Financial Information and Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following tables summarize the effect of these accounting changes on impacted line items in our condensed consolidated financial statements as follows:

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In millions, except per share data)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Three Months Ended September 30, 2022
Cost of sales and services	$	899.7	$	899.7	$	—
Gross margin	$	477.5	$	477.5	$	—
Total costs and expenses	$	1,166.6	$	1,166.6	$	—
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes	$	210.6	$	210.6	$	—
Non-operating pension and postretirement charges (income)	$	3.9	$	(1.7)	$	(5.6)
Income (loss) from continuing operations before income taxes	$	164.9	$	170.5	$	5.6
Provision (benefit) for income taxes	$	34.8	$	36.0	$	1.2
Income (loss) from continuing operations	$	130.1	$	134.5	$	4.4
Net income (loss)	$	113.9	$	118.3	$	4.4
Net income (loss) attributable to FMC stockholders	$	116.6	$	121.0	$	4.4
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.05	$	1.09	$	0.04
Net income (loss) attributable to FMC stockholders	$	0.92	$	0.96	$	0.04
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.05	$	1.08	$	0.03
Net income (loss) attributable to FMC stockholders	$	0.92	$	0.95	$	0.03

(in Millions, except per share data)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Nine Months Ended September 30, 2022
Cost of sales and services	$	2,539.1	$	2,539.1	$	—
Gross margin	$	1,641.2	$	1,641.2	$	—
Total costs and expenses	$	3,430.5	$	3,430.5	$	—
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes	$	749.8	$	749.8	$	—
Non-operating pension and postretirement charges (income)	$	12.1	$	6.5	$	(5.6)
Income (loss) from continuing operations before income taxes	$	630.7	$	636.3	$	5.6
Provision (benefit) for income taxes	$	131.8	$	133.0	$	1.2
Income (loss) from continuing operations	$	498.9	$	503.3	$	4.4
Net income (loss)	$	456.7	$	461.1	$	4.4
Net income (loss) attributable to FMC stockholders	$	458.2	$	462.6	$	4.4
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	3.96	$	3.99	$	0.03
Net income (loss) attributable to FMC stockholders	$	3.63	$	3.66	$	0.03
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	3.94	$	3.98	$	0.04
Net income (loss) attributable to FMC stockholders	$	3.61	$	3.65	$	0.04

(in Millions, except per share data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Three Months Ended September 30, 2021
Cost of sales and services	$	681.2	$	1.3	$	—	$	1.3	$	682.5
Gross margin	$	512.8	$	(1.3)	$	—	$	(1.3)	$	511.5
Total costs and expenses	$	977.0	$	1.3	$	—	$	1.3	$	978.3
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes	$	217.0	$	(1.3)	$	—	$	(1.3)	$	215.7
Non-operating pension and postretirement charges (income)	$	5.1	$	—	$	(3.6)	$	(3.6)	$	1.5
Income (loss) from continuing operations before income taxes	$	178.8	$	(1.3)	$	3.6	$	2.3	$	181.1
Provision (benefit) for income taxes	$	8.7	$	(0.3)	$	0.8	$	0.5	$	9.2
Income (loss) from continuing operations	$	170.1	$	(1.0)	$	2.8	$	1.8	$	171.9
Net income (loss)	$	160.4	$	(1.0)	$	2.8	$	1.8	$	162.2
Net income (loss) attributable to FMC stockholders	$	157.9	$	(1.0)	$	2.8	$	1.8	$	159.7
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.30	$	—	$	0.02	$	0.02	$	1.32
Net income (loss) attributable to FMC stockholders	$	1.22	$	—	$	0.02	$	0.02	$	1.24
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.30	$	—	$	0.02	$	0.02	$	1.32
Net income (loss) attributable to FMC stockholders	$	1.22	$	—	$	0.02	$	0.02	$	1.24

(in Millions, except per share data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Nine Months Ended September 30, 2021
Cost of sales and services	$	2,074.6	$	3.8	$	—	$	3.8	$	2,078.4
Gross margin	$	1,557.0	$	(3.8)	$	—	$	(3.8)	$	1,553.2
Total costs and expenses	$	2,865.3	$	3.8	$	—	$	3.8	$	2,869.1
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes	$	766.3	$	(3.8)	$	—	$	(3.8)	$	762.5
Non-operating pension and postretirement charges (income)	$	14.7	$	—	$	(10.8)	$	(10.8)	$	3.9
Income (loss) from continuing operations before income taxes	$	653.5	$	(3.8)	$	10.8	$	7.0	$	660.5
Provision (benefit) for income taxes	$	74.3	$	(0.8)	$	2.3	$	1.5	$	75.8
Income (loss) from continuing operations	$	579.2	$	(3.0)	$	8.5	$	5.5	$	584.7
Net income (loss)	$	546.8	$	(3.0)	$	8.5	$	5.5	$	552.3
Net income (loss) attributable to FMC stockholders	$	543.4	$	(3.0)	$	8.5	$	5.5	$	548.9
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	4.46	$	(0.02)	$	0.07	$	0.05	$	4.51
Net income (loss) attributable to FMC stockholders	$	4.21	$	(0.02)	$	0.07	$	0.05	$	4.26
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	4.44	$	(0.03)	$	0.07	$	0.04	$	4.48
Net income (loss) attributable to FMC stockholders	$	4.19	$	(0.03)	$	0.07	$	0.04	$	4.23

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in Millions, except per share data)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Three Months Ended September 30, 2022
Net income (loss)	$	113.9	$	118.3	$	4.4
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the three months ended September 30, 2022	$	(0.1)	$	(0.1)	$	—
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.2 as computed and zero as reported for the three months ended September 30, 2022	$	4.4	$	—	$	(4.4)
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as computed and zero as reported for the three months ended September 30, 2022	$	4.3	$	(0.1)	$	(4.4)
Other comprehensive income (loss), net of tax	$	(68.1)	$	(72.5)	$	(4.4)
Comprehensive income (loss)	$	45.8	$	45.8	$	—
Comprehensive income (loss) attributable to FMC stockholders	$	49.2	$	49.2	$	—

(in Millions, except per share data)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Nine Months Ended September 30, 2022
Net income (loss)	$	456.7	$	461.1	$	4.4
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the nine months ended September 30, 2022	$	(0.1)	$	(0.1)	$	—
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022	$	11.2	$	6.8	$	(4.4)
Total pension and other postretirement benefits, net of tax expense (benefit) of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022	$	11.1	$	6.7	$	(4.4)
Other comprehensive income (loss), net of tax	$	(214.1)	$	(218.5)	$	(4.4)
Comprehensive income (loss)	$	242.6	$	242.6	$	—
Comprehensive income (loss) attributable to FMC stockholders	$	246.1	$	246.1	$	—

(in Millions, except per share data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Three Months Ended September 30, 2021
Net income (loss)	$	160.4	$	(1.0)	$	2.8	$	1.8	$	162.2
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.2) as adjusted and zero as previously reported for the three months ended September 30, 2021	$	0.1	$	—	$	(0.8)	$	(0.8)	$	(0.7)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $0.7 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021	$	4.5	$	—	$	(2.0)	$	(2.0)	$	2.5
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.5 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021	$	4.6	$	—	$	(2.8)	$	(2.8)	$	1.8
Other comprehensive income (loss), net of tax	$	20.0	$	—	$	(2.8)	$	(2.8)	$	17.2
Comprehensive income (loss)	$	180.4	$	(1.0)	$	—	$	(1.0)	$	179.4
Comprehensive income (loss) attributable to FMC stockholders	$	178.2	$	(1.0)	$	—	$	(1.0)	$	177.2

(in Millions, except per share data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Nine Months Ended September 30, 2021
Net income (loss)	$	546.8	$	(3.0)	$	8.5	$	5.5	$	552.3
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.6) as adjusted and zero as previously reported for the nine months ended September 30, 2021	$	—	$	—	$	(2.2)	$	(2.2)	$	(2.2)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.8 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021	$	13.2	$	—	$	(6.3)	$	(6.3)	$	6.9
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021	$	13.2	$	—	$	(8.5)	$	(8.5)	$	4.7
Other comprehensive income (loss), net of tax	$	(2.2)	$	—	$	(8.5)	$	(8.5)	$	(10.7)
Comprehensive income (loss)	$	544.6	$	(3.0)	$	—	$	(3.0)	$	541.6
Comprehensive income (loss) attributable to FMC stockholders	$	541.4	$	(3.0)	$	—	$	(3.0)	$	538.4

CONDENSED CONSOLIDATED BALANCE SHEETS

(in Millions)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
September 30, 2022
Inventories	$	1,615.3	$	1,731.5	$	116.2
Total current assets	$	4,994.4	$	5,110.6	$	116.2
Deferred income taxes	$	208.5	$	184.1	$	(24.4)
TOTAL ASSETS	$	10,672.9	$	10,764.7	$	91.8
Retained earnings	$	5,248.8	$	5,354.8	$	106.0
Accumulated other comprehensive income (loss)	$	(527.8)	$	(542.0)	$	(14.2)
Total FMC stockholders’ equity	$	3,096.4	$	3,188.2	$	91.8
Total equity	$	3,111.8	$	3,203.6	$	91.8
TOTAL LIABILITIES AND EQUITY	$	10,672.9	$	10,764.7	$	91.8

(in Millions)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
December 31, 2021
Inventories	$	1,405.7	$	116.2	$	—	$	116.2	$	1,521.9
Total current assets	$	4,937.6	$	116.2	$	—	$	116.2	$	5,053.8
Deferred income taxes	$	218.5	$	(24.4)	$	—	$	(24.4)	$	194.1
TOTAL ASSETS	$	10,581.3	$	91.8	$	—	$	91.8	$	10,673.1
Retained earnings	$	4,991.3	$	91.8	$	9.8	$	101.6	$	5,092.9
Accumulated other comprehensive income (loss)	$	(315.7)	$	—	$	(9.8)	$	(9.8)	$	(325.5)
Total FMC stockholders’ equity	$	3,032.5	$	91.8	$	—	$	91.8	$	3,124.3
Total equity	$	3,051.9	$	91.8	$	—	$	91.8	$	3,143.7
TOTAL LIABILITIES AND EQUITY	$	10,581.3	$	91.8	$	—	$	91.8	$	10,673.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in Millions)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Nine Months Ended September 30, 2022
Cash provided (required) by operating activities of continuing operations:
Net income (loss)	$	456.7	$	461.1	$	4.4
Income (loss) from continuing operations	$	498.9	$	503.3	$	4.4
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Pension and other postretirement benefits	$	15.0	$	9.4	$	(5.6)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories	$	(282.3)	$	(282.3)	$	—
Income taxes	$	(4.7)	$	(3.5)	$	1.2
Net cash provided (required) by operating activities of continuing operations	$	15.7	$	15.7	$	—

(in Millions)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Nine Months Ended September 30, 2021
Cash provided (required) by operating activities of continuing operations:
Net income (loss)	$	546.8	$	(3.0)	$	8.5	$	5.5	$	552.3
Income (loss) from continuing operations	$	579.2	$	(3.0)	$	8.5	$	5.5	$	584.7
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Pension and other postretirement benefits	$	18.4	$	—	$	(10.8)	$	(10.8)	$	7.6
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories	$	(371.2)	$	3.8	$	—	$	3.8	$	(367.4)
Income taxes	$	(23.5)	$	(0.8)	$	2.3	$	1.5	$	(22.0)
Net cash provided (required) by operating activities of continuing operations	$	298.2	$	—	$	—	$	—	$	298.2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at December 31, 2020
Retained earnings	$	4,506.4	$	100.0	$	(1.5)	$	98.5	$	4,604.9
Accumulated Other Comprehensive Income (Loss)	$	(282.2)	$	—	$	1.5	$	1.5	$	(280.7)
Total equity	$	2,984.2	$	100.0	$	—	$	100.0	$	3,084.2

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at March 31, 2021
Retained earnings	$	4,627.0	$	99.0	$	1.4	$	100.4	$	4,727.4
Accumulated Other Comprehensive Income (Loss)	$	(282.8)	$	—	$	(1.4)	$	(1.4)	$	(284.2)
Total equity	$	3,031.3	$	99.0	$	—	$	99.0	$	3,130.3

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at June 30, 2021
Retained earnings	$	4,767.9	$	98.0	$	4.2	$	102.2	$	4,870.1
Accumulated Other Comprehensive Income (Loss)	$	(304.5)	$	—	$	(4.2)	$	(4.2)	$	(308.7)
Total equity	$	3,134.1	$	98.0	$	—	$	98.0	$	3,232.1

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at September 30, 2021
Retained earnings	$	4,864.9	$	97.0	$	7.0	$	104.0	$	4,968.9
Accumulated Other Comprehensive Income (Loss)	$	(284.2)	$	—	$	(7.0)	$	(7.0)	$	(291.2)
Total equity	$	3,057.0	$	97.0	$	—	$	97.0	$	3,154.0

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at December 31, 2021
Retained earnings	$	4,991.3	$	91.8	$	9.8	$	101.6	$	5,092.9
Accumulated Other Comprehensive Income (Loss)	$	(315.7)	$	—	$	(9.8)	$	(9.8)	$	(325.5)
Total equity	$	3,051.9	$	91.8	$	—	$	91.8	$	3,143.7

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at March 31, 2022
Retained earnings	$	5,131.8	$	91.8	$	9.8	$	101.6	$	5,233.4
Accumulated Other Comprehensive Income (Loss)	$	(435.6)	$	—	$	(9.8)	$	(9.8)	$	(445.4)
Total equity	$	3,082.2	$	91.8	$	—	$	91.8	$	3,174.0

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As Previously Reported		Effect of FIFO Change		Effect of Pension Change		Combined Effect of Changes		As Adjusted
Balance at June 30, 2022
Retained earnings	$	5,199.1	$	91.8	$	9.8	$	101.6	$	5,300.7
Accumulated Other Comprehensive Income (Loss)	$	(460.4)	$	—	$	(9.8)	$	(9.8)	$	(470.2)
Total equity	$	3,127.3	$	91.8	$	—	$	91.8	$	3,219.1

	FMC Stockholders’ Equity
(in Millions, Except Per Share Data)	As computed under LIFO and Pension deferred MRVA Method		As reported under FIFO and Pension Fair Value Method		Effect of change
Balance at September 30, 2022
Retained earnings	$	5,248.8	$	5,354.8	$	106.0
Accumulated Other Comprehensive Income (Loss)	$	(527.8)	$	(542.0)	$	(14.2)
Total equity	$	3,111.8	$	3,203.6	$	91.8