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Financial Instruments, Risk Management and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Carrying value of financial instruments The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
Financial InstrumentValuation Method
Foreign exchange forward contractsEstimated 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 contractsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
DebtOur estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period.
Schedule of derivative instruments in statement of financial position, fair value
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
September 30, 2022
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3)
Net Amounts
Foreign exchange contracts$56.2 $16.3 $72.5 $(57.0)$15.5 
Interest rate contracts28.6 — 28.6 — 28.6 
Total derivative assets (1)
$84.8 $16.3 $101.1 $(57.0)$44.1 
Foreign exchange contracts$(57.4)$(8.8)$(66.2)$57.0 $(9.2)
Total derivative liabilities (2)
$(57.4)$(8.8)$(66.2)$57.0 $(9.2)
Net derivative assets (liabilities)$27.4 $7.5 $34.9 $— $34.9 
December 31, 2021
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3)
Net Amounts
Foreign exchange contracts$35.9 $5.7 $41.6 $(21.9)$19.7 
Interest rate contracts3.7 — 3.7 — 3.7 
Total derivative assets (1)
$39.6 $5.7 $45.3 $(21.9)$23.4 
Foreign exchange contracts$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Total derivative liabilities (2)
$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Net derivative assets (liabilities)$23.4 $(4.0)$19.4 $— $19.4 
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(1)    Net balance is included in "Prepaid and other current assets" in the condensed consolidated balance sheets.
(2)    Net balance is included in "Accrued and other liabilities" in the condensed consolidated balance sheets.
(3)    Represents net derivatives positions subject to master netting arrangements.
Schedule of derivative instruments, gain (loss) in statement of financial performance
The tables below summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments.
Derivatives in Cash Flow Hedging Relationships
Contracts
Foreign ExchangeInterest rateTotal
Three Months Ended September 30,
(in Millions)202220212022202120222021
Unrealized hedging gains (losses) and other, net of tax$(3.2)$40.7 $11.3 $0.9 $8.1 $41.6 
Reclassification of deferred hedging (gains) losses, net of tax (1)
11.2 (0.2)0.8 0.8 12.0 0.6 
Total derivative instrument impact on comprehensive income, net of tax$8.0 $40.5 $12.1 $1.7 $20.1 $42.2 
Contracts
Foreign ExchangeInterest rateTotal
Nine Months Ended September 30,
(in Millions)202220212022202120222021
Unrealized hedging gains (losses) and other, net of tax$(58.7)$30.1 $22.3 $4.0 $(36.4)$34.1 
Reclassification of deferred hedging (gains) losses, net of tax (1)
18.0 9.2 2.4 2.6 20.4 11.8 
Total derivative instrument impact on comprehensive income, net of tax$(40.7)$39.3 $24.7 $6.6 $(16.0)$45.9 
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(1)See Note 14 for classification of amounts within the condensed consolidated statements of income (loss).


Derivatives Not Designated as Hedging Instruments
Amount of Pre-tax Gain (Loss) 
Recognized in Income on Derivatives (1)
Three Months Ended September 30,Nine Months Ended September 30,
(in Millions)2022202120222021
Foreign exchange contracts$6.3 $(0.2)$(28.8)$(27.9)
Total$6.3 $(0.2)$(28.8)$(27.9)
______________
(1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in "Costs of sales and services" and to a lesser extent "Selling, general, and administrative expenses" on the consolidated statements of income (loss).
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.
(in Millions)September 30, 2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets
Derivatives – Foreign exchange (1)
$15.5 $— $15.5 $— 
Derivatives – Interest rate (1)
28.6 — 28.6 — 
Other (2)(3)
36.4 17.1 — 19.3 
Total assets$80.5 $17.1 $44.1 $19.3 
Liabilities
Derivatives – Foreign exchange (1)
$9.2 $— $9.2 $— 
Derivatives – Interest rate (1)
— — — — 
Other (4)
21.9 21.9 — — 
Total liabilities$31.1 $21.9 $9.2 $— 
(in Millions)December 31, 2021Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets
Derivatives – Foreign exchange (1)
$19.7 $— $19.7 $— 
Derivatives - Interest Rate (1)
3.7 — 3.7 — 
Other (2)
21.1 21.1 — — 
Total assets$44.5 $21.1 $23.4 $— 
Liabilities
Derivatives – Foreign exchange (1)
$4.0 $— $4.0 $— 
Derivatives – Interest rate (1)
— — — — 
Other (4)
26.2 26.2 — — 
Total liabilities$30.2 $26.2 $4.0 $— 
____________________
(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 are included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
(3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. Asset amounts are included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
(4)Primarily consists of a deferred compensation arrangement recognized on our balance sheets. Both the asset and liability are recorded at fair value. Liability amounts are included in "Other long-term liabilities" in the condensed consolidated balance sheets.