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Financial Instruments, Risk Management and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of fair value of financial instruments, valuation method | The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
Financial Instrument |  | Valuation Method
Foreign exchange forward contracts |  | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies.
Commodity forward and option contracts |  | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
Debt |  | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period.
Schedule of derivative instruments fair value and balance sheet presentation | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2023 and 2022:
| December 31, 2023
| Gross Amount of Derivatives |  |  |  |  |  |
(in Millions) | Designated as Cash Flow Hedges |  | Not Designated as Hedging Instruments |  | Total Gross Amounts |  | Gross Amounts Offset in the Consolidated Balance Sheet (3) |  | Net Amounts
Derivatives |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 2.7 |  |  | $ | 3.0 |  |  | $ | 5.7 |  |  | $ | (5.5) |  |  | $ | 0.2 |
Total derivative assets (1) | $ | 2.7 |  |  | $ | 3.0 |  |  | $ | 5.7 |  |  | $ | (5.5) |  |  | $ | 0.2 |
Foreign exchange contracts | $ | (9.7) |  |  | $ | (7.4) |  |  | $ | (17.1) |  |  | $ | 5.5 |  |  | $ | (11.6) |
Total derivative liabilities (2) | $ | (9.7) |  |  | $ | (7.4) |  |  | $ | (17.1) |  |  | $ | 5.5 |  |  | $ | (11.6) |
Net derivative assets (liabilities) | $ | (7.0) |  |  | $ | (4.4) |  |  | $ | (11.4) |  |  | $ | — |  |  | $ | (11.4) |
| December 31, 2022
| Gross Amount of Derivatives |  |
(in Millions) | Designated as Cash Flow Hedges |  | Not Designated as Hedging Instruments |  | Total Gross Amounts |  | Gross Amounts Offset in the Consolidated Balance Sheet (3) |  | Net Amounts
Derivatives |  |  |  |  |  |  |  |  |
Foreign exchange contracts | $ | 10.5 |  |  | $ | 6.4 |  |  | $ | 16.9 |  |  | $ | (16.1) |  |  | $ | 0.8 |
Interest rate contracts | 12.4 |  |  | — |  |  | 12.4 |  |  | — |  |  | 12.4 |
Total derivative assets (1) | $ | 22.9 |  |  | $ | 6.4 |  |  | $ | 29.3 |  |  | $ | (16.1) |  |  | $ | 13.2 |
Foreign exchange contracts | $ | (25.1) |  |  | $ | (8.8) |  |  | $ | (33.9) |  |  | $ | 16.1 |  |  | $ | (17.8) |
Total derivative liabilities (2) | $ | (25.1) |  |  | $ | (8.8) |  |  | $ | (33.9) |  |  | $ | 16.1 |  |  | $ | (17.8) |
Net derivative assets (liabilities) | $ | (2.2) |  |  | $ | (2.4) |  |  | $ | (4.6) |  |  | $ | — |  |  | $ | (4.6) |
____________________ (1) Net balance is included in "Prepaid and other current assets" in the consolidated balance sheets. (2) Net balance is included in "Accrued and other liabilities" in the consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements.
Schedule of derivative instruments, gain (loss) in consolidated statements of income | The following tables summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments: Derivatives in Cash Flow Hedging Relationships
| Contracts |  |  |  |
(in Millions) | Foreign exchange |  | Interest rate | Total |  |  |
Accumulated other comprehensive income (loss), net of tax at December 31, 2020 | $ | (11.6) |  |  | $ | (60.2) |  | $ | (71.8) |  |  |  |
2021 Activity |  |  |  |  |  |  |
Unrealized hedging gains (losses) and other, net of tax | $ | 40.5 |  |  | $ | 3.6 |  | $ | 44.1 |  |  |  |
Reclassification of deferred hedging (gains) losses, net of tax (1) | 2.2 |  |  | 3.3 |  | 5.5 |  |  |  |
Total derivative instrument impact on comprehensive income, net of tax | $ | 42.7 |  |  | $ | 6.9 |  | $ | 49.6 |  |  |  |
Accumulated other comprehensive income (loss), net of tax at December 31, 2021 | $ | 31.1 |  |  | $ | (53.3) |  | $ | (22.2) |  |  |  |
2022 Activity |  |  |  |  |  |  |
Unrealized hedging gains (losses) and other, net of tax | $ | (86.3) |  |  | $ | 20.9 |  | $ | (65.4) |  |  |  |
Reclassification of deferred hedging (gains) losses, net of tax (1) | 32.8 |  |  | 3.1 |  | 35.9 |  |  |  |
Total derivative instrument impact on comprehensive income, net of tax | $ | (53.5) |  |  | $ | 24.0 |  | $ | (29.5) |  |  |  |
Accumulated other comprehensive income (loss), net of tax at December 31, 2022 | $ | (22.4) |  |  | $ | (29.3) |  | $ | (51.7) |  |  |  |
2023 Activity |  |  |  |  |  |  |
Unrealized hedging gains (losses) and other, net of tax | $ | (72.0) |  |  | $ | (0.4) |  | $ | (72.4) |  |  |  |
Reclassification of deferred hedging (gains) losses, net of tax (1) | 72.0 |  |  | 1.9 | 73.9 |  |  |
Total derivative instrument impact on comprehensive income, net of tax | $ | — |  |  | $ | 1.5 |  | $ | 1.5 |  |  |  |
Accumulated other comprehensive income (loss), net of tax at December 31, 2023 | $ | (22.4) |  |  | $ | (27.8) |  | $ | (50.2) |  |  |  |
____________________ (1)Amounts are included in "Costs of sales and services", "Selling, general and administrative expenses", and "Interest expense" on the consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments
| Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1)
| Year Ended December 31,
(in Millions) | 2023 |  | 2022 |  | 2021
Foreign exchange contracts | $ | (33.7) |  |  | $ | (37.2) |  |  | $ | (47.7) |
Total | $ | (33.7) |  |  | $ | (37.2) |  |  | $ | (47.7) |
____________________ (1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in "Costs of sales and services" and to a lesser extent "Selling, general, and administrative expenses" on the consolidated statements of income (loss).
Schedule of assets and liabilities measured at fair value on recurring basis | The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis in our consolidated balance sheets:
(in Millions) | December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Derivatives – Foreign exchange (1) | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |
Derivatives - Interest Rate (1) | — |  |  | — |  |  | — |  |  | — |
Other (2) (3) | 47.1 |  |  | 23.8 |  |  | — |  |  | 23.3 |
Total Assets | $ | 47.3 |  |  | $ | 23.8 |  |  | $ | 0.2 |  |  | $ | 23.3 |
Liabilities |  |  |  |  |  |  |
Derivatives – Foreign exchange (1) | $ | 11.6 |  |  | $ | — |  |  | $ | 11.6 |  |  | $ | — |
Derivatives - Interest Rate (1) | — |  |  | — |  |  | — |  |  | — |
Other (2) | 24.4 |  |  | 24.4 |  |  | — |  |  | — |
Total Liabilities | $ | 36.0 |  |  | $ | 24.4 |  |  | $ | 11.6 |  |  | $ | — |
(in Millions) | December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets |  |  |  |  |  |  |
Derivatives – Foreign exchange (1) | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
Derivatives - Interest Rate (1) | 12.4 |  |  | — |  |  | 12.4 |  |  | — |
Other (2) (3) | 41.8 |  |  | 22.5 |  |  | — |  |  | 19.3 |
Total Assets | $ | 55.0 |  |  | $ | 22.5 |  |  | $ | 13.2 |  |  | $ | 19.3 |
Liabilities |  |  |  |  |  |  |
Derivatives – Foreign exchange (1) | $ | 17.8 |  |  | $ | — |  |  | $ | 17.8 |  |  | $ | — |
Derivatives - Interest Rate (1) | — |  |  | — |  |  | — |  |  | — |
Other (2) | 23.5 |  |  | 23.5 |  |  | — |  |  | — |
Total Liabilities | $ | 41.3 |  |  | $ | 23.5 |  |  | $ | 17.8 |  |  | $ | — |
____________________ (1)See the Fair Value of Derivative Instruments table within this Note for classifications on our consolidated balance sheets. (2)Includes a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheet. Both the asset and liability are recorded at fair value. Asset amounts included in "Other assets including long-term receivables, net" in the consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the consolidated balance sheets. (3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. Asset amounts are included in "Other assets including long-term receivables, net" in the consolidated balance sheets.
Schedule of assets and liabilities measured at fair value on non-recurring basis | There were no non-recurring fair value measurements in the consolidated balance sheets during the periods presented.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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