FMC CORP, 10-K filed on 2/24/2023
Annual Report
v3.22.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2022
Jun. 30, 2022
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2022  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 1-2376  
Entity Registrant Name FMC CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 94-0479804  
Entity Address, Address Line One 2929 Walnut Street  
Entity Address, City or Town Philadelphia  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19104  
City Area Code 215  
Local Phone Number 299-6000  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FMC  
Security Exchange Name NYSE  
Entity Well-known Seasoned Issuer Yes  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
ICFR Auditor Attestation Flag true  
Entity Public Float   $ 13,407,027,345
Entity Common Stock, Shares Outstanding 125,110,804  
Documents Incorporated by Reference
DOCUMENT FORM 10-K REFERENCE
Portions of Proxy Statement for 2023 Annual Meeting of Stockholders Part III
  
Entity Central Index Key 0000037785  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus FY  
Amendment Flag false  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Philadelphia, PA
Auditor Firm ID 185
v3.22.4
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Revenue $ 5,802.3 $ 5,045.2 $ 4,642.1
Costs and Expenses      
Cost of sales and services 3,475.5 2,883.9 2,595.4
Gross Margin 2,326.8 2,161.3 2,046.7
Selling, general and administrative expenses 775.2 714.1 729.7
Research and development expenses 314.2 304.7 287.9
Restructuring and other charges (income) 93.1 108.0 132.2
Total costs and expenses 4,658.0 4,010.7 3,745.2
Income from continuing operations, non-operating pension and postretirement charges (income), interest expense, net and income taxes 1,144.3 1,034.5 896.9
Non-operating pension and postretirement charges (income) 8.6 5.6 14.7
Interest income 0.0 0.0 (0.1)
Interest expense 151.8 131.1 151.3
Income (loss) from continuing operations before income taxes 983.9 897.8 731.0
Provision (benefit) for income taxes 145.2 92.5 151.2
Income (loss) from continuing operations 838.7 805.3 579.8
Restructuring and other charges (income) (97.2) (68.2) (28.3)
Net income (loss) 741.5 737.1 551.5
Less: Net income (loss) attributable to noncontrolling interests 5.0 (2.5) (0.9)
Net income (loss) attributable to FMC stockholders 736.5 739.6 552.4
Amounts attributable to FMC stockholders:      
Continuing operations, net of income taxes 833.7 807.8 580.7
Discontinued operations, net of income taxes (97.2) (68.2) (28.3)
Net income (loss) attributable to FMC stockholders $ 736.5 $ 739.6 $ 552.4
Basic earnings (loss) per common share attributable to FMC stockholders:      
Continuing operations (in dollars per share) $ 6.60 $ 6.29 $ 4.48
Discontinued operations (in dollars per share) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) 5.83 5.76 4.26
Diluted earnings (loss) per common share attributable to FMC stockholders:      
Continuing operations (in dollars per share) 6.58 6.26 4.45
Discontinued operations (in dollars per share) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) $ 5.81 $ 5.73 $ 4.23
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 741.5 $ 737.1 $ 551.5
Foreign currency adjustments:      
Foreign currency translation gain (loss) arising during the period (103.1) (87.0) 102.0
Reclassification of foreign currency translations losses 4.2 0.0 0.0
Foreign currency translation adjustments [1] (98.9) (87.0) 102.0
Derivative instruments:      
Unrealized hedging gains (losses) and other, net of tax of $(17.2), $5.4 and $1.9 (65.4) 44.1 (2.5)
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $19.1, $1.7 and $1.7 (3) [2] 35.9 5.5 (4.3)
Total derivative instruments, net of tax of $1.9, $7.1 and $3.6 (29.5) 49.6 (6.8)
Pension and other postretirement benefits:      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax of $(3.8), $(3.8) and $5.2 [3] (15.7) (17.4) 17.3
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, net of tax of $2.4, $2.5 and $3.3 [2] 9.1 9.5 12.5
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0 (6.6) (7.9) 29.8
Other comprehensive income (loss), net of tax (135.0) (45.3) 125.0
Comprehensive income (loss) 606.5 691.8 676.5
Less: Comprehensive income (loss) attributable to the noncontrolling interest 4.1 (3.0) (0.6)
Comprehensive income (loss) attributable to FMC stockholders $ 602.4 $ 694.8 $ 677.1
[1] Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.
[2] For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 to the consolidated financial statements included within this Form 10-K for further details.
[3] At December 31 of each year, we remeasure our pension and postretirement plan obligations at which time we record any actuarial gains (losses) and prior service (costs) credits to other comprehensive income. See Note 15 to the consolidated financial statements included within this Form 10-K for further details.
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Unrealized hedging gains (losses) and other, tax $ (17.2) $ 5.4 $ 1.9
Reclassification of deferred hedging (gains) losses and other, included in net income, tax [1] 19.1 1.7 1.7
Total derivative instruments, tax 1.9 7.1 3.6
Unrealized actuarial gains (losses) and prior service (costs) credits, tax (4.3) (4.5) 4.7
Reclassification of net actuarial and other (gain) loss, amortization of prior service costs and settlement charges, included in net income, tax [1] 2.4 2.5 3.3
Total pension and other postretirement benefits, tax $ (1.9) $ (2.0) $ 8.0
[1] For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 to the consolidated financial statements included within this Form 10-K for further details.
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 572.0 $ 516.8
Trade receivables, net of allowance of $33.9 in 2022 and $37.4 in 2021 2,871.4 2,583.7
Inventories 1,651.6 1,521.9
Prepaid and other current assets 343.6 431.4
Total current assets 5,438.6 5,053.8
Investments 14.5 9.2
Property, plant and equipment, net 849.6 817.0
Goodwill 1,589.3 1,463.3
Other intangibles, net 2,508.1 2,521.9
Other assets including long-term receivables, net 560.5 613.8
Deferred income taxes 210.7 194.1
Total assets 11,171.3 10,673.1
Current liabilities    
Short-term debt and current portion of long-term debt 540.8 440.8
Accounts payable, trade and other 1,252.2 1,135.0
Advance payments from customers 680.5 630.7
Accrued and other liabilities 601.8 631.2
Accrued customer rebates 465.3 406.7
Guarantees of vendor financing 142.0 206.2
Accrued pension and other postretirement benefits, current 2.3 4.3
Income taxes 114.7 65.4
Total current liabilities 3,799.6 3,520.3
Long-term debt, less current portion 2,733.2 2,731.7
Accrued pension and other postretirement benefits, long-term 31.6 41.8
Environmental liabilities, continuing and discontinued 439.1 415.9
Deferred income taxes 321.5 342.4
Other long-term liabilities 445.4 477.3
Commitments and contingent liabilities (Note 20)
Equity    
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2022 or 2021 0.0 0.0
Common stock, $0.10 par value, authorized 260,000,000 shares in 2022 and 2021; 185,983,792 shares issued in 2022 and 2021 18.6 18.6
Capital in excess of par value of common stock 909.2 880.4
Retained earnings 5,555.9 5,092.9
Accumulated other comprehensive income (loss) (459.6) (325.5)
Treasury stock, common, at cost - 2022: 60,872,988 shares, 2021: 60,284,313 shares (2,646.2) (2,542.1)
Total FMC stockholders’ equity 3,377.9 3,124.3
Noncontrolling interests 23.0 19.4
Total equity 3,400.9 3,143.7
Total liabilities and equity $ 11,171.3 $ 10,673.1
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Allowance for trade receivable $ 33.9 $ 37.4
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 260,000,000 260,000,000
Common stock, shares issued (in shares) 185,983,792 185,983,792
Treasury stock, shares (in shares) 60,872,988 60,284,313
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash provided (required) by operating activities of continuing operations:      
Net income (loss) $ 741.5 $ 737.1 $ 551.5
Discontinued operations, net of income taxes 97.2 68.2 28.3
Income (loss) from continuing operations 838.7 805.3 579.8
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:      
Depreciation and amortization 169.4 170.9 162.7
Restructuring and other charges (income) 93.1 108.0 132.2
Deferred income taxes (52.7) 10.6 33.9
Pension and other postretirement benefits 12.5    
Share-based compensation 24.2 17.8 18.9
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:      
Trade receivables, net (443.9) (241.1) (71.8)
Guarantees of vendor financing (64.2) 65.6 64.8
Advance payments from customers 52.1 283.6 (145.5)
Accrued customer rebates 69.6 108.7 17.2
Inventories (182.3) (320.7) (54.4)
Accounts payable, trade and other 165.3 144.4 61.8
Income taxes 19.1 (90.3) 36.2
Pension and other postretirement benefit contributions (4.5) (5.3) (4.6)
Environmental spending, continuing, net of recoveries (26.9) (63.6) (1.9)
Restructuring and other spending [1] (35.2) (34.7) (17.9)
Transaction and integration costs (0.5) (9.5) (63.9)
Change in other operating assets and liabilities, net [2] 26.2 (61.6) (30.0)
Cash provided (required) by operating activities of continuing operations 660.0 898.6 736.8
Cash provided (required) by operating activities of discontinued operations:      
Environmental spending, discontinued, net of recoveries (47.0) (57.5) (58.9)
Operating activities of discontinued operations, net of divestiture costs 0.0 0.0 (0.2)
Other discontinued spending (30.6) (21.0) (29.9)
Cash provided (required) by operating activities of discontinued operations (77.6) (78.5) (89.0)
Cash provided (required) by investing activities of continuing operations:      
Capital expenditures (142.3) (100.1) (67.2)
Investment in Enterprise Resource Planning system 0.0 (12.7) (47.2)
Acquisitions, including cost and equity method, net [3] (198.2) (5.2) (65.6)
Proceeds from land disposition 50.5 0.0 0.0
Other investing activities [4] 23.6 (13.7) (20.4)
Cash provided (required) by investing activities of continuing operations (266.4) (131.7) (200.4)
Cash provided (required) by investing activities of discontinued operations:      
Proceeds from disposal of property, plant and equipment 0.0 19.7 31.1
Cash provided (required) by investing activities of discontinued operations 0.0 19.7 31.1
Cash provided (required) by financing activities of continuing operations:      
Increase (decrease) in short-term debt 115.2 104.9 97.0
Proceeds from borrowing of long-term debt 0.0 1,000.0 27.1
Financing fees and interest rate swap settlements 16.3 (2.4) (3.5)
Repayments of long-term debt (1.4) (1,203.1) (100.0)
Acquisitions of noncontrolling interests 0.0 0.0 (7.4)
Distributions to noncontrolling interests 0.0 0.0 (1.3)
Distributions to minority partners (0.5) 0.0 0.0
Dividends paid [5] (267.5) (247.2) (228.5)
Issuances of common stock, net 9.4 7.9 24.7
Repurchases of common stock under publicly announced program (100.0) (400.0) (50.0)
Other repurchases of common stock (8.9) (8.0) (8.4)
Cash provided (required) by financing activities of continuing operations (237.4) (747.9) (250.3)
Effect of exchange rate changes on cash and cash equivalents (23.4) (12.3) 1.6
Increase (decrease) in cash and cash equivalents 55.2 (52.1) 229.8
Cash and cash equivalents of continuing operations, beginning of period 516.8 568.9  
Cash and cash equivalents, beginning of period 516.8 568.9 339.1
Cash and cash equivalents, end of period $ 572.0 $ 516.8 $ 568.9
[1] In addition to cash payments shown in our roll forward of restructuring reserves in Note 9 to our consolidated financial statements included within this Form 10-K, the restructuring and other spending amount above for the years ended December 31, 2022 and 2021 includes spending of $10.0 million and $6.0 million, respectively, related to the Furadan® asset retirement obligations and $3.2 million and $4.4 million, respectively, for certain historical India indirect tax matters. The year ended December 31, 2022 includes $3.8 million of additional spending not included in our roll forward of restructuring reserves. For additional detail on restructuring and other charges activities, see Note 9 to our consolidated financial statements included within this Form 10-K.
[2] Changes in all periods represent timing of payments associated with all other operating assets and liabilities.
[3] In 2022, the purchase price of Biophero of approximately $193 million was primarily paid at closing on July 19, 2022. For additional detail on this transaction, see Note 9 to our consolidated financial statements included within this Form 10-K. The acquisitions, net amount in 2020 represents payments made on October 2, 2020 to acquire the remaining rights for Fluindapyr from Isagro S.p.A ("Isagro") in an asset acquisition.(4)During December 2022, we finalized a land transfer agreement with the Shanghai Municipal People's Government. We received cash proceeds of $50.5 million for the land transfer. For additional detail on this transaction, see Note 9 to our consolidated financial statements included within this Form 10-K.
[4] Included in the above is cash spending associated with contract manufacturers was $6.8 million, $18.8 million and $17.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.
[5] See Note 17 to the consolidated financial statements included within this Form 10-K regarding our quarterly cash dividend.
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Asset retirement obligation $ 16.0 $ 24.2  
Restructuring charges (income) (26.1) 41.1 $ 42.6
Other cash payments to contract manufacturers 6.8 18.8 17.4
Cash paid for interest, net of capitalized interest 144.0 125.8 141.8
Income taxes paid, net of refunds 122.0 139.2 82.1
Noncash additions to property, plant and equipment 40.4 45.5 $ 14.7
Regional realignment      
Asset retirement obligation 10.0 6.0  
Restructuring And Other Charges (Income)      
Restructuring charges (income) 3.8    
India      
Tax payments, net of refunds $ 3.2 $ 4.4  
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Previously Reported
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock, $0.10 Par Value
Common Stock, $0.10 Par Value
Previously Reported
Common Stock, $0.10 Par Value
Cumulative Effect, Period of Adoption, Adjusted Balance
Capital In Excess of Par
Capital In Excess of Par
Previously Reported
Capital In Excess of Par
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Previously Reported
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Previously Reported
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Previously Reported
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Non-controlling Interest
Non-controlling Interest
Previously Reported
Non-controlling Interest
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2019 $ 2,665.6 $ 2,561.4 $ 104.2 $ 2,665.6   $ 18.6 $ 18.6   $ 829.7 $ 829.7 $ 4,286.4 $ 4,188.8 $ 97.6 $ 4,286.4 $ (405.4) $ (412.0) $ 6.6 $ (405.4)   $ (2,092.8) $ (2,092.8)   $ 29.1 $ 29.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Net income (loss) 551.5 550.6                 552.4                     $ (0.9)    
Stock compensation plans 43.5             $ 33.1                     $ 10.4          
Shares for benefit plan trust (0.4)                                   (0.4)          
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax 29.8 34.9                         29.8                  
Net hedging gains (losses) and other, net of income tax (6.8)                           (6.8)                  
Foreign currency translation adjustments 102.0 [1]                           101.7             0.3    
Dividends (233.9)                   (233.9)                          
Repurchases of common stock (58.4)                                   (58.4)          
Acquisition of noncontrolling interests [2] (7.4)             (2.6)                           (4.8)    
Distributions to noncontrolling interests (1.3)                                         (1.3)    
Ending balance at Dec. 31, 2020 3,084.2 2,984.2     $ 18.6     860.2     4,604.9 4,506.4     (280.7) (282.2)     (2,141.2)     22.4    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Net income (loss) 737.1 734.0                 739.6                     (2.5)    
Stock compensation plans 25.7             20.2                     5.5          
Shares for benefit plan trust 1.6                                   1.6          
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax (7.9) 3.4                         (7.9)                  
Net hedging gains (losses) and other, net of income tax 49.6                           49.6                  
Foreign currency translation adjustments (87.0) [1]                           (86.5)             (0.5)    
Dividends (251.6)                   (251.6)                          
Repurchases of common stock (408.0)                                   (408.0)          
Ending balance at Dec. 31, 2021 3,143.7 3,051.9     18.6     880.4     5,092.9 $ 4,991.3     (325.5) $ (315.7)     (2,542.1)     19.4    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Net income (loss) 741.5 735.7                 736.5                     5.0    
Stock compensation plans 33.5             28.8                     4.7          
Shares for benefit plan trust 0.1                                   0.1          
Net pension and other benefit actuarial gains (losses) and prior service cost, net of income tax (6.6) (0.8)                         (6.6)                  
Net hedging gains (losses) and other, net of income tax (29.5)                           (29.5)                  
Foreign currency translation adjustments (98.9) [1]                           (98.0)             (0.9)    
Dividends (273.5)                   (273.5)                          
Repurchases of common stock (108.9)                                   (108.9)          
Distributions to noncontrolling interests (0.5)                                         (0.5)    
Ending balance at Dec. 31, 2022 $ 3,400.9 $ 3,309.1     $ 18.6     $ 909.2     $ 5,555.9       $ (459.6)       $ (2,646.2)     $ 23.0    
[1] Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.
[2] See Note 17 to the consolidated financial statements included within this Form 10-K for more detail on transactions with noncontrolling interest.
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]      
Common stock, par value (in dollars per share) $ 0.10 $ 0.10 $ 0.10
Dividends (in dollar per share) $ 2.17 $ 1.96 $ 1.80
v3.22.4
Principal Accounting Policies and Related Financial Information
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Principal Accounting Policies and Related Financial Information Principal Accounting Policies and Related Financial Information
Nature of operations. We are a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. We operate in a single distinct business segment and develop, market and sell all three major classes of crop protection chemicals: insecticides, herbicides and fungicides, as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health, and digital and precision agriculture. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control.
Basis of consolidation and basis of presentation. The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation.
Estimates and assumptions. In preparing the financial statements in conformity with U.S. GAAP we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows.
Cash equivalents. We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents.
Trade receivables, net of allowance. Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two-stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our methodology considers current economic conditions as well as forward-looking expectations about expected credit loss.
Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly.
We also hold long-term receivables that represent long-term customer receivable balances related to past-due accounts which are not expected to be collected within the current year. Our policy for the review of the allowance for these receivables is consistent with the discussion in the preceding paragraph above on trade receivables. Therefore on an ongoing basis, we continue to evaluate the credit quality of our long-term receivables utilizing aging of receivables, collection experience and write-offs, as well as existing economic conditions, to determine if an additional allowance is necessary.
The allowance for trade receivables was $33.9 million and $37.4 million as of December 31, 2022 and 2021, respectively. The allowance for long-term receivables was $44.5 million and $27.7 million at December 31, 2022 and 2021, respectively. The provision to the allowance for receivables charged against operations was $(0.5) million, $21.1 million and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. See Note 10 to the consolidated financial statements included within this Form 10-K for more information.
Investments. Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. As of December 31, 2022 and 2021 we do not own any equity method investments. All other investments are carried at their fair values or at cost, as appropriate and are not material to our consolidated financial statements. In June 2020, we launched FMC Ventures, our venture capital arm targeting strategic investments in start-ups and early-stage companies that are developing and applying emerging technologies in the agricultural industry. The accounting guidance requires these nonmarketable equity securities to be recorded at cost and adjusted to fair value each reporting period. However, the guidance allows for a measurement alternative, which is to record the investment at cost, less impairment, if any, and subsequently adjust for observable price
changes. Each reporting period, we review the portfolio for any observable price changes or potential indicators of impairment. At December 31, 2022, our investments made through FMC Ventures individually and in the aggregate are not significant to our financial results.
Inventories. Inventories are stated at the lower of cost or net realizable value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All inventories are determined on a first-in, first-out ("FIFO") basis. Effective July 1, 2022, we changed our accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. See more on detailed breakout of new method below within Note 1 Consolidated Financial Statements for additional information of the effect of the change. Also see Note 7 to the Consolidated Financial Statements included within this Form 10-K for more information.
Property, plant and equipment. We record property, plant and equipment, including capitalized interest, at cost. We recognize acquired property, plant and equipment, from acquisitions at its estimated fair value. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements — 20 years, buildings and building equipment — 15 to 40 years, and machinery and equipment — 3 to 18 years). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense.
Capitalized interest. We capitalized interest costs of $5.6 million, $3.4 million, and $3.5 million in 2022, 2021, and 2020, respectively. These costs were primarily associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives.
Impairments of long-lived assets. We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.
Asset retirement obligations. We record asset retirement obligations ("AROs") at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated AROs are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. 
We have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was inconsequential at December 31, 2022 and 2021.
The carrying amounts for the AROs for the years ended December 31, 2022 and 2021 are $16.0 million and $24.2 million, respectively. These amounts are included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheet.
Restructuring and other charges. We continually perform strategic reviews and assess the return on our business. This sometimes results in a plan to restructure the operations of our business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance.
Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life.
Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize
capitalized software costs over expected useful lives ranging from 3 to 10 years. See Note 22 to the consolidated financial statements included within this Form 10-K for the net unamortized computer software balances.
Goodwill and intangible assets. Goodwill and other indefinite life intangible assets are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test.
We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessments conducted in 2022, 2021 and 2020, we did not record any goodwill or intangible asset impairments.
Finite-lived intangible assets consist of primarily customer relationships as well as patents, brands, registration rights, industry licenses, and other intangibles and are generally being amortized over periods of approximately 3 to 20 years. See Note 6 to the consolidated financial statements included within this Form 10-K for additional information on goodwill and intangible assets.
Revenue recognition. We recognize revenue when (or as) we satisfy our performance obligation which is when the customer obtains control of the good or service. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. Refer to Note 3 to the consolidated financial statements included within this Form 10-K for further details.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as "Advance payments from customers" on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.
Research and development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss).
Income and other taxes. We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable. We recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We have not provided income taxes for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance.
Foreign currency. We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income (loss) in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period. 

We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in income as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions.  See "Derivative financial instruments" below and Note 19 to the consolidated financial statements included within this Form 10-K.
Derivative financial instruments. We mitigate certain financial exposures, including currency risk, interest rate risk and to a lesser extent commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments when applicable. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates.
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted
transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income (loss) changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Treasury stock. We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a FIFO method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock.
Segment information. We operate as a single business segment providing innovative solutions to growers around the world. The business is supported by global corporate staff functions. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and both planning and forecasting future periods. Refer to Note 3 to the consolidated financial statements included within this Form 10-K for further information on product and regional revenues.
Geographic long-lived assets include goodwill and other intangibles, net, property, plant and equipment, net and other non-current assets. Refer to Note 21 to the consolidated financial statements included within this Form 10-K for further details.
Stock compensation plans. We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period. See Note 16 to the consolidated financial statements included within this Form 10-K for further discussion on our share-based compensation.
Environmental obligations. We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used.
Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency ("EPA"), or similar government agencies, are generally accrued no later than when a Record of Decision ("ROD"), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study ("RI/FS"), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties.
Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites.
Included in our environmental liabilities are costs for the operation, maintenance and monitoring ("OM&M") of site remediation plans. Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual
cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years.
Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third-party insurance policies which we believe are probable of recovery.
Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties ("PRPs") or other third parties. All of our environmental provisions incorporate inflation and are not discounted to their present value, other than our reserve for our Pocatello Tribal Matter. We remeasure this discounted liability balance according to current interest rates. See Note 12 to the consolidated financial statements included within this Form 10-K for further information.
In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act ("CERCLA") and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in "Environmental liabilities, continuing and discontinued" or as "Other assets including long-term receivables, net" in our consolidated balance sheets in accordance with U.S. accounting literature.
Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 15 to the consolidated financial statements included within this Form 10-K for additional information relating to pension and other postretirement benefits.
Change in Accounting Principles
In the third quarter of 2022, we made the following changes to our accounting principles:
•Change in accounting principle for inventory costing
•Change in accounting principle for net periodic benefit cost
The effects of the above changes in accounting principle have been retrospectively applied to all periods presented and as such certain prior period financial statement line items have been adjusted. The cumulative effect of these changes in accounting principle, on periods prior to those presented, resulted in an increase of $97.6 million to retained earnings and $6.6 million to accumulated other comprehensive income (losses) as of December 31, 2019, which is the earliest period presented in the consolidated statements of changes in equity.
Change in Accounting Principle for Valuing Inventory Costing
On July 1, 2022, we changed our method for inventory costing from the last-in, first-out (“LIFO”) cost method to the first-in, first-out (“FIFO”) cost method for inventory in the United States, which were the only operations that were using the LIFO cost method. All inventories outside the United States were already accounted for on the FIFO method. We believe this change in accounting method is preferable as it:
•is consistent with how we manage our business
•results in a uniform method to value our inventory across all regions of our business
•is expected to better reflect the current value of inventory on the consolidated balance sheets and;
•is on a more comparable basis with the majority of our industry peer companies
Prior to the change in method, inventories valued on the LIFO cost method were approximately 38% of our total inventories.
Change in Accounting Principle for Determining Net Periodic Benefit Cost
On July 1, 2022, we also changed our method of accounting for the determination of the market-related value of assets for a class of assets within the qualified U.S. defined benefit plan ("the Plan"), impacting our net periodic benefit cost. The market-related value is used to determine both the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components of net periodic benefit cost which are reflected on the Non-operating pension and postretirement income (charges) line on the consolidated statements of income (loss). Previously, to calculate the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components, we deferred asset gains and losses into the market-related value of assets ("MRVA") over a five year period.
We changed our method of accounting to the fair value approach for our liability-hedging asset class, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit cost. No change is being made to the accounting principle for the other classes of pension assets; however our U.S. qualified pension plan reached fully funded status during 2018 and since that point the portfolio has been 100 percent fixed income securities and cash. Given the Plan's investment strategy, we believe this approach is preferable as it more closely aligns the expected return on plan assets and amortization of net actuarial and other gain and loss expense components with the value reflected in the Plan's funded status.

The following tables summarize the effect of these accounting changes on impacted line items in our consolidated financial statements as follows:
v3.22.4
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items Recently Issued and Adopted Accounting Pronouncements and Regulatory Items
New accounting guidance and regulatory items
In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU enhances the transparency of supplier finance programs and their effect on working capital, liquidity, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2022 (i.e. a January 1, 2023 effective date), including interim periods within those years. The amendments in the ASU should be applied retrospectively to all periods in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. A select group of our suppliers participate in a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Agreements under these supplier financing programs are recorded within Accounts payable, trade and other in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows. While the amendments in this ASU will impact disclosure requirements, they do not affect the recognition, measurement, or financial statement presentation of obligations covered by our SCF programs.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, to provide optional guidance for a limited period of time to ease the potential burden in accounting for contracts and hedging relationships affected by reference rate reform. This applies to contracts that reference LIBOR or another rate that is expected to be discontinued as a result of rate reform and have modified terms that affect or have the potential to affect the amount and timing of contractual cash flows resulting from the discontinuance of reference rate. In December 2022, the FASB finalized ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic
848, which defers the sunset date for Topic 848 from December 31, 2022, to December 31, 2024. This standard amends the definition of the SOFR Swap Rate under Topic 815 so that it is not limited to the OIS rate based on SOFR and includes other rates based on SOFR. These amendments were effective immediately on issuance and should be applied prospectively. We are evaluating the impacts this standard will have on accounting for contracts and hedging relationships but do not believe it will have a material impact on our consolidated financial statements.

Recently adopted accounting guidance

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and simplification in several other areas. The new standard is effective for fiscal years beginning after December 15, 2020 (i.e., a January 1, 2021 effective date). There were no material impacts to the consolidated financial statements upon adoption, but amendments will be applied prospectively if applicable to FMC.
v3.22.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of revenue
We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Additionally, this table includes plant health, which is a growing part of our business. The disaggregated revenue tables are shown below for the years ended December 31, 2022, 2021 and 2020.

The following table provides information about disaggregated revenue by major geographical region:
Year Ended December 31,
(in Millions)202220212020
North America (1)
$1,435.8 $1,117.2 $1,032.5 
Latin America (1)
2,088.2 1,633.4 1,456.5 
Europe, Middle East & Africa1,039.7 1,040.0 1,046.3 
Asia1,238.6 1,254.6 1,106.8 
Total Revenue$5,802.3 $5,045.2 $4,642.1 
____________________
(1)Countries with sales in excess of 10 percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 31 2022 , 2021, and 2020 for the U.S. totaled $1,288.8 million, $1,018.1 million and $941.2 million, respectively, and for Brazil totaled $1,621.1 million, $1,224.4 million and $1,083.4 million, respectively.

The following table provides information about disaggregated revenue by major product category:
Year Ended December 31,
(in Millions)202220212020
Insecticides$3,346.6 $3,020.0 $2,836.8 
Herbicides1,651.6 1,375.3 1,187.2 
Fungicides383.9 325.5 275.5 
Plant Health234.1 216.8 180.2 
Other186.1 107.6 162.4 
Total Revenue$5,802.3 $5,045.2 $4,642.1 

We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural
markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources.
Sale of Goods
Revenue from product sales is recognized when (or as) we satisfy a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component.
In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, we typically recognize revenue when goods are shipped based on the relevant Incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.
Sales Incentives and Other Variable Considerations
As a part of our customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are reassessed each reporting period as required.
In addition to the variable considerations described above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met.
Right of Return
We extend an assurance warranty offering customers a right of refund or exchange in case delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement products are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price.
Contract Asset and Contract Liability Balances
We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the
recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation.
The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions)Balance as of December 31, 2021Balance as of December 31, 2022Increase (Decrease)
Receivables from contracts with customers, net of allowances2,641.1 $2,932.2 $291.1 
Contract liabilities: Advance payments from customers630.7 680.5 49.8 

The amount of revenue recognized in the year ended December 31, 2022 that was included in the opening contract liability balance was $630.7 million.
The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of December 31, 2022. Refer to Note 10 to the consolidated financial statements included within this Form 10-K for further information.
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy our products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to us for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year, and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year.
We recognize these prepayments as a liability under "Advance payments from customers" on the consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place. Advance payments from customers was $630.7 million as of December 31, 2021 and $680.5 million as of December 31, 2022.
Performance Obligations
At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. Based on our evaluation, we have determined that our current contracts do not contain more than one performance obligation. Revenue is recognized when (or as) the performance obligation is satisfied, which is when the customer obtains control of the good or service.
Periodically, we may enter into contracts with customers which require them to submit a forecast of non-binding purchase obligations to us. These forecasts are typically provided by the customer to us in good faith, and there are no penalties or obligations if the forecasts are not met. Accordingly, we have determined that these are optional purchases and do not represent material rights and are not considered as unsatisfied (or partially satisfied) performance obligations for the purposes of this disclosure.
In separate and less common circumstances, we may have contracts with customers which have binding purchase requirements for just one quarter of their annual forecasts. Additionally, as noted in the Contract Liabilities section above, we periodically enter into agricultural prepayment arrangements with customers, and receive advance payments for product to be delivered in future periods within one year. We have elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for these two types of contracts as they have an expected duration of one year or less and the revenue is expected to be recognized within the next year.
Other Arrangements
Data Licensing
We sometimes grant to third parties a license and right to rely upon pesticide regulatory data filed with government agencies. Such licenses allow a licensee to cite and rely upon our data in connection with the licensee’s application for pesticide registrations as required by law; these licenses can be granted through contract or through a mandatory statutory license, depending on circumstances. In the most common occurrence, when a license is embedded in a contract for supply of pesticide active ingredient from us to the licensee, the license grant is not considered as distinct from other promised goods or services. Accordingly, all promises are treated as a single performance obligation and revenue is recognized at a point when the control of the pesticide products is transferred to the licensee-customer. In the less frequent occurrence, when the license and right to use data is granted without a supply contract, we account for the revenue attributable to the data license as a performance obligation satisfied at a single point in time and recognize revenue on the effective date of such contract. Finally, in those circumstance of mandatory data licensing by statute, such as under U.S. pesticide law, we recognize the data compensation upon the effective date of the data compensation settlement agreement. Payment terms for these arrangements may vary by contract.
Service Arrangements
In limited cases, we engage in providing certain tolling services, such as filling and packing services using raw and packing materials supplied by the customer. However, as a result of the DuPont Crop Protection Business Acquisition, on November 1, 2017, we entered into an agreement with DuPont to provide tolling services to one another for up to five years from the acquisition date, which expired on October 31, 2022. Depending on the nature of the tolling services, we determine the appropriate method of satisfaction of the performance obligation, which may be the input or output method. Compared to other goods and services provided by us, service arrangements do not represent a significant portion of sales each year. Payment terms for service arrangements may vary by contract; however, payment is typically due within 30 days of the invoice date.
Practical Expedients and Exemptions
We have elected the following practical expedients following the adoption of ASC 606:
a.Costs of obtaining a contract: FMC incurs certain costs such as sales commissions which are incremental to obtaining the contract. We have taken the practical expedient of expensing such costs to obtain a contract, as and when they are incurred, as their expected amortization period is one year or less.
b.Significant financing component: We elected not to adjust the promised amount of consideration for the effects of a significant financing component if FMC expects, at contract inception, that the period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will be one year or less.
c.Remaining performance obligations: We elected not to disclose the aggregate amount of the transaction price allocated to remaining performance obligations for its contracts that are one year or less, as the revenue is expected to be recognized within one year. Additionally, we have elected not to disclose information about variable considerations for remaining, wholly unsatisfied performance obligations for which the criteria in paragraph 606-10-32-40 have been met.
d.Shipping and handling costs: We elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service.
e.Measurement of transaction price: We have elected to exclude from the measurement of transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
We lease office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 20 years, with some leases having terms greater than 20 years. Our lease portfolio includes agreements with renewal options, purchase options and clauses for early termination based on the terms specific to the agreement.
At contract inception, we review the facts and circumstances of the arrangement to determine if the contract is a lease. We follow the guidance in ASC 842-10-15 and consider the following: whether the contract has an identified asset; if we have the right to obtain substantially all economic benefits from the asset; and if we have the right to direct the use of the underlying asset. When determining if a contract has an identified asset, we consider both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if we have the right to obtain substantially all economic benefits from the asset, we consider the primary outputs of the identified asset throughout the period of use and determine if we receive greater than 90 percent of those benefits. When determining if we have the right to direct the use of an underlying asset, we consider if we have the right to direct how and for what purpose the asset is used throughout the period of use and if we control the decision-making rights over the asset. All leased assets are classified as operating or finance under ASC 842. The lease term
is determined as the non-cancellable period of the lease, together with all of the following: periods covered by an option to extend the lease which are reasonably certain to be exercised, periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option, and periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. At commencement, we assess whether any options included in the lease are reasonably certain to be exercised by considering all relevant economic factors including, contract-based, asset-based, market-based, and company-based factors.
To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable or our incremental borrowing rate at the lease commencement date. When determining our incremental borrowing rate, we consider our centralized treasury function and our current credit profile. We then make adjustments to this rate for securitization, the length of the lease term, and leases denominated in foreign currencies. Minimum lease payments are expensed over the term of the lease on a straight-line basis. Some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments which we are typically responsible for include payment of vehicle insurance, real estate taxes, and maintenance expenses.
Most leases within our portfolio are classified as operating leases under the new standard. Operating leases are included in "Other assets including long-term receivables, net", "Accrued and other liabilities", and "Other long-term liabilities" in our consolidated balance sheet. Operating lease right-of-use ("ROU") assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of any lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Operating leases relate to office spaces, IT equipment, transportation equipment, machinery equipment, furniture and fixtures, and plant and facilities under non-cancellable lease agreements. Leases primarily have fixed rental periods, with many of the real estate leases requiring additional payments for property taxes and occupancy-related costs. Leases for real estate typically have initial terms ranging from 1 to 20 years, with some leases having terms greater than 20 years. Leases for non-real estate (transportation, IT) typically have initial terms ranging from 1 to 10 years. We have elected not to record short-term leases on the balance sheet whose term is 12 months or less and does not include a purchase option or extension that is reasonably certain to be exercised.
We rent or sublease a small number of assets including equipment and office space to third-party companies. These third-party arrangements include a small number of transition service arrangements from recent acquisitions. Rental income from all subleases is not material to our business.

The ROU asset and lease liability balances as of December 31, 2022 were as follows:
(in Millions)ClassificationDecember 31, 2022December 31, 2021
Assets
Operating lease ROU assetsOther assets including long-term receivables, net$123.8 $135.2 
Liabilities
Operating lease current liabilitiesAccrued and other liabilities$22.0 $23.5 
Operating lease noncurrent liabilitiesOther long-term liabilities128.6 140.0 
The components of lease expense for the year ended December 31, 2022 were as follows:
(in Millions)Lease Cost Classification202220212020
Lease Cost
Operating lease costCosts of sales and services / Selling, general and administrative expenses$32.9 $33.9 $39.5 
Variable lease costCosts of sales and services / Selling, general and administrative expenses6.3 4.7 4.7 
Total lease cost$39.2 $38.6 $44.2 
December 31, 2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years)8.4
Weighted-average discount rate4.1 %
(in Millions)Year ended December 31, 2022Year ended December 31, 2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(33.9)$(33.1)
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new operating lease liabilities$20.1 $18.4 

The following table represents our future minimum operating lease payments as of, and subsequent to, December 31, 2022 under ASC 842:
(in Millions) Operating Leases Total
Maturity of Lease Liabilities
2023$27.3 
202422.5 
202520.4 
202618.8 
202717.9 
Thereafter74.0 
Total undiscounted lease payments$180.9 
Less: Present value adjustment(30.3)
Present value of lease liabilities$150.6 
v3.22.4
Acquisitions
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Acquisitions Acquisitions
On June 29, 2022 we announced a definitive agreement to acquire BioPhero ApS ("BioPhero"), a Denmark-based pheromone research and production company. The acquisition adds state-of-the-art biologically produced pheromone insect control technology to our product portfolio and R&D pipeline, underscoring our role as a leader in delivering innovative and sustainable crop protection solutions. The purchase price of approximately $193 million was primarily paid at closing on July 19, 2022. The acquisition, which was accounted for as a business combination, includes all of BioPhero’s technology, IP, supply agreements, employees and net assets of the business.
Purchase Price Allocation
The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and is subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained.
The purchase price allocation is preliminary as of December 31, 2022. During the measurement period, if new information is obtained about facts and circumstances that existed as of the acquisition date, that would have resulted in revised estimated values of those assets or liabilities as of that date, we will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings.
The following table summarizes the consideration paid for the BioPhero acquisition and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis.
Preliminary Purchase Price Allocation as of July 19, 2022
(in Millions)
Fair Value of Assets Acquired
Cash$10.0 
Intangible assets
Developed Technology (1)
66.3 
In-process research & development10.5 
Goodwill130.7 
Other Assets3.4 
Total Assets$220.9 
Fair Value of Liabilities Assumed
Deferred income tax liabilities$16.6 
Other Liabilities1.1 
Total Liabilities17.7 
Net Assets$203.2 
Total Purchase Consideration:Amount
Cash purchase price, net of acquired cash$193.2 
____________________ 
(1) Expected life is 15 years and will be amortized based on the pattern of economic benefit
DuPont Crop Protection Business
On November 1, 2017, pursuant to the terms and conditions set forth in the Transaction Agreement entered into with E. I. du Pont de Nemours and Company ("DuPont"), we completed the acquisition of certain assets relating to DuPont's Crop Protection business and research and development ("R&D") organization (the "DuPont Crop Protection Business") (collectively, the "DuPont Crop Protection Business Acquisition").
The DuPont Crop Protection Business has been integrated into our business and has been included within our results of operations since the date of acquisition.
We entered into supply agreements with DuPont, with terms of up to five years, to supply technical insecticide products required for their retained seed treatment business at cost requiring the recognition of unfavorable contracts at the date of acquisition. The amount recognized in revenue for the years ended December 31, 2022, 2021, and 2020 was approximately $82 million, $103 million, and $111 million, respectively.
The manufacturing contracts and supply agreements discussed above ended on October 31, 2022 at the end of the five year term and as such, the unfavorable liability has been fully recognized and reduced to zero.

Transaction-related charges
Pursuant to U.S. GAAP, costs incurred associated with acquisition activities are expensed as incurred. Historically, these costs have primarily consisted of legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of these activities. Given the significance and complexity around the integration of the DuPont Crop Protection
Business, we have incurred costs associated with integrating the DuPont Crop Protection Business, which included planning for the termination of the transitional service agreement ("TSA") as well as implementation of a new worldwide Enterprise Resource Planning ("ERP") system in connection with the termination of the TSA, of which the majority of costs were capitalized in accordance with the relevant accounting literature. Transaction-related charges were not material in 2022 or 2021.
The following table summarizes the costs incurred associated with these activities:
Year Ended December 31,
(in Millions)202220212020
DuPont Crop Protection Business Acquisition
Legal and professional fees (1)
$— $0.4 $53.3 
Total transaction-related charges$— $0.4 $53.3 
Restructuring charges
DuPont Crop restructuring (2)
$(48.7)$16.7 $40.2 
Total restructuring charges $(48.7)$16.7 $40.2 
____________________ 
(1)Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the consolidated statements of income (loss).
(2)See Note 9 to the consolidated financial statements included within this Form 10-K for more information. These charges are recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). Amounts for the year ended December 31, 2022 include a gain of $50.5 million recognized on the disposition of land related to a closed manufacturing facility.
We completed the integration of the DuPont Crop Protection Business in 2020, other than the completion of certain in-flight initiatives associated with the finalization of our worldwide ERP system in early 2021. Restructuring charges associated with the DuPont restructuring program are complete as of December 31, 2022 and any future charges are not expected to be material. Refer to Note 9 to the consolidated financial statements included within this Form 10-K for further information.
v3.22.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are presented in the table below:
(in Millions)Total
Balance, December 31, 2020$1,468.9 
Foreign currency and other adjustments(5.6)
Balance, December 31, 2021$1,463.3 
Acquisitions (See Note 5)130.7 
Foreign currency and other adjustments(4.7)
Balance, December 31, 2022$1,589.3 

Our fiscal year 2022 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2022. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. Additionally, the estimated fair values also exceeded the carrying value for each of our indefinite-lived intangible assets. There were no events or circumstances indicating that goodwill or indefinite-lived intangibles might be impaired as of December 31, 2022.
Our intangible assets, other than goodwill, consist of the following:
December 31, 2022December 31, 2021
(in Millions)Weighted avg. useful life remaining at December 31, 2022GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets subject to amortization (finite life)
Customer relationships14 years$1,127.9 $(351.3)$776.6 $1,147.1 $(301.3)$845.8 
Patents4 years1.7 (1.4)0.3 1.8 (1.3)0.5 
Brands (1)
7 years16.1 (10.6)5.5 17.1 (9.9)7.2 
Purchased and licensed technologies13 years128.4 (42.9)85.5 60.2 (40.7)19.5 
Other intangibles
1 year
1.8 (1.7)0.1 2.3 (1.7)0.6 
$1,275.9 $(407.9)$868.0 $1,228.5 $(354.9)$873.6 
Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)
$1,259.0 $1,259.0 $1,259.1 $1,259.1 
Brands (1)
370.1 370.1 389.2 389.2 
In-process research and development 11.0 11.0 — — 
$1,640.1 $1,640.1 $1,648.3 $1,648.3 
Total intangible assets$2,916.0 $(407.9)$2,508.1 $2,876.8 $(354.9)$2,521.9 
____________________ 
(1)    Represents trademarks, trade names and know-how.
(2)    Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
Year Ended December 31,
(in Millions)202220212020
Amortization expense$60.6 $62.7 $61.9 

The estimated pre-tax amortization expense for each of the five years ending December 31, 2023 to 2027 is $60.9 million, $59.8 million, $64.1 million, $66.1 million, and $65.7 million, respectively.
v3.22.4
Inventories
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following:
December 31,
 (in Millions)20222021
Finished goods$577.5 $559.2 
Work in process807.4 730.8 
Raw materials, supplies and other266.7 231.9 
Net inventories$1,651.6 $1,521.9 

Effective July 1, 2022, we changed our accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. See Note 1 to the consolidated financial statements included within this Form 10-K for further information regarding this matter.
v3.22.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consisted of the following:
December 31,
(in Millions)20222021
Land and land improvements$103.6 $103.8 
Buildings and building equipment522.9 528.4 
Machinery and equipment613.1 551.4 
Construction in progress175.9 145.9 
Total cost$1,415.5 $1,329.5 
Accumulated depreciation(565.9)(512.5)
Property, plant and equipment, net$849.6 $817.0 
____________________
Depreciation expense was $71.1 million, $70.8 million, and $71.5 million in 2022, 2021 and 2020, respectively.
v3.22.4
Restructuring and Other Charges (Income)
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges (Income) Restructuring and Other Charges (Income)
The following table shows total restructuring and other charges (income) included in the respective line items of the consolidated statements of income (loss):
 Year Ended December 31,
(in Millions)202220212020
Restructuring charges (income)$(26.1)$41.1 $42.6 
Other charges (income), net119.2 66.9 89.6 
Total restructuring and other charges (income)$93.1 $108.0 $132.2 

Restructuring charges (income)
(in Millions)Severance and Employee Benefits
Other Charges (Income) (1)
Asset Disposal Charges (2)
Total
DuPont Crop restructuring $— $(49.9)$1.2 $(48.7)
Regional realignment 3.8 4.1 — 7.9 
Other items2.1 2.6 10.0 14.7 
Year ended December 31, 2022$5.9 $(43.2)$11.2 $(26.1)
DuPont Crop restructuring $1.2 $4.5 $11.0 $16.7 
Regional realignment 5.5 5.3 0.2 11.0 
Other items6.0 0.5 6.9 13.4 
Year ended December 31, 2021$12.7 $10.3 $18.1 $41.1 
DuPont Crop restructuring $9.2 $3.8 $27.2 40.2 
Other items2.8 — (0.4)2.4 
Year ended December 31, 2020$12.0 $3.8 $26.8 $42.6 
____________________ 
(1)Primarily represents third-party costs associated with miscellaneous restructuring activities. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. The year ended December 31, 2022 includes the recognition of a gain for land disposition, described below.
(2)Primarily represents asset write-offs (recoveries), and accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges.
DuPont Crop Restructuring
On November 1, 2017, we completed the acquisition of the DuPont Crop Protection Business. See Note 5 "Acquisitions" to the consolidated financial statements included within this Form 10-K for more details. As also discussed in Note 5, we completed the integration of the DuPont Crop Protection Business in 2020 except for the completion of certain in-flight initiatives including restructuring program efforts. For the year ended December 31, 2022, we recognized income of $48.7 million, which primarily reflects the gain recorded in the fourth quarter on the disposition of a manufacturing site, slightly offset by other restructuring charges. For the years ended December 31, 2021 and December 31, 2020, we incurred restructuring charges of $16.7 million and $40.2 million, respectively, which primarily represented severance and other employee related costs as well as accelerated depreciation on fixed assets for the planned exit of certain facilities.
During December 2022, we finalized a land transfer agreement with the Shanghai Municipal People's Government. Under the terms of the agreement, we relinquished control of a previously shutdown manufacturing facility that was acquired as part of the DuPont Crop Protection Business and that had been operating under a state- owned land use certificate. Previous shutdown charges associated with closing this plant were included in "Restructuring and other charges ("income")". As part of the land transfer, we received cash proceeds of $50.5 million for the disposition of land as well as a recognition of a gain in the same amount that was also included in the "Restructuring and other charges ("income")" line item.
Restructuring charges associated with the DuPont program are complete and any future charges are not expected to be material.
Regional realignment
In April 2021, we began to consolidate our EMEA regional headquarters to a new office location in Geneva, Switzerland. In January 2022, we began to consolidate our Asia Pacific operations into a single regional headquarters in Singapore. Restructuring charges related to regional realignment activities are primarily related to severance and employee relocation costs as well as other costs associated with the consolidation of these headquarters. Both transitions are substantially complete and any remaining future charges are not expected to be material.
Roll forward of restructuring reserves
The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations:
(in Millions)Balance at 12/31/20
Change in
reserves (4)
Cash
payments
Other (5)
Balance at 12/31/21 (6)
Change in
reserves (4)
Cash
payments
Other (5)
Balance at 12/31/22 (6)
DuPont Crop restructuring (1)
$13.6 $5.7 $(10.5)$(0.2)$8.6 $0.6 $(4.7)$0.5 $5.0 
Regional realignment (2)
— 10.8 (6.8)— 4.0 7.9 (9.3)0.4 3.0 
Other workforce related and facility shutdowns (3)
2.8 6.5 (7.0)— 2.3 4.7 (4.2)(0.2)2.6 
Total$16.4 $23.0 $(24.3)$(0.2)$14.9 $13.2 $(18.2)$0.7 $10.6 
____________________ 
(1)Primarily consists of real estate exit costs and severance associated with DuPont Crop restructuring activities.
(2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European
headquarters for the years ended December 31, 2021 and 2022 and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore for the year ended December 31, 2022.
(3)Primarily severance costs related to workforce reductions and facility shutdowns.
(4)Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table.
(5)Primarily foreign currency translation adjustments.
(6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets.
Other charges (income), net
 Year Ended December 31,
(in Millions)202220212020
Environmental charges, net$34.7 $27.1 $24.9 
Isagro Fluindapyr Acquisition— — 65.6 
Exit from Russian Operations76.8 — — 
Other items, net7.7 39.8 (0.9)
Other charges (income), net$119.2 $66.9 $89.6 

Environmental charges, net
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
Exit from Russian Operations
As the Russia-Ukraine war continues, our values as a company as well as the sanctions imposed on, and cross-sanctions imposed and announced by, the Russian Federation led us to cease operations and business in Russia. This decision was made in mid-April of 2022 when we concluded that it was not sustainable to continue operations. As a result of this decision, we recorded a charge of approximately $76.8 million during the twelve months ended December 31, 2022. The charge primarily consists of noncash asset write offs, mainly working capital as well as the value of a packaging and formulation facility. This charge included approximately $7 million of cash that was stranded and not accessible to us.
Isagro Fluindapyr Acquisition
In May 2020, we entered into a binding offer with Isagro S.p.A ("Isagro") to acquire the remaining rights for Fluindapyr active ingredient assets from Isagro. In July 2020, we entered into an asset sale and purchase agreement with Isagro. On October 2, 2020, we closed on the transaction with a purchase price of approximately $65 million. Fluindapyr was jointly developed by FMC and Isagro under a 2012 research and development collaboration agreement. The transaction provided us with full global rights to the Fluindapyr active ingredient, including key U.S., European, Asian, and Latin American fungicide markets. The transaction transfers to FMC all intellectual property, know-how, registrations, product formulations and other global assets of the proprietary broad-spectrum fungicide molecule.
The Fluindapyr acquisition did not meet the criteria within ASC 805 to qualify as a business and as a result it was treated as an asset acquisition. Based on the current development stage of the technology, the acquired assets have been classified as in-process research and development. As part of our evaluation, we consider the current development phase of the molecule being acquired. Molecules that have not received formal regulatory approval are still considered in process due to the inherent uncertainty with the approval process. As a result, these assets were immediately expensed. While this transaction resulted in an immediate expense of the purchase price under the accounting rules, this acquisition expands our fungicide portfolio by giving us full global rights to the Fluindapyr active ingredient and is an important strategic addition to our product line. We recorded charges totaling $65.6 million in 2020, including transaction costs.
Other items, net
Other items, net in 2021 includes $33.5 million of charges for the establishment of reserves for certain historical India indirect tax matters that were triggered during the period. See Note 20 to the consolidated financial statements included within this Form 10-K for further information.
v3.22.4
Receivables
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Receivables Receivables
The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2021 and 2022:
(in Millions)
Balance, December 31, 2020$27.9 
Additions — charged (credited) to expense17.2 
Transfer from (to) allowance for credit losses (see below)(0.6)
Net recoveries, write-offs and other(7.1)
Balance, December 31, 2021$37.4 
Additions — charged (credited) to expense0.7 
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 

We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $60.8 million as of December 31, 2022. These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the consolidated balance sheets.
A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary.
The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables for fiscal years 2021 and 2022:

(in Millions)
Balance, December 31, 2020$24.7 
Additions — charged (credited) to expense3.9 
Transfer from (to) allowance for doubtful accounts (see above)0.6 
Foreign currency adjustments(1.5)
Net recoveries, write-offs and other— 
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 adjustments8.1 
Net recoveries, write-offs and other10.4 
Balance, December 31, 2022$44.5 

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.
During 2022, approximately $105 million of trade receivables were transferred to the 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. 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.
Cash receipts totaling approximately $75 million 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 the third quarter of 2022, approximately $19 million of the sale was retained by the securitization fund and is recognized as a noncash investing activity. 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 $58 million in non-recourse factoring during the year ended December 31, 2022.
v3.22.4
Discontinued Operations
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Our discontinued operations in our financial statements include adjustments to retained liabilities from previous discontinued operations. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities.

Our discontinued operations comprised the following:
(in Millions)Year Ended December 31,
202220212020
Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $(2.5), $(10.2) and $(3.7), respectively
$(3.9)$(8.3)$1.0 
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $13.8, $8.2 and $6.0, respectively (1)
(53.8)(29.7)(24.1)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $10.5, $12.2 and $7.6, respectively
(39.5)(45.6)(28.9)
Gain on sales of land, net of income tax benefit (expense) of zero, $(4.1) and $(6.3), respectively (2)
— 15.4 23.7 
Discontinued operations, net of income taxes$(97.2)$(68.2)$(28.3)
____________________
(1)See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 12 to the consolidated financial statements included within this Form 10-K.
(2)This represents the gain on sale of land at various discontinued sites.
Reserves for Discontinued Operations, other than Environmental at December 31, 2022 and 2021
(in Millions)December 31,
20222021
Workers’ compensation, product liability, and indemnification reserves$8.0 $10.2 
Postretirement medical and life insurance benefits reserve, net4.7 4.7 
Reserves for legal proceedings114.5 93.4 
Reserve for discontinued operations (1)
$127.2 $108.3 
____________________
(1)Included in "Other long-term liabilities" on the consolidated balance sheets. See Note 12 to the consolidated financial statements included within this Form 10-K on discontinued environmental reserves.

The discontinued postretirement medical and life insurance benefits liability equals the accumulated postretirement benefit obligation. Associated with this liability is a net pre-tax actuarial gain and prior service credit of $2.9 million ($1.7 million after-tax) and $3.6 million ($2.2 million after-tax) at December 31, 2022 and 2021, respectively.
Net spending in 2022, 2021 and 2020 was $2.4 million, $1.6 million and $1.0 million, respectively, for workers’ compensation, product liability and other claims; $0.3 million, $0.4 million and $0.5 million, respectively, for other postretirement benefits; and $27.9 million, $19.0 million and $28.4 million, respectively, related to reserves for legal proceedings associated with discontinued operations.
v3.22.4
Environmental Obligations
 12 Months Ended
Dec. 31, 2022
Environmental Remediation Obligations [Abstract]  
Environmental Obligations Environmental Obligations
We are subject to various federal, state, local and foreign environmental laws and regulations that govern emissions of air pollutants, discharges of water pollutants, and the manufacture, storage, handling and disposal of hazardous substances, hazardous wastes and other toxic materials and remediation of contaminated sites. We are also subject to liabilities arising under CERCLA and similar state laws that impose responsibility on persons who arranged for the disposal of hazardous substances, and on current and previous owners and operators of a facility for the clean-up of hazardous substances released from the facility into the environment. We are also subject to liabilities under the Resource Conservation and Recovery Act ("RCRA") and analogous state laws that require owners and operators of facilities that have treated, stored or disposed of hazardous waste pursuant to a RCRA permit to follow certain waste management practices and to clean up releases of hazardous substances into the environment associated with past or present practices. In addition, when deemed appropriate, we enter certain sites with potential liability into voluntary remediation compliance programs, which are also subject to guidelines that require owners and operators, current and previous, to clean up releases of hazardous substances into the environment associated with past or present practices.
Environmental liabilities consist of obligations relating to waste handling and the remediation and/or study of sites at which we are alleged to have released or disposed of hazardous substances. These sites include current operations, previously operated sites, and sites associated with discontinued operations. We have provided reserves for potential environmental obligations that we consider probable and for which a reasonable estimate of the obligation can be made. Accordingly, total reserves of $543.1 million and $514.6 million, respectively, before recoveries, existed at December 31, 2022 and 2021.
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $200 million at December 31, 2022. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites.
Additionally, although potential environmental remediation expenditures in excess of the reserves and estimated loss contingencies could be significant, the impact on our future consolidated financial results is not subject to reasonable estimation due to numerous uncertainties concerning the nature and scope of possible contamination at many sites, identification of remediation alternatives under constantly changing requirements, selection of new and diverse clean-up technologies to meet compliance standards, the timing of potential expenditures and the allocation of costs among PRPs as well as other third parties. The liabilities arising from potential environmental obligations that have not been reserved for at this time may be material to any one quarter's or year's results of operations in the future. However, we believe any liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years.
The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2019 to December 31, 2022.
(in Millions)Operating and Discontinued Sites Total
Total environmental reserves, net of recoveries at December 31, 2019$585.8 
2020
Provision53.2 
Spending, net of recoveries(81.1)
Foreign currency translation adjustments6.5 
Net Change$(21.4)
Total environmental reserves, net of recoveries at December 31, 2020$564.4 
 
2021
Provision65.8 
Spending, net of recoveries(121.8)
Foreign currency translation adjustments(5.2)
Net Change$(61.2)
Total environmental reserves, net of recoveries at December 31, 2021$503.2 
 
2022
Provision104.8 
Spending, net of recoveries(74.5)
Foreign currency translation adjustments and other adjustments(4.3)
Net Change$26.0 
Total environmental reserves, net of recoveries at December 31, 2022$529.2 

To ensure we are held responsible only for our equitable share of site remediation costs, we have initiated, and will continue to initiate, legal proceedings for contributions from other PRPs. At December 31, 2022 and 2021, we have recorded recoveries representing probable realization of claims against U.S. government agencies, insurance carriers and other third parties. Recoveries are recorded as either an offset to the "Environmental liabilities, continuing and discontinued" or as "Other assets including long-term receivables, net" on the consolidated balance sheets.

The table below is a roll forward of our total recorded recoveries from December 31, 2020 to December 31, 2022:
(in Millions)December 31, 2020Increase (Decrease) in RecoveriesCash Received December 31, 2021Increase (Decrease) in RecoveriesCash Received December 31, 2022
Environmental liabilities, continuing and discontinued$10.3 $1.8 $(0.7)$11.4 $2.5 $— $13.9 
Other assets (1)
4.4 0.8 (0.7)4.5 2.5 (0.6)6.4 
Total$14.7 $2.6 $(1.4)$15.9 $5.0 $(0.6)$20.3 
______________
(1)     The amounts are included within "Prepaid and other current assets" and "Other assets including long-term receivables, net" on the consolidated balance sheets. See Note 22 to the consolidated financial statements included within this Form 10-K for more details.
The table below provides detail of current and long-term environmental reserves, continuing and discontinued.
December 31,
(in Millions)20222021
Environmental reserves, current, net of recoveries (1)
$90.1 $87.3 
Environmental reserves, long-term continuing and discontinued, net of recoveries (2)
439.1 415.9 
Total environmental reserves, net of recoveries$529.2 $503.2 
______________
(1)These amounts are included within "Accrued and other liabilities" on the consolidated balance sheets.
(2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets.

Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
Year Ended December 31,
(in Millions)202220212020
Continuing operations (1)
$34.7 $27.1 $24.9 
Discontinued operations (2)
67.6 37.9 30.1 
Net environmental provision$102.3 $65.0 $55.0 
______________
(1)Recorded as a component of "Restructuring and other charges (income)" on our consolidated statements of income. See Note 9 to the consolidated financial statements included within this Form 10-K. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
(2)Recorded as a component of "Discontinued operations, net of income taxes" on our consolidated statements of income (loss). See Note 11 to the consolidated financial statements included within this Form 10-K for further details.

On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows:
Year Ended December 31,
(in Millions)202220212020
Environmental reserves (1)
$104.8 $65.8 $53.2 
Other assets (2)
(2.5)(0.8)1.8 
Net environmental provision$102.3 $65.0 $55.0 
______________
(1)See above roll forward of our total environmental reserves as presented on our consolidated balance sheets.
(2)Represents certain environmental recoveries. See Note 22 to the consolidated financial statements included within this Form 10-K for details of "Other assets including long-term receivables, net" as presented on our consolidated balance sheets.

Significant Environmental Sites
Pocatello
From 1949 until 2001, we operated the world's largest elemental phosphorus plant in Power County, Idaho, just outside the city of Pocatello. Since the plant's closure, FMC has worked with the EPA, the State of Idaho, and the Shoshone-Bannock Tribes ("Tribes") to develop a proposed cleanup plan for the property. In September 2012, the EPA issued an Interim Record of Decision ("IROD") that is environmentally protective and that ensures the health and safety of both workers and the general public. Since the plant's closure, we have successfully decommissioned our Pocatello plant, completed closure of the RCRA ponds and formally requested that the EPA acknowledge completion of work under a June 1999 RCRA Consent Decree. Future remediation costs include completion of the IROD that addresses groundwater contamination and existing waste disposal areas on the Pocatello plant portion of the Eastern Michaud Flats Superfund Site. In June 2013, the EPA issued a Unilateral Administrative Order to us under which we will implement the IROD remedy. Our current reserves factor in the estimated costs associated with implementing the IROD. In addition to implementing the IROD, we continue to conduct work pursuant to
CERCLA unilateral administrative orders to address air emissions from beneath the cap of several of the closed RCRA ponds. Actions also involve impacts of the Tribal Litigation discussed below.
The amount of the reserve for this site, which includes $31.5 million for the Pocatello Tribal Litigation as described below, was $75.8 million and $79.3 million at December 31, 2022 and 2021, respectively.
Pocatello Tribal Litigation
For a number of years, we engaged in disputes with the Tribes concerning their attempts to regulate our activities on the reservation. In 1998, we entered into an agreement that required us to pay the Tribes $1.5 million per year for waste generated from operating our Pocatello plant and stored on site. We paid $1.5 million per year until December 2001 when the plant closed. In our view the agreement was terminated, as the plant was no longer generating waste. The Tribes claimed that the 1998 Agreement has no end date.
FMC challenged the Tribes at various levels of several court systems and ultimately the petition was denied in 2021 by the United States Supreme Court. There was no change to our existing reserves, which represented the net present value of future annual permit fees, as a result of our denied petition.
In calculating the net present value of these future annual permit fees, we used a discount rate of 4.14%, which represents the appropriate risk-free rate. We believe that the application of this rate produces a result which approximates the amount that would hypothetically satisfy our liability in an arms-length transaction. Estimates for expenditures for 2022 and beyond are $1.5 million in annual fees payable each year thereafter. The expected aggregate undiscounted amount related to this matter is $75.0 million of which $31.5 million, on a discounted basis, has been recognized in environmental liabilities on the balance sheet.
Middleport
Our Middleport, NY facility is currently a formulation and packaging plant that formerly manufactured arsenic-based and other products. As a result of past manufacturing operations and waste disposal practices at this facility, releases of hazardous substances have occurred at the site that have affected soil, sediment, surface water and groundwater at the facility's property and also in adjacent off-site areas. The impact of our discontinued operations was the subject of an Administrative Order on Consent ("1991 AOC") entered into with the EPA and New York State Department of Environmental Conservation ("NYSDEC", and collectively with EPA, the "Agencies") in 1991, which was replaced by a New Order on Consent and Administrative Settlement with the NYSDEC, effective June 6, 2019 ("2019 Order"). Like the 1991 AOC, the 2019 Order requires us to (1) define the nature and extent of contamination caused by our historical plant operations, (2) take interim corrective measures and (3) evaluate Corrective Measure Alternatives ("CMA") for discrete contaminated areas, known as operable units ("OUs") of which there are 11.
We have defined the nature and extent of the contamination in certain areas, have constructed an engineered cover, taken certain closure actions regarding RCRA regulated surface water impoundments and are collecting and treating both surface water runoff and ground water. To date, we have evaluated and proposed CMAs for six of the 11 identified operable units.
Middleport Reserves
Our total reserve for the Middleport site is $108.2 million and $114.5 million at December 31, 2022 and 2021, respectively. FMC is in various stages of evaluating the remaining operable units. The reserve includes the increase recorded in the fourth quarter of 2018 for the remediation costs for OUs 2,4 and 5 in line with the drafted settlement terms between FMC and NYSDEC as well as our best estimate for remediation costs associated with the operable unit that comprises the southern portion of the tributary ("OU 6") plus the impact of inflation.
In 2022 and 2021, the Middleport settlement resulted in cash outflows of $11.7 million and $14.2 million respectively. In 2021, the final payment to reimburse NYSEC for past costs was made. In 2023 and beyond, in accordance with the settlement agreement, cash outflows will not exceed an average of $10 million per year until the remediation is complete.
Portland Harbor
FMC is listed as a PRP is the Portland Harbor Superfund Site ("Portland Harbor"), that consists of the river sediment and upland area of a 10 mile section of the Lower Willamette River in Portland, Oregon that runs through an industrialized area. Portland Harbor is listed on the federal government’s National Priorities List ("NPL"). FMC formerly owned and operated a manufacturing site adjacent to this section of the river and has since sold its interest in this discontinued business.
FMC and several other parties have been sued by the Confederated Bands and Tribes of the Yakama Nation for reimbursement of cleanup costs and the costs of performing a natural damage assessment. Based on the information known to date, we are
unable to develop a reasonable estimate of our potential exposure of loss at this time. We intend to defend this matter. In addition, the Portland Harbor Natural Resource Trustee Council ("Trustee Council"), composed of federal, state and tribal trustees, was formed in 2002 to develop and coordinate an assessment of injury to natural resources associated with the Portland Harbor Superfund Site, the restoration of injured natural resources associated with Portland Harbor, and pursue the recovery of natural resources damages associated with Portland Harbor. The Trustee Council has advised the Company that it intends to pursue litigation for the recovery of natural resources damages and of the costs of assessment. To date no lawsuit has been filed by the Trustee Council against the Company.
On January 6, 2017, the EPA issued its ROD for Portland Harbor. On December 30, 2019, FMC and EPA entered into an Administrative Settlement Agreement and Order on Consent to perform the remedial design for the area at and around FMC's former operations. The cost of performing predesign investigation work and preparing the basis of design report is included in our reserves. Based on the current information available in the ROD as well as the large number of responsible parties for Portland Harbor, we are unable to develop a reasonable estimate of our potential exposure of loss for Portland Harbor at this time.
Currently, FMC and approximately 100 other parties are involved in a non-judicial allocation process to determine each party’s respective share of the cleanup costs. Briefing on the allocation process began in November 2021 and the allocation process will be ongoing for the next two years or more under the current schedule. We intend to continue defending this matter vigorously. Because of this uncertainty related to the cost of the remedy and the potential share allocable to FMC, we cannot say whether the ultimate resolution of our potential obligations at Portland Harbor will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, adverse results in the outcome of the allocation could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity.
Other Potentially Responsible Party ("PRP") Sites
In addition to Portland Harbor, we have been named a PRP at 28 sites on the NPL, at which our potential liability has not yet been settled. We have received notice from the EPA or other regulatory agencies that we may be a PRP, or PRP equivalent, at other sites, including 47 sites at which we have determined that it is probable that we have an environmental liability for which we have recorded an estimate of our potential liability in the consolidated financial statements. In cooperation with appropriate government agencies, we are currently participating in, or have participated in, an RI/FS, or equivalent, at most of the identified sites, with the status of each investigation varying from site to site. At certain sites, a RI/FS has only recently begun, providing limited information, if any, relating to cost estimates, timing, or the involvement of other PRPs; whereas, at other sites, the studies are complete, remedial action plans have been chosen, or a ROD has been issued.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: 
 Year Ended December 31,
(in Millions)202220212020
Domestic$(89.6)$(57.5)$(35.3)
Foreign1,073.5 955.3 766.3 
Total$983.9 $897.8 $731.0 

The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: 
 Year Ended December 31,
(in Millions)202220212020
Current:
Federal$45.7 $(15.1)$24.9 
Foreign152.1 96.6 91.7 
State0.1 0.4 0.7 
Total current$197.9 $81.9 $117.3 
Deferred:
Federal$(28.6)$18.4 $15.3 
Foreign(27.4)(7.1)7.7 
State3.3 (0.7)10.9 
Total deferred$(52.7)$10.6 $33.9 
Total$145.2 $92.5 $151.2 


The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: 
 Year Ended December 31,
(in Millions)202220212020
U.S. Federal statutory rate$206.6 $188.6 $153.6 
Foreign earnings subject to different tax rates (1)
(152.7)(182.4)(127.6)
State and local income taxes, less federal income tax benefit5.5 7.6 2.7 
Research and development and miscellaneous tax credits(5.7)(8.6)(6.2)
Tax on dividends, deemed dividends, and GILTI (2)
24.6 44.5 46.5 
Changes to unrecognized tax benefits10.5 (28.7)5.8 
Nondeductible expenses19.6 11.5 5.5 
Change in valuation allowance (3)
71.3 84.7 52.1 
Exchange gains and losses (4)
(12.0)(8.6)(2.1)
Other (5)
(22.5)(16.1)20.9 
Total Tax Provision$145.2 $92.5 $151.2 
____________________ 
(1)A significant amount of our earnings is generated by our foreign subsidiaries (e.g., Singapore, Hong Kong, and Switzerland), which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions.
(2)The years ended December 31, 2022, 2021, and 2020 includes tax expense of $17.8 million, $36.2 million, and $40.7 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions.
(3)The year ended December 31, 2022 is primarily related to net operating losses and other deferred tax assets within our Brazil and Argentina operations. The year ended December 31, 2021 is primarily related to net operating losses and other deferred tax assets within our Brazil and Luxembourg operations. The year ended December 31, 2020 is primarily related to net operating losses within our Brazil operations.
(4)Includes the impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes.
(5)2022 includes a $39.7 million decrease related to the remeasurement of certain deferred tax liabilities as a result of the extension of our incentive tax rate in Puerto Rico. 2021 includes a $37.1 million decrease related to deferred tax liabilities associated with intercompany investments in foreign subsidiaries.

Significant components of our deferred tax assets and liabilities were attributable to:
 December 31,
(in Millions)20222021
Reserves for discontinued operations, environmental and restructuring$121.4 $107.5 
Accrued pension and other postretirement benefits9.6 5.8 
Capital loss, foreign tax and other credit carryforwards3.5 11.1 
Net operating loss carryforwards315.2 294.5 
Deferred expenditures capitalized for tax71.3 41.1 
Other accruals and reserves219.3 192.3 
Deferred tax assets$740.3 $652.3 
Valuation allowance, net(457.6)(398.7)
Deferred tax assets, net of valuation allowance$282.7 $253.6 
Intangibles, Property, plant and equipment, and Investments, net393.5 401.9 
Deferred tax liabilities$393.5 $401.9 
Net deferred tax assets (liabilities)$(110.8)$(148.3)

We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. GAAP accounting guidance requires companies to assess whether valuation allowances should be established against deferred tax assets based on all available evidence, both positive and negative, using a "more likely than not" standard. In assessing the need for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of deferred tax assets. This assessment considers, among other matters, the nature and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and tax planning alternatives. We operate and derive income across multiple jurisdictions. As our business experiences changes in operating results across its geographic footprint, we may encounter losses in jurisdictions that have been historically profitable, and as a result might require additional valuation allowances to be recorded. We are committed to implementing tax planning actions, when deemed appropriate, in jurisdictions that experience losses in order to realize deferred tax assets prior to their expiration.
At December 31, 2022, we had net operating loss and tax credit carryforwards as follows: U.S. state net operating loss carryforwards of $22.3 million (tax-effected) expiring in future tax years through 2041, foreign net operating loss carryforwards of $292.9 million (tax-effected) expiring in various future years, and other tax credit carryforwards of $3.5 million expiring in various future years.
During the third quarter of 2021, we changed our indefinite reinvestment assertion in connection with plans to repatriate cash in 2021 and subsequent years, contingent upon earnings from certain foreign subsidiaries, and recorded tax of $1.6 million for the year ended December 31, 2021. Additional income taxes have not been provided for certain other remaining outside basis differences inherent in our investments in foreign subsidiaries because the investments and related unremitted earnings are essentially permanent in duration. Determining the amount of unrecognized deferred tax liability related to indefinitely reinvested earnings of our foreign subsidiaries is not practicable due to the complexity of the multi-jurisdictional tax environment in which we operate.
Uncertain Income Tax Positions
U.S. GAAP accounting guidance for uncertainty in income taxes prescribes a model for the recognition and measurement of a tax position taken or expected to be taken in a tax return, and provides guidance on derecognition, classification, interest and penalties, disclosure and transition.
We file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. The income tax returns for FMC entities taxable in the U.S. and significant foreign jurisdictions are open for examination and adjustment. As of December 31, 2022, the U.S. federal and state income tax returns are open for examination and adjustment for the years 2017 -
2022 and 2002 - 2022, respectively. Our significant foreign jurisdictions, which total 10, are open for examination and adjustment during varying periods from 2012 - 2022.
As of December 31, 2022, we had total unrecognized tax benefits of $46.1 million, of which $29.5 million would favorably impact the effective tax rate from continuing operations if recognized. As of December 31, 2021, we had total unrecognized tax benefits of $41.9 million, of which $23.6 million would favorably impact the effective tax rate if recognized. Interest and penalties related to unrecognized tax benefits are reported as a component of income tax expense. For the years ended December 31, 2022, 2021 and 2020, we had interest and penalties for a net expense (benefit) of $2.6 million, $(4.5) million, and $(1.5) million, respectively, in the consolidated statements of income (loss). As of December 31, 2022 and 2021, we have accrued interest and penalties in the consolidated balance sheets of $12.0 million and $9.4 million, respectively.
Due to the potential for resolution of federal, state, or foreign examinations, and the expiration of various jurisdictional statutes of limitation, it is reasonably possible that our liability for unrecognized tax benefits will decrease within the next 12 months by a range of $1.2 million to $20.7 million.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 
(in Millions)202220212020
Balance at beginning of year$41.9 $76.2 $68.2 
Increases related to positions taken in the current year4.8 2.4 1.1 
Increases and decreases related to positions taken in prior years2.9 (26.4)25.7 
Decreases related to lapse of statutes of limitations(3.5)(10.3)(18.8)
Settlements during the current year— — — 
Decreases for tax positions on dispositions— — — 
Balance at end of year (1)
$46.1 $41.9 $76.2 
____________________ 
(1)At December 31, 2022, 2021, and 2020 we recognized an offsetting non-current asset of $12.8 million, $14.4 million, and $27.4 million respectively, relating to the indirect income tax benefits associated with specific uncertain tax positions presented above.
v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt maturing within one year:
Debt maturing within one year consists of the following:
December 31,
(in Millions)20222021
Short-term foreign debt (1)
$81.8 $112.2 
Commercial paper (2)
370.5 244.1 
Total short-term debt$452.3 $356.3 
Current portion of long-term debt88.5 84.5 
Total short-term debt and current portion of long-term debt (3)
$540.8 $440.8 
____________________
(1)At December 31, 2022, the average effective interest rate on the borrowings was 16.7 percent.
(2)At December 31, 2022, the average effective interest rate on the borrowings was 4.90 percent.
(3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term.
Long-term debt:
Long-term debt consists of the following:
(in Millions)December 31, 2022December 31,
Interest Rate
Percentage
Maturity
Date
20222021
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$49.9 $49.9 
Senior notes (less unamortized discounts of $0.6 and $0.7, respectively)
3.2% - 4.5%
2024 - 2049
1,899.4 1,899.3 
2021 Term Loan Facility5.4%2024800.0 800.0 
Revolving Credit Facility (1)
7.1%2027— — 
Foreign debt
0% - 17.9%
2023 - 2024
88.5 84.7 
Debt issuance cost(16.1)(17.7)
Total long-term debt$2,821.7 $2,816.2 
Less: debt maturing within one year88.5 84.5 
Total long-term debt, less current portion$2,733.2 $2,731.7 
____________________ 
(1)Letters of credit outstanding under the Revolving Credit Facility totaled $160.0 million and available funds under this facility were $1,469.5 million at December 31, 2022.

Revolving Credit Facility Amendment
On June 17, 2022, we amended our Revolving Credit Facility and on June 27, 2022 we amended our 2021 Term Loan Agreement. The Revolving Credit Facility Amendment primarily increased the borrowing capacity from $1.5 billion to $2 billion and extended the maturity date by an additional year to 2027. Both agreements were amended to transition from a reference rate using the LIBOR benchmark to a reference rate using a Term SOFR benchmark.

Deferred financing fees totaling $1.5 million associated with both amendments have been deferred and are being recognized to interest expense over the life of the agreements.

2021 Term Loan Facility
On November 22, 2021, we borrowed $1.0 billion under our previously announced senior unsecured term loan facility ("2021 Term Loan Facility"). The proceeds of the borrowing were used to pay off the 2017 Term Loan Facility and Senior Notes maturing in 2022. The scheduled maturity of the 2021 Term Loan Facility is on the third anniversary of this closing date. The 2021 Term Loan Facility contains financial and other covenants, which are consistent with those in the covenants of the Revolving Credit Facility, including a maximum leverage ratio of 3.5 and minimum interest coverage ratio of 3.5 as of the last day of each fiscal quarter.
Maturities of long-term debt
Maturities of long-term debt outstanding, excluding discounts, at December 31, 2022, are $88.5 million in 2023, $1,200.0 million in 2024, $0.0 million in 2025, $500.0 million in 2026, $0.0 million in 2027 and $1,050.0 million thereafter.
Covenants
Among other restrictions, the Revolving Credit Facility and 2021 Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended December 31, 2022 was 2.34 which is below the maximum leverage of 3.50. Our actual interest coverage for the four consecutive quarters ended December 31, 2022 was 8.96 which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at December 31, 2022.
v3.22.4
Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The funded status of our U.S. qualified and nonqualified defined benefit pension plans, our Germany, France, and Belgium defined benefit pension plans, plus our U.S. other postretirement healthcare and life insurance benefit plans for continuing operations, together with the associated balances and net periodic benefit cost recognized in our consolidated financial statements as of December 31, are shown in the tables below.
We are required to recognize in our consolidated balance sheets the overfunded and underfunded status of our defined benefit postretirement plans. The overfunded or underfunded status is defined as the difference between the fair value of plan assets and the projected benefit obligation. We are also required to recognize as a component of other comprehensive income the actuarial gains and losses and the prior service costs and credits that arise during the period.
Certain amounts have been adjusted to reflect the change in pension accounting method, as described in Note 1 to our consolidated financial statements.
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,
20222021
Discount rate qualified5.16 %2.84 %
Discount rate nonqualified plan4.99 %2.18 %
Discount rate other benefits5.03 %2.39 %
Rate of compensation increase3.10 %3.10 %
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)2022202120222021
Change in projected benefit obligation
Projected benefit obligation at January 1$1,354.0 $1,450.3 $13.7 $15.3 
Service cost3.6 4.7 — — 
Interest cost29.3 24.5 0.3 0.3 
Actuarial loss (gain) (2)
(256.2)(38.6)(1.7)(0.6)
Foreign currency exchange rate changes and other(0.5)(0.5)— — 
Plan participants’ contributions— — 0.3 0.4 
Settlements(2.2)(2.5)— — 
Benefits paid(83.7)(83.9)(1.4)(1.7)
Projected benefit obligation at December 31$1,044.3 $1,354.0 $11.2 $13.7 
Change in plan assets
Fair value of plan assets at January 1$1,372.0 $1,484.6 $— $— 
Actual return on plan assets(245.3)(26.2)— — 
Foreign currency exchange rate changes3.1 (0.3)— — 
Company contributions3.5 3.8 1.0 1.3 
Plan participants’ contributions— — 0.3 0.4 
Settlements(5.5)(6.0)— — 
Benefits paid(83.7)(83.9)(1.4)(1.7)
Fair value of plan assets at December 31$1,044.1 $1,372.0 $(0.1)$— 
Funded Status
U.S. plans with assets$22.4 $50.4 $— $— 
U.S. plans without assets(14.6)(22.1)(11.3)(13.7)
Non-U.S. plans with assets(1.2)(2.8)— — 
All other plans(6.8)(7.5)— — 
Net funded status of the plan (liability)$(0.2)$18.0 $(11.3)$(13.7)
Amount recognized in the consolidated balance sheets:
Pension asset (3)
$22.4 $50.4 $— $— 
Accrued benefit liability (4)
(22.6)(32.4)(11.3)(13.7)
Total$(0.2)$18.0 $(11.3)$(13.7)
____________________
(1)Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
(2)The actuarial gains in 2022 and 2021 were 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 2021. Adoption of the most recent projection scale in 2021 increased the U.S. defined benefit obligations by approximately $3 million at December 31, 2021. The mortality assumption did not change in 2022.
(3)Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets.
(4)Recorded as "Accrued pension and other postretirement benefits, current" and "Accrued pension and other postretirement benefits, long-term" on the consolidated balance sheets.
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
 Pensions
Other Benefits (1)
 December 31,
(in Millions)2022202120222021
Prior service (cost) credit$(0.3)$(0.5)$— $— 
Net actuarial (loss) gain(337.6)(328.4)4.9 4.0 
Accumulated other comprehensive income (loss) – pretax$(337.9)$(328.9)$4.9 $4.0 
Accumulated other comprehensive income (loss) – net of tax(252.7)(245.5)3.6 2.5 
____________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.

The accumulated benefit obligation for all pension plans was $1,036.7 million and $1,340.8 million at December 31, 2022 and 2021, respectively.
(in Millions)December 31
Information for pension plans with projected benefit obligation in excess of plan assets20222021
Projected benefit obligations$26.2 $36.2 
Accumulated benefit obligations26.2 36.2 
Fair value of plan assets3.6 3.8 
(in Millions)December 31
Information for pension plans with accumulated benefit obligation in excess of plan assets20222021
Projected benefit obligations$26.2 $36.2 
Accumulated benefit obligations26.2 36.2 
Fair value of plan assets3.6 3.8 

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)2022202120222021
Current year net actuarial loss (gain)$22.1 $22.1 $(1.7)$(0.6)
Amortization of net actuarial (loss) gain(12.4)(12.7)0.8 0.8 
Amortization of prior service (cost) credit(0.2)(0.2)— — 
Settlement loss(0.5)(1.0)— — 
Total recognized in other comprehensive (income) loss, before taxes$9.0 $8.2 $(0.9)$0.2 
Total recognized in other comprehensive (income) loss, after taxes7.2 6.3 (1.1)0.2 
____________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
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)202220212020202220212020
Discount rate 2.84 %2.49 %3.22 %2.39 %1.91 %2.89 %
Expected return on plan assets2.50 %2.25 %3.00 %— — — 
Rate of compensation increase3.10 %3.10 %3.10 %— — — 
Components of net annual benefit cost:
Service cost$3.6$4.7$4.4$—$—$—
Interest cost29.324.536.70.30.30.4
Expected return on plan assets(33.1)(31.9)(39.2)———
Amortization of prior service cost0.20.20.2———
Amortization of net actuarial and other (gain) loss12.412.517.0(0.8)(0.8)(0.9)
Recognized (gain) loss due to settlement0.51.00.7———
Net annual benefit cost (income)$12.9$11.0$19.8$(0.5)$(0.5)$(0.5)
___________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.

Our U.S. qualified defined benefit pension plan ("U.S. Plan") holds the majority of our pension plan assets. The expected long-term rate of return on these plan assets was 2.50 percent for the year ended December 31, 2022, 2.25 percent for the year ended December 31, 2021, and 3.00 percent for the year ended December 31, 2020. The expected long-term rate of return on these plan assets increased by 0.25 percent in 2022 compared to 2021 primarily due to fluctuating yields on corporate bonds. In developing the assumption for the long-term rate of return on assets for our U.S. Plan, we take into consideration the technical analysis performed by our outside actuaries, including historical market returns, information on the assumption for long-term real returns by asset class, inflation assumptions and expectations for standard deviation related to these best estimates. Given an actively managed investment portfolio, the expected annual rates of return by asset class for our portfolio, assuming an estimated inflation rate of approximately 2.4 percent, is in line with our assumption for the rate of return on assets. The target asset allocation at December 31, 2022 by asset category continues to be 100 percent fixed income investments.
Our U.S. Plan has been fully funded for the last several years and as such, the primary investment strategy is a liability hedging approach with an objective of maintaining the funded status of the plan such that the volatility is minimized and the likelihood that we will be required to make significant contributions to the plan is also limited. The portfolio is comprised of 100 percent fixed income securities and cash. Investment performance and related risks are measured and monitored on an ongoing basis through monthly liability measurements, periodic asset liability studies, and quarterly investment portfolio reviews. As previously disclosed, we changed our method of accounting to the fair value approach for our liability-hedging asset class, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit cost. This class of assets is comprised solely of fixed income securities and therefore, provides a natural hedge (liability-hedging assets) against the changes in the recorded amount of net periodic benefit cost. No change is being made to the accounting principle for the other classes of pension assets; however our U.S. qualified pension plan reached fully funded status during 2018 and since that point the portfolio has been invested 100 percent in fixed income securities and cash.
The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 19 to the consolidated financial statements included within this Form 10-K for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy.
(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)
Cash and short-term investments$22.8 $22.8 $— $— 
Fixed income investments:
Investment contracts116.4 — 116.4 — 
U.S. Government Securities207.4 207.4 — — 
Mutual funds29.3 29.3 — — 
Corporate debt instruments668.2 — 668.2 — 
Total assets$1,044.1 $259.5 $784.6 $— 
(in Millions)December 31, 2021Quoted 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$32.7 $32.2 $0.5 $— 
Fixed income investments:
Investment contracts144.7 — 144.7 — 
U.S. Government Securities 309.5 309.5 — — 
Mutual funds 41.5 41.5 — — 
Corporate debt instruments843.6 — 843.6 — 
Total assets$1,372.0 $383.2 $988.8 $— 

We made the following contributions to our pension and other postretirement benefit plans:
  
Year Ended December 31,
(in Millions)20222021
U.S. qualified pension plan$— $— 
U.S. nonqualified pension plan3.4 3.8 
Non-U.S. plans0.1 0.2 
Other postretirement benefits1.0 1.3 
Total$4.5 $5.3 
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)202320242025202620272028 - 2032
Pension Benefits$86.2 $86.8 $85.2 $85.0 $82.5 $390.5 
Other Benefits1.6 1.5 1.4 1.3 1.2 4.3 
FMC Corporation Savings and Investment Plan. The FMC Corporation Savings and Investment Plan is a qualified salary-reduction plan under Section 401(k) of the Internal Revenue Code in which substantially all of our U.S. employees may participate by contributing a portion of their compensation. For eligible employees participating in the Plan, except for those employees covered by certain collective bargaining agreements, the Company makes matching contributions of 80 percent of the portion of those contributions up to 5 percent of the employee’s compensation. Eligible employees participating in the Plan
that do not participate in the U.S. qualified pension plan are entitled to receive an employer contribution of 5 percent of the employee’s eligible compensation. Charges against income for all contributions were $17.5 million in 2022, $15.6 million in 2021, and $16.6 million in 2020.
v3.22.4
Share-based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Stock Compensation Plans
We have a share-based compensation plan, which has been approved by the stockholders, for certain employees, officers and directors. This plan is described below.
FMC Corporation Incentive Compensation and Stock Plan
The FMC Corporation Incentive Compensation and Stock Plan (the "Plan") provides for the grant of a variety of cash and equity awards to officers, directors, employees and consultants, including stock options, restricted stock, performance units (including restricted stock units), stock appreciation rights, and multi-year management incentive awards payable partly in cash and partly in common stock. The Compensation and Organization Committee of the Board of Directors (the "Committee"), subject to the provisions of the Plan, approves financial targets, award grants, and the times and conditions for payment of awards to employees. The total number of shares of common stock authorized for issuance under the Plan is 30.2 million of which approximately 2.1 million shares of common stock are available for future grants of share based awards under the Plan as of December 31, 2022. The FMC Corporation Non-Employee Directors’ Compensation Policy, administered by the Nominating and Corporate Governance Committee of the Board of Directors, sets forth the compensation to be paid to the directors, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units, and cash awards to be made to directors under the Plan.
Stock options granted under the Plan may be incentive or nonqualified stock options. The exercise price for stock options may not be less than the fair market value of the stock at the date of grant. Awards granted under the Plan vest or become exercisable or payable at the time designated by the Committee, which has generally been three years from the date of grant. Incentive and nonqualified options granted under the Plan expire no later than 10 years from the grant date.
Under the Plan, awards of restricted stock and restricted stock units may be made to selected employees. The awards vest over periods designated by the Committee, which has generally been three years, with vesting conditional upon continued employment. Compensation cost is recognized over the vesting periods based on the market value of the stock on the date of the award. Restricted stock units granted to directors under the Plan vest immediately if granted as part of, or in lieu of, the annual retainer; other restricted stock units granted to directors vest at the Annual Meeting of Shareholders in the calendar year following the May 1 annual grant date (but are subject to forfeiture on a pro rata basis if the director does not serve the full year except under certain circumstances).
At December 31, 2022 and 2021, there were restricted stock units representing an aggregate of 284,201 shares and 267,524 shares of common stock, respectively, credited to the directors’ accounts.
Stock Compensation
We recognized the following stock compensation expense:
Year Ended December 31,
(in Millions)202220212020
Stock option expense, net of taxes of $1.3, $1.0 and $1.1 (1)
$4.9 $3.7 $4.0 
Restricted stock expense, net of taxes of $2.3, $1.9 and $2.0 (2)
8.5 7.2 7.4 
Performance based expense, net of taxes of $1.5, $0.8 and $0.9
5.7 3.2 3.5 
Total stock compensation expense, net of taxes of $5.1, $3.7 and $4.0 (3)
$19.1 $14.1 $14.9 
____________________ 
(1)We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense.
(2)We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense.
(3)This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss). Total stock compensation expense, net of tax, not included in the above table of zero, zero, and $2.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss).
We received $9.4 million, $7.9 million and $24.7 million in cash related to stock option exercises for the years ended December 31, 2022, 2021 and 2020, respectively. The shares used for the exercise of stock options occurring during the years ended December 31, 2022, 2021 and 2020 came from treasury shares.
Stock Options
The grant-date fair values of the stock options we granted in the years ended December 31, 2022, 2021 and 2020 were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. The dividend yield assumption reflects anticipated dividends on our common stock. The expected volatility assumption is based on the actual historical experience of our common stock. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury securities with terms equal to the expected timing of stock option exercises as of the grant date. Employee stock options generally vest after a three year period and expire ten years from the date of grant.
Black Scholes valuation assumptions for stock option grants: 
202220212020
Expected dividend yield1.85%1.83%1.91%
Expected volatility33.18%32.75%26.60%
Expected life (in years)6.56.56.5
Risk-free interest rate1.91%0.92%1.19%
The weighted-average grant-date fair value of options granted during the years ended December 31, 2022, 2021 and 2020 was $33.53, $28.31 and $20.28 per share, respectively.
The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2022:
(Shares in Thousands)Number of Options Granted But Not ExercisedWeighted-Average Remaining Contractual LifeWeighted-Average Exercise Price Per ShareAggregate Intrinsic Value (in Millions)
December 31, 2019 (628 shares exercisable and 835 shares expected to vest or be exercised)
1,504 6.5 years$58.06 $62.8 
Granted302 92.24 
Exercised(549)48.02 31.3 
Forfeited(22)81.84 
December 31, 2020 (388 shares exercisable and 818 shares expected to vest or be exercised)
1,235 7.0 years$70.44 $54.9 
Granted235 105.00 
Exercised(166)49.56 9.8 
Forfeited(50)89.18 
December 31, 2021 (605 shares exercisable and 622 shares expected to vest or be exercised)
1,254 6.2 years$78.95 $38.8 
Granted248 114.90 
Exercised(166)62.74 9.6 
Forfeited(31)102.32 
December 31, 2022 (672 shares exercisable and 607 shares expected to vest or be exercised)
1,305 6.1 years$87.35 $48.9 



The number of stock options indicated in the above table as being exercisable as of December 31, 2022, had an intrinsic value of $36.1 million, a weighted-average remaining contractual term of 4.2 years, and a weighted-average exercise price of $71.15.
As of December 31, 2022, we had total remaining unrecognized compensation cost related to unvested stock options of $6.5 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.72 years.
Restricted and Performance Based Equity Awards
The grant-date fair value of restricted stock awards and stock units under the Plan is based on the market price per share of our common stock on the date of grant. The related compensation cost is amortized to expense on a straight-line basis over the vesting period during which the employees perform related services, which is typically three years except for those eligible for retirement prior to the stated vesting period as well as non-employee directors.
Starting in 2015, we began granting performance based restricted stock awards. The performance based share awards represent a number of shares of common stock to be awarded upon settlement based on the achievement of a total shareholder return ("TSR") relative to peer companies over a three year period. These awards generally vest upon the completion of a three year period from the date of grant; however, starting with the 2016 grants, certain performance criteria is measured on an annual basis. Starting with the 2019 grants, vesting was based on a TSR relative to peer companies and a cumulative operating cash flow metric. The fair value of the equity classified performance-based share awards is determined based on the number of shares of common stock expected to be awarded and a Monte Carlo valuation model.
The following table shows our employee restricted award activity for the three years ended December 31, 2022:
Restricted EquityPerformance Based Equity
(Number of Awards in Thousands)
Number of
awards
Weighted-Average Grant Date Fair Value Per ShareNumber of
awards		Weighted-Average Grant Date Fair Value Per Share
Nonvested at December 31, 2019302 $67.89 206 $72.06 
Granted92 91.83 111 108.74 
Vested(84)50.14 (115)58.37 
Forfeited(12)77.42 — — 
Nonvested at December 31, 2020298 $79.91 202 $88.48 
Granted95 102.10 79 103.26 
Vested(108)73.82(86)77.44
Forfeited(15)90.05 — — 
Nonvested at December 31, 2021270 $89.56 195 $96.18 
Granted103 114.50 45 140.32 
Vested(102)77.80 (102)83.74 
Forfeited(14)102.64 (2)125.60 
Nonvested at December 31, 2022257 $104.54 136 $120.47 


As of December 31, 2022, we had total remaining unrecognized compensation cost related to unvested restricted awards of $11.0 million which will be amortized over the weighted-average remaining requisite service period of approximately 1.89 years.
v3.22.4
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity Equity
The following is a summary of our capital stock activity over the past three years:
Common
Stock Shares
Treasury
Stock Shares
December 31, 2019185,983,792 56,859,498 
Stock options and awards— (677,827)
Repurchases of common stock, net— 448,538 
December 31, 2020185,983,792 56,630,209 
Stock options and awards— (300,594)
Repurchases of common stock, net— 3,954,698 
December 31, 2021185,983,792 60,284,313 
Stock options and awards— (286,805)
Repurchases of common stock, net— 875,480 
December 31, 2022185,983,792 60,872,988 

Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits (2)
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2019 (as previously reported)$(77.7)$(65.0)$(269.3)$(412.0)
Cumulative Effect of Accounting Changes (See Note 1)— — 6.6 6.6 
Accumulated other comprehensive income (loss), net of tax at December 31, 2019$(77.7)$(65.0)$(262.7)$(405.4)
2020 Activity
Other comprehensive income (loss) before reclassifications$101.7 $(2.5)$17.3 $116.5 
Amounts reclassified from accumulated other comprehensive income (loss)— (4.3)12.5 8.2 
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$24.0 $(71.8)$(232.9)$(280.7)
2021 Activity
Other comprehensive income (loss) before reclassifications$(86.5)$44.1 $(17.4)$(59.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 5.5 9.5 15.0 
Accumulated other comprehensive income (loss), net of tax at December 31, 2021$(62.5)$(22.2)$(240.8)$(325.5)
2022 Activity
Other comprehensive income (loss) before reclassifications$(102.2)$(65.4)$(15.7)$(183.3)
Amounts reclassified from accumulated other comprehensive income (loss)4.2 35.9 9.1 49.2 
Accumulated other comprehensive income (loss), net of tax at December 31, 2022$(160.5)$(51.7)$(247.4)$(459.6)
____________________
(1)See Note 19 to the consolidated financial statements included within this Form 10-K for more information.
(2)See Note 15 to the consolidated financial statements included within this Form 10-K for more information.
Certain amounts have been adjusted to reflect the change in pension accounting method, as described in Note 1 to the consolidated financial statements included within this Form 10-K.

Reclassifications of accumulated other comprehensive income (loss)
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented.
Details about Accumulated Other Comprehensive Income (Loss) Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Consolidated Statements of Income (Loss)
Year Ended December 31,
(in Millions)202220212020
Foreign currency translation adjustments:
Exit from Russian Operations (2)
$(4.2)$— $— Restructuring and other charges (income)
Derivative instruments:
Foreign currency contracts$(57.5)$(4.7)$24.6 Costs of sales and services
Foreign currency contracts6.5 1.7 (19.3)Selling, general and administrative expenses
Interest rate contracts(4.0)(4.2)(2.7)Interest expense
Total before tax$(55.0)$(7.2)$2.6 
19.1 1.7 1.7 Provision for income taxes
Amount included in net income$(35.9)$(5.5)$4.3 
Pension and other postretirement benefits (3):
Amortization of prior service costs$(0.1)$(0.2)$(0.3)Selling, general and administrative expenses
Amortization of unrecognized net actuarial and other gains (losses)(10.9)(10.8)(14.8)Non-operating pension and postretirement charges (income)
Recognized loss due to settlement/curtailment(0.5)(1.0)(0.7)Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes
Total before tax$(11.5)$(12.0)$(15.8)
2.4 2.5 3.3 Provision for income taxes; Discontinued operations, net of income taxes
Amount included in net income$(9.1)$(9.5)$(12.5)
Total reclassifications for the period$(49.2)$(15.0)$(8.2)Amount included in net income
____________________
(1)Amounts in parentheses indicate charges to the consolidated statements of income (loss).
(2)The reclassification of historical cumulative translation adjustments was the result of the exit from our Russian operations. See Note 9 within these consolidated financial statements for more information.
(3)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 15 to the consolidated financial statements included within this Form 10-K. Certain amounts have been adjusted to reflect the change in pension accounting method, as described in Note 1 to the consolidated financial statements included within this Form 10-K.
Transactions with Noncontrolling Interest
In July 2020, we purchased the remaining 49 percent ownership interest in our Indonesia joint venture, PT Bina Guna Kimia ("BGK"), for $7.4 million which increased our ownership from 51 percent to 100 percent.
Dividends and Share Repurchases
On January 19, 2023, we paid dividends totaling $72.7 million to our shareholders of record as of December 31, 2022. This amount is included in "Accrued and other liabilities" on the consolidated balance sheets as of December 31, 2022. For the years ended December 31, 2022, 2021 and 2020, we paid $267.5 million, $247.2 million and $228.5 million in dividends, respectively.
In 2022, 875,480 shares were repurchased under the publicly announced repurchase program. At December 31, 2022, approximately $900 million remained unused under our Board-authorized repurchase program. In February 2022, the Board of Directors authorized the repurchase of up to $1 billion of the Company's common stock. The $1 billion share repurchase program replaced in its entirety the previous authorization. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans.
v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis.
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the years ended December 31, 2022, 2021 and 2020 there were 0.4 million, 0.2 million and 0.2 million potential common shares excluded from Diluted EPS, respectively.
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
(in Millions, Except Share and Per Share Data)Year Ended December 31,
202220212020
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes$833.7 $807.8 $580.7 
Discontinued operations, net of income taxes(97.2)(68.2)(28.3)
Net income (loss) attributable to FMC stockholders$736.5 $739.6 $552.4 
Less: Distributed and undistributed earnings allocable to restricted award holders(1.7)(1.8)(1.4)
Net income (loss) allocable to common stockholders$734.8 $737.8 $551.0 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.60 $6.29 $4.48 
Discontinued operations(0.77)(0.53)(0.22)
Net income (loss)$5.83 $5.76 $4.26 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.58 $6.26 $4.45 
Discontinued operations(0.77)(0.53)(0.22)
Net income (loss)$5.81 $5.73 $4.23 
Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic125,975 128,403 129,701 
Weighted average additional shares assuming conversion of potential common shares732 743 883 
Shares – diluted basis126,707 129,146 130,584 
v3.22.4
Financial Instruments, Risk Management and Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial Instruments, Risk Management and Fair Value Measurements Financial Instruments, Risk Management and Fair Value Measurements
Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
Financial InstrumentValuation Method
Foreign exchange forward contractsEstimated 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 contractsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
DebtOur 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.
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from, or corroborated by, observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts, commodity forward and option contracts, and interest rate contracts are included in the tables within this Note. The estimated fair value of debt is $3,118.6 million and $3,409.8 million and the carrying amount is $3,274.0 million and $3,172.5 million as of December 31, 2022 and 2021, respectively.
Use of Derivative Financial Instruments to Manage Risk
We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates.
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Foreign Currency Exchange Risk Management
We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that includes the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets.

The primary currencies for which we have exchange rate exposure are the U.S. dollar versus the Brazilian real, Chinese yuan, Indian rupee, euro, Mexican peso and Argentine peso.
Commodity Price Risk
We are exposed to risks in energy costs due to fluctuations in energy prices, including natural gas, electricity, and other commodities. We attempt to mitigate our exposure to increasing energy costs by entering into physical and financial derivative contracts to hedge the cost of future deliveries of our commodities.
Interest Rate Risk
We use various strategies to manage our interest rate exposure, including entering into interest rate swap agreements to achieve a targeted mix of fixed and variable-rate debt. In the agreements we exchange, at specified intervals, the difference between fixed and variable-interest amounts calculated on an agreed-upon notional principal amount.
Concentration of Credit Risk
Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote.
Financial Guarantees and Letter-of-Credit Commitments
We enter into various financial instruments with off-balance sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit and other assistance to customers. See Notes 1 and 20 to the consolidated financial statements included within this Form 10-K for more information. Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees, is based on our evaluation of creditworthiness on a case-by-case basis.

Accounting for Derivative Instruments and Hedging Activities
Cash Flow Hedges
We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.
As of December 31, 2022, we had open foreign currency forward contracts in AOCI in a net after-tax loss position of $10.2 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2023. At December 31, 2022, we had open forward contracts with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $2,207.9 million.
As of December 31, 2022, we had open interest rate contracts in AOCI in a net after-tax gain position of $9.8 million designated as cash flow hedges of the anticipated fixed rate coupon of debt forecasted to be issued within a designated window. At December 31, 2022 we had interest rate swap contracts outstanding with a total aggregate notional value of approximately $200.0 million.
In conjunction with prior bond issuances, we settled on various interest rate swap agreements which were entered into to hedge the variability in treasury rates. These settlements resulted in a loss which was recorded in other comprehensive income and is being amortized over the various terms of these notes. As of December 31, 2022, there was a remaining net after-tax loss of $39.9 million in AOCI related to this settlement.
As of December 31, 2022, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At December 31, 2022, we had no mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts.
Approximately $10.2 million of net after-tax losses, representing open foreign currency exchange contracts will be realized in earnings during the twelve months ending December 31, 2023 if spot rates in the future are consistent with forward rates as of December 31, 2022. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions
occur. We recognize derivative gains and losses in the "Costs of sales and services" line in the consolidated statements of income (loss).
 
Derivatives Not Designated As Hedging Instruments
We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings.
We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $2,999.3 million at December 31, 2022.

Fair Value of Derivative Instruments
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments as of December 31, 2022 and 2021:
December 31, 2022
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal 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 contracts12.4 — 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)
December 31, 2021
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Consolidated Balance Sheet (3)
Net Amounts
Derivatives
Foreign exchange contracts$35.9 $5.7 $41.6 $(21.9)$19.7 
Interest rate contracts3.7 — 3.7 — 3.7 
Total derivative assets (1)
$39.6 $5.7 $45.3 $(21.9)$23.4 
Foreign exchange contracts$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Total derivative liabilities (2)
$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Net derivative assets (liabilities)$23.4 $(4.0)$19.4 $— $19.4 
____________________
(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.
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 exchangeInterest rateTotal
Accumulated other comprehensive income (loss), net of tax at December 31, 2019$(1.4)$(63.6)$(65.0)
2020 Activity
Unrealized hedging gains (losses) and other, net of tax$(3.8)$1.3 $(2.5)
Reclassification of deferred hedging (gains) losses, net of tax (1)
(6.4)2.1 (4.3)
Total derivative instrument impact on comprehensive income, net of tax$(10.2)$3.4 $(6.8)
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$(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)
____________________
(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)202220212020
Foreign exchange contracts$(37.2)$(47.7)$(62.9)
Total$(37.2)$(47.7)$(62.9)
____________________
(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).

Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability.
Fair Value Hierarchy
We have categorized our assets and liabilities that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Recurring Fair Value Measurements
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, 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 $— 
(in Millions)December 31, 2021
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)
$19.7 $— $19.7 $— 
Derivatives - Interest Rate (1)
3.7 — 3.7 — 
Other (2)
21.1 21.1 — — 
Total Assets$44.5 $21.1 $23.4 $— 
Liabilities
Derivatives – Foreign exchange (1)
$4.0 $— $4.0 $— 
Derivatives - Interest Rate (1)
— — — — 
Other (2)
26.2 26.2 — — 
Total Liabilities$30.2 $26.2 $4.0 $— 
____________________
(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.
Nonrecurring Fair Value Measurements There were no non-recurring fair value measurements in the consolidated balance sheets during the periods presented.
v3.22.4
Guarantees, Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Guarantees, Commitments, and Contingencies Guarantees, Commitments and Contingencies
We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements.
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2022. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
(in Millions)
Guarantees:
Guarantees of vendor financing - short term (1)
$142.0 
Other debt guarantees (2)
14.7 
Total$156.7 
____________________
(1)Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. The short-term amount is recorded as "Guarantees of vendor financing" on the consolidated balance sheets.
(2)These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year.

Excluded from the chart above are parent-company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries, the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to certain liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. Therefore, we have not recorded any specific liabilities for these guarantees. For certain obligations related to our divestitures for which we can make a reasonable estimate of the maximum potential loss or range of loss and is probable, a liability in those instances has been recorded.

Commitments
Purchase Obligations
Our minimum commitments under our take-or-pay purchase obligations associated with the sourcing of materials and energy total approximately $459.4 million. Since the majority of our minimum obligations under these contracts are over the life of the contract on a year-by-year basis, we are unable to determine the periods in which these obligations could be payable under these contracts. However, we intend to fulfill the obligations associated with these contracts through our purchases associated with the normal course of business.
Contingencies
Asbestos claims. Like hundreds of other industrial companies, we have been named as one of many defendants in asbestos-related personal injury litigation. Most of these cases allege personal injury or death resulting from exposure to asbestos in premises of FMC or to asbestos-containing components installed in machinery or equipment manufactured or sold by discontinued operations.
We intend to continue managing these asbestos-related cases in accordance with our historical experience. We have established a reserve for this litigation within our discontinued operations and believe that any exposure of a loss in excess of the established reserve cannot be reasonably estimated. Our experience has been that the overall trends in asbestos litigation have changed over time. Over the last several years, we have seen changes in the jurisdictions where claims against FMC are being filed and changes in the mix of products named in the various claims. Because these claim trends have yet to form a predictable pattern, we are presently unable to reasonably estimate our asbestos liability with respect to claims that may be filed in the future.
Other contingent liabilities. In addition to the matters disclosed above, we have certain other contingent liabilities arising from litigation, claims, products we have sold, guarantees or warranties we have made, contracts we have entered into, indemnities we have provided, and other commitments or obligations incident to the ordinary course of business.
In Brazil, we are subject to claims from various governmental agencies regarding alleged additional indirect (non-income) taxes or duties as well as product liability matters and labor cases related to our operations. These disputes take many years to resolve as the matters move through administrative or judicial courts. We have provided reserves for such Brazilian matters that we consider probable and for which a reasonable estimate of the obligation can be made in the amount of $6.2 million and $3.3 million as of December 31, 2022 and 2021, respectively. The aggregate estimated reasonably possible loss contingencies related to such Brazilian matters exceed amounts accrued by approximately $91 million at December 31, 2022. This reasonably possible estimate is based upon information available as of the date of the filing and the actual future losses may be higher given the uncertainties regarding the ultimate decision by administrative or judicial authorities in Brazil.
In India, we are subject to audits or other proceedings by tax authorities regarding certain alleged additional indirect taxes related to our operations. Indian tax authorities have recently begun auditing or investigating many companies, including our FMC subsidiary in India, on the goods and service tax ("GST") indirect tax law which came into force in 2017. Such proceedings and potential future litigations, in which the tax authorities are challenging the technical tax position taken by the Company, take many years to resolve as the matters are heard and decided upon by tax authorities or courts. We have provided reserves for such historical Indian tax matters that we consider probable and a reasonable estimate of the obligation can be made in the amount of approximately $33.5 million, as of December 31, 2021. As of December 31, 2022, the majority of these matters have been settled and the remaining obligation is immaterial. The timing and amount of the remaining obligations will vary based on final negotiations and the reserve will be reduced as these payments are made.
Regarding other contingencies arising from operations, some of these contingencies are known - for example pending product liability litigation or claims - but are so preliminary that the merits cannot be determined, or if more advanced, are not deemed material based on current knowledge. Some contingencies are unknown - for example, claims with respect to which we have no notice or claims which may arise in the future, resulting from products we have sold, guarantees or warranties we have made, or indemnities we have provided. Therefore, we are unable to develop a reasonable estimate of our potential exposure of loss for these contingencies, either individually or in the aggregate, at this time. Based on information currently available and established reserves, we have no reason to believe that the ultimate resolution of our known contingencies, including the matters described in this Note, will have a material adverse effect on our consolidated financial position, liquidity or results of operations. However, there can be no assurance that the outcome of these contingencies will be favorable, and adverse results in certain of these contingencies could have a material adverse effect on our consolidated financial position, results of operations in any one reporting period, or liquidity.
See Note 12 to the consolidated financial statements included within this Form 10-K for the Pocatello Tribal litigation, Middleport litigation, and Portland Harbor site for legal proceedings associated with our environmental contingencies.
v3.22.4
Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment InformationAs discussed in Note 1 to the consolidated financial statements included within this Form 10-K, we operate as a single business segment providing innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management.
For revenue by major geographical region, refer to Note 3 to the consolidated financial statements included within this Form 10-K. The following table provides our long-lived assets by major geographical region:
(in Millions)December 31,
20222021
Long-lived assets (1)
North America (2)
$1,060.7 $1,091.3 
Latin America759.0 742.6 
Europe, Middle East, and Africa (2)
1,684.1 1,499.0 
Asia (2)
2,018.2 2,092.3 
Total$5,522.0 $5,425.2 
____________________
(1)Geographic long-lived assets exclude long-term deferred income taxes.
(2)The countries with long-lived assets in excess of 10 percent of consolidated long-lived assets at December 31, 2022 and 2021 are Singapore, which totaled $1,745.0 million and $1,622.8 million, the U.S., which totaled $1,047.4 million and $1,083.8 million and Denmark, which totaled $1,075.7 million and $1,081.9 million, respectively.
v3.22.4
Supplemental Information
 12 Months Ended
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplemental Information Supplemental Information
The following tables present details of prepaid and other current assets, other assets including long-term receivables, net, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets:
(in Millions)December 31,
20222021
Prepaid and other current assets
Prepaid insurance$12.6 $12.0 
Tax related items including value added tax receivables172.4 226.2 
Refund asset (1)
36.8 36.4 
Environmental obligation recoveries (Note 12)3.2 2.2 
Derivative assets (Note 19)13.2 23.4 
Acquisition related items— 3.0 
Other prepaid and current assets105.4 128.2 
Total$343.6 $431.4 
(in Millions)December 31,
20222021
Other assets including long-term receivables, net
Non-current receivables (Note 10)$60.8 $57.4 
Advance to contract manufacturers119.4 129.0 
Capitalized software, net133.0 143.8 
Environmental obligation recoveries (Note 12)3.2 2.3 
Beneficial interest in trade receivables securitization (Note 19)19.3 — 
Income taxes indirect benefits21.2 33.4 
Operating lease ROU asset (Note 4)123.8 135.2 
Deferred compensation arrangements (Note 19)22.5 21.1 
Pension and other postretirement benefits (Note 15)22.4 50.4 
Other long-term assets34.9 41.2 
Total$560.5 $613.8 
(1)In accordance with revenue standard requirements, a sales return liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding refund asset to recover the product from the customer. See (2) below.
(in Millions)December 31,
20222021
Accrued and other liabilities
Restructuring reserves (Note 9)$7.6 $10.4 
Dividend payable (Note 17)72.7 66.8 
Accrued payroll99.8 89.8 
Environmental reserves, current, net of recoveries (Note 12)90.1 87.3 
Derivative liabilities (Note 19)17.8 4.0 
Furadan® product exit asset retirement obligations
10.0 10.0 
Unfavorable contracts (1)
— 82.0 
Operating lease current liabilities (Note 4)22.0 23.5 
Other accrued and other liabilities (2)
281.8 257.4 
Total$601.8 $631.2 
(in Millions)December 31,
20222021
Other long-term liabilities
Restructuring reserves (Note 9)$3.0 $4.5 
Asset retirement obligations, long-term (Note 1)6.0 14.2 
Transition tax related to Tax Cuts and Jobs Act (3)
62.6 92.1 
Contingencies related to uncertain tax positions (Note 13)52.4 45.5 
Deferred compensation arrangements (Note 19)23.5 26.2 
Self-insurance reserves (primarily workers' compensation)3.4 6.1 
Lease obligations (Note 4)128.6 140.0 
Reserve for discontinued operations (Note 11)127.2 108.3 
Unfavorable contracts10.1 10.3 
Other long-term liabilities28.6 30.1 
Total$445.4 $477.3 
____________________
(1)The amount presented within accrued and other liabilities represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. The original five-year contract expired during 2022 and has been replaced by a new commercial agreement as such, the unfavorable liability has been fully recognized and reduced to zero. Refer to Note 5 to the consolidated financial statements included within this Form 10-K for more details.
(2)Other accrued and other liabilities includes our estimated liability for sales returns.
(3)Represents noncurrent portion of overall transition tax to be paid over the next three years.
v3.22.4
SCHEDULE II—Valuation and Qualifying Accounts and Reserves
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts and Reserves
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
 
Provision (Benefit)
(in Millions)
Balance,
Beginning
of Year
Charged to Costs and ExpensesCharged to Other Comprehensive Income
Net recoveries, write-offs and other (1)
Balance,
End of
Year
December 31, 2022
Reserve for doubtful accounts (2)
$65.1 (0.5)— 13.8 $78.4 
Deferred tax valuation allowance398.7 61.5 (2.6)— 457.6 
December 31, 2021
Reserve for doubtful accounts (2)
$52.6 21.1 — (8.6)$65.1 
Deferred tax valuation allowance335.6 61.4 1.7 — 398.7 
December 31, 2020
Reserve for doubtful accounts (2)
$87.4 4.7 — (39.5)$52.6 
Deferred tax valuation allowance303.3 34.0 (1.7)— 335.6 
____________________
(1)Write-offs are net of recoveries.
(2)Includes short-term and long-term portion.
v3.22.4
Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited) Quarterly Financial Information (Unaudited)
(in Millions, Except Share and Per Share Data)20222021
1Q2Q3Q4Q1Q2Q3Q4Q
Revenue$1,350.8 $1,452.3 $1,377.2 $1,622.0 $1,195.6 $1,242.0 $1,194.0 $1,413.6 
Gross margin572.7 591.0 477.5 685.6 511.1 530.6 511.5 608.1 
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes303.3 235.9 210.6 394.5 259.4 287.4 215.7 272.0 
Income (loss) from continuing operations226.8 142.0 134.5 335.4 193.2 219.6 171.9 220.6 
Discontinued operations, net of income taxes(15.2)(10.8)(16.2)(55.0)(8.1)(14.6)(9.7)(35.8)
Net income (loss) $211.6 $131.2 $118.3 $280.4 $185.1 $205.0 $162.2 $184.8 
Less: Net income (loss) attributable to noncontrolling interests4.2 (3.0)(2.7)6.5 0.6 0.3 2.5 (5.9)
Net income (loss) attributable to FMC stockholders$207.4 $134.2 $121.0 $273.9 $184.5 $204.7 $159.7 $190.7 
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes$222.6 $145.0 $137.2 $328.9 $192.6 $219.3 $169.4 $226.5 
Discontinued operations, net of income taxes(15.2)(10.8)(16.2)(55.0)(8.1)(14.6)(9.7)(35.8)
Net income (loss)$207.4 $134.2 $121.0 $273.9 $184.5 $204.7 $159.7 $190.7 
Basic earnings (loss) per common share attributable to FMC stockholders (1):
Continuing operations$1.77 $1.15 $1.09 $2.61 $1.48 $1.70 $1.32 $1.79 
Discontinued operations(0.12)(0.09)(0.13)(0.44)(0.06)(0.11)(0.08)(0.28)
Basic net income (loss) per common share$1.65 $1.06 $0.96 $2.17 $1.42 $1.59 $1.24 $1.51 
Diluted earnings (loss) per common share attributable to FMC stockholders (1):
Continuing operations$1.76 $1.15 $1.08 $2.61 $1.48 $1.69 $1.32 $1.78 
Discontinued operations(0.12)(0.09)(0.13)(0.44)(0.06)(0.11)(0.08)(0.28)
Diluted net income (loss) per common share$1.64 $1.06 $0.95 $2.17 $1.42 $1.58 $1.24 $1.50 
Weighted average shares outstanding:
Basic126.1 126.2 126.2 125.6 129.5 129.1 128.3 126.6 
Diluted126.8 126.9 126.9 126.4 130.3 129.9 129.0 127.4 
____________________(1)The sum of quarterly earnings per common share may differ from the full-year amount.
v3.22.4
Principal Accounting Policies and Related Financial Information (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of consolidation and basis of presentation Basis of consolidation and basis of presentation. The accompanying consolidated financial statements of FMC Corporation and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our consolidated financial statements include the accounts of FMC and all entities that we directly or indirectly control. All significant intercompany accounts and transactions are eliminated in consolidation.
Estimates and assumptions Estimates and assumptions. In preparing the financial statements in conformity with U.S. GAAP we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows.
Cash equivalents Cash equivalents. We consider investments in all liquid debt instruments with original maturities of 3 months or less to be cash equivalents.
Trade receivables, net of allowance
Trade receivables, net of allowance. Trade receivables consist of amounts owed to us from customer sales and are recorded when revenue is recognized. The allowance for trade receivables represents our best estimate of the probable losses associated with potential customer defaults. In developing our allowance for trade receivables, we use a two-stage process which includes calculating a general formula to develop an allowance to appropriately address the uncertainty surrounding collection risk of our entire portfolio and specific allowances for customers where the risk of collection has been reasonably identified either due to liquidity constraints or disputes over contractual terms and conditions. Our methodology considers current economic conditions as well as forward-looking expectations about expected credit loss.
Our method of calculating the general formula consists of estimating the recoverability of trade receivables based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. Our analysis of trade receivable collection risk is performed quarterly, and the allowance is adjusted accordingly.
We also hold long-term receivables that represent long-term customer receivable balances related to past-due accounts which are not expected to be collected within the current year. Our policy for the review of the allowance for these receivables is consistent with the discussion in the preceding paragraph above on trade receivables. Therefore on an ongoing basis, we continue to evaluate the credit quality of our long-term receivables utilizing aging of receivables, collection experience and write-offs, as well as existing economic conditions, to determine if an additional allowance is necessary.
Investments Investments. Investments in companies in which our ownership interest is 50 percent or less and in which we exercise significant influence over operating and financial policies are accounted for using the equity method. Under the equity method, original investments are recorded at cost and adjusted by our share of undistributed earnings and losses of these investments. Majority owned investments in which our control is restricted are also accounted for using the equity method. As of December 31, 2022 and 2021 we do not own any equity method investments. All other investments are carried at their fair values or at cost, as appropriate and are not material to our consolidated financial statements. In June 2020, we launched FMC Ventures, our venture capital arm targeting strategic investments in start-ups and early-stage companies that are developing and applying emerging technologies in the agricultural industry. The accounting guidance requires these nonmarketable equity securities to be recorded at cost and adjusted to fair value each reporting period. However, the guidance allows for a measurement alternative, which is to record the investment at cost, less impairment, if any, and subsequently adjust for observable price changes. Each reporting period, we review the portfolio for any observable price changes or potential indicators of impairment. At December 31, 2022, our investments made through FMC Ventures individually and in the aggregate are not significant to our financial results.
Inventories Inventories. Inventories are stated at the lower of cost or net realizable value. Inventory costs include those costs directly attributable to products before sale, including all manufacturing overhead but excluding distribution costs. All inventories are determined on a first-in, first-out ("FIFO") basis. Effective July 1, 2022, we changed our accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. See more on detailed breakout of new method below within Note 1 Consolidated Financial Statements for additional information of the effect of the change. Also see Note 7 to the Consolidated Financial Statements included within this Form 10-K for more information.
Property, plant and equipment Property, plant and equipment. We record property, plant and equipment, including capitalized interest, at cost. We recognize acquired property, plant and equipment, from acquisitions at its estimated fair value. Depreciation is provided principally on the straight-line basis over the estimated useful lives of the assets (land improvements — 20 years, buildings and building equipment — 15 to 40 years, and machinery and equipment — 3 to 18 years). Gains and losses are reflected in income upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense.
Capitalized interest Capitalized interest. We capitalized interest costs of $5.6 million, $3.4 million, and $3.5 million in 2022, 2021, and 2020, respectively. These costs were primarily associated with the construction of certain long-lived assets and have been capitalized as part of the cost of those assets. We amortize capitalized interest over the assets’ estimated useful lives.
Impairments of long-lived assets Impairments of long-lived assets. We review the recovery of the net book value of long-lived assets whenever events and circumstances indicate that the net book value of an asset may not be recoverable from the estimated undiscounted future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the net book value, we recognize an impairment loss equal to an amount by which the net book value exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.
Asset retirement obligations
Asset retirement obligations. We record asset retirement obligations ("AROs") at fair value at the time the liability is incurred if we can reasonably estimate the settlement date. The associated AROs are capitalized as part of the carrying amount of related long-lived assets. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. 
We have obligations at the majority of our manufacturing facilities in the event of permanent plant shutdown. For certain AROs not already accrued, we have calculated the fair value of these AROs and concluded that the present value of these obligations was inconsequential at December 31, 2022 and 2021.
Restructuring and other charges
Restructuring and other charges. We continually perform strategic reviews and assess the return on our business. This sometimes results in a plan to restructure the operations of our business. We record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance.
Additionally, as part of these restructuring plans, write-downs of long-lived assets may occur. Two types of assets are impacted: assets to be disposed of by sale and assets to be abandoned. Assets to be disposed of by sale are measured at the lower of carrying amount or estimated net proceeds from the sale. Assets to be abandoned with no remaining future service potential are written down to amounts expected to be recovered. The useful life of assets to be abandoned that have a remaining future service potential are adjusted and depreciation is recorded over the adjusted useful life.
Capitalized software Capitalized software. We capitalize the costs of internal use software in accordance with accounting literature which generally requires the capitalization of certain costs incurred to develop or obtain internal use software. We assess the recoverability of capitalized software costs on an ongoing basis and record write-downs to fair value as necessary. We amortize capitalized software costs over expected useful lives ranging from 3 to 10 years.
Goodwill and intangible assets
Goodwill and intangible assets. Goodwill and other indefinite life intangible assets are not subject to amortization. Instead, they are subject to at least an annual assessment for impairment by applying a fair value-based test.
We test goodwill and indefinite life intangibles for impairment annually using the criteria prescribed by U.S. GAAP accounting guidance for goodwill and other intangible assets. Based upon our annual impairment assessments conducted in 2022, 2021 and 2020, we did not record any goodwill or intangible asset impairments.
Finite-lived intangible assets consist of primarily customer relationships as well as patents, brands, registration rights, industry licenses, and other intangibles and are generally being amortized over periods of approximately 3 to 20 years.
Revenue recognition
Revenue recognition. We recognize revenue when (or as) we satisfy our performance obligation which is when the customer obtains control of the good or service. Rebates due to customers are accrued as a reduction of revenue in the same period that the related sales are recorded based on the contract terms. Refer to Note 3 to the consolidated financial statements included within this Form 10-K for further details.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue and classified as "Advance payments from customers" on the consolidated balance sheet. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.
Research and development Research and development. Research and development costs are expensed as incurred. In-process research and development acquired as part of asset acquisitions, which include license and development agreements, are expensed as incurred and included as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss).
Income and other taxes Income and other taxes. We provide current income taxes on income reported for financial statement purposes adjusted for transactions that do not enter into the computation of income taxes payable. We recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. We have not provided income taxes for other outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance.
Foreign currency Foreign currency. We translate the assets and liabilities of our foreign operations at exchange rates in effect at the balance sheet date. For foreign operations for which the functional currency is not the U.S. dollar we record translation gains and losses as a component of accumulated other comprehensive income (loss) in equity. The foreign operations' income statements are translated at the monthly exchange rates for the period.  We record remeasurement gains and losses on monetary assets and liabilities, such as accounts receivables and payables, which are not in the functional currency of the operation. These remeasurement gains and losses are recorded in income as they occur. We generally enter into foreign currency contracts to mitigate the financial risk associated with these transactions.
Derivative financial instruments
Derivative financial instruments. We mitigate certain financial exposures, including currency risk, interest rate risk and to a lesser extent commodity price exposures, through a controlled program of risk management that includes the use of derivative financial instruments when applicable. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates.
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as either a hedge of the variability of cash flows to be received or paid related to a forecasted
transaction (cash flow hedge) or a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). We record in accumulated other comprehensive income (loss) changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. We record immediately in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also formally assess, both at the inception of the hedge and throughout its term, whether each derivative is highly effective in offsetting changes in fair value or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Use of Derivative Financial Instruments to Manage Risk
We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates.
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Foreign Currency Exchange Risk Management
We conduct business in many foreign countries, exposing earnings, cash flows, and our financial position to foreign currency risks. The majority of these risks arise as a result of foreign currency transactions. Our policy is to minimize exposure to adverse changes in currency exchange rates. This is accomplished through a controlled program of risk management that includes the use of foreign currency debt and forward foreign exchange contracts. We also use forward foreign exchange contracts to hedge firm and highly anticipated foreign currency cash flows, with an objective of balancing currency risk to provide adequate protection from significant fluctuations in the currency markets.

The primary currencies for which we have exchange rate exposure are the U.S. dollar versus the Brazilian real, Chinese yuan, Indian rupee, euro, Mexican peso and Argentine peso.
Commodity Price Risk
We are exposed to risks in energy costs due to fluctuations in energy prices, including natural gas, electricity, and other commodities. We attempt to mitigate our exposure to increasing energy costs by entering into physical and financial derivative contracts to hedge the cost of future deliveries of our commodities.
Interest Rate Risk
We use various strategies to manage our interest rate exposure, including entering into interest rate swap agreements to achieve a targeted mix of fixed and variable-rate debt. In the agreements we exchange, at specified intervals, the difference between fixed and variable-interest amounts calculated on an agreed-upon notional principal amount.
Concentration of Credit Risk
Our counterparties to derivative contracts are primarily major financial institutions. We limit the dollar amount of contracts entered into with any one financial institution and monitor counterparties’ credit ratings. We also enter into master netting agreements with each financial institution, where possible, which helps mitigate the credit risk associated with our financial instruments. While we may be exposed to credit losses due to the nonperformance of counterparties, we consider this risk remote.
Financial Guarantees and Letter-of-Credit Commitments
We enter into various financial instruments with off-balance sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit and other assistance to customers. See Notes 1 and 20 to the consolidated financial statements included within this Form 10-K for more information. Decisions to extend financial guarantees to customers, and the amount of collateral required under these guarantees, is based on our evaluation of creditworthiness on a case-by-case basis.

Accounting for Derivative Instruments and Hedging Activities
Cash Flow Hedges
We recognize all derivatives on the balance sheet at fair value. On the date we enter into the derivative instrument, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in AOCI changes in the fair value of derivatives that are designated as, and meet all the required criteria for, a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.
Treasury stock Treasury stock. We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a FIFO method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock.
Segment information Segment information. We operate as a single business segment providing innovative solutions to growers around the world. The business is supported by global corporate staff functions. The determination of a single segment is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and both planning and forecasting future periods. Refer to Note 3 to the consolidated financial statements included within this Form 10-K for further information on product and regional revenues.Geographic long-lived assets include goodwill and other intangibles, net, property, plant and equipment, net and other non-current assets.
Stock compensation plans Stock compensation plans. We recognize compensation expense in the financial statements for all share options and other equity-based arrangements. Share-based compensation cost is measured at the date of grant, based on the fair value of the award, and is recognized over the employee’s requisite service period.
Environmental obligations
Environmental obligations. We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used.
Estimated obligations to remediate sites that involve oversight by the United States Environmental Protection Agency ("EPA"), or similar government agencies, are generally accrued no later than when a Record of Decision ("ROD"), or equivalent, is issued, or upon completion of a Remedial Investigation/Feasibility Study ("RI/FS"), or equivalent, that is submitted by us and the appropriate government agency or agencies. Estimates are reviewed quarterly and, if necessary, adjusted as additional information becomes available. The estimates can change substantially as additional information becomes available regarding the nature or extent of site contamination, required remediation methods, and other actions by or against governmental agencies or private parties.
Our environmental liabilities for continuing and discontinued operations are principally for costs associated with the remediation and/or study of sites at which we are alleged to have released hazardous substances into the environment. Such costs principally include, among other items, RI/FS, site remediation, costs of operation and maintenance of the remediation plan, management costs, fees to outside law firms and consultants for work related to the environmental effort, and future monitoring costs. Estimated site liabilities are determined based upon existing remediation laws and technologies, specific site consultants’ engineering studies or by extrapolating experience with environmental issues at comparable sites.
Included in our environmental liabilities are costs for the operation, maintenance and monitoring ("OM&M") of site remediation plans. Such reserves are based on our best estimates for these OM&M plans. Over time we may incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of our recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual
cost of such remediation, as conditions at these environmental sites change over time. Such additional OM&M costs could be significant in total but would be incurred over an extended period of years.
Included in the environmental reserve balance, other assets balance and disclosure of reasonably possible loss contingencies are amounts from third-party insurance policies which we believe are probable of recovery.
Provisions for environmental costs are reflected in income, net of probable and estimable recoveries from named Potentially Responsible Parties ("PRPs") or other third parties. All of our environmental provisions incorporate inflation and are not discounted to their present value, other than our reserve for our Pocatello Tribal Matter. We remeasure this discounted liability balance according to current interest rates. See Note 12 to the consolidated financial statements included within this Form 10-K for further information.
In calculating and evaluating the adequacy of our environmental reserves, we have taken into account the joint and several liability imposed by Comprehensive Environmental Remediation, Compensation and Liability Act ("CERCLA") and the analogous state laws on all PRPs and have considered the identity and financial condition of the other PRPs at each site to the extent possible. We have also considered the identity and financial condition of other third parties from whom recovery is anticipated, as well as the status of our claims against such parties. Although we are unable to forecast the ultimate contributions of PRPs and other third parties with absolute certainty, the degree of uncertainty with respect to each party is taken into account when determining the environmental reserve on a site-by-site basis. Our liability includes our best estimate of the costs expected to be paid before the consideration of any potential recoveries from third parties. We believe that any recorded recoveries related to PRPs are realizable in all material respects. Recoveries are recorded as either an offset in "Environmental liabilities, continuing and discontinued" or as "Other assets including long-term receivables, net" in our consolidated balance sheets in accordance with U.S. accounting literature.
Pension and other postretirement benefits Pension and other postretirement benefits. We provide qualified and nonqualified defined benefit and defined contribution pension plans, as well as postretirement health care and life insurance benefit plans to our employees and retirees. The costs (or benefits) and obligations related to these benefits reflect key assumptions related to general economic conditions, including interest (discount) rates, healthcare cost trend rates, expected rates of return on plan assets and the rates of compensation increase for employees. The costs (or benefits) and obligations for these benefit programs are also affected by other assumptions, such as average retirement age, mortality, employee turnover, and plan participation. To the extent our plans’ actual experience, as influenced by changing economic and financial market conditions or by changes to our own plans’ demographics, differs from these assumptions, the costs and obligations for providing these benefits, as well as the plans’ funding requirements, could increase or decrease. When actual results differ from our assumptions, the difference is typically recognized over future periods. In addition, the unrealized gains and losses related to our pension and postretirement benefit obligations may also affect periodic benefit costs (or benefits) in future periods. See Note 15 to the consolidated financial statements included within this Form 10-K for additional information relating to pension and other postretirement benefits.
Discontinued Operations
In the third quarter of 2022, we made the following changes to our accounting principles:
•Change in accounting principle for inventory costing
•Change in accounting principle for net periodic benefit cost
The effects of the above changes in accounting principle have been retrospectively applied to all periods presented and as such certain prior period financial statement line items have been adjusted. The cumulative effect of these changes in accounting principle, on periods prior to those presented, resulted in an increase of $97.6 million to retained earnings and $6.6 million to accumulated other comprehensive income (losses) as of December 31, 2019, which is the earliest period presented in the consolidated statements of changes in equity.
Change in Accounting Principle for Valuing Inventory Costing
On July 1, 2022, we changed our method for inventory costing from the last-in, first-out (“LIFO”) cost method to the first-in, first-out (“FIFO”) cost method for inventory in the United States, which were the only operations that were using the LIFO cost method. All inventories outside the United States were already accounted for on the FIFO method. We believe this change in accounting method is preferable as it:
•is consistent with how we manage our business
•results in a uniform method to value our inventory across all regions of our business
•is expected to better reflect the current value of inventory on the consolidated balance sheets and;
•is on a more comparable basis with the majority of our industry peer companies
Prior to the change in method, inventories valued on the LIFO cost method were approximately 38% of our total inventories.
Change in Accounting Principle for Determining Net Periodic Benefit Cost
On July 1, 2022, we also changed our method of accounting for the determination of the market-related value of assets for a class of assets within the qualified U.S. defined benefit plan ("the Plan"), impacting our net periodic benefit cost. The market-related value is used to determine both the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components of net periodic benefit cost which are reflected on the Non-operating pension and postretirement income (charges) line on the consolidated statements of income (loss). Previously, to calculate the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components, we deferred asset gains and losses into the market-related value of assets ("MRVA") over a five year period.
We changed our method of accounting to the fair value approach for our liability-hedging asset class, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit cost. No change is being made to the accounting principle for the other classes of pension assets; however our U.S. qualified pension plan reached fully funded status during 2018 and since that point the portfolio has been 100 percent fixed income securities and cash. Given the Plan's investment strategy, we believe this approach is preferable as it more closely aligns the expected return on plan assets and amortization of net actuarial and other gain and loss expense components with the value reflected in the Plan's funded status.

The following tables summarize the effect of these accounting changes on impacted line items in our consolidated financial statements as follows:
New accounting guidance and regulatory items and recently adopted accounting guidance
New accounting guidance and regulatory items
In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU enhances the transparency of supplier finance programs and their effect on working capital, liquidity, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2022 (i.e. a January 1, 2023 effective date), including interim periods within those years. The amendments in the ASU should be applied retrospectively to all periods in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. A select group of our suppliers participate in a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Agreements under these supplier financing programs are recorded within Accounts payable, trade and other in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows. While the amendments in this ASU will impact disclosure requirements, they do not affect the recognition, measurement, or financial statement presentation of obligations covered by our SCF programs.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, to provide optional guidance for a limited period of time to ease the potential burden in accounting for contracts and hedging relationships affected by reference rate reform. This applies to contracts that reference LIBOR or another rate that is expected to be discontinued as a result of rate reform and have modified terms that affect or have the potential to affect the amount and timing of contractual cash flows resulting from the discontinuance of reference rate. In December 2022, the FASB finalized ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic
848, which defers the sunset date for Topic 848 from December 31, 2022, to December 31, 2024. This standard amends the definition of the SOFR Swap Rate under Topic 815 so that it is not limited to the OIS rate based on SOFR and includes other rates based on SOFR. These amendments were effective immediately on issuance and should be applied prospectively. We are evaluating the impacts this standard will have on accounting for contracts and hedging relationships but do not believe it will have a material impact on our consolidated financial statements.

Recently adopted accounting guidance

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and simplification in several other areas. The new standard is effective for fiscal years beginning after December 15, 2020 (i.e., a January 1, 2021 effective date). There were no material impacts to the consolidated financial statements upon adoption, but amendments will be applied prospectively if applicable to FMC.
v3.22.4
Principal Accounting Policies and Related Financial Information (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles The following tables summarize the effect of these accounting changes on impacted line items in our consolidated financial statements as follows:
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in Millions, except per share data)As computed under LIFO and Pension deferred MRVA MethodAs reported under FIFO and Pension Fair Value MethodEffect of change
Year ended December 31, 2022
Cost of sales and services$3,475.5 $3,475.5 $— 
Gross margin$2,326.8 $2,326.8 $— 
Total costs and expenses$4,658.0 $4,658.0 $— 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes$1,144.3 $1,144.3 $— 
Non-operating pension and postretirement charges (income)$16.0 $8.6 $(7.4)
Income (loss) from continuing operations before income taxes$976.5 $983.9 $7.4 
Provision (benefit) for income taxes$143.6 $145.2 $1.6 
Income (loss) from continuing operations$832.9 $838.7 $5.8 
Net income (loss)$735.7 $741.5 $5.8 
Net income (loss) attributable to FMC stockholders$730.7 $736.5 $5.8 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.55 $6.60 $0.05 
Net income (loss) attributable to FMC stockholders$5.78 $5.83 $0.05 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.53 $6.58 $0.05 
Net income (loss) attributable to FMC stockholders$5.76 $5.81 $0.05 
(in Millions, except per share data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2021
Cost of sales and services$2,873.5 $10.4 $— $10.4 $2,883.9 
Gross margin$2,171.7 $(10.4)$— $(10.4)$2,161.3 
Total costs and expenses$4,000.3 $10.4 $— $10.4 $4,010.7 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes$1,044.9 $(10.4)$— $(10.4)$1,034.5 
Non-operating pension and postretirement charges (income)$20.0 $— $(14.4)$(14.4)$5.6 
Income (loss) from continuing operations before income taxes$893.8 $(10.4)$14.4 $4.0 $897.8 
Provision (benefit) for income taxes$91.6 $(2.2)$3.1 $0.9 $92.5 
Income (loss) from continuing operations$802.2 $(8.2)$11.3 $3.1 $805.3 
Net income (loss)$734.0 $(8.2)$11.3 $3.1 $737.1 
Net income (loss) attributable to FMC stockholders$736.5 $(8.2)$11.3 $3.1 $739.6 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.25 $(0.06)$0.09 $0.03 $6.29 
Net income (loss) attributable to FMC stockholders$5.72 $(0.06)$0.09 $0.03 $5.76 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.23 $(0.06)$0.09 $0.03 $6.26 
Net income (loss) attributable to FMC stockholders$5.70 $(0.06)$0.09 $0.03 $5.73 
(in Millions, except per share data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2020
Cost of sales and services$2,590.1 $5.3 $— $5.3 $2,595.4 
Gross margin$2,052.0 $(5.3)$— $(5.3)$2,046.7 
Total costs and expenses$3,739.9 $5.3 $— $5.3 $3,745.2 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes$902.2 $(5.3)$— $(5.3)$896.9 
Non-operating pension and postretirement charges (income)$21.2 $— $(6.5)$(6.5)$14.7 
Income (loss) from continuing operations before income taxes$729.8 $(5.3)$6.5 $1.2 $731.0 
Provision (benefit) for income taxes$150.9 $(1.1)$1.4 $0.3 $151.2 
Income (loss) from continuing operations$578.9 $(4.2)$5.1 $0.9 $579.8 
Net income (loss)$550.6 $(4.2)$5.1 $0.9 $551.5 
Net income (loss) attributable to FMC stockholders$551.5 $(4.2)$5.1 $0.9 $552.4 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$4.46 $(0.03)$0.04 $0.01 $4.48 
Net income (loss) attributable to FMC stockholders$4.24 $(0.03)$0.04 $0.01 $4.26 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$4.44 $(0.03)$0.04 $0.01 $4.45 
Net income (loss) attributable to FMC stockholders$4.22 $(0.03)$0.04 $0.01 $4.23 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in Millions, except per share data)As computed under LIFO and Pension deferred MRVA MethodAs reported under FIFO and Pension Fair Value MethodEffect of change
Year ended December 31, 2022
Net income (loss)$735.7 $741.5 $5.8 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(1.7) as computed and $(4.3) as reported for the twelve months ended December 31, 2022
$(15.7)$(15.7)$— 
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $3.5 as computed and $2.4 as reported for the twelve months ended December 31, 2022
$14.9 $9.1 $(5.8)
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.8 as computed and $(1.9) as reported for the twelve months ended December 31, 2022
$(0.8)$(6.6)$(5.8)
Other comprehensive income (loss), net of tax$(140.8)$(135.0)$(5.8)
Comprehensive income (loss)$606.5 $606.5 $— 
Comprehensive income (loss) attributable to FMC stockholders$602.4 $602.4 $— 
(in Millions, except per share data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2021
Net income (loss)$734.0 $(8.2)$11.3 $3.1 $737.1 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(4.5) as adjusted and $(3.8) as previously reported for the twelve months ended December 31, 2021
$(14.5)$— $(2.9)$(2.9)$(17.4)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $2.5 as adjusted and $4.8 as previously reported for the twelve months ended December 31, 2021
$17.9 $— $(8.4)$(8.4)$9.5 
Total pension and other postretirement benefits, net of tax expense (benefit) of $(2.0) as adjusted and $1.0 as previously reported for the twelve months ended December 31, 2021
$3.4 $— $(11.3)$(11.3)$(7.9)
Other comprehensive income (loss), net of tax$(34.0)$— $(11.3)$(11.3)$(45.3)
Comprehensive income (loss)$700.0 $(8.2)$— $(8.2)$691.8 
Comprehensive income (loss) attributable to FMC stockholders$703.0 $(8.2)$— $(8.2)$694.8 

(in Millions, except per share data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2020
Net income (loss)$550.6 $(4.2)$5.1 $0.9 $551.5 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $4.7 as adjusted and $5.2 as previously reported for the twelve months ended December 31, 2020
$18.9 $— $(1.6)$(1.6)$17.3 
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $3.3 as adjusted and $4.2 as previously reported for the twelve months ended December 31, 2020
$16.0 $— $(3.5)$(3.5)$12.5 
Total pension and other postretirement benefits, net of tax expense (benefit) of $8.0 as adjusted and $9.4 as previously reported for the twelve months ended December 31, 2020
$34.9 $— $(5.1)$(5.1)$29.8 
Other comprehensive income (loss), net of tax$130.1 $— $(5.1)$(5.1)$125.0 
Comprehensive income (loss)$680.7 $(4.2)$— $(4.2)$676.5 
Comprehensive income (loss) attributable to FMC stockholders$681.3 $(4.2)$— $(4.2)$677.1 
CONSOLIDATED BALANCE SHEETS

(in Millions)As computed under LIFO and Pension deferred MRVA MethodAs reported under FIFO and Pension Fair Value MethodEffect of change
December 31, 2022
Inventories$1,535.4 $1,651.6 $116.2 
Total current assets$5,322.4 $5,438.6 $116.2 
Deferred income taxes$235.1 $210.7 $(24.4)
TOTAL ASSETS$11,079.5 $11,171.3 $91.8 
Retained earnings$5,448.5 $5,555.9 $107.4 
Accumulated other comprehensive income (loss)$(444.0)$(459.6)$(15.6)
Total FMC stockholders’ equity$3,286.1 $3,377.9 $91.8 
Total equity$3,309.1 $3,400.9 $91.8 
TOTAL LIABILITIES AND EQUITY$11,079.5 $11,171.3 $91.8 

(in Millions)As Previously ReportedEffect of LIFO ChangeEffect of Pension ChangeEffect of changeAs 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 
CONSOLIDATED STATEMENTS OF CASH FLOWS

(in Millions)As computed under LIFO and Pension deferred MRVA MethodAs reported under FIFO and Pension Fair Value MethodEffect of change
Year ended December 31, 2022
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$735.7 $741.5 $5.8 
Income (loss) from continuing operations$832.9 $838.7 $5.8 
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Deferred income taxes$(54.3)$(52.7)$1.6 
Pension and other postretirement benefits$19.9 $12.5 $(7.4)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories$(182.3)$(182.3)$— 
Net cash provided (required) by operating activities of continuing operations$660.0 $660.0 $— 

(in Millions)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2021
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$734.0 $(8.2)$11.3 $3.1 $737.1 
Income (loss) from continuing operations$802.2 $(8.2)$11.3 $3.1 $805.3 
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Deferred income taxes$9.7 $(2.2)$3.1 $0.9 $10.6 
Pension and other postretirement benefits$24.9 $— $(14.4)$(14.4)$10.5 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories$(331.1)$10.4 $— $10.4 $(320.7)
Net cash provided (required) by operating activities of continuing operations$898.6 $— $— $— $898.6 
(in Millions)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Year ended December 31, 2020
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$550.6 $(4.2)$5.1 $0.9 $551.5 
Income (loss) from continuing operations$578.9 $(4.2)$5.1 $0.9 $579.8 
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Deferred income taxes$33.6 $(1.1)$1.4 $0.3 $33.9 
Pension and other postretirement benefits$25.8 $— $(6.5)$(6.5)$19.3 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories$(59.7)$5.3 $— $5.3 $(54.4)
Net cash provided (required) by operating activities of continuing operations$736.8 $— $— $— $736.8 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 FMC Stockholders’ Equity
(in Millions, Except Per Share Data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs Adjusted
Balance at December 31, 2019
Retained earnings$4,188.8 $104.2 $(6.6)$97.6 $4,286.4 
Accumulated Other Comprehensive Income (Loss)
$(412.0)$— $6.6 $6.6 $(405.4)
Total equity$2,561.4 $104.2 $— $104.2 $2,665.6 

FMC Stockholders’ Equity
(in Millions, Except Per Share Data)As Previously ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs 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 ReportedEffect of FIFO ChangeEffect of Pension ChangeCombined Effect of ChangesAs 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 computed under LIFO and Pension deferred MRVA MethodAs Reported under FIFO and Pension Fair Value MethodEffect of change
Balance at December 31, 2022
Retained earnings$5,448.5 $5,555.9 $107.4 
Accumulated Other Comprehensive Income (Loss)
$(444.0)$(459.6)$(15.6)
Total equity$3,309.1 $3,400.9 $91.8 
COVID-19. During the height of the COVID pandemic, many countries, including the United States, subsequently imposed restrictions on both travel and business closures in an effort to mitigate the spread of COVID. As an agricultural sciences company, we are considered an "essential" industry in the countries in which we operate and have avoided significant plant closures and all our manufacturing facilities and distribution warehouses are operational. The extent to which COVID will continue to impact us will depend on future developments, many of which remain uncertain and cannot be predicted with confidence, including the duration of the pandemic, further actions to be taken to contain the pandemic or mitigate its impact, and the extent of the direct and indirect economic effects of the pandemic and containment measures, among others.
v3.22.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The disaggregated revenue tables are shown below for the years ended December 31, 2022, 2021 and 2020.
The following table provides information about disaggregated revenue by major geographical region:
Year Ended December 31,
(in Millions)202220212020
North America (1)
$1,435.8 $1,117.2 $1,032.5 
Latin America (1)
2,088.2 1,633.4 1,456.5 
Europe, Middle East & Africa1,039.7 1,040.0 1,046.3 
Asia1,238.6 1,254.6 1,106.8 
Total Revenue$5,802.3 $5,045.2 $4,642.1 
____________________
(1)Countries with sales in excess of 10 percent of consolidated revenue consisted of the U.S. and Brazil. Sales for the years ended December 31 2022 , 2021, and 2020 for the U.S. totaled $1,288.8 million, $1,018.1 million and $941.2 million, respectively, and for Brazil totaled $1,621.1 million, $1,224.4 million and $1,083.4 million, respectively.

The following table provides information about disaggregated revenue by major product category:
Year Ended December 31,
(in Millions)202220212020
Insecticides$3,346.6 $3,020.0 $2,836.8 
Herbicides1,651.6 1,375.3 1,187.2 
Fungicides383.9 325.5 275.5 
Plant Health234.1 216.8 180.2 
Other186.1 107.6 162.4 
Total Revenue$5,802.3 $5,045.2 $4,642.1 
Receivables and Contract Liabilities
The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions)Balance as of December 31, 2021Balance as of December 31, 2022Increase (Decrease)
Receivables from contracts with customers, net of allowances2,641.1 $2,932.2 $291.1 
Contract liabilities: Advance payments from customers630.7 680.5 49.8 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Asset and Lease Liability
The ROU asset and lease liability balances as of December 31, 2022 were as follows:
(in Millions)ClassificationDecember 31, 2022December 31, 2021
Assets
Operating lease ROU assetsOther assets including long-term receivables, net$123.8 $135.2 
Liabilities
Operating lease current liabilitiesAccrued and other liabilities$22.0 $23.5 
Operating lease noncurrent liabilitiesOther long-term liabilities128.6 140.0 
Components of Lease Expense, Lease Term and Discount Rate
The components of lease expense for the year ended December 31, 2022 were as follows:
(in Millions)Lease Cost Classification202220212020
Lease Cost
Operating lease costCosts of sales and services / Selling, general and administrative expenses$32.9 $33.9 $39.5 
Variable lease costCosts of sales and services / Selling, general and administrative expenses6.3 4.7 4.7 
Total lease cost$39.2 $38.6 $44.2 
December 31, 2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years)8.4
Weighted-average discount rate4.1 %
(in Millions)Year ended December 31, 2022Year ended December 31, 2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(33.9)$(33.1)
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new operating lease liabilities$20.1 $18.4 
Summary of Future Minimum Lease Payments
The following table represents our future minimum operating lease payments as of, and subsequent to, December 31, 2022 under ASC 842:
(in Millions) Operating Leases Total
Maturity of Lease Liabilities
2023$27.3 
202422.5 
202520.4 
202618.8 
202717.9 
Thereafter74.0 
Total undiscounted lease payments$180.9 
Less: Present value adjustment(30.3)
Present value of lease liabilities$150.6 
v3.22.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Schedule of Acquisition Costs
The following table summarizes the consideration paid for the BioPhero acquisition and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis.
Preliminary Purchase Price Allocation as of July 19, 2022
(in Millions)
Fair Value of Assets Acquired
Cash$10.0 
Intangible assets
Developed Technology (1)
66.3 
In-process research & development10.5 
Goodwill130.7 
Other Assets3.4 
Total Assets$220.9 
Fair Value of Liabilities Assumed
Deferred income tax liabilities$16.6 
Other Liabilities1.1 
Total Liabilities17.7 
Net Assets$203.2 
Total Purchase Consideration:Amount
Cash purchase price, net of acquired cash$193.2 
____________________ 
(1) Expected life is 15 years and will be amortized based on the pattern of economic benefit
The following table summarizes the costs incurred associated with these activities:
Year Ended December 31,
(in Millions)202220212020
DuPont Crop Protection Business Acquisition
Legal and professional fees (1)
$— $0.4 $53.3 
Total transaction-related charges$— $0.4 $53.3 
Restructuring charges
DuPont Crop restructuring (2)
$(48.7)$16.7 $40.2 
Total restructuring charges $(48.7)$16.7 $40.2 
____________________ 
(1)Represents transaction costs, costs for transitional employees, other acquired employees related costs, and transactional-related costs such as legal and professional third-party fees. These charges are recorded as a component of "Selling, general and administrative expense" on the consolidated statements of income (loss).
(2)See Note 9 to the consolidated financial statements included within this Form 10-K for more information. These charges are recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). Amounts for the year ended December 31, 2022 include a gain of $50.5 million recognized on the disposition of land related to a closed manufacturing facility.
Summary of Consideration Paid and Assets Acquired and Liabilities Assumed
v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 are presented in the table below:
(in Millions)Total
Balance, December 31, 2020$1,468.9 
Foreign currency and other adjustments(5.6)
Balance, December 31, 2021$1,463.3 
Acquisitions (See Note 5)130.7 
Foreign currency and other adjustments(4.7)
Balance, December 31, 2022$1,589.3 
Schedule of Finite-Lived Intangible Assets Our intangible assets, other than goodwill, consist of the following:
December 31, 2022December 31, 2021
(in Millions)Weighted avg. useful life remaining at December 31, 2022GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets subject to amortization (finite life)
Customer relationships14 years$1,127.9 $(351.3)$776.6 $1,147.1 $(301.3)$845.8 
Patents4 years1.7 (1.4)0.3 1.8 (1.3)0.5 
Brands (1)
7 years16.1 (10.6)5.5 17.1 (9.9)7.2 
Purchased and licensed technologies13 years128.4 (42.9)85.5 60.2 (40.7)19.5 
Other intangibles
1 year
1.8 (1.7)0.1 2.3 (1.7)0.6 
$1,275.9 $(407.9)$868.0 $1,228.5 $(354.9)$873.6 
Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)
$1,259.0 $1,259.0 $1,259.1 $1,259.1 
Brands (1)
370.1 370.1 389.2 389.2 
In-process research and development 11.0 11.0 — — 
$1,640.1 $1,640.1 $1,648.3 $1,648.3 
Total intangible assets$2,916.0 $(407.9)$2,508.1 $2,876.8 $(354.9)$2,521.9 
____________________ 
(1)    Represents trademarks, trade names and know-how.
(2)    Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
Schedule of Indefinite-Lived Intangible Assets
Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)
$1,259.0 $1,259.0 $1,259.1 $1,259.1 
Brands (1)
370.1 370.1 389.2 389.2 
In-process research and development 11.0 11.0 — — 
$1,640.1 $1,640.1 $1,648.3 $1,648.3 
Total intangible assets$2,916.0 $(407.9)$2,508.1 $2,876.8 $(354.9)$2,521.9 
____________________ 
(1)    Represents trademarks, trade names and know-how.
(2)    Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
Schedule of Amortization Expense
Year Ended December 31,
(in Millions)202220212020
Amortization expense$60.6 $62.7 $61.9 
v3.22.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Schedule of Inventories Inventories consisted of the following:
December 31,
 (in Millions)20222021
Finished goods$577.5 $559.2 
Work in process807.4 730.8 
Raw materials, supplies and other266.7 231.9 
Net inventories$1,651.6 $1,521.9 
v3.22.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment consisted of the following:
December 31,
(in Millions)20222021
Land and land improvements$103.6 $103.8 
Buildings and building equipment522.9 528.4 
Machinery and equipment613.1 551.4 
Construction in progress175.9 145.9 
Total cost$1,415.5 $1,329.5 
Accumulated depreciation(565.9)(512.5)
Property, plant and equipment, net$849.6 $817.0 
____________________
v3.22.4
Restructuring and Other Charges (Income) (Tables)
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Charges (Income)
The following table shows total restructuring and other charges (income) included in the respective line items of the consolidated statements of income (loss):
 Year Ended December 31,
(in Millions)202220212020
Restructuring charges (income)$(26.1)$41.1 $42.6 
Other charges (income), net119.2 66.9 89.6 
Total restructuring and other charges (income)$93.1 $108.0 $132.2 
Schedule of Restructuring Charges and Asset Disposals
Restructuring charges (income)
(in Millions)Severance and Employee Benefits
Other Charges (Income) (1)
Asset Disposal Charges (2)
Total
DuPont Crop restructuring $— $(49.9)$1.2 $(48.7)
Regional realignment 3.8 4.1 — 7.9 
Other items2.1 2.6 10.0 14.7 
Year ended December 31, 2022$5.9 $(43.2)$11.2 $(26.1)
DuPont Crop restructuring $1.2 $4.5 $11.0 $16.7 
Regional realignment 5.5 5.3 0.2 11.0 
Other items6.0 0.5 6.9 13.4 
Year ended December 31, 2021$12.7 $10.3 $18.1 $41.1 
DuPont Crop restructuring $9.2 $3.8 $27.2 40.2 
Other items2.8 — (0.4)2.4 
Year ended December 31, 2020$12.0 $3.8 $26.8 $42.6 
____________________ 
(1)Primarily represents third-party costs associated with miscellaneous restructuring activities. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. The year ended December 31, 2022 includes the recognition of a gain for land disposition, described below.
(2)Primarily represents asset write-offs (recoveries), and accelerated depreciation and impairment charges on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges.
Restructuring Reserve Roll Forward
The following table shows a roll forward of restructuring reserves that will result in cash spending. These amounts exclude asset retirement obligations:
(in Millions)Balance at 12/31/20
Change in
reserves (4)
Cash
payments
Other (5)
Balance at 12/31/21 (6)
Change in
reserves (4)
Cash
payments
Other (5)
Balance at 12/31/22 (6)
DuPont Crop restructuring (1)
$13.6 $5.7 $(10.5)$(0.2)$8.6 $0.6 $(4.7)$0.5 $5.0 
Regional realignment (2)
— 10.8 (6.8)— 4.0 7.9 (9.3)0.4 3.0 
Other workforce related and facility shutdowns (3)
2.8 6.5 (7.0)— 2.3 4.7 (4.2)(0.2)2.6 
Total$16.4 $23.0 $(24.3)$(0.2)$14.9 $13.2 $(18.2)$0.7 $10.6 
____________________ 
(1)Primarily consists of real estate exit costs and severance associated with DuPont Crop restructuring activities.
(2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European
headquarters for the years ended December 31, 2021 and 2022 and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore for the year ended December 31, 2022.
(3)Primarily severance costs related to workforce reductions and facility shutdowns.
(4)Primarily severance, exited lease, contract termination and other miscellaneous exit costs. The accelerated depreciation and impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table.
(5)Primarily foreign currency translation adjustments.
(6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets.
Schedule of Other Charges Included Within Restructuring And Other Charges Income
Other charges (income), net
 Year Ended December 31,
(in Millions)202220212020
Environmental charges, net$34.7 $27.1 $24.9 
Isagro Fluindapyr Acquisition— — 65.6 
Exit from Russian Operations76.8 — — 
Other items, net7.7 39.8 (0.9)
Other charges (income), net$119.2 $66.9 $89.6 
v3.22.4
Receivables (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Allowance for Doubtful Accounts The following table displays a roll forward of the allowance for doubtful trade receivables for fiscal years 2021 and 2022:
(in Millions)
Balance, December 31, 2020$27.9 
Additions — charged (credited) to expense17.2 
Transfer from (to) allowance for credit losses (see below)(0.6)
Net recoveries, write-offs and other(7.1)
Balance, December 31, 2021$37.4 
Additions — charged (credited) to expense0.7 
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 
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 for fiscal years 2021 and 2022:

(in Millions)
Balance, December 31, 2020$24.7 
Additions — charged (credited) to expense3.9 
Transfer from (to) allowance for doubtful accounts (see above)0.6 
Foreign currency adjustments(1.5)
Net recoveries, write-offs and other— 
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 adjustments8.1 
Net recoveries, write-offs and other10.4 
Balance, December 31, 2022$44.5 

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.
During 2022, approximately $105 million of trade receivables were transferred to the 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. 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.
Cash receipts totaling approximately $75 million 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 the third quarter of 2022, approximately $19 million of the sale was retained by the securitization fund and is recognized as a noncash investing activity. 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 $58 million in non-recourse factoring during the year ended December 31, 2022.
v3.22.4
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
Our discontinued operations comprised the following:
(in Millions)Year Ended December 31,
202220212020
Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) of $(2.5), $(10.2) and $(3.7), respectively
$(3.9)$(8.3)$1.0 
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) of $13.8, $8.2 and $6.0, respectively (1)
(53.8)(29.7)(24.1)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $10.5, $12.2 and $7.6, respectively
(39.5)(45.6)(28.9)
Gain on sales of land, net of income tax benefit (expense) of zero, $(4.1) and $(6.3), respectively (2)
— 15.4 23.7 
Discontinued operations, net of income taxes$(97.2)$(68.2)$(28.3)
____________________
(1)See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 12 to the consolidated financial statements included within this Form 10-K.
(2)This represents the gain on sale of land at various discontinued sites.
Discontinued Reserve Balance Table
Reserves for Discontinued Operations, other than Environmental at December 31, 2022 and 2021
(in Millions)December 31,
20222021
Workers’ compensation, product liability, and indemnification reserves$8.0 $10.2 
Postretirement medical and life insurance benefits reserve, net4.7 4.7 
Reserves for legal proceedings114.5 93.4 
Reserve for discontinued operations (1)
$127.2 $108.3 
____________________
(1)Included in "Other long-term liabilities" on the consolidated balance sheets. See Note 12 to the consolidated financial statements included within this Form 10-K on discontinued environmental reserves.
v3.22.4
Environmental Obligations (Tables)
 12 Months Ended
Dec. 31, 2022
Environmental Remediation Obligations [Abstract]  
Schedule of Environmental Liability Rollforward
The table below is a roll forward of our total environmental reserves, continuing and discontinued, from December 31, 2019 to December 31, 2022.
(in Millions)Operating and Discontinued Sites Total
Total environmental reserves, net of recoveries at December 31, 2019$585.8 
2020
Provision53.2 
Spending, net of recoveries(81.1)
Foreign currency translation adjustments6.5 
Net Change$(21.4)
Total environmental reserves, net of recoveries at December 31, 2020$564.4 
 
2021
Provision65.8 
Spending, net of recoveries(121.8)
Foreign currency translation adjustments(5.2)
Net Change$(61.2)
Total environmental reserves, net of recoveries at December 31, 2021$503.2 
 
2022
Provision104.8 
Spending, net of recoveries(74.5)
Foreign currency translation adjustments and other adjustments(4.3)
Net Change$26.0 
Total environmental reserves, net of recoveries at December 31, 2022$529.2 
Schedule of Environmental Recoveries
The table below is a roll forward of our total recorded recoveries from December 31, 2020 to December 31, 2022:
(in Millions)December 31, 2020Increase (Decrease) in RecoveriesCash Received December 31, 2021Increase (Decrease) in RecoveriesCash Received December 31, 2022
Environmental liabilities, continuing and discontinued$10.3 $1.8 $(0.7)$11.4 $2.5 $— $13.9 
Other assets (1)
4.4 0.8 (0.7)4.5 2.5 (0.6)6.4 
Total$14.7 $2.6 $(1.4)$15.9 $5.0 $(0.6)$20.3 
______________
(1)     The amounts are included within "Prepaid and other current assets" and "Other assets including long-term receivables, net" on the consolidated balance sheets. See Note 22 to the consolidated financial statements included within this Form 10-K for more details.
Environmental Reserves Classification, Continuing and Discontinued
The table below provides detail of current and long-term environmental reserves, continuing and discontinued.
December 31,
(in Millions)20222021
Environmental reserves, current, net of recoveries (1)
$90.1 $87.3 
Environmental reserves, long-term continuing and discontinued, net of recoveries (2)
439.1 415.9 
Total environmental reserves, net of recoveries$529.2 $503.2 
______________
(1)These amounts are included within "Accrued and other liabilities" on the consolidated balance sheets.
(2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets.
Schedule of Net Environmental Provision by Operating and Discontinued Sites
Our net environmental provisions relate to costs for the continued remediation of both operating sites and for certain discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
Year Ended December 31,
(in Millions)202220212020
Continuing operations (1)
$34.7 $27.1 $24.9 
Discontinued operations (2)
67.6 37.9 30.1 
Net environmental provision$102.3 $65.0 $55.0 
______________
(1)Recorded as a component of "Restructuring and other charges (income)" on our consolidated statements of income. See Note 9 to the consolidated financial statements included within this Form 10-K. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
(2)Recorded as a component of "Discontinued operations, net of income taxes" on our consolidated statements of income (loss). See Note 11 to the consolidated financial statements included within this Form 10-K for further details.
Schedule of Net Environmental Provision Balance Sheet Classification
On our consolidated balance sheets, the net environmental provisions affect assets and liabilities as follows:
Year Ended December 31,
(in Millions)202220212020
Environmental reserves (1)
$104.8 $65.8 $53.2 
Other assets (2)
(2.5)(0.8)1.8 
Net environmental provision$102.3 $65.0 $55.0 
______________
(1)See above roll forward of our total environmental reserves as presented on our consolidated balance sheets.
(2)Represents certain environmental recoveries. See Note 22 to the consolidated financial statements included within this Form 10-K for details of "Other assets including long-term receivables, net" as presented on our consolidated balance sheets.
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: 
 Year Ended December 31,
(in Millions)202220212020
Domestic$(89.6)$(57.5)$(35.3)
Foreign1,073.5 955.3 766.3 
Total$983.9 $897.8 $731.0 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: 
 Year Ended December 31,
(in Millions)202220212020
Current:
Federal$45.7 $(15.1)$24.9 
Foreign152.1 96.6 91.7 
State0.1 0.4 0.7 
Total current$197.9 $81.9 $117.3 
Deferred:
Federal$(28.6)$18.4 $15.3 
Foreign(27.4)(7.1)7.7 
State3.3 (0.7)10.9 
Total deferred$(52.7)$10.6 $33.9 
Total$145.2 $92.5 $151.2 
Schedule of Effective Income Tax Rate Reconciliation
The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: 
 Year Ended December 31,
(in Millions)202220212020
U.S. Federal statutory rate$206.6 $188.6 $153.6 
Foreign earnings subject to different tax rates (1)
(152.7)(182.4)(127.6)
State and local income taxes, less federal income tax benefit5.5 7.6 2.7 
Research and development and miscellaneous tax credits(5.7)(8.6)(6.2)
Tax on dividends, deemed dividends, and GILTI (2)
24.6 44.5 46.5 
Changes to unrecognized tax benefits10.5 (28.7)5.8 
Nondeductible expenses19.6 11.5 5.5 
Change in valuation allowance (3)
71.3 84.7 52.1 
Exchange gains and losses (4)
(12.0)(8.6)(2.1)
Other (5)
(22.5)(16.1)20.9 
Total Tax Provision$145.2 $92.5 $151.2 
____________________ 
(1)A significant amount of our earnings is generated by our foreign subsidiaries (e.g., Singapore, Hong Kong, and Switzerland), which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions.
(2)The years ended December 31, 2022, 2021, and 2020 includes tax expense of $17.8 million, $36.2 million, and $40.7 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions.
(3)The year ended December 31, 2022 is primarily related to net operating losses and other deferred tax assets within our Brazil and Argentina operations. The year ended December 31, 2021 is primarily related to net operating losses and other deferred tax assets within our Brazil and Luxembourg operations. The year ended December 31, 2020 is primarily related to net operating losses within our Brazil operations.
(4)Includes the impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes.
(5)2022 includes a $39.7 million decrease related to the remeasurement of certain deferred tax liabilities as a result of the extension of our incentive tax rate in Puerto Rico. 2021 includes a $37.1 million decrease related to deferred tax liabilities associated with intercompany investments in foreign subsidiaries.
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities were attributable to:
 December 31,
(in Millions)20222021
Reserves for discontinued operations, environmental and restructuring$121.4 $107.5 
Accrued pension and other postretirement benefits9.6 5.8 
Capital loss, foreign tax and other credit carryforwards3.5 11.1 
Net operating loss carryforwards315.2 294.5 
Deferred expenditures capitalized for tax71.3 41.1 
Other accruals and reserves219.3 192.3 
Deferred tax assets$740.3 $652.3 
Valuation allowance, net(457.6)(398.7)
Deferred tax assets, net of valuation allowance$282.7 $253.6 
Intangibles, Property, plant and equipment, and Investments, net393.5 401.9 
Deferred tax liabilities$393.5 $401.9 
Net deferred tax assets (liabilities)$(110.8)$(148.3)
Summary of Income Tax Contingencies
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 
(in Millions)202220212020
Balance at beginning of year$41.9 $76.2 $68.2 
Increases related to positions taken in the current year4.8 2.4 1.1 
Increases and decreases related to positions taken in prior years2.9 (26.4)25.7 
Decreases related to lapse of statutes of limitations(3.5)(10.3)(18.8)
Settlements during the current year— — — 
Decreases for tax positions on dispositions— — — 
Balance at end of year (1)
$46.1 $41.9 $76.2 
____________________ 
(1)At December 31, 2022, 2021, and 2020 we recognized an offsetting non-current asset of $12.8 million, $14.4 million, and $27.4 million respectively, relating to the indirect income tax benefits associated with specific uncertain tax positions presented above.
v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Maturing within One Year
Debt maturing within one year consists of the following:
December 31,
(in Millions)20222021
Short-term foreign debt (1)
$81.8 $112.2 
Commercial paper (2)
370.5 244.1 
Total short-term debt$452.3 $356.3 
Current portion of long-term debt88.5 84.5 
Total short-term debt and current portion of long-term debt (3)
$540.8 $440.8 
____________________
(1)At December 31, 2022, the average effective interest rate on the borrowings was 16.7 percent.
(2)At December 31, 2022, the average effective interest rate on the borrowings was 4.90 percent.
(3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term.
Schedule of Long-Term Debt
Long-term debt consists of the following:
(in Millions)December 31, 2022December 31,
Interest Rate
Percentage
Maturity
Date
20222021
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$49.9 $49.9 
Senior notes (less unamortized discounts of $0.6 and $0.7, respectively)
3.2% - 4.5%
2024 - 2049
1,899.4 1,899.3 
2021 Term Loan Facility5.4%2024800.0 800.0 
Revolving Credit Facility (1)
7.1%2027— — 
Foreign debt
0% - 17.9%
2023 - 2024
88.5 84.7 
Debt issuance cost(16.1)(17.7)
Total long-term debt$2,821.7 $2,816.2 
Less: debt maturing within one year88.5 84.5 
Total long-term debt, less current portion$2,733.2 $2,731.7 
____________________ 
(1)Letters of credit outstanding under the Revolving Credit Facility totaled $160.0 million and available funds under this facility were $1,469.5 million at December 31, 2022.
v3.22.4
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
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,
20222021
Discount rate qualified5.16 %2.84 %
Discount rate nonqualified plan4.99 %2.18 %
Discount rate other benefits5.03 %2.39 %
Rate of compensation increase3.10 %3.10 %
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
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)2022202120222021
Change in projected benefit obligation
Projected benefit obligation at January 1$1,354.0 $1,450.3 $13.7 $15.3 
Service cost3.6 4.7 — — 
Interest cost29.3 24.5 0.3 0.3 
Actuarial loss (gain) (2)
(256.2)(38.6)(1.7)(0.6)
Foreign currency exchange rate changes and other(0.5)(0.5)— — 
Plan participants’ contributions— — 0.3 0.4 
Settlements(2.2)(2.5)— — 
Benefits paid(83.7)(83.9)(1.4)(1.7)
Projected benefit obligation at December 31$1,044.3 $1,354.0 $11.2 $13.7 
Change in plan assets
Fair value of plan assets at January 1$1,372.0 $1,484.6 $— $— 
Actual return on plan assets(245.3)(26.2)— — 
Foreign currency exchange rate changes3.1 (0.3)— — 
Company contributions3.5 3.8 1.0 1.3 
Plan participants’ contributions— — 0.3 0.4 
Settlements(5.5)(6.0)— — 
Benefits paid(83.7)(83.9)(1.4)(1.7)
Fair value of plan assets at December 31$1,044.1 $1,372.0 $(0.1)$— 
Funded Status
U.S. plans with assets$22.4 $50.4 $— $— 
U.S. plans without assets(14.6)(22.1)(11.3)(13.7)
Non-U.S. plans with assets(1.2)(2.8)— — 
All other plans(6.8)(7.5)— — 
Net funded status of the plan (liability)$(0.2)$18.0 $(11.3)$(13.7)
Amount recognized in the consolidated balance sheets:
Pension asset (3)
$22.4 $50.4 $— $— 
Accrued benefit liability (4)
(22.6)(32.4)(11.3)(13.7)
Total$(0.2)$18.0 $(11.3)$(13.7)
____________________
(1)Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
(2)The actuarial gains in 2022 and 2021 were 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 2021. Adoption of the most recent projection scale in 2021 increased the U.S. defined benefit obligations by approximately $3 million at December 31, 2021. The mortality assumption did not change in 2022.
(3)Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets.
(4)Recorded as "Accrued pension and other postretirement benefits, current" and "Accrued pension and other postretirement benefits, long-term" on the consolidated balance sheets.
The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
 Pensions
Other Benefits (1)
 December 31,
(in Millions)2022202120222021
Prior service (cost) credit$(0.3)$(0.5)$— $— 
Net actuarial (loss) gain(337.6)(328.4)4.9 4.0 
Accumulated other comprehensive income (loss) – pretax$(337.9)$(328.9)$4.9 $4.0 
Accumulated other comprehensive income (loss) – net of tax(252.7)(245.5)3.6 2.5 
____________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
(in Millions)December 31
Information for pension plans with projected benefit obligation in excess of plan assets20222021
Projected benefit obligations$26.2 $36.2 
Accumulated benefit obligations26.2 36.2 
Fair value of plan assets3.6 3.8 
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 assets20222021
Projected benefit obligations$26.2 $36.2 
Accumulated benefit obligations26.2 36.2 
Fair value of plan assets3.6 3.8 
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)2022202120222021
Current year net actuarial loss (gain)$22.1 $22.1 $(1.7)$(0.6)
Amortization of net actuarial (loss) gain(12.4)(12.7)0.8 0.8 
Amortization of prior service (cost) credit(0.2)(0.2)— — 
Settlement loss(0.5)(1.0)— — 
Total recognized in other comprehensive (income) loss, before taxes$9.0 $8.2 $(0.9)$0.2 
Total recognized in other comprehensive (income) loss, after taxes7.2 6.3 (1.1)0.2 
____________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K 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)202220212020202220212020
Discount rate 2.84 %2.49 %3.22 %2.39 %1.91 %2.89 %
Expected return on plan assets2.50 %2.25 %3.00 %— — — 
Rate of compensation increase3.10 %3.10 %3.10 %— — — 
Components of net annual benefit cost:
Service cost$3.6$4.7$4.4$—$—$—
Interest cost29.324.536.70.30.30.4
Expected return on plan assets(33.1)(31.9)(39.2)———
Amortization of prior service cost0.20.20.2———
Amortization of net actuarial and other (gain) loss12.412.517.0(0.8)(0.8)(0.9)
Recognized (gain) loss due to settlement0.51.00.7———
Net annual benefit cost (income)$12.9$11.0$19.8$(0.5)$(0.5)$(0.5)
___________________
(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K 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 to the consolidated financial statements included within this Form 10-K for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy.
(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)
Cash and short-term investments$22.8 $22.8 $— $— 
Fixed income investments:
Investment contracts116.4 — 116.4 — 
U.S. Government Securities207.4 207.4 — — 
Mutual funds29.3 29.3 — — 
Corporate debt instruments668.2 — 668.2 — 
Total assets$1,044.1 $259.5 $784.6 $— 
(in Millions)December 31, 2021Quoted 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$32.7 $32.2 $0.5 $— 
Fixed income investments:
Investment contracts144.7 — 144.7 — 
U.S. Government Securities 309.5 309.5 — — 
Mutual funds 41.5 41.5 — — 
Corporate debt instruments843.6 — 843.6 — 
Total assets$1,372.0 $383.2 $988.8 $— 
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)20222021
U.S. qualified pension plan$— $— 
U.S. nonqualified pension plan3.4 3.8 
Non-U.S. plans0.1 0.2 
Other postretirement benefits1.0 1.3 
Total$4.5 $5.3 
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)202320242025202620272028 - 2032
Pension Benefits$86.2 $86.8 $85.2 $85.0 $82.5 $390.5 
Other Benefits1.6 1.5 1.4 1.3 1.2 4.3 
v3.22.4
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
We recognized the following stock compensation expense:
Year Ended December 31,
(in Millions)202220212020
Stock option expense, net of taxes of $1.3, $1.0 and $1.1 (1)
$4.9 $3.7 $4.0 
Restricted stock expense, net of taxes of $2.3, $1.9 and $2.0 (2)
8.5 7.2 7.4 
Performance based expense, net of taxes of $1.5, $0.8 and $0.9
5.7 3.2 3.5 
Total stock compensation expense, net of taxes of $5.1, $3.7 and $4.0 (3)
$19.1 $14.1 $14.9 
____________________ 
(1)We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense.
(2)We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense.
(3)This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss). Total stock compensation expense, net of tax, not included in the above table of zero, zero, and $2.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss).
Black Scholes Valuation Assumptions for Stock Option Grants
Black Scholes valuation assumptions for stock option grants: 
202220212020
Expected dividend yield1.85%1.83%1.91%
Expected volatility33.18%32.75%26.60%
Expected life (in years)6.56.56.5
Risk-free interest rate1.91%0.92%1.19%
Summary of Stock Option Activity
The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2022:
(Shares in Thousands)Number of Options Granted But Not ExercisedWeighted-Average Remaining Contractual LifeWeighted-Average Exercise Price Per ShareAggregate Intrinsic Value (in Millions)
December 31, 2019 (628 shares exercisable and 835 shares expected to vest or be exercised)
1,504 6.5 years$58.06 $62.8 
Granted302 92.24 
Exercised(549)48.02 31.3 
Forfeited(22)81.84 
December 31, 2020 (388 shares exercisable and 818 shares expected to vest or be exercised)
1,235 7.0 years$70.44 $54.9 
Granted235 105.00 
Exercised(166)49.56 9.8 
Forfeited(50)89.18 
December 31, 2021 (605 shares exercisable and 622 shares expected to vest or be exercised)
1,254 6.2 years$78.95 $38.8 
Granted248 114.90 
Exercised(166)62.74 9.6 
Forfeited(31)102.32 
December 31, 2022 (672 shares exercisable and 607 shares expected to vest or be exercised)
1,305 6.1 years$87.35 $48.9 
Summary of Restricted Award Activity
The following table shows our employee restricted award activity for the three years ended December 31, 2022:
Restricted EquityPerformance Based Equity
(Number of Awards in Thousands)
Number of
awards
Weighted-Average Grant Date Fair Value Per ShareNumber of
awards		Weighted-Average Grant Date Fair Value Per Share
Nonvested at December 31, 2019302 $67.89 206 $72.06 
Granted92 91.83 111 108.74 
Vested(84)50.14 (115)58.37 
Forfeited(12)77.42 — — 
Nonvested at December 31, 2020298 $79.91 202 $88.48 
Granted95 102.10 79 103.26 
Vested(108)73.82(86)77.44
Forfeited(15)90.05 — — 
Nonvested at December 31, 2021270 $89.56 195 $96.18 
Granted103 114.50 45 140.32 
Vested(102)77.80 (102)83.74 
Forfeited(14)102.64 (2)125.60 
Nonvested at December 31, 2022257 $104.54 136 $120.47 
v3.22.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stock by Class The following is a summary of our capital stock activity over the past three years:
Common
Stock Shares
Treasury
Stock Shares
December 31, 2019185,983,792 56,859,498 
Stock options and awards— (677,827)
Repurchases of common stock, net— 448,538 
December 31, 2020185,983,792 56,630,209 
Stock options and awards— (300,594)
Repurchases of common stock, net— 3,954,698 
December 31, 2021185,983,792 60,284,313 
Stock options and awards— (286,805)
Repurchases of common stock, net— 875,480 
December 31, 2022185,983,792 60,872,988 
Schedule of Accumulated Other Comprehensive Income (Loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits (2)
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2019 (as previously reported)$(77.7)$(65.0)$(269.3)$(412.0)
Cumulative Effect of Accounting Changes (See Note 1)— — 6.6 6.6 
Accumulated other comprehensive income (loss), net of tax at December 31, 2019$(77.7)$(65.0)$(262.7)$(405.4)
2020 Activity
Other comprehensive income (loss) before reclassifications$101.7 $(2.5)$17.3 $116.5 
Amounts reclassified from accumulated other comprehensive income (loss)— (4.3)12.5 8.2 
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$24.0 $(71.8)$(232.9)$(280.7)
2021 Activity
Other comprehensive income (loss) before reclassifications$(86.5)$44.1 $(17.4)$(59.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 5.5 9.5 15.0 
Accumulated other comprehensive income (loss), net of tax at December 31, 2021$(62.5)$(22.2)$(240.8)$(325.5)
2022 Activity
Other comprehensive income (loss) before reclassifications$(102.2)$(65.4)$(15.7)$(183.3)
Amounts reclassified from accumulated other comprehensive income (loss)4.2 35.9 9.1 49.2 
Accumulated other comprehensive income (loss), net of tax at December 31, 2022$(160.5)$(51.7)$(247.4)$(459.6)
____________________
(1)See Note 19 to the consolidated financial statements included within this Form 10-K for more information.
(2)See Note 15 to the consolidated financial statements included within this Form 10-K for more information.
Reclassifications of Accumulated Other Comprehensive Income
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented.
Details about Accumulated Other Comprehensive Income (Loss) Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Consolidated Statements of Income (Loss)
Year Ended December 31,
(in Millions)202220212020
Foreign currency translation adjustments:
Exit from Russian Operations (2)
$(4.2)$— $— Restructuring and other charges (income)
Derivative instruments:
Foreign currency contracts$(57.5)$(4.7)$24.6 Costs of sales and services
Foreign currency contracts6.5 1.7 (19.3)Selling, general and administrative expenses
Interest rate contracts(4.0)(4.2)(2.7)Interest expense
Total before tax$(55.0)$(7.2)$2.6 
19.1 1.7 1.7 Provision for income taxes
Amount included in net income$(35.9)$(5.5)$4.3 
Pension and other postretirement benefits (3):
Amortization of prior service costs$(0.1)$(0.2)$(0.3)Selling, general and administrative expenses
Amortization of unrecognized net actuarial and other gains (losses)(10.9)(10.8)(14.8)Non-operating pension and postretirement charges (income)
Recognized loss due to settlement/curtailment(0.5)(1.0)(0.7)Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes
Total before tax$(11.5)$(12.0)$(15.8)
2.4 2.5 3.3 Provision for income taxes; Discontinued operations, net of income taxes
Amount included in net income$(9.1)$(9.5)$(12.5)
Total reclassifications for the period$(49.2)$(15.0)$(8.2)Amount included in net income
____________________
(1)Amounts in parentheses indicate charges to the consolidated statements of income (loss).
(2)The reclassification of historical cumulative translation adjustments was the result of the exit from our Russian operations. See Note 9 within these consolidated financial statements for more information.
(3)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 15 to the consolidated financial statements included within this Form 10-K. Certain amounts have been adjusted to reflect the change in pension accounting method, as described in Note 1 to the consolidated financial statements included within this Form 10-K.
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Earnings Per Share
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
(in Millions, Except Share and Per Share Data)Year Ended December 31,
202220212020
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes$833.7 $807.8 $580.7 
Discontinued operations, net of income taxes(97.2)(68.2)(28.3)
Net income (loss) attributable to FMC stockholders$736.5 $739.6 $552.4 
Less: Distributed and undistributed earnings allocable to restricted award holders(1.7)(1.8)(1.4)
Net income (loss) allocable to common stockholders$734.8 $737.8 $551.0 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.60 $6.29 $4.48 
Discontinued operations(0.77)(0.53)(0.22)
Net income (loss)$5.83 $5.76 $4.26 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$6.58 $6.26 $4.45 
Discontinued operations(0.77)(0.53)(0.22)
Net income (loss)$5.81 $5.73 $4.23 
Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic125,975 128,403 129,701 
Weighted average additional shares assuming conversion of potential common shares732 743 883 
Shares – diluted basis126,707 129,146 130,584 
v3.22.4
Financial Instruments, Risk Management and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
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 InstrumentValuation Method
Foreign exchange forward contractsEstimated 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 contractsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
DebtOur 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, 2022 and 2021:
December 31, 2022
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal 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 contracts12.4 — 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)
December 31, 2021
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesNot Designated as Hedging InstrumentsTotal Gross Amounts
Gross Amounts Offset in the Consolidated Balance Sheet (3)
Net Amounts
Derivatives
Foreign exchange contracts$35.9 $5.7 $41.6 $(21.9)$19.7 
Interest rate contracts3.7 — 3.7 — 3.7 
Total derivative assets (1)
$39.6 $5.7 $45.3 $(21.9)$23.4 
Foreign exchange contracts$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Total derivative liabilities (2)
$(16.2)$(9.7)$(25.9)$21.9 $(4.0)
Net derivative assets (liabilities)$23.4 $(4.0)$19.4 $— $19.4 
____________________
(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 exchangeInterest rateTotal
Accumulated other comprehensive income (loss), net of tax at December 31, 2019$(1.4)$(63.6)$(65.0)
2020 Activity
Unrealized hedging gains (losses) and other, net of tax$(3.8)$1.3 $(2.5)
Reclassification of deferred hedging (gains) losses, net of tax (1)
(6.4)2.1 (4.3)
Total derivative instrument impact on comprehensive income, net of tax$(10.2)$3.4 $(6.8)
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$(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)
____________________
(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)202220212020
Foreign exchange contracts$(37.2)$(47.7)$(62.9)
Total$(37.2)$(47.7)$(62.9)
____________________
(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, 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 $— 
(in Millions)December 31, 2021
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)
$19.7 $— $19.7 $— 
Derivatives - Interest Rate (1)
3.7 — 3.7 — 
Other (2)
21.1 21.1 — — 
Total Assets$44.5 $21.1 $23.4 $— 
Liabilities
Derivatives – Foreign exchange (1)
$4.0 $— $4.0 $— 
Derivatives - Interest Rate (1)
— — — — 
Other (2)
26.2 26.2 — — 
Total Liabilities$30.2 $26.2 $4.0 $— 
____________________
(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.
v3.22.4
Guarantees, Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Estimated Undiscounted Potential Future Payments for Guarantees
The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at December 31, 2022. These guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
(in Millions)
Guarantees:
Guarantees of vendor financing - short term (1)
$142.0 
Other debt guarantees (2)
14.7 
Total$156.7 
____________________
(1)Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. The short-term amount is recorded as "Guarantees of vendor financing" on the consolidated balance sheets.
(2)These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers and nonconsolidated affiliates. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year.
v3.22.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
For revenue by major geographical region, refer to Note 3 to the consolidated financial statements included within this Form 10-K. The following table provides our long-lived assets by major geographical region:
(in Millions)December 31,
20222021
Long-lived assets (1)
North America (2)
$1,060.7 $1,091.3 
Latin America759.0 742.6 
Europe, Middle East, and Africa (2)
1,684.1 1,499.0 
Asia (2)
2,018.2 2,092.3 
Total$5,522.0 $5,425.2 
____________________
(1)Geographic long-lived assets exclude long-term deferred income taxes.
(2)The countries with long-lived assets in excess of 10 percent of consolidated long-lived assets at December 31, 2022 and 2021 are Singapore, which totaled $1,745.0 million and $1,622.8 million, the U.S., which totaled $1,047.4 million and $1,083.8 million and Denmark, which totaled $1,075.7 million and $1,081.9 million, respectively.
v3.22.4
Supplemental Information (Tables)
 12 Months Ended
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplemental Information
The following tables present details of prepaid and other current assets, other assets including long-term receivables, net, accrued and other liabilities and other long-term liabilities as presented on the consolidated balance sheets:
(in Millions)December 31,
20222021
Prepaid and other current assets
Prepaid insurance$12.6 $12.0 
Tax related items including value added tax receivables172.4 226.2 
Refund asset (1)
36.8 36.4 
Environmental obligation recoveries (Note 12)3.2 2.2 
Derivative assets (Note 19)13.2 23.4 
Acquisition related items— 3.0 
Other prepaid and current assets105.4 128.2 
Total$343.6 $431.4 
(in Millions)December 31,
20222021
Other assets including long-term receivables, net
Non-current receivables (Note 10)$60.8 $57.4 
Advance to contract manufacturers119.4 129.0 
Capitalized software, net133.0 143.8 
Environmental obligation recoveries (Note 12)3.2 2.3 
Beneficial interest in trade receivables securitization (Note 19)19.3 — 
Income taxes indirect benefits21.2 33.4 
Operating lease ROU asset (Note 4)123.8 135.2 
Deferred compensation arrangements (Note 19)22.5 21.1 
Pension and other postretirement benefits (Note 15)22.4 50.4 
Other long-term assets34.9 41.2 
Total$560.5 $613.8 
(1)In accordance with revenue standard requirements, a sales return liability is recognized for the consideration paid by a customer to which FMC does not expect to be entitled, together with a corresponding refund asset to recover the product from the customer. See (2) below.
(in Millions)December 31,
20222021
Accrued and other liabilities
Restructuring reserves (Note 9)$7.6 $10.4 
Dividend payable (Note 17)72.7 66.8 
Accrued payroll99.8 89.8 
Environmental reserves, current, net of recoveries (Note 12)90.1 87.3 
Derivative liabilities (Note 19)17.8 4.0 
Furadan® product exit asset retirement obligations
10.0 10.0 
Unfavorable contracts (1)
— 82.0 
Operating lease current liabilities (Note 4)22.0 23.5 
Other accrued and other liabilities (2)
281.8 257.4 
Total$601.8 $631.2 
(in Millions)December 31,
20222021
Other long-term liabilities
Restructuring reserves (Note 9)$3.0 $4.5 
Asset retirement obligations, long-term (Note 1)6.0 14.2 
Transition tax related to Tax Cuts and Jobs Act (3)
62.6 92.1 
Contingencies related to uncertain tax positions (Note 13)52.4 45.5 
Deferred compensation arrangements (Note 19)23.5 26.2 
Self-insurance reserves (primarily workers' compensation)3.4 6.1 
Lease obligations (Note 4)128.6 140.0 
Reserve for discontinued operations (Note 11)127.2 108.3 
Unfavorable contracts10.1 10.3 
Other long-term liabilities28.6 30.1 
Total$445.4 $477.3 
____________________
(1)The amount presented within accrued and other liabilities represents the technical insecticide product supply agreements with DuPont for use in their retained seed treatment business. The original five-year contract expired during 2022 and has been replaced by a new commercial agreement as such, the unfavorable liability has been fully recognized and reduced to zero. Refer to Note 5 to the consolidated financial statements included within this Form 10-K for more details.
(2)Other accrued and other liabilities includes our estimated liability for sales returns.
(3)Represents noncurrent portion of overall transition tax to be paid over the next three years.
v3.22.4
Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
(in Millions, Except Share and Per Share Data)20222021
1Q2Q3Q4Q1Q2Q3Q4Q
Revenue$1,350.8 $1,452.3 $1,377.2 $1,622.0 $1,195.6 $1,242.0 $1,194.0 $1,413.6 
Gross margin572.7 591.0 477.5 685.6 511.1 530.6 511.5 608.1 
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes303.3 235.9 210.6 394.5 259.4 287.4 215.7 272.0 
Income (loss) from continuing operations226.8 142.0 134.5 335.4 193.2 219.6 171.9 220.6 
Discontinued operations, net of income taxes(15.2)(10.8)(16.2)(55.0)(8.1)(14.6)(9.7)(35.8)
Net income (loss) $211.6 $131.2 $118.3 $280.4 $185.1 $205.0 $162.2 $184.8 
Less: Net income (loss) attributable to noncontrolling interests4.2 (3.0)(2.7)6.5 0.6 0.3 2.5 (5.9)
Net income (loss) attributable to FMC stockholders$207.4 $134.2 $121.0 $273.9 $184.5 $204.7 $159.7 $190.7 
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes$222.6 $145.0 $137.2 $328.9 $192.6 $219.3 $169.4 $226.5 
Discontinued operations, net of income taxes(15.2)(10.8)(16.2)(55.0)(8.1)(14.6)(9.7)(35.8)
Net income (loss)$207.4 $134.2 $121.0 $273.9 $184.5 $204.7 $159.7 $190.7 
Basic earnings (loss) per common share attributable to FMC stockholders (1):
Continuing operations$1.77 $1.15 $1.09 $2.61 $1.48 $1.70 $1.32 $1.79 
Discontinued operations(0.12)(0.09)(0.13)(0.44)(0.06)(0.11)(0.08)(0.28)
Basic net income (loss) per common share$1.65 $1.06 $0.96 $2.17 $1.42 $1.59 $1.24 $1.51 
Diluted earnings (loss) per common share attributable to FMC stockholders (1):
Continuing operations$1.76 $1.15 $1.08 $2.61 $1.48 $1.69 $1.32 $1.78 
Discontinued operations(0.12)(0.09)(0.13)(0.44)(0.06)(0.11)(0.08)(0.28)
Diluted net income (loss) per common share$1.64 $1.06 $0.95 $2.17 $1.42 $1.58 $1.24 $1.50 
Weighted average shares outstanding:
Basic126.1 126.2 126.2 125.6 129.5 129.1 128.3 126.6 
Diluted126.8 126.9 126.9 126.4 130.3 129.9 129.0 127.4 
____________________(1)The sum of quarterly earnings per common share may differ from the full-year amount.
v3.22.4
Principal Accounting Policies and Related Financial Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
class
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Nature of Operations        
Number of major classes of crop protection | class 3      
Trade receivable, net of allowance        
Allowance for trade receivable $ 33.9 $ 37.4 $ 27.9  
Allowance for long-term receivables 44.5 27.7 24.7  
Additions — charged to expense $ (0.5) 21.1 4.7  
Investments        
Maximum ownership percentage for equity method investments (as a percent) 50.00%      
Capitalized Interest        
Capitalized interest costs $ 5.6 3.4 3.5  
Asset Retirement Obligation [Abstract]        
Asset retirement obligation 16.0 24.2    
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2) $ 3,400.9 3,143.7 3,084.2 $ 2,665.6
Percentage of LIFO Inventory (as a percent) 38.00%      
Retained Earnings        
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2) $ 5,555.9 5,092.9 4,604.9 4,286.4
Accumulated Other Comprehensive Income (Loss)        
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2) $ (459.6) $ (325.5) $ (280.7) (405.4)
Cumulative Effect, Period of Adoption, Adjustment        
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2)       104.2
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings        
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2)       97.6
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss)        
Goodwill and Intangible Assets        
Adoption of accounting standards (Note 2)       $ 6.6
Minimum        
Goodwill and Intangible Assets        
Weighted avg. useful life remaining at December 31, 2022 3 years      
Maximum        
Goodwill and Intangible Assets        
Weighted avg. useful life remaining at December 31, 2022 20 years      
Land Improvements        
Property, plant and equipment and capitalized software        
Useful lives (in years) 20 years      
Building | Minimum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 15 years      
Building | Maximum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 40 years      
Machinery and Equipment | Minimum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 3 years      
Machinery and Equipment | Maximum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 18 years      
Software Development | Minimum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 3 years      
Software Development | Maximum        
Property, plant and equipment and capitalized software        
Useful lives (in years) 10 years      
v3.22.4
Principal Accounting Policies and Related Financial Information - Adjusted Income Statement and Comprehensive Income to Apply Adopted Guidance (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]                      
Cost of sales and services                 $ 3,475.5 $ 2,883.9 $ 2,595.4
Gross margin $ 685.6 $ 477.5 $ 591.0 $ 572.7 $ 608.1 $ 511.5 $ 530.6 $ 511.1 2,326.8 2,161.3 2,046.7
Total costs and expenses                 4,658.0 4,010.7 3,745.2
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes 394.5 210.6 235.9 303.3 272.0 215.7 287.4 259.4 1,144.3 1,034.5 896.9
Non-operating pension and postretirement charges (income)                 8.6 5.6 14.7
Income (loss) from continuing operations before income taxes                 983.9 897.8 731.0
Provision (benefit) for income taxes                 145.2 92.5 151.2
Income (loss) from continuing operations 335.4 134.5 142.0 226.8 220.6 171.9 219.6 193.2 838.7 805.3 579.8
Net income (loss) 280.4 118.3 131.2 211.6 184.8 162.2 205.0 185.1 741.5 737.1 551.5
Net income (loss) attributable to FMC stockholders $ 273.9 $ 121.0 $ 134.2 $ 207.4 $ 190.7 $ 159.7 $ 204.7 $ 184.5 $ 736.5 $ 739.6 $ 552.4
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) $ 2.61 $ 1.09 $ 1.15 $ 1.77 $ 1.79 $ 1.32 $ 1.70 $ 1.48 $ 6.60 $ 6.29 $ 4.48
Net income (loss) attributable to FMC stockholders 2.17 0.96 1.06 1.65 1.51 1.24 1.59 1.42 5.83 5.76 4.26
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) 2.61 1.08 1.15 1.76 1.78 1.32 1.69 1.48 6.58 6.26 4.45
Net income (loss) attributable to FMC stockholders (in USD per share) $ 2.17 $ 0.95 $ 1.06 $ 1.64 $ 1.50 $ 1.24 $ 1.58 $ 1.42 $ 5.81 $ 5.73 $ 4.23
Statement of Comprehensive Income [Abstract]                      
Net income (loss) $ 280.4 $ 118.3 $ 131.2 $ 211.6 $ 184.8 $ 162.2 $ 205.0 $ 185.1 $ 741.5 $ 737.1 $ 551.5
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                 (15.7) (17.4) 17.3
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit [1]                 9.1 9.5 12.5
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                 (6.6) (7.9) 29.8
Other comprehensive income (loss), net of tax                 (135.0) (45.3) 125.0
Comprehensive income (loss)                 606.5 691.8 676.5
Comprehensive income (loss) attributable to FMC stockholders                 602.4 694.8 677.1
Unrealized actuarial gains (losses) and prior service (costs) credits, tax                 (1.7) 4.5 (4.7)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, tax [1]                 2.4 2.5 3.3
Total pension and other postretirement benefits, tax                 (1.9) (2.0) 8.0
Combined Effect of Changes                      
Income Statement [Abstract]                      
Income (loss) from continuing operations                   805.3 579.8
Net income (loss)                   737.1 551.5
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                   737.1 551.5
Previously Reported                      
Income Statement [Abstract]                      
Cost of sales and services                 3,475.5 2,873.5 2,590.1
Gross margin                 2,326.8 2,171.7 2,052.0
Total costs and expenses                 4,658.0 4,000.3 3,739.9
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes                 1,144.3 1,044.9 902.2
Non-operating pension and postretirement charges (income)                 16.0 20.0 21.2
Income (loss) from continuing operations before income taxes                 976.5 893.8 729.8
Provision (benefit) for income taxes                 143.6 91.6 150.9
Income (loss) from continuing operations                 832.9 802.2 578.9
Net income (loss)                 735.7 734.0 550.6
Net income (loss) attributable to FMC stockholders                 $ 730.7 $ 736.5 $ 551.5
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                 $ 6.55 $ 6.25 $ 4.46
Net income (loss) attributable to FMC stockholders                 5.78 5.72 4.24
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                 6.53 6.23 4.44
Net income (loss) attributable to FMC stockholders (in USD per share)                 $ 5.76 $ 5.70 $ 4.22
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                 $ 735.7 $ 734.0 $ 550.6
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                 (15.7) (14.5) 18.9
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit                 14.9 17.9 16.0
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                 (0.8) 3.4 34.9
Other comprehensive income (loss), net of tax                 (140.8) (34.0) 130.1
Comprehensive income (loss)                   700.0 680.7
Comprehensive income (loss) attributable to FMC stockholders                 602.4 703.0 681.3
Unrealized actuarial gains (losses) and prior service (costs) credits, tax                 (4.3) 3.8 (5.2)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, tax                 3.5 4.8 4.2
Total pension and other postretirement benefits, tax                 1.8 1.0 9.4
Effect of Change                      
Income Statement [Abstract]                      
Cost of sales and services                 0.0    
Gross margin                 0.0    
Total costs and expenses                 0.0    
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes                 0.0    
Non-operating pension and postretirement charges (income)                 (7.4)    
Income (loss) from continuing operations before income taxes                 7.4    
Provision (benefit) for income taxes                 1.6    
Income (loss) from continuing operations                 5.8    
Net income (loss)                 5.8    
Net income (loss) attributable to FMC stockholders                 $ 5.8    
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                 $ 0.05    
Net income (loss) attributable to FMC stockholders                 0.05    
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                 0.05    
Net income (loss) attributable to FMC stockholders (in USD per share)                 $ 0.05    
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                 $ 5.8    
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                 0.0    
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit                 (5.8)    
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                 (5.8)    
Other comprehensive income (loss), net of tax                 (5.8)    
Comprehensive income (loss)                 0.0    
Comprehensive income (loss) attributable to FMC stockholders                 $ 0.0    
Effect of Change | Combined Effect of Changes                      
Income Statement [Abstract]                      
Cost of sales and services                   10.4 5.3
Gross margin                   (10.4) (5.3)
Total costs and expenses                   10.4 5.3
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes                   (10.4) (5.3)
Non-operating pension and postretirement charges (income)                   (14.4) (6.5)
Income (loss) from continuing operations before income taxes                   4.0 1.2
Provision (benefit) for income taxes                   0.9 0.3
Income (loss) from continuing operations                   3.1 0.9
Net income (loss)                   3.1 0.9
Net income (loss) attributable to FMC stockholders                   $ 3.1 $ 0.9
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   $ 0.03 $ 0.01
Net income (loss) attributable to FMC stockholders                   0.03 0.01
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   0.03 0.01
Net income (loss) attributable to FMC stockholders (in USD per share)                   $ 0.03 $ 0.01
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                   $ 3.1 $ 0.9
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                   (2.9) (1.6)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit                   (8.4) (3.5)
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                   (11.3) (5.1)
Other comprehensive income (loss), net of tax                   (11.3) (5.1)
Comprehensive income (loss)                   (8.2) (4.2)
Comprehensive income (loss) attributable to FMC stockholders                   (8.2) (4.2)
Effect of Change | Effect of FIFO Change                      
Income Statement [Abstract]                      
Cost of sales and services                   10.4 5.3
Gross margin                   (10.4) (5.3)
Total costs and expenses                   10.4 5.3
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes                   (10.4) (5.3)
Non-operating pension and postretirement charges (income)                   0.0 0.0
Income (loss) from continuing operations before income taxes                   (10.4) (5.3)
Provision (benefit) for income taxes                   (2.2) (1.1)
Income (loss) from continuing operations                   (8.2) (4.2)
Net income (loss)                   (8.2) (4.2)
Net income (loss) attributable to FMC stockholders                   $ (8.2) $ (4.2)
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   $ (0.06) $ (0.03)
Net income (loss) attributable to FMC stockholders                   (0.06) (0.03)
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   (0.06) (0.03)
Net income (loss) attributable to FMC stockholders (in USD per share)                   $ (0.06) $ (0.03)
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                   $ (8.2) $ (4.2)
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                   0.0 0.0
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit                   0.0 0.0
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                   0.0 0.0
Other comprehensive income (loss), net of tax                   0.0 0.0
Comprehensive income (loss)                   (8.2) (4.2)
Comprehensive income (loss) attributable to FMC stockholders                   (8.2) (4.2)
Effect of Change | Effect of Pension Change                      
Income Statement [Abstract]                      
Cost of sales and services                   0.0 0.0
Gross margin                   0.0 0.0
Total costs and expenses                   0.0 0.0
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes                   0.0 0.0
Non-operating pension and postretirement charges (income)                   (14.4) (6.5)
Income (loss) from continuing operations before income taxes                   14.4 6.5
Provision (benefit) for income taxes                   3.1 1.4
Income (loss) from continuing operations                   11.3 5.1
Net income (loss)                   11.3 5.1
Net income (loss) attributable to FMC stockholders                   $ 11.3 $ 5.1
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   $ 0.09 $ 0.04
Net income (loss) attributable to FMC stockholders                   0.09 0.04
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share)                   0.09 0.04
Net income (loss) attributable to FMC stockholders (in USD per share)                   $ 0.09 $ 0.04
Statement of Comprehensive Income [Abstract]                      
Net income (loss)                   $ 11.3 $ 5.1
Pension and other postretirement benefits:                      
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit)                   (2.9) (1.6)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit                   (8.4) (3.5)
Total pension and other postretirement benefits, net of tax of $(1.9), $(2.0) and $8.0                   (11.3) (5.1)
Other comprehensive income (loss), net of tax                   (11.3) (5.1)
Comprehensive income (loss)                   0.0 0.0
Comprehensive income (loss) attributable to FMC stockholders                   $ 0.0 $ 0.0
[1] For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 to the consolidated financial statements included within this Form 10-K for further details.
v3.22.4
Principal Accounting Policies and Related Financial Information - Adjusted Balance Sheet to Apply Adopted Guidance (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories $ 1,651.6 $ 1,521.9    
Total current assets 5,438.6 5,053.8    
Deferred income taxes 210.7 194.1    
TOTAL ASSETS 11,171.3 10,673.1    
Retained earnings 5,555.9 5,092.9    
Accumulated other comprehensive income (loss) (459.6) (325.5)    
Total FMC stockholders’ equity 3,377.9 3,124.3    
Adoption of accounting standards (Note 2) 3,400.9 3,143.7 $ 3,084.2 $ 2,665.6
TOTAL LIABILITIES AND EQUITY 11,171.3 10,673.1    
Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Accumulated other comprehensive income (loss) (459.6)      
Adoption of accounting standards (Note 2) (459.6) (325.5) (280.7) (405.4)
Previously Reported        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories 1,535.4 1,405.7    
Total current assets 5,322.4 4,937.6    
Deferred income taxes 235.1 218.5    
TOTAL ASSETS 11,079.5 10,581.3    
Retained earnings 5,448.5 4,991.3    
Accumulated other comprehensive income (loss) (444.0) (315.7)    
Total FMC stockholders’ equity 3,286.1 3,032.5    
Adoption of accounting standards (Note 2) 3,309.1 3,051.9 2,984.2 2,561.4
TOTAL LIABILITIES AND EQUITY 11,079.5 10,581.3    
Previously Reported | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Adoption of accounting standards (Note 2)   (315.7) (282.2) (412.0)
Effect of Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories 116.2      
Total current assets 116.2      
Deferred income taxes (24.4)      
TOTAL ASSETS 91.8      
Retained earnings 107.4      
Accumulated other comprehensive income (loss) (15.6)      
Total FMC stockholders’ equity 91.8      
Adoption of accounting standards (Note 2) 91.8      
TOTAL LIABILITIES AND EQUITY 91.8      
Effect of Change | Combined Effect of Changes        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories   116.2    
Total current assets   116.2    
Deferred income taxes   (24.4)    
TOTAL ASSETS   91.8    
Retained earnings   101.6    
Accumulated other comprehensive income (loss)   (9.8)    
Total FMC stockholders’ equity   91.8    
Adoption of accounting standards (Note 2) 91.8 91.8 100.0 104.2
TOTAL LIABILITIES AND EQUITY   91.8    
Effect of Change | Combined Effect of Changes | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Adoption of accounting standards (Note 2) $ (15.6) (9.8) 1.5 6.6
Effect of Change | Effect of FIFO Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories   116.2    
Total current assets   116.2    
Deferred income taxes   (24.4)    
TOTAL ASSETS   91.8    
Retained earnings   91.8    
Accumulated other comprehensive income (loss)   0.0    
Total FMC stockholders’ equity   91.8    
Adoption of accounting standards (Note 2)   91.8 100.0 104.2
TOTAL LIABILITIES AND EQUITY   91.8    
Effect of Change | Effect of FIFO Change | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Adoption of accounting standards (Note 2)   0.0 0.0 0.0
Effect of Change | Effect of Pension Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventories   0.0    
Total current assets   0.0    
Deferred income taxes   0.0    
TOTAL ASSETS   0.0    
Retained earnings   9.8    
Accumulated other comprehensive income (loss)   (9.8)    
Total FMC stockholders’ equity   0.0    
Adoption of accounting standards (Note 2)   0.0 0.0 0.0
TOTAL LIABILITIES AND EQUITY   0.0    
Effect of Change | Effect of Pension Change | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Adoption of accounting standards (Note 2)   $ (9.8) $ 1.5 $ 6.6
v3.22.4
Principal Accounting Policies and Related Financial Information - Adjusted Cash Flows to Apply Adopted Guidance (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss) $ 280.4 $ 118.3 $ 131.2 $ 211.6 $ 184.8 $ 162.2 $ 205.0 $ 185.1 $ 741.5 $ 737.1 $ 551.5
Income (loss) from continuing operations $ 335.4 $ 134.5 $ 142.0 $ 226.8 $ 220.6 $ 171.9 $ 219.6 $ 193.2 838.7 805.3 579.8
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                 (52.7) 10.6 33.9
Pension and other postretirement benefits                 12.5 10.5 19.3
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                 (182.3) (320.7) (54.4)
Net cash provided (required) by operating activities of continuing operations                 660.0 898.6 736.8
Combined Effect of Changes                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                   737.1 551.5
Income (loss) from continuing operations                   805.3 579.8
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                   10.6 33.9
Pension and other postretirement benefits                   10.5 19.3
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                   (320.7) (54.4)
Net cash provided (required) by operating activities of continuing operations                   898.6 736.8
Previously Reported                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                 735.7 734.0 550.6
Income (loss) from continuing operations                 832.9 802.2 578.9
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                 (54.3) 9.7 33.6
Pension and other postretirement benefits                 19.9 24.9 25.8
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                 (182.3) (331.1) (59.7)
Net cash provided (required) by operating activities of continuing operations                 660.0 898.6 736.8
Effect of Change                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                 5.8    
Income (loss) from continuing operations                 5.8    
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                 1.6    
Pension and other postretirement benefits                 (7.4)    
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                 0.0    
Net cash provided (required) by operating activities of continuing operations                 $ 0.0    
Effect of Change | Combined Effect of Changes                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                   3.1 0.9
Income (loss) from continuing operations                   3.1 0.9
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                   0.9 0.3
Pension and other postretirement benefits                   (14.4) (6.5)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                   10.4 5.3
Net cash provided (required) by operating activities of continuing operations                   0.0 0.0
Effect of Change | Effect of FIFO Change                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                   (8.2) (4.2)
Income (loss) from continuing operations                   (8.2) (4.2)
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                   (2.2) (1.1)
Pension and other postretirement benefits                   0.0 0.0
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                   10.4 5.3
Net cash provided (required) by operating activities of continuing operations                   0.0 0.0
Effect of Change | Effect of Pension Change                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income (loss)                   11.3 5.1
Income (loss) from continuing operations                   11.3 5.1
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:                      
Deferred income taxes                   3.1 1.4
Pension and other postretirement benefits                   (14.4) (6.5)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:                      
Inventories                   0.0 0.0
Net cash provided (required) by operating activities of continuing operations                   $ 0.0 $ 0.0
v3.22.4
Principal Accounting Policies and Related Financial Information - Adjusted Changes in Equity to Apply Adopted Guidance (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity $ 3,400.9 $ 3,143.7 $ 3,084.2 $ 2,665.6
Accumulated other comprehensive income (loss) (459.6) (325.5)    
Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 5,555.9 5,092.9 4,604.9 4,286.4
Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity (459.6) (325.5) (280.7) (405.4)
Accumulated other comprehensive income (loss) (459.6)      
Previously Reported        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 3,309.1 3,051.9 2,984.2 2,561.4
Accumulated other comprehensive income (loss) (444.0) (315.7)    
Previously Reported | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   4,991.3 4,506.4 4,188.8
Previously Reported | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   (315.7) (282.2) (412.0)
Effect of Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 91.8      
Accumulated other comprehensive income (loss) (15.6)      
Effect of Change | Combined Effect of Changes        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 91.8 91.8 100.0 104.2
Accumulated other comprehensive income (loss)   (9.8)    
Effect of Change | Combined Effect of Changes | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 107.4 101.6 98.5 97.6
Effect of Change | Combined Effect of Changes | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity (15.6) (9.8) 1.5 6.6
Effect of Change | Effect of FIFO Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   91.8 100.0 104.2
Accumulated other comprehensive income (loss)   0.0    
Effect of Change | Effect of FIFO Change | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   91.8 100.0 104.2
Effect of Change | Effect of FIFO Change | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   0.0 0.0 0.0
Effect of Change | Effect of Pension Change        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   0.0 0.0 0.0
Accumulated other comprehensive income (loss)   (9.8)    
Effect of Change | Effect of Pension Change | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   9.8 (1.5) (6.6)
Effect of Change | Effect of Pension Change | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   $ (9.8) $ 1.5 $ 6.6
Effect of Change | As computed under LIFO and Pension deferred MRVA Method        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 3,309.1      
Effect of Change | As computed under LIFO and Pension deferred MRVA Method | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity 5,448.5      
Effect of Change | As computed under LIFO and Pension deferred MRVA Method | Accumulated Other Comprehensive Income (Loss)        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity $ (444.0)      
v3.22.4
Revenue Recognition - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
product
productClass
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Disaggregation of Revenue [Line Items]      
Number of product classes | productClass 3    
Maximum payment term (in years) 360 days    
Period between delivery and receipt of payment (in years) 1 year    
Contract with customer, liability $ 680.5 $ 630.7  
Expected maximum duration of contract 1 year    
Tolling services period (in years) 5 years    
Service arrangement, payment period (in days) 30 days    
Amortization period (in years) 1 year    
Transfer period, adjustment threshold (in years) 1 year    
Remaining performance obligation, contract period, disclosure threshold (in years) 1 year    
DuPont      
Disaggregation of Revenue [Line Items]      
Supply agreement term (in years) 5 years    
Revenue recognized $ 82.0 $ 103.0 $ 111.0
Minimum      
Disaggregation of Revenue [Line Items]      
Contract payment term (in years) 30 days    
Maximum      
Disaggregation of Revenue [Line Items]      
Contract payment term (in years) 90 days    
FMC Agricultural Solutions      
Disaggregation of Revenue [Line Items]      
Number of product categories | product 3    
v3.22.4
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]                      
Revenue $ 1,622.0 $ 1,377.2 $ 1,452.3 $ 1,350.8 $ 1,413.6 $ 1,194.0 $ 1,242.0 $ 1,195.6 $ 5,802.3 $ 5,045.2 $ 4,642.1
North America                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,435.8 1,117.2 1,032.5
Latin America                      
Disaggregation of Revenue [Line Items]                      
Revenue                 2,088.2 1,633.4 1,456.5
Europe, Middle East & Africa                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,039.7 1,040.0 1,046.3
Asia                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,238.6 1,254.6 1,106.8
U.S.                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,288.8 1,018.1 941.2
Brazil                      
Disaggregation of Revenue [Line Items]                      
Revenue                 $ 1,621.1 $ 1,224.4 $ 1,083.4
v3.22.4
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]                      
Revenue $ 1,622.0 $ 1,377.2 $ 1,452.3 $ 1,350.8 $ 1,413.6 $ 1,194.0 $ 1,242.0 $ 1,195.6 $ 5,802.3 $ 5,045.2 $ 4,642.1
Insecticides                      
Disaggregation of Revenue [Line Items]                      
Revenue                 3,346.6 3,020.0 2,836.8
Herbicides                      
Disaggregation of Revenue [Line Items]                      
Revenue                 1,651.6 1,375.3 1,187.2
Fungicides                      
Disaggregation of Revenue [Line Items]                      
Revenue                 383.9 325.5 275.5
Plant Health                      
Disaggregation of Revenue [Line Items]                      
Revenue                 234.1 216.8 180.2
Other                      
Disaggregation of Revenue [Line Items]                      
Revenue                 $ 186.1 $ 107.6 $ 162.4
v3.22.4
Revenue Recognition - Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Receivables from contracts with customers, net of allowances $ 2,932.2 $ 2,641.1
Increase (decrease) in receivables 291.1  
Contract liabilities: Advance payments from customers 680.5 $ 630.7
Increase (decrease) in liabilities $ 49.8  
v3.22.4
Leases - Narrative (Details)
Dec. 31, 2022
Minimum  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Minimum | Real Estate Properties  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Minimum | Non-Real Estate Properties  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease term 20 years
Maximum | Real Estate Properties  
Lessee, Lease, Description [Line Items]  
Lease term 20 years
Maximum | Non-Real Estate Properties  
Lessee, Lease, Description [Line Items]  
Lease term 10 years
v3.22.4
Leases - Asset and Lease Liability (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Operating lease ROU assets $ 123.8 $ 135.2
Liabilities    
Operating lease current liabilities 22.0 23.5
Operating lease noncurrent liabilities $ 128.6 $ 140.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets including long-term receivables, net Other assets including long-term receivables, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued and other liabilities Accrued and other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
v3.22.4
Leases - Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Operating lease cost $ 32.9 $ 33.9 $ 39.5
Variable lease cost 6.3 4.7 4.7
Total lease cost $ 39.2 $ 38.6 $ 44.2
v3.22.4
Leases - Operating Lease Term and Discount Rate (Details)
Dec. 31, 2022
Operating Lease Term and Discount Rate  
Weighted-average remaining lease term (years) 8 years 4 months 24 days
Weighted-average discount rate 4.10%
v3.22.4
Leases - Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ (33.9) $ (33.1)
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:    
Right-of-use assets obtained in exchange for new operating lease liabilities $ 20.1 $ 18.4
v3.22.4
Leases - Future Minimum Lease Payments (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Maturity of Lease Liabilities  
2023 $ 27.3
2024 22.5
2025 20.4
2026 18.8
2027 17.9
Thereafter 74.0
Total undiscounted lease payments 180.9
Less: Present value adjustment (30.3)
Present value of lease liabilities $ 150.6
v3.22.4
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 19, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
DuPont        
Business Acquisition [Line Items]        
Supply agreement term (in years)   5 years    
Revenue recognized   $ 82.0 $ 103.0 $ 111.0
BioPhero        
Business Acquisition [Line Items]        
Purchase price $ 193.0      
v3.22.4
Acquisitions - Acquisition-related and Restructuring Charges (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring charges        
Restructuring charges (income)   $ (26.1) $ 41.1 $ 42.6
Proceeds from land disposition $ 50.5 50.5 0.0 0.0
DuPont Crop Restructuring        
Restructuring charges        
Restructuring charges (income)   (48.7) 16.7 40.2
Proceeds from land disposition   50.5    
DuPont        
DuPont Crop Protection Business Acquisition        
Acquisition-related costs   0.0 0.4 53.3
DuPont | Legal and Professional Fees        
DuPont Crop Protection Business Acquisition        
Acquisition-related costs   $ 0.0 $ 0.4 $ 53.3
v3.22.4
Acquisitions - Summary of Assets and Liabilities Acquired (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Jul. 19, 2022
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets, Gross [Abstract]          
Goodwill     $ 1,589.3 $ 1,463.3 $ 1,468.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities [Abstract]          
Payments to Acquire Businesses, Net of Cash Acquired [1]     $ 198.2 $ 5.2 $ 65.6
Developed Technology          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities [Abstract]          
Weighted avg. useful life remaining at December 31, 2022     13 years    
BioPhero          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents $ 10.0        
Finite-Lived Intangible Assets, Gross [Abstract]          
Goodwill 130.7        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other 3.4        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Including Goodwill 220.9        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities [Abstract]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities 16.6        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other 1.1        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total 17.7        
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total 203.2        
Payments to Acquire Businesses, Net of Cash Acquired   $ 193.2      
BioPhero | Developed Technology          
Finite-Lived Intangible Assets, Gross [Abstract]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 66.3        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities [Abstract]          
Weighted avg. useful life remaining at December 31, 2022 15 years        
BioPhero | In Process Research and Development          
Finite-Lived Intangible Assets, Gross [Abstract]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 10.5        
[1] In 2022, the purchase price of Biophero of approximately $193 million was primarily paid at closing on July 19, 2022. For additional detail on this transaction, see Note 9 to our consolidated financial statements included within this Form 10-K. The acquisitions, net amount in 2020 represents payments made on October 2, 2020 to acquire the remaining rights for Fluindapyr from Isagro S.p.A ("Isagro") in an asset acquisition.(4)During December 2022, we finalized a land transfer agreement with the Shanghai Municipal People's Government. We received cash proceeds of $50.5 million for the land transfer. For additional detail on this transaction, see Note 9 to our consolidated financial statements included within this Form 10-K.
v3.22.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Balance at beginning of period $ 1,463.3 $ 1,468.9
Acquisitions 130.7  
Foreign currency and other adjustments (4.7) (5.6)
Balance at end of period $ 1,589.3 $ 1,463.3
v3.22.4
Goodwill and Intangible Assets - Narrative (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, impairment loss $ 0
v3.22.4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Intangible assets subject to amortization (finite life)    
Gross $ 1,275.9 $ 1,228.5
Accumulated Amortization (407.9) (354.9)
Net 868.0 873.6
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 1,640.1 1,648.3
Finite and Indefinite lived intangible assets, gross 2,916.0 2,876.8
Total Accumulated Amortization (407.9) (354.9)
Total intangible assets $ 2,508.1 2,521.9
Maximum    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 20 years  
Crop Protection Brands    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 1,259.0 1,259.1
Brands    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 370.1 389.2
In Process Research and Development    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 11.0 0.0
Customer relationships    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 14 years  
Gross $ 1,127.9 1,147.1
Accumulated Amortization (351.3) (301.3)
Net 776.6 845.8
Indefinite-lived Intangible Assets [Line Items]    
Total Accumulated Amortization $ (351.3) (301.3)
Patents    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 4 years  
Gross $ 1.7 1.8
Accumulated Amortization (1.4) (1.3)
Net 0.3 0.5
Indefinite-lived Intangible Assets [Line Items]    
Total Accumulated Amortization $ (1.4) (1.3)
Brands    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 7 years  
Gross $ 16.1 17.1
Accumulated Amortization (10.6) (9.9)
Net 5.5 7.2
Indefinite-lived Intangible Assets [Line Items]    
Total Accumulated Amortization $ (10.6) (9.9)
Purchased and licensed technologies    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 13 years  
Gross $ 128.4 60.2
Accumulated Amortization (42.9) (40.7)
Net 85.5 19.5
Indefinite-lived Intangible Assets [Line Items]    
Total Accumulated Amortization $ (42.9) (40.7)
Other intangibles    
Intangible assets subject to amortization (finite life)    
Weighted avg. useful life remaining at December 31, 2022 1 year  
Gross $ 1.8 2.3
Accumulated Amortization (1.7) (1.7)
Net 0.1 0.6
Indefinite-lived Intangible Assets [Line Items]    
Total Accumulated Amortization $ (1.7) $ (1.7)
v3.22.4
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 60.6 $ 62.7 $ 61.9
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2022 60.9    
2023 59.8    
2024 64.1    
2025 66.1    
2026 $ 65.7    
v3.22.4
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Inventories:    
Finished goods $ 577.5 $ 559.2
Work in process 807.4 730.8
Raw materials, supplies and other 266.7 231.9
Inventories $ 1,651.6 $ 1,521.9
v3.22.4
Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]      
Land and land improvements $ 103.6 $ 103.8  
Buildings and building equipment 522.9 528.4  
Machinery and equipment 613.1 551.4  
Construction in progress 175.9 145.9  
Total cost 1,415.5 1,329.5  
Accumulated depreciation (565.9) (512.5)  
Property, plant and equipment, net 849.6 817.0  
Depreciation $ 71.1 $ 70.8 $ 71.5
v3.22.4
Restructuring and Other Charges (Income) - Restructuring Charges in Consolidated Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]      
Restructuring charges (income) $ (26.1) $ 41.1 $ 42.6
Other charges (income), net 119.2 66.9 89.6
Total restructuring and other charges (income) $ 93.1 $ 108.0 $ 132.2
v3.22.4
Restructuring and Other Charges (Income) - Restructuring Charges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring Charges [Abstract]      
Severance and Employee Benefits $ 5.9 $ 12.7 $ 12.0
Other Charges (Income) (43.2) 10.3 3.8
Asset Disposal Charges 11.2 18.1 26.8
Total (26.1) 41.1 42.6
DuPont Crop restructuring      
Restructuring Charges [Abstract]      
Severance and Employee Benefits 0.0 1.2 9.2
Other Charges (Income) (49.9) 4.5 3.8
Asset Disposal Charges 1.2 11.0 27.2
Total (48.7) 16.7 40.2
Regional Realignment      
Restructuring Charges [Abstract]      
Severance and Employee Benefits 3.8 5.5  
Other Charges (Income) 4.1 5.3  
Asset Disposal Charges 0.0 0.2  
Total 7.9 11.0  
Other items      
Restructuring Charges [Abstract]      
Severance and Employee Benefits 2.1 6.0 2.8
Other Charges (Income) 2.6 0.5 0.0
Asset Disposal Charges 10.0 6.9 (0.4)
Total $ 14.7 $ 13.4 $ 2.4
v3.22.4
Restructuring and Other Charges (Income) - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 02, 2020
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]          
Restructuring charges (income)     $ (26.1) $ 41.1 $ 42.6
Proceeds from land disposition   $ 50.5 50.5 0.0 0.0
Exit from Russian Operations     76.8 0.0 0.0
Stranded cash     7.0    
Indirect Tax Matters          
Restructuring Cost and Reserve [Line Items]          
Loss contingency reserves   $ 33.5 33.5 33.5  
Isagro          
Restructuring Cost and Reserve [Line Items]          
Asset sale and purchase agreement, purchase price $ 65.0        
Asset sale and purchase agreement, charges         65.6
DuPont Crop Restructuring          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges (income)     (48.7) $ 16.7 $ 40.2
Proceeds from land disposition     $ 50.5    
v3.22.4
Restructuring and Other Charges (Income) - Rollforward of Restructuring Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 14.9 $ 16.4
Changes in reserves 13.2 23.0
Cash payments (18.2) (24.3)
Other 0.7 (0.2)
Restructuring reserve, ending balance 10.6 14.9
Asset retirement obligation 16.0 24.2
DuPont Crop Restructuring    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 8.6 13.6
Changes in reserves 0.6 5.7
Cash payments (4.7) (10.5)
Other 0.5 (0.2)
Restructuring reserve, ending balance 5.0 8.6
Regional realignment (2)    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 4.0 0.0
Changes in reserves 7.9 10.8
Cash payments (9.3) (6.8)
Other 0.4 0.0
Restructuring reserve, ending balance 3.0 4.0
Other workforce related and facility shutdowns    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 2.3 2.8
Changes in reserves 4.7 6.5
Cash payments (4.2) (7.0)
Other (0.2) 0.0
Restructuring reserve, ending balance 2.6 2.3
Furadan product exit    
Restructuring Reserve [Roll Forward]    
Asset retirement obligation $ 10.0 $ 6.0
v3.22.4
Restructuring and Other Charges (Income) - Other Charges (Income), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]      
Environmental charges, net $ 34.7 $ 27.1 $ 24.9
Isagro Fluindapyr Acquisition 0.0 0.0 65.6
Exit from Russian Operations 76.8 0.0 0.0
Other items, net 7.7 39.8 (0.9)
Other charges (income), net $ 119.2 $ 66.9 $ 89.6
v3.22.4
Receivables - Allowance for Doubtful Trade Receivables and Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]    
Allowance for trade receivables, beginning balance $ 37.4 $ 27.9
Additions — charged (credited) to expense 0.7 17.2
Transfer from (to) allowance for credit losses 0.5 (0.6)
Net recoveries, write-offs and other (4.7) (7.1)
Allowance for trade receivables, ending balance 33.9 37.4
Long term customer receivables 60.8 57.4
Allowance for long term customer receivables [Roll Forward]    
Allowance for long term customer receivables, beginning 27.7 24.7
Additions — charged (credited) to expense (1.2) 3.9
Transfer from (to) allowance for doubtful accounts (0.5) 0.6
Foreign currency adjustments 8.1 (1.5)
Net recoveries, write-offs and other 10.4 0.0
Allowance for long term customer receivables, ending $ 44.5 $ 27.7
v3.22.4
Receivables - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Receivables [Abstract]          
Long term customer receivables $ 60.8   $ 60.8 $ 57.4  
Trade receivables transferred to the fund     105.0    
Transfer charge $ 11.0        
Trade receivables, net   $ 75.0 $ (443.9) $ (241.1) $ (71.8)
Sale of trade receivable classified as noncash investing activity   $ 19.0      
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Selling, general and administrative expenses Selling, general and administrative expenses  
Nonrecourse factoring     $ 58.0    
v3.22.4
Discontinued Operations - Components of Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Restructuring and other charges (income) $ (55.0) $ (16.2) $ (10.8) $ (15.2) $ (35.8) $ (9.7) $ (14.6) $ (8.1) $ (97.2) $ (68.2) $ (28.3)
Adjustment for workers' compensation, product liability, and other postretirement benefits and other, tax                 (2.5) (10.2) (3.7)
Provision for environmental liabilities, net of recoveries, tax                 13.8 8.2 6.0
Provision for legal reserves and expenses, net of recoveries, tax                 10.5 12.2 7.6
Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense)                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Restructuring and other charges (income)                 (3.9) (8.3) 1.0
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense)                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Restructuring and other charges (income)                 (53.8) (29.7) (24.1)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense)                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Restructuring and other charges (income)                 (39.5) (45.6) (28.9)
Discontinued Real Estate                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Restructuring and other charges (income)                 0.0 15.4 23.7
Discontinued operations, tax                 $ 0.0 $ (4.1) $ (6.3)
v3.22.4
Discontinued Operations - Reserves for Discontinued Operations (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Workers' compensation, product liability, and indemnification reserves $ 3.4 $ 6.1
Reserve for discontinued operations 127.2 108.3
Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Workers' compensation, product liability, and indemnification reserves 8.0 10.2
Postretirement medical and life insurance benefits reserve, net 4.7 4.7
Reserves for legal proceedings 114.5 93.4
Reserve for discontinued operations $ 127.2 $ 108.3
v3.22.4
Discontinued Operations - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net pretax actuarial gain and prior service credit $ 2.9 $ 3.6  
After-tax actuarial gain and prior service credit 1.7 2.2  
Payments of other discontinued reserves 30.6 21.0 $ 29.9
Workers’ compensation, product liability, and indemnification reserves      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Payments of other discontinued reserves 2.4 1.6 1.0
Postretirement medical and life insurance benefits reserve, net      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Payments of other discontinued reserves 0.3 0.4 0.5
Reserves for legal proceedings      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Payments of other discontinued reserves $ 27.9 $ 19.0 $ 28.4
v3.22.4
Environmental Obligations - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
site
operable_unit
party
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 1998
USD ($)
Dec. 31, 2019
USD ($)
Environmental Exit Cost [Line Items]          
Environmental reserves, excluding recoveries $ 543.1 $ 514.6      
Environmental loss contingencies, net of expected recoveries, in excess of accrual 200.0        
Accrual for environmental loss contingencies 529.2 503.2 $ 564.4   $ 585.8
Charges to expense for new losses 104.8 65.8 53.2    
Payments for attorney fees and unpaid permit fees $ 74.5 121.8 $ 81.1    
Number of operable units evaluated and proposed for CMAs | operable_unit 6        
Non-judicial process, parties involved | party 100        
Number of sites FMC is named as a potentially responsible party | site 28        
Number of sites FMC may be a potentially responsible party or equivalent | site 47        
Middleport Litigation          
Environmental Exit Cost [Line Items]          
Settlement payment $ 11.7 14.2      
Pending Litigation | Middleport Litigation          
Environmental Exit Cost [Line Items]          
Operable units | operable_unit 11        
Cash outflow, maximum, after year 2021 $ 10.0        
Pocatello          
Environmental Exit Cost [Line Items]          
Accrual for environmental loss contingencies 75.8 79.3      
Tribal permit fee       $ 1.5  
Charges to expense for new losses $ 31.5        
Discount rate 4.14%        
Estimated year three fees $ 1.5        
Expected aggregate undiscounted fees 75.0        
Middleport          
Environmental Exit Cost [Line Items]          
Accrual for environmental loss contingencies $ 108.2 $ 114.5      
v3.22.4
Environmental Obligations - Environmental Reserve Rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accrual for Environmental Loss Contingencies [Roll Forward]      
Total environmental reserves, net of recoveries beginning of period $ 503.2 $ 564.4 $ 585.8
Provision 104.8 65.8 53.2
Spending, net of recoveries (74.5) (121.8) (81.1)
Foreign currency translation adjustments (4.3) (5.2) 6.5
Net Change 26.0 (61.2) (21.4)
Total environmental reserves, net of recoveries end of period $ 529.2 $ 503.2 $ 564.4
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Environmental liabilities, continuing and discontinued Environmental liabilities, continuing and discontinued Environmental liabilities, continuing and discontinued
v3.22.4
Environmental Obligations - Recoveries and Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Recorded Recoveries [Roll Forward]        
Beginning balance $ 15.9 $ 14.7    
Increase (Decrease) in Recoveries 5.0 2.6    
Cash Received (0.6) (1.4)    
Ending balance 20.3 15.9 $ 14.7  
Accrual for Environmental Loss Contingencies [Roll Forward]        
Environmental reserves, current, net of recoveries 90.1 87.3    
Environmental reserves, long-term continuing and discontinued, net of recoveries 439.1 415.9    
Total environmental reserves, net of recoveries 529.2 503.2 564.4 $ 585.8
Net Environmental Provisions [Abstract]        
Continuing operations 34.7 27.1 24.9  
Discontinued operations 67.6 37.9 30.1  
Net environmental provision 102.3 65.0 55.0  
Net Environmental Provisions, Assets and Liabilities [Abstract]        
Environmental reserves 104.8 65.8 53.2  
Other assets (2.5) (0.8) 1.8  
Net environmental provision 102.3 65.0 55.0  
Other Assets Including Long-term Receivables, Net        
Recorded Recoveries [Roll Forward]        
Beginning balance 11.4 10.3    
Increase (Decrease) in Recoveries 2.5 1.8    
Cash Received 0.0 (0.7)    
Ending balance 13.9 11.4 10.3  
Other assets        
Recorded Recoveries [Roll Forward]        
Beginning balance 4.5 4.4    
Increase (Decrease) in Recoveries 2.5 0.8    
Cash Received (0.6) (0.7)    
Ending balance $ 6.4 $ 4.5 $ 4.4  
v3.22.4
Income Taxes - Domestic and Foreign Income Tax Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Domestic $ (89.6) $ (57.5) $ (35.3)
Foreign 1,073.5 955.3 766.3
Income (loss) from continuing operations before income taxes $ 983.9 $ 897.8 $ 731.0
v3.22.4
Income Taxes - Provision (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current:      
Federal $ 45.7 $ (15.1) $ 24.9
Foreign 152.1 96.6 91.7
State 0.1 0.4 0.7
Total current 197.9 81.9 117.3
Deferred:      
Federal (28.6) 18.4 15.3
Foreign (27.4) (7.1) 7.7
State 3.3 (0.7) 10.9
Total deferred (52.7) 10.6 33.9
Total $ 145.2 $ 92.5 $ 151.2
v3.22.4
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
U.S. Federal statutory rate $ 206.6 $ 188.6 $ 153.6
Foreign earnings subject to different tax rates (152.7) (182.4) (127.6)
State and local income taxes, less federal income tax benefit 5.5 7.6 2.7
Research and development and miscellaneous tax credits (5.7) (8.6) (6.2)
Tax on dividends, deemed dividends, and GILTI 24.6 44.5 46.5
Changes to unrecognized tax benefits 10.5 (28.7) 5.8
Nondeductible expenses 19.6 11.5 5.5
Change in valuation allowance 71.3 84.7 52.1
Exchange gains and losses (12.0) (8.6) (2.1)
Other (22.5) (16.1) 20.9
Total 145.2 92.5 151.2
Tax expense associated with GILTI provision 17.8 36.2 40.7
Operating Loss Carryforwards [Line Items]      
Change in valuation allowance 71.3 84.7 $ 52.1
Foreign Tax Authority      
Operating Loss Carryforwards [Line Items]      
Decrease related to deferred tax liabilities $ 39.7 $ 37.1  
v3.22.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Reserves for discontinued operations, environmental and restructuring $ 121.4 $ 107.5
Accrued pension and other postretirement benefits 9.6 5.8
Capital loss, foreign tax and other credit carryforwards 3.5 11.1
Net operating loss carryforwards 315.2 294.5
Deferred expenditures capitalized for tax 71.3 41.1
Other accruals and reserves 219.3 192.3
Deferred tax assets 740.3 652.3
Valuation allowance, net (457.6) (398.7)
Deferred tax assets, net of valuation allowance 282.7 253.6
Intangibles, Property, plant and equipment, and Investments, net 393.5 401.9
Deferred tax liabilities 393.5 401.9
Net deferred tax assets (liabilities) $ (110.8) $ (148.3)
v3.22.4
Income Taxes - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
jurisdiction
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating Loss Carryforwards [Line Items]        
Number of significant foreign jurisdictions | jurisdiction 10      
Unrecognized tax benefits $ 46.1 $ 41.9 $ 76.2 $ 68.2
Unrecognized tax benefits that would impact effective tax rate 29.5 23.6    
Interest and penalties recognized 2.6 (4.5) $ (1.5)  
Interest and penalties accrued 12.0 9.4    
Tax credit carryforward 3.5      
Tax from earnings in foreign country   $ 1.6    
Minimum        
Operating Loss Carryforwards [Line Items]        
Possible decrease in unrecognized tax benefits 1.2      
Maximum        
Operating Loss Carryforwards [Line Items]        
Possible decrease in unrecognized tax benefits 20.7      
U.S. State        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 22.3      
Foreign Tax Authority        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards $ 292.9      
v3.22.4
Income Taxes - Uncertain Income Tax Positions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 41.9 $ 76.2 $ 68.2
Increases related to positions taken in the current year 4.8 2.4 1.1
Increases and decreases related to positions taken in prior years 2.9   25.7
Increases and decreases related to positions taken in prior years   (26.4)  
Decreases related to lapse of statutes of limitations (3.5) (10.3) (18.8)
Settlements during the current year 0.0 0.0 0.0
Decreases for tax positions on dispositions 0.0 0.0 0.0
Balance at end of year 46.1 41.9 76.2
Offsetting non-current deferred tax asset $ 12.8 $ 14.4 $ 27.4
v3.22.4
Debt - Maturing within One Year (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Short-term Debt [Line Items]    
Short-term foreign debt $ 81,800,000 $ 112,200,000
Commercial paper 370,500,000 244,100,000
Total short-term debt 452,300,000 356,300,000
Current portion of long-term debt 88,500,000 84,500,000
Total Short-term debt and current portion of long-term debt 540,800,000 $ 440,800,000
Line of Credit    
Short-term Debt [Line Items]    
Maximum borrowing capacity $ 2,750,000,000  
Short-term Foreign Debt    
Short-term Debt [Line Items]    
Weighted average interest rates for short-term debt outstanding at year-end (as a percent) 16.70%  
Commercial Paper    
Short-term Debt [Line Items]    
Weighted average interest rates for short-term debt outstanding at year-end (as a percent) 4.90%  
v3.22.4
Debt - Long-term (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total long-term debt $ 2,821.7 $ 2,816.2
Debt issuance cost (16.1) (17.7)
Less: debt maturing within one year 88.5 84.5
Total long-term debt, less current portion 2,733.2 2,731.7
Pollution Control and Industrial Revenue Bonds    
Debt Instrument [Line Items]    
Unamortized discount 0.1 0.1
Total long-term debt 49.9 49.9
Senior Notes    
Debt Instrument [Line Items]    
Unamortized discount 0.6 0.7
Total long-term debt $ 1,899.4 1,899.3
2021 Term Loan Facility    
Debt Instrument [Line Items]    
Interest rate percentage 5.40%  
Long-term debt, gross $ 800.0 800.0
Revolving Credit Facility    
Debt Instrument [Line Items]    
Interest rate percentage 7.10%  
Long-term debt, gross $ 0.0 0.0
Letters of credit outstanding, amount 160.0  
Line of credit, remaining borrowing capacity 1,469.5  
Foreign debt    
Debt Instrument [Line Items]    
Total long-term debt $ 88.5 $ 84.7
Minimum | Senior Notes    
Debt Instrument [Line Items]    
Interest rate percentage 3.20%  
Minimum | Foreign debt    
Debt Instrument [Line Items]    
Interest rate percentage 0.00%  
Maximum | Pollution Control and Industrial Revenue Bonds    
Debt Instrument [Line Items]    
Interest rate percentage 6.45%  
Maximum | Senior Notes    
Debt Instrument [Line Items]    
Interest rate percentage 4.50%  
Maximum | Foreign debt    
Debt Instrument [Line Items]    
Interest rate percentage 17.90%  
v3.22.4
Debt - Revolving Credit Facility and Term Loan Amendments (Details) - USD ($)
Dec. 31, 2022
Jun. 17, 2022
Jun. 16, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Debt issuance costs $ 16,100,000     $ 17,700,000
Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 2,750,000,000      
Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 2,000,000,000 $ 1,500,000,000  
Debt issuance costs   $ 1,500,000    
v3.22.4
Debt - 2021 Term Loan Facility (Details)
 12 Months Ended
Nov. 22, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]        
Proceeds from borrowing of long-term debt   $ 0 $ 1,000,000,000 $ 27,100,000
2021 Term Loan Facility        
Debt Instrument [Line Items]        
Proceeds from borrowing of long-term debt $ 1,000,000,000      
Maximum leverage ratio 3.5      
Minimum interest rate coverage ratio 3.5      
v3.22.4
Debt - Maturities of long-term debt (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Maturities of Long-term Debt [Abstract]  
2022 $ 88.5
2023 1,200.0
2024 0.0
2025 500.0
2026 0.0
Thereafter $ 1,050.0
v3.22.4
Debt - Covenants (Details) - Line of Credit
 12 Months Ended
Dec. 31, 2022
Debt Instrument [Line Items]  
Credit Agreement, covenant compliance, actual leverage ratio 2.34
Credit Agreement, covenant terms, maximum leverage ratio 3.50
Credit Agreement, covenant compliance, actual interest coverage ratio 8.96
Credit Agreement, covenant terms, minimum interest coverage ratio 3.50
v3.22.4
Pension and Other Postretirement Benefits - Benefits Weighted Average Assumptions (Details)
Dec. 31, 2022
Dec. 31, 2021
Pensions    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Rate of compensation increase 3.10% 3.10%
Pensions | Qualified Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 5.16% 2.84%
Pensions | Nonqualified Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 4.99% 2.18%
Other Benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 5.03% 2.39%
v3.22.4
Pension and Other Postretirement Benefits - Components of Defined Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Change in plan assets      
Company contributions $ 4.5 $ 5.3  
Amount recognized in the consolidated balance sheets:      
Pension asset 22.4 50.4  
Pensions      
Change in projected benefit obligation      
Projected benefit obligation at January 1 1,354.0 1,450.3  
Service cost 3.6 4.7 $ 4.4
Interest cost 29.3 24.5 36.7
Actuarial loss (gain) (256.2) (38.6)  
Foreign currency exchange rate changes and other (0.5) (0.5)  
Plan participants’ contributions 0.0 0.0  
Settlements (2.2) (2.5)  
Benefits paid (83.7) (83.9)  
Projected benefit obligation at December 31 1,044.3 1,354.0 1,450.3
Change in plan assets      
Fair value of plan assets at January 1 1,372.0 1,484.6  
Actual return on plan assets (245.3) (26.2)  
Foreign currency exchange rate changes 3.1 (0.3)  
Company contributions 3.5 3.8  
Plan participants’ contributions 0.0 0.0  
Settlements (5.5) (6.0)  
Benefits paid (83.7) (83.9)  
Fair value of plan assets at December 31 1,044.1 1,372.0 1,484.6
Funded Status      
Net funded status of the plan (liability) (0.2) 18.0  
Amount recognized in the consolidated balance sheets:      
Pension asset 22.4 50.4  
Accrued benefit liability (22.6) (32.4)  
Total (0.2) 18.0  
Pensions | Non-U.S.      
Change in plan assets      
Company contributions 0.1 0.2  
Pension Plan, With Assets | UNITED STATES      
Funded Status      
Net funded status of the plan (liability) 22.4 50.4  
Pension Plan, With Assets | Non-U.S.      
Funded Status      
Net funded status of the plan (liability) (1.2) (2.8)  
Pension Plan, Without Assets | UNITED STATES      
Funded Status      
Net funded status of the plan (liability) (14.6) (22.1)  
Other Benefits      
Change in projected benefit obligation      
Projected benefit obligation at January 1 13.7 15.3  
Service cost 0.0 0.0 0.0
Interest cost 0.3 0.3 0.4
Actuarial loss (gain) (1.7) (0.6)  
Foreign currency exchange rate changes and other 0.0 0.0  
Plan participants’ contributions 0.3 0.4  
Settlements 0.0 0.0  
Benefits paid (1.4) (1.7)  
Projected benefit obligation at December 31 11.2 13.7 15.3
Change in plan assets      
Fair value of plan assets at January 1 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Foreign currency exchange rate changes 0.0 0.0  
Company contributions 1.0 1.3  
Plan participants’ contributions 0.3 0.4  
Settlements 0.0 0.0  
Benefits paid (1.4) (1.7)  
Fair value of plan assets at December 31 (0.1) 0.0 $ 0.0
Funded Status      
Net funded status of the plan (liability) (11.3) (13.7)  
Amount recognized in the consolidated balance sheets:      
Pension asset 0.0 0.0  
Accrued benefit liability (11.3) (13.7)  
Total (11.3) (13.7)  
Other Benefits | Restatement Adjustment [Member]      
Change in projected benefit obligation      
Actuarial loss (gain)   3.0  
Other Benefits, With Assets | UNITED STATES      
Funded Status      
Net funded status of the plan (liability) 0.0 0.0  
Other Benefits, With Assets | Non-U.S.      
Funded Status      
Net funded status of the plan (liability) 0.0 0.0  
Other Benefits, Without Assets | UNITED STATES      
Funded Status      
Net funded status of the plan (liability) (11.3) (13.7)  
All Other Pension Plans      
Funded Status      
Net funded status of the plan (liability) (6.8) (7.5)  
All Other Postretirement Benefit Plans      
Funded Status      
Net funded status of the plan (liability) $ 0.0 $ 0.0  
v3.22.4
Pension and Other Postretirement Benefits - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Pensions    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Prior service (cost) credit $ (0.3) $ (0.5)
Net actuarial (loss) gain (337.6) (328.4)
Accumulated other comprehensive income (loss) – pretax (337.9) (328.9)
Accumulated other comprehensive income (loss) – net of tax (252.7) (245.5)
Other Benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Prior service (cost) credit 0.0 0.0
Net actuarial (loss) gain 4.9 4.0
Accumulated other comprehensive income (loss) – pretax 4.9 4.0
Accumulated other comprehensive income (loss) – net of tax $ 3.6 $ 2.5
v3.22.4
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Employer matching contribution percentage 80.00%    
Maximum percentage of employee's compensation eligible for employer matching contributions 5.00%    
Additional employer annual contribution percentage 5.00%    
Charges for defined contribution plans $ 17.5 $ 15.6 $ 16.6
UNITED STATES      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected return on plan assets 2.50% 2.25% 3.00%
Decrease in rate of return on plan assets 0.25%    
Estimated inflation rate assumptions for rate of return on plan assets 2.40%    
UNITED STATES | Fixed Income Investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target asset allocation 100.00%    
Pensions      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Accumulated benefit obligation $ 1,036.7 $ 1,340.8  
Expected return on plan assets 2.50% 2.25% 3.00%
v3.22.4
Pension and Other Postretirement Benefits - PBO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Information for pension plans with projected benefit obligation in excess of plan assets    
Projected benefit obligations $ 26.2 $ 36.2
Accumulated benefit obligations 26.2 36.2
Fair value of plan assets $ 3.6 $ 3.8
v3.22.4
Pension and Other Postretirement Benefits - ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Information for pension plans with accumulated benefit obligation in excess of plan assets    
Projected benefit obligations $ 26.2 $ 36.2
Accumulated benefit obligations 26.2 36.2
Fair value of plan assets $ 3.6 $ 3.8
v3.22.4
Pension and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Total recognized in other comprehensive (income) loss, after taxes $ 6.6 $ 7.9 $ (29.8)
Pensions      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Current year net actuarial loss (gain) 22.1 22.1  
Amortization of net actuarial (loss) gain (12.4) (12.7)  
Amortization of prior service (cost) credit (0.2) (0.2)  
Settlement loss (0.5) (1.0)  
Total recognized in other comprehensive (income) loss, before taxes 9.0 8.2  
Total recognized in other comprehensive (income) loss, after taxes 7.2 6.3  
Other Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Current year net actuarial loss (gain) (1.7) (0.6)  
Amortization of net actuarial (loss) gain 0.8 0.8  
Amortization of prior service (cost) credit 0.0 0.0  
Settlement loss 0.0 0.0  
Total recognized in other comprehensive (income) loss, before taxes (0.9) 0.2  
Total recognized in other comprehensive (income) loss, after taxes $ (1.1) $ 0.2  
v3.22.4
Pension and Other Postretirement Benefits - Net Annual Benefit (Cost) Assumptions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pensions      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 2.84% 2.49% 3.22%
Expected return on plan assets 2.50% 2.25% 3.00%
Rate of compensation increase 3.10% 3.10% 3.10%
Components of net annual benefit cost:      
Service cost $ 3.6 $ 4.7 $ 4.4
Interest cost 29.3 24.5 36.7
Expected return on plan assets (33.1) (31.9) (39.2)
Amortization of prior service cost 0.2 0.2 0.2
Amortization of net actuarial and other (gain) loss 12.4 12.5 17.0
Recognized (gain) loss due to settlement 0.5 1.0 0.7
Net annual benefit cost (income) $ 12.9 $ 11.0 $ 19.8
Other Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 2.39% 1.91% 2.89%
Expected return on plan assets 0.00% 0.00% 0.00%
Rate of compensation increase 0.00% 0.00% 0.00%
Components of net annual benefit cost:      
Service cost $ 0.0 $ 0.0 $ 0.0
Interest cost 0.3 0.3 0.4
Expected return on plan assets 0.0 0.0 0.0
Amortization of prior service cost 0.0 0.0 0.0
Amortization of net actuarial and other (gain) loss (0.8) (0.8) (0.9)
Recognized (gain) loss due to settlement 0.0 0.0 0.0
Net annual benefit cost (income) $ (0.5) $ (0.5) $ (0.5)
v3.22.4
Pension and Other Postretirement Benefits - Pension Plan Assets Fair Value (Details) - Pensions - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 1,044.1 $ 1,372.0 $ 1,484.6
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 259.5 383.2  
Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 784.6 988.8  
Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Cash and short-term investments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 22.8 32.7  
Cash and short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 22.8 32.2  
Cash and short-term investments | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.5  
Cash and short-term investments | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Investment contracts      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 116.4 144.7  
Investment contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Investment contracts | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 116.4 144.7  
Investment contracts | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. Government Securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 207.4 309.5  
U.S. Government Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 207.4 309.5  
U.S. Government Securities | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. Government Securities | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Mutual funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 29.3 41.5  
Mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 29.3 41.5  
Mutual funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Mutual funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Corporate debt instruments      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 668.2 843.6  
Corporate debt instruments | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0.0 0.0  
Corporate debt instruments | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 668.2 843.6  
Corporate debt instruments | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 0.0 $ 0.0  
v3.22.4
Pension and Other Postretirement Benefits - Contributions to Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension and other postretirement plans $ 4.5 $ 5.3
Pensions    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension and other postretirement plans 3.5 3.8
Other postretirement benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension and other postretirement plans 1.0 1.3
Qualified Plan | Pensions | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension and other postretirement plans 0.0 0.0
Nonqualified Plan | Pensions | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension and other postretirement plans $ 3.4 $ 3.8
v3.22.4
Pension and Other Postretirement Benefits - Estimated Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Pensions  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2023 $ 86.2
2024 86.8
2025 85.2
2026 85.0
2027 82.5
2028 - 2032 390.5
Other postretirement benefits  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2023 1.6
2024 1.5
2025 1.4
2026 1.3
2027 1.2
2028 - 2032 $ 4.3
v3.22.4
Share-based Compensation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares of common stock authorized for issuance under the plan (in shares) 30,200,000      
Capital shares reserved for future issuance (in shares) 2,100,000      
Share-based payment award, expiration period 10 years      
Tax benefit from compensation expense $ 5.1 $ 3.7 $ 4.0  
Share-based compensation expense, after-tax 19.1 14.1 14.9  
Cash related stock options exercises $ 9.4 $ 7.9 $ 24.7  
Black Scholes valuation assumptions for stock option grants [Abstract]        
Options granted, weighted-average grant-date fair value (in dollars per share) $ 33.53 $ 28.31 $ 20.28  
Number of Options Granted But Not Exercised        
Options exercisable (in shares) 672,000 605,000 388,000 628,000
Options vested and expected to vest (in shares) 607,000 622,000 818,000 835,000
Beginning (in shares) 1,254,000 1,235,000 1,504,000  
Granted (in shares) 248,000 235,000 302,000  
Exercised (in shares) (166,000) (166,000) (549,000)  
Forfeited (in shares) (31,000) (50,000) (22,000)  
Ending (in shares) 1,305,000 1,254,000 1,235,000 1,504,000
Weighted-Average Remaining Contractual Life 6 years 1 month 6 days 6 years 2 months 12 days 7 years 6 years 6 months
Weighted-Average Exercise Price Per Share        
Beginning (in dollars per share) $ 78.95 $ 70.44 $ 58.06  
Granted (in dollars per share) 114.90 105.00 92.24  
Exercised (in dollars per share) 62.74 49.56 48.02  
Forfeited (in dollars per share) 102.32 89.18 81.84  
Ending (in dollars per share) $ 87.35 $ 78.95 $ 70.44 $ 58.06
Aggregate Intrinsic Value (in Millions)        
Options outstanding, aggregate intrinsic value $ 48.9 $ 38.8 $ 54.9 $ 62.8
Options exercised, aggregate intrinsic value 9.6 9.8 31.3  
Options exercisable, intrinsic value $ 36.1      
Options exercisable, weighted-average remaining contractual term (in years) 4 years 2 months 12 days      
Options exercisable, weighted-average exercise price per share (in dollars per share) $ 71.15      
Discontinued operations, net of income taxes        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense, after-tax $ 0.0 0.0 2.2  
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards vesting period 3 years      
Share-based payment award, expiration period 10 years      
Tax benefit from compensation expense $ 1.3 1.0 1.1  
Share-based compensation expense, after-tax $ 4.9 $ 3.7 $ 4.0  
Fair value assumptions, forfeiture rate 4.00%      
Black Scholes valuation assumptions for stock option grants [Abstract]        
Expected dividend yield 1.85% 1.83% 1.91%  
Expected volatility 33.18% 32.75% 26.60%  
Expected life (in years) 6 years 6 months 6 years 6 months 6 years 6 months  
Risk-free interest rate 1.91% 0.92% 1.19%  
Aggregate Intrinsic Value (in Millions)        
Unrecognized compensation cost $ 6.5      
Unrecognized compensation cost, weighted-average period of recognition (in years) 1 year 8 months 19 days      
Restricted Stock Units (RSUs) related to Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares of common stock credited to directors' accounts for RSUs (in shares) 284,201 267,524    
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards vesting period 3 years      
Tax benefit from compensation expense $ 2.3 $ 1.9 $ 2.0  
Share-based compensation expense, after-tax $ 8.5 $ 7.2 $ 7.4  
Fair value assumptions, forfeiture rate 2.00%      
Aggregate Intrinsic Value (in Millions)        
Unrecognized compensation cost $ 11.0      
Unrecognized compensation cost, weighted-average period of recognition (in years) 1 year 10 months 20 days      
Number of awards        
Nonvested awards, beginning (in shares) 270,000 298,000 302,000  
Granted (in shares) 103,000 95,000 92,000  
Vested (in shares) (102,000) (108,000) (84,000)  
Forfeited (in shares) (14,000) (15,000) (12,000)  
Nonvested awards, ending (in shares) 257,000 270,000 298,000 302,000
Weighted-Average Grant Date Fair Value Per Share        
Nonvested awards, beginning (in dollars per share) $ 89.56 $ 79.91 $ 67.89  
Granted (in dollars per share) 114.50 102.10 91.83  
Vested (in dollars per share) 77.80 73.82 50.14  
Forfeited (in dollars per share) 102.64 90.05 77.42  
Nonvested awards, ending (in dollars per share) $ 104.54 $ 89.56 $ 79.91 $ 67.89
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit from compensation expense $ 1.5 $ 0.8 $ 0.9  
Share-based compensation expense, after-tax $ 5.7 $ 3.2 $ 3.5  
Number of awards        
Nonvested awards, beginning (in shares) 195,000 202,000 206,000  
Granted (in shares) 45,000 79,000 111,000  
Vested (in shares) (102,000) (86,000) (115,000)  
Forfeited (in shares) (2,000) 0 0  
Nonvested awards, ending (in shares) 136,000 195,000 202,000 206,000
Weighted-Average Grant Date Fair Value Per Share        
Nonvested awards, beginning (in dollars per share) $ 96.18 $ 88.48 $ 72.06  
Granted (in dollars per share) 140.32 103.26 108.74  
Vested (in dollars per share) 83.74 77.44 58.37  
Forfeited (in dollars per share) 125.60 0 0  
Nonvested awards, ending (in dollars per share) $ 120.47 $ 96.18 $ 88.48 $ 72.06
v3.22.4
Equity - Summary of Capital Stock Activity (Details) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity [Abstract]        
Common stock, shares issued (in shares) 185,983,792 185,983,792 185,983,792 185,983,792
Treasury Stock [Roll Forward]        
Treasury stock, shares, beginning (in shares) 60,284,313 56,630,209 56,859,498  
Stock options and awards (in shares) (286,805) (300,594) (677,827)  
Repurchases of common stock, net (in shares) 875,480 3,954,698 448,538  
Treasury stock, shares, ending (in shares) 60,872,988 60,284,313 56,630,209  
v3.22.4
Equity - Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 3,143.7 $ 3,084.2 $ 2,665.6
Ending balance 3,400.9 3,143.7 3,084.2
Previously Reported      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 3,051.9 2,984.2 2,561.4
Ending balance 3,309.1 3,051.9 2,984.2
Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     104.2
Cumulative Effect, Period of Adoption, Adjusted Balance      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     2,665.6
Foreign currency adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (62.5) 24.0  
Other comprehensive income (loss) before reclassifications (102.2) (86.5) 101.7
Amounts reclassified from accumulated other comprehensive income (loss) 4.2 0.0 0.0
Ending balance (160.5) (62.5) 24.0
Foreign currency adjustments | Previously Reported      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (77.7)
Foreign currency adjustments | Cumulative Effect, Period of Adoption, Adjusted Balance      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (77.7)
Derivative Instruments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (22.2) (71.8)  
Other comprehensive income (loss) before reclassifications (65.4) 44.1 (2.5)
Amounts reclassified from accumulated other comprehensive income (loss) 35.9 5.5 (4.3)
Ending balance (51.7) (22.2) (71.8)
Derivative Instruments | Previously Reported      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (65.0)
Derivative Instruments | Cumulative Effect, Period of Adoption, Adjusted Balance      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (65.0)
Pension and other postretirement benefits      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (240.8) (232.9)  
Other comprehensive income (loss) before reclassifications (15.7) (17.4) 17.3
Amounts reclassified from accumulated other comprehensive income (loss) 9.1 9.5 12.5
Ending balance (247.4) (240.8) (232.9)
Pension and other postretirement benefits | Previously Reported      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (269.3)
Pension and other postretirement benefits | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     6.6
Pension and other postretirement benefits | Cumulative Effect, Period of Adoption, Adjusted Balance      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     (262.7)
Total      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (325.5) (280.7) (405.4)
Other comprehensive income (loss) before reclassifications (183.3) (59.8) 116.5
Amounts reclassified from accumulated other comprehensive income (loss) 49.2 15.0 8.2
Ending balance (459.6) (325.5) (280.7)
Total | Previously Reported      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ (315.7) (282.2) (412.0)
Ending balance   $ (315.7) (282.2)
Total | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     6.6
Total | Cumulative Effect, Period of Adoption, Adjusted Balance      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance     $ (405.4)
v3.22.4
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative instruments:                      
Restructuring and other charges (income) $ (55.0) $ (16.2) $ (10.8) $ (15.2) $ (35.8) $ (9.7) $ (14.6) $ (8.1) $ (97.2) $ (68.2) $ (28.3)
Selling, general and administrative expenses                 $ (775.2) $ (714.1) $ (729.7)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]                 Non-operating pension and postretirement charges (income) Non-operating pension and postretirement charges (income) Non-operating pension and postretirement charges (income)
Income (loss) from continuing operations before income taxes                 $ 983.9 $ 897.8 $ 731.0
Provision for income taxes                 (145.2) (92.5) (151.2)
Income (loss) from continuing operations 335.4 134.5 142.0 226.8 220.6 171.9 219.6 193.2 838.7 805.3 579.8
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Selling, general and administrative expenses                 (775.2) (714.1) (729.7)
Net income (loss) $ 280.4 $ 118.3 $ 131.2 $ 211.6 $ 184.8 $ 162.2 $ 205.0 $ 185.1 741.5 737.1 551.5
Reclassification out of Accumulated Other Comprehensive Income                      
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Net income (loss)                 (49.2) (15.0) (8.2)
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments                      
Derivative instruments:                      
Income (loss) from continuing operations before income taxes                 (55.0) (7.2) 2.6
Provision for income taxes                 19.1 1.7 1.7
Income (loss) from continuing operations                 (35.9) (5.5) 4.3
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Total before tax                 (11.5) (12.0) (15.8)
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits                      
Derivative instruments:                      
Provision for income taxes                 2.4 2.5 3.3
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Net income (loss)                 (9.1) (9.5) (12.5)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs                      
Derivative instruments:                      
Selling, general and administrative expenses                 (0.1) (0.2) (0.3)
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Selling, general and administrative expenses                 (0.1) (0.2) (0.3)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized net actuarial and other gains (losses)                      
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Non-operating pension and postretirement charges (income)                 (10.9) (10.8) (14.8)
Reclassification out of Accumulated Other Comprehensive Income | Recognized loss due to settlement/curtailment                      
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes                 (0.5) (1.0) (0.7)
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency adjustments                      
Derivative instruments:                      
Restructuring and other charges (income)                 (4.2) 0.0 0.0
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | Derivative Instruments                      
Derivative instruments:                      
Costs of sales and services                 (57.5) (4.7) 24.6
Selling, general and administrative expenses                 6.5 1.7 (19.3)
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]                      
Selling, general and administrative expenses                 6.5 1.7 (19.3)
Reclassification out of Accumulated Other Comprehensive Income | Interest rate contracts | Derivative Instruments                      
Derivative instruments:                      
Interest expense                 $ (4.0) $ (4.2) $ (2.7)
v3.22.4
Equity - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 20, 2022
Jul. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Feb. 28, 2022
Aug. 01, 2020
Subsequent Event [Line Items]              
Payments to acquire noncontrolling interest   $ 7,400,000 $ 0 $ 0 $ 7,400,000    
Dividends $ 72,700,000            
Dividends paid [1]     267,500,000 247,200,000 228,500,000    
Repurchase of shares (in shares)     108,900,000 $ 408,000,000.0 $ 58,400,000    
Remaining authorized shares under repurchase program     900,000,000        
PT Bina Guna Kimia              
Subsequent Event [Line Items]              
Ownership interest acquired   49.00%          
Outstanding shares of parent, percentage   51.00%         100.00%
Repurchase Program              
Subsequent Event [Line Items]              
Repurchase of shares (in shares)     $ 875,480        
Authorized stock repurchase amount           $ 1,000,000,000  
[1] See Note 17 to the consolidated financial statements included within this Form 10-K regarding our quarterly cash dividend.
v3.22.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]                      
Antidilutive shares excluded from diluted EPS (in shares)                 400 200 200
Earnings (loss) attributable to FMC stockholders:                      
Continuing operations, net of income taxes $ 328.9 $ 137.2 $ 145.0 $ 222.6 $ 226.5 $ 169.4 $ 219.3 $ 192.6 $ 833.7 $ 807.8 $ 580.7
Discontinued operations, net of income taxes (55.0) (16.2) (10.8) (15.2) (35.8) (9.7) (14.6) (8.1) (97.2) (68.2) (28.3)
Net income (loss) attributable to FMC stockholders $ 273.9 $ 121.0 $ 134.2 $ 207.4 $ 190.7 $ 159.7 $ 204.7 $ 184.5 736.5 739.6 552.4
Less: Distributed and undistributed earnings allocable to restricted award holders                 (1.7) (1.8) (1.4)
Net income (loss) allocable to common stockholders                 $ 734.8 $ 737.8 $ 551.0
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) $ 2.61 $ 1.09 $ 1.15 $ 1.77 $ 1.79 $ 1.32 $ 1.70 $ 1.48 $ 6.60 $ 6.29 $ 4.48
Discontinued operations (in dollars per share) (0.44) (0.13) (0.09) (0.12) (0.28) (0.08) (0.11) (0.06) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) 2.17 0.96 1.06 1.65 1.51 1.24 1.59 1.42 5.83 5.76 4.26
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) 2.61 1.08 1.15 1.76 1.78 1.32 1.69 1.48 6.58 6.26 4.45
Discontinued operations (in dollars per share) (0.44) (0.13) (0.09) (0.12) (0.28) (0.08) (0.11) (0.06) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) $ 2.17 $ 0.95 $ 1.06 $ 1.64 $ 1.50 $ 1.24 $ 1.58 $ 1.42 $ 5.81 $ 5.73 $ 4.23
Shares (in thousands):                      
Weighted average number of shares of common stock outstanding - Basic (in shares) 125,600 126,200 126,200 126,100 126,600 128,300 129,100 129,500 125,975 128,403 129,701
Weighted average additional shares assuming conversion of potential common shares (in shares)                 732 743 883
Shares - diluted basis (in shares) 126,400 126,900 126,900 126,800 127,400 129,000 129,900 130,300 126,707 129,146 130,584
v3.22.4
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
MMBTU
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]      
Estimated fair value of debt $ 3,118.6 $ 3,409.8  
Carrying amount of debt 3,274.0 3,172.5  
Loss on settlement 17.2 $ (5.4) $ (1.9)
Cash Flow Hedging | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
AOCI in a net after-tax position 9.8    
Foreign currency contracts | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
Derivative, notional amount 2,207.9    
Foreign currency contracts | Not Designated as Hedging Instruments      
Segment Reporting Information [Line Items]      
Derivative, notional amount 2,999.3    
Foreign currency contracts | Cash Flow Hedging | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
AOCI in a net after-tax position (10.2)    
Interest rate contracts | Cash Flow Hedging | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
AOCI in a net after-tax position (39.9)    
Derivative, notional amount $ 200.0    
Energy contracts | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
Aggregate notional volume of outstanding natural gas (mmBTU) | MMBTU 0    
Foreign currency and energy contracts | Designated as Cash Flow Hedges      
Segment Reporting Information [Line Items]      
Loss on derivative contracts $ 10.2    
v3.22.4
Financial Instrument, Risk Management and Fair Value Measurements - Derivatives Fair Value Balance Sheet Presentation (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivative Asset [Abstract]    
Total Gross Amounts $ 29.3 $ 45.3
Gross amounts offset in the condensed consolidated balance sheet (16.1) (21.9)
Net Amounts 13.2 23.4
Derivative Liability [Abstract]    
Derivative liabilities (33.9) (25.9)
Gross amounts offset in the condensed consolidated balance sheet 16.1 21.9
Net Amounts (17.8) (4.0)
Net derivative assets (liabilities) (4.6) 19.4
Net amounts of derivative assets (liabilities) (4.6) 19.4
Designated as Cash Flow Hedges    
Derivative Asset [Abstract]    
Total Gross Amounts 22.9 39.6
Derivative Liability [Abstract]    
Derivative liabilities (25.1) (16.2)
Net derivative assets (liabilities) (2.2) 23.4
Not Designated as Hedging Instruments    
Derivative Asset [Abstract]    
Total Gross Amounts 6.4 5.7
Derivative Liability [Abstract]    
Derivative liabilities (8.8) (9.7)
Net derivative assets (liabilities) (2.4) (4.0)
Foreign exchange contracts    
Derivative Asset [Abstract]    
Total Gross Amounts 16.9 41.6
Gross amounts offset in the condensed consolidated balance sheet (16.1) (21.9)
Net Amounts 0.8 19.7
Derivative Liability [Abstract]    
Derivative liabilities (33.9) (25.9)
Gross amounts offset in the condensed consolidated balance sheet 16.1 21.9
Net Amounts (17.8) (4.0)
Foreign exchange contracts | Designated as Cash Flow Hedges    
Derivative Asset [Abstract]    
Total Gross Amounts 10.5 35.9
Derivative Liability [Abstract]    
Derivative liabilities (25.1) (16.2)
Foreign exchange contracts | Not Designated as Hedging Instruments    
Derivative Asset [Abstract]    
Total Gross Amounts 6.4 5.7
Derivative Liability [Abstract]    
Derivative liabilities (8.8) (9.7)
Interest rate contracts    
Derivative Asset [Abstract]    
Total Gross Amounts 12.4 3.7
Gross amounts offset in the condensed consolidated balance sheet 0.0 0.0
Net Amounts 12.4 3.7
Interest rate contracts | Designated as Cash Flow Hedges    
Derivative Asset [Abstract]    
Total Gross Amounts 12.4 3.7
Interest rate contracts | Not Designated as Hedging Instruments    
Derivative Asset [Abstract]    
Total Gross Amounts $ 0.0 $ 0.0
v3.22.4
Financial Instrument, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income [Roll Forward]      
Beginning balance $ 3,143.7 $ 3,084.2 $ 2,665.6
Unrealized hedging gains (losses) and other, net of tax (65.4) 44.1 (2.5)
Reclassification of deferred hedging (gains) losses, net of tax [1] 35.9 5.5 (4.3)
Total derivative instruments, net of tax of $1.9, $7.1 and $3.6 (29.5) 49.6 (6.8)
Ending balance $ 3,400.9 $ 3,143.7 $ 3,084.2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Income (loss) from continuing operations before income taxes Income (loss) from continuing operations before income taxes Income (loss) from continuing operations before income taxes
Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income [Roll Forward]      
Beginning balance     $ 104.2
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Beginning balance $ (22.2) $ (71.8) (65.0)
Ending balance (51.7) (22.2) (71.8)
Foreign currency contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Beginning balance 31.1 (11.6) (1.4)
Ending balance (22.4) 31.1 (11.6)
Interest rate contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Beginning balance (53.3) (60.2) (63.6)
Ending balance (29.3) (53.3) (60.2)
Designated as Cash Flow Hedges | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Unrealized hedging gains (losses) and other, net of tax (65.4) 44.1 (2.5)
Reclassification of deferred hedging (gains) losses, net of tax 35.9 5.5 (4.3)
Total derivative instruments, net of tax of $1.9, $7.1 and $3.6 (29.5) 49.6 (6.8)
Designated as Cash Flow Hedges | Foreign currency contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Unrealized hedging gains (losses) and other, net of tax (86.3) 40.5 (3.8)
Reclassification of deferred hedging (gains) losses, net of tax 32.8 2.2 (6.4)
Total derivative instruments, net of tax of $1.9, $7.1 and $3.6 (53.5) 42.7 (10.2)
Designated as Cash Flow Hedges | Interest rate contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Accumulated Other Comprehensive Income [Roll Forward]      
Unrealized hedging gains (losses) and other, net of tax 20.9 3.6 1.3
Reclassification of deferred hedging (gains) losses, net of tax 3.1 3.3 2.1
Total derivative instruments, net of tax of $1.9, $7.1 and $3.6 24.0 6.9 3.4
Derivatives Not Designated as Hedging Instruments      
Accumulated Other Comprehensive Income [Roll Forward]      
Amount of pre-tax gain or (loss) recognized in income on derivatives (37.2) (47.7) (62.9)
Derivatives Not Designated as Hedging Instruments | Foreign currency contracts      
Accumulated Other Comprehensive Income [Roll Forward]      
Amount of pre-tax gain or (loss) recognized in income on derivatives $ (37.2) $ (47.7) $ (62.9)
[1] For more detail on the components of these reclassifications and the affected line item in the consolidated statements of income (loss) see Note 17 to the consolidated financial statements included within this Form 10-K for further details.
v3.22.4
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Adjustments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Derivatives - Foreign exchange $ 29.3 $ 45.3
Liabilities    
Derivatives 33.9 25.9
Foreign exchange contracts    
Assets    
Derivatives - Foreign exchange 16.9 41.6
Liabilities    
Derivatives 33.9 25.9
Interest Rate    
Assets    
Derivatives - Foreign exchange 12.4 3.7
Fair Value, Measurements, Recurring    
Assets    
Other 41.8 21.1
Total Assets 55.0 44.5
Liabilities    
Other 23.5 26.2
Total Liabilities 41.3 30.2
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Other 22.5 21.1
Total Assets 22.5 21.1
Liabilities    
Other 23.5 26.2
Total Liabilities 23.5 26.2
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)    
Assets    
Other 0.0 0.0
Total Assets 13.2 23.4
Liabilities    
Other 0.0 0.0
Total Liabilities 17.8 4.0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Assets    
Other 19.3 0.0
Total Assets 19.3 0.0
Liabilities    
Other 0.0 0.0
Total Liabilities 0.0 0.0
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Assets    
Derivatives - Foreign exchange 0.8 19.7
Liabilities    
Derivatives 17.8 4.0
Fair Value, Measurements, Recurring | Foreign exchange contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Derivatives - Foreign exchange 0.0 0.0
Liabilities    
Derivatives 0.0 0.0
Fair Value, Measurements, Recurring | Foreign exchange contracts | Significant Other Observable Inputs (Level 2)    
Assets    
Derivatives - Foreign exchange 0.8 19.7
Liabilities    
Derivatives 17.8 4.0
Fair Value, Measurements, Recurring | Foreign exchange contracts | Significant Unobservable Inputs (Level 3)    
Assets    
Derivatives - Foreign exchange 0.0 0.0
Liabilities    
Derivatives 0.0 0.0
Fair Value, Measurements, Recurring | Interest Rate    
Assets    
Derivatives - Foreign exchange 12.4 3.7
Liabilities    
Derivatives 0.0 0.0
Fair Value, Measurements, Recurring | Interest Rate | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Derivatives - Foreign exchange 0.0 0.0
Liabilities    
Derivatives 0.0 0.0
Fair Value, Measurements, Recurring | Interest Rate | Significant Other Observable Inputs (Level 2)    
Assets    
Derivatives - Foreign exchange 12.4 3.7
Liabilities    
Derivatives 0.0 0.0
Fair Value, Measurements, Recurring | Interest Rate | Significant Unobservable Inputs (Level 3)    
Assets    
Derivatives - Foreign exchange 0.0 0.0
Liabilities    
Derivatives $ 0.0 $ 0.0
v3.22.4
Financial Instrument, Risk Management and Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Gross Amounts $ 29.3 $ 45.3
Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Gross Amounts $ 12.4 $ 3.7
v3.22.4
Guarantees, Commitments and Contingencies - Schedule of Estimated Undiscounted Potential Future Payments for Guarantees (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Guarantor Obligations [Line Items]  
Undiscounted exposure from guarantees $ 156.7
Guarantees of vendor financing - short term  
Guarantor Obligations [Line Items]  
Undiscounted exposure from guarantees 142.0
Other debt guarantees  
Guarantor Obligations [Line Items]  
Undiscounted exposure from guarantees $ 14.7
Guarantee, term 1 year
v3.22.4
Guarantees, Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum commitments under take-or-pay purchase obligation $ 459.4  
Loss Contingencies [Line Items]    
Estimate of loss contingency in excess of accrual 200.0  
Indirect Tax Matters    
Loss Contingencies [Line Items]    
Loss contingency reserves 33.5 $ 33.5
Brazil | Unfavorable Regulatory Action    
Loss Contingencies [Line Items]    
Loss contingency reserves 6.2 $ 3.3
Estimate of loss contingency in excess of accrual $ 91.0  
v3.22.4
Segment Information, External Customers and Long-lived Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 5,522.0 $ 5,425.2
North America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 1,060.7 1,091.3
Latin America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 759.0 742.6
Europe, Middle East & Africa    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 1,684.1 1,499.0
Asia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 2,018.2 2,092.3
Singapore    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 1,745.0 1,622.8
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 1,047.4 1,083.8
Denmark    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,075.7 $ 1,081.9
v3.22.4
Supplemental Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Prepaid and other current assets    
Prepaid insurance $ 12.6 $ 12.0
Tax related items including value added tax receivables 172.4 226.2
Refund asset 36.8 36.4
Environmental obligation recoveries (Note 12) 3.2 2.2
Derivative assets (Note 19) 13.2 23.4
Acquisition related items 0.0 3.0
Other prepaid and current assets 105.4 128.2
Total 343.6 431.4
Other assets including long-term receivables, net    
Non-current receivables (Note 10) 60.8 57.4
Advance to contract manufacturers 119.4 129.0
Capitalized software, net 133.0 143.8
Environmental obligation recoveries (Note 12) 3.2 2.3
Beneficial interest in trade receivables securitization (Note 19) 19.3 0.0
Income taxes indirect benefits 21.2 33.4
Operating lease ROU assets 123.8 135.2
Deferred compensation arrangements (Note 19) 22.5 21.1
Pension and other postretirement benefits (Note 15) 22.4 50.4
Other long-term assets 34.9 41.2
Total 560.5 613.8
Accrued and other liabilities    
Restructuring reserves (Note 9) 7.6 10.4
Dividend payable (Note 17) 72.7 66.8
Accrued payroll 99.8 89.8
Environmental reserves, current, net of recoveries (Note 12) 90.1 87.3
Derivative liabilities (Note 19) 17.8 4.0
Furadan® product exit asset retirement obligations 10.0 10.0
Unfavorable contracts 0.0 82.0
Operating lease current liabilities (Note 4) 22.0 23.5
Other accrued and other liabilities 281.8 257.4
Total 601.8 631.2
Other long-term liabilities    
Restructuring reserves (Note 9) 3.0 4.5
Asset retirement obligations, long-term (Note 1) 6.0 14.2
Transition tax related to Tax Cuts and Jobs Act 62.6 92.1
Contingencies related to uncertain tax positions (Note 13) 52.4 45.5
Deferred compensation arrangements (Note 19) 23.5 26.2
Self-insurance reserves (primarily workers' compensation) 3.4 6.1
Lease obligations (Note 4) 128.6 140.0
Reserve for discontinued operations (Note 11) 127.2 108.3
Unfavorable contracts 10.1 10.3
Other long-term liabilities 28.6 30.1
Total $ 445.4 $ 477.3
v3.22.4
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reserve for doubtful accounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance, Beginning of Year $ 65.1 $ 52.6 $ 87.4
Charged to Costs and Expenses (0.5) 21.1 4.7
Charged to Other Comprehensive Income 0.0 0.0 0.0
Net recoveries, write-offs and other 13.8 (8.6) (39.5)
Balance, End of Year 78.4 65.1 52.6
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance, Beginning of Year 398.7 335.6 303.3
Charged to Costs and Expenses 61.5 61.4 34.0
Charged to Other Comprehensive Income (2.6) 1.7 (1.7)
Net recoveries, write-offs and other 0.0 0.0 0.0
Balance, End of Year $ 457.6 $ 398.7 $ 335.6
v3.22.4
Quarterly Financial Information (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]                      
Revenue $ 1,622.0 $ 1,377.2 $ 1,452.3 $ 1,350.8 $ 1,413.6 $ 1,194.0 $ 1,242.0 $ 1,195.6 $ 5,802.3 $ 5,045.2 $ 4,642.1
Gross margin 685.6 477.5 591.0 572.7 608.1 511.5 530.6 511.1 2,326.8 2,161.3 2,046.7
Income (loss) from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes 394.5 210.6 235.9 303.3 272.0 215.7 287.4 259.4 1,144.3 1,034.5 896.9
Income (loss) from continuing operations 335.4 134.5 142.0 226.8 220.6 171.9 219.6 193.2 838.7 805.3 579.8
Restructuring and other charges (income) (55.0) (16.2) (10.8) (15.2) (35.8) (9.7) (14.6) (8.1) (97.2) (68.2) (28.3)
Net income (loss) 280.4 118.3 131.2 211.6 184.8 162.2 205.0 185.1 741.5 737.1 551.5
Less: Net income (loss) attributable to noncontrolling interests 6.5 (2.7) (3.0) 4.2 (5.9) 2.5 0.3 0.6 5.0 (2.5) (0.9)
Net income (loss) attributable to FMC stockholders 273.9 121.0 134.2 207.4 190.7 159.7 204.7 184.5 736.5 739.6 552.4
Net income (loss) attributable to FMC stockholders 273.9 121.0 134.2 207.4 190.7 159.7 204.7 184.5 736.5 739.6 552.4
Earnings (loss) attributable to FMC stockholders:                      
Continuing operations, net of income taxes 328.9 137.2 145.0 222.6 226.5 169.4 219.3 192.6 833.7 807.8 580.7
Discontinued operations, net of income taxes $ (55.0) $ (16.2) $ (10.8) $ (15.2) $ (35.8) $ (9.7) $ (14.6) $ (8.1) $ (97.2) $ (68.2) $ (28.3)
Basic earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) $ 2.61 $ 1.09 $ 1.15 $ 1.77 $ 1.79 $ 1.32 $ 1.70 $ 1.48 $ 6.60 $ 6.29 $ 4.48
Discontinued operations (in dollars per share) (0.44) (0.13) (0.09) (0.12) (0.28) (0.08) (0.11) (0.06) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) 2.17 0.96 1.06 1.65 1.51 1.24 1.59 1.42 5.83 5.76 4.26
Diluted earnings (loss) per common share attributable to FMC stockholders:                      
Continuing operations (in dollars per share) 2.61 1.08 1.15 1.76 1.78 1.32 1.69 1.48 6.58 6.26 4.45
Discontinued operations (in dollars per share) (0.44) (0.13) (0.09) (0.12) (0.28) (0.08) (0.11) (0.06) (0.77) (0.53) (0.22)
Net income (loss) attributable to FMC stockholders (in dollars per share) $ 2.17 $ 0.95 $ 1.06 $ 1.64 $ 1.50 $ 1.24 $ 1.58 $ 1.42 $ 5.81 $ 5.73 $ 4.23
Shares (in thousands):                      
Basic (in shares) 125,600 126,200 126,200 126,100 126,600 128,300 129,100 129,500 125,975 128,403 129,701
Diluted (in shares) 126,400 126,900 126,900 126,800 127,400 129,000 129,900 130,300 126,707 129,146 130,584
v3.22.4
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2019-12 [Member]