XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Restructuring and Other Charges (Income) | 9 Months Ended
--- | ---
Sep. 30, 2016
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:
| Three Months Ended September 30 |  | Nine Months Ended September 30
(in Millions) | 2016 |  | 2015 |  | 2016 |  | 2015
Restructuring charges and asset disposals | $ | 6.5 |  |  | $ | 69.3 |  |  | $ | 18.8 |  |  | $ | 81.5 |
Other charges (income), net | 7.9 |  |  | (23.7 | ) |  | 20.3 |  |  | (3.3 | )
Total restructuring and other charges | $ | 14.4 |  |  | $ | 45.6 |  |  | $ | 39.1 |  |  | $ | 78.2 |
Restructuring charges and asset disposals Detail on the 2016 restructuring charges and asset disposal activities is provided below. For detail on restructuring activities which commenced prior to 2016, see Note 7 to our consolidated financial statements included with our 2015 Form 10-K. 2016 Restructuring Activities Cheminova Restructuring In 2015, we completed the acquisition of Cheminova; see Note 3 for more details. As part of the integration of Cheminova into our existing FMC Agricultural Solutions segment we implemented a restructuring plan. The restructuring plan includes workforce reductions, relocation of current operating locations, lease termination fees and fixed asset accelerated depreciation as well as fixed asset disposal charges at several of our FMC Agricultural Solutions' facilities. In 2016, these restructuring activities continued; however, we expect the restructuring charges to be completed in 2016.
|  | Restructuring Charges
(in Millions) |  | Severance and Employee Benefits (1) |  | Other Charges (Income) (2) |  | Asset Disposal Charges (3) |  | Total
Cheminova Restructuring |  | $ | 3.0 |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 5.8 |
Other Items |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Three months ended September 30, 2016 |  | $ | 3.0 |  |  | $ | 0.7 |  |  | $ | 2.8 |  |  | $ | 6.5 |
Cheminova Restructuring |  | $ | 7.8 |  |  | $ | 2.5 |  |  | $ | 40.4 |  |  | $ | 50.7 |
Health and Nutrition Restructuring |  | 4.3 |  |  | 0.4 |  |  | 11.9 |  |  | 16.6 |
Other Items |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Three months ended September 30, 2015 |  | $ | 14.1 |  |  | $ | 2.9 |  |  | $ | 52.3 |  |  | $ | 69.3 |
Cheminova Restructuring |  | $ | 8.1 |  |  | $ | 1.3 |  |  | $ | 5.3 |  |  | $ | 14.7 |
Other Items |  | 0.4 |  |  | 1.1 |  |  | 2.6 |  |  | 4.1 |
Nine months ended September 30, 2016 |  | $ | 8.5 |  |  | $ | 2.4 |  |  | $ | 7.9 |  |  | $ | 18.8 |
Cheminova Restructuring |  | $ | 12.2 |  |  | $ | 2.8 |  |  | $ | 40.5 |  |  | $ | 55.5 |
Health and Nutrition Restructuring |  | 5.9 |  |  | 0.5 |  |  | 14.1 |  |  | 20.5 |
Other Items |  | 5.6 |  |  | (0.1 | ) |  | — |  |  | 5.5 |
Nine months ended September 30, 2015 |  | $ | 23.7 |  |  | $ | 3.2 |  |  | $ | 54.6 |  |  | $ | 81.5 |
____________________
(1) | Represents severance and employee benefit charges. Income represents adjustments to previously recorded severance and employee benefits.
(2) | Primarily represents costs associated with lease payments, contract terminations, and other miscellaneous exit costs. Other Income primarily represents favorable developments on previously recorded exit costs as recoveries associated with restructuring.
(3) | Primarily represents 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.
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.
(in Millions) | Balance at 12/31/15 (3) |  | Change in reserves (2) |  | Cash payments |  | Other |  | Balance at 9/30/16 (3)
Cheminova Restructuring | $ | 8.7 |  |  | $ | 9.4 |  |  | $ | (11.5 | ) |  | $ | (4.4 | ) |  | $ | 2.2 |
Other Workforce Related and Facility Shutdowns (1) | 6.5 |  |  | 1.5 |  |  | (4.6 | ) |  | (0.5 | ) |  | 2.9 |
Restructuring activities related to discontinued operations (4) | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Total | $ | 15.6 |  |  | $ | 10.9 |  |  | $ | (16.1 | ) |  | $ | (4.9 | ) |  | $ | 5.5 |
____________________
(1) | Primarily severance costs related to workforce reductions and facility shutdowns noted in the "Other Items" sections above.
(2) | 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 and are not included in the above tables.
(3) | Included in "Accrued and other liabilities" on the condensed consolidated balance sheets.
(4) | Cash spending associated with restructuring activities of discontinued operations is reported within "Other discontinued reserves" on the condensed consolidated statements of cash flows.
Other charges (income), net
| Three Months Ended September 30 |  | Nine Months Ended September 30
(in Millions) | 2016 |  | 2015 |  | 2016 |  | 2015
Environmental charges, net | $ | 8.1 |  |  | $ | 2.9 |  |  | $ | 17.1 |  |  | $ | 8.3 |
Argentina devaluation | — |  |  | — |  |  | 4.2 |  |  | — |
Other items, net | (0.2 | ) |  | (26.6 | ) |  | (1.0 | ) |  | (11.6 | )
Other charges (income), net | $ | 7.9 |  |  | $ | (23.7 | ) |  | $ | 20.3 |  |  | $ | (3.3 | )
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 11 for additional details. Argentina Devaluation On December 17, 2015, the Argentina government initiated actions to significantly devalue its currency. These actions continued into a portion of first quarter of 2016. These actions created an immediate loss associated with the impacts of the remeasurement of our local balance sheet. The loss was attributable to our Lithium and Agricultural Solutions operations. Because of the severity of the event and its immediate impact to our operations in the country, the charge associated with the remeasurement was included within restructuring and other charges in our condensed consolidated income statement during the period. We believe these actions have ended and do not expect further charges for remeasurement to be included within restructuring and other charges. Other items, Net In the three months ended September 30, 2016, we sold our remaining ownership interest in several joint ventures. The aggregate loss on the sale of the various interests of $2.9 million was recorded as "Other income, net" on the condensed consolidated statements of income (loss). Additionally, we had a gain of $3.0 million from the sale of a Corporate fixed asset. The cash proceeds from these sales of $6.8 million is included within "Other investing activities" on the Condensed Consolidated Statement of Cash Flows. In the three months ended September 30, 2015, we sold our remaining ownership interest in a Belgium-based pesticide distribution company, Belchim Crop Protection N.V. ("Belchim"). Prior to and subsequent to the sale, Belchim was accounted for as a cost method investment. The gain on the sale of approximately $26.6 million was recorded as "Other income, net" on the condensed consolidated statements of income (loss). The cash proceeds from the sale of $27.5 million are included within "Proceeds from sale of investment/business" on the Condensed Consolidated Statement of Cash Flows. During 2015, our FMC Agricultural Solutions segment entered into collaboration and license agreements with various third parties for the purpose of obtaining certain technology and intellectual property rights relating to compounds under development. The rights and technology obtained is referred to as in-process research and development and in accordance with GAAP, the amounts paid are expensed as incurred since they were acquired outside of a business combination. During the nine months ended September 30, 2015, we entered into one such transaction, consisting of the acquisition of all global rights to a pre-development novel, proprietary broadleaf herbicide.

X
- Definition This describes the aggregate amount provided for estimated restructuring charges, remediation costs, gains on sale of assets, in process research and development acquired as part of an asset acquisition, asset impairment losses and other miscellaneous charges to income during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). + References No definition available. + Details
Name: | fmc_RestructuringAndOtherChargesIncomeDisclosureTextBlock
Namespace Prefix: | fmc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration