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Financial Instruments, Risk Management and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial instruments, valuation method The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
Financial InstrumentValuation Method
Foreign exchange forward contractsEstimated 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 contractsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
DebtOur 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.
Schedule of derivative instruments fair value and balance sheet presentation
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2023 and 2022:
December 31, 2023
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Consolidated Balance Sheet (3)
Net Amounts
Derivatives
Foreign exchange contracts$2.7 $3.0 $5.7 $(5.5)$0.2 
Total derivative assets (1)
$2.7 $3.0 $5.7 $(5.5)$0.2 
Foreign exchange contracts$(9.7)$(7.4)$(17.1)$5.5 $(11.6)
Total derivative liabilities (2)
$(9.7)$(7.4)$(17.1)$5.5 $(11.6)
Net derivative assets (liabilities)$(7.0)$(4.4)$(11.4)$— $(11.4)
December 31, 2022
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Consolidated Balance Sheet (3)
Net Amounts
Derivatives
Foreign exchange contracts$10.5 $6.4 $16.9 $(16.1)$0.8 
Interest rate contracts12.4 — 12.4 — 12.4 
Total derivative assets (1)
$22.9 $6.4 $29.3 $(16.1)$13.2 
Foreign exchange contracts$(25.1)$(8.8)$(33.9)$16.1 $(17.8)
Total derivative liabilities (2)
$(25.1)$(8.8)$(33.9)$16.1 $(17.8)
Net derivative assets (liabilities)$(2.2)$(2.4)$(4.6)$— $(4.6)
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(1)    Net balance is included in "Prepaid and other current assets" in the consolidated balance sheets.
(2)    Net balance is included in "Accrued and other liabilities" in the consolidated balance sheets.
(3)    Represents net derivatives positions subject to master netting arrangements.
Schedule of derivative instruments, gain (loss) in consolidated statements of income
The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments:

Derivatives in Cash Flow Hedging Relationships
Contracts
(in Millions)Foreign exchangeInterest rateTotal
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$(11.6)$(60.2)$(71.8)
2021 Activity
Unrealized hedging gains (losses) and other, net of tax$40.5 $3.6 $44.1 
Reclassification of deferred hedging (gains) losses, net of tax (1)
2.2 3.3 5.5 
Total derivative instrument impact on comprehensive income, net of tax$42.7 $6.9 $49.6 
Accumulated other comprehensive income (loss), net of tax at December 31, 2021$31.1 $(53.3)$(22.2)
2022 Activity
Unrealized hedging gains (losses) and other, net of tax$(86.3)$20.9 $(65.4)
Reclassification of deferred hedging (gains) losses, net of tax (1)
32.8 3.1 35.9 
Total derivative instrument impact on comprehensive income, net of tax$(53.5)$24.0 $(29.5)
Accumulated other comprehensive income (loss), net of tax at December 31, 2022$(22.4)$(29.3)$(51.7)
2023 Activity
Unrealized hedging gains (losses) and other, net of tax$(72.0)$(0.4)$(72.4)
Reclassification of deferred hedging (gains) losses, net of tax (1)
72.0 1.973.9
Total derivative instrument impact on comprehensive income, net of tax$— $1.5 $1.5 
Accumulated other comprehensive income (loss), net of tax at December 31, 2023$(22.4)$(27.8)$(50.2)
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(1)Amounts are included in "Costs of sales and services", "Selling, general and administrative expenses", and "Interest expense" on the consolidated statements of income (loss).

Derivatives Not Designated as Hedging Instruments
Amount of Pre-tax Gain (Loss) 
Recognized in Income on Derivatives (1)
Year Ended December 31,
(in Millions)202320222021
Foreign exchange contracts$(33.7)$(37.2)$(47.7)
Total$(33.7)$(37.2)$(47.7)
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(1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in "Costs of sales and services" and to a lesser extent "Selling, general, and administrative expenses" on the consolidated statements of income (loss).
Schedule of assets and liabilities measured at fair value 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 our consolidated balance sheets:
(in Millions)December 31, 2023
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)
$0.2 $— $0.2 $— 
Derivatives - Interest Rate (1)
— — — — 
Other (2) (3)
47.1 23.8 — 23.3 
Total Assets$47.3 $23.8 $0.2 $23.3 
Liabilities
Derivatives – Foreign exchange (1)
$11.6 $— $11.6 $— 
Derivatives - Interest Rate (1)
— — — — 
Other (2)
24.4 24.4 — — 
Total Liabilities$36.0 $24.4 $11.6 $— 
(in Millions)December 31, 2022
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)
$0.8 $— $0.8 $— 
Derivatives - Interest Rate (1)
12.4 — 12.4 — 
Other (2) (3)
41.8 22.5 — 19.3 
Total Assets$55.0 $22.5 $13.2 $19.3 
Liabilities
Derivatives – Foreign exchange (1)
$17.8 $— $17.8 $— 
Derivatives - Interest Rate (1)
— — — — 
Other (2)
23.5 23.5 — — 
Total Liabilities$41.3 $23.5 $17.8 $— 
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(1)See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets.
(2)Includes a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in "Other assets including long-term receivables, net" in the consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the consolidated balance sheets.
(3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. Asset amounts are included in "Other assets including long-term receivables, net" in the consolidated balance sheets.
Schedule of assets and liabilities measured at fair value on non-recurring basis There were no non-recurring fair value measurements in the consolidated balance sheets during the periods presented.