XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations
Our discontinued operations comprised the following:
(in Millions)
Three Months Ended September 30,
 
Nine Months Ended September 30,
2018
 
2017
 
2018
 
2017
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $0.6 and $0.1 for the three and nine months ended September 30, 2018 and $0.2 and ($0.2) for the three and nine months ended 2017, respectively
$
0.9

 
$
0.4

 
$
2.0

 
$
2.1

Provision for environmental liabilities, net of recoveries, net of income tax benefit of $1.0 and $2.4 for the three and nine months ended September 30, 2018 and $9.9 and $14.4 for the three and nine months ended 2017, respectively (1)
(4.0
)
 
(19.3
)
 
(9.0
)
 
(30.0
)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $0.7 and $4.1 for the three and nine months ended September 30, 2018 and $2.2 and $6.4 for the three and nine months ended 2017, respectively
(2.5
)
 
(4.2
)
 
(15.7
)
 
(12.0
)
Discontinued operations of FMC Health and Nutrition, net of income tax benefit (expense) of $0.5 and ($4.1) for the three and nine months ended September 30, 2018 and ($21.0) and ($38.6) for the three and nine months ended 2017, respectively
0.9

 
8.0

 
18.5

 
(117.4
)
Discontinued operations, net of income taxes
$
(4.7
)
 
$
(15.1
)
 
$
(4.2
)
 
$
(157.3
)

____________________
(1)
See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during 2018 in Note 12.
The results of our discontinued FMC Health and Nutrition operations are summarized below, including the results of these delayed sites included in the three and nine months ended September 30, 2018:
(in Millions)
Three Months Ended September 30,
 
Nine Months Ended September 30,
2018
 
2017
 
2018
 
2017
Revenue
$
—

 
$
163.3

 
$
3.8

 
$
502.1

Costs of sales and services
—

 
101.7

 
4.0

 
309.0

 
 
 
 
 
 
 
 
Income (loss) from discontinued operations before income taxes (1)
$
(0.4
)
 
$
33.0

 
$
2.1

 
$
108.2

Provision (benefit) for income taxes (2)
(0.7
)
 
22.7

 
0.7

 
62.9

Total discontinued operations of FMC Health and Nutrition, net of income taxes, before divestiture related costs and adjustments (3)
$
0.3

 
$
10.3

 
$
1.4

 
$
45.3

Adjustment to gain on sale of FMC Health and Nutrition, net of income taxes
—

 
—

 
16.8

 
—

Divestiture related costs of discontinued operations of FMC Health and Nutrition, net of income taxes
0.6

 
(5.4
)
 
0.3

 
(14.9
)
Adjustment to FMC Health and Nutrition Omega-3 net assets held for sale, net of income taxes (4)
—

 
3.1

 
—

 
(147.8
)
Discontinued operations of FMC Health and Nutrition, net of income taxes
$
0.9

 
$
8.0

 
$
18.5

 
$
(117.4
)
Less: Discontinued operations of FMC Health and Nutrition attributable to noncontrolling interests
—

 
0.1

 
—

 
0.1

Discontinued operations of FMC Health and Nutrition, net of income taxes, attributable to FMC Stockholders
$
0.9

 
$
7.9

 
$
18.5

 
$
(117.5
)
____________________
(1)
Results for the three and nine months September 30, 2018 include an adjustment to retained liabilities of the disposed FMC Health and Nutrition business. For the three months ended September 30, 2017, amounts include $4.7 million of allocated interest expense and $3.9 million of restructuring and other charges (income). For the nine months ended September 30, 2017, amounts include $15.1 million of allocated interest expense, $7.0 million of restructuring and other charges (income), and $3.9 million of a pension curtailment charge. See Note 15 for more information of the pension curtailment charge. Interest was allocated in accordance with relevant discontinued operations accounting guidance.
(2)
Includes the accrual for income taxes of $14.7 million associated with unremitted earnings of foreign FMC Health and Nutrition subsidiaries held for sale for the three and nine months ended September 30, 2017.
(3)
In accordance with U.S. GAAP, effective March 2017 we stopped amortizing and depreciating all assets classified as held for sale. Assets held for sale under U.S. GAAP are required to be reported at the lower of carrying value or fair value, less costs to sell. However, the fair value of the Omega-3 business, which was previously part of the broader FMC Health and Nutrition reporting unit, was significantly less than its carrying value, which included accumulated foreign currency translation adjustments that were subsequently reclassified to earnings after completion of the sale.
(4)
Represents the impairment charge for the nine months ended September 30, 2017 of approximately $168 million ($148 million, net of tax) associated with the disposal activities of the Omega-3 business to write down the carrying value to its fair value.


The following table presents the major classes of assets and liabilities of FMC Health and Nutrition:
(in Millions)
September 30, 2018
 
December 31, 2017
Assets
 
 
 
Current assets of discontinued operations held for sale (1)
$
—

 
$
7.2

Property, plant and equipment
—

 
0.1

Total assets of discontinued operations held for sale (2)
$
—

 
$
7.3

Liabilities
 
 
 
Current liabilities of discontinued operations held for sale
$
—

 
$
(1.3
)
Total liabilities of discontinued operations held for sale (3)
$
—

 
$
(1.3
)
Total net assets (4)
$
—

 
$
6.0

____________________
(1)
Primarily consists of trade receivables and inventories.
(2)
Presented as "Current assets of discontinued operations held for sale" on the condensed consolidated balance sheets as of December 31, 2017.
(3)
Presented as "Current liabilities of discontinued operations held for sale" on the condensed consolidated balance sheets as of December 31, 2017.
(4)
In connection with the divestiture of FMC Health and Nutrition, certain sites transferred to DuPont subsequent to November 1, 2017 due to various local timing constraints. Amounts at December 31, 2017 represent the net assets of FMC Health and Nutrition ultimately transferred to DuPont subsequent to the closing date in 2018.