Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
Document Transition Report | false |
Entity File Number | 1-2376 |
Entity Registrant Name | FMC CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-0479804 |
Entity Address, Address Line One | 2929 Walnut Street |
Entity Address, City or Town | Philadelphia |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19104 |
City Area Code | 215 |
Local Phone Number | 299-6000 |
Title of 12(b) Security | Common Stock, par value $0.10 per share |
Trading Symbol | FMC |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 124,824,364 |
Entity Central Index Key | 0000037785 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,038.4 | $ 1,014.5 | $ 1,956.4 | $ 2,358.8 |
Costs and Expenses | ||||
Costs of sales and services | 640.3 | 581.7 | 1,218.6 | 1,344.7 |
Gross margin | 398.1 | 432.8 | 737.8 | 1,014.1 |
Selling, general and administrative expenses | 164.8 | 205.6 | 328.7 | 391.5 |
Research and development expenses | 75.9 | 87.7 | 136.8 | 166.1 |
Restructuring and other charges (income) | 95.1 | 7.3 | 136 | 19.8 |
Total costs and expenses | 976.1 | 882.3 | 1,820.1 | 1,922.1 |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | 62.3 | 132.2 | 136.3 | 436.7 |
Non-operating pension and postretirement charges (income) | 4.2 | 4.6 | 8.5 | 9.2 |
Interest expense, net | 63.6 | 64.5 | 125.3 | 115.9 |
Income (loss) from continuing operations before income taxes | (5.5) | 63.1 | 2.5 | 311.6 |
Provision (benefit) for income taxes | (303.5) | 9.2 | (304.9) | 50.3 |
Income (loss) from continuing operations | 298 | 53.9 | 307.4 | 261.3 |
Discontinued operations, net of income taxes | (2.8) | (21.5) | (15.3) | (33) |
Net income (loss) | 295.2 | 32.4 | 292.1 | 228.3 |
Less: Net income (loss) attributable to noncontrolling interests | 0.1 | 1.9 | (0.3) | 1.8 |
Net income (loss) attributable to FMC stockholders | 295.1 | 30.5 | 292.4 | 226.5 |
Amounts attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | 297.9 | 52 | 307.7 | 259.5 |
Discontinued operations, net of income taxes | (2.8) | (21.5) | (15.3) | (33) |
Net income (loss) attributable to FMC stockholders | $ 295.1 | $ 30.5 | $ 292.4 | $ 226.5 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | $ 2.37 | $ 0.41 | $ 2.45 | $ 2.07 |
Discontinued operations (in USD per share) | (0.02) | (0.17) | (0.12) | (0.26) |
Net income (loss) attributable to FMC stockholders (in USD per share) | 2.35 | 0.24 | 2.33 | 1.81 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | 2.37 | 0.41 | 2.45 | 2.06 |
Discontinued operations (in USD per share) | (0.02) | (0.17) | (0.12) | (0.26) |
Net income (loss) attributable to FMC stockholders (in USD per share) | $ 2.35 | $ 0.24 | $ 2.33 | $ 1.80 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 295.2 | $ 32.4 | $ 292.1 | $ 228.3 | |||
Foreign currency adjustments: | |||||||
Foreign currency translation gain (loss) arising during the period | (9.2) | (12.7) | (45.9) | 7.4 | |||
Total foreign currency translation adjustments | [1] | (9.2) | (12.7) | (45.9) | 7.4 | ||
Derivative instruments: | |||||||
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $3.6 and $5.5 for the three and six months ended June 30, 2024 and $(7.7) and $(11.8) for the three and six months ended June 30, 2023, respectively | 17.4 | (39.5) | 21.1 | (76.8) | |||
Reclassification of deferred hedging (gains) losses and other, included in net income (loss), net of tax (expense) benefit of [$—] and [$—] for the three and six months ended June 30, 2024 and $6.6 and $8.8 for the three and six months ended June 30, 2023, respectively | [2] | 1.4 | 15.8 | 1.1 | 21.8 | ||
Total derivative instruments, net of tax expense (benefit) of $4.4 and $6.2 for the three and six months ended June 30, 2024 and $(1.1) and $(3.0) for the three and six months ended June 30, 2023, respectively | 18.8 | (23.7) | 22.2 | (55) | |||
Pension and other postretirement benefits: | |||||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero for the three and six months ended June 30, 2024 and June 30, 2023 | (0.1) | (0.1) | (0.2) | 0 | |||
Reclassification of net actuarial and other (gains) losses and amortization of prior service costs and settlement charges, included in net income (loss), net of tax (expense) benefit of [$—] and [$—] for the three and six months ended June 30, 2024 and $0.7 and $1.5 for the three and six months ended June 30, 2023, respectively | [2] | 2.6 | 2.9 | 5.2 | 5.7 | ||
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.6 and $1.3 for the three and six months ended June 30, 2024 and $0.7 and $1.5 for the three and six months ended June 30, 2023, respectively | 2.5 | [3] | 2.8 | [4] | 5 | 5.7 | |
Other comprehensive income (loss), net of tax | 12.1 | (33.6) | (18.7) | (41.9) | |||
Comprehensive income (loss) | 307.3 | (1.2) | 273.4 | 186.4 | |||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | (0.1) | 0.6 | (1.2) | 1.4 | |||
Comprehensive income (loss) attributable to FMC stockholders | $ 307.4 | $ (1.8) | $ 274.6 | $ 185 | |||
[1] Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration. For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss), see Note 13. See consolidated statements of comprehensive income (loss). See consolidated statements of comprehensive income (loss). |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized hedging gains (losses) and other, tax | $ 3.6 | $ (7.7) | $ 5.5 | $ (11.8) |
Reclassification of deferred hedging (gains) losses and other, included in net income, tax | 0.8 | 6.6 | 0.7 | 8.8 |
Total derivative instruments, tax | 4.4 | (1.1) | 6.2 | (3) |
Unrealized actuarial gains (losses) and prior service (costs) credits, tax | 0 | 0 | 0 | 0 |
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, tax | 0.6 | 0.7 | 1.3 | 1.5 |
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax | $ 0.6 | $ 0.7 | $ 1.3 | $ 1.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 471.5 | $ 302.4 |
Trade receivables, net of allowance of $34.4 in 2024 and $29.1 in 2023 | 2,702.4 | 2,703.2 |
Inventories | 1,435 | 1,724.6 |
Prepaid and other current assets | 601.3 | 398.9 |
Total current assets | 5,210.2 | 5,129.1 |
Noncurrent assets | ||
Investments | 22.8 | 19.8 |
Property, plant and equipment, net | 861.1 | 892.5 |
Goodwill | 1,509.2 | 1,593.6 |
Other intangibles, net | 2,413.2 | 2,465.1 |
Other assets including long-term receivables, net | 450.1 | 489.5 |
Deferred income taxes | 1,664.1 | 1,336.6 |
Total assets | 12,130.7 | 11,926.2 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 1,153.3 | 934 |
Accounts payable, trade and other | 697.3 | 602.4 |
Advance payments from customers | 0.8 | 482.1 |
Accrued and other liabilities | 700.3 | 684.8 |
Accrued customer rebates | 780.8 | 480.9 |
Guarantees of vendor financing | 63.9 | 69.6 |
Accrued pension and other postretirement benefits, current | 6.4 | 6.4 |
Income taxes | 120.3 | 124.4 |
Total current liabilities | 3,523.1 | 3,384.6 |
Noncurrent liabilities | ||
Long-term debt, less current portion | 3,025.8 | 3,023.6 |
Accrued pension and other postretirement benefits, long-term | 23.5 | 24.4 |
Environmental liabilities, continuing and discontinued | 466.3 | 494.7 |
Deferred income taxes | 109.9 | 158.1 |
Other long-term liabilities | 401.4 | 407.4 |
Commitments and contingent liabilities (Note 18) | ||
Equity | ||
Preferred stock, no par value, authorized $5,000,000 shares; no shares issued in 2024 or 2023 | 0 | 0 |
Common stock, $0.10 par value, authorized $260,000,000 shares in 2024 and 2023; $185,983,792 shares issued in 2024 and 2023 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 955.6 | 935.6 |
Retained earnings | 6,734.2 | 6,587.1 |
Accumulated other comprehensive income (loss) | (424.3) | (406.5) |
Treasury stock, common, at cost - 2024: $61,159,428 shares, 2023: $61,223,032 shares | (2,724.7) | (2,723.9) |
Total FMC stockholders’ equity | 4,559.4 | 4,410.9 |
Noncontrolling interests | 21.3 | 22.5 |
Total equity | 4,580.7 | 4,433.4 |
Total liabilities and equity | $ 12,130.7 | $ 11,926.2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Allowance for trade receivables | $ 34.4 | $ 29.1 |
Equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares issued (in shares) | 185,983,792 | 185,983,792 |
Treasury stock, shares, (in shares) | 61,159,428 | 61,223,032 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Cash provided (required) by operating activities of continuing operations: | |||
Net income (loss) | $ 292.1 | $ 228.3 | |
Discontinued operations, net of income taxes | 15.3 | 33 | |
Income (loss) from continuing operations | 307.4 | 261.3 | |
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||
Depreciation and amortization | 90 | 92.8 | |
Restructuring and other charges (income) | 136 | 19.8 | |
Deferred income taxes | (421.6) | (1.8) | |
Pension and other postretirement benefits | 10.1 | 10.7 | |
Share-based compensation | 12.4 | 13.6 | |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||
Trade receivables, net | (94.8) | 132.2 | |
Guarantees of vendor financing | (5.7) | (35.7) | |
Advance payments from customers | (481.4) | (677.1) | |
Accrued customer rebates | 307.3 | 274.2 | |
Inventories | 244.1 | (423.3) | |
Accounts payable, trade and other | 108.8 | (197.3) | |
Income taxes | 3.5 | (72.6) | |
Pension and other postretirement benefit contributions | (1.7) | (1) | |
Environmental spending, continuing, net of recoveries | (13.6) | (14.5) | |
Restructuring and other spending | [1] | (68.2) | (6.2) |
Change in other operating assets and liabilities, net | [2] | 16.7 | (94.9) |
Cash provided (required) by operating activities of continuing operations | 149.3 | (719.8) | |
Cash provided (required) by operating activities of discontinued operations: | |||
Environmental spending, discontinued, net of recoveries | (23.1) | (11.7) | |
Other discontinued spending | [3] | 4.2 | (15.2) |
Cash provided (required) by operating activities of discontinued operations | (18.9) | (26.9) | |
Cash provided (required) by investing activities of continuing operations: | |||
Capital expenditures | (30.6) | (75.8) | |
Acquisitions, including cost and equity method, net | (1.8) | (3.2) | |
Proceeds from land disposition | [4] | 0 | 5.8 |
Other investing activities | (7.2) | (5.3) | |
Cash provided (required) by investing activities of continuing operations | (39.6) | (78.5) | |
Cash provided (required) by financing activities of continuing operations: | |||
Increase (decrease) in short-term debt | 231.5 | 719.1 | |
Repayments of long-term debt | 0 | (800) | |
Proceeds from borrowings of long-term debt | 0 | 1,498.6 | |
Financing fees and interest rate swap settlements | 0 | (0.4) | |
Issuances of common stock, net | 0.2 | 3.9 | |
Dividends paid | [5] | (145.2) | (145.4) |
Repurchases of common stock under publicly announced program | 0 | (75) | |
Other repurchases of common stock | (1.8) | (6.2) | |
Cash provided (required) by financing activities of continuing operations | 84.7 | 1,194.6 | |
Effect of exchange rate changes on cash and cash equivalents | (6.4) | 0.1 | |
Increase (decrease) in cash and cash equivalents | 169.1 | 369.5 | |
Cash and cash equivalents, beginning of period | 302.4 | 572 | |
Cash and cash equivalents, end of period | $ 471.5 | $ 941.5 | |
[1] In addition to cash payments shown in our roll forward of restructuring reserves in Note 8 to our consolidated financial statements included within this Form 10-Q, the restructuring and other spending amount above for the six months ended June 30, 2024 and 2023 includes spending of $3.0 million and $1.3 million, respectively, related to the Furadan® asset retirement obligations. For additional detail on restructuring and other charges activities, see Note 8. During the six months ended June 30, 2023, we received the final payment of $5.8 million related to a land transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022. See Note 13 regarding the quarterly cash dividend. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Discontinued operations gain on insurance settlement | $ 18 | $ 18 | ||
Proceeds from land disposition | [1] | 0 | $ 5.8 | |
Cash paid for interest, net of capitalized interest | 125.2 | 101.1 | ||
Income taxes paid, net of refunds | 107.9 | 105.2 | ||
Capital expenditures | 10.6 | 20.5 | ||
Receivables retained from securitization | 10.5 | |||
Furadan Product Exit | ||||
Asset retirement obligation | $ 3 | $ 3 | $ 1.3 | |
[1] During the six months ended June 30, 2023, we received the final payment of $5.8 million related to a land transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common Stock, $0.10 Par Value | Capital In Excess of Par | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interest | |
Beginning balance at Dec. 31, 2022 | $ 3,400.9 | $ 18.6 | $ 909.2 | $ 5,555.9 | $ (459.6) | $ (2,646.2) | $ 23 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 195.9 | 196 | (0.1) | |||||
Stock compensation plans | 9.6 | 7.2 | 2.4 | |||||
Shares for benefit plan trust | (0.1) | (0.1) | ||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | [1] | 2.9 | 2.9 | |||||
Net hedging gains (losses) and other, net of income tax | [1] | (31.3) | (31.3) | |||||
Foreign currency translation adjustments | [1] | 20.1 | 19.2 | 0.9 | ||||
Dividends | (72.7) | (72.7) | ||||||
Repurchases of common stock | (30.8) | (30.8) | ||||||
Ending balance at Mar. 31, 2023 | 3,494.5 | 18.6 | 916.4 | 5,679.2 | (468.8) | (2,674.7) | 23.8 | |
Beginning balance at Dec. 31, 2022 | 3,400.9 | 18.6 | 909.2 | 5,555.9 | (459.6) | (2,646.2) | 23 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 228.3 | |||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 5.7 | |||||||
Ending balance at Jun. 30, 2023 | 3,377.4 | 18.6 | 922.4 | 5,637.2 | (501.1) | (2,724.1) | 24.4 | |
Beginning balance at Mar. 31, 2023 | 3,494.5 | 18.6 | 916.4 | 5,679.2 | (468.8) | (2,674.7) | 23.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 32.4 | 30.5 | 1.9 | |||||
Stock compensation plans | 8.4 | 6 | 2.4 | |||||
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 | [1] | 2.8 | 2.8 | |||||
Net hedging gains (losses) and other, net of income tax | [1] | (23.7) | (23.7) | |||||
Foreign currency translation adjustments | [1] | (12.7) | (11.4) | (1.3) | ||||
Dividends | (72.5) | (72.5) | ||||||
Repurchases of common stock | (51.1) | (51.1) | ||||||
Ending balance at Jun. 30, 2023 | 3,377.4 | 18.6 | 922.4 | 5,637.2 | (501.1) | (2,724.1) | 24.4 | |
Beginning balance at Dec. 31, 2023 | 4,433.4 | 18.6 | 935.6 | 6,587.1 | (406.5) | (2,723.9) | 22.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (3.1) | (2.7) | (0.4) | |||||
Stock compensation plans | 8.2 | 6.8 | 1.4 | |||||
Shares for benefit plan trust | (0.5) | (0.5) | ||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | [2] | 2.5 | 2.5 | |||||
Net hedging gains (losses) and other, net of income tax | [2] | 3.4 | 3.4 | |||||
Foreign currency translation adjustments | [2] | (36.7) | (36) | (0.7) | ||||
Dividends | (72.6) | (72.6) | ||||||
Repurchases of common stock | (1.7) | (1.7) | ||||||
Ending balance at Mar. 31, 2024 | 4,332.9 | 18.6 | 942.4 | 6,511.8 | (436.6) | (2,724.7) | 21.4 | |
Beginning balance at Dec. 31, 2023 | 4,433.4 | 18.6 | 935.6 | 6,587.1 | (406.5) | (2,723.9) | 22.5 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 292.1 | |||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 5 | |||||||
Ending balance at Jun. 30, 2024 | 4,580.7 | 18.6 | 955.6 | 6,734.2 | (424.3) | (2,724.7) | 21.3 | |
Beginning balance at Mar. 31, 2024 | 4,332.9 | 18.6 | 942.4 | 6,511.8 | (436.6) | (2,724.7) | 21.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 295.2 | 295.1 | 0.1 | |||||
Stock compensation plans | 13.2 | 13.2 | 0 | 0 | ||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | [2] | 2.5 | 2.5 | |||||
Net hedging gains (losses) and other, net of income tax | [2] | 18.8 | 18.8 | |||||
Foreign currency translation adjustments | [2] | (9.2) | (9) | (0.2) | ||||
Dividends | (72.7) | (72.7) | 0 | |||||
Ending balance at Jun. 30, 2024 | $ 4,580.7 | $ 18.6 | $ 955.6 | $ 6,734.2 | $ (424.3) | $ (2,724.7) | $ 21.3 | |
[1] See consolidated statements of comprehensive income (loss). See consolidated statements of comprehensive income (loss). |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 | ||
Dividends (in USD per share) | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 |
Financial Information and Accou
Financial Information and Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Financial Information and Accounting Policies | Financial Information and Accounting Policies In our opinion, the consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2024 and 2023, cash flows for the six months ended June 30, 2024 and 2023, changes in equity for the three and six months ended June 30, 2024 and 2023, and our financial positions as of June 30, 2024 and December 31, 2023. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results of operations for the full year. The consolidated balance sheet as of June 30, 2024, and the related consolidated statements of income (loss) and consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, and consolidated statements of changes in equity for the three and six months ended June 30, 2024 and 2023 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. The consolidated balance sheet as of December 31, 2023 was audited by our independent registered public accountants. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2023 (the "2023 Form 10-K"). Assets Held for Sale The Global Specialty Solutions ("GSS") business met the criteria to be presented as assets held for sale for the period ended June 30, 2024. Additionally, on July 11, 2024, we signed a definitive agreement to sell this business to Environmental Science US, LLC d/b/a Envu for a purchase price of $350 million, subject to closing working capital adjustments. The fair value, less costs to sell, is expected to exceed the preliminary carrying value. Assets of approximately $160 million consist primarily of $50 million in trade receivables, $33 million in inventories, and $77 million representing an allocated portion of goodwill. The assets are presented within the Prepaid and other current assets |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items New accounting guidance and regulatory items On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which will require registrants to provide certain climate-related information in their registration statements and periodic reports. The required disclosures will include, but are not limited to, specific disclosures about climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; the governance of climate-related risks and relevant risk management processes; Scope 1 and 2 greenhouse gas (GHG) emissions, if material or included in announced emission targets; certain climate-related financial statement metrics and related disclosures in a note to the audited financial statements; and information about climate-related targets and goals. The rules are effective on a rolling basis for various fiscal years, beginning for the Company with annual reports for the year ending December 31, 2025. However, in response to various legal challenges, the SEC voluntarily stayed the rules on April 4, 2024, which may impact the ultimate effective date of the rules. We are currently gathering the required data and information to comply with the rules by the current effective date and we will continue to monitor any developments on these rules and expected timing for compliance. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Changes to the Disclosure Requirements for Income Taxes , to improve the transparency and decision usefulness of income tax disclosures. The standard requires companies to disclose a tabular effective rate reconciliation with certain reconciling items broken out by nature and/or jurisdiction as well as more robust disclosures of income taxes paid, specifically broken out between federal, state and foreign. The standard can be applied prospectively or retrospectively and early adoption is permitted. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2025. We are currently evaluating the impacts this standard will have on our income tax disclosures. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity's reportable segments and expenses. The standard requires disclosure of the chief operating decision maker's (the "CODM") title and position and allows for disclosure of multiple measures of segment profit and loss reviewed by the CODM. Companies with multiple reportable segments as well as companies with a single reportable segment are required to adopt the standard and it should be applied retrospectively to all periods presented. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2024. Early adoption is permitted. Because we operate as a single reportable segment, most of the required information is currently available in our quarterly or annual filings. We expect to update our disclosures to present the required information, which may result in new disclosures as well as updates to the geography of certain disclosures. Recently adopted accounting guidance On December 20, 2021, the Organization for Economic Co-operation and Development (the "OECD") released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15 percent. The OECD continues to release additional guidance on the two-pillar framework. Pillar Two legislation has been enacted in certain jurisdictions in which the Company operates, which became effective for the Company’s financial year beginning January 1, 2024. We have performed an assessment of our potential exposure to Pillar Two income taxes for these jurisdictions, which was not material. We are continuing to evaluate this estimate as well as the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by individual countries. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . In accordance with the new disclosure requirements, which we have adopted beginning January 1, 2023, we have included information regarding our key program terms and the amount outstanding that remains unpaid at period end as further described below. We will adopt the roll forward disclosure requirement when it becomes effective beginning with the Form 10-K for the year ended December 31, 2024. We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Obligations outstanding under this program are recorded within "Accounts payable, trade and other" in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows. Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of revenue We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table. The disaggregated revenue tables are shown below for the three and six months ended June 30, 2024 and 2023. The following table provides information about disaggregated revenue by major geographical region: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 North America $ 338.8 $ 272.5 $ 597.9 $ 769.8 Latin America 307.2 268.7 495.2 502.3 Europe, Middle East & Africa (EMEA) 201.2 207.6 508.0 590.6 Asia 191.2 265.7 355.3 496.1 Total Revenue $ 1,038.4 $ 1,014.5 $ 1,956.4 $ 2,358.8 The following table provides information about disaggregated revenue by product category: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Insecticides $ 569.1 $ 658.9 $ 1,070.4 $ 1,405.6 Herbicides 336.6 225.5 631.5 668.3 Fungicides 74.5 72.3 144.9 173.3 Plant Health 43.5 43.4 88.3 95.7 Other 14.7 14.4 21.3 15.9 Total Revenue $ 1,038.4 $ 1,014.5 $ 1,956.4 $ 2,358.8 We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources. For additional detail on revenue recognition policies and procedures, see Note 3 to our consolidated financial statements included within our 2023 Form 10-K. Contract Asset and Contract Liability Balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers: (in Millions) Balance as of June 30, 2024 Balance as of December 31, 2023 Increase (Decrease) Receivables from contracts with customers, net of allowances (1) $ 2,726.1 $ 2,722.7 $ 3.4 Contract liabilities: Advance Payments from customers (2) 0.8 482.1 (481.3) ____________________ (1) Amount includes $2,702.4 million of trade receivables and $23.7 million of net long-term customer receivables as of June 30, 2024. See Note 5 for more information. (2) The amount of revenue recognized in the six months ended June 30, 2024 that was included in the opening contract liability balance is $481.3 million. The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of June 30, 2024. Refer to Note 5 for further information. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill are presented in the table below: (in Millions) Total Balance, December 31, 2023 $ 1,593.6 GSS allocation to held for sale (See Note 1.) (77.0) Foreign currency adjustments (7.4) Balance, June 30, 2024 $ 1,509.2 There were no events or circumstances indicating that goodwill might be impaired as of June 30, 2024. Our intangible assets, other than goodwill, consist of the following: June 30, 2024 December 31, 2023 (in Millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite-lived) Customer relationships $ 1,127.6 $ (435.8) $ 691.8 $ 1,136.7 $ (414.2) $ 722.5 Patents 1.8 (1.6) 0.2 1.8 (1.6) 0.2 Brands (1) 48.8 (17.4) 31.4 49.3 (12.9) 36.4 Purchased and licensed technologies 128.4 (47.3) 81.1 131.1 (46.2) 84.9 Other intangibles 2.3 (1.8) 0.5 2.3 (1.8) 0.5 $ 1,308.9 $ (503.9) $ 805.0 $ 1,321.2 $ (476.7) $ 844.5 Intangible assets not subject to amortization (indefinite-lived) Crop Protection Brands (2) $ 1,259.0 $ 1,259.0 $ 1,259.0 $ 1,259.0 Brands (1) 338.2 338.2 350.3 350.3 In-process research & development 11.0 11.0 11.3 11.3 $ 1,608.2 $ 1,608.2 $ 1,620.6 $ 1,620.6 Total intangible assets $ 2,917.1 $ (503.9) $ 2,413.2 $ 2,941.8 $ (476.7) $ 2,465.1 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands. Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Amortization expense $ 16.4 $ 16.1 $ 32.8 $ 32.1 The full year estimated pre-tax amortization expense for the year ended December 31, 2024 and each of the succeeding five years is approximately $63 million, $67 million, $69 million, $69 million, $69 million, and $68 million, respectively. |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables. (in Millions) Balance, December 31, 2022 $ 33.9 Additions - charged to expense 4.7 Transfer from (to) allowance for credit losses (see below) (1.5) Net recoveries, write-offs and other (8.0) Balance, December 31, 2023 $ 29.1 Additions - charged to expense 6.7 Transfer from (to) allowance for credit losses (see below) 0.1 Net recoveries, write-offs and other (1.5) Balance, June 30, 2024 $ 34.4 We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $23.7 million as of June 30, 2024. These long-term customer receivable balances and the corresponding allowance are included in " Other assets including long-term receivables, net " on the consolidated balance sheets. A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary. The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables: ( in Millions ) Balance, December 31, 2022 $ 44.5 Additions - charged (credited) to expense 1.6 Transfer from (to) allowance for doubtful accounts (see above) 1.5 Foreign currency adjustments 0.8 Net recoveries, write-offs and other (21.3) Balance, December 31, 2023 $ 27.1 Additions - charged (credited) to expense 1.0 Transfer from (to) allowance for doubtful accounts (see above) (0.1) Foreign currency adjustments (1.9) Balance, June 30, 2024 $ 26.1 Receivables Securitization Facility: FMC participates in certain trade receivables securitization programs, primarily impacting our Brazilian operations. On a revolving basis, FMC may sell certain trade receivables into the facilities in exchange for cash. A portion of the total receivables sold are deferred as an asset on our consolidated balance sheets representing FMC’s beneficial interest in the securitization funds. In all instances, the transferred financial assets are sold on a non-recourse basis and have met the true sale criteria under ASC Topic 860. FMC has surrendered control of the receivables and as a result they are no longer recognized on the consolidated balance sheets. FMC may be engaged to serve as a special servicer for any delinquent receivables. In that capacity, we are entitled to market rate compensation for those services. Cash receipts from the sale of trade receivables under the securitization arrangements, received at the time of sale, are classified as cash flows from operating activities. There were $82.4 million in receivables sold under the securitization programs during the six months ended June 30, 2024. A $5.7 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense As part of funding our interest for all outstanding arrangements under the securitization programs, approximately $29.9 million of the sales have been retained by the investment fund and will be returned to FMC, including interest, at the maturity of the securitization. This asset is recorded within " Other assets including long-term receivables, net " on the consolidated balance sheets. Other Receivable Factoring: In addition to the above, we may sell trade receivables on a non-recourse basis to third-party financial institutions. These sales are normally driven by specific market conditions, including, but not limited to, foreign exchange environments, customer credit management, as well as other factors where the receivables originate. We account for these transactions as true sales and as a result they are no longer recognized on the consolidated balance sheets because the agreements transfer effective control and risk related to the receivables to the buyers. The net cash proceeds received are presented within cash provided by operating activities within our consolidated statements of cash flows. The cost of factoring these accounts receivables is recorded within " Selling, general and administrative expenses" |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (in Millions) June 30, 2024 December 31, 2023 Finished goods $ 550.8 $ 643.8 Work in process 660.1 732.2 Raw materials, supplies and other 224.1 348.6 Net inventories $ 1,435.0 $ 1,724.6 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following: (in Millions) June 30, 2024 December 31, 2023 Property, plant and equipment $ 1,568.5 $ 1,559.8 Accumulated depreciation (707.4) (667.3) Property, plant and equipment, net $ 861.1 $ 892.5 |
Restructuring and Other Charges
Restructuring and Other Charges (Income) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below. Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Restructuring charges $ 83.8 $ (0.9) $ 117.5 $ — Other charges (income), net 11.3 8.2 18.5 19.8 Total restructuring and other charges (income) $ 95.1 $ 7.3 $ 136.0 $ 19.8 Restructuring charges For detail on restructuring activities that commenced prior to 2024, see Note 8 to our consolidated financial statements included within our 2023 Form 10-K. Restructuring Charges (in Millions) Severance and Employee Benefits Other Charges (Income) (1) Asset Disposal Charges (Income) (2) Total Project Focus $ 18.6 $ 6.5 $ 59.2 $ 84.3 Other items — (0.5) — (0.5) Three Months Ended June 30, 2024 $ 18.6 $ 6.0 $ 59.2 $ 83.8 DuPont Crop restructuring $ — $ (5.7) $ — $ (5.7) Other items 4.8 — — 4.8 Three Months Ended June 30, 2023 $ 4.8 $ (5.7) $ — $ (0.9) Project Focus $ 37.5 $ 18.7 $ 61.5 $ 117.7 Other items — (0.2) — (0.2) Six Months Ended June 30, 2024 $ 37.5 $ 18.5 $ 61.5 $ 117.5 DuPont Crop restructuring $ — $ (8.1) $ 2.8 $ (5.3) Other items 4.8 0.5 — 5.3 Six Months Ended June 30, 2023 $ 4.8 $ (7.6) $ 2.8 $ — ____________________ (1) Primarily represents other charges associated with restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (2) Primarily represents asset write-offs (recoveries) and accelerated depreciation 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. Project Focus In response to the unprecedented downturn in the global crop protection market that resulted in severe channel destocking, which materially impacted volumes in 2023, we initiated a global restructuring plan, referred to as "Project Focus." This program is designed to right-size our cost base and optimize our footprint and organizational structure with a focus on driving significant cost improvement and productivity. We expect the plan to be fully executed by the end of 2025. During the six months ended June 30, 2024, charges incurred related to Project Focus include $37.5 million of severance and employee separation costs, including costs associated with the previously announced CEO transition, $18.7 million of professional service provider costs and other miscellaneous charges associated with the project, and accelerated depreciation of $8.2 million on assets identified for disposal in connection with the restructuring initiative. Additionally, as part of the evaluation of our manufacturing footprint in connection with Project Focus, we finalized a termination agreement to exit a contract with one of our third-party manufacturers during the second quarter of 2024, which resulted in an asset write-off charge of approximately $53.3 million. The decision to exit the agreement was driven in part by our ability to source these materials from lower cost locations. The charges incurred during the six months ended June 30, 2024 are included in the total estimated range for Project Focus. See Note 8 to our consolidated financial statements in our 2023 Form 10-K for details of the costs previously incurred for Project Focus. The remaining amounts will be reflected in our consolidated results of operations as they become probable and estimable or a triggering event is identified in accordance with the relevant accounting guidance. Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude accelerated depreciation on fixed assets, asset impairment charges and asset retirement obligations. (in Millions) Balance at 12/31/23 (6) Change in reserves (4) Cash Other (5) Balance at 6/30/24 (6) Project Focus (1) $ 43.1 $ 47.2 $ (63.5) $ (0.2) $ 26.6 DuPont Crop restructuring (2) 3.9 — (0.7) — 3.2 Other workforce related and facility shutdowns (3) 3.4 — (1.0) (0.4) 2.0 Total $ 50.4 $ 47.2 $ (65.2) $ (0.6) $ 31.8 ____________________ (1) Relates to the global restructuring plan initiated in 2023 and primarily consists of severance charges related to workforce reduction actions across all regions. (2) Represents remaining cash spending on facility separation costs associated with DuPont Crop restructuring activities. (3) Includes exit costs related to workforce reductions and facility shutdowns on previously implemented restructuring initiatives. (4) Primarily consists of severance and employee separation costs as well as third-party provider fees. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment, intangible balances or other asset balances are not included in this table. (5) Primarily comprised of foreign currency translation and other non-cash adjustments. (6) Included in " Accrued and other liabilities " and " Other long-term liabilities " on the consolidated balance sheets. Other charges (income), net Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Environmental charges, net $ 5.7 $ 7.5 $ 9.0 $ 9.8 Currency related matters — — — 6.9 Other items, net 5.6 0.7 9.5 3.1 Other charges (income), net $ 11.3 $ 8.2 $ 18.5 $ 19.8 Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 11 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. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt maturing within one year: (in Millions) June 30, 2024 December 31, 2023 Short-term foreign debt (1) $ 116.9 $ 98.0 Commercial paper (2) 952.0 739.5 Total short-term debt $ 1,068.9 $ 837.5 Current portion of long-term debt 84.4 96.5 Total short-term debt and current portion of long-term debt (3) $ 1,153.3 $ 934.0 ____________________ (1) At June 30, 2024, the average effective interest rate on the borrowings was 11.6 percent. (2) At June 30, 2024, the average effective interest rate on the borrowings was 6.1 percent. (3) Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term including any current portion of long-term debt. Long-term debt: (in Millions) June 30, 2024 Interest Rate Percentage Maturity June 30, 2024 December 31, 2023 Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively) 6.45% 2032 $ 49.9 $ 49.9 Senior notes (less unamortized discount of $1.7 and $1.8, respectively) 3.2% - 6.4% 2026 - 2053 2,998.3 2,998.2 Revolving Credit Facility (1) 8.0% 2027 — — Foreign debt 12.2% - 17.4% 2024 - 2025 84.4 96.5 Debt issuance cost (22.4) (24.5) Total long-term debt $ 3,110.2 $ 3,120.1 Less: debt maturing within one year 84.4 96.5 Total long-term debt, less current portion $ 3,025.8 $ 3,023.6 ____________________ (1) Letters of credit outstanding under our Revolving Credit Facility totaled $252.6 million and available funds under this facility were $795.4 million at June 30, 2024. Covenants Among other restrictions, our Revolving Credit Facility contains financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). The maximum leverage ratio through the period ending June 30, 2024 is 6.50 and will incrementally step down over time ending at 3.75 for the quarter ended September 30, 2025. Our actual leverage for the four consecutive quarters ended June 30, 2024 was 5.35, which is below the maximum leverage of 6.50. The minimum interest coverage ratio is 2.50 through the period ending September 30, 2024 and will incrementally increase over time ending at 3.50 for the quarter ended September 30, 2025. Our actual interest coverage for the four consecutive quarters ended June 30, 2024 was 3.13, which is above the minimum interest coverage of 2.50. We were in compliance with all covenants at June 30, 2024. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued operations include adjustments to retained assets and liabilities as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following: (in Millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(1.4) and $(2.0) for the three and six months ended June 30, 2024, respectively, and $(0.9) and $(1.3) for the three and six months ended June 30, 2023, respectively $ (1.5) $ (2.3) $ (2.5) $ (2.4) Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) of $0.7 and $1.2 for the three and six months ended June 30, 2024, respectively, and $3.8 and $4.3 for the three and six months ended June 30, 2023, respectively (2.7) (11.9) (4.4) (14.1) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $(0.4) and $2.2 for the three and six months ended June 30, 2024, respectively, and $2.0 and $4.4 for the three and six months ended June 30, 2023, respectively (1) 1.4 (7.3) (8.4) (16.5) Discontinued operations, net of income taxes $ (2.8) $ (21.5) $ (15.3) $ (33.0) ____________________ (1) |
Environmental Obligations
Environmental Obligations | 6 Months Ended |
Jun. 30, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations which we consider probable and which we can reasonably estimate. The following table is a roll forward of our total environmental reserves, continuing and discontinued: (in Millions) Gross Recoveries (3) Net Total environmental reserves at December 31, 2023 $ 601.8 $ (9.7) $ 592.1 Provision (Benefit) 15.4 (0.5) 14.9 (Spending) Recoveries (37.2) 0.1 (37.1) Foreign currency translation adjustments (3.1) — (3.1) Net change (24.9) (0.4) (25.3) Total environmental reserves at June 30, 2024 576.9 (10.1) 566.8 Environmental reserves, current (1) $ 101.8 $ (1.3) $ 100.5 Environmental reserves, long-term (2) 475.1 (8.8) 466.3 Total environmental reserves at June 30, 2024 $ 576.9 $ (10.1) $ 566.8 ____________________ (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) These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the consolidated balance sheets. The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $240 million at June 30, 2024. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the consolidated balance sheets. (in Millions) December 31, 2023 Increase (Decrease) in recoveries Cash received June 30, 2024 Environmental recoveries $ 4.9 $ 0.3 $ (0.4) $ 4.8 Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Environmental provisions, net - recorded to liabilities (1) $ 9.0 $ 22.9 $ 14.9 $ 28.2 Environmental provisions, net - recorded to assets (2) 0.1 (0.1) (0.3) (0.4) Environmental provision, net $ 9.1 $ 22.8 $ 14.6 $ 27.8 Continuing operations (3) $ 5.7 $ 7.5 $ 9.0 $ 9.8 Discontinued operations (4) 3.4 15.3 5.6 18.0 Environmental provision, net $ 9.1 $ 22.8 $ 14.6 $ 27.8 ____________________ (1) See above roll forward of our total environmental reserves as presented on the consolidated balance sheets. (2) See above roll forward of our total environmental recoveries as presented on the consolidated balance sheets. (3) Recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). See Note 8. 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 of income taxes" on the consolidated statements of income (loss). A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 11 to our consolidated financial statements in our 2023 Form 10-K. See Note 11 to our consolidated financial statements in our 2023 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2023 Form 10-K. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
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 from continuing operations 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 three and six months ended June 30, 2024, there were 2.1 million and 2.0 million potential common shares excluded from Diluted EPS, respectively. For the three and six months ended June 30, 2023, there were 0.7 million and 0.4 million potential common shares excluded from Diluted EPS, respectively. Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ 297.9 $ 52.0 $ 307.7 $ 259.5 Discontinued operations, net of income taxes (2.8) (21.5) (15.3) (33.0) Net income (loss) attributable to FMC stockholders $ 295.1 $ 30.5 $ 292.4 $ 226.5 Less: Distributed and undistributed earnings allocable to restricted award holders (0.9) (0.1) (0.7) (0.4) Net income (loss) allocable to common stockholders $ 294.2 $ 30.4 $ 291.7 $ 226.1 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 2.37 $ 0.41 $ 2.45 $ 2.07 Discontinued operations (0.02) (0.17) (0.12) (0.26) Net income (loss) attributable to FMC stockholders $ 2.35 $ 0.24 $ 2.33 $ 1.81 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 2.37 $ 0.41 $ 2.45 $ 2.06 Discontinued operations (0.02) (0.17) (0.12) (0.26) Net income (loss) attributable to FMC stockholders $ 2.35 $ 0.24 $ 2.33 $ 1.80 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 125,009 125,085 124,976 125,201 Weighted average additional shares assuming conversion of potential common shares 343 579 310 682 Shares – diluted basis 125,352 125,664 125,286 125,883 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity 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 Total Accumulated other comprehensive income (loss), net of tax at December 31, 2023 $ (131.3) $ (50.2) $ (225.0) $ (406.5) 2024 Activity Other comprehensive income (loss) before reclassifications (45.0) 21.1 (0.2) (24.1) Amounts reclassified from accumulated other comprehensive income (loss) — 1.1 5.2 6.3 Net current period other comprehensive income (loss) $ (45.0) $ 22.2 $ 5.0 $ (17.8) Accumulated other comprehensive income (loss), net of tax at June 30, 2024 $ (176.3) $ (28.0) $ (220.0) $ (424.3) (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits Total Accumulated other comprehensive income (loss), net of tax at December 31, 2022 $ (160.5) $ (51.7) $ (247.4) $ (459.6) 2023 Activity Other comprehensive income (loss) before reclassifications 7.8 (76.8) — (69.0) Amounts reclassified from accumulated other comprehensive income (loss) — 21.8 5.7 27.5 Net current period other comprehensive income (loss) $ 7.8 $ (55.0) $ 5.7 $ (41.5) Accumulated other comprehensive income (loss), net of tax at June 30, 2023 $ (152.7) $ (106.7) $ (241.7) $ (501.1) ____________________ (1) See Note 17 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 (loss) for each of the periods presented: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Foreign currency translation adjustments: Derivative instruments Gain (loss) on foreign currency contracts $ (1.8) $ (24.0) $ (1.0) $ (31.4) Costs of sales and services Gain (loss) on foreign currency contracts 0.1 2.3 0.2 2.6 Selling, general and administrative expenses Gain (loss) on interest rate contracts (0.5) (0.7) (1.0) (1.8) Interest expense, net Total before tax $ (2.2) $ (22.4) $ (1.8) $ (30.6) 0.8 6.6 0.7 8.8 Provision (benefit) for income taxes Amount included in net income (loss) $ (1.4) $ (15.8) $ (1.1) $ (21.8) Pension and other postretirement benefits (2) Amortization of unrecognized net actuarial and other gains (losses) (3.1) (3.6) (6.3) (7.2) Non-operating pension and postretirement charges (income) Recognized (gain) loss due to curtailments, settlements, and other (0.1) — (0.2) — Non-operating pension and postretirement charges (income) Total before tax $ (3.2) $ (3.6) $ (6.5) $ (7.2) 0.6 0.7 1.3 1.5 Provision (benefit) for income taxes; Discontinued operations, net of income taxes Amount included in net income (loss) $ (2.6) $ (2.9) $ (5.2) $ (5.7) Total reclassifications for the period $ (4.0) $ (18.7) $ (6.3) $ (27.5) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income (loss). (2) Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 15. Dividends and Share Repurchases During the six months ended June 30, 2024 and June 30, 2023, we paid dividends of $145.2 million and $145.4 million, respectively. On July 18, 2024, we paid dividends totaling $72.7 million to our shareholders of record as of June 28, 2024. This amount is included in "Accrued and other liabilities" on the consolidated balance sheet as of June 30, 2024. In February 2022, the Board of Directors authorized the repurchase of up to $1 billion of the Company's common stock. In connection with an amendment to the Company's credit agreement in November 2023, the Company agreed that it will not repurchase shares until September 30, 2025, with the exception of share repurchases under our equity compensation plans. Therefore, there were no share repurchases under the publicly announced repurchase program during the six months ended June 30, 2024. At June 30, 2024, $825 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. Share repurchases in excess of issuances are subject to a 1 percent excise tax imposed by the 2022 Inflation Reduction Act. This tax is included as part of the cost basis of the shares acquired. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases For additional detail on the Company's leases and related policies, see Note 17 to our consolidated financial statements included within our 2023 Form 10-K. The ROU asset and lease liability balances as of June 30, 2024 and December 31, 2023 were as follows: (in Millions) Classification June 30, 2024 December 31, 2023 Assets Operating lease ROU assets Other assets including long-term receivables, net $ 120.1 $ 121.8 Liabilities Operating lease current liabilities Accrued and other liabilities $ 27.0 $ 24.4 Operating lease noncurrent liabilities Other long-term liabilities 115.9 123.2 The components of lease expense for the six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, (in Millions) Lease Cost Classification 2024 2023 2024 2023 Lease Cost Operating lease cost Costs of sales and services / Selling, general and administrative expenses $ 8.5 $ 7.5 $ 17.8 $ 15.8 Variable lease cost Costs of sales and services / Selling, general and administrative expenses 3.0 3.4 5.8 5.9 Total lease cost $ 11.5 $ 10.9 $ 23.6 $ 21.7 June 30, 2024 Operating Lease Term and Discount Rate Weighted-average remaining lease term (years) 6.8 Weighted-average discount rate 4.6 % Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (8.2) $ (8.0) $ (23.5) $ (17.0) Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 2.8 $ 2.1 $ 19.4 $ 11.9 The following table represents our future minimum operating lease payments as of, and subsequent to, June 30, 2024 under ASC 842: (in Millions) Operating Leases Total Maturity of Lease Liabilities 2024 (excluding the six months ending June 30, 2024) $ 16.9 2025 29.0 2026 24.4 2027 21.7 2028 18.2 Thereafter 56.5 Total undiscounted lease payments $ 166.7 Less: Present value adjustment (23.8) Present value of lease liabilities $ 142.9 |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits The following table summarizes the components of net annual benefit cost (income): (in Millions) Three Months Ended June 30, Six Months Ended June 30, Pensions Other Benefits Pensions Other Benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 0.7 $ 0.7 $ — $ — $ 1.5 $ 1.4 $ — $ — Interest cost 11.9 12.5 0.1 0.2 23.9 25.1 0.2 0.3 Expected return on plan assets (11.2) (11.8) — — (22.4) (23.7) — — Amortization of net actuarial and other (gain) loss 3.5 3.9 (0.2) (0.2) 7.0 7.9 (0.4) (0.4) Recognized (gain) loss due to curtailments, settlements, and other 0.1 — — — 0.2 — — — Net periodic benefit cost (income) $ 5.0 $ 5.3 $ (0.1) $ — $ 10.2 $ 10.7 $ (0.2) $ (0.1) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rates from continuing operations for the three and six months ended June 30, 2024 were 5,518.2 percent and negative 12,196.0 percent respectively. Our effective income tax rates from continuing operations for the three and six months ended June 30, 2023 were 14.6 percent and 16.1 percent respectively. The change in the effective tax rate for the three and six months ended June 30, 2024 was primarily driven by a $300 million tax benefit recorded during the second quarter of 2024, discussed further below, as well as the global mix of reduced earnings. In connection with our plans to establish a global technology and innovation center in Switzerland, we initiated changes to our corporate entity structure, including intra-entity transfers of certain intellectual property, during the second quarter of 2024. As a result, we recorded a total net tax benefit of approximately $300 million. This benefit, net of valuation allowance, was primarily a result of the recognition of a step-up in tax basis to the fair value of the transferred intellectual property by the Company’s Swiss subsidiary. The resulting gains on these intra-entity intellectual property transfers were eliminated for purposes of the consolidated financial statements. In addition, local tax impacts associated with the disposition of the transferred intellectual property were recorded as well as an increase in our valuation allowance associated with Swiss nonrefundable tax credits as a result of indirect effects of the transferred intellectual property. See Note 12 to the consolidated financial statements included within our 2023 Form 10-K for discussion on the Swiss nonrefundable tax credits awarded in 2023. We determine our interim tax provision using an Estimated Annual Effective Tax Rate methodology ("EAETR") in accordance with U.S. GAAP. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income in each tax jurisdiction in which we operate. As our projections of ordinary income change throughout the year, the EAETR will change period-to-period. A significant amount of our earnings is generated by our foreign subsidiaries, which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with U.S. GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. As a global enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors. As a result, there can be significant volatility in interim tax provisions. |
Financial Instruments, Risk Man
Financial Instruments, Risk Management and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following: Financial Instrument Valuation Method Foreign exchange forward contracts Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. Commodity forward 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 contracts are included in the tables within this Note. The estimated fair value of debt is $4,114.1 million and $3,988.2 million and the carrying amount is $4,179.1 million and $3,957.6 million as of June 30, 2024 and December 31, 2023, 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. See Note 18 for more information. Decisions to extend financial guarantees to customers and the amount of collateral required under these guarantees are 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 derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 19 to our consolidated financial statements on our 2023 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in accumulated other comprehensive income ("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 June 30, 2024, we had open foreign currency forward contracts in AOCI in a net after tax gain position of $8.3 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2025. At June 30, 2024, we had open forward contracts designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $574.2 million. At June 30, 2024, we had no outstanding interest rate swap contracts. In prior periods, we settled on various interest rate swap agreements related to several debt issuances and recorded gains (losses) in other comprehensive income, which are being amortized over the various terms of those debt instruments. As of June 30, 2024, there was a remaining net after-tax loss of $27.8 million in AOCI related to these settlements. As of June 30, 2024, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At June 30, 2024, we had no mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. Approximately $8.5 million of the net gains after-tax, representing open foreign currency exchange will be realized in earnings during the twelve months ending June 30, 2025 if spot rates in the future are consistent with forward rates as of June 30, 2024. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. Derivatives Not Designated As Hedging Instruments We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings. We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $1,939.0 million at June 30, 2024. Fair Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments. June 30, 2024 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 Foreign exchange contracts $ 20.5 $ 15.4 $ 35.9 $ (18.8) $ 17.1 Total derivative assets (1) $ 20.5 $ 15.4 $ 35.9 $ (18.8) $ 17.1 Foreign exchange contracts $ (7.8) $ (14.8) $ (22.6) $ 18.8 $ (3.8) Total derivative liabilities (2) $ (7.8) $ (14.8) $ (22.6) $ 18.8 $ (3.8) Net derivative assets (liabilities) $ 12.7 $ 0.6 $ 13.3 $ — $ 13.3 December 31, 2023 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 Foreign exchange contracts $ 2.7 $ 3.0 $ 5.7 $ (5.5) $ 0.2 Total derivative assets (1) $ 2.7 $ 3.0 $ 5.7 $ (5.5) $ 0.2 Foreign exchange contracts $ (9.7) $ (7.4) $ (17.1) $ 5.5 $ (11.6) Total derivative liabilities (2) $ (9.7) $ (7.4) $ (17.1) $ 5.5 $ (11.6) Net derivative assets (liabilities) $ (7.0) $ (4.4) $ (11.4) $ — $ (11.4) ______________ (1) Net balance is included in "Prepaid and other current assets" in the consolidated balance sheets. (2) Net balance is included in "Accrued and other liabilities" in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. The tables below 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 Foreign Exchange Interest rate Total Three Months Ended June 30, (in Millions) 2024 2023 2024 2023 2024 2023 Unrealized hedging gains (losses) and other, net of tax $ 17.4 $ (43.6) $ — $ 4.1 $ 17.4 $ (39.5) Reclassification of deferred hedging (gains) losses, net of tax (1) 1.0 15.3 0.4 0.5 1.4 15.8 Total derivative instrument impact on comprehensive income, net of tax $ 18.4 $ (28.3) $ 0.4 $ 4.6 $ 18.8 $ (23.7) Contracts Foreign Exchange Interest rate Total Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 2024 2023 Unrealized hedging gains (losses) and other, net of tax $ 21.1 $ (76.4) $ — $ (0.4) $ 21.1 $ (76.8) Reclassification of deferred hedging (gains) losses, net of tax (1) 0.3 20.5 0.8 1.3 1.1 21.8 Total derivative instrument impact on comprehensive income, net of tax $ 21.4 $ (55.9) $ 0.8 $ 0.9 $ 22.2 $ (55.0) ______________ (1) See Note 13 for classification of amounts within the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Foreign exchange contracts $ 3.1 $ (19.1) $ (13.0) $ (17.9) Total $ 3.1 $ (19.1) $ (13.0) $ (17.9) ______________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in " Costs of sales and services Selling, general, and administrative expenses 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 the consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels. (in Millions) June 30, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Derivatives – Foreign exchange (1) $ 17.1 $ — $ 17.1 $ — Derivatives – Interest rate (1) — — — — Other (2) (3) 59.2 24.6 — 34.6 Total assets $ 76.3 $ 24.6 $ 17.1 $ 34.6 Liabilities Derivatives – Foreign exchange (1) $ 3.8 $ — $ 3.8 $ — Derivatives – Interest rate (1) — — — — Other (2) 26.2 26.2 — — Total liabilities $ 30.0 $ 26.2 $ 3.8 $ — (in Millions) December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Derivatives – Foreign exchange (1) $ 0.2 $ — $ 0.2 $ — Derivatives - Interest Rate (1) — — — — Other (2) (3) 47.1 23.8 — 23.3 Total assets $ 47.3 $ 23.8 $ 0.2 $ 23.3 Liabilities Derivatives – Foreign exchange (1) $ 11.6 $ — $ 11.6 $ — Derivatives – Interest rate (1) — — — — Other (2) 24.4 24.4 — — Total liabilities $ 36.0 $ 24.4 $ 11.6 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classification on the consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are included in "Other assets including long-term receivables, net" in the consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the consolidated balance sheets. (3) FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. The amount is included in "Other assets including long-term receivables, net" in the consolidated balance sheets. Nonrecurring Fair Value Measurements There were no nonrecurring fair value measurements in the consolidated balance sheets during the periods presented. |
Guarantees, Commitments, and Co
Guarantees, Commitments, and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Commitments, and Contingencies | Guarantees, Commitments, and Contingencies We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. Guarantees and Other Commitments The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at June 30, 2024. These guarantees arise during the ordinary course of business from relationships with customers and non-consolidated 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) $ 63.9 Other debt guarantees (2) 80.2 Total $ 144.1 ____________________ (1) Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. This short-term amount is recorded within "Guarantees of vendor financing" on the consolidated balance sheets. (2) These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year. Excluded from the chart above are parent-company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries, the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to certain liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. Therefore, we have not recorded any specific liabilities for these guarantees. If triggered, we may be able to recover some of the indemnity payments from third parties. For certain obligations related to our divestitures for which we can make a reasonable estimate of the maximum potential loss or range of loss and is probable, a liability in those instances has been recorded. Contingencies A detailed discussion related to our outstanding contingencies can be found in Note 20 to our consolidated financial statements included within our 2023 Form 10-K. There have been no significant updates since the information included in our 2023 Form 10-K. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income (loss) attributable to FMC stockholders | $ 295.1 | $ 30.5 | $ 292.4 | $ 226.5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Financial Information and Acc_2
Financial Information and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of accounting | In our opinion, the consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2024 and 2023, cash flows for the six months ended June 30, 2024 and 2023, changes in equity for the three and six months ended June 30, 2024 and 2023, and our financial positions as of June 30, 2024 and December 31, 2023. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. |
New accounting guidance and regulatory items and Recently adopted accounting guidance | New accounting guidance and regulatory items On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which will require registrants to provide certain climate-related information in their registration statements and periodic reports. The required disclosures will include, but are not limited to, specific disclosures about climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; the governance of climate-related risks and relevant risk management processes; Scope 1 and 2 greenhouse gas (GHG) emissions, if material or included in announced emission targets; certain climate-related financial statement metrics and related disclosures in a note to the audited financial statements; and information about climate-related targets and goals. The rules are effective on a rolling basis for various fiscal years, beginning for the Company with annual reports for the year ending December 31, 2025. However, in response to various legal challenges, the SEC voluntarily stayed the rules on April 4, 2024, which may impact the ultimate effective date of the rules. We are currently gathering the required data and information to comply with the rules by the current effective date and we will continue to monitor any developments on these rules and expected timing for compliance. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Changes to the Disclosure Requirements for Income Taxes , to improve the transparency and decision usefulness of income tax disclosures. The standard requires companies to disclose a tabular effective rate reconciliation with certain reconciling items broken out by nature and/or jurisdiction as well as more robust disclosures of income taxes paid, specifically broken out between federal, state and foreign. The standard can be applied prospectively or retrospectively and early adoption is permitted. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2025. We are currently evaluating the impacts this standard will have on our income tax disclosures. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity's reportable segments and expenses. The standard requires disclosure of the chief operating decision maker's (the "CODM") title and position and allows for disclosure of multiple measures of segment profit and loss reviewed by the CODM. Companies with multiple reportable segments as well as companies with a single reportable segment are required to adopt the standard and it should be applied retrospectively to all periods presented. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2024. Early adoption is permitted. Because we operate as a single reportable segment, most of the required information is currently available in our quarterly or annual filings. We expect to update our disclosures to present the required information, which may result in new disclosures as well as updates to the geography of certain disclosures. Recently adopted accounting guidance On December 20, 2021, the Organization for Economic Co-operation and Development (the "OECD") released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15 percent. The OECD continues to release additional guidance on the two-pillar framework. Pillar Two legislation has been enacted in certain jurisdictions in which the Company operates, which became effective for the Company’s financial year beginning January 1, 2024. We have performed an assessment of our potential exposure to Pillar Two income taxes for these jurisdictions, which was not material. We are continuing to evaluate this estimate as well as the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by individual countries. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . In accordance with the new disclosure requirements, which we have adopted beginning January 1, 2023, we have included information regarding our key program terms and the amount outstanding that remains unpaid at period end as further described below. We will adopt the roll forward disclosure requirement when it becomes effective beginning with the Form 10-K for the year ended December 31, 2024. We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Obligations outstanding under this program are recorded within "Accounts payable, trade and other" in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows. Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees. |
Revenue | We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources. For additional detail on revenue recognition policies and procedures, see Note 3 to our consolidated financial statements included within our 2023 Form 10-K. Contract Asset and Contract Liability Balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. |
Cash flow hedges and derivatives not designated as hedging instruments | 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 derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 19 to our consolidated financial statements on our 2023 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in accumulated other comprehensive income ("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. 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. |
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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table provides information about disaggregated revenue by major geographical region: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 North America $ 338.8 $ 272.5 $ 597.9 $ 769.8 Latin America 307.2 268.7 495.2 502.3 Europe, Middle East & Africa (EMEA) 201.2 207.6 508.0 590.6 Asia 191.2 265.7 355.3 496.1 Total Revenue $ 1,038.4 $ 1,014.5 $ 1,956.4 $ 2,358.8 The following table provides information about disaggregated revenue by product category: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Insecticides $ 569.1 $ 658.9 $ 1,070.4 $ 1,405.6 Herbicides 336.6 225.5 631.5 668.3 Fungicides 74.5 72.3 144.9 173.3 Plant Health 43.5 43.4 88.3 95.7 Other 14.7 14.4 21.3 15.9 Total Revenue $ 1,038.4 $ 1,014.5 $ 1,956.4 $ 2,358.8 |
Schedule of Receivables and Contract Liabilities | The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers: (in Millions) Balance as of June 30, 2024 Balance as of December 31, 2023 Increase (Decrease) Receivables from contracts with customers, net of allowances (1) $ 2,726.1 $ 2,722.7 $ 3.4 Contract liabilities: Advance Payments from customers (2) 0.8 482.1 (481.3) ____________________ (1) Amount includes $2,702.4 million of trade receivables and $23.7 million of net long-term customer receivables as of June 30, 2024. See Note 5 for more information. (2) The amount of revenue recognized in the six months ended June 30, 2024 that was included in the opening contract liability balance is $481.3 million. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The changes in the carrying amount of goodwill are presented in the table below: (in Millions) Total Balance, December 31, 2023 $ 1,593.6 GSS allocation to held for sale (See Note 1.) (77.0) Foreign currency adjustments (7.4) Balance, June 30, 2024 $ 1,509.2 |
Schedule of Finite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following: June 30, 2024 December 31, 2023 (in Millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite-lived) Customer relationships $ 1,127.6 $ (435.8) $ 691.8 $ 1,136.7 $ (414.2) $ 722.5 Patents 1.8 (1.6) 0.2 1.8 (1.6) 0.2 Brands (1) 48.8 (17.4) 31.4 49.3 (12.9) 36.4 Purchased and licensed technologies 128.4 (47.3) 81.1 131.1 (46.2) 84.9 Other intangibles 2.3 (1.8) 0.5 2.3 (1.8) 0.5 $ 1,308.9 $ (503.9) $ 805.0 $ 1,321.2 $ (476.7) $ 844.5 Intangible assets not subject to amortization (indefinite-lived) Crop Protection Brands (2) $ 1,259.0 $ 1,259.0 $ 1,259.0 $ 1,259.0 Brands (1) 338.2 338.2 350.3 350.3 In-process research & development 11.0 11.0 11.3 11.3 $ 1,608.2 $ 1,608.2 $ 1,620.6 $ 1,620.6 Total intangible assets $ 2,917.1 $ (503.9) $ 2,413.2 $ 2,941.8 $ (476.7) $ 2,465.1 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands. |
Schedule of Indefinite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following: June 30, 2024 December 31, 2023 (in Millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (finite-lived) Customer relationships $ 1,127.6 $ (435.8) $ 691.8 $ 1,136.7 $ (414.2) $ 722.5 Patents 1.8 (1.6) 0.2 1.8 (1.6) 0.2 Brands (1) 48.8 (17.4) 31.4 49.3 (12.9) 36.4 Purchased and licensed technologies 128.4 (47.3) 81.1 131.1 (46.2) 84.9 Other intangibles 2.3 (1.8) 0.5 2.3 (1.8) 0.5 $ 1,308.9 $ (503.9) $ 805.0 $ 1,321.2 $ (476.7) $ 844.5 Intangible assets not subject to amortization (indefinite-lived) Crop Protection Brands (2) $ 1,259.0 $ 1,259.0 $ 1,259.0 $ 1,259.0 Brands (1) 338.2 338.2 350.3 350.3 In-process research & development 11.0 11.0 11.3 11.3 $ 1,608.2 $ 1,608.2 $ 1,620.6 $ 1,620.6 Total intangible assets $ 2,917.1 $ (503.9) $ 2,413.2 $ 2,941.8 $ (476.7) $ 2,465.1 ____________________ (1) Represents trademarks, trade names and know-how. (2) Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands. |
Schedule of Finite-Lived Intangible Assets Amortization Expense | Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Amortization expense $ 16.4 $ 16.1 $ 32.8 $ 32.1 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Trade Receivables | The following table displays a roll forward of the allowance for doubtful trade receivables. (in Millions) Balance, December 31, 2022 $ 33.9 Additions - charged to expense 4.7 Transfer from (to) allowance for credit losses (see below) (1.5) Net recoveries, write-offs and other (8.0) Balance, December 31, 2023 $ 29.1 Additions - charged to expense 6.7 Transfer from (to) allowance for credit losses (see below) 0.1 Net recoveries, write-offs and other (1.5) Balance, June 30, 2024 $ 34.4 |
Schedule of Allowance for Credit Losses Rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables: ( in Millions ) Balance, December 31, 2022 $ 44.5 Additions - charged (credited) to expense 1.6 Transfer from (to) allowance for doubtful accounts (see above) 1.5 Foreign currency adjustments 0.8 Net recoveries, write-offs and other (21.3) Balance, December 31, 2023 $ 27.1 Additions - charged (credited) to expense 1.0 Transfer from (to) allowance for doubtful accounts (see above) (0.1) Foreign currency adjustments (1.9) Balance, June 30, 2024 $ 26.1 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (in Millions) June 30, 2024 December 31, 2023 Finished goods $ 550.8 $ 643.8 Work in process 660.1 732.2 Raw materials, supplies and other 224.1 348.6 Net inventories $ 1,435.0 $ 1,724.6 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: (in Millions) June 30, 2024 December 31, 2023 Property, plant and equipment $ 1,568.5 $ 1,559.8 Accumulated depreciation (707.4) (667.3) Property, plant and equipment, net $ 861.1 $ 892.5 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Income) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges (Income) | Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below. Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Restructuring charges $ 83.8 $ (0.9) $ 117.5 $ — Other charges (income), net 11.3 8.2 18.5 19.8 Total restructuring and other charges (income) $ 95.1 $ 7.3 $ 136.0 $ 19.8 |
Schedule of Restructuring Charges and Asset Disposals | Restructuring Charges (in Millions) Severance and Employee Benefits Other Charges (Income) (1) Asset Disposal Charges (Income) (2) Total Project Focus $ 18.6 $ 6.5 $ 59.2 $ 84.3 Other items — (0.5) — (0.5) Three Months Ended June 30, 2024 $ 18.6 $ 6.0 $ 59.2 $ 83.8 DuPont Crop restructuring $ — $ (5.7) $ — $ (5.7) Other items 4.8 — — 4.8 Three Months Ended June 30, 2023 $ 4.8 $ (5.7) $ — $ (0.9) Project Focus $ 37.5 $ 18.7 $ 61.5 $ 117.7 Other items — (0.2) — (0.2) Six Months Ended June 30, 2024 $ 37.5 $ 18.5 $ 61.5 $ 117.5 DuPont Crop restructuring $ — $ (8.1) $ 2.8 $ (5.3) Other items 4.8 0.5 — 5.3 Six Months Ended June 30, 2023 $ 4.8 $ (7.6) $ 2.8 $ — ____________________ (1) Primarily represents other charges associated with restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (2) |
Schedule of Restructuring Reserve Rollforward | The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude accelerated depreciation on fixed assets, asset impairment charges and asset retirement obligations. (in Millions) Balance at 12/31/23 (6) Change in reserves (4) Cash Other (5) Balance at 6/30/24 (6) Project Focus (1) $ 43.1 $ 47.2 $ (63.5) $ (0.2) $ 26.6 DuPont Crop restructuring (2) 3.9 — (0.7) — 3.2 Other workforce related and facility shutdowns (3) 3.4 — (1.0) (0.4) 2.0 Total $ 50.4 $ 47.2 $ (65.2) $ (0.6) $ 31.8 ____________________ (1) Relates to the global restructuring plan initiated in 2023 and primarily consists of severance charges related to workforce reduction actions across all regions. (2) Represents remaining cash spending on facility separation costs associated with DuPont Crop restructuring activities. (3) Includes exit costs related to workforce reductions and facility shutdowns on previously implemented restructuring initiatives. (4) Primarily consists of severance and employee separation costs as well as third-party provider fees. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment, intangible balances or other asset balances are not included in this table. (5) Primarily comprised of foreign currency translation and other non-cash adjustments. (6) Included in " Accrued and other liabilities " and " Other long-term liabilities " on the consolidated balance sheets. |
Schedule of Other Charges (Income), Net | Other charges (income), net Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Environmental charges, net $ 5.7 $ 7.5 $ 9.0 $ 9.8 Currency related matters — — — 6.9 Other items, net 5.6 0.7 9.5 3.1 Other charges (income), net $ 11.3 $ 8.2 $ 18.5 $ 19.8 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Maturing Within One Year | Debt maturing within one year: (in Millions) June 30, 2024 December 31, 2023 Short-term foreign debt (1) $ 116.9 $ 98.0 Commercial paper (2) 952.0 739.5 Total short-term debt $ 1,068.9 $ 837.5 Current portion of long-term debt 84.4 96.5 Total short-term debt and current portion of long-term debt (3) $ 1,153.3 $ 934.0 ____________________ (1) At June 30, 2024, the average effective interest rate on the borrowings was 11.6 percent. (2) At June 30, 2024, the average effective interest rate on the borrowings was 6.1 percent. (3) Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term including any current portion of long-term debt. |
Schedule of Long-Term Debt | Long-term debt: (in Millions) June 30, 2024 Interest Rate Percentage Maturity June 30, 2024 December 31, 2023 Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively) 6.45% 2032 $ 49.9 $ 49.9 Senior notes (less unamortized discount of $1.7 and $1.8, respectively) 3.2% - 6.4% 2026 - 2053 2,998.3 2,998.2 Revolving Credit Facility (1) 8.0% 2027 — — Foreign debt 12.2% - 17.4% 2024 - 2025 84.4 96.5 Debt issuance cost (22.4) (24.5) Total long-term debt $ 3,110.2 $ 3,120.1 Less: debt maturing within one year 84.4 96.5 Total long-term debt, less current portion $ 3,025.8 $ 3,023.6 ____________________ (1) Letters of credit outstanding under our Revolving Credit Facility totaled $252.6 million and available funds under this facility were $795.4 million at June 30, 2024. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | Our discontinued operations comprised the following: (in Millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(1.4) and $(2.0) for the three and six months ended June 30, 2024, respectively, and $(0.9) and $(1.3) for the three and six months ended June 30, 2023, respectively $ (1.5) $ (2.3) $ (2.5) $ (2.4) Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) of $0.7 and $1.2 for the three and six months ended June 30, 2024, respectively, and $3.8 and $4.3 for the three and six months ended June 30, 2023, respectively (2.7) (11.9) (4.4) (14.1) Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $(0.4) and $2.2 for the three and six months ended June 30, 2024, respectively, and $2.0 and $4.4 for the three and six months ended June 30, 2023, respectively (1) 1.4 (7.3) (8.4) (16.5) Discontinued operations, net of income taxes $ (2.8) $ (21.5) $ (15.3) $ (33.0) ____________________ (1) |
Environmental Obligations (Tabl
Environmental Obligations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Reserves Rollforward, Continuing and Discontinued | The following table is a roll forward of our total environmental reserves, continuing and discontinued: (in Millions) Gross Recoveries (3) Net Total environmental reserves at December 31, 2023 $ 601.8 $ (9.7) $ 592.1 Provision (Benefit) 15.4 (0.5) 14.9 (Spending) Recoveries (37.2) 0.1 (37.1) Foreign currency translation adjustments (3.1) — (3.1) Net change (24.9) (0.4) (25.3) Total environmental reserves at June 30, 2024 576.9 (10.1) 566.8 Environmental reserves, current (1) $ 101.8 $ (1.3) $ 100.5 Environmental reserves, long-term (2) 475.1 (8.8) 466.3 Total environmental reserves at June 30, 2024 $ 576.9 $ (10.1) $ 566.8 ____________________ (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) These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the consolidated balance sheets. |
Schedule of Environmental Recoveries | The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the consolidated balance sheets. (in Millions) December 31, 2023 Increase (Decrease) in recoveries Cash received June 30, 2024 Environmental recoveries $ 4.9 $ 0.3 $ (0.4) $ 4.8 |
Schedule of Net Environmental Provision by Operating and Discontinued sites | The net provisions are comprised as follows: Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Environmental provisions, net - recorded to liabilities (1) $ 9.0 $ 22.9 $ 14.9 $ 28.2 Environmental provisions, net - recorded to assets (2) 0.1 (0.1) (0.3) (0.4) Environmental provision, net $ 9.1 $ 22.8 $ 14.6 $ 27.8 Continuing operations (3) $ 5.7 $ 7.5 $ 9.0 $ 9.8 Discontinued operations (4) 3.4 15.3 5.6 18.0 Environmental provision, net $ 9.1 $ 22.8 $ 14.6 $ 27.8 ____________________ (1) See above roll forward of our total environmental reserves as presented on the consolidated balance sheets. (2) See above roll forward of our total environmental recoveries as presented on the consolidated balance sheets. (3) Recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). See Note 8. 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 of income taxes" on the consolidated statements of income (loss). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows: (in Millions, Except Share and Per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings (loss) attributable to FMC stockholders: Continuing operations, net of income taxes $ 297.9 $ 52.0 $ 307.7 $ 259.5 Discontinued operations, net of income taxes (2.8) (21.5) (15.3) (33.0) Net income (loss) attributable to FMC stockholders $ 295.1 $ 30.5 $ 292.4 $ 226.5 Less: Distributed and undistributed earnings allocable to restricted award holders (0.9) (0.1) (0.7) (0.4) Net income (loss) allocable to common stockholders $ 294.2 $ 30.4 $ 291.7 $ 226.1 Basic earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 2.37 $ 0.41 $ 2.45 $ 2.07 Discontinued operations (0.02) (0.17) (0.12) (0.26) Net income (loss) attributable to FMC stockholders $ 2.35 $ 0.24 $ 2.33 $ 1.81 Diluted earnings (loss) per common share attributable to FMC stockholders: Continuing operations $ 2.37 $ 0.41 $ 2.45 $ 2.06 Discontinued operations (0.02) (0.17) (0.12) (0.26) Net income (loss) attributable to FMC stockholders $ 2.35 $ 0.24 $ 2.33 $ 1.80 Shares (in thousands): Weighted average number of shares of common stock outstanding - Basic 125,009 125,085 124,976 125,201 Weighted average additional shares assuming conversion of potential common shares 343 579 310 682 Shares – diluted basis 125,352 125,664 125,286 125,883 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
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 Total Accumulated other comprehensive income (loss), net of tax at December 31, 2023 $ (131.3) $ (50.2) $ (225.0) $ (406.5) 2024 Activity Other comprehensive income (loss) before reclassifications (45.0) 21.1 (0.2) (24.1) Amounts reclassified from accumulated other comprehensive income (loss) — 1.1 5.2 6.3 Net current period other comprehensive income (loss) $ (45.0) $ 22.2 $ 5.0 $ (17.8) Accumulated other comprehensive income (loss), net of tax at June 30, 2024 $ (176.3) $ (28.0) $ (220.0) $ (424.3) (in Millions) Foreign currency adjustments Derivative Instruments (1) Pension and other postretirement benefits Total Accumulated other comprehensive income (loss), net of tax at December 31, 2022 $ (160.5) $ (51.7) $ (247.4) $ (459.6) 2023 Activity Other comprehensive income (loss) before reclassifications 7.8 (76.8) — (69.0) Amounts reclassified from accumulated other comprehensive income (loss) — 21.8 5.7 27.5 Net current period other comprehensive income (loss) $ 7.8 $ (55.0) $ 5.7 $ (41.5) Accumulated other comprehensive income (loss), net of tax at June 30, 2023 $ (152.7) $ (106.7) $ (241.7) $ (501.1) ____________________ (1) See Note 17 for more information. |
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Foreign currency translation adjustments: Derivative instruments Gain (loss) on foreign currency contracts $ (1.8) $ (24.0) $ (1.0) $ (31.4) Costs of sales and services Gain (loss) on foreign currency contracts 0.1 2.3 0.2 2.6 Selling, general and administrative expenses Gain (loss) on interest rate contracts (0.5) (0.7) (1.0) (1.8) Interest expense, net Total before tax $ (2.2) $ (22.4) $ (1.8) $ (30.6) 0.8 6.6 0.7 8.8 Provision (benefit) for income taxes Amount included in net income (loss) $ (1.4) $ (15.8) $ (1.1) $ (21.8) Pension and other postretirement benefits (2) Amortization of unrecognized net actuarial and other gains (losses) (3.1) (3.6) (6.3) (7.2) Non-operating pension and postretirement charges (income) Recognized (gain) loss due to curtailments, settlements, and other (0.1) — (0.2) — Non-operating pension and postretirement charges (income) Total before tax $ (3.2) $ (3.6) $ (6.5) $ (7.2) 0.6 0.7 1.3 1.5 Provision (benefit) for income taxes; Discontinued operations, net of income taxes Amount included in net income (loss) $ (2.6) $ (2.9) $ (5.2) $ (5.7) Total reclassifications for the period $ (4.0) $ (18.7) $ (6.3) $ (27.5) Amount included in net income ____________________ (1) Amounts in parentheses indicate charges to the consolidated statements of income (loss). (2) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Asset and Lease Liability | The ROU asset and lease liability balances as of June 30, 2024 and December 31, 2023 were as follows: (in Millions) Classification June 30, 2024 December 31, 2023 Assets Operating lease ROU assets Other assets including long-term receivables, net $ 120.1 $ 121.8 Liabilities Operating lease current liabilities Accrued and other liabilities $ 27.0 $ 24.4 Operating lease noncurrent liabilities Other long-term liabilities 115.9 123.2 |
Schedule of Components of Lease Expense, Lease Term and Discount Rate | The components of lease expense for the six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, (in Millions) Lease Cost Classification 2024 2023 2024 2023 Lease Cost Operating lease cost Costs of sales and services / Selling, general and administrative expenses $ 8.5 $ 7.5 $ 17.8 $ 15.8 Variable lease cost Costs of sales and services / Selling, general and administrative expenses 3.0 3.4 5.8 5.9 Total lease cost $ 11.5 $ 10.9 $ 23.6 $ 21.7 June 30, 2024 Operating Lease Term and Discount Rate Weighted-average remaining lease term (years) 6.8 Weighted-average discount rate 4.6 % Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (8.2) $ (8.0) $ (23.5) $ (17.0) Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 2.8 $ 2.1 $ 19.4 $ 11.9 |
Schedule of Future Minimum Lease Payments | The following table represents our future minimum operating lease payments as of, and subsequent to, June 30, 2024 under ASC 842: (in Millions) Operating Leases Total Maturity of Lease Liabilities 2024 (excluding the six months ending June 30, 2024) $ 16.9 2025 29.0 2026 24.4 2027 21.7 2028 18.2 Thereafter 56.5 Total undiscounted lease payments $ 166.7 Less: Present value adjustment (23.8) Present value of lease liabilities $ 142.9 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Annual Benefit Cost (Income) | The following table summarizes the components of net annual benefit cost (income): (in Millions) Three Months Ended June 30, Six Months Ended June 30, Pensions Other Benefits Pensions Other Benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 0.7 $ 0.7 $ — $ — $ 1.5 $ 1.4 $ — $ — Interest cost 11.9 12.5 0.1 0.2 23.9 25.1 0.2 0.3 Expected return on plan assets (11.2) (11.8) — — (22.4) (23.7) — — Amortization of net actuarial and other (gain) loss 3.5 3.9 (0.2) (0.2) 7.0 7.9 (0.4) (0.4) Recognized (gain) loss due to curtailments, settlements, and other 0.1 — — — 0.2 — — — Net periodic benefit cost (income) $ 5.0 $ 5.3 $ (0.1) $ — $ 10.2 $ 10.7 $ (0.2) $ (0.1) |
Financial Instruments, Risk M_2
Financial Instruments, Risk Management and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value 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 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. |
Schedule of Derivative Instruments In Statement of Financial Position, Fair Value | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments. June 30, 2024 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 Foreign exchange contracts $ 20.5 $ 15.4 $ 35.9 $ (18.8) $ 17.1 Total derivative assets (1) $ 20.5 $ 15.4 $ 35.9 $ (18.8) $ 17.1 Foreign exchange contracts $ (7.8) $ (14.8) $ (22.6) $ 18.8 $ (3.8) Total derivative liabilities (2) $ (7.8) $ (14.8) $ (22.6) $ 18.8 $ (3.8) Net derivative assets (liabilities) $ 12.7 $ 0.6 $ 13.3 $ — $ 13.3 December 31, 2023 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 Foreign exchange contracts $ 2.7 $ 3.0 $ 5.7 $ (5.5) $ 0.2 Total derivative assets (1) $ 2.7 $ 3.0 $ 5.7 $ (5.5) $ 0.2 Foreign exchange contracts $ (9.7) $ (7.4) $ (17.1) $ 5.5 $ (11.6) Total derivative liabilities (2) $ (9.7) $ (7.4) $ (17.1) $ 5.5 $ (11.6) Net derivative assets (liabilities) $ (7.0) $ (4.4) $ (11.4) $ — $ (11.4) ______________ (1) Net balance is included in "Prepaid and other current assets" in the consolidated balance sheets. (2) Net balance is included in "Accrued and other liabilities" in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The tables below 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 Foreign Exchange Interest rate Total Three Months Ended June 30, (in Millions) 2024 2023 2024 2023 2024 2023 Unrealized hedging gains (losses) and other, net of tax $ 17.4 $ (43.6) $ — $ 4.1 $ 17.4 $ (39.5) Reclassification of deferred hedging (gains) losses, net of tax (1) 1.0 15.3 0.4 0.5 1.4 15.8 Total derivative instrument impact on comprehensive income, net of tax $ 18.4 $ (28.3) $ 0.4 $ 4.6 $ 18.8 $ (23.7) Contracts Foreign Exchange Interest rate Total Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 2024 2023 Unrealized hedging gains (losses) and other, net of tax $ 21.1 $ (76.4) $ — $ (0.4) $ 21.1 $ (76.8) Reclassification of deferred hedging (gains) losses, net of tax (1) 0.3 20.5 0.8 1.3 1.1 21.8 Total derivative instrument impact on comprehensive income, net of tax $ 21.4 $ (55.9) $ 0.8 $ 0.9 $ 22.2 $ (55.0) ______________ (1) See Note 13 for classification of amounts within the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended June 30, Six Months Ended June 30, (in Millions) 2024 2023 2024 2023 Foreign exchange contracts $ 3.1 $ (19.1) $ (13.0) $ (17.9) Total $ 3.1 $ (19.1) $ (13.0) $ (17.9) ______________ (1) Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in " Costs of sales and services Selling, general, and administrative expenses |
Schedule of Fair Value, Assets and Liabilities Measured 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 the consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels. (in Millions) June 30, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Derivatives – Foreign exchange (1) $ 17.1 $ — $ 17.1 $ — Derivatives – Interest rate (1) — — — — Other (2) (3) 59.2 24.6 — 34.6 Total assets $ 76.3 $ 24.6 $ 17.1 $ 34.6 Liabilities Derivatives – Foreign exchange (1) $ 3.8 $ — $ 3.8 $ — Derivatives – Interest rate (1) — — — — Other (2) 26.2 26.2 — — Total liabilities $ 30.0 $ 26.2 $ 3.8 $ — (in Millions) December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets Derivatives – Foreign exchange (1) $ 0.2 $ — $ 0.2 $ — Derivatives - Interest Rate (1) — — — — Other (2) (3) 47.1 23.8 — 23.3 Total assets $ 47.3 $ 23.8 $ 0.2 $ 23.3 Liabilities Derivatives – Foreign exchange (1) $ 11.6 $ — $ 11.6 $ — Derivatives – Interest rate (1) — — — — Other (2) 24.4 24.4 — — Total liabilities $ 36.0 $ 24.4 $ 11.6 $ — ____________________ (1) See the Fair Value of Derivative Instruments table within this Note for classification on the consolidated balance sheets. (2) Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are included in "Other assets including long-term receivables, net" in the consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the consolidated balance sheets. (3) FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. The amount is included in "Other assets including long-term receivables, net" in the consolidated balance sheets. |
Guarantees, Commitments, and _2
Guarantees, Commitments, and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Undiscounted Potential Future Payments for Guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at June 30, 2024. These guarantees arise during the ordinary course of business from relationships with customers and non-consolidated 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) $ 63.9 Other debt guarantees (2) 80.2 Total $ 144.1 ____________________ (1) Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. This short-term amount is recorded within "Guarantees of vendor financing" on the consolidated balance sheets. (2) These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year. |
Financial Information and Acc_3
Financial Information and Accounting Policies (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - Global Specialty - USD ($) $ in Millions | Jul. 11, 2024 | Jun. 30, 2024 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal group, including discontinued operation, assets | $ 160 | |
Trade receivables | 50 | |
Inventories | 33 | |
Goodwill | $ 77 | |
Subsequent Event | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale of productive assets | $ 350 |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Contractual Obligation | $ 100 | $ 71.9 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 product | |
Revenue from Contract with Customer [Abstract] | |
Number of product categories | 3 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 1,038.4 | $ 1,014.5 | $ 1,956.4 | $ 2,358.8 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 338.8 | 272.5 | 597.9 | 769.8 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 307.2 | 268.7 | 495.2 | 502.3 |
Europe, Middle East & Africa (EMEA) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 201.2 | 207.6 | 508 | 590.6 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 191.2 | $ 265.7 | $ 355.3 | $ 496.1 |
Revenue Recognition - Disaggr_2
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 1,038.4 | $ 1,014.5 | $ 1,956.4 | $ 2,358.8 |
Insecticides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 569.1 | 658.9 | 1,070.4 | 1,405.6 |
Herbicides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 336.6 | 225.5 | 631.5 | 668.3 |
Fungicides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 74.5 | 72.3 | 144.9 | 173.3 |
Plant Health | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 43.5 | 43.4 | 88.3 | 95.7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 14.7 | $ 14.4 | $ 21.3 | $ 15.9 |
Revenue Recognition - Assets an
Revenue Recognition - Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers, net of allowances | $ 2,726.1 | $ 2,722.7 |
Contract liabilities: Advance Payments from customers | 0.8 | 482.1 |
Receivables from contracts with customers, net of allowances increase (decrease) | 3.4 | |
Contract liabilities: Advance Payments from customers, increase (decrease) | (481.3) | |
Trade receivables | 2,702.4 | $ 2,703.2 |
Net long-term customer receivables | $ 23.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance, December 31, 2023 | $ 1,593.6 |
GSS allocation to held for sale | (77) |
Foreign currency adjustments | (7.4) |
Balance, June 30, 2024 | $ 1,509.2 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Intangible assets subject to amortization (finite-lived) | ||
Gross | $ 1,308.9 | $ 1,321.2 |
Accumulated Amortization | (503.9) | (476.7) |
Net | 805 | 844.5 |
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,608.2 | 1,620.6 |
Intangible assets, gross | 2,917.1 | 2,941.8 |
Intangible assets net | 2,413.2 | 2,465.1 |
Crop Protection Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,259 | 1,259 |
Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 338.2 | 350.3 |
In-process research & development | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 11 | 11.3 |
Customer relationships | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 1,127.6 | 1,136.7 |
Accumulated Amortization | (435.8) | (414.2) |
Net | 691.8 | 722.5 |
Patents | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 1.8 | 1.8 |
Accumulated Amortization | (1.6) | (1.6) |
Net | 0.2 | 0.2 |
Brands | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 48.8 | 49.3 |
Accumulated Amortization | (17.4) | (12.9) |
Net | 31.4 | 36.4 |
Purchased and licensed technologies | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 128.4 | 131.1 |
Accumulated Amortization | (47.3) | (46.2) |
Net | 81.1 | 84.9 |
Other intangibles | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 2.3 | 2.3 |
Accumulated Amortization | (1.8) | (1.8) |
Net | $ 0.5 | $ 0.5 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Finite-Lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 16.4 | $ 16.1 | $ 32.8 | $ 32.1 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of fiscal year | $ 63 |
2025 | 67 |
2026 | 69 |
2027 | 69 |
2028 | 69 |
2029 | $ 68 |
Receivables - Allowance for Dou
Receivables - Allowance for Doubtful Trade Receivables and Credit Losses (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Allowance for short term receivables [Roll Forward] | ||
Beginning balance | $ 29.1 | $ 33.9 |
Additions - charged to expense | 6.7 | 4.7 |
Transfer from (to) allowance for credit losses (see below) | 0.1 | (1.5) |
Net recoveries, write-offs and other | (1.5) | (8) |
Ending balance | 34.4 | 29.1 |
Allowance for long term customer receivables [Roll Forward] | ||
Beginning balance | 27.1 | 44.5 |
Additions - charged (credited) to expense | (0.1) | 1.6 |
Transfer from (to) allowance for doubtful accounts (see above) | 1 | 1.5 |
Foreign currency adjustments | (1.9) | 0.8 |
Net recoveries, write-offs and other | (21.3) | |
Ending balance | $ 26.1 | $ 27.1 |
Receivables - Additional Inform
Receivables - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net long-term customer receivables | $ 23.7 | |
Receivables retained from securitization | 10.5 | |
Accounts receivable, nonrecourse | 71.3 | $ 155 |
Receivables Securitization Facility | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash receipts from sale of trade receivable | 82.4 | $ 67.5 |
Transfer charge | $ 5.7 | |
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | |
Receivables retained from securitization | $ 29.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 550.8 | $ 643.8 |
Work in process | 660.1 | 732.2 |
Raw materials, supplies and other | 224.1 | 348.6 |
Net inventories | $ 1,435 | $ 1,724.6 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 1,568.5 | $ 1,559.8 |
Accumulated depreciation | (707.4) | (667.3) |
Property, plant and equipment, net | $ 861.1 | $ 892.5 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Income) - Schedule of Restructuring and Other Charges (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 83.8 | $ (0.9) | $ 117.5 | $ 0 |
Other charges (income), net | 11.3 | 8.2 | 18.5 | 19.8 |
Total restructuring and other charges (income) | $ 95.1 | $ 7.3 | $ 136 | $ 19.8 |
Restructuring and Other Charg_4
Restructuring and Other Charges (Income) - Schedule of Restructuring Charges and Asset Disposals (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Charges | ||||
Severance and Employee Benefits | $ 18.6 | $ 4.8 | $ 37.5 | $ 4.8 |
Other Charges (Income) | 6 | (5.7) | 18.5 | (7.6) |
Asset Disposal Charges (Income) | 59.2 | 0 | 61.5 | 2.8 |
Total | 83.8 | (0.9) | 117.5 | 0 |
Project Focus | ||||
Restructuring Charges | ||||
Severance and Employee Benefits | 18.6 | 37.5 | ||
Other Charges (Income) | 6.5 | 18.7 | ||
Asset Disposal Charges (Income) | 59.2 | 61.5 | ||
Total | 84.3 | 117.7 | ||
Other items | ||||
Restructuring Charges | ||||
Severance and Employee Benefits | 0 | 4.8 | 0 | 4.8 |
Other Charges (Income) | (0.5) | 0 | (0.2) | 0.5 |
Asset Disposal Charges (Income) | 0 | 0 | 0 | 0 |
Total | $ (0.5) | 4.8 | $ (0.2) | 5.3 |
DuPont Crop restructuring | ||||
Restructuring Charges | ||||
Severance and Employee Benefits | 0 | 0 | ||
Other Charges (Income) | (5.7) | (8.1) | ||
Asset Disposal Charges (Income) | 0 | 2.8 | ||
Total | $ (5.7) | $ (5.3) |
Restructuring and Other Charg_5
Restructuring and Other Charges (Income) - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 18.6 | $ 4.8 | $ 37.5 | $ 4.8 |
Other restructuring costs | 6 | $ (5.7) | 18.5 | $ (7.6) |
Project Focus | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 18.6 | 37.5 | ||
Other restructuring costs | $ 6.5 | 18.7 | ||
Restructuring and related cost, accelerated depreciation | 8.2 | |||
Project Focus | Professional Service Provider Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | 18.7 | |||
Project Focus | Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | $ 53.3 |
Restructuring and Other Charg_6
Restructuring and Other Charges (Income) - Schedule of Restructuring Reserve Rollforward (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 50.4 |
Change in reserves | 47.2 |
Cash payments | (65.2) |
Other | (0.6) |
Restructuring reserve, ending balance | 31.8 |
Project Focus | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 43.1 |
Change in reserves | 47.2 |
Cash payments | (63.5) |
Other | (0.2) |
Restructuring reserve, ending balance | 26.6 |
DuPont Crop restructuring | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 3.9 |
Change in reserves | 0 |
Cash payments | (0.7) |
Other | 0 |
Restructuring reserve, ending balance | 3.2 |
Other workforce related and facility shutdowns | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 3.4 |
Change in reserves | 0 |
Cash payments | (1) |
Other | (0.4) |
Restructuring reserve, ending balance | $ 2 |
Restructuring and Other Charg_7
Restructuring and Other Charges (Income) - Schedule of Other Charges (Income), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | ||||
Environmental charges, net | $ 5.7 | $ 7.5 | $ 9 | $ 9.8 |
Currency related matters | 0 | 0 | 0 | 6.9 |
Other items, net | 5.6 | 0.7 | 9.5 | 3.1 |
Other charges (income), net | $ 11.3 | $ 8.2 | $ 18.5 | $ 19.8 |
Debt - Schedule of Debt Maturin
Debt - Schedule of Debt Maturing Within One Year (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Total short-term debt | $ 1,068.9 | $ 837.5 |
Current portion of long-term debt | 84.4 | 96.5 |
Total short-term debt and current portion of long-term debt | 1,153.3 | 934 |
Revolving Credit Facility | Line of Credit | ||
Short-term Debt [Line Items] | ||
Line of credit, maximum increase | 2,750 | |
Short-term foreign debt | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $ 116.9 | 98 |
Average effective interest rate | 11.60% | |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $ 952 | $ 739.5 |
Average effective interest rate | 6.10% |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Debt issuance cost | $ (22.4) | $ (24.5) |
Total long-term debt | 3,110.2 | 3,120.1 |
Less: debt maturing within one year | 84.4 | 96.5 |
Total long-term debt, less current portion | 3,025.8 | 3,023.6 |
Pollution Control and Industrial Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0.1 | 0.1 |
Interest Rate Percentage | 6.45% | |
Long-term debt, gross | $ 49.9 | 49.9 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 1.7 | 1.8 |
Long-term debt, gross | $ 2,998.3 | 2,998.2 |
Senior Notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 3.20% | |
Senior Notes | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 6.40% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 252.6 | |
Credit agreement, available funds | $ 795.4 | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 8% | |
Long-term debt, gross | $ 0 | 0 |
Foreign debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 84.4 | $ 96.5 |
Foreign debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 12.20% | |
Foreign debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 17.40% |
Debt - Additional Information (
Debt - Additional Information (Details) - Line of Credit - Revolving Credit Facility And Term Loan Facility 2017 | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio, period one | 6.50 |
Maximum leverage ratio, period two | 3.75 |
Line of credit facility, covenant compliance, actual leverage ratio | 5.35 |
Minimum interest coverage ratio, period one | 2.50 |
Minimum interest coverage ratio, period two | 3.50 |
Actual interest coverage ratio | 3.13 |
Minimum interest coverage ratio | 2.50 |
Discontinued Operations - Compo
Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ (2.8) | $ (21.5) | $ (15.3) | $ (33) |
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) | (1.4) | (0.9) | (2) | (1.3) |
Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) | 0.7 | 3.8 | 1.2 | 4.3 |
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit | (0.4) | 2 | 2.2 | 4.4 |
Discontinued operations gain on insurance settlement | 18 | 18 | ||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (1.5) | (2.3) | (2.5) | (2.4) |
Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (2.7) | (11.9) | (4.4) | (14.1) |
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ 1.4 | $ (7.3) | $ (8.4) | $ (16.5) |
Environmental Obligations - Env
Environmental Obligations - Environmental Reserve Rollforward and Recoveries and Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Environmental reserves, long-term | $ 466.3 | $ 466.3 | $ 494.7 | ||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 5.7 | $ 7.5 | 9 | $ 9.8 | |
Environmental provision, net | 9.1 | 22.8 | 14.6 | 27.8 | |
Continuing Operations | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 5.7 | 7.5 | 9 | 9.8 | |
Discontinued Operations | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 3.4 | 15.3 | 5.6 | 18 | |
Environmental recoveries | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental recoveries, beginning | 4.9 | ||||
Increase (Decrease) in recoveries | 0.3 | ||||
Cash received | (0.4) | ||||
Environmental recoveries, ending | 4.8 | 4.8 | |||
Environmental provisions, net - recorded to liabilities | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental provision, net | 9 | 22.9 | 14.9 | 28.2 | |
Environmental provisions, net - recorded to assets | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental provision, net | 0.1 | $ (0.1) | (0.3) | $ (0.4) | |
Gross | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2023 | 601.8 | ||||
Provision (Benefit) | 15.4 | ||||
(Spending) Recoveries | (37.2) | ||||
Foreign currency translation adjustments | (3.1) | ||||
Net change | (24.9) | ||||
Total environmental reserves at June 30, 2024 | 576.9 | 576.9 | |||
Environmental reserves, current | 101.8 | 101.8 | |||
Environmental reserves, long-term | 475.1 | 475.1 | |||
Total environmental reserves at June 30, 2024 | 576.9 | 576.9 | 601.8 | ||
Recoveries | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2023 | 9.7 | ||||
Provision (Benefit) | (0.5) | ||||
(Spending) Recoveries | 0.1 | ||||
Foreign currency translation adjustments | 0 | ||||
Net change | (0.4) | ||||
Total environmental reserves at June 30, 2024 | 10.1 | 10.1 | |||
Environmental reserves, current | 1.3 | 1.3 | |||
Environmental reserves, long-term | 8.8 | 8.8 | |||
Total environmental reserves at June 30, 2024 | 10.1 | 10.1 | 9.7 | ||
Net | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2023 | 592.1 | ||||
Provision (Benefit) | 14.9 | ||||
(Spending) Recoveries | (37.1) | ||||
Foreign currency translation adjustments | (3.1) | ||||
Net change | (25.3) | ||||
Total environmental reserves at June 30, 2024 | 566.8 | 566.8 | |||
Environmental reserves, current | 100.5 | 100.5 | |||
Environmental reserves, long-term | 466.3 | 466.3 | |||
Total environmental reserves at June 30, 2024 | $ 566.8 | $ 566.8 | $ 592.1 |
Environmental Obligations - Add
Environmental Obligations - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Environmental Remediation Obligations [Abstract] | |
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 240 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from diluted EPS (in shares) | 2,100 | 700 | 2,000 | 400 |
Earnings (loss) attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | $ 297.9 | $ 52 | $ 307.7 | $ 259.5 |
Discontinued operations, net of income taxes | (2.8) | (21.5) | (15.3) | (33) |
Net income (loss) attributable to FMC stockholders | 295.1 | 30.5 | 292.4 | 226.5 |
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.9) | (0.1) | (0.7) | (0.4) |
Net income (loss) allocable to common stockholders | $ 294.2 | $ 30.4 | $ 291.7 | $ 226.1 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | $ 2.37 | $ 0.41 | $ 2.45 | $ 2.07 |
Discontinued operations (in USD per share) | (0.02) | (0.17) | (0.12) | (0.26) |
Net income (loss) attributable to FMC stockholders (in USD per share) | 2.35 | 0.24 | 2.33 | 1.81 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | 2.37 | 0.41 | 2.45 | 2.06 |
Discontinued operations (in USD per share) | (0.02) | (0.17) | (0.12) | (0.26) |
Net income (loss) attributable to FMC stockholders (in USD per share) | $ 2.35 | $ 0.24 | $ 2.33 | $ 1.80 |
Shares (in thousands): | ||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 125,009 | 125,085 | 124,976 | 125,201 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 343 | 579 | 310 | 682 |
Shares – diluted basis (in shares) | 125,352 | 125,664 | 125,286 | 125,883 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 4,332.9 | $ 3,494.5 | $ 4,433.4 | $ 3,400.9 |
Other comprehensive income (loss), net of tax | 12.1 | (33.6) | (18.7) | (41.9) |
Ending balance | 4,580.7 | 3,377.4 | 4,580.7 | 3,377.4 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (436.6) | (468.8) | (406.5) | (459.6) |
Other comprehensive income (loss) before reclassifications | (24.1) | (69) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 6.3 | 27.5 | ||
Other comprehensive income (loss), net of tax | (17.8) | (41.5) | ||
Ending balance | (424.3) | (501.1) | (424.3) | (501.1) |
Foreign currency adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (131.3) | (160.5) | ||
Other comprehensive income (loss) before reclassifications | (45) | 7.8 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Other comprehensive income (loss), net of tax | (45) | 7.8 | ||
Ending balance | (176.3) | (152.7) | (176.3) | (152.7) |
Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (50.2) | (51.7) | ||
Other comprehensive income (loss) before reclassifications | 21.1 | (76.8) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.1 | 21.8 | ||
Other comprehensive income (loss), net of tax | 22.2 | (55) | ||
Ending balance | (28) | (106.7) | (28) | (106.7) |
Pension and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (225) | (247.4) | ||
Other comprehensive income (loss) before reclassifications | (0.2) | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 5.2 | 5.7 | ||
Other comprehensive income (loss), net of tax | 5 | 5.7 | ||
Ending balance | $ (220) | $ (241.7) | $ (220) | $ (241.7) |
Equity - Reclassification Out o
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative instruments | ||||||
Costs of sales and services | $ 640.3 | $ 581.7 | $ 1,218.6 | $ 1,344.7 | ||
Selling, general and administrative expenses | 164.8 | 205.6 | 328.7 | 391.5 | ||
Interest expense, net | 63.6 | 64.5 | 125.3 | 115.9 | ||
Non-operating pension and postretirement charges (income) | 4.2 | 4.6 | 8.5 | 9.2 | ||
Income (loss) from continuing operations before income taxes | (5.5) | 63.1 | 2.5 | 311.6 | ||
Provision (benefit) for income taxes | (303.5) | 9.2 | (304.9) | 50.3 | ||
Net income (loss) | 295.2 | $ (3.1) | 32.4 | $ 195.9 | 292.1 | 228.3 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||
Derivative instruments | ||||||
Net income (loss) | (4) | (18.7) | (6.3) | (27.5) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Derivative instruments | ||||||
Derivative instruments | ||||||
Income (loss) from continuing operations before income taxes | (2.2) | (22.4) | (1.8) | (30.6) | ||
Provision (benefit) for income taxes | (0.8) | (6.6) | (0.7) | (8.8) | ||
Net income (loss) | (1.4) | (15.8) | (1.1) | (21.8) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and other postretirement benefits | ||||||
Derivative instruments | ||||||
Income (loss) from continuing operations before income taxes | (3.2) | (3.6) | (6.5) | (7.2) | ||
Provision (benefit) for income taxes | 0.6 | 0.7 | (1.3) | (1.5) | ||
Net income (loss) | (2.6) | (2.9) | (5.2) | (5.7) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of unrecognized net actuarial and other gains (losses) | ||||||
Derivative instruments | ||||||
Non-operating pension and postretirement charges (income) | (3.1) | (3.6) | (6.3) | (7.2) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Recognized (gain) loss due to curtailments, settlements, and other | ||||||
Derivative instruments | ||||||
Non-operating pension and postretirement charges (income) | (0.1) | 0 | (0.2) | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Gain (loss) on foreign currency contracts | Derivative instruments | ||||||
Derivative instruments | ||||||
Costs of sales and services | (1.8) | (24) | (1) | (31.4) | ||
Selling, general and administrative expenses | 0.1 | 2.3 | 0.2 | 2.6 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Gain (loss) on interest rate contracts | Derivative instruments | ||||||
Derivative instruments | ||||||
Interest expense, net | $ (0.5) | $ (0.7) | $ (1) | $ (1.8) |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jul. 18, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Feb. 28, 2022 | ||
Short-term Debt [Line Items] | |||||
Dividend paid | [1] | $ 145.2 | $ 145.4 | ||
Repurchase Program | |||||
Short-term Debt [Line Items] | |||||
Authorised stock repurchase amount | $ 1,000 | ||||
Shares repurchased under repurchase program (in shares) | 0 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 825 | ||||
Subsequent Event | |||||
Short-term Debt [Line Items] | |||||
Dividend paid | $ 72.7 | ||||
[1] See Note 13 regarding the quarterly cash dividend. |
Leases - ROU Asset and Lease Li
Leases - ROU Asset and Lease Liability (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Operating lease ROU assets | $ 120.1 | $ 121.8 |
Operating lease, right-of-use asset, statement of financial position | Other assets including long-term receivables, net | Other assets including long-term receivables, net |
Liabilities | ||
Operating lease current liabilities | $ 27 | $ 24.4 |
Operating lease noncurrent liabilities | $ 115.9 | $ 123.2 |
Operating lease, liability, current, statement of financial position | Accrued and other liabilities | Accrued and other liabilities |
Operating lease, liability, noncurrent, statement of financial position | Other long-term liabilities | Other long-term liabilities |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 8.5 | $ 7.5 | $ 17.8 | $ 15.8 |
Variable lease cost | 3 | 3.4 | 5.8 | 5.9 |
Total lease cost | $ 11.5 | $ 10.9 | $ 23.6 | $ 21.7 |
Leases - Operating Lease Term a
Leases - Operating Lease Term and Discount Rate (Details) | Jun. 30, 2024 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 6 years 9 months 18 days |
Weighted-average discount rate | 4.60% |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ (8.2) | $ (8) | $ (23.5) | $ (17) |
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2.8 | $ 2.1 | $ 19.4 | $ 11.9 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Maturity of Lease Liabilities | |
2024 (excluding the six months ending June 30, 2024) | $ 16.9 |
2025 | 29 |
2026 | 24.4 |
2027 | 21.7 |
2028 | 18.2 |
Thereafter | 56.5 |
Total undiscounted lease payments | 166.7 |
Less: Present value adjustment | (23.8) |
Present value of lease liabilities | $ 142.9 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pensions | ||||
Components of net annual benefit cost (income): | ||||
Service cost | $ 0.7 | $ 0.7 | $ 1.5 | $ 1.4 |
Interest cost | 11.9 | 12.5 | 23.9 | 25.1 |
Expected return on plan assets | (11.2) | (11.8) | (22.4) | (23.7) |
Amortization of net actuarial and other (gain) loss | 3.5 | 3.9 | 7 | 7.9 |
Recognized (gain) loss due to curtailments, settlements, and other | (0.1) | 0 | (0.2) | 0 |
Net periodic benefit cost (income) | 5 | 5.3 | 10.2 | 10.7 |
Other Benefits | ||||
Components of net annual benefit cost (income): | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0.1 | 0.2 | 0.2 | 0.3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial and other (gain) loss | (0.2) | (0.2) | (0.4) | (0.4) |
Recognized (gain) loss due to curtailments, settlements, and other | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $ (0.1) | $ 0 | $ (0.2) | $ (0.1) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | 5,518.20% | 14.60% | (12196.00%) | 16.10% |
Effective income tax rate reconciliation, corporate structure, amount | $ 300 |
Financial Instruments, Risk M_3
Financial Instruments, Risk Management and Fair Value Measurements - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) MMBTU | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | ||
Estimated fair value of debt | $ 4,114.1 | $ 3,988.2 |
Carrying value of debt | $ 4,179.1 | $ 3,957.6 |
Designated as Cash Flow Hedges | Energy Contracts | ||
Derivative [Line Items] | ||
Nonmonetary notional amount of price risk cash flow hedge (in mmBTUs) | MMBTU | 0 | |
Designated as Cash Flow Hedges | Foreign Currency and Energy Contracts | ||
Derivative [Line Items] | ||
Net gains (losses) on cash flow hedges | $ 8.5 | |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,939 | |
Cash Flow Hedging | Designated as Cash Flow Hedges | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Net gains (losses) on cash flow hedges | 8.3 | |
Cash Flow Hedging | Designated as Cash Flow Hedges | Forward Contracts | ||
Derivative [Line Items] | ||
Net gains (losses) on cash flow hedges | 574.2 | |
Cash Flow Hedging | Designated as Cash Flow Hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Net gains (losses) on cash flow hedges | $ (27.8) |
Financial Instruments, Risk M_4
Financial Instruments, Risk Management and Fair Value Measurements - Fair Value of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Asset [Abstract] | ||
Total Gross Amounts | $ 35.9 | $ 5.7 |
Gross amounts offset in the consolidated balance sheet | (18.8) | (5.5) |
Net Amounts | 17.1 | 0.2 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (22.6) | (17.1) |
Gross amounts offset in the consolidated balance sheet | 18.8 | 5.5 |
Net Amounts | (3.8) | (11.6) |
Net derivative assets (liabilities) | 13.3 | (11.4) |
Net amounts of derivative assets (liabilities) | 13.3 | (11.4) |
Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 35.9 | 5.7 |
Gross amounts offset in the consolidated balance sheet | (18.8) | (5.5) |
Net Amounts | 17.1 | 0.2 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (22.6) | (17.1) |
Gross amounts offset in the consolidated balance sheet | 18.8 | 5.5 |
Net Amounts | (3.8) | (11.6) |
Designated as Cash Flow Hedges | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 20.5 | 2.7 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (7.8) | (9.7) |
Net derivative assets (liabilities) | 12.7 | (7) |
Designated as Cash Flow Hedges | Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 20.5 | 2.7 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (7.8) | (9.7) |
Not Designated as Hedging Instruments | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 15.4 | 3 |
Derivative Liability [Abstract] | ||
Derivative liabilities | (14.8) | (7.4) |
Net derivative assets (liabilities) | 0.6 | (4.4) |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 15.4 | 3 |
Derivative Liability [Abstract] | ||
Derivative liabilities | $ (14.8) | $ (7.4) |
Financial Instruments, Risk M_5
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Derivatives Designated as Hedging Instruments | |||||
Unrealized hedging gains (losses) and other, net of tax | $ 17.4 | $ (39.5) | $ 21.1 | $ (76.8) | |
Reclassification of deferred hedging (gains) losses, net of tax | [1] | 1.4 | 15.8 | 1.1 | 21.8 |
Total derivative instrument impact on comprehensive income, net of tax | $ 18.8 | $ (23.7) | $ 22.2 | $ (55) | |
Cost of Goods and Services Sold | |||||
Derivatives Not Designated as Hedging Instruments | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Costs of sales and services | Costs of sales and services | Costs of sales and services | Costs of sales and services | |
Selling, General and Administrative Expenses | |||||
Derivatives Not Designated as Hedging Instruments | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses | |
Designated as Cash Flow Hedges | |||||
Derivatives Designated as Hedging Instruments | |||||
Unrealized hedging gains (losses) and other, net of tax | $ 17.4 | $ (39.5) | $ 21.1 | $ (76.8) | |
Reclassification of deferred hedging (gains) losses, net of tax | 1.4 | 15.8 | 1.1 | 21.8 | |
Total derivative instrument impact on comprehensive income, net of tax | 18.8 | (23.7) | 22.2 | (55) | |
Designated as Cash Flow Hedges | Foreign exchange contracts | |||||
Derivatives Designated as Hedging Instruments | |||||
Unrealized hedging gains (losses) and other, net of tax | 17.4 | (43.6) | 21.1 | (76.4) | |
Reclassification of deferred hedging (gains) losses, net of tax | 1 | 15.3 | 0.3 | 20.5 | |
Total derivative instrument impact on comprehensive income, net of tax | 18.4 | (28.3) | 21.4 | (55.9) | |
Designated as Cash Flow Hedges | Interest rate contracts | |||||
Derivatives Designated as Hedging Instruments | |||||
Unrealized hedging gains (losses) and other, net of tax | 0 | 4.1 | 0 | (0.4) | |
Reclassification of deferred hedging (gains) losses, net of tax | 0.4 | 0.5 | 0.8 | 1.3 | |
Total derivative instrument impact on comprehensive income, net of tax | 0.4 | 4.6 | 0.8 | 0.9 | |
Not Designated as Hedging Instruments | |||||
Derivatives Not Designated as Hedging Instruments | |||||
Amount of pre-tax gain (loss) recognized in income on derivatives | 3.1 | (19.1) | (13) | (17.9) | |
Not Designated as Hedging Instruments | Foreign exchange contracts | |||||
Derivatives Not Designated as Hedging Instruments | |||||
Amount of pre-tax gain (loss) recognized in income on derivatives | $ 3.1 | $ (19.1) | $ (13) | $ (17.9) | |
[1] For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss), see Note 13. |
Financial Instruments, Risk M_6
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Derivatives assets | $ 35.9 | $ 5.7 |
Liabilities | ||
Derivative liabilities | 22.6 | 17.1 |
Foreign exchange contracts | ||
Assets | ||
Derivatives assets | 35.9 | 5.7 |
Liabilities | ||
Derivative liabilities | 22.6 | 17.1 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other | 59.2 | 47.1 |
Total assets | 76.3 | 47.3 |
Liabilities | ||
Other | 26.2 | 24.4 |
Total liabilities | 30 | 36 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Assets | ||
Derivatives assets | 17.1 | 0.2 |
Liabilities | ||
Derivative liabilities | 3.8 | 11.6 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other | 24.6 | 23.8 |
Total assets | 24.6 | 23.8 |
Liabilities | ||
Other | 26.2 | 24.4 |
Total liabilities | 26.2 | 24.4 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Other | 0 | 0 |
Total assets | 17.1 | 0.2 |
Liabilities | ||
Other | 0 | 0 |
Total liabilities | 3.8 | 11.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Assets | ||
Derivatives assets | 17.1 | 0.2 |
Liabilities | ||
Derivative liabilities | 3.8 | 11.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Other | 34.6 | 23.3 |
Total assets | 34.6 | 23.3 |
Liabilities | ||
Other | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Assets | ||
Derivatives assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
Guarantees, Commitments, and _3
Guarantees, Commitments, and Contingencies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 144.1 |
Guarantee, term | 1 year |
Guarantees of vendor financing - short-term | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 63.9 |
Other debt guarantees | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 80.2 |