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Guarantees, Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Estimated Undiscounted Potential Future Payments for Guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2018. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
(in Millions) |
Guarantees: |
Guarantees of vendor financing - short term (1) | $ | 67.1 |
Other debt guarantees (2) | 4.2 |
Total | $ | 71.3 |
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(1) | Represents guarantees to financial institutions on behalf of certain FMC Agricultural Solutions customers for their seasonal borrowing. The short-term amount is recorded on the consolidated balance sheets as “Guarantees of vendor financing.”
(2) | These guarantees represent support provided to third-party banks for credit extended to various FMC Agricultural Solutions customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing
the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. We believe the fair value of these guarantees is immaterial. The majority of these guarantees have an expiration date of less than one year.
Schedule of Capital Lease Expense |
| Year ended December 31,
(in Millions) | 2018 |  | 2017 |  | 2016
Operating leases rent expense | $ | 40.0 |  |  | $ | 26.1 |  |  | $ | 20.0 |
Schedule of Future Minimum Rental Payments for Operating Leases |
| Future Minimum Lease Payments
(in Millions) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
Operating Leases | $ | 36.0 |  |  | $ | 31.1 |  |  | $ | 20.4 |  |  | $ | 17.1 |  |  | $ | 13.3 |  |  | $ | 107.1 |
Capital Lease | 2.9 |  |  | 2.9 |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  |  | 4.3 |
Schedule of Future Minimum Lease Payments for Capital Leases |
| Future Minimum Lease Payments
(in Millions) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
Operating Leases | $ | 36.0 |  |  | $ | 31.1 |  |  | $ | 20.4 |  |  | $ | 17.1 |  |  | $ | 13.3 |  |  | $ | 107.1 |
Capital Lease | 2.9 |  |  | 2.9 |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  |  | 4.3 |

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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12265-110248 + Details
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