lived Indefinite life FMC Agricultural Solutions $ 379.8 $ 371.0 FMC Health and Nutrition 70.0 15.1 FMC Lithium 1.1 — Total $ 450.9 $ 386.1 |
Schedule of Amortization Expense | Year ended December 31, (in Millions) 2015 2014 2013 Amortization Expense $ 22.7 $ 11.0 $ 9.7 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: December 31, (in Millions) 2015 2014 Finished goods $ 350.0 $ 281.1 Work in process 275.4 242.6 Raw materials, supplies and other 335.6 248.3 FIFO inventory 961.0 772.0 Less: Excess of FIFO cost over LIFO cost (160.8 ) (164.4 ) Net inventories $ 800.2 $ 607.6 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: (in Millions) December 31, 2015 December 31, 2014 Land and land improvements $ 101.9 $ 61.4 Buildings 320.4 269.7 Machinery and equipment 1,171.9 1,064.8 Construction in progress 190.4 222.8 Total cost 1,784.6 1,618.7 Accumulated depreciation (768.2 ) (688.7 ) Property, plant and equipment, net $ 1,016.4 $ 930.0 |
Restructuring and Other Charg38
Restructuring and Other Charges (Income) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges (Income) | The following table shows total restructuring and other charges included in the respective line items of the Consolidated Statements of Income: Year Ended December 31, (in Millions) 2015 2014 2013 Restructuring Charges and Asset Disposals $ 217.7 $ 17.2 $ 12.2 Other Charges (Income), Net 26.3 39.2 38.3 Total Restructuring and Other Charges $ 244.0 $ 56.4 $ 50.5 |
Schedule of Restructuring Charges and Asset Disposals | RESTRUCTURING CHARGES AND ASSET DISPOSALS Restructuring Charges (in Millions) Severance and Employee Benefits (1) Other Charges (Income) (2) Asset Disposal Charges (3) Total Cheminova Restructuring 23.5 2.7 92.1 118.3 Health and Nutrition Restructuring 6.5 1.0 86.1 93.6 Other Items 6.0 (0.2 ) — 5.8 Year ended December 31, 2015 $ 36.0 $ 3.5 $ 178.2 $ 217.7 Health and Nutrition Restructuring 10.1 0.7 3.1 13.9 Other Items 0.5 2.6 0.2 3.3 Year ended December 31, 2014 $ 10.6 $ 3.3 $ 3.3 $ 17.2 Lithium Restructuring 2.8 4.4 1.9 9.1 Other Items 1.8 0.9 0.4 3.1 Year ended December 31, 2013 $ 4.6 $ 5.3 $ 2.3 $ 12.2 ____________________ (1) Represents severance and employee benefit charges. (2) Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (3) Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. |
Restructuring Reserve Roll Forward | The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations. (in Millions) Balance at 12/31/13 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/14 (4) Change in reserves (2) Cash payments Other (3) Balance at 12/31/15 (4) Cheminova Restructuring $ — $ — $ — $ — $ — $ 26.2 $ (18.1 ) $ 0.6 $ 8.7 Health and Nutrition Restructuring — 10.8 (6.2 ) — 4.6 7.5 (10.2 ) 1.0 2.9 Other Workforce Related and Facility Shutdowns (1) 3.1 3.1 (3.2 ) — 3.0 5.8 (6.5 ) 1.3 3.6 Restructuring activities related to discontinued operations (5) 3.0 2.3 (3.3 ) 0.7 2.7 (2.2 ) (0.1 ) — 0.4 Total $ 6.1 $ 16.2 $ (12.7 ) $ 0.7 $ 10.3 $ 37.3 $ (34.9 ) $ 2.9 $ 15.6 ____________________ (1) Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items” sections above. (2) Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment or intangible balances and are not included in the above tables. (3) Primarily foreign currency translation adjustments. (4) Included in “Accrued and other liabilities” on the consolidated balance sheets. (5) Cash spending associated with restructuring activities of discontinued operations is reported within "Payments of other discontinued reserves, net of recoveries" on the consolidated statements of cash flows. |
Schedule of Other Charges Included Within Restructuring And Other Charges Income | Year Ended December 31, (in Millions) 2015 2014 2013 Environmental charges, net $ 21.7 $ 43.7 $ 6.2 Argentina Devaluation 10.7 — — Belchim Crop Protection sale (26.6 ) (26.6 ) — Other items, net 20.5 22.1 32.1 Other Charges (Income), Net $ 26.3 $ 39.2 $ 38.3 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2014 and 2015. (in Millions) Balance, December 31, 2013 30.1 Additions — charged to expense 8.7 Other (1.6 ) Balance, December 31, 2014 37.2 Additions — charged to expense 5.9 Transfer to long-term allowance (see below) (29.2 ) Balance December 31, 2015 $ 13.9 |
Schedule of Allowance of Credit Losses Rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables for fiscal years 2015. ( in Millions ) Balance, December 31, 2014 — Transfer from allowance for doubtful accounts (see above) 29.2 Net Recoveries and write- offs — Balance December 31, 2015 $ 29.2 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The results of our discontinued FMC ACD operations are summarized below: (in Millions) Year Ended December 31, 2015 2014 2013 Revenue $ 194.0 $ 779.0 $ 744.1 Costs of sales and services 149.2 614.9 604.6 Income (loss) from discontinued operations before income taxes (1) 1,096.1 121.2 112.7 Provision for income taxes 379.0 17.3 17.0 Total discontinued operations of FMC ACD, net of income taxes $ 717.1 $ 103.9 $ 95.7 Less: discontinued operations of FMC ACD attributable to noncontrolling interests $ — $ 5.2 $ 7.6 Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders $ 717.1 $ 98.7 $ 88.1 ____________________ (1) For the years ended December 31, 2015 , 2014 and 2013 , respectively, amounts include approximately zero , $5.9 million and $8.7 million attributable to noncontrolling interests, $ 2.2 million , $8.3 million and $5.9 million of allocated interest expense, $15.0 million , $9.0 million and zero of divestiture related charges, respectively as well as a $5.3 million pension curtailment charge in 2015. Interest was allocated in accordance with relevant discontinued operations accounting guidance. The following table presents the major classes of assets and liabilities of FMC Alkali Chemicals: (in Millions) December 31, 2014 Assets Current assets of discontinued operations held for sale (primarily trade receivables and inventories) $ 203.3 Property, plant & equipment (1) 378.6 Other non-current assets (1) 22.9 Total assets of discontinued operations held for sale $ 604.8 Liabilities Current liabilities of discontinued operations held for sale (88.4 ) Noncurrent liabilities of discontinued operations held for sale (1) (4.7 ) Total liabilities of discontinued operations held for sale $ (93.1 ) Net Assets $ 511.7 ____________________ (1) Presented as "Noncurrent assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2014 . In addition to our discontinued FMC Alkali Chemicals division, our discontinued operations in our financial statements includes adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following: (in Millions) Year Ended December 31, 2015 2014 2013 Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $1.0, $0.6 and $0.2, respectively (3) $ (1.1 ) $ (4.0 ) $ (16.1 ) Provision for environmental liabilities, net of recoveries, net of income tax benefit of $16.7, $16.4 and $14.2, respectively (1) (28.8 ) (36.7 ) (23.1 ) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $6.3, $8.4 and $5.5, respectively (2) (10.8 ) (14.3 ) (9.0 ) Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of zero, ($23.7) and $25.1, respectively — (34.4 ) (111.1 ) Discontinued operations of FMC Alkali Chemicals, net of income tax benefit (expense) of ($379), ($17.3) and ($17.0), respectively 717.1 103.9 95.7 Discontinued operations, net of income taxes $ 676.4 $ 14.5 $ (63.6 ) ____________________ (1) See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. (2) Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2015 or 2014. (3) See roll forward of our restructuring reserves in Note 7. |
Discontinued Reserve Balance Table | Reserves for Discontinued Operations at December 31, 2015 and 2014 (in Millions) December 31, 2015 2014 Workers’ compensation and product liability reserve $ 6.1 $ 6.8 Postretirement medical and life insurance benefits reserve, net 9.3 10.0 Reserves for legal proceedings 30.7 36.5 Reserve for discontinued operations (1) $ 46.1 $ 53.3 ____________________ (1) Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. |
Environmental Obligations (Tabl
Environmental Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Liability Rollforward | The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2012 to December 31, 2015 . (in Millions) Operating and Discontinued Sites Total Total environmental reserves, net of recoveries at December 31, 2012 $ 216.0 2013 Provision 48.2 Spending, net of recoveries (59.5 ) Net Change (11.3 ) Total environmental reserves, net of recoveries at December 31, 2013 $ 204.7 2014 Provision 106.2 Spending, net of recoveries (42.4 ) Transfer from asset retirement obligations 16.9 Foreign currency translation adjustments (1.1 ) Net Change 79.6 Total environmental reserves, net of recoveries at December 31, 2014 $ 284.3 2015 Provision 66.9 Spending, net of recoveries (57.0 ) Acquisitions (see Note 3) 47.2 Foreign currency translation adjustments (0.5 ) Net Change 56.6 Total environmental reserves, net of recoveries at December 31, 2015 $ 340.9 |
Schedule of Environmental Recoveries | The table below is a roll forward of our total recorded recoveries from December 31, 2013 to December 31, 2015 : (in Millions) December 31, 2013 Increase in Recoveries Cash Received December 31, 2014 Increase in Recoveries Cash Received December 31, 2015 Environmental liabilities, continuing and discontinued $ 21.0 $ 1.2 $ 10.3 $ 11.9 $ (0.5 ) $ 4.1 $ 7.3 Other assets (1) 35.5 9.4 15.0 29.9 (0.3 ) 6.9 22.7 Total $ 56.5 $ 10.6 $ 25.3 $ 41.8 $ (0.8 ) $ 11.0 $ 30.0 ______________ (1) The amounts are included within “Prepaid and other current assets" and "Other assets" on the consolidated balance sheets. See Note 20 for more details. |
Environmental Reserves Classification, Continuing and Discontinued | The table below provides detail of current and long-term environmental reserves, continuing and discontinued. December 31, (in Millions) 2015 2014 Environmental reserves, current, net of recoveries (1) $ 59.1 $ 74.4 Environmental reserves, long-term continuing and discontinued, net of recoveries (2) 281.8 209.9 Total environmental reserves, net of recoveries $ 340.9 $ 284.3 ______________ (1) These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. (2) These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. |
Schedule of Net Environmental Provision by Operating and Discontinued Sites | Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows: Year ended December 31, (in Millions) 2015 2014 2013 Continuing operations (1) $ 21.7 $ 43.7 $ 6.2 Discontinued operations (2) 45.5 53.1 37.3 Net environmental provision $ 67.2 $ 96.8 $ 43.5 ______________ (1) Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (2) Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. |
Schedule of Net Environmental Provision Balance Sheet Classification | On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows: Year ended December 31, (in Millions) 2015 2014 2013 Environmental reserves (1) $ 66.9 $ 106.2 $ 48.2 Other assets (2) 0.3 (9.4 ) (4.7 ) Net environmental provision $ 67.2 $ 96.8 $ 43.5 ______________ (1) See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. (2) Represents certain environmental recoveries. See Note 20 for details of "Other assets" as presented on our consolidated balance sheets. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: Year Ended December 31, (in Millions) 2015 2014 2013 Domestic $ (186.7 ) $ 27.4 $ 174.4 Foreign 56.2 336.4 328.8 Total $ (130.5 ) $ 363.8 $ 503.2 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: Year Ended December 31, (in Millions) 2015 2014 2013 Current: Federal (1) $ (52.6 ) $ 65.7 $ 44.3 Foreign 78.5 43.4 66.2 State 1.6 4.9 5.8 Total current $ 27.5 $ 114.0 $ 116.3 Deferred: Federal 23.0 (37.5 ) 25.4 Foreign (1.0 ) (21.1 ) (18.0 ) State (2.1 ) 0.8 7.9 Total deferred $ 19.9 $ (57.8 ) $ 15.3 Total $ 47.4 $ 56.2 $ 131.6 ____________________ (1) The gain from the sale of our discontinued Alkali business created an overall domestic taxable income position. The loss from continuing operations is reducing current taxes payable in the current year and as such is presented as a reduction to current tax expense. |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were attributable to: December 31, (in Millions) 2015 2014 Reserves for discontinued operations, environmental and restructuring $ 132.8 $ 111.1 Accrued pension and other postretirement benefits 64.3 70.4 Alternative minimum, foreign tax and other credit carryforwards 25.8 7.4 Net operating loss carryforwards 161.1 143.0 Deferred expenditures capitalized for tax 24.2 34.2 Other 190.8 266.2 Deferred tax assets $ 599.0 $ 632.3 Valuation allowance, net (1) (272.5 ) (125.3 ) Deferred tax assets, net of valuation allowance $ 326.5 $ 507.0 Property, plant and equipment, net 212.8 138.2 Deferred tax liabilities $ 212.8 $ 138.2 Net deferred tax assets $ 113.7 $ 368.8 ____________________ (1) The change in the net valuation allowance was principally related to operations within our Agricultural Solutions business in Brazil driven by unfavorable market conditions and currency impacts experienced in the latter half of 2015. (2) The increase in our Intangibles, property, plant and equipment deferred tax liabilities was primarily related to the acquisition of Cheminova. |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: Year Ended December 31, 2015 2014 2013 U.S. Federal statutory rate (45.7 ) 127.3 176.1 Foreign earnings subject to different tax rates (81.7 ) (83.9 ) (69.6 ) State and local income taxes, less federal income tax benefit (1.0 ) 4.2 13.7 Manufacturer's production deduction and miscellaneous tax credits (9.0 ) (6.4 ) (5.0 ) Tax on intercompany dividends and deemed dividends for tax purposes 12.6 10.7 3.7 Changes to unrecognized tax benefits 9.9 5.5 5.2 Nondeductible expenses 7.8 6.3 2.5 Change in valuation allowance 178.7 1.0 — Exchange gains and losses (1) (20.2 ) (7.2 ) — Other (4.0 ) (1.3 ) 5.0 Total Tax Provision 47.4 56.2 131.6 (1) Includes adjustments for transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable losses in foreign jurisdictions for which there is no corresponding amount in income before income taxes. |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in Millions) 2015 2014 2013 Balance at beginning of year $ 45.9 $ 35.5 $ 21.8 Increases related to positions taken in the current year 21.4 9.6 15.1 Increases for tax positions on acquisitions 25.1 — (1.3 ) Increases related to positions taken on items from prior years 7.4 1.5 — Decreases related to positions taken on items from prior years (2.7 ) — (0.1 ) Settlements during the current year — (0.7 ) — Balance at end of year (1) $ 97.1 $ 45.9 $ 35.5 ____________________ (1) At December 31, 2015 , 2014 , and 2013 we recognized an offsetting non-current deferred tax asset of $65.5 million , $34.8 million , and $28.7 million respectively, relating to specific uncertain tax positions presented above. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Maturing within One Year | Debt maturing within one year consists of the following: December 31, (in Millions) 2015 2014 Short-term foreign debt (1) $ 87.2 $ 36.6 Commercial paper (2) 23.9 486.6 Total short-term debt $ 111.1 $ 523.2 Current portion of long-term debt 1.5 2.0 Short-term debt and current portion of long-term debt $ 112.6 $ 525.2 ____________________ (1) At December 31, 2015 , the average effective interest rate on the borrowings was 8.30% . We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. (2) At December 31, 2015 , the average effective interest rate on the borrowings was 0.70% . |
Schedule of Long-Term Debt | Long-term debt consists of the following: (in Millions) December 31, 2015 December 31, Interest Rate Percentage Maturity Date 2015 2014 Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) 0.2-6.5% 2021-2035 $ 141.5 $ 141.5 Senior notes (less unamortized discount of $1.7 and $1.9, respectively) 3.95-5.2% 2019-2024 998.3 998.1 Term Loan Facility 1.6% 2020 900.0 — Credit Facility (1) 2.9% 2019 — — Foreign debt 0-9.3% 2016-2024 9.9 15.8 Debt issuance cost (11.9 ) (14.5 ) Total long-term debt $ 2,037.8 $ 1,140.9 Less: debt maturing within one year 1.5 2.0 Total long-term debt, less current portion $ 2,036.3 $ 1,138.9 ____________________ (1) Letters of credit outstanding under the Credit Facility totaled $53.7 million and available funds under this facility were $1,422.4 million at December 31, 2015 (which reflects borrowings under our commercial paper program). |
Pensions and Other Postretire44
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Weighted Average Assumptions Used | The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans: Pensions and Other Benefits (in Millions, except for percentages) December 31, Following are the weighted average assumptions used to determine the benefit obligations at December 31: 2015 2014 Discount rate qualified 4.50 % 4.15 % Discount rate nonqualified plan 3.72 % 4.15 % Discount rate other benefits 3.97 % 4.15 % Rate of compensation increase 3.60 % 3.60 % |
Weighted-Average Assumptions used and Components of Defined Benefit Postretirement Plans | The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31: Pensions Other Benefits (1) December 31, (in Millions) 2015 2014 2015 2014 Change in projected benefit obligation Projected benefit obligation at January 1 $ 1,569.0 $ 1,315.2 $ 26.4 $ 23.5 Service cost 13.0 17.3 — 0.1 Interest cost 61.0 62.3 0.9 1.0 Actuarial loss (gain) (81.7 ) 261.3 (2.5 ) 1.0 Amendments 1.5 3.3 (2.0 ) 3.4 Foreign currency exchange rate changes (8.9 ) (12.0 ) — — Plan participants’ contributions — — 2.1 6.1 Settlements (16.3 ) (8.5 ) — — Transfer of liabilities from continuing to discontinued operations — — (1.0 ) — Curtailments (5.4 ) — — — Benefits paid (79.7 ) (69.9 ) (3.9 ) (8.7 ) Projected benefit obligation at December 31 $ 1,452.5 $ 1,569.0 $ 20.0 $ 26.4 Change in plan assets Fair value of plan assets at January 1 $ 1,344.9 $ 1,285.4 $ — $ — Actual return on plan assets (40.5 ) 83.2 — — Foreign currency exchange rate changes (8.2 ) (11.1 ) — — Company contributions 76.9 65.8 1.8 2.6 Plan participants’ contributions — — 2.1 6.1 Settlements (22.4 ) (8.5 ) — — Benefits paid (79.7 ) (69.9 ) (3.9 ) (8.7 ) Fair value of plan assets at December 31 $ 1,271.0 $ 1,344.9 $ — $ — Funded Status U.S. plans with assets $ (135.3 ) $ (167.6 ) $ — $ — U.S. plans without assets (37.5 ) (40.2 ) (20.0 ) (26.4 ) Non-U.S. plans with assets (4.8 ) (7.4 ) — — All other plans (3.9 ) (8.9 ) — — Net funded status of the plan (liability) $ (181.5 ) $ (224.1 ) $ (20.0 ) $ (26.4 ) Amount recognized in the consolidated balance sheets: Pension other asset (2) $ — $ 0.7 $ — $ — Accrued benefit liability (3) (181.5 ) (224.8 ) (20.0 ) (26.4 ) Total $ (181.5 ) $ (224.1 ) $ (20.0 ) $ (26.4 ) ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) Included in “Other assets” on the consolidated balance sheets. (3) Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. (4) In 2015, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations. Adoption of this new projection scale has decreased the U.S. defined benefit obligations by approximately $24 million at December 31, 2015. Pensions Other Benefits (1) December 31, (in Millions) 2015 2014 2015 2014 The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows: Prior service (cost) credit $ (3.6 ) $ (7.7 ) $ (0.6 ) $ (3.3 ) Net actuarial (loss) gain (495.5 ) (512.9 ) 10.4 10.4 Accumulated other comprehensive income (loss) – pretax $ (499.1 ) $ (520.6 ) $ 9.8 $ 7.1 Accumulated other comprehensive income (loss) – net of tax $ (314.0 ) $ (329.5 ) $ 6.1 $ 4.4 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans . |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | (in Millions) December 31, Information for pension plans with projected benefit obligation in excess of plan assets 2015 2014 Projected benefit obligations $ 1,458.5 $ 1,544.7 Accumulated benefit obligations 1,414.2 1,475.6 Fair value of plan assets 1,277.0 1,319.9 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | (in Millions) December 31, Information for pension plans with accumulated benefit obligation in excess of plan assets 2015 2014 Projected benefit obligations $ 1,441.4 $ 1,544.8 Accumulated benefit obligations 1,399.4 1,475.6 Fair value of plan assets 1,261.2 1,319.9 |
Changes in Plan Assets and Benefit Obligations for Continuing Operations Recognized in Other Comprehensive Loss (Income) | Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows: Pensions Other Benefits (1) Year ended December 31 (in Millions) 2015 2014 2015 2014 Current year net actuarial loss (gain) $ 58.8 $ 262.1 $ (2.5 ) $ 0.9 Current year prior service cost (credit) 1.5 3.3 (2.1 ) 3.4 Amortization of net actuarial (loss) gain (54.7 ) (30.5 ) 1.2 1.6 Amortization of prior service (cost) credit (0.8 ) (1.9 ) (0.1 ) (0.1 ) Recognition of prior service cost due to curtailment (4.8 ) — (0.5 ) — Transfer of actuarial (loss) gain from continuing to discontinued operations — — 1.3 — Curtailment (loss) (5.4 ) — — — Settlement (loss) (8.9 ) (4.2 ) — — Foreign currency exchange rate changes on the above line items (7.2 ) (3.6 ) — — Total recognized in other comprehensive (income) loss, before taxes $ (21.5 ) $ 225.2 $ (2.7 ) $ 5.8 Total recognized in other comprehensive (income) loss, after taxes $ (15.4 ) $ 145.1 $ (1.7 ) $ 3.6 ____________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. |
Weighted-Average Assumptions Used for and Components of Net Annual Benefit Cost (Income) | The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income): Year Ended December 31, Pensions Other Benefits (1) (in Millions, except for percentages) 2015 2014 2013 2015 2014 2013 Discount rate 4.15 % 4.95 % 4.15 % 4.15 % 4.95 % 4.15 % Expected return on plan assets 7.25 % 7.75 % 7.75 % — — — Rate of compensation increase 3.60 % 3.60 % 3.40 % — — — Components of net annual benefit cost (in millions): Service cost $ 13.0 $ 17.3 $ 22.0 $ — $ 0.1 $ 0.1 Interest cost 61.0 62.3 57.7 0.9 1.0 1.0 Expected return on plan assets (88.9 ) (86.3 ) (78.0 ) — — — Amortization of prior service cost 0.8 1.9 2.1 0.1 0.2 — Amortization of net actuarial and other (gain) loss 54.6 30.5 51.9 (1.2 ) (1.6 ) (1.9 ) Recognized (gain) loss due to curtailments (2) 4.8 — — 0.5 — — Recognized (gain) loss due to settlement 8.9 4.2 7.4 — — — Net annual benefit cost $ 54.2 $ 29.9 $ 63.1 $ 0.3 $ (0.3 ) $ (0.8 ) ___________________ (1) Refer to Note 9 for information on our discontinued postretirement benefit plans. (2) The Curtailment loss is associated with the disposal of our FMC Alkali Chemicals division and was recorded to discontinued operations within the consolidated statements of income (loss). |
Contributions to Pension and Other Postretirement Benefit Plans | We made the following contributions to our pension and other postretirement benefit plans: Year Ended December 31, (in Millions) 2015 2014 U.S. qualified pension plan $ 65.0 $ 50.0 U.S. nonqualified pension plan 7.8 10.8 Non-U.S. plans 4.1 4.9 Other postretirement benefits, net of participant contributions 1.8 2.6 Total $ 78.7 $ 68.3 |
Estimated Net Future Benefit Payments | The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate: Estimated Net Future Benefit Payments (in Millions) (in Millions) Pension Benefits Other Benefits 2016 $84.6 2.0 2017 86.8 1.9 2018 86.4 1.8 2019 87.8 1.8 2020 88.9 1.7 2021-2025 $451.1 7.3 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Fair Value of Pension Plan Assets by Asset Class | The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 17 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. (in Millions) 12/31/2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 62.4 $ 62.4 $ — $ — Equity securities: Common stock 742.1 742.1 — — Preferred stock 0.3 0.3 — — Mutual funds and other investments (1) 277.8 187.9 89.9 — Fixed income investments: Investment contracts 174.0 — 174.0 — Mutual funds 9.8 9.8 — — Corporate debt instruments 1.2 1.2 — — Government debt 2.5 2.5 — — Other investments Real estate/property 0.8 — — 0.8 Other 0.1 — — 0.1 Total assets $ 1,271.0 $ 1,006.2 $ 263.9 $ 0.9 (in Millions) 12/31/2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and short-term investments $ 54.1 $ 54.1 $ — $ — Equity securities: Common stock 799.8 799.8 — — Preferred stock 3.0 3.0 — — Mutual funds and other investments (1) 286.9 198.3 88.6 — Fixed income investments: Investment contracts 185.5 — 184.8 0.7 Mutual funds 9.9 9.9 — — Corporate debt instruments 0.9 0.9 — — Government debt 3.9 3.9 — — Other investments Real estate/property 0.8 — — 0.8 Other 0.1 — — 0.1 Total assets $ 1,344.9 $ 1,069.9 $ 273.4 $ 1.6 ____________________ (1) As of December 31, 2015 and 2014 we have $89.9 million and $88.6 million , respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | We recognized the following stock compensation expense: Year Ended December 31, (in Millions) 2015 2014 2013 Stock Option Expense, net of taxes of $2.4, $2.2 and $2.4 (1) $ 4.1 $ 3.8 $ 4.2 Restricted Stock Expense, net of taxes of $3.3, $3.3 and $3.1 (2) 5.6 5.5 5.5 Total Stock Compensation Expense, net of taxes of $5.7, $5.5 and $5.5 (3) $ 9.7 $ 9.3 $ 9.7 ____________________ (1) We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. (2) We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. (3) This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense, net of tax, of $0.6 million , $1.4 million , and $1.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, is included in the Discontinued operations, net of income taxes in the Consolidated Statements of Income. |
Black Scholes Valuation Assumptions for Stock Option Grants | Black Scholes valuation assumptions for stock option grants: 2015 2014 2013 Expected dividend yield 0.95% 0.74% 0.91% Expected volatility 40.95% 41.96% 42.10% Expected life (in years) 6.5 6.5 6.5 Risk-free interest rate 1.74% 2.01% 1.29% |
Summary of Stock Option Activity | The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2015 : Number of Options Granted But Not Exercised Weighted-Average Remaining Contractual Life (in Years) Weighted-Average Exercise Price Per Share Aggregate Intrinsic Value Number of Shares in Thousands (In Millions) December 31, 2012 (932 shares exercisable) 2,239 6.5 years $ 30.69 $ 62.3 Granted 339 59.47 Exercised (462 ) 23.20 18.1 Forfeited (58 ) 42.75 December 31, 2013 (948 shares exercisable) 2,058 5.9 years $ 36.76 $ 79.6 Granted 253 72.66 Exercised (313 ) 27.76 14.0 Forfeited (67 ) 51.15 December 31, 2014 (1,023 shares exercisable and 1,903 shares expected to vest or be exercised) 1,931 5.5 years $ 42.46 $ 32.7 Granted 408 63.37 Exercised (213 ) 27.77 6.6 Forfeited (55 ) 62.38 December 31, 2015 (1,200 shares exercisable and 2,073 shares expected to vest or be exercised) 2,071 5.6 years $ 47.52 $ 8.7 |
Summary of Restricted Award Activity | The following table shows our employee restricted award activity for the three years ended December 31, 2015 : Number of Awards in Thousands Number of awards Weighted- Average Grant Date Fair Value Nonvested at December 31, 2012 704 $ 38.29 Granted 150 58.95 Vested (326) 31.76 Forfeited (5) 51.61 Nonvested at December 31, 2013 523 $ 49.07 Granted 129 71.92 Vested (203) 46.06 Forfeited (21) 57.40 Nonvested at December 31, 2014 428 $ 57.86 Granted 223 60.22 Vested (190) 49.06 Forfeited (25) 64.27 Nonvested at December 31, 2015 436 $ 57.36 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following is a summary of our capital stock activity over the past three years: Common Stock Shares Treasury Stock Shares December 31, 2012 185,983,792 48,313,414 Stock options and awards — (753,389 ) Repurchases of common stock, net — 5,538,078 December 31, 2013 185,983,792 53,098,103 Stock options and awards — (431,982 ) Repurchases of common stock, net — — December 31, 2014 185,983,792 52,666,121 Stock options and awards — (338,106 ) December 31, 2015 185,983,792 52,328,015 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax. (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits (2) Total Accumulated other comprehensive income (loss), net of tax at December 31, 2012 $ (27.0 ) $ (1.5 ) $ (380.4 ) $ (408.9 ) 2013 Activity Other comprehensive income (loss) before reclassifications 1.7 (4.9 ) 174.0 $ 170.8 Amounts reclassified from accumulated other comprehensive income (loss) — 0.3 35.9 $ 36.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2013 $ (25.3 ) $ (6.1 ) $ (170.5 ) $ (201.9 ) 2014 Activity Other comprehensive income (loss) before reclassifications (74.7 ) 3.1 (173.3 ) $ (244.9 ) Amounts reclassified from accumulated other comprehensive income (loss) 49.6 (0.9 ) 22.3 $ 71.0 Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (50.4 ) $ (3.9 ) $ (321.5 ) $ (375.8 ) 2015 Activity Other comprehensive income (loss) before reclassifications (96.9 ) 0.7 (26.4 ) $ (122.6 ) Amounts reclassified from accumulated other comprehensive income (loss) — (3.0 ) 44.1 $ 41.1 Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (147.3 ) $ (6.2 ) $ (303.8 ) $ (457.3 ) ____________________ (1) See Note 17 for more information. (2) See Note 13 for more information. |
Reclassifications of Accumulated Other Comprehensive Income | The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income for each of the periods presented. Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (1) Affected Line Item in the Consolidated Statements of Income Year ended December 31, (in Millions) 2015 2014 2013 Foreign Currency translation adjustments: Divestiture of FMC Peroxygens (3) — (49.6 ) — Discontinued operations, net of income taxes Derivative instruments: Foreign currency contracts $ 43.0 $ 3.0 $ (0.1 ) Costs of sales and services Energy contracts (4.8 ) 1.4 (0.6 ) Costs of sales and services Foreign currency contracts (32.5 ) (2.9 ) 0.5 Selling, general and administrative expenses Other contracts — — (0.2 ) Interest expense, net Total before tax $ 5.7 $ 1.5 (0.4 ) (2.7 ) (0.6 ) 0.1 Provision for income taxes Amount included in net income $ 3.0 $ 0.9 (0.3 ) Pension and other postretirement benefits (2) : Amortization of prior service costs $ (0.9 ) $ (2.1 ) $ (2.0 ) Selling, general and administrative expenses Amortization of unrecognized net actuarial and other gains (losses) (52.2 ) (28.9 ) (48.3 ) Selling, general and administrative expenses Recognized loss due to settlement (14.2 ) (4.2 ) (7.4 ) Selling, general and administrative expenses Total before tax $ (67.3 ) $ (35.2 ) $ (57.7 ) 23.2 12.9 21.8 Provision for income taxes Amount included in net income $ (44.1 ) $ (22.3 ) $ (35.9 ) Total reclassifications for the period $ (41.1 ) $ (71.0 ) $ (36.2 ) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income. (2) Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. (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 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Year Ended December 31, 2015 2014 2013 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ (187.4 ) $ 298.2 $ 365.1 Discontinued operations, net of income taxes 676.4 9.3 (71.2 ) Net income $ 489.0 $ 307.5 $ 293.9 Less: Distributed and undistributed earnings allocable to restricted award holders — (0.9 ) (1.6 ) Net income allocable to common stockholders $ 489.0 $ 306.6 $ 292.3 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (1.40 ) $ 2.23 $ 2.69 Discontinued operations 5.06 0.07 (0.53 ) Net income $ 3.66 $ 2.30 $ 2.16 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (1.40 ) $ 2.22 $ 2.68 Discontinued operations 5.06 0.07 (0.52 ) Net income $ 3.66 $ 2.29 $ 2.16 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 133,696 133,327 135,209 Weighted average additional shares assuming conversion of potential common shares — 955 928 Shares – diluted basis 133,696 134,282 136,137 |
Financial Instruments, Risk M48
Financial Instruments, Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | |
Schedule of Derivative Instruments Fair Value and Balance Sheet Presentation | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2015 and 2014 . December 31, 2015 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 $ 6.1 $ 5.2 $ 11.3 $ (11.3 ) $ — Energy contracts — — — — — Total derivative assets (1) 6.1 5.2 11.3 (11.3 ) — Foreign exchange contracts (15.4 ) (7.3 ) (22.7 ) 11.3 (11.4 ) Energy contracts (2.0 ) — (2.0 ) — (2.0 ) Total derivative liabilities (2) (17.4 ) (7.3 ) (24.7 ) 11.3 (13.4 ) Net derivative assets/(liabilities) $ (11.3 ) $ (2.1 ) $ (13.4 ) $ — $ (13.4 ) December 31, 2014 Gross Amount of Derivatives (in Millions) Designated as Cash Flow Hedges Not Designated as Hedging Instruments Gross Amounts Gross Amounts Offset in the Consolidated Balance Sheet (3) Net Amounts Derivatives Foreign exchange contracts $ 17.1 $ 15.1 $ 32.2 $ (3.6 ) $ 28.6 Energy contracts 0.3 — 0.3 (0.3 ) — Other contracts — — — — — Total derivative assets (1) 17.4 15.1 32.5 (3.9 ) 28.6 Foreign exchange contracts (17.4 ) (100.0 ) (117.4 ) 3.6 (113.8 ) Energy contracts (7.6 ) — (7.6 ) 0.3 (7.3 ) Total derivative liabilities (2) (25.0 ) (100.0 ) (125.0 ) 3.9 (121.1 ) Net derivative assets/(liabilities) $ (7.6 ) $ (84.9 ) $ (92.5 ) $ — $ (92.5 ) ____________________ (1) Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. (2) Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. |
Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statements of Income | The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships Contracts (2) (in Millions) Foreign exchange Energy Other Total Accumulated other comprehensive income (loss), net of tax at December 31, 2012 $ 0.7 $ (1.0 ) $ (1.2 ) $ (1.5 ) 2013 Activity Unrealized hedging gains (losses) and other, net of tax (8.0 ) 0.7 2.4 (4.9 ) Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (0.2 ) 0.4 0.1 0.3 (8.2 ) 1.1 2.5 (4.6 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2013 $ (7.5 ) $ 0.1 $ 1.3 $ (6.1 ) 2014 Activity Unrealized hedging gains (losses) and other, net of tax 6.9 (3.8 ) — 3.1 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) — (0.9 ) — (0.9 ) 6.9 (4.7 ) — 2.2 Accumulated other comprehensive income (loss), net of tax at December 31, 2014 $ (0.6 ) $ (4.6 ) $ 1.3 $ (3.9 ) 2015 Activity Unrealized hedging gains (losses) and other, net of tax 0.4 0.4 (0.1 ) 0.7 Reclassification of deferred hedging (gains) losses, net of tax Effective Portion (1) (5.9 ) 2.9 — (3.0 ) (5.5 ) 3.3 (0.1 ) (2.3 ) Accumulated other comprehensive income (loss), net of tax at December 31, 2015 $ (6.1 ) $ (1.3 ) $ 1.2 $ (6.2 ) ____________________ (1) Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income. (2) For the years ended December 31, 2015 , 2014 and 2013 , there was no material ineffectiveness with regard to cash flow hedges. Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, (in Millions) 2015 2014 2013 Foreign Exchange contracts Cost of Sales and Services $ (47.9 ) $ (2.9 ) $ 11.2 Selling, general & administrative (2) (172.1 ) (99.6 ) — Total $ (220.0 ) $ (102.5 ) $ 11.2 ____________________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. (2) Charges represent loss on the Cheminova acquisition hedge. See Note 3 within these consolidated financial statements more information. |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in our consolidated balance sheets. (in Millions) December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ — $ — $ — $ — Derivatives – Foreign exchange (1) — — — — Other (2) 25.4 25.4 — — Total Assets $ 25.4 $ 25.4 $ — $ — Liabilities Derivatives – Commodities: (1) Energy contracts $ 2.0 $ — $ 2.0 $ — Derivatives – Foreign exchange (1) 11.4 — 11.4 — Other (3) — — — — Total Liabilities $ 13.4 $ — $ 13.4 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the 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 included in “Other long-term liabilities” in the consolidated balance sheets. (in Millions) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Derivatives – Commodities: (1) Energy contracts $ — $ — $ — $ — Derivatives – Foreign exchange (1) 28.6 — 28.6 — Other (2) 30.9 30.9 — — Total Assets $ 59.5 $ 30.9 $ 28.6 $ — Liabilities Derivatives – Commodities: (1) Energy contracts $ 7.3 $ — $ 7.3 $ — Derivatives – Foreign exchange (1) 113.8 — 113.8 — Other (3) 33.7 33.1 0.6 — Total Liabilities $ 154.8 $ 33.1 $ 121.7 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the 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 included in “Other long-term liabilities” in the consolidated balance sheets. |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in our consolidated balance sheets during the year ended December 31, 2015 and 2014 . See Note 3 for the assets and liabilities measured on a non-recurring basis at fair value associated with our acquisitions. (in Millions) Year ended December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2015) Assets Long-lived assets associated with Health and Nutrition activities (1) $ 35.4 $ — $ — $ 35.4 $ (70.5 ) Total Assets $ 35.4 $ — $ — $ 35.4 $ (70.5 ) ____________________ (1) We recorded charges, within our FMC Health and Nutrition segment, to write down the value of certain long-lived assets of approximately $70.5 million to salvage value in the case of fixed assets and fair value in the case of indefinite lived intangible assets. See Note 7 within these consolidated financial statements for more information. (in Millions) Year ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (Year Ended December 31, 2014) Assets Long-lived assets associated with exit activities (1) — — — — (3.1 ) Total Assets $ — $ — $ — $ — $ (3.1 ) ____________________ (1) We recorded charges, within our FMC Health and Nutrition segment, to write down to zero the value of certain long-lived assets to related to our FMC Health and Nutrition restructuring as they have no future use. See Note 7 within these consolidated financial statements for more information. |
Guarantees, Commitments and C49
Guarantees, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments Guarantees and Contingent Liabilities [Abstract] | |
Schedule of Estimated Undiscounted Potential Future Payments for Guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2015 . These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely. (in Millions) Guarantees: Guarantees of vendor financing - short term (1) $ 67.2 Guarantees of vendor financing- long term (1) 25.7 Other debt guarantees (2) 21.3 Total $ 114.2 ____________________ (1) Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the 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 and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. |
Schedule of Capital Lease Expense | Year ended December 31, (in Millions) 2015 2014 2013 Operating leases rent expense $ 18.4 $ 23.2 $ 24.2 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2016 $13.4 $4.7 2017 $18.5 $4.7 2018 $18.0 $4.8 2019 $16.5 $4.9 2020 $15.2 $5.0 Thereafter $123.8 $31.4 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future Minimum Lease Payments (in Millions) Operating Leases Capital Leases 2016 $13.4 $4.7 2017 $18.5 $4.7 2018 $18.0 $4.8 2019 $16.5 $4.9 2020 $15.2 $5.0 Thereafter $123.8 $31.4 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Segment | (in Millions) Year Ended December 31, 2015 2014 2013 Revenue (1) FMC Agricultural Solutions $ 2,252.9 $ 2,173.8 $ 2,145.7 FMC Health and Nutrition 785.5 828.2 762.0 FMC Lithium 238.1 256.7 223.0 Total $ 3,276.5 $ 3,258.7 $ 3,130.7 Income (loss) from continuing operations before income taxes FMC Agricultural Solutions $ 363.9 $ 497.8 $ 539.0 FMC Health and Nutrition 194.7 187.9 169.5 FMC Lithium 23.0 27.2 12.0 Segment operating profit $ 581.6 $ 712.9 $ 720.5 Corporate and other (62.4 ) (71.4 ) (82.4 ) Operating profit before the items listed below 519.2 641.5 638.1 Interest expense, net (80.1 ) (51.2 ) (36.3 ) Restructuring and other (charges) income (2) (244.0 ) (56.4 ) (50.5 ) Non-operating pension and postretirement (charges) income (3) (35.3 ) (10.5 ) (38.1 ) Business separation cost (4) — (23.6 ) — Acquisition related charges (5) (290.3 ) (136.0 ) (10.0 ) (Provision) benefit for income taxes (47.4 ) (56.2 ) (131.6 ) Discontinued operations, net of income taxes 676.4 14.5 (63.6 ) Net income attributable to noncontrolling interests (9.5 ) (14.6 ) (14.1 ) Net income attributable to FMC stockholders $ 489.0 $ 307.5 $ 293.9 ____________________ (1) Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. (2) See Note 7 for details of restructuring and other charges (income). Below provides the detail the charges (income) by segment: Year Ended December 31 (in Millions) 2015 2014 2013 FMC Agricultural Solutions $ (123.7 ) $ 4.5 $ (32.6 ) FMC Health and Nutrition (93.8 ) (14.1 ) (1.0 ) FMC Lithium (2.7 ) — (9.0 ) Corporate (23.8 ) (46.8 ) (7.9 ) Restructuring and other (charges) income $ (244.0 ) $ (56.4 ) $ (50.5 ) (3) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item "Selling, general and administrative expenses" on our consolidated statements of income. (4) Charges are associated with the previously planned separation of FMC Corporation into two independent public companies. On September 8, 2014, we announced that we would no longer proceed with the planned separation of FMC into two distinct public entities. At that time we announced the acquisition of Cheminova; see Note 3 within these consolidated financial statements for more information. These charges are included within "Business separation costs" on our consolidated income statement. These costs were primarily related to professional fees associated with separation activities within the finance and legal functions through September 8, 2014. (5) 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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31, (in Millions) 2015 2014 2013 Acquisition related charges - Cheminova Legal and professional fees (1) $ 60.4 $ 32.2 $ — Unrealized loss/(gain) on hedging purchase price (1) 172.1 99.6 — Inventory fair value step-up amortization (2) 57.8 — — Acquisition related charges - Epax Legal and professional fees (1) — — 4.8 Inventory fair value step-up amortization (2) — 4.2 5.2 Acquisition/divestiture related charges $ 290.3 $ 136.0 $ 10.0 ____________________ (1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. |
Reconciliation of Assets from Segment to Consolidated | (in Millions) December 31, 2015 2014 Operating capital employed (1) FMC Agricultural Solutions $ 3,085.2 $ 1,612.3 FMC Health and Nutrition 1,180.9 1,365.8 FMC Lithium 312.6 297.3 Elimination — — Total operating capital employed 4,578.7 3,275.4 Segment liabilities included in total operating capital employed 1,270.6 919.2 Assets of discontinued operations held for sale — 604.8 Corporate items 476.6 526.6 Total assets $ 6,325.9 $ 5,326.0 Segment assets (2) FMC Agricultural Solutions $ 4,259.5 $ 2,399.0 FMC Health and Nutrition 1,241.1 1,452.3 FMC Lithium 348.7 343.3 Elimination — — Total segment assets 5,849.3 4,194.6 Assets of discontinued operations held for sale — 604.8 Corporate items 476.6 526.6 Total assets $ 6,325.9 $ 5,326.0 ____________________ (1) We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. (2) Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Year Ended December 31, (in Millions) Capital Expenditures (1) Depreciation and Amortization Research and Development Expense 2015 2014 2013 2015 2014 2013 2015 2014 2013 FMC Agricultural Solutions $ 29.2 $ 25.4 $ 49.7 $ 60.5 $ 31.0 $ 34.1 $ 132.4 $ 111.8 $ 100.5 FMC Health and Nutrition 50.6 96.8 86.5 38.9 44.9 35.4 7.8 10.0 10.5 FMC Lithium 17.4 45.0 21.3 12.2 13.7 14.7 3.5 4.5 4.6 Corporate 11.3 15.0 8.7 4.1 3.9 3.8 — — — Total $ 108.5 $ 182.2 $ 166.2 $ 115.7 $ 93.5 $ 88.0 $ 143.7 $ 126.3 $ 115.6 ___________________ (1) Cash spending associated with contract manufacturers in our FMC Agricultural Solutions segment, which are not included in the table above was $14.2 million , $8.1 million and $24.1 million for the years ended December 31, 2015 . 2014 and 2013 , respectively. |
Revenue from External Customers by Products and Services [Table Text Block] | Geographic Segment Information (in Millions) Year Ended December 31, 2015 2014 2013 Revenue from continuing operations (by location of customer): North America (1) $ 911.1 $ 908.2 $ 818.5 Europe/Middle East/Africa 623.9 483.7 455.0 Latin America (1) 981.8 1,195.6 1,259.1 Asia Pacific 759.7 671.2 598.1 Total $ 3,276.5 $ 3,258.7 $ 3,130.7 ____________________ (1) In 2015, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2015 , 2014 and 2013 for the U.S. totaled $853.0 million , $857.7 million and $782.4 million and for Brazil totaled $662.5 million , $926.5 million and $1,014.7 million , respectively. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | (in Millions) December 31, 2015 2014 Long-lived assets (1) : North America (2) $ 648.5 $ 580.1 Europe/Middle East/Africa (2) 1,720.1 652.0 Latin America 290.9 209.9 Asia Pacific 407.6 348.0 Total $ 3,067.1 $ 1,790.0 ____________________ (1) Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. (2) The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2015 are the U.S. which totaled $646.9 million and Denmark which totaled $689.1 million , respectively. The long- lived assets at December 31, 2014 are the U.S which totaled $586.0 million and Norway which totaled $453.5 million , respectively. Norway assets included goodwill $194.3 million at December 31, 2014 . |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Information | The following tables present details of prepaid and other current assets, other assets, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets: (in Millions) December 31, 2015 2014 Prepaid and other current assets Prepaid insurance $ 8.8 $ 7.0 Tax related items including value added tax receivables 105.3 74.9 Environmental obligation recoveries (Note 10) 6.1 8.0 Derivative assets (Note 17) — 28.6 Argentina government receivable (1) 18.7 14.8 Other prepaid and current assets 102.8 55.5 Total $ 241.7 $ 188.8 (in Millions) December 31, 2015 2014 Other Assets Financing receivables (Note 8) $ 90.6 $ — Advance to contract manufacturers 69.0 62.8 Capitalized software, net 36.5 32.1 Environmental obligation recoveries (Note 10) 17.1 21.9 Argentina government receivable (1) 52.5 47.0 Income taxes deferred charges 65.6 — Deferred compensation arrangements 25.4 30.9 Pension and other postretirement benefits (Note 13) — 0.7 Other long-term assets 78.4 59.7 Total $ 435.1 $ 255.1 ____________________ (1) We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Lithium segments. At December 31, 2015 and 2014 , $50.3 million and $42.2 million of outstanding receivables due from the Argentina government, which primarily represent export tax and valued added tax receivables, were denominated in U.S. dollars. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. Accrued and other liabilities December 31, (in Millions) 2015 2014 Restructuring reserves (Note 7) $ 15.6 $ 10.3 Dividend payable (Note 15) 22.1 20.1 Accrued payroll 49.8 46.0 Environmental reserves, current, net of recoveries (Note 10) 59.1 74.4 Derivative liabilities (Note 17) 13.4 121.1 Other accrued and other liabilities 177.6 135.3 Total $ 337.6 $ 407.2 Other long-term liabilities December 31, (in Millions) 2015 2014 Asset retirement obligations, long-term (Note 1) $ 1.7 $ 1.7 Contingencies related to uncertain tax positions (Note 11) 97.1 45.9 Deferred compensation arrangements 29.1 33.1 Self insurance reserves (primarily workers' compensation) 11.2 13.8 Lease obligations 34.3 33.6 Reserve for discontinued operations (Note 9) 46.1 53.3 Guarantees of vendor financing (Note 18) 25.7 — Other long-term liabilities 33.6 26.7 Total $ 278.8 $ 208.1 |
Quarterly Financial Informati52
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (in Millions, Except Share and Per Share Data) 2015 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 659.4 $ 887.1 $ 830.7 $ 899.3 $ 756.9 $ 794.9 $ 819.1 $ 887.8 Gross margin 250.7 305.8 220.3 298.6 293.0 316.1 283.5 318.3 Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes (96.1 ) 100.5 0.5 (55.1 ) 142.9 147.6 70.2 54.1 Income (loss) from continuing operations (1) (61.1 ) 58.1 5.4 (180.3 ) 97.0 98.0 53.7 58.9 Discontinued operations, net of income taxes 15.6 688.2 (5.0 ) (22.4 ) (26.6 ) 15.3 6.4 19.4 Net income (loss) (45.5 ) 746.3 0.4 (202.7 ) 70.4 113.3 60.1 78.3 Less: Net income attributable to noncontrolling interests 1.3 4.0 2.8 1.4 4.8 4.2 3.8 1.8 Net income (loss) attributable to FMC stockholders $ (46.8 ) $ 742.3 $ (2.4 ) $ (204.1 ) $ 65.6 $ 109.1 $ 56.3 $ 76.5 Amounts attributable to FMC stockholders: Continuing operations, net of income taxes $ (62.4 ) $ 54.1 $ 2.6 $ (181.7 ) $ 93.8 $ 95.7 $ 51.6 $ 57.1 Discontinued operations, net of income taxes 15.6 688.2 (5.0 ) (22.4 ) (28.2 ) 13.4 4.7 19.4 Net income (loss) $ (46.8 ) $ 742.3 $ (2.4 ) $ (204.1 ) $ 65.6 $ 109.1 $ 56.3 $ 76.5 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.47 ) $ 0.40 $ 0.02 $ (1.36 ) $ 0.70 $ 0.72 $ 0.39 $ 0.43 Discontinued operations 0.12 5.14 (0.04 ) (0.17 ) (0.21 ) 0.10 0.03 0.14 Basic net income (loss) per common share (1) $ (0.35 ) $ 5.54 $ (0.02 ) $ (1.53 ) $ 0.49 $ 0.82 $ 0.42 $ 0.57 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ (0.47 ) $ 0.40 $ 0.02 $ (1.36 ) $ 0.70 $ 0.71 $ 0.39 $ 0.43 Discontinued operations 0.12 5.12 (0.04 ) (0.17 ) (0.21 ) 0.10 0.03 0.14 Diluted net income (loss) per common share (2) $ (0.35 ) $ 5.52 $ (0.02 ) $ (1.53 ) $ 0.49 $ 0.81 $ 0.42 $ 0.57 Weighted average shares outstanding: Basic 133.6 133.7 133.8 133.7 133.1 133.3 133.4 133.5 Diluted 133.6 134.4 134.4 133.7 134.3 134.4 134.3 134.3 ____________________ (1) In the fourth quarter of 2015, we recorded significant restructuring and charges associated with both our Seal Sands facility and associated with Cheminova. Both of these are described in more detail in Note 7. Additionally, our results for the fourth quarter of 2015, were favorably impacted by $4.8 million after-tax or $0.03 per diluted share related to a cost of sale adjustment for the elimination of inter-company profit in inventory. This adjustment related to third quarter of 2015. (2) The sum of quarterly earnings per common share may differ from the full-year amount. |
Principal Accounting Policies53
Principal Accounting Policies and Related Financial Information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)classsegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Nature of Operations | |||
Number of business segments | segment | 3 | ||
Number of major classes of crop protection | class | 3 | ||
Cash Equivalent Original Maturity Maximum number of months | 3 months | ||
Trade receivable, net of allowance | |||
Allowance for trade receivable | $ 13,900,000 | $ 37,200,000 | |
Allowance for long term customer receivables, beginning | 29,200,000 | 0 | |
Provision for doubtful accounts | $ 5,900,000 | 8,700,000 | $ 5,100,000 |
Investments | |||
Maximum ownership percentage for equity method investments | 50.00% | ||
Capitalized Interest | |||
Capitalized interest costs | $ 7,800,000 | 8,000,000 | 4,600,000 |
Asset Retirement Obligation [Abstract] | |||
Asset retirement obligation | 1,700,000 | 1,700,000 | |
Goodwill and Intangible Assets | |||
Goodwill impairment loss | $ 19,600,000 | $ 0 | $ 0 |
Minimum [Member] | |||
Goodwill and Intangible Assets | |||
Useful lives of finite-lived intangible assets | 5 years | ||
Maximum [Member] | |||
Goodwill and Intangible Assets | |||
Useful lives of finite-lived intangible assets | 25 years | ||
Land Improvements [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 20 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 20 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 18 years | ||
Software Development [Member] | Minimum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Property, Plant and Equipment | |||
Useful lives of property, plant and equipment | 10 years |
Recently Issued and Adopted A54
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items Narrative (Details) $ in Millions | Dec. 31, 2014USD ($) |
Other Assets [Member] | |
Reclassification of debt issuance costs | $ (14.5) |
Long-term Debt [Member] | |
Reclassification of debt issuance costs | $ 14.5 |
Acquisitions 2015 Acquisition (
Acquisitions 2015 Acquisition (Details) $ in Millions, DKK in Billions | Apr. 21, 2015USD ($) | Sep. 30, 2015DKK | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Preliminary Purchase Price Allocation | ||||||
Goodwill | $ 776.1 | $ 352.5 | $ 389.4 | |||
Total cash paid, less cash acquired | 1,205.1 | $ 0 | $ 339.6 | |||
Cheminova [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of voting interests acquired | 100.00% | |||||
Aggregate purchase price | $ 1,200 | DKK 8.5 | ||||
Excluding assumed net debt and hedged-related costs | 600 | |||||
Recognized goodwill | 55 | |||||
Preliminary Purchase Price Allocation | ||||||
Trade receivables | 493.3 | |||||
Inventories | [1] | 374.8 | ||||
Other current assets | 53.6 | |||||
Property, plant & equipment | 186.4 | |||||
Goodwill | [2] | 448.5 | ||||
Other assets | 85.2 | |||||
Total fair value of assets acquired | 2,300.1 | |||||
Short-term debt | 140.5 | |||||
Other current liabilities | 430.3 | |||||
Environmental reserves | 47.2 | |||||
Long-term debt | [3] | 273.1 | ||||
Deferred tax liabilities | 165.1 | |||||
Other liabilities | 38.8 | |||||
Total fair value of liabilities assumed | 1,095 | |||||
Total cash paid, less cash acquired | $ 1,205.1 | |||||
Weighted average useful life of acquired intangible assets | 20 years | |||||
Cheminova [Member] | Customer Relationships [Member] | ||||||
Preliminary Purchase Price Allocation | ||||||
Intangible assets | [4] | $ 294.1 | ||||
Cheminova [Member] | Brands [Member] | ||||||
Preliminary Purchase Price Allocation | ||||||
Intangible assets | [4] | 362.8 | ||||
Cheminova [Member] | In Process Research and Development [Member] | ||||||
Preliminary Purchase Price Allocation | ||||||
Intangible assets | [4] | $ 1.4 | ||||
Cheminova [Member] | Fair Value Adjustment to Inventory [Member] | ||||||
Preliminary Purchase Price Allocation | ||||||
Step up value of finished goods | $ 57.8 | |||||
[1] | The Fair value of finished goods inventory acquired included a step-up in the value of approximately $57.8 million, of which all was expensed in 2015 and included in "Cost of sales and services" on the consolidated income statement. | |||||
[2] | Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. None of the acquired goodwill will be deductible for income tax purposes. | |||||
[3] | Long-term debt assumed primarily consisted of mortgage debt and borrowings under existing Cheminova credit facilities. As of December 31, 2015 the principal borrowings under this assumed debt has been settled using the borrowing under the October 10, 2014 term loan. | |||||
[4] | The weighted average useful life of the acquired finite-lived intangibles, which primarily represents customer relationships, is approximately 20 years. |
Acquisitions Pro Forma Informat
Acquisitions Pro Forma Information (Details) - Cheminova [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Pro forma Revenue | $ 3,638.5 | $ 4,484.4 |
Pro forma Diluted earnings per share | $ 4.99 | $ 3.01 |
Acquisitions Acquisition-relate
Acquisitions Acquisition-related and Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Business Acquisition [Line Items] | ||||||
Total Acquisition-related charges | [1] | $ 290.3 | $ 136 | $ 10 | ||
Cheminova restructuring | 217.7 | 17.2 | 12.2 | |||
Cheminova [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Legal and professional fees | [2] | 60.4 | [3] | 32.2 | [3] | 0 |
Amortization of inventory fair value step-up | 57.8 | [4] | 0 | [4] | 0 | |
Total Acquisition-related charges | 290.3 | 131.8 | ||||
Cheminova restructuring | [5] | 118.3 | 0 | |||
Cheminova [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
(Gain)/loss on hedging purchase price | $ 172.1 | [6] | $ 99.6 | [6] | $ 0 | |
[1] | 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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31,(in Millions)2015 2014 2013Acquisition related charges - Cheminova Legal and professional fees (1)$60.4 $32.2 $—Unrealized loss/(gain) on hedging purchase price (1)172.1 99.6 —Inventory fair value step-up amortization (2)57.8 — — Acquisition related charges - Epax Legal and professional fees (1)— — 4.8Inventory fair value step-up amortization (2)— 4.2 5.2Acquisition/divestiture related charges$290.3 $136.0 $10.0____________________(1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. | |||||
[2] | On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses” | |||||
[3] | Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” | |||||
[4] | On the consolidated statements of income (loss), these charges are included in “Costs of sales and services.” | |||||
[5] | See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). | |||||
[6] | See "Cheminova Acquisition Hedge Costs" below for more information on these charges. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” |
Acquisitions Acquisitions
Acquisitions Acquisitions - Cheminova [Member] $ in Millions, DKK in Billions | Apr. 21, 2015USD ($) | Apr. 21, 2015 | Sep. 30, 2015DKK | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 08, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Aggregate purchase price | $ 1,200 | DKK 8.5 | ||||
Planned aggregate purchase price to acquire business | $ 1,470 | |||||
Planned aggregate purchase price net of debt | $ 300 | |||||
Gain (loss) on FX forward contracts | $ 172.1 | $ 99.6 | ||||
United States of America, Dollars | ||||||
Business Acquisition [Line Items] | ||||||
Foreign currency exchange ratio | 1 | 1 | 1 | |||
Denmark, Kroner | ||||||
Business Acquisition [Line Items] | ||||||
Foreign currency exchange rate improvement for US dollar (percent) | 21.00% | |||||
Foreign currency exchange ratio | 6.96 | 6.96 | 5.77 |
Acquisitions 2014 and 2013 Acqu
Acquisitions 2014 and 2013 Acquisition (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||||
Purchase of remaining ownership interest | 6.25% | ||||
Total cash paid, less cash acquired | $ 1,205.1 | $ 0 | $ 339.6 | ||
Preliminary Purchase Price Allocation | |||||
Goodwill | 776.1 | 352.5 | $ 389.4 | ||
EPAX [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 100.00% | ||||
Total cash paid, less cash acquired | $ 339.6 | ||||
Preliminary Purchase Price Allocation | |||||
Trade receivables | 15.6 | ||||
Inventories | [1] | 53.7 | |||
Other current assets | 5 | ||||
Property, plant & equipment | 136.8 | ||||
Intangible assets | [2] | 71.7 | |||
Goodwill | [3] | 99.4 | |||
Other assets | 0.6 | ||||
Total fair value of assets acquired | 382.8 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||
Current liabilities | 12.3 | ||||
Deferred tax liabilities | 30.5 | ||||
Other liabilities | 0.4 | ||||
Total fair value of liabilities assumed | 43.2 | ||||
Total cash paid, less cash acquired | $ 339.6 | ||||
Step up value of finished goods inventory | 9.4 | ||||
Amortization of inventory fair value step-up | [4] | $ 4.2 | $ 5.2 | ||
Weighted average useful life of acquired intangible assets | 17 years | ||||
[1] | Fair value of finished good inventories acquired included a step-up in the value of approximately $9.4 million, of which $5.2 million was expensed in 2013 with the remaining, $4.2 million, expensed in 2014. Amounts are expensed to "Cost of sales and services." | ||||
[2] | The major classes of intangible assets acquired primarily represent customer relationships and brands. The weighted average useful life of the acquired finite-lived intangibles is approximately 17 years. See Note 4 for more information. | ||||
[3] | Goodwill largely consisted of expected revenue synergies resulting from the business combinations. None of the acquired goodwill will be deductible for income tax purposes. | ||||
[4] | On the consolidated statements of income, these charges are included in “Costs of sales and services” |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 352.5 | $ 389.4 |
Acquisitions | 448.5 | |
Foreign currency adjustments | (24.9) | (36.9) |
Balance at end of period | 776.1 | 352.5 |
FMC Agricultural Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 31 | 31 |
Acquisitions | 448.5 | |
Foreign currency adjustments | 0 | 0 |
Balance at end of period | 479.5 | 31 |
FMC Health and Nutrition [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 321.5 | 358.4 |
Acquisitions | 0 | |
Foreign currency adjustments | (24.9) | (36.9) |
Balance at end of period | 296.6 | 321.5 |
FMC Minerals [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Acquisitions | 0 | |
Foreign currency adjustments | $ 0 | 0 |
Balance at end of period | $ 0 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets, Finite-lived intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets | $ 526.4 | $ 233.6 | |
Accumulated Amortization | (75.5) | (50.1) | |
Finite-lived intangible assets, net | 450.9 | 183.5 | |
Amortization Expense | 22.7 | 11 | $ 9.7 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,016 | 29.5 | ||
2,017 | 28.9 | ||
2,018 | 28.9 | ||
2,019 | 28.7 | ||
2,020 | $ 28.4 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 19 years | ||
Finite-lived intangible assets | $ 435.5 | 152.8 | |
Accumulated Amortization | (40.8) | (22.5) | |
Finite-lived intangible assets, net | $ 394.7 | 130.3 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 3 years | ||
Finite-lived intangible assets | $ 2.2 | 1.7 | |
Accumulated Amortization | (0.3) | (0.1) | |
Finite-lived intangible assets, net | $ 1.9 | 1.6 | |
Trademarks and trade names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 11 years | ||
Finite-lived intangible assets | $ 14.2 | 1.2 | |
Accumulated Amortization | (2.7) | (0.6) | |
Finite-lived intangible assets, net | $ 11.5 | 0.6 | |
Purchased and licensed technologies [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 11 years | ||
Finite-lived intangible assets | $ 71 | 74.3 | |
Accumulated Amortization | (29.5) | (24.5) | |
Finite-lived intangible assets, net | $ 41.5 | 49.8 | |
Other intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful lives of finite-lived intangible assets | 29 years | ||
Finite-lived intangible assets | $ 3.5 | 3.6 | |
Accumulated Amortization | (2.2) | (2.4) | |
Finite-lived intangible assets, net | $ 1.3 | $ 1.2 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets, Indefinite Life Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Indefinite-lived intangible assets | $ 386.1 | $ 63.4 | |
Total intangible assets | 912.5 | 297 | |
Intangible asset, accumulated amortization | (75.5) | (50.1) | |
Total intangible assets | 837 | 246.9 | |
Trademarks and Trade Names [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Indefinite-lived intangible assets | [1] | 384.7 | 63.4 |
In process research and development [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Indefinite-lived intangible assets | $ 1.4 | $ 0 | |
[1] | Represents trademarks, trade names and know-how. |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets, by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Intangible Assets by Segment [Line Items] | ||
Finite-lived intangible assets, net | $ 450.9 | $ 183.5 |
Indefinite-lived intangible assets | 386.1 | $ 63.4 |
FMC Agricultural Solutions [Member] | ||
Schedule of Intangible Assets by Segment [Line Items] | ||
Finite-lived intangible assets, net | 379.8 | |
Indefinite-lived intangible assets | 371 | |
FMC Health and Nutrition [Member] | ||
Schedule of Intangible Assets by Segment [Line Items] | ||
Finite-lived intangible assets, net | 70 | |
Indefinite-lived intangible assets | 15.1 | |
FMC Minerals [Member] | ||
Schedule of Intangible Assets by Segment [Line Items] | ||
Finite-lived intangible assets, net | 1.1 | |
Indefinite-lived intangible assets | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 29.00% | 38.00% |
Inventories: | ||
Finished goods | $ 350 | $ 281.1 |
Work in process | 275.4 | 242.6 |
Raw materials, supplies and other | 335.6 | 248.3 |
FIFO inventory | 961 | 772 |
Less: Excess of FIFO cost over LIFO cost | (160.8) | (164.4) |
Net inventories | $ 800.2 | $ 607.6 |
Property, Plant and Equipment65
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Land and land improvements | $ 101.9 | $ 61.4 | |
Buildings | 320.4 | 269.7 | |
Machinery and equipment | 1,171.9 | 1,064.8 | |
Construction in progress | 190.4 | 222.8 | |
Total cost | 1,784.6 | 1,618.7 | |
Accumulated depreciation | (768.2) | (688.7) | |
Property, plant and equipment, net | 1,016.4 | 930 | |
Depreciation | $ 74.1 | $ 67 | $ 56.6 |
Restructuring and Other Charg66
Restructuring and Other Charges (Income) Restructuring Charges in Consolidated Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Restructuring and Related Activities [Abstract] | ||||
Cheminova restructuring | $ 217.7 | $ 17.2 | $ 12.2 | |
Other Charges (Income), Net | 26.3 | 39.2 | 38.3 | |
Total Restructuring and Other Charges | [1] | $ 244 | $ 56.4 | $ 50.5 |
[1] | See Note 7 for details of restructuring and other charges (income). Below provides the detail the charges (income) by segment: Year Ended December 31(in Millions)2015 2014 2013FMC Agricultural Solutions$(123.7) $4.5 $(32.6)FMC Health and Nutrition(93.8) (14.1) (1.0)FMC Lithium(2.7) — (9.0)Corporate(23.8) (46.8) (7.9)Restructuring and other (charges) income$(244.0) $(56.4) $(50.5) |
Restructuring and Other Charg67
Restructuring and Other Charges (Income) (Details) $ in Millions | Sep. 11, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)Agreement | Dec. 31, 2014USD ($)Agreement | Dec. 31, 2013USD ($)Agreement | ||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | $ 36 | $ 10.6 | $ 4.6 | |||||
Other Charges (Income) | [2] | 3.5 | 3.3 | 5.3 | |||||
Asset Disposal Charges | [3] | 178.2 | 3.3 | 2.3 | |||||
Restructuring Charges and Asset Disposals | 217.7 | 17.2 | 12.2 | ||||||
Proceeds from sale | 1,649.8 | 199.1 | 0 | ||||||
Net assets sold | [4],[5] | $ 0 | 0 | 604.8 | |||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Beginning Balance | [6] | 10.3 | [7] | 6.1 | |||||
Changes in reserves | [8] | 37.3 | 16.2 | ||||||
Cash payments | (34.9) | (12.7) | |||||||
Other | [7] | 2.9 | 0.7 | ||||||
Restructuring Reserve, Ending Balance | [6] | 15.6 | [7] | 15.6 | [7] | 10.3 | [7] | 6.1 | |
Other Charges [Abstract] | |||||||||
Environmental charges, net | 21.7 | 43.7 | 6.2 | ||||||
Argentina Devaluation | 10.7 | 0 | 0 | ||||||
Other items, net | 20.5 | 22.1 | 32.1 | ||||||
Other Charges (Income), Net | $ 26.3 | $ 39.2 | $ 38.3 | ||||||
Collaboration and License Agreement | Agreement | 2 | 1 | 3 | ||||||
Cheminova Restructuring [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | $ 23.5 | |||||||
Other Restructuring Costs | [2] | 2.7 | |||||||
Asset Disposal Charges | [3] | 92.1 | |||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Beginning Balance | 0 | $ 0 | |||||||
Changes in reserves | 26.2 | 0 | |||||||
Cash payments | (18.1) | 0 | |||||||
Other | 0.6 | 0 | |||||||
Restructuring Reserve, Ending Balance | 8.7 | 8.7 | 0 | $ 0 | |||||
Health and Nutrition Restructuring [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | 6.5 | |||||||
Other Restructuring Costs | [2] | 1 | |||||||
Asset Disposal Charges | [3] | 86.1 | |||||||
Restructuring Charges and Asset Disposals | 93.6 | ||||||||
Accelerated depreciation | 45.8 | ||||||||
Write off of stranded inventory | 14.4 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Beginning Balance | [6] | 4.6 | 0 | ||||||
Changes in reserves | [8] | 7.5 | 10.8 | ||||||
Cash payments | (10.2) | (6.2) | |||||||
Other | [7] | 1 | 0 | ||||||
Restructuring Reserve, Ending Balance | [6] | 2.9 | 2.9 | 4.6 | 0 | ||||
Lithium Restructuring [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | 2.8 | |||||||
Other Charges (Income) | [2] | 4.4 | |||||||
Asset Disposal Charges | [3] | 1.9 | |||||||
Restructuring Charges and Asset Disposals | 9.1 | ||||||||
Other [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | 6 | 0.5 | 1.8 | |||||
Other Charges (Income) | [2] | (0.2) | 2.6 | 0.9 | |||||
Asset Disposal Charges | [3] | 0 | 0.2 | 0.4 | |||||
Restructuring Charges and Asset Disposals | 5.8 | 3.3 | 3.1 | ||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Beginning Balance | [6],[9] | 3 | 3.1 | ||||||
Changes in reserves | [8],[9] | 5.8 | 3.1 | ||||||
Cash payments | [9] | (6.5) | (3.2) | ||||||
Other | [7],[9] | 1.3 | 0 | ||||||
Restructuring Reserve, Ending Balance | [6],[9] | 3.6 | 3.6 | 3 | 3.1 | ||||
Discontinued restructuring charges [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Severance and Employee Benefits | [1] | 10.1 | |||||||
Other Charges (Income) | [2] | 0.7 | |||||||
Asset Disposal Charges | [3] | 3.1 | |||||||
Restructuring Charges and Asset Disposals | 13.9 | ||||||||
Discontinued Operations [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Beginning Balance | [6],[10] | 2.7 | 3 | ||||||
Changes in reserves | [8],[10] | (2.2) | 2.3 | ||||||
Cash payments | [10] | (0.1) | (3.3) | ||||||
Other | [7],[10] | 0 | 0.7 | ||||||
Restructuring Reserve, Ending Balance | [6],[10] | 0.4 | 0.4 | 2.7 | 3 | ||||
Belchim Crop Protection, N.V. [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Proceeds from sale | 27.5 | 27.5 | |||||||
Other Charges [Abstract] | |||||||||
Belchim Crop Protection sale | 26.6 | 26.6 | $ 0 | ||||||
Consagro [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Cash proceeds on sale | $ 31.9 | 31.9 | |||||||
Net impairment charge | 64.5 | ||||||||
Pectin Manufacturing Business [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Proceeds from sale | $ 7 | ||||||||
Loss on sale | (11.9) | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | Pectin Manufacturing Business [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Net assets sold | $ 18.9 | ||||||||
Cheminova [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Restructuring Charges and Asset Disposals | [11] | 118.3 | $ 0 | ||||||
Trademarks and Trade Names [Member] | Health and Nutrition Restructuring [Member] | |||||||||
Restructuring Charges [Abstract] | |||||||||
Impairment loss on indefinite-lived intangible asset | $ 10.3 | ||||||||
[1] | Represents severance and employee benefit charges. | ||||||||
[2] | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. | ||||||||
[3] | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. | ||||||||
[4] | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | ||||||||
[5] | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | ||||||||
[6] | Included in “Accrued and other liabilities” on the consolidated balance sheets. | ||||||||
[7] | Primarily foreign currency translation adjustments. | ||||||||
[8] | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges noted above impacted our property, plant and equipment or intangible balances and are not included in the above tables. | ||||||||
[9] | Primarily severance costs related to workforce reductions and facility shutdowns described in the “Other Items” sections above. | ||||||||
[10] | Cash spending associated with restructuring activities of discontinued operations is reported within "Payments of other discontinued reserves, net of recoveries" on the consolidated statements of cash flows. | ||||||||
[11] | See Note 7 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the consolidated statements of income (loss). |
Receivables (Details)
Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Long term customer receivables | $ 90.6 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning | 37.2 | $ 30.1 | |
Additions — charged to expense | 5.9 | 8.7 | $ 5.1 |
Transfers from allowance for doubtful accounts | (29.2) | ||
Other | (1.6) | ||
Balance, ending | 13.9 | 37.2 | $ 30.1 |
Allowance for long term customer receivables [Roll Forward] | |||
Allowance for long term customer receivables, beginning | 0 | ||
Transfers from allowance for doubtful accounts | 29.2 | ||
Allowance for doubtful accounts, net recoveries and write offs | 0 | ||
Allowance for long term customer receivables, ending | $ 29.2 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Apr. 01, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Discontinued Operations, tax effect of workers' compensation, product liability and other postretirement benefits | $ (1) | $ (0.6) | $ (0.2) | ||||||||||
Discontinued Operation, Transitional Services Agreement, Period | 12 months | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Total discontinued operations of FMC ACD, net of income taxes | $ (22.4) | $ (5) | $ 688.2 | $ 15.6 | $ 19.4 | $ 6.4 | $ 15.3 | $ (26.6) | 676.4 | 14.5 | (63.6) | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 0 | 203.3 | 0 | 203.3 | |||||||||
Total Assets | [1],[2] | 0 | 604.8 | 0 | 604.8 | ||||||||
Current liabilities of discontinued operations held for sale | 0 | 88.4 | 0 | 88.4 | |||||||||
Noncurrent liabilities of discontinued operations held for sale | 0 | 4.7 | 0 | 4.7 | |||||||||
Workers’ compensation and product liability reserve | 11.2 | 13.8 | 11.2 | 13.8 | |||||||||
Reserve for discontinued operations | [3] | 46.1 | 53.3 | 46.1 | 53.3 | ||||||||
Net pretax actuarial gain and prior service credit | 7.6 | 6.5 | 7.6 | 6.5 | |||||||||
After-tax actuarial gain and prior service credit | 4.1 | 3.5 | 4.1 | 3.5 | |||||||||
Estimated pre-tax actuarial gain to be recognized in the next fiscal year | 1.4 | ||||||||||||
Estimated prior service credit to be recognized in the next fiscal year | 0.3 | ||||||||||||
Payments of other discontinued reserves | 24.8 | 34.2 | 18.7 | ||||||||||
Discontinued Operation, tax effect of provision for environmental | (16.7) | (16.4) | (14.2) | ||||||||||
Discontinued Operations, tax effect of provision for legal expenses | (6.3) | (8.4) | (5.5) | ||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (379) | (17.3) | (17) | ||||||||||
Discontinued Operations, tax effect of Peroxygens Segment Operations | 0 | (23.7) | 25.1 | ||||||||||
Workers' Compensation and Product Liability Reserve [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Workers’ compensation and product liability reserve | 6.1 | 6.8 | 6.1 | 6.8 | |||||||||
Payments of other discontinued reserves | 0.8 | 0.8 | 0.9 | ||||||||||
Other Postretirement Medical and Life Insurance Benefits Reserves [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Postretirement medical and life insurance benefits reserve, net | 9.3 | 10 | 9.3 | 10 | |||||||||
Payments of other discontinued reserves | 1.1 | 1.1 | 0.9 | ||||||||||
Legal Proceeding Reserve [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Reserves for legal proceedings | 30.7 | $ 36.5 | 30.7 | 36.5 | |||||||||
Payments of other discontinued reserves | 22.9 | 23 | 8.8 | ||||||||||
FMC Alkali Chemicals division [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash proceeds on sale | $ 1,649.8 | ||||||||||||
Disposal Group, Discontinued Operations, Consideration, after tax | $ 1,198.5 | ||||||||||||
Loss from disposal of FMC Peroxygens | 1,080.2 | ||||||||||||
Loss from disposal of FMC Peroxygens, after tax | 702.1 | ||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Revenue | 194 | 779 | 744.1 | ||||||||||
Costs of sales and services | 149.2 | 614.9 | 604.6 | ||||||||||
Income (loss) from discontinued operations before income taxes (1) | [4] | 1,096.1 | 121.2 | 112.7 | |||||||||
Provision (Benefit) for income taxes | 379 | 17.3 | 17 | ||||||||||
Total discontinued operations of FMC ACD, net of income taxes | 717.1 | 103.9 | 95.7 | ||||||||||
Less: discontinued operations of FMC ACD attributable to noncontrolling interests | 0 | 5.2 | 7.6 | ||||||||||
Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders | 717.1 | 98.7 | 88.1 | ||||||||||
Profit before tax attributable to noncontrolling interest holders | 0 | 5.9 | 8.7 | ||||||||||
Interest Allocated to Discontinued Operations | 2.2 | 8.3 | 5.9 | ||||||||||
Divestiture related costs | 15 | 9 | 0 | ||||||||||
Pension curtailment charge | 5.3 | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 203.3 | 203.3 | |||||||||||
Property, plant & equipment | [5] | 378.6 | 378.6 | ||||||||||
Other non-current assets | [5] | 22.9 | 22.9 | ||||||||||
Total Assets | 604.8 | 604.8 | |||||||||||
Current liabilities of discontinued operations held for sale | 88.4 | 88.4 | |||||||||||
Noncurrent liabilities of discontinued operations held for sale | [5] | 4.7 | 4.7 | ||||||||||
Total Liabilities | 93.1 | 93.1 | |||||||||||
Net Assets | $ 511.7 | 511.7 | |||||||||||
Discontinued workers' compensation, product liability and other postretirement benefits [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Total discontinued operations of FMC ACD, net of income taxes | (1.1) | (4) | (16.1) | ||||||||||
Discontinued Environmental Liabilities [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Total discontinued operations of FMC ACD, net of income taxes | [6] | (28.8) | (36.7) | (23.1) | |||||||||
Discontinued Legal Expenses [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Total discontinued operations of FMC ACD, net of income taxes | [7] | (10.8) | (14.3) | (9) | |||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | |||||||||||||
Insurance recovery | [7] | 0 | 0 | 13.9 | |||||||||
FMC Peroxygens [Member] | |||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||
Total discontinued operations of FMC ACD, net of income taxes | $ 0 | $ (34.4) | $ (111.1) | ||||||||||
[1] | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | ||||||||||||
[2] | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | ||||||||||||
[3] | Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. | ||||||||||||
[4] | For the years ended December 31, 2015, 2014 and 2013, respectively, amounts include approximately zero, $5.9 million and $8.7 million attributable to noncontrolling interests, $2.2 million, $8.3 million and $5.9 million of allocated interest expense, $15.0 million, $9.0 million and zero of divestiture related charges, respectively as well as a $5.3 million pension curtailment charge in 2015. Interest was allocated in accordance with relevant discontinued operations accounting guidance. | ||||||||||||
[5] | Presented as "Noncurrent assets\liabilities of discontinued operations held for sale" on the consolidated balance sheet as of December 31, 2014 | ||||||||||||
[6] | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. | ||||||||||||
[7] | Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2015 or 2014. |
Environmental Obligations (Narr
Environmental Obligations (Narrative and Environmental Reserve Rollforward) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)siteparty | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Environmental Remediation Obligations [Abstract] | |||
Environmental reserves, excluding recoveries | $ 348.2 | $ 296.2 | |
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 230 | ||
Number of sites FMC is named as a potentially responsible party | site | 32 | ||
Number of sites FMC may be a potentially responsible party or equivalent | site | 38 | ||
Number of parties, in addition to the Company, Involved in nonjudicial allocation process for clean-up costs | party | 70 | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Total environmental reserves, net of recoveries beginning of period | $ 284.3 | 204.7 | $ 216 |
Provision | 66.9 | 106.2 | 48.2 |
Spending, net of recoveries | (57) | (42.4) | (59.5) |
Transfer from environmental obligations | 47.2 | 16.9 | |
Foreign currency translation adjustments | (0.5) | (1.1) | |
Net Change | 56.6 | 79.6 | (11.3) |
Total environmental reserves, net of recoveries end of period | $ 340.9 | $ 284.3 | $ 204.7 |
Environmental Obligations (Deta
Environmental Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Recorded Recoveries [Roll Forward] | |||||
Expected recoveries recorded, beginning | $ 41.8 | $ 56.5 | |||
Increase in recoveries | (0.8) | 10.6 | |||
Cash Received | 11 | 25.3 | |||
Expected recoveries recorded, ending | 30 | 41.8 | $ 56.5 | ||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | |||||
Environmental reserves, current, net of recoveries | [1] | 59.1 | 74.4 | ||
Environmental reserves, long-term continuing and discontinued, net of recoveries | [2] | 281.8 | 209.9 | ||
Total environmental reserves, net of recoveries | 340.9 | 284.3 | 204.7 | $ 216 | |
Continuing operations | [3] | 21.7 | 43.7 | 6.2 | |
Discontinued operations | [4] | 45.5 | 53.1 | 37.3 | |
Net environmental provision | 67.2 | 96.8 | 43.5 | ||
Environmental reserves (1) | [5] | 66.9 | 106.2 | 48.2 | |
Other assets | [6] | 0.3 | (9.4) | (4.7) | |
Pocatello [Member] | |||||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | |||||
Total environmental reserves, net of recoveries | 44.9 | 68.6 | |||
Tribal Permit Fee | 1.5 | ||||
Tribal Court Decision on Permit Fees | 9 | ||||
Middleport [Member] | |||||
Accrual for Environmental Loss Contingencies, Balance Sheet Classification [Abstract] | |||||
Total environmental reserves, net of recoveries | 40.1 | 44.9 | |||
Environmental Liabilities, Continuing and Discontinued [Member] | |||||
Recorded Recoveries [Roll Forward] | |||||
Expected recoveries recorded, beginning | 11.9 | 21 | |||
Increase in recoveries | (0.5) | 1.2 | |||
Cash Received | 4.1 | 10.3 | |||
Expected recoveries recorded, ending | 7.3 | 11.9 | 21 | ||
Other Assets [Member] | |||||
Recorded Recoveries [Roll Forward] | |||||
Expected recoveries recorded, beginning | [7] | 29.9 | 35.5 | ||
Increase in recoveries | (0.3) | 9.4 | |||
Cash Received | 6.9 | 15 | |||
Expected recoveries recorded, ending | [7] | $ 22.7 | $ 29.9 | $ 35.5 | |
[1] | These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. | ||||
[2] | These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets. | ||||
[3] | Recorded as a component of “Restructuring and other charges (income)” on our consolidated statements of income. See Note 7. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. | ||||
[4] | Recorded as a component of “Discontinued operations, net" on our consolidated statements of income. See Note 9. | ||||
[5] | See above roll forward of our total environmental reserves as presented on our consolidated balance sheets. | ||||
[6] | Represents certain environmental recoveries. See Note 20 for details of "Other assets" as presented on our consolidated balance sheets. | ||||
[7] | The amounts are included within “Prepaid and other current assets" and "Other assets" on the consolidated balance sheets. See Note 20 for more details. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation Allowance [Line Items] | |||
Domestic | $ (186.7) | $ 27.4 | $ 174.4 |
Foreign | 56.2 | 336.4 | 328.8 |
Income (loss) from continuing operations before income taxes | (130.5) | $ 363.8 | $ 503.2 |
Valuation allowance for operating loss carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Net increase (decrease) in the valuation allowance for deferred tax assets | $ 106.5 |
Income Taxes Provision (Benefit
Income Taxes Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Current: | ||||
Federal | [1] | $ (52.6) | $ 65.7 | $ 44.3 |
Foreign | 78.5 | 43.4 | 66.2 | |
State | 1.6 | 4.9 | 5.8 | |
Total current | 27.5 | 114 | 116.3 | |
Deferred: | ||||
Federal | 23 | (37.5) | 25.4 | |
Foreign | (1) | (21.1) | (18) | |
State | (2.1) | 0.8 | 7.9 | |
Total deferred | 19.9 | (57.8) | 15.3 | |
Total | $ 47.4 | $ 56.2 | $ 131.6 | |
[1] | The gain from the sale of our discontinued Alkali business created an overall domestic taxable income position. The loss from continuing operations is reducing current taxes payable in the current year and as such is presented as a reduction to current tax expense. |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | |||
Reserves for discontinued operations, environmental and restructuring | $ 132.8 | $ 111.1 | |
Accrued pension and other postretirement benefits | 64.3 | 70.4 | |
Alternative minimum, foreign tax and other credit carryforwards | 25.8 | 7.4 | |
Net operating loss carryforwards | 161.1 | 143 | |
Deferred expenditures capitalized for tax | 24.2 | 34.2 | |
Other | 190.8 | 266.2 | |
Deferred tax assets | 599 | 632.3 | |
Valuation allowance, net | [1] | (272.5) | (125.3) |
Deferred tax assets, net of valuation allowance | 326.5 | 507 | |
Property, plant and equipment, net | 212.8 | 138.2 | |
Deferred tax liabilities | 212.8 | 138.2 | |
Net deferred tax assets | 113.7 | $ 368.8 | |
Valuation allowance for operating loss carryforwards [Member] | |||
Valuation Allowance [Line Items] | |||
Net increase (decrease) in the valuation allowance for deferred tax assets | $ 106.5 | ||
[1] | The change in the net valuation allowance was principally related to operations within our Agricultural Solutions business in Brazil driven by unfavorable market conditions and currency impacts experienced in the latter half of 2015. |
Income Taxes Net Operating Loss
Income Taxes Net Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2015USD ($) |
U.S. State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 24.5 |
Foreign Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 136.6 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforwards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Foreign tax credit carryforwards | $ 6.2 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | $ (45.7) | $ 127.3 | $ 176.1 |
Foreign earnings subject to different tax rates | (81.7) | (83.9) | (69.6) |
State and local income taxes, less federal income tax benefit | (1) | 4.2 | 13.7 |
Manufacturer's production deduction and miscellaneous tax credits | (9) | (6.4) | (5) |
Tax on intercompany dividends and deemed dividends for tax purposes | 12.6 | 10.7 | 3.7 |
Changes to unrecognized tax benefits | 9.9 | 5.5 | 5.2 |
Nondeductible expenses | 7.8 | 6.3 | 2.5 |
Change in valuation allowance | 178.7 | 1 | 0 |
Exchange gains and losses | (20.2) | (7.2) | 0 |
Other | (4) | (1.3) | 5 |
Total | $ 47.4 | $ 56.2 | $ 131.6 |
Income Taxes Deferred Tax Liabi
Income Taxes Deferred Tax Liability Not Recognized (Details) $ in Millions | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Unremitted earnings of foreign subsidiaries | $ 1,787.4 |
Income Taxes Uncertain Income T
Income Taxes Uncertain Income Tax Positions (Details) $ in Millions | 12 Months Ended | |||||||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)jurisdiction | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||||||
Income Tax Contingency [Line Items] | ||||||||||||
Number of significant foreign jurisdictions | jurisdiction | 17 | |||||||||||
Unrecognized tax benefits | $ 45.9 | [1] | $ 35.5 | [1] | $ 21.8 | $ 97.1 | [1] | $ 45.9 | [1] | $ 35.5 | [1] | |
Unrecognized tax benefits that would impact effective tax rate | 31.5 | 11.1 | ||||||||||
Interest and penalties related to unrecognized tax benefits | 2 | 1 | 2.1 | |||||||||
Income tax penalties and interest accrued | 5.2 | 3.2 | ||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||
Balance at beginning of year | 45.9 | [1] | 35.5 | [1] | 21.8 | |||||||
Increases related to positions taken in the current year | 21.4 | 9.6 | 15.1 | |||||||||
Increases for tax positions on acquisitions | 25.1 | 0 | (1.3) | |||||||||
Increases related to positions taken on items from prior years | 7.4 | 1.5 | 0 | |||||||||
Decreases related to positions taken on items from prior years | (2.7) | 0 | (0.1) | |||||||||
Settlements during the current year | 0 | (0.7) | 0 | |||||||||
Balance at end of year | [1] | $ 97.1 | $ 45.9 | $ 35.5 | ||||||||
Offsetting non-current deferred tax asset | 65.5 | $ 34.8 | $ 28.7 | |||||||||
Minimum [Member] | ||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||
Possible decrease in unrecognized tax benefits | 2.5 | |||||||||||
Maximum [Member] | ||||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||
Possible decrease in unrecognized tax benefits | $ 3.7 | |||||||||||
[1] | At December 31, 2015, 2014, and 2013 we recognized an offsetting non-current deferred tax asset of $65.5 million, $34.8 million, and $28.7 million respectively, relating to specific uncertain tax positions presented above. |
Debt, Maturing within One Year
Debt, Maturing within One Year (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Short-term foreign debt | [1] | $ 87.2 | $ 36.6 |
Commercial Paper | [2] | 23.9 | 486.6 |
Short-term Debt | 111.1 | 523.2 | |
Current portion of long-term debt | 1.5 | 2 | |
Short-term debt and current portion of long-term debt | $ 112.6 | $ 525.2 | |
Short-term Foreign Debt [Member] | |||
Short-term Debt [Line Items] | |||
Weighted average interest rates for short-term debt outstanding at year-end | 8.30% | ||
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Weighted average interest rates for short-term debt outstanding at year-end | 0.70% | ||
[1] | At December 31, 2015, the average effective interest rate on the borrowings was 8.30%. We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. | ||
[2] | At December 31, 2015, the average effective interest rate on the borrowings was 0.70%. |
Debt, Long-term (Details)
Debt, Long-term (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Apr. 21, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 2,037,800,000 | $ 1,140,900,000 | ||
Debt issuance cost | (11,900,000) | (14,500,000) | ||
Less: debt maturing within one year | 1,500,000 | 2,000,000 | ||
Total long-term debt, less current portion | 2,036,300,000 | 1,138,900,000 | ||
Maturities of Long-term Debt [Abstract] | ||||
2,015 | 1,500,000 | |||
2,016 | 1,800,000 | |||
2,017 | 1,600,000 | |||
2,018 | 706,600,000 | |||
2,019 | 496,200,000 | |||
Thereafter | 843,900,000 | |||
Medium-term Notes | 900,000,000 | $ 1,650,000,000 | ||
Term Loan, Cross-Default Provision, Amount | $ 50,000,000 | |||
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 | Dec. 31, 2021 | |||
Maturity date, maximum | Dec. 31, 2035 | |||
Total long-term debt | $ 141,500,000 | 141,500,000 | ||
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 | Dec. 31, 2019 | |||
Maturity date, maximum | Dec. 31, 2024 | |||
Total long-term debt | $ 998,300,000 | 998,100,000 | ||
Unamortized discount | $ 1,700,000 | 1,900,000 | ||
2011 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | [1] | 2.90% | ||
Maturity date | [1] | 2,019 | ||
Total long-term debt | [1] | $ 0 | 0 | |
Foreign Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage, minimum | 0.00% | |||
Interest rate percentage, maximum | 9.30% | |||
Maturity date, minimum | Dec. 31, 2016 | |||
Maturity date, maximum | Dec. 31, 2024 | |||
Total long-term debt | $ 9,900,000 | 15,800,000 | ||
Medium-term Notes [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Base rate funds effective rate low end | 0.50% | |||
Base rate funds effective rate high range | 1.00% | |||
Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 1.60% | |||
Maturity date | 2,020 | |||
Total long-term debt | $ 900,000,000 | $ 0 | ||
2011 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding, amount | 53,700,000 | |||
Line of credit, remaining borrowing capacity | $ 1,422,400,000 | |||
[1] | Letters of credit outstanding under the Credit Facility totaled $53.7 million and available funds under this facility were $1,422.4 million at December 31, 2015 (which reflects borrowings under our commercial paper program). |
Debt, Covenants (Details)
Debt, Covenants (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Credit Agreement, covenant compliance | |
Credit Agreement, covenant compliance, actual leverage ratio | 3.8 |
Credit Agreement, covenant terms, maximum leverage ratio | 4.5 |
Credit Agreement, covenant compliance, actual interest coverage ratio | 7.6 |
Credit Agreement, covenant terms, minimum interest coverage ratio | 3.5 |
Pensions and Other Postretire83
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Change in fair value of plan assets [Abstract] | ||||
Company contributions | $ 78.7 | $ 68.3 | ||
Amount recognized in the consolidated balance sheets [Abstract] | ||||
Actuarial Loss from the Adoption of 2014 Mortality Table | (24) | |||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ||||
Total recognized in other comprehensive (income) loss, after taxes | $ (17.7) | 151 | $ (209.9) | |
Defined contribution plan [Abstract] | ||||
Employer matching contribution percentage | 80.00% | |||
Maximum percentage of employee's compensation eligible for employer matching contributions | 5.00% | |||
Additional employer annual contribution percentage | 5.00% | |||
Charges for defined contribution plans | $ 8.9 | $ 11.4 | 11.8 | |
Pension Plan [Member] | ||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | ||||
Discount rate | 4.50% | 4.15% | ||
Rate of compensation increase | 3.60% | 3.60% | ||
Change in projected benefit obligation [Abstract] | ||||
Projected benefit obligation at January 1 | $ 1,569 | $ 1,315.2 | ||
Service cost | 13 | 17.3 | 22 | |
Interest cost | 61 | 62.3 | 57.7 | |
Actuarial loss (gain) | [1] | (81.7) | 261.3 | |
Amendments | 1.5 | 3.3 | ||
Foreign currency exchange rate changes | (8.9) | (12) | ||
Plan participants’ contributions | 0 | 0 | ||
Settlements | (16.3) | (8.5) | ||
Transfer of liabilities from continuing to discontinued operations | 0 | 0 | ||
Curtailments | (5.4) | 0 | ||
Benefits paid | (79.7) | (69.9) | ||
Projected benefit obligation at December 31 | 1,452.5 | 1,569 | 1,315.2 | |
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 1,344.9 | 1,285.4 | ||
Actual return on plan assets | (40.5) | 83.2 | ||
Foreign currency exchange rate changes | (8.2) | (11.1) | ||
Company contributions | 76.9 | 65.8 | ||
Plan participants’ contributions | 0 | 0 | ||
Settlements | (22.4) | (8.5) | ||
Benefits paid | (79.7) | (69.9) | ||
Fair value of plan assets at December 31 | 1,271 | 1,344.9 | $ 1,285.4 | |
Funded status of the plan (liability) | (181.5) | (224.1) | ||
Amount recognized in the consolidated balance sheets [Abstract] | ||||
Pension other asset | [2] | 0 | 0.7 | |
Accrued benefit liability | [3] | (181.5) | (224.8) | |
Total | (181.5) | (224.1) | ||
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | ||||
Prior service (cost) credit | (3.6) | (7.7) | ||
Net actuarial (loss) gain | (495.5) | (512.9) | ||
Accumulated other comprehensive income (loss) – pretax | (499.1) | (520.6) | ||
Accumulated other comprehensive income (loss) – net of tax | (314) | (329.5) | ||
Accumulated benefit obligation | 1,404.9 | 1,495 | ||
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ||||
Current year net actuarial loss (gain) | 58.8 | 262.1 | ||
Current year prior service cost (credit) | 1.5 | 3.3 | ||
Amortization of net actuarial (loss) gain | (54.7) | (30.5) | ||
Amortization of prior service (cost) credit | (0.8) | (1.9) | ||
Recognition of prior service cost due to curtailment | (4.8) | 0 | ||
Transfer of actuarial (loss) gain from continuing to discontinued operations | 0 | 0 | ||
Curtailment (loss) | (5.4) | 0 | ||
Settlement (loss) | (8.9) | (4.2) | ||
Foreign currency exchange rate changes on the above line items | (7.2) | (3.6) | ||
Total recognized in other comprehensive (income) loss, before taxes | (21.5) | 225.2 | ||
Total recognized in other comprehensive (income) loss, after taxes | (15.4) | $ 145.1 | ||
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | ||||
Net actuarial gain (loss) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | 41.2 | |||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | $ 0.7 | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Discount rate | 4.15% | 4.95% | 4.15% | |
Expected return on plan assets | 7.25% | 7.75% | 7.75% | |
Rate of compensation increase | 3.60% | 3.60% | 3.40% | |
Components of net annual benefit cost [Abstract] | ||||
Service cost | $ 13 | $ 17.3 | $ 22 | |
Interest cost | 61 | 62.3 | 57.7 | |
Expected return on plan assets | (88.9) | (86.3) | (78) | |
Amortization of prior service cost | 0.8 | 1.9 | 2.1 | |
Recognized net actuarial and other (gain) loss | 54.6 | 30.5 | 51.9 | |
Recognized (gain) loss due to curtailments | 4.8 | 0 | 0 | |
Recognized (gain) loss due to settlement | 8.9 | 4.2 | 7.4 | |
Net periodic benefit cost from continuing operations | 54.2 | 29.9 | $ 63.1 | |
Estimated Net Future Benefit Payments [Abstract] | ||||
2,016 | 84.6 | |||
2,017 | 86.8 | |||
2,018 | 86.4 | |||
2,019 | 87.8 | |||
2,020 | 88.9 | |||
2021 – 2025 | 451.1 | |||
Pension Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 1,069.9 | |||
Fair value of plan assets at December 31 | 1,006.2 | 1,069.9 | ||
Pension Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 273.4 | |||
Fair value of plan assets at December 31 | 263.9 | 273.4 | ||
Pension Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 1.6 | |||
Fair value of plan assets at December 31 | 0.9 | 1.6 | ||
Pension Plan [Member] | Cash and Short-term Investments [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 54.1 | |||
Fair value of plan assets at December 31 | 62.4 | 54.1 | ||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 54.1 | |||
Fair value of plan assets at December 31 | 62.4 | 54.1 | ||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Cash and Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Equity Securities [Member] | Common Stock [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 799.8 | |||
Fair value of plan assets at December 31 | 742.1 | 799.8 | ||
Pension Plan [Member] | Equity Securities [Member] | Common Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 799.8 | |||
Fair value of plan assets at December 31 | 742.1 | 799.8 | ||
Pension Plan [Member] | Equity Securities [Member] | Common Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Equity Securities [Member] | Common Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Equity Securities [Member] | Preferred Stock [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 3 | |||
Fair value of plan assets at December 31 | 0.3 | 3 | ||
Pension Plan [Member] | Equity Securities [Member] | Preferred Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 3 | |||
Fair value of plan assets at December 31 | 0.3 | 3 | ||
Pension Plan [Member] | Equity Securities [Member] | Preferred Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Equity Securities [Member] | Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Equity Securities [Member] | Mutual Funds [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | [4] | 286.9 | ||
Fair value of plan assets at December 31 | [4] | 277.8 | 286.9 | |
Pension Plan [Member] | Equity Securities [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | [4] | 198.3 | ||
Fair value of plan assets at December 31 | [4] | 187.9 | 198.3 | |
Pension Plan [Member] | Equity Securities [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | [4] | 88.6 | ||
Fair value of plan assets at December 31 | [4] | 89.9 | 88.6 | |
Pension Plan [Member] | Equity Securities [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | [4] | 0 | ||
Fair value of plan assets at December 31 | [4] | 0 | 0 | |
Pension Plan [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 185.5 | |||
Fair value of plan assets at December 31 | 174 | 185.5 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 184.8 | |||
Fair value of plan assets at December 31 | 174 | 184.8 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Investment Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.7 | |||
Fair value of plan assets at December 31 | 0 | 0.7 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 9.9 | |||
Fair value of plan assets at December 31 | 9.8 | 9.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 9.9 | |||
Fair value of plan assets at December 31 | 9.8 | 9.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.9 | |||
Fair value of plan assets at December 31 | 1.2 | 0.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.9 | |||
Fair value of plan assets at December 31 | 1.2 | 0.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Government Debt [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 3.9 | |||
Fair value of plan assets at December 31 | 2.5 | 3.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 3.9 | |||
Fair value of plan assets at December 31 | 2.5 | 3.9 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Fixed Income Investments [Member] | Government Debt [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Real Estate/Property [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.8 | |||
Fair value of plan assets at December 31 | 0.8 | 0.8 | ||
Pension Plan [Member] | Real Estate/Property [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Real Estate/Property [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Real Estate/Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.8 | |||
Fair value of plan assets at December 31 | 0.8 | 0.8 | ||
Pension Plan [Member] | Other Investments [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.1 | |||
Fair value of plan assets at December 31 | 0.1 | 0.1 | ||
Pension Plan [Member] | Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Other Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0 | |||
Fair value of plan assets at December 31 | 0 | 0 | ||
Pension Plan [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | 0.1 | |||
Fair value of plan assets at December 31 | 0.1 | 0.1 | ||
Pension Plan,U.S. Plans with Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | (135.3) | (167.6) | ||
Pension Plan, U.S.Plans without Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | (37.5) | (40.2) | ||
Pension Plan, Non-U.S. Plans With Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | (4.8) | (7.4) | ||
U.S. Defined Benefit Pension Plan [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Company contributions | $ 65 | $ 50 | ||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Expected return on plan assets | 7.25% | 7.75% | 7.75% | |
Components of net annual benefit cost [Abstract] | ||||
Historical compound annual rate of return of plan's trust over the last 20 years | 8.70% | |||
Estimated inflation rate assumptions for rate of return on plan assets | 2.00% | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||||
Expected total voluntary cash contributions to U.S. defined benefit pension plan for 2014 | $ 35 | |||
U.S. Defined Benefit Pension Plan [Member] | Cash and Short-term Investments [Member] | ||||
Target plan asset allocations [Abstract] | ||||
Target asset allocation, minimum | 0.00% | |||
Target asset allocation, maximum | 5.00% | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | ||||
Target plan asset allocations [Abstract] | ||||
Target asset allocation, minimum | 80.00% | |||
Target asset allocation, maximum | 90.00% | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Minimum [Member] | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Expected return on plan assets | 8.60% | |||
U.S. Defined Benefit Pension Plan [Member] | Equity Securities [Member] | Maximum [Member] | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Expected return on plan assets | 10.50% | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | ||||
Target plan asset allocations [Abstract] | ||||
Target asset allocation, minimum | 10.00% | |||
Target asset allocation, maximum | 20.00% | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Minimum [Member] | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Expected return on plan assets | 5.50% | |||
U.S. Defined Benefit Pension Plan [Member] | Fixed Income Investments [Member] | Maximum [Member] | ||||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Expected return on plan assets | 8.30% | |||
Foreign Pension Plan [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Company contributions | $ 4.1 | $ 4.9 | ||
Other Postretirement Benefit Plan [Member] | ||||
Change in projected benefit obligation [Abstract] | ||||
Projected benefit obligation at January 1 | [5] | 26.4 | 23.5 | |
Service cost | [5] | 0 | 0.1 | $ 0.1 |
Interest cost | [5] | 0.9 | 1 | 1 |
Actuarial loss (gain) | [1],[5] | (2.5) | 1 | |
Amendments | [5] | (2) | 3.4 | |
Foreign currency exchange rate changes | [5] | 0 | 0 | |
Plan participants’ contributions | [5] | 2.1 | 6.1 | |
Settlements | [5] | 0 | 0 | |
Transfer of liabilities from continuing to discontinued operations | [5] | (1) | 0 | |
Curtailments | [5] | 0 | 0 | |
Benefits paid | [5] | (3.9) | (8.7) | |
Projected benefit obligation at December 31 | [5] | 20 | 26.4 | 23.5 |
Change in fair value of plan assets [Abstract] | ||||
Fair value of plan assets at January 1 | [5] | 0 | 0 | |
Actual return on plan assets | [5] | 0 | 0 | |
Foreign currency exchange rate changes | [5] | 0 | 0 | |
Company contributions | [5] | 1.8 | 2.6 | |
Plan participants’ contributions | [5] | 2.1 | 6.1 | |
Settlements | [5] | 0 | 0 | |
Benefits paid | [5] | (3.9) | (8.7) | |
Fair value of plan assets at December 31 | [5] | 0 | 0 | $ 0 |
Funded status of the plan (liability) | [5] | (20) | (26.4) | |
Amount recognized in the consolidated balance sheets [Abstract] | ||||
Pension other asset | [2],[5] | 0 | 0 | |
Accrued benefit liability | [3],[5] | (20) | (26.4) | |
Total | [5] | (20) | (26.4) | |
The amounts in accumulated other comprehensive income (loss) that has not yet been recognized as components of net periodic benefit cost [Abstract] | ||||
Prior service (cost) credit | [5] | (0.6) | (3.3) | |
Net actuarial (loss) gain | [5] | 10.4 | 10.4 | |
Accumulated other comprehensive income (loss) – pretax | [5] | 9.8 | 7.1 | |
Accumulated other comprehensive income (loss) – net of tax | [5] | 6.1 | 4.4 | |
Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) [Abstract] | ||||
Current year net actuarial loss (gain) | [5] | (2.5) | 0.9 | |
Current year prior service cost (credit) | [5] | (2.1) | 3.4 | |
Amortization of net actuarial (loss) gain | [5] | 1.2 | 1.6 | |
Amortization of prior service (cost) credit | [5] | (0.1) | (0.1) | |
Recognition of prior service cost due to curtailment | [5] | (0.5) | 0 | |
Transfer of actuarial (loss) gain from continuing to discontinued operations | [5] | 1.3 | 0 | |
Curtailment (loss) | [5] | 0 | 0 | |
Settlement (loss) | [5] | 0 | 0 | |
Foreign currency exchange rate changes on the above line items | [5] | 0 | 0 | |
Total recognized in other comprehensive (income) loss, before taxes | [5] | (2.7) | 5.8 | |
Total recognized in other comprehensive (income) loss, after taxes | [5] | (1.7) | $ 3.6 | |
Estimated amounts that will be amortized from AOCI during next fiscal year [Abstract] | ||||
Net actuarial gain (loss) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | (1) | |||
Prior service cost (credit) that will be amortized from AOCI into net annual benefit cost (income) during 2014 | $ 0.1 | |||
Assumptions used in calculating net periodic benefit cost (income) [Abstract] | ||||
Discount rate | [5] | 4.15% | 4.95% | 4.15% |
Expected return on plan assets | [5] | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | [5] | 0.00% | 0.00% | 0.00% |
Components of net annual benefit cost [Abstract] | ||||
Service cost | [5] | $ 0 | $ 0.1 | $ 0.1 |
Interest cost | [5] | 0.9 | 1 | 1 |
Expected return on plan assets | [5] | 0 | 0 | 0 |
Amortization of prior service cost | [5] | 0.1 | 0.2 | 0 |
Recognized net actuarial and other (gain) loss | [5] | (1.2) | (1.6) | (1.9) |
Recognized (gain) loss due to curtailments | 0.5 | 0 | 0 | |
Recognized (gain) loss due to settlement | [5] | 0 | 0 | 0 |
Net periodic benefit cost from continuing operations | [5] | 0.3 | (0.3) | $ (0.8) |
Estimated Net Future Benefit Payments [Abstract] | ||||
2,016 | 2 | |||
2,017 | 1.9 | |||
2,018 | 1.8 | |||
2,019 | 1.8 | |||
2,020 | 1.7 | |||
2021 – 2025 | 7.3 | |||
Other Postretirement Benefit Plan, U.S. Plan with Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | [5] | 0 | 0 | |
Other Postretirement Benefit Plan, U.S. Plans without Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | [5] | (20) | (26.4) | |
Other Postretirement Benefit Plan, Non-U.S. Plans with Assets [Member] | ||||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | [5] | $ 0 | $ 0 | |
Other Pension Plan [Member] | ||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | ||||
Discount rate | 3.72% | 4.15% | ||
Change in fair value of plan assets [Abstract] | ||||
Company contributions | $ 7.8 | $ 10.8 | ||
Funded status of the plan (liability) | $ (3.9) | $ (8.9) | ||
Other Postretirement Benefit Plan, All Other Plans [Member] | ||||
Following are the weighted average assumptions used to determine the benefit obligations [Abstract] | ||||
Discount rate | 3.97% | 4.15% | ||
Change in fair value of plan assets [Abstract] | ||||
Funded status of the plan (liability) | [5] | $ 0 | $ 0 | |
[1] | In 2015, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations. Adoption of this new projection scale has decreased the U.S. defined benefit obligations by approximately $24 million at December 31, 2015. | |||
[2] | Included in “Other assets” on the consolidated balance sheets. | |||
[3] | Recorded as "Accrued pension and other postretirement benefits, current and long-term" on the consolidated balance sheets. | |||
[4] | As of December 31, 2015 and 2014 we have $89.9 million and $88.6 million, respectively, of investments in certain funds where the net asset value reported by the underlying funds approximates the fair value. These investments are redeemable with the fund at net asset value under the original terms of the partnership agreements and/or subscription agreements and operations of the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the net asset value of the funds and, consequently, the fair value of the interests in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the interest in the funds. | |||
[5] | Refer to Note 9 for information on our discontinued postretirement benefit plans. |
Pensions and Other Postretire84
Pensions and Other Postretirement Benefits Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Information for pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligations | $ 1,458.5 | $ 1,544.7 |
Accumulated benefit obligations | 1,414.2 | 1,475.6 |
Fair value of plan assets | 1,277 | 1,319.9 |
Information for pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligations | 1,441.4 | 1,544.8 |
Accumulated benefit obligations | 1,399.4 | 1,475.6 |
Fair value of plan assets | $ 1,261.2 | $ 1,319.9 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based payment award, expiration period | 10 years | ||||||
Number of shares of common stock authorized for issuance under the Plan | 29,000,000 | ||||||
Capital shares reserved for future issuance | 5,600,000 | ||||||
Share-based compensation expense, after-tax | [1] | $ 9.7 | $ 9.3 | $ 9.7 | |||
Tax benefit from compensation expense | 5.7 | 5.5 | 5.5 | ||||
Cash related stock options exercises | 5.9 | 8.6 | 10.7 | ||||
Excess tax benefits from share-based compensation | $ 1.4 | 4.7 | 7.1 | ||||
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards vesting period | 3 years | ||||||
Share-based compensation expense, after-tax | [2] | $ 4.1 | 3.8 | 4.2 | |||
Fair value assumptions, forfeiture rate | 4.00% | ||||||
Tax benefit from compensation expense | $ 2.4 | $ 2.2 | $ 2.4 | ||||
Unrecognized compensation cost | $ 8 | ||||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 1 year 9 months | ||||||
Black Scholes valuation assumptions for stock option grants [Abstract] | |||||||
Expected dividend yield | 0.95% | 0.74% | 0.91% | ||||
Expected volatility | 40.95% | 41.96% | 42.10% | ||||
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months | ||||
Risk-free interest rate | 1.74% | 2.01% | 1.29% | ||||
Stock Option Outstanding (shares) [Roll Forward] | |||||||
Beginning | 1,931,000 | 2,058,000 | 2,239,000 | ||||
Granted | 408,000 | 253,000 | 339,000 | ||||
Exercised | (213,000) | (313,000) | (462,000) | ||||
Forfeited | (55,000) | (67,000) | (58,000) | ||||
Ending | 2,071,000 | 1,931,000 | 2,058,000 | 2,239,000 | |||
Options exercisable (in shares) | 1,200,000 | 1,023,000 | 948,000 | 932,000 | |||
Options vested and expected to vest (in shares) | 2,073,000 | 1,903,000 | |||||
Options outstanding, weighted-average remaining contractual life (in years) | 5 years 7 months | 5 years 6 months | 5 years 11 months | 6 years 6 months | |||
Stock Options Outstanding, Weighted Average Exercise Price (dollars per share) [Abstract] | |||||||
Beginning | $ 42.46 | $ 36.76 | $ 30.69 | ||||
Granted | 63.37 | 72.66 | 59.47 | ||||
Exercised | 27.77 | 27.76 | 23.20 | ||||
Forfeited | 62.38 | 51.15 | 42.75 | ||||
Ending | $ 47.52 | $ 42.46 | $ 36.76 | $ 30.69 | |||
Options outstanding, aggregate intrinsic value, beginning | $ 32.7 | $ 79.6 | $ 62.3 | ||||
Options exercised, aggregate intrinsic value | 6.6 | 14 | 18.1 | ||||
Options outstanding, aggregate intrinsic value, ending | $ 8.7 | $ 32.7 | $ 79.6 | $ 62.3 | |||
Stock Option Additional Disclosures [Abstract] | |||||||
Options granted, weighted-average grant-date fair value (dollars per share) | $ 24.68 | $ 30.01 | $ 23.32 | ||||
Options exercisable, intrinsic value | $ 8.7 | ||||||
Options exercisable, weighted-average remaining contractual term (in years) | 3 years 9 months | ||||||
Options exercisable, weighted-average exercise price per share | $ 35.13 | ||||||
Restricted Stock Units (RSUs) related to Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of common stock credited to directors' accounts for RSUs | 168,634 | 140,656 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awards vesting period | 3 years | ||||||
Share-based compensation expense, after-tax | [3] | $ 5.6 | $ 5.5 | $ 5.5 | |||
Fair value assumptions, forfeiture rate | 2.00% | ||||||
Tax benefit from compensation expense | $ 3.3 | $ 3.3 | $ 3.1 | ||||
Unrecognized compensation cost | $ 10.9 | ||||||
Unrecognized compensation cost, weighted-average period of recognition (in years) | 2 years 9 months | ||||||
Nonvested Restricted Awards (shares) [Roll Forward] | |||||||
Nonvested awards, beginning | 428,000 | 523,000 | 704,000 | ||||
Granted | 223,000 | 129,000 | 150,000 | ||||
Vested | (190,000) | (203,000) | (326,000) | ||||
Forfeited | (25,000) | (21,000) | (5,000) | ||||
Nonvested awards, ending | 436,000 | 428,000 | 523,000 | 704,000 | |||
Nonvested Awards, Weighted Average Grant Date Fair Value (dollars per share) [Abstract] | |||||||
Nonvested awards, beginning | $ 57.86 | $ 49.07 | $ 38.29 | ||||
Granted | 60.22 | 71.92 | 58.95 | ||||
Vested | 49.06 | 46.06 | 31.76 | ||||
Forfeited | 64.27 | 57.40 | 51.61 | ||||
Nonvested awards, ending | $ 57.36 | $ 57.86 | $ 49.07 | $ 38.29 | |||
Discontinued Operations [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, after-tax | [1] | $ 0.6 | $ 1.4 | $ 1.8 | |||
[1] | This expense is classified as selling, general and administrative expense in our consolidated statements of income. Total stock compensation expense, net of tax, of $0.6 million, $1.4 million, and $1.8 million for the years ended December 31, 2015, 2014 and 2013, respectively, is included in the Discontinued operations, net of income taxes in the Consolidated Statements of Income. | ||||||
[2] | We applied an estimated forfeiture rate of four percent per stock option grant in the calculation of the expense. | ||||||
[3] | We applied an estimated forfeiture rate of two percent of outstanding grants in the calculation of the expense. |
Equity - Summary of Capital Sto
Equity - Summary of Capital Stock Activity (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ||||
Common Stock, Shares, Issued | 185,983,792 | 185,983,792 | 185,983,792 | 185,983,792 |
Treasury Stock [Roll Forward] | ||||
Treasury stock, shares, beginning | 52,666,121 | 53,098,103 | 48,313,414 | |
Stock options and awards | (338,106) | (431,982) | (753,389) | |
Repurchases of common stock, net | 0 | 5,538,078 | ||
Treasury stock, shares, ending | 52,328,015 | 52,666,121 | 53,098,103 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | $ (375.8) | $ (201.9) | $ (408.9) | |
Other comprehensive income (loss) before reclassifications | (122.6) | (244.9) | 170.8 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 41.1 | 71 | 36.2 | |
Accumulated other comprehensive income (loss), net of tax, ending | (457.3) | (375.8) | (201.9) | |
Foreign currency adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | (50.4) | (25.3) | (27) | |
Other comprehensive income (loss) before reclassifications | (96.9) | (74.7) | 1.7 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 49.6 | 0 | |
Accumulated other comprehensive income (loss), net of tax, ending | (147.3) | (50.4) | (25.3) | |
Derivative instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | [1] | (3.9) | (6.1) | (1.5) |
Other comprehensive income (loss) before reclassifications | [1] | 0.7 | 3.1 | (4.9) |
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | (3) | (0.9) | 0.3 |
Accumulated other comprehensive income (loss), net of tax, ending | [1] | (6.2) | (3.9) | (6.1) |
Pension and other postretirement benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | [2] | (321.5) | (170.5) | (380.4) |
Other comprehensive income (loss) before reclassifications | [2] | (26.4) | (173.3) | 174 |
Amounts reclassified from accumulated other comprehensive income (loss) | [2] | 44.1 | 22.3 | 35.9 |
Accumulated other comprehensive income (loss), net of tax, ending | [2] | $ (303.8) | $ (321.5) | $ (170.5) |
[1] | See Note 17 for more information. | |||
[2] | See Note 13 for more information. |
Equity - Reclassification Out o
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Discontinued operations, net of income taxes | $ (22.4) | $ (5) | $ 688.2 | $ 15.6 | $ 19.4 | $ 6.4 | $ 15.3 | $ (26.6) | $ 676.4 | $ 14.5 | $ (63.6) | |
Costs of sales and services | 2,201.1 | 2,047.8 | 1,929.8 | |||||||||
Interest expense | 81.4 | 51.4 | 36.5 | |||||||||
Income from continuing operations before income taxes | (130.5) | 363.8 | 503.2 | |||||||||
Selling, general and administrative expenses | 737.9 | 589.8 | 496.1 | |||||||||
Provision for income taxes | (47.4) | (56.2) | (131.6) | |||||||||
Net Income | $ (202.7) | $ 0.4 | $ 746.3 | $ (45.5) | $ 78.3 | $ 60.1 | $ 113.3 | $ 70.4 | 498.5 | 322.1 | 308 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net Income | [1] | (41.1) | (71) | (36.2) | ||||||||
Foreign Currency translation adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Discontinued operations, net of income taxes | [1],[2] | 0 | (49.6) | 0 | ||||||||
Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income from continuing operations before income taxes | [1] | 5.7 | 1.5 | (0.4) | ||||||||
Provision for income taxes | [1] | (2.7) | (0.6) | 0.1 | ||||||||
Net Income | [1] | 3 | 0.9 | (0.3) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Selling, general and administrative expenses | [1],[3] | (0.9) | (2.1) | (2) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Selling, general and administrative expenses | [1],[3] | (52.2) | (28.9) | (48.3) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Transition Asset (Obligation) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Selling, general and administrative expenses | [1],[3] | (14.2) | (4.2) | (7.4) | ||||||||
Pension and other postretirement benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income from continuing operations before income taxes | [1],[3] | (67.3) | (35.2) | (57.7) | ||||||||
Provision for income taxes | [1],[3] | 23.2 | 12.9 | 21.8 | ||||||||
Net Income | [1] | (44.1) | (22.3) | (35.9) | ||||||||
Foreign Currency Contracts [Member] | Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Costs of sales and services | [1] | 43 | 3 | (0.1) | ||||||||
Selling, general and administrative expenses | [1] | (32.5) | (2.9) | 0.5 | ||||||||
Energy Contracts [Member] | Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Costs of sales and services | [1] | (4.8) | 1.4 | (0.6) | ||||||||
Other Contract [Member] | Derivative instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense | [1] | $ 0 | $ 0 | $ (0.2) | ||||||||
[1] | Amounts in parentheses indicate charges to the consolidated statements of income. | |||||||||||
[2] | 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 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges. | |||||||||||
[3] | Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13. |
Equity - Additional Information
Equity - Additional Information (Details) | Jan. 21, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)holder | |
Subsequent Event [Line Items] | |||||
Noncontrolling purchase, in terms of percentage | 6.25% | ||||
Acquisitions of noncontrolling interests | $ 0 | $ 95,700,000 | $ 80,000,000 | ||
Noncontrolling Interest, Redemptions Or Purchase Of Interests, Number Of Noncontrolling Interest Holders | holder | 1 | ||||
Noncontrolling Interest, Number Of Noncontrolling Interest Holders | holder | 2 | ||||
Dividends paid | [1] | 86,400,000 | $ 78,100,000 | $ 73,600,000 | |
Accelerated share repurchase, initial accelerated | $ 250,000,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, payment date | Jan. 21, 2016 | ||||
Dividends | $ 22,100,000 | ||||
Dividends, record date | Dec. 31, 2015 | ||||
[1] | See Note 15 regarding quarterly cash dividend. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||
Antidilutive shares excluded from diluted EPS | 374 | 1,700 | 386 | |||||||||||||||||
Amounts attributable to FMC stockholders: | ||||||||||||||||||||
Continuing operations, net of income taxes | $ (181.7) | $ 2.6 | $ 54.1 | $ (62.4) | $ 57.1 | $ 51.6 | $ 95.7 | $ 93.8 | $ (187.4) | $ 298.2 | $ 365.1 | |||||||||
Discontinued operations, net of income taxes | (22.4) | (5) | 688.2 | 15.6 | 19.4 | 4.7 | 13.4 | (28.2) | 676.4 | 9.3 | (71.2) | |||||||||
Net income attributable to FMC stockholders | $ (204.1) | $ (2.4) | $ 742.3 | $ (46.8) | $ 76.5 | $ 56.3 | $ 109.1 | $ 65.6 | 489 | 307.5 | 293.9 | |||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | 0 | (0.9) | (1.6) | |||||||||||||||||
Net income allocable to common stockholders | $ 489 | $ 306.6 | $ 292.3 | |||||||||||||||||
Basic earnings per common share attributable to FMC stockholders: | ||||||||||||||||||||
Continuing operations (in dollars per share) | $ (1.36) | $ 0.02 | $ 0.40 | $ (0.47) | $ 0.43 | $ 0.39 | $ 0.72 | $ 0.70 | $ (1.40) | $ 2.23 | $ 2.69 | |||||||||
Discontinued operations (in dollars per share) | (0.17) | (0.04) | 5.14 | 0.12 | 0.14 | 0.03 | 0.10 | (0.21) | 5.06 | 0.07 | (0.53) | |||||||||
Net income attributable to FMC stockholders (in dollars per share) | (1.53) | [1] | (0.02) | [1] | 5.54 | [1] | (0.35) | [1] | 0.57 | [1] | 0.42 | [1] | 0.82 | [1] | 0.49 | [1] | 3.66 | 2.30 | 2.16 | |
Diluted earnings per common share attributable to FMC stockholders: | ||||||||||||||||||||
Continuing operations (in dollars per share) | (1.36) | 0.02 | 0.40 | (0.47) | 0.43 | 0.39 | 0.71 | 0.70 | (1.40) | 2.22 | 2.68 | |||||||||
Discontinued operations (in dollars per share) | (0.17) | (0.04) | 5.12 | 0.12 | 0.14 | 0.03 | 0.10 | (0.21) | 5.06 | 0.07 | (0.52) | |||||||||
Net income attributable to FMC stockholders (in dollars per share) | $ (1.53) | [1] | $ (0.02) | [1] | $ 5.52 | [1] | $ (0.35) | [1] | $ 0.57 | [1] | $ 0.42 | [1] | $ 0.81 | [1] | $ 0.49 | [1] | $ 3.66 | $ 2.29 | $ 2.16 | |
Shares: | ||||||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 133,700 | 133,800 | 133,700 | 133,600 | 133,500 | 133,400 | 133,300 | 133,100 | 133,696 | 133,327 | 135,209 | |||||||||
Weighted average additional shares assuming conversion of potential common shares | 0 | 955 | 928 | |||||||||||||||||
Shares – diluted basis | 133,700 | 134,400 | 134,400 | 133,600 | 134,300 | 134,300 | 134,400 | 134,300 | 133,696 | 134,282 | 136,137 | |||||||||
[1] | In the fourth quarter of 2015, we recorded significant restructuring and charges associated with both our Seal Sands facility and associated with Cheminova. Both of these are described in more detail in Note 7. Additionally, our results for the fourth quarter of 2015, were favorably impacted by $4.8 million after-tax or $0.03 per diluted share related to a cost of sale adjustment for the elimination of inter-company profit in inventory. This adjustment related to third quarter of 2015. |
Financial Instruments, Risk M91
Financial Instruments, Risk Management and Fair Value Measurements (Details) $ in Millions | Dec. 31, 2015USD ($)swap_agreement | Dec. 31, 2014USD ($)swap_agreement |
Financial Instruments Risk Management And Fair Value Measurements [Abstract] | ||
Estimated fair value of debt | $ 2,214 | $ 1,773.2 |
Carrying amount of debt | $ 2,148.9 | $ 1,664.1 |
Number of interest rate swap agreements in place | swap_agreement | 0 | 0 |
Financial Instrument, Risk Mana
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Gain (Loss) (Details) MMBTU in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)MMBTU | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Derivatives qualifying as hedges, net of tax | $ 2.3 | $ (2.2) | $ 4.6 | |
Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges gain (loss) to be realized in earnings during the twelve months | 7.4 | |||
Cash Flow Hedge Gain Loss To Be Reclassified Beyond Twelve Months | 0 | |||
Derivatives Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | $ 505.2 | |||
Derivatives Designated as Hedging Instruments [Member] | Energy Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate notional volume of outstanding natural gas commodity forward contracts designated as cash flow hedges (in mmBTUs) | MMBTU | 2.2 | |||
Derivatives Designated as Hedging Instruments [Member] | Foreign Currency and Energy Contracts [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, ending | $ 7.4 | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | (3.9) | (6.1) | (1.5) | |
Unrealized hedging gains (losses) and other, net of tax | 0.7 | 3.1 | (4.9) | |
Accumulated other comprehensive income (loss), net of tax, ending | (6.2) | (3.9) | (6.1) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | [1] | (3) | (0.9) | 0.3 |
Derivatives qualifying as hedges, net of tax | (2.3) | 2.2 | (4.6) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | [2] | (0.6) | (7.5) | 0.7 |
Unrealized hedging gains (losses) and other, net of tax | [2] | 0.4 | 6.9 | (8) |
Accumulated other comprehensive income (loss), net of tax, ending | [2] | (6.1) | (0.6) | (7.5) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | [1],[2] | (5.9) | 0 | (0.2) |
Derivatives qualifying as hedges, net of tax | [2] | (5.5) | 6.9 | (8.2) |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | [2] | (4.6) | 0.1 | (1) |
Unrealized hedging gains (losses) and other, net of tax | [2] | 0.4 | (3.8) | 0.7 |
Accumulated other comprehensive income (loss), net of tax, ending | [2] | (1.3) | (4.6) | 0.1 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Cost of Sales and Services [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | [1],[2] | 2.9 | (0.9) | 0.4 |
Derivatives qualifying as hedges, net of tax | [2] | 3.3 | (4.7) | 1.1 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, beginning | [2] | 1.3 | 1.3 | (1.2) |
Unrealized hedging gains (losses) and other, net of tax | [2] | (0.1) | 0 | 2.4 |
Accumulated other comprehensive income (loss), net of tax, ending | [2] | 1.2 | 1.3 | 1.3 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Interest Expense [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Reclassification of deferred hedging (gains) losses, net of tax, effective portion | [1],[2] | 0 | 0 | 0.1 |
Derivatives qualifying as hedges, net of tax | [2] | (0.1) | 0 | 2.5 |
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | [3] | (220) | (102.5) | 11.2 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Open foreign currency forward contracts designated as cash flow hedges, U.S. dollar equivalent | 1,800 | |||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Cost of Sales and Services [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | [3] | (47.9) | (2.9) | 11.2 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative Expenses [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | [3],[4] | $ (172.1) | ||
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Selling, General and Administrative Expenses [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | [3],[4] | $ (99.6) | $ 0 | |
[1] | Amounts are included in “Cost of sales and services” and "Interest expense" on the consolidated statements of income. | |||
[2] | For the years ended December 31, 2015, 2014 and 2013, there was no material ineffectiveness with regard to cash flow hedges. | |||
[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 loss on the Cheminova acquisition hedge. See Note 3 within these consolidated financial statements more information. |
Financial Instrument, Risk Ma93
Financial Instrument, Risk Management and Fair Value Measurements, Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | [1] | $ 11.3 | $ 32.5 |
Derivative amounts netted on the statement of financial position | [2] | 0 | 0 |
Derivative assets | [1] | 0 | 28.6 |
Derivative Liabilities | [3] | (24.7) | (125) |
Derivative Liability, Fair Value, Net Liability | [3] | (13.4) | (121.1) |
Net derivative assets/(liabilities) | (13.4) | (92.5) | |
Derivative Financial Instruments, Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative amounts netted on the statement of financial position | [1],[2] | (11.3) | (3.9) |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative amounts netted on the statement of financial position | [2],[3] | 11.3 | 3.9 |
Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 11.3 | 32.2 | |
Derivative amounts netted on the statement of financial position | [2] | (11.3) | (3.6) |
Derivative assets | 0 | 28.6 | |
Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative amounts netted on the statement of financial position | [2] | 11.3 | 3.6 |
Derivative Liabilities | (22.7) | (117.4) | |
Derivative Liability, Fair Value, Net Liability | (11.4) | (113.8) | |
Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 0 | 0.3 | |
Derivative amounts netted on the statement of financial position | [2] | 0 | (0.3) |
Derivative assets | 0 | 0 | |
Energy Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative amounts netted on the statement of financial position | [2] | 0 | 0.3 |
Derivative Liabilities | (2) | (7.6) | |
Derivative Liability, Fair Value, Net Liability | (2) | (7.3) | |
Other Contract [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 0 | ||
Derivative amounts netted on the statement of financial position | [2] | 0 | |
Derivative assets | 0 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | [1] | 6.1 | 17.4 |
Derivative Liabilities | [3] | (17.4) | (25) |
Net derivative assets/(liabilities) | (11.3) | (7.6) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 6.1 | 17.1 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative Liabilities | (15.4) | (17.4) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 0 | 0.3 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative Liabilities | (2) | (7.6) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 0 | ||
Derivatives Not Designated as Hedging Instruments [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | [1] | 5.2 | 15.1 |
Derivative Liabilities | [3] | (7.3) | (100) |
Net derivative assets/(liabilities) | (2.1) | (84.9) | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 5.2 | 15.1 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative Liabilities | (7.3) | (100) | |
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | 0 | 0 | |
Derivatives Not Designated as Hedging Instruments [Member] | Energy Contracts [Member] | Accured and Other Liabilities [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative Liabilities | $ 0 | 0 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Contract [Member] | Prepaid and Other Current Assets [Member] | |||
Fair value and balance sheet presentation of derivative instruments | |||
Derivative assets | $ 0 | ||
[1] | Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. | ||
[2] | Represents net derivatives positions subject to master netting arrangements. | ||
[3] | Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. |
Financial Instrument, Risk Ma94
Financial Instrument, Risk Management and Fair Value Measurements, Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Assets | ||||||
Derivative assets | [1] | $ 11.3 | $ 32.5 | |||
Liabilities | ||||||
Derivatives | [2] | 24.7 | 125 | |||
Gain (loss) on long-lived assets associated with exit activities | (217.7) | (17.2) | $ (12.2) | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Assets | ||||||
Other | 25.4 | [3] | 30.9 | [4] | ||
Total Assets | 25.4 | 30.9 | ||||
Liabilities | ||||||
Other | 0 | [5] | 33.1 | [6] | ||
Total Liabilities | 0 | 33.1 | ||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 0 | [7] | 0 | [8] | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Energy Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 0 | [7] | 0 | [8] | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Assets | ||||||
Other | 0 | [3] | 0 | [4] | ||
Total Assets | 0 | 28.6 | ||||
Liabilities | ||||||
Other | 0 | [5] | 0.6 | [6] | ||
Total Liabilities | 13.4 | 121.7 | ||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 28.6 | [8] | ||
Liabilities | ||||||
Derivatives | 11.4 | [7] | 113.8 | [8] | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Energy Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 2 | [3] | 7.3 | [8] | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Assets | ||||||
Other | 0 | [3] | 0 | [4] | ||
Total Assets | 0 | 0 | ||||
Liabilities | ||||||
Other | 0 | [5] | 0 | [6] | ||
Total Liabilities | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 0 | [7] | 0 | [8] | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Energy Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 0 | [3] | 0 | [8] | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Liabilities | ||||||
Gain (loss) on long-lived assets associated with exit activities | [9] | (3.1) | ||||
Gain (Loss) on Long-lived and Intangible Assets Associated with Exit Activities | [10] | (70.5) | ||||
Restructuring Charges and Asset Disposals | (70.5) | (3.1) | ||||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Assets | ||||||
Total Assets | 0 | 0 | ||||
Liabilities | ||||||
Long-lived assets to be abandoned | 0 | [10] | 0 | [9] | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Assets | ||||||
Total Assets | 0 | 0 | ||||
Liabilities | ||||||
Long-lived assets to be abandoned | 0 | [10] | 0 | [9] | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Assets | ||||||
Total Assets | 35.4 | 0 | ||||
Liabilities | ||||||
Long-lived assets to be abandoned | 35.4 | [10] | 0 | [9] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Assets | ||||||
Other | 25.4 | [3] | 30.9 | [4] | ||
Total Assets | 25.4 | 59.5 | ||||
Liabilities | ||||||
Other | 0 | [5] | 33.7 | [6] | ||
Total Liabilities | 13.4 | 154.8 | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 28.6 | [8] | ||
Liabilities | ||||||
Derivatives | 11.4 | [7] | 113.8 | [8] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Energy Contracts [Member] | ||||||
Assets | ||||||
Derivative assets | 0 | [7] | 0 | [8] | ||
Liabilities | ||||||
Derivatives | 2 | [7] | 7.3 | [8] | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Assets | ||||||
Total Assets | 35.4 | 0 | ||||
Liabilities | ||||||
Long-lived assets to be abandoned | $ 35.4 | [10] | $ 0 | [9] | ||
[1] | Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||
[2] | Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||
[3] | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||
[4] | Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in “Other assets” in the consolidated balance sheets. | |||||
[5] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. | |||||
[6] | Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the consolidated balance sheets. | |||||
[7] | See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. | |||||
[8] | See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. | |||||
[9] | We recorded charges, within our FMC Health and Nutrition segment, to write down to zero the value of certain long-lived assets to related to our FMC Health and Nutrition restructuring as they have no future use. See Note 7 within these consolidated financial statements for more information. | |||||
[10] | (1)We recorded charges, within our FMC Health and Nutrition segment, to write down the value of certain long-lived assets of approximately $70.5 million to salvage value in the case of fixed assets and fair value in the case of indefinite lived intangible assets. See Note 7 within these consolidated financial statements for more information. |
Guarantees, Commitments and C95
Guarantees, Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | ||
Undiscounted exposure from guarantees | $ 114.2 | |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Undiscounted exposure from guarantees | 67.2 | [1] |
Guarantee Type, Other [Member] | ||
Guarantor Obligations [Line Items] | ||
Undiscounted exposure from guarantees | 25.7 | [1] |
Foreign equity method investment debt guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Undiscounted exposure from guarantees | $ 21.3 | [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 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 and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. |
Guarantees, Commitments and C96
Guarantees, Commitments and Contingencies, Rent Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating leases rent expense | $ 18.4 | $ 23.2 | $ 24.2 |
Minimum commitments under take-or-pay purchase obligation | 33.4 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 13.4 | ||
2,017 | 18.5 | ||
2,018 | 18 | ||
2,019 | 16.5 | ||
2,020 | 15.2 | ||
Thereafter | 123.8 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 4.7 | ||
2,017 | 4.7 | ||
2,018 | 4.8 | ||
2,019 | 4.9 | ||
2,020 | 5 | ||
Thereafter | 31.4 | ||
Building [Member] | |||
Operating Leased Assets [Line Items] | |||
Capital leases, accumulated amortization | 2 | 1.4 | |
Capital leases, net | $ 28.1 | $ 28.7 |
Guarantees, Commitments and C97
Guarantees, Commitments and Contingencies, Contingencies (Details) - Canada Antitrust Law [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)producer | |
Loss Contingencies [Line Items] | |
Number of hydrogen peroxide producers in putative direct and indirect purchaser class action complaints filed in February 2005 | 5 |
Number of hydrogen peroxide producers in same putative class actions in Canada who settled | 5 |
Settlement amount, settled by other defendants | $ | $ 20.6 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Revenue | $ 899.3 | $ 830.7 | $ 887.1 | $ 659.4 | $ 887.8 | $ 819.1 | $ 794.9 | $ 756.9 | $ 3,276.5 | [1] | $ 3,258.7 | [1] | $ 3,130.7 | [1] | |
Operating profit before the items listed below | 519.2 | 641.5 | 638.1 | ||||||||||||
Interest expense, net | (80.1) | (51.2) | (36.3) | ||||||||||||
Restructuring and other income (charges) | [2] | (244) | (56.4) | (50.5) | |||||||||||
Non-operating pension and postretirement (charges) income | [3] | (35.3) | (10.5) | (38.1) | |||||||||||
Business separation cost | [4] | 0 | (23.6) | 0 | |||||||||||
Acquisition related charges | [5] | 290.3 | 136 | 10 | |||||||||||
(Provision) benefit for income taxes | (47.4) | (56.2) | (131.6) | ||||||||||||
Discontinued operations, net of income taxes | (22.4) | (5) | 688.2 | 15.6 | 19.4 | 6.4 | 15.3 | (26.6) | 676.4 | 14.5 | (63.6) | ||||
Net income attributable to noncontrolling interests | (1.4) | (2.8) | (4) | (1.3) | (1.8) | (3.8) | (4.2) | (4.8) | (9.5) | (14.6) | (14.1) | ||||
Net income attributable to FMC stockholders | $ (204.1) | $ (2.4) | $ 742.3 | $ (46.8) | $ 76.5 | $ 56.3 | $ 109.1 | $ 65.6 | 489 | 307.5 | 293.9 | ||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Segment, operating profit (loss) | 581.6 | 712.9 | 720.5 | ||||||||||||
FMC Agricultural Solutions [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Revenue | [1] | 2,252.9 | 2,173.8 | 2,145.7 | |||||||||||
Segment, operating profit (loss) | 363.9 | 497.8 | 539 | ||||||||||||
Restructuring and other income (charges) | (123.7) | 4.5 | (32.6) | ||||||||||||
FMC Health and Nutrition [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Revenue | [1] | 785.5 | 828.2 | 762 | |||||||||||
Segment, operating profit (loss) | 194.7 | 187.9 | 169.5 | ||||||||||||
Restructuring and other income (charges) | (93.8) | (14.1) | (1) | ||||||||||||
FMC Minerals [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Revenue | [1] | 238.1 | 256.7 | 223 | |||||||||||
Segment, operating profit (loss) | 23 | 27.2 | 12 | ||||||||||||
Restructuring and other income (charges) | (2.7) | 0 | (9) | ||||||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Segment, operating profit (loss) | (62.4) | (71.4) | (82.4) | ||||||||||||
Restructuring and other income (charges) | (23.8) | (46.8) | (7.9) | ||||||||||||
EPAX [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Amortization of inventory fair value step-up | [6] | 4.2 | 5.2 | ||||||||||||
Cheminova [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Acquisition related charges | 290.3 | 131.8 | |||||||||||||
Amortization of inventory fair value step-up | 57.8 | [7] | 0 | [7] | 0 | ||||||||||
Legal and professional fees | [8] | 60.4 | [9] | 32.2 | [9] | 0 | |||||||||
Selling, General and Administrative Expenses [Member] | EPAX [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Certain professional fees | 0 | [8] | 0 | [8] | 4.8 | ||||||||||
Selling, General and Administrative Expenses [Member] | Cheminova [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
(Gain)/loss on hedging purchase price | 172.1 | [10] | 99.6 | [10] | 0 | ||||||||||
Cost of Sales and Services [Member] | EPAX [Member] | |||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||
Amortization of inventory fair value step-up | [6] | $ 0 | $ 4.2 | $ 5.2 | |||||||||||
[1] | Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. | ||||||||||||||
[2] | See Note 7 for details of restructuring and other charges (income). Below provides the detail the charges (income) by segment: Year Ended December 31(in Millions)2015 2014 2013FMC Agricultural Solutions$(123.7) $4.5 $(32.6)FMC Health and Nutrition(93.8) (14.1) (1.0)FMC Lithium(2.7) — (9.0)Corporate(23.8) (46.8) (7.9)Restructuring and other (charges) income$(244.0) $(56.4) $(50.5) | ||||||||||||||
[3] | Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item "Selling, general and administrative expenses" on our consolidated statements of income. | ||||||||||||||
[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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31,(in Millions)2015 2014 2013Acquisition related charges - Cheminova Legal and professional fees (1)$60.4 $32.2 $—Unrealized loss/(gain) on hedging purchase price (1)172.1 99.6 —Inventory fair value step-up amortization (2)57.8 — — Acquisition related charges - Epax Legal and professional fees (1)— — 4.8Inventory fair value step-up amortization (2)— 4.2 5.2Acquisition/divestiture related charges$290.3 $136.0 $10.0____________________(1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. | ||||||||||||||
[5] | 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 divestiture of our FMC Alkali Chemicals division. Amounts represent the following: Twelve Months Ended December 31,(in Millions)2015 2014 2013Acquisition related charges - Cheminova Legal and professional fees (1)$60.4 $32.2 $—Unrealized loss/(gain) on hedging purchase price (1)172.1 99.6 —Inventory fair value step-up amortization (2)57.8 — — Acquisition related charges - Epax Legal and professional fees (1)— — 4.8Inventory fair value step-up amortization (2)— 4.2 5.2Acquisition/divestiture related charges$290.3 $136.0 $10.0____________________(1) On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses”. (2) On the consolidated statements of income, these charges are included in “Costs of sales and services”. | ||||||||||||||
[6] | On the consolidated statements of income, these charges are included in “Costs of sales and services” | ||||||||||||||
[7] | On the consolidated statements of income (loss), these charges are included in “Costs of sales and services.” | ||||||||||||||
[8] | On the consolidated statements of income, these charges are included in “Selling, general and administrative expenses” | ||||||||||||||
[9] | Represents transaction costs, costs for transitional employees, other acquired employee related costs and integration related legal and professional third-party fees. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” | ||||||||||||||
[10] | See "Cheminova Acquisition Hedge Costs" below for more information on these charges. On the consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” |
Segment Information, Other Segm
Segment Information, Other Segment Information Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment liabilities included in total operating capital employed | [1] | $ 1,270.6 | $ 919.2 | |
Assets of discontinued operations held for sale | [1],[2] | 0 | 604.8 | |
Assets | 6,325.9 | 5,326 | ||
Capital expenditures | 108.5 | 182.2 | $ 165 | |
Depreciation and amortization | 115.7 | 93.5 | 88 | |
Research and development expenses | 143.7 | 126.3 | 115.6 | |
Operating Segments [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 4,578.7 | 3,275.4 | |
Assets | [2] | 5,849.3 | 4,194.6 | |
Capital expenditures | 108.5 | 182.2 | 166.2 | |
Depreciation and amortization | 115.7 | 93.5 | 88 | |
Research and development expenses | 143.7 | 126.3 | 115.6 | |
FMC Agricultural Solutions [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 3,085.2 | 1,612.3 | |
Assets | [2] | 4,259.5 | 2,399 | |
Capital expenditures | [3] | 29.2 | 25.4 | 49.7 |
Depreciation and amortization | 60.5 | 31 | 34.1 | |
Research and development expenses | 132.4 | 111.8 | 100.5 | |
Other cash payments to contract manufacturers | 14.2 | 8.1 | 24.1 | |
FMC Health and Nutrition [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 1,180.9 | 1,365.8 | |
Assets | [2] | 1,241.1 | 1,452.3 | |
Capital expenditures | 50.6 | 96.8 | 86.5 | |
Depreciation and amortization | 38.9 | 44.9 | 35.4 | |
Research and development expenses | 7.8 | 10 | 10.5 | |
FMC Minerals [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 312.6 | 297.3 | |
Assets | [2] | 348.7 | 343.3 | |
Capital expenditures | 17.4 | 45 | 21.3 | |
Depreciation and amortization | 12.2 | 13.7 | 14.7 | |
Research and development expenses | 3.5 | 4.5 | 4.6 | |
Eliminations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 0 | 0 | |
Assets | [2] | 0 | 0 | |
Corporate [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Operating capital employed | [1] | 476.6 | 526.6 | |
Assets | [2] | 476.6 | 526.6 | |
Capital expenditures | 11.3 | 15 | 8.7 | |
Depreciation and amortization | 4.1 | 3.9 | 3.8 | |
Research and development expenses | $ 0 | $ 0 | $ 0 | |
[1] | We view operating capital employed, which consists of assets, net of liabilities, reported by our operations and excluding corporate items such as cash equivalents, debt, pension liabilities, income taxes and LIFO reserves, as our primary measure of segment capital. | |||
[2] | Segment assets are assets recorded and reported by the segments and are equal to segment operating capital employed plus segment liabilities. See Note 1. | |||
[3] | (1)Cash spending associated with contract manufacturers in our FMC Agricultural Solutions segment, which are not included in the table above was $14.2 million, $8.1 million and $24.1 million for the years ended December 31, 2015. 2014 and 2013, respectively. |
Segment Information, External C
Segment Information, External Customers and Long-lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | $ 899.3 | $ 830.7 | $ 887.1 | $ 659.4 | $ 887.8 | $ 819.1 | $ 794.9 | $ 756.9 | $ 3,276.5 | [1] | $ 3,258.7 | [1] | $ 3,130.7 | [1] | |
Percentage of consolidated revenues requiring specific geographic region disclosure | 10.00% | ||||||||||||||
Long-Lived Assets | $ 3,067.1 | 1,790 | $ 3,067.1 | 1,790 | |||||||||||
Percentage of consolidated long-lived assets requiring specific geographic region disclosure | 10.00% | 10.00% | |||||||||||||
Goodwill | $ 776.1 | 352.5 | $ 776.1 | 352.5 | 389.4 | ||||||||||
North America [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | [2] | 911.1 | 908.2 | 818.5 | |||||||||||
Long-Lived Assets | [3] | 648.5 | 580.1 | 648.5 | 580.1 | ||||||||||
EMEA [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | 623.9 | 483.7 | 455 | ||||||||||||
Long-Lived Assets | [4] | 1,720.1 | 652 | 1,720.1 | 652 | ||||||||||
Latin America [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | [2] | 981.8 | 1,195.6 | 1,259.1 | |||||||||||
Long-Lived Assets | 290.9 | 209.9 | 290.9 | 209.9 | |||||||||||
Asia Pacific [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | 759.7 | 671.2 | 598.1 | ||||||||||||
Long-Lived Assets | 407.6 | 348 | 407.6 | 348 | |||||||||||
UNITED STATES | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | 853 | 857.7 | 782.4 | ||||||||||||
Long-Lived Assets | 646.9 | 586 | 646.9 | 586 | |||||||||||
DENMARK | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Long-Lived Assets | $ 689.1 | 689.1 | |||||||||||||
BRAZIL | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenue | $ 662.5 | 926.5 | $ 1,014.7 | ||||||||||||
NORWAY | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Long-Lived Assets | 453.5 | 453.5 | |||||||||||||
Goodwill | $ 194.3 | $ 194.3 | |||||||||||||
[1] | Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. | ||||||||||||||
[2] | In 2015, countries with sales in excess of ten percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 2015, 2014 and 2013 for the U.S. totaled $853.0 million, $857.7 million and $782.4 million and for Brazil totaled $662.5 million, $926.5 million and $1,014.7 million, respectively. | ||||||||||||||
[3] | Geographic segment long-lived assets exclude long-term deferred income taxes and assets of discontinued operations held for sale on the consolidated balance sheets. | ||||||||||||||
[4] | The countries with long-lived assets in excess of ten percent of consolidated long-lived assets at December 31, 2015 are the U.S. which totaled $646.9 million and Denmark which totaled $689.1 million, respectively. The long- lived assets at December 31, 2014 are the U.S which totaled $586.0 million and Norway which totaled $453.5 million, respectively. Norway assets included goodwill $194.3 million at December 31, 2014. |
Supplemental Information (Detai
Supplemental Information (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Prepaid and other current assets | ||||||
Prepaid insurance | $ 8.8 | $ 7 | ||||
Tax related items including value added tax receivables | 105.3 | 74.9 | ||||
Environmental obligation recoveries | 6.1 | 8 | ||||
Derivative assets | [1] | 0 | 28.6 | |||
Argentina government receivable | [2] | 18.7 | 14.8 | |||
Other prepaid and current assets | 102.8 | 55.5 | ||||
Total | 241.7 | 188.8 | ||||
Other Assets | ||||||
Financing receivables | 90.6 | 0 | ||||
Advance to contract manufacturers | 69 | 62.8 | ||||
Capitalized software, net | 36.5 | 32.1 | ||||
Environmental obligation recoveries | 17.1 | 21.9 | ||||
Argentina government receivable | [2] | 52.5 | 47 | |||
Income taxes deferred charges | 65.6 | 0 | ||||
Deferred compensation arrangements | 25.4 | 30.9 | ||||
Pension and other postretirement benefits | 0 | 0.7 | ||||
Other long-term assets | 78.4 | 59.7 | ||||
Total | 435.1 | 255.1 | ||||
Argentina Government Receivables, denominated in USD | 50.3 | 42.2 | ||||
Accrued and other liabilities | ||||||
Restructuring reserves | [3] | 15.6 | [4] | 10.3 | [4] | $ 6.1 |
Dividend payable | 22.1 | 20.1 | ||||
Accrued payroll | 49.8 | 46 | ||||
Environmental reserves, current, net of recoveries | [5] | 59.1 | 74.4 | |||
Derivative liabilities | [6] | 13.4 | 121.1 | |||
Other accrued and other liabilities | 177.6 | 135.3 | ||||
Total | 337.6 | 407.2 | ||||
Other long-term liabilities | ||||||
Asset retirement obligations, long-term | 1.7 | 1.7 | ||||
Contingencies related to uncertain tax positions | 97.1 | 45.9 | ||||
Deferred compensation arrangements | 29.1 | 33.1 | ||||
Self insurance reserves (primarily workers' compensation) | 11.2 | 13.8 | ||||
Lease obligations | 34.3 | 33.6 | ||||
Reserve for discontinued operations | [7] | 46.1 | 53.3 | |||
Undiscounted exposure from guarantees | 25.7 | 0 | [8] | |||
Other long-term liabilities | 33.6 | 26.7 | ||||
Total | $ 278.8 | $ 208.1 | ||||
[1] | Net balance is included in “Prepaid and other current assets” in the consolidated balance sheets. | |||||
[2] | We have various subsidiaries that conduct business within Argentina, primarily in our FMC Agricultural Solutions and FMC Lithium segments. At December 31, 2015 and 2014, $50.3 million and $42.2 million of outstanding receivables due from the Argentina government, which primarily represent export tax and valued added tax receivables, were denominated in U.S. dollars. As with all outstanding receivable balances we continually review recoverability by analyzing historical experience, current collection trends and regional business and political factors among other factors. | |||||
[3] | Included in “Accrued and other liabilities” on the consolidated balance sheets. | |||||
[4] | Primarily foreign currency translation adjustments. | |||||
[5] | These amounts are included within “Accrued and other liabilities” on the consolidated balance sheets. | |||||
[6] | Net balance is included in “Accrued and other liabilities” in the consolidated balance sheets. | |||||
[7] | Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. | |||||
[8] | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This amount is recorded on the consolidated balance sheets as “Guarantees of vendor financing.” |
Quarterly Financial Informat102
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||||
Revenue | $ 899.3 | $ 830.7 | $ 887.1 | $ 659.4 | $ 887.8 | $ 819.1 | $ 794.9 | $ 756.9 | $ 3,276.5 | [1] | $ 3,258.7 | [1] | $ 3,130.7 | [1] | ||||||||
Gross margin | 298.6 | 220.3 | 305.8 | 250.7 | 318.3 | 283.5 | 316.1 | 293 | 1,075.4 | 1,210.9 | 1,200.9 | |||||||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, net interest income and expense and income taxes | (55.1) | 0.5 | 100.5 | (96.1) | 54.1 | 70.2 | 147.6 | 142.9 | (50.2) | 414.8 | 538.7 | |||||||||||
Income (loss) from continuing operations | (180.3) | 5.4 | 58.1 | (61.1) | 58.9 | 53.7 | 98 | 97 | (177.9) | 307.6 | 371.6 | |||||||||||
Discontinued operations, net of income taxes | (22.4) | (5) | 688.2 | 15.6 | 19.4 | 6.4 | 15.3 | (26.6) | 676.4 | 14.5 | (63.6) | |||||||||||
Net income | (202.7) | 0.4 | 746.3 | (45.5) | 78.3 | 60.1 | 113.3 | 70.4 | 498.5 | 322.1 | 308 | |||||||||||
Less: Net income attributable to noncontrolling interests | 1.4 | 2.8 | 4 | 1.3 | 1.8 | 3.8 | 4.2 | 4.8 | 9.5 | 14.6 | 14.1 | |||||||||||
Net income attributable to FMC stockholders | (204.1) | (2.4) | 742.3 | (46.8) | 76.5 | 56.3 | 109.1 | 65.6 | 489 | 307.5 | 293.9 | |||||||||||
Amounts attributable to FMC stockholders: | ||||||||||||||||||||||
Continuing operations, net of income taxes | (181.7) | 2.6 | 54.1 | (62.4) | 57.1 | 51.6 | 95.7 | 93.8 | (187.4) | 298.2 | 365.1 | |||||||||||
Discontinued operations, net of income taxes | $ (22.4) | $ (5) | $ 688.2 | $ 15.6 | $ 19.4 | $ 4.7 | $ 13.4 | $ (28.2) | $ 676.4 | $ 9.3 | $ (71.2) | |||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||
Continuing operations (in dollars per share) | $ (1.36) | $ 0.02 | $ 0.40 | $ (0.47) | $ 0.43 | $ 0.39 | $ 0.72 | $ 0.70 | $ (1.40) | $ 2.23 | $ 2.69 | |||||||||||
Discontinued operations (in dollars per share) | (0.17) | (0.04) | 5.14 | 0.12 | 0.14 | 0.03 | 0.10 | (0.21) | 5.06 | 0.07 | (0.53) | |||||||||||
Net income attributable to FMC stockholders (in dollars per share) | (1.53) | [2] | (0.02) | [2] | 5.54 | [2] | (0.35) | [2] | 0.57 | [2] | 0.42 | [2] | 0.82 | [2] | 0.49 | [2] | 3.66 | 2.30 | 2.16 | |||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||
Continuing operations (in dollars per share) | (1.36) | 0.02 | 0.40 | (0.47) | 0.43 | 0.39 | 0.71 | 0.70 | (1.40) | 2.22 | 2.68 | |||||||||||
Discontinued operations (in dollars per share) | (0.17) | (0.04) | 5.12 | 0.12 | 0.14 | 0.03 | 0.10 | (0.21) | 5.06 | 0.07 | (0.52) | |||||||||||
Net income attributable to FMC stockholders (in dollars per share) | $ (1.53) | [2] | $ (0.02) | [2] | $ 5.52 | [2] | $ (0.35) | [2] | $ 0.57 | [2] | $ 0.42 | [2] | $ 0.81 | [2] | $ 0.49 | [2] | $ 3.66 | $ 2.29 | $ 2.16 | |||
Shares: | ||||||||||||||||||||||
Basic (in Shares) | 133,700 | 133,800 | 133,700 | 133,600 | 133,500 | 133,400 | 133,300 | 133,100 | 133,696 | 133,327 | 135,209 | |||||||||||
Diluted (in Shares) | 133,700 | 134,400 | 134,400 | 133,600 | 134,300 | 134,300 | 134,400 | 134,300 | 133,696 | 134,282 | 136,137 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||||
Cost of Revenue | $ 4.8 | |||||||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||||||||||||||||||||
Net income attributable to FMC stockholders (in dollars per share) | $ 0.03 | |||||||||||||||||||||
[1] | Our FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium segments each have one product line group, and therefore net sales to external customers within each of those segments are included in the table above. | |||||||||||||||||||||
[2] | In the fourth quarter of 2015, we recorded significant restructuring and charges associated with both our Seal Sands facility and associated with Cheminova. Both of these are described in more detail in Note 7. Additionally, our results for the fourth quarter of 2015, were favorably impacted by $4.8 million after-tax or $0.03 per diluted share related to a cost of sale adjustment for the elimination of inter-company profit in inventory. This adjustment related to third quarter of 2015. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Reserve for doubtful accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance, Beginning of Year | $ 37.2 | [1] | $ 30.1 | $ 26.7 | ||
Provision/(Benefit) Charged to Costs and Expenses | 5.9 | [1] | 8.7 | 5.1 | ||
Provision/(Benefit) Charged to Other Comprehensive Income | 0 | [1] | 0 | 0 | ||
Write-offs | [2] | 0 | [1] | (1.6) | (1.7) | |
Balance, End of Year | 43.1 | [1] | 37.2 | [1] | 30.1 | |
Deferred tax valuation allowance [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance, Beginning of Year | 125.3 | 108.2 | 84.5 | |||
Provision/(Benefit) Charged to Costs and Expenses | 146.8 | 17.3 | 23.1 | |||
Provision/(Benefit) Charged to Other Comprehensive Income | 0.4 | (0.2) | 0.6 | |||
Write-offs | [2] | 0 | 0 | 0 | ||
Balance, End of Year | $ 272.5 | $ 125.3 | $ 108.2 | |||
[1] | Includes short term and long-term portion | |||||
[2] | Write-offs are net of recoveries. |