XML 17 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 55.8 $ 79.6 $ 7.3 $ 195.3
Foreign currency adjustments:        
Foreign currency translation gain (loss) arising during the period 45.6 18.1 162.2 50.3
Reclassification of foreign currency translation (gains) losses 17.0 0.0 17.0 0.0
Total foreign currency translation adjustments [1] 62.6 18.1 179.2 50.3
Derivative instruments:        
Unrealized hedging gains (losses) and other, net of tax of $0.2 and ($2.6) for the three and nine months ended September 30, 2017 and ($0.3) and ($2.0) for the three and nine months ended September 30, 2016, respectively (1.7) 0.1 (3.2) 0.9
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $1.0 and $0.9 for the three and nine months ended September 30, 2017 and $1.2 and $3.3 for the three and six months ended September 30, 2016, respectively [2] 1.5 2.2 1.3 6.2
Total derivative instruments, net of tax of $1.2 and ($1.7) for the three and nine months ended September 30, 2017 and $0.9 and $1.3 for the three and nine months ended September 30, 2016, respectively (0.2) 2.3 (1.9) 7.1
Pension and other postretirement benefits:        
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of ($0.1) and $2.7 for the three and nine months ended September 30, 2017 and zero for the three and nine months ended September 30, 2016, respectively [3] (1.3) 0.0 1.3 0.0
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of $1.7 and $5.7 for the three and nine months ended September 30, 2017 and $4.7 and $12.0 for the three and nine months ended September 30, 2016, respectively [2] 3.2 4.7 11.0 18.1
Total pension and other postretirement benefits, net of tax of $1.6 and $8.4 for the three and nine months ended September 30, 2017 and $4.7 and $12.0 for the three and nine months ended September 30, 2016, respectively 1.9 4.7 12.3 18.1
Other comprehensive income (loss), net of tax 64.3 25.1 189.6 75.5
Comprehensive income (loss) 120.1 104.7 196.9 270.8
Less: Comprehensive income (loss) attributable to the noncontrolling interest 0.1 (0.5) 1.4 1.7
Comprehensive income (loss) attributable to FMC stockholders $ 120.0 $ 105.2 $ 195.5 $ 269.1
[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, however, see Note 15 regarding the impact from the sale of our discontinued FMC Health and Nutrition segment on certain of these foreign subsidiaries. The amount for 2017 includes reclassification to net income due to the divestiture of our Omega-3 business. See Note 10 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 2017 Omega-3 asset held for sale write-down charges.
[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 13.
[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 14 for more information.