x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 94-0479804 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
2929 Walnut Street Philadelphia, Pennsylvania | 19104 | |
(Address of principal executive offices) | (Zip Code) |
LARGE ACCELERATED FILER | x | ACCELERATED FILER | o | |||
NON-ACCELERATED FILER | o | SMALLER REPORTING COMPANY | o | |||
EMERGING GROWTH COMPANY | o | |||||
IF AN EMERGING GROWTH COMPANY, INDICATE BY CHECK MARK IF THE REGISTRANT HAS ELECTED NOT TO USE THE EXTENDED TRANSITION PERIOD FOR COMPLYING WITH ANY NEW OR REVISED FINANCIAL ACCOUNTING STANDARDS PROVIDED PURSUANT TO SECTION 13(A) OF THE EXCHANGE ACT. | ||||||
o |
Class | Outstanding at September 30, 2018 | |
Common Stock, par value $0.10 per share | 134,657,913 |
Page No. | |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 1,035.6 | $ | 646.2 | $ | 3,508.6 | $ | 1,899.0 | |||||||
Costs and Expenses | |||||||||||||||
Costs of sales and services | $ | 589.4 | $ | 380.3 | $ | 1,963.6 | $ | 1,182.5 | |||||||
Gross margin | $ | 446.2 | $ | 265.9 | $ | 1,545.0 | $ | 716.5 | |||||||
Selling, general and administrative expenses | 207.6 | 154.5 | 619.4 | 399.3 | |||||||||||
Research and development expenses | 70.9 | 30.2 | 213.8 | 90.4 | |||||||||||
Restructuring and other charges (income) | 25.9 | 7.1 | 29.2 | 22.3 | |||||||||||
Total costs and expenses | $ | 893.8 | $ | 572.1 | $ | 2,826.0 | $ | 1,694.5 | |||||||
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 141.8 | $ | 74.1 | $ | 682.6 | $ | 204.5 | |||||||
Equity in (earnings) loss of affiliates | — | — | (0.1 | ) | (0.2 | ) | |||||||||
Non-operating pension and postretirement charges (income) | (1.2 | ) | (3.6 | ) | (0.5 | ) | (12.3 | ) | |||||||
Interest expense, net | 33.4 | 18.4 | 101.7 | 51.3 | |||||||||||
Income (loss) from continuing operations before income taxes | $ | 109.6 | $ | 59.3 | $ | 581.5 | $ | 165.7 | |||||||
Provision (benefit) for income taxes | 30.1 | (11.6 | ) | 100.4 | 1.1 | ||||||||||
Income (loss) from continuing operations | $ | 79.5 | $ | 70.9 | $ | 481.1 | $ | 164.6 | |||||||
Discontinued operations, net of income taxes | (4.7 | ) | (15.1 | ) | (4.2 | ) | (157.3 | ) | |||||||
Net income (loss) | $ | 74.8 | $ | 55.8 | $ | 476.9 | $ | 7.3 | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 2.0 | 0.6 | 7.2 | 1.6 | |||||||||||
Net income (loss) attributable to FMC stockholders | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 | |||||||
Amounts attributable to FMC stockholders: | |||||||||||||||
Continuing operations, net of income taxes | $ | 77.5 | $ | 70.4 | $ | 473.9 | $ | 163.1 | |||||||
Discontinued operations, net of income taxes | (4.7 | ) | (15.2 | ) | (4.2 | ) | (157.4 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.52 | $ | 3.50 | $ | 1.21 | |||||||
Discontinued operations | (0.03 | ) | (0.11 | ) | (0.03 | ) | (1.17 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 0.54 | $ | 0.41 | $ | 3.47 | $ | 0.04 | |||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.52 | $ | 3.48 | $ | 1.20 | |||||||
Discontinued operations | (0.03 | ) | (0.11 | ) | (0.03 | ) | (1.16 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 0.54 | $ | 0.41 | $ | 3.45 | $ | 0.04 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||
Net income (loss) | $ | 74.8 | $ | 55.8 | $ | 476.9 | $ | 7.3 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Foreign currency adjustments: | |||||||||||||||
Foreign currency translation gain (loss) arising during the period | $ | (3.6 | ) | $ | 45.6 | $ | (72.0 | ) | $ | 162.2 | |||||
Reclassification of foreign currency translation (gains) losses (2) | — | 17.0 | — | 17.0 | |||||||||||
Total foreign currency translation adjustments (1) | $ | (3.6 | ) | $ | 62.6 | $ | (72.0 | ) | $ | 179.2 | |||||
Derivative instruments: | |||||||||||||||
Unrealized hedging gains (losses) and other, net of tax of $3.8 and $4.0 for the three and nine months ended September 30, 2018 and $0.2 and ($2.6) for the three and nine months ended September 30, 2017, respectively | $ | 2.6 | $ | (1.7 | ) | $ | 12.0 | $ | (3.2 | ) | |||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of ($4.6) and ($5.0) for the three and nine months ended September 30, 2018 and $1.0 and $0.9 for the three and nine months ended September 30, 2017, respectively (2) | (9.2 | ) | 1.5 | (10.9 | ) | 1.3 | |||||||||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | $ | (6.6 | ) | $ | (0.2 | ) | $ | 1.1 | $ | (1.9 | ) | ||||
Pension and other postretirement benefits: | |||||||||||||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of zero and zero for the three and nine months ended September 30, 2018 and ($0.1) and $2.7 for the three and nine months ended September 30, 2017, respectively (3) | $ | — | $ | (1.3 | ) | $ | — | $ | 1.3 | ||||||
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $0.9 and $2.7 for the three and nine months ended September 30, 2018 and $1.7 and $5.7 for the three and nine months ended September 30, 2017, respectively (2) | 3.6 | 3.2 | 10.4 | 11.0 | |||||||||||
Total pension and other postretirement benefits, net of tax of $0.9 and $2.7 for the three and nine months ended September 30, 2018 and $1.6 and $8.4 for the three and nine months ended September 30, 2017, respectively | $ | 3.6 | $ | 1.9 | $ | 10.4 | $ | 12.3 | |||||||
Other comprehensive income (loss), net of tax | $ | (6.6 | ) | $ | 64.3 | $ | (60.5 | ) | $ | 189.6 | |||||
Comprehensive income (loss) | $ | 68.2 | $ | 120.1 | $ | 416.4 | $ | 196.9 | |||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 1.7 | 0.1 | 5.9 | 1.4 | |||||||||||
Comprehensive income (loss) attributable to FMC stockholders | $ | 66.5 | $ | 120.0 | $ | 410.5 | $ | 195.5 |
(1) | Income taxes are not provided on the equity in undistributed earnings of our foreign subsidiaries or affiliates since it is our intention that such earnings will remain invested in those affiliates indefinitely. Note, in the first quarter of 2017, we changed our assertion on unremitted earnings for certain foreign subsidiaries as a result of the sale of our FMC Health and Nutrition segment. |
(2) | For more detail on the components of these reclassifications and the affected line item in the condensed consolidated statements of income (loss) see Note 14. |
(3) | At December 31 of each year, we remeasure our pension and postretirement plan obligations at which time we record any actuarial gains (losses) and prior service (costs) credits to other comprehensive income. The interim adjustments noted above typically reflect the foreign currency translation impacts from the unrealized actuarial gains (losses) and prior service (costs) credits related to our foreign pension and postretirement plans. During the nine months ended September 30, 2017, due to the announced plans to divest of FMC Health and Nutrition business, we triggered a curtailment of our U.S. pension plans. As a result, we revalued our pension plans which resulted in adjustments to comprehensive income. See Note 15 for more information. |
(in Millions, Except Share and Par Value Data) | September 30, 2018 | December 31, 2017 | |||||
ASSETS | (unaudited) | ||||||
Current assets | |||||||
Cash and cash equivalents | $ | 176.5 | $ | 283.0 | |||
Trade receivables, net of allowance of $20.0 in 2018 and $38.7 in 2017 | 1,901.9 | 2,043.5 | |||||
Inventories | 995.4 | 992.5 | |||||
Prepaid and other current assets | 417.4 | 326.4 | |||||
Current assets of discontinued operations held for sale | — | 7.3 | |||||
Total current assets | $ | 3,491.2 | $ | 3,652.7 | |||
Investments | 0.7 | 1.4 | |||||
Property, plant and equipment, net | 1,002.7 | 1,025.2 | |||||
Goodwill | 1,466.4 | 1,198.9 | |||||
Other intangibles, net | 2,739.9 | 2,631.8 | |||||
Other assets including long-term receivables, net | 416.4 | 443.6 | |||||
Deferred income taxes | 289.6 | 252.7 | |||||
Total assets | $ | 9,406.9 | $ | 9,206.3 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Short-term debt and current portion of long-term debt | $ | 149.4 | $ | 192.6 | |||
Accounts payable, trade and other | 784.2 | 714.2 | |||||
Advance payments from customers | 30.1 | 380.6 | |||||
Accrued and other liabilities | 572.1 | 497.7 | |||||
Accrued customer rebates | 562.8 | 266.6 | |||||
Guarantees of vendor financing | 37.0 | 51.5 | |||||
Accrued pension and other postretirement benefits, current | 5.7 | 5.7 | |||||
Income taxes | 130.2 | 99.2 | |||||
Current liabilities of discontinued operations held for sale | — | 1.3 | |||||
Total current liabilities | $ | 2,271.5 | $ | 2,209.4 | |||
Long-term debt, less current portion | 2,593.3 | 2,993.0 | |||||
Accrued pension and other postretirement benefits, long-term | 15.5 | 59.3 | |||||
Environmental liabilities, continuing and discontinued | 310.0 | 346.2 | |||||
Deferred income taxes | 330.6 | 173.2 | |||||
Other long-term liabilities | 807.7 | 718.1 | |||||
Commitments and contingent liabilities (Note 18) | |||||||
Equity | |||||||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2018 or 2017 | $ | — | $ | — | |||
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2018 and 2017 | 18.6 | 18.6 | |||||
Capital in excess of par value of common stock | 471.5 | 450.7 | |||||
Retained earnings | 4,355.1 | 3,952.4 | |||||
Accumulated other comprehensive income (loss) | (299.5 | ) | (240.3 | ) | |||
Treasury stock, common, at cost - 2018: 51,325,879 shares, 2017: 51,653,236 shares | (1,499.3 | ) | (1,499.6 | ) | |||
Total FMC stockholders’ equity | $ | 3,046.4 | $ | 2,681.8 | |||
Noncontrolling interests | 31.9 | 25.3 | |||||
Total equity | $ | 3,078.3 | $ | 2,707.1 | |||
Total liabilities and equity | $ | 9,406.9 | $ | 9,206.3 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
(in Millions) | (unaudited) | ||||||
Cash provided (required) by operating activities of continuing operations: | |||||||
Net income (loss) | $ | 476.9 | $ | 7.3 | |||
Discontinued operations, net of income taxes | 4.2 | 157.3 | |||||
Income (loss) from continuing operations | $ | 481.1 | $ | 164.6 | |||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||
Depreciation and amortization | $ | 124.7 | $ | 71.2 | |||
Equity in (earnings) loss of affiliates | (0.1 | ) | (0.2 | ) | |||
Restructuring and other charges (income) | 29.2 | 22.3 | |||||
Deferred income taxes | (42.9 | ) | 4.6 | ||||
Pension and other postretirement benefits | 4.0 | (6.3 | ) | ||||
Share-based compensation | 17.3 | 16.3 | |||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||
Trade receivables, net | 91.7 | 286.8 | |||||
Guarantees of vendor financing | (14.6 | ) | (48.5 | ) | |||
Inventories | (110.5 | ) | (108.1 | ) | |||
Accounts payable, trade and other | 92.7 | 104.6 | |||||
Advance payments from customers | (350.0 | ) | (233.6 | ) | |||
Accrued customer rebates | 304.4 | 123.6 | |||||
Income taxes | 24.6 | (4.3 | ) | ||||
Pension and other postretirement benefit contributions | (34.1 | ) | (51.1 | ) | |||
Environmental spending, continuing, net of recoveries | (9.2 | ) | (11.5 | ) | |||
Restructuring and other spending | (17.0 | ) | (4.2 | ) | |||
Transaction-related charges | (89.1 | ) | (35.2 | ) | |||
Change in other operating assets and liabilities, net (1) | (41.3 | ) | (18.5 | ) | |||
Cash provided (required) by operating activities of continuing operations | $ | 460.9 | $ | 272.5 | |||
Cash provided (required) by operating activities of discontinued operations: | |||||||
Environmental spending, discontinued, net of recoveries | $ | (18.0 | ) | $ | (19.2 | ) | |
Other discontinued spending | (20.1 | ) | (22.4 | ) | |||
Operating activities of discontinued operations, net of divestiture costs | (8.8 | ) | 88.6 | ||||
Cash provided (required) by operating activities of discontinued operations | $ | (46.9 | ) | $ | 47.0 |
(1) | Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities. |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
(in Millions) | (unaudited) | ||||||
Cash provided (required) by investing activities of continuing operations: | |||||||
Capital expenditures | $ | (88.6 | ) | $ | (37.3 | ) | |
Proceeds from sale of product portfolios | 88.0 | — | |||||
Proceeds from disposal of property, plant and equipment | 1.1 | 1.6 | |||||
Acquisitions, net (2) | 19.6 | — | |||||
Other investing activities | (42.6 | ) | (34.3 | ) | |||
Cash provided (required) by investing activities of continuing operations | $ | (22.5 | ) | $ | (70.0 | ) | |
Cash provided (required) by investing activities of discontinued operations: | |||||||
Proceeds from divestitures | $ | — | $ | 38.0 | |||
Other discontinued investing activities | (15.0 | ) | (17.8 | ) | |||
Cash provided (required) by investing activities of discontinued operations | $ | (15.0 | ) | $ | 20.2 | ||
Cash provided (required) by financing activities of continuing operations: | |||||||
Increase (decrease) in short-term debt | $ | (18.8 | ) | 14.1 | |||
Repayments of long-term debt | (401.4 | ) | (301.9 | ) | |||
Financing fees | (2.4 | ) | (11.0 | ) | |||
Proceeds from borrowings of long-term debt | — | 103.3 | |||||
Issuances of common stock, net | 9.4 | 20.1 | |||||
Transactions with noncontrolling interests | — | (0.5 | ) | ||||
Dividends paid (3) | (66.9 | ) | (66.6 | ) | |||
Other repurchases of common stock | (5.4 | ) | (1.8 | ) | |||
Cash provided (required) by financing activities of continuing operations | $ | (485.5 | ) | $ | (244.3 | ) | |
Effect of exchange rate changes on cash and cash equivalents | 2.5 | 4.2 | |||||
Increase (decrease) in cash and cash equivalents | $ | (106.5 | ) | $ | 29.6 | ||
Cash and cash equivalents, beginning of period | 283.0 | 64.2 | |||||
Cash and cash equivalents, end of period | $ | 176.5 | $ | 93.8 |
(2) | Represents the cash received as a result of the working capital settlement associated with the consideration paid for the DuPont Crop Protection Business. See Note 4 for more information on the non-cash consideration transferred to DuPont. |
(3) | See Note 14 regarding quarterly cash dividend. |
Three Months Ended September 30, 2017 | |||||||||||
(in Millions) | As Reported | Reclassification | As adjusted | ||||||||
Selling, general and administrative expenses | $ | 150.9 | $ | (3.6 | ) | $ | 154.5 | ||||
Non-operating pension and postretirement charges (income) | — | 3.6 | (3.6 | ) |
Nine Months Ended September 30, 2017 | |||||||||||
(in Millions) | As Reported | Reclassification | As adjusted | ||||||||
Selling, general and administrative expenses | $ | 387.0 | $ | (12.3 | ) | $ | 399.3 | ||||
Non-operating pension and postretirement charges (income) | — | 12.3 | (12.3 | ) |
Balance at December 31, 2017 | Adjustments due to ASC 606 | Balance at January 1, 2018 | |||||||||
(in Millions) | Amounts as originally reported | Adjustment | Amounts as adjusted | ||||||||
Assets | |||||||||||
Prepaid and other current assets | $ | 326.4 | $ | 84.8 | $ | 411.2 | |||||
Liabilities and Equity | |||||||||||
Accrued and other liabilities | $ | 497.7 | $ | 84.8 | $ | 582.5 |
September 30, 2018 | |||||||||||
(in Millions) | Amounts as reported | Adjustment due to ASC 606 | Amounts without ASC 606 adjustment | ||||||||
Balance Sheet | |||||||||||
Assets | |||||||||||
Prepaid and other current assets | $ | 417.4 | $ | (57.2 | ) | $ | 360.2 | ||||
Liabilities and Equity | |||||||||||
Accrued and other liabilities | $ | 572.1 | $ | (57.2 | ) | $ | 514.9 |
(in Millions) | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | |||||
FMC Agricultural Solutions | |||||||
North America | $ | 201.8 | $ | 842.0 | |||
Latin America | 379.0 | 737.3 | |||||
Europe, Middle East & Africa | 133.5 | 826.1 | |||||
Asia Pacific | 209.3 | 780.5 | |||||
Total FMC Agricultural Solutions Revenue | $ | 923.6 | $ | 3,185.9 | |||
FMC Lithium | |||||||
North America | $ | 39.3 | $ | 81.6 | |||
Latin America | 0.4 | 1.4 | |||||
Europe, Middle East & Africa | 17.6 | 55.1 | |||||
Asia Pacific | 54.7 | 184.6 | |||||
Total FMC Lithium Revenue | $ | 112.0 | $ | 322.7 | |||
Total FMC Revenue | $ | 1,035.6 | $ | 3,508.6 |
(in Millions) | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | |||||
FMC Agricultural Solutions | |||||||
Insecticides | $ | 572.7 | $ | 1,816.4 | |||
Herbicides | 220.1 | 948.7 | |||||
Fungicides | 49.2 | 192.9 | |||||
Other | 81.6 | 227.9 | |||||
Total FMC Agricultural Solutions Revenue | $ | 923.6 | $ | 3,185.9 | |||
FMC Lithium | |||||||
Lithium Hydroxide | $ | 52.8 | $ | 155.5 | |||
Butyllithium | 26.3 | 75.5 | |||||
High Purity Lithium Metal and Other Specialty Compounds | 14.5 | 47.8 | |||||
Lithium Carbonate and Lithium Chloride | 18.4 | 43.9 | |||||
Total FMC Lithium Revenue | $ | 112.0 | $ | 322.7 | |||
Total FMC Revenue | $ | 1,035.6 | $ | 3,508.6 |
(in Millions) | Balance as of December 31, 2017 | Balance as of September 30, 2018 | Increase (Decrease) | ||||||||
Receivables from contracts with customers, net of allowances | $ | 2,150.2 | $ | 1,983.1 | $ | (167.1 | ) | ||||
Contract liabilities: Advance payments from customers | 380.6 | 30.1 | (350.5 | ) |
a. | Costs of obtaining a contract: FMC incurs certain costs such as sales commissions which are incremental to obtaining the contract. We have taken the practical expedient of expensing such costs to obtain a contract, as and when they are incurred, as their expected amortization period is one year or less. |
b. | Significant financing component: We elected not to adjust the promised amount of consideration for the effects of a significant financing component if FMC expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less. |
c. | Remaining performance obligations: We elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within one year. Additionally, we have elected not to disclose information about variable considerations for remaining, wholly unsatisfied performance obligations for which the criteria in paragraph 606-10-32-40 have been met. |
d. | Shipping and handling costs: We elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service. |
e. | Measurement of transaction price: We have elected to exclude from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer. |
(in Millions) | Amount | ||
Cash purchase price, net (1) | $ | 1,225.6 | |
Cash proceeds from working capital and other adjustments | (21.5 | ) | |
Fair value of FMC Health and Nutrition sold to DuPont | 1,968.6 | ||
Total purchase consideration | $ | 3,172.7 |
(1) | Represents the cash portion of the total purchase consideration paid for the DuPont Crop Protection Business Acquisition. |
Purchase Price Allocation | |||
(in Millions) | As of 9/30/2018 | ||
Trade receivables (1) | $ | 45.8 | |
Inventories (2) | 379.8 | ||
Other current assets | 53.4 | ||
Property, plant and equipment | 424.3 | ||
Intangible assets: | |||
Indefinite-lived brands | 1,301.2 | ||
Customer relationships (3) | 763.7 | ||
Goodwill (4) | 972.9 | ||
Deferred tax assets | 79.7 | ||
Other noncurrent assets | 14.2 | ||
Total fair value of assets acquired | $ | 4,035.0 | |
Accounts payable, trade and other (1) | $ | 32.9 | |
Accrued and other current liabilities (5) | 156.2 | ||
Accrued pension and other postretirement benefits, long-term | 9.1 | ||
Environmental liabilities (6) | 2.6 | ||
Deferred tax liabilities | 196.0 | ||
Other long-term liabilities (5) | 452.3 | ||
Total fair value of liabilities assumed | $ | 849.1 | |
Total net assets acquired | $ | 3,185.9 | |
Less: Noncontrolling interest | (13.2 | ) | |
Total purchase consideration | $ | 3,172.7 |
(1) | Represents the accounts receivable and accounts payable of the legal entity stock sales as part of the DuPont Crop Protection Acquisition. As part of the Transaction Agreement, these balances will be settled subsequent to the closing date through reimbursement between FMC and DuPont. The offsetting amounts due from and due to DuPont are recorded within Other current assets and Accrued and other current liabilities, respectively. |
(2) | Fair value of finished goods inventory acquired included a step-up in the value of $89.8 million, of which $1.3 million and $69.6 million was amortized in the three and nine months ended September 30, 2018 and included in "Cost of sales and services" on the condensed consolidated statements of income (loss). The remaining amount was amortized during 2017. |
(3) | The weighted average useful life of the acquired customer relationships is approximately 20 years. |
(4) | Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. |
(5) | Includes the short-term and long-term portions of the unfavorable supply contract with Dupont of approximately $495 million recorded in "Accrued and other current liabilities" and "Other long-term liabilities", respectively. |
(6) | Represents both the short-term and long-term portion of the environmental obligations at certain sites of the acquired DuPont Crop Protection Business that is indemnified by DuPont as part of the Transaction Agreement. The indemnification asset was recorded within Other current assets and Other noncurrent assets. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Pro forma Revenue (1) | $ | 1,035.6 | $ | 974.6 | $ | 3,508.6 | $ | 3,160.7 | |||||||
Pro forma Diluted earnings per share from continuing operations (1) | 0.57 | 1.15 | 3.48 | 4.09 |
(1) | For the three and nine months ended September 30, 2018, pro forma results and actual results are the same. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Transaction-related charges | |||||||||||||||
Acquisition-related charges - DuPont Crop | |||||||||||||||
Legal and professional fees (1) | $ | 16.9 | $ | 48.8 | $ | 64.7 | $ | 78.7 | |||||||
Inventory fair value amortization (2) | 1.3 | — | 69.6 | — | |||||||||||
Separation-related charges - FMC Lithium | |||||||||||||||
Legal and professional fees (1) | $ | 6.8 | $ | — | $ | 14.8 | $ | — | |||||||
Total Transaction-related charges | $ | 25.0 | $ | 48.8 | $ | 149.1 | $ | 78.7 | |||||||
Restructuring charges | |||||||||||||||
DuPont Crop restructuring | $ | 20.0 | $ | — | $ | 92.5 | $ | — | |||||||
Total DuPont Crop restructuring charges (3) | $ | 20.0 | $ | — | $ | 92.5 | $ | — |
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of “Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
(2) | These charges are recorded as a component of "Costs of sales and services" on the condensed consolidated statements of income (loss). |
(3) | See Note 9 for more information. These charges are recorded as a component of “Restructuring and other charges (income)” on the condensed consolidated statements of income (loss). |
(in Millions) | FMC Agricultural Solutions | FMC Lithium | Total | ||||||||
Balance, December 31, 2017 | $ | 1,198.9 | $ | — | $ | 1,198.9 | |||||
Purchase price allocation adjustments (See Note 4) | 281.1 | — | 281.1 | ||||||||
Foreign currency and other adjustments | (13.6 | ) | — | (13.6 | ) | ||||||
Balance, September 30, 2018 | $ | 1,466.4 | $ | — | $ | 1,466.4 |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||
Customer relationships | $ | 1,156.3 | $ | (116.3 | ) | $ | 1,040.0 | $ | 1,122.5 | $ | (73.3 | ) | $ | 1,049.2 | |||||||||
Patents | 2.0 | (0.7 | ) | 1.3 | 2.0 | (0.6 | ) | 1.4 | |||||||||||||||
Brands (1) (3) | 14.5 | (5.8 | ) | 8.7 | 15.7 | (6.2 | ) | 9.5 | |||||||||||||||
Purchased and licensed technologies | 61.9 | (31.4 | ) | 30.5 | 57.3 | (28.9 | ) | 28.4 | |||||||||||||||
Other intangibles | 2.9 | (2.0 | ) | 0.9 | 2.9 | (2.0 | ) | 0.9 | |||||||||||||||
$ | 1,237.6 | $ | (156.2 | ) | $ | 1,081.4 | $ | 1,200.4 | $ | (111.0 | ) | $ | 1,089.4 |
Intangible assets not subject to amortization (indefinite-lived) | |||||||||||||||||||||||
Crop Protection Brands (2) | $ | 1,259.1 | $ | 1,259.1 | $ | 1,136.1 | $ | 1,136.1 | |||||||||||||||
Brands (1) (3) | 398.7 | 398.7 | 405.6 | 405.6 | |||||||||||||||||||
In-process research & development | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||
$ | 1,658.5 | $ | 1,658.5 | $ | 1,542.4 | $ | 1,542.4 | ||||||||||||||||
Total intangible assets | $ | 2,896.1 | $ | (156.2 | ) | $ | 2,739.9 | $ | 2,742.8 | $ | (111.0 | ) | $ | 2,631.8 |
(1) | Represents trademarks, trade names and know-how. |
(2) | Represents the proprietary brand portfolios, consisting of trademarks, trade names and know-how, acquired from the DuPont Crop Protection Business Acquisition. |
(3) | The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition. |
(in Millions) | Finite-lived | Indefinite-lived | |||||
FMC Agricultural Solutions | $ | 1,080.5 | $ | 1,658.5 | |||
FMC Lithium | 0.9 | — | |||||
Total | $ | 1,081.4 | $ | 1,658.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Amortization expense | $ | 15.9 | $ | 5.6 | $ | 47.0 | $ | 15.9 |
(in Millions) | |||
Balance, December 31, 2016 | $ | 17.6 | |
Additions - charged to expense | 8.4 | ||
Transfer from (to) allowance for credit losses (see below) | 9.5 | ||
Net recoveries, write-offs and other | 3.2 | ||
Balance, December 31, 2017 | $ | 38.7 | |
Additions - charged to expense | 13.0 | ||
Transfer from (to) allowance for credit losses (see below) | (16.8 | ) | |
Net recoveries, write-offs and other (1) | (14.9 | ) | |
Balance, September 30, 2018 | $ | 20.0 |
(1) | Includes write-offs of $5.2 million associated with the accounts receivables written off as part of the restructuring in India. Refer to Note 9 for further information. |
(in Millions) | |||
Balance, December 31, 2016 | $ | 49.1 | |
Additions - charged to expense | 13.7 | ||
Transfer from (to) allowance for doubtful accounts (see above) | (9.5 | ) | |
Net recoveries, write-offs and other | (6.2 | ) | |
Balance, December 31, 2017 | $ | 47.1 | |
Additions - charged to expense | 11.8 | ||
Transfer from (to) allowance for doubtful accounts (see above) | 16.8 | ||
Foreign currency adjustments | (4.4 | ) | |
Net recoveries, write-offs and other | (8.7 | ) | |
Balance, September 30, 2018 | $ | 62.6 |
(in Millions) | September 30, 2018 | December 31, 2017 | |||||
Finished goods | $ | 260.5 | $ | 353.7 | |||
Work in process | 609.4 | 542.4 | |||||
Raw materials, supplies and other | 256.2 | 224.1 | |||||
First-in, first-out inventory | $ | 1,126.1 | $ | 1,120.2 | |||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (130.7 | ) | (127.7 | ) | |||
Net inventories | $ | 995.4 | $ | 992.5 |
(in Millions) | September 30, 2018 | December 31, 2017 | |||||
Property, plant and equipment | $ | 1,469.0 | $ | 1,461.1 | |||
Accumulated depreciation | (466.3 | ) | (435.9 | ) | |||
Property, plant and equipment, net | $ | 1,002.7 | $ | 1,025.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Restructuring charges | $ | 25.1 | $ | 4.4 | $ | 106.6 | $ | 7.1 | |||||||
Other charges (income), net | 0.8 | 2.7 | (77.4 | ) | 15.2 | ||||||||||
Total restructuring and other charges (income) | $ | 25.9 | $ | 7.1 | $ | 29.2 | $ | 22.3 |
Restructuring Charges | |||||||||||||||
(in Millions) | Severance and Employee Benefits (1) | Other Charges (Income) (2) | Asset Disposal Charges (3) | Total | |||||||||||
DuPont Crop restructuring | $ | 2.4 | $ | 12.4 | $ | 5.2 | $ | 20.0 | |||||||
Lithium restructuring | — | — | 0.3 | 0.3 | |||||||||||
Other items | 0.5 | 1.2 | 3.1 | 4.8 | |||||||||||
Three Months Ended September 30, 2018 | $ | 2.9 | $ | 13.6 | $ | 8.6 | $ | 25.1 | |||||||
Other items | $ | — | $ | — | $ | 4.4 | $ | 4.4 | |||||||
Three Months Ended September 30, 2017 | $ | — | $ | — | $ | 4.4 | $ | 4.4 | |||||||
DuPont Crop restructuring | $ | 10.7 | $ | 15.5 | $ | 66.3 | $ | 92.5 | |||||||
FMC Lithium restructuring | — | 1.9 | 0.5 | 2.4 | |||||||||||
Other items | 3.3 | 2.8 | 5.6 | 11.7 | |||||||||||
Nine Months Ended September 30, 2018 | $ | 14.0 | $ | 20.2 | $ | 72.4 | $ | 106.6 | |||||||
Other Items | $ | — | $ | — | $ | 7.1 | $ | 7.1 | |||||||
Nine Months Ended September 30, 2017 | $ | — | $ | — | $ | 7.1 | $ | 7.1 |
(1) | Represents severance and employee benefit charges. |
(2) | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. |
(3) | Primarily represents asset write-offs, accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. |
(in Millions) | Balance at 12/31/17 (2) | Change in reserves (3) | Cash payments | Other | Balance at 9/30/18 (2) | ||||||||||||||
DuPont Crop restructuring | $ | — | $ | 26.2 | $ | (9.2 | ) | $ | (1.5 | ) | $ | 15.5 | |||||||
Cheminova restructuring | 1.2 | — | (1.2 | ) | — | — | |||||||||||||
FMC Lithium restructuring | 3.0 | 1.9 | (0.8 | ) | — | 4.1 | |||||||||||||
Other workforce related and facility shutdowns (1) | 2.3 | 6.1 | (5.8 | ) | (1.5 | ) | 1.1 | ||||||||||||
Total | $ | 6.5 | $ | 34.2 | $ | (17.0 | ) | $ | (3.0 | ) | $ | 20.7 |
(1) | Primarily severance costs related to workforce reductions and facility shutdowns. |
(2) | Included in "Accrued and other liabilities" on the condensed consolidated balance sheets. |
(3) | Primarily severance, exited lease, contract termination and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above that impacted our property, plant and equipment balances or other long-term assets are not included in the above tables. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Environmental charges, net | $ | 2.4 | $ | 2.7 | $ | 9.2 | $ | 8.3 | |||||||
Product portfolio sales | (2.2 | ) | — | (87.2 | ) | — | |||||||||
Other items, net | 0.6 | — | 0.6 | 6.9 | |||||||||||
Other charges (income), net | $ | 0.8 | $ | 2.7 | $ | (77.4 | ) | $ | 15.2 |
(in Millions) | September 30, 2018 | December 31, 2017 | |||||
Short-term foreign debt (1) | $ | 65.8 | $ | 91.4 | |||
Total short-term debt | $ | 65.8 | $ | 91.4 | |||
Current portion of long-term debt | 83.6 | 101.2 | |||||
Total short-term debt and current portion of long-term debt | $ | 149.4 | $ | 192.6 |
(1) | At September 30, 2018, the average effective interest rate on the borrowings was 7.4%. |
(in Millions) | September 30, 2018 | ||||||||||
Interest Rate Percentage | Maturity Date | September 30, 2018 | December 31, 2017 | ||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | 1.8 - 6.5% | 2021 - 2032 | $ | 51.6 | $ | 51.6 | |||||
Senior notes (less unamortized discount of $0.9 and $1.1, respectively) | 3.95 - 5.2% | 2019 - 2024 | 999.1 | 998.9 | |||||||
2014 Term Loan Facility | 3.5% | 2020 | 150.0 | 450.0 | |||||||
2017 Term Loan Facility | 3.5% | 2022 | 1,400.0 | 1,500.0 | |||||||
Revolving Credit Facility (1) | 4.8% | 2022 | — | — | |||||||
FMC Lithium Revolving Credit Facility (2) | 4.9% | 2023 | — | — | |||||||
Foreign debt | 0 - 7.2% | 2018 - 2024 | 86.9 | 106.9 | |||||||
Debt issuance cost | (10.7 | ) | (13.2 | ) | |||||||
Total long-term debt | $ | 2,676.9 | $ | 3,094.2 | |||||||
Less: debt maturing within one year | 83.6 | 101.2 | |||||||||
Total long-term debt, less current portion | $ | 2,593.3 | $ | 2,993.0 |
(1) | Letters of credit outstanding under our Revolving Credit Facility totaled $201.7 million and available funds under this facility were $1,298.3 million at September 30, 2018. |
(2) | As of September 30, 2018, there were no letters of credit outstanding under our FMC Lithium Revolving Credit Facility. |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | $ | — | $ | 163.3 | $ | 3.8 | $ | 502.1 | |||||||
Costs of sales and services | — | 101.7 | 4.0 | 309.0 | |||||||||||
Income (loss) from discontinued operations before income taxes (1) | $ | (0.4 | ) | $ | 33.0 | $ | 2.1 | $ | 108.2 | ||||||
Provision (benefit) for income taxes (2) | (0.7 | ) | 22.7 | 0.7 | 62.9 | ||||||||||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3) | $ | 0.3 | $ | 10.3 | $ | 1.4 | $ | 45.3 | |||||||
Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes | — | — | 16.8 | — | |||||||||||
Divestiture related costs of discontinued operations of FMC Health and Nutrition, net of income taxes | 0.6 | (5.4 | ) | 0.3 | (14.9 | ) | |||||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (4) | — | 3.1 | — | (147.8 | ) | ||||||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes | $ | 0.9 | $ | 8.0 | $ | 18.5 | $ | (117.4 | ) | ||||||
Less: Discontinued operations of FMC Health and Nutrition attributable to noncontrolling interests | — | 0.1 | — | 0.1 | |||||||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders | $ | 0.9 | $ | 7.9 | $ | 18.5 | $ | (117.5 | ) |
(1) | Results for the three and nine months September 30, 2018 include an adjustment to retained liabilities of the disposed FMC Health and Nutrition business. For the three months ended September 30, 2017, amounts include $4.7 million of allocated interest expense and $3.9 million of restructuring and other charges (income). For the nine months ended September 30, 2017, amounts include $15.1 million of allocated interest expense, $7.0 million of restructuring and other charges (income), and $3.9 million of a pension curtailment charge. See Note 15 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance. |
(2) | Includes the accrual for income taxes of $14.7 million associated with unremitted earnings of foreign FMC Health and Nutrition subsidiaries held for sale for the three and nine months ended September 30, 2017. |
(3) | In accordance with U.S. GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value, which included accumulated foreign currency translation adjustments that were subsequently reclassified to earnings after completion of the sale. |
(4) | Represents the impairment charge for the nine months ended September 30, 2017 of approximately $168 million ($148 million, net of tax) associated with the disposal activities of the Omega-3 business to write down the carrying value to its fair value. |
(in Millions) | September 30, 2018 | December 31, 2017 | |||||
Assets | |||||||
Current assets of discontinued operations held for sale (1) | $ | — | $ | 7.2 | |||
Property, plant and equipment | — | 0.1 | |||||
Total assets of discontinued operations held for sale (2) | $ | — | $ | 7.3 | |||
Liabilities | |||||||
Current liabilities of discontinued operations held for sale | $ | — | $ | (1.3 | ) | ||
Total liabilities of discontinued operations held for sale (3) | $ | — | $ | (1.3 | ) | ||
Total net assets (4) | $ | — | $ | 6.0 |
(1) | Primarily consists of trade receivables and inventories. |
(2) | Presented as "Current assets of discontinued operations held for sale" on the condensed consolidated balance sheets as of December 31, 2017. |
(3) | Presented as "Current liabilities of discontinued operations held for sale" on the condensed consolidated balance sheets as of December 31, 2017. |
(4) | In connection with the divestiture of FMC Health and Nutrition, certain sites transferred to DuPont subsequent to November 1, 2017 due to various local timing constraints. Amounts at December 31, 2017 represent the net assets of FMC Health and Nutrition ultimately transferred to DuPont subsequent to the closing date in 2018. |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $0.6 and $0.1 for the three and nine months ended September 30, 2018 and $0.2 and ($0.2) for the three and nine months ended 2017, respectively | $ | 0.9 | $ | 0.4 | $ | 2.0 | $ | 2.1 | |||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.0 and $2.4 for the three and nine months ended September 30, 2018 and $9.9 and $14.4 for the three and nine months ended 2017, respectively (1) | (4.0 | ) | (19.3 | ) | (9.0 | ) | (30.0 | ) | |||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $0.7 and $4.1 for the three and nine months ended September 30, 2018 and $2.2 and $6.4 for the three and nine months ended 2017, respectively | (2.5 | ) | (4.2 | ) | (15.7 | ) | (12.0 | ) | |||||||
Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of $0.5 and ($4.1) for the three and nine months ended September 30, 2018 and ($21.0) and ($38.6) for the three and nine months ended 2017, respectively | 0.9 | 8.0 | 18.5 | (117.4 | ) | ||||||||||
Discontinued operations, net of income taxes | $ | (4.7 | ) | $ | (15.1 | ) | $ | (4.2 | ) | $ | (157.3 | ) |
(1) | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during 2018 in Note 12. |
(in Millions) | Gross | Recoveries (3) | Net | ||||||||
Total environmental reserves at December 31, 2017 | $ | 432.1 | $ | (13.9 | ) | $ | 418.2 | ||||
Provision (Benefit) | 21.0 | — | 21.0 | ||||||||
(Spending) Recoveries | (31.4 | ) | — | (31.4 | ) | ||||||
Foreign currency translation adjustments | (0.9 | ) | — | (0.9 | ) | ||||||
Net change | $ | (11.3 | ) | $ | — | $ | (11.3 | ) | |||
Total environmental reserves at September 30, 2018 | $ | 420.8 | $ | (13.9 | ) | $ | 406.9 | ||||
Environmental reserves, current (1) | $ | 98.9 | $ | (2.0 | ) | $ | 96.9 | ||||
Environmental reserves, long-term (2) | 321.9 | (11.9 | ) | 310.0 | |||||||
Total environmental reserves at September 30, 2018 | $ | 420.8 | $ | (13.9 | ) | $ | 406.9 |
(1) | These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. |
(2) | These amounts are included in "Environmental liabilities, continuing and discontinued" on the condensed consolidated balance sheets. |
(3) | These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the condensed consolidated balance sheets. |
(in Millions) | 12/31/2017 | Increase in recoveries | Cash received | 9/30/2018 | |||||||||
Environmental recoveries | $ | 32.3 | 0.4 | (4.2 | ) | $ | 28.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Environmental provisions, net - recorded to liabilities (1) | $ | 7.8 | $ | 31.9 | $ | 21.0 | $ | 53.1 | |||||||
Environmental provisions, net - recorded to assets (2) | (0.4 | ) | — | (0.4 | ) | (0.4 | ) | ||||||||
Environmental provision, net | $ | 7.4 | $ | 31.9 | $ | 20.6 | $ | 52.7 | |||||||
Continuing operations (3) | $ | 2.4 | $ | 2.7 | $ | 9.2 | $ | 8.3 | |||||||
Discontinued operations (4) | 5.0 | 29.2 | 11.4 | 44.4 | |||||||||||
Environmental provision, net | $ | 7.4 | $ | 31.9 | $ | 20.6 | $ | 52.7 |
(1) | See above roll forward of our total environmental reserves as presented on the condensed consolidated balance sheets. |
(2) | See above roll forward of our total environmental recoveries as presented on the condensed consolidated balance sheets. |
(3) | Recorded as a component of “Restructuring and other charges (income)” on the condensed consolidated statements of income (loss). See Note 9. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. |
(4) | Recorded as a component of “Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). See Note 11. |
(in Millions, Except Share and Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||||||
Continuing operations, net of income taxes | $ | 77.5 | $ | 70.4 | $ | 473.9 | $ | 163.1 | |||||||
Discontinued operations, net of income taxes | (4.7 | ) | (15.2 | ) | (4.2 | ) | (157.4 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 | |||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.4 | ) | (0.3 | ) | (2.1 | ) | (0.7 | ) | |||||||
Net income (loss) allocable to common stockholders | $ | 72.4 | $ | 54.9 | $ | 467.6 | $ | 5.0 | |||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.52 | $ | 3.50 | $ | 1.21 | |||||||
Discontinued operations | (0.03 | ) | (0.11 | ) | (0.03 | ) | (1.17 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 0.54 | $ | 0.41 | $ | 3.47 | $ | 0.04 | |||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.52 | $ | 3.48 | $ | 1.20 | |||||||
Discontinued operations | (0.03 | ) | (0.11 | ) | (0.03 | ) | (1.16 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 0.54 | $ | 0.41 | $ | 3.45 | $ | 0.04 | |||||||
Shares (in thousands): | |||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 134,852 | 134,371 | 134,729 | 134,184 | |||||||||||
Weighted average additional shares assuming conversion of potential common shares | 1,505 | 1,576 | 1,508 | 1,324 | |||||||||||
Shares – diluted basis | 136,357 | 135,947 | 136,237 | 135,508 |
(in Millions, Except Per Share Data) | FMC Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||
Balance at December 31, 2017 | $ | 2,681.8 | $ | 25.3 | $ | 2,707.1 | |||||
Net income (loss) | 469.7 | 7.2 | 476.9 | ||||||||
Stock compensation plans | 26.7 | — | 26.7 | ||||||||
Shares for benefit plan trust | (0.3 | ) | — | (0.3 | ) | ||||||
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax (1) | 10.4 | — | 10.4 | ||||||||
Net hedging gains (losses) and other, net of income tax (1) | 1.1 | — | 1.1 | ||||||||
Foreign currency translation adjustments (1) | (70.7 | ) | (1.3 | ) | (72.0 | ) | |||||
Dividends ($0.495 per share) | (66.9 | ) | — | (66.9 | ) | ||||||
Repurchases of common stock | (5.4 | ) | — | (5.4 | ) | ||||||
Noncontrolling interests associated with an acquisition | — | 0.7 | 0.7 | ||||||||
Balance at September 30, 2018 | $ | 3,046.4 | $ | 31.9 | $ | 3,078.3 |
(1) | See condensed consolidated statements of comprehensive income (loss). |
(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, 2017 | $ | (6.2 | ) | $ | 5.2 | $ | (239.3 | ) | $ | (240.3 | ) | ||||
2018 Activity | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (70.7 | ) | 12.0 | — | (58.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (10.9 | ) | 10.4 | (0.5 | ) | |||||||||
Accumulated other comprehensive income (loss), net of tax at September 30, 2018 | $ | (76.9 | ) | $ | 6.3 | $ | (228.9 | ) | $ | (299.5 | ) |
(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, 2016 | $ | (194.0 | ) | $ | 7.1 | $ | (291.5 | ) | $ | (478.4 | ) | ||||
2017 Activity | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 162.4 | (3.2 | ) | 1.3 | 160.5 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 17.0 | 1.3 | 11.0 | 29.3 | |||||||||||
Accumulated other comprehensive income (loss), net of tax at September 30, 2017 | $ | (14.6 | ) | $ | 5.2 | $ | (279.2 | ) | $ | (288.6 | ) |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) | Affected Line Item in the Condensed Consolidated Statements of Income (Loss) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
Foreign currency adjustments: | ||||||||||||||||||
Divestiture of Omega-3 business (2) | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | Discontinued operations, net of income taxes | |||||||
Derivative instruments | ||||||||||||||||||
Foreign currency contracts | $ | 18.0 | $ | (4.9 | ) | $ | 20.4 | $ | (9.4 | ) | Costs of sales and services | |||||||
Energy contracts | — | (0.2 | ) | — | 0.6 | Costs of sales and services | ||||||||||||
Foreign currency contracts | (4.0 | ) | 2.6 | (4.3 | ) | 6.6 | Selling, general and administrative expenses | |||||||||||
Other contracts | (0.2 | ) | — | (0.2 | ) | — | Interest expense, net | |||||||||||
Total before tax | $ | 13.8 | $ | (2.5 | ) | $ | 15.9 | $ | (2.2 | ) | ||||||||
(4.6 | ) | 1.0 | (5.0 | ) | 0.9 | Provision for income taxes | ||||||||||||
Amount included in net income (loss) | $ | 9.2 | $ | (1.5 | ) | $ | 10.9 | $ | (1.3 | ) | ||||||||
Pension and other postretirement benefits (3) | ||||||||||||||||||
Amortization of prior service costs | $ | — | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.4 | ) | Selling, general and administrative expenses | ||||||
Amortization of unrecognized net actuarial and other gains (losses) | (4.4 | ) | (3.6 | ) | (11.5 | ) | (10.4 | ) | Selling, general and administrative expenses | |||||||||
Recognized loss due to curtailment and settlement | (0.1 | ) | (1.2 | ) | (1.4 | ) | (5.9 | ) | Selling, general and administrative expenses; Discontinued operations, net of income taxes (4) | |||||||||
Total before tax | $ | (4.5 | ) | $ | (4.9 | ) | $ | (13.1 | ) | $ | (16.7 | ) | ||||||
0.9 | 1.7 | 2.7 | 5.7 | Provision for income taxes | ||||||||||||||
Amount included in net income (loss) | $ | (3.6 | ) | $ | (3.2 | ) | $ | (10.4 | ) | $ | (11.0 | ) | ||||||
Total reclassifications for the period | $ | 5.6 | $ | (4.7 | ) | $ | 0.5 | $ | (12.3 | ) | Amount included in net income |
(1) | Amounts in parentheses indicate charges to the condensed consolidated statements of income (loss). |
(2) | The reclassification of historical cumulative translation adjustments was the result of the sale of our Omega-3 business. The loss recognized from this reclassification is considered permanent for tax purposes and therefore no tax has been provided. See Note 11 within these condensed consolidated financial statements 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 Omega-3 asset held for sale write-down charges. |
(3) | 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 15. |
(4) | The loss due to curtailment for the nine months ended September 30, 2017 related to the disposal of FMC Health and Nutrition was recorded to "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | ||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 1.8 | $ | — | $ | — | $ | 4.3 | $ | 5.6 | $ | — | $ | — | |||||||||||||||
Interest cost | 9.9 | 11.2 | 0.2 | 0.1 | 32.7 | 33.7 | 0.5 | 0.5 | |||||||||||||||||||||||
Expected return on plan assets | (15.9 | ) | (19.9 | ) | — | — | (47.5 | ) | (59.6 | ) | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | 0.1 | (0.1 | ) | — | 0.3 | 0.4 | (0.1 | ) | — | |||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 4.5 | 4.1 | — | (0.3 | ) | 12.8 | 11.9 | (0.4 | ) | (0.8 | ) | ||||||||||||||||||||
Recognized loss due to settlement (1) | 0.1 | 1.2 | — | — | 1.4 | 2.0 | — | — | |||||||||||||||||||||||
Net periodic benefit cost (income) | $ | (0.2 | ) | $ | (1.5 | ) | $ | 0.1 | $ | (0.2 | ) | $ | 4.0 | $ | (6.0 | ) | $ | — | $ | (0.3 | ) |
(1) | Settlement charge relates to the U.S. nonqualified defined benefit pension plan. |
Three Months Ended September 30, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
(in Millions) | Before Tax | Tax | Effective Tax Rate % | Before Tax | Tax | Effective Tax Rate % | |||||||||||
Continuing operations | $ | 109.6 | $ | 30.1 | 27.5 | % | $ | 59.3 | $ | (11.6 | ) | (19.6 | )% | ||||
Discrete items: | |||||||||||||||||
Transaction-related charges (1) | $ | 6.8 | $ | 1.5 | $ | 48.8 | $ | 15.4 | |||||||||
Currency remeasurement (2) | — | 1.8 | 4.6 | 1.2 | |||||||||||||
Other discrete items (3) | 32.8 | 6.1 | (4.1 | ) | 1.3 | ||||||||||||
Tax only discrete items (4) | — | (17.2 | ) | — | 4.7 | ||||||||||||
Total discrete items | $ | 39.6 | $ | (7.8 | ) | $ | 49.3 | $ | 22.6 | ||||||||
Continuing operations, before discrete items | $ | 149.2 | $ | 22.3 | $ | 108.6 | $ | 11.0 | |||||||||
Estimated Annualized Effective Tax Rate (EAETR) (5) | 14.9 | % | 10.1 | % |
Nine Months Ended September 30, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
(in Millions) | Before Tax | Tax | Effective Tax Rate % | Before Tax | Tax | Effective Tax Rate % | |||||||||||
Continuing operations | $ | 581.5 | $ | 100.4 | 17.3 | % | $ | 165.7 | $ | 1.1 | 0.7 | % | |||||
Discrete items: | |||||||||||||||||
Transaction-related charges (1) | $ | 14.8 | $ | 3.1 | $ | 78.7 | $ | 24.5 | |||||||||
Currency remeasurement (2) | 3.3 | 3.4 | 16.1 | 5.4 | |||||||||||||
Other discrete items (3) | 104.4 | 13.2 | 83.4 | 4.6 | |||||||||||||
Tax only discrete items (4) | — | (12.4 | ) | — | 5.8 | ||||||||||||
Total discrete items | $ | 122.5 | $ | 7.3 | $ | 178.2 | $ | 40.3 | |||||||||
Continuing operations, before discrete items | $ | 704.0 | $ | 107.7 | $ | 343.9 | $ | 41.4 | |||||||||
Estimated Annualized Effective Tax Rate (EAETR) (5) | 15.3 | % | 12.0 | % |
(1) | As of the three and nine months ended September 30, 2018, amount relates to FMC Lithium separation-related charges. As of the three and nine months ended September 30, 2017, amount relates to DuPont acquisition-related charges. |
(2) | Represents transaction gains or losses for currency remeasurement offset by associated hedge gains or losses, which are accounted for discretely in accordance with GAAP. Certain transaction gains or losses for currency remeasurement are not taxable, while offsetting hedge gains or losses are taxable. |
(3) | GAAP generally requires subsidiaries for which a full valuation allowance has been provided to be excluded from the EAETR. During the three months ended September 30, 2018, other discrete items were materially comprised of restructuring charges and other integration related costs associated with the acquired DuPont Crop Protection Business and the discrete accounting for excluded pretax losses of subsidiaries for which a full valuation allowance has been provided. During the nine months ended September 30, 2018, other discrete items also included the gain attributable to the sale of a portion of FMC's European herbicide portfolio to Nufarm Limited recorded in the first quarter. See Note 4 for additional information on the Company’s Nufarm divestment. For the three and nine months ended September 30, 2017, the other discrete items component of the EAETR reconciliation primarily relates to the discrete accounting for the excluded pretax losses of subsidiaries for which a full valuation allowance has been provided. |
(4) | For the three and nine months ended September 30, 2017 and September 30, 2018, tax only discrete items are primarily comprised of the tax effect of currency remeasurement associated with foreign statutory operations, changes in realizability of certain deferred tax assets, changes in uncertain tax liabilities and related interest, excess tax benefits associated with share-based compensation, changes in prior year estimates of subsidiary tax liabilities, and adjustments to our provisional tax expense related to the Act. |
(5) | The primary drivers for the increase in effective tax rate for both the three and nine months ended September 30, 2018 as compared to 2017 are shown in the table above. The remaining change was due to the integration of the DuPont Crop Protection Business into our global supply chain as well as the effect of the global intangible low-taxed income (GILTI) provisions of the Act. |
Financial Instrument | Valuation Method | |
Foreign exchange forward contracts | Estimated 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 and option contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |
Debt | Our 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. |
September 30, 2018 | |||||||||||||||||||
Gross Amount of Derivatives | |||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts | Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3) | Net Amounts | ||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | $ | 13.5 | $ | 0.6 | $ | 14.1 | $ | (8.0 | ) | $ | 6.1 | ||||||||
Interest rate contracts | 0.6 | — | 0.6 | — | 0.6 | ||||||||||||||
Total derivative assets (1) | $ | 14.1 | $ | 0.6 | $ | 14.7 | $ | (8.0 | ) | $ | 6.7 | ||||||||
Foreign exchange contracts | $ | (10.6 | ) | $ | (2.3 | ) | $ | (12.9 | ) | $ | 8.0 | $ | (4.9 | ) | |||||
Interest rate contracts | — | — | — | — | — | ||||||||||||||
Total derivative liabilities (2) | $ | (10.6 | ) | $ | (2.3 | ) | $ | (12.9 | ) | $ | 8.0 | $ | (4.9 | ) | |||||
Net derivative assets (liabilities) | $ | 3.5 | $ | (1.7 | ) | $ | 1.8 | $ | — | $ | 1.8 |
December 31, 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 Condensed Consolidated Balance Sheet (3) | Net Amounts | ||||||||||||||
Derivatives | |||||||||||||||||||
Foreign exchange contracts | $ | 7.0 | $ | 1.2 | $ | 8.2 | $ | (1.5 | ) | $ | 6.7 | ||||||||
Total derivative assets (1) | $ | 7.0 | $ | 1.2 | $ | 8.2 | $ | (1.5 | ) | $ | 6.7 | ||||||||
Foreign exchange contracts | $ | (3.6 | ) | $ | (0.2 | ) | $ | (3.8 | ) | $ | 1.5 | $ | (2.3 | ) | |||||
Total derivative liabilities (2) | $ | (3.6 | ) | $ | (0.2 | ) | $ | (3.8 | ) | $ | 1.5 | $ | (2.3 | ) | |||||
Net derivative assets (liabilities) | $ | 3.4 | $ | 1.0 | $ | 4.4 | $ | — | $ | 4.4 |
(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. |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | ||||||||||||||||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 2.3 | $ | (1.8 | ) | $ | — | $ | 0.1 | $ | 0.3 | $ | — | $ | 2.6 | $ | (1.7 | ) | |||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||||||||||
Effective portion (1) | (9.4 | ) | 1.5 | — | 0.1 | 0.2 | (0.1 | ) | (9.2 | ) | 1.5 | ||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | (7.1 | ) | $ | (0.3 | ) | $ | — | $ | 0.2 | $ | 0.5 | $ | (0.1 | ) | $ | (6.6 | ) | $ | (0.2 | ) |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||
Foreign Exchange | Energy | Other | Total | ||||||||||||||||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 11.7 | $ | (2.4 | ) | $ | — | $ | (0.8 | ) | $ | 0.3 | $ | — | $ | 12.0 | $ | (3.2 | ) | ||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||||||||||
Effective portion (1) | (11.1 | ) | 1.8 | — | (0.4 | ) | 0.3 | (0.1 | ) | (10.8 | ) | 1.3 | |||||||||||||||||||
Ineffective portion (1) | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | |||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | 0.5 | $ | (0.6 | ) | $ | — | $ | (1.2 | ) | $ | 0.6 | $ | (0.1 | ) | $ | 1.1 | $ | (1.9 | ) |
(1) | See Note 14 for classification of amounts within the condensed consolidated statements of income (loss). |
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) | Location of Gain or (Loss) Recognized in Income on Derivatives | 2018 | 2017 | 2018 | 2017 | |||||||||||
Foreign exchange contracts | Cost of sales and services | $ | (1.5 | ) | $ | 1.1 | $ | (10.3 | ) | $ | (9.4 | ) | ||||
Total | $ | (1.5 | ) | $ | 1.1 | $ | (10.3 | ) | $ | (9.4 | ) |
(1) | Amounts represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. |
(in Millions) | September 30, 2018 | Quoted 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) | $ | 6.1 | $ | — | $ | 6.1 | $ | — | |||||||
Derivatives – Interest Rate (1) | 0.6 | — | 0.6 | — | |||||||||||
Other (2) | 21.5 | 21.5 | — | — | |||||||||||
Total assets | $ | 28.2 | $ | 21.5 | $ | 6.7 | $ | — | |||||||
Liabilities | |||||||||||||||
Derivatives – Foreign exchange (1) | $ | 4.9 | $ | — | $ | 4.9 | $ | — | |||||||
Other (3) | 34.6 | 29.8 | 4.8 | — | |||||||||||
Total liabilities | $ | 39.5 | $ | 29.8 | $ | 9.7 | $ | — |
(in Millions) | December 31, 2017 | Quoted 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) | $ | 6.7 | $ | — | $ | 6.7 | $ | — | |||||||
Other (2) | 30.1 | 30.1 | — | — | |||||||||||
Total assets | $ | 36.8 | $ | 30.1 | $ | 6.7 | $ | — | |||||||
Liabilities | |||||||||||||||
Derivatives – Foreign exchange (1) | $ | 2.3 | $ | — | $ | 2.3 | $ | — | |||||||
Other (3) | 46.6 | 38.8 | 7.8 | — | |||||||||||
Total liabilities | $ | 48.9 | $ | 38.8 | $ | 10.1 | $ | — |
(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) | 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. |
(in Millions) | September 30, 2018 | 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, 2018) | ||||||||||||||
Assets | |||||||||||||||||||
Impairment of intangibles (1) | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (1.8 | ) | ||||||||
Total assets | $ | 3.1 | $ | — | $ | — | $ | 3.1 | $ | (1.8 | ) |
(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 $2 million to its fair value. |
(in Millions) | December 31, 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 December 31, 2017) | ||||||||||||||
Assets | |||||||||||||||||||
Impairment of Crop Protection intangibles (1) | $ | 1,136.1 | $ | — | $ | — | $ | 1,136.1 | $ | (42.1 | ) | ||||||||
Impairment of intangibles (2) | 4.3 | — | — | 4.3 | (1.3 | ) | |||||||||||||
Total assets | $ | 1,140.4 | $ | — | $ | — | $ | 1,140.4 | $ | (43.4 | ) |
(1) | Represents impairment charge to write down certain indefinite-lived intangible assets of the acquired DuPont Crop Protection Business as a result of a triggering event for the United States' enactment of the Act. |
(2) | 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. |
(in Millions) | |||
Guarantees: | |||
Guarantees of vendor financing - short-term (1) | $ | 37.0 | |
Guarantees of vendor financing - long-term (1) | 0.1 | ||
Other debt guarantees (2) | 4.2 | ||
Total | $ | 41.3 |
(1) | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. This short-term amount is recorded within “Guarantees of vendor financing” on the condensed consolidated balance sheets. |
(2) | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year. |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | |||||||||||||||
FMC Agricultural Solutions | $ | 923.6 | $ | 551.8 | $ | 3,185.9 | $ | 1,665.0 | |||||||
FMC Lithium | 112.0 | 94.4 | 322.7 | 234.0 | |||||||||||
Total | $ | 1,035.6 | $ | 646.2 | $ | 3,508.6 | $ | 1,899.0 | |||||||
Earnings before interest, taxes and depreciation and amortization (EBITDA) | |||||||||||||||
FMC Agricultural Solutions | $ | 216.2 | $ | 137.3 | $ | 916.1 | $ | 352.7 | |||||||
FMC Lithium | 48.6 | 40.2 | 150.1 | 93.7 | |||||||||||
Corporate and other | (29.7 | ) | (22.4 | ) | (80.5 | ) | (69.5 | ) | |||||||
Operating profit before the items listed below | $ | 235.1 | $ | 155.1 | $ | 985.7 | $ | 376.9 | |||||||
Depreciation and amortization | (42.4 | ) | (25.1 | ) | (124.7 | ) | (71.2 | ) | |||||||
Interest expense, net | (33.4 | ) | (18.4 | ) | (101.7 | ) | (51.3 | ) | |||||||
Restructuring and other (charges) income (1) | (25.9 | ) | (7.1 | ) | (29.2 | ) | (22.3 | ) | |||||||
Non-operating pension and postretirement (charges) income (2) | 1.2 | 3.6 | 0.5 | 12.3 | |||||||||||
Transaction-related charges (3) | (25.0 | ) | (48.8 | ) | (149.1 | ) | (78.7 | ) | |||||||
(Provision) benefit for income taxes | (30.1 | ) | 11.6 | (100.4 | ) | (1.1 | ) | ||||||||
Discontinued operations, net of income taxes | (4.7 | ) | (15.1 | ) | (4.2 | ) | (157.3 | ) | |||||||
Net income attributable to noncontrolling interests | (2.0 | ) | (0.6 | ) | (7.2 | ) | (1.6 | ) | |||||||
Net income (loss) attributable to FMC stockholders | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 |
(1) | See Note 9 of the condensed consolidated financial statements included within this Form 10-Q for details of restructuring and other (charges) income. The following provides the detail of the (charges) income by segment: |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
FMC Agricultural Solutions | $ | (22.0 | ) | $ | (2.2 | ) | $ | (13.9 | ) | $ | (7.0 | ) | |||
FMC Lithium | (0.3 | ) | — | (2.4 | ) | (2.7 | ) | ||||||||
Corporate | (3.6 | ) | (4.9 | ) | (12.9 | ) | (12.6 | ) | |||||||
Restructuring and other (charges) income | $ | (25.9 | ) | $ | (7.1 | ) | $ | (29.2 | ) | $ | (22.3 | ) |
(2) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our segments results and 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 continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(3) | Charges relate to the expensing of the legal and professional third-party fees associated with acquisitions and separation activities. Amounts represent the following: |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Transaction-related charges | |||||||||||||||
Acquisition-related charges - DuPont Crop | |||||||||||||||
Legal and professional fees (1) | $ | 16.9 | $ | 48.8 | $ | 64.7 | $ | 78.7 | |||||||
Inventory fair value amortization (2) | 1.3 | — | 69.6 | — | |||||||||||
Separation-related charges - FMC Lithium | |||||||||||||||
Legal and professional fees (1) | $ | 6.8 | $ | — | $ | 14.8 | $ | — | |||||||
Total Transaction-related charges | $ | 25.0 | $ | 48.8 | $ | 149.1 | $ | 78.7 |
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of “Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
• | Revenue recognition and trade receivables |
• | Environmental obligations and related recoveries |
• | Impairment and valuation of long-lived assets and indefinite-lived assets |
• | Pensions and other postretirement benefits |
• | Income taxes |
• | Revenue of $1,035.6 million for the three months ended September 30, 2018 increased $389.4 million or 60 percent versus the same period last year. The increase in revenue was primarily attributable to FMC Agricultural Solutions and the acquisition of the DuPont Crop Protection Business, which was completed in November 2017. A more detailed review of revenue by segment is discussed under the section titled "Results of Operations". On a regional basis, sales in North America increased by 120 percent, sales in Asia increased 84 percent, sales in Latin America increased 31 percent, and sales in Europe, Middle East and Africa increased by 46 percent. |
• | Our gross margin, excluding transaction-related charges, of $447.5 million increased versus the prior year's third quarter by $181.6 million. Gross margin percent, excluding transaction-related charges, of 43 percent also increased compared to 41 percent in the prior year primarily due to higher margin products within FMC Agricultural Solutions and, to a lesser extent, higher prices in FMC Lithium. |
• | Selling, general and administrative expenses, excluding transaction-related charges, increased by approximately $78.2 million or 74 percent to $183.9 million primarily due to the acquisition of the DuPont Crop Protection Business, which is being integrated into our FMC Agricultural Solutions segment. |
• | Research and development expenses of $70.9 million increased $40.7 million or approximately 135 percent. The increase was due to investments in discovery and product development from the state of the art facilities acquired from the DuPont Crop Protection Business Acquisition. |
• | Adjusted after-tax earnings from continuing operations attributable to FMC stockholders of $134.1 million increased compared to the prior year amount of $95.4 million primarily due to higher results in both FMC Agricultural Solutions and FMC Lithium. See the disclosure of our Adjusted Earnings Non-GAAP financial measurement below, under the section titled "Results of Operations". |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | |||||||||||||||
FMC Agricultural Solutions | $ | 923.6 | $ | 551.8 | $ | 3,185.9 | $ | 1,665.0 | |||||||
FMC Lithium | 112.0 | 94.4 | 322.7 | 234.0 | |||||||||||
Total | $ | 1,035.6 | $ | 646.2 | $ | 3,508.6 | $ | 1,899.0 | |||||||
Earnings before interest, taxes and depreciation and amortization (EBITDA) | |||||||||||||||
FMC Agricultural Solutions | $ | 216.2 | $ | 137.3 | $ | 916.1 | $ | 352.7 | |||||||
FMC Lithium | 48.6 | 40.2 | 150.1 | 93.7 | |||||||||||
Corporate and other | (29.7 | ) | (22.4 | ) | (80.5 | ) | (69.5 | ) | |||||||
Operating profit before the items listed below | $ | 235.1 | $ | 155.1 | $ | 985.7 | $ | 376.9 | |||||||
Depreciation and amortization | (42.4 | ) | (25.1 | ) | (124.7 | ) | (71.2 | ) | |||||||
Interest expense, net | (33.4 | ) | (18.4 | ) | (101.7 | ) | (51.3 | ) | |||||||
Restructuring and other (charges) income (1) | (25.9 | ) | (7.1 | ) | (29.2 | ) | (22.3 | ) | |||||||
Non-operating pension and postretirement (charges) income (2) | 1.2 | 3.6 | 0.5 | 12.3 | |||||||||||
Transaction-related charges (3) | (25.0 | ) | (48.8 | ) | (149.1 | ) | (78.7 | ) | |||||||
(Provision) benefit for income taxes | (30.1 | ) | 11.6 | (100.4 | ) | (1.1 | ) | ||||||||
Discontinued operations, net of income taxes | (4.7 | ) | (15.1 | ) | (4.2 | ) | (157.3 | ) | |||||||
Net income attributable to noncontrolling interests | (2.0 | ) | (0.6 | ) | (7.2 | ) | (1.6 | ) | |||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
FMC Agricultural Solutions | $ | (22.0 | ) | $ | (2.2 | ) | $ | (13.9 | ) | $ | (7.0 | ) | |||
FMC Lithium | (0.3 | ) | — | (2.4 | ) | (2.7 | ) | ||||||||
Corporate | (3.6 | ) | (4.9 | ) | (12.9 | ) | (12.6 | ) | |||||||
Restructuring and other (charges) income | $ | (25.9 | ) | $ | (7.1 | ) | $ | (29.2 | ) | $ | (22.3 | ) |
(2) | Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our segments results and 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 continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees. |
(3) | Charges relate to the expensing of the legal and professional third-party fees associated with acquisitions and separation activities. Amounts represent the following: |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Transaction-related charges | |||||||||||||||
Acquisition-related charges - DuPont Crop | |||||||||||||||
Legal and professional fees (1) | $ | 16.9 | $ | 48.8 | $ | 64.7 | $ | 78.7 | |||||||
Inventory fair value amortization (2) | 1.3 | — | 69.6 | — | |||||||||||
Separation-related charges - FMC Lithium | |||||||||||||||
Legal and professional fees (1) | $ | 6.8 | $ | — | $ | 14.8 | $ | — | |||||||
Total Transaction-related charges | $ | 25.0 | $ | 48.8 | $ | 149.1 | $ | 78.7 |
(1) | Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of “Selling, general and administrative expense" on the condensed consolidated statements of income (loss). |
(2) | These charges are recorded as a component of "Costs of sales and services" on the condensed consolidated statements of income (loss). |
ADJUSTED EARNINGS RECONCILIATION | |||||||||||||||
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 72.8 | $ | 55.2 | $ | 469.7 | $ | 5.7 | |||||||
Corporate special charges (income), pre-tax (1) | 49.7 | 52.3 | 177.8 | 88.7 | |||||||||||
Income tax expense (benefit) on Corporate special charges (income) (2) | (10.4 | ) | (17.9 | ) | (40.3 | ) | (30.4 | ) | |||||||
Corporate special charges (income), net of income taxes | $ | 39.3 | $ | 34.4 | $ | 137.5 | $ | 58.3 | |||||||
Discontinued operations attributable to FMC Stockholders, net of income taxes | 4.7 | 15.2 | 4.2 | 157.4 | |||||||||||
Non-GAAP tax adjustments (3) | 17.3 | (9.4 | ) | 15.4 | (2.8 | ) | |||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) | $ | 134.1 | $ | 95.4 | $ | 626.8 | $ | 218.6 |
(1) | Represents restructuring and other charges (income), non-operating pension and postretirement charges (income) and transaction-related charges. |
(2) | The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure. |
(3) | We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead include a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to current year ongoing business operations; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets; and changes in tax law which includes the impact of the Act enacted on December 22, 2017. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to ongoing operations thereby providing investors with useful supplemental information about FMC's operational performance. |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Segment Revenue | $ | 923.6 | $ | 551.8 | $ | 3,185.9 | $ | 1,665.0 | |||||||
Segment EBITDA | 216.2 | 137.3 | 916.1 | 352.7 |
FMC Agricultural Solutions Pro Forma Financial Results | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | |||||||||||||||
Revenue, FMC Agricultural Solutions, as reported (1) | $ | 923.6 | $ | 551.8 | $ | 3,185.9 | $ | 1,665.0 | |||||||
Revenue, DuPont Crop Protection Business, pro forma (2) | — | 328.4 | — | 1,261.7 | |||||||||||
Pro Forma Combined, Revenue (3) (4) | $ | 923.6 | $ | 880.2 | $ | 3,185.9 | $ | 2,926.7 | |||||||
EBITDA | |||||||||||||||
EBITDA, FMC Agricultural Solutions, as reported (1) | $ | 216.2 | $ | 137.3 | $ | 916.1 | $ | 352.7 | |||||||
EBITDA, DuPont Crop Protection Business, pro forma (2) | — | 99.1 | — | 488.2 | |||||||||||
Pro Forma Combined, EBITDA (3) (4) | $ | 216.2 | $ | 236.4 | $ | 916.1 | $ | 840.9 |
(1) | As reported amounts are the results of operations of FMC Agricultural Solutions, including the results of the DuPont Crop Protection Acquisition from November 1, 2017 onward. |
(2) | DuPont Crop Protection Business pro forma amounts include the historical results of the DuPont Crop Protection Business, prior to November 1, 2017. These amounts also include adjustments as if the DuPont Crop Protection Business Acquisition had occurred on January 1, 2017, including the effects of acquisition accounting. The pro forma amounts do not include adjustments for expenses related to integration activities, cost savings or synergies that may have been or may be achieved by the combined segment. |
(3) | The pro forma combined amounts are not necessarily indicative of what the results would have been had we acquired the DuPont Crop Protection Business on January 1, 2017 or indicative of future results. |
(4) | For the three and nine months ended September 30, 2018, pro forma results and actual results are the same. |
FMC Agricultural Solutions Pro Forma Combined Revenue by Region (1) (2) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
North America (3) | $ | 201.8 | $ | 153.2 | $ | 842.0 | $ | 727.4 | |||||||
Europe, Middle East and Africa (EMEA) (4) | 133.5 | 161.0 | 826.1 | 804.9 | |||||||||||
Latin America (5) | 379.0 | 346.9 | 737.3 | 650.2 | |||||||||||
Asia (6) | 209.3 | 219.1 | 780.5 | 744.2 | |||||||||||
Total FMC Agricultural Solutions Revenue | $ | 923.6 | $ | 880.2 | $ | 3,185.9 | $ | 2,926.7 |
(1) | For the three and nine months ended September 30, 2018, pro forma results and actual results are the same. |
(2) | Combined revenue by region for the three and nine months ended September 30, 2017 includes the results of the DuPont Crop Protection Business of approximately $328 million and $1,262 million, respectively, assuming the acquisition occurred on January 1, 2017. These amounts include adjustments as if the DuPont Crop Protection Business Acquisition had occurred on January 1, 2017. The pro forma combined revenue by region amounts are not necessarily indicative of what the results would have been had we acquired the DuPont Crop Protection Business on January 1, 2017 or indicative of future results. |
(3) | Increase in the three and nine months ended September 30, 2018 was due to volume growth of acquired products, strong demand from new herbicide products, and planted acres increasing for wheat, cotton and rice. These were partially offset by unfavorable weather during the period as well as unfavorable impacts from the delayed start to the season. |
(4) | Decrease in the three months ended September 30, 2018 was due to warm and dry conditions affecting demand for herbicides and fungicides as well as timing of orders in both Belgium and Holland that will push sales into the fourth quarter due to the shift to a direct market access in those countries. Increase in the nine months ended September 30, 2018 was due to synergies contributing to higher sales particularly in insecticides partially offset by a shorter growing season and lower yields in Northern and Central Europe due to poor weather conditions. |
(5) | Increase in the three months ended September 30, 2018 was primarily due to strong growth in cotton acreage and market growth in Brazil, partially offset by unfavorable foreign currency impacts. Increase in the nine months ended September 30, 2018 was driven by the volume growth in soybean crop, growth in cotton acreage, and market growth in Brazil and Mexico. |
(6) | Decrease for the three months ended September 30, 2018 was due to the rationalization of the legacy portfolio in India and unfavorable foreign currency impacts, partially offset by the strong performance in rice and soy insecticides in India. Increase for the nine months ended September 30, 2018 was due to strong performance in rice and soy insecticides in India and growth in rice herbicides in China which was partially offset by extreme drought conditions in Australia and divestment of the legacy portfolio in India. |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Segment Revenue | $ | 112.0 | $ | 94.4 | $ | 322.7 | $ | 234.0 | |||||||
Segment EBITDA | 48.6 | 40.2 | 150.1 | 93.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in Millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Restructuring charges and asset disposals | $ | 25.1 | $ | 4.4 | $ | 106.6 | $ | 7.1 | |||||||
Other charges (income), net | 0.8 | 2.7 | (77.4 | ) | 15.2 | ||||||||||
Total restructuring and other charges (income) | $ | 25.9 | $ | 7.1 | $ | 29.2 | $ | 22.3 |
Three Months Ended September 30, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||
GAAP - Continuing operations | $ | 109.6 | $ | 30.1 | 27.5 | % | $ | 59.3 | $ | (11.6 | ) | (19.6 | )% | ||||
Corporate special charges | 49.7 | 10.4 | 52.3 | 17.9 | |||||||||||||
Tax adjustments (1) | (17.3 | ) | 9.4 | ||||||||||||||
Non-GAAP - Continuing operations | $ | 159.3 | $ | 23.2 | 14.6 | % | $ | 111.6 | $ | 15.7 | 14.1 | % |
Nine Months Ended September 30, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||
GAAP - Continuing operations | $ | 581.5 | $ | 100.4 | 17.3 | % | $ | 165.7 | $ | 1.1 | 0.7 | % | |||||
Corporate special charges | 177.8 | 40.3 | 88.7 | 30.4 | |||||||||||||
Tax adjustments (1) | (15.4 | ) | 2.8 | ||||||||||||||
Non-GAAP - Continuing operations | $ | 759.3 | $ | 125.3 | 16.5 | % | $ | 254.4 | $ | 34.3 | 13.5 | % |
(1) | Refer to Note 3 of the Adjusted Earnings Reconciliation table within this section of this Form 10-Q for an explanation of tax adjustments. |
(in Millions) | Nine Months Ended September 30, | ||||||
2018 | 2017 | ||||||
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 682.6 | $ | 204.5 | |||
Corporate special charges and depreciation and amortization (1) | 302.5 | 159.9 | |||||
Operating income before depreciation and amortization (Non-GAAP) | $ | 985.1 | $ | 364.4 | |||
Change in trade receivables, net (2) | 91.7 | 286.8 | |||||
Change in inventories (3) | (110.5 | ) | (108.1 | ) | |||
Change in accounts payable (4) | 92.7 | 104.6 | |||||
Change in accrued customer rebates (5) | 304.4 | 123.6 | |||||
Change in advance payments from customers (6) | (350.0 | ) | (233.6 | ) | |||
Change in all other operating assets and liabilities (7) | (201.4 | ) | (92.7 | ) | |||
Cash basis operating income (Non-GAAP) | $ | 812.0 | $ | 445.0 | |||
Restructuring and other spending (8) | $ | (17.0 | ) | $ | (4.2 | ) | |
Environmental spending, continuing, net of recoveries (9) | (9.2 | ) | (11.5 | ) | |||
Pension and other postretirement benefit contributions (10) | (34.1 | ) | (51.1 | ) | |||
Net interest payments (11) | (98.4 | ) | (57.6 | ) | |||
Tax payments, net of refunds (11) | (103.3 | ) | (12.9 | ) | |||
Transactional-related legal and professional fees (12) | (89.1 | ) | (35.2 | ) | |||
Cash provided (required) by operating activities of continuing operations | $ | 460.9 | $ | 272.5 |
(1) | Represents the sum of corporate special charges and depreciation and amortization. |
(2) | The change in cash flows related to trade receivables in 2018 was primarily due to receivable build from the acquired DuPont Crop Protection Business as we did not acquire any receivables as part of the transaction. Additionally, timing had an impact as collection timing is more pronounced in our FMC Agricultural Solutions business where sales, particularly in Brazil, have terms significantly longer than the rest of our businesses. Additionally, timing of collection is impacted as amounts for both periods include carry-over balances remaining to be collected in Latin America, where collection periods are measured in months rather than weeks. During the nine months ended September 30, 2018, we collected approximately $617 million of receivables in Brazil. A significant portion of the collections in Brazil are coming from those accounts that were past due at the start of the year, improving the quality of the remaining receivable balance. |
(3) | Inventory changes and the seasonal nature of the business within the different hemispheres are adjusted accordingly to take into consideration the change in market conditions primarily in FMC Agricultural Solutions. |
(4) | The change in cash flows related to accounts payable is primarily due to payable build from the acquired DuPont Crop Protection Business as we did not acquire any payables as part of the transaction, as well as timing of payments made to suppliers and vendors. |
(5) | These rebates are associated with our FMC Agricultural Solutions segment in North America and Brazil and generally settle in the fourth quarter of each year. The changes year over year are associated with the mix in sales eligible for rebates and incentives in 2018 compared to 2017 and timing of rebate payments. Additionally, the change in accrued rebates for 2018 was primarily due to build from the acquired DuPont Crop Protection Business as we did not acquire any accrued rebates as part of the transaction. |
(6) | Advance payments are primarily associated with our FMC Agricultural Solutions business within North America and these payments are received in the fourth quarter of each year and recorded as deferred revenue on the balance sheet at December 31. Revenue associated with advance payments is recognized, generally in the first half of each year, as shipments are made and control to the customer takes place. |
(7) | Changes in all periods presented primarily represent timing of payments associated with all other operating assets and liabilities, including guarantees issued to vendors under our vendor finance program. Additionally, the 2018 period includes the effects of the unfavorable contracts amortization of approximately $66 million. |
(8) | See Note 9 in our condensed consolidated financial statements included in this Form 10-Q for further details. |
(9) | Included in the period presented are environmental charges for environmental remediation at our operating sites of $9.2 million and $8.3 million, respectively. The amounts in 2018 will be spent in future years. The amounts represent environmental remediation spending at our operating sites which were recorded against pre-existing reserves, net of recoveries. |
(10) | There were $30.0 million in voluntary contributions to our U.S. qualified defined benefit plan in the periods presented in 2018 and $44.0 million in 2017. |
(11) | Amounts shown in the chart represent net payments of our continuing operations. Net interest payments of $15.1 million and tax payments, net of refunds of $8.1 million were allocated to discontinued operations for the nine months ended September 30, 2017. |
(12) | 2018 activity represents payments for legal and professional fees primarily associated with the DuPont's Crop Protection Business Acquisition. See Note 4 to the condensed consolidated financial statements included in this Form 10-Q for more information. |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 10% Strengthening | 10% Weakening | ||
Net asset (liability) position at September 30, 2018 | $1.2 | $29.3 | $(30.3) | ||
Net asset (liability) position at December 31, 2017 | $4.4 | $10.8 | $(3.2) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 1% Increase | 1% Decrease | ||
Net asset (liability) position at September 30, 2018 | $0.6 | $3.5 | $(2.4) |
Publicly Announced Program | ||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased | Total Dollar Amount Purchased | Maximum Dollar Value of Shares that May Yet be Purchased | |||||||||||||
July 1-31, 2018 | 3,579 | $ | 89.25 | — | $ | — | $ | 238,779,078 | ||||||||||
August 1-31, 2018 | — | — | — | — | 238,779,078 | |||||||||||||
September 1-30, 2018 | — | — | — | — | 238,779,078 | |||||||||||||
Total Q3 2018 | 3,579 | $ | 89.25 | — | $ | — | $ | 238,779,078 |
10.1 | ||
10.2 | ||
10.3 | ||
15 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Interactive Data File |
FMC CORPORATION (Registrant) | |||
By: | /s/ ANDREW D. SANDIFER | ||
Andrew D. Sandifer Executive Vice President and Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of FMC Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Pierre R. Brondeau |
Pierre R. Brondeau |
Chief Executive Officer and Chairman |
1. | I have reviewed this Quarterly Report on Form 10-Q of FMC Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Andrew D. Sandifer |
Andrew D. Sandifer |
Executive Vice President |
and Chief Financial Officer |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Pierre R. Brondeau |
Pierre R. Brondeau |
Chief Executive Officer and Chairman |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Andrew D. Sandifer |
Andrew D. Sandifer |
Executive Vice President |
and Chief Financial Officer |
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2018
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | FMC CORPORATION |
Entity Central Index Key | 0000037785 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | Q3 |
Emerging Growth Company | false |
Small Business | false |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 134,657,913 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized hedging gains (losses) and other, tax | $ 3.8 | $ 0.2 | $ 4.0 | $ (2.6) |
Reclassification of deferred hedging (gains) losses and other, included in net income, tax | (4.6) | 1.0 | (5.0) | 0.9 |
Total derivative instruments, tax | (0.8) | 1.2 | (1.0) | (1.7) |
Unrealized actuarial gains (losses) and prior service (costs) credits, tax | 0.0 | (0.1) | 0.0 | 2.7 |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, tax | 0.9 | 1.7 | 2.7 | 5.7 |
Total pension and other postretirement benefits, tax | $ 0.9 | $ 1.6 | $ 2.7 | $ 8.4 |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 176.5 | $ 283.0 |
Trade receivables, net of allowance of $20.0 in 2018 and $38.7 in 2017 | 1,901.9 | 2,043.5 |
Inventories | 995.4 | 992.5 |
Prepaid and other current assets | 417.4 | 326.4 |
Current assets of discontinued operations held for sale | 0.0 | 7.3 |
Total current assets | 3,491.2 | 3,652.7 |
Investments | 0.7 | 1.4 |
Property, plant and equipment, net | 1,002.7 | 1,025.2 |
Goodwill | 1,466.4 | 1,198.9 |
Other intangibles, net | 2,739.9 | 2,631.8 |
Other assets including long-term receivables, net | 416.4 | 443.6 |
Deferred income taxes | 289.6 | 252.7 |
Total assets | 9,406.9 | 9,206.3 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 149.4 | 192.6 |
Accounts payable, trade and other | 784.2 | 714.2 |
Advance payments from customers | 30.1 | 380.6 |
Accrued and other liabilities | 572.1 | 497.7 |
Accrued customer rebates | 562.8 | 266.6 |
Guarantees of vendor financing | 37.0 | 51.5 |
Accrued pension and other postretirement benefits, current | 5.7 | 5.7 |
Income taxes | 130.2 | 99.2 |
Current liabilities of discontinued operations held for sale | 0.0 | 1.3 |
Total current liabilities | 2,271.5 | 2,209.4 |
Long-term debt, less current portion | 2,593.3 | 2,993.0 |
Accrued pension and other postretirement benefits, long-term | 15.5 | 59.3 |
Environmental liabilities, continuing and discontinued | 310.0 | 346.2 |
Deferred income taxes | 330.6 | 173.2 |
Other long-term liabilities | 807.7 | 718.1 |
Commitments and contingent liabilities (Note 18) | ||
Equity | ||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2018 or 2017 | 0.0 | 0.0 |
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2018 and 2017 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 471.5 | 450.7 |
Retained earnings | 4,355.1 | 3,952.4 |
Accumulated other comprehensive income (loss) | (299.5) | (240.3) |
Treasury stock, common, at cost - 2018: 51,325,879 shares, 2017: 51,653,236 shares | (1,499.3) | (1,499.6) |
Total FMC stockholders’ equity | 3,046.4 | 2,681.8 |
Noncontrolling interests | 31.9 | 25.3 |
Total equity | 3,078.3 | 2,707.1 |
Total liabilities and equity | $ 9,406.9 | $ 9,206.3 |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
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Statement of Financial Position [Abstract] | ||
Allowance for trade receivables | $ 20.0 | $ 38.7 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.1 | $ 0.10 |
Common stock, shares authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, shares issued (in shares) | 185,983,792 | 185,983,792 |
Treasury stock, shares (in shares) | 51,325,879 | 51,653,236 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||||
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Sep. 30, 2018 |
Sep. 30, 2017 |
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Cash provided (required) by operating activities of continuing operations: | |||||||||
Net income (loss) | $ 476.9 | $ 7.3 | |||||||
Discontinued operations, net of income taxes | 4.2 | 157.3 | |||||||
Income (loss) from continuing operations | 481.1 | 164.6 | |||||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||||
Depreciation and amortization | 124.7 | 71.2 | |||||||
Equity in (earnings) loss of affiliates | (0.1) | (0.2) | |||||||
Restructuring and other charges (income) | 29.2 | 22.3 | |||||||
Deferred income taxes | (42.9) | 4.6 | |||||||
Pension and other postretirement benefits | 4.0 | (6.3) | |||||||
Share-based compensation | 17.3 | 16.3 | |||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||
Trade receivables, net | 91.7 | 286.8 | |||||||
Guarantees of vendor financing | (14.6) | (48.5) | |||||||
Inventories | (110.5) | (108.1) | |||||||
Accounts payable, trade and other | 92.7 | 104.6 | |||||||
Advance payments from customers | (350.0) | (233.6) | |||||||
Accrued customer rebates | 304.4 | 123.6 | |||||||
Income taxes | 24.6 | (4.3) | |||||||
Pension and other postretirement benefit contributions | (34.1) | (51.1) | |||||||
Environmental spending, continuing, net of recoveries | (9.2) | (11.5) | |||||||
Restructuring and other spending | (17.0) | (4.2) | |||||||
Transaction-related charges | (89.1) | (35.2) | |||||||
Change in other operating assets and liabilities, net | [1] | (41.3) | (18.5) | ||||||
Cash provided (required) by operating activities of continuing operations | 460.9 | 272.5 | |||||||
Cash provided (required) by operating activities of discontinued operations: | |||||||||
Environmental spending, discontinued, net of recoveries | (18.0) | (19.2) | |||||||
Other discontinued spending | (20.1) | (22.4) | |||||||
Operating activities of discontinued operations, net of divestiture costs | (8.8) | 88.6 | |||||||
Cash provided (required) by operating activities of discontinued operations | (46.9) | 47.0 | |||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||
Capital expenditures | (88.6) | (37.3) | |||||||
Proceeds from disposal of property, plant and equipment | 1.1 | 1.6 | |||||||
Acquisitions, net | [2] | 19.6 | 0.0 | ||||||
Other investing activities | (42.6) | (34.3) | |||||||
Cash provided (required) by investing activities of continuing operations | (22.5) | (70.0) | |||||||
Cash provided (required) by investing activities of discontinued operations: | |||||||||
Other discontinued investing activities | (15.0) | (17.8) | |||||||
Cash provided (required) by investing activities of discontinued operations | (15.0) | 20.2 | |||||||
Cash provided (required) by financing activities of continuing operations: | |||||||||
Increase (decrease) in short-term debt | (18.8) | 14.1 | |||||||
Repayments of long-term debt | (401.4) | (301.9) | |||||||
Financing fees | (2.4) | (11.0) | |||||||
Proceeds from borrowings of long-term debt | 0.0 | 103.3 | |||||||
Issuances of common stock, net | 9.4 | 20.1 | |||||||
Transactions with noncontrolling interests | 0.0 | (0.5) | |||||||
Dividends paid | [3] | (66.9) | (66.6) | ||||||
Other repurchases of common stock | (5.4) | (1.8) | |||||||
Cash provided (required) by financing activities of continuing operations | (485.5) | (244.3) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 2.5 | 4.2 | |||||||
Increase (decrease) in cash and cash equivalents | (106.5) | 29.6 | |||||||
Cash and cash equivalents, beginning of period | 283.0 | 64.2 | |||||||
Cash and cash equivalents, end of period | 176.5 | 93.8 | |||||||
Continuing Operations | |||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||
Proceeds from sale of product portfolios | 88.0 | 0.0 | |||||||
Discontinued Operations | |||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||
Proceeds from sale of product portfolios | $ 0.0 | $ 38.0 | |||||||
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Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions |
9 Months Ended | |
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Sep. 30, 2018 |
Sep. 30, 2017 |
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Statement of Cash Flows [Abstract] | ||
Cash paid for interest, net of capitalized interest | $ 98.4 | $ 72.7 |
Income taxes paid, net of refunds | 103.3 | 21.0 |
Net interest payments allocated to discontinued operations | 15.1 | |
Tax payments, net of refunds, allocated to discontinued operations | 8.1 | |
Non-cash additions to property, plant and equipment | $ 7.2 | $ 4.4 |
Financial Information and Accounting Policies |
9 Months Ended |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Financial Information and Accounting Policies | Financial Information and Accounting Policies In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2018 and 2017, cash flows for the nine months ended September 30, 2018 and 2017, and our financial positions as of September 30, 2018 and December 31, 2017. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2018 and 2017 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2018 and 2017 and condensed consolidated statements of cash flows for the nine months ended September 30, 2018 and 2017, have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2017 (the “2017 10-K”). Certain prior year amounts have been reclassified to conform to current year's presentation. Refer to the discussion within Note 2 for the impact of adopting guidance related to the presentation of net benefit cost. |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items |
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Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | Recently Issued and Adopted Accounting Pronouncements and Regulatory Items New accounting guidance and regulatory items In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date). We are evaluating the effect the guidance will have on our consolidated financial statements. In March 2018, the FASB issued ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 related to the Tax Cuts and Jobs Act. This update amends several paragraphs in ASC 740, Income Taxes, that contain SEC guidance related to SAB 118, which was previously issued in December 2017 by the SEC. These amendments are effective upon inclusion in the codification. As discussed in our 2017 Form 10-K, we will continue to refine our calculations and finalize the accounting for the changes in tax law within the measurement period of up to one year. Refer to Note 16 for more information. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits a company to reclassify the income tax effects of the change in the U.S federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances as well as other income tax effects related to the application of the Tax Cuts and Jobs Act (the "Act") within Accumulated other comprehensive income ("AOCI") to retained earnings. There are also new required disclosures such as a description of the accounting policy for releasing income tax effects from AOCI as well as certain disclosures in the period of adoption if a company elects to reclassify the income tax effects. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), and interim periods within those fiscal years, with early adoption permitted. We are evaluating the effect the guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU amends and simplifies existing hedge accounting guidance and allows for more hedging strategies to be eligible for hedge accounting. In addition, the ASU amends disclosure requirements and how hedge effectiveness is assessed. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted in any interim period after issuance of this ASU. We are evaluating the effect the guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases to make technical corrections and clarify the application of the new lease standard. We are utilizing the amendments to ASC 842 in our implementation of the new lease standard. When implemented, we will be required to recognize and measure leases using a modified retrospective approach, with optional practical expedients. We have established an overall project plan to support the implementation of the new lease standard. As part of our impact assessment, we have performed a scoping exercise and determined our current lease population. We continue to update this population as new leases are entered or modified and reassess the impact, accordingly. A framework for the embedded lease identification process has been developed and we are currently evaluating non-lease contracts for embedded lease considerations. Additionally, we are implementing a lease accounting software to assist in the quantification of the expected impact on the consolidated balance sheets and to facilitate the calculations of the related accounting entries and disclosures. We are in the process of assessing any potential impacts on our internal controls, business processes, and accounting policies related to both the implementation and ongoing compliance of the new guidance. We are also in the process of developing our new footnote disclosures required under the new standard. We expect total assets and total liabilities will materially increase in the period of adoption. Recently adopted accounting guidance In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation - Scope of Modification Accounting. This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We adopted this standard beginning in 2018. We will apply the new guidance for any non-substantive changes in our share-based awards in future periods. There was no impact to our consolidated financial statements upon adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU provides requirements for the presentation and disclosure of net benefit cost on the financial statements. The service cost component of net benefit cost is required to be presented in the income statement line item where the associated compensation cost is reported, while the other components of net benefit cost are required to be presented outside of operating income. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We adopted this standard on a retrospective basis. As a result, we have reclassified non-operating pension and postretirement charges (income) from "Selling, general and administrative expenses" to "Non-operating pension and postretirement charges (income)" within the condensed consolidated statements of income (loss). For the three and nine months ended September 30, 2017, we reclassified $3.6 million and $12.3 million, respectively, of non-operating pension and postretirement income. There was no impact to our net income. Refer to the table below.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations. This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. We adopted this standard beginning in 2018. We expect these provisions to impact future transactions of acquisitions or disposals. However, there was no impact to our consolidated financial statements upon adoption. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), with early adoption permitted only in the first quarter of a fiscal year. We adopted this standard beginning in 2018. There was no material impact to our consolidated financial statements upon adoption. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date), with early adoption permitted. We adopted this standard beginning in 2018. Based on our review of the eight cash flow issues, there were no significant changes to our presentation of certain cash receipts and payments within our consolidated cash flow statement. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. We adopted this standard beginning in 2018. There was no material impact on our consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers as a new topic, Accounting Standards Codification Topic 606. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance replaced most existing revenue recognition guidance in U.S. GAAP. On January 1, 2018, we adopted ASU 2014-09 and its related amendments (collectively known as ASC 606) using the modified retrospective adoption method. In order to adopt this standard, we performed an impact assessment by analyzing revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Our assessment procedures included the DuPont Crop Protection Business, which was acquired on November 1, 2017. The standard impacted our disclosures including disclosures presenting further disaggregation of revenue. Refer to Note 3 for further information. Based on our assessment, there was no cumulative catchup effect of initially applying ASC 606 that required an adjustment to our retained earnings; however, we have recognized balance sheet adjustments related to the presentation of sales returns liabilities and corresponding refund assets. The comparative information has not been adjusted and continues to be reported under ASC 605. Utilizing the practical expedients and exemptions allowed under the modified retrospective method, ASC 606 was only applied to existing contracts (i.e. those for which FMC has remaining performance obligations) as of January 1, 2018, and new contracts entered into after January 1, 2018. ASC 606 was not applied to contracts that were completed prior to December 31, 2017. The impacts of the adoption of ASC 606 are set out below. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606, Revenue from Contracts with Customers, was as follows:
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated balance sheet was as follows:
The adoption of ASC 606 requires FMC to record its estimated product returns gross on the balance sheet. Therefore, a refund liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding asset to recover the product from the customer. Presenting estimated product returns gross on the balance sheet resulted in impacts to the above asset and liability line items. |
Revenue Recognition |
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Revenue Recognition | Revenue Recognition Disaggregation of revenue FMC disaggregates revenue from contracts with customers by business segment and by geographical areas. Our FMC Agricultural Solutions segment is further disaggregated into three major pesticide product categories - Insecticides, Herbicides, and Fungicides - and our FMC Lithium segment is disaggregated into four product categories - Lithium Hydroxide, Butyllithium, High Purity Lithium Metal and Other Specialty Compounds, and Lithium Carbonate and Lithium Chloride. The disaggregated revenue tables below are reconciled to FMC’s reportable segments, as defined in Note 19, for the three and nine months ended September 30, 2018. The following table provides information about disaggregated revenue by major geographical region:
The following table provides information about disaggregated revenue by major product category:
FMC Agricultural Solutions We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. FMC Agricultural Solutions' portfolio is comprised of three major pesticide categories: insecticides, herbicides and fungicides. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, and we have a small but fast-growing portfolio of fungicides mainly used in high value crop segments. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and soil enhancements. FMC Lithium The FMC Lithium segment manufactures lithium for use in a wide range of products, which are used primarily in portable energy storage, specialty polymers and chemical synthesis applications. FMC’s Lithium segment focuses on producing specialty products - Lithium hydroxide and Butyllithium. These products are developed and sold to global and regional customers in the electronic vehicle, polymer and specialty alloy metals market. Lithium hydroxide products are used in advanced batteries for hybrid electric, plug-in hybrid, and all-electric vehicles as well as other products that require portable energy storage such as smart phones, tablets, laptop computers, and military devices. Butyllithium products are primarily used as polymer initiators and in the synthesis of pharmaceuticals. High purity lithium metal and other specialty products include lithium phosphate, pharmaceutical-grade lithium carbonate, high purity lithium chloride and specialty organics. Additionally, FMC sells whatever Lithium carbonate and Lithium chloride it does not use internally to its customers for various applications. Sale of Goods Revenue from product sales is recognized when (or as) FMC satisfies a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component. In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, FMC typically recognizes revenue when goods are shipped based on the relevant incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. Sales Incentives and Other Variable Considerations As a part of its customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are re-assessed each reporting period as required. In addition to the variable considerations describe above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In those circumstances, we apply the guidance on breakage and estimate the amount of the shortfall and recognize it over the remaining performance obligations in the contract. Right of Return FMC extends an assurance warranty offering customers a right of refund or exchange in case delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement product are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price. Contract asset and contract liability balances FMC satisfies its obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract liability. FMC recognizes a contract liability if the customer's payment of consideration is received prior to completion of FMC's related performance obligation. The following table presents the opening and closing balances of FMC's receivables (net of allowances) and contract liabilities from contracts with customers.
The amount of revenue recognized in the nine months ended September 30, 2018 that was included in the opening contract liability balance is $350.5 million, which primarily relates to revenue from prepayment contracts with customers in the FMC Agricultural Solutions segment. The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of September 30, 2018. Refer to Note 6 for further information. FMC periodically enters into prepayment arrangements with customers, and receives advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy FMC products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to FMC for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year. FMC recognizes these prepayments as a liability under “Advance Payments from customers” on the condensed consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place. Advance payments from customers was $380.6 million as of December 31, 2017 and $30.1 million as of September 30, 2018. Performance obligations At contract inception, FMC assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Based on our evaluation, we have determined that our current contracts do not contain more than one performance obligation. Revenue is recognized when (or as) the performance obligation is satisfied, which is when the customer obtains control of the good or service. Periodically, in both FMC Agricultural Solutions and FMC Lithium, FMC may enter into contracts with customers which require them to submit a forecast of non-binding purchase obligations to us. These forecasts are typically provided by the customer to FMC in good faith, and there are no penalties or obligations if the forecasts are not met. Accordingly, we have determined that these are optional purchases and do not represent material rights and are not considered as unsatisfied (or partially satisfied) performance obligations for the purposes of this disclosure. In separate and less common circumstances, FMC may have contracts with customers which have binding purchase requirements for just one quarter of their annual forecasts. Additionally, as noted in the Contract Liabilities section above, FMC periodically enters into agricultural prepayment arrangements with customers, and receives advance payments for product to be delivered in future periods within one year. We have elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for these two types of contracts as they have an expected duration of one year or less and the revenue is expected to be recognized within the next year. Occasionally, our FMC Lithium business may enter into multi-year take or pay supply agreements with customers. The aggregate amount of revenue expected to be recognized related to these contracts’ performance obligations that are unsatisfied or partially satisfied is approximately $14 million for the remainder of 2018, $62 million in 2019, and $49 million in 2020. These approximate revenues do not include amounts of variable consideration attributable to contract renewals or contract contingencies. Based on our past experience with the customers under these arrangements, we expect to continue recognizing revenue in accordance with the contracts as we transfer control of the product to the customer (refer to the sales of goods section for our determination of transfer of control). However, in the case a shortfall of volume purchases occurs, we will recognize the amount payable by the customer ratably over the contract term. Other arrangements Data Licensing FMC sometimes grants to third parties a license and right to rely upon pesticide regulatory data filed with government agencies. Such licenses allow a licensee to cite and rely upon FMC’s data in connection with the licensee’s application for pesticide registrations as required by law; these licenses can be granted through contract or through a mandatory statutory license, depending on circumstances. In the most common occurrence, when a license is embedded in a contract for supply of pesticide active ingredient from FMC to the licensee, the license grant is not considered as distinct from other promised goods or services. Accordingly, all promises are treated as a single performance obligation and revenue is recognized at a point when the control of the pesticide products is transferred to the licensee-customer. In the less frequent occurrence, when the license and right to use data is granted without a supply contract, FMC accounts for the revenue attributable to the data license as a performance obligation satisfied at a single point in time and recognizes revenue on the effective date of such contract. Finally, in those circumstance of mandatory data licensing by statute, such as under U.S. pesticide law, FMC recognizes the data compensation upon the effective date of the data compensation settlement agreement. Payment terms for these arrangements may vary by contract. Service Arrangements In limited cases, FMC engages in providing certain tolling services, such as filling and packing services using raw and packing materials supplied by the customer. However, as a result of the DuPont Crop Protection Business Acquisition, on November 1, 2017 DuPont and FMC entered into an agreement to provide tolling services to one another for up to five years from the acquisition date. Depending on the nature of the tolling services, FMC determines the appropriate method of satisfaction of the performance obligation, which may be the input or output method. Compared to other goods and services provided by FMC, service arrangements do not represent a significant portion of sales each year. Payment terms for service arrangements may vary by contract; however, payment is typically due within 30 days of the invoice date. Practical Expedients and Exemptions FMC incurs certain costs such as sales commissions which are incremental to obtaining the contract. FMC has elected the following practical expedients following the adoption of ASC 606:
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Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions DuPont Crop Protection On November 1, 2017, pursuant to the terms and conditions set forth in the Transaction Agreement entered into with E. I. du Pont de Nemours and Company (“DuPont"), we completed the acquisition of certain assets relating to DuPont's Crop Protection business and research and development ("R&D") organization (the "DuPont Crop Protection Business") (collectively, the "DuPont Crop Protection Business Acquisition"). In connection with this transaction, we sold to DuPont our FMC Health and Nutrition segment and paid DuPont $1.2 billion in cash which was funded with the 2017 Term Loan Facility which was secured for the purposes of the acquisition. See Note 10 for more details. The following table illustrates each component of the consideration paid as part of the DuPont Crop Protection Business Acquisition:
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As part of the DuPont Crop Protection Business Acquisition, we acquired various manufacturing contracts. The manufacturing contracts have been recognized as an asset or liability to the extent the terms of the contract are favorable or unfavorable compared with market terms of the same or similar items at the date of the acquisition. We also entered into supply agreements with DuPont, with terms of up to five years, to supply technical insecticide products required for their retained seed treatment business at cost. The unfavorable liability is recorded within both "Accrued and other liabilities" and "Other long-term liabilities" on the condensed consolidated balance sheets and is reduced and recognized to revenues within earnings as sales are made. The amount recognized in revenue for the three and nine months ended September 30, 2018 was approximately $23 million and $66 million, respectively. Certain manufacturing sites and R&D sites will be transferred to us at a later date due to various local timing constraints; however, we will still obtain the economic benefit from these sites during the period from November 1, 2017 to when the sites legally transfer. No additional consideration will be paid at the date of transfer. All sites except for one that did not transfer on November 1, 2017 legally transferred to us on July 1, 2018. The DuPont Crop Protection Business is being integrated into our FMC Agricultural Solutions segment and has been included within our results of operations since the date of acquisition. In the third quarter of 2017, both the European Commission and Competition Commission of India had conditionally approved our acquisition of certain assets of DuPont’s Crop Protection business. The DuPont Crop Protection Business Acquisition was conditioned upon us divesting the portfolio of products required by the respective regulatory bodies. These divestitures are expected to impact FMC Agricultural Solutions’ annual 2018 operating profit by approximately $20 million. On February 1, 2018, we completed the sale of a portion of FMC's European herbicide portfolio to Nufarm Limited and received proceeds of $85.0 million plus $2.0 million of working capital. We recorded a gain on sale of approximately $85 million. This divestiture satisfied FMC's commitments to the European Commission related to the DuPont Crop Protection Business Acquisition. In December 2017, the Competition Commission of India issued its final order describing the required Indian remedy. We received anti-trust approval from the Competition Commission of India on August 1, 2018 to complete the sale of the products to Crystal Crop Protection Limited in compliance with that final order. The sale closed on August 16, 2018 and satisfied our commitments to the Competition Commission of India related to the DuPont Crop Protection Business Acquisition. We recorded a gain of approximately $3 million. Purchase Price Allocation We applied acquisition accounting under the U.S. GAAP business combinations guidance. Acquisition accounting requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The net assets of the DuPont Crop Protection Business Acquisition will be recorded at the estimated fair values using primarily Level 2 and Level 3 inputs (see Note 17 for an explanation of Level 2 and Level 3 inputs). In valuing acquired assets and assumed liabilities, valuation inputs include an estimate of future cash flows and discount rates based on the internal rate of return and the weighted average rate of return. The purchase price allocation is considered complete. The allocation was subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations was obtained. Any changes to the initial allocation are referred to as measurement-period adjustments. Measurement-period adjustments since our initial preliminary estimates reported in our 2017 10-K were primarily related to increases in the estimated fair values of intangible assets, deferred tax liabilities, and the unfavorable supply contract. The cumulative effect of all measurement-period adjustments resulted in an increase to recognized goodwill of approximately $281 million. The following table summarizes the consideration paid for the DuPont Crop Protection Business and the amounts of the assets acquired and liabilities assumed.
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Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the DuPont Crop Protection Business Acquisition occurred at the beginning of the periods presented. The pro forma amounts include certain adjustments, including interest expense on the borrowings used to complete the acquisition, depreciation and amortization expense and income taxes. The pro forma amounts for the three and nine month periods below exclude transaction-related charges. The pro forma results do not include adjustments related to cost savings or other synergies that are anticipated as a result of the acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisitions had occurred as of January 1, 2017, nor are they indicative of future results of operations.
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Transaction-related charges Pursuant to U.S. GAAP, costs incurred associated with acquisition and separation activities are expensed as incurred. Historically, these costs have primarily consisted of legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of these activities. Given the significance and complexity around the integration of the DuPont Crop Protection Business Acquisition, we have incurred to date, and expect to incur, costs associated with integrating the DuPont Crop Protection Business, planning for the exit of the transitional service agreement as well as implementation of a new worldwide ERP system as a result of the transitional service agreement exit, the majority of which will be capitalized in accordance with the relevant accounting literature. These costs have been and are expected to be significant. Additionally, we expect to continue to incur costs associated with the previously announced separation of FMC Lithium. Costs incurred to date are primarily comprised of advisory and other professional fees. The following table summarizes the costs incurred associated with these activities.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by business segment are presented in the table below:
We perform our goodwill and indefinite-lived intangible asset impairment tests at least annually. Our fiscal year 2018 annual goodwill and indefinite-lived intangible asset impairment test was performed during the three months ended September 30, 2018. As a result, we determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value for each of our goodwill reporting units. However, we recorded an immaterial impairment charge in our generic brand portfolio which is part of our FMC Agricultural Solutions segment. Refer to Note 17 for further details. Our intangible assets, other than goodwill, consist of the following:
At September 30, 2018, the finite-lived and indefinite-lived intangibles were allocated among our business segments as follows:
The full year estimated pre-tax amortization expense for the year ended December 31, 2018 and each of the succeeding five years is approximately $63 million. |
Receivables |
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Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables.
We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $81.2 million as of September 30, 2018. These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the condensed consolidated balance sheet. A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary. The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
Restructuring charges For detail on restructuring activities which commenced prior to 2018, see Note 7 to our consolidated financial statements included with our 2017 Form 10-K.
2018 Restructuring Activities DuPont Crop Restructuring On November 1, 2017, we completed the acquisition of the DuPont Crop Protection Business. See Note 4 for more details. As we integrate the DuPont Crop Protection Business into our existing FMC Agricultural Solutions segment, we have started to and continue to expect to engage in various restructuring activities. These restructuring activities may include workforce reductions, relocation of current operating locations, lease and other contract termination costs and fixed asset accelerated depreciation as well as other asset disposal charges at several of our FMC Agricultural Solutions' operations. Details of key activities to date are as follows. Subsequent to the acquisition, we conducted an in-depth analysis of key competitive capabilities of the combined business in India which resulted in a significant change to how we operate in the market and therefore a restructuring of our business in India. On July 3, 2018, we announced the adoption of an innovation-focused product strategy that uses a unique market access model anchored by our key, large scale distributors rather than the vast customer base we served prior to the DuPont Crop Protection Acquisition. Additionally, we rationalized our product portfolio and decisively exited a vast majority of the low margin product range. As a result of the change to our market access, we incurred charges of approximately $2 million and $57 million for the three and nine months ended September 30, 2018, which primarily included the write-off of stranded accounts receivables and inventory. We also had workforce reductions which resulted in severance and other employee benefit charges of $1 million and $4 million for the three and nine months ended September 30, 2018. As part of the acquisition, we acquired the Stine R&D facilities ("Stine") from DuPont. Due to its proximity to our previously existing Ewing R&D center ("Ewing"), in March 2018, we decided to migrate our Ewing R&D activities and employees into the newly acquired Stine facilities. As a result of this decision, we are accelerating the depreciation of certain fixed assets that will no longer be used when we exit the facility. We incurred $9.1 million and $17.4 million of accelerated depreciation charges in the three and nine months ended September 30, 2018, respectively. The cease use criteria was met as of September 30, 2018 as all employees had exited the Ewing facility and the facility became available for use. We record the estimated future liability associated with the rental obligation on the cease use date which resulted in a charge of $11.2 million in the three months ended September 30, 2018. This charge was offset by the reduction of the capital lease liability previously recorded in "Other long-term liabilities" of $6.0 million. In addition to lease termination costs, we incurred severance, relocation and other employee related charges of $4.3 million for the nine months ended September 30, 2018. FMC Lithium Restructuring In 2018, we implemented a formal plan to restructure our operations at the FMC Lithium manufacturing site located in Bessemer City, North Carolina. The objective of this restructuring plan was to optimize both the assets and cost structure by reducing certain production lines at the plant. The restructuring decision resulted in primarily shutdown costs which are reflected in the table above. Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations.
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Other charges (income), net
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 12 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. Product Portfolio Sales On February 1, 2018, we sold a portion of our European herbicide portfolio to Nufarm Limited. Additionally, on August 16, 2018, we completed the sale of certain products of our India portfolio to Crystal Crop Protection Limited. Both sales were required by regulatory authorities as part of closing conditions for the DuPont acquisition. Refer to Note 4 for more information. The gain on these sales are recorded within "Restructuring and other charges (income)" on the condensed consolidated statements of income (loss). Proceeds from these sales are included in investing activities on the condensed consolidated statements of cash flows. Other items, net Other items, net for the three and nine months ended September 30, 2018 relate to the loss associated with the divestment of a joint venture within FMC Agricultural Solutions. Other items, net for the nine months ended September 30, 2017 primarily relate to exit costs resulting from the termination and deconsolidation of our interest in a variable interest entity that was previously consolidated and was part of our FMC Agricultural Solutions segment. |
Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt maturing within one year:
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Long-term debt:
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Revolving Credit Agreement Amendment On September 28, 2018, we entered into Amendment No. 1 (“Revolving Credit Amendment”) to that certain Second Amended and Restated Credit Agreement, dated as of May 2, 2017. The Revolving Credit Amendment amends the Revolving Credit Agreement in order to permit the previously disclosed separation and spin-off of FMC Lithium, as set forth in the Revolving Credit Amendment. 2017 Term Loan Agreement Amendment On September 28, 2018, we entered into Amendment No. 1 (“2017 Term Loan Amendment”) to that certain Term Loan Agreement, dated as of May 2, 2017. The 2017 Term Loan Amendment amends the 2017 Term Loan Agreement in order to permit our previously disclosed separation and spin-off of the FMC Lithium segment, as set forth in the 2017 Term Loan Amendment. 2014 Term Loan Agreement Amendment On September 28, 2018, we entered into Amendment No. 4 (“2014 Term Loan Amendment”) to that certain Term Loan Agreement, dated as of October 10, 2014. The 2014 Term Loan Amendment amends the 2014 Term Loan Agreement in order to permit our previously disclosed separation and spin-off of the FMC Lithium business, as set forth in the 2014 Term Loan Amendment. FMC Lithium Revolving Credit Facility On September 28, 2018, our Lithium segment entered into a credit agreement among its subsidiary, FMC Lithium USA Corp., as borrowers (the “Borrowers”), certain of FMC Lithium's wholly owned subsidiaries as guarantors, the lenders party thereto (the “Lenders”), Citibank, N.A., as administrative agent, and certain other financial institutions party thereto, as joint lead arrangers (the “Credit Agreement”). The Credit Agreement provides for a $400 million senior secured revolving credit facility, $50 million of which is available for the issuance of letters of credit for the account of the Borrowers, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $600 million (the “Revolving Credit Facility”). The issuance of letters of credit and the proceeds of revolving credit loans made pursuant to the Revolving Credit Facility are available, and will be used, for general corporate purposes, including capital expenditures and permitted acquisitions, of the Borrowers and their subsidiaries. Amounts under the Revolving Credit Facility may be borrowed, repaid and re-borrowed from time to time until the final maturity date of the Revolving Credit Facility, which will be the fifth anniversary of the Revolving Credit Facility’s effective date. Voluntary prepayments and commitment reductions under the Revolving Credit Facility are permitted at any time without any prepayment premium upon proper notice and subject to minimum dollar amounts. Revolving loans under the Credit Agreement will bear interest at a floating rate, which will be a base rate or a Eurodollar rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin based on the Lithium segment's leverage ratio, as determined in accordance with the provisions of the Credit Agreement. The base rate will be the greatest of: the rate of interest announced publicly by Citibank, N.A. in New York City from time to time as its “base rate”; the federal funds effective rate plus 0.5%; and a Eurodollar rate for a one-month interest period plus 1%. Each borrower on a joint and several basis is required to pay a commitment fee quarterly in arrears on the average daily unused amount of each Lender’s revolving credit commitment at a rate equal to an applicable percentage based on the Lithium segment’s leverage ratio, as determined in accordance with the provisions of the Credit Agreement. The applicable margin and the commitment fee are subject to adjustment as provided in the Credit Agreement. The Borrowers’ present and future domestic material subsidiaries (the “Guarantors”) will guarantee the obligations of the Borrowers under the Revolving Credit Facility. The obligations of the Borrowers and the Guarantors are secured by all of the present and future assets of the Borrowers and the Guarantors, including the Borrowers’ facility and real estate in Bessemer City, North Carolina, subject to certain exceptions and exclusions as set forth in the Credit Agreement and other security and collateral documents. The Credit Agreement contains certain affirmative and negative covenants that are binding on the Borrowers and their subsidiaries, including, among others, restrictions (subject to exceptions and qualifications) on the ability of the Borrowers and their subsidiaries to create liens, to undertake fundamental changes, to incur debt, to sell or dispose of assets, to make investments, to make restricted payments such as dividends, distributions or equity repurchases, to change the nature of their businesses, to enter into transactions with affiliates and to enter into certain burdensome agreements. Covenants Among other restrictions, our Revolving Credit Facility and both 2014 and 2017 Term Loan Facilities contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended September 30, 2018 was 2.4, which is below the maximum leverage of 4.5 at September 30, 2018. Our actual interest coverage for the four consecutive quarters ended September 30, 2018 was 9.3, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at September 30, 2018. The FMC Lithium Revolving Credit Facility contains financial covenants applicable to FMC Lithium and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Under the FMC Lithium Revolving Credit Facility, FMC Lithium must maintain a leverage ratio of no more than 3.50 to 1.00 and a minimum interest coverage ratio of at least 3.50 to 1.00, each as measured as of the end of each fiscal quarter. We were in compliance with all covenants at September 30, 2018. |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations FMC Health and Nutrition: On August 1, 2017, we completed the sale of the Omega-3 business to Pelagia AS for $38 million. On November 1, 2017, we completed the previously disclosed sale of our FMC Health and Nutrition business to DuPont. The sale resulted in a gain of approximately $918 million ($727 million, net of tax). During the nine months ended September 30, 2018, we recorded an additional gain on sale of $17 million, net of tax as a result of the working capital settlement. In connection with the sale, we entered into a customary transitional services agreement with DuPont to provide for the orderly separation and transition of various functions and processes. These services will be provided by us to DuPont for up to an initial 24 months after closing, with an additional six months extension. These services include information technology services, accounting, human resource and facility services among other services, while DuPont assumes the operations of FMC Health and Nutrition. As discussed in Note 4, certain sites were to transfer at a later date due to various local timing constraints. In May 2018, the last site transferred to DuPont. The results of our discontinued FMC Health and Nutrition operations are summarized below, including the results of these delayed sites included in the three and nine months ended September 30, 2018:
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The following table presents the major classes of assets and liabilities of FMC Health and Nutrition:
Discontinued operations include the results of the FMC Health and Nutrition segment as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and 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:
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations which management considers probable and which management can reasonably estimate. The table below is a roll forward of our total environmental reserves, continuing and discontinued:
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The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $210 million at September 30, 2018. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
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A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 10 to our consolidated financial statements in our 2017 Form 10-K. See Note 10 to our consolidated financial statements in our 2017 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2017 Form 10-K other than the update provided below. Middleport Middleport Litigation In the federal court action before the United States District Court for the Western District of New York, FMC responded to the Court’s dismissal of FMC’s action by filing a Motion to Vacate Judgment and For Leave to Amend Complaint on March 2, 2017. The purpose of this motion is to allow FMC to amend its Complaint to add a citizen’s suit under RCRA against the United States for the Environmental Protection Agency's ("EPA") failure to perform its nondiscretionary duties under the 1991 Administrative Order on Consent ("AOC"). Simultaneously, FMC served the EPA with a 60-day notice letter, which is a procedural precursor to filing the citizen’s suit complaint. On June 7, 2018, the District Court denied FMC’s motion. On August 6, 2018, FMC filed a notice of appeal in the Second Circuit, appealing both the underlying dismissal and the denial of the motion, which is still pending. Oral arguments in the New York State Department of Environmental Conservation ("NYSDEC") appeal of the Appellate Division decision was held on March 21, 2018. On May 1, 2018, the Court issued its opinion reversing the Appellate Division’s decision and holding that NYSDEC has the authority to unilaterally spend state superfund money to cleanup sites and then seek reimbursement from FMC in a separate proceeding. We will have the opportunity to dispute the liability for, and the amount of, the costs in that proceeding. NYSDEC has elected to unilaterally implement the remedy outside of the framework of the AOC, which is also inconsistent with the National Contingency Plan, but has not yet brought a cost recovery action against FMC. FMC’s reserves continue to reflect the reasonably estimable amount necessary to perform the remedy recommended in the Corrective Measure Study report submitted pursuant to the AOC. Our estimated reasonably possible environmental loss contingencies exposure continues to reflect the additional costs that NYSDEC may claim they are entitled to in the cost recovery action. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three and nine months ended September 30, 2018, there were 0.2 million and 0.2 million potential common shares excluded from Diluted EPS, respectively. There were no potential common shares excluded from Diluted EPS for the three months ended September 30, 2017. For the nine months ended September 30, 2017 there were 0.2 million potential common shares excluded from Diluted EPS. Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Equity |
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Equity | Equity The table provides a roll forward of equity, equity attributable to FMC stockholders, and equity attributable to noncontrolling interests.
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Accumulated other comprehensive income (loss) Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 17 for more information. (2) See Note 15 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 condensed consolidated statements of income (loss) for each of the periods presented.
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Dividends and Share Repurchases For the nine months ended September 30, 2018 and 2017, we paid dividends of $66.9 million and $66.6 million, respectively. On October 18, 2018, we paid dividends totaling $22.3 million to our shareholders of record as of September 28, 2018. This amount is included in “Accrued and other liabilities” on the condensed consolidated balance sheet as of September 30, 2018. During the nine months ended September 30, 2018, no shares were repurchased under the publicly announced repurchase program. At September 30, 2018, $238.8 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. |
Pensions and Other Postretirement Benefits |
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Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits The following table summarizes the components of net annual benefit cost (income):
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In the nine months ended September 30, 2017 we recognized a curtailment loss of $3.9 million associated with the expected disposal of our FMC Health and Nutrition business, which was recorded within "Discontinued operations, net of income taxes" within the condensed consolidated statements of income (loss). We made voluntary cash contributions to our U.S. defined benefit pension plan in the nine months ended September 30, 2018 and 2017 of $30.0 million and $44.0 million, respectively. We do not expect to make any further contributions to our U.S. defined benefit pension plan during 2018. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted in the United States. The Act significantly revised the U.S. corporate income tax structure resulting in changes to the Company’s expected U.S. corporate taxes due for 2017 and in future periods. Effective January 1, 2018, the Act, among other things, reduces the U.S. federal corporate tax rate from 35% to 21%, creates new provisions related to foreign sourced earnings, and eliminates the deduction for domestic production activities. The Act also requires companies to pay a one-time transition tax on the cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Taxes due on the one-time transition tax are payable as of December 31, 2017 and may be paid to the tax authority over eight years. In December 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses situations where the accounting is incomplete for the income tax effects of the Act. SAB 118 directs taxpayers to consider the impact of the Act as “provisional” when the Company does not have the necessary information available, prepared, or analyzed (including computations) to finalize the accounting for the change in tax law. Companies are provided a measurement period of up to one year to obtain, prepare, and analyze information necessary to finalize the accounting for provisional amounts or amounts that cannot be estimated as of December 31, 2017. For the period ending December 31, 2017, we recognized provisional tax expense of $315.9 million as our reasonable estimate of the impact of the provisions of the Act, which was included as a component of income tax expense in our consolidated financial statements. The $315.9 million is comprised of $202.7 million for the net transition tax to be paid over eight years and $113.2 million from the remeasurement of our U.S. net deferred tax assets. For the nine months ended September 30, 2018, we recorded an adjustment to our provisional tax expense of $18.3 million of income tax expense comprised of a change of $3.2 million in the estimated impact of the remeasurement of the Company’s U.S. net deferred tax assets and a $15.1 million change in the net transition tax to be paid. The revisions to our provisional tax expense include the impact of the 2017 U.S. federal tax return filing. We will continue to refine our calculations as additional information is obtained and analyzed related to the Act. Additional information that may affect our provisional amounts would include further clarification and guidance on how the IRS and state taxing authorities will implement tax reform, such as guidance with respect to foreign sourced earnings, executive compensation, and transition tax; the completion of certain 2017 state tax returns; and the potential for additional guidance from the SEC or the FASB related to tax reform. The accounting is expected to be finalized during the fourth quarter of 2018. We determine our interim tax provision using an Estimated Annual Effective Tax Rate methodology (“EAETR”) in accordance with GAAP. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income in each tax jurisdiction in which we operate. As our projections of ordinary income change throughout the year, the EAETR will change period-to-period. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. As a global enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors. As a result, there can be significant volatility in interim tax provisions. The below chart provides a reconciliation between our reported effective tax rate and the EAETR of our continuing operations.
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Financial Instruments, Risk Management and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward and option contracts are included in the tables within this Note. The estimated fair value of debt is $2,767.7 million and $3,250.6 million and the carrying amount is $2,742.7 million and $3,185.6 million as of September 30, 2018 and December 31, 2017, respectively. We enter into various financial instruments with off-balance-sheet risk as part of the normal course of business. These off-balance-sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers. See Note 18 for more information. Decisions to extend financial guarantees to customers and the amount of collateral required under these guarantees are based on our evaluation of creditworthiness on a case-by-case basis. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 17 to our consolidated financial statements on our 2017 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of September 30, 2018, we had open foreign currency forward contracts and options in AOCI in a net after tax gain position of $4.9 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts and options hedge forecasted transactions until December 31, 2019. At September 30, 2018, we had open forward contracts and options designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $671.4 million. As of September 30, 2018, we had open interest rate contracts in AOCI in a net after tax gain position of $0.5 million designated as cash flow hedges of underlying floating rate interest payments on a portion of our variable-rate debt. At September 30, 2018 we had interest rate swap contracts outstanding with a total aggregate notional value of $200.0 million. As of September 30, 2018, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At September 30, 2018, we had zero mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. Approximately all of the $5.4 million net gains after-tax, representing open foreign currency exchange contracts, interest rate contracts, and commodity contracts, will be realized in earnings during the twelve months ending September 30, 2019 if spot rates in the future are consistent with forward rates as of September 30, 2018. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. Derivatives Not Designated As Hedging Instruments We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings. We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $1,071.1 million at September 30, 2018. Fair Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
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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
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Derivatives Not Designated as Hedging Instruments
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Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Fair Value Hierarchy We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Recurring Fair Value Measurements 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.
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Nonrecurring Fair Value Measurements 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, 2018 and December 31, 2017.
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Guarantees, Commitments, and Contingencies |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Guarantees, Commitments, and Contingencies | Guarantees, Commitments, and Contingencies We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. Guarantees and Other Commitments The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2018. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
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Excluded from the chart above are parent-company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries, the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to these liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. Contingencies A detailed discussion related to our outstanding contingencies, other than as discussed below, can be found in Note 18 to our consolidated financial statements included within our 2017 Form 10-K. Canadian antitrust actions. In 2005, after public disclosures of the U.S. federal grand jury investigation into the hydrogen peroxide industry (which resulted in no charges brought against us) and the filing of various class actions in U.S. federal and state courts, which have all been settled, putative class actions against us and five other major hydrogen peroxide producers were filed in provincial courts in Ontario, Quebec and British Columbia under the laws of Canada. The other five defendants have settled these claims for a total of approximately $20.6 million. On September 28, 2009, the Ontario Superior Court of Justice certified a class of direct and indirect purchasers of hydrogen peroxide from 1994 to 2005. Our motion for leave to appeal the class certification decision was denied in June 2010. The case was largely dormant while the Canadian Supreme Court considered, in different litigation, whether indirect purchasers may recover overcharges in antitrust actions. In October 2013 the Court ruled that such recovery is permissible. Thereafter, the plaintiffs' moved to dismiss certain downstream purchasers (those who purchased products that contain hydrogen peroxide or were made using hydrogen peroxide) from the case and to reduce the class period to November 1, 1998 through December 31, 2003 - thereby eliminating six of the eleven years of the originally certified class period. The Court approved this request. Following an active period of discovery the plaintiffs approached FMC for settlement negotiations in July 2018. The plaintiffs and FMC subsequently reached agreement and signed a settlement agreement on September 27, 2018, providing for a payment of CAD 3.25 million ($2.5 million), which is recorded within "Accrued and other current liabilities" on the condensed consolidated balance sheets, to plaintiffs. This was recorded within "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). Subject to court approval, which is expected, the settlement agreement fully and finally resolved the Canadian litigation. |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information
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(2) These charges are included in “Costs of sales and services” on the condensed consolidated statements of income (loss). |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In March 2017, we announced our intention to separate our FMC Lithium segment (subsequently renamed Livent Corporation, or "Livent") into a publicly traded company. The initial step of the separation, the initial public offering ("IPO") of Livent, closed on October 15, 2018. After completion of the IPO, FMC owned 123 million shares of Livent's common stock, representing approximately 85 percent of the total outstanding shares of Livent's common stock. FMC presently intends to distribute the remaining Livent shares on March 1, 2019. We will continue to consolidate Livent as the FMC Lithium reporting segment until the full separation date. At that time, results of Livent will move to discontinued operations. In connection with the IPO, we have entered into certain agreements with Livent that govern various interim and ongoing relationships between the parties. These agreements include a separation and distribution agreement, a transition services agreement, a shareholders’ agreement, a tax matters agreement, a registration rights agreement, an employee matters agreement and a trademark license agreement. Pursuant to the terms of the separation and distribution agreement, on October 18, 2018, we received a net distribution of approximately $320 million from Livent representing the proceeds from the sale of its common stock as part of the IPO, net of underwriting discounts and commissions, financing fees and other offering related expenses. On November 5, 2018, we announced a plan to repurchase $200 million in shares by the end of 2018 under our existing share repurchase authorization. |
Financial Information and Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of accounting | In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2018 and 2017, cash flows for the nine months ended September 30, 2018 and 2017, and our financial positions as of September 30, 2018 and December 31, 2017. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. |
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New accounting guidance and regulatory items and recently adopted accounting guidance | New accounting guidance and regulatory items In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date). We are evaluating the effect the guidance will have on our consolidated financial statements. In March 2018, the FASB issued ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 related to the Tax Cuts and Jobs Act. This update amends several paragraphs in ASC 740, Income Taxes, that contain SEC guidance related to SAB 118, which was previously issued in December 2017 by the SEC. These amendments are effective upon inclusion in the codification. As discussed in our 2017 Form 10-K, we will continue to refine our calculations and finalize the accounting for the changes in tax law within the measurement period of up to one year. Refer to Note 16 for more information. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits a company to reclassify the income tax effects of the change in the U.S federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances as well as other income tax effects related to the application of the Tax Cuts and Jobs Act (the "Act") within Accumulated other comprehensive income ("AOCI") to retained earnings. There are also new required disclosures such as a description of the accounting policy for releasing income tax effects from AOCI as well as certain disclosures in the period of adoption if a company elects to reclassify the income tax effects. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), and interim periods within those fiscal years, with early adoption permitted. We are evaluating the effect the guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU amends and simplifies existing hedge accounting guidance and allows for more hedging strategies to be eligible for hedge accounting. In addition, the ASU amends disclosure requirements and how hedge effectiveness is assessed. The new standard is effective for fiscal years beginning after December 15, 2018 (i.e. a January 1, 2019 effective date), with early adoption permitted in any interim period after issuance of this ASU. We are evaluating the effect the guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU changes the subsequent measurement of goodwill impairment by eliminating Step 2 from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. We believe the adoption will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The new standard is effective for fiscal years beginning after December 15, 2019 (i.e. a January 1, 2020 effective date), with early adoption permitted for fiscal years beginning after December 15, 2018. We are evaluating the effect the guidance will have on our consolidated financial statements. In February 2016, the FASB issued its new lease accounting guidance in ASU No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. a January 1, 2019 effective date). In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases to make technical corrections and clarify the application of the new lease standard. We are utilizing the amendments to ASC 842 in our implementation of the new lease standard. When implemented, we will be required to recognize and measure leases using a modified retrospective approach, with optional practical expedients. We have established an overall project plan to support the implementation of the new lease standard. As part of our impact assessment, we have performed a scoping exercise and determined our current lease population. We continue to update this population as new leases are entered or modified and reassess the impact, accordingly. A framework for the embedded lease identification process has been developed and we are currently evaluating non-lease contracts for embedded lease considerations. Additionally, we are implementing a lease accounting software to assist in the quantification of the expected impact on the consolidated balance sheets and to facilitate the calculations of the related accounting entries and disclosures. We are in the process of assessing any potential impacts on our internal controls, business processes, and accounting policies related to both the implementation and ongoing compliance of the new guidance. We are also in the process of developing our new footnote disclosures required under the new standard. We expect total assets and total liabilities will materially increase in the period of adoption. Recently adopted accounting guidance In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation - Scope of Modification Accounting. This ASU provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We adopted this standard beginning in 2018. We will apply the new guidance for any non-substantive changes in our share-based awards in future periods. There was no impact to our consolidated financial statements upon adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU provides requirements for the presentation and disclosure of net benefit cost on the financial statements. The service cost component of net benefit cost is required to be presented in the income statement line item where the associated compensation cost is reported, while the other components of net benefit cost are required to be presented outside of operating income. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date). We adopted this standard on a retrospective basis. As a result, we have reclassified non-operating pension and postretirement charges (income) from "Selling, general and administrative expenses" to "Non-operating pension and postretirement charges (income)" within the condensed consolidated statements of income (loss). For the three and nine months ended September 30, 2017, we reclassified $3.6 million and $12.3 million, respectively, of non-operating pension and postretirement income. There was no impact to our net income. Refer to the table below.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations. This new ASU clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date) and will be applied prospectively. We adopted this standard beginning in 2018. We expect these provisions to impact future transactions of acquisitions or disposals. However, there was no impact to our consolidated financial statements upon adoption. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. Under the new guidance, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for fiscal years beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), with early adoption permitted only in the first quarter of a fiscal year. We adopted this standard beginning in 2018. There was no material impact to our consolidated financial statements upon adoption. In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice in how certain cash receipts and cash payments are both presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years (i.e. a January 1, 2018 effective date), with early adoption permitted. We adopted this standard beginning in 2018. Based on our review of the eight cash flow issues, there were no significant changes to our presentation of certain cash receipts and payments within our consolidated cash flow statement. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (i.e. a January 1, 2018 effective date), and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. We adopted this standard beginning in 2018. There was no material impact on our consolidated financial statements upon adoption. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers as a new topic, Accounting Standards Codification Topic 606. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance replaced most existing revenue recognition guidance in U.S. GAAP. On January 1, 2018, we adopted ASU 2014-09 and its related amendments (collectively known as ASC 606) using the modified retrospective adoption method. In order to adopt this standard, we performed an impact assessment by analyzing revenue transactions and arrangements that are representative of our business segments and their revenue streams. Additionally, we assessed any potential impacts on our internal controls and processes related to both the implementation and ongoing compliance of the new guidance. Our assessment procedures included the DuPont Crop Protection Business, which was acquired on November 1, 2017. The standard impacted our disclosures including disclosures presenting further disaggregation of revenue. Refer to Note 3 for further information. Based on our assessment, there was no cumulative catchup effect of initially applying ASC 606 that required an adjustment to our retained earnings; however, we have recognized balance sheet adjustments related to the presentation of sales returns liabilities and corresponding refund assets. The comparative information has not been adjusted and continues to be reported under ASC 605. Utilizing the practical expedients and exemptions allowed under the modified retrospective method, ASC 606 was only applied to existing contracts (i.e. those for which FMC has remaining performance obligations) as of January 1, 2018, and new contracts entered into after January 1, 2018. ASC 606 was not applied to contracts that were completed prior to December 31, 2017. The impacts of the adoption of ASC 606 are set out below. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606, Revenue from Contracts with Customers, was as follows:
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated balance sheet was as follows:
The adoption of ASC 606 requires FMC to record its estimated product returns gross on the balance sheet. Therefore, a refund liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding asset to recover the product from the customer. Presenting estimated product returns gross on the balance sheet resulted in impacts to the above asset and liability line items. |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of new accounting pronouncements |
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606, Revenue from Contracts with Customers, was as follows:
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated balance sheet was as follows:
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Revenue Recognition (Tables) |
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Disaggregation of revenue | The following table provides information about disaggregated revenue by major geographical region:
The following table provides information about disaggregated revenue by major product category:
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Receivables and contract liabilities | The following table presents the opening and closing balances of FMC's receivables (net of allowances) and contract liabilities from contracts with customers.
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Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of purchase price allocation | The following table illustrates each component of the consideration paid as part of the DuPont Crop Protection Business Acquisition:
____________________
The following table summarizes the consideration paid for the DuPont Crop Protection Business and the amounts of the assets acquired and liabilities assumed.
____________________
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Pro forma information | The following unaudited pro forma results of operations assume that the DuPont Crop Protection Business Acquisition occurred at the beginning of the periods presented. The pro forma amounts include certain adjustments, including interest expense on the borrowings used to complete the acquisition, depreciation and amortization expense and income taxes. The pro forma amounts for the three and nine month periods below exclude transaction-related charges. The pro forma results do not include adjustments related to cost savings or other synergies that are anticipated as a result of the acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisitions had occurred as of January 1, 2017, nor are they indicative of future results of operations.
____________________
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Acquisition costs | The following table summarizes the costs incurred associated with these activities.
____________________
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Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill by business segment | The changes in the carrying amount of goodwill by business segment are presented in the table below:
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Schedule of finite-lived intangible assets | Our intangible assets, other than goodwill, consist of the following:
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Schedule of indefinite-lived intangible assets | Our intangible assets, other than goodwill, consist of the following:
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Schedule of intangible assets by segment | At September 30, 2018, the finite-lived and indefinite-lived intangibles were allocated among our business segments as follows:
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Schedule of finite-lived intangible assets amortization expense |
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Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful trade receivables | The following table displays a roll forward of the allowance for doubtful trade receivables.
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Schedule of allowance for credit losses rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories | Inventories consisted of the following:
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Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring and other charges (income) | Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
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Schedule of restructuring charges and asset disposals |
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Restructuring reserve rollforward | The following table shows a roll forward of restructuring reserves, continuing and discontinued, that will result in cash spending. These amounts exclude asset retirement obligations.
____________________
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Schedule of other charges (income), net | Other charges (income), net
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt maturing within one year | Debt maturing within one year:
____________________
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Schedule of long-term debt | Long-term debt:
____________________
|
Discontinued Operations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of discontinued operations | Our discontinued operations comprised the following:
____________________
The results of our discontinued FMC Health and Nutrition operations are summarized below, including the results of these delayed sites included in the three and nine months ended September 30, 2018:
____________________
The following table presents the major classes of assets and liabilities of FMC Health and Nutrition:
|
Environmental Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental reserves rollforward, continuing and discontinued | The table below is a roll forward of our total environmental reserves, continuing and discontinued:
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Schedule of environmental recoveries | The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
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Schedule of net environmental provision by operating and discontinued sites | The net provisions are comprised as follows:
____________________
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of basic and diluted earnings per share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stockholders' equity | The table provides a roll forward of equity, equity attributable to FMC stockholders, and equity attributable to noncontrolling interests.
____________________
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Schedule of accumulated other comprehensive income (loss) | Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 17 for more information. (2) See Note 15 for more information. |
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Reclassification out of accumulated other comprehensive income | The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the condensed consolidated statements of income (loss) for each of the periods presented.
____________________
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Pensions and Other Postretirement Benefits (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net annual benefit cost (income) | The following table summarizes the components of net annual benefit cost (income):
____________________
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Income Taxes (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation | The below chart provides a reconciliation between our reported effective tax rate and the EAETR of our continuing operations.
___________________
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Financial Instruments, Risk Management and Fair Value Measurements (Tables) |
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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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
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Derivatives Not Designated as Hedging Instruments
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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.
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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, 2018 and December 31, 2017.
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Guarantees, Commitments, and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of estimated undiscounted potential future payments for guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2018. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting information by segment |
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(2) These charges are included in “Costs of sales and services” on the condensed consolidated statements of income (loss). |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items - ASU 2017-07 Reclassifications (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Selling, general and administrative expenses | $ 207.6 | $ 154.5 | $ 619.4 | $ 399.3 |
Non-operating pension and postretirement charges (income) | $ (1.2) | (3.6) | $ (0.5) | (12.3) |
As Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Selling, general and administrative expenses | 150.9 | 387.0 | ||
Non-operating pension and postretirement charges (income) | 0.0 | 0.0 | ||
Reclassification | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Selling, general and administrative expenses | (3.6) | (12.3) | ||
Non-operating pension and postretirement charges (income) | 3.6 | 12.3 | ||
Accounting Standards Update 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Non-operating pension and postretirement charges (income) | $ (3.6) | $ (12.3) |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items - Revenue Recognition (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Assets | |||
Prepaid and other current assets | $ 417.4 | $ 411.2 | $ 326.4 |
Liabilities and Equity | |||
Accrued and other liabilities | 572.1 | 582.5 | 497.7 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Assets | |||
Prepaid and other current assets | 360.2 | 326.4 | |
Liabilities and Equity | |||
Accrued and other liabilities | 514.9 | $ 497.7 | |
Accounting Standards Update 2014-09 | Amounts without ASC 606 adjustment | |||
Assets | |||
Prepaid and other current assets | (57.2) | 84.8 | |
Liabilities and Equity | |||
Accrued and other liabilities | $ (57.2) | $ 84.8 |
Revenue Recognition - Narrative (Details) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
product
|
Dec. 31, 2017
USD ($)
|
|
Disaggregation of Revenue [Line Items] | ||
Maximum payment term | 360 days | |
Period between delivery and receipt of payment | 1 year | |
Increase (decrease) in liabilities | $ | $ (350.5) | |
Period between prepayment and performance of obligations | 1 year | |
Contract with customer, liability | $ | $ 30.1 | $ 380.6 |
Purchase requirements, period of annual forecast | 3 months | |
Expected maximum duration of contract | 1 year | |
Tolling services period | 5 years | |
Amortization period | 1 year | |
Transfer period, adjustment threshold | 1 year | |
Remaining performance obligation, contract period, disclosure threshold | 1 year | |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 90 days | |
FMC Agricultural Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Number of product categories | product | 3 | |
FMC Lithium | ||
Disaggregation of Revenue [Line Items] | ||
Number of product categories | product | 4 |
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 1,035.6 | $ 3,508.6 |
FMC Agricultural Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 923.6 | 3,185.9 |
FMC Agricultural Solutions | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 201.8 | 842.0 |
FMC Agricultural Solutions | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 379.0 | 737.3 |
FMC Agricultural Solutions | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 133.5 | 826.1 |
FMC Agricultural Solutions | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 209.3 | 780.5 |
FMC Lithium | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 112.0 | 322.7 |
FMC Lithium | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 39.3 | 81.6 |
FMC Lithium | Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0.4 | 1.4 |
FMC Lithium | Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 17.6 | 55.1 |
FMC Lithium | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 54.7 | $ 184.6 |
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 1,035.6 | $ 3,508.6 |
FMC Agricultural Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 923.6 | 3,185.9 |
FMC Agricultural Solutions | Insecticides | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 572.7 | 1,816.4 |
FMC Agricultural Solutions | Herbicides | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 220.1 | 948.7 |
FMC Agricultural Solutions | Fungicides | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 49.2 | 192.9 |
FMC Agricultural Solutions | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 81.6 | 227.9 |
FMC Lithium | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 112.0 | 322.7 |
FMC Lithium | Lithium Hydroxide | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 52.8 | 155.5 |
FMC Lithium | Butyllithium | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 26.3 | 75.5 |
FMC Lithium | High Purity Lithium Metal and Other Specialty Compounds | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14.5 | 47.8 |
FMC Lithium | Lithium Carbonate and Lithium Chloride | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 18.4 | $ 43.9 |
Revenue Recognition - Assets and Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers, net of allowances | $ 1,983.1 | $ 2,150.2 |
Increase (decrease) in receivables | (167.1) | |
Contract liabilities: Advance payments from customers | 30.1 | $ 380.6 |
Increase (decrease) in liabilities | $ (350.5) |
Revenue Recognition - Performance Obligations (Details) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 14 |
Expected timing of satisfaction of performance obligations | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 62 |
Expected timing of satisfaction of performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 49 |
Expected timing of satisfaction of performance obligations | 1 year |
Acquisitions - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Aug. 16, 2018 |
Feb. 01, 2018 |
Nov. 01, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | |||||||||
Gain on sale | $ 2.2 | $ 0.0 | $ 87.2 | $ 0.0 | |||||
Purchase price allocation adjustments (See Note 4) | $ 281.1 | ||||||||
European Herbicide Portfolio | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from sale | $ 85.0 | ||||||||
Business separation costs | 2.0 | ||||||||
Gain on sale | $ 85.0 | ||||||||
European Herbicide Portfolio | Scenario, Forecast | |||||||||
Business Acquisition [Line Items] | |||||||||
Impact to annual operating profit | $ 20.0 | ||||||||
DuPont Crop Protection Business | |||||||||
Business Acquisition [Line Items] | |||||||||
Gain on sale | $ 3.0 | ||||||||
DuPont | |||||||||
Business Acquisition [Line Items] | |||||||||
Amount to be paid for assets acquired | $ 1,225.6 | ||||||||
Supply agreement term | 5 years | ||||||||
Revenues | $ 23.0 | $ 66.0 | |||||||
Purchase price allocation adjustments (See Note 4) | $ 281.0 |
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 01, 2017 |
Sep. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Purchase Price Allocation | ||||
Goodwill | $ 1,466.4 | $ 1,466.4 | $ 1,198.9 | |
DuPont | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price, net | $ 1,225.6 | |||
Cash proceeds from working capital and other adjustments | (21.5) | |||
Fair value of FMC Health and Nutrition sold to DuPont | 1,968.6 | |||
Total purchase consideration | $ 3,172.7 | |||
Purchase Price Allocation | ||||
Trade receivables | 45.8 | 45.8 | ||
Inventories | 379.8 | 379.8 | ||
Other current assets | 53.4 | 53.4 | ||
Property, plant and equipment | 424.3 | 424.3 | ||
Goodwill | 972.9 | 972.9 | ||
Deferred tax assets | 79.7 | 79.7 | ||
Other noncurrent assets | 14.2 | 14.2 | ||
Total fair value of assets acquired | 4,035.0 | 4,035.0 | ||
Accounts payable, trade and other | 32.9 | 32.9 | ||
Accrued and other current liabilities | 156.2 | 156.2 | ||
Accrued pension and other postretirement benefits, long-term | 9.1 | 9.1 | ||
Environmental liabilities | 2.6 | 2.6 | ||
Deferred tax liabilities | 196.0 | 196.0 | ||
Other long-term liabilities | 452.3 | 452.3 | ||
Total fair value of liabilities assumed | 849.1 | 849.1 | ||
Total net assets acquired | 3,185.9 | 3,185.9 | ||
Less: Noncontrolling interest | (13.2) | (13.2) | ||
Total purchase consideration | 3,172.7 | 3,172.7 | ||
Weighted average useful life of acquired intangible assets | 20 years | |||
Unfavorable supply contract liabilities | $ 495.0 | |||
DuPont | Fair value adjustment to inventory | ||||
Purchase Price Allocation | ||||
Step up value of finished goods | $ 89.8 | |||
DuPont | Cost of sales and services | Fair value adjustment to inventory | ||||
Purchase Price Allocation | ||||
Step up value of finished goods | 1.3 | 69.6 | ||
DuPont | Indefinite-lived brands | ||||
Purchase Price Allocation | ||||
Intangible assets | 1,301.2 | 1,301.2 | ||
DuPont | Customer relationships | ||||
Purchase Price Allocation | ||||
Intangible assets | $ 763.7 | $ 763.7 |
Acquisitions - Pro Forma Information (Details) - DuPont - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Business Acquisition [Line Items] | ||||
Pro forma Revenue | $ 1,035.6 | $ 974.6 | $ 3,508.6 | $ 3,160.7 |
Pro forma Diluted earnings per share from continuing operations (in USD per share) | $ 0.57 | $ 1.15 | $ 3.48 | $ 4.09 |
Acquisitions - Acquisition-related and Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Business Acquisition [Line Items] | ||||
Acquisition-related charges | $ 25.0 | $ 48.8 | $ 149.1 | $ 78.7 |
Total Transaction-related charges | 25.0 | 48.8 | 149.1 | 78.7 |
Restructuring charges | 25.1 | 4.4 | 106.6 | 7.1 |
DuPont | ||||
Business Acquisition [Line Items] | ||||
Total Transaction-related charges | 25.0 | 48.8 | 149.1 | 78.7 |
DuPont Crop restructuring | ||||
Business Acquisition [Line Items] | ||||
Restructuring charges | 20.0 | 0.0 | 92.5 | 0.0 |
Legal and Professional Fees | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related charges | 16.9 | 48.8 | 64.7 | 78.7 |
Legal and Professional Fees | DuPont | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related charges | 16.9 | 48.8 | 64.7 | 78.7 |
Inventory Fair Value Amortization | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related charges | 1.3 | 0.0 | 69.6 | 0.0 |
Inventory Fair Value Amortization | DuPont | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related charges | 1.3 | 0.0 | 69.6 | 0.0 |
Selling, General and Administrative Expenses | Lithium restructuring | ||||
Business Acquisition [Line Items] | ||||
Separation-related charges | $ 6.8 | $ 0.0 | $ 14.8 | $ 0.0 |
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, December 31, 2017 | $ 1,198.9 |
Purchase price allocation adjustments (See Note 4) | 281.1 |
Foreign currency and other adjustments | (13.6) |
Balance, September 30, 2018 | 1,466.4 |
FMC Agricultural Solutions | |
Goodwill [Roll Forward] | |
Balance, December 31, 2017 | 1,198.9 |
Purchase price allocation adjustments (See Note 4) | 281.1 |
Foreign currency and other adjustments | (13.6) |
Balance, September 30, 2018 | 1,466.4 |
FMC Lithium | |
Goodwill [Roll Forward] | |
Balance, December 31, 2017 | 0.0 |
Purchase price allocation adjustments (See Note 4) | 0.0 |
Foreign currency and other adjustments | 0.0 |
Balance, September 30, 2018 | $ 0.0 |
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Intangible assets subject to amortization (finite-lived) | ||
Gross | $ 1,237.6 | $ 1,200.4 |
Accumulated Amortization | (156.2) | (111.0) |
Net | 1,081.4 | 1,089.4 |
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,658.5 | 1,542.4 |
Intangible assets net | 2,739.9 | 2,631.8 |
Finite and Indefinite lived intangible assets, gross | 2,896.1 | 2,742.8 |
Crop Protection Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,259.1 | 1,136.1 |
Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 398.7 | 405.6 |
In-process research & development | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 0.7 | 0.7 |
Customer relationships | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 1,156.3 | 1,122.5 |
Accumulated Amortization | (116.3) | (73.3) |
Net | 1,040.0 | 1,049.2 |
Patents | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 2.0 | 2.0 |
Accumulated Amortization | (0.7) | (0.6) |
Net | 1.3 | 1.4 |
Brands | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 14.5 | 15.7 |
Accumulated Amortization | (5.8) | (6.2) |
Net | 8.7 | 9.5 |
Purchased and licensed technologies | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 61.9 | 57.3 |
Accumulated Amortization | (31.4) | (28.9) |
Net | 30.5 | 28.4 |
Other intangibles | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 2.9 | 2.9 |
Accumulated Amortization | (2.0) | (2.0) |
Net | $ 0.9 | $ 0.9 |
Goodwill and Intangible Assets - Intangibles by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | |||||
Finite-lived | $ 1,081.4 | $ 1,081.4 | $ 1,089.4 | ||
Indefinite-lived | 1,658.5 | 1,658.5 | $ 1,542.4 | ||
Amortization expense | 15.9 | $ 5.6 | 47.0 | $ 15.9 | |
FMC Agricultural Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Finite-lived | 1,080.5 | 1,080.5 | |||
Indefinite-lived | 1,658.5 | 1,658.5 | |||
FMC Lithium | |||||
Segment Reporting Information [Line Items] | |||||
Finite-lived | 0.9 | 0.9 | |||
Indefinite-lived | $ 0.0 | $ 0.0 |
Goodwill and Intangible Assets - Intangible Asset Amortization (Details) $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Amortization expense, 2018 | $ 63 |
Amortization expense, 2019 | 63 |
Amortization expense, 2020 | 63 |
Amortization expense, 2021 | 63 |
Amortization expense, 2022 | 63 |
Amortization expense, 2023 | $ 63 |
Receivables (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2016 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Beginning balance | $ 38.7 | |
Additions - charged to expense | 13.0 | $ 8.4 |
Transfer from (to) allowance for credit losses (see below) | (16.8) | 9.5 |
Net recoveries, write-offs and other (1) | (14.9) | 3.2 |
Ending Balance | 20.0 | 17.6 |
Net long-term customer receivables | 81.2 | |
Allowance for long term customer receivables [Roll Forward] | ||
Beginning balance | 47.1 | |
Additions - charged to expense | 11.8 | 13.7 |
Transfer from (to) allowance for doubtful accounts (see above) | 16.8 | (9.5) |
Foreign currency adjustments | (4.4) | |
Net recoveries, write-offs and other | (8.7) | (6.2) |
Ending balance | 62.6 | $ 49.1 |
DuPont Crop restructuring | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Write-offs | $ 5.2 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 260.5 | $ 353.7 |
Work in process | 609.4 | 542.4 |
Raw materials, supplies and other | 256.2 | 224.1 |
First-in, first-out inventory | 1,126.1 | 1,120.2 |
Less: Excess of first-in, first-out cost over last-in, first-out cost | (130.7) | (127.7) |
Net inventories | $ 995.4 | $ 992.5 |
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 1,469.0 | $ 1,461.1 |
Accumulated depreciation | (466.3) | (435.9) |
Property, plant and equipment, net | $ 1,002.7 | $ 1,025.2 |
Restructuring and Other Charges (Income) - Total Restructuring and Other Charges (income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 25.1 | $ 4.4 | $ 106.6 | $ 7.1 |
Other charges (income), net | 0.8 | 2.7 | (77.4) | 15.2 |
Total restructuring and other charges (income) | $ 25.9 | $ 7.1 | $ 29.2 | $ 22.3 |
Restructuring and Other Charges (Income) - Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 03, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Severance and Employee Benefits | $ 2.9 | $ 0.0 | $ 14.0 | $ 0.0 | |
Other Charges (Income) | 13.6 | 0.0 | 20.2 | 0.0 | |
Asset Disposal Charges | 8.6 | 4.4 | 72.4 | 7.1 | |
Total | 25.1 | 4.4 | 106.6 | 7.1 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 6.5 | ||||
Change in reserves | 34.2 | ||||
Cash payments | (17.0) | ||||
Other | (3.0) | ||||
Restructuring Reserve, Ending Balance | 20.7 | 20.7 | |||
Environmental charges, net | 2.4 | 2.7 | 9.2 | 8.3 | |
Product portfolio sales | (2.2) | 0.0 | (87.2) | 0.0 | |
Other items, net | 0.6 | 0.0 | 0.6 | 6.9 | |
Other charges (income), net | 0.8 | 2.7 | (77.4) | 15.2 | |
DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and Employee Benefits | 2.4 | 10.7 | |||
Other Charges (Income) | 12.4 | 15.5 | |||
Asset Disposal Charges | 5.2 | 66.3 | |||
Total | 20.0 | 92.5 | |||
Accelerated depreciation | 9.1 | 17.4 | |||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 0.0 | ||||
Change in reserves | 26.2 | ||||
Cash payments | (9.2) | ||||
Other | (1.5) | ||||
Restructuring Reserve, Ending Balance | 15.5 | 15.5 | |||
Lithium restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and Employee Benefits | 0.0 | 0.0 | |||
Other Charges (Income) | 0.0 | 1.9 | |||
Asset Disposal Charges | 0.3 | 0.5 | |||
Total | 0.3 | 2.4 | |||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 3.0 | ||||
Change in reserves | 1.9 | ||||
Cash payments | (0.8) | ||||
Other | 0.0 | ||||
Restructuring Reserve, Ending Balance | 4.1 | 4.1 | |||
Other workforce related and facility shutdowns | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and Employee Benefits | 0.5 | 0.0 | 3.3 | 0.0 | |
Other Charges (Income) | 1.2 | 0.0 | 2.8 | 0.0 | |
Asset Disposal Charges | 3.1 | 4.4 | 5.6 | 7.1 | |
Total | 4.8 | $ 4.4 | 11.7 | $ 7.1 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 2.3 | ||||
Change in reserves | 6.1 | ||||
Cash payments | (5.8) | ||||
Other | (1.5) | ||||
Restructuring Reserve, Ending Balance | 1.1 | 1.1 | |||
Cheminova restructuring | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Beginning Balance | 1.2 | ||||
Change in reserves | 0.0 | ||||
Cash payments | (1.2) | ||||
Other | 0.0 | ||||
Restructuring Reserve, Ending Balance | 0.0 | 0.0 | |||
Change To Market Access | DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total | 2.0 | 57.0 | |||
Severance And Other Employee Benefits | DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total | $ 1.0 | 4.0 | |||
Future Liability Of Rental Obligation | DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total | 11.2 | ||||
Reduction Of Capital Lease Liability | DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total | $ (6.0) | ||||
Severance, Relocation And Other Employee Related Charges | DuPont Crop restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total | $ 4.3 |
Debt - Maturing within One Year (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term foreign debt | $ 65.8 | $ 91.4 |
Total short-term debt | 65.8 | 91.4 |
Current portion of long-term debt | 83.6 | 101.2 |
Total short-term debt and current portion of long-term debt | $ 149.4 | $ 192.6 |
Short-term foreign debt | ||
Short-term Debt [Line Items] | ||
Average interest rate | 7.40% |
Debt - Long-term (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 28, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | |||
Debt issuance cost | $ (10,700,000) | $ (13,200,000) | |
Total long-term debt | 2,676,900,000 | 3,094,200,000 | |
Less: debt maturing within one year | 83,600,000 | 101,200,000 | |
Total long-term debt, less current portion | 2,593,300,000 | 2,993,000,000 | |
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 51,600,000 | 51,600,000 | |
Maturity date, minimum | 2021 | ||
Maturity date, maximum | 2032 | ||
Unamortized discounts | $ 200,000 | 200,000 | |
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 1.80% | ||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively) | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 6.50% | ||
Senior notes (less unamortized discount of $0.9 and $1.1, respectively) | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 999,100,000 | 998,900,000 | |
Maturity date, minimum | 2019 | ||
Maturity date, maximum | 2024 | ||
Unamortized discounts | $ 900,000 | 1,100,000 | |
Senior notes (less unamortized discount of $0.9 and $1.1, respectively) | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 3.95% | ||
Senior notes (less unamortized discount of $0.9 and $1.1, respectively) | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 5.20% | ||
2014 Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 3.50% | ||
Maturity Date | 2020 | ||
Long-term debt, gross | $ 150,000,000 | 450,000,000 | |
2017 Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 3.50% | ||
Maturity Date | 2022 | ||
Long-term debt, gross | $ 1,400,000,000 | 1,500,000,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 4.80% | ||
Maturity Date | 2022 | ||
Long-term debt, gross | $ 0 | 0 | |
Letters of credit outstanding amount | 201,700,000 | ||
Credit Agreement, available funds | $ 1,298,300,000 | ||
FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 4.90% | ||
Maturity Date | 2023 | ||
Long-term debt, gross | $ 0 | 0 | |
Foreign debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 86,900,000 | $ 106,900,000 | |
Maturity date, minimum | 2018 | ||
Maturity date, maximum | 2024 | ||
Foreign debt | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 0.00% | ||
Foreign debt | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate Percentage | 7.20% | ||
Revolving Credit Facility | FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding amount | $ 0 | ||
Revolving Credit Facility | Citibank, N.A. | FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 400,000,000 | ||
Increase in borrowing capacity | 600,000,000 | ||
Letter of Credit | Citibank, N.A. | FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Federal Funds Effective Rate | Revolving Credit Facility | Citibank, N.A. | FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
Eurodollar Rate | Revolving Credit Facility | Citibank, N.A. | FMC Lithium Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% |
Debt - Credit Facility (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Line of Credit Facility [Line Items] | |
Covenant compliance, actual leverage ratio | 2.4 |
Maximum leverage ratio | 4.5 |
Covenant compliance, actual interest coverage ratio | 9.3 |
Minimum interest coverage | 3.5 |
FMC Lithium Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum leverage ratio | 3.5 |
Minimum interest coverage | 3.5 |
Discontinued Operations - FMC Health and Nutrition (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Nov. 01, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Aug. 01, 2017 |
|
Results of discontinued FMC operations: | ||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes | $ (4.7) | $ (15.1) | $ (4.2) | $ (157.3) | ||
Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders | (4.7) | (15.2) | (4.2) | (157.4) | ||
Restructuring and other charges (income) | 25.9 | 7.1 | 29.2 | 22.3 | ||
Omega 3 | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales of Omega-3 | $ 38.0 | |||||
FMC Health and Nutrition | ||||||
Results of discontinued FMC operations: | ||||||
Discontinued operations of FMC Health and Nutrition, net of income taxes | 0.9 | 8.0 | 18.5 | (117.4) | ||
FMC Health and Nutrition | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale, before tax | $ 918.0 | |||||
Gain on sale, net of tax | $ 727.0 | 17.0 | ||||
Transitional services agreement, term | 24 months | |||||
Transitional services agreement, extension option term | 6 months | |||||
Results of discontinued FMC operations: | ||||||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | (148.0) | |||||
Allocated interest expense | 4.7 | 15.1 | ||||
Restructuring and other charges (income) | 3.9 | 7.0 | ||||
Pension curtailment charge | 3.9 | |||||
Income taxes associated with unremitted earnings of foreign subsidiaries | 14.7 | 14.7 | ||||
Impairment charge | 168.0 | |||||
Impairment charge, net of tax | 148.0 | |||||
FMC Health and Nutrition | Discontinued Operations, Held-for-sale or Disposed of By Sale | ||||||
Results of discontinued FMC operations: | ||||||
Revenue | 0.0 | 163.3 | 3.8 | 502.1 | ||
Costs of sales and services | 0.0 | 101.7 | 4.0 | 309.0 | ||
Income (loss) from discontinued operations before income taxes | (0.4) | 33.0 | 2.1 | 108.2 | ||
Provision (benefit) for income taxes | (0.7) | 22.7 | 0.7 | 62.9 | ||
Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments | 0.3 | 10.3 | 1.4 | 45.3 | ||
Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes | 0.0 | 0.0 | 16.8 | 0.0 | ||
Divestiture related costs of discontinued operations of FMC Health and Nutrition, net of income taxes | 0.6 | (5.4) | 0.3 | (14.9) | ||
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes | 0.0 | 3.1 | 0.0 | (147.8) | ||
Discontinued operations of FMC Health and Nutrition, net of income taxes | 0.9 | 8.0 | 18.5 | (117.4) | ||
Less: Discontinued operations of FMC Health and Nutrition attributable to noncontrolling interests | 0.0 | 0.1 | 0.0 | 0.1 | ||
Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders | 0.9 | 7.9 | 18.5 | (117.5) | ||
Impairment charge, net of tax | $ 0.0 | $ (3.1) | $ 0.0 | $ 147.8 |
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets | ||
Current assets of discontinued operations held for sale | $ 0.0 | $ 7.3 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | 0.0 | (1.3) |
FMC Health and Nutrition | Discontinued Operations, Disposed of by Sale | ||
Assets | ||
Current assets of discontinued operations held for sale | 0.0 | 7.2 |
Property, plant and equipment | 0.0 | 0.1 |
Total assets of discontinued operations held for sale | 0.0 | 7.3 |
Liabilities | ||
Current liabilities of discontinued operations held for sale | 0.0 | (1.3) |
Total liabilities of discontinued operations held for sale | 0.0 | (1.3) |
Total net assets | $ 0.0 | $ 6.0 |
Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ (4.7) | $ (15.1) | $ (4.2) | $ (157.3) |
Adjustment for workers’ compensation, product liability, and other postretirement benefits, income tax benefit (expense) | 0.6 | 0.2 | 0.1 | (0.2) |
Provision for environmental liabilities, income tax benefit (expense) | 1.0 | 9.9 | 2.4 | 14.4 |
Provision for legal reserves and expenses, income tax benefit (expense) | 0.7 | 2.2 | 4.1 | 6.4 |
Adjustment for workers’ compensation, product liability, other postretirement benefits and other | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | 0.9 | 0.4 | 2.0 | 2.1 |
Provision for environmental liabilities, net of recoveries | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (4.0) | (19.3) | (9.0) | (30.0) |
Provision for legal reserves and expenses | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (2.5) | (4.2) | (15.7) | (12.0) |
FMC Health and Nutrition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | 0.9 | 8.0 | 18.5 | (117.4) |
Discontinued operations, income tax benefit (expense) | $ 0.5 | $ (21.0) | $ 4.1 | $ 38.6 |
Environmental Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Environmental reserves, long-term | $ 310.0 | $ 346.2 | ||||
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 210.0 | |||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | $ 2.4 | $ 2.7 | 9.2 | $ 8.3 | ||
Environmental provision, net | 7.4 | 31.9 | 20.6 | 52.7 | ||
Continuing Operations | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | 2.4 | 2.7 | 9.2 | 8.3 | ||
Discontinued Operations | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental charges, net | 5.0 | 29.2 | 11.4 | 44.4 | ||
Other Assets Including Long-term Receivables, Net | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental Recoveries, beginning | 32.3 | |||||
Increase in recoveries | 0.4 | |||||
Cash received | (4.2) | |||||
Environmental Recoveries, ending | 28.5 | 28.5 | ||||
Other Liabilities | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental remediation provision, net | 7.8 | 31.9 | 21.0 | 53.1 | ||
Other Assets | ||||||
Recorded Recoveries [Roll Forward] | ||||||
Environmental remediation provision, net | (0.4) | $ 0.0 | (0.4) | $ (0.4) | ||
Gross | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2017 | 432.1 | |||||
Provision (Benefit) | 21.0 | |||||
(Spending) Recoveries | (31.4) | |||||
Foreign currency translation adjustments | (0.9) | |||||
Net change | (11.3) | |||||
Total environmental reserves at September 30, 2018 | 420.8 | 420.8 | ||||
Environmental reserves, current | 98.9 | |||||
Environmental reserves, long-term | 321.9 | |||||
Total environmental reserves, net of recoveries at end of period | 420.8 | 432.1 | 420.8 | 432.1 | ||
Recoveries | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2017 | 13.9 | |||||
Provision (Benefit) | 0.0 | |||||
(Spending) Recoveries | 0.0 | |||||
Foreign currency translation adjustments | 0.0 | |||||
Net change | 0.0 | |||||
Total environmental reserves at September 30, 2018 | 13.9 | 13.9 | ||||
Environmental reserves, current | 2.0 | |||||
Environmental reserves, long-term | 11.9 | |||||
Total environmental reserves, net of recoveries at end of period | 13.9 | 13.9 | 13.9 | 13.9 | ||
Net | ||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||||
Total environmental reserves at December 31, 2017 | 418.2 | |||||
Provision (Benefit) | 21.0 | |||||
(Spending) Recoveries | (31.4) | |||||
Foreign currency translation adjustments | (0.9) | |||||
Net change | (11.3) | |||||
Total environmental reserves at September 30, 2018 | 406.9 | 406.9 | ||||
Environmental reserves, current | 96.9 | |||||
Environmental reserves, long-term | 310.0 | |||||
Total environmental reserves, net of recoveries at end of period | $ 406.9 | $ 418.2 | $ 406.9 | $ 418.2 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from diluted EPS (in shares) | 200 | 0 | 200 | 200 |
Earnings (loss) attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | $ 77.5 | $ 70.4 | $ 473.9 | $ 163.1 |
Discontinued operations, net of income taxes | (4.7) | (15.2) | (4.2) | (157.4) |
Net income (loss) attributable to FMC stockholders | 72.8 | 55.2 | 469.7 | 5.7 |
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.4) | (0.3) | (2.1) | (0.7) |
Net income (loss) allocable to common stockholders | $ 72.4 | $ 54.9 | $ 467.6 | $ 5.0 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | $ 0.57 | $ 0.52 | $ 3.50 | $ 1.21 |
Discontinued operations (in USD per share) | (0.03) | (0.11) | (0.03) | (1.17) |
Net income (loss) attributable to FMC stockholders (in USD per share) | 0.54 | 0.41 | 3.47 | 0.04 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | 0.57 | 0.52 | 3.48 | 1.20 |
Discontinued operations (in USD per share) | (0.03) | (0.11) | (0.03) | (1.16) |
Net income (loss) attributable to FMC stockholders (in USD per share) | $ 0.54 | $ 0.41 | $ 3.45 | $ 0.04 |
Shares (in thousands): | ||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 134,852 | 134,371 | 134,729 | 134,184 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 1,505 | 1,576 | 1,508 | 1,324 |
Shares – diluted basis (in shares) | 136,357 | 135,947 | 136,237 | 135,508 |
Equity - Rollforward of Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 2,707.1 | |||
Net income (loss) attributable to FMC stockholders | $ 72.8 | $ 55.2 | 469.7 | $ 5.7 |
Net income (loss) attributable to noncontrolling interests | 2.0 | 0.6 | 7.2 | 1.6 |
Net income (loss) | 74.8 | 55.8 | 476.9 | 7.3 |
Stock compensation plans | 26.7 | |||
Shares for benefit plan trust | (0.3) | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 3.6 | $ 1.9 | 10.4 | $ 12.3 |
Net hedging gains (losses) and other, net of income tax | 1.1 | |||
Foreign currency translation adjustments | (72.0) | |||
Dividends ($0.495 per share) | (66.9) | |||
Repurchases of common stock | (5.4) | |||
Noncontrolling interests associated with an acquisition | 0.7 | |||
Ending balance | 3,078.3 | $ 3,078.3 | ||
Dividends paid (in USD per share) | $ 0.495 | |||
FMC Stockholders’ Equity | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 2,681.8 | |||
Net income (loss) attributable to FMC stockholders | 469.7 | |||
Stock compensation plans | 26.7 | |||
Shares for benefit plan trust | (0.3) | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 10.4 | |||
Net hedging gains (losses) and other, net of income tax | 1.1 | |||
Foreign currency translation adjustments | (70.7) | |||
Dividends ($0.495 per share) | (66.9) | |||
Repurchases of common stock | (5.4) | |||
Noncontrolling interests associated with an acquisition | 0.0 | |||
Ending balance | 3,046.4 | 3,046.4 | ||
Noncontrolling Interest | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 25.3 | |||
Net income (loss) attributable to noncontrolling interests | 7.2 | |||
Stock compensation plans | 0.0 | |||
Shares for benefit plan trust | 0.0 | |||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 0.0 | |||
Net hedging gains (losses) and other, net of income tax | 0.0 | |||
Foreign currency translation adjustments | (1.3) | |||
Dividends ($0.495 per share) | 0.0 | |||
Repurchases of common stock | 0.0 | |||
Noncontrolling interests associated with an acquisition | 0.7 | |||
Ending balance | $ 31.9 | $ 31.9 |
Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 2,707.1 | |
Other comprehensive income (loss) before reclassifications | (58.7) | $ 160.5 |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.5) | 29.3 |
Ending balance | 3,078.3 | |
Foreign currency adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (6.2) | (194.0) |
Other comprehensive income (loss) before reclassifications | (70.7) | 162.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 17.0 |
Ending balance | (76.9) | (14.6) |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 5.2 | 7.1 |
Other comprehensive income (loss) before reclassifications | 12.0 | (3.2) |
Amounts reclassified from accumulated other comprehensive income (loss) | (10.9) | 1.3 |
Ending balance | 6.3 | 5.2 |
Pension and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (239.3) | (291.5) |
Other comprehensive income (loss) before reclassifications | 0.0 | 1.3 |
Amounts reclassified from accumulated other comprehensive income (loss) | 10.4 | 11.0 |
Ending balance | (228.9) | (279.2) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (240.3) | (478.4) |
Ending balance | $ (299.5) | $ (288.6) |
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | $ (589.4) | $ (380.3) | $ (1,963.6) | $ (1,182.5) |
Selling, general and administrative expenses | (207.6) | (154.5) | (619.4) | (399.3) |
Selling, general and administrative expenses; Discontinued operations, net of income taxes | (4.7) | (15.1) | (4.2) | (157.3) |
Interest expense, net | (33.4) | (18.4) | (101.7) | (51.3) |
Total before tax | 109.6 | 59.3 | 581.5 | 165.7 |
Provision for income taxes | (30.1) | 11.6 | (100.4) | (1.1) |
Net income (loss) | 74.8 | 55.8 | 476.9 | 7.3 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | 5.6 | (4.7) | 0.5 | (12.3) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses; Discontinued operations, net of income taxes | 0.0 | (17.0) | 0.0 | 0.0 |
Reclassification out of Accumulated Other Comprehensive Income | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 13.8 | (2.5) | 15.9 | (2.2) |
Provision for income taxes | (4.6) | 1.0 | (5.0) | 0.9 |
Net income (loss) | 9.2 | (1.5) | 10.9 | (1.3) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | 0.0 | (0.1) | (0.2) | (0.4) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized net actuarial and other gains (losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses | (4.4) | (3.6) | (11.5) | (10.4) |
Reclassification out of Accumulated Other Comprehensive Income | Recognized loss due to curtailment and settlement | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and administrative expenses; Discontinued operations, net of income taxes | (0.1) | (1.2) | (1.4) | (5.9) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (4.5) | (4.9) | (13.1) | (16.7) |
Provision for income taxes | 0.9 | 1.7 | 2.7 | 5.7 |
Net income (loss) | (3.6) | (3.2) | (10.4) | (11.0) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | 18.0 | (4.9) | 20.4 | (9.4) |
Selling, general and administrative expenses | (4.0) | 2.6 | (4.3) | 6.6 |
Reclassification out of Accumulated Other Comprehensive Income | Energy contracts | Derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Costs of sales and services | 0.0 | (0.2) | 0.0 | 0.6 |
Reclassification out of Accumulated Other Comprehensive Income | Other contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense, net | $ (0.2) | $ 0.0 | $ (0.2) | $ 0.0 |
Equity - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Oct. 18, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Dividends Payable [Line Items] | |||||
Dividend paid | [1] | $ 66.9 | $ 66.6 | ||
Shares repurchased under repurchase program (in shares) | 0 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 238.8 | ||||
Subsequent Event | |||||
Dividends Payable [Line Items] | |||||
Dividend paid | $ 22.3 | ||||
|
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Components of net annual benefit cost (income): | ||||
Voluntary cash contributions made to U.S. defined benefit pension plan | $ 30.0 | $ 44.0 | ||
Pensions | ||||
Components of net annual benefit cost (income): | ||||
Service cost | $ 1.1 | $ 1.8 | 4.3 | 5.6 |
Interest cost | 9.9 | 11.2 | 32.7 | 33.7 |
Expected return on plan assets | (15.9) | (19.9) | (47.5) | (59.6) |
Amortization of prior service cost (credit) | 0.1 | 0.1 | 0.3 | 0.4 |
Recognized net actuarial and other (gain) loss | 4.5 | 4.1 | 12.8 | 11.9 |
Recognized loss due to settlement | 0.1 | 1.2 | 1.4 | 2.0 |
Net periodic benefit cost (income) | (0.2) | (1.5) | 4.0 | (6.0) |
Other Benefits | ||||
Components of net annual benefit cost (income): | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Interest cost | 0.2 | 0.1 | 0.5 | 0.5 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost (credit) | (0.1) | 0.0 | (0.1) | 0.0 |
Recognized net actuarial and other (gain) loss | 0.0 | (0.3) | (0.4) | (0.8) |
Recognized loss due to settlement | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic benefit cost (income) | $ 0.1 | $ (0.2) | $ 0.0 | (0.3) |
FMC Health and Nutrition | Discontinued Operations, Disposed of by Sale | ||||
Components of net annual benefit cost (income): | ||||
Pension curtailment charge | $ 3.9 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | |||||
Provisional income tax expense | $ 18.3 | $ 315.9 | |||
Provisional income tax expense for net transition tax | 15.1 | 202.7 | |||
Tax expense from remeasurement of deferred tax assets | 3.2 | $ 113.2 | |||
Total before tax | $ 109.6 | $ 59.3 | 581.5 | $ 165.7 | |
Income tax expense | $ 30.1 | $ (11.6) | $ 100.4 | $ 1.1 | |
Effective tax rate (percent) | 27.50% | (19.60%) | 17.30% | 0.70% | |
Discrete items Before Tax: | |||||
Transactions-related charges | $ 6.8 | $ 48.8 | $ 14.8 | $ 78.7 | |
Currency remeasurement | 0.0 | 4.6 | 3.3 | 16.1 | |
Other discrete items | 32.8 | (4.1) | 104.4 | 83.4 | |
Tax only discrete items | 0.0 | 0.0 | 0.0 | 0.0 | |
Total discrete items | 39.6 | 49.3 | 122.5 | 178.2 | |
Continuing operations, before discrete items | 149.2 | 108.6 | 704.0 | 343.9 | |
Discrete Items, Tax: | |||||
Transactions-related charges | 1.5 | 15.4 | 3.1 | 24.5 | |
Currency remeasurement | 1.8 | 1.2 | 3.4 | 5.4 | |
Other discrete items | 6.1 | 1.3 | 13.2 | 4.6 | |
Tax only discrete items | (17.2) | 4.7 | (12.4) | 5.8 | |
Total discrete items | (7.8) | 22.6 | 7.3 | 40.3 | |
Continuing operations, before discrete items | $ 22.3 | $ 11.0 | $ 107.7 | $ 41.4 | |
Effective tax rate percent | 14.90% | 10.10% | 15.30% | 12.00% |
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details) MMBTU in Millions |
Sep. 30, 2018
USD ($)
MMBTU
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Derivative [Line Items] | ||
Estimated fair value of debt | $ 2,767,700,000 | $ 3,250,600,000 |
Carrying value of debt | 2,742,700,000 | $ 3,185,600,000 |
Designated as Cash Flow Hedges | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 671,400,000 | |
Designated as Cash Flow Hedges | Energy contracts | ||
Derivative [Line Items] | ||
Nonmonetary notional amount of price risk cash flow hedge (in mmBTUs) | MMBTU | 0.0 | |
Designated as Cash Flow Hedges | Foreign Currency and Energy Contracts | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | $ 5,400,000 | |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | 1,071,100,000 | |
Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | 500,000 | |
Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Cumulative changes in net gain (loss) from cash flow hedges | 4,900,000 | |
Designated as Cash Flow Hedges | Designated as Cash Flow Hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000,000 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | $ 0.0 | $ 0.0 |
Gross amount of derivatives, net derivative assets/(liabilities) | 1.8 | 4.4 |
Net derivative assets (liabilities) | 1.8 | 4.4 |
Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 14.7 | 8.2 |
Gross amounts offset in the consolidated balance sheet | (8.0) | (1.5) |
Net amounts, assets | 6.7 | 6.7 |
Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 8.0 | 1.5 |
Gross amount of derivatives, liabilities | (12.9) | (3.8) |
Net amounts, liabilities | (4.9) | (2.3) |
Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 14.1 | 8.2 |
Gross amounts offset in the consolidated balance sheet | (8.0) | (1.5) |
Net amounts, assets | 6.1 | 6.7 |
Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 8.0 | 1.5 |
Gross amount of derivatives, liabilities | (12.9) | (3.8) |
Net amounts, liabilities | (4.9) | (2.3) |
Interest rate contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.6 | |
Gross amounts offset in the consolidated balance sheet | 0.0 | |
Net amounts, assets | 0.6 | |
Interest rate contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts offset in the consolidated balance sheet | 0.0 | |
Gross amount of derivatives, liabilities | 0.0 | |
Net amounts, liabilities | 0.0 | |
Designated as Cash Flow Hedges | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, net derivative assets/(liabilities) | 3.5 | 3.4 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 14.1 | 7.0 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (10.6) | (3.6) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 13.5 | 7.0 |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (10.6) | (3.6) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Interest rate contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.6 | |
Designated as Cash Flow Hedges | Cash Flow Hedging | Interest rate contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | 0.0 | |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, net derivative assets/(liabilities) | (1.7) | 1.0 |
Not Designated as Hedging Instruments | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.6 | 1.2 |
Not Designated as Hedging Instruments | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (2.3) | (0.2) |
Not Designated as Hedging Instruments | Foreign exchange contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.6 | 1.2 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | (2.3) | $ (0.2) |
Not Designated as Hedging Instruments | Interest rate contracts | Prepaid and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, assets | 0.0 | |
Not Designated as Hedging Instruments | Interest rate contracts | Accured and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amount of derivatives, liabilities | $ 0.0 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | $ (6.6) | $ (0.2) | $ 1.1 | $ (1.9) |
Designated as Cash Flow Hedges | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | 2.6 | (1.7) | 12.0 | (3.2) |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | (9.2) | 1.5 | (10.8) | 1.3 |
Ineffective Portion | (0.1) | 0.0 | ||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | (6.6) | (0.2) | 1.1 | (1.9) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | 2.3 | (1.8) | 11.7 | (2.4) |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | (9.4) | 1.5 | (11.1) | 1.8 |
Ineffective Portion | (0.1) | 0.0 | ||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | (7.1) | (0.3) | 0.5 | (0.6) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Energy | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | 0.0 | 0.1 | 0.0 | (0.8) |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | 0.0 | 0.1 | 0.0 | (0.4) |
Ineffective Portion | 0.0 | 0.0 | ||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | 0.0 | 0.2 | 0.0 | (1.2) |
Designated as Cash Flow Hedges | Cash Flow Hedging | Other contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized hedging gains (losses) and other, net of tax | 0.3 | 0.0 | 0.3 | 0.0 |
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Effective portion | 0.2 | (0.1) | 0.3 | (0.1) |
Ineffective Portion | 0.0 | 0.0 | ||
Total derivative instruments, net of tax of ($0.8) and ($1.0) for the three and nine months ended September 30, 2018 and $1.2 and ($1.7) for the three and nine months ended September 30, 2017, respectively | 0.5 | (0.1) | 0.6 | (0.1) |
Not Designated as Hedging Instruments | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (1.5) | 1.1 | (10.3) | (9.4) |
Not Designated as Hedging Instruments | Foreign exchange contracts | Cost of sales and services | ||||
Reclassification of deferred hedging (gains) losses, net of tax | ||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (1.5) | $ 1.1 | $ (10.3) | $ (9.4) |
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other | $ 21.5 | $ 30.1 |
Total assets | 21.5 | 30.1 |
Liabilities | ||
Other | 29.8 | 38.8 |
Total liabilities | 29.8 | 38.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Assets | ||
Derivatives | 0.0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Other | 0.0 | 0.0 |
Total assets | 6.7 | 6.7 |
Liabilities | ||
Other | 4.8 | 7.8 |
Total liabilities | 9.7 | 10.1 |
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 6.1 | 6.7 |
Liabilities | ||
Derivative Liabilities | 4.9 | 2.3 |
Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Assets | ||
Derivatives | 0.6 | |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Other | 0.0 | 0.0 |
Total assets | 0.0 | 0.0 |
Liabilities | ||
Other | 0.0 | 0.0 |
Total liabilities | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Assets | ||
Derivatives | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Assets | ||
Derivatives | 0.0 | |
Estimate of Fair Value Measurement | ||
Assets | ||
Other | 21.5 | 30.1 |
Total assets | 28.2 | 36.8 |
Liabilities | ||
Other | 34.6 | 46.6 |
Total liabilities | 39.5 | 48.9 |
Estimate of Fair Value Measurement | Foreign exchange contracts | ||
Assets | ||
Derivatives | 6.1 | 6.7 |
Liabilities | ||
Derivative Liabilities | 4.9 | $ 2.3 |
Estimate of Fair Value Measurement | Interest rate contracts | ||
Assets | ||
Derivatives | $ 0.6 |
Financial Instruments, Risk Management and Fair Value Measurements - Nonrecurring Fair Value (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
FMC Agricultural Solutions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impairment charge | $ 1.0 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Total Gains (Losses) on Impairment of Crop Protection intangibles | (42.1) | |
Total Gains (Losses) on Impairment of intangibles | $ (1.8) | (1.3) |
Total Gains (Losses) on Total assets | (1.8) | (43.4) |
Fair Value, Measurements, Nonrecurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impairment of Crop Protection intangibles | 1,136.1 | |
Impairment of intangibles | 3.1 | 4.3 |
Total assets | 3.1 | 1,140.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impairment of Crop Protection intangibles | 0.0 | |
Impairment of intangibles | 0.0 | 0.0 |
Total assets | 0.0 | 0.0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impairment of Crop Protection intangibles | 0.0 | |
Impairment of intangibles | 0.0 | 0.0 |
Total assets | 0.0 | 0.0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impairment of Crop Protection intangibles | 1,136.1 | |
Impairment of intangibles | 3.1 | 4.3 |
Total assets | $ 3.1 | $ 1,140.4 |
Guarantees, Commitments, and Contingencies (Details) $ in Thousands, $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 27, 2018
USD ($)
|
Sep. 27, 2018
CAD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
defendant
|
|
Guarantor Obligations [Line Items] | ||||
Guarantees | $ 41.3 | |||
Expiration period | 1 year | |||
Guarantees of vendor financing - short-term | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees | $ 37.0 | |||
Guarantees of vendor financing - long-term | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees | 0.1 | |||
Other debt guarantees | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees | $ 4.2 | |||
Canadian Antitrust Law | ||||
Guarantor Obligations [Line Items] | ||||
Number of hydrogen peroxide producers in putative class action complaints | defendant | 5 | |||
Number of other defendants | defendant | 5 | |||
Canadian Antitrust Law | Settled Litigation | ||||
Guarantor Obligations [Line Items] | ||||
Loss in period | $ 2.5 | $ 3,250 | ||
Litigation Settlement Amount, Settled By Other Defandants | $ 20.6 |
Segment Information - Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | $ 1,035.6 | $ 646.2 | $ 3,508.6 | $ 1,899.0 |
Operating profit before the items listed below | 235.1 | 155.1 | 985.7 | 376.9 |
Depreciation and amortization | (42.4) | (25.1) | (124.7) | (71.2) |
Interest expense, net | (33.4) | (18.4) | (101.7) | (51.3) |
Restructuring and other (charges) income | (25.9) | (7.1) | (29.2) | (22.3) |
Non-operating pension and postretirement (charges) income | 1.2 | 3.6 | 0.5 | 12.3 |
Transaction-related charges | (25.0) | (48.8) | (149.1) | (78.7) |
(Provision) benefit for income taxes | (30.1) | 11.6 | (100.4) | (1.1) |
Discontinued operations, net of income taxes | (4.7) | (15.1) | (4.2) | (157.3) |
Net income attributable to noncontrolling interests | (2.0) | (0.6) | (7.2) | (1.6) |
Net income (loss) attributable to FMC stockholders | 72.8 | 55.2 | 469.7 | 5.7 |
Operating Segments | FMC Agricultural Solutions | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 923.6 | 551.8 | 3,185.9 | 1,665.0 |
Operating profit before the items listed below | 216.2 | 137.3 | 916.1 | 352.7 |
Restructuring and other (charges) income | (22.0) | (2.2) | (13.9) | (7.0) |
Operating Segments | FMC Lithium | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenue | 112.0 | 94.4 | 322.7 | 234.0 |
Operating profit before the items listed below | 48.6 | 40.2 | 150.1 | 93.7 |
Restructuring and other (charges) income | (0.3) | 0.0 | (2.4) | (2.7) |
Corporate and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating profit before the items listed below | (29.7) | (22.4) | (80.5) | (69.5) |
Restructuring and other (charges) income | $ (3.6) | $ (4.9) | $ (12.9) | $ (12.6) |
Segment Information - Acquisition Related Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Total Transaction-related charges | $ 25.0 | $ 48.8 | $ 149.1 | $ 78.7 |
Legal and Professional Fees | ||||
Segment Reporting Information [Line Items] | ||||
Total Transaction-related charges | 16.9 | 48.8 | 64.7 | 78.7 |
Inventory Fair Value Amortization | ||||
Segment Reporting Information [Line Items] | ||||
Total Transaction-related charges | 1.3 | 0.0 | 69.6 | 0.0 |
Selling, General and Administrative Expenses | Cheminova | ||||
Segment Reporting Information [Line Items] | ||||
Total Transaction-related charges | $ 6.8 | $ 0.0 | $ 14.8 | $ 0.0 |
Subsequent Events (Details) - Subsequent Event - USD ($) shares in Millions |
Oct. 18, 2018 |
Nov. 05, 2018 |
Oct. 15, 2018 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Amount authorized for repurchase | $ 200,000,000 | ||
Livent | |||
Subsequent Event [Line Items] | |||
Shares of common stock (in shares) | 123 | ||
Ownership percentage of outstanding shares | 85.00% | ||
Livent | |||
Subsequent Event [Line Items] | |||
Proceeds from divestiture of businesses | $ 320,000,000 |
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