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Financial Instruments, Risk Management and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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 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.
Cross currency swaps						Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on discounted remaining cash flows for applicable currencies.
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 In Statement of Financial Position, Fair Value

The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.

			September 30, 2025
			Gross Amount of Derivatives
(in Millions)			Designated as Cash Flow Hedges						Designated as Net Investment Hedges						Not Designated as Hedging Instruments						Total Gross Amounts						Gross Amounts Subject to Master Netting Arrangements						Net Amounts
Foreign exchange contracts			$	12.0					$	—					$	17.9					$	29.9					$	(29.6)					$	0.3
Total derivative assets (1)			$	12.0					$	—					$	17.9					$	29.9					$	(29.6)					$	0.3
Foreign exchange contracts			$	(37.8)					$	(3.6)					$	(27.8)					$	(69.2)					$	29.6					$	(39.6)
Total derivative liabilities (2)			$	(37.8)					$	(3.6)					$	(27.8)					$	(69.2)					$	29.6					$	(39.6)
Net derivative assets (liabilities)			$	(25.8)					$	(3.6)					$	(9.9)					$	(39.3)					$	—					$	(39.3)

			December 31, 2024
			Gross Amount of Derivatives
(in Millions)			Designated as Cash Flow Hedges						Designated as Net Investment Hedges						Not Designated as Hedging Instruments						Total Gross Amounts						Gross Amounts Subject to Master Netting Arrangements						Net Amounts
Foreign exchange contracts			$	25.0					$	—					$	22.0					$	47.0					$	(12.9)					$	34.1
Total derivative assets (1)			$	25.0					$	—					$	22.0					$	47.0					$	(12.9)					$	34.1
Foreign exchange contracts			$	(8.3)					$	—					$	(4.6)					$	(12.9)					$	12.9					$	—
Total derivative liabilities (2)			$	(8.3)					$	—					$	(4.6)					$	(12.9)					$	12.9					$	—
Net derivative assets (liabilities)			$	16.7					$	—					$	17.4					$	34.1					$	—					$	34.1

______________

(1)    Balance is included in "Prepaid and other current assets" in the consolidated balance sheets.

(2)    Balance is included in "Accrued and other liabilities" in the consolidated balance sheets.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The tables below 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
			Foreign Exchange																		Interest rate												Total
			Three Months Ended September 30,
(in Millions)			2025						2024																		2025						2024						2025						2024
Unrealized hedging gains (losses) and other, net of tax			$	28.7					$	(10.2)																	$	—					$	—					$	28.7					$	(10.2)
Reclassification of deferred hedging (gains) losses, net of tax (1)			(19.4)						5.1																		0.4						0.4						(19.0)						5.5
Total derivative instrument impact on comprehensive income, net of tax			$	9.3					$	(5.1)																	$	0.4					$	0.4					$	9.7					$	(4.7)
			Contracts
			Foreign Exchange																		Interest rate												Total
			Nine Months Ended September 30,
(in Millions)			2025						2024																		2025						2024						2025						2024
Unrealized hedging gains (losses) and other, net of tax			$	(8.0)					$	10.9																	$	—					$	—					$	(8.0)					$	10.9
Reclassification of deferred hedging (gains) losses, net of tax (1)			(21.3)						5.5																		1.1						1.1						(20.2)						6.6
Total derivative instrument impact on comprehensive income, net of tax			$	(29.3)					$	16.4																	$	1.1					$	1.1					$	(28.2)					$	17.5

______________

(1)See Note 13 for classification of amounts within the consolidated statements of income (loss).

Derivatives Not Designated as Hedging Instruments

									Amount of Pre-tax Gain (Loss)  Recognized in Income on Derivatives (1)
									Three Months Ended September 30,												Nine Months Ended September 30,
(in Millions)									2025						2024						2025						2024
Foreign exchange contracts									$	(7.7)					$	4.5					$	(23.2)					$	(8.5)
Total									$	(7.7)					$	4.5					$	(23.2)					$	(8.5)

______________

(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 Fair Value, Assets and Liabilities Measured 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 the consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels.

(in Millions)			September 30, 2025						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)			$	0.3					$	—					$	0.3					$	—
Other (2) (3) (4)			309.6						269.5						—						40.1
Total assets			$	309.9					$	269.5					$	0.3					$	40.1
Liabilities
Derivatives – Foreign exchange (1)			$	39.6					$	—					$	39.6					$	—
Other (2)			20.7						20.7						—						—
Total liabilities			$	60.3					$	20.7					$	39.6					$	—

(in Millions)			December 31, 2024						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)			$	34.1					$	—					$	34.1					$	—
Other (2) (3) (4)			120.1						84.1						—						36.0
Total assets			$	154.2					$	84.1					$	34.1					$	36.0
Liabilities
Derivatives – Foreign exchange (1)			$	—					$	—					$	—					$	—
Other (2)			23.2						23.2						—						—
Total liabilities			$	23.2					$	23.2					$	—					$	—

____________________

(1)See the Fair Value of Derivative Instruments table within this Note for classification on the consolidated balance sheets.

(2)Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are 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. The amount is included in "Other assets including long-term receivables, net" in the consolidated balance sheets.

(4)Includes money market funds, which consist of highly liquid investments valued at quoted market prices, recognized as "Cash and cash equivalents" on our consolidated balance sheets.

Schedule of Fair Value Measurements, Nonrecurring

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a nonrecurring basis in the consolidated balance sheets during the nine months ended September 30, 2025.

						September 30, 2025						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Gains (Losses) (During the nine months ended September 30, 2025)
Assets
Net assets related to India held for sale business (1)						$	450.0					$	—					$	—					$	450.0					$	(226.8)
Total assets						$	450.0					$	—					$	—					$	450.0					$	(226.8)

____________________

(1)During the nine months ended September 30, 2025, we evaluated the carrying value of the assets related to the sale of our India commercial business following one-time commercial actions recorded to prepare the business for sale. We recorded an impairment charge of $226.8 million bringing the assets to their estimated fair value less costs to sell resulting in net assets identified as held for sale of $450 million, as presented on the consolidated balance sheet as of September 30, 2025. The fair value of the net assets was determined by considering a discounted cash flow analysis and as part of this evaluation, we rely on unobservable inputs, including forecasts of the India commercial business developed by management. Refer to Note 1 for further details on the India held for sale business.

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