v3.25.2
DISPOSAL OF MEASUREMENT SOLUTIONS BUSINESS AND OTHER TRANSACTIONS
6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSAL OF MEASUREMENT SOLUTIONS BUSINESS AND OTHER TRANSACTIONS DISPOSAL OF MEASUREMENT SOLUTIONS BUSINESS AND OTHER TRANSACTIONS
On March 11, 2024, we completed the sale of equity interests and assets of the Company’s Measurement Solutions business (the “MSB”) for cash proceeds of $186.1 million. As part of the Surface Technologies segment, MSB encompassed terminal management solutions and metering products and systems and included engineering and manufacturing locations in North America and Europe.
We recorded transaction costs associated with the sale of $5.2 million, during the three months ended March 31, 2024. These transaction costs are included within restructuring, impairment, and other charges in our condensed consolidated statement of income.
FMC Technologies (UK) Pension Plan Buy-In
During 2024, two of the U.K. pension plans entered into a buy-in contract for all their members. Under the buy-in contract terms, the responsibility to pay pension benefits still rests with the plans and the obligation is still recorded by the Company. In July 2024, the U.K. Court of Appeal upheld a ruling of the U.K. High Court in Virgin Media Ltd v. NTL Pension Trustees II Ltd case, a matter that we were not a party to or involved in. The court ruled that certain historical amendments purportedly made to Virgin Media’s U.K. defined benefit plan were legally invalid because they had not been accompanied by necessary actuarial confirmation.
Following this ruling, the U.K. Government has confirmed that it will introduce legislation to address the issues arising from the judgment. The proposed legislation is expected to allow affected pension plans to retrospectively obtain written actuarial confirmation that historic benefit changes complied with the necessary statutory requirements. We are currently monitoring legislative progress, further guidance and legal challenges to assess any potential implications for our U.K. pension plans.