XML 50 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Equity
Equity
The following is a summary of our capital stock activity over the past three years:
 
Common
Stock Shares
 
Treasury
Stock Shares
December 31, 2012
185,983,792

 
48,313,414

Stock options and awards
—

 
(753,389
)
Repurchases of common stock, net
—

 
5,538,078

December 31, 2013
185,983,792

 
53,098,103

Stock options and awards
—

 
(431,982
)
Repurchases of common stock, net
—

 
—

December 31, 2014
185,983,792

 
52,666,121

Stock options and awards
—

 
(338,106
)
December 31, 2015
185,983,792

 
52,328,015



Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)
Foreign currency adjustments
 
Derivative Instruments (1)
 
Pension and other postretirement benefits (2)
 
Total
Accumulated other comprehensive income (loss),
net of tax at December 31, 2012
$
(27.0
)
 
$
(1.5
)
 
$
(380.4
)
 
$
(408.9
)
2013 Activity
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
1.7

 
(4.9
)
 
174.0

 
$
170.8

Amounts reclassified from accumulated other comprehensive income (loss)
—

 
0.3

 
35.9

 
$
36.2

 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss),
net of tax at December 31, 2013
$
(25.3
)
 
$
(6.1
)
 
$
(170.5
)
 
$
(201.9
)
2014 Activity
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(74.7
)
 
3.1

 
(173.3
)
 
$
(244.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
49.6

 
(0.9
)
 
22.3

 
$
71.0

 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss),
net of tax at December 31, 2014
$
(50.4
)
 
$
(3.9
)
 
$
(321.5
)
 
$
(375.8
)
2015 Activity
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(96.9
)
 
0.7

 
(26.4
)
 
$
(122.6
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
(3.0
)
 
44.1

 
$
41.1

 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss),
net of tax at December 31, 2015
$
(147.3
)
 
$
(6.2
)
 
$
(303.8
)
 
$
(457.3
)
____________________
(1)
See Note 17 for more information.
(2)
See Note 13 for more information.

Reclassifications of accumulated other comprehensive income (loss)

The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income for each of the periods presented.
Details about Accumulated Other Comprehensive Income Components
 
Amounts Reclassified from Accumulated Other Comprehensive Income (1)
 
Affected Line Item in the Consolidated Statements of Income
 
 
Year ended December 31,
 
 
(in Millions)
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency translation adjustments:
 
 
 
 
 
 
 
 
Divestiture of FMC Peroxygens (3)
 
—

 
(49.6
)
 
—

 
Discontinued operations, net of income taxes
Derivative instruments:
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
43.0

 
$
3.0

 
$
(0.1
)
 
Costs of sales and services
Energy contracts
 
(4.8
)
 
1.4

 
(0.6
)
 
Costs of sales and services
Foreign currency contracts
 
(32.5
)
 
(2.9
)
 
0.5

 
Selling, general and administrative expenses
Other contracts
 
—

 
—

 
(0.2
)
 
Interest expense, net
Total before tax
 
$
5.7

 
$
1.5

 
(0.4
)
 
 
 
 
(2.7
)
 
(0.6
)
 
0.1

 
Provision for income taxes
Amount included in net income
 
$
3.0

 
$
0.9

 
(0.3
)
 
 
 
 
 
 
 
 
 
 
 
Pension and other postretirement benefits (2):
 
 
 
 
 
 
 
 
Amortization of prior service costs
 
$
(0.9
)
 
$
(2.1
)
 
$
(2.0
)
 
Selling, general and administrative expenses
Amortization of unrecognized net actuarial and other gains (losses)
 
(52.2
)
 
(28.9
)
 
(48.3
)
 
Selling, general and administrative expenses
Recognized loss due to settlement
 
(14.2
)
 
(4.2
)
 
(7.4
)
 
Selling, general and administrative expenses
Total before tax
 
$
(67.3
)
 
$
(35.2
)
 
$
(57.7
)
 
 
 
 
23.2

 
12.9

 
21.8

 
Provision for income taxes
Amount included in net income
 
$
(44.1
)
 
$
(22.3
)
 
$
(35.9
)
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(41.1
)
 
$
(71.0
)
 
$
(36.2
)
 
Amount included in net income
____________________
(1)
Amounts in parentheses indicate charges to the consolidated statements of income.
(2)
Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 13.
(3)
The reclassification of historical cumulative translation adjustments was the result of the divestiture of our FMC Peroxygens business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 9 for more information. In accordance with accounting guidance, this amount was previously factored into the lower of cost or fair value test associated with the 2013 Peroxygens' asset held for sale write-down charges.

Noncontrolling interest purchase
In 2013 we purchased an additional 6.25 percent ownership interest in a legal entity within our discontinued FMC Alkali Chemicals division for $80.0 million from one of two remaining noncontrolling interest holders. In 2014 we purchased the remaining 6.25 percent ownership interest from the last remaining non-controlling interest holder of a legal entity within our discontinued FMC Alkali Chemicals division for $95.7 million. See Note 9 for subsequent disposal of this division in 2015.
Dividends and Share Repurchases
On January 21, 2016, we paid dividends totaling $22.1 million to our shareholders of record as of December 31, 2015. This amount is included in “Accrued and other liabilities” on the consolidated balance sheets as of December 31, 2015. For the years ended December 31, 2015, 2014 and 2013, we paid $86.4 million, $78.1 million and $73.6 million in dividends, respectively.
We did not repurchase any shares under the publicly announced repurchase program. At December 31, 2015, $250.0 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans.