PART II  NOTE 17 Financial Instruments, Risk Management and Fair Value Measurements Derivatives Not Designated as Hedging Instruments DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS 65 FMC CORPORATION    2010 Form 10K (in Millions) Location of Gain or (Loss)  Recognized in Income on Derivatives Amount of Pre-tax Gain or (Loss)  Recognized in Income on Derivatives Year Ended  December 31, 2010 Year Ended  December 31, 2009 Foreign Exchange contracts Cost of Sales and Services $(3.0) $(36.9) Commodity contracts Cost of Sales and Services (0.8) (0.2) TOTAL $(3.8) $(37.1) (in Millions) Amount of Gain or (Loss) Recognized in OCI on Derivatives,  net of tax (Eff ective Portion) Amount of Pre-tax Gain or (Loss)  Reclassified from AOCI into Income  (Eff ective Portion)  (a) Amount of Pre-tax Gain or (Loss)  Recognized in Income on Derivative  (Ineff ective Portion and Amount Excluded  from Eff ectiveness Testing)  (a) Year Ended  December 31, 2010 Year Ended  December 31, 2009 Year Ended  December 31, 2010 Year Ended  December 31, 2009 Year Ended  December 31, 2010 Year Ended  December 31, 2009 Foreign  exchange contracts $1.0 $15.7 $2.0 $(8.3) $0.3 $(0.1) Commodity contracts (4.3) 15.7 (5.8) (30.5) — (0.6) TOTAL $(3.3) $31.4 $(3.8) $(38.8) $0.3 $(0.7) (in Millions) Balance Sheet Location December 31, 2010 December 31, 2009 Fair Value Derivatives Designated as Cash Flow Hedges Foreign exchange contracts Prepaid and other current assets $0.7 $— Commodity contracts Prepaid and other current assets — 4.4 Total Derivative Assets 0.7 4.4 Foreign exchange contracts Accrued and other liabilities (0.5) (1.3) Commodity contracts Accrued and other liabilities (6.0) (3.2) Total Derivative Liabilities (6.5) (4.5) NET DERIVATIVE ASSETS/(LIABILITIES) $(5.8) $(0.1) Derivatives Not Designated as Hedging Instruments Foreign exchange contracts Prepaid and other current assets $0.4 $0.5 Commodity contracts Prepaid and other current assets 0.2 0.5 Total Derivative Assets 0.6 1.0 Foreign exchange contracts Accrued and other liabilities (1.6) (0.6) Commodity contracts Accrued and other liabilities — — Total Derivative Liabilities (1.6) (0.6) NET DERIVATIVE ASSETS/(LIABILITIES) $(1.0) $0.4 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 fl ow  hedging instruments, and changes in the fair value of these items are  recorded in earnings. We hold call options that are effective as economic  hedges of a portion of our natural gas exposure and the change in fair  value of this instrument is also recorded in earnings. We periodically  hold soybean barter contracts which qualify as derivatives and we have  entered into offsetting commodity contracts to hedge our exposure.  Both the change in fair value of the soybean barter contracts and the  offsetting commodity contracts are recorded in earnings. We had open forward contracts not designated as cash fl ow hedging  instruments for accounting purposes with various expiration dates to  buy, sell or exchange foreign currencies with a U.S. dollar equivalent  of approximately $343.0 million at December 31, 2010. We hold a  natural gas option instrument with a notional amount of approximately  1.5 million mmBTUs at December 31, 2010. The following table provides the fair value and balance sheet presentation of our derivative instruments as of December 31, 2010 and 2009. The information included in the above chart is also presented in our fair value table included below. The following tables provide the impact of derivative instruments and related hedged items on the consolidated statements of income for the  years ended December 31, 2010 and 2009. (a) Amounts are included in “Cost of sales and services” on the consolidated statements of income.