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Receivables (Tables) | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Allowance for doubtful accounts | The following table displays a roll forward of the allowance for doubtful trade receivables.
(in Millions) |
Balance, December 31, 2021 | $ | 37.4 |
Additions — charged (credited) to expense | 0.7 |
Transfer from (to) allowance for credit losses (see below) | 0.5 |
Net recoveries, write-offs and other | (4.7) |
Balance, December 31, 2022 | $ | 33.9 |
Additions — charged (credited) to expense | 4.7 |
Transfer from (to) allowance for credit losses (see below) | (1.5) |
Net recoveries, write-offs and other | (8.0) |
Balance, December 31, 2023 | $ | 29.1 |
Schedule of allowance of credit losses rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables.
(in Millions) |
Balance, December 31, 2021 | $ | 27.7 |
Additions — charged (credited) to expense | (1.2) |
Transfer from (to) allowance for doubtful accounts (see above) | (0.5) |
Foreign currency adjustments | 8.1 |
Net recoveries, write-offs and other | 10.4 |
Balance, December 31, 2022 | $ | 44.5 |
Additions — charged (credited) to expense | 1.6 |
Transfer from (to) allowance for doubtful accounts (see above) | 1.5 |
Foreign currency adjustments | 0.8 |
Net recoveries, write-offs and other | (21.3) |
Balance, December 31, 2023 | $ | 27.1 |
Receivables Securitization Facility: FMC entered into a trade receivables securitization program, primarily impacting our Brazilian operations during the third quarter of 2022. On a revolving basis, FMC may sell certain trade receivables into the facility in exchange for cash. A portion of the total receivables sold are deferred as an asset on our consolidated balance sheets representing FMC’s beneficial interest in the securitization fund. In all instances, the transferred financial assets are sold on a non-recourse basis and have met the true sale criteria under ASC Topic 860. FMC has surrendered control of the receivables and as a result they will no longer be recognized on the consolidated balance sheets. FMC may be engaged to serve as a special servicer for any delinquent receivables. In that capacity, we are entitled to market rate compensation for those services. Cash receipts from the sale of trade receivables under the securitization arrangement, received at the time of sale, are classified as cash flows from operating activities. During 2022, approximately $105 million of trade receivables were transferred to the fund. The approximate $11 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense and recognized during the period ended December 31, 2022. There were $148.3 million in receivables sold under the securitization program during the period ended December 31, 2023. A $11.9 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense during the period ended December 31, 2023. As part of the initial funding, approximately $19 million of the sale was retained by the investment fund and will be returned to FMC, including interest, at the maturity of the securitization. This asset is recorded within "Other assets including long-term receivables, net" on the consolidated balance sheets. Other Receivable Factoring: In addition to the above, we may sell trade receivables on a non-recourse basis to third-party financial institutions. These sales are normally driven by specific market conditions, including, but not limited to, foreign exchange environments, customer credit management, as well as other factors where the receivables may lay. We account for these transactions as true sales and as a result they will no longer be recognized on the consolidated balance sheets because the agreements transfer effective control and risk related to the receivables to the buyers. The net cash proceeds received are presented within cash provided by operating activities within our consolidated statements of cash flows. The cost of factoring these accounts receivables is recorded as an expense within the consolidated statements of income (loss) and has been inconsequential during each reporting period. There was approximately $155.0 million and $58 million in non-recourse factoring during the year ended December 31, 2023 and 2022.

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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