Discontinued Operations

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

FMC Alkali:

On April 1, 2015, we completed the previously disclosed sale of our FMC Alkali Chemicals division ("ACD") for $1,649.8 million to a wholly owned subsidiary of Tronox Limited ("Tronox"). The sale resulted in approximately $1,198.5 million in after-tax cash proceeds. The sale resulted in a pre-tax gain of $1,080.2 million ($702.1 million net of tax) in the second quarter of 2015.

The results of our discontinued FMC ACD operations are summarized below:

(in Millions)	Three Months Ended June 30				Six Months Ended June 30
	2016		2015		2016		2015
Revenue	$	—	$	—	$	—	$	194.0
Costs of sales and services	—		—		—		149.2
Income (loss) from discontinued operations before income taxes (1)	—		1,069.8		—		1,088.7
Provision for income taxes	—		372.0		—		372.4
Total discontinued operations of FMC ACD, net of income taxes	$	—	$	697.8	$	—	$	716.3
Less: discontinued operations of FMC ACD attributable to noncontrolling interests	$	—	$	—	$	—	$	—
Discontinued operations of FMC ACD, net of income taxes, attributable to FMC Stockholders	$	—	$	697.8	$	—	$	716.3

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(1) For the three months ended June 30, 2015, amounts include $3.7 million of divestiture related charges. For the six months ended June 30, 2015, amounts include $2.2 million of allocated interest expense, $15.0 million of divestiture related charges and $5.3 million of a pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance.

In addition to our discontinued FMC Alkali Chemicals division, our other discontinued operations include adjustments to retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities.

Our discontinued operations comprised the following:

(in Millions)	Three Months Ended June 30						Six Months Ended June 30
	2016			2015			2016			2015
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of ($0.5) and $0.2 for the three and six months ended 2016 and zero and ($0.3) for the three and six months ended 2015, respectively	$	0.3		$	2.4		$	(0.1	)	$	(0.1	)
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.2 and $2.5 for the three and six months ended 2016 and $2.6 and $4.6 for the three and six months ended 2015, respectively (1)	(1.9		)	(7.5		)	(4.8		)	(8.0		)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $2.4 and $4.1 for the three and six months ended 2016 and $2.8 and $2.7 for the three and six months ended 2015, respectively	(4.2		)	(4.5		)	(7.0		)	(4.4		)
Discontinued operations of FMC Alkali Chemicals, net of income tax benefit (expense) of zero and zero for the three and six months ended 2016 and ($372.0) and ($372.4) for the three and six months ended 2015, respectively	—			697.8			—			716.3
Discontinued operations, net of income taxes	$	(5.8	)	$	688.2		$	(11.9	)	$	703.8

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(1) See a roll forward of our environmental reserves, as well as, discussion on significant environmental issues that occurred during the 2016 in Note 11.