x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 94-0479804 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
2929 Walnut Street Philadelphia, Pennsylvania | 19104 | |
(Address of principal executive offices) | (Zip Code) |
LARGE ACCELERATED FILER | x | ACCELERATED FILER | o | |||
NON-ACCELERATED FILER | o | SMALLER REPORTING COMPANY | o | |||
EMERGING GROWTH COMPANY | o | |||||
IF AN EMERGING GROWTH COMPANY, INDICATE BY CHECK MARK IF THE REGISTRANT HAS ELECTED NOT TO USE THE EXTENDED TRANSITION PERIOD FOR COMPLYING WITH ANY NEW OR REVISED FINANCIAL ACCOUNTING STANDARDS PROVIDED PURSUANT TO SECTION 13(A) OF THE EXCHANGE ACT. | ||||||
o |
Class | Outstanding at June 30, 2017 | |
Common Stock, par value $0.10 per share | 134,128,392 |
Page No. | |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 656.8 | $ | 615.3 | $ | 1,252.8 | $ | 1,221.7 | |||||||
Costs and Expenses | |||||||||||||||
Costs of sales and services | 422.4 | 379.9 | 802.2 | 770.3 | |||||||||||
Gross margin | 234.4 | 235.4 | 450.6 | 451.4 | |||||||||||
Selling, general and administrative expenses | 126.4 | 110.6 | 236.1 | 220.7 | |||||||||||
Research and development expenses | 32.0 | 33.2 | 60.2 | 67.4 | |||||||||||
Restructuring and other charges (income) | 6.9 | 9.1 | 15.2 | 18.6 | |||||||||||
Total costs and expenses | 587.7 | 532.8 | 1,113.7 | 1,077.0 | |||||||||||
Income from continuing operations before equity in (earnings) loss of affiliates, interest expense, net and income taxes | 69.1 | 82.5 | 139.1 | 144.7 | |||||||||||
Equity in (earnings) loss of affiliates | (0.1 | ) | — | (0.2 | ) | — | |||||||||
Interest expense, net | 17.2 | 15.2 | 32.9 | 31.0 | |||||||||||
Income (loss) from continuing operations before income taxes | 52.0 | 67.3 | 106.4 | 113.7 | |||||||||||
Provision (benefit) for income taxes | 3.3 | 20.5 | 12.7 | 40.9 | |||||||||||
Income (loss) from continuing operations | 48.7 | 46.8 | 93.7 | 72.8 | |||||||||||
Discontinued operations, net of income taxes | 26.6 | 20.2 | (142.2 | ) | 42.9 | ||||||||||
Net income (loss) | 75.3 | 67.0 | (48.5 | ) | 115.7 | ||||||||||
Less: Net income attributable to noncontrolling interests | 0.6 | 1.8 | 1.0 | 2.2 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 | ||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Continuing operations, net of income taxes | $ | 48.2 | $ | 45.0 | $ | 92.7 | $ | 70.6 | |||||||
Discontinued operations, net of income taxes | 26.5 | 20.2 | (142.2 | ) | 42.9 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 | ||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.36 | $ | 0.34 | $ | 0.69 | $ | 0.52 | |||||||
Discontinued operations | 0.20 | 0.15 | (1.06 | ) | 0.32 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 0.56 | $ | 0.49 | $ | (0.37 | ) | $ | 0.84 | ||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.36 | $ | 0.34 | $ | 0.69 | $ | 0.52 | |||||||
Discontinued operations | 0.20 | 0.15 | (1.06 | ) | 0.32 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 0.56 | $ | 0.49 | $ | (0.37 | ) | $ | 0.84 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||
Net income (loss) | $ | 75.3 | $ | 67.0 | $ | (48.5 | ) | $ | 115.7 | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency adjustments: | |||||||||||||||
Foreign currency translation gain (loss) arising during the period | 73.4 | (20.1 | ) | 116.6 | 32.2 | ||||||||||
Total foreign currency translation adjustments (1) | $ | 73.4 | $ | (20.1 | ) | $ | 116.6 | $ | 32.2 | ||||||
Derivative instruments: | |||||||||||||||
Unrealized hedging gains (losses) and other, net of tax of ($0.7) and ($2.8) for the three and six months ended June 30, 2017 and zero and ($1.7) for the three and six months ended June 30, 2016, respectively | $ | (2.6 | ) | $ | (1.6 | ) | $ | (1.5 | ) | $ | 0.7 | ||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $0.1 and ($0.1) for the three and six months ended June 30, 2017 and $0.9 and $2.1 for the three and six months ended June 30, 2016, respectively (3) | 0.3 | 1.7 | (0.2 | ) | 4.1 | ||||||||||
Total derivative instruments, net of tax of ($0.6) and ($2.9) for the three and six months ended June 30, 2017 and $0.9 and $0.4 for the three and six months ended June 30, 2016, respectively | $ | (2.3 | ) | $ | 0.1 | $ | (1.7 | ) | $ | 4.8 | |||||
Pension and other postretirement benefits: | |||||||||||||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $0.1 and $2.8 for the three and six months ended June 30, 2017 and zero for the three and six months ended June 30, 2016, respectively (2) | $ | (1.8 | ) | $ | — | $ | 2.6 | $ | — | ||||||
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $1.4 and $4.0 for the three and six months ended June 30, 2017 and $3.7 and $7.3 for the three and six months ended June 30, 2016, respectively (3) | 2.9 | 7.1 | 7.8 | 13.4 | |||||||||||
Total pension and other postretirement benefits, net of tax of $1.5 and $6.8 for the three and six months ended June 30, 2017 and $3.7 and $7.3 for the three and six months ended June 30, 2016, respectively | $ | 1.1 | $ | 7.1 | $ | 10.4 | $ | 13.4 | |||||||
Other comprehensive income (loss), net of tax | $ | 72.2 | $ | (12.9 | ) | $ | 125.3 | $ | 50.4 | ||||||
Comprehensive income (loss) | 147.5 | 54.1 | 76.8 | 166.1 | |||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0.7 | 1.7 | 1.3 | 2.2 | |||||||||||
Comprehensive income (loss) attributable to FMC stockholders | $ | 146.8 | $ | 52.4 | $ | 75.5 | $ | 163.9 |
(1) | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates indefinitely, however, see Note 15 regarding the impact from the expected sale of our discontinued FMC Health and Nutrition segment on certain of these foreign subsidiaries. |
(2) | At December 31 of each year, we remeasure our pension and postretirement plan obligations at which time we record any actuarial gains (losses) and prior service (costs) credits to other comprehensive income. The interim adjustments noted above typically reflect the foreign currency translation impacts from the unrealized actuarial gains (losses) and prior service (costs) credits related to our foreign pension and postretirement plans. During the six months ended June 30, 2017 due to the announced plans to divest of FMC Health and Nutrition business, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans which resulted in adjustments to comprehensive income. See Note 14 for more information. |
(3) | For more detail on the components of these reclassifications and the affected line item in the condensed consolidated statements of income (loss) see Note 13. |
(in Millions, Except Share and Par Value Data) | June 30, 2017 | December 31, 2016 | |||||
ASSETS | (unaudited) | ||||||
Current assets | |||||||
Cash and cash equivalents | $ | 113.2 | $ | 64.2 | |||
Trade receivables, net of allowance of $28.5 in 2017 and $17.6 in 2016 | 1,442.3 | 1,692.5 | |||||
Inventories | 546.3 | 478.9 | |||||
Prepaid and other current assets | 261.4 | 232.1 | |||||
Current assets of discontinued operations held for sale | 1,122.6 | 381.5 | |||||
Total current assets | $ | 3,485.8 | $ | 2,849.2 | |||
Investments | 1.3 | 1.0 | |||||
Property, plant and equipment, net | 538.3 | 538.1 | |||||
Goodwill | 501.0 | 498.7 | |||||
Other intangibles, net | 763.6 | 719.9 | |||||
Other assets including long-term receivables, net | 457.1 | 454.7 | |||||
Deferred income taxes | 237.2 | 242.1 | |||||
Noncurrent assets of discontinued operations held for sale | — | 835.6 | |||||
Total assets | $ | 5,984.3 | $ | 6,139.3 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Short-term debt and current portion of long-term debt | $ | 192.5 | $ | 94.2 | |||
Accounts payable, trade and other | 433.5 | 317.4 | |||||
Advance payments from customers | 5.6 | 239.8 | |||||
Accrued and other liabilities | 283.4 | 303.3 | |||||
Accrued payroll | 42.6 | 55.2 | |||||
Accrued customer rebates | 347.8 | 246.7 | |||||
Guarantees of vendor financing | 65.2 | 104.5 | |||||
Accrued pension and other postretirement benefits, current | 7.1 | 7.1 | |||||
Income taxes | 24.6 | 11.0 | |||||
Current liabilities of discontinued operations held for sale | 139.6 | 59.0 | |||||
Total current liabilities | $ | 1,541.9 | $ | 1,438.2 | |||
Long-term debt, less current portion | 1,592.3 | 1,798.8 | |||||
Accrued pension and other postretirement benefits, long-term | 88.8 | 137.3 | |||||
Environmental liabilities, continuing and discontinued | 291.5 | 306.4 | |||||
Deferred income taxes | 151.0 | 130.4 | |||||
Other long-term liabilities | 292.1 | 267.5 | |||||
Long-term liabilities of discontinued operations held for sale | — | 67.7 | |||||
Commitments and contingent liabilities (Note 17) | |||||||
Equity | |||||||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2017 or 2016 | — | — | |||||
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares at 2017 and 2016 | 18.6 | 18.6 | |||||
Capital in excess of par value of common stock | 436.7 | 418.6 | |||||
Retained earnings | 3,411.7 | 3,505.5 | |||||
Accumulated other comprehensive income (loss) | (353.4 | ) | (478.4 | ) | |||
Treasury stock, common, at cost - 2017: 51,855,400 shares, 2016: 52,293,686 shares | (1,501.7 | ) | (1,506.6 | ) | |||
Total FMC stockholders’ equity | $ | 2,011.9 | $ | 1,957.7 | |||
Noncontrolling interests | 14.8 | 35.3 | |||||
Total equity | $ | 2,026.7 | $ | 1,993.0 | |||
Total liabilities and equity | $ | 5,984.3 | $ | 6,139.3 |
Six Months Ended June 30 | |||||||
2017 | 2016 | ||||||
(in Millions) | (unaudited) | ||||||
Cash provided (required) by operating activities of continuing operations: | |||||||
Net income (loss) | $ | (48.5 | ) | $ | 115.7 | ||
Discontinued operations | 142.2 | (42.9 | ) | ||||
Income (loss) from continuing operations | $ | 93.7 | $ | 72.8 | |||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||
Depreciation and amortization | 46.1 | 49.6 | |||||
Equity in (earnings) loss of affiliates | (0.2 | ) | — | ||||
Restructuring and other charges (income) | 15.2 | 18.6 | |||||
Deferred income taxes | 7.4 | (5.2 | ) | ||||
Pension and other postretirement benefits | (4.6 | ) | 7.6 | ||||
Share-based compensation | 11.2 | 11.2 | |||||
Excess tax benefits from share-based compensation | — | (0.4 | ) | ||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||
Trade receivables, net | 279.3 | 237.9 | |||||
Guarantees of vendor financing | (33.0 | ) | 36.1 | ||||
Inventories | (48.6 | ) | (96.3 | ) | |||
Accounts payable, trade and other | 102.8 | 24.3 | |||||
Advance payments from customers | (234.4 | ) | (244.8 | ) | |||
Accrued customer rebates | 96.9 | 138.5 | |||||
Income taxes | (0.2 | ) | 6.3 | ||||
Pension and other postretirement benefit contributions | (27.6 | ) | (24.8 | ) | |||
Environmental spending, continuing, net of recoveries | (15.1 | ) | (11.4 | ) | |||
Restructuring and other spending | (2.7 | ) | (9.9 | ) | |||
Acquisition-related charges | (9.0 | ) | (12.4 | ) | |||
Change in other operating assets and liabilities, net (1) | (72.2 | ) | (37.6 | ) | |||
Cash provided (required) by operating activities of continuing operations | $ | 205.0 | $ | 160.1 | |||
Cash provided (required) by operating activities of discontinued operations: | |||||||
Environmental spending, discontinued, net of recoveries | (10.8 | ) | (10.1 | ) | |||
Other discontinued spending | (12.7 | ) | (11.8 | ) | |||
Operating activities of discontinued operations, net of divestiture costs | 78.6 | 86.3 | |||||
Cash provided (required) by operating activities of discontinued operations | $ | 55.1 | $ | 64.4 |
(1) | Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities. |
Six Months Ended June 30 | |||||||
2017 | 2016 | ||||||
(in Millions) | (unaudited) | ||||||
Cash provided (required) by investing activities of continuing operations: | |||||||
Capital expenditures | $ | (20.9 | ) | $ | (40.7 | ) | |
Proceeds from disposal of property, plant and equipment | 0.8 | 1.3 | |||||
Other investing activities | (31.1 | ) | (5.6 | ) | |||
Cash provided (required) by investing activities of continuing operations | $ | (51.2 | ) | $ | (45.0 | ) | |
Cash provided (required) by investing activities of discontinued operations: | |||||||
Other discontinued investing activities | (12.8 | ) | (14.7 | ) | |||
Cash provided (required) by investing activities of discontinued operations | $ | (12.8 | ) | $ | (14.7 | ) | |
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | (4.0 | ) | (59.4 | ) | |||
Repayments of long-term debt | (200.7 | ) | (50.8 | ) | |||
Financing fees | (11.0 | ) | (0.7 | ) | |||
Proceeds from borrowings of long-term debt | 97.9 | 2.8 | |||||
Issuances of common stock, net | 14.3 | 2.1 | |||||
Excess tax benefits from share-based compensation | — | 0.4 | |||||
Transactions with noncontrolling interests | (0.5 | ) | — | ||||
Dividends paid (2) | (44.3 | ) | (44.3 | ) | |||
Other repurchases of common stock | (1.5 | ) | (1.2 | ) | |||
Cash provided (required) by financing activities of continuing operations | $ | (149.8 | ) | $ | (151.1 | ) | |
Effect of exchange rate changes on cash and cash equivalents | 2.7 | 1.3 | |||||
Increase (decrease) in cash and cash equivalents | 49.0 | 15.0 | |||||
Cash and cash equivalents, beginning of period | 64.2 | 78.6 | |||||
Cash and cash equivalents, end of period | $ | 113.2 | $ | 93.6 |
(2) | See Note 13 regarding quarterly cash dividend. |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Acquisition-related charges - DuPont | |||||||||||||||
Legal and professional fees (1) | $ | 20.7 | $ | — | $ | 29.9 | $ | — | |||||||
Acquisition-related charges - Cheminova (2) | |||||||||||||||
Legal and professional fees (1) | — | 5.0 | — | 12.4 | |||||||||||
Total acquisition-related charges (3) | $ | 20.7 | $ | 5.0 | $ | 29.9 | $ | 12.4 | |||||||
Restructuring charges and asset disposals | |||||||||||||||
Cheminova restructuring | $ | — | $ | 5.9 | $ | — | $ | 8.9 | |||||||
Total Cheminova restructuring charges (3) (4) | $ | — | $ | 5.9 | $ | — | $ | 8.9 |
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs and integration-related legal and professional third-party fees. These charges are recorded as a component of “Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
(2) | For more information on the acquisition-related charges for Cheminova, refer to Note 3 to the consolidated financial statements included with our 2016 Form 10-K. |
(3) | Acquisition-related charges and restructuring charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. |
(4) | See Note 8 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the condensed consolidated statements of income (loss). |
(in Millions) | FMC Agricultural Solutions | FMC Lithium | Total | ||||||||
Balance, December 31, 2016 | $ | 498.7 | $ | — | $ | 498.7 | |||||
Acquisitions | — | — | — | ||||||||
Foreign currency adjustments | 2.3 | — | 2.3 | ||||||||
Balance, June 30, 2017 | $ | 501.0 | $ | — | $ | 501.0 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||
Customer relationships | $ | 383.5 | $ | (55.6 | ) | $ | 327.9 | $ | 356.9 | $ | (43.7 | ) | $ | 313.2 | |||||||||
Patents | 2.0 | (0.5 | ) | 1.5 | 2.2 | (0.4 | ) | 1.8 | |||||||||||||||
Brands (1) | 14.9 | (5.5 | ) | 9.4 | 13.6 | (4.7 | ) | 8.9 | |||||||||||||||
Purchased and licensed technologies | 56.2 | (26.7 | ) | 29.5 | 60.3 | (30.1 | ) | 30.2 | |||||||||||||||
Other intangibles | 3.2 | (2.3 | ) | 0.9 | 2.9 | (1.9 | ) | 1.0 | |||||||||||||||
$ | 459.8 | $ | (90.6 | ) | $ | 369.2 | $ | 435.9 | $ | (80.8 | ) | $ | 355.1 |
Intangible assets not subject to amortization (indefinite-lived) | |||||||||||||||||||||||
Brands (1) (2) | $ | 392.9 | $ | 392.9 | $ | 363.4 | $ | 363.4 | |||||||||||||||
In-process research & development | 1.5 | 1.5 | 1.4 | 1.4 | |||||||||||||||||||
$ | 394.4 | $ | 394.4 | $ | 364.8 | $ | 364.8 | ||||||||||||||||
Total intangible assets | $ | 854.2 | $ | (90.6 | ) | $ | 763.6 | $ | 800.7 | $ | (80.8 | ) | $ | 719.9 |
(2) | The majority of the Brands intangible asset in the table above relates to our proprietary brand portfolio. |
(in Millions) | Finite-lived | Indefinite-lived | |||||
FMC Agricultural Solutions | $ | 368.2 | $ | 394.4 | |||
FMC Lithium | 1.0 | — | |||||
Total | $ | 369.2 | $ | 394.4 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Amortization expense | $ | 5.2 | $ | 6.1 | $ | 10.3 | $ | 12.0 |
(in Millions) | |||
Balance, December 31, 2015 | $ | 13.9 | |
Additions - charged to expense | 9.8 | ||
Transfer from (to) allowance for credit losses (see below) | (7.8 | ) | |
Net recoveries and write-offs | 1.7 | ||
Balance, December 31, 2016 | $ | 17.6 | |
Additions - charged to expense | 6.8 | ||
Transfer from (to) allowance for credit losses (see below) | 1.1 | ||
Net recoveries and write-offs | 3.0 | ||
Balance, June 30, 2017 | $ | 28.5 |
(in Millions) | |||
Balance, December 31, 2015 | $ | 29.2 | |
Additions - charged to expense | 12.1 | ||
Transfer from (to) allowance for doubtful accounts (see above) | 7.8 | ||
Net recoveries and write-offs | — | ||
Balance, December 31, 2016 | $ | 49.1 | |
Additions - charged to expense | 3.4 | ||
Transfer from (to) allowance for doubtful accounts (see above) | (1.1 | ) | |
Net recoveries and write-offs | (2.2 | ) | |
Balance, June 30, 2017 | $ | 49.2 |
(in Millions) | June 30, 2017 | December 31, 2016 | |||||
Finished goods | $ | 250.5 | $ | 220.1 | |||
Work in process | 235.7 | 219.3 | |||||
Raw materials, supplies and other | 187.3 | 166.7 | |||||
First-in, first-out inventory | $ | 673.5 | $ | 606.1 | |||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (127.2 | ) | (127.2 | ) | |||
Net inventories | $ | 546.3 | $ | 478.9 |
(in Millions) | June 30, 2017 | December 31, 2016 | |||||
Property, plant and equipment | $ | 952.9 | $ | 921.6 | |||
Accumulated depreciation | (414.6 | ) | (383.5 | ) | |||
Property, plant and equipment, net | $ | 538.3 | $ | 538.1 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Restructuring charges and asset disposals | $ | 2.7 | $ | 5.9 | $ | 2.7 | $ | 8.9 | |||||||
Other charges (income), net | 4.2 | 3.2 | 12.5 | 9.7 | |||||||||||
Total restructuring and other charges (income) | $ | 6.9 | $ | 9.1 | $ | 15.2 | $ | 18.6 |
Restructuring Charges | |||||||||||||||
(in Millions) | Severance and Employee Benefits (1) | Other Charges (Income) (2) | Asset Disposal Charges (2) | Total | |||||||||||
Other items | — | — | 2.7 | 2.7 | |||||||||||
Three months ended June 30, 2017 | $ | — | $ | — | $ | 2.7 | $ | 2.7 | |||||||
Cheminova restructuring | 3.2 | 1.4 | 1.3 | 5.9 | |||||||||||
Three months ended June 30, 2016 | $ | 3.2 | $ | 1.4 | $ | 1.3 | $ | 5.9 | |||||||
Other items | — | — | 2.7 | 2.7 | |||||||||||
Six months ended June 30, 2017 | $ | — | $ | — | $ | 2.7 | $ | 2.7 | |||||||
Cheminova Restructuring | 5.1 | 1.3 | 2.5 | 8.9 | |||||||||||
Six months ended June 30, 2016 | $ | 5.1 | $ | 1.3 | $ | 2.5 | $ | 8.9 |
(1) | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits. |
(2) | Primarily represents accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns are also included within the asset disposal charges. |
(in Millions) | Balance at 12/31/16 (3) | Change in reserves (4) | Cash payments | Other | Balance at 6/30/17 (3) | ||||||||||
Cheminova restructuring | $ | 11.1 | $ | — | $ | (2.6 | ) | $ | (1.2 | ) | $ | 7.3 | |||
Other workforce related and facility shutdowns (1) | 1.4 | — | (0.1 | ) | — | 1.3 | |||||||||
Restructuring activities related to discontinued operations (2) | 3.4 | 1.9 | (4.9 | ) | — | 0.4 | |||||||||
Total | $ | 15.9 | $ | 1.9 | $ | (7.6 | ) | $ | (1.2 | ) | $ | 9.0 |
(1) | Primarily severance costs related to workforce reductions and facility shutdowns. |
(2) | Cash spending associated with restructuring activities of discontinued operations is reported within "Other discontinued reserves" on the condensed consolidated statements of cash flows. |
(3) | Included in "Accrued and other liabilities" on the condensed consolidated balance sheets. |
(4) | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above that impacted our property, plant and equipment balances or other long term assets are not included in the above tables. |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Environmental charges, net | $ | 3.3 | $ | 2.5 | $ | 5.6 | $ | 9.1 | |||||||
Argentina devaluation | — | — | — | 4.2 | |||||||||||
Other items, net | 0.9 | 0.7 | 6.9 | (3.6 | ) | ||||||||||
Other charges (income), net | $ | 4.2 | $ | 3.2 | $ | 12.5 | $ | 9.7 |
(in Millions) | June 30, 2017 | December 31, 2016 | |||||
Short-term foreign debt (1) | $ | 91.3 | $ | 85.5 | |||
Commercial paper | — | 6.3 | |||||
Total short-term debt | $ | 91.3 | $ | 91.8 | |||
Current portion of long-term debt | 101.2 | 2.4 | |||||
Short-term debt and current portion of long-term debt | $ | 192.5 | $ | 94.2 |
(1) | At June 30, 2017, the average interest rate on the borrowings was 8.3%. We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees. |
(in Millions) | June 30, 2017 | ||||||||||
Interest Rate Percentage | Maturity Date | June 30, 2017 | December 31, 2016 | ||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 1.1 - 6.5% | 2021 - 2032 | $ | 51.6 | $ | 51.6 | |||||
Senior notes (less unamortized discount of $1.2 and $1.4, respectively) | 3.95 - 5.2% | 2019 - 2024 | 998.8 | 998.6 | |||||||
2014 Term Loan Facility | 2.5% | 2020 | 550.0 | 750.0 | |||||||
2017 Term Loan Facility | 2.5% | 2022 | — | — | |||||||
Credit Facility (1) | 3.7% | 2022 | — | — | |||||||
Foreign debt | 0 - 10.8% | 2018 - 2024 | 107.8 | 10.7 | |||||||
Debt issuance cost | (14.7 | ) | (9.7 | ) | |||||||
Total long-term debt | $ | 1,693.5 | $ | 1,801.2 | |||||||
Less: debt maturing within one year | 101.2 | 2.4 | |||||||||
Total long-term debt, less current portion | $ | 1,592.3 | $ | 1,798.8 |
(1) | Letters of credit outstanding under our Credit Facility totaled $135.7 million and available funds under this facility were $1,364.3 million at June 30, 2017. |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 162.1 | $ | 195.0 | $ | 338.8 | $ | 387.4 | |||||||
Costs of sales and services | 95.9 | 129.1 | 207.3 | 256.1 | |||||||||||
Income (loss) from discontinued operations before income taxes (1) | 39.7 | 37.5 | 75.2 | 76.8 | |||||||||||
Provision for income taxes (2) | 13.5 | 11.5 | 40.2 | 22.0 | |||||||||||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | $ | 26.2 | $ | 26.0 | $ | 35.0 | $ | 54.8 | |||||||
Divestiture related costs of discontinued operations of FMC Health and Nutrition, net of income taxes | (3.3 | ) | — | (9.5 | ) | — | |||||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (4) | 13.8 | — | (150.9 | ) | — | ||||||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes | 36.7 | 26.0 | (125.4 | ) | 54.8 | ||||||||||
Less: Discontinued operations of FMC Health and Nutrition attributable to noncontrolling interests | 0.1 | — | — | — | |||||||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders | $ | 36.6 | $ | 26.0 | $ | (125.4 | ) | $ | 54.8 |
(1) | For the three months ended June 30, 2017 and 2016, amounts include $5.4 million and $4.8 million of allocated interest expense and $1.3 million and $3.2 million of restructuring and other charges (income), respectively. For the six months ended June 30, 2017 and 2016, amounts include $10.4 million and $9.8 million of allocated interest expense, $3.1 million and $6.1 million of restructuring and other charges (income), and $3.9 million and zero of a pension curtailment charge, respectively. See Note 14 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. |
(2) | Includes the accrual for income taxes of $17.8 million associated with unremitted earnings of foreign FMC Health and Nutrition subsidiaries held for sale for the six months ended June 30, 2017. Refer to Note 15 for more information. |
(3) | In accordance with US GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. |
(4) | Represents the impairment charge of approximately $171 million ($151 million, net of tax) associated with the disposal activities of the Omega-3 business to write down the carrying value to its fair value. |
(in Millions) | June 30, 2017 | December 31, 2016 | |||||
Assets | |||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 424.9 | $ | 381.5 | |||
Property, plant & equipment (1) | 481.4 | 464.0 | |||||
Goodwill (1) | 300.3 | 278.8 | |||||
Other intangibles, net (1) | 77.3 | 73.5 | |||||
Other non-current assets (1) (3) | 9.6 | 19.3 | |||||
Total assets of discontinued operations held for sale (2) | $ | 1,293.5 | $ | 1,217.1 | |||
Liabilities | |||||||
Current liabilities of discontinued operations held for sale | (90.4 | ) | (59.0 | ) | |||
Noncurrent liabilities of discontinued operations held for sale (1) (3) | (49.2 | ) | (67.7 | ) | |||
Total liabilities of discontinued operations held for sale (2) | (139.6 | ) | (126.7 | ) | |||
Total net assets before adjustment to Omega-3 assets held for sale | $ | 1,153.9 | $ | 1,090.4 | |||
Adjustment to Omega-3 assets held for sale | (170.9 | ) | — | ||||
Total net assets | $ | 983.0 | $ | 1,090.4 |
(1) | Presented as "Noncurrent assets / Long-term liabilities of discontinued operations held for sale" on the condensed consolidated balance sheet as of December 31, 2016. |
(2) | Presented as "Current assets / liabilities of discontinued operations held for sale" on the condensed consolidated balance sheet as of June 30, 2017. |
(3) | Amounts related to uncertain tax positions associated with FMC Health and Nutrition of $13 million, net were reclassified to noncurrent assets / long-term liabilities of discontinued operations held for sale on the condensed consolidated balance sheet as of December 31, 2016 within this Form 10-Q. |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of ($1.7) and ($0.4) for the three and six months ended June 30, 2017 and ($0.5) and $0.2 for the three and six months ended 2016, respectively (1) | $ | 2.1 | $ | 0.3 | $ | 1.7 | $ | (0.1 | ) | ||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $3.5 and $4.5 for the three and six months ended June 30, 2017 and $1.2 and $2.5 for the three and six months ended 2016, respectively (2) | (7.9 | ) | (1.9 | ) | (10.7 | ) | (4.8 | ) | |||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $2.3 and $4.2 for the three and six months ended June 30, 2017 and $2.4 and $4.1 for the three and six months ended 2016, respectively | (4.3 | ) | (4.2 | ) | (7.8 | ) | (7.0 | ) | |||||||
Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of ($12.5) and ($17.6) for the three and six months ended June 30, 2017 and ($11.5) and ($22.0) for the three and six months ended 2016, respectively | 36.7 | 26.0 | (125.4 | ) | 54.8 | ||||||||||
Discontinued operations, net of income taxes | $ | 26.6 | $ | 20.2 | $ | (142.2 | ) | $ | 42.9 |
(1) | See a roll forward of our restructuring reserves in Note 8. |
(2) | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during 2017 in Note 11. |
(in Millions) | Gross | Recoveries (3) | Net | ||||||||
Total environmental reserves at December 31, 2016 | $ | 378.1 | $ | (11.4 | ) | $ | 366.7 | ||||
Provision/(benefit) | 21.2 | — | 21.2 | ||||||||
(Spending)/recoveries | (27.3 | ) | — | (27.3 | ) | ||||||
Foreign currency translation adjustments | 3.9 | — | 3.9 | ||||||||
Net change | (2.2 | ) | — | (2.2 | ) | ||||||
Total environmental reserves at June 30, 2017 | $ | 375.9 | $ | (11.4 | ) | $ | 364.5 | ||||
Environmental reserves, current (1) | 74.0 | (1.0 | ) | 73.0 | |||||||
Environmental reserves, long-term (2) | 301.9 | (10.4 | ) | 291.5 | |||||||
Total environmental reserves at June 30, 2017 | $ | 375.9 | $ | (11.4 | ) | $ | 364.5 |
(1) | These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. |
(2) | These amounts are included in "Environmental liabilities, continuing and discontinued" on the condensed consolidated balance sheets. |
(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 condensed consolidated balance sheets. |
(in Millions) | 12/31/2016 | Increase in Recoveries | Cash Received | 6/30/2017 | |||||||||
Environmental recoveries | $ | 27.2 | 0.4 | (1.3 | ) | $ | 26.3 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Environmental provisions, net - recorded to liabilities (1) | $ | 15.1 | $ | 5.6 | $ | 21.2 | $ | 18.2 | |||||||
Environmental provisions, net - recorded to assets (2) | (0.4 | ) | — | (0.4 | ) | (1.8 | ) | ||||||||
Environmental provision, net | $ | 14.7 | $ | 5.6 | $ | 20.8 | $ | 16.4 | |||||||
Continuing operations (3) | 3.3 | 2.5 | 5.6 | 9.1 | |||||||||||
Discontinued operations (4) | 11.4 | 3.1 | 15.2 | 7.3 | |||||||||||
Environmental provision, net | $ | 14.7 | $ | 5.6 | $ | 20.8 | $ | 16.4 |
(1) | See above roll forward of our total environmental reserves as presented on the condensed consolidated balance sheets. |
(2) | See above roll forward of our total environmental recoveries as presented on the condensed consolidated balance sheets. |
(3) | Recorded as a component of “Restructuring and other charges (income)” on the condensed 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 condensed consolidated statements of income (loss). See Note 10. |
(in Millions, Except Share and Per Share Data) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||||||
Continuing operations, net of income taxes | $ | 48.2 | $ | 45.0 | $ | 92.7 | $ | 70.6 | |||||||
Discontinued operations, net of income taxes | 26.5 | 20.2 | (142.2 | ) | 42.9 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 | ||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2 | ) | (0.1 | ) | (0.4 | ) | (0.2 | ) | |||||||
Net income (loss) allocable to common stockholders | $ | 74.5 | $ | 65.1 | $ | (49.9 | ) | $ | 113.3 | ||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.36 | $ | 0.34 | $ | 0.69 | $ | 0.52 | |||||||
Discontinued operations | 0.20 | 0.15 | (1.06 | ) | 0.32 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 0.56 | $ | 0.49 | $ | (0.37 | ) | $ | 0.84 | ||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.36 | $ | 0.34 | $ | 0.69 | $ | 0.52 | |||||||
Discontinued operations | 0.20 | 0.15 | (1.06 | ) | 0.32 | ||||||||||
Net income (loss) attributable to FMC stockholders | $ | 0.56 | $ | 0.49 | $ | (0.37 | ) | $ | 0.84 | ||||||
Shares (in thousands): | |||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 134,237 | 133,929 | 134,095 | 133,865 | |||||||||||
Weighted average additional shares assuming conversion of potential common shares | 1,366 | 647 | 1,233 | 570 | |||||||||||
Shares – diluted basis | 135,603 | 134,576 | 135,328 | 134,435 |
(in Millions, Except Per Share Data) | FMC Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||
Balance at December 31, 2016 | $ | 1,957.7 | $ | 35.3 | $ | 1,993.0 | |||||
Net income (loss) | (49.5 | ) | 1.0 | (48.5 | ) | ||||||
Stock compensation plans | 25.4 | — | 25.4 | ||||||||
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) | 10.4 | — | 10.4 | ||||||||
Net hedging gains (losses) and other, net of income tax (1) | (1.7 | ) | — | (1.7 | ) | ||||||
Foreign currency translation adjustments (1) | 116.3 | 0.3 | 116.6 | ||||||||
Dividends ($0.165 per share) | (44.3 | ) | — | (44.3 | ) | ||||||
Repurchases of common stock | (1.5 | ) | — | (1.5 | ) | ||||||
Transactions with noncontrolling interests (2) | (0.8 | ) | (21.8 | ) | (22.6 | ) | |||||
Balance at June 30, 2017 | $ | 2,011.9 | $ | 14.8 | $ | 2,026.7 |
(1) | See condensed consolidated statements of comprehensive income (loss). |
(2) | During the first quarter 2017, we terminated our interest in a variable interest entity. See Note 8 for more information. |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Pension and other postretirement benefits (2) | Total | |||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2016 | $ | (194.0 | ) | $ | 7.1 | $ | (291.5 | ) | $ | (478.4 | ) | ||||
2017 Activity | |||||||||||||||
Other comprehensive income (loss) before reclassifications (3) | 116.3 | (1.5 | ) | 2.6 | 117.4 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (0.2 | ) | 7.8 | 7.6 | ||||||||||
Accumulated other comprehensive income (loss), net of tax at June 30, 2017 | $ | (77.7 | ) | $ | 5.4 | $ | (281.1 | ) | $ | (353.4 | ) |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Pension and other postretirement benefits (2) | Total | |||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2015 | $ | (147.3 | ) | $ | (6.2 | ) | $ | (303.8 | ) | $ | (457.3 | ) | |||
2016 Activity | |||||||||||||||
Other comprehensive income (loss) before reclassifications (3) | 32.2 | 0.7 | — | 32.9 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4.1 | 13.4 | 17.5 | |||||||||||
Accumulated other comprehensive income (loss), net of tax at June 30, 2016 | $ | (115.1 | ) | $ | (1.4 | ) | $ | (290.4 | ) | $ | (406.9 | ) |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) | Affected Line Item in the Condensed Consolidated Statements of Income (Loss) | ||||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||
Derivative instruments | ||||||||||||||||||
Foreign currency contracts | $ | (2.0 | ) | $ | (2.1 | ) | $ | (4.5 | ) | $ | (3.1 | ) | Costs of sales and services | |||||
Energy contracts | (0.1 | ) | (1.0 | ) | 0.8 | (1.6 | ) | Costs of sales and services | ||||||||||
Foreign currency contracts | 1.7 | 0.5 | 4.0 | (1.5 | ) | Selling, general and administrative expenses | ||||||||||||
Total before tax | $ | (0.4 | ) | $ | (2.6 | ) | $ | 0.3 | $ | (6.2 | ) | |||||||
0.1 | 0.9 | (0.1 | ) | 2.1 | Provision for income taxes | |||||||||||||
Amount included in net income | $ | (0.3 | ) | $ | (1.7 | ) | $ | 0.2 | $ | (4.1 | ) | |||||||
Pension and other postretirement benefits (2) | ||||||||||||||||||
Amortization of prior service costs | $ | (0.1 | ) | $ | (0.2 | ) | (0.3 | ) | $ | (0.4 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (3.4 | ) | (10.6 | ) | (6.8 | ) | (20.3 | ) | Selling, general and administrative expenses | |||||||||
Recognized loss due to curtailment and settlement | (0.8 | ) | — | (4.7 | ) | — | Selling, general and administrative expenses (3) | |||||||||||
Total before tax | $ | (4.3 | ) | $ | (10.8 | ) | $ | (11.8 | ) | $ | (20.7 | ) | ||||||
1.4 | 3.7 | 4.0 | 7.3 | Provision for income taxes | ||||||||||||||
Amount included in net income | $ | (2.9 | ) | $ | (7.1 | ) | $ | (7.8 | ) | $ | (13.4 | ) | ||||||
Total reclassifications for the period | $ | (3.2 | ) | $ | (8.8 | ) | $ | (7.6 | ) | $ | (17.5 | ) | Amount included in net income |
(1) | Amounts in parentheses indicate charges to the condensed 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 14. |
(3) | The loss due to curtailment for the six months ended June 30, 2017 related to the expected disposal of our FMC Health and Nutrition and was recorded to "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Components of net annual benefit cost (income): | |||||||||||||||||||||||||||||||
Service cost | $ | 1.7 | $ | 2.5 | $ | — | $ | — | $ | 3.8 | $ | 4.9 | $ | — | $ | — | |||||||||||||||
Interest cost | 11.1 | 12.5 | 0.2 | 0.2 | 22.5 | 24.9 | 0.4 | 0.4 | |||||||||||||||||||||||
Expected return on plan assets | (19.8 | ) | (21.5 | ) | — | — | (39.7 | ) | (42.9 | ) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | 0.2 | — | — | 0.3 | 0.4 | — | — | |||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 3.8 | 10.1 | (0.2 | ) | (0.3 | ) | 7.8 | 20.4 | (0.5 | ) | (0.5 | ) | |||||||||||||||||||
Recognized loss due to settlement | 0.8 | — | — | — | 0.8 | — | — | ||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | (2.3 | ) | $ | 3.8 | $ | — | $ | (0.1 | ) | $ | (4.5 | ) | $ | 7.7 | $ | (0.1 | ) | $ | (0.1 | ) |
Three Months Ended June 30 | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(in Millions) | Before Tax | Tax | Effective Tax Rate % | Before Tax | Tax | Effective Tax Rate % | |||||||||||
Continuing operations | $ | 52.0 | $ | 3.3 | 6.3 | % | $ | 67.3 | $ | 20.5 | 30.5 | % | |||||
Discrete items: | |||||||||||||||||
Acquisition-related charges (1) | 20.7 | 6.5 | — | — | |||||||||||||
Currency remeasurement (2) | 6.4 | 1.6 | 3.9 | (0.6 | ) | ||||||||||||
Other discrete items (3) | 49.4 | 1.2 | 47.6 | 1.2 | |||||||||||||
Tax only discrete items (4) | — | 5.1 | — | 1.0 | |||||||||||||
Total discrete items | $ | 76.5 | $ | 14.4 | $ | 51.5 | $ | 1.6 | |||||||||
Continuing operations, before discrete items | $ | 128.5 | $ | 17.7 | $ | 118.8 | $ | 22.1 | |||||||||
Estimated Annualized Effective Tax Rate (EAETR) (5) | 13.8 | % | 18.6 | % |
Six Months Ended June 30 | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(in Millions) | Before Tax | Tax | Effective Tax Rate % | Before Tax | Tax | Effective Tax Rate % | |||||||||||
Continuing operations | $ | 106.4 | $ | 12.7 | 11.9 | % | $ | 113.7 | $ | 40.9 | 36.0 | % | |||||
Discrete items: | |||||||||||||||||
Acquisition-related charges (1) | 29.9 | 9.1 | — | — | |||||||||||||
Currency remeasurement (2) | 11.5 | 4.2 | 6.0 | (0.6 | ) | ||||||||||||
Other discrete items (3) | 87.4 | 3.3 | 94.5 | 1.4 | |||||||||||||
Tax only discrete items (4) | — | 1.1 | — | (1.5 | ) | ||||||||||||
Total discrete items | $ | 128.8 | $ | 17.7 | $ | 100.5 | $ | (0.7 | ) | ||||||||
Continuing operations, before discrete items | $ | 235.2 | $ | 30.4 | $ | 214.2 | $ | 40.2 | |||||||||
Estimated Annualized Effective Tax Rate (EAETR) (5) | 12.9 | % | 18.8 | % |
(1) | See Note 3 for more information on acquisition-related charges. |
(2) | Represents transaction gains or losses for currency remeasurement offset by associated hedge gains or losses, which are accounted for discretely in accordance with GAAP. Certain transaction gains or losses for currency remeasurement are not taxable, while offsetting hedge gains or losses are taxable. |
(3) | GAAP generally requires subsidiaries for which a full valuation allowance has been provided to be excluded from the EAETR. For the three and six months ended June 30, 2017 and 2016, the other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for these pretax losses. |
(4) | For the three and six months ended June 30, 2017, tax only discrete items are comprised of the tax effect of currency remeasurement associated with foreign statutory operations, changes in realizability of certain deferred tax assets, changes in uncertain tax liabilities and related interest, excess tax benefits associated with share-based compensation, and changes in prior year estimates of subsidiary tax liabilities. For the three and six months ended June 30, 2016, tax only discrete items are comprised primarily of the tax effect of currency remeasurement associated with foreign statutory operations, changes in realizability or measurement of certain deferred tax assets, and changes in prior year estimates of subsidiary tax liabilities. |
(5) | The decrease in the EAETR for the three and six months ended June 30, 2017 is primarily driven by reduced domestic earnings in our FMC Agricultural Solutions business and the impact of the full integration of Cheminova into our global supply chain. |
Financial Instrument | Valuation Method | |
Foreign exchange forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. | |
Commodity forward and option contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |
Debt | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. |
June 30, 2017 | |||||||||||||||||||
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 | $ | 5.4 | $ | 0.9 | $ | 6.3 | $ | (1.9 | ) | $ | 4.4 | ||||||||
Energy contracts | 0.1 | — | 0.1 | — | 0.1 | ||||||||||||||
Total derivative assets (1) | 5.5 | 0.9 | 6.4 | (1.9 | ) | 4.5 | |||||||||||||
Foreign exchange contracts | $ | (5.5 | ) | $ | (0.3 | ) | $ | (5.8 | ) | $ | 1.9 | $ | (3.9 | ) | |||||
Energy contracts | (0.2 | ) | — | (0.2 | ) | — | (0.2 | ) | |||||||||||
Total derivative liabilities (2) | (5.7 | ) | (0.3 | ) | (6.0 | ) | 1.9 | (4.1 | ) | ||||||||||
Net derivative assets (liabilities) | $ | (0.2 | ) | $ | 0.6 | $ | 0.4 | $ | — | $ | 0.4 |
December 31, 2016 | |||||||||||||||||||
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 | $ | 9.8 | $ | 0.8 | $ | 10.6 | $ | (6.2 | ) | $ | 4.4 | ||||||||
Energy contracts | 2.0 | — | 2.0 | — | 2.0 | ||||||||||||||
Total derivative assets (1) | 11.8 | 0.8 | 12.6 | (6.2 | ) | 6.4 | |||||||||||||
Foreign exchange contracts | $ | (5.5 | ) | $ | (9.6 | ) | $ | (15.1 | ) | $ | 6.2 | $ | (8.9 | ) | |||||
Energy contracts | — | — | — | — | — | ||||||||||||||
Total derivative liabilities (2) | (5.5 | ) | (9.6 | ) | (15.1 | ) | 6.2 | (8.9 | ) | ||||||||||
Net derivative assets (liabilities) | $ | 6.3 | $ | (8.8 | ) | $ | (2.5 | ) | $ | — | $ | (2.5 | ) |
(1) | Net balance is included in “Prepaid and other current assets” in the condensed consolidated balance sheets. |
(2) | Net balance is included in “Accrued and other liabilities” in the condensed consolidated balance sheets. |
(3) | Represents net derivatives positions subject to master netting arrangements. |
Three Months Ended June 30 | |||||||||||||||||||||||
Contracts | |||||||||||||||||||||||
Foreign Exchange | Energy | Total | |||||||||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (2.5 | ) | $ | (2.2 | ) | $ | (0.1 | ) | $ | 0.6 | $ | (2.6 | ) | $ | (1.6 | ) | ||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||
Effective portion (1) | 0.2 | 1.0 | 0.1 | 0.7 | 0.3 | 1.7 | |||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | (2.3 | ) | $ | (1.2 | ) | $ | — | $ | 1.3 | $ | (2.3 | ) | $ | 0.1 |
Six Months Ended June 30 | |||||||||||||||||||||||
Contracts | |||||||||||||||||||||||
Foreign Exchange | Energy | Total | |||||||||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (0.6 | ) | $ | 0.7 | $ | (0.9 | ) | $ | — | $ | (1.5 | ) | $ | 0.7 | ||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||
Effective portion (1) | 0.3 | 3.0 | (0.5 | ) | 1.1 | (0.2 | ) | 4.1 | |||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | (0.3 | ) | $ | 3.7 | $ | (1.4 | ) | $ | 1.1 | $ | (1.7 | ) | $ | 4.8 |
(1) | See Note 13 for classification of amounts within the condensed consolidated statements of income (loss). |
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Pre-tax Gain or (Loss) Recognized in Income on Derivatives (1) | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Foreign exchange contracts | Cost of sales and services | $ | (4.2 | ) | $ | 11.7 | $ | (10.5 | ) | $ | 28.3 | |||||
Total | $ | (4.2 | ) | $ | 11.7 | $ | (10.5 | ) | $ | 28.3 |
(1) | Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. |
(in Millions) | June 30, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets | |||||||||||||||
Derivatives – Commodities (1): | |||||||||||||||
Energy contracts | $ | 0.1 | $ | — | $ | 0.1 | $ | — | |||||||
Derivatives – Foreign exchange (1) | 4.4 | — | 4.4 | — | |||||||||||
Other (2) | 28.4 | 28.4 | — | — | |||||||||||
Total assets | $ | 32.9 | $ | 28.4 | $ | 4.5 | $ | — | |||||||
Liabilities | |||||||||||||||
Derivatives – Commodities (1): | |||||||||||||||
Energy contracts | $ | 0.2 | $ | — | $ | 0.2 | $ | — | |||||||
Derivatives – Foreign exchange (1) | 3.9 | — | 3.9 | — | |||||||||||
Other (3) | 35.9 | 35.2 | 0.7 | — | |||||||||||
Total liabilities | $ | 40.0 | $ | 35.2 | $ | 4.8 | $ | — |
(in Millions) | December 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets | |||||||||||||||
Derivatives – Commodities (1): | |||||||||||||||
Energy contracts | $ | 2.0 | $ | — | $ | 2.0 | $ | — | |||||||
Derivatives – Foreign exchange (1) | 4.4 | — | 4.4 | — | |||||||||||
Other (2) | 25.3 | 25.3 | — | — | |||||||||||
Total assets | $ | 31.7 | $ | 25.3 | $ | 6.4 | $ | — | |||||||
Liabilities | |||||||||||||||
Derivatives – Commodities (1): | |||||||||||||||
Energy contracts | $ | — | $ | — | $ | — | $ | — | |||||||
Derivatives – Foreign exchange (1) | 8.9 | — | 8.9 | — | |||||||||||
Other (3) | 31.1 | 30.5 | 0.6 | — | |||||||||||
Total liabilities | $ | 40.0 | $ | 30.5 | $ | 9.5 | $ | — |
(1) | See the Fair Value of Derivative Instruments table within this Note for classification on the condensed 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 included in “Other assets” in the condensed consolidated balance sheets. |
(3) | Consist of a deferred compensation arrangement recognized on our balance sheets. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the condensed consolidated balance sheets. |
(in Millions) | June 30, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) (Period Ended June 30, 2017) | ||||||||||||||
Assets | |||||||||||||||||||
Net assets of discontinued operations held for sale (1) | $ | 37.0 | $ | — | $ | — | $ | 37.0 | $ | (170.9 | ) | ||||||||
Total assets | $ | 37.0 | $ | — | $ | — | $ | 37.0 | $ | (170.9 | ) |
(1) | As further discussed in Note 10, the fair value of the FMC Health and Nutrition business being exchanged to DuPont are significantly greater than its carrying value. However, we determined the fair value of our separate Omega-3 assets held for sale, which are not included in the expected DuPont transaction, to be significantly less than carrying value. These assets used to be part of the broader FMC Health and Nutrition reporting unit. The charge was recorded to “Discontinued operations, net of income taxes” on the condensed consolidated statements of income (loss) for the six months ended June 30, 2017. |
(in Millions) | December 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) (Period Ended December 31, 2016) | ||||||||||||||
Assets | |||||||||||||||||||
Impairment of intangibles (1) | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | (1.0 | ) | ||||||||
Total assets | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | (1.0 | ) |
(1) | We recorded an impairment charge, related to our FMC Agricultural Solutions segment, to write down the carrying value of the generic brand portfolio of approximately $1 million to its fair value. |
(in Millions) | |||
Guarantees: | |||
Guarantees of vendor financing - short-term (1) | $ | 65.2 | |
Guarantees of vendor financing - long-term (1) | 8.3 | ||
Other debt guarantees (2) | 1.1 | ||
Total | $ | 74.6 |
(1) | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This short term amount is recorded on the condensed consolidated balance sheets as “Guarantees of vendor financing.” The long term amount is recorded on the condensed consolidated balance sheets within "Other long-term liabilities." |
(2) | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair-value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair-value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | |||||||||||||||
FMC Agricultural Solutions | $ | 582.8 | $ | 552.0 | $ | 1,113.2 | $ | 1,098.1 | |||||||
FMC Lithium | 74.0 | 63.3 | 139.6 | 123.6 | |||||||||||
Total | $ | 656.8 | $ | 615.3 | $ | 1,252.8 | $ | 1,221.7 | |||||||
Income from continuing operations before income taxes | |||||||||||||||
FMC Agricultural Solutions | $ | 95.7 | $ | 100.7 | $ | 178.7 | $ | 182.7 | |||||||
FMC Lithium | 24.2 | 16.5 | 45.8 | 31.4 | |||||||||||
Segment operating profit (1) | $ | 119.9 | $ | 117.2 | $ | 224.5 | $ | 214.1 | |||||||
Corporate and other | (27.2 | ) | (19.4 | ) | (48.8 | ) | (36.1 | ) | |||||||
Operating profit before the items listed below | $ | 92.7 | $ | 97.8 | $ | 175.7 | $ | 178.0 | |||||||
Interest expense, net | (17.2 | ) | (15.2 | ) | (32.9 | ) | (31.0 | ) | |||||||
Restructuring and other (charges) income (2) | (6.9 | ) | (9.1 | ) | (15.2 | ) | (18.6 | ) | |||||||
Non-operating pension and postretirement (charges) income (3) | 4.1 | (1.2 | ) | 8.7 | (2.3 | ) | |||||||||
Acquisition-related charges (4) | (20.7 | ) | (5.0 | ) | (29.9 | ) | (12.4 | ) | |||||||
(Provision) benefit for income taxes | (3.3 | ) | (20.5 | ) | (12.7 | ) | (40.9 | ) | |||||||
Discontinued operations, net of income taxes | 26.6 | 20.2 | (142.2 | ) | 42.9 | ||||||||||
Net income (loss) attributable to noncontrolling interests | (0.6 | ) | (1.8 | ) | (1.0 | ) | (2.2 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 |
(2) | See Note 8 of the condensed consolidated financial statements included within this Form 10-Q for details of restructuring and other (charges) income. The following provides the detail of the (charges) income by segment: |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
FMC Agricultural Solutions | $ | (0.2 | ) | $ | (5.9 | ) | $ | (4.7 | ) | $ | (12.5 | ) | |||
FMC Lithium | — | — | — | (0.6 | ) | ||||||||||
Corporate | (6.7 | ) | (3.2 | ) | (10.5 | ) | (5.5 | ) | |||||||
Restructuring and other (charges) income | $ | (6.9 | ) | $ | (9.1 | ) | $ | (15.2 | ) | $ | (18.6 | ) |
(3) | Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in the operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item “Selling, general and administrative expenses” on the condensed consolidated statements of income (loss). |
(4) | Charges relate to the expensing of the integration related legal and professional third-party fees associated with the planned or completed acquisitions. Amounts represent the following: |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Acquisition-related charges - DuPont | |||||||||||||||
Legal and professional fees (1) | $ | 20.7 | $ | — | $ | 29.9 | $ | — | |||||||
Acquisition-related charges - Cheminova (2) | |||||||||||||||
Legal and professional fees (1) | $ | — | $ | 5.0 | $ | — | $ | 12.4 | |||||||
Total acquisition-related charges | $ | 20.7 | $ | 5.0 | $ | 29.9 | $ | 12.4 |
(1) | On the condensed consolidated statements of income (loss), these charges are included in “Selling, general and administrative expenses.” For more information see Note 3. |
(2) | Acquisition-related charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. |
• | Revenue recognition and trade receivables |
• | Environmental obligations and related recoveries |
• | Impairment and valuation of long-lived assets and indefinite-lived assets |
• | Pensions and other postretirement benefits |
• | Income taxes |
• | Revenue of $656.8 million for the three months ended June 30, 2017 increased $41.5 million or 7 percent versus the same period last year. The increase in revenue was attributable to both FMC Agricultural Solutions and FMC Lithium. A more detailed review of revenues by segment is discussed under the section titled "Results of Operations". On a regional basis, sales in North America decreased 5 percent period over period while sales in Asia increased by 6 percent, sales in Latin America increased 37 percent, and sales in Europe, Middle East and Africa increased by 5 percent. |
• | Our gross margin of $234.4 million decreased slightly versus the prior year's second quarter by $1.0 million. Gross margin percent of 36 percent also decreased compared to 38 percent in the prior year. |
• | Selling, general and administrative expenses, excluding acquisition-related charges and non-operating pension and postretirement charges, increased by approximately $5 million or 5 percent to $109.8 million. |
• | Research and development expenses of $32.0 million decreased $1.2 million or 4 percent. A majority of the decrease was due to registration and regulatory timing within FMC Agricultural Solutions. |
• | Adjusted after-tax earnings from continuing operations attributable to FMC stockholders of $64.8 million increased compared to the prior year amount of $62.3 million primarily due to higher results in FMC Lithium, which were partially offset by decreases in FMC Agricultural Solutions. See the disclosure of our Adjusted Earnings Non-GAAP financial measurement below, under the section titled "Results of Operations". |
SEGMENT RESULTS RECONCILIATION | |||||||||||||||
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | |||||||||||||||
FMC Agricultural Solutions | $ | 582.8 | $ | 552.0 | $ | 1,113.2 | $ | 1,098.1 | |||||||
FMC Lithium | 74.0 | 63.3 | 139.6 | 123.6 | |||||||||||
Total revenue | $ | 656.8 | $ | 615.3 | $ | 1,252.8 | $ | 1,221.7 | |||||||
Income from continuing operations before income taxes | |||||||||||||||
FMC Agricultural Solutions | $ | 95.7 | $ | 100.7 | $ | 178.7 | $ | 182.7 | |||||||
FMC Lithium | 24.2 | 16.5 | 45.8 | 31.4 | |||||||||||
Segment operating profit (1) | $ | 119.9 | $ | 117.2 | $ | 224.5 | $ | 214.1 | |||||||
Corporate and other | (27.2 | ) | (19.4 | ) | (48.8 | ) | (36.1 | ) | |||||||
Operating profit before the items listed below | $ | 92.7 | $ | 97.8 | $ | 175.7 | $ | 178.0 | |||||||
Interest expense, net | (17.2 | ) | (15.2 | ) | (32.9 | ) | (31.0 | ) | |||||||
Corporate special (charges) income: | |||||||||||||||
Restructuring and other (charges) income (2) | (6.9 | ) | (9.1 | ) | (15.2 | ) | (18.6 | ) | |||||||
Non-operating pension and postretirement charges (3) | 4.1 | (1.2 | ) | 8.7 | (2.3 | ) | |||||||||
Acquisition-related charges (4) | (20.7 | ) | (5.0 | ) | (29.9 | ) | (12.4 | ) | |||||||
(Provision) benefit for income taxes | (3.3 | ) | (20.5 | ) | (12.7 | ) | (40.9 | ) | |||||||
Discontinued operations, net of income taxes | 26.6 | 20.2 | (142.2 | ) | 42.9 | ||||||||||
Net income attributable to noncontrolling interests | (0.6 | ) | (1.8 | ) | (1.0 | ) | (2.2 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
FMC Agricultural Solutions | $ | (0.2 | ) | $ | (5.9 | ) | $ | (4.7 | ) | $ | (12.5 | ) | |||
FMC Lithium | — | — | — | (0.6 | ) | ||||||||||
Corporate | (6.7 | ) | (3.2 | ) | (10.5 | ) | (5.5 | ) | |||||||
Restructuring and other (charges) income | $ | (6.9 | ) | $ | (9.1 | ) | $ | (15.2 | ) | $ | (18.6 | ) |
(3) | Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in the operating segments noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. These expenses are included as a component of the line item “Selling, general and administrative expenses” on the condensed consolidated statements of income (loss). |
(4) | Charges relate to the expensing of the integration related legal and professional third-party fees associated with the planned or completed acquisitions. Amounts represent the following: |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Acquisition-related charges - DuPont | |||||||||||||||
Legal and professional fees (1) | $ | 20.7 | $ | — | $ | 29.9 | $ | — | |||||||
Acquisition-related charges - Cheminova (2) | |||||||||||||||
Legal and professional fees (1) | $ | — | $ | 5.0 | $ | — | $ | 12.4 | |||||||
Total Acquisition-related charges | $ | 20.7 | $ | 5.0 | $ | 29.9 | $ | 12.4 |
(1) | On the condensed consolidated statements of income (loss), these charges are included in “Selling, general and administrative expenses.” For more information see Note 3. |
(2) | Acquisition-related charges to integrate Cheminova with FMC Agricultural Solutions were completed at the end of 2016. |
ADJUSTED EARNINGS RECONCILIATION | |||||||||||||||
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 74.7 | $ | 65.2 | $ | (49.5 | ) | $ | 113.5 | ||||||
Corporate special charges (income), pre-tax | 23.5 | 15.3 | 36.4 | 33.3 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (1) | (8.1 | ) | (4.5 | ) | (12.5 | ) | (9.7 | ) | |||||||
Corporate special charges (income), net of income taxes | $ | 15.4 | $ | 10.8 | $ | 23.9 | $ | 23.6 | |||||||
Discontinued operations attributable to FMC Stockholders, net of income taxes | (26.5 | ) | (20.2 | ) | 142.2 | (42.9 | ) | ||||||||
Non-GAAP tax adjustments (2) | 1.2 | 6.5 | 6.6 | 16.1 | |||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) | $ | 64.8 | $ | 62.3 | $ | 123.2 | $ | 110.3 |
(1) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the Non-GAAP performance measure. |
(2) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to ongoing business operations in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 582.8 | $ | 552.0 | $ | 1,113.2 | $ | 1,098.1 | |||||||
Operating Profit | 95.7 | 100.7 | 178.7 | 182.7 |
FMC Agricultural Solutions Combined Revenue by Region | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Europe, Middle East and Africa (EMEA) (1) | $ | 166.9 | $ | 162.2 | $ | 343.7 | $ | 367.5 | |||||||
North America (2) | 171.8 | 185.6 | 323.9 | 335.6 | |||||||||||
Latin America (3) | 128.1 | 93.1 | 223.0 | 194.1 | |||||||||||
Asia (4) | 116.0 | 111.1 | 222.6 | 200.9 | |||||||||||
Total FMC Agricultural Solutions Revenue | $ | 582.8 | $ | 552.0 | $ | 1,113.2 | $ | 1,098.1 |
(1) | Increase in the three months ended June 30, 2017 was due to favorable pricing and new product launches. These increases were somewhat offset by lower fungicides volume and hot, dry conditions in Southern Europe. The decrease in the six months ended June 30, 2017 was primarily due to the late start to the season in Northwestern Europe in the three months ended March 31, 2017, partially offset by the favorable pricing and new product launches in cereal herbicides and fungicides in the three months ended June 30, 2017. |
(2) | Decrease in the three months ended June 30, 2017 was due to lower volumes and price in the region. The lower volume impacted herbicides for rice and insecticides for corn. The decrease in the six months ended June 30, 2017 was primarily due to the same reasons mentioned in the three months ended June 30, 2017. |
(3) | Increase in the three months ended June 30, 2017 was primarily driven by higher volumes in Brazil, due to the increased cotton production and yields, as well as increased volumes of pre-emergent herbicides in Argentina. The increase in the six months ended June 30, 2017 was due to the favorable volume impacts discussed above as well as favorable foreign currency impacts in Brazil. |
(4) | Increase for both the three and six months ended June 30, 2017 was primarily due to successful product launches in China for the three and six months ended June 30, 2017. Additionally, there were increased herbicide volumes in Australia from pasture application as well as increased demand for rice insecticides in Indonesia. |
(in Millions) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 74.0 | $ | 63.3 | $ | 139.6 | $ | 123.6 | |||||||
Operating Profit | 24.2 | 16.5 | 45.8 | 31.4 |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
(in Millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Restructuring charges and asset disposals | $ | 2.7 | $ | 5.9 | $ | 2.7 | $ | 8.9 | |||||||
Other charges (income), net | 4.2 | 3.2 | 12.5 | 9.7 | |||||||||||
Total restructuring and other charges (income) | $ | 6.9 | $ | 9.1 | $ | 15.2 | $ | 18.6 |
Three Months Ended June 30 | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||
GAAP - Continuing operations | $ | 52.0 | $ | 3.3 | 6.3 | % | $ | 67.3 | $ | 20.5 | 30.5 | % | |||||
Corporate special charges | 23.5 | 8.1 | 15.3 | 4.5 | |||||||||||||
Tax adjustments (1) | (1.2 | ) | (6.5 | ) | |||||||||||||
Non-GAAP - Continuing operations | $ | 75.5 | $ | 10.2 | 13.5 | % | $ | 82.6 | $ | 18.5 | 22.4 | % |
Six Months Ended June 30 | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||
GAAP - Continuing operations | $ | 106.4 | $ | 12.7 | 11.9 | % | $ | 113.7 | $ | 40.9 | 36.0 | % | |||||
Corporate special charges | 36.4 | 12.5 | 33.3 | 9.7 | |||||||||||||
Tax adjustments (1) | (6.6 | ) | (16.1 | ) | |||||||||||||
Non-GAAP - Continuing operations | $ | 142.8 | $ | 18.6 | 13.0 | % | $ | 147.0 | $ | 34.5 | 23.5 | % |
(in Millions) | Six Months Ended June 30 | ||||||
2017 | 2016 | ||||||
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, interest income and expense and income taxes | $ | 139.1 | $ | 144.7 | |||
Corporate special charges and depreciation and amortization (1) | 82.5 | 82.9 | |||||
Operating income before depreciation and amortization (Non-GAAP) | $ | 221.6 | $ | 227.6 | |||
Change in trade receivables, net (2) | 279.3 | 237.9 | |||||
Change in inventories (3) | (48.6 | ) | (96.3 | ) | |||
Change in accounts payable (4) | 102.8 | 24.3 | |||||
Change in accrued customer rebates (5) | 96.9 | 138.5 | |||||
Change in advance payments from customers (6) | (234.4 | ) | (244.8 | ) | |||
Change in all other operating assets and liabilities (7) | (117.9 | ) | (6.6 | ) | |||
Cash basis operating income (Non-GAAP) | $ | 299.7 | $ | 280.6 | |||
Restructuring and other spending (8) | (2.7 | ) | (9.9 | ) | |||
Environmental spending, continuing, net of recoveries (9) | (15.1 | ) | (11.4 | ) | |||
Pension and other postretirement benefit contributions (10) | (27.6 | ) | (24.8 | ) | |||
Net interest payments (11) | (34.3 | ) | (29.8 | ) | |||
Tax payments, net of refunds (11) | (6.0 | ) | (31.8 | ) | |||
Excess tax benefits from share-based compensation | — | (0.4 | ) | ||||
Acquisition legal and professional fees (12) | (9.0 | ) | (12.4 | ) | |||
Cash provided (required) by operating activities of continuing operations | $ | 205.0 | $ | 160.1 |
(1) | Represents the sum of corporate special charges and depreciation and amortization. |
(2) | The change in cash flows related to trade receivables in 2017 was primarily driven by timing of collections. Collection timing is more pronounced in our FMC Agricultural Solutions business where sales, particularly in Brazil, have terms significantly longer than the rest of our businesses. Additionally, timing of collection is impacted as amounts for both periods include carry-over balances remaining to be collected in Latin America, where collection periods are measured in months rather than weeks. During the six months ended June 30, 2017, we collected over $385 million of receivables in Brazil. A significant proportion of the collections in Brazil are coming from those accounts that were past due at the start of the year, improving the quality of the remaining receivable balance. Additionally, the six months ended June 30, 2016 benefited from a one-off early collection in North America which did not repeat. |
(3) | Inventory changes and the seasonal nature of the business within the different hemispheres are adjusted accordingly to take into consideration the change in market conditions primarily in FMC Agricultural Solutions. |
(4) | The change in cash flows related to accounts payable is primarily driven by the timing of payments made to suppliers and vendors. |
(5) | These rebates are associated with our FMC Agricultural Solutions segment in North America and Brazil and generally settle in the fourth quarter of each year. The changes year over year are primarily associated with the mix in sales eligible for rebates and incentives in 2017 compared to 2016 and timing of rebate payments. |
(6) | Advanced payments are primarily associated with our FMC Agricultural Solutions business within North America and these payments are received in the fourth quarter of each year and recorded as deferred revenue on the balance sheet at December 31. Revenue associated with advance payments is recognized, generally in the first quarter of each year, as shipments are made and title, ownership and risk of loss pass to the customer. |
(7) | Changes in all periods presented primarily represent timing of payments associated with all other operating assets and liabilities, including guarantees issued to vendors under our vendor finance program. |
(8) | See Note 8 in our consolidated financial statements included in this Form 10-Q for further details. |
(9) | Included in the period presented are environmental charges for environmental remediation at our operating sites of $5.6 million and $9.1 million, respectively. The amounts in 2017 will be spent in future years. The amounts represent environmental remediation spending at our operating sites which were recorded against pre-existing reserves, net of recoveries. |
(10) | There were $24.0 million in voluntary contributions to our U.S. defined benefit plans in 2017 and $21.0 million in 2016. |
(11) | Amounts shown in the chart represent net payments of our continuing operations. Net interest payments of $10.4 million and $9.4 million and tax payments, net of refunds of $7.9 million and $5.9 million were allocated to discontinued operations for the six months ended June 30, 2017 and 2016, respectively. |
(12) | 2017 activity represents payments for legal and professional fees associated with the previously announced acquisition of certain assets relating to DuPont's Crop Protection business. 2016 activity represents payments for legal and professional fees associated with the Cheminova acquisition. See Note 3 to the condensed consolidated financial statements included in this Form 10-Q for more information. |
Hedged energy exposure vs. Energy market pricing | |||||
(in Millions) | Net Asset / (Liability) Position on Consolidated Balance Sheets | 10% Increase | 10% Decrease | ||
Net asset (liability) position at June 30, 2017 | $(0.1) | $0.4 | $(0.6) | ||
Net asset (liability) position at December 31, 2016 | $2.0 | $3.3 | $0.8 |
Hedged Currency vs. Functional Currency | |||||
(in Millions) | Net Asset / (Liability) Position on Consolidated Balance Sheets | 10% Strengthening | 10% Weakening | ||
Net asset (liability) position at June 30, 2017 | $0.5 | $19.4 | $(18.4) | ||
Net asset (liability) position at December 31, 2016 | $(4.5) | $31.9 | $(39.0) |
Publicly Announced Program | ||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased | Total Dollar Amount Purchased | Maximum Dollar Value of Shares that May Yet be Purchased | |||||||||||
April 1-30, 2017 | 3,770 | $ | 69.03 | — | — | 238,779,078 | ||||||||||
May 1-31, 2017 | 329 | 73.29 | — | — | 238,779,078 | |||||||||||
June 1-30, 2017 | — | — | — | — | 238,779,078 | |||||||||||
Total Q2 2017 | 4,099 | $ | 69.37 | — | — | 238,779,078 |
10.8d | ||
12 | ||
15 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Interactive Data File |
FMC CORPORATION (Registrant) | |||
By: | /s/ PAUL W. GRAVES | ||
Paul W. Graves Executive Vice President and Chief Financial Officer |
Exhibit No. | Exhibit Description | |
10.8d | ||
12 | ||
15 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Interactive Data File |
Level | Percentile Ranking of Company’s Total Shareholder Return Versus Peer Group Total Shareholder Return | Percentage of the Target Units Banked |
Below Threshold | Below the 35th Percentile | 0% |
Threshold | 35th Percentile | 50% |
Target | 50th Percentile | 100% |
Maximum | 80th Percentile or higher | 200% |
FMC CORPORATION | |||
By: | |||
Title: | |||
Date: | |||
PARTICIPANT | |||
Signature: | |||
Address: | |||
Date: |
(in Millions, Except Ratios) | Six Months Ended June 30 | ||||||
2017 | 2016 | ||||||
Earnings: | |||||||
Income (loss) from continuing operations before income taxes | $ | 106.4 | $ | 113.7 | |||
Equity in (earnings) loss of affiliates | (0.2 | ) | — | ||||
Interest expense and amortization of debt discount, fees and expenses | 32.9 | 31.0 | |||||
Amortization of capitalized interest | 0.7 | 0.6 | |||||
Interest included in rental expense | 3.5 | 3.9 | |||||
Total earnings (losses) | $ | 143.3 | $ | 149.2 | |||
Fixed charges: | |||||||
Interest expense and amortization of debt discount, fees and expenses | $ | 32.9 | $ | 31.0 | |||
Interest capitalized as part of fixed assets | 0.8 | 1.8 | |||||
Interest included in rental expense | 3.5 | 3.9 | |||||
Total fixed charges | $ | 37.2 | $ | 36.7 | |||
Ratio of earnings to fixed charges (1) | 3.9 | 4.1 |
(1) | In calculating this ratio, earnings consist of income (loss) from continuing operations before income taxes plus interest expense, net, amortization expense related to debt discounts, fees and expenses, amortization of capitalized interest, interest included in rental expenses (assumed to be one-third of rent) and Equity in (earnings) loss of affiliates. Fixed charges consist of interest expense, amortization of debt discounts, fees and expenses, interest capitalized as part of fixed assets and interest included in rental expenses. |
1. | I have reviewed this Quarterly Report on Form 10-Q of FMC Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Pierre R. Brondeau |
Pierre R. Brondeau |
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of FMC Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Paul W. Graves |
Paul W. Graves |
Executive Vice President and |
Chief Financial Officer |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Pierre R. Brondeau |
Pierre R. Brondeau |
President and Chief Executive Officer |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Paul W. Graves |
Paul W. Graves |
Executive Vice President and |
Chief Financial Officer |
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2017
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | FMC CORPORATION |
Entity Central Index Key | 0000037785 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 134,128,392 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized hedging gains (losses) and other, tax | $ (0.7) | $ 0.0 | $ (2.8) | $ (1.7) |
Reclassification of deferred hedging gains (losses) and other, included in net income, tax | 0.1 | 0.9 | (0.1) | 2.1 |
Total derivative instruments, tax | (0.6) | 0.9 | (2.9) | 0.4 |
Unrealized actuarial gains (losses) and prior service (costs) credits, tax | 0.1 | 0.0 | 2.8 | 0.0 |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, tax | 1.4 | 3.7 | 4.0 | 7.3 |
Total pension and other postretirement benefits, tax | $ 1.5 | $ 3.7 | $ 6.8 | $ 7.3 |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 113.2 | $ 64.2 |
Trade receivables, net of allowance of $28.5 in 2017 and $17.6 in 2016 | 1,442.3 | 1,692.5 |
Inventories | 546.3 | 478.9 |
Prepaid and other current assets | 261.4 | 232.1 |
Current assets of discontinued operations held for sale | 1,122.6 | 381.5 |
Total current assets | 3,485.8 | 2,849.2 |
Investments | 1.3 | 1.0 |
Property, plant and equipment, net | 538.3 | 538.1 |
Goodwill | 501.0 | 498.7 |
Other intangibles, net | 763.6 | 719.9 |
Other assets including long-term receivables, net | 457.1 | 454.7 |
Deferred income taxes | 237.2 | 242.1 |
Noncurrent assets of discontinued operations held for sale | 0.0 | 835.6 |
Total assets | 5,984.3 | 6,139.3 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 192.5 | 94.2 |
Accounts payable, trade and other | 433.5 | 317.4 |
Advance payments from customers | 5.6 | 239.8 |
Accrued and other liabilities | 283.4 | 303.3 |
Accrued payroll | 42.6 | 55.2 |
Accrued customer rebates | 347.8 | 246.7 |
Guarantees of vendor financing | 65.2 | 104.5 |
Accrued pension and other postretirement benefits, current | 7.1 | 7.1 |
Income taxes | 24.6 | 11.0 |
Current liabilities of discontinued operations held for sale | 139.6 | 59.0 |
Total current liabilities | 1,541.9 | 1,438.2 |
Long-term debt, less current portion | 1,592.3 | 1,798.8 |
Accrued pension and other postretirement benefits, long-term | 88.8 | 137.3 |
Environmental liabilities, continuing and discontinued | 291.5 | 306.4 |
Deferred income taxes | 151.0 | 130.4 |
Other long-term liabilities | 292.1 | 267.5 |
Long-term liabilities of discontinued operations held for sale | 0.0 | 67.7 |
Commitments and contingent liabilities (Note 17) | ||
Equity | ||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2017 or 2016 | 0.0 | 0.0 |
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares at 2017 and 2016 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 436.7 | 418.6 |
Retained earnings | 3,411.7 | 3,505.5 |
Accumulated other comprehensive income (loss) | (353.4) | (478.4) |
Treasury stock, common, at cost - 2017: 51,855,400 shares, 2016: 52,293,686 shares | (1,501.7) | (1,506.6) |
Total FMC stockholders’ equity | 2,011.9 | 1,957.7 |
Noncontrolling interests | 14.8 | 35.3 |
Total equity | 2,026.7 | 1,993.0 |
Total liabilities and equity | $ 5,984.3 | $ 6,139.3 |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for trade receivables | $ 28.5 | $ 17.6 |
Preferred stock, par value (in USD 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) | $ 0.1 | $ 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) | 51,855,400 | 52,293,686 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
Cash provided (required) by operating activities of continuing operations: | |||||||
Net income (loss) | $ (48.5) | $ 115.7 | |||||
Discontinued operations | 142.2 | (42.9) | |||||
Income (loss) from continuing operations | 93.7 | 72.8 | |||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||
Depreciation and amortization | 46.1 | 49.6 | |||||
Equity in (earnings) loss of affiliates | (0.2) | 0.0 | |||||
Restructuring and other charges (income) | 15.2 | 18.6 | |||||
Deferred income taxes | 7.4 | (5.2) | |||||
Pension and other postretirement benefits | (4.6) | 7.6 | |||||
Share-based compensation | 11.2 | 11.2 | |||||
Excess tax benefits from share-based compensation | 0.0 | (0.4) | |||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||
Trade receivables, net | 279.3 | 237.9 | |||||
Guarantees of vendor financing | (33.0) | 36.1 | |||||
Inventories | (48.6) | (96.3) | |||||
Accounts payable, trade and other | 102.8 | 24.3 | |||||
Advance payments from customers | (234.4) | (244.8) | |||||
Accrued customer rebates | 96.9 | 138.5 | |||||
Income taxes | (0.2) | 6.3 | |||||
Pension and other postretirement benefit contributions | (27.6) | (24.8) | |||||
Environmental spending, continuing, net of recoveries | (15.1) | (11.4) | |||||
Restructuring and other spending | (2.7) | (9.9) | |||||
Acquisition-related charges | (9.0) | (12.4) | |||||
Change in other operating assets and liabilities, net | [1] | (72.2) | (37.6) | ||||
Cash provided (required) by operating activities of continuing operations | 205.0 | 160.1 | |||||
Cash provided (required) by operating activities of discontinued operations: | |||||||
Environmental spending, discontinued, net of recoveries | (10.8) | (10.1) | |||||
Other discontinued spending | (12.7) | (11.8) | |||||
Operating activities of discontinued operations, net of divestiture costs | 78.6 | 86.3 | |||||
Cash provided (required) by operating activities of discontinued operations | 55.1 | 64.4 | |||||
Cash provided (required) by investing activities of continuing operations: | |||||||
Capital expenditures | (20.9) | (40.7) | |||||
Proceeds from disposal of property, plant and equipment | 0.8 | 1.3 | |||||
Other investing activities | (31.1) | (5.6) | |||||
Cash provided (required) by investing activities of continuing operations | (51.2) | (45.0) | |||||
Cash provided (required) by investing activities of discontinued operations: | |||||||
Other discontinued investing activities | (12.8) | (14.7) | |||||
Cash provided (required) by investing activities of discontinued operations | (12.8) | (14.7) | |||||
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | (4.0) | (59.4) | |||||
Repayments of long-term debt | (200.7) | (50.8) | |||||
Financing fees | (11.0) | (0.7) | |||||
Proceeds from borrowings of long-term debt | 97.9 | 2.8 | |||||
Issuances of common stock, net | 14.3 | 2.1 | |||||
Excess tax benefits from share-based compensation | 0.0 | 0.4 | |||||
Transactions with noncontrolling interests | (0.5) | 0.0 | |||||
Dividends paid | [2] | (44.3) | (44.3) | ||||
Other repurchases of common stock | (1.5) | (1.2) | |||||
Cash provided (required) by financing activities of continuing operations | (149.8) | (151.1) | |||||
Effect of exchange rate changes on cash and cash equivalents | 2.7 | 1.3 | |||||
Increase (decrease) in cash and cash equivalents | 49.0 | 15.0 | |||||
Cash and cash equivalents, beginning of period | 64.2 | 78.6 | |||||
Cash and cash equivalents, end of period | $ 113.2 | $ 93.6 | |||||
|
Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Cash Flows [Abstract] | ||
Cash paid for interest, net of capitalized interest | $ 44.7 | $ 39.2 |
Income taxes paid, net of refunds | 13.9 | 37.7 |
Net interest payments allocated to discontinued operations | 10.4 | 9.4 |
Tax payments, net of refunds, allocated to discontinued operations | 7.9 | 5.9 |
Non-cash additions to property, plant and equipment | $ 4.1 | $ 24.3 |
Financial Information and Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Financial Information and Accounting Policies | Financial Information and Accounting Policies In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2017 and 2016, cash flows for the six months ended June 30, 2017 and 2016, and our financial positions as of June 30, 2017 and December 31, 2016. 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, 2017 and 2016 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016 and condensed consolidated statements of cash flows for the six months ended June 30, 2017 and 2016, have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2016 (the “2016 10-K”). Certain prior year amounts have been reclassified to conform to current year's presentation. FMC Health and Nutrition: In March 2017, as a result of the expected transaction with E. I. du Pont de Nemours and Company (“DuPont") and further discussed in Note 3, our FMC Health and Nutrition segment was classified as a discontinued operation. For more information on our discontinued operations see Note 10. We have recast all the data within this filing to present FMC Health and Nutrition as a discontinued operation retrospectively for all periods presented. |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
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 In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-09, Stock Compensation - Scope of Modification Accounting. This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU provides requirements for presentation and disclosure of service and other components of net benefit cost on the financial statements. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements other than potential disclosure requirements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations. This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. At this time we do not intend on early adopting this ASU and will continue to assess the effects the amendments will have on future transactions of acquisitions or disposals. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), with early adoption permitted only in the first quarter of a fiscal year. Based on an initial assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date), with early adoption permitted. We have reviewed the eight cash flow issues and do not believe there will be any significant changes to FMC and our presentation of certain cash receipts and payments within our consolidated cash flow statement. In June 2016, the FASB issued No. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). We are in the process of determining the transition plan and evaluating the effect the guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. We are evaluating the effect the guidance will have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. We intend to adopt this standard for interim and annual periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). The standard permits the use of either the retrospective or cumulative effect transition method. We expect to apply the modified retrospective adoption method. While, we are still evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures, in the fourth quarter of 2016, we performed an initial impact assessment by analyzing certain of our existing material revenue transactions and arrangements, and do not expect material changes to our current policies related to the timing of revenue recognition and the accounting for costs; however the standard will impact our disclosures by potentially requiring further disaggregation of revenue. Also, due to the recently announced agreement with DuPont, we expect to perform further impact assessments subsequent to the closing of the expected transaction. Recently adopted accounting guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard was effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years (i.e. a January 1, 2017 effective date). We adopted this standard prospectively beginning in 2017. The adoption impacted our recognition of excess tax benefit, which is recorded within provision for income taxes on the condensed consolidated statements of income. Additionally, the presentation of excess tax benefit on our condensed consolidated statements of cash flows was impacted as it is now shown within cash flows from operating activities. The excess tax benefit recognized within provision for income taxes for the three and six months ended June 30, 2017 was approximately $0.7 million and $1.3 million, respectively. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. This standard was effective for annual reporting periods beginning after December 15, 2016, (i.e. a January 1, 2017 effective date). We adopted this standard beginning in 2017. The adoption did not have an impact on the condensed consolidated financial statements. |
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Acquisitions | Acquisitions DuPont Crop Protection On March 31, 2017, we entered into a definitive Transaction Agreement (the “Transaction Agreement”) with DuPont. Pursuant to the terms and conditions set forth in the Transaction Agreement, (1) we have agreed to purchase certain assets relating to DuPont’s Crop Protection business and research and development organization (the"Acquisition") and (2) DuPont has agreed to purchase FMC Health and Nutrition, excluding our Omega-3 business. Additionally, we will pay DuPont $1.2 billion in cash (subject to certain adjustments set forth in the Transaction Agreement), which reflects the difference in negotiated value between the divested businesses. We expect to complete the transactions in the fourth quarter of 2017. Refer to Note 10. Also, on March 27, 2017, in connection with the Transaction Agreement, we entered into a commitment letter (the “Commitment Letter”) with Citigroup Global Markets Inc. (collectively with certain of its affiliates, the “Commitment Party”). The Commitment Letter provided that, in connection with the Transactions and subject to the conditions set forth in the Commitment Letter, the Commitment Party would commit to provide to the Company, among other things, a $1.5 billion 364-day bridge term loan and, in certain circumstances, a $1.5 billion revolving credit facility and a $750 million term loan facility. Fees incurred to secure these commitments of approximately $8.5 million were to be deferred and are being amortized over the term of the applicable arrangements. On May 2, 2017, the financing available under the Commitment Letter was terminated and replaced by a $1.5 billion term loan facility and an amended and restated $1.5 billion revolving credit facility. Approximately $3.8 million of the deferred fees associated with the Commitment Letter were expensed in the second quarter of 2017 and presented within "Selling, general and administrative expenses" within our condensed consolidated statements of income (loss) consistent with other acquisition-related costs. The remaining fees have been capitalized in combination with the term loan facility. The details of the term loan facility and the revolving credit facility are provided in Note 9 within these condensed consolidated financial statements. On July 27, 2017, the European Commission (“EC”) conditionally approved our pending acquisition of certain assets of DuPont’s Crop Protection business. The Acquisition is conditioned upon us divesting the portfolio of products required by the EC remedy. This remedy is expected to impact FMC Agricultural Solutions’ annual operating profit by $10 million to $15 million. Upon being notified of the EC’s ruling, we have commenced steps necessary to complete the divestiture within the required timeframe. Acquisition-related charges Pursuant to US GAAP, costs incurred associated with the planned or completed acquisitions are expensed as incurred. The following table summarizes the costs incurred associated with these combined activities.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by business segment are presented in the table below:
There were no events or circumstances indicating that goodwill might be impaired as of June 30, 2017. Our intangible assets, other than goodwill, consist of the following:
(1) Represents brand portfolios, trademarks, trade names and know-how.
At June 30, 2017, the finite-lived and indefinite life intangibles were allocated among our business segments as follows:
The full year estimated pre-tax amortization expense for each of the five years ending December 31, 2017 to 2021 is $22.1 million, $22.0 million, $21.8 million, $21.7 million and $20.8 million, respectively. |
Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables.
The company has 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 $129.3 million as of June 30, 2017. These long-term customer receivable balances and the corresponding allowance are included in "Other assets" on the condensed consolidated balance sheet. 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.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
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Property, Plant and Equipment |
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) |
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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.
Restructuring charges and asset disposals For detail on restructuring activities which commenced prior to 2017, see Note 7 to our consolidated financial statements included with our 2016 Form 10-K.
Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations.
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Other charges (income), net
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 11 for additional details. Argentina Devaluation On December 17, 2015, the Argentina government initiated actions to significantly devalue its currency. These actions continued into a portion of the first quarter of 2016. These actions created an immediate loss associated with the impacts of the remeasurement of our local balance sheet. The loss was attributable to our FMC Lithium and FMC Agricultural Solutions operations. Because of the severity of the event and its immediate impact to our operations in the country, the charge associated with the remeasurement was included within "Restructuring and other charges (income)" in our condensed consolidated income statement during the period. We believe these actions have ended and do not expect further charges for remeasurement to be included within restructuring and other charges. Other items, Net Other items, net for the six months ended June 30, 2017 primarily relate to exit costs resulting from the termination and de-consolidation of our interest in a variable interest entity that was previously consolidated and was part of our FMC Agricultural Solutions segment. |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt maturing within one year:
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Long-term debt:
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New Term Loan Facility On May 2, 2017, we entered into a term loan agreement (the “Term Loan Agreement”), that provides for a senior unsecured term loan facility of up to $1.5 billion (the “New Term Loan Facility” or "2017 Term Loan Facility") to fund the Transaction Agreement with DuPont. The New Term Loan Facility is a senior unsecured obligation that ranks equally with our other senior unsecured obligations. The proceeds of the loans to be made pursuant to the New Term Loan Facility will be available in one or more drawings on the closing date of the New Term Loan Facility, which will be substantially concurrent with the closing of the expected transaction with DuPont. The scheduled maturity of the New Term Loan Facility is on the fifth anniversary of this closing date. The proceeds will be used to finance the expected transaction with DuPont as well as to pay fees, expenses and taxes incurred in connection with the expected transaction and the other expected transactions contemplated by or related to the expected transaction with DuPont or the New Term Loan Facility. Loans under the Term Loan Agreement will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus in each case an applicable margin, as determined in accordance with the provisions of the Term Loan Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of 1 percent; and the Eurocurrency rate for a one-month period plus 1 percent. We are required to pay a commitment fee on the average daily unused amount from May 2, 2017 until the date on which all commitments are terminated, payable quarterly, at a rate per annum equal to an applicable percentage in effect from time to time for commitment fees. The initial commitment fee is 0.15 percent per annum. The applicable margin and the commitment fee are subject to adjustment as provided in the Term Loan Agreement. The Term Loan Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. Fees incurred to secure the New Term Loan Facility have been deferred and will be amortized over the term of the arrangement. On May 2, 2017, we amended our existing 2014 Term Loan Facility. Among other things, the amendment temporarily increased the maximum leverage ratio financial covenant in order to permit the debt incurred under the contemplated New Term Loan Facility discussed above along with certain other changes to permit the expected transaction. Revolving Credit Facility On May 2, 2017 we entered into an amended and restated credit agreement (the "Revolving Credit Agreement"). The unsecured Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $2.25 billion (the "Revolving Credit Facility"). The current termination date of the Revolving Credit Facility is May 2, 2022. Revolving loans under the Revolving Credit Facility will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin, as determined in accordance with the provisions of the Revolving Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of 1 percent; and the Eurocurrency rate for a one-month period plus 1 percent. We are also required to pay a facility fee on the average daily amount (whether used or unused) at a rate per annum equal to an applicable percentage in effect from time to time for the facility fee, as determined in accordance with the provisions of the Revolving Credit Agreement. The initial facility fee is 0.15 percent per annum. The applicable margin and the facility fee are subject to adjustment as provided in the Revolving Credit Agreement. The Revolving Credit Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio. The financial covenant levels have been amended in order to permit the debt incurred under the contemplated New Term Loan Facility discussed above along with certain other changes to permit the expected transaction. Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement. Covenants Among other restrictions, our Credit Facility and Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended June 30, 2017, was 2.8 which is below the maximum leverage of 3.75 at June 30, 2017. Our actual interest coverage for the four consecutive quarters ended June 30, 2017, was 8.0 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at June 30, 2017. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations FMC Health and Nutrition: On March 31, 2017, we signed a definitive agreement to sell FMC Health and Nutrition, excluding the Omega-3 business, as part of the Transaction Agreement with DuPont. Refer to Note 3 for more details. We expect the sale to be completed in the fourth quarter of 2017, subject to the closing of the merger between DuPont and Dow Corporation and customary regulatory approvals and closing conditions. We have concluded, as a result of the signing of the Transaction Agreement, that FMC Health and Nutrition, excluding the Omega-3 business, has met the criteria to be an asset held for sale. Due to the strategic shift as a result of exiting the Health and Nutrition business, FMC Health and Nutrition has been presented as a discontinued operation in accordance with U.S. GAAP. As part of the strategic shift to exit the Health and Nutrition business, we began to pursue the sale of the Omega-3 business and on June 22, 2017, we signed a definitive agreement to sell the Omega-3 business to Pelagia AS. On August 1, 2017, we completed the sale of the Omega-3 business for $38 million. We have concluded that the Omega-3 business also met the criteria to be an asset held for sale and therefore has been presented as a discontinued operation in accordance with U.S. GAAP. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. We expect a significant gain on the FMC Health and Nutrition assets to be sold to DuPont and therefore these assets held for sale are reported at their carrying value. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, is significantly less than its carrying value, which includes accumulated foreign currency translation adjustments that would be reclassified to earnings upon completion of sale. As a result, we recorded an impairment charge of approximately $185 million ($165 million, net of tax) during the three months ended March 31, 2017. The charge was revised during the three months ended June 30, 2017 as a result of signing a definitive agreement to sell the Omega-3 business. The impairment charge for the six months ended June 30, 2017 was approximately $171 million ($151 million, net of tax). The results of our discontinued FMC Health and Nutrition operations are summarized below:
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The following table presents the major classes of assets and liabilities of FMC Health and Nutrition:
Discontinued operations include the results of the FMC Health and Nutrition segment 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:
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Environmental Obligations |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations which management considers probable and which management can reasonably estimate. The table below is a roll forward of our total environmental reserves, continuing and discontinued:
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The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $240 million at June 30, 2017. 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 "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
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:
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A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 10 to our consolidated financial statements in our 2016 Form 10-K. See Note 10 to our consolidated financial statements in our 2016 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 2016 Form 10-K other than the update provided below. Middleport In the federal court action before the United States District Court for the Western District of New York, FMC responded to the Court’s dismissal of FMC’s action by filing a Motion to Vacate Judgment and For Leave to Amend Complaint on March 2, 2017. The purpose of this motion is to allow FMC to amend its Complaint to add a citizen’s suit under RCRA against the United States for the Environmental Protection Agency's failure to perform its non-discretionary duties under the 1991 Administrative Order on Consent ("AOC"). Simultaneously, FMC served the EPA with a 60-day notice letter, which is a procedural precursor to filing the citizen’s suit complaint. On June 2, 2017, the New York State Department of Environmental Conservation ("NYSDEC") filed its appellate brief. Subsequently on June 8, 2017, FMC filed a motion to strike portions of NYSDEC's brief that were items outside the record on appeal. NYSDEC responded to the motion to strike on June 19, 2017, and we are awaiting a decision from the court on the motion. On July 19, 2017 we submitted our responsive appellate brief. NYSDEC's reply is due August 4, 2017. Oral argument is anticipated to occur this fall. As disclosed in our 2016 Form 10-K, our reserve continues to include the estimated liability for clean-up to reflect the costs associated with our recommended Corrective Action Management Alternatives. |
Earnings Per Share |
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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. There were no potential common shares excluded from Diluted EPS for the three months ended June 30, 2017. For the six months ended June 30, 2017, there were 0.8 million potential common shares excluded from Diluted EPS. There were 1.3 million and 1.8 million potential common shares excluded from Diluted EPS for the three and six months ended June 30, 2016, 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:
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The table provides a roll forward of equity, equity attributable to FMC stockholders, and equity attributable to noncontrolling interests.
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Accumulated other comprehensive income (loss) Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 16 for more information. (2) See Note 14 for more information. (3) Excludes foreign currency translation adjustments attributable to noncontrolling interests. 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 condensed consolidated statements of income (loss) for each of the periods presented.
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Dividends and Share Repurchases For both the six months ended June 30, 2017 and 2016, we paid dividends of $44.3 million. On July 20, 2017, we paid dividends totaling $22.2 million to our shareholders of record as of June 30, 2017. This amount is included in “Accrued and other liabilities” on the condensed consolidated balance sheet as of June 30, 2017. During the six months ended June 30, 2017, no shares were repurchased under the publicly announced repurchase program. At June 30, 2017, $238.8 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. |
Pensions and Other Postretirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits The following table summarizes the components of net annual benefit cost (income):
In the six months ended June 30, 2017 we recognized a curtailment loss of $3.9 million associated with the expected disposal of our FMC Health and Nutrition business, which was recorded within "Discontinued operations, net of income taxes" within the condensed consolidated statements of income (loss). We made voluntary cash contributions to our U.S. defined benefit pension plan in the six months ended June 30, 2017 and June 30, 2016 of $24.0 million and $21.0 million, respectively. We expect to make approximately $40 million in voluntary cash contributions to our U.S. defined benefit pension plan during 2017. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We determine our interim tax provision using an Estimated Annual Effective Tax Rate methodology (“EAETR”) in accordance with 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. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with 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. In the first quarter of 2017, we changed our assertion on unremitted earnings for certain foreign subsidiaries as a result of our expected sale of our discontinued FMC Health and Nutrition segment. Therefore, as of the three and six months ended June 30, 2017, we provided deferred tax liabilities of approximately $17.8 million attributable to outside basis differences within the FMC Health and Nutrition segment. We have not provided income taxes on undistributed earnings of our other foreign subsidiaries or affiliates since our intention remains that such earnings will be indefinitely reinvested. Refer to Note 10 for more information. The below chart provides a reconciliation between our reported effective tax rate and the EAETR of our continuing operations.
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Financial Instruments, Risk Management and Fair Value Measurements |
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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:
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $1,864.2 million and $1,964.9 million and the carrying amount is $1,784.8 million and $1,893.0 million as of June 30, 2017 and December 31, 2016, 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 17 for more information. Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees is based on our evaluation of creditworthiness on a case-by-case basis. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased options contracts, to reduce the effects of fluctuating foreign currency exchange rates. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 17 to our consolidated financial statements on our 2016 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both, at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of June 30, 2017, we had open foreign currency forward contracts in AOCI in a net after tax gain position of $4.5 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2017. At June 30, 2017, 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 $253.6 million. As of June 30, 2017, we had current open commodity contracts in AOCI in a net after tax loss position of $0.0 million designated as cash flow hedges of underlying forecasted purchases, primarily related to natural gas. Current open commodity contracts hedge forecasted transactions until December 31, 2017. At June 30, 2017, we had an equivalent of 1.0 million mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. Approximately $4.4 million of the net gains after-tax, representing both open foreign currency exchange contracts and commodity contracts, will be realized in earnings during the twelve months ending June 30, 2018 if spot rates in the future are consistent with forward rates as of June 30, 2017. 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 $1,562.9 million at June 30, 2017. Fair-Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
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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
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Derivatives Not Designated as Hedging Instruments
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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 condensed consolidated balance sheets. During the periods presented there were no transfers between fair-value hierarchy levels.
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Nonrecurring Fair-Value Measurements The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in the condensed consolidated balance sheets during the periods ended June 30, 2017 and December 31, 2016.
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Guarantees, Commitments, and Contingencies |
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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, 2017. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
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Excluded from the chart above, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. Contingencies A detailed discussion related to our outstanding contingencies can be found in Note 18 to our consolidated financial statements included within our 2016 Form 10-K. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information
____________________ (1) Referred to as Segment Earnings.
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Financial Information and Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Accounting | In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2017 and 2016, cash flows for the six months ended June 30, 2017 and 2016, and our financial positions as of June 30, 2017 and December 31, 2016. 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 In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-09, Stock Compensation - Scope of Modification Accounting. This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU provides requirements for presentation and disclosure of service and other components of net benefit cost on the financial statements. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We believe the adoption will not have a material impact on our consolidated financial statements other than potential disclosure requirements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations. This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. At this time we do not intend on early adopting this ASU and will continue to assess the effects the amendments will have on future transactions of acquisitions or disposals. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), with early adoption permitted only in the first quarter of a fiscal year. Based on an initial assessment, we believe the adoption will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date), with early adoption permitted. We have reviewed the eight cash flow issues and do not believe there will be any significant changes to FMC and our presentation of certain cash receipts and payments within our consolidated cash flow statement. In June 2016, the FASB issued No. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). We are in the process of determining the transition plan and evaluating the effect the guidance will have on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. We are evaluating the effect the guidance will have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. We intend to adopt this standard for interim and annual periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). The standard permits the use of either the retrospective or cumulative effect transition method. We expect to apply the modified retrospective adoption method. While, we are still evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures, in the fourth quarter of 2016, we performed an initial impact assessment by analyzing certain of our existing material revenue transactions and arrangements, and do not expect material changes to our current policies related to the timing of revenue recognition and the accounting for costs; however the standard will impact our disclosures by potentially requiring further disaggregation of revenue. Also, due to the recently announced agreement with DuPont, we expect to perform further impact assessments subsequent to the closing of the expected transaction. Recently adopted accounting guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard was effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years (i.e. a January 1, 2017 effective date). We adopted this standard prospectively beginning in 2017. The adoption impacted our recognition of excess tax benefit, which is recorded within provision for income taxes on the condensed consolidated statements of income. Additionally, the presentation of excess tax benefit on our condensed consolidated statements of cash flows was impacted as it is now shown within cash flows from operating activities. The excess tax benefit recognized within provision for income taxes for the three and six months ended June 30, 2017 was approximately $0.7 million and $1.3 million, respectively. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. This standard changes the criteria by which to measure inventory. Prior to the issuance of this new standard, inventory was measured at the lower of cost or market value. This required three separate data points in order to measure inventory. The three data points were cost, market with a ceiling of net realizable value and market with a floor of net realizable value less a normal profit margin. This amendment eliminates the two data points defining "market" and replaces them with one, net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This amendment does not impact inventory measured using last-in, first-out. This standard was effective for annual reporting periods beginning after December 15, 2016, (i.e. a January 1, 2017 effective date). We adopted this standard beginning in 2017. The adoption did not have an impact on the condensed consolidated financial statements. |
Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | The following table summarizes the costs incurred associated with these combined activities.
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Charges relate to the expensing of the integration related legal and professional third-party fees associated with the planned or completed acquisitions. Amounts represent the following:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill by Business Segment | The changes in the carrying amount of goodwill by business segment are presented in the table below:
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Schedule of Finite-Lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following:
(1) Represents brand portfolios, trademarks, trade names and know-how.
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Schedule of Indefinite-lived Intangible Assets | Our intangible assets, other than goodwill, consist of the following:
(1) Represents brand portfolios, trademarks, trade names and know-how.
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Schedule of Intangible Assets by Segment | At June 30, 2017, the finite-lived and indefinite life intangibles were allocated among our business segments as follows:
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Schedule of Finite-lived Intangible Assets Amortization Expense |
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Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful trade receivables | The following table displays a roll forward of the allowance for doubtful trade receivables.
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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.
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories | Inventories consisted of the following:
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Property, Plant and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Schedule of restructuring charges and asset disposals |
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Restructuring reserve rollforward | The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations.
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Schedule of other charges (income), net | Other charges (income), net
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Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Maturing within One Year | Debt maturing within one year:
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Schedule of long-term debt | Long-term debt:
____________________
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Discontinued Operations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The results of our discontinued FMC Health and Nutrition operations are summarized below:
____________________
The following table presents the major classes of assets and liabilities of FMC Health and Nutrition:
Discontinued operations include the results of the FMC Health and Nutrition segment 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:
____________________
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Environmental Obligations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental reserves rollforward, continuing and discontinued | The table below is a roll forward of our total environmental reserves, continuing and discontinued:
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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 "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
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Schedule of net environmental provision by operating and discontinued sites | 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:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of basic and diluted earnings per share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | The table provides a roll forward of equity, equity attributable to FMC stockholders, and equity attributable to noncontrolling interests.
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Schedule of Accumulated Other Comprehensive Income (Loss) | Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 16 for more information. (2) See Note 14 for more information. (3) Excludes foreign currency translation adjustments attributable to noncontrolling interests. |
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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 condensed consolidated statements of income (loss) for each of the periods presented.
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Pensions and Other Postretirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net annual benefit cost (income) | The following table summarizes the components of net annual benefit cost (income):
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The below chart provides a reconciliation between our reported effective tax rate and the EAETR of our continuing operations.
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Financial Instruments, Risk Management and Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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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
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Derivatives Not Designated as Hedging Instruments
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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 condensed consolidated balance sheets. During the periods presented there were no transfers between fair-value hierarchy levels.
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Fair Value Measurements, Nonrecurring | The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in the condensed consolidated balance sheets during the periods ended June 30, 2017 and December 31, 2016.
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Guarantees, Commitments, and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||
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, 2017. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
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Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting information by segment |
____________________ (1) Referred to as Segment Earnings.
____________________
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Acquisition-related charges | The following table summarizes the costs incurred associated with these combined activities.
____________________
Charges relate to the expensing of the integration related legal and professional third-party fees associated with the planned or completed acquisitions. Amounts represent the following:
____________________
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Recently Issued and Adopted Accounting Pronouncements and Regulatory Items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
Accounting Policies [Abstract] | ||
Excess tax benefit recognized | $ 0.7 | $ 1.3 |
Acquisitions - Narrative (Details) - USD ($) |
9 Months Ended | ||||
---|---|---|---|---|---|
Jul. 27, 2017 |
Mar. 27, 2017 |
Dec. 31, 2017 |
Jun. 30, 2017 |
May 02, 2017 |
|
E. I. du Pont de Nemours and Company | Scenario, Forecast | |||||
Business Acquisition [Line Items] | |||||
Amount to be paid for assets acquired | $ 1,200,000,000 | ||||
Citigroup Global Markets Inc. | |||||
Business Acquisition [Line Items] | |||||
Fees incurred | $ 8,500,000 | ||||
Citigroup Global Markets Inc. | Commitment Letter | |||||
Business Acquisition [Line Items] | |||||
Deferred fees | $ 3,800,000 | ||||
Citigroup Global Markets Inc. | Revolving Credit Facility | |||||
Business Acquisition [Line Items] | |||||
Line of credit, maximum borrowing capacity | 1,500,000,000.0 | $ 1,500,000,000.0 | |||
Citigroup Global Markets Inc. | 2014 Term Loan Facility | |||||
Business Acquisition [Line Items] | |||||
Line of credit, maximum borrowing capacity | 750,000,000 | $ 1,500,000,000.0 | |||
Citigroup Global Markets Inc. | Bridge Loan | |||||
Business Acquisition [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 1,500,000,000.0 | ||||
Debt term | 364 days | ||||
DuPont Crop Protection | FMC Agricultural Solutions | Subsequent Event | Minimum | |||||
Business Acquisition [Line Items] | |||||
Annual operating profit | $ 10,000,000 | ||||
DuPont Crop Protection | FMC Agricultural Solutions | Subsequent Event | Maximum | |||||
Business Acquisition [Line Items] | |||||
Annual operating profit | $ 15,000,000 |
Acquisitions - Acquisition-related and Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Business Acquisition [Line Items] | ||||
Total acquisition-related charges | $ 20.7 | $ 5.0 | $ 29.9 | $ 12.4 |
Restructuring charges and asset disposals | 2.7 | 5.9 | 2.7 | 8.9 |
Cheminova | ||||
Business Acquisition [Line Items] | ||||
Restructuring charges and asset disposals | 0.0 | 5.9 | 0.0 | 8.9 |
Selling, General and Administrative Expenses | E. I. du Pont de Nemours and Company | ||||
Business Acquisition [Line Items] | ||||
Total acquisition-related charges | 20.7 | 0.0 | 29.9 | 0.0 |
Selling, General and Administrative Expenses | Cheminova | ||||
Business Acquisition [Line Items] | ||||
Total acquisition-related charges | $ 0.0 | $ 5.0 | $ 0.0 | $ 12.4 |
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, December 31, 2016 | $ 498.7 |
Acquisitions | 0.0 |
Foreign currency adjustments | 2.3 |
Balance, June 30, 2017 | 501.0 |
FMC Agricultural Solutions | |
Goodwill [Roll Forward] | |
Balance, December 31, 2016 | 498.7 |
Acquisitions | 0.0 |
Foreign currency adjustments | 2.3 |
Balance, June 30, 2017 | 501.0 |
FMC Lithium | |
Goodwill [Roll Forward] | |
Balance, December 31, 2016 | 0.0 |
Acquisitions | 0.0 |
Foreign currency adjustments | 0.0 |
Balance, June 30, 2017 | $ 0.0 |
Goodwill and Intangible Assets - Finite-lived intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 459.8 | $ 435.9 |
Accumulated Amortization | (90.6) | (80.8) |
Net | 369.2 | 355.1 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 383.5 | 356.9 |
Accumulated Amortization | (55.6) | (43.7) |
Net | 327.9 | 313.2 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 2.0 | 2.2 |
Accumulated Amortization | (0.5) | (0.4) |
Net | 1.5 | 1.8 |
Brands | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 14.9 | 13.6 |
Accumulated Amortization | (5.5) | (4.7) |
Net | 9.4 | 8.9 |
Purchased and licensed technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 56.2 | 60.3 |
Accumulated Amortization | (26.7) | (30.1) |
Net | 29.5 | 30.2 |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 3.2 | 2.9 |
Accumulated Amortization | (2.3) | (1.9) |
Net | $ 0.9 | $ 1.0 |
Goodwill and Intangible Assets - Indefinite Life Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Gross | $ 394.4 | $ 364.8 |
Total intangible assets | 854.2 | 800.7 |
Accumulated Amortization | (90.6) | (80.8) |
Net intangible assets | 763.6 | 719.9 |
Brands | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Gross | 392.9 | 363.4 |
In-process research & development | ||
Indefinite-lived Intangible Assets by Segment [Line Items] | ||
Gross | $ 1.5 | $ 1.4 |
Goodwill and Intangible Assets - Intangibles by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||
Finite-lived | $ 369.2 | $ 369.2 | $ 355.1 | ||
Indefinite-lived | 394.4 | 394.4 | $ 364.8 | ||
Amortization expense | 5.2 | $ 6.1 | 10.3 | $ 12.0 | |
Amortization expense, 2017 | 22.1 | 22.1 | |||
Amortization expense, 2018 | 22.0 | 22.0 | |||
Amortization expense, 2019 | 21.8 | 21.8 | |||
Amortization expense, 2020 | 21.7 | 21.7 | |||
Amortization expense, 2021 | 20.8 | 20.8 | |||
FMC Agricultural Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Finite-lived | 368.2 | 368.2 | |||
Indefinite-lived | 394.4 | 394.4 | |||
FMC Lithium | |||||
Segment Reporting Information [Line Items] | |||||
Finite-lived | 1.0 | 1.0 | |||
Indefinite-lived | $ 0.0 | $ 0.0 |
Receivables (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2015 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Beginning balance | $ 17.6 | |
Additions - charged to expense | 6.8 | $ 9.8 |
Transfer from (to) allowance for credit losses (see below) | 1.1 | (7.8) |
Net recoveries and write-offs | 3.0 | 1.7 |
Ending Balance | 28.5 | 13.9 |
Net long-term customer receivables | 129.3 | |
Allowance for long term customer receivables [Roll Forward] | ||
Beginning balance | 49.1 | |
Additions - charged to expense | 3.4 | 12.1 |
Transfer from (to) allowance for doubtful accounts (see above) | (1.1) | 7.8 |
Net recoveries and write-offs | (2.2) | 0.0 |
Ending balance | $ 49.2 | $ 29.2 |
Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 250.5 | $ 220.1 |
Work in process | 235.7 | 219.3 |
Raw materials, supplies and other | 187.3 | 166.7 |
First-in, first-out inventory | 673.5 | 606.1 |
Less: Excess of first-in, first-out cost over last-in, first-out cost | (127.2) | (127.2) |
Net inventories | $ 546.3 | $ 478.9 |
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 952.9 | $ 921.6 |
Accumulated depreciation | (414.6) | (383.5) |
Property, plant and equipment, net | $ 538.3 | $ 538.1 |
Restructuring and Other Charges (Income) - Total Restructuring and Other Charges (income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges and asset disposals | $ 2.7 | $ 5.9 | $ 2.7 | $ 8.9 |
Other charges (income), net | 4.2 | 3.2 | 12.5 | 9.7 |
Total restructuring and other charges (income) | $ 6.9 | $ 9.1 | $ 15.2 | $ 18.6 |
Restructuring and Other Charges (Income) - Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance and Employee Benefits | $ 0.0 | $ 3.2 | $ 0.0 | $ 5.1 |
Other Charges (Income) | 0.0 | 1.4 | 0.0 | 1.3 |
Asset Disposal Charges | 2.7 | 1.3 | 2.7 | 2.5 |
Total | 2.7 | 5.9 | 2.7 | 8.9 |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 15.9 | |||
Change in reserves | 1.9 | |||
Cash payments | (7.6) | |||
Other | (1.2) | |||
Restructuring Reserve, Ending Balance | 9.0 | 9.0 | ||
Environmental charges, net | 3.3 | 2.5 | 5.6 | 9.1 |
Argentina devaluation | 0.0 | 0.0 | 0.0 | 4.2 |
Other items, net | 0.9 | 0.7 | 6.9 | (3.6) |
Other charges (income), net | 4.2 | 3.2 | 12.5 | 9.7 |
Other workforce related and facility shutdowns | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and Employee Benefits | 0.0 | 0.0 | ||
Other Charges (Income) | 0.0 | 0.0 | ||
Asset Disposal Charges | 2.7 | 2.7 | ||
Total | 2.7 | 2.7 | ||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 1.4 | |||
Change in reserves | 0.0 | |||
Cash payments | (0.1) | |||
Other | 0.0 | |||
Restructuring Reserve, Ending Balance | 1.3 | 1.3 | ||
Cheminova restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and Employee Benefits | 3.2 | 5.1 | ||
Other Charges (Income) | 1.4 | 1.3 | ||
Asset Disposal Charges | 1.3 | 2.5 | ||
Total | $ 5.9 | $ 8.9 | ||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 11.1 | |||
Change in reserves | 0.0 | |||
Cash payments | (2.6) | |||
Other | (1.2) | |||
Restructuring Reserve, Ending Balance | 7.3 | 7.3 | ||
Restructuring activities related to discontinued operations | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 3.4 | |||
Change in reserves | 1.9 | |||
Cash payments | (4.9) | |||
Other | 0.0 | |||
Restructuring Reserve, Ending Balance | $ 0.4 | $ 0.4 |
Debt - Maturing within One Year (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term foreign debt | $ 91.3 | $ 85.5 |
Commercial paper | 0.0 | 6.3 |
Total short-term debt | 91.3 | 91.8 |
Current portion of long-term debt | 101.2 | 2.4 |
Short-term debt and current portion of long-term debt | $ 192.5 | $ 94.2 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Interest rate percentage | 8.30% |
Debt - Long-term (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,693.5 | $ 1,801.2 |
Debt issuance cost | (14.7) | (9.7) |
Less: debt maturing within one year | 101.2 | 2.4 |
Total long-term debt, less current portion | $ 1,592.3 | 1,798.8 |
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | ||
Debt Instrument [Line Items] | ||
Maturity date, minimum | 2021 | |
Maturity date, maximum | 2032 | |
Unamortized discounts | $ 0.2 | 0.2 |
Total long-term debt | $ 51.6 | 51.6 |
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 1.10% | |
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 6.50% | |
Senior notes (less unamortized discount of $1.2 and $1.4, respectively) | ||
Debt Instrument [Line Items] | ||
Maturity date, minimum | 2019 | |
Maturity date, maximum | 2024 | |
Unamortized discounts | $ 1.2 | 1.4 |
Total long-term debt | $ 998.8 | 998.6 |
Senior notes (less unamortized discount of $1.2 and $1.4, respectively) | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 3.95% | |
Senior notes (less unamortized discount of $1.2 and $1.4, respectively) | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 5.20% | |
2014 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 2.50% | |
Maturity Date | 2020 | |
Total long-term debt | $ 550.0 | 750.0 |
2017 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 2.50% | |
Maturity Date | 2022 | |
Total long-term debt | $ 0.0 | 0.0 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 3.70% | |
Maturity Date | 2022 | |
Total long-term debt | $ 0.0 | 0.0 |
Letters of credit outstanding amount | 135.7 | |
Credit Agreement, available funds | $ 1,364.3 | |
Foreign debt | ||
Debt Instrument [Line Items] | ||
Maturity date, minimum | 2018 | |
Maturity date, maximum | 2024 | |
Total long-term debt | $ 107.8 | $ 10.7 |
Foreign debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 0.00% | |
Foreign debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 10.80% |
Debt - Credit Facility (Details) |
6 Months Ended | ||
---|---|---|---|
May 02, 2017
USD ($)
|
Jun. 30, 2017 |
Mar. 27, 2017
USD ($)
|
|
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Covenant compliance, actual leverage ratio | 2.8 | ||
Maximum leverage ratio | 3.75 | ||
Covenant compliance, actual interest coverage ratio | 8.0 | ||
Minimum interest coverage | 3.5 | ||
Federal Funds Rate | 2014 Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.50% | ||
Federal Funds Rate | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.50% | ||
Eurocurrency Rate | 2014 Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Eurocurrency Rate | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Citigroup Global Markets Inc. | 2014 Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 1,500,000,000.0 | $ 750,000,000 | |
Commitment fee percentage | 0.15% | ||
Citigroup Global Markets Inc. | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 1,500,000,000.0 | $ 1,500,000,000.0 | |
Commitment fee percentage | 0.15% | ||
Optional maximum borrowing capacity | $ 2,250,000,000.00 |
Discontinued Operations - FMC Health and Nutrition (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Aug. 01, 2017 |
|
Results of discontinued FMC ACD operations: | ||||||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | $ 26,600,000 | $ 20,200,000 | $ (142,200,000) | $ 42,900,000 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 26,500,000 | 20,200,000 | (142,200,000) | 42,900,000 | ||
Restructuring and other charges (income) | 6,900,000 | 9,100,000 | 15,200,000 | 18,600,000 | ||
FMC Health and Nutrition | ||||||
Results of discontinued FMC ACD operations: | ||||||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | 36,700,000 | 26,000,000 | (125,400,000) | 54,800,000 | ||
Deferred tax liabilities on undistributed foreign earnings | 17,800,000 | 17,800,000 | ||||
Discontinued Operations, Held-for-sale | Omega 3 | Subsequent Event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales of Omega-3 | $ 38,000,000 | |||||
Discontinued Operations, Held-for-sale | FMC Health and Nutrition | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment charge | $ 185,000,000 | 171,000,000 | ||||
Impairment charge, net of tax | (13,800,000) | 165,000,000 | 0 | 150,900,000 | 0 | |
Results of discontinued FMC ACD operations: | ||||||
Revenue | 162,100,000 | 195,000,000 | 338,800,000 | 387,400,000 | ||
Costs of sales and services | 95,900,000 | 129,100,000 | 207,300,000 | 256,100,000 | ||
Income (loss) from discontinued operations before income taxes | 39,700,000 | 37,500,000 | 75,200,000 | 76,800,000 | ||
Provision for income taxes | 13,500,000 | 11,500,000 | 40,200,000 | 22,000,000 | ||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | 26,200,000 | 26,000,000 | 35,000,000 | 54,800,000 | ||
Divestiture related costs of discontinued operations of FMC Health and Nutrition, net of income taxes | (3,300,000) | 0 | (9,500,000) | 0 | ||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | 13,800,000 | $ (165,000,000) | 0 | (150,900,000) | 0 | |
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | 36,700,000 | 26,000,000 | (125,400,000) | 54,800,000 | ||
Less: Discontinued operations of FMC Health and Nutrition attributable to noncontrolling interests | 100,000 | 0 | 0 | 0 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 36,600,000 | 26,000,000 | (125,400,000) | 54,800,000 | ||
Allocated interest expense | 5,400,000 | 4,800,000 | 10,400,000 | 9,800,000 | ||
Restructuring and other charges (income) | 1,300,000 | $ 3,200,000 | 3,100,000 | 6,100,000 | ||
Pension curtailment charge | 3,900,000 | $ 0 | ||||
Deferred tax liabilities on undistributed foreign earnings | $ 17,800,000 | $ 17,800,000 |
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets | ||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ 1,122.6 | $ 381.5 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | (139.6) | (59.0) |
Long-term liabilities of discontinued operations held for sale | 0.0 | (67.7) |
FMC Health and Nutrition | Discontinued Operations, Held-for-sale | ||
Assets | ||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | 424.9 | 381.5 |
Property, plant & equipment | 481.4 | 464.0 |
Goodwill | 300.3 | 278.8 |
Other intangibles, net | 77.3 | 73.5 |
Other non-current assets | 9.6 | 19.3 |
Total assets of discontinued operations held for sale | 1,293.5 | 1,217.1 |
Total net assets before adjustment to Omega-3 assets held for sale | 1,153.9 | 1,090.4 |
Adjustment to Omega-3 assets held for sale | (170.9) | 0.0 |
Total net assets | 983.0 | 1,090.4 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | (90.4) | (59.0) |
Long-term liabilities of discontinued operations held for sale | (49.2) | (67.7) |
Total liabilities of discontinued operations held for sale | $ (139.6) | (126.7) |
Uncertain tax positions | $ 13.0 |
Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ 26.6 | $ 20.2 | $ (142.2) | $ 42.9 |
Adjustment for workers’ compensation, product liability, and other postretirement benefits | (1.7) | (0.5) | (0.4) | 0.2 |
Provision for environmental liabilities | 3.5 | 1.2 | 4.5 | 2.5 |
Provision for legal reserves and expenses | 2.3 | 2.4 | 4.2 | 4.1 |
Adjustment for workers’ compensation, product liability, other postretirement benefits and other | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | 2.1 | 0.3 | 1.7 | (0.1) |
Provision for environmental liabilities, net of recoveries | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (7.9) | (1.9) | (10.7) | (4.8) |
Provision for legal reserves and expenses | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (4.3) | (4.2) | (7.8) | (7.0) |
FMC Health and Nutrition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | 36.7 | 26.0 | (125.4) | 54.8 |
Income tax benefit (expense) | $ (12.5) | $ (11.5) | $ (17.6) | $ (22.0) |
Environmental Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Environmental reserves, long-term | $ (291.5) | $ (306.4) | ||||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 240.0 | |||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | $ 3.3 | $ 2.5 | 5.6 | $ 9.1 | ||
Environmental provision, net | 14.7 | 5.6 | 20.8 | 16.4 | ||
Continuing Operations | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | 3.3 | 2.5 | 5.6 | 9.1 | ||
Discontinued Operations | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | 11.4 | 3.1 | 15.2 | 7.3 | ||
Other Assets Including Long-term Receivables, Net | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental Recoveries, beginning | 27.2 | |||||
Increase in Recoveries | 0.4 | |||||
Cash Received | (1.3) | |||||
Environmental Recoveries, ending | 26.3 | 26.3 | ||||
Other Liabilities | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental remediation provision, net | 15.1 | 5.6 | 21.2 | 18.2 | ||
Other Assets | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental remediation provision, net | (0.4) | $ 0.0 | (0.4) | $ (1.8) | ||
Gross | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2016 | 378.1 | |||||
Provision/(benefit) | 21.2 | |||||
(Spending)/recoveries | (27.3) | |||||
Foreign currency translation adjustments | 3.9 | |||||
Net change | (2.2) | |||||
Total environmental reserves at June 30, 2017 | 375.9 | 375.9 | ||||
Environmental reserves, current | (74.0) | |||||
Environmental reserves, long-term | (301.9) | |||||
Total environmental reserves, net of recoveries at end of period | (375.9) | (378.1) | (375.9) | (378.1) | ||
Recoveries | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2016 | 11.4 | |||||
Provision/(benefit) | 0.0 | |||||
(Spending)/recoveries | 0.0 | |||||
Foreign currency translation adjustments | 0.0 | |||||
Net change | 0.0 | |||||
Total environmental reserves at June 30, 2017 | 11.4 | 11.4 | ||||
Environmental reserves, current | (1.0) | |||||
Environmental reserves, long-term | (10.4) | |||||
Total environmental reserves, net of recoveries at end of period | (11.4) | (11.4) | (11.4) | (11.4) | ||
Net | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2016 | 366.7 | |||||
Provision/(benefit) | 21.2 | |||||
(Spending)/recoveries | (27.3) | |||||
Foreign currency translation adjustments | 3.9 | |||||
Net change | (2.2) | |||||
Total environmental reserves at June 30, 2017 | 364.5 | 364.5 | ||||
Environmental reserves, current | (73.0) | |||||
Environmental reserves, long-term | (291.5) | |||||
Total environmental reserves, net of recoveries at end of period | $ (364.5) | $ (366.7) | $ (364.5) | $ (366.7) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from diluted EPS (in shares) | 0 | 1,300 | 800 | 1,800 |
Earnings (loss) attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | $ 48.2 | $ 45.0 | $ 92.7 | $ 70.6 |
Discontinued operations, net of income taxes | 26.5 | 20.2 | (142.2) | 42.9 |
Net income (loss) attributable to FMC stockholders | 74.7 | 65.2 | (49.5) | 113.5 |
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.2) | (0.1) | (0.4) | (0.2) |
Net income (loss) allocable to common stockholders | $ 74.5 | $ 65.1 | $ (49.9) | $ 113.3 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | $ 0.36 | $ 0.34 | $ 0.69 | $ 0.52 |
Discontinued operations (in USD per share) | 0.20 | 0.15 | (1.06) | 0.32 |
Net income (loss) attributable to FMC stockholders (in USD per share) | 0.56 | 0.49 | (0.37) | 0.84 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | 0.36 | 0.34 | 0.69 | 0.52 |
Discontinued operations (in USD per share) | 0.20 | 0.15 | (1.06) | 0.32 |
Net income (loss) attributable to FMC stockholders (in USD per share) | $ 0.56 | $ 0.49 | $ (0.37) | $ 0.84 |
Shares: | ||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 134,237 | 133,929 | 134,095 | 133,865 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 1,366 | 647 | 1,233 | 570 |
Shares – diluted basis (in shares) | 135,603 | 134,576 | 135,328 | 134,435 |
Equity - Rollforward of Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 1,993.0 | |||
Net income (loss) | $ 74.7 | $ 65.2 | (49.5) | $ 113.5 |
Net income (loss) | 0.6 | 1.8 | 1.0 | 2.2 |
Net income (loss) | 75.3 | 67.0 | (48.5) | 115.7 |
Stock compensation plans | 25.4 | |||
Shares for benefit plan trust | (0.1) | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 1.1 | $ 7.1 | 10.4 | $ 13.4 |
Net hedging gains (losses) and other, net of income tax | (1.7) | |||
Foreign currency translation adjustments | 116.6 | |||
Dividends ($0.165 per share) | (44.3) | |||
Repurchases of common stock | (1.5) | |||
Transactions with noncontrolling interests | (22.6) | |||
Ending balance | 2,026.7 | $ 2,026.7 | ||
Dividends paid (in USD per share) | $ 0.165 | |||
FMC Stockholders’ Equity | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 1,957.7 | |||
Net income (loss) | (49.5) | |||
Stock compensation plans | 25.4 | |||
Shares for benefit plan trust | (0.1) | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 10.4 | |||
Net hedging gains (losses) and other, net of income tax | (1.7) | |||
Foreign currency translation adjustments | 116.3 | |||
Dividends ($0.165 per share) | (44.3) | |||
Repurchases of common stock | (1.5) | |||
Transactions with noncontrolling interests | (0.8) | |||
Ending balance | 2,011.9 | 2,011.9 | ||
Noncontrolling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 35.3 | |||
Net income (loss) | 1.0 | |||
Stock compensation plans | 0.0 | |||
Shares for benefit plan trust | 0.0 | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 0.0 | |||
Net hedging gains (losses) and other, net of income tax | 0.0 | |||
Foreign currency translation adjustments | 0.3 | |||
Dividends ($0.165 per share) | 0.0 | |||
Repurchases of common stock | 0.0 | |||
Transactions with noncontrolling interests | (21.8) | |||
Ending balance | $ 14.8 | $ 14.8 |
Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,993.0 | |
Ending balance | 2,026.7 | |
Foreign currency adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (194.0) | $ (147.3) |
Other comprehensive income (loss) before reclassifications | 116.3 | 32.2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Ending balance | (77.7) | (115.1) |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 7.1 | (6.2) |
Other comprehensive income (loss) before reclassifications | (1.5) | 0.7 |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | 4.1 |
Ending balance | 5.4 | (1.4) |
Pension and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (291.5) | (303.8) |
Other comprehensive income (loss) before reclassifications | 2.6 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 7.8 | 13.4 |
Ending balance | (281.1) | (290.4) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (478.4) | (457.3) |
Other comprehensive income (loss) before reclassifications | 117.4 | 32.9 |
Amounts reclassified from accumulated other comprehensive income (loss) | 7.6 | 17.5 |
Ending balance | $ (353.4) | $ (406.9) |
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | $ 422.4 | $ 379.9 | $ 802.2 | $ 770.3 |
Selling, general and administrative expenses | 126.4 | 110.6 | 236.1 | 220.7 |
Total before tax | 52.0 | 67.3 | 106.4 | 113.7 |
Provision for income taxes | (3.3) | (20.5) | (12.7) | (40.9) |
Amount included in net income | 75.3 | 67.0 | (48.5) | 115.7 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amount included in net income | (3.2) | (8.8) | (7.6) | (17.5) |
Reclassification out of Accumulated Other Comprehensive Income | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (0.4) | (2.6) | 0.3 | (6.2) |
Provision for income taxes | 0.1 | 0.9 | (0.1) | 2.1 |
Amount included in net income | (0.3) | (1.7) | 0.2 | (4.1) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | (0.1) | (0.2) | (0.3) | (0.4) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized net actuarial and other gains (losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | (3.4) | (10.6) | (6.8) | (20.3) |
Reclassification out of Accumulated Other Comprehensive Income | Recognized loss due to curtailment and settlement | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | (0.8) | 0.0 | (4.7) | 0.0 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (4.3) | (10.8) | (11.8) | (20.7) |
Provision for income taxes | 1.4 | 3.7 | 4.0 | 7.3 |
Amount included in net income | (2.9) | (7.1) | (7.8) | (13.4) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | (2.0) | (2.1) | (4.5) | (3.1) |
Selling, general and administrative expenses | 1.7 | 0.5 | 4.0 | (1.5) |
Reclassification out of Accumulated Other Comprehensive Income | Energy contracts | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | $ (0.1) | $ (1.0) | $ 0.8 | $ (1.6) |
Equity - Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jul. 20, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
Dividends Payable [Line Items] | |||||
Dividend paid | [1] | $ 44.3 | $ 44.3 | ||
Shares repurchased under repurchase program (in shares) | 0 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 238.8 | ||||
Subsequent Event | |||||
Dividends Payable [Line Items] | |||||
Dividend paid | $ 22.2 | ||||
Dividends payable, date to be paid | Jul. 20, 2017 | ||||
|
Pensions and Other Postretirement Benefits (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2017 |
|
Components of net annual benefit cost (income): | |||||
Voluntary cash contributions made to U.S. defined benefit pension plan | $ 24,000,000 | $ 21,000,000 | |||
FMC Health and Nutrition | Discontinued Operations, Held-for-sale | |||||
Components of net annual benefit cost (income): | |||||
Curtailment loss | 3,900,000 | 0 | |||
Pensions | |||||
Components of net annual benefit cost (income): | |||||
Service cost | $ 1,700,000 | $ 2,500,000 | 3,800,000 | 4,900,000 | |
Interest cost | 11,100,000 | 12,500,000 | 22,500,000 | 24,900,000 | |
Expected return on plan assets | (19,800,000) | (21,500,000) | (39,700,000) | (42,900,000) | |
Amortization of prior service cost (credit) | 100,000 | 200,000 | 300,000 | 400,000 | |
Recognized net actuarial and other (gain) loss | 3,800,000 | 10,100,000 | 7,800,000 | 20,400,000 | |
Recognized loss due to settlement | 800,000 | 0 | 800,000 | 0 | |
Net periodic benefit cost | (2,300,000) | 3,800,000 | (4,500,000) | 7,700,000 | |
Other Benefits | |||||
Components of net annual benefit cost (income): | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost | 200,000 | 200,000 | 400,000 | 400,000 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 | |
Recognized net actuarial and other (gain) loss | (200,000) | (300,000) | (500,000) | (500,000) | |
Recognized loss due to settlement | 0 | 0 | 0 | ||
Net periodic benefit cost | $ 0 | $ (100,000) | $ (100,000) | $ (100,000) | |
U.S. defined benefit pension plan | Scenario, Forecast | |||||
Components of net annual benefit cost (income): | |||||
Voluntary cash contributions made to U.S. defined benefit pension plan | $ 40,000,000 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total before tax | $ 52.0 | $ 67.3 | $ 106.4 | $ 113.7 |
Income tax expense | $ 3.3 | $ 20.5 | $ 12.7 | $ 40.9 |
Effective tax rate (percent) | 6.30% | 30.50% | 11.90% | 36.00% |
Discrete Items, Before Tax: | ||||
Acquisition related charges | $ 20.7 | $ 0.0 | $ 29.9 | $ 0.0 |
Currency remeasurement | 6.4 | 3.9 | 11.5 | 6.0 |
Other discrete items | 49.4 | 47.6 | 87.4 | 94.5 |
Tax only discrete items | 0.0 | 0.0 | 0.0 | 0.0 |
Total discrete items | 76.5 | 51.5 | 128.8 | 100.5 |
Continuing operations, before discrete items | 128.5 | 118.8 | 235.2 | 214.2 |
Discrete Items, Tax: | ||||
Acquisition related charges | 6.5 | 0.0 | 9.1 | 0.0 |
Currency remeasurement | 1.6 | (0.6) | 4.2 | (0.6) |
Other discrete items | 1.2 | 1.2 | 3.3 | 1.4 |
Tax only discrete items | 5.1 | 1.0 | 1.1 | (1.5) |
Total discrete items | 14.4 | 1.6 | 17.7 | (0.7) |
Continuing operations, before discrete items | $ 17.7 | $ 22.1 | $ 30.4 | $ 40.2 |
Estimated Annualized Effective Tax Rate (EAETR) (percent) | 13.80% | 18.60% | 12.90% | 18.80% |
FMC Lithium | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred tax liabilities on undistributed foreign earnings | $ 17.8 | $ 17.8 |
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details) MMBTU in Millions, $ in Millions |
Jun. 30, 2017
USD ($)
MMBTU
|
Dec. 31, 2016
USD ($)
|
---|---|---|
Derivative [Line Items] | ||
Estimated fair value of debt | $ 1,864.2 | $ 1,964.9 |
Carrying value of debt | 1,784.8 | $ 1,893.0 |
Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 253.6 | |
Designated as Hedging Instrument | Energy contracts | ||
Derivative [Line Items] | ||
Nonmonetary notional amount of price risk cash flow hedge (in mmBTUs) | MMBTU | 1.0 | |
Designated as Hedging Instrument | Foreign Currency and Energy Contracts | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | $ 4.4 | |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | 1,562.9 | |
Designated as Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | 4.5 | |
Designated as Cash Flow Hedges | Designated as Hedging Instrument | Energy contracts | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | $ 0.0 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | $ 0.0 | $ 0.0 |
Gross amount of derivatives, net derivative assets/(liabilities) | 0.4 | (2.5) |
Net derivative assets (liabilities) | 0.4 | (2.5) |
Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 6.4 | 12.6 |
Gross amounts offset in the consolidated balance sheet | (1.9) | (6.2) |
Net amounts, assets | 4.5 | 6.4 |
Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 1.9 | 6.2 |
Gross amount of derivatives, liabilities | (6.0) | (15.1) |
Net amounts, liabilities | (4.1) | (8.9) |
Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 6.3 | 10.6 |
Gross amounts offset in the consolidated balance sheet | (1.9) | (6.2) |
Net amounts, assets | 4.4 | 4.4 |
Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 1.9 | 6.2 |
Gross amount of derivatives, liabilities | (5.8) | (15.1) |
Net amounts, liabilities | (3.9) | (8.9) |
Energy contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.1 | 2.0 |
Gross amounts offset in the consolidated balance sheet | 0.0 | 0.0 |
Net amounts, assets | 0.1 | 2.0 |
Energy contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 0.0 | 0.0 |
Gross amount of derivatives, liabilities | (0.2) | 0.0 |
Net amounts, liabilities | (0.2) | 0.0 |
Designated as Cash Flow Hedges | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, net derivative assets/(liabilities) | (0.2) | 6.3 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 5.5 | 11.8 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (5.7) | (5.5) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 5.4 | 9.8 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (5.5) | (5.5) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Energy contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.1 | 2.0 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Energy contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (0.2) | 0.0 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, net derivative assets/(liabilities) | 0.6 | (8.8) |
Not Designated as Hedging Instruments | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.9 | 0.8 |
Not Designated as Hedging Instruments | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (0.3) | (9.6) |
Not Designated as Hedging Instruments | Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.9 | 0.8 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (0.3) | (9.6) |
Not Designated as Hedging Instruments | Energy contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.0 | 0.0 |
Not Designated as Hedging Instruments | Energy contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | $ 0.0 | $ 0.0 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | $ (2.6) | $ (1.6) | $ (1.5) | $ 0.7 |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | 0.3 | 1.7 | (0.2) | 4.1 |
Total derivative instruments, net of tax of ($0.6) and ($2.9) for the three and six months ended June 30, 2017 and $0.9 and $0.4 for the three and six months ended June 30, 2016, respectively | (2.3) | 0.1 | (1.7) | 4.8 |
Foreign exchange contracts | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Total derivative instruments, net of tax of ($0.6) and ($2.9) for the three and six months ended June 30, 2017 and $0.9 and $0.4 for the three and six months ended June 30, 2016, respectively | (2.3) | (1.2) | (0.3) | 3.7 |
Energy contracts | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Total derivative instruments, net of tax of ($0.6) and ($2.9) for the three and six months ended June 30, 2017 and $0.9 and $0.4 for the three and six months ended June 30, 2016, respectively | 0.0 | 1.3 | (1.4) | 1.1 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | (2.5) | (2.2) | (0.6) | 0.7 |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | 0.2 | 1.0 | 0.3 | 3.0 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Energy contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | (0.1) | 0.6 | (0.9) | 0.0 |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | 0.1 | 0.7 | (0.5) | 1.1 |
Not Designated as Hedging Instruments | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (4.2) | 11.7 | (10.5) | 28.3 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Cost of sales and services | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (4.2) | $ 11.7 | $ (10.5) | $ 28.3 |
Financial Instruments, Risk Management and Fair Value Measurements - Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other | $ 28.4 | $ 25.3 |
Total assets | 28.4 | 25.3 |
Liabilities | ||
Other | 35.2 | 30.5 |
Total liabilities | 35.2 | 30.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Energy contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Other | 0.0 | 0.0 |
Total assets | 4.5 | 6.4 |
Liabilities | ||
Other | 0.7 | 0.6 |
Total liabilities | 4.8 | 9.5 |
Significant Other Observable Inputs (Level 2) | Energy contracts | ||
Assets | ||
Derivatives | 0.1 | 2.0 |
Liabilities | ||
Derivative Liabilities | 0.2 | 0.0 |
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 4.4 | 4.4 |
Liabilities | ||
Derivative Liabilities | 3.9 | 8.9 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Other | 0.0 | 0.0 |
Total assets | 0.0 | 0.0 |
Liabilities | ||
Other | 0.0 | 0.0 |
Total liabilities | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Energy contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Estimate of Fair Value Measurement | ||
Assets | ||
Other | 28.4 | 25.3 |
Total assets | 32.9 | 31.7 |
Liabilities | ||
Other | 35.9 | 31.1 |
Total liabilities | 40.0 | 40.0 |
Estimate of Fair Value Measurement | Energy contracts | ||
Assets | ||
Derivatives | 0.1 | 2.0 |
Liabilities | ||
Derivative Liabilities | 0.2 | 0.0 |
Estimate of Fair Value Measurement | Foreign exchange contracts | ||
Assets | ||
Derivatives | 4.4 | 4.4 |
Liabilities | ||
Derivative Liabilities | $ 3.9 | $ 8.9 |
Financial Instruments, Risk Management and Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Derivative [Line Items] | ||
Net assets of discontinued operations held for sale | $ (170.9) | $ (1.0) |
FMC Agricultural Solutions | ||
Derivative [Line Items] | ||
Impairment charge | 1.0 | |
Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | ||
Derivative [Line Items] | ||
Net assets of discontinued operations held for sale | 37.0 | 5.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Derivative [Line Items] | ||
Net assets of discontinued operations held for sale | 0.0 | 0.0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Derivative [Line Items] | ||
Net assets of discontinued operations held for sale | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Derivative [Line Items] | ||
Net assets of discontinued operations held for sale | $ 37.0 | $ 5.9 |
Guarantees, Commitments, and Contingencies (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Guarantor Obligations [Line Items] | |
Guarantees | $ 74.6 |
Expiration period | 1 year |
Guarantees of vendor financing - short-term | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 65.2 |
Guarantees of vendor financing - long-term | |
Guarantor Obligations [Line Items] | |
Guarantees | 8.3 |
Other debt guarantees | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 1.1 |
Segment Information - Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | $ 656.8 | $ 615.3 | $ 1,252.8 | $ 1,221.7 |
Income from continuing operations before income taxes | 119.9 | 117.2 | 224.5 | 214.1 |
Operating profit before the items listed below | 92.7 | 97.8 | 175.7 | 178.0 |
Interest expense, net | (17.2) | (15.2) | (32.9) | (31.0) |
Restructuring and other (charges) income | (6.9) | (9.1) | (15.2) | (18.6) |
Non-operating pension and postretirement (charges) income | 4.1 | (1.2) | 8.7 | (2.3) |
Acquisition related charges | (20.7) | (5.0) | (29.9) | (12.4) |
(Provision) benefit for income taxes | (3.3) | (20.5) | (12.7) | (40.9) |
Discontinued operations, net of income taxes | 26.6 | 20.2 | (142.2) | 42.9 |
Net income (loss) attributable to noncontrolling interests | (0.6) | (1.8) | (1.0) | (2.2) |
Net income (loss) attributable to FMC stockholders | 74.7 | 65.2 | (49.5) | 113.5 |
Operating Segments | FMC Agricultural Solutions | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 582.8 | 552.0 | 1,113.2 | 1,098.1 |
Income from continuing operations before income taxes | 95.7 | 100.7 | 178.7 | 182.7 |
Restructuring and other (charges) income | (0.2) | (5.9) | (4.7) | (12.5) |
Operating Segments | FMC Health and Nutrition | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 74.0 | 63.3 | 139.6 | 123.6 |
Income from continuing operations before income taxes | 24.2 | 16.5 | 45.8 | 31.4 |
Restructuring and other (charges) income | 0.0 | 0.0 | 0.0 | (0.6) |
Corporate | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income from continuing operations before income taxes | (27.2) | (19.4) | (48.8) | (36.1) |
Restructuring and other (charges) income | $ (6.7) | $ (3.2) | $ (10.5) | $ (5.5) |
Segment Information - Acquisition Related Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Segment Reporting Information [Line Items] | ||||
Total acquisition-related charges | $ 20.7 | $ 5.0 | $ 29.9 | $ 12.4 |
E. I. du Pont de Nemours and Company | Selling, General and Administrative Expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total acquisition-related charges | 20.7 | 0.0 | 29.9 | 0.0 |
Cheminova | Selling, General and Administrative Expenses | ||||
Segment Reporting Information [Line Items] | ||||
Total acquisition-related charges | $ 0.0 | $ 5.0 | $ 0.0 | $ 12.4 |
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