XML 107 R48.htm IDEA: XBRL DOCUMENT
v3.20.4

Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Retirement Benefits [Abstract] |
Summary of Weighted Average Assumptions Used | The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans:
| Pensions and Other Benefits
| December 31,
| 2020 |  | 2019
Discount rate qualified | 2.49 | % |  | 3.22 | %
Discount rate nonqualified plan | 1.62 | % |  | 2.74 | %
Discount rate other benefits | 1.91 | % |  | 2.89 | %
Rate of compensation increase | 3.10 | % |  | 3.10 | %
Components of Defined Benefit Postretirement Plans | The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31:
|  |  |  | Pensions |  | Other Benefits (1)
|  |  |  | December 31,
(in Millions) |  |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  |  |  | $ | 1,379.1 |  |  | $ | 1,261.3 |  |  | $ | 15.8 |  |  | $ | 18.9 |
Service cost |  |  |  | 4.4 |  |  | 4.2 |  |  | — |  |  | — |
Interest cost |  |  |  | 36.7 |  |  | 47.6 |  |  | 0.4 |  |  | 0.6 |
Actuarial loss (gain) (2) |  |  |  | 115.5 |  |  | 153.0 |  |  | 0.3 |  |  | (2.2) |
Plan participants’ contributions |  |  |  | — |  |  | — |  |  | 0.5 |  |  | 0.4 |
Settlements |  |  |  | (1.5) |  |  | (3.5) |  |  | — |  |  | — |
Benefits paid |  |  |  | (83.9) |  |  | (83.5) |  |  | (1.7) |  |  | (1.9) |
Projected benefit obligation at December 31 |  |  |  | $ | 1,450.3 |  |  | $ | 1,379.1 |  |  | $ | 15.3 |  |  | $ | 15.8 |
Change in plan assets |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 |  |  |  | $ | 1,390.6 |  |  | $ | 1,269.7 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  |  | 176.5 |  |  | 196.2 |  |  | — |  |  | — |
Foreign currency exchange rate changes |  |  |  | — |  |  | (0.2) |  |  | — |  |  | — |
Company contributions |  |  |  | 2.9 |  |  | 11.9 |  |  | 1.2 |  |  | 1.5 |
Plan participants’ contributions |  |  |  | — |  |  | — |  |  | 0.5 |  |  | 0.4 |
Settlements |  |  |  | (1.5) |  |  | (3.5) |  |  | — |  |  | — |
Benefits paid |  |  |  | (83.9) |  |  | (83.5) |  |  | (1.7) |  |  | (1.9) |
Fair value of plan assets at December 31 |  |  |  | $ | 1,484.6 |  |  | $ | 1,390.6 |  |  | $ | — |  |  | $ | — |
Funded Status |  |  |  |  |  |  |  |  |  |
U.S. plans with assets |  |  |  | $ | 69.5 |  |  | $ | 44.2 |  |  | $ | — |  |  | $ | — |
U.S. plans without assets |  |  |  | (23.9) |  |  | (22.4) |  |  | (15.3) |  |  | (15.8) |
Non-U.S. plans with assets |  |  |  | (3.0) |  |  | (1.3) |  |  | — |  |  | — |
All other plans |  |  |  | (8.3) |  |  | (9.0) |  |  | — |  |  | — |
Net funded status of the plan (liability) |  |  |  | $ | 34.3 |  |  | $ | 11.5 |  |  | $ | (15.3) |  |  | $ | (15.8) |
Amount recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Pension asset (3) |  |  |  | $ | 69.5 |  |  | $ | 44.2 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability (4) |  |  |  | (35.2) |  |  | (32.7) |  |  | (15.3) |  |  | (15.8) |
Total |  |  |  | $ | 34.3 |  |  | $ | 11.5 |  |  | $ | (15.3) |  |  | $ | (15.8) |
____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) The actuarial loss in 2020 and 2019 was primarily driven by the change in discount rate on the U.S. qualified plan. Additionally, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations in both 2020 and 2019. Adoption of the most recent projection scale for each applicable year increased the U.S. defined benefit obligations by approximately $10 million and $13 million at December 31, 2020 and 2019, respectively. (3) Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets. (4) Recorded as "Accrued pension and other postretirement benefits, current" and "Accrued pension and other postretirement benefits, long-term" on the consolidated balance sheets. The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
| Pensions |  | Other Benefits (1)
| December 31,
(in Millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Prior service (cost) credit | $ | (0.7) |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain | (321.9) |  |  | (367.3) |  |  | 4.2 |  |  | 5.5 |
Accumulated other comprehensive income (loss) – pretax | $ | (322.6) |  |  | $ | (368.2) |  |  | $ | 4.2 |  |  | $ | 5.5 |
Accumulated other comprehensive income (loss) – net of tax (2) | (240.7) |  |  | (277.2) |  |  | 2.7 |  |  | 3.7 |
____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans. (2) Accumulated other comprehensive income (loss) - net of tax as of December 31, 2019 includes the reclassification of stranded income tax effects. See Note 2 for more information.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
(in Millions) | December 31
Information for pension plans with projected benefit obligation in excess of plan assets | 2020 |  | 2019
Projected benefit obligations | $ | 42.9 |  |  | $ | 37.2 |
Accumulated benefit obligations | 43.3 |  |  | 37.5 |
Fair value of plan assets | 7.7 |  |  | 4.5 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
(in Millions) | December 31
Information for pension plans with accumulated benefit obligation in excess of plan assets | 2020 |  | 2019
Projected benefit obligations | $ | 42.9 |  |  | $ | 37.2 |
Accumulated benefit obligations | 43.3 |  |  | 37.5 |
Fair value of plan assets | 7.7 |  |  | 4.5 |
Changes in Plan Assets and Benefit Obligations for Continuing Operations Recognized in Other Comprehensive Loss (Income) | Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows:
| Pensions |  | Other Benefits (1)
| Year Ended December 31,
(in Millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Current year net actuarial loss (gain) | $ | (23.5) |  |  | $ | 11.0 |  |  | $ | 0.4 |  |  | $ | (2.3) |
Amortization of net actuarial (loss) gain | (21.3) |  |  | (12.9) |  |  | 0.9 |  |  | 1.0 |
Amortization of prior service (cost) credit | (0.2) |  |  | (0.2) |  |  | — |  |  | (0.1) |
Settlement loss | (0.6) |  |  | (1.4) |  |  | — |  |  | — |
Total recognized in other comprehensive (income) loss, before taxes | $ | (45.6) |  |  | $ | (3.5) |  |  | $ | 1.3 |  |  | $ | (1.4) |
Total recognized in other comprehensive (income) loss, after taxes | (36.5) |  |  | (3.0) |  |  | 1.0 |  |  | (1.1) |
____________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans.
Weighted-Average Assumptions Used for and Components of Net Annual Benefit Cost (Income) | The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income):
| Year Ended December 31,
| Pensions |  | Other Benefits (1)
(in Millions, except for percentages) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | 3.22 | % |  | 4.36 | % |  | 3.68 | % |  | 2.89 | % |  | 4.08 | % |  | 3.41 | %
Expected return on plan assets | 3.00 | % |  | 4.25 | % |  | 5.00 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase | 3.10 | % |  | 3.10 | % |  | 3.10 | % |  | — |  |  | — |  |  | — |
Components of net annual benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 4.4 |  | $ | 4.2 |  | $ | 6.3 |  | $ | — |  | $ | — |  | $ | —
Interest cost | 36.7 |  | 47.6 |  | 44.5 |  | 0.4 |  | 0.6 |  | 0.7
Expected return on plan assets | (37.1) |  | (53.4) |  | (63.0) |  | — |  | — |  | —
Amortization of prior service cost | 0.2 |  | 0.2 |  | 0.4 |  | — |  | 0.1 |  | (0.1)
Amortization of net actuarial and other (gain) loss | 21.4 |  | 12.9 |  | 16.0 |  | (0.9) |  | (1.0) |  | (0.5)
Recognized (gain) loss due to settlement | 0.7 |  | 1.4 |  | 1.8 |  | — |  | — |  | —
Net annual benefit cost (income) | $ | 26.3 |  | $ | 12.9 |  | $ | 6.0 |  | $ | (0.5) |  | $ | (0.3) |  | $ | 0.1
___________________ (1) Refer to Note 11 for information on our discontinued postretirement benefit plans.
Fair Value of Pension Plan Assets by Asset Class | The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 19 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy.
(in Millions) | December 31, 2020 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and short-term investments | $ | 24.7 |  |  | $ | 24.6 |  |  | $ | 0.1 |  |  | $ | — |
Fixed income investments: |  |  |  |  |  |  |
Investment contracts | 151.4 |  |  | — |  |  | 151.4 |  |  | — |
U.S. Government Securities | 307.0 |  |  | 297.9 |  |  | 9.1 |  |  | — |
Mutual funds | 70.5 |  |  | 70.5 |  |  | — |  |  | — |
Corporate debt instruments | 931.0 |  |  | — |  |  | 931.0 |  |  | — |
Total assets | $ | 1,484.6 |  |  | $ | 393.0 |  |  | $ | 1,091.6 |  |  | $ | — |
(in Millions) | December 31, 2019 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and short-term investments | $ | 19.8 |  |  | $ | 19.8 |  |  | $ | — |  |  | $ | — |
Fixed income investments: |  |  |  |  |  |  |
Investment contracts | 150.1 |  |  | — |  |  | 150.1 |  |  | — |
U.S. Government Securities | 331.0 |  |  | 294.3 |  |  | 36.7 |  |  | — |
Mutual funds | 65.2 |  |  | 65.2 |  |  | — |  |  | — |
Corporate debt instruments | 824.5 |  |  | — |  |  | 824.5 |  |  | — |
Total assets | $ | 1,390.6 |  |  | $ | 379.3 |  |  | $ | 1,011.3 |  |  | $ | — |
Contributions to Pension and Other Postretirement Benefit Plans | We made the following contributions to our pension and other postretirement benefit plans:
| Year Ended December 31,
(in Millions) | 2020 |  | 2019
U.S. qualified pension plan | $ | — |  |  | $ | 7.0 |
U.S. nonqualified pension plan | 2.9 |  |  | 4.9 |
Non-U.S. plans | 0.5 |  |  | — |
Other postretirement benefits | 1.2 |  |  | 1.5 |
Total | $ | 4.6 |  |  | $ | 13.4 |
Estimated Net Future Benefit Payments | The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate:
| Estimated Net Future Benefit Payments
(in Millions) | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 - 2030
Pension Benefits | $ | 90.6 |  |  | $ | 87.9 |  |  | $ | 86.1 |  |  | $ | 86.6 |  |  | $ | 84.7 |  |  | $ | 404.6 |
Other Benefits | 1.7 |  |  | 1.6 |  |  | 1.5 |  |  | 1.4 |  |  | 1.3 |  |  | 5.0 |

X
- Definition Schedule of Assumptions Used for and Components of Net Benefit Costs [Table Text Block] + References No definition available. + Details
Name: | fmc_ScheduleOfAssumptionsUsedForAndComponentsOfNetBenefitCostsTableTextBlock
Namespace Prefix: | fmc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Defined Benefit Plan, Contributions by Employer [Table Text Block] + References No definition available. + Details
Name: | fmc_ScheduleOfDefinedBenefitPlanContributionsByEmployerTableTextBlock
Namespace Prefix: | fmc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration