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Financial Instruments, Risk Management and Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2017
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.
 
September 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
$
6.0

 
$
0.8

 
$
6.8

 
$
(5.0
)
 
$
1.8

Energy contracts
0.2

 

 
0.2

 

 
0.2

Total derivative assets (1)
6.2

 
0.8

 
7.0

 
(5.0
)
 
2.0

 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(5.2
)
 
$
(0.4
)
 
$
(5.6
)
 
$
5.0

 
$
(0.6
)
Total derivative liabilities (2)
(5.2
)
 
(0.4
)
 
(5.6
)
 
5.0

 
(0.6
)
 
 
 
 
 
 
 
 
 
 
Net derivative assets (liabilities)
$
1.0

 
$
0.4

 
$
1.4

 
$

 
$
1.4

 
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
)
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.
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
 
Three Months Ended September 30
 
Contracts
 
 
 
Foreign Exchange
 
Energy
 
Other
 
Total
(in Millions)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Unrealized hedging gains (losses) and other, net of tax
$
(1.8
)
 
$
0.2

 
$
0.1

 
$
(0.1
)
 
$

 
$

 
$
(1.7
)
 
$
0.1

Reclassification of deferred hedging (gains) losses, net of tax (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective portion (1)
1.5

 
1.9

 
0.1

 
0.3

 
(0.1
)
 

 
1.5

 
2.2

Total derivative instrument impact on comprehensive income, net of tax
$
(0.3
)
 
$
2.1

 
$
0.2

 
$
0.2

 
$
(0.1
)
 
$

 
$
(0.2
)
 
$
2.3

 
Nine Months Ended September 30
 
Contracts
 
 
 
Foreign Exchange
 
Energy
 
Other
 
Total
(in Millions)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Unrealized hedging gains (losses) and other, net of tax
$
(2.4
)
 
$
1.0

 
$
(0.8
)
 
$
(0.1
)
 
$

 
$

 
$
(3.2
)
 
$
0.9

Reclassification of deferred hedging (gains) losses, net of tax (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective portion (1)
1.8

 
4.9

 
(0.4
)
 
1.4

 
(0.1
)
 
(0.1
)
 
1.3

 
6.2

Total derivative instrument impact on comprehensive income, net of tax
$
(0.6
)
 
$
5.9

 
$
(1.2
)
 
$
1.3

 
$
(0.1
)
 
$
(0.1
)
 
$
(1.9
)
 
$
7.1

___________________
(1)
See Note 13 for classification of amounts within the condensed consolidated statements of income (loss).

Derivatives Not Designated as Hedging Instruments
 
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 September 30
 
Nine Months Ended September 30
(in Millions)
 
2017
 
2016
 
2017
 
2016
Foreign exchange contracts
Cost of sales and services
$
1.1

 
$
11.7

 
$
(9.4
)
 
$
28.3

Total
 
$
1.1

 
$
11.7

 
$
(9.4
)
 
$
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.

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, 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
$
0.2

 
$

 
$
0.2

 
$

Derivatives – Foreign exchange (1)
1.8

 

 
1.8

 

Other (2)
28.9

 
28.9

 

 

Total assets
$
30.9

 
$
28.9

 
$
2.0

 
$

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Derivatives – Foreign exchange (1)
$
0.6

 
$

 
$
0.6

 
$

Other (3)
38.4

 
37.1

 
1.3

 

Total liabilities
$
39.0

 
$
37.1

 
$
1.9

 
$


(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 – 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 are 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 are included in “Other long-term liabilities” in the condensed consolidated balance sheets.

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 September 30, 2017 and December 31, 2016.
(in Millions)
September 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 September 30, 2017)
Assets
 
 
 
 
 
 
 
 
 
Impairment of intangibles (1)
4.3

 

 

 
4.3

 
(1.3
)
Total assets
$
4.3

 
$

 
$

 
$
4.3

 
$
(1.3
)
____________________
(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 $1.3 million to its fair value.

(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.