XML 39 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information
6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Information
Segment Information 
(in Millions)
Three Months Ended June 30
 
Six Months Ended June 30
2016
 
2015
 
2016
 
2015
Revenue
 
 
 
 
 
 
 
FMC Agricultural Solutions
$
552.0

 
$
625.6

 
$
1,098.1

 
$
1,018.0

FMC Health and Nutrition
195.0

 
206.6

 
387.4

 
417.6

FMC Lithium
63.3

 
54.9

 
123.6

 
110.9

Total
$
810.3

 
$
887.1

 
$
1,609.1

 
$
1,546.5

Income from continuing operations before income taxes
 
 
 
 
 
 
 
FMC Agricultural Solutions
$
100.7

 
$
121.4

 
$
182.7

 
$
203.2

FMC Health and Nutrition
44.9

 
50.5

 
92.2

 
101.5

FMC Lithium
16.5

 
4.6

 
31.4

 
10.1

Segment operating profit
$
162.1

 
$
176.5

 
$
306.3

 
$
314.8

Corporate and other
(18.9
)
 
(17.1
)
 
(35.8
)
 
(32.4
)
Operating profit before the items listed below
$
143.2

 
$
159.4

 
$
270.5

 
$
282.4

Interest expense, net
(20.0
)
 
(24.7
)
 
(40.8
)
 
(38.7
)
Restructuring and other (charges) income (1)
(12.3
)
 
(10.3
)
 
(24.7
)
 
(32.6
)
Non-operating pension and postretirement (charges) income (2)
(1.1
)
 
(8.2
)
 
(2.1
)
 
(14.4
)
Acquisition-related charges (3)
(5.0
)
 
(40.3
)
 
(12.4
)
 
(231.0
)
(Provision) benefit for income taxes
(32.0
)
 
(17.8
)
 
(62.9
)
 
31.3

Discontinued operations, net of income taxes
(5.8
)
 
688.2

 
(11.9
)
 
703.8

Net income attributable to noncontrolling interests
(1.8
)
 
(4.0
)
 
(2.2
)
 
(5.3
)
Net income (loss) attributable to FMC stockholders
$
65.2

 
$
742.3

 
$
113.5

 
$
695.5


____________________
(1)
See Note 8 for details of restructuring and other (charges) income. Below provides the detail the (charges) income by segment:


 
Three Months Ended June 30
 
Six Months Ended June 30
(in Millions)
2016
 
2015
 
2016
 
2015
FMC Agricultural Solutions
$
(5.9
)
 
$
(4.8
)
 
$
(12.5
)
 
$
(23.1
)
FMC Health and Nutrition
(3.2
)
 
(1.8
)
 
(3.4
)
 
(4.0
)
FMC Lithium

 
(0.2
)
 
(0.6
)
 
(0.5
)
Corporate
(3.2
)
 
(3.5
)
 
(8.2
)
 
(5.0
)
Restructuring and other (charges) income
$
(12.3
)
 
$
(10.3
)
 
$
(24.7
)
 
$
(32.6
)


(2)
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). 

(3)
Charges relate to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, transaction costs, costs for transitional employees, other acquired employee related costs, integration related legal and professional third-party fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following:

 
Three Months Ended June 30
 
Six Months Ended June 30
(in Millions)
2016
 
2015
 
2016
 
2015
Acquisition-related charges - Cheminova
 
 
 
 
 
 
 
Legal and professional fees (1)
$
5.0

 
$
29.0

 
$
12.4

 
$
39.6

Inventory fair value amortization (2)

 
19.3

 

 
19.3

(Gain)/loss on hedging purchase price (1)

 
(8.0
)
 

 
172.1

Acquisition-related charges
$
5.0

 
$
40.3

 
$
12.4

 
$
231.0

____________________
(1)
On the condensed consolidated statements of income (loss), these charges are included in “Selling, general and administrative expense.” For more information see Note 3.
(2)    On the condensed consolidated statements of income (loss), these charges are included in “Costs of sales and services.”