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Financial Information and Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
Accounting Standards Update and Change in Accounting Principle | The following tables summarize the effect of these accounting changes on impacted line items in our condensed consolidated financial statements as follows: CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change |
Three Months Ended September 30, 2022 |  |  |  |  |
Cost of sales and services | $ | 899.7 |  | $ | 899.7 |  |  | $ | — |  |
Gross margin | $ | 477.5 |  | $ | 477.5 |  |  | $ | — |  |
Total costs and expenses | $ | 1,166.6 |  | $ | 1,166.6 |  |  | $ | — |  |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 210.6 |  | $ | 210.6 |  |  | $ | — |  |
Non-operating pension and postretirement charges (income) | $ | 3.9 |  | $ | (1.7) |  |  | $ | (5.6) |  |
Income (loss) from continuing operations before income taxes | $ | 164.9 |  | $ | 170.5 |  |  | $ | 5.6 |  |
Provision (benefit) for income taxes | $ | 34.8 |  | $ | 36.0 |  |  | $ | 1.2 |  |
Income (loss) from continuing operations | $ | 130.1 |  | $ | 134.5 |  |  | $ | 4.4 |  |
Net income (loss) | $ | 113.9 |  | $ | 118.3 |  |  | $ | 4.4 |  |
Net income (loss) attributable to FMC stockholders | $ | 116.6 |  | $ | 121.0 |  |  | $ | 4.4 |  |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.05 |  | $ | 1.09 |  |  | $ | 0.04 |  |
Net income (loss) attributable to FMC stockholders | $ | 0.92 |  | $ | 0.96 |  |  | $ | 0.04 |  |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.05 |  | $ | 1.08 |  |  | $ | 0.03 |  |
Net income (loss) attributable to FMC stockholders | $ | 0.92 |  | $ | 0.95 |  |  | $ | 0.03 |  |
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change
Nine Months Ended September 30, 2022 |  |  |  |
Cost of sales and services | $ | 2,539.1 |  | $ | 2,539.1 |  |  | $ | — |
Gross margin | $ | 1,641.2 |  | $ | 1,641.2 |  |  | $ | — |
Total costs and expenses | $ | 3,430.5 |  | $ | 3,430.5 |  |  | $ | — |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 749.8 |  | $ | 749.8 |  |  | $ | — |
Non-operating pension and postretirement charges (income) | $ | 12.1 |  | $ | 6.5 |  |  | $ | (5.6) |
Income (loss) from continuing operations before income taxes | $ | 630.7 |  | $ | 636.3 |  |  | $ | 5.6 |
Provision (benefit) for income taxes | $ | 131.8 |  | $ | 133.0 |  |  | $ | 1.2 |
Income (loss) from continuing operations | $ | 498.9 |  | $ | 503.3 |  |  | $ | 4.4 |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  |  | $ | 4.4 |
Net income (loss) attributable to FMC stockholders | $ | 458.2 |  | $ | 462.6 |  |  | $ | 4.4 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |
Continuing operations | $ | 3.96 |  | $ | 3.99 |  |  | $ | 0.03 |
Net income (loss) attributable to FMC stockholders | $ | 3.63 |  | $ | 3.66 |  |  | $ | 0.03 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |
Continuing operations | $ | 3.94 |  | $ | 3.98 |  |  | $ | 0.04 |
Net income (loss) attributable to FMC stockholders | $ | 3.61 |  | $ | 3.65 |  |  | $ | 0.04 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Three Months Ended September 30, 2021 |  |  |  |  |
Cost of sales and services | $ | 681.2 |  | $ | 1.3 |  | $ | — |  | $ | 1.3 |  | $ | 682.5 |
Gross margin | $ | 512.8 |  | $ | (1.3) |  | $ | — |  | $ | (1.3) |  | $ | 511.5 |
Total costs and expenses | $ | 977.0 |  | $ | 1.3 |  | $ | — |  | $ | 1.3 |  | $ | 978.3 |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 217.0 |  | $ | (1.3) |  | $ | — |  | $ | (1.3) |  | $ | 215.7 |
Non-operating pension and postretirement charges (income) | $ | 5.1 |  | $ | — |  | $ | (3.6) |  | $ | (3.6) |  | $ | 1.5 |
Income (loss) from continuing operations before income taxes | $ | 178.8 |  | $ | (1.3) |  | $ | 3.6 |  | $ | 2.3 |  | $ | 181.1 |
Provision (benefit) for income taxes | $ | 8.7 |  | $ | (0.3) |  | $ | 0.8 |  | $ | 0.5 |  | $ | 9.2 |
Income (loss) from continuing operations | $ | 170.1 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 171.9 |
Net income (loss) | $ | 160.4 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 162.2 |
Net income (loss) attributable to FMC stockholders | $ | 157.9 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 159.7 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.30 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.32 |
Net income (loss) attributable to FMC stockholders | $ | 1.22 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.24 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.30 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.32 |
Net income (loss) attributable to FMC stockholders | $ | 1.22 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.24 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Cost of sales and services | $ | 2,074.6 |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | 2,078.4 |
Gross margin | $ | 1,557.0 |  | $ | (3.8) |  | $ | — |  | $ | (3.8) |  | $ | 1,553.2 |
Total costs and expenses | $ | 2,865.3 |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | 2,869.1 |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 766.3 |  | $ | (3.8) |  | $ | — |  | $ | (3.8) |  | $ | 762.5 |
Non-operating pension and postretirement charges (income) | $ | 14.7 |  | $ | — |  | $ | (10.8) |  | $ | (10.8) |  | $ | 3.9 |
Income (loss) from continuing operations before income taxes | $ | 653.5 |  | $ | (3.8) |  | $ | 10.8 |  | $ | 7.0 |  | $ | 660.5 |
Provision (benefit) for income taxes | $ | 74.3 |  | $ | (0.8) |  | $ | 2.3 |  | $ | 1.5 |  | $ | 75.8 |
Income (loss) from continuing operations | $ | 579.2 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 584.7 |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Net income (loss) attributable to FMC stockholders | $ | 543.4 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 548.9 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 4.46 |  | $ | (0.02) |  | $ | 0.07 |  | $ | 0.05 |  | $ | 4.51 |
Net income (loss) attributable to FMC stockholders | $ | 4.21 |  | $ | (0.02) |  | $ | 0.07 |  | $ | 0.05 |  | $ | 4.26 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 4.44 |  | $ | (0.03) |  | $ | 0.07 |  | $ | 0.04 |  | $ | 4.48 |
Net income (loss) attributable to FMC stockholders | $ | 4.19 |  | $ | (0.03) |  | $ | 0.07 |  | $ | 0.04 |  | $ | 4.23 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change |
Three Months Ended September 30, 2022 |  |  |  |  |
Net income (loss) | $ | 113.9 |  | $ | 118.3 |  |  | $ | 4.4 |  |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the three months ended September 30, 2022 | $ | (0.1) |  | $ | (0.1) |  |  | $ | — |  |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.2 as computed and zero as reported for the three months ended September 30, 2022 | $ | 4.4 |  | $ | — |  |  | $ | (4.4) |  |
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as computed and zero as reported for the three months ended September 30, 2022 | $ | 4.3 |  | $ | (0.1) |  |  | $ | (4.4) |  |
Other comprehensive income (loss), net of tax | $ | (68.1) |  | $ | (72.5) |  |  | $ | (4.4) |  |
Comprehensive income (loss) | $ | 45.8 |  | $ | 45.8 |  |  | $ | — |  |
Comprehensive income (loss) attributable to FMC stockholders | $ | 49.2 |  | $ | 49.2 |  |  | $ | — |  |
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change
Nine Months Ended September 30, 2022 |  |  |  |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  |  | $ | 4.4 |
Pension and other postretirement benefits: |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the nine months ended September 30, 2022 | $ | (0.1) |  | $ | (0.1) |  |  | $ | — |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022 | $ | 11.2 |  | $ | 6.8 |  |  | $ | (4.4) |
Total pension and other postretirement benefits, net of tax expense (benefit) of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022 | $ | 11.1 |  | $ | 6.7 |  |  | $ | (4.4) |
Other comprehensive income (loss), net of tax | $ | (214.1) |  | $ | (218.5) |  |  | $ | (4.4) |
Comprehensive income (loss) | $ | 242.6 |  | $ | 242.6 |  |  | $ | — |
Comprehensive income (loss) attributable to FMC stockholders | $ | 246.1 |  | $ | 246.1 |  |  | $ | — |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Three Months Ended September 30, 2021 |  |  |  |  |
Net income (loss) | $ | 160.4 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 162.2 |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.2) as adjusted and zero as previously reported for the three months ended September 30, 2021 | $ | 0.1 |  | $ | — |  | $ | (0.8) |  | $ | (0.8) |  | $ | (0.7) |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $0.7 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021 | $ | 4.5 |  | $ | — |  | $ | (2.0) |  | $ | (2.0) |  | $ | 2.5 |
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.5 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021 | $ | 4.6 |  | $ | — |  | $ | (2.8) |  | $ | (2.8) |  | $ | 1.8 |
Other comprehensive income (loss), net of tax | $ | 20.0 |  | $ | — |  | $ | (2.8) |  | $ | (2.8) |  | $ | 17.2 |
Comprehensive income (loss) | $ | 180.4 |  | $ | (1.0) |  | $ | — |  | $ | (1.0) |  | $ | 179.4 |
Comprehensive income (loss) attributable to FMC stockholders | $ | 178.2 |  | $ | (1.0) |  | $ | — |  | $ | (1.0) |  | $ | 177.2 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.6) as adjusted and zero as previously reported for the nine months ended September 30, 2021 | $ | — |  | $ | — |  | $ | (2.2) |  | $ | (2.2) |  | $ | (2.2) |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.8 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021 | $ | 13.2 |  | $ | — |  | $ | (6.3) |  | $ | (6.3) |  | $ | 6.9 |
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021 | $ | 13.2 |  | $ | — |  | $ | (8.5) |  | $ | (8.5) |  | $ | 4.7 |
Other comprehensive income (loss), net of tax | $ | (2.2) |  | $ | — |  | $ | (8.5) |  | $ | (8.5) |  | $ | (10.7) |
Comprehensive income (loss) | $ | 544.6 |  | $ | (3.0) |  | $ | — |  | $ | (3.0) |  | $ | 541.6 |
Comprehensive income (loss) attributable to FMC stockholders | $ | 541.4 |  | $ | (3.0) |  | $ | — |  | $ | (3.0) |  | $ | 538.4 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(in Millions) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
September 30, 2022 |  |  |  |  |
Inventories | $ | 1,615.3 |  | $ | 1,731.5 |  | $ | 116.2 |  |  |
Total current assets | $ | 4,994.4 |  | $ | 5,110.6 |  | $ | 116.2 |  |  |
Deferred income taxes | $ | 208.5 |  | $ | 184.1 |  | $ | (24.4) |  |  |
TOTAL ASSETS | $ | 10,672.9 |  | $ | 10,764.7 |  | $ | 91.8 |  |  |
Retained earnings | $ | 5,248.8 |  | $ | 5,354.8 |  | $ | 106.0 |  |  |
Accumulated other comprehensive income (loss) | $ | (527.8) |  | $ | (542.0) |  | $ | (14.2) |  |  |
Total FMC stockholders’ equity | $ | 3,096.4 |  | $ | 3,188.2 |  | $ | 91.8 |  |  |
Total equity | $ | 3,111.8 |  | $ | 3,203.6 |  | $ | 91.8 |  |  |
TOTAL LIABILITIES AND EQUITY | $ | 10,672.9 |  | $ | 10,764.7 |  | $ | 91.8 |  |  |
(in Millions) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
December 31, 2021 |  |  |  |  |
Inventories | $ | 1,405.7 |  | $ | 116.2 |  | $ | — |  | $ | 116.2 |  | $ | 1,521.9 |
Total current assets | $ | 4,937.6 |  | $ | 116.2 |  | $ | — |  | $ | 116.2 |  | $ | 5,053.8 |
Deferred income taxes | $ | 218.5 |  | $ | (24.4) |  | $ | — |  | $ | (24.4) |  | $ | 194.1 |
TOTAL ASSETS | $ | 10,581.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 10,673.1 |
Retained earnings | $ | 4,991.3 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,092.9 |
Accumulated other comprehensive income (loss) | $ | (315.7) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (325.5) |
Total FMC stockholders’ equity | $ | 3,032.5 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,124.3 |
Total equity | $ | 3,051.9 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,143.7 |
TOTAL LIABILITIES AND EQUITY | $ | 10,581.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 10,673.1 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Millions) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
Nine Months Ended September 30, 2022 |  |  |  |  |
Cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  | $ | 4.4 |  |  |
Income (loss) from continuing operations | $ | 498.9 |  | $ | 503.3 |  | $ | 4.4 |  |  |
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Pension and other postretirement benefits | $ | 15.0 |  | $ | 9.4 |  | $ | (5.6) |  |  |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: |  |  |  |  |
Inventories | $ | (282.3) |  | $ | (282.3) |  | $ | — |  |  |
Income taxes | $ | (4.7) |  | $ | (3.5) |  | $ | 1.2 |  |  |
Net cash provided (required) by operating activities of continuing operations | $ | 15.7 |  | $ | 15.7 |  | $ | — |  |  |
(in Millions) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Income (loss) from continuing operations | $ | 579.2 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 584.7 |
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Pension and other postretirement benefits | $ | 18.4 |  | $ | — |  | $ | (10.8) |  | $ | (10.8) |  | $ | 7.6 |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: |  |  |  |  |
Inventories | $ | (371.2) |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | (367.4) |
Income taxes | $ | (23.5) |  | $ | (0.8) |  | $ | 2.3 |  | $ | 1.5 |  | $ | (22.0) |
Net cash provided (required) by operating activities of continuing operations | $ | 298.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 298.2 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at December 31, 2020 |  |  |  |  |
Retained earnings | $ | 4,506.4 |  | $ | 100.0 |  | $ | (1.5) |  | $ | 98.5 |  | $ | 4,604.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (282.2) |  | $ | — |  | $ | 1.5 |  | $ | 1.5 |  | $ | (280.7) |
Total equity | $ | 2,984.2 |  | $ | 100.0 |  | $ | — |  | $ | 100.0 |  | $ | 3,084.2 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at March 31, 2021 |  |  |  |  |
Retained earnings | $ | 4,627.0 |  | $ | 99.0 |  | $ | 1.4 |  | $ | 100.4 |  | $ | 4,727.4 |
Accumulated Other Comprehensive Income (Loss) | $ | (282.8) |  | $ | — |  | $ | (1.4) |  | $ | (1.4) |  | $ | (284.2) |
Total equity | $ | 3,031.3 |  | $ | 99.0 |  | $ | — |  | $ | 99.0 |  | $ | 3,130.3 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at June 30, 2021 |  |  |  |  |
Retained earnings | $ | 4,767.9 |  | $ | 98.0 |  | $ | 4.2 |  | $ | 102.2 |  | $ | 4,870.1 |
Accumulated Other Comprehensive Income (Loss) | $ | (304.5) |  | $ | — |  | $ | (4.2) |  | $ | (4.2) |  | $ | (308.7) |
Total equity | $ | 3,134.1 |  | $ | 98.0 |  | $ | — |  | $ | 98.0 |  | $ | 3,232.1 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at September 30, 2021 |  |  |  |  |
Retained earnings | $ | 4,864.9 |  | $ | 97.0 |  | $ | 7.0 |  | $ | 104.0 |  | $ | 4,968.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (284.2) |  | $ | — |  | $ | (7.0) |  | $ | (7.0) |  | $ | (291.2) |
Total equity | $ | 3,057.0 |  | $ | 97.0 |  | $ | — |  | $ | 97.0 |  | $ | 3,154.0 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at December 31, 2021 |  |  |  |  |
Retained earnings | $ | 4,991.3 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,092.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (315.7) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (325.5) |
Total equity | $ | 3,051.9 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,143.7 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at March 31, 2022 |  |  |  |  |
Retained earnings | $ | 5,131.8 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,233.4 |
Accumulated Other Comprehensive Income (Loss) | $ | (435.6) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (445.4) |
Total equity | $ | 3,082.2 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,174.0 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at June 30, 2022 |  |  |  |  |
Retained earnings | $ | 5,199.1 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,300.7 |
Accumulated Other Comprehensive Income (Loss) | $ | (460.4) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (470.2) |
Total equity | $ | 3,127.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,219.1 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
Balance at September 30, 2022 |  |  |  |  |
Retained earnings | $ | 5,248.8 |  | $ | 5,354.8 |  | $ | 106.0 |  |  |
Accumulated Other Comprehensive Income (Loss) | $ | (527.8) |  | $ | (542.0) |  | $ | (14.2) |  |  |
Total equity | $ | 3,111.8 |  | $ | 3,203.6 |  | $ | 91.8 |  |  |

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