v3.26.1
Financial Instruments, Risk Management and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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 contractsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities.
Cross currency swapsEstimated amounts that would be received or paid to terminate the contracts at the reporting date based on discounted remaining cash flows for applicable currencies.
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 Gross Fair Value and Net Balance Sheet Presentation of Our Derivative Instruments
The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
June 30, 2026
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesDesignated as Net Investment HedgesNot Designated as Hedging InstrumentsTotal Gross AmountsGross Amounts Subject to Master Netting ArrangementsNet Amounts
Foreign exchange contracts$8.1 $16.8 $6.5 $31.4 $(8.3)$23.1 
Total derivative assets (1)
$8.1 $16.8 $6.5 $31.4 $(8.3)$23.1 
Foreign exchange contracts$(16.4)$— $(3.6)$(20.0)$8.3 $(11.7)
Total derivative liabilities (2)
$(16.4)$— $(3.6)$(20.0)$8.3 $(11.7)
Net derivative assets (liabilities)$(8.3)$16.8 $2.9 $11.4 $— $11.4 
December 31, 2025
Gross Amount of Derivatives
(in Millions)Designated as Cash Flow HedgesDesignated as Net Investment HedgesNot Designated as Hedging InstrumentsTotal Gross AmountsGross Amounts Subject to Master Netting ArrangementsNet Amounts
Foreign exchange contracts$6.1 $7.5 $3.0 $16.6 $(16.6)$— 
Total derivative assets (1)
$6.1 $7.5 $3.0 $16.6 $(16.6)$— 
Foreign exchange contracts$(9.6)$(8.5)$(8.0)$(26.1)$16.6 $(9.5)
Total derivative liabilities (2)
$(9.6)$(8.5)$(8.0)$(26.1)$16.6 $(9.5)
Net derivative assets (liabilities)$(3.5)$(1.0)$(5.0)$(9.5)$— $(9.5)
______________
(1)    Balance is included in Prepaid and other current assets in the consolidated balance sheets.
(2)    Balance is included in Accrued and other liabilities in the consolidated balance sheets.
Schedule of Gains or Losses Related to Cash Flow Hedges and Derivatives Not Designated as Hedging Instruments
The tables below summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments.
Derivatives in Cash Flow Hedging Relationships
Contracts
Foreign ExchangeInterest rateTotal
Three Months Ended June 30,
(in Millions)202620252026202520262025
Unrealized hedging gains (losses) and other, net of tax$9.4 $(20.0)$— $— $9.4 $(20.0)
Reclassification of deferred hedging (gains) losses, net of tax (1)
(5.6)(4.9)0.4 0.4 (5.2)(4.5)
Total derivative instrument impact on comprehensive income, net of tax$3.8 $(24.9)$0.4 $0.4 $4.2 $(24.5)
Contracts
Foreign ExchangeInterest rateTotal
Six Months Ended June 30,
(in Millions)202620252026202520262025
Unrealized hedging gains (losses) and other, net of tax$11.9 $(36.7)$— $— $11.9 $(36.7)
Reclassification of deferred hedging (gains) losses, net of tax (1)
(7.7)(1.9)0.8 0.7 (6.9)(1.2)
Total derivative instrument impact on comprehensive income, net of tax$4.2 $(38.6)$0.8 $0.7 $5.0 $(37.9)
______________
(1)See Note 13 for classification of amounts within the consolidated statements of income (loss).
Derivatives Not Designated as Hedging Instruments
Amount of Pre-tax Gain (Loss) 
Recognized in Income on Derivatives (1)
Three Months Ended June 30,Six Months Ended June 30,
(in Millions)2026202520262025
Foreign exchange contracts$(35.8)$(15.4)$(54.1)$(15.5)
Total$(35.8)$(15.4)$(54.1)$(15.5)
______________
(1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in Costs of sales and services and to a lesser extent Selling, general, and administrative expenses and Restructuring and other charges (income) on the consolidated statements of income (loss).
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels.
(in Millions)June 30, 2026Quoted 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)
$31.4 $— $31.4 $— 
Other (2) (3) (4)
92.6 58.4 — 34.2 
Total assets$124.0 $58.4 $31.4 $34.2 
Liabilities
Derivatives – Foreign exchange (1)
$20.0 $— $20.0 $— 
Other (2)
19.0 19.0 — — 
Total liabilities$39.0 $19.0 $20.0 $— 
(in Millions)December 31, 2025Quoted 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)
$16.6 $— $16.6 $— 
Other (2) (3) (4)
298.1 262.4 — 35.7 
Total assets$314.7 $262.4 $16.6 $35.7 
Liabilities
Derivatives – Foreign exchange (1)
$26.1 $— $26.1 $— 
Other (2)
19.6 19.6 — — 
Total liabilities$45.7 $19.6 $26.1 $— 
____________________
(1)See the Fair Value of Derivative Instruments table within this Note for classification on the consolidated balance sheets.
(2)Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are included in Other assets including long-term receivables, net in the consolidated balance sheets. Liability amounts are included in Other long-term liabilities in the consolidated balance sheets.
(3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. The amount is included in Other assets including long-term receivables, net in the consolidated balance sheets.
(4)Includes money market funds, which consist of highly liquid investments valued at quoted market prices, recognized as Cash and cash equivalents on our consolidated balance sheets.
Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a nonrecurring basis in the consolidated balance sheets during the three months ended June 30, 2026.
June 30, 2026Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Total Gains (Losses)
(During the six months ended June 30, 2026)
Assets
Net assets related to India held for sale business (1)
$350.0 $— $— $350.0 $(43.6)
Total assets$350.0 $— $— $350.0 $(43.6)
____________________
(1)The carrying value of the India held for sale business decreased from $450 million as of December 31, 2025 to $350.0 million as of June 30, 2026. During the six months ended June 30, 2026, we recorded an impairment charge of $43.6 million to record the assets at the estimated fair value, less costs to sell. The fair value of the net assets was estimated based on the estimated consideration to be received in connection with the definitive sale agreement entered into in May 2026 as well as forecasts of working capital for the India commercial business developed by management. Refer to Note 1 for further details on the India held for sale business.