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Financial Instruments, Risk Management and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Financial Instruments Risk Management And Fair Value Measurements [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.
 
June 30, 2016
 
Gross Amount of Derivatives
 
 
 
 
 
 
(in Millions)
Designated as Cash Flow Hedges
 
Not Designated as Hedging Instruments
 
Total Gross Amounts
 
Gross Amounts Offset in the Consolidated Balance Sheet (3)
 
Net Amounts
Derivatives
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
9.7

 
$
1.9

 
$
11.6

 
$
(10.1
)
 
$
1.5

Energy contracts
0.2

 
—

 
0.2

 
(0.1
)
 
0.1

Total derivative assets (1)
9.9

 
1.9

 
11.8

 
(10.2
)
 
1.6

 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
(14.8
)
 
(20.2
)
 
(35.0
)
 
10.1

 
(24.9
)
Energy contracts
(0.6
)
 
—

 
(0.6
)
 
0.1

 
(0.5
)
Total derivative liabilities (2)
(15.4
)
 
(20.2
)
 
(35.6
)
 
10.2

 
(25.4
)
 
 
 
 
 
 
 
 
 
 
Net derivative assets/(liabilities)
$
(5.5
)
 
$
(18.3
)
 
$
(23.8
)
 
$
—

 
$
(23.8
)
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
Gross Amount of Derivatives
 
 
(in Millions)
Designated as Cash Flow Hedges
 
Not Designated as Hedging Instruments
 
Total Gross Amounts
 
Gross Amounts Offset in the Consolidated Balance Sheet (3)
 
Net Amounts
Derivatives
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
6.1

 
$
5.2

 
$
11.3

 
$
(11.3
)
 
$
—

Energy contracts
—

 
—

 
—

 
—

 
—

Total derivative assets (1)
6.1

 
5.2

 
11.3

 
(11.3
)
 
—

 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
(15.4
)
 
(7.3
)
 
(22.7
)
 
11.3

 
(11.4
)
Energy contracts
(2.0
)
 
—

 
(2.0
)
 
—

 
(2.0
)
Total derivative liabilities (2)
(17.4
)
 
(7.3
)
 
(24.7
)
 
11.3

 
(13.4
)
 
 
 
 
 
 
 
 
 
 
Net derivative assets/(liabilities)
$
(11.3
)
 
$
(2.1
)
 
$
(13.4
)
 
$
—

 
$
(13.4
)
____________________
(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.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The tables below summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments.

Derivatives in Cash Flow Hedging Relationships
 
Three Months Ended June 30
 
Contracts
 
 
Foreign Exchange
 
Energy
 
Total
(in Millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Unrealized hedging gains (losses) and other, net of tax
$
(2.2
)
 
$
3.2

 
$
0.6

 
$
(0.3
)
 
$
(1.6
)
 
$
2.9

Reclassification of deferred hedging (gains) losses,
 net of tax (1)
 
 
 
 
 
 
 
 
 
 
 
Effective portion (1)
1.0

 
(0.9
)
 
0.7

 
0.8

 
1.7

 
(0.1
)
Ineffective portion (1)
—

 
—

 
—

 
—

 
—

 
—

Total derivative instrument impact on
 comprehensive income, net of tax
$
(1.2
)
 
$
2.3

 
$
1.3

 
$
0.5

 
$
0.1

 
$
2.8

 
 
Six Months Ended June 30
 
Contracts
 
 
Foreign Exchange
 
Energy
 
Total
(in Millions)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Unrealized hedging gains (losses) and other, net of tax
$
0.7

 
$
3.5

 
$
—

 
$
1.7

 
$
0.7

 
$
5.2

Reclassification of deferred hedging (gains) losses,
 net of tax (1)
 
 
 
 
 
 
 
 
 
 
 
Effective portion (1)
3.0

 
(3.5
)
 
1.1

 
1.6

 
4.1

 
(1.9
)
Ineffective portion (1)
—

 
—

 
—

 
—

 
—

 
—

Total derivative instrument impact on
comprehensive income, net of tax
$
3.7

 
$
—

 
$
1.1

 
$
3.3

 
$
4.8

 
$
3.3

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

Derivatives Not Designated as Hedging Instruments
 
 
Location of Gain or (Loss)
Recognized in Income on Derivatives
Amount of Pre-tax Gain or (Loss) 
Recognized in Income on Derivatives (1)
 
 
Three Months Ended June 30
 
Six Months Ended June 30
(in Millions)
 
2016
 
2015
 
2016
 
2015
Foreign exchange contracts
Cost of sales and services
$
11.7

 
$
(3.3
)
 
$
28.3

 
$
(7.8
)
 
Selling, general & administrative (2)
—

 
8.0

 
—

 
(172.1
)
Total
 
$
11.7

 
$
4.7

 
$
28.3

 
$
(179.9
)

___________________
(1)
Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item.
(2)
Charges represent a loss on the Cheminova acquisition hedge. See Note 3 within these condensed consolidated financial statements for more information.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present our fair-value hierarchy for those assets and liabilities measured at fair-value on a recurring basis in the condensed consolidated balance sheets. During the periods presented there were no transfers between fair-value hierarchy levels.
 
(in Millions)
June 30, 2016
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Derivatives – Commodities:
 
 
 
 
 
 
 
Energy contracts (1)
$
0.1

 
$
—

 
$
0.1

 
$
—

Derivatives – Foreign exchange (1)
1.5

 
—

 
1.5

 
—

Other (2)
24.8

 
24.8

 
—

 
—

Total assets
$
26.4

 
$
24.8

 
$
1.6

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Derivatives – Commodities:
 
 
 
 
 
 
 
Energy contracts (1)
$
0.5

 
$
—

 
$
0.5

 
$
—

Derivatives – Foreign exchange (1)
24.9

 
—

 
24.9

 
—

Other (3)
29.6

 
29.2

 
0.4

 
—

Total liabilities
$
55.0

 
$
29.2

 
$
25.8

 
$
—

 ____________________
(1)
See the Fair Value of Derivative Instruments table within this Note for classifications on the condensed consolidated balance sheet.
(2)
Consists of 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” in the condensed consolidated balance sheets.
(3)
Consists of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts due are included in “Other long-term liabilities” in the condensed consolidated balance sheets. Level 2 liabilities represent liability-based awards associated with non-employees.

(in Millions)
December 31, 2015
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Derivatives – Commodities:
 
 
 
 
 
 
 
Energy contracts (1)
$
—

 
$
—

 
$
—

 
$
—

Derivatives – Foreign exchange (1)
—

 
—

 
—

 
—

Other (2)
25.4

 
25.4

 
—

 
—

Total assets
$
25.4

 
$
25.4

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Derivatives – Commodities:
 
 
 
 
 
 
 
Energy contracts (1)
$
2.0

 
$
—

 
$
2.0

 
$
—

Derivatives – Foreign exchange (1)
11.4

 
—

 
11.4

 
—

Other (3)
29.1

 
29.1

 
—

 
—

Total liabilities
$
42.5

 
$
29.1

 
$
13.4

 
$
—

____________________
(1)
See the Fair -Value of Derivative Instruments table within this Note for classification on the condensed consolidated balance sheet.
(2)
Consists of 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” in the condensed consolidated balance sheets.
(3)
Consist of a deferred compensation arrangement recognized on our balance sheet. Both the asset and liability are recorded at fair value. Liability amounts included in “Other long-term liabilities” in the condensed consolidated balance sheets.
Fair Value Measurements, Nonrecurring
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis in the condensed consolidated balance sheets during the year ended December 31, 2015. There were no non-recurring fair value measurements in the condensed consolidated balance sheets during the six months ended June 30, 2016.

(in Millions)
December 31, 2015
 
Quoted
Prices
in  Active
Markets  for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Gains
(Losses)
(Year Ended
December 31,
2015)
Assets
 
 
 
 
 
 
 
 
 
Long-lived assets associated with exit activities (1)
$
35.4

 
$
—

 
$
—

 
$
35.4

 
$
(70.5
)
Total assets
$
35.4

 
$
—

 
$
—

 
$
35.4

 
$
(70.5
)
____________________
(1)
We recorded charges, within our FMC Health and Nutrition segment, to write down the value of certain long-lived assets of approximately $70.5 million to salvage value in the case of fixed assets and fair value in the case of indefinite lived intangible assets.