Part II  note 1 principal accounting policies and related financial information Consolidated Statements of Comprehensive income notes to Consolidated Financial Statements note 1  principal accounting policies and related financial information nature of operations estimates and assumptions Cash equivalents trade receivable, net of allowance Basis of consolidation and basis of presentation 39 FMC Corporation    2010 Form 10K (in Millions) Year Ended December 31, 2010 2009 2008 Net income $184.9 $238.8 $321.6 Reclassification adjustments for losses (gains) included in net income, net of income tax expense  of $13.7, $16.2 and $1.7 for the years ended December 31, 2010, 2009 and 2008, respectively 22.4 25.4 0.9 Foreign currency translation adjustment (26.0) 16.9 (43.9) Net deferral of hedging gains (losses) and other (5.9) 7.6 (31.7) Net unrealized pension and other benefit actuarial gains/(losses) and prior service (costs) credits (23.4) (53.5) (190.9) Comprehensive income 152.0 235.2 56.0 Less: Comprehensive income attributable to the noncontrolling interest 12.0 9.8 17.6 Comprehensive income attributable to FMC stockholders $140.0 $225.4 $38.4 The accompanying notes are an integral part of these consolidated financial statements. We are a diversified chemical company serving agricultural, consumer  and industrial markets globally with innovative solutions, applications  and market-leading products. We operate in three distinct business  segments: Agricultural Products, Specialty Chemicals and Industrial  Chemicals. Our Agricultural Products segment develops, markets and  sells all three major classes of crop protection chemicals — insecticides,  herbicides, and fungicides — with particular strength in insecticides  and herbicides. 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 pest control in non-agricultural markets.  Specialty Chemicals consists of our BioPolymer and lithium businesses  and focuses on food ingredients that are used to enhance texture,  structure and physical stability, pharmaceutical additives for binding,  encapsulation and disintegrant applications, ultrapure biopolymers  for medical devices and lithium for energy storage specialty polymers  and pharmaceutical synthesis. Our Industrial Chemicals segment  manufactures a wide range of inorganic materials, including soda  ash, hydrogen peroxide, specialty peroxygens, zeolites and silicates.  Through December 31, 2010, our Industrial Chemicals segment also  held a niche position in phosphorous chemicals products, however, in  November 2010, we made the decision to exit the phosphate business  via the shutdown of our Huelva facility in Spain (See Note 7). In preparing the financial statements in conformity with U.S. generally  accepted accounting principles (“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. We consider investments in all liquid debt instruments with original  maturities of three months or less to be cash equivalents. 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. 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. 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 receivable, we  utilize 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 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 